UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund: BlackRock Funds

BlackRock Advantage Emerging Markets Fund

BlackRock Global Long/Short Equity Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2022

Date of reporting period: 04/30/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2022

2022 Annual Report

BlackRock Funds^SM

· BlackRock Advantage Emerging Markets Fund

· BlackRock Global Long/Short Equity Fund

    Not FDIC Insured • May Lose Value • No Bank Guarantee     

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(9.65)%	0.21%
U.S. small cap equities (Russell 2000® Index)	(18.38)	(16.87)
International equities (MSCI Europe, Australasia, Far East Index)	(11.80)	(8.15)
Emerging market equities (MSCI Emerging Markets Index)	(14.15)	(18.33)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.07	0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.29)	(8.86)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.47)	(8.51)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(7.90)	(7.88)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.40)	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 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
Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Derivative Financial Instruments		10
Financial Statements:
Schedules of Investments		11
Statements of Assets and Liabilities		118
Statements of Operations		120
Statements of Changes in Net Assets		121
Financial Highlights		122
Notes to Financial Statements		130
Report of Independent Registered Public Accounting Firm		144
Important Tax Information		145
Statement Regarding Liquidity Risk Management Program		146
Trustee and Officer Information		147
Additional Information		151
Glossary of Terms Used in this Report		153

3

Fund Summary     as of April 30, 2022  BlackRock Advantage Emerging Markets Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

During the 12-month period ended April 30, 2022, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

What factors influenced performance?

Overall, the Fund struggled against a highly changeable macroeconomic and market backdrop. Emerging market (“EM”) equities faced macroeconomic and policy concerns in China in the summer of 2021, and electricity shortages, a potential debt default from Chinese real estate developer Evergrande, and ongoing regulatory uncertainty kept EM markets under pressure. The period also saw considerable volatility across market style preferences. Early in the period, investors preferred value styles, continuing the strong reflationary market tone from earlier in 2021. However, a surprisingly hawkish pivot from the Fed in June 2021 prompted a market rotation back toward secular growth positions. This pro-growth theme persisted until another sharp market rotation in September 2021, with a more hawkish Fed prompting investors to move back toward value stocks. The simultaneous sharp rise in commodities prices caused further inflationary pressure. Ultimately, this rotation proved short-lived, as the market returned to a pro-growth stance in October 2021. EM equities ultimately ended 2021 with negative returns amid the spread of the COVID-19 omicron variant. Despite positive performance from commodities that benefited many EM economies, flaring United States-China relations on issues including short-supply computer chips dragged on equities. Value and momentum styles continued to outperform growth. In early 2022, EM equities added to losses amid the Russian invasion of Ukraine. Russian assets were ultimately priced at a fair value of zero and removed from the MSCI Index. Additionally, heightened geopolitical tensions and sanctions caused commodity prices to spike, led by energy and with grains, precious metals, and ultimately the entire asset class following suit. This commodity spike spurred further inflationary concerns. Egypt declined the most during this part of the period amid increased costs as a major wheat importer. China also lagged as COVID-19 case counts spiked and the government imposed new lockdowns

The divergence of commodity importers versus exporters drove performance, with Latin American markets benefiting. For the period, energy and utilities were the only sectors positively contributing to returns of the MSCI EM Index, whereas information technology (“IT”), financials, and materials led losses. From a country perspective, India, Saudi Arabia, and the United Arab Emirates pushed the index higher, whereas China, Korea, Taiwan, and South Africa drove losses.

Macro thematic positioning proved to be the most substantial detractor from relative performance. The Fund was underweight to Indian stocks due to country-specific valuations and trends, but strong performance in the oil and gas industry within energy and the renewable electricity industry within utilities detracted from performance. Additionally, an underweight to Saudi Arabian equities weighed on return, as did an overweight position in Taiwanese semiconductor stocks, which detracted as sustained regulatory pressure on the sector caused weakening sentiment. Lastly, the Fund was overweight in Chinese equities, which detracted amid policy concerns, tense international relations, and a poor response to the COVID-19 pandemic within the country.

Stock selection also hurt performance as China-specific insights struggled in a difficult environment amid macroeconomic and geopolitical concerns. Specifically, measures that evaluate hiring trends drove losses in the period, as the pro-growth quality positioning struggled amid eroding economic expectations. Similarly, the Fund’s Environmental, Social, and Governance (“ESG”) related measures, which lean in a pro-growth direction, declined. Environmental measures especially struggled, given their negative sensitivity to the sharp run-up in commodities prices.

Conversely, select sentiment and fundamental measures proved to be key contributors to performance, providing some portfolio ballast. Specifically, insights designed to gauge sentiment from company CFOs was a top contributor, as it helped motivate a favorable overweight to the household durables and tobacco industries. An insight that captured sentiment with faster moving alternative data measures that evaluate credit card trends helped to correctly capture positive corporate earnings. Elsewhere, certain fundamental measures also added to performance. In particular, traditional value metrics that evaluate company earnings and cash flows performed well in the context of the value style preference seen at various times during the period. Other fundamental insights evaluating managerial quality also benefited, particularly in the beverage industry.

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

Describe recent portfolio activity.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection model. The Fund built upon its alternative data capabilities with enhanced signal constructs to identify emerging trends such as sentiment around supply chain disruptions, wage inflation, consumer behavior changes, and business sensitivity to the invasion of Ukraine. Additionally, new macro-thematic insights were added that use historical observations of recession-inflation and monetary policy normalization to motivate top-down positioning.

Describe portfolio positioning at period end.

Relative to the benchmark, the Fund ended the period with largely neutral positioning from a sector and country positioning perspective. The Fund had slight overweight positions in the IT and utilities sectors, and maintained slight underweights in consumer staples and communication services stocks. From a geographical perspective, the Fund had slight overweights to Thailand and maintained a slight underweight position to Saudi Arabia.

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.

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Fund Summary     as of April 30, 2022 (continued) BlackRock Advantage Emerging Markets Fund

TOTAL RETURN BASED ON A $10,000 INVESTMENT

^(a)  Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

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

^(c)  An index that captures large- and mid-cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

Performance

	Average Annual Total Returns(a)(b)
	1 Year						5 Years						10 Years
	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		(22.62	)%		N/A			1.50	%		N/A			0.37	%		N/A
Investor A		(22.83	)		(26.88	)%		1.23			0.14	%		0.11			(0.43	)%
Investor C		(23.40	)		(24.16	)		0.47			0.47			(0.49	)		(0.49	)
Class K		(22.59	)		N/A			1.54			N/A			0.39			N/A
MSCI Emerging Markets Index		(18.33	)		N/A			4.32			N/A			2.89			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

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

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

Past performance is not an indication of future results.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional		$        1,000.00	$        839.90	$         3.88			$      1,000.00	$      1,020.58	$          4.26		0.85	%
Investor A		1,000.00	838.50	5.24			1,000.00	1,019.09	5.76		1.15
Investor C		1,000.00	835.70	8.65			1,000.00	1,015.37	9.49		1.90
Class K		1,000.00	840.10	3.70			1,000.00	1,020.78	4.06		0.81

^(a)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

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

F U N D   S U M M A R Y 5

Fund Summary   as of April 30, 2022 (continued) BlackRock Advantage Emerging Markets Fund

Portfolio Information

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Net Assets
China		28	%
Taiwan		16
India		12
South Korea		11
South Africa		6
United States		5
Saudi Arabia		5
Brazil		4
Mexico		2
Thailand		2
Indonesia		2
Malaysia		1
United Arab Emirates		1
Greece		1
Hong Kong		1
Hungary		1
Other#		—	(a)
Other Assets Less Liabilities		2

^(a)  Rounds to less than 1% of net assets.

# Includes holdings within countries/geographic regions that are less than 1% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

6 2 0 2 2   B L A C K R O C K   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 April 30, 2022 BlackRock Global Long/Short Equity Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended April 30, 2022, the Fund underperformed its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index.

What factors influenced performance?

Overall, the Fund struggled against a highly changeable macroeconomic and market backdrop. Markets went through multiple rotations in the first half of the period, as leadership shifted between valuation and secular growth preferences for much of 2021. However, value styles became the dominant market driver in early 2022 amid inflationary pressures and expected monetary policy normalization. The relatively orderly market reaction to 40-year highs in inflation turned disorderly with Russia’s invasion of Ukraine in February 2022, which brought a fresh surge in commodity prices that further weighed on global markets and already-stretched supply chains. Adding to the economic challenges, China’s zero-COVID policy resulted in rolling lockdowns which adversely affected industrial production. Simultaneously, bond yields surged as central bankers began raising rates across the globe. Investors began to price in prospects for stagflation amid concerns that monetary policy error would stifle growth.

Unsurprisingly given the numerous macroeconomic events investors contended with, fundamental insights led declines for the period. This was highlighted by losses across growth-oriented quality insights, with notable weakness across Environmental, Social, and Governance (“ESG”) measures. Having provided differentiated returns for the past few years, these measures proved overly sensitive to rising commodities prices, with environmental transition measures struggling. This included losses across insights that capture carbon intensity as a measure of operational efficiency, as well as more forward-looking insights such as looking at “green” patent filings. Additionally, an insight that identifies investor flows into preferred ESG positions declined, as it failed to capture the market shift toward energy producers and defense companies.

Fundamental valuation measures were inconsistent. This was highlighted by weakness across European value stocks in 2022. Insights that specifically identified market laggards over the past few years motivated long positions across European banks, yet despite correct positioning for rising rates and inflation, these positions experienced a strong reversal in March 2022 as sentiment toward the region declined sharply because of the Russian invasion of Ukraine. Similar value insights performed well in other regions, such as the United States, but not to a sufficient extent to offset weakness in Europe.

Lastly among detractors, a slight net long position of approximately 9% over the past 12 months weighed slightly on relative performance, as broader equity markets declined during that period. Of note, this posture was reduced to close to market-neutral toward the end of the period.

Macro-thematic insights delivered mixed results from top-down positioning. Several recently added signals that seek to identify themes such as monetary policy normalization and recession-inflation were notably strong performers toward period-end. Collectively, these insights correctly motivated long positions across the materials and industrials sectors and short positions in information technology stocks. However, style timing preferences earlier in the period offset that positive performance. This was driven by a pro-value tilt during the summer of 2021 that ran against the market’s secular growth preference. Additionally, positioning proved overly conservative given supply chain challenges during the fall of 2021, which also detracted from performance.

Sentiment stock selection broadly contributed to relative performance. Trend-based measures performed well against the evolving market environment. Early in the period, higher frequency alternative data that capture company sensitivity to several economic reopening themes, such as vaccine rollouts, supply chain challenges, and consumer spending, performed well across biotechnology and retail companies in the United States. As the reopening theme quickly gave way to inflation concerns, sentiment measures correctly positioned the portfolio. Notably, insights that identify exposure to inflationary pressure through labor tightness and wage growth, as well as those using geospatial consumer transaction data to capture spending behavior changes, were additive.

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

Describe recent portfolio activity.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced signal constructs to identify emerging trends such as sentiment around supply chain disruptions, wage inflation, consumer behavior changes, and business sensitivity to the invasion of Ukraine. Additionally, new macro-thematic insights were added that use historical observations of stagflation and monetary policy normalization to motivate top-down positioning.

Describe portfolio positioning at period end.

Market-timing models continued to deteriorate, resulting in the Fund’s net market position moving closer to zero. Elsewhere, top-down signals reflected a combination of rising inflationary pressures, softening growth, and continued tightening of financial conditions. This motivated long positions in higher-quality growth names such as software and pharmaceutical stocks, alongside segments of the market that can either benefit or remain resilient to rising input costs. These include long positions across energy, precious metals, defense, and tobacco stocks.

The short side of the portfolio was dominated by richly valued growth names, with an increasingly negative stance toward consumer-facing stocks. The latter includes food producers with high exposure to rising input costs and retail stocks exposed to deteriorating consumption patterns.

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.

F U N D   S U M M A R Y 7

Fund Summary   as of April 30, 2022 (continued) BlackRock Global Long/Short Equity Fund

TOTAL RETURN BASED ON A $10,000 INVESTMENT

The Fund commenced operations on December 20, 2012.

^(a)  Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

^(b)  Under normal circumstances, the Fund invests at least 80% of its total assets in equity instruments and related derivative instruments issued by, or tied economically to, companies located in developed markets.

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

Performance

	Average Annual Total Returns(a)
	1 Year						5 Years						Since Inception(b)
	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		(2.94	)%		N/A			2.04	%		N/A			2.82	%		N/A
Investor A		(3.23	)		(8.31	)%		1.76			0.67	%		2.55			1.96	%
Investor C		(3.95	)		(4.89	)		1.00			1.00			1.90			1.90
Class K		(2.85	)		N/A			2.09			N/A			2.86			N/A
ICE BofA 3-Month U.S. Treasury Bill Index		0.08			N/A			1.12			N/A			0.67			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

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

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

Past performance is not an indication of future results.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional		$       1,000.00	$       994.80	$         6.63			$       1,000.00	$       1,018.15	$         6.71		1.34	%
Investor A		1,000.00	993.00	7.86			1,000.00	1,016.91	7.95		1.59
Investor C		1,000.00	988.80	11.54			1,000.00	1,013.19	11.68		2.34
Class K		1,000.00	994.80	6.38			1,000.00	1,018.40	6.46		1.29

^(a)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

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

8 2 0 2 2   B L A C K R O C K   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 April 30, 2022 (continued) BlackRock Global Long/Short Equity Fund

Portfolio Information

GEOGRAPHIC ALLOCATION
	Percent of    Total Investments(a)
Country/Geographic Region	Long	Short	Total
United States	22%	22%	44%
Japan	9	9	18
United Kingdom	3	3	6
Canada	3	2	5
Australia	2	2	4
Germany	2	1	3
France	2	1	3
Sweden	1	1	2
Switzerland	1	1	2
Italy	1	1	2
Other#	4	7	11
	50%	50%	100%

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

^#  Includes holdings within countries/geographic regions that are less than 1% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

F U N D   S U M M A R Y 9

About Fund Performance

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

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

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

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

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Derivative Financial Instruments

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

10 2 0 2 2   B L A C K R O C K   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 April 30, 2022 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.5%
Ambev SA		298,295	$	876,069
Ambev SA, ADR		62,309		181,319
Banco do Brasil SA		21,761		146,219
Cia de Saneamento de Minas Gerais-COPASA		149,715		413,659
CPFL Energia SA		143,680		1,050,584
Embraer SA(a)		41,741		119,973
Energisa SA		32,699		315,088
Fleury SA		22,133		64,555
Light SA		43,192		78,016
Marfrig Global Foods SA		56,773		215,312
Sao Martinho SA		16,665		156,438
Ultrapar Participacoes SA		55,417		146,502
Vale SA		71,471		1,204,062
				4,967,796
China — 28.0%
360 DigiTech, Inc.		3,174		45,801
3SBio, Inc.(a)(b)		849,000		598,963
51job, Inc., ADR(a)(c)		1,431		87,076
Alibaba Group Holding Ltd.(a)		303,720		3,704,679
A-Living Smart City Services Co. Ltd., Class H(b)		99,250		156,971
Aluminum Corp. of China Ltd., Class A(a)		264,800		186,352
Aluminum Corp. of China Ltd., Class H(a)		144,000		66,035
Angang Steel Co. Ltd., Class H		1,396,000		610,655
Anhui Conch Cement Co. Ltd., Class H		23,500		127,700
Anhui Gujing Distillery Co. Ltd., Class A		2,100		61,348
Anta Sports Products Ltd.		35,000		402,237
Asymchem Laboratories Tianjin Co. Ltd., Class A		4,100		163,503
Autohome, Inc., ADR		1,514		44,012
BAIC Motor Corp. Ltd., Class H(b)		976,500		304,943
Baidu, Inc., Class A(a)		49,042		781,911
Bank of China Ltd., Class H		832,000		326,462
Bank of Communications Co. Ltd., Class A		548,800		417,974
Bank of Ningbo Co. Ltd., Class A		7,466		40,434
BeiGene Ltd., ADR(a)		466		74,560
Beijing Enterprises Holdings Ltd.		124,500		420,890
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		17,400		422,682
BOE Technology Group Co. Ltd., Class A		1,431,320		813,043
BYD Co. Ltd., Class A		27,100		977,709
BYD Co. Ltd., Class H		10,500		305,568
BYD Electronic International Co. Ltd.		41,500		82,724
Chacha Food Co. Ltd., Class A		8,200		65,252
China Construction Bank Corp., Class H		1,853,000		1,320,075
China Hongqiao Group Ltd.		344,500		428,637
China Merchants Bank Co. Ltd., Class H		146,500		882,991
China Minsheng Banking Corp. Ltd., Class H		113,000		42,849
China Petroleum & Chemical Corp., Class H		958,000		468,914
China Resources Cement Holdings Ltd.		70,000		58,082
China Resources Gas Group Ltd.		96,000		360,709
China State Construction Engineering Corp. Ltd., Class A		48,500		45,653
China Yongda Automobiles Services Holdings Ltd.		443,000		410,784
CITIC Ltd.		134,000		138,624
CITIC Securities Co. Ltd., Class A		73,625		215,853
CITIC Securities Co. Ltd., Class H		22,000		48,337
Contemporary Amperex Technology Co. Ltd., Class A		4,787		290,131
Country Garden Holdings Co. Ltd.		1,108,000		766,377
CSPC Pharmaceutical Group Ltd.		422,720		432,166
Do-Fluoride New Materials Co. Ltd., Class A		32,600		152,799

Security	Shares		Value
China (continued)
Enn Energy Holdings Ltd.		40,200	$	538,482
Fuyao Glass Industry Group Co. Ltd., Class H(b)		18,800		76,811
Geely Automobile Holdings Ltd.		229,000		354,077
Great Wall Motor Co. Ltd., Class H		242,500		339,603
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		12,300		119,205
Hello Group, Inc., ADR		18,111		96,351
Huazhu Group Ltd., ADR		1,275		38,556
Hundsun Technologies, Inc., Class A		20,200		115,133
Industrial & Commercial Bank of China Ltd., Class H		1,102,000		664,293
Industrial Bank Co. Ltd., Class A		24,500		74,911
JD.com, Inc., Class A(a)		35,910		1,119,621
Jiangsu King’s Luck Brewery JSC Ltd., Class A		13,500		90,449
Joinn Laboratories China Co. Ltd., Class H(b)		20		146
KE Holdings, Inc., ADR(a)		7,112		100,848
Kunlun Energy Co. Ltd.		76,000		63,071
Kweichow Moutai Co. Ltd., Class A		3,927		1,077,946
Lenovo Group Ltd.		332,000		322,373
Li Auto, Inc., ADR(a)		7,111		159,500
Li Ning Co. Ltd.		27,500		214,340
Lufax Holding Ltd., ADR		24,647		136,791
Luzhou Laojiao Co. Ltd., Class A		4,200		132,141
Maanshan Iron & Steel Co. Ltd., Class H		938,000		366,763
Meituan, Class B(a)(b)		27,900		597,796
NAURA Technology Group Co. Ltd., Class A		2,200		77,781
NavInfo Co. Ltd., Class A(a)		41,100		76,241
NetEase, Inc.		41,270		790,538
NIO, Inc., ADR(a)(c)		23,502		392,483
PetroChina Co. Ltd., Class A		1,478,100		1,187,695
PetroChina Co. Ltd., Class H		940,000		446,212
Pharmaron Beijing Co. Ltd., Class A		6,500		121,923
Pharmaron Beijing Co. Ltd., Class H(b)		12,200		153,262
Pinduoduo, Inc., ADR(a)		7,196		310,076
Ping An Insurance Group Co. of China Ltd., Class H		256,000		1,618,103
Postal Savings Bank of China Co. Ltd., Class A		187,200		151,308
Powerlong Real Estate Holdings Ltd.		42,000		14,242
RiseSun Real Estate Development Co. Ltd., Class A		1		1
SF Holding Co. Ltd., Class A		15,600		119,621
Shandong Nanshan Aluminum Co. Ltd., Class A		166,100		80,288
Shanghai Putailai New Energy Technology Co. Ltd., Class A		5,800		102,021
Shanxi Taigang Stainless Steel Co. Ltd., Class A		59,500		52,779
Shenzhen Capchem Technology Co. Ltd., Class A		4,871		48,385
Shimao Services Holdings Ltd.(b)		130,000		68,612
Silergy Corp.		2,000		178,065
Sinopec Shanghai Petrochemical Co. Ltd., Class H		836,000		156,412
Sunac China Holdings Ltd.(d)		254,000		139,625
Sunny Optical Technology Group Co. Ltd.		11,400		166,142
Tencent Holdings Ltd.		96,700		4,556,976
Tingyi Cayman Islands Holding Corp.		148,000		270,124
Trip.com Group Ltd., ADR(a)		8,582		202,964
Uni-President China Holdings Ltd.		278,000		243,612
Vipshop Holdings Ltd., ADR(a)		15,248		116,800
WuXi AppTec Co. Ltd., Class A		8,900		137,158
WuXi AppTec Co. Ltd., Class H(b)		47,580		647,173
Wuxi Biologics Cayman, Inc.(a)(b)		75,000		553,561
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		6,300		41,261
XPeng, Inc., ADR(a)		6,079		149,604
Yum China Holdings, Inc.		8,285		346,313
Zijin Mining Group Co. Ltd., Class A		308,600		507,764
Zijin Mining Group Co. Ltd., Class H		416,000		605,741

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (continued) April 30, 2022 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		588,000	$	343,807
ZTE Corp., Class A		19,500		70,202
ZTE Corp., Class H		45,600		95,742
				39,492,289
Colombia — 0.1%
Bancolombia SA, ADR		3,070		119,024
Tecnoglass, Inc.		2,132		47,608
				166,632
Greece — 0.8%
Hellenic Telecommunications Organization SA		29,986		576,872
JUMBO SA		8,538		138,383
OPAP SA		24,653		365,416
				1,080,671
Hong Kong — 0.6%
Beijing Enterprises Water Group Ltd.		56,000		18,115
China Gas Holdings Ltd.		44,200		53,878
Nine Dragons Paper Holdings Ltd.		556,000		491,023
SSY Group Ltd.		502,000		246,593
				809,609
Hungary — 0.4%
MOL Hungarian Oil & Gas PLC		39,239		332,712
OTP Bank Nyrt		9,108		271,686
				604,398
India — 11.8%
Adani Green Energy Ltd.(a)		1,699		63,579
APL Apollo Tubes Ltd.(a)		11,029		147,082
Apollo Hospitals Enterprise Ltd.		1,987		115,061
Asian Paints Ltd.		10,529		443,820
AU Small Finance Bank Ltd.(a)(b)		7,679		138,301
Axis Bank Ltd.(a)		57,943		546,202
Bajaj Finance Ltd.		7,497		646,256
Bandhan Bank Ltd.(b)		24,856		107,784
Bharti Airtel Ltd.(a)		28,550		274,003
Birlasoft Ltd.		45,455		242,203
Dr. Lal PathLabs Ltd.(b)		2,039		68,792
HCL Technologies Ltd.		17,928		251,109
HDFC Bank Ltd.		43,149		773,568
HDFC Bank Ltd., ADR		20,549		1,134,510
HDFC Life Insurance Co. Ltd.(b)		62,776		475,993
Hindustan Zinc Ltd.		11,165		46,639
ICICI Bank Ltd.		99,525		956,740
ICICI Bank Ltd., ADR		20,081		382,342
Indian Energy Exchange Ltd.(b)		18,739		51,952
IndusInd Bank Ltd.		3,182		40,249
Infosys Ltd.		74,385		1,507,574
Infosys Ltd., ADR		20,226		401,891
Inox Leisure Ltd.(a)		9,478		61,471
ITC Ltd.		70,908		238,989
JK Cement Ltd.		1,148		39,593
Kajaria Ceramics Ltd.		5,105		68,665
Kotak Mahindra Bank Ltd.		68,766		1,594,693
KPIT Technologies Ltd.		9,740		69,578
Macrotech Developers Ltd.(a)		5,261		68,945
Metropolis Healthcare Ltd.(b)		2,625		81,530
Mindtree Ltd.		2,057		94,127
Mphasis Ltd.		2,989		109,759
Persistent Systems Ltd.		1,128		63,221

Security	Shares		Value
India (continued)
Power Finance Corp. Ltd.		27,972	$	42,794
Prestige Estates Projects Ltd.		8,781		53,993
PVR Ltd.(a)		17,645		417,182
Radico Khaitan Ltd.		4,352		50,853
RBL Bank Ltd.(a)(b)		64,075		99,535
Reliance Industries Ltd.		65,918		2,388,369
SRF Ltd.		6,230		202,615
State Bank of India		63,597		408,460
Strides Pharma Science Ltd.		10,006		42,736
Sun Pharmaceutical Industries Ltd.		5,901		71,331
Tata Consultancy Services Ltd.		17,776		819,266
Tech Mahindra Ltd.		32,021		522,971
Triveni Engineering & Industries Ltd.		21,089		87,665
United Spirits Ltd.(a)		14,402		161,467
				16,675,458
Indonesia — 1.6%
Bank Central Asia Tbk PT		1,116,200		626,045
Bank Mandiri Persero Tbk PT		479,600		294,491
Bank Rakyat Indonesia Persero Tbk PT		2,156,300		718,451
Perusahaan Gas Negara Tbk PT(a)		6,027,800		600,077
Telkom Indonesia Persero Tbk PT		156,700		49,938
				2,289,002
Malaysia — 1.3%
CIMB Group Holdings BHD		548,000		653,196
Inari Amertron BHD		87,300		55,950
Malayan Banking BHD		88,100		183,232
Petronas Chemicals Group BHD		4,600		10,799
Public Bank BHD		204,800		220,129
RHB Bank BHD		233,900		335,104
Sime Darby BHD		425,900		227,649
Sime Darby Plantation BHD		170,600		204,680
				1,890,739
Mexico — 2.3%
Alfa SAB de CV, Class A		216,018		144,707
Arca Continental SAB de CV		67,135		426,007
Cemex SAB de CV(a)		291,622		128,330
Coca-Cola Femsa SAB de CV		51,708		281,947
Coca-Cola Femsa SAB de CV, ADR		9,103		497,024
Fomento Economico Mexicano SAB de CV		39,777		299,090
Grupo Bimbo SAB de CV, Series A		155,218		478,436
Grupo Financiero Banorte SAB de CV, Class O		69,038		455,743
Orbia Advance Corp. SAB de CV		41,235		99,215
Wal-Mart de Mexico SAB de CV		137,159		485,012
				3,295,511
Peru — 0.2%
Credicorp Ltd.		805		111,807
Hochschild Mining PLC		60,787		89,294
Southern Copper Corp.		1,878		116,943
				318,044
Philippines — 0.3%
International Container Terminal Services, Inc.		93,940		385,717
Manila Electric Co.		11,310		76,136
				461,853
Romania — 0.3%
NEPI Rockcastle PLC		57,559		352,175
Russia(d) — 0.0%
Alrosa AO(a)		1,407,496		197

12 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
LUKOIL PJSC		15,098	$	2
LUKOIL PJSC, ADR		8,429		84
Novatek PJSC, GDR, Registered Shares		2,965		30
				313
Saudi Arabia — 4.7%
ACWA Power Co.(a)		1,036		39,236
Al Rajhi Bank		49,769		2,331,485
Dr. Sulaiman Al Habib Medical Services Group Co.		10,094		535,762
Etihad Etisalat Co.		5,093		58,727
Rabigh Refining & Petrochemical Co.(a)		14,753		112,245
Saudi Arabian Mining Co.(a)		16,585		603,970
Saudi Arabian Oil Co.(b)		48,905		584,404
Saudi Basic Industries Corp.		66,218		2,293,901
				6,559,730
Singapore — 0.0%
JOYY, Inc., ADR		1,057		41,826
South Africa — 5.5%
Absa Group Ltd.		19,827		214,202
Anglo American Platinum Ltd.		411		45,666
AngloGold Ashanti Ltd.		8,332		170,623
AngloGold Ashanti Ltd., ADR		1,976		40,350
Aspen Pharmacare Holdings Ltd.		4,852		52,270
AVI Ltd.		73,961		322,070
Bidvest Group Ltd.		11,866		162,666
Capitec Bank Holdings Ltd.		5,074		708,278
FirstRand Ltd.		222,177		956,845
Foschini Group Ltd.		85,913		755,741
Gold Fields Ltd.		18,236		247,090
Impala Platinum Holdings Ltd.		5,422		70,136
Life Healthcare Group Holdings Ltd.		123,026		167,644
MTN Group Ltd.		31,383		332,848
Nedbank Group Ltd.		18,313		255,729
Netcare Ltd.		257,806		248,950
Old Mutual Ltd.		390,781		313,504
Pepkor Holdings Ltd.(b)		68,218		92,527
Sasol Ltd.(a)		10,291		252,098
Shoprite Holdings Ltd.		41,542		600,034
Standard Bank Group Ltd.		78,866		835,783
Truworths International Ltd.		117,105		417,032
Woolworths Holdings Ltd.		145,183		543,498
				7,805,584
South Korea — 11.3%
Amorepacific Corp.		3,199		455,236
Celltrion, Inc.		2,005		277,442
CJ CheilJedang Corp.		1,840		578,626
CJ Logistics Corp.(a)		1,340		129,756
Doosan Bobcat, Inc.		10,706		347,872
Doosan Co. Ltd.		603		42,275
Fila Holdings Corp.		2,231		57,004
Hankook Tire & Technology Co. Ltd.		1,514		41,554
Hugel, Inc.(a)		516		50,796
Hyundai Construction Equipment Co. Ltd.		8,750		255,300
Hyundai Glovis Co. Ltd.		380		62,259
Hyundai Mobis Co. Ltd.		3,337		542,887
Hyundai Motor Co.		2,650		384,482
Kakao Corp.		3,865		269,984
Kolon Industries, Inc.		3,967		193,221
Korea Gas Corp.		18,254		596,688
LG Chem Ltd.		2,559		1,048,077
LG Display Co. Ltd.		4,578		59,817

Security	Shares		Value
South Korea (continued)
LG Electronics, Inc.		2,217	$	200,787
LG Household & Health Care Ltd.		467		334,456
Mando Corp.		1,112		47,176
NAVER Corp.		3,384		753,816
NHN Corp.(a)		6,595		182,039
Pan Ocean Co. Ltd.		18,602		97,241
POSCO Holdings, Inc.		5,473		1,249,633
POSCO Holdings, Inc., ADR		3,985		225,989
Samsung Electro-Mechanics Co. Ltd.		1,753		226,900
Samsung Electronics Co. Ltd.		115,502		6,155,511
Samsung Electronics Co. Ltd., GDR, Registered Shares		123		160,670
Shinhan Financial Group Co. Ltd.		16,508		548,472
Shinsegae, Inc.		454		88,464
SK Innovation Co. Ltd.(a)		869		138,307
S-Oil Corp.		1,849		151,281
				15,954,018
Taiwan — 15.9%
Accton Technology Corp.		13,000		101,398
ACES Electronic Co. Ltd.		19,000		26,327
Advantech Co. Ltd.		60,000		745,840
ASPEED Technology, Inc.		2,000		175,666
Bizlink Holding, Inc.		64,000		640,452
Chailease Holding Co. Ltd.		34,000		270,191
Compeq Manufacturing Co. Ltd.		95,000		144,960
CTBC Financial Holding Co. Ltd.		1,807,000		1,777,399
Delta Electronics, Inc.		61,000		509,203
E Ink Holdings, Inc.		19,000		108,629
Eva Airways Corp.		110,000		129,226
Evergreen Marine Corp. Taiwan Ltd.		53,000		254,767
Formosa Plastics Corp.		83,000		295,069
Fubon Financial Holding Co. Ltd.		49,000		123,035
General Interface Solution Holding Ltd.		17,000		52,286
Global Unichip Corp.		7,000		95,859
Hiwin Technologies Corp.		86,180		638,178
Hon Hai Precision Industry Co. Ltd.		82,000		280,939
Kinsus Interconnect Technology Corp.		51,000		287,499
Largan Precision Co. Ltd.		2,000		113,495
Lotes Co. Ltd.		1,000		24,456
Makalot Industrial Co. Ltd.		7,000		43,061
MediaTek, Inc.		28,000		771,903
momo.com, Inc.		6,000		158,383
Nan Ya Plastics Corp.		249,000		727,473
Nanya Technology Corp.		218,000		477,034
Parade Technologies Ltd.		3,000		142,670
Pegatron Corp.		25,000		59,228
Pegavision Corp.		5,000		68,208
Phison Electronics Corp.		9,000		116,003
Primax Electronics Ltd.		73,000		136,580
Realtek Semiconductor Corp.		87,000		1,180,548
Taiwan Semiconductor Manufacturing Co. Ltd.		507,000		9,167,901
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		12,082		1,122,780
Taiwan Union Technology Corp.		58,000		149,767
Tong Hsing Electronic Industries Ltd.		12,000		93,146
Unimicron Technology Corp.		38,000		266,537
United Microelectronics Corp.		304,000		482,931
Vanguard International Semiconductor Corp.		76,000		267,409
Voltronic Power Technology Corp.		3,000		131,253
WT Microelectronics Co. Ltd.		18,000		43,381
				22,401,070
Thailand — 2.0%
Advanced Info Service PCL, NVDR		36,400		227,577

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (continued) April 30, 2022 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Bangchak Corp. PCL, NVDR		92,600	$	90,027
Bangkok Bank PCL, NVDR		72,900		274,964
CP ALL PCL, NVDR		72,900		137,448
Energy Absolute PCL, NVDR		84,200		216,023
Home Product Center PCL, NVDR		791,200		343,986
Mega Lifesciences PCL, NVDR		121,100		172,230
PTT Exploration & Production PCL, NVDR		175,400		767,447
PTT PCL, NVDR		366,800		398,648
Thai Union Group PCL, NVDR		398,800		196,128
				2,824,478
Turkey — 0.3%
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D(a)		155,075		156,999
Migros Ticaret A/S(a)		17,166		52,487
Turk Hava Yollari AO(a)		54,583		151,674
Turkcell Iletisim Hizmetleri A/S		27,428		39,974
				401,134
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		56,786		156,975
Abu Dhabi Islamic Bank PJSC		28,640		68,215
Aldar Properties PJSC		221,657		339,623
Dubai Islamic Bank PJSC		55,861		97,710
Emaar Properties PJSC		50,986		87,943
Emirates NBD Bank PJSC		49,810		205,773
Emirates Telecommunications Group Co. PJSC		35,472		339,281
First Abu Dhabi Bank PJSC		53,263		325,403
				1,620,923
Total Common Stocks — 92.1% (Cost: $133,254,740)				130,013,253
Preferred Securities
Preferred Stocks — 0.9%
Brazil — 0.9%
Banco Bradesco SA, Preference Shares		132,630		482,346

Security	Shares		Value
Brazil (continued)
Itau Unibanco Holding SA, Preference Shares		11,430	$	55,185
Petroleo Brasileiro SA, Preference Shares		107,590		658,952
				1,196,483
Total Preferred Securities — 0.9% (Cost: $1,172,377)				1,196,483
Total Long-Term Investments — 93.0% (Cost: $134,427,117)				131,209,736
Short-Term Securities
Money Market Funds — 5.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.29%(e)(f)		7,133,591		7,133,591
SL Liquidity Series, LLC, Money Market Series, 0.47%(e)(f)(g)		254,907		254,881
Total Short-Term Securities — 5.2% (Cost: $7,388,472)				7,388,472
Total Investments — 98.2% (Cost: $141,815,589)				138,598,208
Other Assets Less Liabilities — 1.8%				2,536,080
Net Assets — 100.0%			$	141,134,288

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	13,397,402	$	—		$	(6,263,811	)(a)	$	—			$	—	$	7,133,591		7,133,591	$	2,206		$	—
SL Liquidity Series, LLC, Money Market Series		—		254,889	(a)		—			(8	)			—		254,881		254,907		3,475	(b)		—
									$	(8	)		$	—	$	7,388,472			$	5,681		$	—

^(a)  Represents net amount purchased (sold).

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

14 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Advantage Emerging Markets Fund
    

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		144		06/17/22	$	7,613	$	(383,037	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	383,037	$	—	$	—	$	—	$	383,037

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

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(1,502,287	)	$	—	$	—	$	—	$	(1,502,287	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(444,244	)	$	—	$	—	$	—	$	(444,244	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,425,150

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Brazil	$	4,967,796	$	—	$	—	$	4,967,796
China		2,724,417		36,628,247		139,625		39,492,289
Colombia		166,632		—		—		166,632
Greece		—		1,080,671		—		1,080,671
Hong Kong		—		809,609		—		809,609
Hungary		—		604,398		—		604,398

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (continued) April 30, 2022 BlackRock Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
India	$	1,918,743		$	14,756,715	$	—	$	16,675,458
Indonesia		49,938			2,239,064		—		2,289,002
Malaysia		10,799			1,879,940		—		1,890,739
Mexico		3,295,511			—		—		3,295,511
Peru		228,750			89,294		—		318,044
Philippines		—			461,853		—		461,853
Romania		—			352,175		—		352,175
Russia		—			—		313		313
Saudi Arabia		58,727			6,501,003		—		6,559,730
Singapore		41,826			—		—		41,826
South Africa		2,142,250			5,663,334		—		7,805,584
South Korea		225,989			15,728,029		—		15,954,018
Taiwan		1,122,780			21,278,290		—		22,401,070
Thailand		—			2,824,478		—		2,824,478
Turkey		244,135			156,999		—		401,134
United Arab Emirates		325,403			1,295,520		—		1,620,923
Preferred Securities
Preferred Stocks		1,196,483			—		—		1,196,483
Short-Term Securities
Money Market Funds		7,133,591			—		—		7,133,591
	$	25,853,770		$	112,349,619	$	139,938		138,343,327
Investments Valued at NAV(a)									254,881
								$	138,598,208
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(383,037	)	$	—	$	—	$	(383,037	)

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

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

See notes to financial statements.    

16 2 0 2 2   B L A C K R O C K   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 April 30, 2022 BlackRock Global Long/Short Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Netherlands — 0.1%
Climate Transition Capital Acquisition I BV(a)		40,590	$	419,640
United States(a) — 0.0%
Excelerate Energy, Inc., Class A		1,966		53,102
Palantir Technologies, Inc., Class A		4		41
				53,143
Total Common Stocks — 0.1% (Cost: $528,566)				472,783
Preferred Securities
Preferred Stocks — 0.5%(b)
United States — 0.5%
AliphCom
Series 6, (Acquired 12/15/15, Cost: $—)(c)		8,264		—
Series 8,		823,530		8
Illumio, Inc., Series C, (Acquired 03/10/15, Cost: $1,500,001)(c)		466,730		3,323,118
				3,323,126
Total Preferred Securities — 0.5% (Cost: $3,250,010)				3,323,126
	Par (000)
U.S. Treasury Obligations
U.S. Treasury Floating Rate Note(d)
(3 mo.Treasury money market yield - 0.02%), 0.88%, 01/31/24	$	3,395		3,399,304
(3 mo.Treasury money market yield + 0.04%), 0.93%, 10/31/23		3,130		3,135,761
Total U.S. Treasury Obligations — 1.1% (Cost: $6,525,000)				6,535,065
	Shares
Warrants
Netherlands — 0.0%
Climate Transition Capital Acquisition I BV, (Expires: 12/31/30)(a)		13,530		2,141
Total Warrants — 0.0% (Cost: $ — )				2,141
Total Long-Term Investments — 1.7% (Cost: $10,303,576)				10,333,115
Short-Term Securities
Money Market Funds — 6.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.29%(e)(f)		36,355,831		36,355,831

Security	Par (000)		Value
U.S. Treasury Obligations — 85.3%
U.S. Cash Management Bills(g) 0.13%, 05/03/22	$	9,195	$	9,194,977
0.23%, 05/17/22		955		954,926
0.28%, 05/31/22		2,115		2,114,434
0.98%, 08/16/22		15,000		14,956,374
1.13%, 08/30/22		14,095		14,043,516
U.S. Treasury Bills(g) 0.12%, 05/03/22		700		699,998
0.13%, 05/03/22		1,495		1,494,996
0.25%, 05/03/22		7,000		6,999,983
0.24%, 05/05/22 - 05/12/22		14,595		14,594,624
0.22%, 05/10/22		4,885		4,884,878
0.16%, 05/12/22		20,000		19,999,319
0.20%, 05/17/22		3,895		3,894,696
0.26%, 05/17/22		30,000		29,997,656
0.17%, 05/19/22		10,000		9,998,961
0.28%, 05/19/22 - 05/31/22		8,885		8,883,932
0.45%, 05/19/22 - 06/16/22		20,105		20,095,424
0.30%, 05/24/22		25,000		24,995,608
0.33%, 05/24/22		10,000		9,998,243
0.41%, 05/31/22		7,000		6,998,125
0.51%, 06/07/22		15,000		14,993,763
0.37%, 06/09/22		20,000		19,990,830
0.39%, 06/09/22		40,050		40,031,637
0.50%, 06/14/22 - 06/21/22		25,000		24,984,181
0.46%, 06/16/22		8,000		7,995,556
0.49%, 06/21/22		10,000		9,992,199
0.66%, 06/21/22		40,000		39,968,796
0.52%, 06/23/22 - 07/05/22		45,875		45,822,976
0.63%, 06/28/22		25,000		24,975,359
0.55%, 07/05/22		5,000		4,993,585
0.70%, 08/04/22		475		473,862
0.78%, 08/18/22		1,505		1,500,493
0.68%, 09/01/22		3,685		3,671,659
0.08%, 09/08/22		1,362		1,356,821
1.07%, 09/29/22		2,675		2,662,173
1.40%, 10/27/22		14,890		14,789,026
0.64%, 01/26/23		2,475		2,444,969
1.17%, 02/23/23		2,165		2,134,139
U.S. Treasury Floating Rate Note(d)
(3 mo.Treasury money market yield + 0.06%), 0.95%, 10/31/22		20,000		20,019,357
(3 mo.Treasury money market yield + 0.05%), 0.94%, 01/31/23		14,633		14,648,694
U.S. Treasury Notes 2.13%, 05/15/22		585		585,373
0.13%, 06/30/22 - 03/31/23		3,925		3,861,855
1.63%, 12/15/22		2,000		2,000,000
1.38%, 02/15/23		5,000		4,980,078
				513,678,051
Total Short-Term Securities — 91.4% (Cost: $550,061,077)				550,033,882
Total Investments — 93.1% (Cost: $560,364,653)				560,366,997
Other Assets Less Liabilities — 6.9%				41,829,820
Net Assets — 100.0%			$	602,196,817

^(a)  Non-income producing security.

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

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

^(c)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,323,118, representing 0.6% of its net assets as of period end, and an original cost of $1,500,001.

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	18,454,009	$	17,901,822	(a)	$	—	$	—	$	—	$	36,355,831		36,355,831	$	11,465	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		94		06/09/22	$	13,726	$	(487,733	)
S&P 500 E-Mini Index		68		06/17/22		14,034		(123,607	)
							$	(611,340	)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	At Termination	Bank of America N.A.(b)		02/15/23 – 06/15/23	$	(8,586,443	)	$	3,245,734	(c)	$	(1,032,216	)		60.7	%
	At Termination	Bank of America N.A.(d)		02/15/23 – 06/15/23		(6,816,197	)		3,033,508	(e)		(89,684	)		40.4
	At Termination	BNP Paribas SA(f)		12/12/22 – 12/19/22		(6,862,838	)		6,902,033	(g)		(362,256	)		125.9
	At Termination	Goldman Sachs & Co.(h)		02/27/23 – 02/28/23		(11,083,575	)		12,066,813	(i)		(1,995,792	)		142.2
	At Termination	Goldman Sachs & Co.(j)		02/27/23 – 02/28/23		(5,650,977	)		7,560,189	(k)		688,223			64.4
	At Termination	UBS AG(l)		07/08/22 – 01/20/27		(7,073,429	)		4,809,090	(m)		1,117,689			54.2
								$	37,617,367		$	(1,674,036	)

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $(4,308,493) of net dividends and financing fees.

^(e)  Amount includes $(3,693,005) of net dividends and financing fees.

^(g)  Amount includes $401,451 of net dividends and financing fees.

⁽ⁱ⁾  Amount includes $2,979,030 of net dividends and financing fees.

^(k)  Amount includes $1,220,989 of net dividends and financing fees.

^(m)  Amount includes $(3,382,028) of net dividends and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

18 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

OTC Total Return Swaps (continued)
	(b)	(d)	(f)
Range:	0-175 basis points	0-1,196 basis points	0-625 basis points
Benchmarks:	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)
	Bank of Canada Overnight Rate Target(CABROVER)	Bank of Canada Overnight Rate Target (CABROVER)	Bank of Canada Overnight Rate Target (CABROVER)
	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)
	DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)	DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)	DKK - Annualized Overnight Deposit MID Rate
			EUR - 1D Euro Short Term Rate (ESTR)
	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)	GBP - 1D Sterling Overnight Index Average (SONIA)
	GBP - 1D Sterling Overnight Index Average (SONIA)	GBP - 1D Sterling Overnight Index Average (SONIA)
			HKD - 1D Overnight Index Swap Rate (HKDONOIS)
	HKD - 1D Overnight Index Swap Rate (HKDONOIS)	HKD - 1D Overnight Index Swap Rate (HKDONOIS)
			ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)
	ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)	ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)	JPY - 1D Overnight Tokyo Average Rate (TONA)
	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	NOK - Norwegian Overnight Weighted Average (NOWA)
	NOK - 1W Norway Interbank Offer Rate (NIBOR)	NOK - 1W Norway Interbank Offer Rate (NIBOR)	NZD - 1D New Zealand Official Overnight Deposit
	NZD - 1M New Zealand Bank Bill Rate (BBR)	NZD - 1M New Zealand Bank Bill Rate (BBR)	Rate (NZOCO)
	SEK - 1W Stockholm Interbank Offer Rate (STIBOR)	SEK - 1W Stockholm Interbank Offer Rate (STIBOR)	SEK - 1W Stockholm Interbank Offer Rate (STIBOR)
	SGD - Overnight Rate Average (SORA)	SGD - Overnight Rate Average (SORA)	SGD - Overnight Rate Average (SORA)
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(h)	(j)	(l)
	0-1,300 basis points	15-1,350 basis points	20-170 basis points
	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)
	CAD - 1D Overnight Bank of Canada Repo Rate (CORRA)	CAD - 1D Overnight Bank of Canada Repo Rate (CORRA)	CAD - 1D Overnight Bank of Canada Repo Rate (CORRA)
	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)
	DKK - Danish Tom/Next Reference Rate (DETNT/N)	DKK - Danish Tom/Next Reference Rate (DETNT/N)	DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)
	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)
	GBP - 1D Sterling Overnight Index Average (SONIA)	GBP - 1D Sterling Overnight Index Average (SONIA)	GBP - 1D Sterling Overnight Index Average (SONIA)
	HKD - 1D Overnight Index Swap Rate (HKDONOIS)	HKD - 1D Overnight Index Swap Rate (HKDONOIS)	HKD - 1D Overnight Index Swap Rate (HKDONOIS)
	ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR)	ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR)	ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR)
	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)
	NOK - Norwegian Overnight Weighted Average (NOWA)	NOK - Norwegian Overnight Weighted Average (NOWA)	NOK - Norwegian Overnight Weighted Average (NOWA)
	NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO)	NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO)	NZD - 1M New Zealand Bank Bill Rate (BBR)
			SEK - TN Stockholm Interbank Offer Rate (STIBOR)
	SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR)	SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR)
			SGD - Overnight Rate Average (SORA)
	SGD - Overnight Rate Average (SORA)	SGD - Overnight Rate Average (SORA)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund     

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Argentina
MercadoLibre, Inc.		172	$	167,464		(16.2	)%
Australia
Altium Ltd.		4,191		94,412		(9.1	)
AMP Ltd.		195,166		157,679		(15.3	)
Atlas Arteria Ltd.		31,072		150,950		(14.6	)
Aurizon Holdings Ltd.		64,246		181,438		(17.6	)
Australia & New Zealand Banking Group Ltd.		6,311		120,093		(11.6	)
Boral Ltd.		166,715		415,892		(40.3	)
carsales.com Ltd.		5,320		78,540		(7.6	)
Commonwealth Bank of Australia		1,513		109,970		(10.7	)
CSR Ltd.		37,701		161,458		(15.6	)
Deterra Royalties Ltd.		39,957		135,362		(13.1	)
Domain Holdings Australia Ltd.		49,275		120,001		(11.6	)
Domino’s Pizza Enterprises Ltd.		1,331		69,773		(6.8	)
Flight Centre Travel Group Ltd.		1,020		15,929		(1.5	)
Glencore PLC		10,720		66,053		(6.4	)
Goodman Group		3,074		51,163		(5.0	)
Harvey Norman Holdings Ltd.		58,573		208,641		(20.2	)
IDP Education Ltd.		6,700		124,294		(12.0	)
IGO Ltd.		1,089		9,902		(1.0	)
Iluka Resources Ltd.		9,655		75,627		(7.3	)
Insignia Financial Ltd.		120,335		289,266		(28.0	)
JB Hi-Fi Ltd.		411		15,222		(1.5	)
Macquarie Group Ltd.		1,905		274,249		(26.6	)
Magellan Financial Group Ltd.		5,445		61,599		(6.0	)
Medibank Pvt Ltd.		93,373		209,822		(20.3	)
Metcash Ltd.		3,082		10,346		(1.0	)
Mirvac Group		49,657		83,925		(8.1	)
Origin Energy Ltd.		10,116		48,386		(4.7	)
Orora Ltd.		47,331		132,637		(12.8	)
OZ Minerals Ltd.		26,379		457,885		(44.4	)
Pilbara Minerals Ltd.		17,178		33,320		(3.2	)
Pro Medicus Ltd.		968		31,657		(3.1	)
Qube Holdings Ltd.		28,723		59,355		(5.8	)
REA Group Ltd.		2,680		240,096		(23.3	)
Scentre Group		17,745		36,972		(3.6	)
SEEK Ltd.		7,130		139,715		(13.5	)
South32 Ltd.		3,495		11,640		(1.1	)
Star Entertainment Grp Ltd.		140,911		311,227		(30.2	)
Telstra Corp. Ltd.		9,524		27,035		(2.6	)
Wesfarmers Ltd.		292		10,104		(1.0	)
WiseTech Global Ltd.		3,892		120,663		(11.7	)
				4,952,298
Austria
ANDRITZ AG		3,500		148,789		(14.4	)
Erste Group Bank AG		23,474		730,881		(70.8	)
Raiffeisen Bank International AG		3,157		36,568		(3.6	)
				916,238
Belgium
Ackermans & van Haaren NV		1,461		260,462		(25.2	)
KBC Group NV		758		51,568		(5.0	)

Security	Shares		Value		% of Basket Value
Belgium (continued)
Telenet Group Holding NV		5,723	$	170,559		(16.5	)%
Umicore SA		3,213		123,519		(12.0	)
Warehouses De Pauw CVA		11,005		423,364		(41.0	)
				1,029,472
Bermuda
Hiscox Ltd.		11,436		135,794		(13.2	)
RenaissanceRe Holdings Ltd.		1,726		247,716		(24.0	)
				383,510
Canada
Air Canada		12,379		216,812		(21.0	)
Alamos Gold Inc., Class A		67,176		521,867		(50.6	)
ARC Resources Ltd.		17,478		242,310		(23.5	)
Aritzia Inc.		3,494		124,431		(12.0	)
Atco Ltd., Class I		4,613		164,354		(15.9	)
Boralex, Inc., Class A		4,196		125,784		(12.2	)
Brookfield Infrastructure Corp., Class A		4,247		301,338		(29.2	)
CAE, Inc.		4,066		96,693		(9.4	)
Canada Goose Holdings, Inc.		6,447		140,351		(13.6	)
Canadian Utilities Ltd., Class A		7,829		235,361		(22.8	)
Cargojet, Inc.		424		49,537		(4.8	)
CGI, Inc.		4,356		347,354		(33.6	)
CI Financial Corp.		5,541		72,247		(7.0	)
Descartes Systems Group Inc.		3,688		229,063		(22.2	)
Enbridge, Inc.		9,560		417,183		(40.4	)
Enerplus Corp.		19,579		239,889		(23.2	)
Equinox Gold Corp.		26,510		189,025		(18.3	)
Franco-Nevada Corp.		2,538		383,826		(37.2	)
GFL Environmental, Inc.		10,550		317,818		(30.8	)
Hydro One Ltd.		9,028		244,068		(23.6	)
IGM Financial, Inc.		3,215		101,882		(9.9	)
Imperial Oil Ltd.		5,972		300,680		(29.1	)
Innergex Renewable Energy Inc.		23,352		312,657		(30.3	)
Ivanhoe Mines Ltd., Class A		14,883		119,328		(11.6	)
Keyera Corp.		2,603		64,576		(6.3	)
Lundin Mining Corp.		2,482		22,663		(2.2	)
Northland Power, Inc.		700		21,126		(2.0	)
Osisko Gold Royalties Ltd.		1,147		14,116		(1.4	)
Parex Resources, Inc.		6,443		125,585		(12.2	)
Shopify, Inc., Class A		569		243,399		(23.6	)
SSR Mining, Inc.		536		11,791		(1.1	)
Stantec, Inc.		3,890		178,565		(17.3	)
TC Energy Corp.		1,833		96,954		(9.4	)
TELUS Corp.		15,770		394,542		(38.2	)
TFI International, Inc.		1,616		129,994		(12.6	)
Whitecap Resources, Inc.		15,738		129,001		(12.5	)
WSP Global, Inc.		1,730		201,758		(19.5	)
Yamana Gold, Inc.		35,305		194,849		(18.9	)
				7,322,777
China
Budweiser Brewing Co. APAC Ltd.		24,900		61,956		(6.0	)
Chow Tai Fook Jewellery Group Ltd.		55,400		92,891		(9.0	)
				154,847
Denmark
Demant A/S		4,351		191,198		(18.5	)
Genmab A/S		399		140,305		(13.6	)
GN Store Nord A/S		2,586		97,052		(9.4	)
H Lundbeck A/S		5,606		128,479		(12.4	)
ISS A/S		4,528		74,323		(7.2	)

20 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Denmark (continued)
Jyske Bank A/S		3,482	$	192,534		(18.7	)%
SimCorp A/S		1,118		78,267		(7.6	)
Tryg A/S		7,913		188,148		(18.2	)
				1,090,306
Finland
Kesko OYJ, B Shares		14,902		375,179		(36.3	)
Metso Outotec OYJ		25,108		213,793		(20.7	)
Nokia OYJ		18,846		95,551		(9.3	)
Nokian Renkaat OYJ		10,916		146,586		(14.2	)
Nordea Bank Abp		2,483		24,756		(2.4	)
Outokumpu OYJ		21,432		105,215		(10.2	)
Valmet OYJ		13,815		369,977		(35.8	)
Wartsila OYJ Abp		31,599		253,735		(24.6	)
				1,584,792
France
Accor SA		6,223		204,448		(19.8	)
Aeroports de Paris		1,048		148,240		(14.4	)
Air France-KLM		18,396		75,778		(7.3	)
Air Liquide SA		11,954		2,068,141		(200.4	)
Amundi SA		263		15,814		(1.5	)
Arkema SA		861		98,106		(9.5	)
Atos SE		10,209		248,707		(24.1	)
AXA SA		4,652		123,069		(11.9	)
Carrefour SA		3,388		71,851		(7.0	)
Cie Plastic Omnium SA		17,810		288,303		(27.9	)
Covivio		4,414		314,354		(30.5	)
Dassault Aviation SA		206		34,568		(3.3	)
Dassault Systemes SE		3,686		163,011		(15.8	)
Edenred		7,995		401,526		(38.9	)
Eurazeo SE		1,684		129,397		(12.5	)
Exclusive Networks SA		27,644		527,268		(51.1	)
ICADE		2,467		147,294		(14.3	)
Klepierre SA		6,674		159,747		(15.5	)
Legrand SA		2,323		205,851		(19.9	)
Orange SA		4,109		48,919		(4.7	)
Publicis Groupe SA		186		11,167		(1.1	)
Remy Cointreau SA		617		122,310		(11.9	)
Rubis SCA		2,023		53,807		(5.2	)
SCOR SE		1,211		34,240		(3.3	)
Ubisoft Entertainment SA		6,074		274,623		(26.6	)
Wendel SE		964		96,047		(9.3	)
				6,066,586
Germany
1&1 AG		3,138		66,128		(6.4	)
Bayerische Motoren Werke AG		4,890		399,346		(38.7	)
Beiersdorf AG		740		74,326		(7.2	)
Commerzbank AG		3,248		21,204		(2.1	)
Covestro AG		963		41,462		(4.0	)
CTS Eventim AG & Co. KGaA		1,054		72,342		(7.0	)
Deutsche Bank AG		16,185		164,358		(15.9	)
E.ON SE		29,762		309,732		(30.0	)
Freenet AG		33,719		932,945		(90.4	)
Hannover Rueck SE		564		87,663		(8.5	)
Hella GmbH & Co. KGaA		2,856		180,306		(17.5	)
KION Group AG		1,669		92,840		(9.0	)
LANXESS AG		2,179		84,232		(8.2	)
METRO AG		1,766		15,512		(1.5	)
Nemetschek SE		4,470		354,714		(34.4	)
Nordex SE		7,007		101,126		(9.8	)
ProSiebenSat.1 Media SE		24,523		282,156		(27.3	)

Security	Shares		Value		% of Basket Value
Germany (continued)
Rational AG		755	$	460,584		(44.6	)%
Rheinmetall AG		1,205		271,636		(26.3	)
Rwe AG		12,324		511,685		(49.6	)
Salzgitter AG		4,702		195,178		(18.9	)
Scout24 AG		1,656		104,739		(10.1	)
TAG Immobilien AG		3,065		61,255		(5.9	)
Talanx AG		3,623		150,643		(14.6	)
TeamViewer AG		13,959		167,495		(16.2	)
Traton SE		2,476		41,264		(4.0	)
TUI AG		18,019		51,372		(5.0	)
				5,296,243
Hong Kong
ASM Pacific Technology Ltd.		24,000		241,867		(23.4	)
Bank of East Asia Ltd.		53,000		78,425		(7.6	)
Cathay Pacific Airways Ltd.		276,000		275,759		(26.7	)
Dah Sing Banking Group Ltd.		264,800		222,534		(21.6	)
Dairy Farm International Holdings Ltd.		93,000		251,179		(24.3	)
Haitong International Securities Group Ltd.		159,000		25,170		(2.4	)
HK Electric Investments & HK Electric Investments Ltd., Class SS		62,500		61,727		(6.0	)
Hutchison Port Holdings Trust, Class U		686,400		163,608		(15.8	)
Hutchison Telecommunications Hong Kong Holdings Ltd.		174,000		29,048		(2.8	)
Hysan Development Co. Ltd.		47,000		138,658		(13.4	)
Kerry Properties Ltd.		27,500		74,364		(7.2	)
Link REIT		9,800		84,650		(8.2	)
Melco Resorts & Entertainment Ltd., ADR		13,848		79,211		(7.7	)
Pacific Basin Shipping Ltd.		119,000		54,598		(5.3	)
Shangri-La Asia Ltd.		16,000		12,114		(1.2	)
SITC International Holdings Co. Ltd.		63,000		209,441		(20.3	)
SJM Holdings Ltd.		145,000		60,909		(5.9	)
Sun Hung Kai Properties Ltd.		18,000		207,308		(20.1	)
Swire Pacific Ltd., Class A		73,500		418,649		(40.6	)
Swire Properties Ltd.		14,800		35,469		(3.4	)
WH Group Ltd.		179,000		123,617		(12.0	)
Wharf Real Estate Investment Co. Ltd.		14,000		65,976		(6.4	)
Yue Yuen Industrial Holdings Ltd.		38,500		56,629		(5.5	)
				2,970,910
Ireland
Adient PLC		7,563		258,201		(25.0	)
Aptiv PLC		2,198		233,867		(22.7	)
Experian PLC		1,022		35,294		(3.4	)
Glanbia PLC		45,333		544,238		(52.7	)
Icon PLC		99		22,395		(2.2	)
James Hardie Industries PLC		3,937		113,497		(11.0	)
Jazz Pharmaceuticals PLC		73		11,696		(1.1	)
Kingspan Group PLC		584		54,363		(5.3	)
Trane Technologies PLC		1,715		239,911		(23.2	)
				1,513,462
Israel
Airport City Ltd.		5,107		113,696		(11.0	)
Alony Hetz Properties & Investments Ltd.		8,375		137,068		(13.3	)
Amot Investments Ltd.		3,766		28,587		(2.8	)
Bezeq The Israeli Telecommunication Corp. Ltd.		27,878		44,195		(4.3	)
Big Shopping Centers Ltd.		527		79,640		(7.7	)
Check Point Software Technologies Ltd.		2,065		260,789		(25.3	)
Enlight Renewable Energy Ltd.		8,591		18,431		(1.8	)
Fattal Holdings 1998 Ltd.		329		47,453		(4.6	)
Harel Insurance Investments & Financial Services Ltd.		14,405		176,560		(17.1	)

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Israel (continued)
Israel Corp. Ltd.		238	$	133,724		(12.9	)%
Melisron Ltd.		370		30,013		(2.9	)
Monday.com Ltd.		397		51,372		(5.0	)
Nova Measuring Instruments Ltd.		3,382		333,499		(32.3	)
OPC Energy Ltd.		18,716		205,865		(19.9	)
Paz Oil Co. Ltd.		1,196		185,361		(18.0	)
Phoenix Holdings Ltd.		5,557		69,909		(6.8	)
SolarEdge Technologies, Inc.		316		79,129		(7.7	)
Teva Pharmaceutical Industries Ltd., ADR		2,069		18,021		(1.7	)
				2,013,312
Italy
A2A SpA		31,551		53,907		(5.2	)
Amplifon SpA		5,001		199,514		(19.3	)
Azimut Holding SpA		418		8,872		(0.9	)
Banca Generali SpA		6,216		205,508		(19.9	)
Banca Mediolanum SpA		33,430		242,680		(23.5	)
Buzzi Unicem SpA		6,073		112,464		(10.9	)
Davide Campari-Milano NV		7,172		80,923		(7.8	)
De’ Longhi SpA		1,849		44,838		(4.4	)
Enel SpA		72,602		472,123		(45.7	)
Ferrari NV		190		40,005		(3.9	)
Interpump Group SpA		3,553		143,647		(13.9	)
Italgas SpA		64,436		417,202		(40.4	)
Leonardo SpA		35,549		365,849		(35.5	)
Mediobanca Banca di Credito Finanziario SpA		30,492		305,617		(29.6	)
Moncler SpA		13,377		696,857		(67.5	)
PRADA SpA		47,800		297,418		(28.8	)
Reply SpA		3,409		501,863		(48.6	)
UniCredit SpA		15,466		143,139		(13.9	)
UnipolSai Assicurazioni SpA		64,518		181,478		(17.6	)
				4,513,904
Japan
ABC-Mart, Inc.		14,100		584,726		(56.6	)
Acom Co. Ltd.		74,600		191,851		(18.6	)
Activia Properties, Inc.		49		156,580		(15.2	)
Advantest Corp.		1,400		95,547		(9.3	)
AEON Financial Service Co. Ltd.		27,000		248,222		(24.0	)
Aica Kogyo Co. Ltd.		9,200		212,963		(20.6	)
Alfresa Holdings Corp.		9,100		123,748		(12.0	)
Amada Co. Ltd.		31,400		243,820		(23.6	)
Amano Corp.		4,700		90,481		(8.8	)
Anritsu Corp.		12,900		162,211		(15.7	)
Aozora Bank Ltd.		13,600		272,279		(26.4	)
Asahi Group Holdings Ltd.		8,100		305,312		(29.6	)
Astellas Pharma, Inc.		14,600		222,295		(21.5	)
Azbil Corp.		4,700		142,702		(13.8	)
Bandai Namco Holdings, Inc.		5,500		372,366		(36.1	)
Benesse Holdings, Inc.		6,700		117,229		(11.4	)
Capcom Co. Ltd.		13,600		358,865		(34.8	)
Chubu Electric Power Co., Inc.		50,900		513,839		(49.8	)
Chugoku Bank Ltd.		7,600		55,887		(5.4	)
Chugoku Electric Power Co., Inc.		15,800		104,067		(10.1	)
Coca-Cola Bottlers Japan Holdings, Inc.		15,400		172,641		(16.7	)
COMSYS Holdings Corp.		13,600		282,366		(27.4	)
Cosmo Energy Holdings Co. Ltd.		500		12,422		(1.2	)
Cosmos Pharmaceutical Corp.		2,000		184,375		(17.9	)
Daifuku Co. Ltd.		3,400		209,061		(20.3	)
Daito Trust Construction Co. Ltd.		1,500		144,468		(14.0	)
Daiwa House Industry Co. Ltd.		7,500		180,301		(17.5	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Denso Corp.		100	$	6,095		(0.6	)%
Dentsu Group, Inc.		9,000		324,375		(31.4	)
DMG Mori Co. Ltd.		9,600		120,484		(11.7	)
Ebara Corp.		2,800		128,597		(12.5	)
Electric Power Development Co. Ltd.		16,500		226,096		(21.9	)
FP Corp.		8,500		192,247		(18.6	)
Freee KK		2,800		80,789		(7.8	)
Furukawa Electric Co. Ltd.		3,100		50,341		(4.9	)
GMO Payment Gateway, Inc.		1,400		117,460		(11.4	)
H.U. Group Holdings, Inc.		5,400		120,325		(11.7	)
Hamamatsu Photonics KK		3,000		134,230		(13.0	)
Hirose Electric Co. Ltd.		2,100		266,435		(25.8	)
Hisamitsu Pharmaceutical Co., Inc.		7,300		199,996		(19.4	)
Hitachi Construction Machinery Co. Ltd.		4,700		106,414		(10.3	)
Hoshizaki Corp.		100		6,334		(0.6	)
Hoya Corp.		2,000		198,484		(19.2	)
Information Services International-Dentsu Ltd.		5,600		160,822		(15.6	)
Internet Initiative Japan, Inc.		2,700		84,270		(8.2	)
Itochu Techno-Solutions Corp.		9,200		215,425		(20.9	)
Izumi Co. Ltd.		3,300		71,721		(6.9	)
J Front Retailing Co. Ltd.		25,800		193,336		(18.7	)
Japan Exchange Group, Inc.		4,600		68,496		(6.6	)
Japan Post Bank Co. Ltd.		20,700		156,167		(15.1	)
Japan Prime Realty Investment Corp.		47		142,587		(13.8	)
Japan Tobacco, Inc.		4,100		69,748		(6.8	)
Kakaku.com, Inc.		20,500		429,307		(41.6	)
Kamigumi Co. Ltd.		9,800		166,393		(16.1	)
Kandenko Co. Ltd.		27,700		175,662		(17.0	)
Kao Corp.		12,400		496,973		(48.1	)
Kawasaki Kisen Kaisha Ltd.		4,100		214,356		(20.8	)
Keisei Electric Railway Co. Ltd.		9,100		223,127		(21.6	)
Kewpie Corp.		5,300		89,261		(8.6	)
Keyence Corp.		300		120,601		(11.7	)
Kikkoman Corp.		500		28,101		(2.7	)
Kintetsu Group Holdings Co. Ltd.		10,600		303,915		(29.4	)
Koito Manufacturing Co. Ltd.		8,000		293,556		(28.4	)
Kokuyo Co. Ltd.		7,100		92,472		(9.0	)
Konami Holdings Corp.		2,700		166,032		(16.1	)
Kusuri no Aoki Holdings Co. Ltd.		4,400		194,938		(18.9	)
Kyocera Corp.		11,600		609,080		(59.0	)
Kyowa Kirin Co. Ltd.		15,100		318,259		(30.8	)
Kyudenko Corp.		5,000		113,389		(11.0	)
Lasertec Corp.		700		93,521		(9.1	)
Lion Corp.		37,100		382,257		(37.0	)
Lixil Corp.		10,500		184,677		(17.9	)
Mani Inc.		13,600		155,312		(15.0	)
Marubeni Corp.		14,200		155,002		(15.0	)
Maruwa Unyu Kikan Co. Ltd.		16,600		193,805		(18.8	)
Mitsubishi Chemical Holdings Corp.		55,700		339,639		(32.9	)
Mitsubishi HC Capital, Inc.		32,700		147,133		(14.3	)
Mitsubishi Logistics Corp.		5,900		135,980		(13.2	)
Mitsubishi Materials Corp.		10,300		161,125		(15.6	)
Mitsui Fudosan Co. Ltd.		4,400		93,252		(9.0	)
Mitsui Mining & Smelting Co. Ltd.		5,600		141,600		(13.7	)
Mitsui OSK Lines Ltd.		1,600		37,458		(3.6	)
MS&AD Insurance Group Holdings, Inc.		3,000		89,302		(8.7	)
Murata Manufacturing Co. Ltd.		1,000		59,607		(5.8	)
Nagoya Railroad Co. Ltd.		4,800		77,093		(7.5	)
Nankai Electric Railway Co. Ltd.		30,400		542,726		(52.6	)
Nichirei Corp.		16,600		304,784		(29.5	)
Nihon Kohden Corp.		7,200		172,844		(16.7	)

22 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Nippon Express Holdings, Inc.		1,500	$	87,946		(8.5	)%
Nippon Steel Corp.		4,900		77,805		(7.5	)
Nippon Television Holdings, Inc.		14,500		139,174		(13.5	)
Nippon Yusen KK		1,500		108,216		(10.5	)
Nipro Corp.		2,400		18,911		(1.8	)
Nissan Chemical Corp.		3,600		190,161		(18.4	)
Nissin Foods Holdings Co. Ltd.		6,200		431,288		(41.8	)
Nitori Holdings Co. Ltd.		1,900		195,471		(18.9	)
Nitto Denko Corp.		2,700		181,226		(17.6	)
NOK Corp.		10,300		87,635		(8.5	)
Nomura Research Institute Ltd.		4,300		121,589		(11.8	)
NTT Data Corp.		6,000		110,627		(10.7	)
Obayashi Corp.		13,400		92,154		(8.9	)
OBIC Business Consultants Co. Ltd.		2,200		79,072		(7.7	)
Obic Co. Ltd.		2,800		413,670		(40.1	)
Omron Corp.		1,400		82,536		(8.0	)
Otsuka Corp.		9,400		308,058		(29.8	)
Otsuka Holdings Co. Ltd.		3,200		107,528		(10.4	)
PALTAC Corp.		3,900		142,147		(13.8	)
Park24 Co. Ltd.		17,800		253,481		(24.6	)
Penta-Ocean Construction Co. Ltd.		30,600		149,725		(14.5	)
PeptiDream, Inc.		2,100		33,871		(3.3	)
Pigeon Corp.		18,400		313,812		(30.4	)
Pola Orbis Holdings, Inc.		9,000		103,762		(10.1	)
Relo Group, Inc.		8,200		117,134		(11.3	)
Resorttrust, Inc.		8,700		146,365		(14.2	)
Sankyu Inc.		5,000		152,445		(14.8	)
Santen Pharmaceutical Co. Ltd.		28,600		232,652		(22.5	)
Sapporo Holdings Ltd.		4,100		85,338		(8.3	)
Sawai Group Holdings Co. Ltd.		4,900		164,369		(15.9	)
SBI Holdings, Inc.		7,800		174,463		(16.9	)
SCSK Corp.		12,600		200,319		(19.4	)
Sega Sammy Holdings, Inc.		1,000		17,720		(1.7	)
Seino Holdings Co. Ltd.		9,400		76,788		(7.4	)
Sekisui House REIT, Inc.		448		262,148		(25.4	)
SG Holdings Co. Ltd.		7,400		130,408		(12.6	)
Shimizu Corp.		30,300		158,882		(15.4	)
Shin-Etsu Chemical Co. Ltd.		1,100		151,178		(14.6	)
Shionogi & Co. Ltd.		3,000		166,878		(16.2	)
Skylark Co. Ltd.		40,500		480,560		(46.6	)
SMS Co. Ltd.		4,000		93,875		(9.1	)
Softbank Corp.		39,100		455,040		(44.1	)
Sony Group Corp.		2,900		250,273		(24.2	)
Sotetsu Holdings Inc.		6,600		113,144		(11.0	)
Square Enix Holdings Co. Ltd.		1,500		59,889		(5.8	)
Subaru Corp.		800		12,140		(1.2	)
Sumitomo Chemical Co. Ltd.		2,500		10,631		(1.0	)
Sumitomo Dainippon Pharma Co. Ltd.		14,800		131,833		(12.8	)
Sumitomo Forestry Co. Ltd.		23,200		354,933		(34.4	)
Sumitomo Heavy Industries Ltd.		6,600		139,665		(13.5	)
Sumitomo Metal Mining Co. Ltd.		600		26,314		(2.6	)
Sumitomo Mitsui Trust Holdings, Inc.		20,300		630,061		(61.0	)
Sumitomo Rubber Industries Ltd.		26,900		233,163		(22.6	)
Sundrug Co. Ltd.		12,600		293,354		(28.4	)
Suzuki Motor Corp.		3,100		93,450		(9.1	)
Taiheiyo Cement Corp.		8,400		135,908		(13.2	)
Takara Bio Inc.		5,600		90,070		(8.7	)
Takashimaya Co. Ltd.		13,600		124,049		(12.0	)
Takeda Pharmaceutical Co. Ltd.		400		11,607		(1.1	)
Terumo Corp.		17,200		511,960		(49.6	)
TIS, Inc.		13,600		305,447		(29.6	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Tokio Marine Holdings, Inc.		7,700	$	416,329		(40.3	)%
Tokyo Electron Ltd.		700		295,362		(28.6	)
Tokyo Ohka Kogyo Co. Ltd.		500		27,168		(2.6	)
Toray Industries, Inc.		12,500		59,241		(5.7	)
Tosoh Corp.		9,700		133,943		(13.0	)
TOTO Ltd.		2,700		90,987		(8.8	)
Toyo Seikan Group Holdings Ltd.		25,000		270,410		(26.2	)
Toyo Suisan Kaisha Ltd.		4,300		132,768		(12.9	)
Toyota Tsusho Corp.		1,900		68,262		(6.6	)
Trend Micro, Inc.		300		16,727		(1.6	)
Tsumura & Co.		5,700		140,247		(13.6	)
Tsuruha Holdings, Inc.		3,000		153,324		(14.9	)
Unicharm Corp.		18,900		657,569		(63.7	)
Ushio, Inc.		5,100		66,124		(6.4	)
Welcia Holdings Co. Ltd.		5,300		108,645		(10.5	)
Yakult Honsha Co. Ltd.		9,700		502,272		(48.7	)
Yamada Holdings Co. Ltd.		165,700		494,794		(47.9	)
Yamaguchi Financial Group, Inc.		44,800		245,646		(23.8	)
Yaoko Co. Ltd.		7,400		391,480		(37.9	)
Yokohama Rubber Co. Ltd.		21,900		293,210		(28.4	)
Z Holdings Corp.		24,100		94,613		(9.2	)
ZOZO, Inc.		200		4,188		(0.4	)
				31,992,064
Jordan
Hikma Pharmaceuticals PLC		7,386		173,500		(16.8	)
Luxembourg
Aroundtown SA		36,876		185,432		(18.0	)
L’Occitane International SA		45,250		141,839		(13.7	)
RTL Group SA		4,359		226,657		(22.0	)
				553,928
Macau
MGM China Holdings Ltd.		108,400		62,047		(6.0	)
Wynn Macau Ltd.		90,000		55,280		(5.4	)
				117,327
Netherlands
ASR Nederland NV		5,718		259,875		(25.2	)
CTP NV		2,959		41,896		(4.1	)
Heineken Holding NV		5,137		401,006		(38.9	)
IMCD NV		2,516		400,604		(38.8	)
ING Groep NV		30,572		289,645		(28.1	)
OCI NV		2,462		93,291		(9.0	)
PostNL NV		59,010		193,362		(18.7	)
QIAGEN NV		2,012		92,788		(9.0	)
Randstad NV		1,044		55,206		(5.3	)
				1,827,673
New Zealand
a2 Milk Co. Ltd.		3,063		9,514		(0.9	)
Air New Zealand Ltd.		40,656		23,074		(2.2	)
Fisher & Paykel Healthcare Corp. Ltd.		5,400		74,207		(7.2	)
				106,795
Norway
Adevinta ASA		9,167		70,819		(6.8	)
AutoStore Holdings Ltd.		198,723		443,212		(42.9	)
Equinor ASA		3,825		130,928		(12.7	)
NEL ASA		7,901		11,228		(1.1	)
Nordic Semiconductor ASA		10,379		206,347		(20.0	)

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Norway (continued)
Schibsted ASA, Class A		4,055	$	84,502		(8.2	)%
Schibsted ASA, Class B		2,291		44,333		(4.3	)
				991,369
Portugal
Jeronimo Martins SGPS SA		16,038		333,857		(32.3	)
Puerto Rico
Popular, Inc.		9,444		736,538		(71.4	)
Singapore
ComfortDelGro Corp. Ltd.		94,400		99,719		(9.7	)
Jardine Cycle & Carriage Ltd.		6,600		137,560		(13.3	)
Mapletree Commercial Trust		244,200		328,430		(31.8	)
NetLink NBN Trust		26,200		18,945		(1.8	)
Olam Group Ltd.		20,900		25,540		(2.5	)
SATS Ltd.		400		1,306		(0.1	)
SIA Engineering Co. Ltd.		9,600		18,437		(1.8	)
StarHub Ltd.		95,300		86,440		(8.4	)
United Overseas Bank Ltd.		9,900		211,922		(20.5	)
Wing Tai Holdings Ltd.		9,100		11,421		(1.1	)
				939,720
Spain
Bankinter SA		20,301		119,469		(11.6	)
Cellnex Telecom SA		452		21,068		(2.0	)
Iberdrola SA		3,337		38,345		(3.7	)
Inmobiliaria Colonial Socimi SA		34,301		285,226		(27.6	)
Merlin Properties Socimi SA		9,810		106,572		(10.3	)
Naturgy Energy Group SA		737		22,171		(2.2	)
				592,851
Sweden
Alfa Laval AB		143		3,981		(0.4	)
Boliden AB		4,004		173,618		(16.8	)
Castellum AB		23,857		472,448		(45.8	)
Epiroc AB, Class B		3,898		68,004		(6.6	)
EQT AB		1,467		41,519		(4.0	)
Essity AB, Class B		6,674		176,000		(17.1	)
Hexagon AB, B Shares		729		9,406		(0.9	)
Holmen AB, B Shares		8,115		469,037		(45.4	)
Indutrade AB		16,011		377,665		(36.6	)
Investment AB Latour, B Shares		3,692		97,810		(9.5	)
Lifco AB, B Shares		6,501		136,363		(13.2	)
Lundin Energy AB		2,660		109,980		(10.7	)
Nibe Industrier AB, B Shares		13,544		132,791		(12.9	)
Saab AB, Class B		1,353		57,230		(5.5	)
Sagax AB, Class B		5,945		151,862		(14.7	)
Spotify Technology SA		5,220		530,613		(51.4	)
SSAB AB, A Shares		8,938		56,766		(5.5	)
Storskogen Group AB, Class B		86,222		181,867		(17.6	)
Swedish Match AB		83,617		665,991		(64.5	)
Tele2 AB, B Shares		5,987		79,353		(7.7	)
				3,992,304
Switzerland
Adecco Group AG		4,213		162,579		(15.7	)
Barry Callebaut AG		24		55,237		(5.3	)
Belimo Holding AG		55		27,182		(2.6	)
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		2		237,265		(23.0	)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		23		257,945		(25.0	)

Security	Shares		Value		% of Basket Value
Switzerland (continued)
Cie Financiere Richemont SA, Class A		1,747	$	202,985		(19.7	)%
Flughafen Zurich AG		5,256		888,783		(86.1	)
Idorsia Ltd.		7,017		119,769		(11.6	)
Logitech International SA		946		61,564		(6.0	)
Lonza Group AG		120		70,756		(6.9	)
SIG Combibloc Group AG		13,893		290,857		(28.2	)
Sika AG		1,014		309,734		(30.0	)
Straumann Holding AG		1,238		145,950		(14.1	)
Swatch Group AG		37		9,496		(0.9	)
Swiss Prime Site AG		5,006		489,309		(47.4	)
UBS Group AG		7,998		135,779		(13.2	)
				3,465,190
United Kingdom
Abrdn PLC		5,133		12,053		(1.2	)
BAE Systems PLC		6,717		62,043		(6.0	)
Baltic Classifieds Group PLC		87,726		143,751		(13.9	)
Barclays PLC		198,287		364,479		(35.3	)
Barratt Developments PLC		32,075		196,236		(19.0	)
Beazley PLC		5,857		31,787		(3.1	)
Bellway PLC		12,348		375,037		(36.3	)
Capri Holdings Ltd.		1,647		78,562		(7.6	)
Croda International PLC		109		10,587		(1.0	)
Darktrace PLC		4,310		23,537		(2.3	)
Dechra Pharmaceuticals PLC		3,156		143,015		(13.8	)
Direct Line Insurance Group PLC		71,519		226,993		(22.0	)
Electrocomponents PLC		14,549		189,900		(18.4	)
Halma PLC		13,717		426,899		(41.4	)
Hargreaves Lansdown PLC		14,038		160,712		(15.6	)
Imperial Brands PLC		5,370		111,779		(10.8	)
Intertek Group PLC		8,874		552,983		(53.6	)
Janus Henderson Group PLC		1,111		33,863		(3.3	)
Liberty Global PLC, Class A		5,169		117,646		(11.4	)
Linde PLC		747		233,034		(22.6	)
M&G PLC		43,547		115,615		(11.2	)
Melrose Industries PLC		25,116		37,298		(3.6	)
Moneysupermarket.com Group PLC		2		4		(0.0	)
Nomad Foods Ltd.		54,636		1,008,581		(97.7	)
Phoenix Group Holdings PLC		9,932		75,229		(7.3	)
Quilter PLC		74,496		122,716		(11.9	)
Smiths Group PLC		3,153		57,698		(5.6	)
SSE PLC		442		10,266		(1.0	)
SSP Group PLC		25,152		74,239		(7.2	)
THG PLC		78,397		105,256		(10.2	)
Tritax Big Box REIT PLC		102,296		312,276		(30.2	)
Weir Group PLC		518		9,958		(1.0	)
Whitbread PLC		2,516		89,123		(8.6	)
				5,513,155
United States
A O Smith Corp.		817		47,737		(4.6	)
AbbVie, Inc.		1,402		205,926		(19.9	)
ABIOMED, Inc.		1,581		453,083		(43.9	)
Adobe, Inc.		1,049		415,352		(40.2	)
Advanced Micro Devices, Inc.		5,891		503,798		(48.8	)
Aflac, Inc.		2,082		119,257		(11.5	)
Agilent Technologies, Inc.		1,467		174,969		(16.9	)
Airbnb, Inc., Class A		872		133,599		(12.9	)
Alaska Air Group, Inc.		199		10,824		(1.0	)
Alcoa Corp.		898		60,884		(5.9	)
Alexandria Real Estate Equities, Inc.		3,741		681,461		(66.0	)
Alphabet, Inc., Class C		10		22,993		(2.2	)

24 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
AMC Entertainment Holdings, Inc., Class A		12,115	$	185,360		(18.0	)%
American Express Co.		394		68,836		(6.7	)
American Water Works Co., Inc.		1,458		224,649		(21.8	)
AMETEK, Inc.		107		13,510		(1.3	)
AMN Healthcare Services, Inc.		2,530		247,308		(24.0	)
Amphenol Corp., Class A		12,390		885,885		(85.8	)
ANSYS, Inc.		45		12,406		(1.2	)
Antero Midstream Corp.		34,112		350,330		(33.9	)
Aon PLC, Class A		117		33,695		(3.3	)
APA Corp.		1,763		72,160		(7.0	)
Applied Materials, Inc.		1,429		157,690		(15.3	)
Arista Networks, Inc.		899		103,897		(10.1	)
Asbury Automotive Group, Inc.		324		59,522		(5.8	)
ASGN, Inc.		5,620		637,589		(61.8	)
Atlassian Corp. PLC, Class A		1,191		267,773		(25.9	)
Autodesk, Inc.		785		148,585		(14.4	)
AvalonBay Communities, Inc.		4,327		984,306		(95.4	)
Avantor, Inc.		4,046		128,987		(12.5	)
Axon Enterprise, Inc.		3,812		427,706		(41.4	)
Ball Corp.		130		10,551		(1.0	)
Bank of New York Mellon Corp.		12,186		512,543		(49.7	)
Baxter International, Inc.		3,891		276,494		(26.8	)
BioMarin Pharmaceutical, Inc.		1,343		109,253		(10.6	)
BJ’s Wholesale Club Holdings, Inc.		911		58,623		(5.7	)
Black Hills Corp.		2,027		148,458		(14.4	)
Blackline, Inc.		3,014		202,089		(19.6	)
Block, Inc.		798		79,433		(7.7	)
Blueprint Medicines Corp.		1,007		58,758		(5.7	)
Boeing Co.		14,833		2,207,744		(213.9	)
Booking Holdings, Inc.		168		371,332		(36.0	)
Booz Allen Hamilton Holding Corp.		20,765		1,695,047		(164.2	)
BorgWarner, Inc.		1,253		46,148		(4.5	)
Boston Properties, Inc.		3,456		406,426		(39.4	)
Brighthouse Financial, Inc.		1,066		54,750		(5.3	)
Brixmor Property Group, Inc.		6,366		161,569		(15.6	)
Brown & Brown, Inc.		2,207		136,790		(13.2	)
BWX Technologies, Inc.		372		19,314		(1.9	)
CACI International, Inc., Class A		604		160,241		(15.5	)
Camden Property Trust		1,341		210,390		(20.4	)
Carnival Corp.		6,178		106,879		(10.4	)
Catalent, Inc.		373		33,779		(3.3	)
Cboe Global Markets, Inc.		2,035		229,914		(22.3	)
ChampionX Corp.		568		11,985		(1.2	)
Charles River Laboratories International, Inc.		1,475		356,227		(34.5	)
Charles Schwab Corp.		7,582		502,914		(48.7	)
Cheniere Energy, Inc.		6,483		880,456		(85.3	)
Chesapeake Energy Corp.		6,237		511,559		(49.6	)
Chevron Corp.		1,013		158,707		(15.4	)
Choice Hotels International, Inc.		1,927		270,666		(26.2	)
Cisco Systems, Inc.		3,287		160,997		(15.6	)
Citigroup, Inc.		7,785		375,315		(36.4	)
Clorox Co.		544		78,048		(7.6	)
CMS Energy Corp.		2,530		173,786		(16.8	)
Coca-Cola Co.		1,983		128,122		(12.4	)
Cognex Corp.		955		64,587		(6.3	)
Colgate-Palmolive Co.		680		52,394		(5.1	)
ConocoPhillips		3,419		326,583		(31.6	)
Continental Resources, Inc.		14,837		824,492		(79.9	)
CoStar Group, Inc.		2,950		187,679		(18.2	)
Coupa Software, Inc.		354		30,550		(3.0	)
Crocs, Inc.		6,449		428,407		(41.5	)
Crown Castle International Corp.		944		174,838		(16.9	)

Security	Shares		Value		% of Basket Value
United States (continued)
Cummins, Inc.		1,029	$	194,677		(18.9	)%
Danaher Corp.		517		129,834		(12.6	)
DaVita, Inc.		1,285		139,255		(13.5	)
Dentsply Sirona, Inc.		657		26,273		(2.5	)
Dick’s Sporting Goods, Inc.		3,014		290,610		(28.2	)
DocuSign, Inc.		2,620		212,220		(20.6	)
Dominion Energy, Inc.		2,218		181,078		(17.5	)
Domino’s Pizza, Inc.		2,414		815,932		(79.0	)
Duke Realty Corp.		4,356		238,491		(23.1	)
East West Bancorp, Inc.		2,078		148,161		(14.3	)
eBay, Inc.		1,192		61,889		(6.0	)
Edison International		5,566		382,885		(37.1	)
Elanco Animal Health, Inc.		1,568		39,686		(3.8	)
Eli Lilly & Co.		326		95,234		(9.2	)
Emerson Electric Co.		2,220		200,200		(19.4	)
EOG Resources, Inc.		5,557		648,835		(62.9	)
EQT Corp.		2,070		82,283		(8.0	)
Equifax, Inc.		1,627		331,127		(32.1	)
Equinix, Inc.		167		120,086		(11.6	)
Equitable Holdings, Inc.		3,179		91,651		(8.9	)
Equity Residential		9,809		799,434		(77.4	)
Erie Indemnity Co., Class A		520		83,346		(8.1	)
Essential Utilities, Inc.		4,244		189,961		(18.4	)
Etsy, Inc.		4,615		430,072		(41.7	)
Evoqua Water Technologies Corp.		2,256		94,053		(9.1	)
Expedia Group, Inc.		4,394		767,852		(74.4	)
Expeditors International of Washington, Inc.		470		46,563		(4.5	)
Fair Isaac Corp.		36		13,446		(1.3	)
Fate Therapeutics, Inc.		4,998		142,743		(13.8	)
Federal Realty Investment Trust		4,415		516,820		(50.1	)
First Industrial Realty Trust, Inc.		3,764		218,312		(21.1	)
Five Below, Inc.		553		86,876		(8.4	)
Floor & Decor Holdings, Inc., Class A		2,977		237,326		(23.0	)
Fortinet, Inc.		440		127,164		(12.3	)
Fox Corp., Class A		6,017		215,649		(20.9	)
Fox Corp., Class B		10,825		359,823		(34.9	)
FTI Consulting, Inc.		2,361		372,353		(36.1	)
Garmin Ltd.		4,218		462,883		(44.8	)
Global Payments, Inc.		77		10,547		(1.0	)
Globe Life, Inc.		552		54,140		(5.2	)
Globus Medical, Inc., Class A		4,049		268,125		(26.0	)
Goodyear Tire & Rubber Co.		3,225		42,957		(4.2	)
Guidewire Software, Inc.		648		56,337		(5.5	)
H&R Block, Inc.		1,473		38,401		(3.7	)
Halozyme Therapeutics, Inc.		5,563		221,964		(21.5	)
Hanesbrands, Inc.		17,367		230,286		(22.3	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,605		64,184		(6.2	)
Harley-Davidson, Inc.		1,644		59,924		(5.8	)
Hartford Financial Services Group, Inc.		3,213		224,685		(21.8	)
Healthcare Realty Trust, Inc.		695		18,821		(1.8	)
HealthEquity, Inc.		6,113		380,962		(36.9	)
HEICO Corp.		131		18,501		(1.8	)
HEICO Corp., Class A		11,583		1,351,041		(130.9	)
Helmerich & Payne, Inc.		355		16,341		(1.6	)
Herbalife Nutrition Ltd.		18,468		490,879		(47.6	)
Hewlett Packard Enterprise Co.		40,422		622,903		(60.3	)
Hexcel Corp.		4,025		218,799		(21.2	)
Home Depot, Inc.		1,046		314,218		(30.4	)
Honeywell International, Inc.		1,962		379,667		(36.8	)
Horizon Therapeutics PLC		2,814		277,348		(26.9	)
HubSpot, Inc.		245		92,960		(9.0	)

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Huntington Bancshares, Inc.		16,624	$	218,606		(21.2	)%
Huntington Ingalls Industries, Inc.		2,898		616,521		(59.7	)
Huntsman Corp.		1,812		61,372		(5.9	)
IDACORP, Inc.		7,739		813,988		(78.9	)
II-VI, Inc.		1,628		99,650		(9.6	)
Illinois Tool Works, Inc.		2,557		504,010		(48.8	)
Illumina, Inc.		559		165,827		(16.1	)
Integra LifeSciences Holdings Corp.		476		29,112		(2.8	)
Intellia Therapeutics, Inc.		947		46,431		(4.5	)
International Game Technology PLC		927		20,236		(2.0	)
Iridium Communications, Inc.		5,408		193,120		(18.7	)
Iron Mountain, Inc.		192		10,316		(1.0	)
Jacobs Engineering Group, Inc.		1,619		224,312		(21.7	)
JetBlue Airways Corp.		37,049		407,910		(39.5	)
Johnson Controls International PLC		1,167		69,868		(6.8	)
JPMorgan Chase & Co.		3,285		392,098		(38.0	)
Kellogg Co.		6,869		470,527		(45.6	)
Keurig Dr Pepper, Inc.		3,254		121,700		(11.8	)
KeyCorp		1,119		21,608		(2.1	)
Keysight Technologies, Inc.		1,548		217,138		(21.0	)
Kinder Morgan, Inc.		8,471		153,749		(14.9	)
Kirby Corp.		3,671		239,349		(23.2	)
Kite Realty Group Trust		4,971		110,853		(10.7	)
KLA Corp.		1,061		338,735		(32.8	)
Lattice Semiconductor Corp.		1,759		84,502		(8.2	)
Lear Corp.		2,310		295,541		(28.6	)
Leggett & Platt, Inc.		14,643		521,730		(50.5	)
Leidos Holdings, Inc.		5,463		565,475		(54.8	)
Leslie’s, Inc.		6,284		123,166		(11.9	)
Levi Strauss & Co., Class A		12,330		223,296		(21.6	)
Liberty Media Corp. - Liberty Formula One, Class C		11,690		728,638		(70.6	)
Liberty Media Corp. - Liberty SiriusXM, Class C		1,537		64,370		(6.2	)
Lincoln Electric Holdings, Inc.		596		80,299		(7.8	)
Lincoln National Corp.		1,255		75,488		(7.3	)
Lithia Motors, Inc.		102		28,879		(2.8	)
Live Nation Entertainment, Inc.		352		36,918		(3.6	)
Livent Corp.		2,681		57,266		(5.5	)
Lockheed Martin Corp.		628		271,371		(26.3	)
Lumen Technologies, Inc.		29,318		294,939		(28.6	)
Lumentum Holdings, Inc.		802		65,130		(6.3	)
MACOM Technology Solutions Holdings, Inc., Class H		10,984		559,635		(54.2	)
ManpowerGroup, Inc.		1,346		121,409		(11.8	)
Marathon Oil Corp.		2,972		74,062		(7.2	)
MarketAxess Holdings, Inc.		978		257,811		(25.0	)
Marriott Vacations Worldwide Corp.		166		24,789		(2.4	)
Martin Marietta Materials, Inc.		334		118,309		(11.5	)
Marvell Technology, Inc.		254		14,752		(1.4	)
Masimo Corp.		709		80,096		(7.8	)
Matson, Inc.		458		39,397		(3.8	)
MaxLinear, Inc.		2,467		118,095		(11.4	)
Medical Properties Trust, Inc.		4,932		90,699		(8.8	)
Merck & Co., Inc.		1,352		119,909		(11.6	)
Meta Platforms, Inc., Class A		412		82,594		(8.0	)
MetLife, Inc.		6,105		400,976		(38.8	)
MGIC Investment Corp.		21,974		286,980		(27.8	)
Microchip Technology, Inc.		6,960		453,792		(44.0	)
Microsoft Corp.		4,584		1,272,152		(123.2	)
MicroStrategy, Inc., Class A		26		9,208		(0.9	)
Mid-America Apartment Communities, Inc.		520		102,274		(9.9	)
Monolithic Power Systems, Inc.		31		12,159		(1.2	)

Security	Shares		Value		% of Basket Value
United States (continued)
MP Materials Corp.		3,013	$	114,615		(11.1	)%
National Vision Holdings, Inc.		9,269		348,978		(33.8	)
NetApp, Inc.		243		17,800		(1.7	)
Netflix, Inc.		3,404		647,985		(62.8	)
New Relic, Inc.		288		18,222		(1.8	)
New York Community Bancorp, Inc.		11,745		108,524		(10.5	)
New York Times Co., Class A		1,804		69,129		(6.7	)
Nexstar Media Group, Inc., Class A		2,322		367,851		(35.6	)
Norfolk Southern Corp.		3,463		893,038		(86.5	)
Northrop Grumman Corp.		337		148,078		(14.3	)
NortonLifeLock, Inc.		1,250		31,300		(3.0	)
Norwegian Cruise Line Holdings Ltd.		756		15,143		(1.5	)
NRG Energy, Inc.		940		33,746		(3.3	)
NVIDIA Corp.		190		35,239		(3.4	)
Okta, Inc.		750		89,483		(8.7	)
Old National Bancorp		15,178		230,099		(22.3	)
Omnicell, Inc.		2,594		283,187		(27.4	)
Oracle Corp.		2,657		195,024		(18.9	)
O’Reilly Automotive, Inc.		57		34,573		(3.3	)
Ormat Technologies, Inc.		4,936		383,527		(37.2	)
Outfront Media, Inc.		1,958		50,125		(4.9	)
PacWest Bancorp		8,830		290,419		(28.1	)
Palo Alto Networks, Inc.		1,372		770,076		(74.6	)
Papa John’s International, Inc.		514		46,800		(4.5	)
PayPal Holdings, Inc.		493		43,350		(4.2	)
Penn National Gaming, Inc.		2,057		75,225		(7.3	)
Penske Automotive Group, Inc.		141		14,780		(1.4	)
Pentair PLC		2,574		130,631		(12.7	)
Penumbra, Inc.		2,240		386,534		(37.4	)
Performance Food Group Co.		493		24,280		(2.3	)
Perrigo Co. PLC		1,954		67,022		(6.5	)
Pinnacle Financial Partners, Inc.		4,782		370,844		(35.9	)
Planet Fitness, Inc., Class A		8,582		686,817		(66.5	)
PNC Financial Services Group, Inc.		1,457		242,008		(23.4	)
Portland General Electric Co.		618		29,250		(2.8	)
Power Integrations, Inc.		778		62,240		(6.0	)
PPG Industries, Inc.		71		9,087		(0.9	)
Principal Financial Group, Inc.		10,496		715,197		(69.3	)
Public Service Enterprise Group, Inc.		2,872		200,064		(19.4	)
PulteGroup, Inc.		708		29,566		(2.9	)
PVH Corp.		44		3,202		(0.3	)
Qualcomm, Inc.		3,470		484,724		(47.0	)
Qualys, Inc.		1,254		170,895		(16.6	)
Ralph Lauren Corp.		1,074		112,061		(10.9	)
Raytheon Technologies Corp.		8,696		825,337		(80.0	)
Regency Centers Corp.		7,134		491,033		(47.6	)
Regeneron Pharmaceuticals, Inc.		121		79,752		(7.7	)
Reliance Steel & Aluminum Co.		394		78,111		(7.6	)
Repligen Corp.		518		81,450		(7.9	)
Republic Services, Inc.		98		13,158		(1.3	)
Rexford Industrial Realty, Inc.		541		42,220		(4.1	)
RingCentral, Inc., Class A		132		11,200		(1.1	)
Robert Half International, Inc.		482		47,385		(4.6	)
Roku, Inc.		2,137		198,527		(19.2	)
Roper Technologies, Inc.		723		339,752		(32.9	)
Royal Caribbean Cruises Ltd.		2,318		180,178		(17.5	)
Ryder System, Inc.		711		49,699		(4.8	)
S&P Global, Inc.		991		373,112		(36.1	)
salesforce.com, Inc.		1,224		215,351		(20.9	)
Schlumberger NV		2,895		112,934		(10.9	)
Science Applications International Corp.		1,430		119,019		(11.5	)
Semtech Corp.		203		12,099		(1.2	)

26 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Service Corp. International		960	$	62,986		(6.1	)%
ServiceNow, Inc.		11		5,259		(0.5	)
Sirius XM Holdings, Inc.		45,883		275,298		(26.7	)
SL Green Realty Corp.		930		64,375		(6.2	)
SM Energy Co.		291		10,339		(1.0	)
Southern Co.		3,738		274,332		(26.6	)
Spirit AeroSystems Holdings, Inc., Class A		3,594		151,092		(14.6	)
STAAR Surgical Co.		2,157		123,143		(11.9	)
Stifel Financial Corp.		2,041		126,236		(12.2	)
Stryker Corp.		777		187,459		(18.2	)
Switch, Inc., Class A		759		22,664		(2.2	)
Syneos Health, Inc.		6,259		457,470		(44.3	)
Sysco Corp.		1,360		116,253		(11.3	)
Tandem Diabetes Care, Inc.		559		53,932		(5.2	)
Teledyne Technologies, Inc.		771		332,725		(32.2	)
Teleflex, Inc.		769		219,642		(21.3	)
Teradata Corp.		1,137		47,015		(4.6	)
Teradyne, Inc.		1,096		115,584		(11.2	)
Tetra Tech, Inc.		1,550		215,884		(20.9	)
Textron, Inc.		30,753		2,129,645		(206.3	)
Timken Co.		6,767		390,050		(37.8	)
TransDigm Group, Inc.		372		221,269		(21.4	)
Travel + Leisure Co.		26,067		1,446,197		(140.1	)
TripAdvisor, Inc.		5,411		138,900		(13.5	)
Twilio, Inc., Class A		4,801		536,848		(52.0	)
UDR, Inc.		5,962		317,238		(30.7	)
Ulta Beauty, Inc.		742		294,426		(28.5	)
Ultragenyx Pharmaceutical, Inc.		1,236		87,373		(8.5	)
United Therapeutics Corp.		1,498		265,985		(25.8	)
UnitedHealth Group, Inc.		546		277,668		(26.9	)
Valero Energy Corp.		1,737		193,641		(18.8	)
Veeva Systems, Inc., Class A		1,253		227,983		(22.1	)
VF Corp.		392		20,384		(2.0	)
ViacomCBS, Inc., Class B		5,096		148,396		(14.4	)
Viatris, Inc.		76,219		787,342		(76.3	)
W.W. Grainger, Inc.		289		144,509		(14.0	)
Walt Disney Co.		2,500		279,075		(27.0	)
Waters Corp.		1,387		420,289		(40.7	)
Watsco, Inc.		107		28,545		(2.8	)
Western Alliance Bancorp		1,342		102,140		(9.9	)
WEX, Inc.		403		66,995		(6.5	)
Willis Towers Watson PLC		248		53,285		(5.2	)
Wintrust Financial Corp.		4,174		364,474		(35.3	)
Workday, Inc., Class A		1,683		347,876		(33.7	)
World Wrestling Entertainment, Inc., Class A		7,233		422,335		(40.9	)
XPO Logistics, Inc.		2,132		114,680		(11.1	)
Zions Bancorp NA		4,109		232,200		(22.5	)
Zoetis, Inc.		460		81,535		(7.9	)
				74,541,155
Preferred Stocks
Germany
Fuchs Petrolub SE, Preference Shares		6,851		216,089		(20.9	)
Porsche Automobil Holding SE, Preference Shares		1,662		139,460		(13.5	)
				355,549

Security	Shares			Value			% of Basket Value
Germany (continued)
Warrants
Australia
Magellan Financial Group Ltd.		679		$	751			(0.1	)%
Total Reference Entity — Long					166,209,847
Reference Entity — Short
Common Stocks
Australia
Newcrest Mining Ltd. NPV		(5,530	)		(104,517	)		10.1
Austria
BAWAG Group AG		(4,452	)		(211,398	)		20.5
Telekom Austria AG		(6,448	)		(45,973	)		4.5
Verbund AG		(804	)		(85,939	)		8.3
					(343,310	)
Belgium
Ageas SA		(481	)		(23,016	)		2.2
Sofina SA		(2,181	)		(668,383	)		64.8
					(691,399	)
Bermuda
Signet Jewelers Ltd.		(3,608	)		(253,282	)		24.5
Triton International Ltd.		(3,180	)		(194,266	)		18.8
					(447,548	)
Canada
Alimentation Couche-Tard, Inc.		(323	)		(14,379	)		1.4
Allied Properties Real Estate Investment Trust		(8,778	)		(285,141	)		27.6
Ballard Power Systems, Inc.		(33,015	)		(274,215	)		26.6
Brookfield Asset Management, Inc., Class A		(3,019	)		(150,592	)		14.6
Canadian Tire Corp. Ltd., Class A		(7,037	)		(969,289	)		93.9
Capital Power Corp.		(1,348	)		(44,302	)		4.3
Constellation Software, Inc.		(169	)		(265,984	)		25.8
Dollarama, Inc.		(16,997	)		(944,947	)		91.5
Dream Industrial Real Estate Investment Trust		(36,889	)		(429,580	)		41.6
Element Fleet Management Corp.		(37,560	)		(335,354	)		32.5
Empire Co. Ltd.		(27,093	)		(894,840	)		86.7
Fairfax Financial Holdings Ltd.		(455	)		(250,006	)		24.2
Finning International, Inc.		(15,219	)		(428,144	)		41.5
First Quantum Minerals Ltd.		(5,122	)		(146,844	)		14.2
Great-West Lifeco, Inc.		(1,068	)		(29,463	)		2.8
H&R Real Estate Investment Trust		(22,636	)		(225,188	)		21.8
iA Financial Corp., Inc.		(18,104	)		(946,597	)		91.7
Loblaw Cos. Ltd.		(10,173	)		(930,548	)		90.1
MEG Energy Corp.		(16,536	)		(248,429	)		24.1
Metro, Inc.		(6,907	)		(379,639	)		36.8
National Bank of Canada		(429	)		(29,961	)		2.9
Nuvei Corp.		(3,574	)		(199,865	)		19.4
Onex Corp.		(6,040	)		(362,922	)		35.1
Parkland Corp.		(16,200	)		(460,155	)		44.6
Quebecor, Inc., Class B		(7,440	)		(175,076	)		17.0
RioCan Real Estate Investment Trust		(23,639	)		(441,627	)		42.8
Royal Bank of Canada		(457	)		(46,157	)		4.5
Saputo, Inc.		(5,246	)		(112,136	)		10.9
SmartCentres Real Estate Investment Trust		(5,527	)		(134,620	)		13.0
Stelco Holdings, Inc.		(8,865	)		(323,574	)		31.3
Topicus.com, Inc.		(1,024	)		(63,689	)		6.2
Toromont Industries Ltd.		(1,000	)		(88,032	)		8.5
					(10,631,295	)

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund
    

Security	Shares			Value			% of Basket Value
Denmark
Ambu A/S, Class B		(5,945	)	$	(78,251	)		7.6	%
AP Moller - Maersk A/S, Class A		(9	)		(25,476	)		2.4
Chr Hansen Holding A/S		(5,341	)		(416,116	)		40.3
Danske Bank A/S		(27,907	)		(428,061	)		41.5
Pandora A/S		(1,927	)		(169,203	)		16.4
Rockwool International A/S, B Shares		(2,610	)		(729,965	)		70.7
Royal Unibrew A/S		(2,085	)		(179,708	)		17.4
					(2,026,780	)
Finland
Huhtamaki OYJ		(2,766	)		(104,556	)		10.1
Kojamo OYJ		(9,658	)		(192,128	)		18.6
Orion OYJ, Class B		(18,171	)		(712,712	)		69.1
QT Group OYJ		(1,615	)		(140,708	)		13.7
Stora Enso OYJ, B Shares		(29,858	)		(587,590	)		56.9
UPM-Kymmene OYJ		(10,628	)		(367,647	)		35.6
					(2,105,341	)
France
Airbus SE		(11,340	)		(1,241,411	)		120.3
BioMerieux		(3,858	)		(367,289	)		35.6
Bollore SA		(25,683	)		(119,848	)		11.6
Cie Generale des Etablissements Michelin SCA		(2,250	)		(278,685	)		27.0
Constellium SE		(14,619	)		(243,991	)		23.6
Danone SA		(4,437	)		(268,311	)		26.0
Eramet SA		(1,023	)		(136,348	)		13.2
EssilorLuxottica SA		(926	)		(157,649	)		15.3
Getlink SE		(677	)		(12,484	)		1.2
Ipsen SA		(934	)		(96,822	)		9.4
JCDecaux SA		(1,539	)		(32,262	)		3.1
Neoen SA		(2,354	)		(94,056	)		9.1
Pernod Ricard SA		(1,154	)		(238,167	)		23.1
Sartorius Stedim Biotech		(196	)		(64,137	)		6.2
SEB SA		(3,122	)		(374,912	)		36.3
Sodexo SA		(2,235	)		(168,129	)		16.3
SOITEC		(1,103	)		(197,585	)		19.1
Unibail-Rodamco-Westfield		(515	)		(36,346	)		3.5
Veolia Environnement SA		(14,132	)		(412,323	)		39.9
Worldline SA		(6,414	)		(252,354	)		24.5
					(4,793,109	)
Germany
Adidas AG		(2,924	)		(589,652	)		57.1
AIXTRON SE		(937	)		(24,022	)		2.3
Auto1 Group SE		(6,566	)		(68,747	)		6.7
BASF SE		(5,803	)		(305,603	)		29.6
Bayerische Motoren Werke AG		(108	)		(7,956	)		0.8
Bechtle AG		(6,009	)		(277,674	)		26.9
Brenntag SE		(6,197	)		(478,182	)		46.3
Carl Zeiss Meditec AG		(1,807	)		(226,968	)		22.0
Daimler Truck Holding AG		(4,774	)		(128,395	)		12.4
Delivery Hero SE		(4,768	)		(167,609	)		16.2
Deutsche Wohnen SE		(2,089	)		(59,829	)		5.8
Evotec SE		(3,017	)		(73,459	)		7.1
Fielmann AG		(4,238	)		(214,239	)		20.8
flatexDEGIRO AG		(24,384	)		(416,468	)		40.3
Knorr-Bremse AG		(898	)		(64,041	)		6.2
Puma SE		(584	)		(42,970	)		4.2
Siemens Healthineers AG		(937	)		(50,101	)		4.9
Uniper SE		(410	)		(10,539	)		1.0
United Internet AG		(12,823	)		(412,527	)		40.0
Vantage Towers AG		(5,376	)		(182,793	)		17.7

Security	Shares			Value			% of Basket Value
Germany (continued)
Volkswagen AG		(1,059	)	$	(229,656	)		22.3	%
Wacker Chemie AG		(53	)		(8,409	)		0.8
Zalando SE		(6,423	)		(252,721	)		24.5
					(4,292,560	)
Hong Kong
Guotai Junan International Holdings Ltd.		(17,000	)		(1,847	)		0.2
Hongkong Land Holdings Ltd.		(149,100	)		(695,546	)		67.4
Sino Land Co. Ltd.		(12,077	)		(15,963	)		1.5
					(713,356	)
Ireland
AerCap Holdings NV		(264	)		(12,331	)		1.2
Allegion PLC		(2,747	)		(313,817	)		30.4
CRH PLC		(3,608	)		(142,606	)		13.8
DCC PLC		(3,422	)		(259,281	)		25.1
Smurfit Kappa Group PLC		(1,069	)		(45,877	)		4.5
					(773,912	)
Isle of Man
GVC Holdings PLC		(12,525	)		(235,349	)		22.8
Israel
Ashtrom Group Ltd.		(4,809	)		(134,105	)		13.0
Fiverr International Ltd.		(5,626	)		(299,584	)		29.0
Global-e Online Ltd.		(989	)		(22,292	)		2.2
ironSource Ltd., Class A		(39,159	)		(149,979	)		14.5
Kornit Digital Ltd.		(827	)		(54,995	)		5.3
Mivne Real Estate KD Ltd.		(61,534	)		(230,555	)		22.3
Shapir Engineering and Industry Ltd.		(1,759	)		(16,458	)		1.6
Shikun & Binui Ltd.		(31,886	)		(187,983	)		18.2
Wix.com Ltd.		(898	)		(67,763	)		6.6
ZIM Integrated Shipping Services Ltd.		(1,499	)		(83,389	)		8.1
					(1,247,103	)
Italy
Banco BPM SpA		(201,237	)		(634,037	)		61.4
DiaSorin SpA		(2,981	)		(390,486	)		37.8
Eni SpA		(13,079	)		(182,828	)		17.7
FinecoBank Banca Fineco SpA		(27,745	)		(385,693	)		37.4
Infrastrutture Wireless Italiane SpA		(43,956	)		(469,025	)		45.4
Intesa Sanpaolo SpA		(165,385	)		(337,008	)		32.7
Nexi SpA		(366	)		(3,590	)		0.4
Pirelli & C SpA		(2,596	)		(12,866	)		1.3
Poste Italiane SpA		(84,168	)		(824,774	)		79.9
Prysmian SpA		(3,361	)		(109,316	)		10.6
Snam SpA		(16,457	)		(90,260	)		8.7
Terna Rete Elettrica Nazionale SpA		(181,213	)		(1,477,988	)		143.2
Unipol Gruppo SpA		(26,185	)		(142,777	)		13.8
					(5,060,648	)
Japan
Advance Residence Investment Corp.		(99	)		(271,959	)		26.3
Aeon Mall Co. Ltd.		(15,900	)		(193,464	)		18.7
AEON REIT Investment Corp.		(8	)		(9,185	)		0.9
AGC, Inc.		(500	)		(18,745	)		1.8
Ain Holdings, Inc.		(6,300	)		(282,585	)		27.4
Air Water, Inc.		(9,400	)		(124,765	)		12.1
Ariake Japan Co. Ltd.		(5,700	)		(228,692	)		22.2
Asahi Intecc Co. Ltd.		(5,200	)		(100,484	)		9.7
Asics Corp.		(4,400	)		(69,418	)		6.7
ASKUL Corp.		(10,900	)		(133,476	)		12.9
Benefit One, Inc.		(2,200	)		(33,357	)		3.2
Bic Camera, Inc.		(35,700	)		(301,322	)		29.2

28 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Canon Marketing Japan, Inc.		(5,100	)	$	(110,975	)		10.8	%
Chiba Bank Ltd.		(53,600	)		(308,912	)		29.9
Concordia Financial Group Ltd.		(148,400	)		(540,043	)		52.3
Credit Saison Co. Ltd.		(5,000	)		(56,317	)		5.5
CyberAgent, Inc.		(21,100	)		(222,919	)		21.6
Dai Nippon Printing Co. Ltd.		(12,400	)		(259,136	)		25.1
Daicel Corp.		(6,100	)		(37,289	)		3.6
Daido Steel Co. Ltd.		(3,800	)		(108,394	)		10.5
Daiichikosho Co. Ltd.		(3,000	)		(81,825	)		7.9
Daio Paper Corp.		(4,700	)		(56,044	)		5.4
Daiwa Office Investment Corp.		(92	)		(520,836	)		50.5
DeNA Co. Ltd.		(45,500	)		(659,480	)		63.9
Denka Co. Ltd.		(12,600	)		(337,781	)		32.7
DIC Corp.		(2,400	)		(45,765	)		4.4
Dowa Holdings Co. Ltd.		(3,100	)		(131,876	)		12.8
Ezaki Glico Co. Ltd.		(3,000	)		(86,006	)		8.3
Fancl Corp.		(11,700	)		(223,973	)		21.7
Fast Retailing Co. Ltd.		(600	)		(276,244	)		26.8
Fuji Oil Holdings, Inc.		(14,700	)		(208,620	)		20.2
Fukuoka Financial Group, Inc.		(21,000	)		(383,697	)		37.2
Fukuyama Transporting Co. Ltd.		(8,600	)		(240,711	)		23.3
Fuyo General Lease Co. Ltd.		(800	)		(43,284	)		4.2
GLP J-REIT		(190	)		(256,381	)		24.8
GMO internet, Inc.		(9,700	)		(193,856	)		18.8
Goldwin, Inc.		(1,800	)		(90,284	)		8.7
GS Yuasa Corp.		(21,200	)		(367,616	)		35.6
GungHo Online Entertainment, Inc.		(49,800	)		(1,016,037	)		98.4
Hachijuni Bank Ltd.		(228,800	)		(754,523	)		73.1
Hakuhodo DY Holdings, Inc.		(13,700	)		(161,681	)		15.7
Hankyu Hanshin Holdings, Inc.		(23,100	)		(609,646	)		59.1
Heiwa Corp.		(7,600	)		(114,271	)		11.1
Hikari Tsushin, Inc.		(800	)		(93,675	)		9.1
Hino Motors Ltd.		(53,900	)		(278,231	)		27.0
Hirogin Holdings, Inc.		(132,400	)		(652,356	)		63.2
Hitachi Transport System Ltd.		(8,400	)		(551,372	)		53.4
Horiba Ltd.		(4,700	)		(228,671	)		22.2
House Foods Group, Inc.		(8,200	)		(191,916	)		18.6
Ibiden Co. Ltd.		(3,800	)		(142,013	)		13.8
Idemitsu Kosan Co. Ltd.		(4,100	)		(108,056	)		10.5
Iida Group Holdings Co. Ltd.		(4,300	)		(68,390	)		6.6
Industrial & Infrastructure Fund Investment Corp.		(300	)		(430,465	)		41.7
INFRONEER Holdings, Inc.		(119,812	)		(872,717	)		84.5
Isetan Mitsukoshi Holdings Ltd.		(3,200	)		(23,749	)		2.3
Isuzu Motors Ltd.		(7,200	)		(83,994	)		8.1
Ito En Ltd.		(4,800	)		(197,258	)		19.1
Itoham Yonekyu Holdings, Inc.		(45,500	)		(229,004	)		22.2
Iwatani Corp.		(9,300	)		(370,017	)		35.8
Iyo Bank Ltd.		(25,500	)		(123,647	)		12.0
Japan Airlines Co. Ltd.		(16,700	)		(275,708	)		26.7
Japan Airport Terminal Co. Ltd.		(11,200	)		(464,089	)		45.0
Japan Aviation Electronics Industry Ltd.		(10,600	)		(148,221	)		14.4
Japan Hotel REIT Investment Corp.		(1,472	)		(747,609	)		72.4
Japan Logistics Fund, Inc.		(58	)		(141,549	)		13.7
Japan Metropolitan Fund Invest		(810	)		(643,811	)		62.4
Japan Real Estate Investment Corp.		(116	)		(561,423	)		54.4
JCR Pharmaceuticals Co. Ltd.		(7,700	)		(143,103	)		13.9
JMDC, Inc.		(400	)		(19,289	)		1.9
JTEKT Corp.		(12,300	)		(85,755	)		8.3
Kadokawa Dwango		(42,400	)		(1,062,882	)		103.0
Kagome Co. Ltd.		(15,600	)		(390,406	)		37.8
Kaken Pharmaceutical Co. Ltd.		(1,200	)		(36,363	)		3.5
Kaneka Corp.		(4,700	)		(125,760	)		12.2

Security	Shares			Value			% of Basket Value
Japan (continued)
Kawasaki Heavy Industries Ltd.		(26,400	)	$	(469,466	)		45.5	%
Keihan Holdings Co. Ltd.		(6,800	)		(145,042	)		14.1
Keikyu Corp.		(37,200	)		(374,697	)		36.3
Keio Corp.		(4,900	)		(187,928	)		18.2
Kenedix Office Investment Corp.		(27	)		(141,121	)		13.7
Kinden Corp.		(16,300	)		(193,147	)		18.7
Kirin Holdings Co. Ltd.		(14,000	)		(204,088	)		19.8
Kobe Steel Ltd.		(44,100	)		(191,189	)		18.5
Koei Tecmo Holdings Co. Ltd.		(7,300	)		(223,855	)		21.7
Kose Corp.		(100	)		(10,266	)		1.0
Kotobuki Spirits Co. Ltd.		(4,900	)		(257,922	)		25.0
K’s Holdings Corp.		(3,300	)		(32,680	)		3.2
Kubota Corp.		(12,000	)		(203,864	)		19.8
Kurita Water Industries Ltd.		(3,700	)		(126,230	)		12.2
Kyushu Financial Group, Inc.		(84,400	)		(259,011	)		25.1
Kyushu Railway Co.		(25,600	)		(501,779	)		48.6
LaSalle Logiport REIT		(96	)		(129,879	)		12.6
Lintec Corp.		(11,800	)		(219,806	)		21.3
Mabuchi Motor Co. Ltd.		(10,400	)		(277,768	)		26.9
Marui Group Co. Ltd.		(6,500	)		(111,914	)		10.8
Maruichi Steel Tube Ltd.		(5,800	)		(123,786	)		12.0
Matsui Securities Co. Ltd.		(48,700	)		(301,201	)		29.2
Matsumotokiyoshi Holdings Co. Ltd.		(8,500	)		(280,970	)		27.2
Medipal Holdings Corp.		(19,700	)		(324,427	)		31.4
MEIJI Holdings Co. Ltd.		(2,100	)		(104,678	)		10.1
Menicon Co. Ltd.		(7,200	)		(153,788	)		14.9
MINEBEA MITSUMI, Inc.		(39,600	)		(759,772	)		73.6
Mitsubishi Estate Co. Ltd.		(15,400	)		(224,325	)		21.7
Mitsubishi Gas Chemical Co., Inc.		(5,500	)		(80,316	)		7.8
Mitsui High-Tec, Inc.		(1,400	)		(120,940	)		11.7
Miura Co. Ltd.		(9,700	)		(202,611	)		19.6
Money Forward, Inc.		(1,400	)		(47,602	)		4.6
Mori Hills REIT Investment Corp.		(455	)		(516,033	)		50.0
Morinaga & Co. Ltd.		(8,900	)		(275,977	)		26.7
Nabtesco Corp.		(8,400	)		(191,584	)		18.6
Nagase & Co. Ltd.		(4,500	)		(64,485	)		6.2
NEC Networks & System Integration Corp.		(5,300	)		(75,256	)		7.3
Nexon Co. Ltd.		(4,000	)		(91,084	)		8.8
NGK Insulators Ltd.		(4,400	)		(59,187	)		5.7
NH Foods Ltd.		(7,900	)		(249,485	)		24.2
NHK Spring Co. Ltd.		(21,300	)		(137,575	)		13.3
Nidec Corp.		(7,600	)		(491,333	)		47.6
Nifco, Inc.		(1,900	)		(40,116	)		3.9
Nihon Unisys Ltd.		(10,800	)		(272,862	)		26.4
Nippon Accommodations Fund, Inc.		(79	)		(388,989	)		37.7
Nippon Building Fund, Inc.		(107	)		(555,469	)		53.8
Nippon Electric Glass Co. Ltd.		(35,500	)		(714,630	)		69.2
Nippon Kayaku Co. Ltd.		(2,300	)		(20,045	)		1.9
Nippon Shinyaku Co. Ltd.		(1,800	)		(121,741	)		11.8
Nippon Shokubai Co. Ltd.		(3,600	)		(144,833	)		14.0
Nishi-Nippon Railroad Co. Ltd.		(48,200	)		(964,232	)		93.4
Nisshin Seifun Group, Inc.		(8,900	)		(118,644	)		11.5
Noevir Holdings Co. Ltd.		(5,500	)		(215,650	)		20.9
NOF Corp.		(4,300	)		(161,398	)		15.6
Nomura Holdings, Inc.		(20,000	)		(77,009	)		7.5
Nomura Real Estate Master Fund, Inc.		(301	)		(377,917	)		36.6
NS Solutions Corp.		(3,100	)		(92,484	)		9.0
Odakyu Electric Railway Co. Ltd.		(1,600	)		(24,229	)		2.3
Oji Holdings Corp.		(5,100	)		(24,159	)		2.3
OKUMA Corp.		(2,900	)		(103,650	)		10.0
Open House Co. Ltd.		(11,400	)		(441,119	)		42.7
Oracle Corp. Japan		(5,600	)		(359,864	)		34.9

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Orient Corp.		(904,800	)	$	(868,508	)		84.1	%
Oriental Land Co. Ltd.		(800	)		(121,016	)		11.7
Orix JREIT, Inc.		(447	)		(604,219	)		58.5
Osaka Gas Co. Ltd.		(52,100	)		(939,019	)		91.0
OSG Corp.		(4,100	)		(51,506	)		5.0
Pan Pacific International Holdings Corp.		(2,700	)		(41,346	)		4.0
Rakus Co. Ltd.		(4,700	)		(57,602	)		5.6
Rengo Co. Ltd.		(69,300	)		(410,294	)		39.8
Resona Holdings Inc.		(6,500	)		(28,265	)		2.7
Rohto Pharmaceutical Co. Ltd.		(1,200	)		(32,045	)		3.1
Sankyo Co. Ltd.		(20,800	)		(598,520	)		58.0
Sansan, Inc.		(30,400	)		(290,037	)		28.1
Sanwa Holdings Corp.		(3,700	)		(33,708	)		3.3
Secom Co. Ltd.		(5,600	)		(393,985	)		38.2
Seibu Holdings, Inc.		(6,300	)		(62,591	)		6.1
Sharp Corp.		(39,300	)		(332,529	)		32.2
SHIFT, Inc.		(700	)		(132,650	)		12.9
Shikoku Electric Power Co., Inc.		(48,500	)		(278,851	)		27.0
Shimamura Co. Ltd.		(1,900	)		(168,508	)		16.3
Shinsei Bank Ltd.		(3,800	)		(66,637	)		6.5
Ship Healthcare Holdings, Inc.		(16,600	)		(277,285	)		26.9
Shiseido Co. Ltd.		(5,200	)		(245,811	)		23.8
Shizuoka Bank Ltd.		(46,600	)		(301,505	)		29.2
SHO-BOND Holdings Co. Ltd.		(7,300	)		(306,819	)		29.7
Shochiku Co. Ltd.		(1,800	)		(183,709	)		17.8
Showa Denko KK		(30,900	)		(601,263	)		58.3
Sohgo Security Services Co. Ltd.		(10,000	)		(277,788	)		26.9
Stanley Electric Co. Ltd.		(6,900	)		(118,977	)		11.5
Sugi Holdings Co. Ltd.		(2,800	)		(120,009	)		11.6
Sumitomo Bakelite Co. Ltd.		(2,600	)		(85,309	)		8.3
Sushiro Global Holdings Ltd.		(2,700	)		(64,073	)		6.2
Suzuken Co. Ltd./Aichi Japan		(5,800	)		(171,200	)		16.6
Taisho Pharmaceutical Holdings Co. Ltd.		(4,000	)		(157,552	)		15.3
Taiyo Nippon Sanso Corp.		(4,900	)		(88,178	)		8.5
Taiyo Yuden Co. Ltd.		(1,700	)		(66,789	)		6.5
Takara Holdings, Inc.		(19,300	)		(162,562	)		15.7
TechnoPro Holdings Inc.		(6,200	)		(157,902	)		15.3
THK Co. Ltd.		(8,600	)		(170,421	)		16.5
Tobu Railway Co. Ltd.		(11,200	)		(251,756	)		24.4
Toda Corp.		(22,200	)		(127,551	)		12.4
Toho Gas Co. Ltd.		(6,700	)		(157,176	)		15.2
Tokai Carbon Co. Ltd.		(52,100	)		(430,808	)		41.7
Tokyo Century Corp.		(2,000	)		(61,604	)		6.0
Tokyu Corp.		(59,300	)		(725,168	)		70.3
Toppan Inc.		(13,800	)		(228,109	)		22.1
Toshiba Corp.		(11,400	)		(473,423	)		45.9
Toshiba TEC Corp.		(1,300	)		(44,066	)		4.3
Toyo Tire Corp.		(5,500	)		(63,085	)		6.1
Toyoda Gosei Co. Ltd.		(2,100	)		(30,580	)		3.0
Toyota Boshoku Corp.		(9,500	)		(151,406	)		14.7
Toyota Industries Corp.		(1,900	)		(113,956	)		11.0
TS Tech Co. Ltd.		(7,000	)		(73,049	)		7.1
Ube Industries Ltd.		(4,700	)		(72,873	)		7.1
Ulvac, Inc.		(8,200	)		(321,316	)		31.1
United Urban Investment Corp.		(157	)		(171,779	)		16.6
USS Co. Ltd.		(4,900	)		(81,575	)		7.9
West Japan Railway Co.		(4,600	)		(170,747	)		16.5
Yamazaki Baking Co. Ltd.		(15,500	)		(191,613	)		18.6

Security	Shares			Value			% of Basket Value
Japan (continued)
Yokogawa Electric Corp.		(15,700	)	$	(250,297	)		24.2	%
Zenkoku Hosho Co. Ltd.		(11,900	)		(417,644	)		40.5
Zeon Corp.		(12,700	)		(135,239	)		13.1
					(47,934,288	)
Luxembourg
Grand City Properties SA		(37,350	)		(659,416	)		63.9
Tenaris SA		(65,705	)		(1,004,116	)		97.3
					(1,663,532	)
Netherlands
Aegon NV		(84,869	)		(440,019	)		42.6
Argenx SE		(1,154	)		(332,477	)		32.2
ASM International NV		(333	)		(100,064	)		9.7
ASML Holding NV		(145	)		(82,293	)		8.0
Euronext NV		(7,946	)		(636,650	)		61.7
Iveco Group NV		(27,055	)		(159,175	)		15.4
Just Eat Takeaway.com NV		(15,264	)		(414,609	)		40.2
Koninklijke Philips NV		(2,101	)		(54,902	)		5.3
NN Group NV		(7,050	)		(345,320	)		33.4
SBM Offshore NV		(17,449	)		(252,856	)		24.5
Shop Apotheke Europe NV		(922	)		(76,036	)		7.4
Universal Music Group NV		(24,551	)		(569,741	)		55.2
					(3,464,142	)
New Zealand
Fletcher Building Ltd.		(4,004	)		(15,950	)		1.5
Norway
Aker ASA, A Shares		(2,101	)		(171,254	)		16.6
Gjensidige Forsikring ASA		(8,685	)		(185,680	)		18.0
Leroy Seafood Group ASA		(17,922	)		(168,203	)		16.3
Mowi ASA		(3,626	)		(102,424	)		9.9
Orkla ASA		(27,437	)		(222,641	)		21.6
Scatec ASA		(20,242	)		(244,658	)		23.7
Storebrand ASA		(3,049	)		(26,484	)		2.5
Var Energi		(60,356	)		(258,011	)		25.0
Yara International ASA		(4,236	)		(215,393	)		20.9
					(1,594,748	)
Poland
InPost SA		(15,342	)		(94,060	)		9.1
Portugal
Galp Energia SGPS SA		(13,033	)		(158,633	)		15.4
Singapore
Ascendas Real Estate Investment Trust		(38,900	)		(80,036	)		7.8
City Developments Ltd.		(8,500	)		(52,489	)		5.1
Frasers Logistics & Commercial Trust		(14,700	)		(15,308	)		1.5
Grab Holdings Ltd., Class A		(69,276	)		(204,364	)		19.8
Kenon Holdings Ltd.		(13,088	)		(747,485	)		72.4
Mapletree Logistics Trust		(34,000	)		(43,667	)		4.2
					(1,143,349	)
South Africa
Investec PLC		(19,162	)		(112,862	)		10.9
Spain
Acerinox SA		(9,369	)		(98,648	)		9.6
Aena SME SA		(360	)		(51,088	)		4.9
Banco de Sabadell SA		(22,141	)		(17,183	)		1.7
Corp. ACCIONA Energias Renovables SA		(3,568	)		(131,899	)		12.8

30 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Spain (continued)
EDP Renovaveis SA		(10,315	)	$	(244,127	)		23.6	%
Fluidra SA		(6,465	)		(174,970	)		16.9
Mapfre SA		(238,593	)		(435,398	)		42.2
Red Electrica Corp. SA		(13,991	)		(281,698	)		27.3
Repsol SA		(41,843	)		(624,209	)		60.5
Siemens Gamesa Renewable Energy SA		(4,789	)		(76,282	)		7.4
					(2,135,502	)
Sweden
Avanza Bank Holding AB		(5,968	)		(151,120	)		14.6
Axfood AB		(15,006	)		(444,857	)		43.1
Beijer Ref AB		(3,769	)		(61,374	)		5.9
Embracer Group AB		(21,962	)		(146,794	)		14.2
Fastighets AB Balder, Class B		(853	)		(42,281	)		4.1
Getinge AB, B Shares		(2,522	)		(72,956	)		7.1
Husqvarna AB, B Shares		(36,533	)		(349,223	)		33.8
Investor AB, Class A		(10,937	)		(228,436	)		22.1
Kinnevik AB, Class B		(9,603	)		(187,954	)		18.2
L E Lundbergforetagen AB, B Shares		(2,218	)		(103,728	)		10.1
Sandvik AB		(1,045	)		(19,780	)		1.9
Securitas AB, B Shares		(30,331	)		(358,112	)		34.7
Sinch AB		(26,773	)		(118,320	)		11.5
Skandinaviska Enskilda Banken AB, Class A		(13,303	)		(149,181	)		14.5
SKF AB, B Shares		(3,234	)		(52,820	)		5.1
Svenska Cellulosa AB SCA, Class B		(13,897	)		(268,946	)		26.1
Sweco AB, B Shares		(12,195	)		(172,110	)		16.7
Swedish Orphan Biovitrum AB		(14,136	)		(297,376	)		28.8
Thule Group AB		(2,238	)		(77,630	)		7.5
Volvo AB, A Shares		(29,828	)		(490,391	)		47.5
Volvo Car AB, B Shares		(72,859	)		(534,506	)		51.8
					(4,327,895	)
Switzerland
ABB Ltd.		(24,115	)		(723,497	)		70.1
Bachem Holding AG, Class B		(660	)		(287,989	)		27.9
BKW AG		(2,846	)		(346,447	)		33.6
Chubb Ltd.		(766	)		(158,141	)		15.3
CRISPR Therapeutics AG		(2,565	)		(127,275	)		12.3
EMS-Chemie Holding AG		(122	)		(108,839	)		10.5
Fischer (Georg) Reg		(640	)		(34,733	)		3.4
Givaudan SA		(16	)		(63,592	)		6.2
Helvetia Holding AG		(168	)		(21,589	)		2.1
Kuehne + Nagel International AG		(332	)		(92,876	)		9.0
Novartis AG		(5,337	)		(471,627	)		45.7
Partners Group Holding AG		(74	)		(78,403	)		7.6
PSP Swiss Property AG, Registered Shares		(440	)		(55,454	)		5.4
Roche Holding AG		(1,575	)		(632,749	)		61.3
Schindler Holding AG, Participation Certificates		(2,591	)		(497,797	)		48.2
Schindler Holding AG, Registered Shares		(2,020	)		(387,788	)		37.6
SGS SA		(162	)		(416,262	)		40.3
Swatch Group AG		(12,416	)		(612,533	)		59.3
Swisscom AG		(591	)		(349,459	)		33.9
Tecan Group AG		(36	)		(10,819	)		1.0
					(5,477,869	)
United Kingdom
3i Group PLC		(2,158	)		(35,316	)		3.4
AstraZeneca PLC		(83	)		(11,155	)		1.1
Berkeley Group Holdings PLC		(1,907	)		(96,716	)		9.4
Clarivate PLC		(652	)		(10,223	)		1.0
CNH Industrial NV		(37,031	)		(524,592	)		50.8
ConvaTec Group PLC		(5,521	)		(14,605	)		1.4

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Diageo PLC		(772	)	$	(38,514	)		3.7	%
Dr. Martens PLC		(75,728	)		(198,000	)		19.2
DS Smith PLC		(60,635	)		(249,165	)		24.1
Future PLC		(4,782	)		(130,970	)		12.7
Games Workshop Group PLC		(8,990	)		(830,837	)		80.5
Greggs PLC		(7,125	)		(207,878	)		20.1
Harbour Energy PLC		(920	)		(5,769	)		0.6
Howden Joinery Group PLC		(11,864	)		(112,323	)		10.9
Intermediate Capital Group PLC		(12,469	)		(238,613	)		23.1
JET2 PLC		(17,132	)		(263,096	)		25.5
Land Securities Group PLC		(47,386	)		(444,413	)		43.1
Mondi PLC		(11,554	)		(217,053	)		21.0
Pennon Group PLC		(43,716	)		(607,489	)		58.9
Rentokil Initial PLC		(52,515	)		(360,687	)		34.9
Rightmove PLC		(1,588	)		(12,207	)		1.2
Royal Mail PLC		(74,948	)		(321,249	)		31.1
Shell PLC		(3,779	)		(101,451	)		9.8
Standard Chartered PLC		(576	)		(3,938	)		0.4
WH Smith PLC		(19,098	)		(343,597	)		33.3
Wise PLC, Class A		(123,051	)		(603,007	)		58.4
					(5,982,863	)
United States
3M Co.		(8,473	)		(1,221,976	)		118.4
Abbott Laboratories		(5,233	)		(593,945	)		57.5
Acuity Brands, Inc.		(1,963	)		(338,578	)		32.8
Advance Auto Parts, Inc.		(1,947	)		(388,680	)		37.7
Affirm Holdings, Inc.		(3,386	)		(97,178	)		9.4
AGCO Corp.		(3,834	)		(488,452	)		47.3
Agilon Health, Inc.		(15,247	)		(270,939	)		26.2
Air Lease Corp.		(4,572	)		(184,160	)		17.8
Albertsons Cos., Inc., Class A		(20,270	)		(634,046	)		61.4
Alight, Inc., Class A		(14,807	)		(127,192	)		12.3
Alteryx, Inc., Class A		(3,559	)		(228,488	)		22.1
Amedisys, Inc.		(419	)		(53,485	)		5.2
Amgen, Inc.		(1,343	)		(313,174	)		30.3
Amkor Technology, Inc.		(10,841	)		(203,919	)		19.8
Antero Resources Corp.		(5,253	)		(184,906	)		17.9
Apollo Global Management, Inc.		(12,700	)		(631,952	)		61.2
Appian Corp.		(669	)		(31,978	)		3.1
AppLovin Corp., Class A		(21,707	)		(828,122	)		80.2
Archer-Daniels-Midland Co.		(12,707	)		(1,138,039	)		110.3
Armstrong World Industries, Inc.		(953	)		(80,681	)		7.8
Arthur J. Gallagher & Co.		(874	)		(147,260	)		14.3
Assurant, Inc.		(4,654	)		(846,470	)		82.0
Automatic Data Processing, Inc.		(632	)		(137,890	)		13.4
AutoNation, Inc.		(1,599	)		(185,340	)		18.0
Avis Budget Group, Inc.		(374	)		(100,109	)		9.7
AZEK Co., Inc.		(13,046	)		(277,097	)		26.8
Bath & Body Works, Inc.		(11,009	)		(582,266	)		56.4
Beam Therapeutics, Inc.		(4,493	)		(168,622	)		16.3
Berkshire Hathaway, Inc., Class B		(2,105	)		(679,557	)		65.8
Bill.Com Holdings, Inc.		(638	)		(108,913	)		10.5
Biohaven Pharmaceutical Holding Co. Ltd.		(1,144	)		(102,010	)		9.9
Blackstone Mortgage Trust, Inc., Class A		(803	)		(24,122	)		2.3
Blue Owl Capital, Inc.		(23,293	)		(277,885	)		26.9
Boston Beer Co., Inc., Class A		(65	)		(24,375	)		2.4
Box, Inc., Class A		(4,842	)		(148,262	)		14.4
Boyd Gaming Corp.		(235	)		(14,236	)		1.4
Bright Horizons Family Solutions, Inc.		(1,465	)		(167,362	)		16.2
Broadcom, Inc.		(493	)		(273,314	)		26.5
Broadridge Financial Solutions, Inc.		(231	)		(33,294	)		3.2

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Brunswick Corp.		(1,465	)	$	(110,769	)		10.7	%
Bunge Ltd.		(1,021	)		(115,496	)		11.2
Caesars Entertainment, Inc.		(1,723	)		(114,200	)		11.1
Campbell Soup Co.		(6,640	)		(313,541	)		30.4
Casey’s General Stores, Inc.		(1,118	)		(225,053	)		21.8
Caterpillar, Inc.		(1,327	)		(279,387	)		27.1
Chemours Co.		(2,733	)		(90,380	)		8.8
Church & Dwight Co., Inc.		(2,318	)		(226,144	)		21.9
Churchill Downs, Inc.		(189	)		(38,356	)		3.7
CME Group, Inc.		(1,840	)		(403,586	)		39.1
Coca-Cola Co.		(1,520	)		(75,924	)		7.4
Coherent, Inc.		(137	)		(36,702	)		3.6
Coinbase Global, Inc., Class A		(4,620	)		(520,720	)		50.4
Columbia Sportswear Co.		(293	)		(24,073	)		2.3
Conagra Brands, Inc.		(17,288	)		(603,870	)		58.5
Concentrix Corp.		(199	)		(31,339	)		3.0
Confluent, Inc., Class A		(351	)		(10,965	)		1.1
Consolidated Edison, Inc.		(1,096	)		(101,643	)		9.8
Corning, Inc.		(10,267	)		(361,296	)		35.0
Coty, Inc., Class A		(17,644	)		(143,093	)		13.9
Cousins Properties, Inc.		(6,324	)		(227,032	)		22.0
Crane Co.		(1,040	)		(100,079	)		9.7
Crown Holdings, Inc.		(512	)		(56,340	)		5.5
Cullen/Frost Bankers, Inc.		(3,658	)		(483,917	)		46.9
Curtiss-Wright Corp.		(1,251	)		(178,780	)		17.3
D.R. Horton, Inc.		(3,173	)		(220,809	)		21.4
Darden Restaurants, Inc.		(287	)		(37,807	)		3.7
Darling Ingredients, Inc.		(811	)		(59,519	)		5.8
Datadog, Inc., Class A		(1,109	)		(133,945	)		13.0
Dell Technologies, Inc., Class C		(1,019	)		(47,903	)		4.6
Delta Air Lines, Inc.		(11,513	)		(495,404	)		48.0
Diamondback Energy, Inc.		(186	)		(23,479	)		2.3
DigitalOcean Holdings, Inc.		(1,561	)		(61,550	)		6.0
Discover Financial Services		(2,699	)		(303,530	)		29.4
DISH Network Corp., Class A		(9,506	)		(271,016	)		26.3
Dollar General Corp.		(3,340	)		(793,350	)		76.9
Dollar Tree, Inc.		(224	)		(36,389	)		3.5
Dover Corp.		(5,601	)		(746,613	)		72.3
Dow, Inc.		(15,856	)		(1,054,424	)		102.1
Doximity, Inc., Class A		(4,148	)		(165,381	)		16.0
DTE Energy Co.		(369	)		(48,354	)		4.7
Duke Energy Corp.		(1,201	)		(132,302	)		12.8
DuPont de Nemours, Inc.		(2,949	)		(194,428	)		18.8
Eagle Materials, Inc.		(3,106	)		(383,032	)		37.1
Eastman Chemical Co.		(2,976	)		(305,546	)		29.6
Electronic Arts, Inc.		(362	)		(42,734	)		4.1
EMCOR Group, Inc.		(875	)		(93,170	)		9.0
Endeavor Group Holdings, Inc., Class A		(17,787	)		(404,654	)		39.2
Enovis Corp.		(2,711	)		(175,863	)		17.0
Entegris, Inc.		(152	)		(16,931	)		1.6
Essent Group Ltd.		(4,307	)		(174,563	)		16.9
Essex Property Trust, Inc.		(61	)		(20,085	)		1.9
Eversource Energy		(5,109	)		(446,527	)		43.3
Exact Sciences Corp.		(490	)		(26,975	)		2.6
Extra Space Storage, Inc.		(524	)		(99,560	)		9.6
Fidelity National Information Services, Inc.		(1,495	)		(148,229	)		14.4
First Citizens BancShares, Inc., Class A		(672	)		(429,663	)		41.6
First Interstate Bancsystem, Inc., Class A		(1,146	)		(37,268	)		3.6
First Republic Bank		(5,978	)		(892,037	)		86.4
Fiserv, Inc.		(2,360	)		(231,091	)		22.4
Five9, Inc.		(3,335	)		(367,183	)		35.6
FleetCor Technologies, Inc.		(41	)		(10,230	)		1.0

Security	Shares			Value			% of Basket Value
United States (continued)
Flex Ltd.		(2,229	)	$	(36,756	)		3.6	%
Flowserve Corp.		(13,533	)		(442,664	)		42.9
FNB Corp.		(41,538	)		(478,518	)		46.4
Fortune Brands Home & Security, Inc.		(205	)		(14,606	)		1.4
Freeport-McMoRan, Inc.		(8,308	)		(336,889	)		32.6
Freshpet, Inc.		(2,945	)		(274,916	)		26.6
Gaming and Leisure Properties, Inc.		(696	)		(30,888	)		3.0
Generac Holdings, Inc.		(253	)		(55,503	)		5.4
General Mills, Inc.		(16,692	)		(1,180,625	)		114.4
General Motors Co.		(8,526	)		(323,221	)		31.3
Genuine Parts Co.		(533	)		(69,317	)		6.7
Gilead Sciences, Inc.		(2,957	)		(175,468	)		17.0
GoDaddy, Inc., Class A		(5,023	)		(405,909	)		39.3
Goldman Sachs Group, Inc.		(940	)		(287,161	)		27.8
Graco, Inc.		(694	)		(43,042	)		4.2
Graphic Packaging Holding Co.		(1,640	)		(35,752	)		3.5
GXO Logistics, Inc.		(709	)		(41,966	)		4.1
Hasbro, Inc.		(5,025	)		(442,501	)		42.9
Hershey Co.		(90	)		(20,319	)		2.0
Hess Corp.		(2,832	)		(291,894	)		28.3
HF Sinclair Corp.		(5,678	)		(215,878	)		20.9
Hilton Grand Vacations, Inc.		(10,362	)		(485,252	)		47.0
Hilton Worldwide Holdings, Inc.		(1,433	)		(222,531	)		21.6
Hormel Foods Corp.		(4,248	)		(222,553	)		21.6
Howmet Aerospace, Inc.		(8,005	)		(273,131	)		26.5
HP, Inc.		(187	)		(6,850	)		0.7
Hubbell, Inc.		(2,055	)		(401,465	)		38.9
Hudson Pacific Properties, Inc.		(21,444	)		(499,216	)		48.4
IAA, Inc.		(2,373	)		(86,970	)		8.4
IAC/InterActiveCorp		(4,531	)		(375,529	)		36.4
IDEX Corp.		(2,911	)		(552,566	)		53.5
Insulet Corp.		(115	)		(27,484	)		2.7
Intel Corp.		(974	)		(42,457	)		4.1
International Business Machines Corp.		(7,629	)		(1,008,630	)		97.7
Intra-Cellular Therapies, Inc.		(794	)		(40,184	)		3.9
Intuitive Surgical, Inc.		(1,870	)		(447,491	)		43.4
Invesco Ltd.		(862	)		(15,844	)		1.5
iRhythm Technologies, Inc.		(976	)		(120,409	)		11.7
J.M. Smucker Co.		(1,961	)		(268,520	)		26.0
Jabil, Inc.		(218	)		(12,585	)		1.2
Jack Henry & Associates, Inc.		(811	)		(153,749	)		14.9
Johnson & Johnson		(867	)		(156,459	)		15.2
Juniper Networks, Inc.		(8,457	)		(266,565	)		25.8
KBR, Inc.		(587	)		(28,898	)		2.8
Kimberly-Clark Corp.		(1,931	)		(268,081	)		26.0
Kraft Heinz Co.		(3,082	)		(131,386	)		12.7
L3Harris Technologies, Inc.		(442	)		(102,659	)		9.9
Lamb Weston Holdings, Inc.		(290	)		(19,169	)		1.9
Liberty Broadband Corp., Class A		(346	)		(37,250	)		3.6
LKQ Corp.		(15,466	)		(767,578	)		74.4
Louisiana-Pacific Corp.		(5,172	)		(333,697	)		32.3
Lyft, Inc., Class A		(3,547	)		(115,632	)		11.2
Macy’s, Inc.		(10,569	)		(255,453	)		24.7
Magnolia Oil & Gas Corp., Class A		(2,809	)		(65,281	)		6.3
Marathon Petroleum Corp.		(1,401	)		(122,251	)		11.8
Maravai LifeSciences Holdings, Inc., Class A		(632	)		(19,421	)		1.9
Marriott International, Inc., Class A		(1,574	)		(279,416	)		27.1
Masco Corp.		(701	)		(36,936	)		3.6
Maximus, Inc.		(595	)		(43,364	)		4.2
MDU Resources Group, Inc.		(19,700	)		(507,472	)		49.2
Medpace Holdings, Inc.		(1,791	)		(239,224	)		23.2
MGM Resorts International		(1,896	)		(77,812	)		7.5

32 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Micron Technology, Inc.		(950	)	$	(64,781	)		6.3	%
Middleby Corp.		(124	)		(19,082	)		1.8
Mirati Therapeutics, Inc.		(135	)		(8,342	)		0.8
MKS Instruments, Inc.		(1,872	)		(213,371	)		20.7
Mondelez International, Inc., Class A		(235	)		(15,153	)		1.5
Morgan Stanley		(7,538	)		(607,487	)		58.9
Motorola Solutions, Inc.		(96	)		(20,514	)		2.0
MSC Industrial Direct Co., Inc., Class A		(5,904	)		(489,205	)		47.4
Murphy Oil Corp.		(579	)		(22,048	)		2.1
National Fuel Gas Co.		(394	)		(27,631	)		2.7
New Fortress Energy, Inc.		(6,781	)		(262,967	)		25.5
NextEra Energy, Inc.		(1,693	)		(120,237	)		11.6
Northern Trust Corp.		(198	)		(20,404	)		2.0
Novavax, Inc.		(5,783	)		(260,640	)		25.2
Nucor Corp.		(3,666	)		(567,423	)		55.0
Oak Street Health, Inc.		(3,467	)		(62,718	)		6.1
Olaplex Holdings, Inc.		(16,173	)		(237,743	)		23.0
Olin Corp.		(1,980	)		(113,652	)		11.0
Omnicom Group, Inc.		(4,673	)		(355,755	)		34.5
OneMain Holdings, Inc.		(562	)		(25,813	)		2.5
Otis Worldwide Corp.		(2,637	)		(192,079	)		18.6
Owens Corning		(592	)		(53,831	)		5.2
Packaging Corp. of America		(511	)		(82,358	)		8.0
PDC Energy, Inc.		(290	)		(20,225	)		2.0
Peloton Interactive, Inc., Class A		(1,114	)		(19,562	)		1.9
Petco Health & Wellness Co., Inc.		(15,077	)		(290,383	)		28.1
Phillips Edison & Co., Inc.		(14,433	)		(488,701	)		47.3
Pioneer Natural Resources Co.		(1,701	)		(395,431	)		38.3
Polaris, Inc.		(306	)		(29,052	)		2.8
Post Holdings, Inc.		(484	)		(36,005	)		3.5
Procore Technologies, Inc.		(2,063	)		(114,435	)		11.1
Procter & Gamble Co.		(356	)		(57,156	)		5.5
Progressive Corp.		(1,771	)		(190,135	)		18.4
Progyny, Inc.		(21	)		(807	)		0.1
Prologis, Inc.		(2,519	)		(403,771	)		39.1
Prudential Financial, Inc.		(495	)		(53,712	)		5.2
Qualtrics International, Inc., Class A		(2,457	)		(45,553	)		4.4
Quest Diagnostics, Inc.		(55	)		(7,361	)		0.7
R1 RCM, Inc.		(26,335	)		(593,064	)		57.5
Raymond James Financial, Inc.		(298	)		(29,043	)		2.8
Rayonier, Inc.		(3,355	)		(144,936	)		14.0
Red Rock Resorts, Inc., Class A		(2,936	)		(129,067	)		12.5
RH		(1,584	)		(532,414	)		51.6
Ryman Hospitality Properties, Inc.		(1,107	)		(103,482	)		10.0
Saia, Inc.		(388	)		(79,912	)		7.7
Scientific Games Corp., Class A		(6,839	)		(383,394	)		37.1
Seagate Technology Holdings PLC		(1,358	)		(111,410	)		10.8
SeaWorld Entertainment, Inc.		(280	)		(18,883	)		1.8
Sempra Energy		(1,935	)		(312,232	)		30.2
SentinelOne, Inc., Class A		(1,401	)		(46,611	)		4.5
Sherwin-Williams Co.		(40	)		(10,998	)		1.1
Shift4 Payments, Inc., Class A		(647	)		(33,942	)		3.3
Shockwave Medical, Inc.		(28	)		(4,232	)		0.4
Silvergate Capital Corp., Class A		(128	)		(14,971	)		1.4
SiTime Corp.		(173	)		(29,163	)		2.8
Six Flags Entertainment Corp.		(3,634	)		(139,073	)		13.5
Skechers USA, Inc., Class A		(22,581	)		(864,852	)		83.8
SLM Corp.		(20,186	)		(337,712	)		32.7
Snowflake, Inc., Class A		(1,341	)		(229,901	)		22.3
Sonoco Products Co.		(9,364	)		(579,725	)		56.2

Security	Shares			Value			% of Basket Value
United States (continued)
Sonos, Inc.		(1,511	)	$	(34,481	)		3.3	%
Southwestern Energy Co.		(27,085	)		(203,138	)		19.7
Sprout Social, Inc., Class A		(302	)		(18,507	)		1.8
SS&C Technologies Holdings, Inc.		(1,353	)		(87,485	)		8.5
Stanley Black & Decker, Inc.		(867	)		(104,170	)		10.1
Starbucks Corp.		(4,070	)		(303,785	)		29.4
Steel Dynamics, Inc.		(1,405	)		(120,479	)		11.7
Synaptics, Inc.		(1,818	)		(269,864	)		26.1
SYNNEX Corp.		(591	)		(59,153	)		5.7
Synopsys, Inc.		(338	)		(96,935	)		9.4
Synovus Financial Corp.		(3,616	)		(150,209	)		14.6
T. Rowe Price Group, Inc.		(1,053	)		(129,561	)		12.6
Tapestry, Inc.		(435	)		(14,320	)		1.4
Tempur Sealy International, Inc.		(12,440	)		(337,248	)		32.7
Thor Industries, Inc.		(186	)		(14,238	)		1.4
T-Mobile US, Inc.		(314	)		(38,666	)		3.7
Toast, Inc., Class A		(1,998	)		(37,223	)		3.6
Toro Co.		(1,511	)		(121,076	)		11.7
Trade Desk, Inc., Class A		(779	)		(45,899	)		4.4
TransUnion		(973	)		(85,157	)		8.2
Trimble, Inc.		(386	)		(25,746	)		2.5
Trupanion, Inc.		(2,586	)		(164,521	)		15.9
Tyson Foods, Inc., Class A		(4,285	)		(399,191	)		38.7
Uber Technologies, Inc.		(380	)		(11,962	)		1.2
UGI Corp.		(1,839	)		(63,078	)		6.1
Umpqua Holdings Corp.		(2,412	)		(39,894	)		3.9
Under Armour, Inc., Class A		(6,003	)		(92,206	)		8.9
Unity Software, Inc.		(5,814	)		(386,108	)		37.4
Univar Solutions, Inc.		(5,002	)		(145,658	)		14.1
Vail Resorts, Inc.		(1,372	)		(348,708	)		33.8
Valley National Bancorp		(15,765	)		(188,865	)		18.3
VeriSign, Inc.		(1,124	)		(200,848	)		19.5
Verizon Communications, Inc.		(1,827	)		(84,590	)		8.2
Vertex Pharmaceuticals, Inc.		(31	)		(8,470	)		0.8
Vertiv Holdings Co.		(2,930	)		(36,713	)		3.6
VICI Properties, Inc.		(9,333	)		(278,217	)		27.0
Victoria’s Secret & Co.		(1,188	)		(55,979	)		5.4
Vontier Corp.		(3,499	)		(89,644	)		8.7
Vulcan Materials Co.		(166	)		(28,600	)		2.8
W.R. Berkley Corp.		(1,246	)		(82,847	)		8.0
Walgreens Boots Alliance, Inc.		(8,128	)		(344,627	)		33.4
Warby Parker, Inc., Class A		(1,392	)		(32,420	)		3.1
Waste Management, Inc.		(353	)		(58,047	)		5.6
Wayfair, Inc., Class A		(949	)		(73,016	)		7.1
Webster Financial Corp.		(4,329	)		(216,407	)		21.0
WEC Energy Group, Inc.		(338	)		(33,817	)		3.3
Western Digital Corp.		(1,418	)		(75,253	)		7.3
WeWork, Inc., Class A		(36,968	)		(259,146	)		25.1
Weyerhaeuser Co.		(24,159	)		(995,834	)		96.5
Williams-Sonoma, Inc.		(1,412	)		(184,238	)		17.8
WillScot Mobile Mini Holdings Corp.		(8,295	)		(291,154	)		28.2
Wingstop, Inc.		(208	)		(19,086	)		1.8
Xcel Energy, Inc.		(682	)		(49,963	)		4.8
Yum! Brands, Inc.		(1,726	)		(201,959	)		19.6
Zebra Technologies Corp., Class A		(35	)		(12,938	)		1.3
Zillow Group, Inc., Class A		(6,007	)		(232,171	)		22.5
Zillow Group, Inc., Class C		(2,120	)		(84,418	)		8.2

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
ZoomInfo Technologies, Inc., Class A		(1,282	)	$	(60,767	)		5.9	%
Zurn Water Solutions Corp.		(1,063	)		(33,187	)		3.2
					(59,670,143	)
Rights
Sweden
Axfood AB Right		(15,006	)		—			0.0
Total Reference Entity — Short					(167,242,063	)
Net Value of Reference Entity — Bank of America N.A.				$	(1,032,216	)

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Abacus Property Group		41,628	$	95,536		(106.5	)%
ARB Corp. Ltd.		262		7,262		(8.1	)
Aussie Broadband Ltd.		28,179		109,584		(122.2	)
Australian Ethical Investment Ltd.		56,549		229,776		(256.2	)
Blackmores Ltd.		265		13,419		(15.0	)
BWP Trust		10,482		30,467		(34.0	)
Centuria Industrial REIT		45,453		126,669		(141.2	)
Charter Hall Education Trust		84,129		238,155		(265.6	)
Charter Hall Long Wale REIT		53,317		200,102		(223.1	)
Charter Hall Retail REIT		49,207		153,711		(171.4	)
Data#3 Ltd.		3,095		12,569		(14.0	)
Dexus Industria REIT		30,829		73,755		(82.2	)
Dicker Data Ltd.		3,416		31,588		(35.2	)
Elders Ltd.		2,347		23,595		(26.3	)
GrainCorp Ltd., Class A		24,146		174,488		(194.6	)
Growthpoint Properties Australia Ltd.		17,004		52,301		(58.3	)
GWA Group Ltd.		73,529		117,448		(131.0	)
HomeCo Daily Needs REIT		107,749		108,485		(121.0	)
Imdex Ltd.		122,844		215,510		(240.3	)
Imugene Ltd.		41,660		6,234		(7.0	)
Johns Lyng Group Ltd.		68,471		428,546		(477.8	)
Jumbo Interactive Ltd.		8,330		101,275		(112.9	)
Kogan.com Ltd.		11,703		31,812		(35.5	)
Lifestyle Communities Ltd.		8,291		87,382		(97.4	)
Lovisa Holdings Ltd.		3,167		36,260		(40.4	)
Monadelphous Group Ltd.		13,570		101,086		(112.7	)
Nanosonics Ltd.		40,301		111,363		(124.2	)
National Storage REIT		27,382		49,596		(55.3	)
Netwealth Group Ltd.		3,625		32,823		(36.6	)
Objective Corp. Ltd.		8,957		106,781		(119.1	)
Pendal Group Ltd.		56,035		206,283		(230.0	)
Pinnacle Investment Management Group Ltd.		62,826		410,608		(457.8	)
PolyNovo Ltd.		18,783		12,297		(13.7	)
Sandfire Resources NL		7,377		29,238		(32.6	)
Silver Lake Resources Ltd.		14,274		18,646		(20.8	)
St Barbara Ltd.		248,632		232,413		(259.2	)
Tassal Group Ltd.		41,619		110,353		(123.0	)
Technology One Ltd.		5,617		40,534		(45.2	)

Security	Shares		Value		% of Basket Value
Australia (continued)
United Malt Grp Ltd.		12,401	$	36,234		(40.4	)%
Waypoint REIT		78,446		147,877		(164.9	)
Webjet Ltd.		43,382		179,999		(200.7	)
				4,532,060
Austria
AT&S Austria Technologie & Systemtechnik AG		1,274		65,236		(72.7	)
DO & Co. AG		79		6,952		(7.8	)
Oesterreichische Post AG		7,272		234,257		(261.2	)
Palfinger AG		2,064		52,258		(58.3	)
Porr AG		976		12,361		(13.8	)
Rhi Magnesita NV		1,445		42,990		(47.9	)
S&T AG		9,106		153,948		(171.7	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,041		25,822		(28.8	)
Wienerberger AG		5,072		143,172		(159.6	)
				736,996
Bahamas
OneSpaWorld Holdings Ltd.		8,027		80,591		(89.9	)
Belgium
Barco NV		1,280		28,825		(32.1	)
Euronav NV		810		9,366		(10.5	)
Melexis NV		981		84,204		(93.9	)
Shurgard Self Storage SA		3,625		209,766		(233.9	)
Tessenderlo Group SA		828		28,987		(32.3	)
				361,148
Bermuda
Argo Group International Holdings Ltd.		2,958		126,602		(141.2	)
Canada
Aecon Group Inc.		14,405		167,861		(187.2	)
AirBoss of America Corp.		264		6,395		(7.1	)
Altius Minerals Corp.		12,109		202,092		(225.3	)
Boardwalk Real Estate Investment Trust		3,577		156,958		(175.0	)
Bombardier, Inc., Class B		202,136		198,257		(221.1	)
BSR Real Estate Investment Trust		5,339		103,897		(115.9	)
Canada Goose Holdings, Inc.		11,859		258,477		(288.2	)
Canadian Western Bank		3,914		98,745		(110.1	)
Chorus Aviation Inc.		6,100		18,329		(20.4	)
Cineplex Inc.		9,094		93,159		(103.9	)
CT Real Estate Investment Trust		17,086		236,077		(263.2	)
Eldorado Gold Corp.		28,658		278,404		(310.4	)
Enerflex Ltd.		6,040		41,657		(46.5	)
Equitable Group, Inc.		5,167		231,875		(258.5	)
Evertz Technologies Ltd.		7,733		84,695		(94.4	)
First National Financial Corp.		579		16,370		(18.3	)
Headwater Exploration, Inc.		2,000		10,322		(11.5	)
Kelt Exploration Ltd.		26,312		135,795		(151.4	)
Killam Apartment Real Estate Investment Trust		19,864		312,499		(348.4	)
Laurentian Bank of Canada		1,147		34,884		(38.9	)
Morguard North American Residential Real Estate Investment Trust		437		6,276		(7.0	)
NorthWest Healthcare Properties Real Estate Investment Trust		47,133		486,134		(542.1	)
Novagold Resources Inc.		59,612		371,690		(414.4	)
Osisko Mining Inc.		5,046		15,908		(17.7	)
Pason Systems Inc.		6,893		86,977		(97.0	)
PrairieSky Royalty Ltd.		1,769		24,277		(27.1	)
Premium Brands Holdings Corp.		2,728		222,716		(248.3	)
Richelieu Hardware Ltd.		3,519		99,901		(111.4	)

34 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
Rogers Sugar Inc.		11,278	$	53,640		(59.8	)%
Seabridge Gold Inc.		9,612		169,921		(189.5	)
Secure Energy Services Inc.		1,489		7,638		(8.5	)
Silvercorp Metals Inc.		13,917		42,033		(46.9	)
Slate Grocery REIT, Class U		10,961		134,810		(150.3	)
Spin Master Corp.		227		8,165		(9.1	)
SunOpta Inc.		12,508		68,934		(76.9	)
Tamarack Valley Energy Ltd.		12,323		48,250		(53.8	)
Topaz Energy Corp.		22,860		405,008		(451.6	)
Tucows, Inc., Class A		208		11,985		(13.4	)
				4,951,011
Denmark
Alk Abello A/S		8,882		193,750		(216.0	)
D/S Norden A/S		853		31,694		(35.3	)
Drilling Co. of 1972 AS		135		6,778		(7.6	)
FLSmidth & Co. A/S		12,366		338,977		(378.0	)
INVISIO AB		310		5,518		(6.1	)
Nilfisk Holding A/S		3,277		91,736		(102.3	)
NKT Holding A/S		1,650		78,638		(87.7	)
Per Aarsleff Holding A/S		4,729		181,484		(202.4	)
				928,575
Finland
Cargotec OYJ, Class B		6,106		211,417		(235.7	)
Citycon OYJ		3,229		22,950		(25.6	)
Konecranes Oyj		3,089		86,813		(96.8	)
Musti Group OYJ		3,621		85,197		(95.0	)
Rovio Entertainment OYJ		5,605		51,270		(57.2	)
Talenom OYJ		344		3,774		(4.2	)
TietoEVRY OYJ		543		13,622		(15.2	)
Uponor OYJ		4,297		75,502		(84.2	)
YIT OYJ		78,126		314,466		(350.6	)
				865,011
France
Albioma SA		729		38,751		(43.2	)
Alten SA		304		40,799		(45.5	)
Coface SA		5,672		67,997		(75.8	)
Elior Group SA		19,192		58,600		(65.3	)
Esker SA		1,327		223,525		(249.2	)
ID Logistics Group		446		143,034		(159.5	)
Imerys SA		2,140		84,189		(93.9	)
Interparfums SA		263		14,593		(16.3	)
Korian SA		5,023		105,488		(117.6	)
Nexity SA		5,088		154,503		(172.3	)
SES-imagotag SA		180		16,558		(18.5	)
SMCP SA		19,234		124,981		(139.4	)
Societe BIC SA		3,160		188,554		(210.2	)
Technip Energies N.V		1,745		21,205		(23.7	)
Television Francaise 1		2,299		19,471		(21.7	)
Vicat SA		7,114		213,925		(238.5	)
Vilmorin & Cie SA		77		3,659		(4.1	)
Virbac SA		116		46,835		(52.2	)
				1,566,667
Germany
Adesso SE		908		177,966		(198.4	)
Atoss Software AG		301		43,737		(48.8	)
CANCOM SE		2,387		115,262		(128.5	)
Datagroup SE		179		14,892		(16.6	)
Dermapharm Holding SE		407		23,012		(25.7	)

Security	Shares		Value		% of Basket Value
Germany (continued)
Deutsche Pfandbriefbank AG		736	$	9,263		(10.3	)%
Duerr AG		2,127		55,280		(61.6	)
Eckert & Ziegler Strahlen- und Medizintechnik AG		1,651		82,849		(92.4	)
ElringKlinger AG		11,713		97,104		(108.3	)
GFT Technologies SE		2,985		118,566		(132.2	)
Hensoldt AG		8,395		233,792		(260.7	)
Kloeckner & Co. SE		2,961		38,143		(42.5	)
Krones AG		1,842		142,227		(158.6	)
Nagarro SE		606		85,205		(95.0	)
Norma Group SE		1,878		46,330		(51.7	)
Pfeiffer Vacuum Technology AG		308		54,829		(61.1	)
SMA Solar Technology AG		1,212		55,157		(61.5	)
Software AG		2,565		78,950		(88.0	)
Steico SE		818		82,075		(91.5	)
Suedzucker AG		3,117		40,595		(45.3	)
				1,595,234
Hong Kong
Cowell e Holdings, Inc.		5,000		5,597		(6.3	)
EC Healthcare		89,000		89,450		(99.7	)
Health & Happiness H&H International Holdings Ltd.		153,000		168,158		(187.5	)
Luk Fook Holdings International Ltd.		16,000		36,623		(40.8	)
Nissin Foods Co. Ltd.		115,000		75,606		(84.3	)
SA Sa International Holdings Ltd.		604,000		107,960		(120.4	)
				483,394
Ireland
Cimpress PLC		627		31,670		(35.3	)
Dalata Hotel Group PLC		1,409		6,466		(7.2	)
Grafton Group PLC		5,813		70,403		(78.5	)
Keywords Studios PLC		6,295		190,292		(212.2	)
Origin Enterprises PLC		2,166		9,630		(10.7	)
Prothena Corp. PLC		226		6,590		(7.4	)
Uniphar PLC		21,403		88,510		(98.7	)
				403,561
Israel
Caesarstone Ltd.		714		7,018		(7.8	)
Cognyte Software Ltd.		3,192		21,642		(24.1	)
Israel Canada T.R Ltd.		5,603		27,703		(30.9	)
Isras Investment Co. Ltd.		222		54,110		(60.3	)
Mega Or Holdings Ltd.		216		8,225		(9.2	)
Radware Ltd.		4,915		142,093		(158.4	)
Reit 1 Ltd.		3,401		22,063		(24.6	)
Retailors Ltd.		283		6,876		(7.7	)
Taboola.com Ltd.		16,559		71,369		(79.6	)
YH Dimri Construction & Development Ltd.		93		8,351		(9.3	)
				369,450
Italy
Biesse SpA		2,248		35,071		(39.1	)
Brunello Cucinelli SpA		708		36,238		(40.4	)
Datalogic SpA		5,488		53,325		(59.5	)
El.En. SpA		1,217		16,962		(18.9	)
OVS SpA		48,506		92,543		(103.2	)
Pharmanutra SpA		719		48,679		(54.3	)
Saipem SpA		18,340		20,756		(23.1	)
Sanlorenzo SpA/Ameglia		1,302		46,040		(51.3	)
Seco SpA		1,018		6,244		(7.0	)
Tinexta SpA		5,194		129,940		(144.9	)

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Italy (continued)
Webuild SpA		159,355	$	270,931		(302.1	)%
Wiit SpA		2,655		70,928		(79.1	)
				827,657
Ivory Coast
Fabrinet		221		21,700		(24.2	)
Japan
77 Bank Ltd.		15,200		188,473		(210.2	)
Adastria Co. Ltd.		2,900		48,062		(53.6	)
Aeon Delight Co. Ltd.		2,600		55,572		(62.0	)
Ai Holdings Corp.		13,800		181,170		(202.0	)
Aichi Steel Corp.		12,800		221,549		(247.0	)
Anicom Holdings, Inc.		37,100		175,005		(195.1	)
AOKI Holdings Inc.		21,800		102,604		(114.4	)
Arata Corp.		1,100		30,393		(33.9	)
Arcland Service Holdings Co. Ltd.		8,400		145,162		(161.9	)
Arcs Co. Ltd.		500		7,916		(8.8	)
ARTERIA Networks Corp.		6,600		67,602		(75.4	)
Avex, Inc.		19,300		207,470		(231.3	)
Belc Co. Ltd.		500		21,294		(23.7	)
Bell System24 Holdings, Inc.		17,300		200,067		(223.1	)
Belluna Co. Ltd.		9,000		50,554		(56.4	)
Bengo4.com Inc.		4,300		110,653		(123.4	)
Canon Electronics Inc.		17,800		203,839		(227.3	)
CI Takiron Corp.		3,700		15,765		(17.6	)
Comture Corp.		17,300		373,669		(416.7	)
CRE Logistics REIT Inc.		8		12,234		(13.6	)
Cybozu, Inc.		7,200		71,152		(79.3	)
Daiho Corp.		1,800		61,620		(68.7	)
Daiken Corp.		8,800		142,277		(158.6	)
Daiseki Co. Ltd.		10,200		366,855		(409.1	)
Dexerials Corp.		2,500		54,818		(61.1	)
Digital Arts, Inc.		1,300		72,631		(81.0	)
Dip Corp.		1,200		39,123		(43.6	)
Direct Marketing MiX, Inc.		13,700		168,169		(187.5	)
Doshisha Co. Ltd.		17,200		202,603		(225.9	)
Doutor Nichires Holdings Co. Ltd.		39,200		450,529		(502.4	)
Earth Corp.		200		8,452		(9.4	)
EDION Corp.		2,300		20,698		(23.1	)
Elan Corp.		28,000		218,636		(243.8	)
Elecom Co. Ltd.		800		9,593		(10.7	)
en-japan, Inc.		13,900		326,593		(364.2	)
euglena Co. Ltd.		3,000		19,849		(22.1	)
FCC Co. Ltd.		35,000		349,611		(389.8	)
Fuji Machine Manufacturing Co. Ltd.		1,900		31,701		(35.4	)
Fuji Seal International, Inc.		15,900		211,168		(235.5	)
Fujimi, Inc.		8,100		353,156		(393.8	)
Fukui Computer Holdings Inc.		2,700		67,395		(75.2	)
Fukuoka REIT Corp.		28		35,019		(39.0	)
FULLCAST Holdings Co. Ltd.		5,200		99,492		(110.9	)
Funai Soken Holdings Inc.		19,000		318,634		(355.3	)
Fuso Chemical Co. Ltd.		5,300		155,998		(173.9	)
Giken Ltd.		6,500		178,362		(198.9	)
GMO GlobalSign Holdings KK		400		16,863		(18.8	)
Gunma Bank Ltd.		4,800		13,798		(15.4	)
Halows Co. Ltd.		3,700		88,426		(98.6	)
Hanwa Co. Ltd.		400		9,777		(10.9	)
Hazama Ando Corp.		1,300		9,032		(10.1	)
Heiwa Real Estate Co. Ltd.		300		9,464		(10.6	)
Heiwado Co. Ltd.		5,900		89,008		(99.2	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Hoshino Resorts REIT, Inc.		8	$	41,269		(46.0	)%
IBJ Leasing Co. Ltd.		11,500		266,578		(297.2	)
Infocom Corp.		13,700		233,526		(260.4	)
Infomart Corp.		20,200		100,603		(112.2	)
Iriso Electronics Co. Ltd.		6,100		142,539		(158.9	)
Jafco Co. Ltd.		13,800		166,375		(185.5	)
Japan Elevator Service Holdings Co. Ltd.		15,600		203,874		(227.3	)
Japan Lifeline Co. Ltd.		55,200		460,109		(513.0	)
Japan Wool Textile Co. Ltd.		6,800		50,828		(56.7	)
JCU Corp.		1,400		35,658		(39.8	)
JINS Inc.		1,600		52,733		(58.8	)
JSP Corp.		4,400		50,852		(56.7	)
Kanamoto Co. Ltd.		26,000		388,528		(433.2	)
Kanematsu Corp.		3,100		32,039		(35.7	)
KH Neochem Co. Ltd.		2,000		37,834		(42.2	)
KOMEDA Holdings Co. Ltd.		23,600		406,556		(453.3	)
Konoike Transport Co. Ltd.		24,700		219,238		(244.5	)
Kumagai Gumi Co. Ltd.		600		12,521		(14.0	)
Kura Sushi, Inc.		7,900		195,632		(218.1	)
Kyokuto Kaihatsu Kogyo Co. Ltd.		15,800		159,293		(177.6	)
Kyoritsu Maintenance Co. Ltd.		3,100		112,887		(125.9	)
Life Corp.		2,700		61,592		(68.7	)
LITALICO, Inc.		7,900		162,969		(181.7	)
M&A Capital Partners Co. Ltd.		1,600		49,697		(55.4	)
Maeda Kosen Co. Ltd.		16,200		370,386		(413.0	)
Makino Milling Machine Co. Ltd.		1,500		46,220		(51.5	)
Mandom Corp.		9,000		89,485		(99.8	)
Maruzen Showa Unyu Co. Ltd.		2,200		53,701		(59.9	)
Matsuda Sangyo Co. Ltd.		400		7,024		(7.8	)
Megachips Corp.		2,200		56,362		(62.8	)
Megmilk Snow Brand Co. Ltd.		3,900		58,133		(64.8	)
Micronics Japan Co. Ltd.		5,900		69,049		(77.0	)
Midac Holdings Co. Ltd.		7,200		116,088		(129.4	)
Milbon Co. Ltd.		9,100		381,025		(424.9	)
Mirai Corp.		46		17,868		(19.9	)
Mirait Holdings Corp.		500		7,007		(7.8	)
Mitsubishi Pencil Co. Ltd.		9,500		92,226		(102.8	)
Mitsubishi Research Institute, Inc.		600		18,064		(20.1	)
Mixi, Inc.		1,000		17,202		(19.2	)
Monogatari Corp.		4,200		175,140		(195.3	)
Morita Holdings Corp.		13,300		127,647		(142.3	)
Nakanishi, Inc.		13,400		219,023		(244.2	)
Nextage Co. Ltd.		9,200		140,608		(156.8	)
Nichiha Corp.		3,300		59,663		(66.5	)
Nihon Parkerizing Co. Ltd.		5,600		39,610		(44.2	)
Nippn Corp.		20,600		267,934		(298.8	)
Nippon Ceramic Co. Ltd.		900		16,431		(18.3	)
Nippon Paper Industries Co. Ltd.		10,500		83,400		(93.0	)
Nippon REIT Investment Corp.		38		108,923		(121.5	)
Nippon Soda Co. Ltd.		1,200		31,736		(35.4	)
Nissan Shatai Co. Ltd.		36,700		160,054		(178.5	)
Nittetsu Mining Co. Ltd.		200		9,955		(11.1	)
Nitto Kogyo Corp.		20,400		240,194		(267.8	)
Noritsu Koki Co. Ltd.		2,700		44,773		(49.9	)
NS United Kaiun Kaisha Ltd.		1,900		52,217		(58.2	)
Obara Group Inc.		10,900		243,941		(272.0	)
Oki Electric Industry Co. Ltd.		95,100		616,036		(686.9	)
Okinawa Cellular Telephone Co.		3,300		126,988		(141.6	)
Okumura Corp.		1,300		30,689		(34.2	)
One REIT Inc.		9		19,105		(21.3	)
Osaka Organic Chemical Industry Ltd.		10,900		235,052		(262.1	)

36 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Outsourcing Inc.		19,700	$	195,375		(217.9	)%
Pack Corp.		3,800		69,548		(77.6	)
Prestige International Inc.		24,100		115,813		(129.1	)
Raksul Inc.		4,600		95,049		(106.0	)
Round One Corp.		600		6,678		(7.4	)
Saizeriya Co. Ltd.		3,400		62,355		(69.5	)
Sakai Moving Service Co. Ltd.		5,700		194,505		(216.9	)
SAMTY Co. Ltd.		18,200		293,953		(327.8	)
Sanken Electric Co. Ltd.		2,800		103,408		(115.3	)
Sanrio Co. Ltd.		300		6,293		(7.0	)
Sato Holdings Corp.		16,600		228,252		(254.5	)
Seria Co. Ltd.		2,000		39,112		(43.6	)
Shizuoka Gas Co. Ltd.		4,700		33,690		(37.6	)
Shoei Co. Ltd.		8,800		326,474		(364.0	)
Siix Corp.		14,400		109,999		(122.7	)
SKY Perfect JSAT Holdings Inc.		2,900		9,394		(10.5	)
Sodick Co. Ltd.		17,400		97,360		(108.6	)
Sosei Group Corp.		700		6,836		(7.6	)
S-Pool Inc.		69,300		692,489		(772.1	)
Strike Co. Ltd.		15,100		459,834		(512.7	)
Sumitomo Mitsui Construction Co. Ltd.		79,900		259,239		(289.1	)
Sumitomo Osaka Cement Co. Ltd.		2,100		58,721		(65.5	)
Systena Corp.		50,700		159,363		(177.7	)
Taikisha Ltd.		4,700		115,975		(129.3	)
Takamatsu Construction Group Co. Ltd.		15,800		263,162		(293.4	)
Takara Leben Real Estate Investment Corp.		18		16,776		(18.7	)
Takuma Co. Ltd.		18,700		209,568		(233.7	)
T-Gaia Corp.		1,200		15,210		(17.0	)
Toa Corp/Tokyo		7,200		157,382		(175.5	)
Tokai Corp/Gifu		1,200		15,900		(17.7	)
Token Corp.		200		13,313		(14.8	)
Tokuyama Corp.		1,200		15,960		(17.8	)
Tokyotokeiba Co. Ltd.		3,200		108,891		(121.4	)
Tokyu REIT, Inc.		45		63,083		(70.3	)
Toridoll Holdings Corp.		300		5,441		(6.1	)
Tosei Corp.		14,800		124,533		(138.9	)
Totetsu Kogyo Co. Ltd.		4,900		88,576		(98.8	)
Toyo Gosei Co. Ltd.		1,100		80,909		(90.2	)
Toyo Ink SC Holdings Co. Ltd.		3,100		46,160		(51.5	)
Toyobo Co. Ltd.		10,400		85,505		(95.3	)
TPR Co. Ltd.		21,400		205,101		(228.7	)
Tri Chemical Laboratories Inc.		5,700		107,053		(119.4	)
Trusco Nakayama Corp.		13,500		210,525		(234.7	)
Trust Tech Inc.		6,700		77,155		(86.0	)
Tsukishima Kikai Co. Ltd.		1,400		11,058		(12.3	)
TV Asahi Holdings Corp.		2,200		25,129		(28.0	)
UACJ Corp.		6,600		110,418		(123.1	)
United Arrows Ltd.		2,300		30,921		(34.5	)
UT Group Co. Ltd.		1,500		33,729		(37.6	)
ValueCommerce Co. Ltd.		7,800		227,928		(254.1	)
Wacom Co. Ltd.		19,400		140,265		(156.4	)
Wakita & Co. Ltd.		12,000		99,852		(111.3	)
YA-MAN Ltd.		14,000		133,439		(148.8	)
Yokogawa Bridge Holdings Corp.		16,900		247,847		(276.4	)
Yuasa Trading Co. Ltd.		7,400		165,105		(184.1	)
Yurtec Corp.		9,800		51,763		(57.7	)
Zojirushi Corp.		7,400		78,252		(87.3	)
Zuken, Inc.		12,300		284,788		(317.5	)
				22,072,656

Security	Shares		Value		% of Basket Value
Jersey
Centamin PLC		137,564	$	157,665		(175.8	)%
Luxembourg
Befesa SA		978		61,077		(68.1	)
Millicom International Cellular SA, SDR		18,966		427,584		(476.8	)
				488,661
Malaysia
Frencken Group Ltd.		35,400		35,911		(40.0	)
Netherlands
AMG Advanced Metallurgical Group NV		1,729		67,607		(75.4	)
Arcadis NV		2,820		117,661		(131.2	)
Basic-Fit NV		5,620		235,462		(262.5	)
Koninklijke BAM Groep NV		2,392		6,621		(7.4	)
Wereldhave NV		5,628		91,794		(102.4	)
				519,145
New Zealand
a2 Milk Co. Ltd.		38,807		122,967		(137.1	)
Summerset Group Holdings Ltd.		19,685		148,267		(165.3	)
				271,234
Norway
Borregaard ASA		14,220		271,245		(302.4	)
Elkem ASA		32,494		134,945		(150.5	)
FLEX Liquified Natural Gas Ltd.		332		9,352		(10.4	)
Frontline Ltd.		941		7,793		(8.7	)
Kongsberg Gruppen ASA		9,351		401,650		(447.9	)
MPC Container Ships		27,253		81,118		(90.4	)
Selvaag Bolig ASA		13,392		63,752		(71.1	)
				969,855
Portugal
Altri SGPS SA		1,387		9,205		(10.3	)
Navigator Co. SA		69,437		284,846		(317.6	)
				294,051
Singapore
AIMS APAC REIT		92,400		94,486		(105.3	)
Ascendas India Trust		53,100		47,976		(53.5	)
Far East Hospitality Trust		131,800		63,490		(70.8	)
First Resources Ltd.		12,100		18,455		(20.6	)
Sasseur Real Estate Investment Trust		178,400		107,715		(120.1	)
Sheng Siong Group Ltd.		62,800		69,343		(77.3	)
				401,465
South Sandwich Islands
UK Commercial Property REIT Ltd.		51,794		57,066		(63.6	)
Spain
Ence Energia y Celulosa SA		55,002		206,036		(229.7	)
Indra Sistemas SA		23,884		243,392		(271.4	)
Laboratorios Farmaceuticos Rovi SA		951		64,935		(72.4	)
Melia Hotels International SA		37,982		314,123		(350.3	)
Sacyr SA		15,433		41,571		(46.3	)
Unicaja Banco SA		12,033		11,335		(12.6	)
Viscofan SA		1,439		79,439		(88.6	)
				960,831
Sweden
AAK AB		13,057		226,549		(252.6	)
AcadeMedia AB		12,815		72,342		(80.7	)
AddTech AB, B Shares		32,788		578,393		(644.9	)
AF AB		4,116		68,234		(76.1	)

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Sweden (continued)
Arjo AB, B Shares		31,333	$	236,127		(263.3	)%
Betsson AB, Class B		15,477		95,074		(106.0	)
Biotage AB		15,471		320,482		(357.3	)
Bonava AB, B Shares		9,732		47,244		(52.7	)
Bufab AB		2,152		71,393		(79.6	)
Catena AB		200		10,459		(11.7	)
Cloetta AB, B Shares		78,181		197,566		(220.3	)
Coor Service Management Holding AB		733		6,646		(7.4	)
Corem Property Group AB, Class B		2,374		5,026		(5.6	)
Dios Fastigheter AB		6,132		54,752		(61.1	)
Dometic Group AB		4,371		37,434		(41.7	)
Fabege AB		9,847		119,524		(133.3	)
Fingerprint Cards AB, Class B		57,382		66,090		(73.7	)
GARO AB		1,619		24,231		(27.0	)
Hexatronic Group AB		3,615		152,944		(170.5	)
HMS Networks AB		2,058		84,234		(93.9	)
Hufvudstaden AB, A Shares		526		6,815		(7.6	)
JM AB		2,866		66,191		(73.8	)
Loomis AB		2,957		73,676		(82.2	)
Nyfosa AB		6,168		67,981		(75.8	)
SAS AB		74,585		7,732		(8.6	)
Scandic Hotels Group AB		7,354		28,302		(31.6	)
Stillfront Group AB		16,184		32,685		(36.4	)
Troax Group AB		1,025		22,765		(25.4	)
				2,780,891
Switzerland
Bossard Holding AG, Class A		679		146,991		(163.9	)
Comet Holding AG		616		133,163		(148.5	)
Ferrexpo PLC		3,398		6,978		(7.8	)
Gurit Holding AG		140		178,475		(199.0	)
Inficon Holding AG		68		61,912		(69.0	)
IWG PLC		7,630		23,164		(25.8	)
Kardex AG		293		55,761		(62.2	)
Landis+Gyr Group AG		631		35,216		(39.3	)
Medartis Holding AG		720		76,237		(85.0	)
Softwareone Holding AG		2,092		28,285		(31.5	)
Stadler Rail AG		410		14,963		(16.7	)
Sulzer AG		1,306		97,855		(109.1	)
u-Blox Holding AG		3,466		287,943		(321.1	)
Valiant Holding AG		547		54,639		(60.9	)
Ypsomed Holding AG		1,133		161,911		(180.5	)
				1,363,493
United Kingdom
AG Barr PLC		4,653		33,847		(37.7	)
AJ Bell PLC		2,035		6,306		(7.0	)
Alpha Fx Group PLC		392		10,154		(11.3	)
Ascential PLC		39,902		158,201		(176.4	)
Ashmore Group PLC		5,938		16,415		(18.3	)
Aston Martin Lagonda Global Holdings PLC		9,054		94,859		(105.8	)
Babcock International Group PLC		17,047		65,085		(72.6	)
Bank of Georgia Group PLC		21,404		330,510		(368.5	)
Big Yellow Group PLC		25,305		457,311		(509.9	)
Bodycote PLC		5,444		42,223		(47.1	)
boohoo Group PLC		18,638		18,869		(21.0	)
Britvic PLC		11,799		127,150		(141.8	)
Bytes Technology Group PLC		27,969		157,279		(175.4	)
Capital & Counties Properties PLC		15,290		31,592		(35.2	)
Capricorn Energy PLC		59,952		154,199		(171.9	)
Chemring Group PLC		1,713		7,481		(8.3	)

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Craneware PLC		6,871	$	147,959		(165.0	)%
Cranswick PLC		1,023		40,679		(45.4	)
Currys PLC		81,010		93,926		(104.7	)
Diploma PLC		14,673		503,266		(561.2	)
dotdigital group PLC		76,216		83,091		(92.6	)
Euromoney Institutional Investor PLC		513		6,326		(7.1	)
GB Group PLC		21,753		157,644		(175.8	)
Genus PLC		3,268		102,677		(114.5	)
Great Portland Estates PLC		792		6,727		(7.5	)
Hammerson PLC		1,027,560		370,982		(413.7	)
Helios Towers PLC		4,810		6,780		(7.6	)
Hill & Smith Holdings PLC		7,750		134,039		(149.5	)
Hotel Chocolat Group Ltd.		4,319		20,230		(22.6	)
Hunting PLC		46,946		171,194		(190.9	)
Impax Asset Management Group PLC		4,232		45,768		(51.0	)
IntegraFin Holdings PLC		22,083		99,583		(111.0	)
Judges Scientific PLC		2,061		173,638		(193.6	)
Kainos Group PLC		3,990		61,110		(68.1	)
Lancashire Holdings Ltd.		8,700		46,109		(51.4	)
Learning Technologies Group PLC		11,574		19,109		(21.3	)
Luceco PLC		49,332		118,058		(131.6	)
Luxfer Holdings PLC		380		6,133		(6.8	)
Morgan Advanced Materials PLC		55,279		193,861		(216.2	)
National Express Group PLC		11,939		37,007		(41.3	)
Pets at Home Group PLC		14,696		57,044		(63.6	)
Polypipe Group PLC		9,255		52,246		(58.3	)
PZ Cussons PLC		7,563		19,406		(21.6	)
Redrow PLC		47,240		309,672		(345.3	)
Restaurant Group PLC		216,937		166,054		(185.2	)
RWS Holdings PLC		45,246		247,801		(276.3	)
Safestore Holdings PLC		5,973		93,966		(104.8	)
Serica Energy PLC		37,535		164,902		(183.9	)
SIG PLC		218,770		113,101		(126.1	)
Softcat PLC		5,383		95,071		(106.0	)
Spirent Communications PLC		21,605		62,468		(69.6	)
SThree PLC		60,345		278,185		(310.2	)
Subsea 7 SA		11,865		97,249		(108.4	)
Vesuvius PLC		15,802		64,260		(71.6	)
Victrex PLC		306		6,978		(7.8	)
Virgin Money UK PLC		51,448		111,621		(124.5	)
Watkin Jones PLC		5,546		17,260		(19.2	)
Wickes Group PLC		72,623		173,130		(193.0	)
Workspace Group PLC		13,364		111,837		(124.7	)
YouGov PLC		5,972		94,244		(105.1	)
			6,693,872
United States
1-800-Flowers.com, Inc., Class A		8,043		82,039		(91.5	)
1Life Healthcare, Inc.		5,371		37,866		(42.2	)
2U, Inc.		7,232		72,175		(80.5	)
8x8, Inc.		4,858		44,548		(49.7	)
A10 Networks, Inc.		11,445		163,435		(182.2	)
AAR Corp.		959		45,054		(50.2	)
Academy Sports & Outdoors, Inc.		1,746		65,231		(72.7	)
ACADIA Pharmaceuticals, Inc.		2,660		49,050		(54.7	)
Acadia Realty Trust		7,427		155,373		(173.2	)
ACCO Brands Corp.		47,141		345,544		(385.3	)
ACM Research, Inc., Class A		2,072		31,308		(34.9	)
ACV Auctions, Inc., Class A		5,041		67,297		(75.0	)
AdaptHealth Corp.		476		6,026		(6.7	)
Adaptive Biotechnologies Corp.		11,614		95,815		(106.8	)

38 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Addus HomeCare Corp.		3,203	$	269,949		(301.0	)%
ADT, Inc.		1,387		9,501		(10.6	)
Advantage Solutions, Inc.		5,802		29,184		(32.5	)
Aerojet Rocketdyne Holdings, Inc.		5,728		229,005		(255.3	)
AeroVironment, Inc.		1,359		109,155		(121.7	)
Air Transport Services Group, Inc.		548		17,152		(19.1	)
Alarm.com Holdings, Inc.		2,622		160,152		(178.6	)
Alector, Inc.		600		5,760		(6.4	)
Alexander & Baldwin, Inc.		2,274		48,209		(53.8	)
Alignment Healthcare, Inc.		7,103		68,260		(76.1	)
Allakos, Inc.		1,797		6,775		(7.6	)
Allegiant Travel Co.		846		131,291		(146.4	)
Allegro MicroSystems, Inc.		1,113		27,057		(30.2	)
ALLETE, Inc.		6,613		392,415		(437.6	)
Alliance Data Systems Corp.		5,080		278,384		(310.4	)
Allison Transmission Holdings, Inc.		706		26,433		(29.5	)
Allogene Therapeutics, Inc.		35,393		295,532		(329.5	)
Allovir, Inc.		6,202		28,219		(31.5	)
Altair Engineering, Inc., Class A		727		39,491		(44.0	)
Alto Ingredients, Inc.		12,271		70,804		(78.9	)
Altra Industrial Motion Corp.		7,001		273,039		(304.4	)
Amalgamated Financial Corp.		2,427		42,691		(47.6	)
AMC Networks, Inc., Class A		3,195		104,253		(116.2	)
Ameresco, Inc., Class A		3,791		191,218		(213.2	)
American Assets Trust, Inc.		9,287		339,904		(379.0	)
American Eagle Outfitters, Inc.		16,196		244,722		(272.9	)
American Equity Investment Life Holding Co.		611		23,047		(25.7	)
American States Water Co.		2,013		158,343		(176.6	)
American Woodmark Corp.		749		35,091		(39.1	)
AMERISAFE, Inc.		1,702		78,888		(88.0	)
Amneal Pharmaceuticals, Inc.		1,591		6,141		(6.8	)
Amphastar Pharmaceuticals, Inc.		673		23,871		(26.6	)
Anika Therapeutics, Inc.		685		14,748		(16.4	)
Annexon, Inc.		4,581		11,682		(13.0	)
Apartment Investment and Management Co., Class A		30,812		194,116		(216.4	)
Appfolio, Inc., Class A		63		6,543		(7.3	)
Applied Industrial Technologies, Inc.		161		16,855		(18.8	)
Arbor Realty Trust, Inc.		20,483		350,259		(390.5	)
Archrock, Inc.		974		8,484		(9.5	)
Arconic Corp.		897		22,569		(25.2	)
Arcosa, Inc.		132		7,066		(7.9	)
Ares Management Corp., Class A		4,004		265,145		(295.6	)
Argan, Inc.		420		15,448		(17.2	)
Armada Hoffler Properties, Inc.		17,793		241,095		(268.8	)
Artisan Partners Asset Management, Inc., Class A		1,044		33,554		(37.4	)
Artivion, Inc.		5,098		103,438		(115.3	)
Arvinas, Inc.		1,009		55,465		(61.8	)
Aspen Aerogels, Inc.		2,098		45,317		(50.5	)
Assetmark Financial Holdings, Inc.		268		5,154		(5.7	)
Associated Banc-Corp.		10,334		206,163		(229.9	)
Astec Industries, Inc.		6,428		251,335		(280.2	)
Avaya Holdings Corp.		11,466		106,060		(118.3	)
Avid Bioservices, Inc.		1,614		21,724		(24.2	)
Avient Corp.		1,193		58,743		(65.5	)
Axcelis Technologies, Inc.		963		52,435		(58.5	)
AZZ, Inc.		1,395		63,668		(71.0	)
Badger Meter, Inc.		486		39,215		(43.7	)
Banc of California, Inc.		6,435		116,087		(129.4	)
Bandwidth, Inc., Class A		6,875		152,075		(169.6	)
Bar Harbor Bankshares		1,722		44,961		(50.1	)

Security	Shares		Value		% of Basket Value
United States (continued)
Barrett Business Services, Inc.		1,746	$	125,660		(140.1	)%
Beauty Health Co.		968		12,681		(14.1	)
Berry Corp.		4,498		49,343		(55.0	)
BGC Partners, Inc., Class A		2,083		7,561		(8.4	)
BJ’s Restaurants, Inc.		2,607		72,449		(80.8	)
Blackbaud, Inc.		2,007		116,426		(129.8	)
Bloom Energy Corp., Class A		6,361		118,060		(131.6	)
Bloomin’ Brands, Inc.		4,451		97,877		(109.1	)
Boot Barn Holdings, Inc.		2,390		215,243		(240.0	)
Bridgebio Pharma, Inc.		6,548		52,515		(58.6	)
Brigham Minerals, Inc., Class A		7,750		192,045		(214.1	)
Brightsphere Investment Group, Inc.		6,162		123,486		(137.7	)
Brookdale Senior Living, Inc.		2,857		17,656		(19.7	)
BTRS Holdings, Inc., Class 1		10,297		69,196		(77.2	)
Byline Bancorp, Inc.		3,564		83,611		(93.2	)
California Resources Corp.		402		16,164		(18.0	)
Calix, Inc.		3,440		137,290		(153.1	)
Callon Petroleum Co.		1,385		71,009		(79.2	)
Camden National Corp.		2,340		104,715		(116.8	)
Camping World Holdings, Inc., Class A		252		6,471		(7.2	)
Cannae Holdings, Inc.		7,637		171,069		(190.7	)
Capital City Bank Group, Inc.		2,266		58,032		(64.7	)
Cardiovascular Systems, Inc.		14,524		271,599		(302.8	)
Cardlytics, Inc.		185		6,314		(7.0	)
CareDx, Inc.		414		12,602		(14.1	)
Casella Waste Systems, Inc., Class A		599		49,262		(54.9	)
Castle Biosciences, Inc.		319		7,126		(7.9	)
Catalyst Pharmaceuticals, Inc.		955		7,277		(8.1	)
Cathay General Bancorp		199		7,978		(8.9	)
CBTX, Inc.		264		7,529		(8.4	)
Centerspace		4,809		443,678		(494.7	)
Central Garden & Pet Co., Class A		8,185		338,695		(377.7	)
Century Communities, Inc.		185		9,753		(10.9	)
Cerence, Inc.		332		9,794		(10.9	)
Cerus Corp.		1,382		6,385		(7.1	)
CEVA, Inc.		1,361		49,459		(55.1	)
ChannelAdvisor Corp.		9,340		135,523		(151.1	)
Chatham Lodging Trust		19,005		272,912		(304.3	)
Chefs’ Warehouse, Inc.		208		7,613		(8.5	)
ChemoCentryx, Inc.		2,991		55,214		(61.6	)
Chuy’s Holdings, Inc.		2,756		68,928		(76.9	)
Cinemark Holdings, Inc.		16,047		254,505		(283.8	)
Clean Energy Fuels Corp.		10,214		59,854		(66.7	)
Clear Secure, Inc., Class A		1,805		54,908		(61.2	)
Clearway Energy, Inc., Class A		452		12,846		(14.3	)
CNO Financial Group, Inc.		16,455		397,224		(442.9	)
Codexis, Inc.		1,364		16,409		(18.3	)
Coeur Mining, Inc.		6,611		23,998		(26.8	)
Cohen & Steers, Inc.		1,053		81,808		(91.2	)
Coherus Biosciences, Inc.		6,643		60,053		(67.0	)
Cohu, Inc.		385		10,226		(11.4	)
CommScope Holding Co., Inc.		13,158		79,343		(88.5	)
ConnectOne Bancorp, Inc.		3,538		98,569		(109.9	)
Construction Partners, Inc., Class A		2,862		73,868		(82.4	)
Corcept Therapeutics, Inc.		1,344		28,909		(32.2	)
CorVel Corp.		683		105,920		(118.1	)
Cowen, Inc., Class A		7,947		181,589		(202.5	)
Cross Country Healthcare, Inc.		1,232		23,088		(25.7	)
CrossFirst Bankshares, Inc.		6,111		78,282		(87.3	)
CSW Industrials, Inc.		157		16,565		(18.5	)
Cutera, Inc.		6,284		341,284		(380.5	)
Dave & Buster’s Entertainment, Inc.		827		37,628		(42.0	)

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Deciphera Pharmaceuticals, Inc.		10,340	$	104,641		(116.7	)%
Delek US Holdings, Inc.		417		10,091		(11.3	)
Deluxe Corp.		3,142		85,085		(94.9	)
Denali Therapeutics, Inc.		692		16,470		(18.4	)
Denbury, Inc.		215		13,756		(15.3	)
Dime Community Bancshares, Inc.		2,790		87,718		(97.8	)
Diodes, Inc.		137		10,005		(11.2	)
Dorian LPG Ltd.		5,497		80,916		(90.2	)
Douglas Dynamics, Inc.		373		11,548		(12.9	)
Ducommun, Inc.		926		47,291		(52.7	)
Duolingo, Inc.		71		6,139		(6.8	)
Dyne Therapeutics, Inc.		11,943		95,305		(106.3	)
Eagle Pharmaceuticals, Inc.		146		6,443		(7.2	)
Easterly Government Properties, Inc.		13,339		254,108		(283.3	)
EchoStar Corp., Class A		9,890		230,931		(257.5	)
Ecovyst, Inc.		29,614		297,917		(332.2	)
elf Beauty, Inc.		6,438		156,637		(174.7	)
Emergent BioSolutions, Inc.		6,916		223,940		(249.7	)
Enanta Pharmaceuticals, Inc.		927		59,699		(66.6	)
Energizer Holdings, Inc.		3,927		118,949		(132.6	)
Energy Recovery, Inc.		806		14,927		(16.6	)
EnPro Industries, Inc.		1,490		138,883		(154.9	)
Enterprise Financial Services Corp.		167		7,376		(8.2	)
ePlus, Inc.		657		37,107		(41.4	)
Equitrans Midstream Corp.		4,346		34,160		(38.1	)
ESCO Technologies, Inc.		2,022		126,274		(140.8	)
Essential Properties Realty Trust, Inc.		12,630		303,120		(338.0	)
Ethan Allen Interiors, Inc.		5,374		127,579		(142.3	)
Everi Holdings, Inc.		347		6,024		(6.7	)
Evolent Health, Inc., Class A		7,390		203,373		(226.8	)
EW Scripps Co., Class A		15,221		250,538		(279.4	)
eXp World Holdings, Inc.		8,104		108,513		(121.0	)
F45 Training Holdings, Inc.		601		5,283		(5.9	)
FB Financial Corp.		1,850		71,280		(79.5	)
Federal Agricultural Mortgage Corp., Class C		317		32,470		(36.2	)
FibroGen, Inc.		11,151		103,704		(115.6	)
Figs, Inc., Class A		3,655		57,237		(63.8	)
Financial Institutions, Inc.		2		56		(0.1	)
First Advantage Corp.		780		13,541		(15.1	)
First Bancshares, Inc.		10,927		351,740		(392.2	)
First Busey Corp.		871		19,571		(21.8	)
First Financial Corp.		5,729		244,170		(272.3	)
First Foundation, Inc.		15,589		346,388		(386.2	)
First Merchants Corp.		3,727		146,061		(162.9	)
First of Long Island Corp.		2,501		41,967		(46.8	)
Flushing Financial Corp.		11,972		257,398		(287.0	)
Focus Financial Partners, Inc., Class A		3,649		143,953		(160.5	)
Foot Locker, Inc.		2,004		58,737		(65.5	)
FormFactor, Inc.		443		16,883		(18.8	)
Forrester Research, Inc.		2,161		120,346		(134.2	)
Fox Factory Holding Corp.		444		36,355		(40.5	)
Franchise Group, Inc.		3,169		118,172		(131.8	)
Frontier Group Holdings, Inc.		12,236		129,824		(144.8	)
fuboTV, Inc.		3,986		15,107		(16.8	)
Fulton Financial Corp.		17,753		269,313		(300.3	)
Funko, Inc., Class A		4,482		73,012		(81.4	)
Genco Shipping & Trading Ltd.		2,192		48,290		(53.8	)
Getty Realty Corp.		2,527		68,002		(75.8	)
Gibraltar Industries, Inc.		5,756		217,807		(242.9	)
G-III Apparel Group Ltd.		5,369		142,171		(158.5	)
Gogo, Inc.		908		16,716		(18.6	)
Golden Entertainment, Inc.		724		34,723		(38.7	)

Security	Shares		Value		% of Basket Value
United States (continued)
Goosehead Insurance, Inc., Class A		713	$	40,990		(45.7	)%
GoPro, Inc., Class A		15,433		137,662		(153.5	)
Granite Construction, Inc.		1,824		54,082		(60.3	)
Gray Television, Inc.		4,629		85,729		(95.6	)
Green Brick Partners, Inc.		7,415		146,075		(162.9	)
Griffon Corp.		10,115		189,252		(211.0	)
Group 1 Automotive, Inc.		949		165,259		(184.3	)
Gulfport Energy Corp.		912		85,710		(95.6	)
H&E Equipment Services, Inc.		6,755		239,667		(267.2	)
Hackett Group, Inc.		542		12,732		(14.2	)
Harmonic, Inc.		3,441		28,560		(31.8	)
Harmony Biosciences Holdings, Inc.		3,702		166,738		(185.9	)
Harsco Corp.		9,864		100,810		(112.4	)
Haverty Furniture Cos., Inc.		13,801		342,679		(382.1	)
Hawkins, Inc.		341		12,712		(14.2	)
Hayward Holdings, Inc.		4,932		78,419		(87.4	)
Heartland Express, Inc.		4,694		64,777		(72.2	)
Heartland Financial USA, Inc.		3,526		154,333		(172.1	)
Hecla Mining Co.		20,003		104,216		(116.2	)
Hemisphere Media Group, Inc.		8,395		32,657		(36.4	)
Heritage Commerce Corp.		3,605		40,484		(45.1	)
Heritage-Crystal Clean, Inc.		262		7,153		(8.0	)
Heska Corp.		1,873		205,730		(229.4	)
Hess Midstream LP, Class A		1,805		53,085		(59.2	)
Hilltop Holdings, Inc.		5,900		150,391		(167.7	)
Holley, Inc.		10,388		109,490		(122.1	)
Horizon Bancorp, Inc.		8,706		152,181		(169.7	)
Hub Group, Inc., Class A		4,031		270,722		(301.9	)
Ideaya Biosciences, Inc.		3,814		36,576		(40.8	)
ImmunoGen, Inc.		32,133		155,202		(173.1	)
Impinj, Inc.		410		20,197		(22.5	)
Independent Bank Corp.		14,971		295,528		(329.5	)
Independent Bank Group, Inc.		2,256		152,957		(170.6	)
Infinera Corp.		2,760		21,224		(23.7	)
Ingevity Corp.		4,388		262,841		(293.1	)
Innospec, Inc.		991		94,452		(105.3	)
Innoviva, Inc.		6,999		119,403		(133.1	)
Installed Building Products, Inc.		873		70,250		(78.3	)
Integer Holdings Corp.		568		42,697		(47.6	)
Intercept Pharmaceuticals, Inc.		13,235		207,922		(231.8	)
International Money Express, Inc.		5,140		102,132		(113.9	)
International Seaways, Inc.		14,877		314,351		(350.5	)
Invitae Corp.		22,804		121,089		(135.0	)
iRobot Corp.		3,013		152,608		(170.2	)
Ironwood Pharmaceuticals, Inc.		6,951		83,412		(93.0	)
iStar, Inc.		4,601		77,481		(86.4	)
Itron, Inc.		11,017		526,392		(586.9	)
J&J Snack Foods Corp.		2,153		322,304		(359.4	)
Janus International Group, Inc.		826		7,814		(8.7	)
John B Sanfilippo & Son, Inc.		535		41,537		(46.3	)
Joint Corp.		5,417		165,327		(184.3	)
Kadant, Inc.		832		153,920		(171.6	)
Karuna Therapeutics, Inc.		153		17,053		(19.0	)
Karyopharm Therapeutics, Inc.		1,373		8,375		(9.3	)
KB Home		4,406		142,887		(159.3	)
Kforce, Inc.		451		31,593		(35.2	)
Kontoor Brands, Inc.		3,091		122,805		(136.9	)
Kratos Defense & Security Solutions, Inc.		7,397		112,212		(125.1	)
Krispy Kreme, Inc.		7,390		98,139		(109.4	)
Kymera Therapeutics, Inc.		537		16,835		(18.8	)
Lakeland Bancorp, Inc.		1,453		21,839		(24.4	)
Laredo Petroleum, Inc.		1,016		72,349		(80.7	)

40 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
LeMaitre Vascular, Inc.		2,134	$	92,210		(102.8	)%
LendingClub Corp.		6,798		103,669		(115.6	)
LGI Homes, Inc.		731		68,502		(76.4	)
Liberty Latin America Ltd., Class A		641		5,923		(6.6	)
Liberty Media Corp. - Liberty Braves, Class A		1,269		33,337		(37.2	)
Ligand Pharmaceuticals, Inc.		306		28,415		(31.7	)
Limelight Networks, Inc.		9,135		32,612		(36.4	)
Lions Gate Entertainment Corp., Class A		21,650		292,058		(325.7	)
Lions Gate Entertainment Corp., Class B		1,649		20,728		(23.1	)
Live Oak Bancshares, Inc.		773		32,721		(36.5	)
LivePerson, Inc.		10,612		240,043		(267.7	)
LiveRamp Holdings, Inc.		1,840		57,629		(64.3	)
Luther Burbank Corp.		9,243		122,655		(136.8	)
Malibu Boats, Inc., Class A		9,448		475,140		(529.8	)
Marcus Corp.		18,531		291,493		(325.0	)
MarineMax, Inc.		6,150		251,658		(280.6	)
Marten Transport Ltd.		6,784		117,906		(131.5	)
McGrath RentCorp		208		17,360		(19.4	)
MDC Holdings, Inc.		647		23,881		(26.6	)
Media Gen, Inc.		3,231		—		0.0
Mercantile Bank Corp.		502		15,763		(17.6	)
Merchants Bancorp		5,018		118,023		(131.6	)
Merit Medical Systems, Inc.		572		35,470		(39.6	)
MFA Financial, Inc.		8,364		119,187		(132.9	)
MGP Ingredients, Inc.		3,182		290,612		(324.0	)
Midland States Bancorp, Inc.		12,983		342,232		(381.6	)
MidWestOne Financial Group, Inc.		6,715		200,644		(223.7	)
Model N, Inc.		5,675		146,642		(163.5	)
Modine Manufacturing Co.		15,888		125,515		(140.0	)
ModivCare, Inc.		1,160		120,605		(134.5	)
Moelis & Co., Class A		8,670		383,734		(427.9	)
Momentive Global, Inc.		1,784		28,223		(31.5	)
Montrose Environmental Group, Inc.		3,407		154,576		(172.4	)
MRC Global, Inc.		11,479		137,633		(153.5	)
Nabors Industries Ltd.		681		105,296		(117.4	)
Napco Security Technologies, Inc.		1,127		19,722		(22.0	)
National Beverage Corp.		149		6,568		(7.3	)
National Instruments Corp.		3,587		129,634		(144.5	)
NeoGenomics, Inc.		13,640		128,898		(143.7	)
Nevro Corp.		2,208		136,212		(151.9	)
NexPoint Residential Trust, Inc.		2,118		188,841		(210.6	)
NextEra Energy Partners LP		428		28,530		(31.8	)
NGM Biopharmaceuticals, Inc.		13,430		167,606		(186.9	)
Nicolet Bankshares, Inc.		272		22,135		(24.7	)
NMI Holdings, Inc., Class A		9,823		180,547		(201.3	)
Noble Corp.		1,219		38,923		(43.4	)
Northern Oil and Gas, Inc.		400		9,992		(11.1	)
Northfield Bancorp, Inc.		535		7,003		(7.8	)
Northwest Natural Holding Co.		3,505		167,644		(186.9	)
NorthWestern Corp.		3,670		208,052		(232.0	)
Nurix Therapeutics, Inc.		2,135		23,634		(26.4	)
NuVasive, Inc.		1,058		54,424		(60.7	)
NV5 Global, Inc.		2,287		273,983		(305.5	)
Oasis Petroleum, Inc.		403		53,462		(59.6	)
Oceaneering International, Inc.		1,214		13,755		(15.3	)
OceanFirst Financial Corp.		24,210		453,453		(505.6	)
Office Properties Income Trust		344		7,437		(8.3	)
Olema Pharmaceuticals, Inc.		9,732		24,817		(27.7	)
Ollie’s Bargain Outlet Holdings, Inc.		916		44,014		(49.1	)
Olo, Inc., Class A		14,096		150,686		(168.0	)
Oportun Financial Corp.		6,941		80,446		(89.7	)
Organogenesis Holdings, Inc.		1,323		8,520		(9.5	)

Security	Shares		Value		% of Basket Value
United States (continued)
Origin Bancorp, Inc.		2,393	$	90,168		(100.5	)%
Origin Materials, Inc.		1,983		12,870		(14.4	)
Orthofix Medical, Inc.		2,569		79,639		(88.8	)
OSI Systems, Inc.		80		6,328		(7.1	)
Outfront Media, Inc.		1,481		37,914		(42.3	)
Overstock.com, Inc.		3,210		107,728		(120.1	)
Pacific Biosciences of California, Inc.		4,615		29,259		(32.6	)
PagerDuty, Inc.		3,949		112,823		(125.8	)
Palomar Holdings, Inc.		460		25,047		(27.9	)
Par Pacific Holdings, Inc.		14,473		212,319		(236.7	)
PAR Technology Corp.		4,829		159,550		(177.9	)
Paramount Group, Inc.		2,823		26,847		(29.9	)
Party City Holdco, Inc.		3,996		12,348		(13.8	)
Passage Bio, Inc.		18,970		36,991		(41.2	)
Patrick Industries, Inc.		1,457		90,698		(101.1	)
Peapack Gladstone Financial Corp.		761		23,583		(26.3	)
Perella Weinberg Partners		2,403		18,527		(20.7	)
Perficient, Inc.		1,240		123,268		(137.4	)
Personalis, Inc.		7,972		44,643		(49.8	)
PetIQ, Inc.		7,141		142,106		(158.5	)
PGT Innovations, Inc.		421		7,481		(8.3	)
Phibro Animal Health Corp., Class A		5,199		93,530		(104.3	)
Piedmont Lithium, Inc.		2,307		150,901		(168.3	)
Piper Sandler Cos		266		30,585		(34.1	)
PJT Partners, Inc., Class A		3,824		252,346		(281.4	)
Plains GP Holdings LP, Class A		23,959		267,622		(298.4	)
Playa Hotels & Resorts NV		6,583		62,144		(69.3	)
Plymouth Industrial REIT, Inc.		5,588		134,783		(150.3	)
Poshmark, Inc., Class A		12,312		135,924		(151.6	)
PRA Group, Inc.		2,031		85,363		(95.2	)
Premier Financial Corp.		19,761		524,457		(584.8	)
Prestige Consumer Healthcare, Inc.		5,983		327,031		(364.6	)
Primoris Services Corp.		1,555		36,045		(40.2	)
Privia Health Group, Inc.		3,155		69,378		(77.4	)
PROG Holdings, Inc.		4,247		112,418		(125.4	)
ProPetro Holding Corp.		5,703		80,640		(89.9	)
Proto Labs, Inc.		831		35,409		(39.5	)
PTC Therapeutics, Inc.		437		15,439		(17.2	)
PubMatic, Inc., Class A		292		6,590		(7.3	)
QCR Holdings, Inc.		1,129		61,293		(68.3	)
Quaker Chemical Corp.		629		102,345		(114.1	)
Quanex Building Products Corp.		519		9,975		(11.1	)
Qurate Retail, Inc., Series A		23,152		97,470		(108.7	)
Ranpak Holdings Corp.		8,785		132,478		(147.7	)
Ready Capital Corp.		1,087		15,838		(17.7	)
Redwood Trust, Inc.		33,311		323,117		(360.3	)
Replimune Group, Inc.		1,982		33,238		(37.1	)
Revolution Medicines, Inc.		1,362		27,199		(30.3	)
RLI Corp.		467		53,602		(59.8	)
RLJ Lodging Trust		4,801		67,310		(75.1	)
RMR Group, Inc., Class A		261		7,120		(7.9	)
Rocket Pharmaceuticals, Inc.		9,363		96,252		(107.3	)
RPT Realty		6,393		84,963		(94.7	)
Rush Enterprises, Inc., Class A		6,205		315,710		(352.0	)
Rush Enterprises, Inc., Class B		4,765		230,864		(257.4	)
Ryan Specialty Group Holdings, Inc., Class A		4,660		172,373		(192.2	)
Ryerson Holding Corp.		1,627		59,890		(66.8	)
Sabra Health Care REIT, Inc.		2,830		33,054		(36.9	)
Sabre Corp.		1,212		12,690		(14.2	)
Safehold, Inc.		2,320		99,876		(111.4	)
Sana Biotechnology, Inc.		25,864		195,273		(217.7	)
Sangamo Therapeutics, Inc.		7,489		31,079		(34.7	)

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Select Medical Holdings Corp.		583	$	13,182		(14.7	)%
Sensient Technologies Corp.		2,453		207,524		(231.4	)
Shake Shack, Inc., Class A		4,565		263,994		(294.4	)
Shutterstock, Inc.		1,200		90,864		(101.3	)
Simply Good Foods Co.		1,273		53,020		(59.1	)
Simpson Manufacturing Co., Inc.		456		47,274		(52.7	)
Simulations Plus, Inc.		2,010		93,787		(104.6	)
SMART Global Holdings, Inc.		3,659		82,913		(92.5	)
Sonic Automotive, Inc., Class A		930		39,571		(44.1	)
Sorrento Therapeutics, Inc.		14,488		21,877		(24.4	)
SPS Commerce, Inc.		138		16,509		(18.4	)
SPX Corp.		2,781		116,524		(129.9	)
Stagwell, Inc.		1,137		7,709		(8.6	)
Standard Motor Products, Inc.		1,092		46,607		(52.0	)
Stepan Co.		199		20,320		(22.7	)
Stitch Fix, Inc., Class A		4,978		47,291		(52.7	)
StoneX Group, Inc.		915		62,019		(69.2	)
Summit Hotel Properties, Inc.		4,544		44,849		(50.0	)
Summit Materials, Inc., Class A		7,249		201,522		(224.7	)
SunCoke Energy, Inc.		3,058		25,443		(28.4	)
Sunnova Energy International, Inc.		9,635		166,396		(185.5	)
SunPower Corp.		9,447		155,970		(173.9	)
Super Micro Computer, Inc.		2,493		104,955		(117.0	)
Sutro Biopharma, Inc.		356		2,140		(2.4	)
Sylvamo Corp.		6,687		298,575		(332.9	)
Syndax Pharmaceuticals, Inc.		1,238		20,761		(23.2	)
Tactile Systems Technology, Inc.		4,512		76,163		(84.9	)
Talos Energy, Inc.		622		11,302		(12.6	)
Tanger Factory Outlet Centers, Inc.		645		10,404		(11.6	)
Targa Resources Corp.		1,407		103,288		(115.2	)
Taylor Morrison Home Corp.		6,846		179,297		(199.9	)
Texas Capital Bancshares, Inc.		7,286		374,209		(417.3	)
TowneBank		12,374		341,151		(380.4	)
TPG RE Finance Trust, Inc.		567		5,982		(6.7	)
Transocean Ltd.		19,015		71,496		(79.7	)
Tri Pointe Homes, Inc.		5,268		108,890		(121.4	)
Trico Bancshares		2,191		82,272		(91.7	)
Trinity Industries, Inc.		5,190		143,971		(160.5	)
Triumph Group, Inc.		618		13,930		(15.5	)
TTEC Holdings, Inc.		693		51,150		(57.0	)
Turning Point Brands, Inc.		14,673		460,585		(513.6	)
Tutor Perini Corp.		14,896		138,086		(154.0	)
U.S. Physical Therapy, Inc.		748		77,620		(86.5	)
UFP Industries, Inc.		100		7,737		(8.6	)
UMB Financial Corp.		4,518		407,433		(454.3	)
UMH Properties, Inc.		15,111		355,411		(396.3	)
United Fire Group, Inc.		3,432		100,523		(112.1	)
Unitil Corp.		3,181		162,231		(180.9	)
Univest Financial Corp.		5,646		142,279		(158.6	)
Upland Software, Inc.		9,327		139,159		(155.2	)
Urban Edge Properties		557		10,410		(11.6	)
Urban Outfitters, Inc.		17,061		406,052		(452.8	)
Valaris Ltd.		1,244		63,133		(70.4	)
Varex Imaging Corp.		1,049		20,823		(23.2	)
Vector Group Ltd.		7,540		95,909		(106.9	)
Vectrus, Inc.		1,983		71,586		(79.8	)
Veeco Instruments, Inc.		5,926		135,824		(151.4	)
Veracyte, Inc.		3,058		62,597		(69.8	)
Vericel Corp.		267		7,609		(8.5	)
Veris Residential, Inc.		4,927		78,881		(88.0	)
Veritex Holdings, Inc.		9,942		326,595		(364.2	)

Security	Shares			Value			% of Basket Value
United States (continued)
Veritiv Corp.		458		$	64,367			(71.8	)%
Vertex Inc., Class A		8,250			117,397			(130.9	)
Victory Capital Holdings Inc., Class A		27,596			744,816			(830.5	)
Vishay Intertechnology, Inc.		20,848			388,398			(433.1	)
Vista Outdoor, Inc.		300			10,569			(11.8	)
Vital Farms, Inc.		373			4,289			(4.8	)
Walker & Dunlop, Inc.		1,976			236,646			(263.9	)
Warrior Met Coal, Inc.		5,738			195,494			(218.0	)
Washington Federal, Inc.		6,683			203,364			(226.8	)
Watts Water Technologies, Inc., Class A		779			99,291			(110.7	)
WD-40 Co.		625			114,987			(128.2	)
Werner Enterprises, Inc.		10,033			397,608			(443.3	)
WesBanco, Inc.		1,140			36,754			(41.0	)
Willdan Group, Inc.		484			13,010			(14.5	)
Yext, Inc.		13,321			77,129			(86.0	)
Y-mAbs Therapeutics, Inc.		8,888			74,659			(83.2	)
ZimVie, Inc.		295			6,637			(7.4	)
ZipRecruiter, Inc., Class A		3,796			85,448			(95.3	)
					50,468,146
Preferred Stocks
Germany
Schaeffler AG, Preference Shares		7,794			41,856			(46.6	)
Total Reference Entity — Long					105,426,455
Reference Entity — Short
Common Stocks
Australia
Bega Cheese Ltd.		(11,422	)		(40,310	)		44.9
Breville Group Ltd.		(630	)		(10,441	)		11.6
BWX Ltd.		(17,360	)		(22,837	)		25.5
Cromwell Property Group		(90,818	)		(54,506	)		60.8
GUD Holdings Ltd.		(1,835	)		(16,647	)		18.6
Integral Diagnostics Ltd.		(2,241	)		(6,239	)		7.0
IRESS Ltd.		(3,789	)		(29,147	)		32.5
OceanaGold Corp.		(10,532	)		(26,235	)		29.3
Sigma Healthcare Ltd.		(19,357	)		(6,838	)		7.6
SolGold PLC		(476,503	)		(171,964	)		191.7
Super Retail Group Ltd.		(4,511	)		(33,377	)		37.2
Tyro Payments Ltd.		(5,328	)		(4,554	)		5.1
					(423,095	)
Austria
CA Immobilien Anlagen AG		(40,631	)		(1,147,527	)		1,279.5
FACC AG		(1,883	)		(15,536	)		17.3
Semperit AG Holding		(17,877	)		(432,355	)		482.1
					(1,595,418	)
Belgium
Aedifica SA		(3,927	)		(465,479	)		519.0
Befimmo SA		(28,212	)		(1,408,268	)		1,570.3
bpost SA		(3,904	)		(23,654	)		26.4
Cofinimmo SA		(1,548	)		(207,873	)		231.8
Gimv NV		(5,153	)		(295,695	)		329.7
KBC Ancora		(2,137	)		(86,460	)		96.4
Ontex Group NV		(31,557	)		(218,639	)		243.8
Orange Belgium SA		(1,790	)		(34,694	)		38.7
X-Fab Silicon Foundries SE		(991	)		(7,016	)		7.8
Xior Student Housing NV		(1,597	)		(85,306	)		95.1
					(2,833,084	)

42 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Bermuda
Enstar Group Ltd.		(105	)	$	(24,754	)		27.6	%
Canada
Absolute Software Corp.		(5,237	)		(40,154	)		44.8
AG Growth International, Inc.		(2,964	)		(89,729	)		100.1
Altus Group Ltd.		(1,261	)		(47,224	)		52.7
Artis Real Estate Investment Trust		(849	)		(8,664	)		9.7
ATS Automation Tooling Systems, Inc.		(2,963	)		(86,469	)		96.4
Birchcliff Energy Ltd.		(11,222	)		(82,113	)		91.6
Boyd Group Services, Inc.		(1,234	)		(152,731	)		170.3
Canaccord Genuity Group, Inc.		(857	)		(7,538	)		8.4
Canacol Energy Ltd.		(3,066	)		(6,802	)		7.6
Canfor Corp.		(21,670	)		(412,939	)		460.4
Cascades, Inc.		(11,557	)		(113,622	)		126.7
Choice Properties Real Estate Investment Trust		(2,246	)		(26,540	)		29.6
City Office REIT, Inc.		(738	)		(10,952	)		12.2
Cogeco Communications Inc.		(1,226	)		(100,683	)		112.3
Cogeco, Inc.		(3,701	)		(220,392	)		245.7
Converge Technology Solutions Corp.		(11,688	)		(78,517	)		87.6
Dream Office Real Estate Investment Trust		(715	)		(14,471	)		16.1
Dye & Durham Ltd.		(9,339	)		(154,190	)		171.9
ECN Capital Corp.		(8,263	)		(37,435	)		41.7
Enthusiast Gaming Holdings, Inc.		(48,808	)		(94,223	)		105.1
Exchange Income Corp.		(7,877	)		(254,156	)		283.4
Extendicare, Inc.		(125,854	)		(712,224	)		794.1
Fiera Capital Corp.		(2,608	)		(19,916	)		22.2
GDI Integrated Facility Services, Inc.		(1,835	)		(61,907	)		69.0
HLS Therapeutics, Inc.		(30,956	)		(330,127	)		368.1
Hut 8 Mining Corp.		(46,669	)		(166,383	)		185.5
Interfor Corp.		(7,756	)		(221,091	)		246.5
Largo, Inc.		(5,958	)		(49,810	)		55.5
Lassonde Industries, Inc., Class A		(1,828	)		(195,600	)		218.1
LifeWorks, Inc.		(7,092	)		(104,339	)		116.3
Linamar Corp.		(309	)		(12,238	)		13.6
Maple Leaf Foods, Inc.		(1,879	)		(41,379	)		46.1
Martinrea International, Inc.		(17,595	)		(105,051	)		117.1
MDA Ltd.		(6,745	)		(46,414	)		51.8
Meta Materials, Inc.		(14,468	)		(17,362	)		19.4
MTY Food Group, Inc.		(8,037	)		(324,883	)		362.3
Mullen Group Ltd.		(5,144	)		(49,212	)		54.9
Neighbourly Pharmacy, Inc.		(1,047	)		(19,764	)		22.0
North West Co., Inc.		(22,340	)		(623,082	)		694.8
Orla Mining Ltd.		(6,855	)		(29,082	)		32.4
Peyto Exploration & Development Corp.		(3,557	)		(36,244	)		40.4
Sleep Country Canada Holdings, Inc.		(11,931	)		(231,812	)		258.5
Stella-Jones, Inc.		(2,022	)		(55,876	)		62.3
Superior Plus Corp.		(15,964	)		(140,795	)		157.0
Timbercreek Financial Corp.		(32,822	)		(232,755	)		259.5
TransAlta Renewables, Inc.		(10,779	)		(149,521	)		166.7
Winpak Ltd.		(7,123	)		(235,594	)		262.7
Xenon Pharmaceuticals, Inc.		(1,992	)		(56,314	)		62.8
					(6,308,319	)
Cayman Islands
Theravance Biopharma, Inc.		(3,045	)		(29,384	)		32.8
Costa Rica
Establishment Labs Holdings, Inc.		(157	)		(11,109	)		12.4
Denmark
Chemometec A/S		(540	)		(61,043	)		68.1
Dfds A/S		(3,779	)		(146,348	)		163.2

Security	Shares			Value			% of Basket Value
Denmark (continued)
Matas A/S		(3,406	)	$	(47,410	)		52.9	%
Netcompany Group A/S		(3,506	)		(194,976	)		217.4
Ringkjoebing Landbobank A/S		(7,504	)		(920,202	)		1,026.0
Scandinavian Tobacco Group A/S		(4,851	)		(101,123	)		112.7
Sydbank A/S		(3,955	)		(135,945	)		151.6
Topdanmark A/S		(1,243	)		(69,949	)		78.0
Zealand Pharma A/S		(7,679	)		(86,581	)		96.5
					(1,763,577	)
Finland
Aktia Bank OYJ		(12,553	)		(127,284	)		141.9
Kamux Corp.		(2,359	)		(23,873	)		26.6
Kemira OYJ		(4,864	)		(63,802	)		71.1
Metsa Board OYJ, Class B		(37,344	)		(402,449	)		448.8
Remedy Entertainment OYJ		(477	)		(15,702	)		17.5
Sanoma OYJ		(31,584	)		(398,970	)		444.9
					(1,032,080	)
France
ABC arbitrage		(792	)		(6,099	)		6.8
Altarea SCA		(370	)		(56,631	)		63.1
Aramis Group SAS		(15,529	)		(90,427	)		100.8
Cellectis SA		(3,488	)		(12,379	)		13.8
Derichebourg SA		(19,111	)		(172,464	)		192.3
Eutelsat Communications SA		(1,365	)		(15,170	)		16.9
Maisons du Monde SA		(12,818	)		(218,608	)		243.8
McPhy Energy SA		(341	)		(6,229	)		6.9
Mercialys SA		(9,630	)		(92,996	)		103.7
Metropole Television SA		(4,164	)		(77,272	)		86.2
Sopra Steria Group SACA		(144	)		(25,521	)		28.5
SPIE SA		(509	)		(11,980	)		13.4
Trigano SA		(1,256	)		(161,825	)		180.4
Verallia SA		(1,465	)		(40,272	)		44.9
Voltalia SA		(10,930	)		(230,855	)		257.4
					(1,218,728	)
Germany
Aareal Bank AG		(1,894	)		(64,536	)		72.0
AURELIUS Equity Opportunities SE & Co. KGaA		(296	)		(7,886	)		8.8
BayWa AG		(2,772	)		(132,191	)		147.4
CECONOMY AG		(29,902	)		(102,449	)		114.2
Hamborner REIT AG		(20,991	)		(195,915	)		218.4
Heidelberger Druckmaschinen AG		(2,439	)		(5,389	)		6.0
Home24 SE		(14,811	)		(86,765	)		96.7
Hornbach Holding AG & Co. KGaA		(1,924	)		(230,310	)		256.8
Indus Holding AG		(3,985	)		(113,365	)		126.4
Instone Real Estate Group AG		(6,667	)		(102,352	)		114.1
New Work SE		(55	)		(9,399	)		10.5
PATRIZIA AG		(1,750	)		(30,018	)		33.5
PNE AG		(311	)		(3,950	)		4.4
Secunet Security Networks AG		(102	)		(43,185	)		48.2
SGL Carbon SE		(21,101	)		(115,858	)		129.2
Takkt AG		(6,795	)		(109,783	)		122.4
Westwing Group AG		(10,351	)		(117,715	)		131.3
Zeal Network SE		(1,283	)		(49,944	)		55.7
					(1,521,010	)
Hong Kong
Hongkong & Shanghai Hotels Ltd.		(40,500	)		(40,206	)		44.8

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Hong Kong (continued)
Prosperity REIT		(223,000	)	$	(76,446	)		85.3	%
SUNeVision Holdings Ltd.		(1,000	)		(831	)		0.9
					(117,483	)
Ireland
C&C Group PLC		(34,085	)		(88,978	)		99.2
Cairn Homes PLC		(119,996	)		(144,697	)		161.4
COSMO Pharmaceuticals NV		(1,263	)		(72,231	)		80.5
Glenveagh Properties PLC		(19,812	)		(23,908	)		26.7
Hibernia REIT PLC		(59,909	)		(102,512	)		114.3
					(432,326	)
Israel
Cellcom Israel Ltd.		(26,889	)		(155,983	)		173.9
Doral Group Renewable Energy Resources Ltd.		(104,434	)		(400,830	)		446.9
Gilat Satellite Networks Ltd.		(8,726	)		(63,801	)		71.2
JFrog Ltd.		(519	)		(10,832	)		12.1
Nano Dimension Ltd., ADR		(109,265	)		(310,313	)		346.0
Naphtha Israel Petroleum Corp. Ltd.		(29,630	)		(235,440	)		262.5
NEOGAMES SA		(8,088	)		(105,710	)		117.9
Perion Network Ltd.		(8,037	)		(171,840	)		191.6
Plus500 Ltd.		(18,389	)		(358,087	)		399.3
Riskified Ltd., Class A		(28,380	)		(148,427	)		165.5
					(1,961,263	)
Italy
Anima Holding SpA		(2,145	)		(10,452	)		11.7
Banca Popolare di Sondrio SCPA		(91,887	)		(364,924	)		406.9
Credito Emiliano SpA		(73,839	)		(451,093	)		503.0
Digital Bros SpA		(2,585	)		(65,663	)		73.2
doValue SpA		(49,661	)		(422,256	)		470.8
Enav SpA		(34,127	)		(157,546	)		175.7
Fila SpA		(2,179	)		(21,673	)		24.2
Freni Brembo SpA		(7,800	)		(78,068	)		87.0
Gruppo MutuiOnline SpA		(3,732	)		(114,283	)		127.4
GVS SpA		(39,565	)		(329,544	)		367.4
Illimity Bank SpA		(602	)		(7,881	)		8.8
RAI Way SpA		(34,301	)		(201,670	)		224.9
Zignago Vetro SpA		(171	)		(2,097	)		2.3
					(2,227,150	)
Japan
ADEKA Corp.		(47,200	)		(905,210	)		1,009.3
Aeon Hokkaido Corp.		(31,700	)		(254,157	)		283.4
Aichi Corp.		(14,300	)		(99,506	)		111.0
Aiful Corp.		(79,100	)		(225,460	)		251.4
Airtrip Corp.		(25,200	)		(614,151	)		684.8
Alpen Co. Ltd.		(17,300	)		(262,234	)		292.4
Alpha Systems, Inc.		(1,200	)		(35,475	)		39.6
Arcland Sakamoto Co. Ltd.		(1,800	)		(21,546	)		24.0
Atom Corp.		(23,900	)		(136,191	)		151.9
Autobacs Seven Co. Ltd.		(5,200	)		(54,751	)		61.0
Awa Bank Ltd.		(11,600	)		(191,462	)		213.5
Axial Retailing, Inc.		(500	)		(13,094	)		14.6
BML, Inc.		(38,700	)		(995,967	)		1,110.5
Bunka Shutter Co. Ltd.		(2,400	)		(18,037	)		20.1
Bushiroad, Inc.		(15,400	)		(181,436	)		202.3
CellSource Co. Ltd.		(7,500	)		(217,007	)		242.0
Central Glass Co. Ltd.		(3,100	)		(57,083	)		63.6
Chiyoda Corp.		(45,600	)		(150,770	)		168.1
Citizen Watch Co. Ltd.		(2,000	)		(7,548	)		8.4
Comforia Residential REIT, Inc.		(4	)		(9,967	)		11.1

Security	Shares			Value			% of Basket Value
Japan (continued)
Daiichi Jitsugyo Co. Ltd.		(11,300	)	$	(328,114	)		365.9	%
Daishi Hokuetsu Financial Group, Inc.		(21,600	)		(417,795	)		465.9
Daiwabo Holdings Co. Ltd.		(13,400	)		(173,393	)		193.3
Demae-Can Co. Ltd.		(29,600	)		(121,823	)		135.8
Digital Garage, Inc.		(600	)		(19,857	)		22.1
DTS Corp.		(1,700	)		(37,300	)		41.6
Duskin Co. Ltd.		(11,000	)		(234,648	)		261.6
EM Systems Co. Ltd.		(37,100	)		(263,763	)		294.1
eRex Co. Ltd.		(7,700	)		(116,552	)		130.0
ESPEC Corp.		(2,000	)		(26,553	)		29.6
Exedy Corp.		(10,100	)		(120,272	)		134.1
Financial Products Group Co. Ltd.		(2,700	)		(16,523	)		18.4
Fuji Soft, Inc.		(1,200	)		(63,957	)		71.3
Fujikura Ltd.		(45,400	)		(214,764	)		239.5
Fukushima Galilei Co. Ltd.		(6,100	)		(176,675	)		197.0
Geo Holdings Corp.		(700	)		(6,788	)		7.6
GLOBERIDE, Inc.		(17,500	)		(353,115	)		393.7
GMO Financial Gate, Inc.		(1,400	)		(137,322	)		153.1
GNI Group Ltd.		(3,500	)		(30,706	)		34.2
G-Tekt Corp.		(1,600	)		(15,400	)		17.2
H2O Retailing Corp.		(1,900	)		(12,428	)		13.9
Hankyu Hanshin REIT, Inc.		(244	)		(277,285	)		309.2
HEALIOS KK		(7,100	)		(40,380	)		45.0
Hennge KK		(1,100	)		(8,631	)		9.6
Hiday Hidaka Corp.		(4,100	)		(58,667	)		65.4
Hirata Corp.		(1,800	)		(66,140	)		73.7
Hitachi Zosen Corp.		(2,900	)		(15,649	)		17.5
Hogy Medical Co. Ltd.		(1,200	)		(29,968	)		33.4
Hokkaido Electric Power Co., Inc.		(3,800	)		(14,106	)		15.7
Hokkoku Financial Holdings, Inc.		(1,700	)		(49,041	)		54.7
Hokuetsu Corp.		(115,700	)		(592,734	)		660.9
Hokuhoku Financial Group, Inc.		(14,500	)		(98,120	)		109.4
Hokuriku Electric Power Co.		(34,600	)		(137,257	)		153.0
Hokuto Corp.		(4,400	)		(69,110	)		77.1
Hosiden Corp.		(1,600	)		(15,258	)		17.0
Hosokawa Micron Corp.		(2,900	)		(54,978	)		61.3
Hyakugo Bank Ltd.		(146,200	)		(386,925	)		431.4
Ichibanya Co. Ltd.		(3,800	)		(141,195	)		157.4
Ichigo, Inc.		(128,800	)		(288,837	)		322.1
Idec Corp.		(6,300	)		(111,202	)		124.0
Inaba Denki Sangyo Co. Ltd.		(3,300	)		(64,721	)		72.2
Inabata & Co. Ltd.		(3,800	)		(62,182	)		69.3
Invincible Investment Corp.		(332	)		(108,257	)		120.7
Itochu-Shokuhin Co. Ltd.		(2,800	)		(106,910	)		119.2
Jaccs Co. Ltd.		(21,400	)		(541,160	)		603.4
Japan Material Co. Ltd.		(2,000	)		(30,216	)		33.7
Japan Petroleum Exploration Co. Ltd.		(600	)		(11,960	)		13.3
JM Holdings Co. Ltd.		(1,100	)		(13,765	)		15.3
Joyful Honda Co. Ltd.		(2,000	)		(23,986	)		26.7
Kameda Seika Co. Ltd.		(13,400	)		(436,149	)		486.3
Kanematsu Electronics Ltd.		(5,400	)		(161,356	)		179.9
Kanto Denka Kogyo Co. Ltd.		(27,700	)		(208,974	)		233.0
Kappa Create Co. Ltd.		(21,100	)		(217,651	)		242.7
Katakura Industries Co. Ltd.		(9,100	)		(176,675	)		197.0
Keiyo Bank Ltd.		(28,800	)		(109,753	)		122.4
Keiyo Co. Ltd.		(96,100	)		(678,250	)		756.3
KFC Holdings Japan Ltd.		(19,300	)		(422,904	)		471.5
Kintetsu World Express, Inc.		(7,100	)		(169,140	)		188.6
Kisoji Co. Ltd.		(11,900	)		(189,342	)		211.1
Kissei Pharmaceutical Co. Ltd.		(500	)		(9,894	)		11.0
Ki-Star Real Estate Co. Ltd.		(3,900	)		(160,869	)		179.4

44 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Kitanotatsujin Corp.		(43,200	)	$	(56,848	)		63.4	%
Kiyo Bank Ltd.		(30,300	)		(332,354	)		370.6
Koa Corp.		(8,800	)		(102,567	)		114.4
Kohnan Shoji Co. Ltd.		(2,600	)		(75,297	)		84.0
Koshidaka Holdings Co. Ltd.		(1,200	)		(7,161	)		8.0
Kureha Corp.		(5,400	)		(405,705	)		452.4
KYB Corp.		(12,600	)		(285,201	)		318.0
KYORIN Holdings, Inc.		(39,100	)		(568,607	)		634.0
Leopalace21 Corp.		(276,000	)		(415,159	)		462.9
Maruha Nichiro Corp.		(10,600	)		(195,083	)		217.5
Maruwa Co. Ltd/Aichi		(200	)		(23,319	)		26.0
Matsuya Co. Ltd.		(77,500	)		(425,122	)		474.0
Matsuyafoods Holdings Co. Ltd.		(10,000	)		(291,941	)		325.5
MCJ Co. Ltd.		(3,100	)		(20,276	)		22.6
Medley, Inc.		(24,200	)		(446,970	)		498.4
MedPeer, Inc.		(6,000	)		(137,342	)		153.1
Meidensha Corp.		(400	)		(7,244	)		8.1
Meiko Electronics Co. Ltd.		(1,400	)		(37,024	)		41.3
Meitec Corp.		(3,100	)		(164,548	)		183.5
Mie Kotsu Group Holdings, Inc.		(47,000	)		(166,210	)		185.3
Mitani Sekisan Co. Ltd.		(2,400	)		(95,651	)		106.7
Mitsubishi Shokuhin Co. Ltd.		(300	)		(7,436	)		8.3
Mitsuuroko Group Holdings Co. Ltd.		(2,100	)		(16,242	)		18.1
Mochida Pharmaceutical Co. Ltd.		(2,400	)		(68,362	)		76.2
Modec, Inc.		(14,800	)		(138,767	)		154.7
MOS Food Services, Inc.		(3,400	)		(77,908	)		86.9
Musashi Seimitsu Industry Co. Ltd.		(21,600	)		(219,511	)		244.8
Musashino Bank Ltd.		(9,300	)		(127,208	)		141.8
Nanto Bank Ltd.		(7,600	)		(118,906	)		132.6
Nichiden Corp.		(8,300	)		(138,294	)		154.2
Nihon Chouzai Co. Ltd.		(3,100	)		(30,159	)		33.6
Nippon Carbon Co. Ltd.		(8,800	)		(282,714	)		315.2
Nippon Kanzai Co. Ltd.		(2,500	)		(53,720	)		59.9
Nippon Light Metal Holdings Co. Ltd.		(1,000	)		(12,812	)		14.3
Nippon Road Co. Ltd.		(1,500	)		(83,619	)		93.2
Nippon Sheet Glass Co. Ltd.		(61,900	)		(187,203	)		208.7
Nippon Steel Trading Corp.		(200	)		(8,139	)		9.1
Nishimatsuya Chain Co. Ltd.		(6,500	)		(79,776	)		89.0
Nissei ASB Machine Co. Ltd.		(600	)		(13,682	)		15.3
Nisshinbo Holdings, Inc.		(14,100	)		(105,497	)		117.6
Nissin Electric Co. Ltd.		(16,700	)		(178,067	)		198.6
Noritake Co. Ltd/Nagoya Japan		(200	)		(6,351	)		7.1
Noritz Corp.		(1,400	)		(16,213	)		18.1
North Pacific Bank Ltd.		(13,700	)		(25,977	)		29.0
NTT UD REIT Investment Corp.		(27	)		(31,187	)		34.8
Ogaki Kyoritsu Bank Ltd.		(21,300	)		(312,178	)		348.1
Ohsho Food Service Corp.		(1,900	)		(89,216	)		99.5
Oisix ra daichi, Inc.		(3,500	)		(71,925	)		80.2
Open Door, Inc.		(500	)		(7,224	)		8.1
Organo Corp.		(100	)		(6,862	)		7.7
PAL GROUP Holdings Co. Ltd.		(1,400	)		(15,624	)		17.4
Pasona Group, Inc.		(4,300	)		(68,180	)		76.0
Pilot Corp.		(13,700	)		(556,616	)		620.6
Piolax, Inc.		(9,300	)		(108,498	)		121.0
Plaid, Inc.		(27,500	)		(246,321	)		274.7
Plenus Co. Ltd.		(10,900	)		(160,109	)		178.5
Pressance Corp.		(24,800	)		(297,718	)		332.0
Qol Holdings Co. Ltd.		(29,200	)		(245,782	)		274.1
Raito Kogyo Co. Ltd.		(400	)		(5,972	)		6.7
Riken Keiki Co. Ltd.		(7,300	)		(229,777	)		256.2
Riken Vitamin Co. Ltd.		(1,000	)		(13,145	)		14.7

Security	Shares			Value			% of Basket Value
Japan (continued)
Ringer Hut Co. Ltd.		(4,000	)	$	(69,191	)		77.2	%
Riso Kagaku Corp.		(7,400	)		(138,949	)		154.9
Roland Corp.		(2,400	)		(82,824	)		92.4
RS Technologies Co. Ltd.		(5,000	)		(230,235	)		256.7
Saibu Gas Co. Ltd.		(17,700	)		(290,509	)		323.9
Sakata Seed Corp.		(1,100	)		(37,039	)		41.3
SanBio Co. Ltd.		(13,700	)		(116,533	)		129.9
San-In Godo Bank Ltd.		(2,400	)		(11,915	)		13.3
Sanki Engineering Co. Ltd.		(2,100	)		(23,788	)		26.5
Septeni Holdings Co. Ltd.		(36,800	)		(186,283	)		207.7
Shiga Bank Ltd.		(12,900	)		(242,578	)		270.5
Shima Seiki Manufacturing Ltd.		(9,600	)		(136,968	)		152.7
Shinmaywa Industries Ltd.		(900	)		(6,313	)		7.0
Showa Sangyo Co. Ltd.		(800	)		(16,183	)		18.0
Sinko Industries Ltd.		(6,600	)		(82,954	)		92.5
SRE Holdings Corp.		(5,000	)		(103,146	)		115.0
Starts Proceed Investment Corp.		(76	)		(136,154	)		151.8
Tadano Ltd.		(43,400	)		(308,304	)		343.8
Taiyo Holdings Co. Ltd.		(4,700	)		(112,129	)		125.0
Takasago International Corp.		(6,900	)		(139,150	)		155.2
Taki Chemical Co. Ltd.		(2,300	)		(90,783	)		101.2
Tama Home Co. Ltd.		(27,200	)		(530,767	)		591.8
TechMatrix Corp.		(5,800	)		(89,492	)		99.8
Tenma Corp.		(1,500	)		(25,532	)		28.5
TKC Corp.		(600	)		(15,760	)		17.6
TOC Co. Ltd.		(9,100	)		(46,871	)		52.3
Tocalo Co. Ltd.		(7,800	)		(77,881	)		86.8
Toei Co. Ltd.		(3,700	)		(490,745	)		547.2
Toho Holdings Co. Ltd.		(2,500	)		(40,582	)		45.3
Toho Titanium Co. Ltd.		(2,800	)		(31,999	)		35.7
TOKAI Holdings Corp.		(16,400	)		(110,234	)		122.9
Tokyo Seimitsu Co. Ltd.		(3,600	)		(123,843	)		138.1
Tokyu Construction Co. Ltd.		(2,400	)		(11,130	)		12.4
TOMONY Holdings, Inc.		(106,100	)		(268,353	)		299.2
Tomy Co. Ltd.		(44,000	)		(417,453	)		465.5
Toyo Tanso Co. Ltd.		(7,400	)		(160,799	)		179.3
Transcosmos, Inc.		(3,400	)		(80,160	)		89.4
TRE Holdings Corp.		(2,900	)		(46,397	)		51.7
Tsugami Corp.		(20,400	)		(189,974	)		211.8
Uchida Yoko Co. Ltd.		(1,700	)		(64,157	)		71.5
Universal Entertainment Corp.		(1,600	)		(28,628	)		31.9
Uzabase Inc.		(6,800	)		(39,576	)		44.1
Visional, Inc.		(2,100	)		(115,567	)		128.9
VT Holdings Co. Ltd.		(16,800	)		(59,473	)		66.3
WealthNavi, Inc.		(5,000	)		(65,032	)		72.5
West Holdings Corp.		(600	)		(23,667	)		26.4
World Holdings Co. Ltd.		(4,500	)		(84,732	)		94.5
Xebio Holdings Co. Ltd.		(4,700	)		(33,196	)		37.0
Yodogawa Steel Works Ltd.		(2,900	)		(54,893	)		61.2
Yokowo Co. Ltd.		(29,600	)		(580,864	)		647.7
Yoshinoya Holdings Co. Ltd.		(6,000	)		(109,161	)		121.7
					(28,999,769	)
Jersey
Breedon Group PLC		(19,083	)		(19,005	)		21.2
JTC PLC		(1,636	)		(15,886	)		17.7
					(34,891	)
Luxembourg
Global Fashion Group SA		(3,405	)		(6,484	)		7.2

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Malta
Kindred Group PLC		(50,011	)	$	(438,466	)		488.9	%
Netherlands
Boskalis Westminster		(10,169	)		(353,173	)		393.8
CM.com NV		(437	)		(7,263	)		8.1
Corbion NV		(194	)		(6,726	)		7.5
Core Laboratories NV		(2,035	)		(52,910	)		59.0
Eurocommercial Properties NV		(2,255	)		(54,562	)		60.8
NSI NV		(2,579	)		(101,211	)		112.9
SIF Holding NV		(672	)		(7,649	)		8.5
Van Lanschot Kempen NV		(754	)		(19,635	)		21.9
Vastned Retail NV		(61	)		(1,557	)		1.7
					(604,686	)
New Zealand
Synlait Milk Ltd.		(84,534	)		(192,650	)		214.8
Norway
Aker Carbon Capture ASA		(26,323	)		(53,179	)		59.3
Aker Solutions ASA		(57,347	)		(198,154	)		220.9
Bonheur ASA		(5,331	)		(198,243	)		221.0
Fjordkraft Holding ASA		(2,368	)		(5,344	)		6.0
FREYR Battery SA		(15,321	)		(137,583	)		153.4
Hexagon Composites ASA		(4,958	)		(19,598	)		21.9
Hexagon Purus Holding		(54,964	)		(208,021	)		232.0
Pexip Holding ASA		(16,292	)		(35,730	)		39.8
Quantafuel ASA		(50,048	)		(82,684	)		92.2
SpareBank 1 SR-Bank ASA		(24,359	)		(310,181	)		345.9
TGS NOPEC Geophysical Co. ASA		(1,178	)		(18,173	)		20.3
Wallenius Wilhelmsen ASA		(8,951	)		(56,183	)		62.6
					(1,323,073	)
Peru
Hochschild Mining PLC		(71,800	)		(105,472	)		117.6
Portugal
NOS SGPS SA		(15,247	)		(64,477	)		71.9
REN - Redes Energeticas Nacionais SGPS SA		(111,361	)		(339,518	)		378.6
					(403,995	)
Puerto Rico
EVERTEC, Inc.		(4,641	)		(182,855	)		203.9
First BanCorp, Puerto Rico		(12,177	)		(165,729	)		184.8
					(348,584	)
Singapore
BW Energy Ltd.		(32,707	)		(95,202	)		106.1
Kulicke & Soffa Industries, Inc.		(5,954	)		(276,325	)		308.1
OUE Ltd.		(10,500	)		(10,326	)		11.5
Razer, Inc.		(319,000	)		(115,336	)		128.6
Yanlord Land Group Ltd.		(1,600	)		(1,402	)		1.6
					(498,591	)
South Africa
Mediclinic International PLC		(71,744	)		(332,601	)		370.9
South Sandwich Islands
Burford Capital Ltd.		(82,995	)		(709,661	)		791.3
Spain
Applus Services SA		(8,343	)		(65,307	)		72.8
Cia de Distribucion Integral Logista Holdings SA		(487	)		(8,973	)		10.0
CIE Automotive SA		(4,265	)		(92,985	)		103.7
Construcciones y Auxiliar de Ferrocarriles SA		(7,883	)		(241,694	)		269.5
Corp. Financiera Alba SA		(1,231	)		(72,745	)		81.1

Security	Shares			Value			% of Basket Value
Spain (continued)
Ebro Foods SA		(1,646	)	$	(29,594	)		33.0	%
Global Dominion Access SA		(16,299	)		(67,393	)		75.1
Grupo Catalana Occidente SA		(2	)		(58	)		0.1
Metrovacesa SA		(338	)		(2,710	)		3.0
Soltec Power Holdings SA		(48,956	)		(209,186	)		233.3
					(790,645	)
Sweden
BHG Group AB		(50,538	)		(347,970	)		388.0
BICO Group AB		(6,095	)		(61,123	)		68.2
Boozt AB		(41,127	)		(431,852	)		481.5
Bure Equity AB		(696	)		(16,413	)		18.3
Cint Group AB		(17,842	)		(145,922	)		162.7
Desenio Group AB		(57,696	)		(32,112	)		35.8
Duni AB		(7,137	)		(65,341	)		72.9
Electrolux Professional AB, Class B		(5,817	)		(32,605	)		36.4
Granges AB		(34,063	)		(279,755	)		311.9
Hexpol AB		(5,123	)		(43,987	)		49.1
Intrum AB		(3,890	)		(94,033	)		104.9
Karo Pharma AB		(10,530	)		(60,588	)		67.6
MIPS AB		(190	)		(13,494	)		15.0
Munters Group AB		(12,403	)		(74,096	)		82.6
NCC AB, B Shares		(1,724	)		(21,361	)		23.8
New Wave Group AB, B Shares		(461	)		(8,103	)		9.0
Nordic Entertainment Group AB, Class B		(314	)		(10,311	)		11.5
Pandox AB		(587	)		(8,178	)		9.1
Paradox Interactive AB		(5,263	)		(87,794	)		97.9
Ratos AB, B Shares		(1,396	)		(7,211	)		8.0
Samhallsbyggnadsbolaget i Norden AB		(16,722	)		(43,867	)		48.9
SSAB AB, B Shares		(2,450	)		(14,408	)		16.1
Tobii Dynavox AB		(14,139	)		(36,610	)		40.8
Vimian Group AB		(827	)		(5,133	)		5.7
Wallenstam AB, B Shares		(2,752	)		(30,428	)		33.9
Wihlborgs Fastigheter AB		(6,367	)		(110,389	)		123.1
Xvivo Perfusion AB		(393	)		(8,472	)		9.4
					(2,091,556	)
Switzerland
Bobst Group SA		(330	)		(27,835	)		31.0
Burckhardt Compression Holding AG		(26	)		(13,264	)		14.8
Cembra Money Bank AG		(3,303	)		(238,328	)		265.7
dormakaba Holding AG		(16	)		(7,426	)		8.3
EFG International AG		(866	)		(6,528	)		7.3
Forbo Holding AG		(217	)		(317,662	)		354.2
Galenica AG		(8,302	)		(611,338	)		681.7
Interroll Holding AG		(6	)		(18,188	)		20.3
Komax Holding AG		(23	)		(6,042	)		6.7
Leonteq AG		(158	)		(10,749	)		12.0
Medmix AG		(194	)		(6,515	)		7.3
Meyer Burger Technology AG		(1,175,921	)		(557,195	)		621.3
Mobilezone Holding AG		(5,475	)		(88,652	)		98.8
Mobimo Holding AG		(294	)		(84,082	)		93.7
Montana Aerospace AG		(1,630	)		(24,850	)		27.7
OC Oerlikon Corp. AG		(1,202	)		(8,571	)		9.6
Peach Property Group AG		(109	)		(5,611	)		6.2
PolyPeptide Group AG		(470	)		(41,130	)		45.9
Rieter Holding AG		(50	)		(6,797	)		7.6
SFS Group AG		(678	)		(84,908	)		94.7
Siegfried Holding AG		(11	)		(7,974	)		8.9
St Galler Kantonalbank AG		(519	)		(250,289	)		279.1

46 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Switzerland (continued)
Zehnder Group AG		(1,324	)	$	(103,531	)		115.4	%
Zur Rose Group AG		(299	)		(36,697	)		40.9
					(2,564,162	)
United Kingdom
Abcam PLC		(8,045	)		(124,836	)		139.2
AO World PLC		(160,948	)		(150,971	)		168.3
Assura PLC		(252,541	)		(209,271	)		233.3
Auction Technology Group PLC		(11,548	)		(127,079	)		141.7
Biffa PLC		(33,435	)		(145,016	)		161.7
Bridgepoint Group PLC		(99,237	)		(382,094	)		426.0
Central Asia Metals PLC		(1,933	)		(6,477	)		7.2
Ceres Power Holdings PLC		(843	)		(7,692	)		8.6
Clipper Logistics PLC		(3,612	)		(39,060	)		43.6
Close Brothers Group PLC		(1,252	)		(17,360	)		19.4
CMC Markets PLC		(37,448	)		(136,558	)		152.3
ContourGlobal PLC		(35,360	)		(84,987	)		94.8
Countryside Properties PLC		(43,127	)		(134,655	)		150.1
Crest Nicholson Holdings PLC		(5,702	)		(17,941	)		20.0
Elementis PLC		(83,065	)		(126,175	)		140.7
Empiric Student Property PLC		(66,480	)		(76,072	)		84.8
Essentra PLC		(52,475	)		(205,647	)		229.3
Eurasia Mining PLC		(1,855,752	)		(189,015	)		210.8
Frasers Group PLC		(31,508	)		(267,609	)		298.4
Frontier Developments PLC		(542	)		(8,751	)		9.8
Funding Circle Holdings PLC		(7,094	)		(6,512	)		7.3
Greatland Gold PLC		(2,934,693	)		(489,897	)		546.2
Halfords Group PLC		(107,358	)		(305,634	)		340.8
Hays PLC		(66,339	)		(101,886	)		113.6
Ibstock PLC		(13,189	)		(31,135	)		34.7
Ideagen PLC		(8,791	)		(25,977	)		29.0
IG Design Group PLC		(63,207	)		(53,887	)		60.1
Inchcape PLC		(14,929	)		(133,580	)		148.9
Indivior PLC		(5,264	)		(20,731	)		23.1
IP Group PLC		(118,320	)		(122,006	)		136.0
IQE PLC		(67,618	)		(25,550	)		28.5
Jupiter Fund Management PLC		(23,762	)		(53,038	)		59.1
Just Group PLC		(126,320	)		(133,444	)		148.8
Kape Technologies PLC		(21,565	)		(92,725	)		103.4
Keller Group PLC		(15,208	)		(160,262	)		178.7
Kier Group PLC		(4,191	)		(4,179	)		4.7
Liontrust Asset Management PLC		(4,882	)		(70,855	)		79.0
Mitie Group PLC		(361,656	)		(243,808	)		271.8
Moneysupermarket.com Group PLC		(52,470	)		(114,944	)		128.2
Morgan Sindall Group PLC		(1,000	)		(26,962	)		30.1
Naked Wines PLC		(7,756	)		(35,102	)		39.1
NCC Group PLC		(19,427	)		(44,704	)		49.8
OSB Group PLC		(14,072	)		(98,229	)		109.5
Oxford Biomedica PLC		(45,128	)		(323,453	)		360.7
Petrofac Ltd.		(43,410	)		(73,178	)		81.6
Polar Capital Holdings PLC		(4,791	)		(33,393	)		37.2
Primary Health Properties PLC		(50,602	)		(91,767	)		102.3
Provident Financial PLC		(11,202	)		(35,854	)		40.0
QinetiQ Group PLC		(6,744	)		(28,612	)		31.9
Rank Group PLC		(73,882	)		(100,335	)		111.9
Rathbone Brothers PLC		(366	)		(9,665	)		10.8
Reach PLC		(46,045	)		(94,144	)		105.0
Redde Northgate PLC		(28,947	)		(143,197	)		159.7
Renewi PLC		(41,666	)		(361,511	)		403.1
Rotork PLC		(26,146	)		(95,394	)		106.4
Sabre Insurance Group PLC		(16,154	)		(42,657	)		47.6
Savills PLC		(7,822	)		(105,226	)		117.3

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Serco Group PLC		(20,155	)	$	(38,115	)		42.5	%
Shaftesbury PLC		(53,773	)		(402,681	)		449.0
Target Healthcare REIT PLC		(12,295	)		(17,160	)		19.1
Telecom Plus PLC		(548	)		(11,305	)		12.6
TI Fluid Systems PLC		(75,444	)		(153,317	)		170.9
TP ICAP Group PLC		(37,586	)		(62,292	)		69.5
Trainline PLC		(28,341	)		(101,068	)		112.7
Trustpilot Group PLC		(27,177	)		(35,200	)		39.2
Tullow Oil PLC		(98,015	)		(68,250	)		76.1
Tyman PLC		(36,905	)		(126,761	)		141.3
Victoria PLC		(18,039	)		(144,652	)		161.3
Victorian Plumbing Group PLC		(78,103	)		(58,926	)		65.7
Vistry Group PLC		(3,765	)		(39,281	)		43.8
Volex PLC		(2,684	)		(8,696	)		9.7
Volution Group PLC		(12,060	)		(61,429	)		68.5
Yellow Cake PLC		(10,861	)		(53,306	)		59.4
					(7,773,138	)
United States
4D Molecular Therapeutics, Inc.		(1,349	)		(16,067	)		17.9
AAON, Inc.		(854	)		(41,624	)		46.4
Abercrombie & Fitch Co., Class A		(1,095	)		(37,865	)		42.2
Aclaris Therapeutics, Inc.		(1,649	)		(20,316	)		22.7
Acushnet Holdings Corp.		(231	)		(9,411	)		10.5
Adtalem Global Education, Inc.		(379	)		(11,108	)		12.4
AdvanSix, Inc.		(158	)		(7,037	)		7.8
Aeva Technologies, Inc.		(57,379	)		(188,203	)		209.9
Agenus, Inc.		(11,685	)		(21,617	)		24.1
Agiliti, Inc.		(3,182	)		(62,813	)		70.0
Agilysys, Inc.		(1,020	)		(37,546	)		41.9
Agios Pharmaceuticals, Inc.		(456	)		(10,018	)		11.2
Alaunos Therapeutics, Inc.		(3,584	)		(1,905	)		2.1
Albany International Corp., Class A		(412	)		(32,227	)		35.9
Albireo Pharma, Inc.		(1,608	)		(51,167	)		57.1
Alexander’s, Inc.		(1,006	)		(249,659	)		278.4
Alkami Technology, Inc.		(6,045	)		(79,190	)		88.3
Allegheny Technologies, Inc.		(776	)		(21,092	)		23.5
Allscripts Healthcare Solutions, Inc.		(13,391	)		(276,658	)		308.5
Alpha & Omega Semiconductor Ltd.		(212	)		(9,095	)		10.1
ALX Oncology Holdings, Inc.		(649	)		(8,294	)		9.2
Ambac Financial Group, Inc.		(34,858	)		(269,452	)		300.4
Amerant Bancorp, Inc.		(358	)		(9,519	)		10.6
AMMO, Inc.		(93,363	)		(378,120	)		421.6
Andersons, Inc.		(229	)		(11,503	)		12.8
API Group Corp.		(5,962	)		(110,655	)		123.4
Apollo Commercial Real Estate Finance, Inc.		(3,586	)		(43,175	)		48.1
Apollo Medical Holdings, Inc.		(498	)		(18,167	)		20.3
Apple Hospitality REIT, Inc.		(7,779	)		(137,611	)		153.4
ArcBest Corp.		(181	)		(13,061	)		14.6
Arcturus Therapeutics Holdings, Inc.		(291	)		(5,640	)		6.3
Arcus Biosciences, Inc.		(6,109	)		(147,899	)		164.9
Arcutis Biotherapeutics, Inc.		(310	)		(6,259	)		7.0
Array Technologies, Inc.		(1,377	)		(8,992	)		10.0
Atea Pharmaceuticals, Inc.		(2,091	)		(12,274	)		13.7
Atlantic Sapphire ASA		(6,501	)		(18,097	)		20.2
Atlantic Union Bankshares Corp.		(689	)		(23,274	)		26.0
Avid Technology, Inc.		(369	)		(11,701	)		13.0
Avista Corp.		(4,202	)		(170,475	)		190.1
B. Riley Financial, Inc.		(1,824	)		(82,372	)		91.8
Balchem Corp.		(297	)		(36,590	)		40.8
BancFirst Corp.		(3,964	)		(324,057	)		361.3
BankUnited, Inc.		(544	)		(20,422	)		22.8

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Banner Corp.		(9,243	)	$	(496,349	)		553.4	%
BARK, Inc.		(14,017	)		(43,313	)		48.3
Barnes Group, Inc.		(2,096	)		(70,384	)		78.5
Beachbody Co., Inc.		(3,783	)		(6,204	)		6.9
Beacon Roofing Supply, Inc.		(3,456	)		(206,081	)		229.8
Bed Bath & Beyond, Inc.		(8,011	)		(109,030	)		121.6
Belden, Inc.		(2,154	)		(111,211	)		124.0
BellRing Brands, Inc.		(3,372	)		(72,262	)		80.6
Berkshire Grey, Inc.		(9,856	)		(23,950	)		26.7
Berkshire Hills Bancorp, Inc.		(808	)		(19,990	)		22.3
BigCommerce Holdings, Inc.		(5,726	)		(102,324	)		114.1
BioCryst Pharmaceuticals, Inc.		(2,041	)		(18,961	)		21.1
Bionano Genomics, Inc.		(87,866	)		(143,222	)		159.7
Bioxcel Therapeutics, Inc.		(3,076	)		(40,326	)		45.0
Bluebird Bio, Inc.		(8,296	)		(30,114	)		33.6
Boise Cascade Co.		(986	)		(74,522	)		83.1
BOK Financial Corp.		(187	)		(15,508	)		17.3
Brady Corp., Class A		(2,430	)		(108,743	)		121.3
Brandywine Realty Trust		(519	)		(6,057	)		6.8
Brightcove, Inc.		(12,292	)		(86,659	)		96.6
Brinker International, Inc.		(2,837	)		(103,068	)		114.9
Brink’s Co.		(364	)		(21,458	)		23.9
Broadmark Realty Capital, Inc.		(30,473	)		(237,994	)		265.4
Broadstone Net Lease, Inc.		(21,599	)		(446,883	)		498.3
BRP Group, Inc., Class A		(1,657	)		(38,310	)		42.7
Buckle, Inc.		(2,127	)		(66,065	)		73.7
Butterfly Network, Inc.		(2,119	)		(7,056	)		7.9
Cabot Corp.		(2,220	)		(146,187	)		163.0
Cactus, Inc., Class A		(1,142	)		(57,020	)		63.6
Caleres, Inc.		(463	)		(10,617	)		11.8
Canoo, Inc.		(27,214	)		(130,627	)		145.7
Cara Therapeutics, Inc.		(594	)		(5,180	)		5.8
Caribou Biosciences, Inc.		(1,040	)		(7,696	)		8.6
CarLotz, Inc.		(124,229	)		(110,303	)		123.0
Carpenter Technology Corp.		(5,518	)		(210,677	)		234.9
Casa Systems, Inc.		(1,376	)		(6,742	)		7.5
Catchmark Timber Trust, Inc., Class A		(849	)		(6,970	)		7.8
Celldex Therapeutics, Inc.		(1,320	)		(40,326	)		45.0
Centrus Energy Corp., Class A		(440	)		(12,214	)		13.6
Cerevel Therapeutics Holdings, Inc.		(2,182	)		(63,889	)		71.2
Certara, Inc.		(9,978	)		(183,096	)		204.2
Children’s Place, Inc.		(482	)		(22,331	)		24.9
Chimerix, Inc.		(10,343	)		(45,509	)		50.7
CIRCOR International, Inc.		(4,012	)		(78,836	)		87.9
Citi Trends, Inc.		(1,177	)		(32,921	)		36.7
Clearfield, Inc.		(1,389	)		(80,881	)		90.2
Coca-Cola Consolidated, Inc.		(20	)		(8,830	)		9.8
Columbia Financial, Inc.		(463	)		(8,774	)		9.8
Comfort Systems USA, Inc.		(515	)		(43,476	)		48.5
Community Bank System, Inc.		(1,104	)		(71,098	)		79.3
Community Healthcare Trust, Inc.		(2,714	)		(99,929	)		111.4
Computer Programs & Systems, Inc.		(253	)		(8,076	)		9.0
Comstock Resources, Inc.		(5,364	)		(91,349	)		101.9
CONMED Corp.		(1,334	)		(177,369	)		197.8
Consensus Cloud Solutions, Inc.		(138	)		(7,275	)		8.1
Consolidated Communications Holdings, Inc.		(1,365	)		(8,122	)		9.1
Core & Main, Inc., Class A		(267	)		(6,344	)		7.1
Corporate Office Properties Trust		(1,841	)		(49,136	)		54.8
Couchbase, Inc.		(661	)		(11,237	)		12.5
Coursera, Inc.		(4,090	)		(76,933	)		85.8
Cracker Barrel Old Country Store, Inc.		(5,555	)		(616,549	)		687.5
Crinetics Pharmaceuticals, Inc.		(655	)		(13,310	)		14.8

Security	Shares			Value			% of Basket Value
United States (continued)
CSG Systems International, Inc.		(2,292	)	$	(140,889	)		157.1	%
CTS Corp.		(3,921	)		(138,686	)		154.6
CVB Financial Corp.		(23,416	)		(539,036	)		601.0
Denny’s Corp.		(13,200	)		(169,224	)		188.7
Designer Brands, Inc., Class A		(480	)		(6,634	)		7.4
Desktop Metal, Inc., Class A		(56,277	)		(197,532	)		220.3
DiamondRock Hospitality Co.		(13,677	)		(145,250	)		162.0
Diebold Nixdorf, Inc.		(9,191	)		(37,683	)		42.0
DigitalBridge Group, Inc.		(2,485	)		(17,296	)		19.3
Dine Brands Global, Inc.		(1,116	)		(80,006	)		89.2
DMC Global, Inc.		(1,577	)		(31,524	)		35.1
Doma Holdings, Inc.		(44,329	)		(82,452	)		91.9
Donnelley Financial Solutions, Inc.		(211	)		(6,176	)		6.9
Dorman Products, Inc.		(584	)		(57,652	)		64.3
Douglas Elliman, Inc.		(15,499	)		(93,924	)		104.7
Driven Brands Holdings, Inc.		(2,288	)		(63,812	)		71.2
Duckhorn Portfolio, Inc.		(2,108	)		(40,937	)		45.6
Dycom Industries, Inc.		(934	)		(79,306	)		88.4
Dynavax Technologies Corp.		(7,883	)		(69,607	)		77.6
Eastern Bankshares, Inc.		(3,453	)		(66,159	)		73.8
Eastman Kodak Co.		(15,465	)		(79,954	)		89.2
Ebix, Inc.		(1,497	)		(44,611	)		49.7
Edgewell Personal Care Co.		(1,094	)		(41,725	)		46.5
Electric Last Mile Solutions, Inc.		(149	)		(137	)		0.2
Empire State Realty Trust, Inc., Class A		(12,937	)		(111,776	)		124.6
Employers Holdings, Inc.		(2,904	)		(114,243	)		127.4
Encore Capital Group, Inc.		(309	)		(17,863	)		19.9
Encore Wire Corp.		(2,600	)		(293,306	)		327.0
Energy Fuels, Inc.		(1,201	)		(9,050	)		10.1
Enerpac Tool Group Corp.		(13,539	)		(271,863	)		303.1
Enovix Corp.		(5,950	)		(53,788	)		60.0
EPR Properties		(6,269	)		(329,248	)		367.1
Equity Commonwealth		(301	)		(7,883	)		8.8
EverQuote, Inc., Class A		(895	)		(12,423	)		13.9
Evo Payments, Inc., Class A		(3,389	)		(76,354	)		85.1
Expro Group Holdings NV		(619	)		(9,458	)		10.5
Extreme Networks, Inc.		(5,375	)		(51,600	)		57.5
Fastly, Inc., Class A		(7,872	)		(125,165	)		139.6
Federal Signal Corp.		(1,542	)		(52,474	)		58.5
Federated Hermes, Inc., Class B		(8,696	)		(247,662	)		276.1
First Financial Bankshares, Inc.		(2,450	)		(97,951	)		109.2
First Hawaiian, Inc.		(5,673	)		(133,940	)		149.3
Fluor Corp.		(2,106	)		(52,124	)		58.1
Forward Air Corp.		(117	)		(11,345	)		12.6
Fresh Del Monte Produce, Inc.		(2,686	)		(69,970	)		78.0
Fulcrum Therapeutics, Inc.		(2,248	)		(21,626	)		24.1
Fulgent Genetics, Inc.		(4,293	)		(235,600	)		262.7
Gannett Co., Inc.		(34,861	)		(139,793	)		155.9
Gatos Silver, Inc.		(2,912	)		(9,843	)		11.0
GATX Corp.		(375	)		(38,771	)		43.2
Generation Bio Co.		(955	)		(6,045	)		6.7
Genesco, Inc.		(1,752	)		(108,677	)		121.2
Gentherm, Inc.		(93	)		(6,270	)		7.0
Geron Corp.		(15,256	)		(21,511	)		24.0
Glaukos Corp.		(1,623	)		(76,752	)		85.6
Global Medical REIT, Inc.		(4,421	)		(65,254	)		72.8
Global Net Lease, Inc.		(3,011	)		(42,244	)		47.1
Globalstar, Inc.		(290,842	)		(337,377	)		376.2
GoHealth, Inc., Class A		(25,553	)		(19,093	)		21.3
Gossamer Bio, Inc.		(1,167	)		(8,064	)		9.0
Grand Canyon Education, Inc.		(1,919	)		(184,166	)		205.3
Greenbrier Cos., Inc.		(17	)		(726	)		0.8

48 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Greif, Inc., Class A		(3,529	)	$	(214,140	)		238.8	%
Greif, Inc., Class B		(107	)		(6,245	)		7.0
Grid Dynamics Holdings, Inc.		(426	)		(5,930	)		6.6
GrowGeneration Corp.		(1,322	)		(7,813	)		8.7
Guess?, Inc.		(601	)		(13,504	)		15.1
Haemonetics Corp.		(1,691	)		(85,683	)		95.5
Hamilton Lane, Inc., Class A		(246	)		(16,871	)		18.8
Hancock Whitney Corp.		(2,148	)		(100,462	)		112.0
Hanger, Inc.		(336	)		(5,524	)		6.2
Hawaiian Electric Industries, Inc.		(6,373	)		(261,994	)		292.1
HB Fuller Co.		(3,946	)		(263,198	)		293.5
Healthcare Services Group, Inc.		(1,790	)		(30,591	)		34.1
Heidrick & Struggles International, Inc.		(405	)		(12,944	)		14.4
Helios Technologies, Inc.		(112	)		(7,524	)		8.4
Hibbett, Inc.		(4,029	)		(173,972	)		194.0
Hillenbrand, Inc.		(4,466	)		(182,302	)		203.3
Hillman Solutions Corp.		(20,452	)		(237,857	)		265.2
Hippo Holdings, Inc.		(77,714	)		(146,102	)		162.9
HNI Corp.		(6,093	)		(217,155	)		242.1
Honest Co., Inc.		(12,757	)		(50,518	)		56.3
Hostess Brands, Inc.		(10,049	)		(228,012	)		254.2
Hovnanian Enterprises, Inc., Class A		(1,853	)		(85,275	)		95.1
Howard Hughes Corp.		(467	)		(46,835	)		52.2
Humanigen, Inc.		(2,119	)		(3,984	)		4.4
Huron Consulting Group, Inc.		(168	)		(8,699	)		9.7
Hyliion Holdings Corp.		(36,537	)		(117,284	)		130.8
Hyzon Motors, Inc.		(20,456	)		(81,210	)		90.6
Ichor Holdings Ltd.		(485	)		(14,118	)		15.7
Ideanomics, Inc.		(116,059	)		(83,470	)		93.1
IES Holdings, Inc.		(184	)		(5,391	)		6.0
IGM Biosciences, Inc.		(369	)		(6,177	)		6.9
Imago Biosciences, Inc.		(2,361	)		(38,602	)		43.0
Independent Bank Corp.		(519	)		(40,046	)		44.7
Industrial Logistics Properties Trust		(1,959	)		(31,657	)		35.3
Ingles Markets, Inc., Class A		(2,798	)		(260,550	)		290.5
Inogen, Inc.		(236	)		(5,966	)		6.7
Inovio Pharmaceuticals, Inc.		(18,287	)		(49,924	)		55.7
Insight Enterprises, Inc.		(79	)		(7,850	)		8.8
Insmed, Inc.		(1,253	)		(27,528	)		30.7
Insperity, Inc.		(257	)		(27,255	)		30.4
Insteel Industries, Inc.		(227	)		(9,629	)		10.7
Interface, Inc.		(466	)		(5,914	)		6.6
International Bancshares Corp.		(158	)		(6,287	)		7.0
Iovance Biotherapeutics, Inc.		(6,602	)		(100,020	)		111.5
JBG SMITH Properties		(2,244	)		(59,152	)		66.0
JELD-WEN Holding, Inc.		(1,462	)		(30,395	)		33.9
John Bean Technologies Corp.		(794	)		(93,605	)		104.4
John Wiley & Sons, Inc., Class A		(18,495	)		(941,211	)		1,049.5
Kaman Corp.		(167	)		(6,515	)		7.3
KAR Auction Services, Inc.		(8,707	)		(127,645	)		142.3
Kennedy-Wilson Holdings, Inc.		(3,602	)		(81,225	)		90.6
Kimball International, Inc., Class B		(730	)		(5,606	)		6.3
Kiniksa Pharmaceuticals Ltd., Class A		(1,471	)		(13,724	)		15.3
KKR Real Estate Finance Trust, Inc.		(9,134	)		(173,546	)		193.5
KnowBe4, Inc., Class A		(1,524	)		(36,271	)		40.4
Korn Ferry		(100	)		(6,144	)		6.9
Krystal Biotech, Inc.		(103	)		(6,243	)		7.0
Kyndryl Holdings, Inc.		(26,993	)		(320,947	)		357.9
Ladder Capital Corp.		(911	)		(10,376	)		11.6
Lancaster Colony Corp.		(412	)		(63,934	)		71.3
Latch, Inc.		(7,304	)		(24,030	)		26.8
Latham Group, Inc.		(307	)		(3,684	)		4.1

Security	Shares			Value			% of Basket Value
United States (continued)
LCI Industries		(907	)	$	(88,269	)		98.4	%
Lindsay Corp.		(1,573	)		(212,591	)		237.0
Lordstown Motors Corp., Class A		(77,163	)		(168,215	)		187.6
Lovesac Co.		(454	)		(19,903	)		22.2
Loyalty Ventures, Inc.		(9,473	)		(121,160	)		135.1
Lumber Liquidators Holdings, Inc.		(1,044	)		(14,418	)		16.1
Macerich Co.		(5,432	)		(68,172	)		76.0
Madrigal Pharmaceuticals, Inc.		(878	)		(61,460	)		68.5
Magnite, Inc.		(2,428	)		(23,430	)		26.1
ManTech International Corp., Class A		(876	)		(70,378	)		78.5
Markforged Holding Corp.		(47,375	)		(161,549	)		180.1
Matthews International Corp., Class A		(3,343	)		(99,655	)		111.1
MBIA, Inc.		(2,065	)		(24,863	)		27.7
MEDNAX, Inc.		(342	)		(6,334	)		7.1
Meridian Bioscience, Inc.		(738	)		(18,885	)		21.1
Methode Electronics, Inc.		(8,634	)		(385,163	)		429.5
Minerals Technologies, Inc.		(1,341	)		(85,301	)		95.1
Mission Produce, Inc.		(2,437	)		(30,999	)		34.6
Monarch Casino & Resort, Inc.		(317	)		(22,238	)		24.8
Moog, Inc., Class A		(114	)		(9,105	)		10.2
Movado Group, Inc.		(975	)		(35,071	)		39.1
Mr Cooper Group, Inc.		(5,491	)		(246,930	)		275.3
Mueller Industries, Inc.		(863	)		(46,731	)		52.1
Mueller Water Products, Inc., Class A		(17,093	)		(205,629	)		229.3
NanoString Technologies, Inc.		(2,351	)		(44,152	)		49.2
National Health Investors, Inc.		(3,041	)		(156,703	)		174.7
National HealthCare Corp.		(155	)		(10,549	)		11.8
National Presto Industries, Inc.		(480	)		(34,142	)		38.1
Navient Corp.		(7,466	)		(118,635	)		132.3
Nelnet, Inc., Class A		(1,964	)		(161,185	)		179.7
NetScout Systems, Inc.		(5,849	)		(180,149	)		200.9
NETSTREIT Corp.		(4,007	)		(86,631	)		96.6
New Jersey Resources Corp.		(4,335	)		(187,099	)		208.6
Newmark Group, Inc., Class A		(15,009	)		(182,359	)		203.3
NewMarket Corp.		(932	)		(302,537	)		337.3
NextGen Healthcare, Inc.		(387	)		(7,295	)		8.1
NexTier Oilfield Solutions, Inc.		(2,765	)		(30,498	)		34.0
Northwest Bancshares, Inc.		(1,058	)		(13,415	)		15.0
Nu Skin Enterprises, Inc., Class A		(249	)		(10,617	)		11.8
Ocugen, Inc.		(30,357	)		(66,482	)		74.1
Ocular Therapeutix, Inc.		(16,133	)		(57,595	)		64.2
ODP Corp.		(9,103	)		(391,702	)		436.8
O-I Glass, Inc.		(3,877	)		(52,262	)		58.3
ON24, Inc.		(13,351	)		(169,157	)		188.6
ONE Gas, Inc.		(226	)		(19,068	)		21.3
OneSpan, Inc.		(3,276	)		(46,290	)		51.6
Open Lending Corp., Class A		(10,594	)		(144,502	)		161.1
OPKO Health, Inc.		(95,091	)		(256,746	)		286.3
Option Care Health, Inc.		(1,792	)		(53,545	)		59.7
Orion Office REIT, Inc.		(4,429	)		(59,437	)		66.3
Outset Medical, Inc.		(376	)		(13,115	)		14.6
Pacira BioSciences, Inc.		(737	)		(54,958	)		61.3
Parsons Corp.		(5,248	)		(193,809	)		216.1
Patterson Cos., Inc.		(13,072	)		(402,225	)		448.5
Patterson-UTI Energy, Inc.		(5,126	)		(84,271	)		94.0
PBF Energy, Inc., Class A		(1,886	)		(54,807	)		61.1
PDF Solutions, Inc.		(892	)		(20,739	)		23.1
PennyMac Financial Services, Inc.		(578	)		(28,068	)		31.3
Perdoceo Education Corp.		(1,681	)		(18,794	)		21.0
Pilgrim’s Pride Corp.		(2,861	)		(81,109	)		90.4
Ping Identity Holding Corp.		(640	)		(16,723	)		18.6
Pitney Bowes, Inc.		(6,199	)		(32,669	)		36.4

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
PLBY Group, Inc.		(24,595	)	$	(217,420	)		242.4	%
PotlatchDeltic Corp.		(2,302	)		(127,508	)		142.2
PowerSchool Holdings, Inc., Class A		(1,204	)		(18,229	)		20.3
Primerica, Inc.		(1,147	)		(148,605	)		165.7
ProAssurance Corp.		(407	)		(10,000	)		11.1
Progress Software Corp.		(2,600	)		(124,748	)		139.1
Proterra, Inc.		(1,230	)		(7,638	)		8.5
Provention Bio, Inc.		(295	)		(1,325	)		1.5
Pulmonx Corp.		(7,191	)		(173,303	)		193.2
Rackspace Technology, Inc.		(2,214	)		(21,896	)		24.4
RBC Bearings, Inc.		(38	)		(6,397	)		7.1
Realogy Holdings Corp.		(40,767	)		(446,806	)		498.2
Reata Pharmaceuticals, Inc., Class A		(1,633	)		(41,446	)		46.2
REGENXBIO, Inc.		(1,807	)		(50,162	)		55.9
Rekor Systems, Inc.		(54,165	)		(160,870	)		179.4
Relay Therapeutics, Inc.		(2,168	)		(51,663	)		57.6
Relmada Therapeutics, Inc.		(2,251	)		(56,523	)		63.0
Renalytix PLC		(1,346	)		(3,597	)		4.0
Rent-A-Center, Inc.		(3,258	)		(78,583	)		87.6
Resources Connection, Inc.		(624	)		(10,727	)		12.0
Retail Opportunity Investments Corp.		(7,874	)		(146,693	)		163.6
REV Group, Inc., Series A		(16,919	)		(201,674	)		224.9
Revance Therapeutics, Inc.		(1,663	)		(27,240	)		30.4
Reynolds Consumer Products Inc.		(12,088	)		(357,684	)		398.8
Rhythm Pharmaceuticals, Inc.		(1,671	)		(10,460	)		11.7
Rimini Street, Inc.		(6,144	)		(35,389	)		39.5
Romeo Power, Inc.		(85,272	)		(93,799	)		104.6
RPC, Inc.		(7,319	)		(75,678	)		84.4
Rush Street Interactive, Inc.		(6,481	)		(41,154	)		45.9
Ruth’s Hospitality Group, Inc.		(9,473	)		(198,649	)		221.5
Safety Insurance Group, Inc.		(1,827	)		(157,195	)		175.3
Sally Beauty Holdings, Inc.		(15,396	)		(232,788	)		259.6
Sandy Spring Bancorp, Inc.		(433	)		(17,004	)		19.0
Schneider National, Inc., Class B		(2,354	)		(55,625	)		62.0
Schnitzer Steel Industries, Inc., Class A		(2,883	)		(131,551	)		146.7
Scholastic Corp.		(1,045	)		(38,508	)		42.9
Schrodinger, Inc.		(1,760	)		(43,507	)		48.5
Seer, Inc.		(415	)		(3,021	)		3.4
Selective Insurance Group, Inc.		(1,739	)		(143,224	)		159.7
Selectquote, Inc.		(11,327	)		(23,334	)		26.0
Sema4 Holdings Corp.		(4,688	)		(10,079	)		11.2
Shenandoah Telecommunications Co.		(1,160	)		(23,432	)		26.1
Shoe Carnival, Inc.		(1,422	)		(42,930	)		47.9
SI-BONE, Inc.		(321	)		(6,414	)		7.2
SIGA Technologies, Inc.		(23,755	)		(163,197	)		182.0
Sight Sciences, Inc.		(866	)		(6,045	)		6.7
Signify Health, Inc., Class A		(2,126	)		(29,339	)		32.7
Silgan Holdings, Inc.		(6,664	)		(295,682	)		329.7
Silk Road Medical, Inc.		(961	)		(33,683	)		37.6
Sinclair Broadcast Group, Inc., Class A		(20,170	)		(448,581	)		500.2
Skyline Champion Corp.		(546	)		(27,868	)		31.1
SkyWater Technology, Inc.		(7,434	)		(45,496	)		50.7
Sleep Number Corp.		(1,543	)		(62,584	)		69.8
Sotera Health Co.		(12,421	)		(253,140	)		282.3
Spectrum Brands Holdings, Inc.		(4,281	)		(364,185	)		406.1
Spire, Inc.		(5,226	)		(380,191	)		423.9
Sprouts Farmers Market, Inc.		(550	)		(16,390	)		18.3
St. Joe Co.		(2,568	)		(136,643	)		152.4
Steelcase, Inc., Class A		(548	)		(6,428	)		7.2
Stem, Inc.		(14,083	)		(100,975	)		112.6
StepStone Group, Inc., Class A		(530	)		(13,579	)		15.1

Security	Shares			Value			% of Basket Value
United States (continued)
Stericycle, Inc.		(1,604	)	$	(80,505	)		89.8	%
Steven Madden Ltd.		(1,141	)		(46,849	)		52.2
Surgery Partners, Inc.		(302	)		(15,450	)		17.2
Tejon Ranch Co.		(3,496	)		(64,012	)		71.4
Telephone & Data Systems, Inc.		(7,777	)		(142,475	)		158.9
Telos Corp.		(7,374	)		(57,443	)		64.0
Tennant Co.		(595	)		(38,425	)		42.8
TFS Financial Corp.		(14,918	)		(223,621	)		249.3
ThredUp, Inc., Class A		(1,010	)		(6,656	)		7.4
Thryv Holdings, Inc.		(1,163	)		(30,040	)		33.5
Tootsie Roll Industries, Inc.		(710	)		(24,871	)		27.7
TPI Composites, Inc.		(6,713	)		(76,797	)		85.6
TransMedics Group, Inc.		(689	)		(14,441	)		16.1
Tredegar Corp.		(2,874	)		(32,907	)		36.7
TreeHouse Foods, Inc.		(15,410	)		(485,415	)		541.2
TriNet Group, Inc.		(1,105	)		(98,014	)		109.3
Trinseo PLC		(143	)		(6,785	)		7.6
TTM Technologies, Inc.		(671	)		(9,360	)		10.4
TuSimple Holdings, Inc., Class A		(10,277	)		(106,572	)		118.8
Twist Bioscience Corp.		(162	)		(4,672	)		5.2
Two Harbors Investment Corp.		(5,450	)		(26,215	)		29.2
U.S. Silica Holdings, Inc.		(12,987	)		(241,298	)		269.1
Under Armour, Inc., Class C		(3,971	)		(56,348	)		62.8
UniFirst Corp.		(1,915	)		(329,955	)		367.9
United Bankshares, Inc.		(10,725	)		(356,713	)		397.7
Universal Health Realty Income Trust		(886	)		(44,468	)		49.6
Upwork, Inc.		(289	)		(6,060	)		6.8
UroGen Pharma Ltd.		(733	)		(5,175	)		5.8
Utz Brands, Inc.		(5,939	)		(83,859	)		93.5
UWM Holdings Corp.		(15,608	)		(57,906	)		64.6
Vaxcyte, Inc.		(8,321	)		(201,451	)		224.6
Velodyne Lidar, Inc.		(16,195	)		(30,447	)		33.9
Verint Systems, Inc.		(1,409	)		(76,875	)		85.7
Verra Mobility Corp.		(3,408	)		(47,814	)		53.3
ViaSat, Inc.		(1,151	)		(42,368	)		47.2
Vicor Corp.		(1,853	)		(112,144	)		125.0
Vir Biotechnology, Inc.		(7,742	)		(157,550	)		175.7
Visteon Corp.		(1,008	)		(105,548	)		117.7
Volta, Inc.		(33,890	)		(70,830	)		79.0
Waterstone Financial, Inc.		(351	)		(5,637	)		6.3
Weis Markets, Inc.		(801	)		(63,984	)		71.3
Westamerica BanCorp		(1,348	)		(79,424	)		88.6
White Mountains Insurance Group Ltd.		(8	)		(8,384	)		9.3
Whiting Petroleum Corp.		(3,215	)		(234,856	)		261.9
WideOpenWest, Inc.		(2,546	)		(51,047	)		56.9
Winnebago Industries, Inc.		(3,819	)		(203,094	)		226.5
Wolverine World Wide, Inc.		(397	)		(7,869	)		8.8
Worthington Industries, Inc.		(3,984	)		(189,519	)		211.3
WSFS Financial Corp.		(3,253	)		(130,348	)		145.3
WW International, Inc.		(1,867	)		(18,278	)		20.4
XBiotech, Inc.		(528	)		(4,097	)		4.6
Xenia Hotels & Resorts, Inc.		(7,097	)		(136,901	)		152.6
XL Fleet Corp.		(116,477	)		(163,068	)		181.8
Xperi Holding Corp.		(7,089	)		(110,588	)		123.3
Zomedica Corp.		(12,729	)		(3,144	)		3.5
Zumiez, Inc.		(603	)		(22,088	)		24.6
					(36,725,507	)

50 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Preferred Stocks
Germany
Draegerwerk AG & Co. KGaA, Preference Shares		(1,463	)	$	(72,404	)		80.7	%
Rights
Switzerland
Mobimo Holding AG Right		(294	)		(1,024	)		1.1
Total Reference Entity — Short					(105,516,139	)
Net Value of Reference Entity — Bank of America N.A.				$	(89,684	)

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Argentina
Globant SA		252	$	54,430		(15.0	)%
MercadoLibre, Inc.		197		191,805		(53.0	)
				246,235
Australia
AGL Energy Ltd.		55,510		337,439		(93.1	)
Altium Ltd.		2,987		67,289		(18.6	)
Alumina Ltd.		624,148		785,800		(216.9	)
AMP Ltd.		45,101		36,438		(10.0	)
Aristocrat Leisure Ltd.		44,433		1,030,949		(284.6	)
Atlas Arteria Ltd.		80,232		389,773		(107.6	)
Aurizon Holdings Ltd.		89,047		251,479		(69.4	)
BlueScope Steel Ltd.		7,229		102,765		(28.4	)
Boral Ltd.		82,481		205,759		(56.8	)
carsales.com Ltd.		7,837		115,698		(31.9	)
Challenger Ltd.		4,472		22,626		(6.2	)
Charter Hall Group		27,189		292,211		(80.7	)
Commonwealth Bank of Australia		5,760		418,657		(115.6	)
CSR Ltd.		112,891		483,465		(133.4	)
Deterra Royalties Ltd.		64,344		217,977		(60.2	)
Domain Holdings Australia Ltd.		69,064		168,194		(46.4	)
Domino’s Pizza Enterprises Ltd.		1,458		76,430		(21.1	)
Flight Centre Travel Group Ltd.		76,727		1,198,231		(330.8	)
Goodman Group		3,423		56,972		(15.7	)
Harvey Norman Holdings Ltd.		81,719		291,088		(80.3	)
IGO Ltd.		30,869		280,672		(77.5	)
Iluka Resources Ltd.		26,792		209,859		(57.9	)
Insignia Financial Ltd.		121,170		291,273		(80.4	)
JB Hi-Fi Ltd.		19,843		734,912		(202.9	)
Macquarie Group Ltd.		1,081		155,624		(43.0	)
Magellan Financial Group Ltd.		3,716		42,039		(11.6	)
Medibank Pvt Ltd.		147,124		330,609		(91.3	)
Metcash Ltd.		182,033		611,080		(168.7	)
Mirvac Group		54,208		91,616		(25.3	)
Origin Energy Ltd.		14,889		71,216		(19.6	)
Orora Ltd.		34,284		96,075		(26.5	)
OZ Minerals Ltd.		5,823		101,075		(27.9	)

Security	Shares		Value		% of Basket Value
Australia (continued)
Perpetual Ltd.		21,135	$	485,888		(134.1	)%
Pilbara Minerals Ltd.		35,630		69,111		(19.1	)
Platinum Asset Management Ltd.		201,252		263,343		(72.7	)
Pro Medicus Ltd.		5,202		170,125		(47.0	)
QBE Insurance Group Ltd.		34,548		298,055		(82.3	)
Qube Holdings Ltd.		37,022		76,504		(21.1	)
REA Group Ltd.		1,450		129,902		(35.8	)
Scentre Group		34,043		70,929		(19.6	)
SEEK Ltd.		10,350		202,812		(56.0	)
Sonic Healthcare Ltd.		5,328		137,602		(38.0	)
South32 Ltd.		102,936		342,812		(94.6	)
Star Entertainment Grp Ltd.		101,977		225,235		(62.2	)
Stockland		37,022		107,158		(29.6	)
Telstra Corp. Ltd.		48,964		138,992		(38.4	)
Wesfarmers Ltd.		7,022		242,983		(67.1	)
Westpac Banking Corp.		2,963		49,601		(13.7	)
WiseTech Global Ltd.		3,980		123,391		(34.1	)
Woodside Petroleum Ltd.		8,856		192,672		(53.2	)
				12,892,405
Austria
ams-OSRAM AG		8,019		98,098		(27.1	)
ANDRITZ AG		6,734		286,269		(79.0	)
Erste Group Bank AG		4,072		126,785		(35.0	)
Raiffeisen Bank International AG		6,644		75,631		(20.9	)
				586,783
Belgium
Elia Group SA		909		144,693		(39.9	)
KBC Group NV		1,087		73,951		(20.4	)
Umicore SA		1,221		46,939		(13.0	)
Warehouses De Pauw CVA		8,612		331,305		(91.5	)
				596,888
Bermuda
Helen of Troy Ltd.		189		40,542		(11.2	)
Hiscox Ltd.		31,752		377,032		(104.0	)
RenaissanceRe Holdings Ltd.		242		34,732		(9.6	)
				452,306
Canada
Air Canada		2,858		50,056		(13.8	)
Alamos Gold Inc., Class A		69,169		537,350		(148.3	)
AltaGas Ltd.		6,382		145,957		(40.3	)
ARC Resources Ltd.		7,793		108,040		(29.8	)
Aritzia Inc.		5,961		212,288		(58.6	)
Atco Ltd., Class I		7,592		270,491		(74.7	)
B2Gold Corp.		38,319		162,565		(44.9	)
Baytex Energy Corp.		29,520		150,972		(41.7	)
BCE, Inc.		17,679		939,926		(259.5	)
Boralex, Inc., Class A		4,740		142,091		(39.2	)
Brookfield Infrastructure Corp., Class A		2,896		205,480		(56.7	)
CAE, Inc.		11,555		274,787		(75.9	)
Canada Goose Holdings, Inc.		11,732		255,406		(70.5	)
Canadian Utilities Ltd., Class A		28,922		869,472		(240.0	)
Cargojet, Inc.		2,429		283,788		(78.3	)
Cenovus Energy Inc.		3,358		62,081		(17.1	)
CGI, Inc.		11,339		904,190		(249.6	)
CI Financial Corp.		20,944		273,080		(75.4	)
Colliers International Group, Inc.		2,105		232,432		(64.2	)
Crescent Point Energy Corp.		65,032		450,539		(124.4	)
Descartes Systems Group Inc.		7,438		461,976		(127.5	)
Emera, Inc.		20,362		983,190		(271.4	)

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
Enbridge, Inc.		6,684	$	291,679		(80.5	)%
Enerplus Corp.		37,644		461,228		(127.3	)
Equinox Gold Corp.		4,826		34,411		(9.5	)
First Capital Real Estate Investment Trust		3,465		46,177		(12.7	)
First Majestic Silver Corp.		1,597		16,496		(4.6	)
FirstService Corp.		1,063		132,543		(36.6	)
Franco-Nevada Corp.		4,551		688,256		(190.0	)
George Weston Ltd.		1,537		191,214		(52.8	)
GFL Environmental, Inc.		505		15,213		(4.2	)
Hydro One Ltd.		10,718		289,757		(80.0	)
IGM Financial, Inc.		12,221		387,278		(106.9	)
Imperial Oil Ltd.		5,330		268,357		(74.1	)
Innergex Renewable Energy Inc.		15,671		209,817		(57.9	)
Ivanhoe Mines Ltd., Class A		8,478		67,975		(18.8	)
Keyera Corp.		18,127		449,700		(124.1	)
Kinaxis, Inc.		3,152		348,802		(96.3	)
Lululemon Athletica, Inc.		3,651		1,294,754		(357.4	)
Lundin Mining Corp.		15,682		143,191		(39.5	)
NexGen Energy Ltd.		72,885		359,134		(99.1	)
Northland Power, Inc.		409		12,343		(3.4	)
Nutrien Ltd.		282		27,712		(7.7	)
Osisko Gold Royalties Ltd.		42,662		525,035		(144.9	)
Pan American Silver Corp.		7,975		197,722		(54.6	)
Parex Resources, Inc.		7,109		138,566		(38.3	)
Pembina Pipeline Corp.		490		18,541		(5.1	)
Ritchie Bros Auctioneers, Inc.		3,076		169,430		(46.8	)
Shopify, Inc., Class A		1,517		648,922		(179.1	)
SSR Mining, Inc.		4,334		95,340		(26.3	)
Stantec, Inc.		3,492		160,295		(44.3	)
Summit Industrial Income REIT		22,217		351,764		(97.1	)
TC Energy Corp.		29,286		1,549,047		(427.6	)
Teck Resources Ltd., Class B		3,757		148,215		(40.9	)
TELUS Corp.		19,443		486,434		(134.3	)
TFI International, Inc.		1,826		146,887		(40.5	)
TMX Group Ltd.		2,810		286,086		(79.0	)
Turquoise Hill Resources Ltd.		4,758		129,816		(35.8	)
Vermilion Energy Inc.		13,909		271,002		(74.8	)
Wheaton Precious Metals Corp.		18,503		829,333		(228.9	)
Whitecap Resources, Inc.		12,190		99,919		(27.6	)
Yamana Gold, Inc.		95,361		526,299		(145.3	)
				20,490,847
China
Budweiser Brewing Co. APAC Ltd.		6,800		16,920		(4.7	)
Chow Tai Fook Jewellery Group Ltd.		15,200		25,486		(7.0	)
				42,406
Denmark
Coloplast A/S, Class B		1,374		185,117		(51.1	)
Demant A/S		1,881		82,658		(22.8	)
Genmab A/S		57		20,043		(5.5	)
GN Store Nord A/S		5,162		193,727		(53.5	)
H Lundbeck A/S		12,453		285,400		(78.8	)
ISS A/S		11,701		192,061		(53.0	)
Jyske Bank A/S		4,723		261,154		(72.1	)
Novo Nordisk A/S, Class B		3,763		429,833		(118.7	)
SimCorp A/S		2,393		167,526		(46.2	)
Tryg A/S		2,128		50,598		(14.0	)
				1,868,117
Finland
Kesko OYJ, B Shares		5,687		143,178		(39.5	)

Security	Shares		Value		% of Basket Value
Finland (continued)
Metso Outotec OYJ		23,195	$	197,504		(54.5	)%
Nokia OYJ		66,941		339,396		(93.7	)
Nokian Renkaat OYJ		5,607		75,294		(20.8	)
Nordea Bank Abp		3,345		33,350		(9.2	)
Outokumpu OYJ		58,518		287,280		(79.3	)
Valmet OYJ		7,738		207,230		(57.2	)
Wartsila OYJ Abp		33,067		265,523		(73.3	)
				1,548,755
Germany
1&1 AG		3,691		77,781		(21.5	)
Bayerische Motoren Werke AG		7,940		648,426		(179.0	)
Beiersdorf AG		3,995		401,260		(110.8	)
Commerzbank AG		53,501		349,272		(96.4	)
Covestro AG		7,977		343,454		(94.8	)
CTS Eventim AG & Co. KGaA		5,605		384,705		(106.2	)
Deutsche Bank AG		21,794		217,925		(60.2	)
E.ON SE		76,075		791,709		(218.5	)
Fraport AG Frankfurt Airport Services Worldwide		19,718		1,053,716		(290.9	)
Freenet AG		8,377		231,777		(64.0	)
GEA Group AG		96		3,737		(1.0	)
Hannover Rueck SE		3,446		535,614		(147.9	)
HeidelbergCement AG		1,953		112,507		(31.1	)
Hochtief AG		9,315		563,729		(155.6	)
HUGO BOSS AG		1,421		79,694		(22.0	)
Infineon Technologies AG		8,414		238,816		(65.9	)
KION Group AG		2,070		115,146		(31.8	)
LANXESS AG		2,352		90,919		(25.1	)
LEG Immobilien SE		3,018		309,437		(85.4	)
Merck KGaA		3,709		688,121		(189.9	)
MTU Aero Engines AG		357		71,995		(19.9	)
Nemetschek SE		2,401		190,530		(52.6	)
Nordex SE		3,309		47,756		(13.2	)
ProSiebenSat.1 Media SE		5,928		68,206		(18.8	)
Rational AG		228		139,090		(38.4	)
Rheinmetall AG		263		59,287		(16.4	)
Rwe AG		1,854		76,977		(21.2	)
Salzgitter AG		3,093		128,389		(35.4	)
Scout24 AG		5,725		362,096		(100.0	)
Siemens AG		9,988		1,228,074		(339.0	)
Solarworld AG		10		4		(0.0	)
Symrise AG		2,519		299,746		(82.7	)
TAG Immobilien AG		5,656		113,038		(31.2	)
Talanx AG		2,332		96,964		(26.8	)
TeamViewer AG		13,280		159,347		(44.0	)
thyssenkrupp AG		49,851		382,309		(105.5	)
Traton SE		6,693		111,542		(30.8	)
TUI AG		19,544		55,720		(15.4	)
				10,828,815
Hong Kong
AIA Group Ltd.		89,600		880,209		(243.0	)
ASM Pacific Technology Ltd.		1,600		16,124		(4.5	)
Bank of East Asia Ltd.		21,200		31,370		(8.7	)
Cafe de Coral Holdings Ltd.		10,000		15,700		(4.3	)
Dah Sing Banking Group Ltd.		125,600		105,552		(29.1	)
Dah Sing Financial Holdings Ltd.		86,800		252,582		(69.7	)
Dairy Farm International Holdings Ltd.		44,900		121,268		(33.5	)
First Pacific Co. Ltd/Hong Kong		146,000		58,868		(16.3	)
Haitong International Securities Group Ltd.		103,000		16,305		(4.5	)
Hang Lung Group Ltd.		40,000		78,100		(21.6	)

52 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Hong Kong (continued)
Hang Lung Properties Ltd.		93,000	$	177,869		(49.1	)%
HK Electric Investments & HK Electric Investments Ltd., Class SS		95,500		94,320		(26.0	)
Hutchison Port Holdings Trust, Class U		139,800		33,322		(9.2	)
Hutchison Telecommunications Hong Kong Holdings Ltd.		64,000		10,684		(2.9	)
Hysan Development Co. Ltd.		79,000		233,064		(64.3	)
Johnson Electric Holdings Ltd.		8,000		9,084		(2.5	)
Melco Resorts & Entertainment Ltd., ADR		13,729		78,530		(21.7	)
New World Development Co. Ltd.		61,000		233,312		(64.4	)
Pacific Basin Shipping Ltd.		690,000		316,579		(87.4	)
Shangri-La Asia Ltd.		38,000		28,771		(7.9	)
Shun Tak Holdings Ltd.		458,000		92,781		(25.6	)
SITC International Holdings Co. Ltd.		9,000		29,920		(8.3	)
SJM Holdings Ltd.		115,000		48,307		(13.3	)
Sun Hung Kai Properties Ltd.		11,500		132,447		(36.6	)
Swire Pacific Ltd., Class A		97,500		555,351		(153.3	)
Swire Properties Ltd.		284,400		681,581		(188.1	)
Techtronic Industries Co. Ltd.		55,000		734,145		(202.7	)
United Energy Group Ltd.		1,746,000		205,334		(56.7	)
WH Group Ltd.		423,500		292,469		(80.7	)
Wharf Real Estate Investment Co. Ltd.		11,000		51,838		(14.3	)
Xinyi Glass Holdings Ltd.		10,000		22,128		(6.1	)
Yue Yuen Industrial Holdings Ltd.		391,500		575,852		(159.0	)
				6,213,766
Ireland
Adient PLC		5,586		190,706		(52.7	)
Alkermes PLC		10,011		288,817		(79.7	)
Aptiv PLC		4,585		487,844		(134.7	)
Experian PLC		5,978		206,446		(57.0	)
Glanbia PLC		15,459		185,591		(51.2	)
Icon PLC		961		217,388		(60.0	)
James Hardie Industries PLC		12,878		371,250		(102.5	)
Jazz Pharmaceuticals PLC		1,907		305,540		(84.4	)
Kerry Group PLC, Class A		485		53,723		(14.8	)
Kingspan Group PLC		2,903		270,232		(74.6	)
Medtronic PLC		6,026		628,873		(173.6	)
Trane Technologies PLC		3,572		499,687		(137.9	)
				3,706,097
Israel
Airport City Ltd.		10,183		226,701		(62.6	)
Alony Hetz Properties & Investments Ltd.		1,385		22,667		(6.3	)
Amot Investments Ltd.		13,253		100,601		(27.8	)
Bank Hapoalim BM		37,177		344,676		(95.1	)
Bayside Land Corp.		10,950		120,519		(33.3	)
Bezeq The Israeli Telecommunication Corp. Ltd.		173,513		275,068		(75.9	)
Big Shopping Centers Ltd.		672		101,552		(28.0	)
Check Point Software Technologies Ltd.		7,356		928,989		(256.4	)
CyberArk Software Ltd.		695		109,212		(30.2	)
Elbit Systems Ltd.		566		122,860		(33.9	)
Enlight Renewable Energy Ltd.		10,296		22,090		(6.1	)
Fattal Holdings 1998 Ltd.		325		46,876		(12.9	)
Harel Insurance Investments & Financial Services Ltd.		4,563		55,928		(15.4	)
Israel Corp. Ltd.		255		143,276		(39.6	)
Israel Discount Bank Ltd., Class A		87,993		519,725		(143.5	)
Melisron Ltd.		818		66,354		(18.3	)
Mizrahi Tefahot Bank Ltd.		3,332		123,250		(34.0	)
Monday.com Ltd.		1,711		221,403		(61.1	)

Security	Shares		Value		% of Basket Value
Israel (continued)
Nova Measuring Instruments Ltd.		1,819	$	179,372		(49.5	)%
OPC Energy Ltd.		17,656		194,206		(53.6	)
Paz Oil Co. Ltd.		836		129,567		(35.8	)
Phoenix Holdings Ltd.		8,577		107,902		(29.8	)
SolarEdge Technologies, Inc.		82		20,534		(5.7	)
Teva Pharmaceutical Industries Ltd., ADR		55,206		480,844		(132.7	)
				4,664,172
Italy
A2A SpA		120,271		205,490		(56.7	)
Amplifon SpA		2,797		111,586		(30.8	)
Assicurazioni Generali SpA		17,813		337,255		(93.1	)
Atlantia SpA		17,423		415,635		(114.7	)
Azimut Holding SpA		5,099		108,231		(29.9	)
Banca Generali SpA		398		13,158		(3.6	)
Banca Mediolanum SpA		64,459		467,930		(129.2	)
BPER Banca		233,734		390,475		(107.8	)
Buzzi Unicem SpA		578		10,704		(3.0	)
Davide Campari-Milano NV		7,995		90,209		(24.9	)
De’ Longhi SpA		4,162		100,928		(27.9	)
Enel SpA		150,144		976,370		(269.5	)
Hera SpA		6,721		25,067		(6.9	)
Interpump Group SpA		1,171		47,343		(13.1	)
Italgas SpA		8,870		57,430		(15.9	)
Leonardo SpA		16,155		166,257		(45.9	)
Mediobanca Banca di Credito Finanziario SpA		20,847		208,946		(57.7	)
Moncler SpA		8,401		437,639		(120.8	)
Reply SpA		2,284		336,244		(92.8	)
UniCredit SpA		4,678		43,295		(11.9	)
UnipolSai Assicurazioni SpA		77,927		219,196		(60.5	)
				4,769,388
Japan
ABC-Mart, Inc.		8,500		352,495		(97.3	)
Acom Co. Ltd.		113,600		292,148		(80.6	)
Activia Properties, Inc.		93		297,183		(82.0	)
Advantest Corp.		400		27,299		(7.5	)
AEON Financial Service Co. Ltd.		36,000		330,962		(91.4	)
Aica Kogyo Co. Ltd.		13,100		303,241		(83.7	)
Ajinomoto Co., Inc.		23,200		602,772		(166.4	)
Alfresa Holdings Corp.		9,100		123,748		(34.2	)
Alps Alpine Co. Ltd.		25,300		223,971		(61.8	)
Amada Co. Ltd.		19,500		151,417		(41.8	)
Amano Corp.		5,600		107,807		(29.8	)
Anritsu Corp.		25,700		323,165		(89.2	)
Aozora Bank Ltd.		13,200		264,271		(73.0	)
As One Corp.		1,300		69,021		(19.1	)
Asahi Group Holdings Ltd.		2,200		82,924		(22.9	)
Asahi Kasei Corp.		60,300		494,743		(136.6	)
Azbil Corp.		4,200		127,521		(35.2	)
Bandai Namco Holdings, Inc.		1,600		108,325		(29.9	)
Benesse Holdings, Inc.		32,700		572,148		(157.9	)
Calbee, Inc.		24,700		442,436		(122.1	)
Capcom Co. Ltd.		200		5,277		(1.5	)
Casio Computer Co. Ltd.		45,100		467,680		(129.1	)
Chubu Electric Power Co., Inc.		31,900		322,033		(88.9	)
Chugai Pharmaceutical Co. Ltd.		26,500		794,076		(219.2	)
Chugoku Bank Ltd.		24,300		178,691		(49.3	)
Chugoku Electric Power Co., Inc.		14,100		92,870		(25.6	)
Coca-Cola Bottlers Japan Holdings, Inc.		14,800		165,915		(45.8	)
COMSYS Holdings Corp.		16,700		346,729		(95.7	)
Cosmo Energy Holdings Co. Ltd.		1,800		44,720		(12.3	)

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Cosmos Pharmaceutical Corp.		2,400	$	221,250		(61.1	)%
Daifuku Co. Ltd.		1,800		110,679		(30.6	)
Daiichi Sankyo Co. Ltd.		14,400		362,576		(100.1	)
Daikin Industries Ltd.		2,300		351,480		(97.0	)
Daito Trust Construction Co. Ltd.		2,500		240,780		(66.5	)
Daiwa House Industry Co. Ltd.		19,900		478,400		(132.1	)
Dentsu Group, Inc.		7,800		281,125		(77.6	)
DMG Mori Co. Ltd.		48,800		612,458		(169.1	)
Ebara Corp.		5,900		270,971		(74.8	)
Eisai Co. Ltd.		6,500		283,081		(78.1	)
Electric Power Development Co. Ltd.		19,700		269,945		(74.5	)
FP Corp.		3,200		72,375		(20.0	)
Freee KK		2,800		80,789		(22.3	)
FUJIFILM Holdings Corp.		1,300		71,463		(19.7	)
Fujitsu Ltd.		300		45,345		(12.5	)
Furukawa Electric Co. Ltd.		3,600		58,461		(16.1	)
H.U. Group Holdings, Inc.		3,200		71,304		(19.7	)
Hamamatsu Photonics KK		3,500		156,601		(43.2	)
Hirose Electric Co. Ltd.		1,000		126,874		(35.0	)
Hisamitsu Pharmaceutical Co., Inc.		37,400		1,024,637		(282.8	)
Hitachi Construction Machinery Co. Ltd.		4,400		99,622		(27.5	)
Hoya Corp.		2,300		228,257		(63.0	)
Hulic Co. Ltd.		9,900		83,590		(23.1	)
IHI Corp.		1,400		31,745		(8.8	)
Information Services International-Dentsu Ltd.		1,700		48,821		(13.5	)
Internet Initiative Japan, Inc.		18,600		580,530		(160.3	)
ITOCHU Corp.		1,900		57,344		(15.8	)
Itochu Techno-Solutions Corp.		10,800		252,891		(69.8	)
Izumi Co. Ltd.		700		15,214		(4.2	)
J Front Retailing Co. Ltd.		60,200		451,116		(124.5	)
Japan Exchange Group, Inc.		15,700		233,779		(64.5	)
Japan Post Bank Co. Ltd.		81,400		614,105		(169.5	)
Japan Post Holdings Co. Ltd.		93,800		657,712		(181.6	)
Japan Prime Realty Investment Corp.		47		142,587		(39.4	)
Japan Tobacco, Inc.		93,300		1,587,199		(438.1	)
JGC Holdings Corp.		19,300		218,402		(60.3	)
Kakaku.com, Inc.		22,400		469,097		(129.5	)
Kamigumi Co. Ltd.		17,300		293,735		(81.1	)
Kandenko Co. Ltd.		21,300		135,076		(37.3	)
Kansai Paint Co. Ltd.		17,300		238,254		(65.8	)
Kao Corp.		7,600		304,596		(84.1	)
Keisei Electric Railway Co. Ltd.		9,100		223,127		(61.6	)
Kewpie Corp.		8,500		143,155		(39.5	)
Keyence Corp.		500		201,002		(55.5	)
Kintetsu Group Holdings Co. Ltd.		4,800		137,622		(38.0	)
Kobe Bussan Co. Ltd.		34,200		833,772		(230.2	)
Koito Manufacturing Co. Ltd.		10,100		370,615		(102.3	)
Kokuyo Co. Ltd.		15,000		195,363		(53.9	)
Konami Holdings Corp.		7,000		430,454		(118.8	)
Konica Minolta, Inc.		245,700		855,114		(236.1	)
Kuraray Co. Ltd.		28,700		229,535		(63.4	)
Kusuri no Aoki Holdings Co. Ltd.		400		17,722		(4.9	)
Kyocera Corp.		2,000		105,014		(29.0	)
Kyowa Exeo Corp.		9,900		164,813		(45.5	)
Kyowa Kirin Co. Ltd.		9,600		202,337		(55.9	)
Kyudenko Corp.		11,200		253,992		(70.1	)
Lawson, Inc.		6,800		250,105		(69.0	)
Lion Corp.		25,100		258,616		(71.4	)
Lixil Corp.		3,300		58,041		(16.0	)
Mani Inc.		17,800		203,276		(56.1	)
Maruwa Unyu Kikan Co. Ltd.		19,700		229,998		(63.5	)
Mercari, Inc.		1,000		16,387		(4.5	)

Security	Shares		Value		% of Basket Value
Japan (continued)
MISUMI Group, Inc.		4,500	$	112,834		(31.1	)%
Mitsubishi Chemical Holdings Corp.		8,200		50,001		(13.8	)
Mitsubishi Corp.		13,400		449,912		(124.2	)
Mitsubishi HC Capital, Inc.		86,600		389,654		(107.6	)
Mitsubishi Logistics Corp.		13,300		306,532		(84.6	)
Mitsubishi Materials Corp.		7,200		112,631		(31.1	)
Mitsubishi Motors Corp.		242,200		605,744		(167.2	)
Mitsui & Co. Ltd.		6,800		164,667		(45.5	)
Mitsui Fudosan Co. Ltd.		31,800		673,961		(186.0	)
Mitsui Mining & Smelting Co. Ltd.		6,100		154,242		(42.6	)
MS&AD Insurance Group Holdings, Inc.		600		17,860		(4.9	)
Murata Manufacturing Co. Ltd.		1,100		65,568		(18.1	)
Nagoya Railroad Co. Ltd.		400		6,424		(1.8	)
Nankai Electric Railway Co. Ltd.		4,200		74,982		(20.7	)
NEC Corp.		3,700		143,545		(39.6	)
NET One Systems Co. Ltd.		24,700		589,411		(162.7	)
Nichirei Corp.		11,300		207,473		(57.3	)
Nihon Kohden Corp.		12,300		295,275		(81.5	)
Nippon Express Holdings, Inc.		2,300		134,851		(37.2	)
Nippon Steel Corp.		15,600		247,706		(68.4	)
Nippon Telegraph & Telephone Corp.		1,500		44,204		(12.2	)
Nippon Television Holdings, Inc.		24,000		230,357		(63.6	)
Nippon Yusen KK		1,300		93,787		(25.9	)
Nipro Corp.		22,300		175,716		(48.5	)
Nissan Chemical Corp.		2,100		110,927		(30.6	)
Nissin Foods Holdings Co. Ltd.		3,900		271,294		(74.9	)
Nitori Holdings Co. Ltd.		4,800		493,821		(136.3	)
Nitto Denko Corp.		3,800		255,059		(70.4	)
NOK Corp.		14,100		119,967		(33.1	)
Nomura Real Estate Holdings, Inc.		9,400		229,038		(63.2	)
Nomura Research Institute Ltd.		10,500		296,902		(82.0	)
NSK Ltd.		10,500		58,104		(16.0	)
NTT Data Corp.		17,700		326,351		(90.1	)
Obayashi Corp.		48,800		335,604		(92.6	)
OBIC Business Consultants Co. Ltd.		5,400		194,086		(53.6	)
Obic Co. Ltd.		1,200		177,287		(48.9	)
Olympus Corp.		900		15,841		(4.4	)
Omron Corp.		400		23,582		(6.5	)
Otsuka Corp.		8,400		275,286		(76.0	)
Otsuka Holdings Co. Ltd.		16,600		557,800		(154.0	)
PALTAC Corp.		400		14,579		(4.0	)
Panasonic Corp.		1,800		16,044		(4.4	)
Park24 Co. Ltd.		5,200		74,051		(20.4	)
Penta-Ocean Construction Co. Ltd.		24,400		119,389		(33.0	)
PeptiDream, Inc.		7,100		114,515		(31.6	)
Pigeon Corp.		12,600		214,893		(59.3	)
Pola Orbis Holdings, Inc.		36,900		425,425		(117.4	)
Rakuten Group, Inc.		1,800		12,654		(3.5	)
Recruit Holdings Co. Ltd.		6,900		250,343		(69.1	)
Relo Group, Inc.		2,700		38,568		(10.6	)
Renesas Electronics Corp.		17,800		190,068		(52.5	)
Resorttrust, Inc.		2,000		33,647		(9.3	)
Ricoh Co. Ltd.		46,500		339,539		(93.7	)
Rinnai Corp.		1,900		121,447		(33.5	)
Ryohin Keikaku Co. Ltd.		6,600		59,315		(16.4	)
Sankyu Inc.		400		12,196		(3.4	)
Santen Pharmaceutical Co. Ltd.		25,100		204,180		(56.4	)
Sapporo Holdings Ltd.		27,800		578,632		(159.7	)
Sawai Group Holdings Co. Ltd.		6,300		211,331		(58.3	)
SBI Holdings, Inc.		9,900		221,434		(61.1	)
SCSK Corp.		16,800		267,092		(73.7	)
Seino Holdings Co Ltd.		28,200		230,365		(63.6	)

54 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Sekisui House Ltd.		5,900	$	102,471		(28.3	)%
Sekisui House REIT, Inc.		288		168,524		(46.5	)
SG Holdings Co. Ltd.		3,600		63,442		(17.5	)
Shimadzu Corp.		29,500		964,418		(266.2	)
Shimizu Corp.		25,400		133,188		(36.8	)
Shin-Etsu Chemical Co. Ltd.		1,500		206,152		(56.9	)
Shionogi & Co. Ltd.		1,200		66,751		(18.4	)
Skylark Co. Ltd.		7,600		90,179		(24.9	)
SMS Co. Ltd.		3,500		82,140		(22.7	)
Softbank Corp.		21,300		247,886		(68.4	)
SoftBank Group Corp.		400		16,452		(4.5	)
Sompo Holdings, Inc.		900		36,639		(10.1	)
Sony Group Corp.		2,300		198,492		(54.8	)
Sotetsu Holdings Inc.		6,500		111,430		(30.8	)
Square Enix Holdings Co. Ltd.		3,100		123,770		(34.2	)
Sumitomo Chemical Co. Ltd.		121,700		517,493		(142.9	)
Sumitomo Corp.		9,200		145,577		(40.2	)
Sumitomo Dainippon Pharma Co. Ltd.		2,300		20,488		(5.7	)
Sumitomo Forestry Co. Ltd.		10,400		159,108		(43.9	)
Sumitomo Heavy Industries Ltd.		4,100		86,762		(23.9	)
Sumitomo Mitsui Financial Group, Inc.		4,900		148,048		(40.9	)
Sumitomo Mitsui Trust Holdings, Inc.		9,400		291,753		(80.5	)
Sumitomo Rubber Industries Ltd.		4,700		40,739		(11.2	)
Sundrug Co. Ltd.		8,100		188,585		(52.1	)
Suntory Beverage & Food Ltd.		6,300		248,226		(68.5	)
Suzuki Motor Corp.		3,000		90,435		(25.0	)
Sysmex Corp.		4,600		301,749		(83.3	)
Taiheiyo Cement Corp.		15,900		257,255		(71.0	)
Taisei Corp.		3,400		92,099		(25.4	)
Teijin Ltd.		42,500		454,167		(125.4	)
Terumo Corp.		7,100		211,332		(58.3	)
TIS, Inc.		2,800		62,886		(17.4	)
Tohoku Electric Power Co., Inc.		62,900		349,884		(96.6	)
Tokio Marine Holdings, Inc.		12,600		681,265		(188.1	)
Tokyo Gas Co. Ltd.		18,300		350,526		(96.8	)
Tokyo Ohka Kogyo Co. Ltd.		6,100		331,451		(91.5	)
Toray Industries, Inc.		41,500		196,680		(54.3	)
Tosoh Corp.		600		8,285		(2.3	)
TOTO Ltd.		3,200		107,836		(29.8	)
Toyo Seikan Group Holdings Ltd.		3,300		35,694		(9.9	)
Toyo Suisan Kaisha Ltd.		7,700		237,748		(65.6	)
Toyota Tsusho Corp.		1,200		43,113		(11.9	)
Trend Micro, Inc.		8,500		473,934		(130.8	)
Tsumura & Co.		3,900		95,959		(26.5	)
Tsuruha Holdings, Inc.		6,600		337,313		(93.1	)
Unicharm Corp.		12,500		434,900		(120.1	)
Ushio, Inc.		5,000		64,828		(17.9	)
Welcia Holdings Co. Ltd.		23,400		479,678		(132.4	)
Yamada Holdings Co. Ltd.		214,700		641,111		(177.0	)
Yamaguchi Financial Group, Inc.		22,200		121,726		(33.6	)
Yamaha Corp.		9,500		362,966		(100.2	)
Yamaha Motor Co. Ltd.		4,500		92,906		(25.6	)
Yaoko Co. Ltd.		2,900		153,418		(42.4	)
Yaskawa Electric Corp.		5,100		173,173		(47.8	)
Yokohama Rubber Co. Ltd.		19,000		254,383		(70.2	)
Z Holdings Corp.		52,900		207,677		(57.3	)
Zensho Holdings Co. Ltd.		900		21,224		(5.9	)
ZOZO, Inc.		7,900		165,406		(45.7	)
				50,219,627

Security	Shares		Value		% of Basket Value
Luxembourg
Aroundtown SA		17,538	$	88,190		(24.3	)%
L’Occitane International SA		23,000		72,095		(19.9	)
RTL Group SA		4,734		246,156		(68.0	)
				406,441
Macau
MGM China Holdings Ltd.		104,800		59,986		(16.6	)
Wynn Macau Ltd.		131,200		80,586		(22.2	)
				140,572
Mexico
Fresnillo PLC		22,039		213,254		(58.9	)
Netherlands
ABN AMRO Bank NV		24,924		309,834		(85.5	)
ASR Nederland NV		8,103		368,271		(101.7	)
CTP NV		702		9,940		(2.7	)
Heineken Holding NV		5,688		444,018		(122.6	)
Heineken NV		301		29,381		(8.1	)
IMCD NV		3,517		559,985		(154.6	)
ING Groep NV		6,397		60,606		(16.7	)
Koninklijke Vopak NV		6,761		181,802		(50.2	)
OCI NV		4,212		159,603		(44.1	)
PostNL NV		95,438		312,728		(86.3	)
QIAGEN NV		1,913		88,222		(24.4	)
Randstad NV		3,639		192,427		(53.1	)
				2,716,817
New Zealand
a2 Milk Co. Ltd.		44,102		136,987		(37.8	)
Air New Zealand Ltd.		92,334		52,403		(14.5	)
Contact Energy Ltd.		58,064		305,046		(84.2	)
Fisher & Paykel Healthcare Corp. Ltd.		6,806		93,529		(25.8	)
Infratil Ltd.		90,102		487,599		(134.6	)
Xero Ltd.		6,748		444,977		(122.8	)
				1,520,541
Norway
Aker BP ASA		2,711		97,132		(26.8	)
Equinor ASA		33,231		1,123,193		(310.1	)
Nordic Semiconductor ASA		9,429		187,460		(51.7	)
Schibsted ASA, Class A		6,638		138,329		(38.2	)
Schibsted ASA, Class B		723		13,991		(3.9	)
				1,560,105
Portugal
EDP - Energias de Portugal SA		102,021		475,485		(131.3	)
Jeronimo Martins SGPS SA		7,212		150,130		(41.4	)
				625,615
Puerto Rico
Popular, Inc.		4,379		341,518		(94.3	)
Singapore
ComfortDelGro Corp. Ltd.		260,700		275,389		(76.0	)
Jardine Cycle & Carriage Ltd.		900		18,758		(5.2	)
Mapletree Commercial Trust		76,700		103,156		(28.5	)
NetLink NBN Trust		777,900		562,493		(155.3	)
SATS Ltd.		32,900		107,421		(29.6	)
Sea Ltd., ADR		2,736		226,431		(62.5	)
Sembcorp Marine Ltd.		165,700		12,993		(3.6	)
SIA Engineering Co. Ltd.		36,600		70,290		(19.4	)
Singapore Post Ltd.		1,187,100		609,606		(168.3	)

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Singapore (continued)
StarHub Ltd.		158,800	$	144,037		(39.8	)%
United Overseas Bank Ltd.		27,300		584,390		(161.3	)
				2,714,964
Spain
Acciona SA		1,094		214,148		(59.1	)
Banco Bilbao Vizcaya Argentaria SA		124,016		650,743		(179.6	)
Bankinter SA		88,768		522,389		(144.2	)
Endesa SA		6,453		135,238		(37.3	)
Grifols SA		15,247		255,368		(70.5	)
Inmobiliaria Colonial Socimi SA		46,205		384,212		(106.1	)
Merlin Properties Socimi SA		26,796		291,103		(80.4	)
Naturgy Energy Group SA		1,949		58,630		(16.2	)
Solaria Energia y Medio Ambiente SA		650		14,619		(4.0	)
				2,526,450
Sweden
Alfa Laval AB		12,109		337,069		(93.0	)
Autoliv, Inc.		851		62,702		(17.3	)
Castellum AB		5,303		105,017		(29.0	)
Electrolux AB, Class B		16,549		252,379		(69.7	)
Elekta AB, B Shares		53,231		358,525		(99.0	)
Epiroc AB, Class A		8,046		163,117		(45.0	)
Epiroc AB, Class B		15,027		262,159		(72.4	)
EQT AB		3,692		104,490		(28.8	)
Essity AB, Class B		18,332		483,433		(133.5	)
Hexagon AB, B Shares		10,430		134,577		(37.2	)
Holmen AB, B Shares		14,829		857,098		(236.6	)
Indutrade AB		11,338		267,439		(73.8	)
Investment AB Latour, B Shares		9,336		247,334		(68.3	)
Lifco AB, B Shares		467		9,796		(2.7	)
Lundin Energy AB		5,103		210,988		(58.2	)
Nibe Industrier AB, B Shares		22,142		217,089		(59.9	)
Saab AB, Class B		1,007		42,595		(11.8	)
Sagax AB, Class B		6,799		173,677		(47.9	)
Skanska AB, B Shares		1,786		34,116		(9.4	)
Spotify Technology SA		5,730		582,454		(160.8	)
SSAB AB, A Shares		12,141		77,109		(21.3	)
Svenska Handelsbanken AB, A Shares		1,444		14,565		(4.0	)
Swedish Match AB		47,664		379,633		(104.8	)
Tele2 AB, B Shares		9,024		119,607		(33.0	)
				5,496,968
Switzerland
Adecco Group AG		1,068		41,214		(11.4	)
Baloise Holding AG		605		105,234		(29.0	)
Barry Callebaut AG		180		414,280		(114.4	)
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		6		711,797		(196.5	)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		56		628,039		(173.4	)
Cie Financiere Richemont SA, Class A		3,363		390,749		(107.9	)
Flughafen Zurich AG		4,534		766,693		(211.6	)
Idorsia Ltd.		15,312		261,351		(72.1	)
Julius Baer Group Ltd.		1,678		80,188		(22.1	)
Logitech International SA		2,010		130,808		(36.1	)
Lonza Group AG		174		102,596		(28.3	)
SIG Combibloc Group AG		8,511		178,182		(49.2	)
Sika AG		5,656		1,727,670		(476.9	)
Straumann Holding AG		2,240		264,077		(72.9	)
Swatch Group AG		3,623		929,817		(256.7	)

Security	Shares		Value		% of Basket Value
Switzerland (continued)
Swiss Prime Site AG		5,778	$	564,768		(155.9	)%
Temenos AG		1,714		173,021		(47.8	)
UBS Group AG		19,127		324,712		(89.6	)
				7,795,196
United Kingdom
Abrdn PLC		34,049		79,951		(22.1	)
Ashtead Group PLC		1,994		103,104		(28.5	)
ASOS PLC		7,214		125,614		(34.7	)
Atlantica Sustainable Infrastructure PLC		16,287		503,268		(138.9	)
BAE Systems PLC		48,516		448,126		(123.7	)
Barclays PLC		226,967		417,197		(115.2	)
Barratt Developments PLC		72,986		446,531		(123.3	)
Beazley PLC		127,930		694,296		(191.7	)
Bellway PLC		5,002		151,922		(41.9	)
British American Tobacco PLC		6,896		289,028		(79.8	)
British Land Co. PLC		18,063		116,351		(32.1	)
Capri Holdings Ltd.		1,684		80,327		(22.2	)
Centrica PLC		194,797		193,003		(53.3	)
Croda International PLC		4,847		470,772		(130.0	)
Dechra Pharmaceuticals PLC		9,442		427,867		(118.1	)
Derwent London PLC		2,212		83,928		(23.2	)
Direct Line Insurance Group PLC		100,717		319,663		(88.2	)
Drax Group PLC		59,429		600,572		(165.8	)
easyJet PLC		31,342		217,184		(60.0	)
Endeavour Mining PLC		3,240		79,294		(21.9	)
Halma PLC		5,171		158,727		(43.8	)
Hammerson PLC		40		14		(0.0	)
Hargreaves Lansdown PLC		37,827		433,057		(119.5	)
Imperial Brands PLC		30,327		631,273		(174.3	)
InterContinental Hotels Group PLC		9,947		635,014		(175.3	)
International Consolidated Airlines Group SA		211,222		374,341		(103.3	)
Intertek Group PLC		5,635		351,145		(96.9	)
ITV PLC		62,226		57,463		(15.9	)
Janus Henderson Group PLC		10,235		311,963		(86.1	)
Legal & General Group PLC		41,897		130,597		(36.0	)
Liberty Global PLC, Class A		41,569		946,110		(261.2	)
Liberty Global PLC, Class C		24,846		588,850		(162.5	)
Linde PLC		4,691		1,463,404		(404.0	)
Melrose Industries PLC		104,701		152,141		(42.0	)
Natwest Group PLC		87,481		234,693		(64.8	)
Nomad Foods Ltd.		22,123		408,391		(112.7	)
Phoenix Group Holdings PLC		12,188		92,317		(25.5	)
Quilter PLC		49,365		81,318		(22.4	)
Schroders PLC		9,920		350,178		(96.7	)
Segro PLC		11,036		184,766		(51.0	)
Smiths Group PLC		14,794		270,720		(74.7	)
Spectris PLC		33,040		1,208,402		(333.6	)
Spirax-Sarco Engineering PLC		4,726		713,132		(196.9	)
SSE PLC		2,503		58,134		(16.0	)
SSP Group PLC		33,056		97,569		(26.9	)
Tate & Lyle PLC		109,850		1,067,698		(294.7	)
Taylor Wimpey PLC		102,091		160,564		(44.3	)
THG PLC		14,747		19,799		(5.5	)
Travis Perkins PLC		21,526		328,324		(90.6	)
Tritax Big Box REIT PLC		37,297		113,855		(31.4	)
Weir Group PLC		3,674		70,631		(19.5	)
Whitbread PLC		45,140		1,575,695		(435.0	)
				19,118,283

56 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States
A O Smith Corp.		2,365	$	138,187		(38.1	)%
AbbVie, Inc.		2,566		376,894		(104.0	)
ABIOMED, Inc.		706		202,325		(55.9	)
Acadia Healthcare Co., Inc.		3,277		222,443		(61.4	)
Advanced Micro Devices, Inc.		121		10,348		(2.9	)
Aflac, Inc.		939		53,786		(14.8	)
Agilent Technologies, Inc.		13,048		1,556,235		(429.6	)
Airbnb, Inc., Class A		595		91,160		(25.2	)
Alaska Air Group, Inc.		1,709		92,953		(25.7	)
Alcoa Corp.		357		24,205		(6.7	)
Alexandria Real Estate Equities, Inc.		3,993		727,365		(200.8	)
Align Technology, Inc.		1,148		332,817		(91.9	)
Ally Financial, Inc.		13,454		537,622		(148.4	)
Alphabet, Inc., Class A		21		47,926		(13.2	)
Alphabet, Inc., Class C		31		71,279		(19.7	)
Altice USA, Inc., Class A		63,568		589,911		(162.8	)
Altria Group, Inc.		58,690		3,261,403		(900.3	)
Ambarella, Inc.		2,464		202,245		(55.8	)
AMC Entertainment Holdings, Inc., Class A		7,917		121,130		(33.4	)
American Airlines Group, Inc.		25,561		479,780		(132.4	)
American Express Co.		60		10,483		(2.9	)
American International Group, Inc.		7,021		410,799		(113.4	)
American Tower Corp.		3,942		950,101		(262.3	)
American Water Works Co., Inc.		431		66,408		(18.3	)
Ameriprise Financial, Inc.		432		114,692		(31.7	)
AMETEK, Inc.		6,684		843,922		(233.0	)
AMN Healthcare Services, Inc.		1,859		181,717		(50.2	)
Amphenol Corp., Class A		5,260		376,090		(103.8	)
Antero Midstream Corp.		36,779		377,720		(104.3	)
Aon PLC, Class A		850		244,792		(67.6	)
Applied Materials, Inc.		1,669		184,174		(50.8	)
AptarGroup, Inc.		2,604		299,017		(82.5	)
Arch Capital Group Ltd.		9,027		412,263		(113.8	)
Arista Networks, Inc.		978		113,027		(31.2	)
Asbury Automotive Group, Inc.		1,456		267,482		(73.8	)
ASGN, Inc.		4,501		510,638		(141.0	)
Atmos Energy Corp.		7,381		837,005		(231.1	)
Autodesk, Inc.		111		21,010		(5.8	)
AutoZone, Inc.		52		101,684		(28.1	)
AvalonBay Communities, Inc.		6,102		1,388,083		(383.2	)
Avantor, Inc.		18,604		593,096		(163.7	)
Avnet, Inc.		8,610		375,913		(103.8	)
Axalta Coating Systems Ltd.		18,809		477,184		(131.7	)
Axon Enterprise, Inc.		7,507		842,285		(232.5	)
Baker Hughes Co.		20		620		(0.2	)
Ball Corp.		9,779		793,664		(219.1	)
Bank of America Corp.		16,017		571,487		(157.8	)
Bank of New York Mellon Corp.		18,760		789,046		(217.8	)
Baxter International, Inc.		3,037		215,809		(59.6	)
Biogen, Inc.		447		92,726		(25.6	)
BioMarin Pharmaceutical, Inc.		3,973		323,204		(89.2	)
Black Hills Corp.		403		29,516		(8.1	)
Blackline, Inc.		8,880		595,404		(164.4	)
Block, Inc.		3,339		332,364		(91.7	)
Blueprint Medicines Corp.		3,728		217,529		(60.0	)
Boeing Co.		20,672		3,076,820		(849.4	)
Booking Holdings, Inc.		408		901,806		(248.9	)
Booz Allen Hamilton Holding Corp.		15,086		1,231,470		(339.9	)
BorgWarner, Inc.		16,113		593,442		(163.8	)
Boston Properties, Inc.		2,935		345,156		(95.3	)
Brighthouse Financial, Inc.		8,310		426,802		(117.8	)
Bristol-Myers Squibb Co.		1,191		89,647		(24.7	)

Security	Shares		Value		% of Basket Value
United States (continued)
Brixmor Property Group, Inc.		24,563	$	623,409		(172.1	)%
Brown & Brown, Inc.		3,041		188,481		(52.0	)
Bruker Corp.		16,048		922,600		(254.7	)
Builders FirstSource, Inc.		5,357		329,830		(91.0	)
CACI International, Inc., Class A		939		249,117		(68.8	)
Camden Property Trust		6,651		1,043,475		(288.1	)
Capital One Financial Corp.		1,794		223,568		(61.7	)
Carnival Corp.		78,788		1,363,032		(376.3	)
Carnival PLC		21,674		339,810		(93.8	)
Carrier Global Corp.		1,217		46,575		(12.9	)
Catalent, Inc.		3,244		293,777		(81.1	)
Cboe Global Markets, Inc.		4,122		465,704		(128.6	)
ChampionX Corp.		18,445		389,190		(107.4	)
Charles River Laboratories International, Inc.		2,331		562,960		(155.4	)
Charles Schwab Corp.		6,345		420,864		(116.2	)
Chart Industries, Inc.		463		78,164		(21.6	)
Charter Communications, Inc., Class A		2,544		1,090,079		(300.9	)
Chegg, Inc.		2,048		50,668		(14.0	)
Chemed Corp.		335		164,616		(45.4	)
Cheniere Energy, Inc.		1,167		158,490		(43.8	)
Chesapeake Energy Corp.		18,109		1,485,300		(410.0	)
Chevron Corp.		1,049		164,347		(45.4	)
Choice Hotels International, Inc.		2,909		408,598		(112.8	)
Ciena Corp.		3,350		184,820		(51.0	)
Cincinnati Financial Corp.		2,098		257,341		(71.0	)
Cirrus Logic, Inc.		3,162		239,680		(66.2	)
Cisco Systems, Inc.		7,818		382,926		(105.7	)
Citigroup, Inc.		19,268		928,910		(256.4	)
Clean Harbors, Inc.		1,591		166,944		(46.1	)
Clorox Co.		5,266		755,513		(208.6	)
CMS Energy Corp.		8,792		603,922		(166.7	)
Coca-Cola Co.		7,840		506,542		(139.8	)
Colgate-Palmolive Co.		19,065		1,468,958		(405.5	)
ConocoPhillips		4,350		415,512		(114.7	)
Continental Resources, Inc.		18,433		1,024,322		(282.8	)
CoStar Group, Inc.		6,528		415,311		(114.6	)
Costco Wholesale Corp.		4,399		2,339,036		(645.7	)
Coupa Software, Inc.		5,493		474,046		(130.9	)
Credit Acceptance Corp.		324		166,050		(45.8	)
Crocs, Inc.		4,391		291,694		(80.5	)
Crown Castle International Corp.		9,122		1,689,486		(466.4	)
CubeSmart		7,037		334,328		(92.3	)
Cummins, Inc.		1,914		362,110		(100.0	)
Danaher Corp.		2,476		621,798		(171.6	)
DaVita, Inc.		1,050		113,789		(31.4	)
DexCom, Inc.		233		95,199		(26.3	)
Dick’s Sporting Goods, Inc.		2,935		282,993		(78.1	)
Digital Turbine, Inc.		1,065		33,707		(9.3	)
Dominion Energy, Inc.		282		23,022		(6.4	)
Domino’s Pizza, Inc.		139		46,982		(13.0	)
Donaldson Co., Inc.		6,374		312,581		(86.3	)
DraftKings, Inc., Class A		3,939		53,886		(14.9	)
Duke Realty Corp.		9,166		501,839		(138.5	)
East West Bancorp, Inc.		9,762		696,031		(192.1	)
Eaton Corp. PLC		1,316		190,846		(52.7	)
eBay, Inc.		6,420		333,326		(92.0	)
Ecolab, Inc.		4,610		780,657		(215.5	)
Edison International		1,158		79,659		(22.0	)
Elanco Animal Health, Inc.		842		21,311		(5.9	)
Eli Lilly & Co.		2,793		815,919		(225.2	)
EOG Resources, Inc.		11,314		1,321,023		(364.7	)
EPAM Systems, Inc.		504		133,555		(36.9	)

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
EQT Corp.		748	$	29,733		(8.2	)%
Equifax, Inc.		1,660		337,843		(93.3	)
Equinix, Inc.		1,305		938,399		(259.0	)
Equity LifeStyle Properties, Inc.		4,175		322,644		(89.1	)
Equity Residential		962		78,403		(21.6	)
Erie Indemnity Co., Class A		1,616		259,012		(71.5	)
Etsy, Inc.		4,899		456,538		(126.0	)
Evercore, Inc., Class A		1,574		166,451		(45.9	)
Evoqua Water Technologies Corp.		10,275		428,365		(118.3	)
Exelixis, Inc.		7,215		161,183		(44.5	)
Expedia Group, Inc.		563		98,384		(27.2	)
Expeditors International of Washington, Inc.		7,425		735,595		(203.1	)
Exxon Mobil Corp.		8,103		690,781		(190.7	)
F5, Inc.		427		71,484		(19.7	)
FactSet Research Systems, Inc.		31		12,508		(3.5	)
Fair Isaac Corp.		1,033		385,836		(106.5	)
Fate Therapeutics, Inc.		5,316		151,825		(41.9	)
Federal Realty Investment Trust		5,151		602,976		(166.5	)
First Industrial Realty Trust, Inc.		5,236		303,688		(83.8	)
First Solar, Inc.		978		71,423		(19.7	)
Floor & Decor Holdings, Inc., Class A		5,453		434,713		(120.0	)
Fortinet, Inc.		975		281,785		(77.8	)
Fox Corp., Class A		27,746		994,417		(274.5	)
Fox Corp., Class B		15,112		502,323		(138.7	)
FTI Consulting, Inc.		878		138,469		(38.2	)
Gap, Inc.		24,813		308,177		(85.1	)
Garmin Ltd.		8,489		931,583		(257.2	)
General Dynamics Corp.		16,418		3,883,350		(1,072.0	)
General Electric Co.		15,270		1,138,378		(314.2	)
Global Payments, Inc.		3,634		497,785		(137.4	)
Globe Life, Inc.		690		67,675		(18.7	)
Globus Medical, Inc., Class A		5,343		353,813		(97.7	)
Goodyear Tire & Rubber Co.		31,640		421,445		(116.3	)
Guidewire Software, Inc.		9,271		806,021		(222.5	)
H&R Block, Inc.		1,579		41,165		(11.4	)
Halliburton Co.		904		32,200		(8.9	)
Halozyme Therapeutics, Inc.		2,774		110,683		(30.6	)
Hanesbrands, Inc.		6,346		84,148		(23.2	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,307		172,237		(47.5	)
Harley-Davidson, Inc.		11,311		412,286		(113.8	)
Hartford Financial Services Group, Inc.		9,505		664,685		(183.5	)
Healthcare Realty Trust, Inc.		2,269		61,445		(17.0	)
HealthEquity, Inc.		3,307		206,092		(56.9	)
Healthpeak Properties, Inc.		1,403		46,032		(12.7	)
HEICO Corp.		4,064		573,959		(158.4	)
HEICO Corp., Class A		4,982		581,100		(160.4	)
Helmerich & Payne, Inc.		4,289		197,423		(54.5	)
Henry Schein, Inc.		3,091		250,680		(69.2	)
Herbalife Nutrition Ltd.		10,751		285,762		(78.9	)
Hewlett Packard Enterprise Co.		466		7,181		(2.0	)
Hexcel Corp.		12,329		670,204		(185.0	)
Highwoods Properties, Inc.		21,756		888,515		(245.3	)
Hologic, Inc.		6,072		437,123		(120.7	)
Home Depot, Inc.		1,002		301,001		(83.1	)
Honeywell International, Inc.		2,747		531,572		(146.7	)
Horizon Therapeutics PLC		2,000		197,120		(54.4	)
Houlihan Lokey, Inc.		443		36,897		(10.2	)
HubSpot, Inc.		647		245,491		(67.8	)
Huntington Bancshares, Inc.		20,938		275,335		(76.0	)
Huntington Ingalls Industries, Inc.		12,934		2,751,579		(759.6	)
Huntsman Corp.		6,182		209,384		(57.8	)

Security	Shares		Value		% of Basket Value
United States (continued)
Hyatt Hotels Corp., Class A		339	$	32,191		(8.9	)%
IDACORP, Inc.		666		70,050		(19.3	)
IDEXX Laboratories, Inc.		1,100		473,528		(130.7	)
II-VI, Inc.		2,769		169,490		(46.8	)
Illinois Tool Works, Inc.		2,342		461,632		(127.4	)
Illumina, Inc.		890		264,019		(72.9	)
Incyte Corp.		370		27,735		(7.7	)
Integra LifeSciences Holdings Corp.		6,211		379,865		(104.9	)
Intellia Therapeutics, Inc.		1,095		53,688		(14.8	)
Interactive Brokers Group, Inc., Class A		58		3,454		(1.0	)
Intercontinental Exchange, Inc.		2,561		296,589		(81.9	)
International Game Technology PLC		30,086		656,777		(181.3	)
Interpublic Group of Cos., Inc.		8,840		288,361		(79.6	)
Intuit, Inc.		854		357,613		(98.7	)
Iridium Communications, Inc.		9,873		352,565		(97.3	)
ITT, Inc.		1,541		108,209		(29.9	)
Jacobs Engineering Group, Inc.		1,578		218,632		(60.4	)
JB Hunt Transport Services, Inc.		1,900		324,615		(89.6	)
JetBlue Airways Corp.		14,122		155,483		(42.9	)
Johnson Controls International PLC		8,663		518,654		(143.2	)
Jones Lang LaSalle, Inc.		1,219		266,632		(73.6	)
JPMorgan Chase & Co.		2,540		303,174		(83.7	)
Kellogg Co.		4,434		303,729		(83.8	)
Keurig Dr Pepper, Inc.		15,730		588,302		(162.4	)
KeyCorp		8,833		170,565		(47.1	)
Keysight Technologies, Inc.		4,060		569,496		(157.2	)
Kinder Morgan, Inc.		9,046		164,185		(45.3	)
Kirby Corp.		4,431		288,901		(79.8	)
KLA Corp.		2,252		718,974		(198.5	)
Lamar Advertising Co., Class A		5,077		560,552		(154.7	)
Landstar System, Inc.		483		74,817		(20.7	)
Las Vegas Sands Corp.		1,350		47,831		(13.2	)
Lear Corp.		5,054		646,609		(178.5	)
Leggett & Platt, Inc.		9,630		343,117		(94.7	)
Leidos Holdings, Inc.		1,877		194,288		(53.6	)
Lennox International, Inc.		1,180		251,564		(69.4	)
Leslie’s, Inc.		10,002		196,039		(54.1	)
Levi Strauss & Co., Class A		24,484		443,405		(122.4	)
Liberty Media Corp. - Liberty SiriusXM, Class C		690		28,897		(8.0	)
Life Storage, Inc.		660		87,443		(24.1	)
Lincoln Electric Holdings, Inc.		3,711		499,983		(138.0	)
Lincoln National Corp.		19,521		1,174,188		(324.1	)
Lithia Motors, Inc.		1,586		449,044		(124.0	)
Live Nation Entertainment, Inc.		1,824		191,301		(52.8	)
Livent Corp.		18,715		399,752		(110.4	)
Lockheed Martin Corp.		6,530		2,821,744		(778.9	)
Lowe’s Cos., Inc.		1,297		256,456		(70.8	)
LPL Financial Holdings, Inc.		2,283		428,907		(118.4	)
Lumen Technologies, Inc.		24,367		245,132		(67.7	)
Lumentum Holdings, Inc.		3,690		299,665		(82.7	)
MACOM Technology Solutions Holdings, Inc., Class H		8,153		415,395		(114.7	)
Manhattan Associates, Inc.		4,090		533,950		(147.4	)
ManpowerGroup, Inc.		558		50,332		(13.9	)
Marathon Oil Corp.		22,574		562,544		(155.3	)
MarketAxess Holdings, Inc.		1,583		417,295		(115.2	)
Martin Marietta Materials, Inc.		1,469		520,349		(143.6	)
Marvell Technology, Inc.		2,066		119,993		(33.1	)
Masimo Corp.		15,587		1,760,863		(486.1	)
Matson, Inc.		544		46,795		(12.9	)
MaxLinear, Inc.		4,132		197,799		(54.6	)
Medical Properties Trust, Inc.		15,419		283,555		(78.3	)

58 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Merck & Co., Inc.		4,534	$	402,120		(111.0	)%
Meritage Homes Corp.		1,146		94,602		(26.1	)
MetLife, Inc.		18,433		1,210,679		(334.2	)
MGIC Investment Corp.		18,154		237,091		(65.4	)
Microchip Technology, Inc.		3,126		203,815		(56.3	)
Microsoft Corp.		494		137,095		(37.8	)
MicroStrategy, Inc., Class A		26		9,208		(2.5	)
Mid-America Apartment Communities, Inc.		8,908		1,752,025		(483.6	)
Molson Coors Beverage Co., Class B		14,235		770,683		(212.7	)
MongoDB, Inc.		471		167,172		(46.1	)
Monolithic Power Systems, Inc.		1,264		495,791		(136.9	)
Moody’s Corp.		843		266,793		(73.6	)
Morningstar, Inc.		3,736		946,067		(261.2	)
Murphy USA, Inc.		1,709		399,222		(110.2	)
National Vision Holdings, Inc.		6,841		257,564		(71.1	)
NetApp, Inc.		9,452		692,359		(191.1	)
Netflix, Inc.		4,631		881,557		(243.4	)
New Relic, Inc.		2,299		145,458		(40.2	)
New York Community Bancorp, Inc.		52,466		484,786		(133.8	)
New York Times Co., Class A		977		37,439		(10.3	)
Newell Brands, Inc.		15,454		357,760		(98.8	)
Nexstar Media Group, Inc., Class A		412		65,269		(18.0	)
Nordson Corp.		772		166,513		(46.0	)
Nordstrom, Inc.		32,315		830,495		(229.3	)
Norfolk Southern Corp.		959		247,307		(68.3	)
Northrop Grumman Corp.		2,076		912,194		(251.8	)
NortonLifeLock, Inc.		746		18,680		(5.2	)
Norwegian Cruise Line Holdings Ltd.		16,820		336,905		(93.0	)
NOV, Inc.		7,209		130,699		(36.1	)
Novocure Ltd.		1,647		126,127		(34.8	)
NRG Energy, Inc.		10,843		389,264		(107.5	)
Nutanix, Inc., Class A		20,552		514,417		(142.0	)
NVIDIA Corp.		600		111,282		(30.7	)
Occidental Petroleum Corp.		4,200		231,378		(63.9	)
Okta, Inc.		1,369		163,335		(45.1	)
Old Dominion Freight Line, Inc.		405		113,449		(31.3	)
Old National Bancorp		7,408		112,305		(31.0	)
Omnicell, Inc.		4,535		495,086		(136.7	)
ONEOK, Inc.		4,898		310,190		(85.6	)
Oracle Corp.		961		70,537		(19.5	)
Ormat Technologies, Inc.		7,496		582,439		(160.8	)
Oshkosh Corp.		1,015		93,827		(25.9	)
Ovintiv Inc.		6,788		347,418		(95.9	)
PACCAR, Inc.		1,670		138,694		(38.3	)
PacWest Bancorp		4,874		160,306		(44.3	)
Palo Alto Networks, Inc.		337		189,151		(52.2	)
Papa John’s International, Inc.		781		71,110		(19.6	)
Park Hotels & Resorts, Inc.		15,711		309,664		(85.5	)
Paycom Software, Inc.		3,729		1,049,602		(289.7	)
Paylocity Holding Corp.		2,829		536,463		(148.1	)
PayPal Holdings, Inc.		4,911		431,824		(119.2	)
Penn National Gaming, Inc.		1,807		66,082		(18.2	)
Penske Automotive Group, Inc.		6,263		656,488		(181.2	)
Pentair PLC		6,407		325,155		(89.8	)
Penumbra, Inc.		793		136,840		(37.8	)
Perrigo Co. PLC		5,270		180,761		(49.9	)
Pfizer, Inc.		7,431		364,639		(100.7	)
PG&E Corp.		24,061		304,372		(84.0	)
Phillips 66		7,818		678,290		(187.2	)
Pinnacle Financial Partners, Inc.		4,720		366,036		(101.0	)
Planet Fitness, Inc., Class A		10,202		816,466		(225.4	)
Plug Power, Inc.		7,222		151,806		(41.9	)

Security	Shares		Value		% of Basket Value
United States (continued)
PNC Financial Services Group, Inc.		3,579	$	594,472		(164.1	)%
Portland General Electric Co.		3,989		188,799		(52.1	)
Power Integrations, Inc.		9,187		734,960		(202.9	)
PPG Industries, Inc.		1,345		172,147		(47.5	)
Principal Financial Group, Inc.		7,283		496,264		(137.0	)
PTC, Inc.		3,531		403,276		(111.3	)
Public Service Enterprise Group, Inc.		2,529		176,170		(48.6	)
Public Storage		766		284,569		(78.6	)
PulteGroup, Inc.		12,935		540,166		(149.1	)
PVH Corp.		7,371		536,461		(148.1	)
Qorvo, Inc.		1,467		166,915		(46.1	)
Qualys, Inc.		4,570		622,800		(171.9	)
Quidel Corp.		1,664		167,432		(46.2	)
Radian Group, Inc.		15,193		324,978		(89.7	)
Ralph Lauren Corp.		10,372		1,082,214		(298.7	)
Rapid7, Inc.		7,264		693,857		(191.5	)
Raytheon Technologies Corp.		18,853		1,789,338		(493.9	)
Regency Centers Corp.		1,577		108,545		(30.0	)
Reinsurance Group of America, Inc.		235		25,220		(7.0	)
Reliance Steel & Aluminum Co.		2,124		421,083		(116.2	)
Repligen Corp.		527		82,865		(22.9	)
ResMed, Inc.		787		157,376		(43.4	)
Rexford Industrial Realty, Inc.		1,847		144,140		(39.8	)
RingCentral, Inc., Class A		8,275		702,134		(193.8	)
Robert Half International, Inc.		114		11,207		(3.1	)
Roku, Inc.		6,143		570,685		(157.5	)
Roper Technologies, Inc.		632		296,989		(82.0	)
Royal Caribbean Cruises Ltd.		14,841		1,153,591		(318.4	)
Ryder System, Inc.		7,834		547,597		(151.2	)
salesforce.com, Inc.		345		60,699		(16.8	)
Schlumberger NV		21,742		848,155		(234.1	)
Science Applications International Corp.		2,345		195,174		(53.9	)
Seagen, Inc.		633		82,929		(22.9	)
SEI Investments Co.		196		10,921		(3.0	)
Semtech Corp.		226		13,470		(3.7	)
Sensata Technologies Holding PLC		9,951		451,875		(124.7	)
Service Corp. International		7,028		461,107		(127.3	)
ServiceNow, Inc.		168		80,321		(22.2	)
Silicon Laboratories, Inc.		1,560		210,460		(58.1	)
Simon Property Group, Inc.		3,140		370,520		(102.3	)
Sirius XM Holdings, Inc.		231,494		1,388,964		(383.4	)
SiteOne Landscape Supply, Inc.		3,689		520,260		(143.6	)
SL Green Realty Corp.		5,419		375,103		(103.5	)
Snap, Inc., Class A		15,885		452,087		(124.8	)
Spirit AeroSystems Holdings, Inc., Class A		2,155		90,596		(25.0	)
STAAR Surgical Co.		3,008		171,727		(47.4	)
Stifel Financial Corp.		9,085		561,907		(155.1	)
STORE Capital Corp.		12,072		343,207		(94.7	)
Stryker Corp.		152		36,672		(10.1	)
Switch, Inc., Class A		2,000		59,720		(16.5	)
Synchrony Financial		26,360		970,312		(267.9	)
Syneos Health, Inc.		10,415		761,232		(210.1	)
Sysco Corp.		5		427		(0.1	)
Tandem Diabetes Care, Inc.		3,422		330,155		(91.1	)
Teledyne Technologies, Inc.		529		228,290		(63.0	)
Teleflex, Inc.		1,038		296,474		(81.8	)
Tenable Holdings, Inc.		4,963		274,106		(75.7	)
Teradata Corp.		974		40,275		(11.1	)
Teradyne, Inc.		1,646		173,587		(47.9	)
Tesla, Inc.		78		67,919		(18.7	)
Tetra Tech, Inc.		3,864		538,178		(148.6	)
Texas Instruments, Inc.		675		114,919		(31.7	)

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Textron, Inc.		51,674	$	3,578,424		(987.8	)%
Thermo Fisher Scientific, Inc.		260		143,759		(39.7	)
Timken Co.		5,976		344,457		(95.1	)
TJX Cos., Inc.		17,274		1,058,551		(292.2	)
TransDigm Group, Inc.		564		335,473		(92.6	)
Travel + Leisure Co.		32,145		1,783,405		(492.3	)
Travelers Cos., Inc.		1,453		248,550		(68.6	)
Trex Co., Inc.		191		11,114		(3.1	)
TripAdvisor, Inc.		6,261		160,720		(44.4	)
Truist Financial Corp.		9,910		479,149		(132.3	)
Twilio, Inc., Class A		3,334		372,808		(102.9	)
U.S. Bancorp		551		26,757		(7.4	)
UDR, Inc.		15,001		798,203		(220.3	)
Ulta Beauty, Inc.		741		294,029		(81.2	)
Ultragenyx Pharmaceutical, Inc.		1,377		97,340		(26.9	)
Union Pacific Corp.		1,953		457,568		(126.3	)
United Airlines Holdings, Inc.		7,260		366,630		(101.2	)
United Parcel Service, Inc., Class B		3,127		562,797		(155.4	)
United Rentals, Inc.		2,025		640,953		(176.9	)
United States Steel Corp.		6,904		210,503		(58.1	)
United Therapeutics Corp.		371		65,875		(18.2	)
UnitedHealth Group, Inc.		373		189,689		(52.4	)
Unum Group		1,044		31,863		(8.8	)
Valero Energy Corp.		7,524		838,776		(231.5	)
Valvoline, Inc.		3,187		96,343		(26.6	)
Varonis Systems, Inc.		3,471		149,947		(41.4	)
Veeva Systems, Inc., Class A		4,290		780,565		(215.5	)
Verisk Analytics, Inc.		1,187		242,207		(66.9	)
VF Corp.		1,933		100,516		(27.7	)
ViacomCBS, Inc., Class B		13,133		382,433		(105.6	)
Viatris, Inc.		9,627		99,447		(27.5	)
Visa, Inc., Class A		5,021		1,070,126		(295.4	)
Vistra Corp.		36,558		914,681		(252.5	)
Voya Financial, Inc.		8,861		559,484		(154.4	)
Walt Disney Co.		5,514		615,528		(169.9	)
Waters Corp.		1,943		588,768		(162.5	)
Watsco, Inc.		44		11,738		(3.2	)
Wells Fargo & Co.		6,957		303,534		(83.8	)
Western Alliance Bancorp		4,063		309,235		(85.4	)
Western Union Co.		64,236		1,076,595		(297.2	)
Westrock Co.		219		10,847		(3.0	)
WEX, Inc.		1,205		200,319		(55.3	)
Whirlpool Corp.		2,907		527,679		(145.7	)
Willis Towers Watson PLC		484		103,992		(28.7	)
Wintrust Financial Corp.		4,528		395,385		(109.1	)
Workday, Inc., Class A		3,740		773,058		(213.4	)
World Wrestling Entertainment, Inc., Class A		7,910		461,865		(127.5	)
Wynn Resorts Ltd.		221		15,576		(4.3	)
XPO Logistics, Inc.		4,816		259,053		(71.5	)
Ziff Davis, Inc.		3,318		293,178		(80.9	)
Zions Bancorp NA		4,879		275,712		(76.1	)
Zoetis, Inc.		1,100		194,975		(53.8	)
Zoom Video Communications, Inc., Class A		674		67,110		(18.5	)
Zscaler, Inc.		1,882		381,557		(105.3	)
				182,154,350

Security	Shares			Value			% of Basket Value
United States (continued)
Preferred Stocks
Germany
Fuchs Petrolub SE, Preference Shares		15,295		$	482,423			(133.2	)%
Sartorius AG, Preference Shares		21			7,874			(2.2	)
					490,297
Warrants
Australia
Magellan Financial Group Ltd.		465			514			(0.1	)
Total Reference Entity — Long					346,948,492
Reference Entity — Short
Common Stocks
Australia
Appen Ltd.		(51,925	)		(237,190	)		65.5
Beach Energy Ltd.		(450,251	)		(513,339	)		141.7
Bendigo & Adelaide Bank Ltd.		(8,891	)		(66,903	)		18.5
BHP Group Ltd.		(8,319	)		(278,790	)		76.9
Mineral Resources Ltd.		(9,855	)		(400,440	)		110.5
Newcrest Mining Ltd.		(12,030	)		(225,916	)		62.4
Newcrest Mining Ltd. NPV		(13,589	)		(256,833	)		70.9
Orica Ltd.		(11,813	)		(135,741	)		37.5
Reece Ltd.		(55,625	)		(675,822	)		186.5
Seven Group Holdings Ltd.		(24,241	)		(338,208	)		93.3
TPG Telecom Ltd.		(147,198	)		(603,406	)		166.6
Vicinity Centres		(1,079,633	)		(1,408,720	)		388.9
					(5,141,308	)
Austria
BAWAG Group AG		(6,288	)		(298,579	)		82.4
OMV AG		(15,054	)		(769,525	)		212.4
Telekom Austria AG		(6,015	)		(42,885	)		11.9
					(1,110,989	)
Belgium
Anheuser-Busch InBev SA/NV		(2,644	)		(152,135	)		42.0
Etablissements Franz Colruyt NV		(665	)		(24,419	)		6.7
Galapagos NV		(388	)		(22,781	)		6.3
Solvay SA		(2,935	)		(275,999	)		76.2
					(475,334	)
Bermuda
Everest Re Group Ltd.		(1,336	)		(367,013	)		101.3
Signet Jewelers Ltd.		(4,232	)		(297,086	)		82.0
Triton International Ltd.		(550	)		(33,599	)		9.3
					(697,698	)
Canada
AbCellera Biologics, Inc.		(30,582	)		(234,564	)		64.8
Alimentation Couche-Tard, Inc.		(18,254	)		(812,631	)		224.3
Allied Properties Real Estate Investment Trust		(25,638	)		(832,813	)		229.9
Brookfield Asset Management, Inc., Class A		(1,816	)		(90,584	)		25.0
Canadian Apartment Properties REIT		(17,460	)		(683,912	)		188.8
Canadian Solar, Inc.		(8,841	)		(243,304	)		67.2
Canadian Tire Corp. Ltd., Class A		(3,130	)		(431,132	)		119.0
Capital Power Corp.		(16,945	)		(556,897	)		153.7
CCL Industries, Inc., Class B		(12,704	)		(553,887	)		152.9
Constellation Software, Inc.		(341	)		(536,689	)		148.2
Dollarama, Inc.		(179	)		(9,952	)		2.7
Dream Industrial Real Estate Investment Trust		(35,178	)		(409,655	)		113.1
Element Fleet Management Corp.		(22,936	)		(204,784	)		56.5

60 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
Empire Co. Ltd.		(13,129	)	$	(433,631	)		119.7	%
Fairfax Financial Holdings Ltd.		(1,693	)		(930,244	)		256.8
Finning International, Inc.		(2,989	)		(84,087	)		23.2
H&R Real Estate Investment Trust		(47,851	)		(476,033	)		131.4
iA Financial Corp., Inc.		(8,203	)		(428,907	)		118.4
Loblaw Cos. Ltd.		(11,925	)		(1,090,808	)		301.1
MEG Energy Corp.		(24,507	)		(368,182	)		101.6
Metro, Inc.		(24,581	)		(1,351,080	)		373.0
National Bank of Canada		(826	)		(57,688	)		15.9
Nuvei Corp.		(4,844	)		(270,885	)		74.8
Onex Corp.		(4,691	)		(281,865	)		77.8
Parkland Corp.		(9,919	)		(281,745	)		77.8
Power Corp. of Canada		(41,940	)		(1,234,058	)		340.7
Quebecor, Inc., Class B		(6,178	)		(145,379	)		40.1
Saputo, Inc.		(6,054	)		(129,407	)		35.7
SmartCentres Real Estate Investment Trust		(17,598	)		(428,632	)		118.3
SNC-Lavalin Group Inc.		(1,416	)		(31,491	)		8.7
Stelco Holdings, Inc.		(3,565	)		(130,123	)		35.9
Sun Life Financial, Inc.		(4,482	)		(222,975	)		61.6
Topicus.com, Inc.		(1,042	)		(64,808	)		17.9
Toromont Industries Ltd.		(119	)		(10,476	)		2.9
Tourmaline Oil Corp.		(418	)		(21,527	)		5.9
					(14,074,835	)
China
Futu Holdings Ltd., ADR		(11,647	)		(372,587	)		102.9
Yangzijiang Shipbuilding Holdings Ltd.		(469,200	)		(306,117	)		84.5
					(678,704	)
Denmark
Ambu A/S, Class B		(6,674	)		(87,846	)		24.2
AP Moller - Maersk A/S, Class A		(50	)		(141,532	)		39.1
AP Moller - Maersk A/S, Class B		(128	)		(370,461	)		102.2
Carlsberg A/S, Class B		(887	)		(112,679	)		31.1
Chr Hansen Holding A/S		(2,961	)		(230,691	)		63.7
Danske Bank A/S		(14,330	)		(219,806	)		60.7
Orsted A/S		(3,961	)		(438,207	)		121.0
Rockwool International A/S, B Shares		(421	)		(117,745	)		32.5
Royal Unibrew A/S		(2,993	)		(257,970	)		71.2
Vestas Wind Systems A/S		(7,851	)		(200,208	)		55.3
					(2,177,145	)
Finland
Elisa OYJ		(3,190	)		(187,002	)		51.6
Huhtamaki OYJ		(3,127	)		(118,201	)		32.6
Kojamo OYJ		(6,265	)		(124,631	)		34.4
Kone OYJ, Class B		(1,761	)		(84,665	)		23.4
Orion OYJ, Class B		(2,038	)		(79,936	)		22.1
UPM-Kymmene OYJ		(51,688	)		(1,788,006	)		493.6
					(2,382,441	)
France
Constellium SE		(9,376	)		(156,485	)		43.2
Germany
Adidas AG		(6,771	)		(1,365,434	)		376.9
AIXTRON SE		(3,065	)		(78,577	)		21.7
Aurubis AG		(1,507	)		(171,255	)		47.3
Auto1 Group SE		(16,833	)		(176,244	)		48.7
Bayer AG		(1,666	)		(109,741	)		30.3
Bayerische Motoren Werke AG		(2,370	)		(174,594	)		48.2
Bechtle AG		(3,278	)		(151,475	)		41.8
Brenntag SE		(7,462	)		(575,794	)		159.0

Security	Shares			Value			% of Basket Value
Germany (continued)
Carl Zeiss Meditec AG		(278	)	$	(34,918	)		9.6	%
Continental AG		(2,307	)		(158,124	)		43.7
Daimler Truck Holding AG		(23,947	)		(644,048	)		177.8
Delivery Hero SE		(1,907	)		(67,037	)		18.5
Deutsche Lufthansa AG		(18,663	)		(138,845	)		38.3
Deutsche Telekom AG		(57,850	)		(1,065,663	)		294.2
Deutsche Wohnen SE		(3,438	)		(98,464	)		27.2
DWS Group GmbH & Co. KGaA		(3,967	)		(130,548	)		36.0
Evotec SE		(5,233	)		(127,415	)		35.2
Fielmann AG		(6,702	)		(338,799	)		93.5
Fresenius Medical Care AG & Co. KGaA		(9,307	)		(578,773	)		159.8
Fresenius SE & Co. KGaA		(10,948	)		(386,989	)		106.8
Puma SE		(1,856	)		(136,562	)		37.7
Siemens Healthineers AG		(9,979	)		(533,577	)		147.3
Siltronic AG		(7,030	)		(660,181	)		182.2
SUSE SA		(14,821	)		(480,298	)		132.6
Telefonica Deutschland Holding AG		(36,415	)		(109,519	)		30.2
Uniper SE		(7,805	)		(200,625	)		55.4
Volkswagen AG		(779	)		(168,935	)		46.6
Vonovia SE		(19,641	)		(782,516	)		216.0
Wacker Chemie AG		(932	)		(147,879	)		40.8
					(9,792,829	)
Hong Kong
Hongkong Land Holdings Ltd.		(38,000	)		(177,269	)		48.9
Jardine Matheson Holdings Ltd.		(400	)		(21,252	)		5.9
Vitasoy International Holdings Ltd.		(188,000	)		(340,858	)		94.1
					(539,379	)
Ireland
AerCap Holdings NV		(5,043	)		(235,559	)		65.0
Allegion PLC		(1,648	)		(188,267	)		52.0
Bank of Ireland Group PLC		(16,746	)		(101,493	)		28.0
DCC PLC		(12,815	)		(970,979	)		268.0
Smurfit Kappa Group PLC		(9,901	)		(418,374	)		115.5
					(1,914,672	)
Isle of Man
GVC Holdings PLC		(27,164	)		(510,420	)		140.9
Israel
Ashtrom Group Ltd.		(40,084	)		(1,117,789	)		308.6
Fiverr International Ltd.		(860	)		(45,795	)		12.6
Global-e Online Ltd.		(9,465	)		(213,341	)		58.9
Inmode Ltd.		(8,296	)		(208,313	)		57.5
ironSource Ltd., Class A		(15,792	)		(60,483	)		16.7
Kornit Digital Ltd.		(334	)		(22,211	)		6.1
Shapir Engineering and Industry Ltd.		(35,642	)		(333,474	)		92.1
Shikun & Binui Ltd.		(5,539	)		(32,655	)		9.0
Wix.com Ltd.		(3,814	)		(287,804	)		79.4
ZIM Integrated Shipping Services Ltd.		(4,373	)		(243,270	)		67.2
					(2,565,135	)
Italy
DiaSorin SpA		(2,098	)		(274,821	)		75.9
FinecoBank Banca Fineco SpA		(20,061	)		(278,875	)		77.0
Infrastrutture Wireless Italiane SpA		(62,558	)		(667,514	)		184.3
Intesa Sanpaolo SpA		(35,205	)		(71,738	)		19.8
Nexi SpA		(15,329	)		(150,346	)		41.5
Poste Italiane SpA		(9,197	)		(90,123	)		24.9
Prysmian SpA		(2,634	)		(85,671	)		23.6
Recordati Industria Chimica e Farmaceutica SpA		(7,256	)		(349,655	)		96.5

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Italy (continued)
Snam SpA		(109,656	)	$	(601,419	)		166.0	%
Unipol Gruppo SpA		(66,123	)		(360,543	)		99.5
					(2,930,705	)
Japan
Advance Residence Investment Corp.		(18	)		(49,447	)		13.6
AEON REIT Investment Corp.		(100	)		(114,811	)		31.7
AGC, Inc.		(1,900	)		(71,230	)		19.7
Ain Holdings, Inc.		(7,900	)		(354,352	)		97.8
Air Water, Inc.		(5,600	)		(74,328	)		20.5
Aisin Corp.		(5,700	)		(165,588	)		45.7
Ariake Japan Co. Ltd.		(1,300	)		(52,158	)		14.4
Asahi Intecc Co. Ltd.		(2,300	)		(44,445	)		12.3
Asics Corp.		(2,800	)		(44,175	)		12.2
ASKUL Corp.		(15,300	)		(187,357	)		51.7
Bank of Kyoto Ltd.		(500	)		(21,784	)		6.0
Benefit One, Inc.		(10,400	)		(157,689	)		43.5
Bridgestone Corp.		(10,800	)		(395,860	)		109.3
Brother Industries Ltd.		(12,000	)		(208,555	)		57.6
Canon Marketing Japan, Inc.		(2,700	)		(58,752	)		16.2
Central Japan Railway Co.		(2,500	)		(314,713	)		86.9
Chiba Bank Ltd.		(12,200	)		(70,312	)		19.4
Concordia Financial Group Ltd.		(89,400	)		(325,336	)		89.8
Credit Saison Co. Ltd.		(7,000	)		(78,844	)		21.8
CyberAgent, Inc.		(2,800	)		(29,582	)		8.2
Dai Nippon Printing Co. Ltd.		(7,500	)		(156,735	)		43.3
Daicel Corp.		(16,700	)		(102,087	)		28.2
Daido Steel Co. Ltd.		(1,600	)		(45,640	)		12.6
Dai-ichi Life Holdings, Inc.		(3,200	)		(64,077	)		17.7
Daiichikosho Co. Ltd.		(1,200	)		(32,730	)		9.0
Daio Paper Corp.		(800	)		(9,539	)		2.6
Daiwa House REIT Investment Corp.		(87	)		(211,758	)		58.5
Daiwa Securities Group, Inc.		(69,800	)		(342,099	)		94.4
DeNA Co. Ltd.		(7,200	)		(104,357	)		28.8
Denka Co. Ltd.		(3,400	)		(91,147	)		25.2
Descente Ltd.		(1,000	)		(19,204	)		5.3
DIC Corp.		(6,900	)		(131,574	)		36.3
East Japan Railway Co.		(18,500	)		(964,715	)		266.3
ENEOS Holdings, Inc.		(117,900	)		(414,844	)		114.5
Ezaki Glico Co. Ltd.		(5,100	)		(146,210	)		40.4
Fancl Corp.		(21,300	)		(407,746	)		112.6
Fast Retailing Co. Ltd.		(400	)		(184,162	)		50.8
Fuji Electric Co. Ltd.		(7,000	)		(306,955	)		84.7
Fuji Kyuko Co. Ltd.		(18,100	)		(572,763	)		158.1
Fuji Media Holdings, Inc.		(17,900	)		(154,599	)		42.7
Fuji Oil Holdings, Inc.		(6,700	)		(95,085	)		26.2
Fujitsu General Ltd.		(20,500	)		(364,369	)		100.6
Fukuoka Financial Group, Inc.		(11,300	)		(206,466	)		57.0
Fukuyama Transporting Co. Ltd.		(800	)		(22,392	)		6.2
Fuyo General Lease Co. Ltd.		(700	)		(37,873	)		10.5
GMO internet, Inc.		(7,000	)		(139,896	)		38.6
Goldwin, Inc.		(5,700	)		(285,898	)		78.9
GS Yuasa Corp.		(3,500	)		(60,691	)		16.8
Hachijuni Bank Ltd.		(127,800	)		(421,451	)		116.3
Hakuhodo DY Holdings, Inc.		(11,900	)		(140,439	)		38.8
Haseko Corp.		(19,000	)		(208,184	)		57.5
Heiwa Corp.		(7,700	)		(115,774	)		32.0
Hikari Tsushin, Inc.		(1,400	)		(163,931	)		45.2
Hitachi Ltd.		(6,300	)		(298,787	)		82.5
Hitachi Metals Ltd.		(30,400	)		(474,382	)		130.9
Horiba Ltd.		(4,800	)		(233,536	)		64.5

Security	Shares			Value			% of Basket Value
Japan (continued)
House Foods Group, Inc.		(8,700	)	$	(203,618	)		56.2	%
Ibiden Co. Ltd.		(3,200	)		(119,590	)		33.0
Idemitsu Kosan Co. Ltd.		(6,200	)		(163,401	)		45.1
Iida Group Holdings Co. Ltd.		(7,600	)		(120,875	)		33.4
Industrial & Infrastructure Fund Investment Corp.		(48	)		(68,874	)		19.0
Isetan Mitsukoshi Holdings Ltd.		(1,700	)		(12,617	)		3.5
Isuzu Motors Ltd.		(4,800	)		(55,996	)		15.5
Ito En Ltd.		(900	)		(36,986	)		10.2
Iwatani Corp.		(13,000	)		(517,228	)		142.8
Iyo Bank Ltd.		(20,000	)		(96,978	)		26.8
Japan Airlines Co. Ltd.		(23,800	)		(392,925	)		108.5
Japan Airport Terminal Co. Ltd.		(10,200	)		(422,652	)		116.7
Japan Aviation Electronics Industry Ltd.		(36,600	)		(511,782	)		141.3
Japan Hotel REIT Investment Corp.		(554	)		(281,369	)		77.7
Japan Logistics Fund, Inc.		(36	)		(87,858	)		24.3
Japan Metropolitan Fund Invest		(225	)		(178,836	)		49.4
Japan Post Insurance Co. Ltd.		(9,000	)		(145,528	)		40.2
Japan Real Estate Investment Corp.		(25	)		(120,996	)		33.4
JCR Pharmaceuticals Co. Ltd.		(5,500	)		(102,217	)		28.2
JTEKT Corp.		(3,900	)		(27,190	)		7.5
Justsystems Corp.		(21,100	)		(917,077	)		253.2
Kagome Co. Ltd.		(5,200	)		(130,135	)		35.9
Kajima Corp.		(17,800	)		(198,372	)		54.8
Kaken Pharmaceutical Co. Ltd.		(4,500	)		(136,360	)		37.6
Kaneka Corp.		(2,900	)		(77,597	)		21.4
Kawasaki Heavy Industries Ltd.		(1,500	)		(26,674	)		7.4
Keihan Holdings Co. Ltd.		(1,300	)		(27,729	)		7.7
Keikyu Corp.		(5,100	)		(51,370	)		14.2
Kenedix Office Investment Corp.		(12	)		(62,720	)		17.3
Kinden Corp.		(6,100	)		(72,282	)		20.0
Kobayashi Pharmaceutical Co. Ltd.		(1,100	)		(75,014	)		20.7
Kobe Steel Ltd.		(27,200	)		(117,921	)		32.5
Kotobuki Spirits Co. Ltd.		(4,900	)		(257,922	)		71.2
K’s Holdings Corp.		(13,700	)		(135,673	)		37.4
Kubota Corp.		(4,400	)		(74,750	)		20.6
Kurita Water Industries Ltd.		(3,900	)		(133,054	)		36.7
Kyushu Electric Power Co., Inc.		(9,800	)		(61,509	)		17.0
Kyushu Financial Group, Inc.		(3,900	)		(11,969	)		3.3
Lintec Corp.		(6,000	)		(111,766	)		30.8
Mabuchi Motor Co. Ltd.		(2,300	)		(61,430	)		17.0
Marui Group Co. Ltd.		(4,500	)		(77,479	)		21.4
Maruichi Steel Tube Ltd.		(5,300	)		(113,114	)		31.2
Matsui Securities Co. Ltd.		(25,000	)		(154,621	)		42.7
Matsumotokiyoshi Holdings Co. Ltd.		(1,300	)		(42,972	)		11.9
McDonald’s Holdings Co. Japan Ltd.		(27,000	)		(1,071,167	)		295.7
Mebuki Financial Group, Inc.		(144,200	)		(290,346	)		80.1
Medipal Holdings Corp.		(21,700	)		(357,364	)		98.6
MEIJI Holdings Co. Ltd.		(7,900	)		(393,790	)		108.7
Menicon Co. Ltd.		(1,600	)		(34,175	)		9.4
MINEBEA MITSUMI, Inc.		(11,300	)		(216,804	)		59.8
Mitsubishi Electric Corp.		(33,200	)		(347,746	)		96.0
Mitsubishi Estate Co. Ltd.		(20,500	)		(298,615	)		82.4
Mitsubishi Gas Chemical Co., Inc.		(4,600	)		(67,174	)		18.5
Mitsubishi UFJ Financial Group, Inc.		(194,300	)		(1,129,538	)		311.8
Mitsui Fudosan Logistics Park, Inc.		(77	)		(330,132	)		91.1
Miura Co. Ltd.		(3,700	)		(77,284	)		21.3
MonotaRO Co. Ltd.		(1,200	)		(20,614	)		5.7
Mori Hills REIT Investment Corp.		(59	)		(66,914	)		18.5
Morinaga & Co. Ltd.		(4,000	)		(124,035	)		34.2
Morinaga Milk Industry Co. Ltd.		(8,400	)		(338,283	)		93.4

62 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Nabtesco Corp.		(800	)	$	(18,246	)		5.0	%
Nagase & Co. Ltd.		(6,200	)		(88,846	)		24.5
NEC Networks & System Integration Corp.		(2,400	)		(34,078	)		9.4
NGK Insulators Ltd.		(14,800	)		(199,084	)		55.0
NGK Spark Plug Co. Ltd.		(7,100	)		(108,951	)		30.1
NH Foods Ltd.		(6,400	)		(202,115	)		55.8
NHK Spring Co. Ltd.		(21,200	)		(136,929	)		37.8
Nidec Corp.		(1,200	)		(77,579	)		21.4
Nifco, Inc.		(1,000	)		(21,114	)		5.8
Nihon Unisys Ltd.		(11,300	)		(285,494	)		78.8
Nintendo Co. Ltd.		(1,200	)		(547,669	)		151.2
Nippon Accommodations Fund, Inc.		(7	)		(34,467	)		9.5
Nippon Building Fund, Inc.		(71	)		(368,583	)		101.7
Nippon Kayaku Co. Ltd.		(102,000	)		(888,963	)		245.4
Nippon Shinyaku Co. Ltd.		(2,400	)		(162,321	)		44.8
Nippon Shokubai Co. Ltd.		(600	)		(24,139	)		6.7
Nishi-Nippon Railroad Co. Ltd.		(7,300	)		(146,035	)		40.3
Nisshin Seifun Group, Inc.		(9,400	)		(125,310	)		34.6
Noevir Holdings Co. Ltd.		(700	)		(27,446	)		7.6
NOF Corp.		(1,100	)		(41,288	)		11.4
Nomura Holdings, Inc.		(171,500	)		(660,353	)		182.3
Nomura Real Estate Master Fund, Inc.		(65	)		(81,610	)		22.5
NS Solutions Corp.		(1,600	)		(47,733	)		13.2
Odakyu Electric Railway Co. Ltd.		(11,100	)		(168,088	)		46.4
Oji Holdings Corp.		(65,600	)		(310,747	)		85.8
OKUMA Corp.		(5,200	)		(185,855	)		51.3
Open House Co. Ltd.		(8,900	)		(344,382	)		95.1
Oracle Corp. Japan		(1,600	)		(102,818	)		28.4
Orient Corp.		(41,200	)		(39,547	)		10.9
Oriental Land Co. Ltd.		(800	)		(121,016	)		33.4
ORIX Corp.		(2,900	)		(52,893	)		14.6
Orix JREIT, Inc.		(39	)		(52,717	)		14.5
OSG Corp.		(4,000	)		(50,250	)		13.9
Pan Pacific International Holdings Corp.		(5,300	)		(81,161	)		22.4
Persol Holdings Co. Ltd.		(1,600	)		(31,743	)		8.8
Rengo Co. Ltd.		(42,900	)		(253,992	)		70.1
RENOVA, Inc.		(5,300	)		(65,301	)		18.0
Rohto Pharmaceutical Co. Ltd.		(5,900	)		(157,557	)		43.5
Sankyo Co. Ltd.		(15,100	)		(434,502	)		119.9
Sansan, Inc.		(4,300	)		(41,025	)		11.3
Sanwa Holdings Corp.		(12,500	)		(113,878	)		31.4
Secom Co. Ltd.		(3,800	)		(267,347	)		73.8
Seibu Holdings, Inc.		(7,400	)		(73,519	)		20.3
Sekisui Chemical Co. Ltd.		(2,700	)		(36,561	)		10.1
Seven Bank Ltd.		(16,900	)		(31,591	)		8.7
SHIFT, Inc.		(200	)		(37,900	)		10.5
Shikoku Electric Power Co., Inc.		(14,900	)		(85,668	)		23.6
Shimamura Co. Ltd.		(600	)		(53,213	)		14.7
Shimano, Inc.		(700	)		(124,029	)		34.2
Shinko Electric Industries Co. Ltd.		(18,000	)		(775,892	)		214.2
Shinsei Bank Ltd.		(2,300	)		(40,333	)		11.1
Ship Healthcare Holdings, Inc.		(1,500	)		(25,056	)		6.9
Shiseido Co. Ltd.		(14,100	)		(666,527	)		184.0
Shizuoka Bank Ltd.		(47,000	)		(304,093	)		83.9
SHO-BOND Holdings Co. Ltd.		(900	)		(37,827	)		10.4
Shochiku Co. Ltd.		(1,500	)		(153,091	)		42.3
Sohgo Security Services Co. Ltd.		(9,100	)		(252,787	)		69.8
Stanley Electric Co. Ltd.		(6,700	)		(115,529	)		31.9
Sugi Holdings Co. Ltd.		(4,100	)		(175,728	)		48.5
Sumitomo Bakelite Co. Ltd.		(4,400	)		(144,369	)		39.8
Sumitomo Electric Industries Ltd.		(69,800	)		(750,408	)		207.1

Security	Shares			Value			% of Basket Value
Japan (continued)
Sushiro Global Holdings Ltd.		(1,200	)	$	(28,477	)		7.9	%
Suzuken Co Ltd/Aichi Japan		(1,800	)		(53,131	)		14.7
Taisho Pharmaceutical Holdings Co. Ltd.		(1,100	)		(43,327	)		12.0
Taiyo Nippon Sanso Corp.		(10,800	)		(194,351	)		53.6
Taiyo Yuden Co. Ltd.		(500	)		(19,644	)		5.4
Takara Holdings, Inc.		(10,300	)		(86,756	)		23.9
TDK Corp.		(11,300	)		(349,076	)		96.4
TechnoPro Holdings Inc.		(1,400	)		(35,655	)		9.8
THK Co. Ltd.		(21,400	)		(424,072	)		117.1
Tobu Railway Co. Ltd.		(5,300	)		(119,134	)		32.9
Toda Corp.		(28,500	)		(163,747	)		45.2
Toho Gas Co. Ltd.		(1,400	)		(32,843	)		9.1
Tokyo Electric Power Co. Holdings, Inc.		(280,500	)		(968,218	)		267.3
Tokyo Tatemono Co. Ltd.		(8,700	)		(122,661	)		33.9
Tokyu Corp.		(24,800	)		(303,275	)		83.7
Tokyu Fudosan Holdings Corp.		(76,400	)		(397,560	)		109.7
Toppan Inc.		(2,800	)		(46,283	)		12.8
Toshiba Corp.		(7,500	)		(311,462	)		86.0
Toshiba TEC Corp.		(1,200	)		(40,677	)		11.2
Toyo Tire Corp.		(18,800	)		(215,635	)		59.5
Toyoda Gosei Co. Ltd.		(9,300	)		(135,427	)		37.4
Toyota Boshoku Corp.		(13,900	)		(221,530	)		61.2
Toyota Industries Corp.		(4,600	)		(275,893	)		76.2
Toyota Motor Corp.		(86,700	)		(1,485,492	)		410.1
TS Tech Co. Ltd.		(7,200	)		(75,136	)		20.7
Ube Industries Ltd.		(9,600	)		(148,846	)		41.1
Ulvac, Inc.		(2,400	)		(94,044	)		26.0
United Urban Investment Corp.		(212	)		(231,957	)		64.0
USS Co. Ltd.		(6,700	)		(111,542	)		30.8
West Japan Railway Co.		(4,300	)		(159,612	)		44.1
Yamato Holdings Co. Ltd.		(50,100	)		(937,471	)		258.8
Yamato Kogyo Co. Ltd.		(13,500	)		(435,688	)		120.3
Yamazaki Baking Co. Ltd.		(16,500	)		(203,975	)		56.3
Yokogawa Electric Corp.		(7,200	)		(114,786	)		31.7
Zenkoku Hosho Co. Ltd.		(1,200	)		(42,115	)		11.6
Zeon Corp.		(7,900	)		(84,125	)		23.2
					(42,313,336	)
Luxembourg
APERAM SA		(4,116	)		(158,867	)		43.9
Tenaris SA		(56,346	)		(861,090	)		237.7
					(1,019,957	)
Netherlands
Adyen NV		(7	)		(11,741	)		3.3
Aegon NV		(82,401	)		(427,223	)		117.9
Alfen Beheer BV		(5,042	)		(453,444	)		125.2
ASM International NV		(873	)		(262,330	)		72.4
BE Semiconductor Industries NV		(3,285	)		(200,249	)		55.3
EXOR NV		(889	)		(61,692	)		17.0
Iveco Group NV		(24,157	)		(142,125	)		39.2
Just Eat Takeaway.com NV		(1,520	)		(41,287	)		11.4
Koninklijke DSM NV		(3,582	)		(602,169	)		166.2
Koninklijke Philips NV		(11,186	)		(292,303	)		80.7
NN Group NV		(8,016	)		(392,636	)		108.4
Prosus NV		(9,629	)		(464,394	)		128.2
SBM Offshore NV		(18,053	)		(261,608	)		72.2
Universal Music Group NV		(22,349	)		(518,640	)		143.2
					(4,131,841	)
New Zealand
Auckland International Airport Ltd.		(179,340	)		(900,825	)		248.7
Fletcher Building Ltd.		(240,794	)		(959,208	)		264.8

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
New Zealand (continued)
Kiwi Property Group Ltd.		(73,548	)	$	(50,164	)		13.9	%
Mainfreight Ltd.		(383	)		(20,047	)		5.5
Mercury NZ Ltd.		(53,390	)		(206,996	)		57.1
Meridian Energy Ltd.		(49,550	)		(150,387	)		41.5
Spark New Zealand Ltd.		(210,179	)		(664,731	)		183.5
					(2,952,358	)
Norway
Aker ASA, A Shares		(648	)		(52,819	)		14.6
Gjensidige Forsikring ASA		(17,583	)		(375,914	)		103.8
Leroy Seafood Group ASA		(12,590	)		(118,161	)		32.6
Mowi ASA		(14,914	)		(421,276	)		116.3
Orkla ASA		(84,922	)		(689,112	)		190.2
Salmar Asa		(3,449	)		(282,231	)		77.9
Scatec ASA		(7,404	)		(89,489	)		24.7
Storebrand ASA		(34,874	)		(302,922	)		83.6
Var Energi		(74,604	)		(318,918	)		88.1
Yara International ASA		(7,162	)		(364,175	)		100.5
					(3,015,017	)
Poland
InPost SA		(21,448	)		(131,495	)		36.3
Portugal
Banco Comercial Portugues SA		(69,416	)		(10,731	)		3.0
Galp Energia SGPS SA		(93,316	)		(1,135,809	)		313.5
					(1,146,540	)
Singapore
Ascendas Real Estate Investment Trust		(346,900	)		(713,739	)		197.0
CapitaLand Integrated Commercial Trust		(564,469	)		(945,819	)		261.1
Frasers Logistics & Commercial Trust		(501,600	)		(522,346	)		144.2
Genting Singapore Ltd.		(817,300	)		(474,517	)		131.0
Grab Holdings Ltd., Class A		(64,782	)		(191,107	)		52.8
Keppel DC REIT		(461,800	)		(688,446	)		190.0
Mapletree Industrial Trust		(235,100	)		(441,772	)		122.0
Mapletree Logistics Trust		(395,300	)		(507,692	)		140.2
Sembcorp Industries Ltd.		(459,000	)		(972,073	)		268.3
Singapore Airlines Ltd.		(122,700	)		(483,642	)		133.5
Singapore Exchange Ltd.		(80,500	)		(566,425	)		156.4
Venture Corp. Ltd.		(31,500	)		(386,692	)		106.7
Yangzijiang Financial Holdings		(469,200	)		(184,905	)		51.0
					(7,079,175	)
Spain
Acerinox SA		(21,949	)		(231,106	)		63.8
ACS Actividades de Construccion y Servicios SA		(31,214	)		(799,243	)		220.6
Aena SME SA		(3,331	)		(472,701	)		130.5
Banco de Sabadell SA		(13,553	)		(10,518	)		2.9
EDP Renovaveis SA		(3,735	)		(88,397	)		24.4
Fluidra SA		(8,181	)		(221,412	)		61.1
Mapfre SA		(82,319	)		(150,220	)		41.5
Red Electrica Corp. SA		(13,394	)		(269,678	)		74.4
Siemens Gamesa Renewable Energy SA		(4,069	)		(64,813	)		17.9
Telefonica SA		(88,219	)		(429,154	)		118.5
					(2,737,242	)
Sweden
Assa Abloy AB, Class B		(4,112	)		(103,919	)		28.7
Atlas Copco AB, Class A		(61,373	)		(2,782,459	)		768.1
Atlas Copco AB, Class B		(7,332	)		(290,184	)		80.1
Avanza Bank Holding AB		(2,138	)		(54,138	)		14.9

Security	Shares			Value			% of Basket Value
Sweden (continued)
Beijer Ref AB		(4,898	)	$	(79,759	)		22.0	%
Embracer Group AB		(4,125	)		(27,572	)		7.6
Fastighets AB Balder, Class B		(3,216	)		(159,408	)		44.0
H & M Hennes & Mauritz AB, B Shares		(16,116	)		(202,885	)		56.0
Husqvarna AB, B Shares		(13,687	)		(130,835	)		36.1
Industrivarden AB, A Shares		(16,882	)		(432,560	)		119.4
Investor AB, Class A		(30,874	)		(644,850	)		178.0
Investor AB, Class B		(35,143	)		(676,253	)		186.7
Sandvik AB		(24,569	)		(465,050	)		128.4
Securitas AB, B Shares		(41,568	)		(490,785	)		135.5
Sinch AB		(68,578	)		(303,073	)		83.7
Skandinaviska Enskilda Banken AB, Class A		(67,156	)		(753,094	)		207.9
SKF AB, B Shares		(35,746	)		(583,828	)		161.2
Svenska Cellulosa AB SCA, Class B		(14,585	)		(282,261	)		77.9
Sweco AB, B Shares		(13,073	)		(184,501	)		50.9
Telia Co. AB		(203,874	)		(846,202	)		233.6
Thule Group AB		(15,692	)		(544,310	)		150.3
Trelleborg AB, B Shares		(2,958	)		(64,879	)		17.9
Volvo AB, A Shares		(7,940	)		(130,539	)		36.0
Volvo AB, B Shares		(22,420	)		(357,676	)		98.7
					(10,591,020)
Switzerland
ABB Ltd.		(70,821	)		(2,124,767	)		586.5
Bachem Holding AG, Class B		(176	)		(76,797	)		21.2
Banque Cantonale Vaudoise		(2,723	)		(230,128	)		63.5
Chubb Ltd.		(415	)		(85,677	)		23.7
Coca-Cola HBC AG		(10,565	)		(214,194	)		59.1
CRISPR Therapeutics AG		(1,719	)		(85,297	)		23.5
DKSH Holding AG		(152	)		(13,052	)		3.6
EMS-Chemie Holding AG		(136	)		(121,329	)		33.5
Fischer (Georg) Reg		(18,740	)		(1,017,022	)		280.7
Geberit AG		(1,181	)		(673,493	)		185.9
Givaudan SA		(16	)		(63,592	)		17.6
Helvetia Holding AG		(3,010	)		(386,805	)		106.8
Holcim Ltd.		(6,562	)		(320,852	)		88.6
Nestle SA		(11,773	)		(1,519,825	)		419.5
Novartis AG		(3,265	)		(288,526	)		79.6
On Holding AG, Class A		(23,589	)		(589,017	)		162.6
Partners Group Holding AG		(323	)		(342,218	)		94.5
PSP Swiss Property AG, Registered Shares		(2,643	)		(333,102	)		92.0
Roche Holding AG		(715	)		(287,248	)		79.3
Roche Holding AG Genusschein		(2,318	)		(859,546	)		237.3
Schindler Holding AG, Participation Certificates		(3,349	)		(643,428	)		177.6
Schindler Holding AG, Registered Shares		(1,298	)		(249,183	)		68.8
SGS SA		(115	)		(295,495	)		81.6
Swiss Re AG		(1,042	)		(85,451	)		23.6
Swisscom AG		(2,990	)		(1,767,989	)		488.0
Swissquote Group Holding SA		(1,196	)		(194,384	)		53.7
					(12,868,417	)
United Kingdom
3i Group PLC		(50,216	)		(821,797	)		226.9
Admiral Group PLC		(2,673	)		(84,139	)		23.2
Airtel Africa PLC		(23,906	)		(43,742	)		12.1
Amcor PLC		(14,378	)		(170,523	)		47.1
Avast PLC		(125,062	)		(886,942	)		244.8
Aviva PLC		(61,628	)		(330,642	)		91.3
B&M European Value Retail SA		(163,198	)		(999,928	)		276.0
Berkeley Group Holdings PLC		(8,404	)		(426,221	)		117.7
BP PLC		(202,271	)		(976,523	)		269.6
BT Group PLC		(40,848	)		(90,584	)		25.0

64 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Bunzl PLC		(6,868	)	$	(264,972	)		73.1	%
Burberry Group PLC		(8,195	)		(161,732	)		44.6
Clarivate PLC		(25,534	)		(400,373	)		110.5
ConvaTec Group PLC		(13,289	)		(35,153	)		9.7
Deliveroo PLC		(493,602	)		(682,189	)		188.3
Diageo PLC		(8,148	)		(406,494	)		112.2
Dr. Martens PLC		(28,506	)		(74,532	)		20.6
DS Smith PLC		(30,790	)		(126,524	)		34.9
Future PLC		(565	)		(15,474	)		4.3
Games Workshop Group PLC		(4,658	)		(430,482	)		118.8
GlaxoSmithKline PLC		(59,989	)		(1,352,307	)		373.3
Greggs PLC		(11,482	)		(334,998	)		92.5
Harbour Energy PLC		(46,607	)		(292,273	)		80.7
Howden Joinery Group PLC		(76,466	)		(723,943	)		199.8
HSBC Holdings PLC		(186,476	)		(1,165,313	)		321.7
Informa PLC		(6,382	)		(45,273	)		12.5
Intermediate Capital Group PLC		(14,258	)		(272,848	)		75.3
Land Securities Group PLC		(89,389	)		(838,341	)		231.4
London Stock Exchange Group PLC		(6,066	)		(598,058	)		165.1
LondonMetric Property PLC		(909	)		(3,072	)		0.8
Man Group PLC		(7,200	)		(21,276	)		5.9
Mondi PLC		(21,995	)		(413,197	)		114.1
National Grid PLC		(81,253	)		(1,207,174	)		333.2
Next PLC		(4,842	)		(362,669	)		100.1
nVent Electric PLC		(10,558	)		(356,649	)		98.5
Pennon Group PLC		(12,630	)		(175,510	)		48.5
Prudential PLC		(43,594	)		(542,678	)		149.8
RELX PLC		(6,362	)		(189,527	)		52.3
Renishaw PLC		(3,461	)		(182,904	)		50.5
Rightmove PLC		(5,579	)		(42,886	)		11.8
Royal Mail PLC		(9,137	)		(39,164	)		10.8
Severn Trent PLC		(6,479	)		(254,635	)		70.3
Shell PLC		(34,390	)		(923,230	)		254.9
Smith & Nephew PLC		(3,415	)		(55,352	)		15.3
Standard Chartered PLC		(88,426	)		(604,509	)		166.9
Unilever PLC		(6,468	)		(300,206	)		82.9
Unilever PLC		(19,307	)		(897,585	)		247.8
Vodafone Group PLC		(61,823	)		(93,597	)		25.8
WH Smith PLC		(7,551	)		(135,852	)		37.5
Wise PLC, Class A		(2,178	)		(10,673	)		2.9
WPP PLC		(18,753	)		(233,754	)		64.5
					(20,098,419	)
United States
10X Genomics, Inc., Class A		(3,932	)		(187,792	)		51.8
Abbott Laboratories		(6,015	)		(682,703	)		188.5
Acuity Brands, Inc.		(6,343	)		(1,094,041	)		302.0
Advance Auto Parts, Inc.		(5,006	)		(999,348	)		275.9
Advanced Drainage Systems, Inc.		(4,943	)		(506,460	)		139.8
AECOM		(3,841	)		(271,021	)		74.8
Affiliated Managers Group, Inc.		(131	)		(16,450	)		4.5
Affirm Holdings, Inc.		(4,015	)		(115,231	)		31.8
AGCO Corp.		(7,801	)		(993,847	)		274.3
Agilon Health, Inc.		(1,677	)		(29,800	)		8.2
AGNC Investment Corp.		(81,589	)		(895,847	)		247.3
Air Lease Corp.		(5,309	)		(213,847	)		59.0
Air Products & Chemicals, Inc.		(508	)		(118,908	)		32.8
Akamai Technologies, Inc.		(1,637	)		(183,802	)		50.7
Albemarle Corp.		(688	)		(132,667	)		36.6
Albertsons Cos., Inc., Class A		(9,387	)		(293,625	)		81.1
Alight, Inc., Class A		(52,551	)		(451,413	)		124.6

Security	Shares			Value			% of Basket Value
United States (continued)
Alnylam Pharmaceuticals, Inc.		(4,307	)	$	(574,683	)		158.6	%
Amazon.com, Inc.		(36	)		(89,483	)		24.7
Amedisys, Inc.		(150	)		(19,148	)		5.3
AMERCO		(1,514	)		(810,717	)		223.8
American Electric Power Co., Inc.		(9,602	)		(951,654	)		262.7
American Financial Group, Inc.		(1,447	)		(200,381	)		55.3
Americold Realty Trust		(15,214	)		(401,345	)		110.8
AmerisourceBergen Corp.		(231	)		(34,948	)		9.6
Amkor Technology, Inc.		(13,080	)		(246,035	)		67.9
Annaly Capital Management, Inc.		(111,109	)		(713,320	)		196.9
Antero Resources Corp.		(11,374	)		(400,365	)		110.5
Anthem, Inc.		(368	)		(184,710	)		51.0
Apellis Pharmaceuticals, Inc.		(3,476	)		(151,310	)		41.8
Apollo Global Management, Inc.		(7,411	)		(368,771	)		101.8
Appian Corp.		(3,123	)		(149,279	)		41.2
AppLovin Corp., Class A		(9,735	)		(371,390	)		102.5
Archer-Daniels-Midland Co.		(14,661	)		(1,313,039	)		362.5
Armstrong World Industries, Inc.		(6,324	)		(535,390	)		147.8
Arrow Electronics, Inc.		(2,977	)		(350,869	)		96.9
Arrowhead Pharmaceuticals, Inc.		(8,865	)		(364,440	)		100.6
Arthur J. Gallagher & Co.		(1,032	)		(173,882	)		48.0
Asana, Inc., Class A		(3,116	)		(83,509	)		23.1
Ashland Global Holdings, Inc.		(5,574	)		(585,103	)		161.5
Assurant, Inc.		(7,668	)		(1,394,656	)		385.0
Atkore, Inc.		(813	)		(78,129	)		21.6
Automatic Data Processing, Inc.		(325	)		(70,909	)		19.6
AutoNation, Inc.		(1,545	)		(179,081	)		49.4
Avalara, Inc.		(1,014	)		(77,135	)		21.3
Avery Dennison Corp.		(2,272	)		(410,323	)		113.3
Avis Budget Group, Inc.		(3,783	)		(1,012,596	)		279.5
AZEK Co., Inc.		(7,996	)		(169,835	)		46.9
Bank OZK		(8,160	)		(313,507	)		86.5
Bath & Body Works, Inc.		(16,824	)		(889,821	)		245.6
Beam Therapeutics, Inc.		(1,499	)		(56,257	)		15.5
Bentley Systems, Inc., Class B		(4,628	)		(196,181	)		54.2
Berkshire Hathaway, Inc., Class B		(1,136	)		(366,735	)		101.2
Berry Global Group, Inc.		(8,008	)		(451,251	)		124.6
Bill.Com Holdings, Inc.		(927	)		(158,248	)		43.7
Biohaven Pharmaceutical Holding Co. Ltd.		(1,359	)		(121,182	)		33.5
Bio-Rad Laboratories, Inc., Class A		(482	)		(246,813	)		68.1
Bio-Techne Corp.		(1,533	)		(582,065	)		160.7
Black Knight, Inc.		(5,248	)		(345,266	)		95.3
Blue Owl Capital, Inc.		(64,911	)		(774,388	)		213.8
Boston Beer Co., Inc., Class A		(807	)		(302,625	)		83.5
Boyd Gaming Corp.		(5,146	)		(311,745	)		86.1
Bright Horizons Family Solutions, Inc.		(3,144	)		(359,171	)		99.1
Broadcom, Inc.		(2,268	)		(1,257,357	)		347.1
Broadridge Financial Solutions, Inc.		(2,659	)		(383,242	)		105.8
Brown-Forman Corp., Class B		(2,882	)		(194,362	)		53.7
Brunswick Corp.		(16,471	)		(1,245,372	)		343.8
Bumble, Inc., Class A		(8,787	)		(210,800	)		58.2
Bunge Ltd.		(8,899	)		(1,006,655	)		277.9
Burlington Stores, Inc.		(4,621	)		(940,651	)		259.7
Cable One, Inc.		(57	)		(66,473	)		18.3
Cadence Bank		(15,987	)		(400,315	)		110.5
Cadence Design Systems, Inc.		(2,197	)		(331,417	)		91.5
Caesars Entertainment, Inc.		(8,256	)		(547,208	)		151.1
Callaway Golf Co.		(8,636	)		(189,474	)		52.3
Campbell Soup Co.		(19,227	)		(907,899	)		250.6
Cargurus, Inc.		(8,753	)		(286,048	)		79.0
Carlisle Cos., Inc.		(832	)		(215,788	)		59.6

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Carter’s, Inc.		(1,842	)	$	(155,170	)		42.8	%
Casey’s General Stores, Inc.		(863	)		(173,722	)		48.0
Caterpillar, Inc.		(1,283	)		(270,123	)		74.6
Celanese Corp.		(603	)		(88,605	)		24.5
Celsius Holdings, Inc.		(5,443	)		(283,036	)		78.1
Centene Corp.		(5,444	)		(438,514	)		121.0
CenterPoint Energy, Inc.		(8,867	)		(271,419	)		74.9
Ceridian HCM Holding, Inc.		(7,773	)		(436,299	)		120.4
CF Industries Holdings, Inc.		(900	)		(87,147	)		24.1
ChargePoint Holdings, Inc.		(38,893	)		(503,275	)		138.9
Chemours Co.		(4,742	)		(156,818	)		43.3
Chewy, Inc., Class A		(3,198	)		(92,934	)		25.7
Church & Dwight Co., Inc.		(8,046	)		(784,968	)		216.7
Churchill Downs, Inc.		(4,521	)		(917,492	)		253.3
Cintas Corp.		(4,313	)		(1,713,382	)		473.0
Civitas Resources, Inc.		(35	)		(2,052	)		0.6
Cleveland-Cliffs, Inc.		(4,032	)		(102,776	)		28.4
Coherent, Inc.		(4,619	)		(1,237,430	)		341.6
Coinbase Global, Inc., Class A		(1,846	)		(208,063	)		57.4
Columbia Sportswear Co.		(8,551	)		(702,550	)		193.9
Comcast Corp., Class A		(2,086	)		(82,939	)		22.9
Commerce Bancshares, Inc.		(165	)		(11,281	)		3.1
Commercial Metals Co.		(9,483	)		(388,803	)		107.3
Conagra Brands, Inc.		(25,883	)		(904,093	)		249.6
Concentrix Corp.		(484	)		(76,220	)		21.0
Consolidated Edison, Inc.		(5,229	)		(484,937	)		133.9
Constellation Brands, Inc., Class A		(702	)		(172,755	)		47.7
Constellation Energy Corp.		(15,860	)		(939,071	)		259.2
Copart, Inc.		(1,059	)		(120,355	)		33.2
Corning, Inc.		(15,135	)		(532,601	)		147.0
Coterra Energy, Inc.		(18,010	)		(518,508	)		143.1
Coty, Inc., Class A		(44,920	)		(364,301	)		100.6
Cousins Properties, Inc.		(14,938	)		(536,274	)		148.0
Crane Co.		(5,104	)		(491,158	)		135.6
Crown Holdings, Inc.		(5,221	)		(574,519	)		158.6
Cullen/Frost Bankers, Inc.		(717	)		(94,852	)		26.2
Curtiss-Wright Corp.		(2,379	)		(339,983	)		93.9
CVS Health Corp.		(11,895	)		(1,143,466	)		315.7
D.R. Horton, Inc.		(10,248	)		(713,158	)		196.9
Darden Restaurants, Inc.		(4,642	)		(611,491	)		168.8
Darling Ingredients, Inc.		(466	)		(34,200	)		9.4
Datadog, Inc., Class A		(3,726	)		(450,026	)		124.2
Deere & Co.		(1,097	)		(414,172	)		114.3
Dell Technologies, Inc., Class C		(2,830	)		(133,038	)		36.7
Delta Air Lines, Inc.		(473	)		(20,353	)		5.6
Devon Energy Corp.		(2,108	)		(122,622	)		33.8
Diamondback Energy, Inc.		(1,172	)		(147,942	)		40.8
DigitalOcean Holdings, Inc.		(15,064	)		(593,974	)		164.0
Dillard’s, Inc., Class A		(1,326	)		(402,852	)		111.2
Discover Financial Services		(364	)		(40,935	)		11.3
DISH Network Corp., Class A		(31,699	)		(903,739	)		249.5
Dollar General Corp.		(8,975	)		(2,131,832	)		588.5
Dollar Tree, Inc.		(2,718	)		(441,539	)		121.9
Douglas Emmett, Inc.		(4,277	)		(126,000	)		34.8
Dover Corp.		(2,252	)		(300,192	)		82.9
Dow, Inc.		(22,930	)		(1,524,845	)		420.9
Doximity, Inc., Class A		(7,344	)		(292,805	)		80.8
Dropbox, Inc., Class A		(28,249	)		(614,416	)		169.6
DTE Energy Co.		(834	)		(109,287	)		30.2
Duke Energy Corp.		(10,165	)		(1,119,776	)		309.1
Dun & Bradstreet Holdings, Inc.		(101,527	)		(1,603,111	)		442.5
DuPont de Nemours, Inc.		(3,410	)		(224,821	)		62.1

Security	Shares			Value			% of Basket Value
United States (continued)
Dynatrace, Inc.		(4,876	)	$	(187,043	)		51.6	%
Eagle Materials, Inc.		(4,455	)		(549,391	)		151.7
Eastman Chemical Co.		(4,103	)		(421,255	)		116.3
Edwards Lifesciences Corp.		(334	)		(35,331	)		9.8
Element Solutions, Inc.		(6,102	)		(125,823	)		34.7
EMCOR Group, Inc.		(536	)		(57,073	)		15.8
Encompass Health Corp.		(16	)		(1,101	)		0.3
Enovis Corp.		(6,706	)		(435,018	)		120.1
Entegris, Inc.		(3,062	)		(341,076	)		94.2
Envista Holdings Corp.		(11,670	)		(462,365	)		127.6
Essent Group Ltd.		(5,354	)		(216,998	)		59.9
Essex Property Trust, Inc.		(1,336	)		(439,905	)		121.4
Estee Lauder Cos., Inc., Class A		(1,004	)		(265,116	)		73.2
Eversource Energy		(30,490	)		(2,664,826	)		735.6
Exact Sciences Corp.		(5,602	)		(308,390	)		85.1
Exelon Corp.		(38	)		(1,778	)		0.5
Fastenal Co.		(2,715	)		(150,167	)		41.5
FedEx Corp.		(551	)		(109,506	)		30.2
Fidelity National Financial, Inc.		(3,412	)		(135,866	)		37.5
Fidelity National Information Services, Inc.		(2,018	)		(200,085	)		55.2
Fifth Third Bancorp		(5,532	)		(207,616	)		57.3
First Citizens BancShares, Inc., Class A		(493	)		(315,214	)		87.0
First Interstate Bancsystem, Inc., Class A		(780	)		(25,366	)		7.0
First Republic Bank		(4,389	)		(654,927	)		180.8
FirstEnergy Corp.		(14,869	)		(643,976	)		177.8
Fiserv, Inc.		(7,435	)		(728,035	)		201.0
Five9, Inc.		(1,074	)		(118,247	)		32.6
FleetCor Technologies, Inc.		(2,531	)		(631,535	)		174.3
Flex Ltd.		(4,009	)		(66,108	)		18.2
Flowserve Corp.		(19,044	)		(622,929	)		172.0
FMC Corp.		(180	)		(23,857	)		6.6
FNB Corp.		(28,898	)		(332,905	)		91.9
Fortune Brands Home & Security, Inc.		(3,029	)		(215,816	)		59.6
Freeport-McMoRan, Inc.		(7,322	)		(296,907	)		82.0
Freshpet, Inc.		(5,157	)		(481,406	)		132.9
Freshworks, Inc., Class A		(5,903	)		(107,258	)		29.6
Frontier Communications Parent, Inc.		(5,490	)		(144,881	)		40.0
Gaming and Leisure Properties, Inc.		(24,139	)		(1,071,289	)		295.7
Generac Holdings, Inc.		(700	)		(153,566	)		42.4
General Mills, Inc.		(22,052	)		(1,559,738	)		430.6
General Motors Co.		(1,948	)		(73,849	)		20.4
Gentex Corp.		(6,918	)		(203,043	)		56.0
Genuine Parts Co.		(3,880	)		(504,594	)		139.3
Gilead Sciences, Inc.		(1,946	)		(115,476	)		31.9
Ginkgo Bioworks Holdings, Inc.		(51,997	)		(150,791	)		41.6
Gitlab, Inc., Class A		(1,178	)		(56,462	)		15.6
GoDaddy, Inc., Class A		(5,292	)		(427,647	)		118.0
Goldman Sachs Group, Inc.		(1,394	)		(425,853	)		117.6
GoodRx Holdings, Inc., Class A		(2,664	)		(36,097	)		10.0
Graco, Inc.		(1,592	)		(98,736	)		27.3
GXO Logistics, Inc.		(8,106	)		(479,794	)		132.4
Hasbro, Inc.		(11,807	)		(1,039,724	)		287.0
HashiCorp, Inc., Class A		(5,820	)		(274,006	)		75.6
HCA Healthcare, Inc.		(2,346	)		(503,334	)		138.9
Herc Holdings, Inc.		(134	)		(17,128	)		4.7
Hershey Co.		(4,387	)		(990,453	)		273.4
Hess Corp.		(1,333	)		(137,392	)		37.9
HF Sinclair Corp.		(3,518	)		(133,754	)		36.9
Hilton Grand Vacations, Inc.		(8,055	)		(377,216	)		104.1
Hormel Foods Corp.		(15,716	)		(823,361	)		227.3
Host Hotels & Resorts, Inc.		(9,207	)		(187,362	)		51.7
Howmet Aerospace, Inc.		(60,923	)		(2,078,693	)		573.8

66 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
HP, Inc.		(5,704	)	$	(208,938	)		57.7	%
Hudson Pacific Properties, Inc.		(21,297	)		(495,794	)		136.9
IAA, Inc.		(11,625	)		(426,056	)		117.6
IAC/InterActiveCorp.		(7,911	)		(655,664	)		181.0
ICU Medical, Inc.		(282	)		(60,345	)		16.7
IDEX Corp.		(1,195	)		(226,835	)		62.6
Inari Medical, Inc.		(5,686	)		(458,860	)		126.7
Independence Realty Trust, Inc.		(12,238	)		(333,608	)		92.1
Ingersoll Rand, Inc.		(4,190	)		(184,192	)		50.8
Ingredion, Inc.		(6,487	)		(552,109	)		152.4
Innovative Industrial Properties, Inc.		(5,040	)		(728,734	)		201.2
Inspire Medical Systems, Inc.		(609	)		(125,308	)		34.6
Intel Corp.		(5,957	)		(259,666	)		71.7
International Business Machines Corp.		(10,303	)		(1,362,160	)		376.0
International Flavors & Fragrances, Inc.		(408	)		(49,490	)		13.7
International Paper Co.		(6,054	)		(280,179	)		77.3
Intra-Cellular Therapies, Inc.		(671	)		(33,959	)		9.4
Intuitive Surgical, Inc.		(1,921	)		(459,695	)		126.9
Invesco Ltd.		(4,841	)		(88,978	)		24.6
J.M. Smucker Co.		(8,241	)		(1,128,440	)		311.5
Jabil, Inc.		(1,689	)		(97,506	)		26.9
Jack Henry & Associates, Inc.		(2,589	)		(490,823	)		135.5
Johnson & Johnson		(2,149	)		(387,809	)		107.1
Juniper Networks, Inc.		(22,974	)		(724,141	)		199.9
KBR, Inc.		(3,574	)		(175,948	)		48.6
Kilroy Realty Corp.		(6,016	)		(421,120	)		116.2
Kimberly-Clark Corp.		(3,381	)		(469,384	)		129.6
Knight-Swift Transportation Holdings, Inc.		(5,145	)		(246,394	)		68.0
Kraft Heinz Co.		(499	)		(21,272	)		5.9
Lamb Weston Holdings, Inc.		(6,923	)		(457,610	)		126.3
Lennar Corp., Class A		(2,652	)		(202,852	)		56.0
Liberty Broadband Corp., Class A		(7,209	)		(776,121	)		214.2
Liberty Broadband Corp., Class C		(1,906	)		(213,129	)		58.8
LKQ Corp.		(22,539	)		(1,118,611	)		308.8
Louisiana-Pacific Corp.		(9,339	)		(602,552	)		166.3
Lucid Group, Inc.		(27,822	)		(503,022	)		138.9
Luminar Technologies, Inc.		(32,586	)		(403,089	)		111.3
Lyft, Inc., Class A		(13,040	)		(425,104	)		117.3
LyondellBasell Industries NV, Class A		(8,896	)		(943,243	)		260.4
M&T Bank Corp.		(358	)		(59,657	)		16.5
Macy’s, Inc.		(15,226	)		(368,012	)		101.6
Madison Square Garden Sports Corp.		(5,068	)		(821,574	)		226.8
Magnolia Oil & Gas Corp., Class A		(12,613	)		(293,126	)		80.9
Marathon Petroleum Corp.		(16,102	)		(1,405,061	)		387.9
Maravai LifeSciences Holdings, Inc., Class A		(6,780	)		(208,349	)		57.5
Markel Corp.		(222	)		(300,428	)		82.9
Marqeta, Inc., Class A		(48,118	)		(447,497	)		123.5
Marriott International, Inc., Class A		(1,773	)		(314,743	)		86.9
Masco Corp.		(3,322	)		(175,036	)		48.3
MasTec, Inc.		(146	)		(10,513	)		2.9
Match Group, Inc.		(3,245	)		(256,842	)		70.9
Mattel, Inc.		(3,943	)		(95,854	)		26.5
Maximus, Inc.		(9,722	)		(708,539	)		195.6
McCormick & Co., Inc.		(1,043	)		(104,895	)		29.0
McDonald’s Corp.		(1,324	)		(329,888	)		91.1
MDU Resources Group, Inc.		(39,286	)		(1,012,007	)		279.4
Medpace Holdings, Inc.		(2,317	)		(309,482	)		85.4
MGM Resorts International		(9,631	)		(395,256	)		109.1
Middleby Corp.		(2,637	)		(405,808	)		112.0
Mirati Therapeutics, Inc.		(414	)		(25,581	)		7.1
MKS Instruments, Inc.		(714	)		(81,382	)		22.5
Moderna, Inc.		(714	)		(95,969	)		26.5

Security	Shares			Value			% of Basket Value
United States (continued)
Mohawk Industries, Inc.		(9,596	)	$	(1,353,612	)		373.7	%
Molina Healthcare, Inc.		(423	)		(132,589	)		36.6
Mondelez International, Inc., Class A		(44,037	)		(2,839,506	)		783.8
Monster Beverage Corp.		(7,168	)		(614,154	)		169.5
Morgan Stanley		(16,866	)		(1,359,231	)		375.2
Motorola Solutions, Inc.		(2,419	)		(516,916	)		142.7
MSC Industrial Direct Co., Inc., Class A		(10,645	)		(882,045	)		243.5
Murphy Oil Corp.		(320	)		(12,186	)		3.4
Nasdaq, Inc.		(549	)		(86,396	)		23.8
Natera, Inc.		(2,596	)		(91,172	)		25.2
National Fuel Gas Co.		(11,048	)		(774,796	)		213.9
National Retail Properties, Inc.		(5,244	)		(229,897	)		63.5
NCR Corp.		(977	)		(34,224	)		9.4
New Residential Investment Corp.		(97,136	)		(1,010,214	)		278.9
News Corp., Class A		(17,596	)		(349,457	)		96.5
NextEra Energy, Inc.		(6,196	)		(440,040	)		121.5
Northern Trust Corp.		(122	)		(12,572	)		3.5
Novavax, Inc.		(914	)		(41,194	)		11.4
Nucor Corp.		(6,789	)		(1,050,801	)		290.1
Olaplex Holdings, Inc.		(28,984	)		(426,065	)		117.6
Old Republic International Corp.		(29,877	)		(657,593	)		181.5
Olin Corp.		(12,383	)		(710,784	)		196.2
Omega Healthcare Investors, Inc.		(13,657	)		(347,980	)		96.1
ON Semiconductor Corp.		(5,348	)		(278,684	)		76.9
OneMain Holdings, Inc.		(227	)		(10,426	)		2.9
Onto Innovation, Inc.		(1,266	)		(90,063	)		24.9
Opendoor Technologies Inc.		(52,369	)		(366,059	)		101.0
Organon & Co.		(13,165	)		(425,624	)		117.5
Otis Worldwide Corp.		(280	)		(20,395	)		5.6
Packaging Corp. of America		(7,494	)		(1,207,808	)		333.4
Palantir Technologies, Inc., Class A		(70,596	)		(734,198	)		202.7
Parker-Hannifin Corp.		(3,037	)		(822,480	)		227.0
Paychex, Inc.		(262	)		(33,203	)		9.2
PDC Energy, Inc.		(6,401	)		(446,406	)		123.2
Peloton Interactive, Inc., Class A		(3,002	)		(52,715	)		14.6
PepsiCo, Inc.		(10,928	)		(1,876,447	)		518.0
PerkinElmer, Inc.		(3,952	)		(579,403	)		159.9
Petco Health & Wellness Co., Inc.		(995	)		(19,164	)		5.3
Phillips Edison & Co., Inc.		(3,432	)		(116,208	)		32.1
Pinnacle West Capital Corp.		(8,740	)		(622,288	)		171.8
Pinterest, Inc., Class A		(5,772	)		(118,441	)		32.7
Pioneer Natural Resources Co.		(4,931	)		(1,146,310	)		316.4
Polaris, Inc.		(443	)		(42,058	)		11.6
Post Holdings, Inc.		(7,039	)		(523,631	)		144.5
Procore Technologies, Inc.		(10,052	)		(557,584	)		153.9
Procter & Gamble Co.		(11,333	)		(1,819,513	)		502.3
Progressive Corp.		(108	)		(11,595	)		3.2
Progyny, Inc.		(3,480	)		(133,806	)		36.9
Prologis, Inc.		(2,187	)		(350,554	)		96.8
Prosperity Bancshares, Inc.		(7,663	)		(501,007	)		138.3
Prudential Financial, Inc.		(1,081	)		(117,299	)		32.4
Pure Storage, Inc., Class A		(3,725	)		(109,143	)		30.1
Q2 Holdings, Inc.		(3,959	)		(204,799	)		56.5
Qualtrics International, Inc., Class A		(17,840	)		(330,754	)		91.3
QuantumScape Corp.		(17,235	)		(257,491	)		71.1
Quest Diagnostics, Inc.		(5,501	)		(736,254	)		203.2
R1 RCM, Inc.		(21,369	)		(481,230	)		132.8
Range Resources Corp.		(2,375	)		(71,108	)		19.6
Raymond James Financial, Inc.		(4,595	)		(447,829	)		123.6
Rayonier, Inc.		(4,145	)		(179,064	)		49.4
Red Rock Resorts, Inc., Class A		(2,202	)		(96,800	)		26.7
Regal Rexnord Corp.		(123	)		(15,651	)		4.3

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Regions Financial Corp.		(567	)	$	(11,748	)		3.2	%
Revolve Group, Inc.		(797	)		(33,681	)		9.3
RH		(1,378	)		(463,173	)		127.9
Robinhood Markets, Inc., Class A		(101,623	)		(996,414	)		275.1
ROBLOX Corp., Class A		(5,829	)		(178,659	)		49.3
Rocket Lab USA, Inc.		(81,432	)		(600,968	)		165.9
Rockwell Automation, Inc.		(2,790	)		(704,949	)		194.6
Rollins, Inc.		(19,185	)		(643,465	)		177.6
Ross Stores, Inc.		(14,013	)		(1,398,077	)		385.9
RPM International, Inc.		(7,700	)		(638,330	)		176.2
Ryman Hospitality Properties, Inc.		(502	)		(46,927	)		13.0
Saia, Inc.		(816	)		(168,063	)		46.4
Sarepta Therapeutics, Inc.		(593	)		(42,886	)		11.8
Scientific Games Corp., Class A		(4,033	)		(226,090	)		62.4
Seagate Technology Holdings PLC		(9,335	)		(765,843	)		211.4
SeaWorld Entertainment, Inc.		(1,195	)		(80,591	)		22.2
Sempra Energy		(1,485	)		(239,620	)		66.1
SentinelOne, Inc., Class A		(9,004	)		(299,563	)		82.7
Sherwin-Williams Co.		(1,053	)		(289,533	)		79.9
Shift4 Payments, Inc., Class A		(14,013	)		(735,122	)		202.9
Shockwave Medical, Inc.		(1,200	)		(181,356	)		50.1
Signature Bank		(3,095	)		(749,764	)		207.0
Silvergate Capital Corp., Class A		(1,724	)		(201,639	)		55.7
SiTime Corp.		(2,334	)		(393,442	)		108.6
Six Flags Entertainment Corp.		(17,071	)		(653,307	)		180.3
Skechers USA, Inc., Class A		(9,082	)		(347,841	)		96.0
Skyworks Solutions, Inc.		(2,212	)		(250,620	)		69.2
SLM Corp.		(13,375	)		(223,764	)		61.8
Smartsheet, Inc., Class A		(3,287	)		(158,861	)		43.9
Snowflake, Inc., Class A		(92	)		(15,772	)		4.4
SoFi Technologies, Inc.		(49,223	)		(301,245	)		83.2
Sonoco Products Co.		(13,688	)		(847,424	)		233.9
Sonos, Inc.		(6,642	)		(151,570	)		41.8
South State Corp.		(1,835	)		(142,102	)		39.2
Southwest Airlines Co.		(5,106	)		(238,552	)		65.9
Southwestern Energy Co.		(92,476	)		(693,570	)		191.5
Spirit Realty Capital, Inc.		(15,074	)		(654,965	)		180.8
Splunk, Inc.		(2,164	)		(264,051	)		72.9
Sprout Social, Inc., Class A		(7,632	)		(467,689	)		129.1
SS&C Technologies Holdings, Inc.		(497	)		(32,136	)		8.9
STAG Industrial, Inc.		(168	)		(6,270	)		1.7
Stanley Black & Decker, Inc.		(2,154	)		(258,803	)		71.4
Starbucks Corp.		(6,955	)		(519,121	)		143.3
Starwood Property Trust, Inc.		(39,998	)		(915,154	)		252.6
Steel Dynamics, Inc.		(10,765	)		(923,099	)		254.8
SVB Financial Group		(730	)		(355,977	)		98.3
Synaptics, Inc.		(2,094	)		(310,833	)		85.8
SYNNEX Corp.		(4,160	)		(416,374	)		114.9
Synopsys, Inc.		(1,818	)		(521,384	)		143.9
Synovus Financial Corp.		(5,005	)		(207,908	)		57.4
T. Rowe Price Group, Inc.		(607	)		(74,685	)		20.6
Tapestry, Inc.		(2,168	)		(71,371	)		19.7
Target Corp.		(4,829	)		(1,104,151	)		304.8
Tempur Sealy International, Inc.		(17,379	)		(471,145	)		130.1
Tenet Healthcare Corp.		(468	)		(33,935	)		9.4
Terreno Realty Corp.		(6,664	)		(484,806	)		133.8
Texas Roadhouse, Inc.		(2,446	)		(201,379	)		55.6
Thor Industries, Inc.		(5,776	)		(442,153	)		122.1
T-Mobile US, Inc.		(7,210	)		(887,839	)		245.1
Toast, Inc., Class A		(29,786	)		(554,913	)		153.2
TopBuild Corp.		(897	)		(162,483	)		44.9
Toro Co.		(8,556	)		(685,592	)		189.3

Security	Shares			Value			% of Basket Value
United States (continued)
Tractor Supply Co.		(3,163	)	$	(637,186	)		175.9	%
Trade Desk, Inc., Class A		(760	)		(44,779	)		12.4
Tradeweb Markets, Inc., Class A		(957	)		(68,129	)		18.8
TransUnion		(3,923	)		(343,341	)		94.8
Trimble, Inc.		(12,087	)		(806,203	)		222.5
Trupanion, Inc.		(3,171	)		(201,739	)		55.7
Tyler Technologies, Inc.		(65	)		(25,656	)		7.1
Tyson Foods, Inc., Class A		(20,905	)		(1,947,510	)		537.6
Uber Technologies, Inc.		(23,335	)		(734,586	)		202.8
UGI Corp.		(2,660	)		(91,238	)		25.2
UiPath, Inc., Class A		(6,840	)		(121,957	)		33.7
Umpqua Holdings Corp.		(39,711	)		(656,820	)		181.3
Under Armour, Inc., Class A		(8,359	)		(128,394	)		35.4
Unity Software, Inc.		(9,236	)		(613,363	)		169.3
Univar Solutions, Inc.		(32,873	)		(957,262	)		264.2
US Foods Holding Corp.		(3,278	)		(123,318	)		34.0
Vail Resorts, Inc.		(293	)		(74,469	)		20.6
Valley National Bancorp		(45,517	)		(545,294	)		150.5
Valmont Industries, Inc.		(1,814	)		(451,341	)		124.6
Ventas, Inc.		(10,577	)		(587,552	)		162.2
Verizon Communications, Inc.		(10,056	)		(465,593	)		128.5
Vertex Pharmaceuticals, Inc.		(1,311	)		(358,191	)		98.9
Vertiv Holdings Co.		(17,960	)		(225,039	)		62.1
VICI Properties, Inc.		(27,309	)		(814,081	)		224.7
Victoria’s Secret & Co.		(7,630	)		(359,526	)		99.2
Virtu Financial, Inc., Class A		(12,332	)		(356,148	)		98.3
Vobile Group Ltd.		(440,000	)		(222,503	)		61.4
Vontier Corp.		(8,619	)		(220,819	)		61.0
Vornado Realty Trust		(11,435	)		(442,649	)		122.2
Vulcan Materials Co.		(1,658	)		(285,657	)		78.9
W.R. Berkley Corp.		(3,926	)		(261,040	)		72.1
Walgreens Boots Alliance, Inc.		(13,504	)		(572,570	)		158.1
Walmart, Inc.		(2,630	)		(402,364	)		111.1
Warby Parker, Inc., Class A		(29,953	)		(697,605	)		192.6
Warner Bros Discovery, Inc.		(30,689	)		(557,005	)		153.8
Warner Music Group Corp., Class A		(16,319	)		(485,817	)		134.1
Waste Connections, Inc.		(8,516	)		(1,174,953	)		324.3
Waste Management, Inc.		(6,697	)		(1,101,255	)		304.0
Wayfair, Inc., Class A		(594	)		(45,702	)		12.6
Webster Financial Corp.		(14,506	)		(725,155	)		200.2
Welltower, Inc.		(8,978	)		(815,292	)		225.1
Wendy’s Co.		(26,991	)		(533,342	)		147.2
WESCO International, Inc.		(4,639	)		(571,803	)		157.8
Western Digital Corp.		(7,134	)		(378,601	)		104.5
Westinghouse Air Brake Technologies Corp.		(3,400	)		(305,694	)		84.4
WeWork, Inc., Class A		(18,428	)		(129,180	)		35.7
Weyerhaeuser Co.		(7,687	)		(316,858	)		87.5
Williams Cos., Inc.		(5,646	)		(193,601	)		53.4
Williams-Sonoma, Inc.		(1,599	)		(208,638	)		57.6
WillScot Mobile Mini Holdings Corp.		(817	)		(28,677	)		7.9
Wingstop, Inc.		(2,043	)		(187,466	)		51.7
Wolfspeed, Inc.		(2,465	)		(226,065	)		62.4
Woodward, Inc.		(2,931	)		(323,817	)		89.4
Workiva, Inc.		(2,263	)		(218,402	)		60.3
WP Carey, Inc.		(3,221	)		(260,160	)		71.8
Wyndham Hotels & Resorts, Inc.		(6,930	)		(609,563	)		168.3
YETI Holdings, Inc.		(3,175	)		(155,162	)		42.8
Yum! Brands, Inc.		(7,513	)		(879,096	)		242.7
Zebra Technologies Corp., Class A		(488	)		(180,394	)		49.8
Zillow Group, Inc., Class A		(10,782	)		(416,724	)		115.0
Zillow Group, Inc., Class C		(12,802	)		(509,776	)		140.7
Zimmer Biomet Holdings, Inc.		(1,098	)		(132,584	)		36.6

68 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
ZoomInfo Technologies, Inc., Class A		(338	)	$	(16,021	)		4.4	%
Zurn Water Solutions Corp.		(583	)		(18,201	)		5.0
					(194,077,852	)
Total Reference Entity — Short					(347,310,748	)
Net Value of Reference Entity — BNP Paribas SA				$	(362,256	)

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Argentina
Globant SA		486	$	104,971		(5.3	)%
MercadoLibre, Inc.		203		197,647		(9.9	)
				302,618
Australia
AGL Energy Ltd.		104,577		635,712		(31.8	)
AMP Ltd.		195,832		158,218		(7.9	)
Aristocrat Leisure Ltd.		15,974		370,634		(18.6	)
Aurizon Holdings Ltd.		107,448		303,446		(15.2	)
BHP Group Ltd.		5,794		194,171		(9.7	)
Boral Ltd.		148,176		369,644		(18.5	)
carsales.com Ltd.		8,770		129,472		(6.5	)
Challenger Ltd.		25,773		130,400		(6.5	)
Charter Hall Group		33,063		355,341		(17.8	)
CSR Ltd.		35,462		151,869		(7.6	)
Deterra Royalties Ltd.		36,802		124,674		(6.2	)
Domain Holdings Australia Ltd.		12,250		29,833		(1.5	)
Domino’s Pizza Enterprises Ltd.		2,693		141,170		(7.1	)
Flight Centre Travel Group Ltd.		7,503		117,173		(5.9	)
Glencore PLC		28,847		177,745		(8.9	)
Goodman Group		18,877		314,187		(15.7	)
Harvey Norman Holdings Ltd.		30,878		109,989		(5.5	)
IDP Education Ltd.		11,269		209,056		(10.5	)
IGO Ltd.		23,939		217,662		(10.9	)
Iluka Resources Ltd.		3,295		25,809		(1.3	)
Insignia Financial Ltd.		234,028		562,566		(28.2	)
JB Hi-Fi Ltd.		2,497		92,480		(4.6	)
Macquarie Group Ltd.		1,713		246,609		(12.4	)
Magellan Financial Group Ltd.		12,642		143,019		(7.2	)
Metcash Ltd.		131,926		442,872		(22.2	)
Mirvac Group		110,740		187,161		(9.4	)
Nufarm Ltd.		24,040		108,149		(5.4	)
Origin Energy Ltd.		30,009		143,537		(7.2	)
Orora Ltd.		73,054		204,722		(10.3	)
OZ Minerals Ltd.		5,547		96,284		(4.8	)
Perpetual Ltd.		7,359		169,181		(8.5	)
Pilbara Minerals Ltd.		37,290		72,331		(3.6	)
Platinum Asset Management Ltd.		125,662		164,431		(8.2	)
Pro Medicus Ltd.		3,571		116,785		(5.8	)
QBE Insurance Group Ltd.		59,481		513,159		(25.7	)
Qube Holdings Ltd.		47,969		99,126		(5.0	)
REA Group Ltd.		1,634		146,387		(7.3	)
Scentre Group		22,326		46,516		(2.3	)

Security	Shares		Value		% of Basket Value
Australia (continued)
SEEK Ltd.		9,306	$	182,355		(9.1	)%
Sonic Healthcare Ltd.		13,701		353,845		(17.7	)
South32 Ltd.		101,599		338,359		(17.0	)
Star Entertainment Grp Ltd.		102,670		226,765		(11.4	)
Stockland		230,716		667,791		(33.5	)
Telstra Corp. Ltd.		28,495		80,887		(4.1	)
Wesfarmers Ltd.		9,323		322,604		(16.2	)
Westpac Banking Corp.		19,868		332,590		(16.7	)
WiseTech Global Ltd.		255		7,906		(0.4	)
Woodside Petroleum Ltd.		904		19,667		(1.0	)
				10,354,289
Austria
ANDRITZ AG		1,500		63,766		(3.2	)
Erste Group Bank AG		2,480		77,217		(3.9	)
Raiffeisen Bank International AG		14,589		166,071		(8.3	)
voestalpine AG		599		15,836		(0.8	)
				322,890
Belgium
Ackermans & van Haaren NV		2,909		518,605		(26.0	)
Azelis Group NV		6,787		167,153		(8.4	)
D’ieteren Group		555		89,085		(4.5	)
Elia Group SA		1,485		236,380		(11.8	)
Groupe Bruxelles Lambert SA		974		91,907		(4.6	)
KBC Group NV		4,228		287,639		(14.4	)
Telenet Group Holding NV		6,108		182,033		(9.1	)
Umicore SA		7,920		304,472		(15.2	)
Warehouses De Pauw CVA		7,096		272,984		(13.7	)
				2,150,258
Bermuda
Hiscox Ltd.		7,744		91,954		(4.6	)
RenaissanceRe Holdings Ltd.		3,901		559,872		(28.1	)
				651,826
Canada
Air Canada		7,823		137,016		(6.9	)
Alamos Gold Inc., Class A		6,851		53,223		(2.7	)
AltaGas Ltd.		19,064		435,995		(21.8	)
ARC Resources Ltd.		20,999		291,124		(14.6	)
Aritzia Inc.		7,733		275,394		(13.8	)
Atco Ltd., Class I		4,007		142,763		(7.2	)
B2Gold Corp.		36,234		153,719		(7.7	)
BCE, Inc.		2,455		130,523		(6.5	)
Brookfield Infrastructure Corp., Class A		3,810		270,332		(13.5	)
CAE, Inc.		9,397		223,468		(11.2	)
Canada Goose Holdings, Inc.		12,312		268,032		(13.4	)
Canadian Pacific Railway Ltd.		4,875		356,598		(17.9	)
Canadian Utilities Ltd., Class A		2,096		63,011		(3.2	)
Cargojet, Inc.		868		101,411		(5.1	)
Cenovus Energy Inc.		43,204		798,735		(40.0	)
CGI, Inc.		7,524		599,976		(30.1	)
CI Financial Corp.		2,813		36,678		(1.8	)
Crescent Point Energy Corp.		91,317		632,640		(31.7	)
Descartes Systems Group Inc.		4,104		254,901		(12.8	)
Enbridge, Inc.		34,024		1,484,751		(74.4	)
Enerplus Corp.		13,070		160,138		(8.0	)
Equinox Gold Corp.		1,983		14,139		(0.7	)
First Capital Real Estate Investment Trust		19,736		263,014		(13.2	)
FirstService Corp.		3,335		415,833		(20.8	)
Franco-Nevada Corp.		4,368		660,581		(33.1	)
George Weston Ltd.		822		102,263		(5.1	)

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
GFL Environmental, Inc.		6,855	$	206,506		(10.3	)%
Hydro One Ltd.		7,936		214,547		(10.8	)
IGM Financial, Inc.		6,499		205,950		(10.3	)
Imperial Oil Ltd.		2,831		142,536		(7.1	)
Innergex Renewable Energy Inc.		38,365		513,664		(25.7	)
Ivanhoe Mines Ltd., Class A		27,580		221,129		(11.1	)
Keyera Corp.		16,661		413,331		(20.7	)
Kinaxis, Inc.		3,686		407,895		(20.4	)
Lululemon Athletica, Inc.		1,567		555,705		(27.8	)
Lundin Mining Corp.		3,069		28,023		(1.4	)
NexGen Energy Ltd.		47,856		235,806		(11.8	)
Osisko Gold Royalties Ltd.		3,577		44,022		(2.2	)
Pan American Silver Corp.		260		6,446		(0.3	)
Parex Resources, Inc.		7,633		148,780		(7.5	)
Pembina Pipeline Corp.		13,149		497,546		(24.9	)
Ritchie Bros Auctioneers, Inc.		740		40,760		(2.0	)
Shopify, Inc., Class A		31		13,261		(0.7	)
SSR Mining, Inc.		12,579		276,715		(13.9	)
Stantec, Inc.		780		35,805		(1.8	)
Summit Industrial Income REIT		6,910		109,407		(5.5	)
TC Energy Corp.		1,604		84,842		(4.3	)
Teck Resources Ltd., Class B		17,635		695,708		(34.9	)
TELUS Corp.		22,259		556,887		(27.9	)
TFI International, Inc.		4,097		329,571		(16.5	)
TMX Group Ltd.		851		86,640		(4.3	)
Turquoise Hill Resources Ltd.		191		5,211		(0.3	)
Vermilion Energy Inc.		6,708		130,698		(6.6	)
Wheaton Precious Metals Corp.		36,012		1,614,114		(80.9	)
Whitecap Resources, Inc.		2,625		21,517		(1.1	)
WSP Global, Inc.		4,234		493,783		(24.7	)
Yamana Gold, Inc.		61,126		337,355		(16.9	)
				17,000,418
China
Budweiser Brewing Co. APAC Ltd.		229,900		572,036		(28.6	)
Chow Tai Fook Jewellery Group Ltd.		46,000		77,129		(3.9	)
				649,165
Denmark
Demant A/S		6,122		269,022		(13.5	)
Genmab A/S		219		77,010		(3.9	)
GN Store Nord A/S		389		14,599		(0.7	)
H Lundbeck A/S		3,009		68,961		(3.4	)
ISS A/S		8,885		145,839		(7.3	)
Jyske Bank A/S		8,977		496,375		(24.9	)
Novo Nordisk A/S, Class B		5,262		601,059		(30.1	)
SimCorp A/S		2,027		141,903		(7.1	)
Tryg A/S		6,302		149,843		(7.5	)
				1,964,611
Finland
Kesko OYJ, B Shares		18,609		468,508		(23.5	)
Metso Outotec OYJ		19,668		167,472		(8.4	)
Nokia OYJ		125,426		635,919		(31.9	)
Nokian Renkaat OYJ		18,639		250,295		(12.5	)
Outokumpu OYJ		60,579		297,398		(14.9	)
Valmet OYJ		592		15,854		(0.8	)
Wartsila OYJ Abp		23,388		187,802		(9.4	)
				2,023,248
France
Accor SA		9,462		310,861		(15.6	)

Security	Shares		Value		% of Basket Value
France (continued)
Aeroports de Paris		1,047	$	148,098		(7.4	)%
Air France-KLM		66,319		273,185		(13.7	)
Air Liquide SA		228		39,446		(2.0	)
ALD SA		85,338		1,160,425		(58.1	)
Amundi SA		9,177		551,813		(27.6	)
Arkema SA		2,882		328,387		(16.5	)
Atos SE		20,291		494,320		(24.8	)
AXA SA		22,287		589,603		(29.5	)
Capgemini SE		982		199,915		(10.0	)
Carrefour SA		4,787		101,521		(5.1	)
Cie Plastic Omnium SA		8,127		131,558		(6.6	)
Covivio		938		66,802		(3.3	)
Dassault Systemes SE		1,157		51,168		(2.6	)
Edenred		2,610		131,080		(6.6	)
Eiffage SA		447		44,534		(2.2	)
Engie SA		89,326		1,054,089		(52.8	)
Eurazeo SE		6,772		520,354		(26.1	)
Gecina SA		3,078		346,731		(17.4	)
Hermes International		956		1,178,802		(59.1	)
ICADE		6,890		411,373		(20.6	)
Kering SA		1,698		903,459		(45.3	)
Klepierre SA		7,115		170,302		(8.5	)
La Francaise des Jeux SAEM		1,475		55,411		(2.8	)
Legrand SA		7,126		631,464		(31.6	)
LVMH Moet Hennessy Louis Vuitton SE		1,303		843,217		(42.2	)
Orange SA		28,690		341,566		(17.1	)
Publicis Groupe SA		2,240		134,482		(6.7	)
Remy Cointreau SA		5,433		1,077,004		(54.0	)
Rubis SCA		26,937		716,457		(35.9	)
Safran SA		271		29,498		(1.5	)
Societe Generale SA		12,760		306,674		(15.4	)
Teleperformance		1,894		679,778		(34.1	)
Thales SA		13,099		1,676,998		(84.0	)
TotalEnergies SE		14,846		728,983		(36.5	)
Ubisoft Entertainment SA		1,774		80,208		(4.0	)
Valeo		21,094		383,512		(19.2	)
Vinci SA		18,317		1,777,369		(89.1	)
Wendel SE		5,165		514,611		(25.8	)
				19,185,058
Germany
1&1 AG		5,007		105,514		(5.3	)
Bayerische Motoren Werke AG		7,094		579,337		(29.0	)
Beiersdorf AG		2,596		260,743		(13.1	)
Commerzbank AG		22,644		147,827		(7.4	)
Covestro AG		5,886		253,425		(12.7	)
CTS Eventim AG & Co. KGaA		2,834		194,515		(9.7	)
Daimler AG		7,005		488,957		(24.5	)
E.ON SE		19,956		207,681		(10.4	)
Fraport AG Frankfurt Airport Services Worldwide		1,797		96,030		(4.8	)
Freenet AG		17,636		487,957		(24.5	)
GEA Group AG		6,371		248,000		(12.4	)
Hannover Rueck SE		2,160		335,730		(16.8	)
HeidelbergCement AG		5,317		306,299		(15.4	)
Hochtief AG		11,055		669,031		(33.5	)
HUGO BOSS AG		1,158		64,944		(3.3	)
Infineon Technologies AG		5,669		160,904		(8.1	)
LANXESS AG		1,747		67,532		(3.4	)
LEG Immobilien SE		646		66,235		(3.3	)
Merck KGaA		447		82,931		(4.2	)

70 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Germany (continued)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,349	$	321,252		(16.1	)%
Nemetschek SE		3,363		266,869		(13.4	)
Nordex SE		10,271		148,232		(7.4	)
ProSiebenSat.1 Media SE		1,565		18,006		(0.9	)
Rational AG		384		234,257		(11.7	)
Rwe AG		14,443		599,665		(30.1	)
Scout24 AG		4,324		273,486		(13.7	)
Siemens AG		1,379		169,555		(8.5	)
TAG Immobilien AG		10,574		211,326		(10.6	)
Talanx AG		7,556		314,176		(15.7	)
thyssenkrupp AG		13,415		104,443		(5.2	)
Traton SE		2,734		45,563		(2.3	)
TUI AG		29,671		84,592		(4.2	)
				7,615,014
Hong Kong
AIA Group Ltd.		103,600		1,017,741		(51.0	)
ASM Pacific Technology Ltd.		17,500		176,361		(8.8	)
Bank of East Asia Ltd.		147,600		218,406		(10.9	)
Cafe de Coral Holdings Ltd.		60,000		94,199		(4.7	)
Cathay Pacific Airways Ltd.		285,000		284,751		(14.3	)
Dah Sing Banking Group Ltd.		216,000		181,523		(9.1	)
Dairy Farm International Holdings Ltd.		50,100		135,312		(6.8	)
First Pacific Co. Ltd/Hong Kong		310,000		124,994		(6.3	)
Haitong International Securities Group Ltd.		49,000		7,757		(0.4	)
Hang Lung Group Ltd.		7,000		13,667		(0.7	)
Hang Lung Properties Ltd.		58,000		110,929		(5.6	)
HK Electric Investments & HK Electric Investments Ltd., Class SS		196,000		193,577		(9.7	)
Hutchison Telecommunications Hong Kong Holdings Ltd.		128,000		21,369		(1.1	)
Hysan Development Co. Ltd.		6,000		17,701		(0.9	)
Link REIT		61,800		533,815		(26.7	)
Melco Resorts & Entertainment Ltd., ADR		43,411		248,311		(12.4	)
Pacific Basin Shipping Ltd.		98,000		44,963		(2.3	)
Shangri-La Asia Ltd.		18,000		13,629		(0.7	)
Shun Tak Holdings Ltd.		286,000		57,938		(2.9	)
SITC International Holdings Co. Ltd.		72,000		239,362		(12.0	)
SJM Holdings Ltd.		288,000		120,978		(6.1	)
Swire Pacific Ltd., Class A		56,500		321,819		(16.1	)
Swire Properties Ltd.		112,800		270,332		(13.5	)
United Energy Group Ltd.		2,804,000		329,757		(16.5	)
WH Group Ltd.		75,000		51,795		(2.6	)
Wharf Real Estate Investment Co. Ltd.		37,000		174,365		(8.7	)
Xinyi Glass Holdings Ltd.		95,000		210,217		(10.5	)
Yue Yuen Industrial Holdings Ltd.		176,500		259,611		(13.0	)
				5,475,179
Ireland
Accenture PLC, Class A		166		49,860		(2.5	)
Adient PLC		17,732		605,370		(30.3	)
Alkermes PLC		12,103		349,171		(17.5	)
Aptiv PLC		4,485		477,204		(23.9	)
Experian PLC		20,381		703,845		(35.3	)
Glanbia PLC		13,997		168,039		(8.4	)
Icon PLC		1,177		266,249		(13.3	)
James Hardie Industries PLC		1,446		41,686		(2.1	)
Jazz Pharmaceuticals PLC		1,712		274,297		(13.7	)
Kerry Group PLC, Class A		9,648		1,068,707		(53.6	)

Security	Shares		Value		% of Basket Value
Ireland (continued)
Kingspan Group PLC		3,680	$	342,560		(17.2	)%
Medtronic PLC		4,634		483,604		(24.2	)
Trane Technologies PLC		4,238		592,854		(29.7	)
				5,423,446
Israel
Airport City Ltd.		2,114		47,063		(2.4	)
Alony Hetz Properties & Investments Ltd.		3,396		55,580		(2.8	)
Amot Investments Ltd.		26,459		200,845		(10.1	)
Bank Hapoalim BM		29,182		270,552		(13.6	)
Bank Leumi Le-Israel BM		40,146		421,322		(21.1	)
Bayside Land Corp.		7,600		83,648		(4.2	)
Bezeq The Israeli Telecommunication Corp. Ltd.		559,577		887,090		(44.4	)
Big Shopping Centers Ltd.		462		69,817		(3.5	)
Check Point Software Technologies Ltd.		3,123		394,404		(19.8	)
CyberArk Software Ltd.		386		60,656		(3.0	)
Elbit Systems Ltd.		333		72,284		(3.6	)
Enlight Renewable Energy Ltd.		53,456		114,687		(5.7	)
Fattal Holdings 1998 Ltd.		211		30,433		(1.5	)
Harel Insurance Investments & Financial Services Ltd.		5,946		72,880		(3.7	)
Israel Corp. Ltd.		225		126,420		(6.3	)
Israel Discount Bank Ltd., Class A		181,753		1,073,513		(53.8	)
Melisron Ltd.		1,532		124,271		(6.2	)
Mizrahi Tefahot Bank Ltd.		8,280		306,274		(15.3	)
Nova Measuring Instruments Ltd.		3,165		312,101		(15.6	)
OPC Energy Ltd.		9,861		108,465		(5.4	)
Phoenix Holdings Ltd.		16,939		213,100		(10.7	)
SolarEdge Technologies, Inc.		452		113,185		(5.7	)
Teva Pharmaceutical Industries Ltd., ADR		70,238		611,773		(30.7	)
				5,770,363
Italy
A2A SpA		92,941		158,795		(8.0	)
Amplifon SpA		1,258		50,188		(2.5	)
Assicurazioni Generali SpA		20,983		397,273		(19.9	)
Atlantia SpA		22,707		541,688		(27.1	)
Azimut Holding SpA		6,053		128,480		(6.4	)
Banca Generali SpA		3,729		123,285		(6.2	)
Banca Mediolanum SpA		30,582		222,005		(11.1	)
BPER Banca		504,084		842,121		(42.2	)
Buzzi Unicem SpA		6,119		113,316		(5.7	)
Davide Campari-Milano NV		71,219		803,577		(40.3	)
De’ Longhi SpA		1,059		25,680		(1.3	)
Enel SpA		221,521		1,440,527		(72.2	)
Hera SpA		66,151		246,716		(12.4	)
Interpump Group SpA		2,918		117,974		(5.9	)
Italgas SpA		19,781		128,075		(6.4	)
Leonardo SpA		2,025		20,840		(1.0	)
Mediobanca Banca di Credito Finanziario SpA		28,776		288,417		(14.5	)
Moncler SpA		3,251		169,357		(8.5	)
PRADA SpA		181,700		1,130,562		(56.6	)
Reply SpA		4,107		604,621		(30.3	)
UnipolSai Assicurazioni SpA		48,937		137,652		(6.9	)
				7,691,149
Japan
ABC-Mart, Inc.		2,000		82,940		(4.2	)
Acom Co. Ltd.		65,500		168,448		(8.4	)
Activia Properties, Inc.		56		178,949		(9.0	)
Advantest Corp.		9,300		634,707		(31.8	)

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
AEON Financial Service Co. Ltd.		15,200	$	139,740		(7.0	)%
Aica Kogyo Co. Ltd.		1,700		39,352		(2.0	)
Ajinomoto Co., Inc.		4,300		111,721		(5.6	)
Alfresa Holdings Corp.		18,900		257,015		(12.9	)
Amada Co. Ltd.		70,900		550,536		(27.6	)
Amano Corp.		3,800		73,154		(3.7	)
Anritsu Corp.		25,800		324,422		(16.3	)
Aozora Bank Ltd.		9,000		180,185		(9.0	)
As One Corp.		1,000		53,093		(2.7	)
Asahi Group Holdings Ltd.		28,800		1,085,553		(54.4	)
Astellas Pharma, Inc.		14,400		219,250		(11.0	)
Azbil Corp.		4,100		124,485		(6.2	)
Bandai Namco Holdings, Inc.		1,100		74,473		(3.7	)
Benesse Holdings, Inc.		21,900		383,182		(19.2	)
Calbee, Inc.		35,200		630,516		(31.6	)
Capcom Co. Ltd.		6,300		166,239		(8.3	)
Casio Computer Co. Ltd.		12,100		125,475		(6.3	)
Chubu Electric Power Co., Inc.		8,700		87,827		(4.4	)
Chugai Pharmaceutical Co. Ltd.		5,200		155,819		(7.8	)
Chugoku Bank Ltd.		10,000		73,536		(3.7	)
Chugoku Electric Power Co., Inc.		32,400		213,403		(10.7	)
Coca-Cola Bottlers Japan Holdings, Inc.		34,600		387,882		(19.4	)
COMSYS Holdings Corp.		37,400		776,506		(38.9	)
Cosmo Energy Holdings Co. Ltd.		5,500		136,644		(6.8	)
Cosmos Pharmaceutical Corp.		2,500		230,469		(11.5	)
Daifuku Co. Ltd.		5,600		344,336		(17.2	)
Daiichi Sankyo Co. Ltd.		12,700		319,772		(16.0	)
Daikin Industries Ltd.		1,300		198,663		(9.9	)
Daito Trust Construction Co. Ltd.		600		57,787		(2.9	)
Daiwa House Industry Co. Ltd.		8,900		213,958		(10.7	)
Dentsu Group, Inc.		16,100		580,271		(29.1	)
DMG Mori Co. Ltd.		53,700		673,955		(33.8	)
Ebara Corp.		7,600		349,048		(17.5	)
Eisai Co. Ltd.		5,000		217,755		(10.9	)
Electric Power Development Co. Ltd.		2,300		31,516		(1.6	)
FP Corp.		11,000		248,790		(12.5	)
FUJIFILM Holdings Corp.		8,100		445,267		(22.3	)
Fujitsu Ltd.		500		75,575		(3.8	)
Furukawa Electric Co. Ltd.		12,700		206,236		(10.3	)
GMO Payment Gateway, Inc.		2,800		234,920		(11.8	)
H.U. Group Holdings, Inc.		14,600		325,324		(16.3	)
Hamamatsu Photonics KK		1,700		76,063		(3.8	)
Hirose Electric Co. Ltd.		1,000		126,874		(6.4	)
Hisamitsu Pharmaceutical Co., Inc.		13,400		367,116		(18.4	)
Hitachi Construction Machinery Co. Ltd.		15,300		346,413		(17.4	)
Honda Motor Co. Ltd.		10,600		278,818		(14.0	)
Hoshizaki Corp.		2,000		126,685		(6.3	)
Hulic Co. Ltd.		26,000		219,528		(11.0	)
IHI Corp.		4,700		106,571		(5.3	)
Information Services International-Dentsu Ltd.		3,700		106,257		(5.3	)
Internet Initiative Japan, Inc.		3,200		99,876		(5.0	)
ITOCHU Corp.		800		24,145		(1.2	)
Itochu Techno-Solutions Corp.		7,800		182,643		(9.1	)
Izumi Co. Ltd.		2,700		58,681		(2.9	)
J Front Retailing Co. Ltd.		10,800		80,931		(4.1	)
Japan Post Bank Co. Ltd.		46,700		352,318		(17.6	)
Japan Prime Realty Investment Corp.		81		245,734		(12.3	)
Japan Tobacco, Inc.		107,000		1,820,261		(91.2	)
JGC Holdings Corp.		16,900		191,244		(9.6	)
Kakaku.com, Inc.		5,200		108,897		(5.5	)
Kamigumi Co. Ltd.		23,600		400,702		(20.1	)
Kandenko Co. Ltd.		18,500		117,320		(5.9	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Kansai Paint Co. Ltd.		20,500	$	282,324		(14.1	)%
Kao Corp.		10,300		412,808		(20.7	)
Kawasaki Kisen Kaisha Ltd.		3,500		182,987		(9.2	)
Keisei Electric Railway Co. Ltd.		5,300		129,953		(6.5	)
Kewpie Corp.		12,000		202,101		(10.1	)
Keyence Corp.		1,100		442,205		(22.2	)
Kikkoman Corp.		1,200		67,441		(3.4	)
Kintetsu Group Holdings Co. Ltd.		11,000		315,384		(15.8	)
Kobe Bussan Co. Ltd.		3,000		73,138		(3.7	)
Koito Manufacturing Co. Ltd.		7,300		267,870		(13.4	)
Kokuyo Co. Ltd.		23,400		304,766		(15.3	)
Konami Holdings Corp.		800		49,195		(2.5	)
Konica Minolta, Inc.		20,100		69,954		(3.5	)
Kuraray Co. Ltd.		131,300		1,050,103		(52.6	)
Kusuri no Aoki Holdings Co. Ltd.		4,300		190,508		(9.5	)
Kyocera Corp.		7,800		409,554		(20.5	)
Kyowa Exeo Corp.		8,200		136,512		(6.8	)
Kyowa Kirin Co. Ltd.		10,700		225,521		(11.3	)
Kyudenko Corp.		10,700		242,653		(12.2	)
Lawson, Inc.		38,300		1,408,681		(70.6	)
Lion Corp.		14,700		151,460		(7.6	)
Lixil Corp.		14,600		256,789		(12.9	)
Mani Inc.		21,600		246,672		(12.4	)
Marubeni Corp.		6,400		69,860		(3.5	)
Maruwa Unyu Kikan Co. Ltd.		10,900		127,258		(6.4	)
MISUMI Group, Inc.		300		7,522		(0.4	)
Mitsubishi Chemical Holdings Corp.		94,800		578,056		(29.0	)
Mitsubishi Corp.		3,900		130,945		(6.6	)
Mitsubishi HC Capital, Inc.		60,900		274,018		(13.7	)
Mitsubishi Logistics Corp.		12,500		288,094		(14.4	)
Mitsubishi Materials Corp.		1,200		18,772		(0.9	)
Mitsui & Co. Ltd.		1,900		46,010		(2.3	)
Mitsui Chemicals, Inc.		5,900		134,803		(6.8	)
Mitsui Fudosan Co. Ltd.		1,900		40,268		(2.0	)
Mitsui Mining & Smelting Co. Ltd.		2,700		68,271		(3.4	)
Mizuho Financial Group, Inc.		900		10,928		(0.5	)
MS&AD Insurance Group Holdings, Inc.		38,300		1,140,086		(57.1	)
Murata Manufacturing Co. Ltd.		6,400		381,488		(19.1	)
Nagoya Railroad Co. Ltd.		8,800		141,338		(7.1	)
Nankai Electric Railway Co. Ltd.		15,000		267,792		(13.4	)
NEC Corp.		15,500		601,336		(30.1	)
NET One Systems Co. Ltd.		6,700		159,881		(8.0	)
Nichirei Corp.		12,200		223,998		(11.2	)
Nihon Kohden Corp.		17,800		427,309		(21.4	)
Nihon M&A Center Holdings, Inc.		7,400		91,122		(4.6	)
Nikon Corp.		36,700		412,391		(20.7	)
Nippon Express Holdings, Inc.		3,300		193,481		(9.7	)
Nippon Telegraph & Telephone Corp.		7,800		229,861		(11.5	)
Nippon Television Holdings, Inc.		121,200		1,163,303		(58.3	)
Nippon Yusen KK		1,400		101,002		(5.1	)
Nipro Corp.		16,800		132,378		(6.6	)
Nissan Chemical Corp.		3,100		163,750		(8.2	)
Nissan Motor Co. Ltd.		82,900		331,894		(16.6	)
Nissin Foods Holdings Co. Ltd.		6,400		445,200		(22.3	)
Nitori Holdings Co. Ltd.		900		92,591		(4.6	)
Nitto Denko Corp.		5,400		362,453		(18.2	)
NOK Corp.		22,900		194,839		(9.8	)
Nomura Real Estate Holdings, Inc.		11,600		282,643		(14.2	)
Nomura Research Institute Ltd.		4,400		124,416		(6.2	)
NSK Ltd.		41,000		226,883		(11.4	)
NTT Data Corp.		6,600		121,690		(6.1	)
Obayashi Corp.		106,700		733,791		(36.8	)

72 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
OBIC Business Consultants Co. Ltd.		2,500	$	89,855		(4.5	)%
Obic Co. Ltd.		1,100		162,513		(8.1	)
Omron Corp.		21,600		1,273,408		(63.8	)
Otsuka Corp.		2,600		85,207		(4.3	)
Otsuka Holdings Co. Ltd.		4,600		154,571		(7.7	)
PALTAC Corp.		2,200		80,186		(4.0	)
Panasonic Corp.		4,700		41,892		(2.1	)
Penta-Ocean Construction Co. Ltd.		27,300		133,578		(6.7	)
PeptiDream, Inc.		8,000		129,031		(6.5	)
Pigeon Corp.		4,700		80,159		(4.0	)
Pola Orbis Holdings, Inc.		7,200		83,010		(4.2	)
Relo Group, Inc.		5,300		75,708		(3.8	)
Resorttrust, Inc.		12,100		203,565		(10.2	)
Ricoh Co. Ltd.		37,000		270,171		(13.5	)
Rinnai Corp.		4,600		294,029		(14.7	)
Ryohin Keikaku Co. Ltd.		7,200		64,707		(3.2	)
Sankyu Inc.		12,400		378,064		(18.9	)
Santen Pharmaceutical Co. Ltd.		37,200		302,610		(15.2	)
Sapporo Holdings Ltd.		28,100		584,876		(29.3	)
Sawai Group Holdings Co. Ltd.		3,600		120,761		(6.0	)
SBI Holdings, Inc.		35,900		802,979		(40.2	)
SCSK Corp.		9,200		146,264		(7.3	)
Sega Sammy Holdings, Inc.		1,100		19,492		(1.0	)
Seiko Epson Corp.		48,500		683,245		(34.2	)
Seino Holdings Co Ltd.		20,500		167,464		(8.4	)
Sekisui House Ltd.		20,700		359,516		(18.0	)
Sekisui House REIT, Inc.		272		159,161		(8.0	)
SG Holdings Co. Ltd.		25,000		440,567		(22.1	)
Shimadzu Corp.		6,200		202,691		(10.2	)
Shimizu Corp.		71,400		374,396		(18.8	)
Shin-Etsu Chemical Co. Ltd.		4,100		563,481		(28.2	)
Shionogi & Co. Ltd.		4,000		222,504		(11.1	)
Skylark Co. Ltd.		41,100		487,680		(24.4	)
SMS Co. Ltd.		1,000		23,469		(1.2	)
Softbank Corp.		7,500		87,284		(4.4	)
SoftBank Group Corp.		4,100		168,634		(8.4	)
Sony Group Corp.		6,500		560,957		(28.1	)
Sotetsu Holdings Inc.		7,900		135,430		(6.8	)
Square Enix Holdings Co. Ltd.		2,300		91,829		(4.6	)
Subaru Corp.		15,200		230,655		(11.6	)
Sumitomo Chemical Co. Ltd.		293,900		1,249,723		(62.6	)
Sumitomo Corp.		4,500		71,206		(3.6	)
Sumitomo Dainippon Pharma Co. Ltd.		4,500		40,084		(2.0	)
Sumitomo Forestry Co. Ltd.		5,600		85,673		(4.3	)
Sumitomo Heavy Industries Ltd.		3,100		65,600		(3.3	)
Sumitomo Mitsui Financial Group, Inc.		13,800		416,952		(20.9	)
Sumitomo Mitsui Trust Holdings, Inc.		1,700		52,764		(2.6	)
Sumitomo Rubber Industries Ltd.		10,900		94,479		(4.7	)
Sundrug Co. Ltd.		13,100		304,995		(15.3	)
Suntory Beverage & Food Ltd.		37,700		1,485,418		(74.4	)
Suzuki Motor Corp.		11,300		340,640		(17.1	)
Taiheiyo Cement Corp.		20,300		328,445		(16.5	)
Taisei Corp.		38,400		1,040,179		(52.1	)
Takara Bio Inc.		8,500		136,713		(6.8	)
Takashimaya Co. Ltd.		11,500		104,894		(5.3	)
Takeda Pharmaceutical Co. Ltd.		9,200		266,952		(13.4	)
TBS Holdings, Inc.		1,200		15,747		(0.8	)
Teijin Ltd.		11,700		125,029		(6.3	)
Terumo Corp.		12,000		357,182		(17.9	)
TIS, Inc.		7,900		177,429		(8.9	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Tohoku Electric Power Co., Inc.		13,700	$	76,207		(3.8	)%
Tokyo Electron Ltd.		1,100		464,141		(23.3	)
Tokyo Gas Co. Ltd.		22,900		438,637		(22.0	)
Tokyo Ohka Kogyo Co. Ltd.		3,400		184,743		(9.3	)
Toray Industries, Inc.		35,000		165,875		(8.3	)
Tosoh Corp.		15,500		214,032		(10.7	)
TOTO Ltd.		900		30,329		(1.5	)
Toyo Seikan Group Holdings Ltd.		17,100		184,960		(9.3	)
Toyo Suisan Kaisha Ltd.		10,100		311,851		(15.6	)
Toyota Tsusho Corp.		6,100		219,156		(11.0	)
Trend Micro, Inc.		21,300		1,187,622		(59.5	)
Tsumura & Co.		3,300		81,196		(4.1	)
Tsuruha Holdings, Inc.		6,100		311,759		(15.6	)
Unicharm Corp.		19,700		685,402		(34.3	)
Ushio, Inc.		2,600		33,711		(1.7	)
Welcia Holdings Co. Ltd.		1,900		38,948		(1.9	)
Yakult Honsha Co. Ltd.		2,200		113,917		(5.7	)
Yamada Holdings Co. Ltd.		139,400		416,260		(20.9	)
Yamaguchi Financial Group, Inc.		19,400		106,373		(5.3	)
Yamaha Corp.		16,500		630,415		(31.6	)
Yamaha Motor Co. Ltd.		1,700		35,098		(1.8	)
Yaoko Co. Ltd.		6,900		365,028		(18.3	)
Yaskawa Electric Corp.		1,600		54,329		(2.7	)
Yokohama Rubber Co. Ltd.		19,400		259,739		(13.0	)
Z Holdings Corp.		58,000		227,699		(11.4	)
Zensho Holdings Co. Ltd.		4,400		103,762		(5.2	)
ZOZO, Inc.		4,300		90,031		(4.5	)
				59,612,994
Jordan
Hikma Pharmaceuticals PLC		30,649		719,958		(36.1	)
Luxembourg
Aroundtown SA		29,714		149,418		(7.5	)
Majorel Group Luxembourg SA		24,918		787,303		(39.4	)
RTL Group SA		6,143		319,420		(16.0	)
				1,256,141
Macau
Wynn Macau Ltd.		59,600		36,608		(1.8	)
Mexico
Fresnillo PLC		755		7,305		(0.4	)
Netherlands
ABN AMRO Bank NV		29,333		364,643		(18.3	)
ASR Nederland NV		3,586		162,979		(8.2	)
CTP NV		1,615		22,866		(1.1	)
Heineken Holding NV		76		5,933		(0.3	)
Heineken NV		4,952		483,369		(24.2	)
IMCD NV		3,294		524,479		(26.3	)
ING Groep NV		29,472		279,224		(14.0	)
Koninklijke Ahold Delhaize NV		4,137		122,025		(6.1	)
Koninklijke Vopak NV		14,145		380,355		(19.1	)
OCI NV		7,497		284,080		(14.2	)
PostNL NV		81,752		267,882		(13.4	)
Randstad NV		15,614		825,655		(41.4	)
Wolters Kluwer NV		15,728		1,588,257		(79.6	)
				5,311,747
New Zealand
a2 Milk Co. Ltd.		35,861		111,389		(5.6	)
Air New Zealand Ltd.		85,618		48,591		(2.4	)

S C H E D U L E   O F   I N V E S T M E N T S 73

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
New Zealand (continued)
Fisher & Paykel Healthcare Corp. Ltd.		8,596	$	118,127		(5.9	)%
Infratil Ltd.		62,942		340,620		(17.1	)
Xero Ltd.		1,704		112,365		(5.6	)
				731,092
Norway
Adevinta ASA		2,819		21,778		(1.1	)
Aker BP ASA		12,883		461,583		(23.1	)
DNB Bank ASA		8,452		163,777		(8.2	)
Equinor ASA		12,043		407,048		(20.4	)
Nordic Semiconductor ASA		8,042		159,885		(8.0	)
Schibsted ASA, Class A		13,626		283,951		(14.2	)
Telenor ASA		81,129		1,144,200		(57.4	)
				2,642,222
Portugal
EDP - Energias de Portugal SA		83,892		390,992		(19.6	)
Jeronimo Martins SGPS SA		6,175		128,543		(6.4	)
				519,535
Singapore
ComfortDelGro Corp. Ltd.		139,000		146,832		(7.3	)
Jardine Cycle & Carriage Ltd.		8,600		179,245		(9.0	)
NetLink NBN Trust		297,600		215,192		(10.8	)
Olam Group Ltd.		14,500		17,719		(0.9	)
SATS Ltd.		60,900		198,843		(10.0	)
SIA Engineering Co. Ltd.		66,800		128,290		(6.4	)
Singapore Post Ltd.		815,400		418,729		(21.0	)
StarHub Ltd.		83,100		75,374		(3.8	)
United Overseas Bank Ltd.		8,400		179,812		(9.0	)
Wing Tai Holdings Ltd.		8,000		10,041		(0.5	)
				1,570,077
Spain
Acciona SA		2,819		551,812		(27.7	)
Banco Santander SA		35,387		103,413		(5.2	)
Cellnex Telecom SA		3,112		145,051		(7.3	)
Grifols SA		382		6,398		(0.3	)
Iberdrola SA		4,058		46,630		(2.3	)
Industria de Diseno Textil SA		19,464		408,107		(20.4	)
Inmobiliaria Colonial Socimi SA		31,308		260,338		(13.0	)
Merlin Properties Socimi SA		26,424		287,061		(14.4	)
Naturgy Energy Group SA		2,234		67,204		(3.4	)
Solaria Energia y Medio Ambiente SA		4,840		107,403		(5.4	)
				1,983,417
Sweden
Alfa Laval AB		8,978		249,914		(12.5	)
Autoliv, Inc.		1,706		125,698		(6.3	)
Boliden AB		6,239		270,530		(13.6	)
Castellum AB		662		13,110		(0.7	)
Elekta AB, B Shares		31,607		212,882		(10.7	)
Epiroc AB, Class A		9,259		187,708		(9.4	)
Epiroc AB, Class B		8,856		154,500		(7.7	)
EQT AB		3,832		108,453		(5.4	)
Essity AB, Class B		10,443		275,392		(13.8	)
Evolution AB		1,894		194,321		(9.7	)
Hexagon AB, B Shares		7,280		93,933		(4.7	)
Holmen AB, B Shares		4,034		233,160		(11.7	)
Industrivarden AB, C Shares		3,433		86,441		(4.3	)
Indutrade AB		27,363		645,434		(32.3	)
Investment AB Latour, B Shares		7,717		204,443		(10.3	)
Lifco AB, B Shares		5,165		108,339		(5.4	)

Security	Shares		Value		% of Basket Value
Sweden (continued)
Lundin Energy AB		11,476	$	474,485		(23.8	)%
Nibe Industrier AB, B Shares		2,689		26,364		(1.3	)
Saab AB, Class B		24,796		1,048,844		(52.6	)
Sagax AB, Class B		4,207		107,465		(5.4	)
Spotify Technology SA		3,532		359,028		(18.0	)
SSAB AB, A Shares		29,339		186,335		(9.3	)
Svenska Handelsbanken AB, A Shares		119,473		1,205,043		(60.4	)
Swedish Match AB		64,710		515,401		(25.8	)
Tele2 AB, B Shares		23,655		313,530		(15.7	)
				7,400,753
Switzerland
Adecco Group AG		5,047		194,763		(9.8	)
Barry Callebaut AG		28		64,443		(3.2	)
Belimo Holding AG		85		42,009		(2.1	)
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		3		355,898		(17.8	)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		63		706,544		(35.4	)
Cie Financiere Richemont SA, Class A		5,240		608,839		(30.5	)
Credit Suisse Group AG		17,213		116,830		(5.9	)
Dufry AG		2,932		116,700		(5.9	)
Flughafen Zurich AG		1,109		187,530		(9.4	)
Idorsia Ltd.		16,849		287,585		(14.4	)
Julius Baer Group Ltd.		6,344		303,166		(15.2	)
Logitech International SA		1,618		105,297		(5.3	)
Lonza Group AG		72		42,454		(2.1	)
SIG Combibloc Group AG		12,211		255,643		(12.8	)
Sika AG		973		297,211		(14.9	)
Sonova Holding AG		111		40,532		(2.0	)
Straumann Holding AG		1,870		220,457		(11.1	)
Swatch Group AG		776		199,155		(10.0	)
Swiss Life Holding AG		124		72,505		(3.6	)
Swiss Prime Site AG		1,479		144,564		(7.2	)
Temenos AG		1,402		141,526		(7.1	)
UBS Group AG		8,577		145,609		(7.3	)
VAT Group AG		420		129,911		(6.5	)
				4,779,171
United Kingdom
Associated British Foods PLC		29,526		590,837		(29.6	)
Atlantica Sustainable Infrastructure PLC		17,218		532,036		(26.7	)
Barclays PLC		164,705		302,751		(15.2	)
Barratt Developments PLC		19,403		118,708		(5.9	)
Bellway PLC		10,453		317,481		(15.9	)
British American Tobacco PLC		1,339		56,121		(2.8	)
Capri Holdings Ltd.		3,354		159,986		(8.0	)
Centrica PLC		739,585		732,773		(36.7	)
Croda International PLC		12,628		1,226,514		(61.5	)
Dechra Pharmaceuticals PLC		5,018		227,392		(11.4	)
Direct Line Insurance Group PLC		23,455		74,443		(3.7	)
Drax Group PLC		34,243		346,050		(17.3	)
easyJet PLC		15,035		104,185		(5.2	)
Endeavour Mining PLC		13,020		318,646		(16.0	)
Farfetch Ltd., Class A		3,873		43,378		(2.2	)
Halma PLC		1,490		45,736		(2.3	)
Hammerson PLC		45		16		(0.0	)
Hargreaves Lansdown PLC		17,465		199,945		(10.0	)
HomeServe PLC		68,904		851,704		(42.7	)
Imperial Brands PLC		64,458		1,341,728		(67.2	)
Intertek Group PLC		365		22,745		(1.1	)
ITV PLC		273,738		252,784		(12.7	)

74 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
J Sainsbury PLC		28,074	$	81,913		(4.1	)%
Janus Henderson Group PLC		11,013		335,676		(16.8	)
Legal & General Group PLC		44,761		139,524		(7.0	)
Liberty Global PLC, Class A		8,354		190,137		(9.5	)
Liberty Global PLC, Class C		5,084		120,491		(6.0	)
Linde PLC		1,959		611,130		(30.6	)
Melrose Industries PLC		303,607		441,171		(22.1	)
Moneysupermarket.com Group PLC		3		7		(0.0	)
Natwest Group PLC		120,142		322,315		(16.2	)
Nomad Foods Ltd.		9,550		176,293		(8.8	)
Phoenix Group Holdings PLC		17,757		134,499		(6.7	)
Quilter PLC		108,673		179,015		(9.0	)
Schroders PLC		2,136		75,401		(3.8	)
Smiths Group PLC		17,611		322,269		(16.1	)
Spirax-Sarco Engineering PLC		5,420		817,854		(41.0	)
SSE PLC		9,960		231,329		(11.6	)
SSP Group PLC		66,699		196,870		(9.9	)
St James’s Place PLC		9,239		148,467		(7.4	)
Tate & Lyle PLC		81,339		790,583		(39.6	)
Taylor Wimpey PLC		226,529		356,275		(17.9	)
THG PLC		65,701		88,210		(4.4	)
Travis Perkins PLC		3,693		56,327		(2.8	)
Tritax Big Box REIT PLC		147,460		450,147		(22.6	)
United Utilities Group PLC		918		13,192		(0.7	)
Weir Group PLC		14,398		276,794		(13.9	)
Whitbread PLC		21,256		741,980		(37.2	)
				15,163,828
United States
AbbVie, Inc.		247		36,279		(1.8	)
ABIOMED, Inc.		707		202,612		(10.2	)
Acadia Healthcare Co., Inc.		2,246		152,458		(7.6	)
Adobe, Inc.		2,637		1,044,120		(52.3	)
Advanced Micro Devices, Inc.		10,191		871,534		(43.7	)
AES Corp.		22,739		464,330		(23.3	)
Aflac, Inc.		924		52,927		(2.7	)
Agilent Technologies, Inc.		13,243		1,579,493		(79.1	)
Alcoa Corp.		5,435		368,493		(18.5	)
Alexandria Real Estate Equities, Inc.		5,276		961,076		(48.2	)
Align Technology, Inc.		945		273,965		(13.7	)
Allstate Corp.		812		102,750		(5.1	)
Ally Financial, Inc.		2,338		93,426		(4.7	)
Alphabet, Inc., Class A		71		162,035		(8.1	)
Ambarella, Inc.		1,596		131,000		(6.6	)
AMC Entertainment Holdings, Inc., Class A		12,451		190,500		(9.5	)
American Express Co.		815		142,389		(7.1	)
American Homes 4 Rent, Class A		18,533		734,092		(36.8	)
American International Group, Inc.		8,424		492,888		(24.7	)
American Tower Corp.		2,300		554,346		(27.8	)
AMETEK, Inc.		976		123,230		(6.2	)
AMN Healthcare Services, Inc.		6,596		644,759		(32.3	)
Amphenol Corp., Class A		22,659		1,620,118		(81.2	)
Antero Midstream Corp.		27,545		282,887		(14.2	)
Aon PLC, Class A		1,045		300,950		(15.1	)
Apple, Inc.		812		132,876		(6.7	)
Arch Capital Group Ltd.		13,197		602,707		(30.2	)
Arista Networks, Inc.		4,546		525,381		(26.3	)
Asbury Automotive Group, Inc.		2,726		500,793		(25.1	)
ASGN, Inc.		8,257		936,757		(46.9	)
Aspen Technology, Inc.		154		24,415		(1.2	)
AT&T, Inc.		29,665		559,482		(28.0	)

Security	Shares		Value		% of Basket Value
United States (continued)
Atlassian Corp. PLC, Class A		1,212	$	272,494		(13.7	)%
Atmos Energy Corp.		4,242		481,043		(24.1	)
Autodesk, Inc.		4,009		758,824		(38.0	)
AvalonBay Communities, Inc.		3,955		899,683		(45.1	)
Avangrid, Inc.		4,459		197,757		(9.9	)
Avantor, Inc.		3,997		127,424		(6.4	)
Axalta Coating Systems Ltd.		2,077		52,693		(2.6	)
Axon Enterprise, Inc.		3,072		344,678		(17.3	)
Baker Hughes Co.		4,792		148,648		(7.4	)
Ball Corp.		2,031		164,836		(8.3	)
Bank of America Corp.		26,101		931,284		(46.7	)
Bank of New York Mellon Corp.		25,446		1,070,259		(53.6	)
Baxter International, Inc.		371		26,363		(1.3	)
Biogen, Inc.		2,035		422,140		(21.2	)
BioMarin Pharmaceutical, Inc.		2,772		225,502		(11.3	)
Black Hills Corp.		956		70,017		(3.5	)
Blackline, Inc.		151		10,125		(0.5	)
Block, Inc.		809		80,528		(4.0	)
Blueprint Medicines Corp.		6,338		369,822		(18.5	)
Boeing Co.		12,289		1,829,095		(91.6	)
Booking Holdings, Inc.		74		163,563		(8.2	)
Booz Allen Hamilton Holding Corp.		10,841		884,951		(44.3	)
BorgWarner, Inc.		8,086		297,807		(14.9	)
Boston Properties, Inc.		4,188		492,509		(24.7	)
Boston Scientific Corp.		15,910		669,970		(33.6	)
Brighthouse Financial, Inc.		25,685		1,319,182		(66.1	)
Brixmor Property Group, Inc.		17,171		435,800		(21.8	)
Brown & Brown, Inc.		637		39,481		(2.0	)
Builders FirstSource, Inc.		3,099		190,805		(9.6	)
BWX Technologies, Inc.		572		29,698		(1.5	)
C.H. Robinson Worldwide, Inc.		4,215		447,422		(22.4	)
CACI International, Inc., Class A		3,064		812,879		(40.7	)
Camden Property Trust		11,423		1,792,154		(89.8	)
Capital One Financial Corp.		4,060		505,957		(25.4	)
Cardinal Health, Inc.		6,285		364,844		(18.3	)
Carnival Corp.		10,048		173,830		(8.7	)
Carnival PLC		22,135		347,038		(17.4	)
Carrier Global Corp.		2,256		86,337		(4.3	)
Catalent, Inc.		5,630		509,853		(25.5	)
Cboe Global Markets, Inc.		2,826		319,281		(16.0	)
CDW Corp.		1,160		189,289		(9.5	)
ChampionX Corp.		7,279		153,587		(7.7	)
Charles River Laboratories International, Inc.		2,424		585,420		(29.3	)
Charles Schwab Corp.		9,559		634,048		(31.8	)
Chart Industries, Inc.		1,427		240,906		(12.1	)
Charter Communications, Inc., Class A		120		51,419		(2.6	)
Chegg, Inc.		1,269		31,395		(1.6	)
Chemed Corp.		568		279,110		(14.0	)
Cheniere Energy, Inc.		2,739		371,984		(18.6	)
Chevron Corp.		540		84,602		(4.2	)
Choice Hotels International, Inc.		1,832		257,323		(12.9	)
Cigna Corp.		2,427		598,935		(30.0	)
Cincinnati Financial Corp.		2,550		312,783		(15.7	)
Cirrus Logic, Inc.		5,244		397,495		(19.9	)
Cisco Systems, Inc.		22,721		1,112,875		(55.8	)
Citigroup, Inc.		26,437		1,274,528		(63.9	)
Clean Harbors, Inc.		3,844		403,351		(20.2	)
Clorox Co.		306		43,902		(2.2	)
CMS Energy Corp.		7,317		502,605		(25.2	)
Coca-Cola Co.		3,537		228,526		(11.4	)
Cognex Corp.		2,921		197,547		(9.9	)

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Cognizant Technology Solutions Corp., Class A		2,786	$	225,387		(11.3	)%
Colgate-Palmolive Co.		13,667		1,053,042		(52.8	)
Comerica, Inc.		1,222		100,082		(5.0	)
Continental Resources, Inc.		25,599		1,422,536		(71.3	)
Cooper Cos., Inc.		392		141,528		(7.1	)
Corteva, Inc.		42,002		2,423,095		(121.4	)
CoStar Group, Inc.		4,623		294,115		(14.7	)
Costco Wholesale Corp.		4,752		2,526,733		(126.6	)
Coupa Software, Inc.		38		3,279		(0.2	)
Credit Acceptance Corp.		814		417,175		(20.9	)
Crimson Wine Group Ltd.		1		8		(0.0	)
Crocs, Inc.		2,550		169,397		(8.5	)
Crown Castle International Corp.		811		150,205		(7.5	)
CSX Corp.		20,277		696,312		(34.9	)
CubeSmart		5,002		237,645		(11.9	)
Danaher Corp.		2,760		693,119		(34.7	)
DaVita, Inc.		1,771		191,923		(9.6	)
DexCom, Inc.		147		60,061		(3.0	)
Dick’s Sporting Goods, Inc.		9,829		947,712		(47.5	)
Digital Realty Trust, Inc.		1,458		213,043		(10.7	)
Digital Turbine, Inc.		370		11,711		(0.6	)
Dominion Energy, Inc.		1,373		112,092		(5.6	)
Domino’s Pizza, Inc.		68		22,984		(1.2	)
Donaldson Co., Inc.		6,922		339,455		(17.0	)
DraftKings, Inc., Class A		18,206		249,058		(12.5	)
DTE Midstream LLC		1,547		83,151		(4.2	)
Duke Realty Corp.		3,966		217,139		(10.9	)
East West Bancorp, Inc.		3,074		219,176		(11.0	)
Eaton Corp. PLC		1,731		251,030		(12.6	)
eBay, Inc.		2,634		136,757		(6.9	)
Edison International		3,832		263,603		(13.2	)
Elanco Animal Health, Inc.		20,855		527,840		(26.4	)
Eli Lilly & Co.		494		144,312		(7.2	)
Emerson Electric Co.		251		22,635		(1.1	)
Entergy Corp.		6,555		779,062		(39.0	)
EOG Resources, Inc.		6,296		735,121		(36.8	)
EPAM Systems, Inc.		2,131		564,694		(28.3	)
Equifax, Inc.		2,987		607,914		(30.5	)
Equinix, Inc.		298		214,286		(10.7	)
Equity LifeStyle Properties, Inc.		3,735		288,641		(14.5	)
Equity Residential		15,970		1,301,555		(65.2	)
Erie Indemnity Co., Class A		4,528		725,748		(36.4	)
Etsy, Inc.		7,009		653,169		(32.7	)
Euronet Worldwide, Inc.		135		16,423		(0.8	)
Evercore, Inc., Class A		1,553		164,230		(8.2	)
Evoqua Water Technologies Corp.		7,078		295,082		(14.8	)
Exelixis, Inc.		1,723		38,492		(1.9	)
Expedia Group, Inc.		5,917		1,033,996		(51.8	)
Expeditors International of Washington, Inc.		2,421		239,848		(12.0	)
Exxon Mobil Corp.		12,433		1,059,913		(53.1	)
F5, Inc.		175		29,297		(1.5	)
FactSet Research Systems, Inc.		731		294,951		(14.8	)
Fair Isaac Corp.		736		274,903		(13.8	)
Fate Therapeutics, Inc.		2,579		73,656		(3.7	)
Federal Realty Investment Trust		5,507		644,649		(32.3	)
First American Financial Corp.		216		12,595		(0.6	)
First Industrial Realty Trust, Inc.		15,074		874,292		(43.8	)
First Solar, Inc.		1,542		112,612		(5.6	)
Floor & Decor Holdings, Inc., Class A		452		36,033		(1.8	)
Ford Motor Co.		7,180		101,669		(5.1	)
Fortinet, Inc.		1,497		432,648		(21.7	)
Fox Corp., Class A		54,422		1,950,484		(97.7	)

Security	Shares		Value		% of Basket Value
United States (continued)
Fox Corp., Class B		5,577	$	185,379		(9.3	)%
Franklin Resources, Inc.		9,899		243,416		(12.2	)
FTI Consulting, Inc.		3,246		511,927		(25.6	)
Gap, Inc.		21,567		267,862		(13.4	)
Garmin Ltd.		16,182		1,775,813		(89.0	)
Gartner, Inc.		1,283		372,776		(18.7	)
General Dynamics Corp.		29,062		6,874,035		(344.4	)
General Electric Co.		765		57,031		(2.9	)
Globe Life, Inc.		1,857		182,135		(9.1	)
Globus Medical, Inc., Class A		6,783		449,170		(22.5	)
Goodyear Tire & Rubber Co.		4,154		55,331		(2.8	)
Guidewire Software, Inc.		5,940		516,424		(25.9	)
Halliburton Co.		4,093		145,793		(7.3	)
Halozyme Therapeutics, Inc.		6,527		260,427		(13.0	)
Hanesbrands, Inc.		39,100		518,466		(26.0	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7,955		318,120		(15.9	)
Harley-Davidson, Inc.		11,003		401,059		(20.1	)
Hartford Financial Services Group, Inc.		2,974		207,972		(10.4	)
Healthcare Realty Trust, Inc.		2,738		74,145		(3.7	)
HealthEquity, Inc.		6,186		385,512		(19.3	)
Healthpeak Properties, Inc.		5,355		175,698		(8.8	)
HEICO Corp.		8,593		1,213,589		(60.8	)
HEICO Corp., Class A		15,835		1,846,994		(92.5	)
Helmerich & Payne, Inc.		448		20,621		(1.0	)
Henry Schein, Inc.		936		75,910		(3.8	)
Herbalife Nutrition Ltd.		2,593		68,922		(3.5	)
Hewlett Packard Enterprise Co.		3,101		47,786		(2.4	)
Hexcel Corp.		12,154		660,691		(33.1	)
Hologic, Inc.		1,034		74,438		(3.7	)
Home Depot, Inc.		1,667		500,767		(25.1	)
Honeywell International, Inc.		5,759		1,114,424		(55.8	)
Horizon Therapeutics PLC		1,708		168,340		(8.4	)
HubSpot, Inc.		1,518		575,975		(28.9	)
Humana, Inc.		1,107		492,128		(24.7	)
Huntington Bancshares, Inc.		43,468		571,604		(28.6	)
Huntington Ingalls Industries, Inc.		8,167		1,737,448		(87.1	)
Huntsman Corp.		2,111		71,500		(3.6	)
IDACORP, Inc.		3,541		372,442		(18.7	)
IDEXX Laboratories, Inc.		620		266,898		(13.4	)
II-VI, Inc.		726		44,438		(2.2	)
Illinois Tool Works, Inc.		2,539		500,462		(25.1	)
Illumina, Inc.		1,752		519,731		(26.0	)
Incyte Corp.		2,708		202,992		(10.2	)
Integra LifeSciences Holdings Corp.		9,540		583,466		(29.2	)
Intellia Therapeutics, Inc.		934		45,794		(2.3	)
Interactive Brokers Group, Inc., Class A		5,962		355,097		(17.8	)
Intercontinental Exchange, Inc.		9,698		1,123,125		(56.3	)
International Game Technology PLC		4,412		96,314		(4.8	)
Interpublic Group of Cos., Inc.		7,715		251,663		(12.6	)
Intuit, Inc.		1,038		434,663		(21.8	)
Invitation Homes, Inc.		6,302		250,946		(12.6	)
Iridium Communications, Inc.		19,170		684,561		(34.3	)
Iron Mountain, Inc.		10,319		554,440		(27.8	)
ITT, Inc.		620		43,536		(2.2	)
Jacobs Engineering Group, Inc.		3,997		553,784		(27.7	)
JB Hunt Transport Services, Inc.		2,186		373,478		(18.7	)
JetBlue Airways Corp.		20,936		230,505		(11.5	)
Johnson Controls International PLC		3,812		228,224		(11.4	)
Jones Lang LaSalle, Inc.		1,413		309,065		(15.5	)
JPMorgan Chase & Co.		2,893		345,308		(17.3	)
Kellogg Co.		4,295		294,208		(14.7	)

76 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Keurig Dr Pepper, Inc.		9,327	$	348,830		(17.5	)%
KeyCorp		520		10,041		(0.5	)
Keysight Technologies, Inc.		6,871		963,795		(48.3	)
Kinder Morgan, Inc.		18,852		342,164		(17.1	)
KLA Corp.		2,076		662,784		(33.2	)
Lamar Advertising Co., Class A		3,051		336,861		(16.9	)
Landstar System, Inc.		4,763		737,789		(37.0	)
Las Vegas Sands Corp.		6,116		216,690		(10.9	)
Lattice Semiconductor Corp.		1,274		61,203		(3.1	)
Lear Corp.		3,384		432,949		(21.7	)
Leggett & Platt, Inc.		7,704		274,494		(13.8	)
Leidos Holdings, Inc.		16,975		1,757,082		(88.0	)
Leslie’s, Inc.		635		12,446		(0.6	)
Levi Strauss & Co., Class A		6,609		119,689		(6.0	)
Liberty Latin America Ltd., Class A		2		18		(0.0	)
Liberty Media Corp. - Liberty SiriusXM, Class C		4,127		172,839		(8.7	)
Life Storage, Inc.		2,833		375,344		(18.8	)
Lincoln Electric Holdings, Inc.		1,871		252,080		(12.6	)
Lincoln National Corp.		8,583		516,267		(25.9	)
Lithia Motors, Inc.		568		160,818		(8.1	)
Live Nation Entertainment, Inc.		452		47,406		(2.4	)
Livent Corp.		13,951		297,993		(14.9	)
Lockheed Martin Corp.		5,759		2,488,579		(124.7	)
LPL Financial Holdings, Inc.		1,231		231,268		(11.6	)
Lumen Technologies, Inc.		56,313		566,509		(28.4	)
Lumentum Holdings, Inc.		7,052		572,693		(28.7	)
LXP Industrial Trust		28,525		357,989		(17.9	)
MACOM Technology Solutions Holdings, Inc., Class H		14,404		733,884		(36.8	)
Manhattan Associates, Inc.		4,231		552,357		(27.7	)
ManpowerGroup, Inc.		6,178		557,256		(27.9	)
Marathon Oil Corp.		18,578		462,964		(23.2	)
MarketAxess Holdings, Inc.		2,847		750,498		(37.6	)
Marriott Vacations Worldwide Corp.		74		11,050		(0.6	)
Marsh & McLennan Cos., Inc.		4,719		763,062		(38.2	)
Martin Marietta Materials, Inc.		2,391		846,940		(42.4	)
Marvell Technology, Inc.		16,721		971,156		(48.7	)
Masimo Corp.		9,604		1,084,964		(54.4	)
Mastercard, Inc., Class A		448		162,794		(8.2	)
MaxLinear, Inc.		4,098		196,171		(9.8	)
McKesson Corp.		1,557		482,063		(24.2	)
Medical Properties Trust, Inc.		15,633		287,491		(14.4	)
Merck & Co., Inc.		10,295		913,064		(45.7	)
Meta Platforms, Inc., Class A		2,151		431,211		(21.6	)
MetLife, Inc.		16,214		1,064,936		(53.4	)
Mettler-Toledo International, Inc.		613		783,126		(39.2	)
MGIC Investment Corp.		32,719		427,310		(21.4	)
Microsoft Corp.		4,569		1,267,989		(63.5	)
MicroStrategy, Inc., Class A		36		12,750		(0.6	)
Mid-America Apartment Communities, Inc.		6,373		1,253,442		(62.8	)
Molson Coors Beverage Co., Class B		225		12,182		(0.6	)
Monolithic Power Systems, Inc.		1,608		630,722		(31.6	)
Moody’s Corp.		669		211,725		(10.6	)
Morningstar, Inc.		1,008		255,256		(12.8	)
Murphy USA, Inc.		653		152,541		(7.6	)
National Vision Holdings, Inc.		4,450		167,543		(8.4	)
NetApp, Inc.		12,014		880,025		(44.1	)
Netflix, Inc.		387		73,669		(3.7	)
New Relic, Inc.		312		19,740		(1.0	)
New York Community Bancorp, Inc.		72,399		668,967		(33.5	)
New York Times Co., Class A		817		31,307		(1.6	)
Newmont Corp.		9,838		716,698		(35.9	)

Security	Shares		Value		% of Basket Value
United States (continued)
Nexstar Media Group, Inc., Class A		400	$	63,368		(3.2	)%
Nordson Corp.		472		101,806		(5.1	)
Nordstrom, Inc.		6,546		168,232		(8.4	)
Norfolk Southern Corp.		912		235,187		(11.8	)
Northrop Grumman Corp.		3,083		1,354,670		(67.9	)
NortonLifeLock, Inc.		3,213		80,454		(4.0	)
Norwegian Cruise Line Holdings Ltd.		23,026		461,211		(23.1	)
NOV, Inc.		9,284		168,319		(8.4	)
NRG Energy, Inc.		3,348		120,193		(6.0	)
NVIDIA Corp.		7,624		1,414,023		(70.8	)
Okta, Inc.		2,717		324,165		(16.2	)
Old Dominion Freight Line, Inc.		752		210,650		(10.6	)
Old National Bancorp		31,798		482,058		(24.2	)
Omnicell, Inc.		97		10,589		(0.5	)
ONEOK, Inc.		2,948		186,697		(9.4	)
Oracle Corp.		197		14,460		(0.7	)
Ormat Technologies, Inc.		5,326		413,830		(20.7	)
Ovintiv Inc.		28,487		1,458,000		(73.1	)
PacWest Bancorp		5,926		194,906		(9.8	)
Palo Alto Networks, Inc.		1,593		894,119		(44.8	)
Papa John’s International, Inc.		851		77,484		(3.9	)
Park Hotels & Resorts, Inc.		27,558		543,168		(27.2	)
Paycom Software, Inc.		1,264		355,778		(17.8	)
Paylocity Holding Corp.		2,296		435,390		(21.8	)
PayPal Holdings, Inc.		18,750		1,648,687		(82.6	)
Pegasystems, Inc.		8,064		617,622		(30.9	)
Penn National Gaming, Inc.		854		31,231		(1.6	)
Penske Automotive Group, Inc.		4,247		445,171		(22.3	)
Pentair PLC		4,834		245,326		(12.3	)
Penumbra, Inc.		2,571		443,652		(22.2	)
Perrigo Co. PLC		789		27,063		(1.4	)
PG&E Corp.		14,837		187,688		(9.4	)
Philip Morris International, Inc.		45,567		4,556,700		(228.3	)
Phillips 66		4,461		387,036		(19.4	)
Pinnacle Financial Partners, Inc.		2,887		223,887		(11.2	)
Planet Fitness, Inc., Class A		17,762		1,421,493		(71.2	)
Plug Power, Inc.		4,926		103,545		(5.2	)
PNC Financial Services Group, Inc.		1,622		269,414		(13.5	)
Portland General Electric Co.		1,735		82,118		(4.1	)
Power Integrations, Inc.		4,905		392,400		(19.7	)
PPG Industries, Inc.		1,230		157,428		(7.9	)
Principal Financial Group, Inc.		10,832		738,092		(37.0	)
Public Service Enterprise Group, Inc.		6,060		422,140		(21.2	)
PulteGroup, Inc.		2,102		87,780		(4.4	)
PVH Corp.		5,615		408,660		(20.5	)
Qorvo, Inc.		3,906		444,425		(22.3	)
Qualys, Inc.		4,486		611,352		(30.6	)
Radian Group, Inc.		11,612		248,381		(12.4	)
Ralph Lauren Corp.		2,153		224,644		(11.3	)
Rapid7, Inc.		4,721		450,950		(22.6	)
Raytheon Technologies Corp.		12,503		1,186,660		(59.5	)
Regency Centers Corp.		10,103		695,389		(34.8	)
Regeneron Pharmaceuticals, Inc.		18		11,864		(0.6	)
Reinsurance Group of America, Inc.		14,181		1,521,905		(76.3	)
Reliance Steel & Aluminum Co.		4,851		961,711		(48.2	)
Repligen Corp.		3,102		487,758		(24.4	)
Republic Services, Inc.		725		97,346		(4.9	)
ResMed, Inc.		1,944		388,742		(19.5	)
Rexford Industrial Realty, Inc.		1,975		154,129		(7.7	)
RingCentral, Inc., Class A		143		12,134		(0.6	)
Roku, Inc.		5,968		554,427		(27.8	)
Roper Technologies, Inc.		1,291		606,667		(30.4	)

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Royal Caribbean Cruises Ltd.		8,695	$	675,862		(33.9	)%
Ryder System, Inc.		18,299		1,279,100		(64.1	)
salesforce.com, Inc.		3,557		625,819		(31.4	)
SBA Communications Corp.		1,700		590,087		(29.6	)
Schlumberger NV		9,515		371,180		(18.6	)
Science Applications International Corp.		6,766		563,134		(28.2	)
Seagen, Inc.		1,953		255,863		(12.8	)
SEI Investments Co.		476		26,523		(1.3	)
Semtech Corp.		23,556		1,403,938		(70.3	)
Sensata Technologies Holding PLC		16,711		758,847		(38.0	)
Service Corp. International		99		6,495		(0.3	)
ServiceNow, Inc.		1,511		722,409		(36.2	)
Silicon Laboratories, Inc.		8,530		1,150,782		(57.7	)
Simon Property Group, Inc.		351		41,418		(2.1	)
Sirius XM Holdings, Inc.		40,278		241,668		(12.1	)
SiteOne Landscape Supply, Inc.		5,094		718,407		(36.0	)
SL Green Realty Corp.		12,382		857,082		(42.9	)
Snap, Inc., Class A		16,765		477,132		(23.9	)
Snap-on, Inc.		4,361		926,669		(46.4	)
Southern Co.		929		68,179		(3.4	)
Southwest Gas Holdings, Inc.		3,333		293,671		(14.7	)
Spirit AeroSystems Holdings, Inc., Class A		10,602		445,708		(22.3	)
STAAR Surgical Co.		1,809		103,276		(5.2	)
Stifel Financial Corp.		7,208		445,815		(22.3	)
STORE Capital Corp.		3,636		103,371		(5.2	)
Stryker Corp.		651		157,060		(7.9	)
Sun Communities, Inc.		3,786		664,708		(33.3	)
Switch, Inc., Class A		4,282		127,861		(6.4	)
Sysco Corp.		3,225		275,673		(13.8	)
Take-Two Interactive Software, Inc.		1,176		140,544		(7.0	)
Tandem Diabetes Care, Inc.		1,795		173,182		(8.7	)
TE Connectivity Ltd.		5,805		724,348		(36.3	)
Teladoc Health, Inc.		1,845		62,287		(3.1	)
Teleflex, Inc.		4,335		1,238,163		(62.0	)
Tenable Holdings, Inc.		2,141		118,247		(5.9	)
Teradata Corp.		1,496		61,860		(3.1	)
Teradyne, Inc.		5,462		576,023		(28.9	)
Tesla, Inc.		412		358,753		(18.0	)
Tetra Tech, Inc.		1,804		251,261		(12.6	)
Texas Instruments, Inc.		4,303		732,586		(36.7	)
Textron, Inc.		36,178		2,505,326		(125.5	)
Thermo Fisher Scientific, Inc.		52		28,752		(1.4	)
Timken Co.		3,516		202,662		(10.2	)
TJX Cos., Inc.		1,371		84,015		(4.2	)
Toll Brothers, Inc.		4,665		216,316		(10.8	)
TransDigm Group, Inc.		1,658		986,195		(49.4	)
Travel + Leisure Co.		34,823		1,931,980		(96.8	)
Travelers Cos., Inc.		1,625		277,973		(13.9	)
Trex Co., Inc.		2,203		128,193		(6.4	)
TripAdvisor, Inc.		702		18,020		(0.9	)
Twilio, Inc., Class A		2,366		264,566		(13.3	)
UDR, Inc.		17,857		950,171		(47.6	)
Ulta Beauty, Inc.		629		249,587		(12.5	)
Ultragenyx Pharmaceutical, Inc.		6,712		474,471		(23.8	)
Union Pacific Corp.		3,461		810,878		(40.6	)
United States Steel Corp.		2,529		77,109		(3.9	)
United Therapeutics Corp.		1,202		213,427		(10.7	)
UnitedHealth Group, Inc.		533		271,057		(13.6	)
Unum Group		10,643		324,824		(16.3	)
Valero Energy Corp.		7,531		839,556		(42.1	)
Valvoline, Inc.		1,601		48,398		(2.4	)

Security	Shares			Value			% of Basket Value
United States (continued)
Varonis Systems, Inc.		7,939		$	342,965			(17.2	)%
Veeva Systems, Inc., Class A		5,986			1,089,153			(54.6	)
Verisk Analytics, Inc.		2,718			554,608			(27.8	)
VF Corp.		1,716			89,232			(4.5	)
ViacomCBS, Inc., Class B		10,856			316,127			(15.8	)
Viatris, Inc.		55,524			573,563			(28.7	)
Visa, Inc., Class A		5,024			1,070,765			(53.7	)
Voya Financial, Inc.		17,872			1,128,438			(56.5	)
W.W. Grainger, Inc.		589			294,518			(14.8	)
Walt Disney Co.		1,390			155,166			(7.8	)
Watsco, Inc.		1,276			340,411			(17.1	)
Wells Fargo & Co.		2,777			121,161			(6.1	)
West Pharmaceutical Services, Inc.		486			153,119			(7.7	)
Western Alliance Bancorp		1,892			144,000			(7.2	)
Westrock Co.		15,639			774,600			(38.8	)
WEX, Inc.		2,093			347,940			(17.4	)
Whirlpool Corp.		983			178,434			(8.9	)
Willis Towers Watson PLC		775			166,517			(8.3	)
Wintrust Financial Corp.		6,228			543,829			(27.2	)
Workday, Inc., Class A		5,405			1,117,213			(56.0	)
World Wrestling Entertainment, Inc., Class A		9,411			549,508			(27.5	)
Wynn Resorts Ltd.		7,121			501,888			(25.1	)
XPO Logistics, Inc.		1,503			80,846			(4.1	)
Xylem, Inc.		1,603			129,042			(6.5	)
Ziff Davis, Inc.		1,527			134,926			(6.8	)
Zions Bancorp NA		9,734			550,068			(27.6	)
Zoetis, Inc.		3,931			696,770			(34.9	)
					204,532,466
Preferred Stocks
Germany
Fuchs Petrolub SE, Preference Shares		4,613			145,500			(7.3	)
Sartorius AG, Preference Shares		1,088			407,923			(20.4	)
					553,423
Warrants
Australia
Magellan Financial Group Ltd.		1,580			1,747			(0.1	)
Total Reference Entity — Long					393,402,016
Reference Entity — Short
Common Stocks
Australia
Adbri Ltd.		(206,705	)		(421,852	)		21.1
Allkem Ltd.		(64,708	)		(539,290	)		27.0
ALS Ltd.		(135,846	)		(1,230,098	)		61.6
Ampol Ltd.		(56,877	)		(1,337,247	)		67.0
Ansell Ltd.		(4,281	)		(81,995	)		4.1
APA Group		(100,749	)		(809,530	)		40.6
Appen Ltd.		(6,505	)		(29,714	)		1.5
ASX Ltd.		(1,573	)		(95,103	)		4.8
Bendigo & Adelaide Bank Ltd.		(8,072	)		(60,183	)		3.0
Brambles Ltd.		(138,953	)		(1,026,073	)		51.4
Chalice Mining Ltd.		(134,396	)		(645,197	)		32.3
Champion Iron Ltd.		(9,024	)		(45,745	)		2.3
Cleanaway Waste Management Ltd.		(885,328	)		(1,984,497	)		99.4
Cochlear Ltd.		(5,883	)		(947,559	)		47.5
Coles Group Ltd.		(24,463	)		(321,656	)		16.1
Computershare Ltd.		(48,455	)		(854,265	)		42.8
Crown Resorts Ltd.		(68,370	)		(619,032	)		31.0
CSL Ltd.		(3,327	)		(634,958	)		31.8

78 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Australia (continued)
Downer EDI Ltd.		(4,499	)	$	(17,674	)		0.9	%
EBOS Group Ltd.		(697	)		(19,011	)		0.9
Endeavour Group Ltd.		(321,808	)		(1,761,595	)		88.3
Fortescue Metals Group Ltd.		(10,913	)		(164,929	)		8.3
GPT Group		(77,984	)		(277,224	)		13.9
Incitec Pivot Ltd.		(51,541	)		(139,007	)		7.0
Insurance Australia Group Ltd.		(355,374	)		(1,134,812	)		56.8
Lendlease Group		(93,105	)		(797,571	)		40.0
Mineral Resources Ltd.		(18,260	)		(741,963	)		37.2
National Australia Bank Ltd.		(4,973	)		(113,527	)		5.7
Newcrest Mining Ltd.		(26,380	)		(495,399	)		24.8
Newcrest Mining Ltd. NPV		(2,318	)		(43,810	)		2.2
NEXTDC Ltd.		(89,671	)		(696,192	)		34.9
Northern Star Resources Ltd.		(119,352	)		(820,400	)		41.1
Orica Ltd.		(69,078	)		(793,763	)		39.8
Qantas Airways Ltd.		(4,980	)		(19,297	)		1.0
Ramsay Health Care Ltd.		(28,074	)		(1,593,122	)		79.8
Reece Ltd.		(24,875	)		(302,221	)		15.1
Rio Tinto Ltd.		(2,169	)		(171,576	)		8.6
Santos Ltd.		(35,226	)		(196,845	)		9.9
Seven Group Holdings Ltd.		(21,718	)		(303,008	)		15.2
Shopping Centres Australasia Property Group		(142,313	)		(304,585	)		15.3
Suncorp Group Ltd.		(166,335	)		(1,335,502	)		66.9
Tabcorp Holdings Ltd.		(269,302	)		(1,029,869	)		51.6
Transurban Group		(121,228	)		(1,217,324	)		61.0
Vicinity Centres		(18,714	)		(24,792	)		1.2
Woolworths Group Ltd.		(44,112	)		(1,193,365	)		59.8
Worley Ltd.		(77,824	)		(756,840	)		37.9
					(28,149,217	)
Austria
BAWAG Group AG		(2,984	)		(141,692	)		7.1
OMV AG		(8,977	)		(458,883	)		23.0
Telekom Austria AG		(1,641	)		(11,700	)		0.6
					(612,275	)
Belgium
Etablissements Franz Colruyt NV		(949	)		(34,848	)		1.8
Galapagos NV		(885	)		(51,961	)		2.6
Sofina SA		(2,417	)		(740,707	)		37.1
UCB SA		(2,724	)		(309,644	)		15.5
					(1,137,160	)
Bermuda
Everest Re Group Ltd.		(419	)		(115,104	)		5.8
Signet Jewelers Ltd.		(3,425	)		(240,435	)		12.1
Triton International Ltd.		(5,959	)		(364,035	)		18.2
					(719,574	)
Canada
Agnico Eagle Mines Ltd.		(9,400	)		(547,178	)		27.4
Algonquin Power & Utilities Corp.		(83,590	)		(1,210,271	)		60.6
Bank of Montreal		(16,948	)		(1,796,977	)		90.0
Barrick Gold Corp.		(15,433	)		(344,184	)		17.2
BlackBerry Ltd.		(13,566	)		(77,617	)		3.9
Cameco Corp.		(14,759	)		(381,081	)		19.1
Canadian Apartment Properties REIT		(8,520	)		(333,730	)		16.7
Canadian Natural Resources Ltd.		(17,731	)		(1,097,413	)		55.0
Canadian Solar, Inc.		(11,542	)		(317,636	)		15.9
Canadian Tire Corp. Ltd., Class A		(3,861	)		(531,821	)		26.7
Centerra Gold, Inc.		(139,344	)		(1,289,690	)		64.6
Constellation Software, Inc.		(22	)		(34,625	)		1.7

Security	Shares			Value			% of Basket Value
Canada (continued)
Dollarama, Inc.		(520	)	$	(28,909	)		1.5	%
Dream Industrial Real Estate Investment Trust		(36,208	)		(421,649	)		21.1
Empire Co. Ltd.		(6,409	)		(211,679	)		10.6
Fairfax Financial Holdings Ltd.		(802	)		(440,671	)		22.1
Finning International, Inc.		(14,344	)		(403,528	)		20.2
Fortis, Inc.		(7,119	)		(346,405	)		17.4
Gibson Energy, Inc.		(13,660	)		(260,089	)		13.0
Gildan Activewear, Inc.		(5,267	)		(178,471	)		8.9
Great-West Lifeco, Inc.		(1,543	)		(42,567	)		2.1
H&R Real Estate Investment Trust		(64,591	)		(642,566	)		32.2
Hudbay Minerals, Inc.		(43,807	)		(280,646	)		14.1
iA Financial Corp., Inc.		(546	)		(28,549	)		1.4
Kinross Gold Corp.		(95,440	)		(482,159	)		24.2
Lightspeed Commerce, Inc.		(27,978	)		(625,266	)		31.3
Loblaw Cos. Ltd.		(7,100	)		(649,454	)		32.5
Magna International, Inc.		(20,193	)		(1,216,940	)		61.0
MEG Energy Corp.		(12,543	)		(188,440	)		9.4
Methanex Corp.		(1,563	)		(78,342	)		3.9
Metro, Inc.		(5,712	)		(313,957	)		15.7
Nuvei Corp.		(932	)		(52,119	)		2.6
Open Text Corp.		(53,091	)		(2,126,285	)		106.5
Parkland Corp.		(7,199	)		(204,485	)		10.3
Quebecor, Inc., Class B		(14,408	)		(339,045	)		17.0
Restaurant Brands International, Inc.		(20,352	)		(1,162,677	)		58.3
RioCan Real Estate Investment Trust		(19,163	)		(358,006	)		17.9
Rogers Communications, Inc., Class B		(16,347	)		(890,486	)		44.6
Royal Bank of Canada		(2,681	)		(270,782	)		13.6
Saputo, Inc.		(7,376	)		(157,665	)		7.9
Shaw Communications, Inc., Class B		(45,267	)		(1,348,161	)		67.6
Stelco Holdings, Inc.		(6,621	)		(241,668	)		12.1
Sun Life Financial, Inc.		(118,497	)		(5,895,102	)		295.4
Thomson Reuters Corp.		(1,348	)		(134,774	)		6.8
Topicus.com, Inc.		(828	)		(51,498	)		2.6
Tricon Residential, Inc.		(57,181	)		(827,459	)		41.5
West Fraser Timber Co. Ltd.		(1,556	)		(136,759	)		6.9
					(28,999,481	)
Chile
Antofagasta PLC		(5,160	)		(98,783	)		5.0
China
Yangzijiang Shipbuilding Holdings Ltd.		(314,200	)		(204,991	)		10.3
Denmark
Bavarian Nordic A/S		(12,166	)		(230,799	)		11.6
Finland
Elisa OYJ		(6,033	)		(353,663	)		17.7
Fortum OYJ		(24,874	)		(413,551	)		20.7
Huhtamaki OYJ		(5,139	)		(194,256	)		9.7
Kojamo OYJ		(13,501	)		(268,578	)		13.5
Orion OYJ, Class B		(1,650	)		(64,717	)		3.3
QT Group OYJ		(276	)		(24,047	)		1.2
Sampo OYJ, A Shares		(4,455	)		(216,323	)		10.8
Stora Enso OYJ, B Shares		(20,253	)		(398,569	)		20.0
					(1,933,704	)
France
Airbus SE		(6,751	)		(739,045	)		37.0
Alstom SA		(20,322	)		(446,686	)		22.4
BNP Paribas SA		(12,339	)		(639,794	)		32.1
Bollore SA		(12,515	)		(58,400	)		2.9
Bureau Veritas SA		(6,634	)		(190,573	)		9.6

S C H E D U L E   O F   I N V E S T M E N T S 79

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
France (continued)
Cie de Saint-Gobain		(3,241	)	$	(189,074	)		9.5	%
Cie Generale des Etablissements Michelin SCA		(16,823	)		(2,083,695	)		104.4
Constellium SE		(9,731	)		(162,410	)		8.1
Credit Agricole SA		(27,038	)		(291,958	)		14.6
Danone SA		(6,833	)		(413,200	)		20.7
Eramet SA		(433	)		(57,711	)		2.9
EssilorLuxottica SA		(3,621	)		(616,467	)		30.9
Getlink SE		(104,040	)		(1,903,839	)		95.4
JCDecaux SA		(471	)		(9,874	)		0.5
L’Oreal SA		(72	)		(26,194	)		1.3
Neoen SA		(7,486	)		(299,109	)		15.0
Renault SA		(7,900	)		(193,026	)		9.7
Rexel SA		(5,113	)		(104,738	)		5.3
Sartorius Stedim Biotech		(534	)		(174,740	)		8.8
Schneider Electric SE		(11,827	)		(1,696,809	)		85.0
SEB SA		(6,418	)		(770,720	)		38.6
SOITEC		(1,517	)		(271,747	)		13.6
Unibail-Rodamco-Westfield		(465	)		(32,817	)		1.6
Vallourec SA		(31,879	)		(375,636	)		18.8
Veolia Environnement SA		(7,404	)		(216,023	)		10.8
Worldline SA		(6,310	)		(248,262	)		12.4
					(12,212,547	)
Germany
Adidas AG		(7,271	)		(1,466,264	)		73.5
AIXTRON SE		(2,862	)		(73,372	)		3.7
Aurubis AG		(418	)		(47,501	)		2.4
Auto1 Group SE		(17,440	)		(182,600	)		9.1
Bayerische Motoren Werke AG		(2,607	)		(192,054	)		9.6
Bechtle AG		(4,373	)		(202,075	)		10.1
Carl Zeiss Meditec AG		(474	)		(59,537	)		3.0
Daimler Truck Holding AG		(738	)		(19,848	)		1.0
Delivery Hero SE		(5,180	)		(182,092	)		9.1
Deutsche Lufthansa AG		(42,414	)		(315,542	)		15.8
Deutsche Post AG		(7,037	)		(300,638	)		15.1
DWS Group GmbH & Co. KGaA		(2,957	)		(97,310	)		4.9
flatexDEGIRO AG		(19,506	)		(333,154	)		16.7
Fresenius SE & Co. KGaA		(8,273	)		(292,434	)		14.6
Knorr-Bremse AG		(3,170	)		(226,067	)		11.3
Puma SE		(2,738	)		(201,458	)		10.1
Siemens Healthineers AG		(4,393	)		(234,894	)		11.8
Uniper SE		(9,549	)		(245,454	)		12.3
United Internet AG		(11,052	)		(355,552	)		17.8
Vantage Towers AG		(3,536	)		(120,230	)		6.0
VERBIO Vereinigte BioEnergie AG		(676	)		(47,904	)		2.4
Volkswagen AG		(668	)		(144,863	)		7.3
Vonovia SE		(5,962	)		(237,532	)		11.9
					(5,578,375	)
Hong Kong
BOC Hong Kong Holdings Ltd.		(226,500	)		(819,898	)		41.1
Champion REIT		(306,000	)		(134,146	)		6.7
CK Asset Holdings Ltd.		(135,500	)		(918,573	)		46.0
CK Hutchison Holdings Ltd.		(242,500	)		(1,701,847	)		85.3
CK Infrastructure Holdings Ltd.		(110,000	)		(739,575	)		37.1
CLP Holdings Ltd.		(218,500	)		(2,132,205	)		106.8
Galaxy Entertainment Group Ltd.		(154,000	)		(878,750	)		44.0
Guotai Junan International Holdings Ltd.		(259,000	)		(28,141	)		1.4
Hang Seng Bank Ltd.		(18,800	)		(332,863	)		16.7
Henderson Land Development Co. Ltd.		(130,000	)		(525,722	)		26.3
HKT Trust & HKT Ltd.		(560,000	)		(803,568	)		40.3

Security	Shares			Value			% of Basket Value
Hong Kong (continued)
Hong Kong & China Gas Co. Ltd.		(460,000	)	$	(507,343	)		25.4	%
Hong Kong Exchanges & Clearing Ltd.		(13,300	)		(564,172	)		28.3
Hongkong Land Holdings Ltd.		(78,200	)		(364,800	)		18.3
Jardine Matheson Holdings Ltd.		(19,908	)		(1,057,712	)		53.0
JS Global Lifestyle Co. Ltd.		(260,000	)		(308,441	)		15.5
Kerry Logistics Network Ltd.		(80,500	)		(185,121	)		9.3
Man Wah Holdings Ltd.		(371,200	)		(347,416	)		17.4
Melco International Development Ltd.		(988,000	)		(780,085	)		39.1
NWS Holdings Ltd.		(497,000	)		(449,924	)		22.5
PCCW Ltd.		(1,783,000	)		(1,010,181	)		50.6
Power Assets Holdings Ltd.		(155,500	)		(1,047,302	)		52.5
Sino Land Co. Ltd.		(366,025	)		(483,805	)		24.2
VTech Holdings Ltd.		(48,600	)		(343,792	)		17.2
					(16,465,382	)
Ireland
AerCap Holdings NV		(27,947	)		(1,305,404	)		65.4
Allegion PLC		(771	)		(88,079	)		4.4
Bank of Ireland Group PLC		(37,461	)		(227,040	)		11.4
CRH PLC		(2,159	)		(85,334	)		4.3
Flutter Entertainment PLC		(9,823	)		(987,108	)		49.5
Smurfit Kappa Group PLC		(4,273	)		(180,559	)		9.0
					(2,873,524	)
Israel
Azrieli Group Ltd.		(7,028	)		(603,693	)		30.2
First International Bank Of Israel Ltd.		(35,876	)		(1,506,523	)		75.5
Fiverr International Ltd.		(4,489	)		(239,039	)		12.0
Gazit-Globe Ltd.		(16,327	)		(153,061	)		7.7
Global-e Online Ltd.		(4,320	)		(97,373	)		4.9
ICL Ltd.		(58,544	)		(634,869	)		31.8
Inmode Ltd.		(14,661	)		(368,138	)		18.4
ironSource Ltd., Class A		(37,967	)		(145,413	)		7.3
Kornit Digital Ltd.		(6,276	)		(417,354	)		20.9
Maytronics Ltd.		(20,406	)		(362,325	)		18.2
Sapiens International Corp. NV		(3,103	)		(72,523	)		3.6
Shapir Engineering and Industry Ltd.		(15,467	)		(144,712	)		7.3
Shufersal Ltd.		(129,383	)		(1,088,577	)		54.5
Strauss Group Ltd.		(24,347	)		(650,822	)		32.6
Wix.com Ltd.		(1,746	)		(131,753	)		6.6
ZIM Integrated Shipping Services Ltd.		(3,341	)		(185,860	)		9.3
					(6,802,035	)
Italy
DiaSorin SpA		(3,122	)		(408,956	)		20.5
Eni SpA		(73,797	)		(1,031,593	)		51.7
FinecoBank Banca Fineco SpA		(15,054	)		(209,271	)		10.5
Nexi SpA		(11,352	)		(111,339	)		5.6
Poste Italiane SpA		(34,331	)		(336,414	)		16.8
Prysmian SpA		(9,885	)		(321,509	)		16.1
Recordati Industria Chimica e Farmaceutica SpA		(3,907	)		(188,272	)		9.4
Unipol Gruppo SpA		(9,480	)		(51,691	)		2.6
					(2,659,045	)
Japan
Advance Residence Investment Corp.		(28	)		(76,918	)		3.9
Aeon Mall Co. Ltd.		(13,600	)		(165,479	)		8.3
AEON REIT Investment Corp.		(10	)		(11,481	)		0.6
Ain Holdings, Inc.		(4,900	)		(219,788	)		11.0
Air Water, Inc.		(9,900	)		(131,402	)		6.6
Aisin Corp.		(6,000	)		(174,303	)		8.7
Ariake Japan Co. Ltd.		(1,600	)		(64,194	)		3.2

80 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Asahi Intecc Co. Ltd.		(8,300	)	$	(160,389	)		8.0	%
Asics Corp.		(1,500	)		(23,665	)		1.2
ASKUL Corp.		(8,400	)		(102,863	)		5.2
Bank of Kyoto Ltd.		(13,100	)		(570,736	)		28.6
BayCurrent Consulting, Inc.		(500	)		(163,934	)		8.2
Benefit One, Inc.		(7,400	)		(112,202	)		5.6
Bic Camera, Inc.		(3,700	)		(31,229	)		1.6
Bridgestone Corp.		(1,100	)		(40,319	)		2.0
Brother Industries Ltd.		(6,600	)		(114,705	)		5.7
Canon Marketing Japan, Inc.		(6,400	)		(139,263	)		7.0
Canon, Inc.		(3,900	)		(89,736	)		4.5
Central Japan Railway Co.		(2,700	)		(339,890	)		17.0
Chiba Bank Ltd.		(11,300	)		(65,125	)		3.3
Credit Saison Co. Ltd.		(4,600	)		(51,812	)		2.6
CyberAgent, Inc.		(17,300	)		(182,772	)		9.2
Daido Steel Co. Ltd.		(2,000	)		(57,050	)		2.9
Dai-ichi Life Holdings, Inc.		(10,500	)		(210,252	)		10.5
Daio Paper Corp.		(2,000	)		(23,849	)		1.2
Daiwa House REIT Investment Corp.		(174	)		(423,516	)		21.2
Daiwa Office Investment Corp.		(13	)		(73,596	)		3.7
Daiwa Securities Group, Inc.		(31,300	)		(153,405	)		7.7
Denka Co. Ltd.		(2,200	)		(58,978	)		3.0
Ezaki Glico Co. Ltd.		(2,300	)		(65,938	)		3.3
Fuji Electric Co. Ltd.		(3,900	)		(171,018	)		8.6
Fuji Media Holdings, Inc.		(11,700	)		(101,051	)		5.1
Fuji Oil Holdings, Inc.		(9,700	)		(137,661	)		6.9
Fujitsu General Ltd.		(32,300	)		(574,103	)		28.8
Fukuoka Financial Group, Inc.		(3,700	)		(67,604	)		3.4
Fukuyama Transporting Co. Ltd.		(2,500	)		(69,974	)		3.5
Fuyo General Lease Co. Ltd.		(2,600	)		(140,673	)		7.0
GLP J-REIT		(21	)		(28,337	)		1.4
GMO internet, Inc.		(3,800	)		(75,944	)		3.8
Goldwin, Inc.		(8,500	)		(426,339	)		21.4
GS Yuasa Corp.		(3,300	)		(57,223	)		2.9
Hachijuni Bank Ltd.		(105,400	)		(347,582	)		17.4
Hakuhodo DY Holdings, Inc.		(5,600	)		(66,089	)		3.3
Haseko Corp.		(19,500	)		(213,662	)		10.7
Heiwa Corp.		(1,500	)		(22,553	)		1.1
Hikari Tsushin, Inc.		(600	)		(70,256	)		3.5
Hino Motors Ltd.		(22,500	)		(116,145	)		5.8
Hirogin Holdings, Inc.		(136,800	)		(674,036	)		33.8
Hitachi Ltd.		(6,500	)		(308,272	)		15.4
Hitachi Transport System Ltd.		(4,800	)		(315,070	)		15.8
Horiba Ltd.		(2,300	)		(111,903	)		5.6
House Foods Group, Inc.		(5,600	)		(131,064	)		6.6
Ibiden Co. Ltd.		(4,000	)		(149,487	)		7.5
Idemitsu Kosan Co. Ltd.		(8,200	)		(216,111	)		10.8
Iida Group Holdings Co. Ltd.		(5,900	)		(93,837	)		4.7
Industrial & Infrastructure Fund Investment Corp.		(43	)		(61,700	)		3.1
Isetan Mitsukoshi Holdings Ltd.		(5,900	)		(43,787	)		2.2
Isuzu Motors Ltd.		(2,300	)		(26,831	)		1.3
Ito En Ltd.		(2,000	)		(82,191	)		4.1
Itoham Yonekyu Holdings, Inc.		(14,900	)		(74,992	)		3.8
Iwatani Corp.		(11,000	)		(437,655	)		21.9
Iyo Bank Ltd.		(26,900	)		(130,435	)		6.5
Japan Airlines Co. Ltd.		(32,700	)		(539,860	)		27.1
Japan Aviation Electronics Industry Ltd.		(1,000	)		(13,983	)		0.7
Japan Hotel REIT Investment Corp.		(42	)		(21,331	)		1.1
Japan Logistics Fund, Inc.		(30	)		(73,215	)		3.7
Japan Post Insurance Co. Ltd.		(4,900	)		(79,232	)		4.0
Japan Real Estate Investment Corp.		(62	)		(300,071	)		15.0
Japan Steel Works Ltd.		(33,000	)		(928,771	)		46.5

Security	Shares			Value			% of Basket Value
Japan (continued)
JTEKT Corp.		(13,600	)	$	(94,818	)		4.8	%
Justsystems Corp.		(6,300	)		(273,819	)		13.7
Kajima Corp.		(20,800	)		(231,805	)		11.6
Kaken Pharmaceutical Co. Ltd.		(400	)		(12,121	)		0.6
Kaneka Corp.		(7,600	)		(203,357	)		10.2
Keihan Holdings Co. Ltd.		(15,600	)		(332,744	)		16.7
Keikyu Corp.		(5,300	)		(53,384	)		2.7
Keio Corp.		(7,100	)		(272,303	)		13.6
Kenedix Office Investment Corp.		(52	)		(271,789	)		13.6
Kinden Corp.		(5,300	)		(62,802	)		3.1
Kirin Holdings Co. Ltd.		(33,400	)		(486,896	)		24.4
Kobayashi Pharmaceutical Co. Ltd.		(2,200	)		(150,028	)		7.5
Kobe Steel Ltd.		(11,500	)		(49,856	)		2.5
Koei Tecmo Holdings Co. Ltd.		(13,100	)		(401,712	)		20.1
Kotobuki Spirits Co. Ltd.		(3,400	)		(178,966	)		9.0
K’s Holdings Corp.		(10,000	)		(99,031	)		5.0
Kubota Corp.		(8,500	)		(144,404	)		7.2
Kyushu Electric Power Co., Inc.		(26,400	)		(165,697	)		8.3
Kyushu Financial Group, Inc.		(38,500	)		(118,151	)		5.9
Kyushu Railway Co.		(7,400	)		(145,046	)		7.3
LaSalle Logiport REIT		(14	)		(18,941	)		0.9
Lintec Corp.		(4,300	)		(80,099	)		4.0
M3, Inc.		(10,800	)		(344,887	)		17.3
Mabuchi Motor Co. Ltd.		(5,600	)		(149,568	)		7.5
Marui Group Co. Ltd.		(900	)		(15,496	)		0.8
Maruichi Steel Tube Ltd.		(6,400	)		(136,591	)		6.8
Matsui Securities Co. Ltd.		(45,300	)		(280,172	)		14.0
Matsumotokiyoshi Holdings Co. Ltd.		(2,200	)		(72,722	)		3.6
Mebuki Financial Group, Inc.		(28,000	)		(56,378	)		2.8
MEIJI Holdings Co. Ltd.		(3,800	)		(189,418	)		9.5
Menicon Co. Ltd.		(400	)		(8,544	)		0.4
Mitsubishi Electric Corp.		(27,800	)		(291,185	)		14.6
Mitsubishi Estate Co. Ltd.		(21,900	)		(319,008	)		16.0
Mitsubishi Gas Chemical Co., Inc.		(6,600	)		(96,380	)		4.8
Mitsubishi Heavy Industries Ltd.		(17,500	)		(598,327	)		30.0
Mitsubishi UFJ Financial Group, Inc.		(27,600	)		(160,449	)		8.0
Mitsui Fudosan Logistics Park, Inc.		(165	)		(707,425	)		35.4
Mitsui High-Tec, Inc.		(3,400	)		(293,711	)		14.7
Miura Co. Ltd.		(3,800	)		(79,373	)		4.0
MonotaRO Co. Ltd.		(2,700	)		(46,381	)		2.3
Mori Hills REIT Investment Corp.		(99	)		(112,280	)		5.6
Morinaga & Co. Ltd.		(3,100	)		(96,127	)		4.8
Morinaga Milk Industry Co. Ltd.		(9,500	)		(382,582	)		19.2
Nabtesco Corp.		(2,100	)		(47,896	)		2.4
Nagase & Co. Ltd.		(3,200	)		(45,856	)		2.3
NEC Networks & System Integration Corp.		(1,200	)		(17,039	)		0.9
NGK Spark Plug Co. Ltd.		(12,100	)		(185,677	)		9.3
NH Foods Ltd.		(2,900	)		(91,583	)		4.6
NHK Spring Co. Ltd.		(19,700	)		(127,241	)		6.4
Nifco, Inc.		(5,000	)		(105,569	)		5.3
Nihon Unisys Ltd.		(9,400	)		(237,491	)		11.9
Nippon Accommodations Fund, Inc.		(13	)		(64,011	)		3.2
Nippon Building Fund, Inc.		(24	)		(124,591	)		6.2
Nippon Kayaku Co. Ltd.		(63,000	)		(549,065	)		27.5
Nippon Shinyaku Co. Ltd.		(1,100	)		(74,397	)		3.7
Nippon Shokubai Co. Ltd.		(1,900	)		(76,440	)		3.8
Nishi-Nippon Railroad Co. Ltd.		(5,300	)		(106,025	)		5.3
Nisshin Seifun Group, Inc.		(14,600	)		(194,630	)		9.8
Noevir Holdings Co. Ltd.		(1,900	)		(74,497	)		3.7
NOF Corp.		(2,600	)		(97,590	)		4.9
Nomura Holdings, Inc.		(47,400	)		(182,511	)		9.1
Nomura Real Estate Master Fund, Inc.		(25	)		(31,388	)		1.6

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
NS Solutions Corp.		(6,600	)	$	(196,901	)		9.9	%
Oji Holdings Corp.		(157,100	)		(744,183	)		37.3
OKUMA Corp.		(2,200	)		(78,631	)		3.9
Ono Pharmaceutical Co. Ltd.		(18,800	)		(482,982	)		24.2
Orient Corp.		(51,900	)		(49,818	)		2.5
ORIX Corp.		(19,600	)		(357,484	)		17.9
Orix JREIT, Inc.		(22	)		(29,738	)		1.5
OSG Corp.		(8,500	)		(106,781	)		5.4
Pan Pacific International Holdings Corp.		(4,900	)		(75,035	)		3.8
Persol Holdings Co. Ltd.		(22,500	)		(446,392	)		22.4
Rakus Co. Ltd.		(3,800	)		(46,572	)		2.3
Rengo Co. Ltd.		(41,800	)		(247,479	)		12.4
Resona Holdings Inc.		(18,300	)		(79,576	)		4.0
Rohto Pharmaceutical Co. Ltd.		(4,700	)		(125,511	)		6.3
Sankyo Co. Ltd.		(3,500	)		(100,712	)		5.0
Sansan, Inc.		(5,700	)		(54,382	)		2.7
Sanwa Holdings Corp.		(16,900	)		(153,963	)		7.7
Secom Co. Ltd.		(5,500	)		(386,949	)		19.4
Seibu Holdings, Inc.		(9,300	)		(92,396	)		4.6
Sekisui Chemical Co. Ltd.		(9,700	)		(131,349	)		6.6
Seven & i Holdings Co. Ltd.		(8,500	)		(375,844	)		18.8
Seven Bank Ltd.		(205,200	)		(383,583	)		19.2
Sharp Corp.		(20,100	)		(170,072	)		8.5
Shikoku Electric Power Co., Inc.		(11,500	)		(66,119	)		3.3
Shimamura Co. Ltd.		(1,700	)		(150,770	)		7.6
Shimano, Inc.		(600	)		(106,311	)		5.3
Shinsei Bank Ltd.		(3,800	)		(66,637	)		3.3
Shizuoka Bank Ltd.		(46,000	)		(297,623	)		14.9
SHO-BOND Holdings Co. Ltd.		(4,300	)		(180,729	)		9.1
Shochiku Co. Ltd.		(2,900	)		(295,976	)		14.8
Showa Denko KK		(16,700	)		(324,955	)		16.3
Sohgo Security Services Co. Ltd.		(10,600	)		(294,455	)		14.8
Stanley Electric Co. Ltd.		(5,200	)		(89,664	)		4.5
Sugi Holdings Co. Ltd.		(3,700	)		(158,584	)		7.9
Sumitomo Bakelite Co. Ltd.		(1,300	)		(42,654	)		2.1
Sumitomo Realty & Development Co. Ltd.		(14,500	)		(384,663	)		19.3
Sushiro Global Holdings Ltd.		(4,500	)		(106,788	)		5.4
Suzuken Co Ltd/Aichi Japan		(7,300	)		(215,476	)		10.8
Taisho Pharmaceutical Holdings Co. Ltd.		(1,100	)		(43,327	)		2.2
Taiyo Nippon Sanso Corp.		(2,900	)		(52,187	)		2.6
Taiyo Yuden Co. Ltd.		(7,500	)		(294,656	)		14.8
TechnoPro Holdings Inc.		(1,200	)		(30,562	)		1.5
Tobu Railway Co. Ltd.		(4,900	)		(110,143	)		5.5
Toda Corp.		(15,600	)		(89,630	)		4.5
Toho Co. Ltd.		(5,700	)		(211,512	)		10.6
Toho Gas Co. Ltd.		(3,700	)		(86,799	)		4.4
Tokai Carbon Co. Ltd.		(108,800	)		(899,652	)		45.1
Tokyo Tatemono Co. Ltd.		(58,100	)		(819,148	)		41.0
Tokyu Fudosan Holdings Corp.		(70,600	)		(367,379	)		18.4
Toppan Inc.		(25,800	)		(426,465	)		21.4
Toshiba TEC Corp.		(6,400	)		(216,942	)		10.9
Toyo Tire Corp.		(9,500	)		(108,964	)		5.5
Toyoda Gosei Co. Ltd.		(3,900	)		(56,792	)		2.8
Toyota Boshoku Corp.		(3,800	)		(60,562	)		3.0
Toyota Industries Corp.		(700	)		(41,984	)		2.1
TS Tech Co. Ltd.		(15,700	)		(163,839	)		8.2
Ube Industries Ltd.		(4,200	)		(65,120	)		3.3
Ulvac, Inc.		(3,300	)		(129,310	)		6.5
USS Co. Ltd.		(4,500	)		(74,916	)		3.8
Yamato Holdings Co. Ltd.		(8,500	)		(159,052	)		8.0
Yamato Kogyo Co. Ltd.		(4,800	)		(154,911	)		7.8

Security	Shares			Value			% of Basket Value
Japan (continued)
Yamazaki Baking Co. Ltd.		(15,200	)	$	(187,904	)		9.4	%
Yokogawa Electric Corp.		(19,000	)		(302,907	)		15.2
Zenkoku Hosho Co. Ltd.		(1,600	)		(56,154	)		2.8
Zeon Corp.		(11,500	)		(122,461	)		6.1
					(35,348,122	)
Luxembourg
Eurofins Scientific SE		(7,433	)		(690,806	)		34.6
Macau
Sands China Ltd.		(312,000	)		(687,703	)		34.5
Netherlands
Adyen NV		(421	)		(706,141	)		35.4
Akzo Nobel NV		(3,446	)		(298,928	)		15.0
Argenx SE		(124	)		(35,726	)		1.8
ASM International NV		(216	)		(64,906	)		3.3
ASML Holding NV		(223	)		(126,561	)		6.3
BE Semiconductor Industries NV		(6,421	)		(391,415	)		19.6
Euronext NV		(2,873	)		(230,191	)		11.5
EXOR NV		(2,176	)		(151,003	)		7.6
Iveco Group NV		(27,987	)		(164,658	)		8.3
JDE Peet’s NV		(1,716	)		(50,483	)		2.5
Koninklijke KPN NV		(641,528	)		(2,213,652	)		110.9
Koninklijke Philips NV		(18,209	)		(475,822	)		23.8
NN Group NV		(6,491	)		(317,939	)		15.9
SBM Offshore NV		(12,255	)		(177,589	)		8.9
Shop Apotheke Europe NV		(6,017	)		(496,215	)		24.9
Stellantis NV		(50,012	)		(671,444	)		33.6
					(6,572,673	)
New Zealand
Fletcher Building Ltd.		(2,438	)		(9,712	)		0.5
Poland
InPost SA		(73,607	)		(451,275	)		22.6
Portugal
Banco Comercial Portugues SA		(340,297	)		(52,606	)		2.6
Galp Energia SGPS SA		(2,713	)		(33,022	)		1.7
					(85,628	)
Singapore
Ascendas Real Estate Investment Trust		(183,100	)		(376,724	)		18.9
Ascott Residence Trust		(95,700	)		(79,506	)		4.0
CapitaLand Integrated Commercial Trust		(88,800	)		(148,793	)		7.4
DBS Group Holdings Ltd.		(35,800	)		(868,530	)		43.5
Genting Singapore Ltd.		(701,300	)		(407,168	)		20.4
Keppel Corp. Ltd.		(23,000	)		(113,431	)		5.7
Keppel DC REIT		(258,400	)		(385,220	)		19.3
Mapletree Industrial Trust		(24,000	)		(45,098	)		2.2
Mapletree Logistics Trust		(201,900	)		(259,304	)		13.0
Singapore Exchange Ltd.		(55,300	)		(389,110	)		19.5
Singapore Technologies Engineering Ltd.		(153,100	)		(450,897	)		22.6
Singapore Telecommunications Ltd.		(17,900	)		(35,725	)		1.8
Suntec Real Estate Investment Trust		(26,700	)		(35,272	)		1.8
Venture Corp. Ltd.		(3,200	)		(39,283	)		2.0
Wilmar International Ltd.		(104,400	)		(332,795	)		16.7
Yangzijiang Financial Holdings		(314,200	)		(123,822	)		6.2
					(4,090,678	)
South Africa
Investec PLC		(23,089	)		(135,992	)		6.8
Spain
ACS Actividades de Construccion y Servicios SA		(15,517	)		(397,317	)		19.9

82 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Spain (continued)
Aena SME SA		(3,393	)	$	(481,499	)		24.1	%
Amadeus IT Group SA		(13,083	)		(819,819	)		41.1
CaixaBank SA		(288,603	)		(931,580	)		46.7
Corp. ACCIONA Energias Renovables SA		(1,057	)		(39,074	)		2.0
Enagas SA		(21,367	)		(462,012	)		23.1
Ferrovial SA		(34,969	)		(896,757	)		44.9
Fluidra SA		(14,097	)		(381,524	)		19.1
Siemens Gamesa Renewable Energy SA		(12,027	)		(191,573	)		9.6
					(4,601,155	)
Sweden
Volvo Car AB, B Shares		(6,470	)		(47,465	)		2.4
Switzerland
ABB Ltd.		(99,508	)		(2,985,433	)		149.6
Bachem Holding AG, Class B		(132	)		(57,598	)		2.9
Banque Cantonale Vaudoise		(219	)		(18,508	)		0.9
Chubb Ltd.		(4,317	)		(891,245	)		44.7
Coca-Cola HBC AG		(6,212	)		(125,941	)		6.3
CRISPR Therapeutics AG		(8,630	)		(428,221	)		21.5
DKSH Holding AG		(497	)		(42,675	)		2.1
EMS-Chemie Holding AG		(207	)		(184,670	)		9.3
Fischer (Georg) Reg		(260	)		(14,110	)		0.7
Geberit AG		(962	)		(548,603	)		27.5
Givaudan SA		(30	)		(119,236	)		6.0
Helvetia Holding AG		(1,784	)		(229,256	)		11.5
Holcim Ltd.		(214	)		(10,593	)		0.5
Novartis AG		(8,157	)		(720,828	)		36.1
PSP Swiss Property AG, Registered Shares		(5,721	)		(721,029	)		36.1
Roche Holding AG		(415	)		(166,724	)		8.4
Schindler Holding AG, Participation Certificates		(2,111	)		(405,577	)		20.3
Schindler Holding AG, Registered Shares		(3,872	)		(743,324	)		37.2
SGS SA		(70	)		(179,866	)		9.0
Siemens Energy AG		(11,335	)		(218,338	)		10.9
STMicroelectronics NV		(10,915	)		(403,278	)		20.2
Swiss Re AG		(897	)		(73,560	)		3.7
Tecan Group AG		(80	)		(24,041	)		1.2
					(9,312,654	)
United Kingdom
Admiral Group PLC		(2,057	)		(64,749	)		3.2
Airtel Africa PLC		(36,540	)		(66,859	)		3.3
Amcor PLC		(65,589	)		(777,886	)		39.0
Anglo American PLC		(9,146	)		(405,085	)		20.3
AstraZeneca PLC		(1,143	)		(152,523	)		7.6
Atotech Ltd.		(29,891	)		(636,678	)		31.9
Avast PLC		(113,404	)		(804,264	)		40.3
B&M European Value Retail SA		(7,255	)		(44,720	)		2.2
Berkeley Group Holdings PLC		(13,972	)		(708,611	)		35.5
BP PLC		(40,339	)		(194,748	)		9.8
Bunzl PLC		(9,826	)		(379,093	)		19.0
Clarivate PLC		(22,715	)		(356,171	)		17.8
CNH Industrial NV		(6,478	)		(91,769	)		4.6
Deliveroo PLC		(40,607	)		(56,121	)		2.8
Diageo PLC		(22,439	)		(1,119,456	)		56.1
Dr. Martens PLC		(31,158	)		(81,466	)		4.1
DS Smith PLC		(45,299	)		(186,146	)		9.3
Future PLC		(4,557	)		(124,808	)		6.3
GlaxoSmithKline PLC		(33,517	)		(755,560	)		37.9
Greggs PLC		(3,318	)		(96,806	)		4.8
Harbour Energy PLC		(82,791	)		(519,183	)		26.0
Howden Joinery Group PLC		(34,481	)		(326,449	)		16.4

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
HSBC Holdings PLC		(99,900	)	$	(624,288	)		31.3	%
Intermediate Capital Group PLC		(2,826	)		(54,080	)		2.7
JD Sports Fashion PLC		(5,567	)		(9,173	)		0.5
JET2 PLC		(10,196	)		(156,580	)		7.8
Kingfisher PLC		(85,085	)		(268,322	)		13.4
London Stock Exchange Group PLC		(1,273	)		(125,507	)		6.3
LondonMetric Property PLC		(40,586	)		(137,175	)		6.9
Marks & Spencer Group PLC		(326,641	)		(557,615	)		27.9
Mondi PLC		(23,402	)		(439,629	)		22.0
Next PLC		(1,639	)		(122,762	)		6.2
nVent Electric PLC		(14,450	)		(488,121	)		24.5
Ocado Group PLC		(10,041	)		(114,835	)		5.8
Pearson PLC		(34,180	)		(331,881	)		16.6
Prudential PLC		(48,971	)		(609,613	)		30.5
Reckitt Benckiser Group PLC		(3,110	)		(242,535	)		12.2
RELX PLC		(2,672	)		(79,600	)		4.0
Rentokil Initial PLC		(100,112	)		(687,596	)		34.5
Rio Tinto PLC		(24,044	)		(1,698,856	)		85.1
Sage Group PLC		(13,802	)		(126,655	)		6.3
Severn Trent PLC		(19,056	)		(748,930	)		37.5
Shell PLC		(86,960	)		(2,334,519	)		117.0
Unilever PLC		(8,455	)		(393,074	)		19.7
Unilever PLC		(12,458	)		(578,227	)		29.0
UNITE Group PLC		(46,336	)		(656,128	)		32.9
Vodafone Group PLC		(298,393	)		(451,755	)		22.6
WH Smith PLC		(12,780	)		(229,928	)		11.5
Wise PLC, Class A		(50,345	)		(246,714	)		12.4
					(20,463,249	)
United States
10X Genomics, Inc., Class A		(4,043	)		(193,094	)		9.7
Abbott Laboratories		(1,746	)		(198,171	)		9.9
Acuity Brands, Inc.		(2,722	)		(469,491	)		23.5
Advance Auto Parts, Inc.		(1,945	)		(388,280	)		19.5
Advanced Drainage Systems, Inc.		(4,348	)		(445,496	)		22.3
Affirm Holdings, Inc.		(21,995	)		(631,256	)		31.6
AGCO Corp.		(8,214	)		(1,046,464	)		52.4
Agilon Health, Inc.		(16,862	)		(299,638	)		15.0
AGNC Investment Corp.		(46,078	)		(505,936	)		25.4
Agree Realty Corp.		(10,000	)		(679,200	)		34.0
Air Lease Corp.		(10,757	)		(433,292	)		21.7
Air Products & Chemicals, Inc.		(1,128	)		(264,031	)		13.2
Akamai Technologies, Inc.		(2,583	)		(290,019	)		14.5
Albemarle Corp.		(882	)		(170,076	)		8.5
Alight, Inc., Class A		(46,838	)		(402,338	)		20.2
Alliant Energy Corp.		(11,223	)		(660,025	)		33.1
Alnylam Pharmaceuticals, Inc.		(350	)		(46,701	)		2.3
Alteryx, Inc., Class A		(1,579	)		(101,372	)		5.1
Amazon.com, Inc.		(134	)		(333,074	)		16.7
Amdocs Ltd.		(18,992	)		(1,513,472	)		75.8
Amedisys, Inc.		(1,116	)		(142,457	)		7.1
American Electric Power Co., Inc.		(12,105	)		(1,199,727	)		60.1
American Financial Group, Inc.		(4,693	)		(649,887	)		32.6
Americold Realty Trust		(32,712	)		(862,943	)		43.2
AmerisourceBergen Corp.		(1,128	)		(170,655	)		8.6
Amgen, Inc.		(921	)		(214,768	)		10.8
Amkor Technology, Inc.		(5,432	)		(102,176	)		5.1
Annaly Capital Management, Inc.		(20,850	)		(133,857	)		6.7
Antero Resources Corp.		(8,286	)		(291,667	)		14.6
Anthem, Inc.		(434	)		(217,838	)		10.9
Apartment Income REIT Corp.		(2,593	)		(127,498	)		6.4
Apellis Pharmaceuticals, Inc.		(512	)		(22,287	)		1.1

S C H E D U L E   O F   I N V E S T M E N T S 83

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Apollo Global Management, Inc.		(12,797	)	$	(636,779	)		31.9	%
Appian Corp.		(1,000	)		(47,800	)		2.4
AppLovin Corp., Class A		(11,718	)		(447,042	)		22.4
Aramark		(22,829	)		(827,551	)		41.5
Archer-Daniels-Midland Co.		(35,884	)		(3,213,771	)		161.0
Armstrong World Industries, Inc.		(3,206	)		(271,420	)		13.6
Arrow Electronics, Inc.		(5,915	)		(697,142	)		34.9
Arrowhead Pharmaceuticals, Inc.		(3,999	)		(164,399	)		8.2
Arthur J. Gallagher & Co.		(1,479	)		(249,197	)		12.5
Asana, Inc., Class A		(2,217	)		(59,416	)		3.0
Ashland Global Holdings, Inc.		(207	)		(21,729	)		1.1
Assurant, Inc.		(7,687	)		(1,398,112	)		70.1
Atkore, Inc.		(4,652	)		(447,057	)		22.4
AutoNation, Inc.		(1,629	)		(188,817	)		9.5
Avalara, Inc.		(2,225	)		(169,256	)		8.5
Avery Dennison Corp.		(4,079	)		(736,667	)		36.9
Avis Budget Group, Inc.		(701	)		(187,637	)		9.4
AZEK Co., Inc.		(22,885	)		(486,077	)		24.4
Azenta, Inc.		(14,947	)		(1,120,427	)		56.1
Bank OZK		(1,230	)		(47,257	)		2.4
Bath & Body Works, Inc.		(14,424	)		(762,885	)		38.2
Bausch Health Cos., Inc.		(12,948	)		(246,029	)		12.3
Beam Therapeutics, Inc.		(2,158	)		(80,990	)		4.1
Bentley Systems, Inc., Class B		(2,396	)		(101,566	)		5.1
Berkshire Hathaway, Inc., Class B		(5,554	)		(1,792,998	)		89.8
Berry Global Group, Inc.		(12,045	)		(678,736	)		34.0
Best Buy Co., Inc.		(1,873	)		(168,439	)		8.4
Bill.Com Holdings, Inc.		(2,295	)		(391,779	)		19.6
Biohaven Pharmaceutical Holding Co. Ltd.		(4,318	)		(385,036	)		19.3
Bio-Rad Laboratories, Inc., Class A		(539	)		(276,000	)		13.8
Bio-Techne Corp.		(572	)		(217,183	)		10.9
Black Knight, Inc.		(3,317	)		(218,225	)		10.9
Blackstone Mortgage Trust, Inc., Class A		(6,543	)		(196,552	)		9.8
Blue Owl Capital, Inc.		(25,068	)		(299,061	)		15.0
Boston Beer Co., Inc., Class A		(574	)		(215,250	)		10.8
Boyd Gaming Corp.		(2,308	)		(139,819	)		7.0
Bright Horizons Family Solutions, Inc.		(7,091	)		(810,076	)		40.6
Broadcom, Inc.		(343	)		(190,156	)		9.5
Broadridge Financial Solutions, Inc.		(5,045	)		(727,136	)		36.4
Brown-Forman Corp., Class B		(3,888	)		(262,207	)		13.1
Brunswick Corp.		(3,380	)		(255,562	)		12.8
Bumble, Inc., Class A		(12,780	)		(306,592	)		15.4
Bunge Ltd.		(3,079	)		(348,296	)		17.5
Burlington Stores, Inc.		(53	)		(10,789	)		0.5
Cable One, Inc.		(310	)		(361,522	)		18.1
Cadence Bank		(2,666	)		(66,757	)		3.3
Cadence Design Systems, Inc.		(1,917	)		(289,179	)		14.5
Caesars Entertainment, Inc.		(586	)		(38,840	)		1.9
Callaway Golf Co.		(32,381	)		(710,439	)		35.6
Campbell Soup Co.		(9,143	)		(431,732	)		21.6
Cargurus, Inc.		(8,083	)		(264,152	)		13.2
Caterpillar, Inc.		(3,460	)		(728,468	)		36.5
CBRE Group, Inc., Class A		(736	)		(61,117	)		3.1
Celanese Corp.		(2,235	)		(328,411	)		16.5
Celsius Holdings, Inc.		(2,494	)		(129,688	)		6.5
Centene Corp.		(3,475	)		(279,911	)		14.0
CenterPoint Energy, Inc.		(5,523	)		(169,059	)		8.5
ChargePoint Holdings, Inc.		(2,859	)		(36,995	)		1.9
Chemours Co.		(3,381	)		(111,810	)		5.6
Chewy, Inc., Class A		(7,382	)		(214,521	)		10.7
Church & Dwight Co., Inc.		(13,188	)		(1,286,621	)		64.5
Churchill Downs, Inc.		(3,307	)		(671,123	)		33.6

Security	Shares			Value			% of Basket Value
United States (continued)
Cintas Corp.		(1,786	)	$	(709,506	)		35.6	%
Citizens Financial Group, Inc.		(2,484	)		(97,870	)		4.9
Civitas Resources, Inc.		(16,405	)		(961,661	)		48.2
Cleveland-Cliffs, Inc.		(943	)		(24,037	)		1.2
Cloudflare, Inc., Class A		(2,045	)		(176,156	)		8.8
Coca-Cola Co.		(1,720	)		(85,914	)		4.3
Coherent, Inc.		(1,468	)		(393,277	)		19.7
Coinbase Global, Inc., Class A		(12,450	)		(1,403,239	)		70.3
Columbia Sportswear Co.		(11,376	)		(934,652	)		46.8
Conagra Brands, Inc.		(20,814	)		(727,033	)		36.4
Concentrix Corp.		(4,981	)		(784,408	)		39.3
Confluent, Inc., Class A		(8,845	)		(276,318	)		13.8
Consolidated Edison, Inc.		(7,430	)		(689,058	)		34.5
Constellation Brands, Inc., Class A		(186	)		(45,773	)		2.3
Constellation Energy Corp.		(21,057	)		(1,246,785	)		62.5
Copart, Inc.		(7,959	)		(904,540	)		45.3
Corning, Inc.		(32,486	)		(1,143,182	)		57.3
Coterra Energy, Inc.		(15,003	)		(431,936	)		21.6
Coty, Inc., Class A		(33,116	)		(268,571	)		13.5
Cousins Properties, Inc.		(1,128	)		(40,495	)		2.0
Crane Co.		(7,451	)		(717,010	)		35.9
Crown Holdings, Inc.		(7,300	)		(803,292	)		40.2
Curtiss-Wright Corp.		(3,466	)		(495,326	)		24.8
CVS Health Corp.		(11,633	)		(1,118,280	)		56.0
D.R. Horton, Inc.		(7,043	)		(490,122	)		24.6
Darden Restaurants, Inc.		(20,189	)		(2,659,497	)		133.3
Darling Ingredients, Inc.		(10,145	)		(744,542	)		37.3
Datadog, Inc., Class A		(1,038	)		(125,370	)		6.3
Deckers Outdoor Corp.		(3,162	)		(840,301	)		42.1
Dell Technologies, Inc., Class C		(3,579	)		(168,249	)		8.4
Delta Air Lines, Inc.		(3,619	)		(155,726	)		7.8
DigitalOcean Holdings, Inc.		(4,156	)		(163,871	)		8.2
Dillard’s, Inc., Class A		(1,127	)		(342,394	)		17.2
Dollar General Corp.		(5,760	)		(1,368,173	)		68.6
Dollar Tree, Inc.		(10,604	)		(1,722,620	)		86.3
DoorDash, Inc., Class A		(7,210	)		(587,110	)		29.4
Douglas Emmett, Inc.		(14,672	)		(432,237	)		21.7
Dover Corp.		(611	)		(81,446	)		4.1
Dow, Inc.		(10,706	)		(711,949	)		35.7
Doximity, Inc., Class A		(1,229	)		(49,000	)		2.5
Dropbox, Inc., Class A		(5,226	)		(113,666	)		5.7
DTE Energy Co.		(1,404	)		(183,980	)		9.2
Duke Energy Corp.		(2,127	)		(234,310	)		11.7
DuPont de Nemours, Inc.		(1,998	)		(131,728	)		6.6
Dynatrace, Inc.		(7,494	)		(287,470	)		14.4
Eagle Materials, Inc.		(1,195	)		(147,367	)		7.4
Eastman Chemical Co.		(2,862	)		(293,842	)		14.7
Edwards Lifesciences Corp.		(2,728	)		(288,568	)		14.5
Elastic NV		(3,390	)		(258,115	)		12.9
Electronic Arts, Inc.		(2,543	)		(300,201	)		15.0
Element Solutions, Inc.		(42,310	)		(872,432	)		43.7
EMCOR Group, Inc.		(622	)		(66,231	)		3.3
Encompass Health Corp.		(16,625	)		(1,144,299	)		57.3
Enovis Corp.		(4,584	)		(297,364	)		14.9
Essent Group Ltd.		(2,723	)		(110,363	)		5.5
Essex Property Trust, Inc.		(1,458	)		(480,076	)		24.1
Eversource Energy		(20,017	)		(1,749,486	)		87.7
Exact Sciences Corp.		(4,355	)		(239,743	)		12.0
Exelon Corp.		(41,288	)		(1,931,453	)		96.8
Fastenal Co.		(3,356	)		(185,620	)		9.3
FedEx Corp.		(6,253	)		(1,242,721	)		62.3
Fidelity National Information Services, Inc.		(2,742	)		(271,869	)		13.6

84 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Fifth Third Bancorp		(16,780	)	$	(629,753	)		31.6	%
First Citizens BancShares, Inc., Class A		(1,197	)		(765,338	)		38.3
First Interstate Bancsystem, Inc., Class A		(756	)		(24,585	)		1.2
First Republic Bank		(2,401	)		(358,277	)		18.0
Fiserv, Inc.		(6,235	)		(610,531	)		30.6
Five9, Inc.		(3,420	)		(376,542	)		18.9
FleetCor Technologies, Inc.		(710	)		(177,159	)		8.9
Flex Ltd.		(14,206	)		(234,257	)		11.7
Flowers Foods, Inc.		(17,226	)		(456,834	)		22.9
Flowserve Corp.		(12,623	)		(412,898	)		20.7
FMC Corp.		(3,100	)		(410,874	)		20.6
FNB Corp.		(13,669	)		(157,467	)		7.9
Fortune Brands Home & Security, Inc.		(363	)		(25,864	)		1.3
Freeport-McMoRan, Inc.		(1,455	)		(59,000	)		3.0
Freshpet, Inc.		(1,520	)		(141,892	)		7.1
Freshworks, Inc., Class A		(44,590	)		(810,200	)		40.6
Frontier Communications Parent, Inc.		(40,117	)		(1,058,688	)		53.0
Gaming and Leisure Properties, Inc.		(3,364	)		(149,294	)		7.5
Generac Holdings, Inc.		(1,155	)		(253,384	)		12.7
General Mills, Inc.		(37,377	)		(2,643,675	)		132.5
General Motors Co.		(10,474	)		(397,069	)		19.9
Genuine Parts Co.		(3,432	)		(446,332	)		22.4
Ginkgo Bioworks Holdings, Inc.		(40,141	)		(116,409	)		5.8
Gitlab, Inc., Class A		(2,384	)		(114,265	)		5.7
GoDaddy, Inc., Class A		(4,175	)		(337,382	)		16.9
GoodRx Holdings, Inc., Class A		(30,114	)		(408,045	)		20.4
Graphic Packaging Holding Co.		(94,931	)		(2,069,496	)		103.7
Guardant Health, Inc.		(6,829	)		(421,349	)		21.1
GXO Logistics, Inc.		(1,329	)		(78,664	)		3.9
Hasbro, Inc.		(5,862	)		(516,208	)		25.9
HCA Healthcare, Inc.		(4,934	)		(1,058,590	)		53.0
Healthcare Trust of America, Inc., Class A		(37,859	)		(1,153,185	)		57.8
Hershey Co.		(4,393	)		(991,808	)		49.7
Hertz Global Holdings, Inc.		(33,936	)		(680,756	)		34.1
Hess Corp.		(3,146	)		(324,258	)		16.2
HF Sinclair Corp.		(5,278	)		(200,670	)		10.1
Hilton Grand Vacations, Inc.		(5,190	)		(243,048	)		12.2
Hormel Foods Corp.		(8,785	)		(460,246	)		23.1
Host Hotels & Resorts, Inc.		(47,525	)		(967,134	)		48.5
Howmet Aerospace, Inc.		(18,985	)		(647,768	)		32.5
HP, Inc.		(4,726	)		(173,113	)		8.7
Hudson Pacific Properties, Inc.		(14,190	)		(330,343	)		16.6
IAA, Inc.		(6,936	)		(254,204	)		12.7
IAC/InterActiveCorp		(14,017	)		(1,161,729	)		58.2
ICU Medical, Inc.		(100	)		(21,399	)		1.1
IDEX Corp.		(3,165	)		(600,780	)		30.1
Inari Medical, Inc.		(2,793	)		(225,395	)		11.3
Independence Realty Trust, Inc.		(15,767	)		(429,808	)		21.5
Ingredion, Inc.		(7,160	)		(609,388	)		30.5
Innovative Industrial Properties, Inc.		(309	)		(44,678	)		2.2
Inspire Medical Systems, Inc.		(1,990	)		(409,462	)		20.5
Insulet Corp.		(143	)		(34,176	)		1.7
International Business Machines Corp.		(943	)		(124,674	)		6.2
International Flavors & Fragrances, Inc.		(2,957	)		(358,684	)		18.0
International Paper Co.		(5,317	)		(246,071	)		12.3
Intra-Cellular Therapies, Inc.		(12,783	)		(646,948	)		32.4
Intuitive Surgical, Inc.		(1,029	)		(246,240	)		12.3
Invesco Ltd.		(10,870	)		(199,791	)		10.0
Ionis Pharmaceuticals, Inc.		(254	)		(9,337	)		0.5
IQVIA Holdings, Inc.		(3,164	)		(689,720	)		34.6
iRhythm Technologies, Inc.		(345	)		(42,563	)		2.1
J.M. Smucker Co.		(1,786	)		(244,557	)		12.3

Security	Shares			Value			% of Basket Value
United States (continued)
Jabil, Inc.		(1,302	)	$	(75,164	)		3.8	%
Jack Henry & Associates, Inc.		(1,296	)		(245,696	)		12.3
Johnson & Johnson		(4,474	)		(807,378	)		40.5
Juniper Networks, Inc.		(43,996	)		(1,386,754	)		69.5
KBR, Inc.		(1,753	)		(86,300	)		4.3
Kilroy Realty Corp.		(4,673	)		(327,110	)		16.4
Kimberly-Clark Corp.		(9,043	)		(1,255,440	)		62.9
Kimco Realty Corp.		(6,209	)		(157,274	)		7.9
Kraft Heinz Co.		(2,702	)		(115,186	)		5.8
L3Harris Technologies, Inc.		(2,386	)		(554,172	)		27.8
Laboratory Corp. of America Holdings		(695	)		(166,995	)		8.4
Lamb Weston Holdings, Inc.		(755	)		(49,906	)		2.5
Lennar Corp., Class A		(838	)		(64,099	)		3.2
Liberty Broadband Corp., Class A		(4,031	)		(433,977	)		21.7
Liberty Broadband Corp., Class C		(3,443	)		(384,996	)		19.3
Liberty Media Corp. - Liberty SiriusXM		(2,858	)		(119,550	)		6.0
LKQ Corp.		(26,218	)		(1,301,199	)		65.2
Loews Corp.		(22,506	)		(1,414,277	)		70.9
LyondellBasell Industries NV, Class A		(5,931	)		(628,864	)		31.5
M&T Bank Corp.		(2,964	)		(493,921	)		24.7
Macy’s, Inc.		(26,647	)		(644,058	)		32.3
Magnolia Oil & Gas Corp., Class A		(20,663	)		(480,208	)		24.1
Marathon Petroleum Corp.		(4,094	)		(357,242	)		17.9
Maravai LifeSciences Holdings, Inc., Class A		(4,092	)		(125,747	)		6.3
Markel Corp.		(506	)		(684,760	)		34.3
Marqeta, Inc., Class A		(28,807	)		(267,905	)		13.4
Marriott International, Inc., Class A		(2,617	)		(464,570	)		23.3
Masco Corp.		(4,830	)		(254,493	)		12.8
MasTec, Inc.		(1,696	)		(122,129	)		6.1
Matador Resources Co.		(9,512	)		(464,376	)		23.3
Match Group, Inc.		(344	)		(27,228	)		1.4
Mattel, Inc.		(15,215	)		(369,877	)		18.5
Maximus, Inc.		(12,119	)		(883,233	)		44.3
McDonald’s Corp.		(384	)		(95,677	)		4.8
MDU Resources Group, Inc.		(33,889	)		(872,981	)		43.7
Micron Technology, Inc.		(6,072	)		(414,050	)		20.7
Mirati Therapeutics, Inc.		(3,392	)		(209,592	)		10.5
MKS Instruments, Inc.		(959	)		(109,307	)		5.5
Moderna, Inc.		(3,964	)		(532,801	)		26.7
Mohawk Industries, Inc.		(11,055	)		(1,559,418	)		78.1
Molina Healthcare, Inc.		(201	)		(63,003	)		3.2
Mondelez International, Inc., Class A		(14,815	)		(955,271	)		47.9
Monster Beverage Corp.		(17,143	)		(1,468,812	)		73.6
Morgan Stanley		(6,192	)		(499,013	)		25.0
Mosaic Co.		(5,508	)		(343,809	)		17.2
Motorola Solutions, Inc.		(475	)		(101,503	)		5.1
MSC Industrial Direct Co., Inc., Class A		(12,063	)		(999,540	)		50.1
Murphy Oil Corp.		(1,116	)		(42,497	)		2.1
Natera, Inc.		(2,520	)		(88,502	)		4.4
National Fuel Gas Co.		(6,417	)		(450,024	)		22.5
National Retail Properties, Inc.		(13,027	)		(571,104	)		28.6
National Storage Affiliates Trust		(3,428	)		(194,025	)		9.7
nCino, Inc.		(9,882	)		(370,476	)		18.6
NCR Corp.		(16,251	)		(569,273	)		28.5
New Fortress Energy, Inc.		(11,492	)		(445,660	)		22.3
New Residential Investment Corp.		(111,150	)		(1,155,960	)		57.9
News Corp., Class A		(21,505	)		(427,089	)		21.4
NextEra Energy, Inc.		(1,150	)		(81,673	)		4.1
Northern Trust Corp.		(852	)		(87,799	)		4.4
Novavax, Inc.		(3,727	)		(167,976	)		8.4
Nucor Corp.		(12,576	)		(1,946,513	)		97.5
NVR, Inc.		(40	)		(175,048	)		8.8

S C H E D U L E   O F   I N V E S T M E N T S 85

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Oak Street Health, Inc.		(21,005	)	$	(379,980	)		19.0	%
Olaplex Holdings, Inc.		(16,775	)		(246,593	)		12.4
Old Republic International Corp.		(15,911	)		(350,201	)		17.5
Olin Corp.		(1,898	)		(108,945	)		5.5
Omega Healthcare Investors, Inc.		(14,245	)		(362,963	)		18.2
ON Semiconductor Corp.		(8,670	)		(451,794	)		22.6
OneMain Holdings, Inc.		(10,897	)		(500,499	)		25.1
Onto Innovation, Inc.		(8,353	)		(594,232	)		29.8
Opendoor Technologies Inc.		(49,020	)		(342,650	)		17.2
Owens Corning		(295	)		(26,824	)		1.3
Packaging Corp. of America		(8,786	)		(1,416,040	)		71.0
Palantir Technologies, Inc., Class A		(3,474	)		(36,130	)		1.8
Parker-Hannifin Corp.		(1,159	)		(313,880	)		15.7
PDC Energy, Inc.		(8,870	)		(618,594	)		31.0
Peloton Interactive, Inc., Class A		(17,561	)		(308,371	)		15.5
PepsiCo, Inc.		(9,892	)		(1,698,555	)		85.1
Petco Health & Wellness Co., Inc.		(15,310	)		(294,871	)		14.8
Phillips Edison & Co., Inc.		(25,456	)		(861,940	)		43.2
Pinnacle West Capital Corp.		(1,300	)		(92,560	)		4.6
Pinterest, Inc., Class A		(11,169	)		(229,188	)		11.5
Pioneer Natural Resources Co.		(9,492	)		(2,206,605	)		110.6
Polaris, Inc.		(1,283	)		(121,808	)		6.1
Post Holdings, Inc.		(4,175	)		(310,578	)		15.6
PPL Corp.		(5,918	)		(167,539	)		8.4
Primo Water Corp.		(56,417	)		(825,186	)		41.3
Procore Technologies, Inc.		(12,929	)		(717,172	)		35.9
Procter & Gamble Co.		(26,072	)		(4,185,860	)		209.7
Progressive Corp.		(12,063	)		(1,295,084	)		64.9
Progyny, Inc.		(9,426	)		(362,430	)		18.2
Prologis, Inc.		(490	)		(78,542	)		3.9
Prosperity Bancshares, Inc.		(2,681	)		(175,284	)		8.8
Prudential Financial, Inc.		(5,069	)		(550,037	)		27.6
Pure Storage, Inc., Class A		(23	)		(674	)		0.0
Q2 Holdings, Inc.		(3,099	)		(160,311	)		8.0
Qualtrics International, Inc., Class A		(3,577	)		(66,318	)		3.3
Quanta Services, Inc.		(940	)		(109,021	)		5.5
Quest Diagnostics, Inc.		(2,063	)		(276,112	)		13.8
R1 RCM, Inc.		(14,590	)		(328,567	)		16.5
Raymond James Financial, Inc.		(9,534	)		(929,184	)		46.6
Rayonier, Inc.		(4,363	)		(188,482	)		9.4
Realty Income Corp.		(4,640	)		(321,830	)		16.1
Red Rock Resorts, Inc., Class A		(4,139	)		(181,950	)		9.1
Regal Rexnord Corp.		(7,902	)		(1,005,450	)		50.4
Regions Financial Corp.		(9,920	)		(205,542	)		10.3
Revolve Group, Inc.		(4,369	)		(184,634	)		9.3
Robinhood Markets, Inc., Class A		(3,342	)		(32,768	)		1.6
ROBLOX Corp., Class A		(4,540	)		(139,151	)		7.0
Rockwell Automation, Inc.		(421	)		(106,374	)		5.3
Rollins, Inc.		(11,775	)		(394,933	)		19.8
Ross Stores, Inc.		(11,370	)		(1,134,385	)		56.8
Royal Gold, Inc.		(2,598	)		(338,987	)		17.0
RPM International, Inc.		(984	)		(81,574	)		4.1
Ryman Hospitality Properties, Inc.		(1,509	)		(141,061	)		7.1
Saia, Inc.		(1,245	)		(256,420	)		12.8
Sarepta Therapeutics, Inc.		(411	)		(29,724	)		1.5
Scotts Miracle-Gro Co.		(1,003	)		(104,242	)		5.2
Seagate Technology Holdings PLC		(967	)		(79,333	)		4.0
Sempra Energy		(2,371	)		(382,585	)		19.2
SentinelOne, Inc., Class A		(7,261	)		(241,573	)		12.1
Sherwin-Williams Co.		(2,018	)		(554,869	)		27.8
Shift4 Payments, Inc., Class A		(507	)		(26,597	)		1.3
Shockwave Medical, Inc.		(1,556	)		(235,158	)		11.8

Security	Shares			Value			% of Basket Value
United States (continued)
Signature Bank		(418	)	$	(101,261	)		5.1	%
Sims Ltd.		(919	)		(13,486	)		0.7
SiTime Corp.		(660	)		(111,256	)		5.6
Six Flags Entertainment Corp.		(14,575	)		(557,785	)		27.9
Skyworks Solutions, Inc.		(600	)		(67,980	)		3.4
SLM Corp.		(13,236	)		(221,438	)		11.1
Snowflake, Inc., Class A		(2,837	)		(486,375	)		24.4
SoFi Technologies, Inc.		(31,009	)		(189,775	)		9.5
Sonoco Products Co.		(7,854	)		(486,241	)		24.4
Sonos, Inc.		(5,096	)		(116,291	)		5.8
South State Corp.		(5,628	)		(435,832	)		21.8
Southwest Airlines Co.		(7,834	)		(366,004	)		18.3
Southwestern Energy Co.		(51,726	)		(387,945	)		19.4
Spirit Realty Capital, Inc.		(10,866	)		(472,128	)		23.7
Splunk, Inc.		(1,871	)		(228,299	)		11.4
Sprout Social, Inc., Class A		(3,194	)		(195,728	)		9.8
SS&C Technologies Holdings, Inc.		(5,414	)		(350,069	)		17.5
STAG Industrial, Inc.		(9,011	)		(336,291	)		16.9
Stanley Black & Decker, Inc.		(2,935	)		(352,640	)		17.7
Starbucks Corp.		(21,359	)		(1,594,236	)		79.9
Starwood Property Trust, Inc.		(15,299	)		(350,041	)		17.5
Steel Dynamics, Inc.		(21,364	)		(1,831,963	)		91.8
STERIS PLC		(2,594	)		(581,186	)		29.1
Sunrun, Inc.		(10,889	)		(217,562	)		10.9
Synaptics, Inc.		(382	)		(56,704	)		2.8
SYNNEX Corp.		(5,355	)		(535,982	)		26.9
Synopsys, Inc.		(1,512	)		(433,626	)		21.7
Synovus Financial Corp.		(16,672	)		(692,555	)		34.7
T. Rowe Price Group, Inc.		(147	)		(18,087	)		0.9
Tapestry, Inc.		(5,192	)		(170,921	)		8.6
Target Corp.		(3,659	)		(836,630	)		41.9
Tempur Sealy International, Inc.		(30,342	)		(822,572	)		41.2
Tenet Healthcare Corp.		(10,846	)		(786,443	)		39.4
Terreno Realty Corp.		(3,939	)		(286,562	)		14.4
Texas Pacific Land Corp.		(13	)		(17,766	)		0.9
Texas Roadhouse, Inc.		(5,517	)		(454,215	)		22.8
Thor Industries, Inc.		(2,303	)		(176,295	)		8.8
T-Mobile US, Inc.		(8,219	)		(1,012,088	)		50.7
Toast, Inc., Class A		(1,044	)		(19,450	)		1.0
TopBuild Corp.		(391	)		(70,826	)		3.5
Toro Co.		(6,377	)		(510,989	)		25.6
Tractor Supply Co.		(6,008	)		(1,210,312	)		60.6
Trade Desk, Inc., Class A		(799	)		(47,077	)		2.4
Tradeweb Markets, Inc., Class A		(9,462	)		(673,600	)		33.8
TransUnion		(2,676	)		(234,204	)		11.7
Trimble, Inc.		(13,664	)		(911,389	)		45.7
Trupanion, Inc.		(1,974	)		(125,586	)		6.3
Tyson Foods, Inc., Class A		(3,075	)		(286,467	)		14.4
Uber Technologies, Inc.		(10,143	)		(319,302	)		16.0
UGI Corp.		(1,221	)		(41,880	)		2.1
UiPath, Inc., Class A		(11,585	)		(206,561	)		10.4
Umpqua Holdings Corp.		(2,191	)		(36,239	)		1.8
Under Armour, Inc., Class A		(6,795	)		(104,371	)		5.2
Unity Software, Inc.		(892	)		(59,238	)		3.0
Univar Solutions, Inc.		(25,928	)		(755,023	)		37.8
Universal Health Services, Inc., Class B		(6,228	)		(763,117	)		38.2
Vail Resorts, Inc.		(881	)		(223,915	)		11.2
Valley National Bancorp		(28,511	)		(341,562	)		17.1
Valmont Industries, Inc.		(356	)		(88,576	)		4.4
Ventas, Inc.		(7,592	)		(421,736	)		21.1
Verizon Communications, Inc.		(46,976	)		(2,174,989	)		109.0
Vertex Pharmaceuticals, Inc.		(1,135	)		(310,105	)		15.5

86 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Vertiv Holdings Co.		(38,828	)	$	(486,515	)		24.4	%
VICI Properties, Inc.		(50,331	)		(1,500,367	)		75.2
Victoria’s Secret & Co.		(4,661	)		(219,626	)		11.0
VMware, Inc., Class A		(3,537	)		(382,137	)		19.1
Vontier Corp.		(2,349	)		(60,181	)		3.0
Vornado Realty Trust		(6,597	)		(255,370	)		12.8
Vulcan Materials Co.		(798	)		(137,487	)		6.9
W.R. Berkley Corp.		(6,115	)		(406,586	)		20.4
Walgreens Boots Alliance, Inc.		(13,632	)		(577,997	)		29.0
Walmart, Inc.		(1,218	)		(186,342	)		9.3
Warner Bros Discovery, Inc.		(1,949	)		(35,374	)		1.8
Warner Music Group Corp., Class A		(6,610	)		(196,780	)		9.9
Waste Connections, Inc.		(3,270	)		(451,162	)		22.6
Waste Management, Inc.		(4,099	)		(674,040	)		33.8
Wayfair, Inc., Class A		(4,013	)		(308,760	)		15.5
Webster Financial Corp.		(10,649	)		(532,344	)		26.7
WEC Energy Group, Inc.		(1,019	)		(101,951	)		5.1
Welltower, Inc.		(4,496	)		(408,282	)		20.5
Wendy’s Co.		(17,154	)		(338,963	)		17.0
WESCO International, Inc.		(576	)		(70,998	)		3.6
Western Digital Corp.		(1,993	)		(105,769	)		5.3
Westinghouse Air Brake Technologies Corp.		(6,719	)		(604,105	)		30.3
Westlake Chemical Corp.		(1,047	)		(132,498	)		6.6
WeWork, Inc., Class A		(20,007	)		(140,249	)		7.0
Weyerhaeuser Co.		(12,025	)		(495,670	)		24.8
Williams-Sonoma, Inc.		(703	)		(91,727	)		4.6
WillScot Mobile Mini Holdings Corp.		(43,869	)		(1,539,802	)		77.2
Wingstop, Inc.		(2,836	)		(260,231	)		13.0
Woodward, Inc.		(517	)		(57,118	)		2.9
Workiva, Inc.		(2,505	)		(241,758	)		12.1
WP Carey, Inc.		(10,106	)		(816,262	)		40.9
YETI Holdings, Inc.		(4,337	)		(211,949	)		10.6
Yum! Brands, Inc.		(575	)		(67,281	)		3.4
Zebra Technologies Corp., Class A		(1,127	)		(416,607	)		20.9
Zendesk, Inc.		(2,337	)		(285,207	)		14.3
Zillow Group, Inc., Class A		(10,201	)		(394,269	)		19.8
Zillow Group, Inc., Class C		(10,786	)		(429,499	)		21.5
Zimmer Biomet Holdings, Inc.		(1,144	)		(138,138	)		6.9
ZoomInfo Technologies, Inc., Class A		(18,036	)		(854,906	)		42.8
Zurn Water Solutions Corp.		(3,820	)		(119,260	)		6.0
					(204,034,093	)
Preferred Stocks
Germany
Volkswagen AG, Preference Shares		(1,225	)		(189,711	)		9.5
Total Reference Entity — Short					(395,397,808	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	(1,995,792	)

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
29Metals Ltd.		4,958	$	9,382		1.4	%
Abacus Property Group		40,531		93,018		13.5
Arena REIT		6,680		22,607		3.3
AUB Group Ltd.		11,444		185,287		26.9
Aussie Broadband Ltd.		14,565		56,641		8.2
Australian Ethical Investment Ltd.		42,877		174,222		25.3
Blackmores Ltd.		262		13,267		1.9
BWP Trust		3,135		9,112		1.3
Centuria Industrial REIT		43,299		120,666		17.5
Charter Hall Education Trust		55,836		158,062		23.0
Charter Hall Long Wale REIT		179,793		674,774		98.1
Charter Hall Retail REIT		51,097		159,615		23.2
Codan Ltd.		1,714		8,548		1.2
Data#3 Ltd.		10,231		41,549		6.0
Dexus Industria REIT		33,887		81,071		11.8
Dicker Data Ltd.		9,580		88,587		12.9
Elders Ltd.		2,009		20,197		2.9
GrainCorp Ltd., Class A		29,331		211,957		30.8
Growthpoint Properties Australia Ltd.		8,882		27,320		4.0
GWA Group Ltd.		140,675		224,701		32.7
HomeCo Daily Needs REIT		10,435		10,506		1.5
Imdex Ltd.		143,562		251,856		36.6
Johns Lyng Group Ltd.		137,701		861,843		125.2
Jumbo Interactive Ltd.		22,910		278,536		40.5
Kogan.com Ltd.		31,744		86,289		12.5
Lifestyle Communities Ltd.		12,655		133,376		19.4
Lovisa Holdings Ltd.		1,141		13,064		1.9
MA Financial Group Ltd.		1,177		5,694		0.8
Monadelphous Group Ltd.		44,524		331,669		48.2
Nanosonics Ltd.		36,438		100,688		14.6
National Storage REIT		48,312		87,505		12.7
Netwealth Group Ltd.		4,403		39,867		5.8
Objective Corp. Ltd.		4,574		54,529		7.9
Pendal Group Ltd.		36,498		134,361		19.5
Pinnacle Investment Management Group Ltd.		72,726		475,311		69.1
Sandfire Resources NL		19,555		77,505		11.3
Silver Lake Resources Ltd.		19,280		25,186		3.7
St Barbara Ltd.		525,265		490,999		71.3
Tassal Group Ltd.		49,305		130,733		19.0
Technology One Ltd.		2,728		19,686		2.9
Temple & Webster Group Ltd.		1,268		5,175		0.8
United Malt Grp Ltd.		5,996		17,520		2.5
Waypoint REIT		107,885		203,372		29.6
Webjet Ltd.		24,189		100,364		14.6
				6,316,217
Austria
AT&S Austria Technologie & Systemtechnik AG		2,546		130,370		18.9
Oesterreichische Post AG		9,141		294,465		42.8
Palfinger AG		1,833		46,409		6.7
Porr AG		6,646		84,173		12.2
Rhi Magnesita NV		1,051		31,268		4.5
S&T AG		21,681		366,543		53.3

S C H E D U L E   O F   I N V E S T M E N T S 87

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Austria (continued)
Vienna Insurance Group AG Wiener Versicherung Gruppe		2,543	$	63,079		9.2	%
Wienerberger AG		26,442		746,401		108.5
				1,762,708
Bahamas
OneSpaWorld Holdings Ltd.		9,750		97,890		14.2
Belgium
Barco NV		3,086		69,496		10.1
Euronav NV		4,360		50,414		7.3
Melexis NV		1,391		119,396		17.4
Recticel SA		360		7,866		1.2
Shurgard Self Storage SA		19,555		1,131,581		164.4
Tessenderlo Group SA		532		18,624		2.7
VGP NV		742		192,992		28.0
				1,590,369
Bermuda
Argo Group International Holdings Ltd.		2,075		88,810		12.9
SiriusPoint Ltd.		1,190		7,473		1.1
				96,283
Canada
Aecon Group Inc.		19,217		223,935		32.5
Altius Minerals Corp.		10,162		169,597		24.6
Boardwalk Real Estate Investment Trust		3,498		153,491		22.3
Bombardier, Inc., Class B		293,286		287,658		41.8
Canada Goose Holdings, Inc.		24,190		527,241		76.6
Canadian Western Bank		10,245		258,468		37.6
Cineplex Inc.		14,064		144,072		20.9
CT Real Estate Investment Trust		16,046		221,708		32.2
Eldorado Gold Corp.		36,135		351,041		51.0
Endeavour Silver Corp.		1,205		4,596		0.7
Enerflex Ltd.		2,971		20,490		3.0
Enghouse Systems Ltd.		2,090		58,780		8.5
Equitable Group, Inc.		5,433		243,812		35.4
Evertz Technologies Ltd.		6,500		71,191		10.3
First National Financial Corp.		767		21,685		3.2
Freehold Royalties Ltd.		83,351		971,936		141.2
Home Capital Group Inc.		360		8,979		1.3
K92 Mining, Inc.		2,005		14,281		2.1
Kelt Exploration Ltd.		25,127		129,679		18.8
Killam Apartment Real Estate Investment Trust		46,813		736,458		107.0
Laurentian Bank of Canada		457		13,899		2.0
Morguard Corp.		3,003		295,005		42.9
Morguard North American Residential Real Estate Investment Trust		1,012		14,534		2.1
Novagold Resources Inc.		8,114		50,592		7.4
Osisko Mining Inc.		2,519		7,941		1.2
Pason Systems Inc.		4,727		59,646		8.7
PrairieSky Royalty Ltd.		41,495		569,460		82.7
Premium Brands Holdings Corp.		2,660		217,165		31.6
Real Matters Inc.		24,504		86,980		12.6
Richelieu Hardware Ltd.		2,703		76,736		11.1
Rogers Sugar Inc.		16,751		79,670		11.6
Sandstorm Gold Ltd.		10,565		78,622		11.4
Seabridge Gold Inc.		11,043		195,218		28.4
Silvercorp Metals Inc.		14,891		44,975		6.5
Slate Grocery REIT, Class U		13,595		167,206		24.3
SunOpta Inc.		8,368		46,118		6.7
Tamarack Valley Energy Ltd.		3,201		12,533		1.8
Topaz Energy Corp.		28,076		497,419		72.3

Security	Shares		Value		% of Basket Value
Canada (continued)
Tucows, Inc., Class A		784	$	45,174		6.6	%
Village Farms International, Inc.		47,115		202,022		29.4
				7,380,013
Denmark
Alk Abello A/S		13,976		304,869		44.3
D/S Norden A/S		1,003		37,267		5.4
Drilling Co. of 1972 AS		317		15,808		2.3
FLSmidth & Co. A/S		4,756		130,372		18.9
Nilfisk Holding A/S		5,313		148,732		21.6
NKT Holding A/S		413		19,683		2.9
Per Aarsleff Holding A/S		4,983		191,232		27.8
				847,963
Finland
Cargotec OYJ, Class B		9,590		332,049		48.2
Citycon OYJ		908		6,454		0.9
Konecranes OYJ		5,570		156,538		22.7
Musti Group OYJ		2,276		53,551		7.8
Rovio Entertainment OYJ		1,327		12,138		1.8
TietoEVRY OYJ		319		8,003		1.2
Uponor OYJ		10,714		188,254		27.4
YIT OYJ		62,375		251,066		36.5
				1,008,053
France
Albioma SA		393		20,890		3.0
Alten SA		2,937		394,168		57.3
Casino Guichard Perrachon SA		596		10,443		1.5
Coface SA		16,863		202,158		29.4
Elior Group SA		18,781		57,345		8.3
Esker SA		1,148		193,373		28.1
Groupe Fnac SA		131		6,545		1.0
Guerbet		1		26		0.0
ID Logistics Group		768		246,301		35.8
Imerys SA		4,600		180,968		26.3
Interparfums SA		14,406		799,326		116.1
Manitou BF SA		4,598		104,322		15.2
Nexity SA		6,360		193,129		28.1
SES-imagotag SA		965		88,767		12.9
SMCP SA		33,193		215,685		31.3
Societe BIC SA		913		54,478		7.9
Technip Energies N.V		663		8,057		1.2
Television Francaise 1		8,438		71,463		10.4
Vicat SA		12,454		374,505		54.4
Vilmorin & Cie SA		522		24,808		3.6
Virbac SA		115		46,431		6.7
				3,293,188
Germany
Adesso SE		1,022		200,310		29.1
Atoss Software AG		135		19,616		2.9
CANCOM SE		2,065		99,714		14.5
Cewe Stiftung & Co. KGAA		69		6,298		0.9
CompuGroup Medical SE & Co. KgaA		103		5,506		0.8
CropEnergies AG		652		8,457		1.2
Datagroup SE		720		59,900		8.7
Deutsche Pfandbriefbank AG		6,623		83,355		12.1
Duerr AG		7,420		192,844		28.0
Eckert & Ziegler Strahlen- und Medizintechnik AG		1,436		72,060		10.5
ElringKlinger AG		11,418		94,659		13.8
Gerresheimer AG		1,146		79,604		11.6
GFT Technologies SE		3,429		136,202		19.8

88 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Germany (continued)
Hensoldt AG		13,594	$	378,579		55.0	%
Kloeckner & Co. SE		21,706		279,611		40.6
Krones AG		3,495		269,861		39.2
MLP SE		34,066		241,143		35.0
MorphoSys AG		5,666		119,455		17.4
Nagarro SE		1,146		161,130		23.4
Norma Group SE		3,525		86,961		12.6
Pfeiffer Vacuum Technology AG		613		109,123		15.9
SMA Solar Technology AG		5,262		239,467		34.8
Software AG		1,495		46,016		6.7
Steico SE		284		28,496		4.1
Suedzucker AG		2,285		29,759		4.3
				3,048,126
Gibraltar
888 Holdings PLC		103,154		247,229		35.9
Hong Kong
EC Healthcare		127,000		127,642		18.5
Health & Happiness H&H International Holdings Ltd.		204,500		224,760		32.7
Luk Fook Holdings International Ltd.		51,000		116,734		17.0
Nissin Foods Co. Ltd.		24,000		15,779		2.3
SA Sa International Holdings Ltd.		2,584,000		461,869		67.1
Texhong Textile Group Ltd.		47,000		56,521		8.2
				1,003,305
Ireland
Cimpress PLC		4,054		204,767		29.7
Grafton Group PLC		4,322		52,345		7.6
Keywords Studios PLC		6,211		187,753		27.3
Origin Enterprises PLC		12,409		55,168		8.0
Uniphar PLC		19,790		81,840		11.9
				581,873
Israel
Caesarstone Ltd.		39,765		390,890		56.8
Cognyte Software Ltd.		12,723		86,262		12.6
Electra Consumer Products 1970 Ltd.		113		6,379		0.9
Israel Canada T.R Ltd.		6,449		31,885		4.6
Isras Investment Co. Ltd.		345		84,090		12.2
Matrix IT Ltd.		278		7,006		1.0
Mega Or Holdings Ltd.		91		3,465		0.5
One Software Technologies Ltd.		749		12,340		1.8
Radware Ltd.		4,069		117,635		17.1
Taboola.com Ltd.		14,151		60,991		8.9
YH Dimri Construction & Development Ltd.		178		15,983		2.3
				816,926
Italy
Biesse SpA		1,492		23,276		3.4
Brunello Cucinelli SpA		14,807		757,876		110.1
Datalogic SpA		4,341		42,180		6.1
El.En. SpA		5,014		69,883		10.2
OVS SpA		133,378		254,466		37.0
Pharmanutra SpA		536		36,289		5.3
Salvatore Ferragamo SpA		414		7,196		1.0
Sanlorenzo SpA/Ameglia		1,782		63,013		9.2
Sesa SpA		4,540		656,339		95.4
Tinexta SpA		16,615		415,664		60.4
Webuild SpA		201,221		342,110		49.7
Wiit SpA		1,764		47,125		6.8
				2,715,417

Security	Shares		Value		% of Basket Value
Japan
77 Bank Ltd.		14,300	$	177,313		25.8	%
Adastria Co. Ltd.		56,800		941,346		136.8
Aeon Delight Co. Ltd.		1,600		34,198		5.0
Ai Holdings Corp.		13,200		173,293		25.2
Aichi Steel Corp.		14,800		256,166		37.2
Anicom Holdings, Inc.		63,900		301,424		43.8
AOKI Holdings Inc.		90,600		426,418		62.0
Arata Corp.		1,400		38,682		5.6
Arcland Service Holdings Co. Ltd.		20,500		354,265		51.5
ARTERIA Networks Corp.		12,600		129,059		18.8
Avex, Inc.		25,300		271,968		39.5
Belc Co. Ltd.		8,700		370,510		53.8
Bell System24 Holdings, Inc.		12,500		144,557		21.0
Belluna Co. Ltd.		35,100		197,162		28.6
Bengo4.com Inc.		11,500		295,931		43.0
Canon Electronics Inc.		14,900		170,629		24.8
CI Takiron Corp.		101,200		431,190		62.7
Comture Corp.		18,300		395,268		57.4
CRE Logistics REIT Inc.		19		29,056		4.2
Cybozu, Inc.		22,100		218,396		31.7
Daiho Corp.		3,000		102,700		14.9
Daiken Corp.		11,200		181,080		26.3
Daiseki Co. Ltd.		27,900		1,003,456		145.8
Dexerials Corp.		2,300		50,433		7.3
Digital Arts, Inc.		6,000		335,219		48.7
Dip Corp.		8,600		280,384		40.7
Direct Marketing MiX, Inc.		10,200		125,206		18.2
Doshisha Co. Ltd.		33,100		389,894		56.7
Doutor Nichires Holdings Co. Ltd.		26,600		305,716		44.4
Earth Corp.		800		33,810		4.9
EDION Corp.		8,400		75,591		11.0
eGuarantee Inc.		1,300		21,581		3.1
Elan Corp.		4,500		35,138		5.1
en-japan, Inc.		53,500		1,257,031		182.6
euglena Co. Ltd.		2,300		15,217		2.2
FCC Co. Ltd.		67,200		671,254		97.5
Fuji Machine Manufacturing Co. Ltd.		1,500		25,027		3.6
Fuji Seal International, Inc.		26,400		350,618		50.9
Fujimi, Inc.		4,800		209,278		30.4
Fujimori Kogyo Co. Ltd.		300		8,275		1.2
Fukui Computer Holdings Inc.		500		12,481		1.8
Fukuoka REIT Corp.		12		15,008		2.2
FULLCAST Holdings Co. Ltd.		1,700		32,526		4.7
Funai Soken Holdings Inc.		22,500		377,330		54.8
Fuso Chemical Co. Ltd.		4,300		126,564		18.4
Future Corp.		500		7,326		1.1
Genky DrugStores Co. Ltd.		200		5,611		0.8
Giken Ltd.		24,000		658,566		95.7
Glory Ltd.		21,800		350,652		51.0
GMO GlobalSign Holdings KK		700		29,511		4.3
Goldcrest Co. Ltd.		25,100		326,452		47.4
Halows Co. Ltd.		4,100		97,986		14.2
Hanwa Co. Ltd.		300		7,333		1.1
Harmonic Drive Systems, Inc.		600		15,175		2.2
Heiwa Real Estate Co. Ltd.		900		28,391		4.1
Heiwa Real Estate REIT, Inc.		5		5,728		0.8
Heiwado Co. Ltd.		14,900		224,783		32.7
Hoshino Resorts REIT, Inc.		11		56,745		8.2
IBJ Leasing Co. Ltd.		8,600		199,354		29.0
Infocom Corp.		11,600		197,730		28.7
Infomart Corp.		38,700		192,740		28.0

S C H E D U L E   O F   I N V E S T M E N T S 89

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Iriso Electronics Co. Ltd.		5,700	$	133,192		19.4	%
Jafco Co. Ltd.		13,600		163,964		23.8
Japan Elevator Service Holdings Co. Ltd.		18,300		239,160		34.8
Japan Lifeline Co. Ltd.		33,100		275,898		40.1
Japan Wool Textile Co. Ltd.		45,800		342,342		49.7
JCU Corp.		5,500		140,086		20.4
JINS Inc.		2,800		92,283		13.4
JSP Corp.		11,200		129,442		18.8
Kanamoto Co. Ltd.		18,700		279,441		40.6
Kanematsu Corp.		2,500		25,838		3.8
KH Neochem Co. Ltd.		1,000		18,917		2.7
KOMEDA Holdings Co. Ltd.		29,900		515,086		74.8
Komeri Co. Ltd.		400		8,449		1.2
Konoike Transport Co. Ltd.		21,900		194,385		28.2
Kumagai Gumi Co. Ltd.		5,300		110,605		16.1
Kura Sushi, Inc.		29,000		718,143		104.3
Kyokuto Kaihatsu Kogyo Co. Ltd.		8,500		85,696		12.5
Kyoritsu Maintenance Co. Ltd.		2,700		98,321		14.3
Life Corp.		15,100		344,459		50.1
Link And Motivation Inc.		24,000		84,439		12.3
LITALICO, Inc.		7,100		146,466		21.3
M&A Capital Partners Co. Ltd.		1,700		52,803		7.7
Maeda Kosen Co. Ltd.		11,900		272,074		39.5
Makino Milling Machine Co. Ltd.		600		18,488		2.7
Mandom Corp.		13,500		134,227		19.5
Maruzen Showa Unyu Co. Ltd.		1,400		34,173		5.0
Matsuda Sangyo Co. Ltd.		400		7,024		1.0
Megachips Corp.		4,300		110,162		16.0
Megmilk Snow Brand Co. Ltd.		9,700		144,587		21.0
Micronics Japan Co. Ltd.		2,500		29,258		4.3
Midac Holdings Co. Ltd.		13,500		217,665		31.6
Milbon Co. Ltd.		9,500		397,774		57.8
Mirait Holdings Corp.		500		7,007		1.0
Mitsubishi Pencil Co. Ltd.		12,200		118,437		17.2
Mitsubishi Research Institute, Inc.		1,400		42,150		6.1
Mitsuboshi Belting Ltd.		11,700		179,216		26.0
Mitsui DM Sugar Holdings Co. Ltd.		17,600		261,759		38.0
Mixi, Inc.		2,800		48,167		7.0
Monogatari Corp.		4,000		166,800		24.2
Morita Holdings Corp.		21,900		210,186		30.5
Nakanishi, Inc.		9,700		158,546		23.0
Nextage Co. Ltd.		2,500		38,209		5.6
Nichiha Corp.		3,500		63,279		9.2
Nichi-Iko Pharmaceutical Co. Ltd.		900		5,412		0.8
Nihon Parkerizing Co. Ltd.		9,000		63,658		9.2
Nippn Corp.		13,000		169,084		24.6
Nippon Ceramic Co. Ltd.		800		14,606		2.1
Nippon Gas Co. Ltd.		33,100		469,701		68.2
Nippon Paper Industries Co. Ltd.		16,400		130,263		18.9
Nippon REIT Investment Corp.		43		123,255		17.9
Nippon Soda Co. Ltd.		2,000		52,893		7.7
Nippon Suisan Kaisha Ltd.		78,200		345,277		50.2
Nitto Kogyo Corp.		23,600		277,871		40.4
Noritsu Koki Co. Ltd.		2,600		43,115		6.3
NS United Kaiun Kaisha Ltd.		1,700		46,721		6.8
Obara Group Inc.		16,900		378,220		55.0
Oiles Corp.		16,900		194,174		28.2
Oki Electric Industry Co. Ltd.		91,600		593,364		86.2
Okinawa Cellular Telephone Co.		2,000		76,963		11.2
Okinawa Electric Power Co. Inc.		800		7,964		1.2
Okumura Corp.		2,100		49,574		7.2
One REIT Inc.		10		21,228		3.1

Security	Shares		Value		% of Basket Value
Japan (continued)
Osaka Organic Chemical Industry Ltd.		12,100	$	260,930		37.9	%
Outsourcing Inc.		11,100		110,084		16.0
Pack Corp.		3,500		64,057		9.3
Prestige International Inc.		112,100		538,699		78.3
Raksul Inc.		3,700		76,452		11.1
Round One Corp.		1,600		17,808		2.6
Saizeriya Co. Ltd.		5,400		99,035		14.4
Sakai Moving Service Co. Ltd.		6,600		225,216		32.7
Sakata INX Corp.		900		6,806		1.0
SAMTY Co. Ltd.		17,400		281,032		40.8
Sanken Electric Co. Ltd.		4,800		177,270		25.8
Sanrio Co. Ltd.		2,300		48,245		7.0
Sato Holdings Corp.		16,500		226,877		33.0
SBS Holdings, Inc.		300		6,961		1.0
Senko Group Holdings Co. Ltd.		1,000		6,763		1.0
Seria Co. Ltd.		27,400		535,832		77.9
Shizuoka Gas Co. Ltd.		6,800		48,744		7.1
Shoei Co. Ltd.		15,300		567,620		82.5
Siix Corp.		24,600		187,915		27.3
SKY Perfect JSAT Holdings Inc.		4,400		14,253		2.1
Sodick Co. Ltd.		30,300		169,541		24.6
Sosei Group Corp.		1,000		9,765		1.4
S-Pool Inc.		58,400		583,569		84.8
Strike Co. Ltd.		18,700		569,463		82.7
Sumitomo Densetsu Co. Ltd.		3,600		61,605		9.0
Sumitomo Mitsui Construction Co. Ltd.		76,100		246,910		35.9
Sumitomo Osaka Cement Co. Ltd.		6,600		184,552		26.8
Systena Corp.		14,600		45,892		6.7
Taikisha Ltd.		7,800		192,469		28.0
Takuma Co. Ltd.		20,900		234,224		34.0
T-Gaia Corp.		2,700		34,222		5.0
Toa Corp/Tokyo		7,500		163,940		23.8
Tokai Corp/Gifu		1,600		21,200		3.1
Tokuyama Corp.		600		7,980		1.2
Tokyo Steel Manufacturing Co. Ltd.		3,200		33,120		4.8
Tokyotokeiba Co. Ltd.		4,100		139,516		20.3
Tokyu REIT, Inc.		67		93,924		13.6
Toridoll Holdings Corp.		4,000		72,543		10.5
Torii Pharmaceutical Co. Ltd.		300		7,539		1.1
Tosei Corp.		34,500		290,296		42.2
Tosho Co. Ltd.		500		6,690		1.0
Totetsu Kogyo Co. Ltd.		3,300		59,653		8.7
Toyo Ink SC Holdings Co. Ltd.		2,600		38,715		5.6
Toyobo Co. Ltd.		3,100		25,487		3.7
TPR Co. Ltd.		22,600		216,602		31.5
Tri Chemical Laboratories Inc.		9,400		176,544		25.7
Trusco Nakayama Corp.		24,500		382,064		55.5
Trust Tech Inc.		9,700		111,703		16.2
Tsukishima Kikai Co. Ltd.		8,400		66,348		9.6
TV Asahi Holdings Corp.		6,200		70,819		10.3
UACJ Corp.		7,000		117,110		17.0
United Arrows Ltd.		4,200		56,465		8.2
UT Group Co. Ltd.		2,100		47,220		6.9
ValueCommerce Co. Ltd.		6,700		195,784		28.4
Vision Inc/Tokyo Japan		700		6,978		1.0
Wacoal Holdings Corp.		32,500		462,921		67.3
Wacom Co. Ltd.		15,700		113,514		16.5
Wakita & Co. Ltd.		15,300		127,311		18.5
YA-MAN Ltd.		9,500		90,548		13.2
Yokogawa Bridge Holdings Corp.		19,500		285,977		41.6
Yuasa Trading Co. Ltd.		12,100		269,970		39.2
Yurtec Corp.		45,800		241,913		35.2

90 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Zojirushi Corp.		5,700	$	60,275		8.8	%
Zuken, Inc.		22,100		511,692		74.3
				34,128,849
Jersey
Centamin PLC		611,210		700,519		101.8
Luxembourg
Befesa SA		269		16,799		2.4
Millicom International Cellular SA, SDR		17,059		384,591		55.9
SES SA		31,455		281,444		40.9
				682,834
Malaysia
Frencken Group Ltd.		22,500		22,825		3.3
Netherlands
AMG Advanced Metallurgical Group NV		652		25,821		3.8
Arcadis NV		731		30,500		4.4
Basic-Fit NV		6,624		277,527		40.3
Koninklijke BAM Groep NV		2,385		6,601		1.0
TomTom NV		1,076		9,290		1.3
Wereldhave NV		4,432		72,287		10.5
				422,026
New Zealand
a2 Milk Co. Ltd.		28,324		89,750		13.0
Norway
Borregaard ASA		15,134		288,679		41.9
Elkem ASA		28,403		117,955		17.1
FLEX Liquified Natural Gas Ltd.		4,750		133,805		19.4
Grieg Seafood ASA		449		6,689		1.0
Kongsberg Gruppen ASA		22,718		975,797		141.8
MPC Container Ships		16,628		49,493		7.2
Selvaag Bolig ASA		6,026		28,687		4.2
SpareBank 1 SMN		819		11,476		1.7
				1,612,581
Portugal
Navigator Co. SA		56,083		230,064		33.4
Sonae SGPS SA		86,816		93,726		13.6
				323,790
Singapore
AEM Holdings Ltd.		139,400		477,385		69.4
AIMS APAC REIT		66,400		67,899		9.9
Ascendas India Trust		48,000		43,368		6.3
Far East Hospitality Trust		85,600		41,235		6.0
First Resources Ltd.		36,600		55,822		8.1
Sasseur Real Estate Investment Trust		49,500		29,887		4.3
Sheng Siong Group Ltd.		106,200		117,265		17.0
				832,861
South Sandwich Islands
BMO Commercial Property Trust Ltd.		5,843		8,624		1.3
UK Commercial Property REIT Ltd.		40,008		44,081		6.4
				52,705
Spain
Ence Energia y Celulosa SA		48,680		182,354		26.5
Indra Sistemas SA		24,718		251,891		36.6
Laboratorios Farmaceuticos Rovi SA		1,199		81,869		11.9
Mediaset Espana Comunicacion SA		1,383		6,189		0.9
Melia Hotels International SA		41,660		344,541		50.0

Security	Shares		Value		% of Basket Value
Spain (continued)
Miquel y Costas & Miquel SA		1	$	13		0.0	%
Sacyr SA		14,035		37,805		5.5
Viscofan SA		611		33,730		4.9
				938,392
Sweden
AAK AB		3,547		61,543		8.9
AcadeMedia AB		33,141		187,086		27.2
AddTech AB, B Shares		31,378		553,520		80.4
AF AB		7,728		128,112		18.6
Arjo AB, B Shares		46,957		353,871		51.4
Betsson AB, Class B		25,742		158,131		23.0
Biotage AB		21,777		451,111		65.5
Bonava AB, B Shares		8,991		43,647		6.3
Bravida Holding AB		1,717		17,602		2.6
Bufab AB		1,747		57,957		8.4
Cloetta AB, B Shares		69,721		176,187		25.6
Collector AB		2,135		9,314		1.4
Corem Property Group AB, Class B		11,853		25,097		3.6
Dios Fastigheter AB		5,941		53,046		7.7
Dometic Group AB		7,685		65,815		9.6
Fabege AB		6,518		79,116		11.5
Fingerprint Cards AB, Class B		108,132		124,541		18.1
Fortnox AB		3,310		17,570		2.6
GARO AB		1,175		17,586		2.6
Hexatronic Group AB		4,108		173,802		25.3
HMS Networks AB		2,892		118,369		17.2
Hufvudstaden AB, A Shares		5,278		68,388		9.9
Inwido AB		680		9,388		1.4
JM AB		1,902		43,927		6.4
LeoVegas AB		1,559		6,686		1.0
Loomis AB		1,109		27,631		4.0
Nobia AB		1,885		7,398		1.1
Nyfosa AB		3,589		39,557		5.8
Scandic Hotels Group AB		140,640		541,250		78.6
Stillfront Group AB		36,933		74,590		10.8
Troax Group AB		8,286		184,029		26.7
				3,875,867
Switzerland
Aryzta AG		7,467		6,953		1.0
Bossard Holding AG, Class A		875		189,422		27.5
Comet Holding AG		3,206		693,054		100.7
Daetwyler Holding AG		1,487		478,122		69.5
Ferrexpo PLC		9,486		19,479		2.8
Gurit Holding AG		122		155,528		22.6
Inficon Holding AG		277		252,201		36.6
IWG PLC		18,038		54,762		8.0
Kardex AG		42		7,993		1.2
Landis+Gyr Group AG		1,110		61,948		9.0
Medartis Holding AG		574		60,778		8.8
Sensirion Holding AG		5,515		661,440		96.1
Softwareone Holding AG		2,999		40,548		5.9
Stadler Rail AG		623		22,736		3.3
Sulzer AG		1,743		130,599		19.0
u-Blox Holding AG		5,224		433,991		63.1
Valiant Holding AG		919		91,797		13.3
Ypsomed Holding AG		894		127,757		18.6
				3,489,108

S C H E D U L E   O F   I N V E S T M E N T S 91

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Ukraine
Network International Holdings PLC		146,752	$	479,428		69.7	%
United Kingdom
AG Barr PLC		2,876		20,921		3.0
AJ Bell PLC		7,374		22,850		3.3
Alliance Pharma PLC		5,033		7,215		1.0
Alpha Fx Group PLC		249		6,450		0.9
Ascential PLC		26,392		104,638		15.2
Ashmore Group PLC		15,536		42,948		6.2
Aston Martin Lagonda Global Holdings PLC		3,729		39,069		5.7
Babcock International Group PLC		20,042		76,519		11.1
Bank of Georgia Group PLC		19,863		306,714		44.6
Big Yellow Group PLC		19,868		359,054		52.2
Bodycote PLC		8,757		67,918		9.9
boohoo Group PLC		88,827		89,926		13.1
Britvic PLC		10,085		108,679		15.8
Bytes Technology Group PLC		7,284		40,960		5.9
Capita PLC		32,219		9,615		1.4
Capital & Counties Properties PLC		20,008		41,340		6.0
Capricorn Energy PLC		43,733		112,483		16.3
Chemring Group PLC		3,218		14,053		2.0
Clarkson PLC		146		6,722		1.0
Craneware PLC		1,242		26,745		3.9
Cranswick PLC		1,409		56,028		8.1
Currys PLC		206,980		239,980		34.9
CVS Group PLC		35,169		793,933		115.4
Diploma PLC		20,902		716,913		104.2
dotdigital group PLC		85,976		93,732		13.6
Fevertree Drinks PLC		38,394		870,574		126.5
GB Group PLC		23,340		169,145		24.6
Genus PLC		7,016		220,435		32.0
Hammerson PLC		516,886		186,612		27.1
Hill & Smith Holdings PLC		13,156		227,538		33.1
Hotel Chocolat Group Ltd.		8,237		38,582		5.6
Hunting PLC		47,670		173,834		25.3
Impax Asset Management Group PLC		6,560		70,945		10.3
IntegraFin Holdings PLC		12,844		57,920		8.4
John Wood Group PLC		33,859		94,145		13.7
Judges Scientific PLC		1,046		88,125		12.8
Kainos Group PLC		2,195		33,618		4.9
Lancashire Holdings Ltd.		4,918		26,065		3.8
Learning Technologies Group PLC		61,231		101,094		14.7
Luceco PLC		35,780		85,626		12.4
Micro Focus International PLC		48,173		227,482		33.1
Morgan Advanced Materials PLC		48,876		171,406		24.9
National Express Group PLC		18,829		58,364		8.5
Pagegroup PLC		1,269		7,765		1.1
Pets at Home Group PLC		109,971		426,864		62.0
Polypipe Group PLC		6,668		37,642		5.5
PZ Cussons PLC		21,831		56,017		8.1
Redrow PLC		77,540		508,298		73.9
Restaurant Group PLC		433,101		331,516		48.2
RWS Holdings PLC		71,159		389,720		56.6
Safestore Holdings PLC		28,395		446,703		64.9
Serica Energy PLC		18,289		80,349		11.7
SIG PLC		159,924		82,679		12.0
Smart Metering Systems PLC		854		8,859		1.3
Softcat PLC		10,517		185,744		27.0
Spirent Communications PLC		31,227		90,289		13.1
SThree PLC		56,005		258,178		37.5
Subsea 7 SA		18,953		155,344		22.6
Team17 Group PLC		1,690		9,244		1.3

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
TechnipFMC PLC		3,418	$	23,653		3.4	%
Vesuvius PLC		26,968		109,668		15.9
Virgin Money UK PLC		229,867		498,718		72.5
Watkin Jones PLC		8,963		27,895		4.1
Wickes Group PLC		50,450		120,271		17.5
Workspace Group PLC		16,380		137,076		19.9
YouGov PLC		7,023		110,830		16.1
				10,410,237
United States
1-800-Flowers.com, Inc., Class A		24,999		254,990		37.0
1Life Healthcare, Inc.		38,615		272,236		39.6
1st Source Corp.		1,310		56,684		8.2
2U, Inc.		19,532		194,929		28.3
8x8, Inc.		15,413		141,337		20.5
A10 Networks, Inc.		6,153		87,865		12.8
AAR Corp.		4,591		215,685		31.3
Academy Sports & Outdoors, Inc.		2,981		111,370		16.2
ACADIA Pharmaceuticals, Inc.		2,364		43,592		6.3
Acadia Realty Trust		18,155		379,803		55.2
Accel Entertainment, Inc.		15,626		184,856		26.9
ACCO Brands Corp.		84,274		617,728		89.8
ACI Worldwide, Inc.		1,275		35,215		5.1
ACM Research, Inc., Class A		4,491		67,859		9.9
ACV Auctions, Inc., Class A		2,479		33,095		4.8
Adaptive Biotechnologies Corp.		17,047		140,638		20.4
Addus HomeCare Corp.		2,418		203,789		29.6
Advantage Solutions, Inc.		13,500		67,905		9.9
Aerojet Rocketdyne Holdings, Inc.		9,154		365,977		53.2
AeroVironment, Inc.		469		37,670		5.5
Alarm.com Holdings, Inc.		3,705		226,301		32.9
Alexander & Baldwin, Inc.		2,372		50,286		7.3
Alignment Healthcare, Inc.		4,607		44,273		6.4
Allegiant Travel Co.		272		42,212		6.1
Allegro MicroSystems, Inc.		329		7,998		1.2
ALLETE, Inc.		2,109		125,148		18.2
Alliance Data Systems Corp.		5,436		297,893		43.3
Allison Transmission Holdings, Inc.		312		11,681		1.7
Allogene Therapeutics, Inc.		17,356		144,923		21.1
Allovir, Inc.		9,680		44,044		6.4
Alpha Metallurgical Resources, Inc.		803		124,256		18.1
Altair Engineering, Inc., Class A		3,460		187,947		27.3
Alto Ingredients, Inc.		8,769		50,597		7.3
Altra Industrial Motion Corp.		6,707		261,573		38.0
AMC Networks, Inc., Class A		1,842		60,104		8.7
Ameresco, Inc., Class A		5,692		287,104		41.7
American Assets Trust, Inc.		6,560		240,096		34.9
American Eagle Outfitters, Inc.		18,611		281,212		40.9
American Equity Investment Life Holding Co.		937		35,344		5.1
American States Water Co.		2,917		229,451		33.3
American Well Corp., Class A		4,328		13,547		2.0
American Woodmark Corp.		9,749		456,741		66.4
America’s Car-Mart, Inc.		1,356		109,633		15.9
AMERISAFE, Inc.		2,684		124,403		18.1
Amphastar Pharmaceuticals, Inc.		1,166		41,358		6.0
Annexon, Inc.		5,372		13,699		2.0
Apartment Investment and Management Co., Class A		13,600		85,680		12.4
Applied Industrial Technologies, Inc.		841		88,044		12.8
Arbor Realty Trust, Inc.		68,707		1,174,890		170.7
Arconic Corp.		249		6,265		0.9
Arcosa, Inc.		765		40,950		5.9

92 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Ares Management Corp., Class A		2,224	$	147,273		21.4	%
Argan, Inc.		626		23,024		3.3
Armada Hoffler Properties, Inc.		33,317		451,445		65.6
Arrow Financial Corp.		470		14,711		2.1
Artisan Partners Asset Management, Inc., Class A		3,223		103,587		15.0
Artivion, Inc.		2,406		48,818		7.1
Arvinas, Inc.		743		40,843		5.9
Aspen Aerogels, Inc.		466		10,066		1.5
Assetmark Financial Holdings, Inc.		31,377		603,380		87.7
Associated Banc-Corp.		23,744		473,693		68.8
Astec Industries, Inc.		4,516		176,576		25.7
Avaya Holdings Corp.		9,218		85,266		12.4
Avid Bioservices, Inc.		3,455		46,504		6.8
Avient Corp.		1,201		59,137		8.6
Axcelis Technologies, Inc.		674		36,699		5.3
AZZ, Inc.		1,386		63,257		9.2
Badger Meter, Inc.		2,600		209,794		30.5
Banc of California, Inc.		20,439		368,720		53.6
Bandwidth, Inc., Class A		8,092		178,995		26.0
Bar Harbor Bankshares		1,558		40,679		5.9
Barrett Business Services, Inc.		2,739		197,126		28.6
Beauty Health Co.		1,650		21,615		3.1
Benchmark Electronics, Inc.		278		6,605		1.0
Berry Corp.		7,177		78,732		11.4
BJ’s Restaurants, Inc.		12,381		344,068		50.0
Blackbaud, Inc.		2,376		137,832		20.0
Bloom Energy Corp., Class A		3,853		71,512		10.4
Bloomin’ Brands, Inc.		2,184		48,026		7.0
Boot Barn Holdings, Inc.		2,733		246,134		35.8
Bridgebio Pharma, Inc.		9,407		75,444		11.0
Brigham Minerals, Inc., Class A		8,706		215,735		31.3
Brightsphere Investment Group, Inc.		7,448		149,258		21.7
BTRS Holdings, Inc., Class 1		19,747		132,700		19.3
Byline Bancorp, Inc.		8,815		206,800		30.0
Calix, Inc.		7,291		290,984		42.3
Callon Petroleum Co.		2,344		120,177		17.5
Camden National Corp.		2,226		99,613		14.5
Cannae Holdings, Inc.		10,571		236,790		34.4
Capital City Bank Group, Inc.		19,503		499,472		72.6
Cardiovascular Systems, Inc.		8,397		157,024		22.8
CareDx, Inc.		231		7,032		1.0
Casella Waste Systems, Inc., Class A		3,149		258,974		37.6
Centennial Resource Development, Inc., Class A		38,485		297,874		43.3
Centerspace		7,654		706,158		102.6
Central Garden & Pet Co., Class A		4,107		169,948		24.7
Century Communities, Inc.		5,429		286,217		41.6
Cerence, Inc.		7,597		224,111		32.6
CEVA, Inc.		1,184		43,027		6.2
ChannelAdvisor Corp.		14,294		207,406		30.1
Chatham Lodging Trust		15,044		216,032		31.4
Cheesecake Factory, Inc.		183		6,755		1.0
Chefs’ Warehouse, Inc.		4,794		175,460		25.5
ChemoCentryx, Inc.		309		5,704		0.8
Chuy’s Holdings, Inc.		5,526		138,205		20.1
Cinemark Holdings, Inc.		16,486		261,468		38.0
Clean Energy Fuels Corp.		3,009		17,633		2.6
Clear Channel Outdoor Holdings, Inc.		46,740		114,980		16.7
Clear Secure, Inc., Class A		1,010		30,724		4.5
Clearwater Paper Corp.		250		8,278		1.2
Clearway Energy, Inc., Class A		6,035		171,515		24.9
Clearway Energy, Inc., Class C		271		8,274		1.2

Security	Shares		Value		% of Basket Value
United States (continued)
CNO Financial Group, Inc.		8,179	$	197,441		28.7	%
CNX Resources Corp.		8,134		167,154		24.3
Coeur Mining, Inc.		9,748		35,385		5.1
Cogent Communications Holdings, Inc.		9,124		533,754		77.6
Cohen & Steers, Inc.		1,656		128,655		18.7
Coherus Biosciences, Inc.		20,876		188,719		27.4
Cohu, Inc.		2,664		70,756		10.3
CommScope Holding Co., Inc.		13,630		82,189		11.9
Community Trust Bancorp, Inc.		727		28,942		4.2
Compass Minerals International, Inc.		221		13,068		1.9
ConnectOne Bancorp, Inc.		3,321		92,523		13.4
Construction Partners, Inc., Class A		331		8,543		1.2
Corcept Therapeutics, Inc.		4,781		102,839		14.9
CorVel Corp.		158		24,503		3.6
Covetrus, Inc.		639		8,818		1.3
Cowen, Inc., Class A		6,900		157,665		22.9
Cross Country Healthcare, Inc.		1,331		24,943		3.6
CrossFirst Bankshares, Inc.		6,131		78,538		11.4
CryoPort, Inc.		832		18,770		2.7
CSW Industrials, Inc.		266		28,066		4.1
Cutera, Inc.		3,307		179,603		26.1
Dave & Buster’s Entertainment, Inc.		7,618		346,619		50.4
Deciphera Pharmaceuticals, Inc.		6,299		63,746		9.3
Delek US Holdings, Inc.		5,196		125,743		18.3
Deluxe Corp.		2,322		62,880		9.1
Denali Therapeutics, Inc.		253		6,021		0.9
Denbury, Inc.		317		20,282		2.9
Dime Community Bancshares, Inc.		1,906		59,925		8.7
Diodes, Inc.		1,392		101,658		14.8
Donegal Group, Inc., Class A		20,077		271,642		39.5
Dorian LPG Ltd.		3,108		45,750		6.6
Dril-Quip, Inc.		3,621		104,574		15.2
Ducommun, Inc.		392		20,019		2.9
Duolingo, Inc.		296		25,595		3.7
DXP Enterprises, Inc.		9,735		230,038		33.4
Dyne Therapeutics, Inc.		11,002		87,796		12.8
Eagle Pharmaceuticals, Inc.		165		7,281		1.1
Easterly Government Properties, Inc.		16,675		317,659		46.2
EchoStar Corp., Class A		6,394		149,300		21.7
Ecovyst, Inc.		27,428		275,926		40.1
Editas Medicine, Inc.		6,651		88,059		12.8
elf Beauty, Inc.		6,719		163,473		23.8
Emergent BioSolutions, Inc.		7,177		232,391		33.8
Enanta Pharmaceuticals, Inc.		955		61,502		8.9
Energizer Holdings, Inc.		8,632		261,463		38.0
Energy Recovery, Inc.		354		6,556		1.0
EnPro Industries, Inc.		978		91,159		13.2
Ensign Group, Inc.		74		5,944		0.9
ePlus, Inc.		654		36,938		5.4
Equitrans Midstream Corp.		24,093		189,371		27.5
Esab Corp.		152		7,144		1.0
ESCO Technologies, Inc.		1,142		71,318		10.4
Essential Properties Realty Trust, Inc.		19,833		475,992		69.2
Ethan Allen Interiors, Inc.		5,792		137,502		20.0
Everbridge, Inc.		6,545		282,089		41.0
Everi Holdings, Inc.		5,475		95,046		13.8
Evolent Health, Inc., Class A		3,772		103,805		15.1
EW Scripps Co., Class A		20,381		335,471		48.7
eXp World Holdings, Inc.		3,241		43,397		6.3
Exponent, Inc.		1,179		112,960		16.4
F45 Training Holdings, Inc.		1,041		9,150		1.3
FB Financial Corp.		4,084		157,357		22.9

S C H E D U L E   O F   I N V E S T M E N T S 93

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Federal Agricultural Mortgage Corp., Class C		320	$	32,778		4.8	%
FibroGen, Inc.		10,228		95,120		13.8
Figs, Inc., Class A		8,699		136,226		19.8
First Advantage Corp.		712		12,360		1.8
First Bancshares, Inc.		16,324		525,470		76.3
First Busey Corp.		825		18,538		2.7
First Financial Corp.		26,262		1,119,286		162.6
First Foundation, Inc.		31,101		691,064		100.4
First of Long Island Corp.		3,153		52,907		7.7
Flushing Financial Corp.		9,290		199,735		29.0
Focus Financial Partners, Inc., Class A		3,464		136,655		19.9
Foot Locker, Inc.		1,622		47,541		6.9
FormFactor, Inc.		455		17,340		2.5
Forrester Research, Inc.		10,477		583,464		84.8
Franchise Group, Inc.		4,015		149,719		21.8
frontdoor, Inc.		14,400		445,104		64.7
Frontier Group Holdings, Inc.		12,054		127,893		18.6
FRP Holdings, Inc.		3,217		181,793		26.4
fuboTV, Inc.		11,919		45,173		6.6
Fulton Financial Corp.		8,125		123,256		17.9
Funko, Inc., Class A		13,525		220,322		32.0
Gates Industrial Corp. PLC		506		6,452		0.9
Genco Shipping & Trading Ltd.		1,420		31,283		4.5
Getty Realty Corp.		3,421		92,059		13.4
Gibraltar Industries, Inc.		6,667		252,279		36.7
G-III Apparel Group Ltd.		8,213		217,480		31.6
Gladstone Land Corp.		4,599		167,404		24.3
GMS, Inc.		168		8,056		1.2
Gogo, Inc.		12,016		221,215		32.1
Goosehead Insurance, Inc., Class A		727		41,795		6.1
GoPro, Inc., Class A		9,901		88,317		12.8
Granite Construction, Inc.		2,094		62,087		9.0
Green Brick Partners, Inc.		4,399		86,660		12.6
Griffon Corp.		11,752		219,880		31.9
Grocery Outlet Holding Corp.		2,773		93,367		13.6
Group 1 Automotive, Inc.		1,242		216,282		31.4
Gulfport Energy Corp.		1,494		140,406		20.4
H&E Equipment Services, Inc.		8,848		313,927		45.6
Hanover Insurance Group, Inc.		1,854		272,204		39.5
Harmonic, Inc.		2,580		21,414		3.1
Harmony Biosciences Holdings, Inc.		2,329		104,898		15.2
Harsco Corp.		5,504		56,251		8.2
Haverty Furniture Cos., Inc.		8,907		221,161		32.1
Hawaiian Holdings, Inc.		16,619		281,858		41.0
Hawkins, Inc.		492		18,342		2.7
Hayward Holdings, Inc.		9,487		150,843		21.9
Health Catalyst, Inc.		2,589		43,081		6.3
Heartland Express, Inc.		2,369		32,692		4.7
Heartland Financial USA, Inc.		4,756		208,170		30.2
Hecla Mining Co.		76,051		396,226		57.6
Hemisphere Media Group, Inc.		13,852		53,884		7.8
Heritage Commerce Corp.		2,847		31,972		4.6
Heron Therapeutics, Inc.		19,189		86,734		12.6
Heska Corp.		1,244		136,641		19.9
Hess Midstream LP, Class A		4,087		120,199		17.5
Hilltop Holdings, Inc.		5,657		144,197		20.9
Holley, Inc.		16,603		174,996		25.4
Horizon Bancorp, Inc.		8,360		146,133		21.2
Hub Group, Inc., Class A		3,463		232,575		33.8
I3 Verticals, Inc., Class A		3,718		102,059		14.8
Ideaya Biosciences, Inc.		1,851		17,751		2.6
ImmunoGen, Inc.		20,360		98,339		14.3

Security	Shares		Value		% of Basket Value
United States (continued)
Impinj, Inc.		1,860	$	91,624		13.3	%
Independent Bank Corp.		15,516		306,286		44.5
Independent Bank Group, Inc.		2,796		189,569		27.5
Ingevity Corp.		6,014		360,239		52.3
Innospec, Inc.		1,944		185,283		26.9
Innoviva, Inc.		508		8,666		1.3
Installed Building Products, Inc.		829		66,710		9.7
Integer Holdings Corp.		208		15,635		2.3
Intercept Pharmaceuticals, Inc.		9,058		142,301		20.7
International Money Express, Inc.		5,760		114,451		16.6
International Seaways, Inc.		5,870		124,033		18.0
Invitae Corp.		11,173		59,329		8.6
iRobot Corp.		7,966		403,478		58.6
Ironwood Pharmaceuticals, Inc.		12,616		151,392		22.0
iStar, Inc.		5,313		89,471		13.0
Itron, Inc.		5,556		265,466		38.6
J&J Snack Foods Corp.		1,877		280,987		40.8
John B Sanfilippo & Son, Inc.		169		13,121		1.9
Joint Corp.		2,493		76,086		11.1
Kadant, Inc.		140		25,900		3.8
Karyopharm Therapeutics, Inc.		833		5,081		0.7
Kforce, Inc.		675		47,284		6.9
Kodiak Sciences, Inc.		4,052		24,393		3.5
Kontoor Brands, Inc.		3,870		153,755		22.3
Kratos Defense & Security Solutions, Inc.		2,798		42,446		6.2
Krispy Kreme, Inc.		7,522		99,892		14.5
Kura Oncology, Inc.		5,255		75,409		11.0
Kymera Therapeutics, Inc.		1,882		59,001		8.6
Lakeland Bancorp, Inc.		1,632		24,529		3.6
Laredo Petroleum, Inc.		1,309		93,214		13.5
LeMaitre Vascular, Inc.		2,520		108,889		15.8
LendingClub Corp.		6,679		101,855		14.8
LendingTree, Inc.		2,428		192,832		28.0
LGI Homes, Inc.		1,096		102,706		14.9
Liberty Latin America Ltd., Class C		721		6,662		1.0
Liberty Media Corp. - Liberty Braves, Class A		276		7,251		1.1
Limelight Networks, Inc.		5,307		18,946		2.8
Lindblad Expeditions Holdings, Inc.		640		9,798		1.4
Lions Gate Entertainment Corp., Class A		19,464		262,569		38.1
Lions Gate Entertainment Corp., Class B		9,748		122,532		17.8
Live Oak Bancshares, Inc.		226		9,567		1.4
LivePerson, Inc.		9,169		207,403		30.1
LiveRamp Holdings, Inc.		2,190		68,591		10.0
Luther Burbank Corp.		19,216		254,996		37.0
M/I Homes, Inc.		11,000		487,080		70.8
Malibu Boats, Inc., Class A		15,358		772,354		112.2
MannKind Corp.		1,934		6,053		0.9
Marcus & Millichap, Inc.		234		10,481		1.5
Marcus Corp.		33,019		519,389		75.5
MarineMax, Inc.		6,250		255,750		37.2
Marten Transport Ltd.		13,386		232,649		33.8
Masonite International Corp.		132		10,233		1.5
McGrath RentCorp		257		21,449		3.1
MDC Holdings, Inc.		2,077		76,662		11.1
Mercantile Bank Corp.		611		19,185		2.8
Merchants Bancorp		1,787		42,030		6.1
Merit Medical Systems, Inc.		1,074		66,599		9.7
MFA Financial, Inc.		6,476		92,283		13.4
MGP Ingredients, Inc.		4,862		444,046		64.5
Midland States Bancorp, Inc.		31,482		829,866		120.6
MidWestOne Financial Group, Inc.		3,157		94,331		13.7
MiMedx Group, Inc.		3,371		13,315		1.9

94 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Mitek Systems, Inc.		7,307	$	81,619		11.9	%
Model N, Inc.		13,278		343,104		49.9
Modine Manufacturing Co.		19,119		151,040		21.9
ModivCare, Inc.		189		19,650		2.9
Moelis & Co., Class A		3,579		158,407		23.0
Momentive Global, Inc.		7,559		119,583		17.4
Monro, Inc.		8,998		411,479		59.8
Montrose Environmental Group, Inc.		4,337		196,770		28.6
Morphic Holding, Inc.		194		5,880		0.9
MRC Global, Inc.		60,610		726,714		105.6
Myers Industries, Inc.		341		7,478		1.1
Nabors Industries Ltd.		1,063		164,361		23.9
Napco Security Technologies, Inc.		2,610		45,675		6.6
National Instruments Corp.		10,043		362,954		52.7
Neogen Corp.		385		10,164		1.5
NeoGenomics, Inc.		18,582		175,600		25.5
NexPoint Residential Trust, Inc.		18,791		1,675,406		243.4
NGM Biopharmaceuticals, Inc.		17,588		219,498		31.9
Nkarta, Inc.		4,797		88,457		12.9
nLight, Inc.		1,092		14,360		2.1
NMI Holdings, Inc., Class A		20,451		375,889		54.6
Noble Corp.		1,585		50,609		7.4
Northern Oil and Gas, Inc.		304		7,594		1.1
Northfield Bancorp, Inc.		1,389		18,182		2.6
Northwest Natural Holding Co.		4,626		221,262		32.1
NorthWestern Corp.		8,882		503,521		73.2
Nurix Therapeutics, Inc.		410		4,539		0.7
Oasis Petroleum, Inc.		464		61,554		8.9
Oceaneering International, Inc.		2,308		26,150		3.8
Olema Pharmaceuticals, Inc.		20,033		51,084		7.4
Ollie’s Bargain Outlet Holdings, Inc.		9,600		461,280		67.0
Olo, Inc., Class A		18,397		196,664		28.6
Oportun Financial Corp.		3,097		35,894		5.2
Origin Bancorp, Inc.		19,276		726,320		105.5
Origin Materials, Inc.		1,340		8,697		1.3
Orthofix Medical, Inc.		3,360		104,160		15.1
Outfront Media, Inc.		14,878		380,877		55.3
Overstock.com, Inc.		5,303		177,969		25.9
Pacific Biosciences of California, Inc.		5,055		32,049		4.7
PagerDuty, Inc.		5,377		153,621		22.3
Palomar Holdings, Inc.		681		37,080		5.4
Par Pacific Holdings, Inc.		11,136		163,365		23.7
PAR Technology Corp.		5,935		196,092		28.5
Party City Holdco, Inc.		3,314		10,240		1.5
Passage Bio, Inc.		15,656		30,529		4.4
Patrick Industries, Inc.		1,804		112,299		16.3
Paymentus Holdings, Inc., Class A		648		10,731		1.6
Peapack Gladstone Financial Corp.		256		7,933		1.2
Pebblebrook Hotel Trust		16,274		397,411		57.7
Peoples Bancorp, Inc.		17,007		466,332		67.8
Perficient, Inc.		496		49,307		7.2
Personalis, Inc.		22,633		126,745		18.4
PetIQ, Inc.		6,481		128,972		18.7
Phibro Animal Health Corp., Class A		4,176		75,126		10.9
Piedmont Lithium, Inc.		1,095		71,624		10.4
Piper Sandler Cos		282		32,424		4.7
PJT Partners, Inc., Class A		2,814		185,696		27.0
Plains GP Holdings LP, Class A		14,355		160,345		23.3
Playa Hotels & Resorts NV		3,973		37,505		5.4
Plymouth Industrial REIT, Inc.		18,748		452,202		65.7
PMV Pharmaceuticals, Inc.		3,317		48,063		7.0
Poshmark, Inc., Class A		10,439		115,247		16.7

Security	Shares		Value		% of Basket Value
United States (continued)
Premier Financial Corp.		16,673	$	442,501		64.3	%
Prestige Consumer Healthcare, Inc.		10,034		548,458		79.7
Primoris Services Corp.		2,285		52,966		7.7
PROG Holdings, Inc.		4,479		118,559		17.2
ProPetro Holding Corp.		3,962		56,023		8.1
Proto Labs, Inc.		478		20,368		3.0
PubMatic, Inc., Class A		391		8,825		1.3
QCR Holdings, Inc.		2,513		136,431		19.8
Quaker Chemical Corp.		3,740		608,535		88.4
QuinStreet, Inc.		29,071		276,465		40.2
Qurate Retail, Inc., Series A		4,716		19,854		2.9
Ranpak Holdings Corp.		12,865		194,004		28.2
Ready Capital Corp.		699		10,184		1.5
RealReal, Inc.		11,773		63,810		9.3
Redfin Corp.		692		7,716		1.1
Redwood Trust, Inc.		15,160		147,052		21.4
Replimune Group, Inc.		2,939		49,287		7.2
Revolution Medicines, Inc.		4,294		85,751		12.5
REX American Resources Corp.		600		50,778		7.4
RLI Corp.		876		100,547		14.6
RLJ Lodging Trust		32,635		457,543		66.5
Rocket Pharmaceuticals, Inc.		19,230		197,684		28.7
RPT Realty		11,851		157,500		22.9
Rush Enterprises, Inc., Class A		4,310		219,293		31.9
Rush Enterprises, Inc., Class B		4,717		228,539		33.2
Ryan Specialty Group Holdings, Inc., Class A		14,234		526,516		76.5
Ryerson Holding Corp.		173		6,368		0.9
Sabra Health Care REIT, Inc.		12,034		140,557		20.4
Safehold, Inc.		1,003		43,179		6.3
Sage Therapeutics, Inc.		215		6,777		1.0
Sana Biotechnology, Inc.		11,129		84,024		12.2
Sangamo Therapeutics, Inc.		4,794		19,895		2.9
ScanSource, Inc.		241		8,252		1.2
Select Medical Holdings Corp.		22,659		512,320		74.4
Sensient Technologies Corp.		543		45,938		6.7
Shake Shack, Inc., Class A		12,049		696,794		101.2
Shutterstock, Inc.		815		61,712		9.0
Simply Good Foods Co.		1,126		46,898		6.8
Simpson Manufacturing Co., Inc.		818		84,802		12.3
Simulations Plus, Inc.		541		25,243		3.7
SkyWest, Inc.		21,516		627,191		91.1
SMART Global Holdings, Inc.		6,141		139,155		20.2
Sonic Automotive, Inc., Class A		490		20,849		3.0
Sorrento Therapeutics, Inc.		8,520		12,865		1.9
SPS Commerce, Inc.		3,895		465,959		67.7
SPX Corp.		1,446		60,587		8.8
Standard Motor Products, Inc.		2,243		95,731		13.9
Standex International Corp.		72		6,771		1.0
Stepan Co.		1,008		102,927		15.0
Stitch Fix, Inc., Class A		41,700		396,150		57.6
Stoke Therapeutics, Inc.		10,440		150,754		21.9
StoneX Group, Inc.		1,183		80,184		11.6
Summit Hotel Properties, Inc.		5,789		57,137		8.3
Summit Materials, Inc., Class A		15,548		432,234		62.8
SunCoke Energy, Inc.		3,190		26,541		3.9
Sunnova Energy International, Inc.		11,174		192,975		28.0
SunPower Corp.		3,554		58,677		8.5
Super Micro Computer, Inc.		1,976		83,190		12.1
Sylvamo Corp.		6,824		304,692		44.3
Syndax Pharmaceuticals, Inc.		528		8,855		1.3
Tactile Systems Technology, Inc.		10,290		173,695		25.2
Tanger Factory Outlet Centers, Inc.		1,145		18,469		2.7

S C H E D U L E   O F   I N V E S T M E N T S 95

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Targa Resources Corp.		7,581	$	556,521		80.9	%
Taylor Morrison Home Corp.		8,988		235,396		34.2
TechTarget, Inc.		3,359		226,094		32.8
Texas Capital Bancshares, Inc.		13,086		672,097		97.7
TG Therapeutics, Inc.		862		5,982		0.9
TowneBank		6,284		173,250		25.2
Transocean Ltd.		50,648		190,436		27.7
Travere Therapeutics, Inc.		439		11,032		1.6
Tri Pointe Homes, Inc.		28,884		597,032		86.7
Trico Bancshares		15,789		592,877		86.1
Trinity Industries, Inc.		1,187		32,927		4.8
Triumph Group, Inc.		3,855		86,892		12.6
TrueBlue, Inc.		363		9,282		1.3
TTEC Holdings, Inc.		138		10,186		1.5
Turning Point Brands, Inc.		13,721		430,702		62.6
Tutor Perini Corp.		18,617		172,580		25.1
U.S. Physical Therapy, Inc.		515		53,442		7.8
UMB Financial Corp.		6,031		543,876		79.0
UMH Properties, Inc.		23,635		555,895		80.8
United Fire Group, Inc.		18,237		534,162		77.6
United States Cellular Corp.		17,264		496,858		72.2
Unitil Corp.		3,690		188,190		27.3
Univest Financial Corp.		2,032		51,206		7.4
Upland Software, Inc.		7,684		114,645		16.7
Urban Edge Properties		3,418		63,882		9.3
Urban Outfitters, Inc.		15,770		375,326		54.5
Valaris Ltd.		1,307		66,330		9.6
Varex Imaging Corp.		274		5,439		0.8
Vector Group Ltd.		4,194		53,348		7.7
Vectrus, Inc.		7,122		257,104		37.4
Veeco Instruments, Inc.		6,147		140,889		20.5
Veracyte, Inc.		4,705		96,311		14.0
Veris Residential, Inc.		4,977		79,682		11.6
Veritex Holdings, Inc.		12,337		405,270		58.9
Veritiv Corp.		785		110,324		16.0
Vertex Inc., Class A		6,175		87,870		12.8
Viad Corp.		1,661		54,398		7.9
Victory Capital Holdings Inc., Class A		23,611		637,261		92.6
Virtus Investment Partners, Inc.		63		11,161		1.6
Vishay Intertechnology, Inc.		8,298		154,592		22.5
Vista Outdoor, Inc.		1,496		52,704		7.7
Vital Farms, Inc.		579		6,659		1.0
Walker & Dunlop, Inc.		1,693		202,754		29.5
Warrior Met Coal, Inc.		753		25,655		3.7
Washington Federal, Inc.		7,097		215,962		31.4
Watts Water Technologies, Inc., Class A		377		48,052		7.0
WD-40 Co.		1,820		334,844		48.7
Werner Enterprises, Inc.		12,068		478,255		69.5
WesBanco, Inc.		865		27,888		4.0
Willdan Group, Inc.		2,758		74,135		10.8
Xerox Holdings Corp.		1,753		30,502		4.4
Yext, Inc.		37,981		219,910		32.0
Y-mAbs Therapeutics, Inc.		10,891		91,484		13.3
York Water Co.		160		6,189		0.9
ZimVie, Inc.		1,177		26,482		3.8

Security	Shares			Value			% of Basket Value
United States (continued)
ZipRecruiter, Inc., Class A		16,563		$	372,833			54.2	%
Zuora, Inc., Class A		41,320			502,864			73.1
					78,625,713
Preferred Stocks
Germany
Schaeffler AG, Preference Shares		88,506			475,303			69.1
Total Reference Entity — Long					167,968,348
Reference Entity — Short
Common Stocks
Australia
Bega Cheese Ltd.		(133,503	)		(471,154	)		(68.5	)
Bellevue Gold Ltd.		(8,742	)		(5,884	)		(0.9	)
Betmakers Technology Group Ltd.		(973,259	)		(388,722	)		(56.5	)
Bravura Solutions Ltd.		(188,410	)		(249,882	)		(36.3	)
Breville Group Ltd.		(2,103	)		(34,852	)		(5.1	)
Brickworks Ltd.		(4,960	)		(82,383	)		(12.0	)
BWX Ltd.		(92,706	)		(121,954	)		(17.7	)
Coronado Global Resources, Inc.		(12,544	)		(20,208	)		(2.9	)
Credit Corp. Group Ltd.		(6,668	)		(127,502	)		(18.5	)
Cromwell Property Group		(1,124,851	)		(675,093	)		(98.1	)
De Grey Mining Ltd.		(205,568	)		(172,958	)		(25.1	)
Dubber Corp. Ltd.		(69,176	)		(49,883	)		(7.2	)
Eagers Automotive Ltd.		(21,794	)		(201,449	)		(29.3	)
EML Payments Ltd.		(64,687	)		(70,030	)		(10.2	)
G8 Education Ltd.		(146,411	)		(112,829	)		(16.4	)
Genworth Mortgage Insurance Australia Ltd.		(6,742	)		(14,175	)		(2.1	)
Gold Road Resources Ltd.		(191,229	)		(208,866	)		(30.3	)
GUD Holdings Ltd.		(27,366	)		(245,812	)		(35.7	)
Hansen Technologies Ltd.		(20,544	)		(79,544	)		(11.6	)
Inghams Group Ltd.		(297,627	)		(644,387	)		(93.6	)
Integral Diagnostics Ltd.		(2,548	)		(7,065	)		(1.0	)
InvoCare Ltd.		(131,413	)		(1,127,498	)		(163.8	)
ioneer Ltd.		(37,869	)		(17,590	)		(2.6	)
IPH Ltd.		(2,876	)		(15,247	)		(2.2	)
IRESS Ltd.		(89,579	)		(689,090	)		(100.1	)
Karoon Energy Ltd.		(585,768	)		(841,220	)		(122.2	)
Kelsian Group Ltd.		(34,971	)		(193,754	)		(28.2	)
Link Administration Holdings Ltd.		(156,351	)		(553,575	)		(80.4	)
Mayne Pharma Group Ltd.		(32,773	)		(6,549	)		(1.0	)
nib holdings Ltd.		(19,216	)		(95,684	)		(13.9	)
Nick Scali Ltd.		(3,121	)		(22,264	)		(3.2	)
Nuix Ltd.		(16,729	)		(14,509	)		(2.1	)
OceanaGold Corp.		(153,228	)		(381,683	)		(55.5	)
Omni Bridgeway Ltd.		(87,931	)		(206,592	)		(30.0	)
Pact Group Holdings Ltd.		(8,110	)		(13,097	)		(1.9	)
Paladin Energy Ltd.		(636,004	)		(350,009	)		(50.9	)
Perenti Global Ltd.		(356,962	)		(177,361	)		(25.8	)
Perseus Mining Ltd.		(93,647	)		(130,312	)		(18.9	)
PointsBet Holdings Ltd.		(164,372	)		(334,960	)		(48.7	)
Premier Investments Ltd.		(13,991	)		(247,920	)		(36.0	)
Redbubble Ltd.		(71,634	)		(56,263	)		(8.2	)
Regis Resources Ltd.		(7,535	)		(11,039	)		(1.6	)
Select Harvests Ltd.		(8,401	)		(38,822	)		(5.6	)
Sigma Healthcare Ltd.		(254,236	)		(89,815	)		(13.1	)
SmartGroup Corp. Ltd.		(1,035	)		(6,482	)		(0.9	)

96 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Australia (continued)
SolGold PLC		(470,494	)	$	(169,796	)		(24.7	)%
Steadfast Group Ltd.		(9,291	)		(33,637	)		(4.9	)
Super Retail Group Ltd.		(31,461	)		(232,783	)		(33.8	)
Tyro Payments Ltd.		(7,231	)		(6,181	)		(0.9	)
Uniti Group Ltd.		(206,170	)		(711,948	)		(103.4	)
Viva Energy Group Ltd.		(257,522	)		(505,258	)		(73.4	)
West African Resources Ltd.		(16,860	)		(16,084	)		(2.3	)
					(11,281,654	)
Austria
FACC AG		(28,338	)		(233,801	)		(34.0	)
IMMOFINANZ AG		(18,577	)		(449,574	)		(65.3	)
Semperit AG Holding		(10,690	)		(258,537	)		(37.6	)
UNIQA Insurance Group AG		(1,048	)		(7,990	)		(1.1	)
					(949,902	)
Belgium
Aedifica SA		(4,567	)		(541,340	)		(78.7	)
Biocartis Group NV		(21	)		(46	)		(0.0	)
bpost SA		(5,434	)		(32,925	)		(4.8	)
Cie d’Entreprises CFE		(71	)		(9,276	)		(1.3	)
Cofinimmo SA		(2,507	)		(336,653	)		(48.9	)
Gimv NV		(6,126	)		(351,529	)		(51.1	)
KBC Ancora		(2,375	)		(96,089	)		(14.0	)
Kinepolis Group NV		(1,515	)		(83,834	)		(12.2	)
X-Fab Silicon Foundries SE		(923	)		(6,534	)		(0.9	)
					(1,458,226	)
Bermuda
Assured Guaranty Ltd.		(1,118	)		(61,658	)		(9.0	)
Enstar Group Ltd.		(182	)		(42,906	)		(6.2	)
					(104,564	)
Canada
Absolute Software Corp.		(4,474	)		(34,304	)		(5.0	)
Advantage Energy Ltd.		(972	)		(8,119	)		(1.2	)
AG Growth International, Inc.		(5,785	)		(175,128	)		(25.4	)
Altus Group Ltd.		(186	)		(6,966	)		(1.0	)
ATS Automation Tooling Systems, Inc.		(10,905	)		(318,241	)		(46.2	)
Aurinia Pharmaceuticals, Inc.		(554	)		(5,701	)		(0.8	)
AutoCanada, Inc.		(286	)		(6,657	)		(1.0	)
Boyd Group Services, Inc.		(1,740	)		(215,358	)		(31.3	)
Canacol Energy Ltd.		(10,964	)		(24,324	)		(3.5	)
Canfor Corp.		(17,367	)		(330,942	)		(48.1	)
Cascades, Inc.		(13,519	)		(132,912	)		(19.3	)
Celestica, Inc.		(26,691	)		(300,018	)		(43.6	)
Choice Properties Real Estate Investment Trust		(2,369	)		(27,993	)		(4.1	)
Cogeco Communications Inc.		(393	)		(32,274	)		(4.7	)
Cogeco, Inc.		(892	)		(53,118	)		(7.7	)
Converge Technology Solutions Corp.		(7,874	)		(52,896	)		(7.7	)
Denison Mines Corp.		(58,731	)		(75,891	)		(11.0	)
Dream Office Real Estate Investment Trust		(863	)		(17,466	)		(2.5	)
DREAM Un Ltd. Corp., Class A		(202	)		(7,264	)		(1.1	)
Dye & Durham Ltd.		(9,002	)		(148,626	)		(21.6	)
Enthusiast Gaming Holdings, Inc.		(67,537	)		(130,379	)		(18.9	)
ERO Copper Corp.		(7,920	)		(113,869	)		(16.5	)
Fiera Capital Corp.		(1,527	)		(11,661	)		(1.7	)
Hut 8 Mining Corp.		(13,396	)		(47,759	)		(6.9	)
IMAX Corp.		(23,276	)		(368,226	)		(53.5	)
Interfor Corp.		(6,886	)		(196,291	)		(28.5	)
Labrador Iron Ore Royalty Corp.		(11,613	)		(314,224	)		(45.7	)
Largo, Inc.		(14,323	)		(119,744	)		(17.4	)

Security	Shares			Value			% of Basket Value
Canada (continued)
Lassonde Industries, Inc., Class A		(53	)	$	(5,671	)		(0.8	)%
LifeWorks, Inc.		(919	)		(13,520	)		(2.0	)
Linamar Corp.		(660	)		(26,140	)		(3.8	)
MAG Silver Corp.		(1,387	)		(20,449	)		(3.0	)
Maple Leaf Foods, Inc.		(4,710	)		(103,722	)		(15.1	)
Martinrea International, Inc.		(6,205	)		(37,047	)		(5.4	)
Maverix Metals, Inc.		(1,249	)		(5,629	)		(0.8	)
MDA Ltd.		(1,258	)		(8,657	)		(1.3	)
Mercer International, Inc.		(19,551	)		(313,011	)		(45.5	)
Meta Materials, Inc.		(48,454	)		(58,145	)		(8.5	)
Mullen Group Ltd.		(3,178	)		(30,403	)		(4.4	)
Neighbourly Pharmacy, Inc.		(614	)		(11,590	)		(1.7	)
New Gold, Inc.		(375,384	)		(546,427	)		(79.4	)
North West Co., Inc.		(3,171	)		(88,442	)		(12.9	)
Pollard Banknote Ltd.		(7,921	)		(133,060	)		(19.3	)
Russel Metals, Inc.		(275	)		(7,330	)		(1.1	)
SilverCrest Metals, Inc.		(926	)		(6,985	)		(1.0	)
Stella-Jones, Inc.		(578	)		(15,972	)		(2.3	)
Torex Gold Resources, Inc.		(965	)		(10,802	)		(1.6	)
TransAlta Renewables, Inc.		(9,903	)		(137,369	)		(20.0	)
Uranium Energy Corp.		(76,000	)		(323,000	)		(46.9	)
Westport Fuel Systems, Inc.		(7,014	)		(8,463	)		(1.2	)
Westshore Terminals Investment Corp.		(243	)		(6,513	)		(0.9	)
Winpak Ltd.		(222	)		(7,343	)		(1.1	)
Xenon Pharmaceuticals, Inc.		(617	)		(17,443	)		(2.5	)
					(5,219,484	)
Cayman Islands
Theravance Biopharma, Inc.		(3,661	)		(35,329	)		(5.1	)
China
Fosun Tourism Group		(160,200	)		(213,593	)		(31.0	)
Costa Rica
Establishment Labs Holdings, Inc.		(749	)		(52,999	)		(7.7	)
Denmark
NTG Nordic Transport Group A/S		(113	)		(6,136	)		(0.9	)
Finland
Aktia Bank OYJ		(6,290	)		(63,779	)		(9.3	)
Finnair OYJ		(395,614	)		(194,991	)		(28.3	)
Kamux Corp.		(6,590	)		(66,690	)		(9.7	)
Kemira OYJ		(7,775	)		(101,986	)		(14.8	)
Metsa Board OYJ, Class B		(35,567	)		(383,298	)		(55.7	)
Remedy Entertainment OYJ		(2,911	)		(95,829	)		(13.9	)
Sanoma OYJ		(13,746	)		(173,640	)		(25.2	)
Spinnova OYJ		(1,870	)		(15,677	)		(2.3	)
Tokmanni Group Corp.		(537	)		(6,978	)		(1.0	)
					(1,102,868	)
France
Altarea SCA		(1,393	)		(213,209	)		(31.0	)
Aramis Group SAS		(14,759	)		(85,944	)		(12.5	)
Carmila SA		(418	)		(6,502	)		(0.9	)
CGG SA		(224,703	)		(258,507	)		(37.6	)
Derichebourg SA, A Shares		(10,394	)		(93,799	)		(13.6	)
Eutelsat Communications SA		(18,337	)		(203,787	)		(29.6	)
Maisons du Monde SA		(5,549	)		(94,637	)		(13.8	)
McPhy Energy SA		(2,260	)		(41,284	)		(6.0	)
Metropole Television SA		(1,074	)		(19,930	)		(2.9	)
Sopra Steria Group SACA		(218	)		(38,636	)		(5.6	)

S C H E D U L E   O F   I N V E S T M E N T S 97

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
France (continued)
SPIE SA		(1,006	)	$	(23,677	)		(3.4	)%
Trigano SA		(357	)		(45,996	)		(6.7	)
Verallia SA		(2,120	)		(58,277	)		(8.5	)
					(1,184,185	)
Germany
About You Holding SE		(813	)		(8,817	)		(1.3	)
Amadeus Fire AG		(43	)		(6,018	)		(0.9	)
AURELIUS Equity Opportunities SE & Co. KGaA		(697	)		(18,569	)		(2.7	)
BayWa AG		(3,224	)		(153,746	)		(22.3	)
Bike24 Holding AG		(136	)		(879	)		(0.1	)
Bilfinger SE		(268	)		(10,786	)		(1.6	)
Hamborner REIT AG		(13,745	)		(128,286	)		(18.6	)
Heidelberger Druckmaschinen AG		(3,040	)		(6,716	)		(1.0	)
Home24 SE		(31,778	)		(186,160	)		(27.1	)
Hornbach Holding AG & Co. KGaA		(522	)		(62,485	)		(9.1	)
Indus Holding AG		(1,703	)		(48,447	)		(7.0	)
Instone Real Estate Group AG		(4,133	)		(63,450	)		(9.2	)
JOST Werke AG		(335	)		(12,958	)		(1.9	)
Medios AG		(4,469	)		(114,635	)		(16.7	)
Mister Spex SE		(520	)		(3,708	)		(0.5	)
PATRIZIA AG		(10,562	)		(181,175	)		(26.3	)
PNE AG		(13,524	)		(171,783	)		(25.0	)
Secunet Security Networks AG		(98	)		(41,492	)		(6.0	)
SGL Carbon SE		(27,827	)		(152,788	)		(22.2	)
Takkt AG		(12,567	)		(203,038	)		(29.5	)
Vossloh AG		(200	)		(7,630	)		(1.1	)
Westwing Group AG		(17,970	)		(204,360	)		(29.7	)
					(1,787,926	)
Hong Kong
Fortune Real Estate Investment Trust		(422,000	)		(368,711	)		(53.6	)
Hongkong & Shanghai Hotels Ltd.		(21,500	)		(21,344	)		(3.1	)
Prosperity REIT		(692,000	)		(237,222	)		(34.5	)
SUNeVision Holdings Ltd.		(160,000	)		(132,923	)		(19.3	)
Zensun Enterprises Ltd.		(23,000	)		(10,757	)		(1.5	)
					(770,957	)
Ireland
C&C Group PLC		(15,006	)		(39,173	)		(5.7	)
Cairn Homes PLC		(80,431	)		(96,988	)		(14.1	)
COSMO Pharmaceuticals NV		(2,931	)		(167,623	)		(24.4	)
Glenveagh Properties PLC		(171,230	)		(206,628	)		(30.0	)
Greencore Group PLC		(367,230	)		(529,192	)		(76.9	)
					(1,039,604	)
Israel
Camtek Ltd.		(1,558	)		(45,854	)		(6.7	)
Ituran Location and Control Ltd.		(3,451	)		(77,440	)		(11.2	)
Nano Dimension Ltd., ADR		(23,670	)		(67,223	)		(9.8	)
NEOGAMES SA		(2,994	)		(39,132	)		(5.7	)
Oramed Pharmaceuticals, Inc.		(7,660	)		(39,372	)		(5.7	)
Perion Network Ltd.		(4,089	)		(87,427	)		(12.7	)
Plus500 Ltd.		(19,289	)		(375,613	)		(54.6	)
Riskified Ltd., Class A		(27,912	)		(145,980	)		(21.2	)
Sisram Medical Ltd.		(139,600	)		(149,068	)		(21.7	)
Taro Pharmaceutical Industries Ltd.		(2,004	)		(78,657	)		(11.4	)
					(1,105,766	)
Italy
Credito Emiliano SpA		(8,016	)		(48,971	)		(7.1	)
Digital Bros SpA		(381	)		(9,678	)		(1.4	)
doValue SpA		(5,973	)		(50,787	)		(7.4	)

Security	Shares			Value			% of Basket Value
Italy (continued)
Enav SpA		(6,255	)	$	(28,876	)		(4.2	)%
Fila SpA		(9,028	)		(89,795	)		(13.0	)
Gruppo MutuiOnline SpA		(803	)		(24,590	)		(3.6	)
GVS SpA		(4,019	)		(33,475	)		(4.9	)
RAI Way SpA		(18,885	)		(111,033	)		(16.1	)
Saras SpA		(23,188	)		(21,581	)		(3.1	)
Societa Cattolica di Assicurazioni		(28,902	)		(187,359	)		(27.2	)
Tod’s SpA		(151	)		(5,968	)		(0.9	)
					(612,113	)
Japan
ADEKA Corp.		(25,000	)		(479,455	)		(69.7	)
Aichi Corp.		(14,000	)		(97,419	)		(14.2	)
Aiful Corp.		(246,800	)		(703,459	)		(102.2	)
Airtrip Corp.		(300	)		(7,311	)		(1.1	)
Alpen Co. Ltd.		(1,000	)		(15,158	)		(2.2	)
Alpha Systems, Inc.		(3,600	)		(106,424	)		(15.5	)
Arcland Sakamoto Co. Ltd.		(2,000	)		(23,940	)		(3.5	)
Atom Corp.		(46,200	)		(263,265	)		(38.3	)
Autobacs Seven Co. Ltd.		(5,700	)		(60,015	)		(8.7	)
Awa Bank Ltd.		(25,000	)		(412,634	)		(60.0	)
Axial Retailing, Inc.		(100	)		(2,619	)		(0.4	)
BASE, Inc.		(17,700	)		(48,133	)		(7.0	)
BML, Inc.		(5,700	)		(146,693	)		(21.3	)
Bunka Shutter Co. Ltd.		(900	)		(6,764	)		(1.0	)
Bushiroad, Inc.		(1,000	)		(11,782	)		(1.7	)
CellSource Co. Ltd.		(1,300	)		(37,615	)		(5.5	)
Central Glass Co. Ltd.		(600	)		(11,048	)		(1.6	)
COLOPL, Inc.		(103,800	)		(511,590	)		(74.3	)
Create Restaurants Holdings, Inc.		(1,200	)		(7,505	)		(1.1	)
Daiichi Jitsugyo Co. Ltd.		(1,600	)		(46,459	)		(6.7	)
Daishi Hokuetsu Financial Group, Inc.		(36,500	)		(705,996	)		(102.6	)
Daiwabo Holdings Co. Ltd.		(3,900	)		(50,465	)		(7.3	)
DCM Holdings Co. Ltd.		(800	)		(6,605	)		(1.0	)
Digital Garage, Inc.		(800	)		(26,476	)		(3.8	)
DTS Corp.		(2,600	)		(57,048	)		(8.3	)
Duskin Co. Ltd.		(22,400	)		(477,829	)		(69.4	)
DyDo Group Holdings, Inc.		(200	)		(7,754	)		(1.1	)
eRex Co. Ltd.		(12,400	)		(187,694	)		(27.3	)
ESPEC Corp.		(6,600	)		(87,625	)		(12.7	)
Exedy Corp.		(13,100	)		(155,996	)		(22.7	)
Ferrotec Holdings Corp.		(6,000	)		(110,024	)		(16.0	)
Financial Products Group Co. Ltd.		(2,700	)		(16,523	)		(2.4	)
Frontier Real Estate Investment Corp.		(79	)		(306,089	)		(44.5	)
Fuji Soft, Inc.		(500	)		(26,649	)		(3.9	)
Fujikura Ltd.		(21,300	)		(100,760	)		(14.6	)
Fujitec Co. Ltd.		(38,800	)		(836,217	)		(121.5	)
Fukushima Galilei Co. Ltd.		(2,800	)		(81,097	)		(11.8	)
giftee, Inc.		(51,400	)		(404,797	)		(58.8	)
GLOBERIDE, Inc.		(23,400	)		(472,165	)		(68.6	)
GMO Financial Gate, Inc.		(1,100	)		(107,896	)		(15.7	)
GNI Group Ltd.		(13,000	)		(114,050	)		(16.6	)
Gree, Inc.		(2,600	)		(19,810	)		(2.9	)
G-Tekt Corp.		(4,900	)		(47,163	)		(6.9	)
H2O Retailing Corp.		(2,800	)		(18,316	)		(2.7	)
Hankyu Hanshin REIT, Inc.		(145	)		(164,780	)		(23.9	)
Hirata Corp.		(3,200	)		(117,582	)		(17.1	)
HIS Co. Ltd.		(27,200	)		(463,763	)		(67.4	)
Hitachi Zosen Corp.		(1,400	)		(7,555	)		(1.1	)
Hogy Medical Co. Ltd.		(2,500	)		(62,432	)		(9.1	)
Hokkaido Electric Power Co., Inc.		(3,900	)		(14,477	)		(2.1	)
Hokkoku Financial Holdings, Inc.		(8,300	)		(239,434	)		(34.8	)

98 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Hokuetsu Corp.		(9,900	)	$	(50,718	)		(7.4	)%
Hokuhoku Financial Group, Inc.		(18,400	)		(124,510	)		(18.1	)
Hokuriku Electric Power Co.		(22,800	)		(90,447	)		(13.1	)
Hokuto Corp.		(3,200	)		(50,262	)		(7.3	)
Hosiden Corp.		(9,200	)		(87,732	)		(12.7	)
Hosokawa Micron Corp.		(10,300	)		(195,268	)		(28.4	)
Hyakugo Bank Ltd.		(46,200	)		(122,270	)		(17.8	)
Ichibanya Co. Ltd.		(800	)		(29,725	)		(4.3	)
Ichigo Office REIT Investment		(11	)		(7,061	)		(1.0	)
Ichigo, Inc.		(62,300	)		(139,709	)		(20.3	)
Idec Corp.		(2,200	)		(38,832	)		(5.6	)
Inaba Denki Sangyo Co. Ltd.		(3,700	)		(72,566	)		(10.5	)
Inabata & Co. Ltd.		(9,800	)		(160,364	)		(23.3	)
Invincible Investment Corp.		(166	)		(54,129	)		(7.9	)
Itochu-Shokuhin Co. Ltd.		(1,000	)		(38,182	)		(5.5	)
Jaccs Co. Ltd.		(2,200	)		(55,633	)		(8.1	)
Japan Display, Inc.		(806,700	)		(415,093	)		(60.3	)
Japan Material Co. Ltd.		(1,400	)		(21,152	)		(3.1	)
JIG-SAW, Inc.		(6,200	)		(258,248	)		(37.5	)
JM Holdings Co. Ltd.		(800	)		(10,011	)		(1.5	)
JTOWER, Inc.		(2,300	)		(108,085	)		(15.7	)
Kameda Seika Co. Ltd.		(1,700	)		(55,332	)		(8.0	)
Kanematsu Electronics Ltd.		(2,600	)		(77,690	)		(11.3	)
Kanto Denka Kogyo Co. Ltd.		(24,500	)		(184,833	)		(26.9	)
Kappa Create Co. Ltd.		(600	)		(6,189	)		(0.9	)
Katakura Industries Co. Ltd.		(28,700	)		(557,206	)		(81.0	)
Kato Sangyo Co. Ltd.		(300	)		(7,784	)		(1.1	)
KeePer Technical Laboratory Co. Ltd.		(4,600	)		(92,902	)		(13.5	)
Keiyo Bank Ltd.		(19,900	)		(75,836	)		(11.0	)
Keiyo Co. Ltd.		(3,500	)		(24,702	)		(3.6	)
KFC Holdings Japan Ltd.		(16,200	)		(354,976	)		(51.6	)
Kintetsu Department Store Co. Ltd.		(14,000	)		(276,709	)		(40.2	)
Kintetsu World Express, Inc.		(2,400	)		(57,174	)		(8.3	)
Kisoji Co. Ltd.		(5,000	)		(79,556	)		(11.6	)
Ki-Star Real Estate Co. Ltd.		(6,000	)		(247,491	)		(36.0	)
Kitanotatsujin Corp.		(1,600	)		(2,105	)		(0.3	)
Kiyo Bank Ltd.		(41,400	)		(454,107	)		(66.0	)
Koa Corp.		(3,200	)		(37,297	)		(5.4	)
Kohnan Shoji Co. Ltd.		(5,300	)		(153,489	)		(22.3	)
Koshidaka Holdings Co. Ltd.		(3,100	)		(18,500	)		(2.7	)
Kureha Corp.		(7,800	)		(586,018	)		(85.1	)
KYB Corp.		(10,400	)		(235,404	)		(34.2	)
KYORIN Holdings, Inc.		(33,300	)		(484,261	)		(70.4	)
Leopalace21 Corp.		(319,800	)		(481,043	)		(69.9	)
Macnica Fuji Electronics Holdings, Inc.		(500	)		(10,366	)		(1.5	)
Maruha Nichiro Corp.		(7,400	)		(136,190	)		(19.8	)
Maruwa Co. Ltd/Aichi		(2,600	)		(303,149	)		(44.0	)
Matsuyafoods Holdings Co. Ltd.		(800	)		(23,355	)		(3.4	)
MCJ Co. Ltd.		(6,800	)		(44,477	)		(6.5	)
Medley, Inc.		(1,200	)		(22,164	)		(3.2	)
MedPeer, Inc.		(13,400	)		(306,730	)		(44.6	)
Meidensha Corp.		(800	)		(14,487	)		(2.1	)
Meiko Electronics Co. Ltd.		(1,700	)		(44,958	)		(6.5	)
Meitec Corp.		(2,800	)		(148,624	)		(21.6	)
Mitani Sekisan Co. Ltd.		(3,400	)		(135,506	)		(19.7	)
Mitsuuroko Group Holdings Co. Ltd.		(12,000	)		(92,811	)		(13.5	)
Mochida Pharmaceutical Co. Ltd.		(900	)		(25,636	)		(3.7	)
Modec, Inc.		(9,400	)		(88,136	)		(12.8	)
Mori Trust Sogo REIT, Inc.		(7	)		(7,622	)		(1.1	)
MOS Food Services, Inc.		(1,900	)		(43,537	)		(6.3	)
Musashi Seimitsu Industry Co. Ltd.		(2,600	)		(26,423	)		(3.8	)
Musashino Bank Ltd.		(5,800	)		(79,334	)		(11.5	)

Security	Shares			Value			% of Basket Value
Japan (continued)
Nanto Bank Ltd.		(12,600	)	$	(197,133	)		(28.6	)%
Nihon Chouzai Co. Ltd.		(5,900	)		(57,399	)		(8.3	)
Nippon Carbon Co. Ltd.		(3,200	)		(102,805	)		(14.9	)
Nippon Kanzai Co. Ltd.		(3,600	)		(77,356	)		(11.2	)
Nippon Light Metal Holdings Co. Ltd.		(3,600	)		(46,125	)		(6.7	)
Nippon Road Co. Ltd.		(1,700	)		(94,768	)		(13.8	)
Nippon Sheet Glass Co. Ltd.		(35,700	)		(107,967	)		(15.7	)
Nippon Steel Trading Corp.		(200	)		(8,140	)		(1.2	)
Nishimatsu Construction Co. Ltd.		(300	)		(8,832	)		(1.3	)
Nissei ASB Machine Co. Ltd.		(400	)		(9,121	)		(1.3	)
Nisshinbo Holdings, Inc.		(5,700	)		(42,648	)		(6.2	)
Nissin Electric Co. Ltd.		(32,700	)		(348,671	)		(50.7	)
North Pacific Bank Ltd.		(256,700	)		(486,741	)		(70.7	)
NSD Co. Ltd.		(900	)		(15,976	)		(2.3	)
NTT UD REIT Investment Corp.		(14	)		(16,171	)		(2.3	)
Ogaki Kyoritsu Bank Ltd.		(15,700	)		(230,103	)		(33.4	)
Ohsho Food Service Corp.		(1,400	)		(65,738	)		(9.6	)
Oisix ra daichi, Inc.		(1,300	)		(26,715	)		(3.9	)
Okinawa Financial Group, Inc.		(6,800	)		(116,409	)		(16.9	)
Open Door, Inc.		(6,700	)		(96,800	)		(14.1	)
Optim Corp.		(1,800	)		(11,922	)		(1.7	)
PAL GROUP Holdings Co. Ltd.		(600	)		(6,696	)		(1.0	)
Pasona Group, Inc.		(4,300	)		(68,180	)		(9.9	)
Pharma Foods International Co. Ltd.		(21,600	)		(283,208	)		(41.1	)
Pilot Corp.		(7,900	)		(320,968	)		(46.6	)
Piolax, Inc.		(6,500	)		(75,832	)		(11.0	)
PKSHA Technology, Inc.		(14,500	)		(206,742	)		(30.0	)
Plaid, Inc.		(1,900	)		(17,019	)		(2.5	)
Plenus Co. Ltd.		(4,300	)		(63,162	)		(9.2	)
Premier Anti-Aging Co. Ltd.		(16,100	)		(462,999	)		(67.3	)
Pressance Corp.		(26,700	)		(320,527	)		(46.6	)
Qol Holdings Co. Ltd.		(17,000	)		(143,093	)		(20.8	)
Raito Kogyo Co. Ltd.		(800	)		(11,945	)		(1.7	)
Riken Keiki Co. Ltd.		(7,600	)		(239,220	)		(34.8	)
Riken Vitamin Co. Ltd.		(600	)		(7,887	)		(1.1	)
Ringer Hut Co. Ltd.		(2,000	)		(34,595	)		(5.0	)
Roland Corp.		(300	)		(10,353	)		(1.5	)
Royal Holdings Co. Ltd.		(400	)		(6,406	)		(0.9	)
RS Technologies Co. Ltd.		(1,100	)		(50,652	)		(7.4	)
Saibu Gas Co. Ltd.		(8,000	)		(131,303	)		(19.1	)
Sakata Seed Corp.		(1,100	)		(37,039	)		(5.4	)
SanBio Co. Ltd.		(2,100	)		(17,863	)		(2.6	)
San-In Godo Bank Ltd.		(28,800	)		(142,985	)		(20.8	)
Sanki Engineering Co. Ltd.		(5,600	)		(63,435	)		(9.2	)
Seiren Co. Ltd.		(13,700	)		(217,137	)		(31.5	)
Septeni Holdings Co. Ltd.		(10,700	)		(54,164	)		(7.9	)
Shibuya Corp.		(400	)		(7,205	)		(1.0	)
Shiga Bank Ltd.		(7,500	)		(141,034	)		(20.5	)
Shima Seiki Manufacturing Ltd.		(2,400	)		(34,242	)		(5.0	)
Showa Sangyo Co. Ltd.		(1,100	)		(22,252	)		(3.2	)
Sinko Industries Ltd.		(1,200	)		(15,083	)		(2.2	)
SRE Holdings Corp.		(15,000	)		(309,437	)		(45.0	)
Starts Proceed Investment Corp.		(61	)		(109,281	)		(15.9	)
Sun Corp.		(20,700	)		(245,507	)		(35.7	)
T Hasegawa Co. Ltd.		(13,700	)		(266,797	)		(38.8	)
Tadano Ltd.		(40,500	)		(287,703	)		(41.8	)
Takeuchi Manufacturing Co. Ltd.		(400	)		(7,335	)		(1.1	)
Taki Chemical Co. Ltd.		(4,900	)		(193,406	)		(28.1	)
Tama Home Co. Ltd.		(4,600	)		(89,762	)		(13.0	)
Tenma Corp.		(19,800	)		(337,017	)		(49.0	)
TKC Corp.		(600	)		(15,760	)		(2.3	)
TKP Corp.		(1,000	)		(14,543	)		(2.1	)

S C H E D U L E   O F   I N V E S T M E N T S 99

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
TOC Co. Ltd.		(2,200	)	$	(11,331	)		(1.6	)%
Tocalo Co. Ltd.		(3,400	)		(33,948	)		(4.9	)
Toei Co. Ltd.		(1,500	)		(198,951	)		(28.9	)
Toho Titanium Co. Ltd.		(700	)		(8,000	)		(1.2	)
TOKAI Holdings Corp.		(42,900	)		(288,355	)		(41.9	)
Tokyo Seimitsu Co. Ltd.		(3,500	)		(120,403	)		(17.5	)
TOMONY Holdings, Inc.		(72,300	)		(182,865	)		(26.6	)
Tomy Co. Ltd.		(34,200	)		(324,475	)		(47.1	)
Topcon Corp.		(800	)		(10,239	)		(1.5	)
Toyo Construction Co. Ltd.		(2,500	)		(17,988	)		(2.6	)
Toyo Tanso Co. Ltd.		(9,200	)		(199,913	)		(29.0	)
TRE Holdings Corp.		(4,800	)		(76,795	)		(11.2	)
Tsugami Corp.		(4,700	)		(43,769	)		(6.4	)
Uchida Yoko Co. Ltd.		(2,400	)		(90,575	)		(13.2	)
Universal Entertainment Corp.		(4,100	)		(73,358	)		(10.7	)
Uzabase Inc.		(6,800	)		(39,576	)		(5.7	)
Visional, Inc.		(300	)		(16,510	)		(2.4	)
VT Holdings Co. Ltd.		(13,300	)		(47,083	)		(6.8	)
WealthNavi, Inc.		(41,500	)		(539,764	)		(78.4	)
World Holdings Co. Ltd.		(2,100	)		(39,541	)		(5.7	)
Xebio Holdings Co. Ltd.		(4,400	)		(31,077	)		(4.5	)
Yodogawa Steel Works Ltd.		(1,100	)		(20,821	)		(3.0	)
Yokowo Co. Ltd.		(6,600	)		(129,517	)		(18.8	)
Yoshinoya Holdings Co. Ltd.		(14,100	)		(256,528	)		(37.3	)
Yukiguni Maitake Co. Ltd.		(2,400	)		(19,364	)		(2.8	)
					(26,806,521	)
Liechtenstein
Implantica AG, SDR		(7,960	)		(30,885	)		(4.5	)
Luxembourg
Global Fashion Group SA		(11,888	)		(22,636	)		(3.3	)
Orion Engineered Carbons SA		(1,949	)		(29,430	)		(4.3	)
					(52,066	)
Malta
Kambi Group PLC		(336	)		(5,352	)		(0.8	)
Kindred Group PLC		(42,267	)		(370,572	)		(53.8	)
					(375,924	)
Netherlands
Boskalis Westminster		(1,597	)		(55,464	)		(8.1	)
CM.com NV		(1,514	)		(25,164	)		(3.7	)
Core Laboratories NV		(543	)		(14,118	)		(2.0	)
Eurocommercial Properties NV		(1,501	)		(36,318	)		(5.3	)
Pharming Group NV		(84,244	)		(68,978	)		(10.0	)
SIF Holding NV		(15,039	)		(171,187	)		(24.9	)
uniQure NV		(10,560	)		(157,767	)		(22.9	)
					(528,996	)
New Zealand
Chorus Ltd.		(15,292	)		(72,549	)		(10.6	)
Z Energy Ltd.		(239,737	)		(580,403	)		(84.3	)
					(652,952	)
Norway
Aker Carbon Capture ASA		(27,357	)		(55,267	)		(8.0	)
Aker Solutions ASA		(28,091	)		(97,064	)		(14.1	)
Austevoll Seafood ASA		(515	)		(8,165	)		(1.2	)
Bonheur ASA		(239	)		(8,888	)		(1.3	)
Hexagon Purus Holding		(6,508	)		(24,631	)		(3.6	)
Kahoot! ASA		(4,121	)		(9,934	)		(1.4	)
Norwegian Air Shuttle ASA		(12,234	)		(17,075	)		(2.5	)

Security	Shares			Value			% of Basket Value
Norway (continued)
Nykode Therapeutics		(9,769	)	$	(38,177	)		(5.6	)%
Pexip Holding ASA		(9,829	)		(21,556	)		(3.1	)
SpareBank 1 SR-Bank ASA		(14,220	)		(181,074	)		(26.3	)
					(461,831	)
Peru
Hochschild Mining PLC		(98,297	)		(144,395	)		(21.0	)
Portugal
NOS SGPS SA		(99,099	)		(419,070	)		(60.9	)
REN - Redes Energeticas Nacionais SGPS SA		(163,016	)		(497,004	)		(72.2	)
					(916,074	)
Puerto Rico
EVERTEC, Inc.		(1,927	)		(75,924	)		(11.0	)
First BanCorp, Puerto Rico		(3,872	)		(52,698	)		(7.7	)
					(128,622	)
Singapore
BW Energy Ltd.		(2,157	)		(6,278	)		(0.9	)
Frasers Hospitality Trust		(46,300	)		(21,501	)		(3.1	)
Japfa Ltd.		(1,268,400	)		(550,687	)		(80.0	)
Kulicke & Soffa Industries, Inc.		(18,032	)		(836,865	)		(121.6	)
Maxeon Solar Technologies Ltd.		(9,197	)		(106,501	)		(15.5	)
OUE Commercial Real Estate Investment Trust		(329,900	)		(98,604	)		(14.3	)
OUE Ltd.		(120,000	)		(118,009	)		(17.1	)
Razer, Inc.		(392,000	)		(141,730	)		(20.6	)
Starhill Global REIT		(394,800	)		(169,025	)		(24.6	)
Yanlord Land Group Ltd.		(414,500	)		(363,168	)		(52.8	)
					(2,412,368	)
South Africa
Mediclinic International PLC		(37,284	)		(172,846	)		(25.1	)
South Sandwich Islands
Burford Capital Ltd.		(23,084	)		(197,383	)		(28.7	)
Spain
Cia de Distribucion Integral Logista Holdings SA		(38,685	)		(712,788	)		(103.6	)
Construcciones y Auxiliar de Ferrocarriles SA		(2,766	)		(84,806	)		(12.3	)
Corp. Financiera Alba SA		(758	)		(44,794	)		(6.5	)
Ebro Foods SA		(885	)		(15,912	)		(2.3	)
Metrovacesa SA		(13,113	)		(105,135	)		(15.3	)
					(963,435	)
Sweden
Bactiguard Holding AB		(732	)		(8,613	)		(1.2	)
BHG Group AB		(45,540	)		(313,557	)		(45.6	)
BICO Group AB		(11,656	)		(116,890	)		(17.0	)
BillerudKorsnas AB		(23,357	)		(360,428	)		(52.4	)
Boozt AB		(11,271	)		(118,351	)		(17.2	)
Calliditas Therapeutics AB, Class B		(15,367	)		(115,939	)		(16.8	)
Camurus AB		(11,301	)		(187,248	)		(27.2	)
Cibus Nordic Real Estate AB		(376	)		(8,696	)		(1.3	)
Cint Group AB		(7,533	)		(61,609	)		(8.9	)
Clas Ohlson AB, B Shares		(42,407	)		(481,447	)		(70.0	)
Creades AB, A Shares		(624	)		(5,921	)		(0.9	)
Duni AB		(5,969	)		(54,648	)		(7.9	)
Dustin Group AB		(2,671	)		(19,192	)		(2.8	)
Electrolux Professional AB, Class B		(1,148	)		(6,435	)		(0.9	)
Granges AB		(15,992	)		(131,340	)		(19.1	)
Hansa Biopharma AB		(34,952	)		(193,292	)		(28.1	)
Hemnet Group AB		(671	)		(8,371	)		(1.2	)
Intrum AB		(3,720	)		(89,924	)		(13.1	)

100 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Sweden (continued)
Karo Pharma AB		(31,924	)	$	(183,687	)		(26.7	)%
Munters Group AB		(3,443	)		(20,569	)		(3.0	)
Mycronic AB		(380	)		(6,645	)		(1.0	)
NCC AB, B Shares		(7,007	)		(86,819	)		(12.6	)
New Wave Group AB, B Shares		(2,093	)		(36,545	)		(5.3	)
Nordic Entertainment Group AB, Class B		(487	)		(15,992	)		(2.3	)
Nordnet AB publ		(487	)		(8,535	)		(1.2	)
Pandox AB		(435	)		(6,061	)		(0.9	)
Paradox Interactive AB		(42,380	)		(706,955	)		(102.7	)
PowerCell Sweden AB		(25,468	)		(372,092	)		(54.1	)
Re:NewCell AB		(12,890	)		(152,131	)		(22.1	)
Samhallsbyggnadsbolaget i Norden AB		(10,870	)		(28,515	)		(4.1	)
SSAB AB, B Shares		(21,243	)		(124,922	)		(18.1	)
Wallenstam AB, B Shares		(4,142	)		(45,797	)		(6.7	)
Wihlborgs Fastigheter AB		(657	)		(11,391	)		(1.7	)
Xvivo Perfusion AB		(218	)		(4,699	)		(0.7	)
					(4,093,256	)
Switzerland
Bobst Group SA		(229	)		(19,316	)		(2.8	)
Burckhardt Compression Holding AG		(24	)		(12,244	)		(1.8	)
Cembra Money Bank AG		(7,932	)		(572,333	)		(83.2	)
dormakaba Holding AG		(41	)		(19,030	)		(2.8	)
Forbo Holding AG		(167	)		(244,468	)		(35.5	)
Galenica AG		(12,077	)		(889,320	)		(129.2	)
Interroll Holding AG		(41	)		(124,287	)		(18.1	)
Leonteq AG		(89	)		(6,055	)		(0.9	)
Medmix AG		(214	)		(7,187	)		(1.0	)
Meyer Burger Technology AG		(497,235	)		(235,608	)		(34.2	)
Mobilezone Holding AG		(13,690	)		(221,671	)		(32.2	)
Mobimo Holding AG		(1,218	)		(348,339	)		(50.6	)
Montana Aerospace AG		(584	)		(8,903	)		(1.3	)
PolyPeptide Group AG		(154	)		(13,476	)		(2.0	)
SFS Group AG		(1,601	)		(200,498	)		(29.1	)
Siegfried Holding AG		(13	)		(9,489	)		(1.4	)
St Galler Kantonalbank AG		(577	)		(278,259	)		(40.4	)
Zehnder Group AG		(416	)		(32,529	)		(4.7	)
Zur Rose Group AG		(1,260	)		(154,645	)		(22.5	)
					(3,397,657	)
United Kingdom
Abcam PLC		(5,062	)		(78,548	)		(11.4	)
AO World PLC		(6,714	)		(6,298	)		(0.9	)
Assura PLC		(234,354	)		(194,200	)		(28.2	)
Auction Technology Group PLC		(7,851	)		(86,395	)		(12.6	)
Balfour Beatty PLC		(72,105	)		(218,457	)		(31.7	)
Biffa PLC		(18,380	)		(79,719	)		(11.6	)
Bridgepoint Group PLC		(71,852	)		(276,653	)		(40.2	)
Central Asia Metals PLC		(2,516	)		(8,430	)		(1.2	)
Clipper Logistics PLC		(4,451	)		(48,133	)		(7.0	)
Close Brothers Group PLC		(6,582	)		(91,265	)		(13.3	)
CMC Markets PLC		(35,299	)		(128,722	)		(18.7	)
Computacenter PLC		(28,492	)		(957,322	)		(139.1	)
Countryside Properties PLC		(19,060	)		(59,511	)		(8.6	)
Crest Nicholson Holdings PLC		(4,352	)		(13,693	)		(2.0	)
Domino’s Pizza Group PLC		(51,623	)		(225,639	)		(32.8	)
Elementis PLC		(132,274	)		(200,923	)		(29.2	)
Empiric Student Property PLC		(93,814	)		(107,349	)		(15.6	)
Energean PLC		(22,130	)		(329,476	)		(47.9	)
Essentra PLC		(86,537	)		(339,134	)		(49.3	)
Finablr PLC		(44,203	)		(1	)		(0.0	)

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Firstgroup PLC		(5,723	)	$	(8,034	)		(1.2	)%
Frasers Group PLC		(16,238	)		(137,915	)		(20.0	)
Funding Circle Holdings PLC		(4,267	)		(3,917	)		(0.6	)
GAN Ltd.		(7,336	)		(27,363	)		(4.0	)
Go-Ahead Group PLC		(593	)		(7,136	)		(1.0	)
Greatland Gold PLC		(689,358	)		(115,077	)		(16.7	)
Halfords Group PLC		(110,795	)		(315,419	)		(45.8	)
Hays PLC		(75,222	)		(115,529	)		(16.8	)
Ibstock PLC		(2,838	)		(6,700	)		(1.0	)
Ideagen PLC		(13,823	)		(40,847	)		(5.9	)
IG Design Group PLC		(49,765	)		(42,427	)		(6.2	)
Inchcape PLC		(24,627	)		(220,354	)		(32.0	)
IP Group PLC		(64,754	)		(66,772	)		(9.7	)
IQE PLC		(42,145	)		(15,925	)		(2.3	)
Jupiter Fund Management PLC		(39,688	)		(88,585	)		(12.9	)
Keller Group PLC		(1,509	)		(15,902	)		(2.3	)
Liontrust Asset Management PLC		(7,332	)		(106,414	)		(15.5	)
Marston’s PLC		(84,704	)		(79,937	)		(11.6	)
Mitie Group PLC		(112,087	)		(75,563	)		(11.0	)
Moneysupermarket.com Group PLC		(23,173	)		(50,764	)		(7.4	)
Morgan Sindall Group PLC		(699	)		(18,847	)		(2.7	)
Naked Wines PLC		(20,535	)		(92,936	)		(13.5	)
NCC Group PLC		(3,040	)		(6,995	)		(1.0	)
OSB Group PLC		(10,995	)		(76,750	)		(11.2	)
Oxford Biomedica PLC		(27,319	)		(195,808	)		(28.4	)
Petrofac Ltd.		(41,142	)		(69,354	)		(10.1	)
Polar Capital Holdings PLC		(5,940	)		(41,401	)		(6.0	)
Primary Health Properties PLC		(67,874	)		(123,090	)		(17.9	)
Provident Financial PLC		(5,947	)		(19,035	)		(2.8	)
QinetiQ Group PLC		(6,740	)		(28,595	)		(4.2	)
Rank Group PLC		(14,288	)		(19,404	)		(2.8	)
Reach PLC		(12,278	)		(25,104	)		(3.6	)
Redde Northgate PLC		(28,367	)		(140,328	)		(20.4	)
Renewi PLC		(23,155	)		(200,902	)		(29.2	)
Rotork PLC		(17,391	)		(63,452	)		(9.2	)
Sabre Insurance Group PLC		(3,133	)		(8,273	)		(1.2	)
Saga PLC		(32,970	)		(91,624	)		(13.3	)
Savills PLC		(604	)		(8,125	)		(1.2	)
Serco Group PLC		(46,064	)		(87,111	)		(12.7	)
Shaftesbury PLC		(4,547	)		(34,050	)		(4.9	)
Target Healthcare REIT PLC		(13,822	)		(19,292	)		(2.8	)
TI Fluid Systems PLC		(104,136	)		(211,625	)		(30.7	)
Trainline PLC		(17,735	)		(63,245	)		(9.2	)
Trustpilot Group PLC		(41,078	)		(53,205	)		(7.7	)
Tullow Oil PLC		(114,972	)		(80,057	)		(11.6	)
Victoria PLC		(1,855	)		(14,875	)		(2.2	)
Volex PLC		(3,858	)		(12,499	)		(1.8	)
Volution Group PLC		(18,364	)		(93,539	)		(13.6	)
					(6,889,969	)
United States
23andMe Holding Co., Class A		(14,362	)		(42,942	)		(6.2	)
2seventy bio, Inc.		(12,735	)		(171,413	)		(24.9	)
4D Molecular Therapeutics, Inc.		(425	)		(5,062	)		(0.7	)
AAON, Inc.		(2,977	)		(145,099	)		(21.1	)
Abercrombie & Fitch Co., Class A		(5,850	)		(202,293	)		(29.4	)
ABM Industries, Inc.		(21,524	)		(1,038,963	)		(151.0	)
Accelerate Diagnostics, Inc.		(37,580	)		(36,077	)		(5.2	)
Aclaris Therapeutics, Inc.		(5,066	)		(62,413	)		(9.1	)
Aerie Pharmaceuticals, Inc.		(852	)		(6,058	)		(0.9	)
Aeva Technologies, Inc.		(1,971	)		(6,465	)		(0.9	)

S C H E D U L E   O F   I N V E S T M E N T S 101

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
AEye, Inc.		(37,926	)	$	(193,802	)		(28.2	)%
Agenus, Inc.		(59,079	)		(109,296	)		(15.9	)
Agiliti, Inc.		(1,814	)		(35,808	)		(5.2	)
Agilysys, Inc.		(527	)		(19,399	)		(2.8	)
Alaunos Therapeutics, Inc.		(4,759	)		(2,529	)		(0.4	)
Albany International Corp., Class A		(2,075	)		(162,306	)		(23.6	)
Albireo Pharma, Inc.		(1,552	)		(49,385	)		(7.2	)
Alexander’s, Inc.		(2,010	)		(498,822	)		(72.5	)
Alkami Technology, Inc.		(20,142	)		(263,860	)		(38.3	)
Allscripts Healthcare Solutions, Inc.		(5,456	)		(112,721	)		(16.4	)
Alpha & Omega Semiconductor Ltd.		(13,512	)		(579,665	)		(84.2	)
Amerant Bancorp, Inc.		(483	)		(12,843	)		(1.9	)
American Public Education, Inc.		(16,342	)		(317,688	)		(46.2	)
Amyris, Inc.		(41,987	)		(144,015	)		(20.9	)
AnaptysBio, Inc.		(850	)		(19,890	)		(2.9	)
Anavex Life Sciences Corp.		(11,054	)		(94,954	)		(13.8	)
API Group Corp.		(42,955	)		(797,245	)		(115.8	)
Apogee Enterprises, Inc.		(133	)		(5,852	)		(0.9	)
Apollo Commercial Real Estate Finance, Inc.		(1,099	)		(13,232	)		(1.9	)
Apollo Medical Holdings, Inc.		(5,523	)		(201,479	)		(29.3	)
Apple Hospitality REIT, Inc.		(12,492	)		(220,983	)		(32.1	)
ArcBest Corp.		(130	)		(9,381	)		(1.4	)
Arcturus Therapeutics Holdings, Inc.		(5,621	)		(108,935	)		(15.8	)
Arcus Biosciences, Inc.		(2,579	)		(62,438	)		(9.1	)
Array Technologies, Inc.		(8,167	)		(53,331	)		(7.7	)
Astra Space, Inc.		(14,960	)		(47,872	)		(7.0	)
Atara Biotherapeutics, Inc.		(17,868	)		(113,640	)		(16.5	)
Atlantic Sapphire ASA		(16,685	)		(46,447	)		(6.7	)
Atlantic Union Bankshares Corp.		(3,920	)		(132,418	)		(19.2	)
Avid Technology, Inc.		(688	)		(21,816	)		(3.2	)
Axonics, Inc.		(5,188	)		(268,842	)		(39.1	)
B. Riley Financial, Inc.		(9,467	)		(427,530	)		(62.1	)
Balchem Corp.		(121	)		(14,907	)		(2.2	)
BancFirst Corp.		(3,414	)		(279,094	)		(40.6	)
BARK, Inc.		(123,566	)		(381,819	)		(55.5	)
Beachbody Co., Inc.		(15,453	)		(25,343	)		(3.7	)
Beacon Roofing Supply, Inc.		(15,985	)		(953,186	)		(138.5	)
Belden, Inc.		(6,048	)		(312,258	)		(45.4	)
BellRing Brands, Inc.		(249	)		(5,336	)		(0.8	)
Berkshire Hills Bancorp, Inc.		(838	)		(20,732	)		(3.0	)
Big Lots, Inc.		(325	)		(10,043	)		(1.5	)
BioCryst Pharmaceuticals, Inc.		(5,610	)		(52,117	)		(7.6	)
Bionano Genomics, Inc.		(71,934	)		(117,252	)		(17.0	)
Bioxcel Therapeutics, Inc.		(2,125	)		(27,859	)		(4.0	)
Blucora, Inc.		(24,781	)		(501,815	)		(72.9	)
Blue Bird Corp.		(16,023	)		(256,849	)		(37.3	)
Bluebird Bio, Inc.		(13,938	)		(50,595	)		(7.4	)
Boise Cascade Co.		(9,558	)		(722,394	)		(105.0	)
BOK Financial Corp.		(3,360	)		(278,645	)		(40.5	)
Brady Corp., Class A		(3,114	)		(139,352	)		(20.2	)
Brightcove, Inc.		(33,554	)		(236,556	)		(34.4	)
BrightSpire Capital, Inc.		(27,481	)		(233,588	)		(33.9	)
Brinker International, Inc.		(13,448	)		(488,566	)		(71.0	)
Brink’s Co.		(1,801	)		(106,169	)		(15.4	)
Bristow Group, Inc.		(14,420	)		(430,004	)		(62.5	)
Broadmark Realty Capital, Inc.		(47,084	)		(367,726	)		(53.4	)
BRP Group, Inc., Class A		(2,606	)		(60,251	)		(8.8	)
Buckle, Inc.		(4,032	)		(125,234	)		(18.2	)
Butterfly Network, Inc.		(119,973	)		(399,510	)		(58.0	)
C3.AI, Inc., Class A		(364	)		(6,184	)		(0.9	)
Cabot Corp.		(837	)		(55,116	)		(8.0	)
Cactus, Inc., Class A		(2,001	)		(99,910	)		(14.5	)

Security	Shares			Value			% of Basket Value
United States (continued)
Caleres, Inc.		(2,181	)	$	(50,010	)		(7.3	)%
Cal-Maine Foods, Inc.		(13,281	)		(713,588	)		(103.7	)
Cano Health, Inc.		(1,902	)		(10,081	)		(1.5	)
Cara Therapeutics, Inc.		(4,459	)		(38,882	)		(5.7	)
CareTrust REIT, Inc.		(368	)		(5,965	)		(0.9	)
CarLotz, Inc.		(16,886	)		(14,993	)		(2.2	)
Carpenter Technology Corp.		(19,271	)		(735,767	)		(106.9	)
Cars.com, Inc.		(33,171	)		(368,862	)		(53.6	)
Catchmark Timber Trust, Inc., Class A		(10,194	)		(83,693	)		(12.2	)
Cavco Industries, Inc.		(990	)		(233,887	)		(34.0	)
CBIZ, Inc.		(241	)		(10,095	)		(1.5	)
Celldex Therapeutics, Inc.		(9,911	)		(302,781	)		(44.0	)
CEL-SCI Corp.		(1,229	)		(3,515	)		(0.5	)
Centrus Energy Corp., Class A		(2,579	)		(71,593	)		(10.4	)
Cerevel Therapeutics Holdings, Inc.		(3,202	)		(93,755	)		(13.6	)
Certara, Inc.		(3,839	)		(70,446	)		(10.2	)
Chimera Investment Corp.		(3,737	)		(37,445	)		(5.4	)
Chimerix, Inc.		(11,151	)		(49,064	)		(7.1	)
Cipher Mining, Inc.		(35,802	)		(108,480	)		(15.8	)
CIRCOR International, Inc.		(10,029	)		(197,070	)		(28.6	)
Citi Trends, Inc.		(1,679	)		(46,962	)		(6.8	)
Clearfield, Inc.		(1,853	)		(107,900	)		(15.7	)
Clover Health Investments Corp.		(7,491	)		(20,151	)		(2.9	)
Coca-Cola Consolidated, Inc.		(293	)		(129,360	)		(18.8	)
Collegium Pharmaceutical, Inc.		(24,195	)		(389,539	)		(56.6	)
Columbia Financial, Inc.		(1,856	)		(35,171	)		(5.1	)
Comfort Systems USA, Inc.		(254	)		(21,443	)		(3.1	)
Community Bank System, Inc.		(15,520	)		(999,488	)		(145.2	)
Community Health Systems, Inc.		(1,132	)		(8,682	)		(1.3	)
Community Healthcare Trust, Inc.		(530	)		(19,515	)		(2.8	)
CommVault Systems, Inc.		(1,397	)		(85,217	)		(12.4	)
Comstock Resources, Inc.		(4,169	)		(70,998	)		(10.3	)
CONMED Corp.		(620	)		(82,435	)		(12.0	)
Consensus Cloud Solutions, Inc.		(531	)		(27,994	)		(4.1	)
Consolidated Communications Holdings, Inc.		(4,780	)		(28,441	)		(4.1	)
ContextLogic, Inc., Class A		(123,613	)		(210,142	)		(30.5	)
Core & Main, Inc., Class A		(279	)		(6,629	)		(1.0	)
CoreCivic, Inc.		(24,545	)		(305,094	)		(44.3	)
Corporate Office Properties Trust		(16,141	)		(430,803	)		(62.6	)
Couchbase, Inc.		(19,144	)		(325,448	)		(47.3	)
Coursera, Inc.		(3,238	)		(60,907	)		(8.9	)
Cracker Barrel Old Country Store, Inc.		(7,305	)		(810,782	)		(117.8	)
Crescent Energy, Inc., Class A		(24,934	)		(391,713	)		(56.9	)
Crinetics Pharmaceuticals, Inc.		(520	)		(10,566	)		(1.5	)
CSG Systems International, Inc.		(4,474	)		(275,017	)		(40.0	)
CTS Corp.		(4,433	)		(156,795	)		(22.8	)
Cullinan Oncology, Inc.		(500	)		(4,905	)		(0.7	)
CVB Financial Corp.		(34,786	)		(800,774	)		(116.4	)
Dana, Inc.		(24,823	)		(367,629	)		(53.4	)
Danimer Scientific, Inc.		(19,829	)		(77,730	)		(11.3	)
Denny’s Corp.		(10,083	)		(129,264	)		(18.8	)
DermTech, Inc.		(469	)		(4,010	)		(0.6	)
Desktop Metal, Inc., Class A		(46,347	)		(162,678	)		(23.6	)
Diebold Nixdorf, Inc.		(27,808	)		(114,013	)		(16.6	)
DigitalBridge Group, Inc.		(2,096	)		(14,588	)		(2.1	)
Dine Brands Global, Inc.		(716	)		(51,330	)		(7.5	)
DMC Global, Inc.		(1,633	)		(32,644	)		(4.7	)
Donnelley Financial Solutions, Inc.		(460	)		(13,464	)		(2.0	)
Dorman Products, Inc.		(1,179	)		(116,391	)		(16.9	)
Douglas Elliman, Inc.		(10,584	)		(64,139	)		(9.3	)
Driven Brands Holdings, Inc.		(4,589	)		(127,987	)		(18.6	)
Duck Creek Technologies, Inc.		(14,273	)		(227,369	)		(33.0	)

102 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Duckhorn Portfolio, Inc.		(3,542	)	$	(68,786	)		(10.0	)%
Dycom Industries, Inc.		(3,189	)		(270,778	)		(39.3	)
Dynavax Technologies Corp.		(7,239	)		(63,920	)		(9.3	)
Dynex Capital, Inc.		(38,842	)		(630,406	)		(91.6	)
Eastern Bankshares, Inc.		(42,942	)		(822,769	)		(119.6	)
Eastman Kodak Co.		(93,299	)		(482,356	)		(70.1	)
Ebix, Inc.		(4,483	)		(133,593	)		(19.4	)
Edgewell Personal Care Co.		(12,043	)		(459,320	)		(66.7	)
El Pollo Loco Holdings, Inc.		(30,117	)		(320,746	)		(46.6	)
Electric Last Mile Solutions, Inc.		(7,222	)		(6,644	)		(1.0	)
Empire State Realty Trust, Inc., Class A		(10,383	)		(89,709	)		(13.0	)
Employers Holdings, Inc.		(3,185	)		(125,298	)		(18.2	)
Encore Wire Corp.		(4,726	)		(533,140	)		(77.5	)
Energy Fuels, Inc.		(18,823	)		(141,834	)		(20.6	)
Enerpac Tool Group Corp.		(14,149	)		(284,112	)		(41.3	)
EnerSys		(4,203	)		(275,128	)		(40.0	)
Enova International, Inc.		(577	)		(21,580	)		(3.1	)
Enovix Corp.		(4,804	)		(43,428	)		(6.3	)
EPR Properties		(11,105	)		(583,235	)		(84.7	)
Equity Commonwealth		(3,015	)		(78,963	)		(11.5	)
Erasca, Inc.		(2,584	)		(18,812	)		(2.7	)
EverQuote, Inc., Class A		(820	)		(11,382	)		(1.7	)
Evo Payments, Inc., Class A		(3,429	)		(77,255	)		(11.2	)
Evolv Technologies Holdings, Inc.		(11,864	)		(25,982	)		(3.8	)
Extreme Networks, Inc.		(10,753	)		(103,229	)		(15.0	)
Fastly, Inc., Class A		(2,944	)		(46,810	)		(6.8	)
Federal Signal Corp.		(2,804	)		(95,420	)		(13.9	)
Federated Hermes, Inc., Class B		(12,363	)		(352,098	)		(51.2	)
First Financial Bankshares, Inc.		(2,316	)		(92,594	)		(13.5	)
First Hawaiian, Inc.		(2,890	)		(68,233	)		(9.9	)
Fluidigm Corp.		(3,556	)		(9,423	)		(1.4	)
Four Corners Property Trust, Inc.		(2,569	)		(70,545	)		(10.3	)
Franklin Electric Co., Inc.		(478	)		(33,431	)		(4.9	)
Franklin Street Properties Corp.		(3,406	)		(17,575	)		(2.6	)
Fresh Del Monte Produce, Inc.		(15,245	)		(397,132	)		(57.7	)
FuelCell Energy, Inc.		(3,989	)		(16,275	)		(2.4	)
Fulcrum Therapeutics, Inc.		(1,824	)		(17,547	)		(2.5	)
Fulgent Genetics, Inc.		(9,041	)		(496,170	)		(72.1	)
FutureFuel Corp.		(878	)		(8,350	)		(1.2	)
Gannett Co., Inc.		(10,045	)		(40,280	)		(5.9	)
GATX Corp.		(1,669	)		(172,558	)		(25.1	)
Generation Bio Co.		(1,763	)		(11,160	)		(1.6	)
Genesco, Inc.		(4,464	)		(276,902	)		(40.2	)
Gentherm, Inc.		(12,613	)		(850,368	)		(123.6	)
Gevo, Inc.		(75,810	)		(281,255	)		(40.9	)
Glacier Bancorp, Inc.		(6,235	)		(285,314	)		(41.5	)
Gladstone Commercial Corp.		(9,674	)		(203,541	)		(29.6	)
Glatfelter Corp.		(27,056	)		(297,616	)		(43.2	)
Glaukos Corp.		(1,373	)		(64,929	)		(9.4	)
Global Blood Therapeutics, Inc.		(340	)		(10,438	)		(1.5	)
Global Industrial Co.		(6,933	)		(213,952	)		(31.1	)
Global Medical REIT, Inc.		(14,945	)		(220,588	)		(32.1	)
Global Net Lease, Inc.		(13,295	)		(186,529	)		(27.1	)
Globalstar, Inc.		(13,931	)		(16,160	)		(2.3	)
GoHealth, Inc., Class A		(5,872	)		(4,388	)		(0.6	)
Gossamer Bio, Inc.		(2,582	)		(17,842	)		(2.6	)
GrafTech International Ltd.		(30,561	)		(277,494	)		(40.3	)
Graham Holdings Co., Class B		(31	)		(18,363	)		(2.7	)
Grand Canyon Education, Inc.		(2,273	)		(218,140	)		(31.7	)
Great Lakes Dredge & Dock Corp.		(4,369	)		(60,336	)		(8.8	)
Greenbrier Cos., Inc.		(1,485	)		(63,424	)		(9.2	)
Greif, Inc., Class A		(12,586	)		(763,718	)		(111.0	)

Security	Shares			Value			% of Basket Value
United States (continued)
Grid Dynamics Holdings, Inc.		(700	)	$	(9,744	)		(1.4	)%
Groupon, Inc.		(445	)		(8,682	)		(1.3	)
Haemonetics Corp.		(3,707	)		(187,834	)		(27.3	)
Hain Celestial Group, Inc.		(1,922	)		(64,464	)		(9.4	)
Hamilton Lane, Inc., Class A		(665	)		(45,606	)		(6.6	)
Hancock Whitney Corp.		(4,222	)		(197,463	)		(28.7	)
Hawaiian Electric Industries, Inc.		(7,531	)		(309,599	)		(45.0	)
HB Fuller Co.		(10,157	)		(677,472	)		(98.4	)
Healthcare Services Group, Inc.		(5,158	)		(88,150	)		(12.8	)
Heidrick & Struggles International, Inc.		(167	)		(5,337	)		(0.8	)
Hibbett, Inc.		(24,542	)		(1,059,724	)		(154.0	)
Hillenbrand, Inc.		(31,541	)		(1,287,504	)		(187.1	)
Hillman Solutions Corp.		(3,600	)		(41,868	)		(6.1	)
Hims & Hers Health, Inc.		(1,333	)		(5,612	)		(0.8	)
Hippo Holdings, Inc.		(61,752	)		(116,094	)		(16.9	)
HNI Corp.		(10,444	)		(372,224	)		(54.1	)
Home BancShares, Inc.		(308	)		(6,659	)		(1.0	)
Homology Medicines, Inc.		(2,050	)		(3,403	)		(0.5	)
Hostess Brands, Inc.		(3,432	)		(77,872	)		(11.3	)
Hovnanian Enterprises, Inc., Class A		(415	)		(19,098	)		(2.8	)
Howard Hughes Corp.		(11,029	)		(1,106,098	)		(160.7	)
Hydrofarm Holdings Group, Inc.		(796	)		(7,602	)		(1.1	)
Hyliion Holdings Corp.		(41,440	)		(133,022	)		(19.3	)
Hyzon Motors, Inc.		(48,090	)		(190,917	)		(27.7	)
ICF International, Inc.		(95	)		(9,387	)		(1.4	)
Ichor Holdings Ltd.		(1,137	)		(33,098	)		(4.8	)
Icosavax, Inc.		(11,331	)		(82,150	)		(11.9	)
Ideanomics, Inc.		(92,560	)		(66,569	)		(9.7	)
Imago Biosciences, Inc.		(3,101	)		(50,701	)		(7.4	)
ImmunityBio, Inc.		(20,663	)		(75,007	)		(10.9	)
Independent Bank Corp.		(285	)		(21,991	)		(3.2	)
Industrial Logistics Properties Trust		(11,058	)		(178,697	)		(26.0	)
Ingles Markets, Inc., Class A		(2,763	)		(257,291	)		(37.4	)
Inhibrx, Inc.		(735	)		(11,650	)		(1.7	)
Inogen, Inc.		(826	)		(20,881	)		(3.0	)
Inseego Corp.		(2,950	)		(8,408	)		(1.2	)
Insight Enterprises, Inc.		(140	)		(13,912	)		(2.0	)
Insmed, Inc.		(3,038	)		(66,745	)		(9.7	)
Insperity, Inc.		(404	)		(42,844	)		(6.2	)
Insteel Industries, Inc.		(4,056	)		(172,056	)		(25.0	)
Interface, Inc.		(27,535	)		(349,419	)		(50.8	)
Iovance Biotherapeutics, Inc.		(8,937	)		(135,396	)		(19.7	)
IVERIC bio, Inc.		(24,657	)		(341,499	)		(49.6	)
Jack in the Box, Inc.		(2,614	)		(216,335	)		(31.4	)
Jamf Holding Corp.		(11,955	)		(368,214	)		(53.5	)
JELD-WEN Holding, Inc.		(1,925	)		(40,021	)		(5.8	)
John Bean Technologies Corp.		(967	)		(114,000	)		(16.6	)
Kaiser Aluminum Corp.		(78	)		(7,527	)		(1.1	)
Kaman Corp.		(3,117	)		(121,594	)		(17.7	)
KAR Auction Services, Inc.		(5,417	)		(79,413	)		(11.5	)
Kelly Services, Inc., Class A		(308	)		(5,941	)		(0.9	)
Kennametal, Inc.		(2,119	)		(54,522	)		(7.9	)
Kennedy-Wilson Holdings, Inc.		(6,721	)		(151,559	)		(22.0	)
Kimball Electronics, Inc.		(27,113	)		(483,696	)		(70.3	)
Kiniksa Pharmaceuticals Ltd., Class A		(2,195	)		(20,479	)		(3.0	)
KKR Real Estate Finance Trust, Inc.		(2,432	)		(46,208	)		(6.7	)
Korn Ferry		(14,771	)		(907,530	)		(131.9	)
Krystal Biotech, Inc.		(380	)		(23,032	)		(3.3	)
Kyndryl Holdings, Inc.		(5,583	)		(66,382	)		(9.6	)
Lancaster Colony Corp.		(163	)		(25,294	)		(3.7	)
Lantheus Holdings, Inc.		(1,318	)		(87,528	)		(12.7	)
Latch, Inc.		(71,136	)		(234,037	)		(34.0	)

S C H E D U L E   O F   I N V E S T M E N T S 103

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Latham Group, Inc.		(4,985	)	$	(59,820	)		(8.7	)%
La-Z-Boy, Inc.		(413	)		(10,854	)		(1.6	)
LCI Industries		(1,011	)		(98,391	)		(14.3	)
Lexicon Pharmaceuticals, Inc.		(69,502	)		(125,799	)		(18.3	)
Liberty Oilfield Services, Inc.		(370	)		(5,972	)		(0.9	)
Lindsay Corp.		(2,664	)		(360,040	)		(52.3	)
Liquidity Services, Inc.		(1,469	)		(21,183	)		(3.1	)
Lordstown Motors Corp., Class A		(108,365	)		(236,236	)		(34.3	)
Lovesac Co.		(1,910	)		(83,734	)		(12.2	)
Loyalty Ventures, Inc.		(6,542	)		(83,672	)		(12.2	)
LTC Properties, Inc.		(32,778	)		(1,081,674	)		(157.2	)
Lumber Liquidators Holdings, Inc.		(1,011	)		(13,962	)		(2.0	)
Macerich Co.		(1,404	)		(17,620	)		(2.6	)
Madison Square Garden Entertainment Corp.		(887	)		(64,973	)		(9.4	)
Madrigal Pharmaceuticals, Inc.		(2,465	)		(172,550	)		(25.1	)
Magnite, Inc.		(1,103	)		(10,644	)		(1.5	)
Manitowoc Co., Inc.		(581	)		(7,692	)		(1.1	)
ManTech International Corp., Class A		(1,577	)		(126,696	)		(18.4	)
Markforged Holding Corp.		(11,781	)		(40,173	)		(5.8	)
Matthews International Corp., Class A		(8,035	)		(239,523	)		(34.8	)
MBIA, Inc.		(2,577	)		(31,027	)		(4.5	)
MEDNAX, Inc.		(3,535	)		(65,468	)		(9.5	)
MeiraGTx Holdings PLC		(474	)		(4,877	)		(0.7	)
Meridian Bioscience, Inc.		(19,260	)		(492,863	)		(71.6	)
Methode Electronics, Inc.		(30,182	)		(1,346,419	)		(195.6	)
MillerKnoll, Inc.		(468	)		(14,850	)		(2.2	)
Minerals Technologies, Inc.		(2,182	)		(138,797	)		(20.2	)
Mission Produce, Inc.		(1,456	)		(18,520	)		(2.7	)
Mister Car Wash, Inc.		(5,092	)		(73,325	)		(10.7	)
Monarch Casino & Resort, Inc.		(166	)		(11,645	)		(1.7	)
Monte Rosa Therapeutics, Inc.		(469	)		(5,112	)		(0.7	)
Moog, Inc., Class A		(1,225	)		(97,841	)		(14.2	)
Movado Group, Inc.		(2,323	)		(83,558	)		(12.1	)
Mr Cooper Group, Inc.		(4,127	)		(185,591	)		(27.0	)
MSA Safety, Inc.		(1,991	)		(240,294	)		(34.9	)
Mueller Industries, Inc.		(5,469	)		(296,146	)		(43.0	)
Mueller Water Products, Inc., Class A		(34,018	)		(409,237	)		(59.5	)
Multiplan Corp.		(1,353	)		(5,994	)		(0.9	)
Myriad Genetics, Inc.		(535	)		(10,968	)		(1.6	)
N-Able, Inc.		(900	)		(9,000	)		(1.3	)
NanoString Technologies, Inc.		(2,332	)		(43,795	)		(6.4	)
National Health Investors, Inc.		(13,011	)		(670,457	)		(97.4	)
National HealthCare Corp.		(851	)		(57,919	)		(8.4	)
National Presto Industries, Inc.		(1,353	)		(96,239	)		(14.0	)
Navient Corp.		(12,726	)		(202,216	)		(29.4	)
Nelnet, Inc., Class A		(7,732	)		(634,565	)		(92.2	)
NetScout Systems, Inc.		(15,250	)		(469,700	)		(68.2	)
NETSTREIT Corp.		(1,506	)		(32,560	)		(4.7	)
New Jersey Resources Corp.		(6,281	)		(271,088	)		(39.4	)
Newmark Group, Inc., Class A		(26,188	)		(318,184	)		(46.2	)
NewMarket Corp.		(560	)		(181,782	)		(26.4	)
NexTier Oilfield Solutions, Inc.		(1,123	)		(12,387	)		(1.8	)
Northwest Bancshares, Inc.		(506	)		(6,416	)		(0.9	)
Novanta, Inc.		(51	)		(6,564	)		(1.0	)
Nu Skin Enterprises, Inc., Class A		(12,808	)		(546,133	)		(79.4	)
Ocugen, Inc.		(4,797	)		(10,505	)		(1.5	)
Ocular Therapeutix, Inc.		(61,546	)		(219,719	)		(31.9	)
ODP Corp.		(15,250	)		(656,207	)		(95.3	)
O-I Glass, Inc.		(4,151	)		(55,955	)		(8.1	)
Omeros Corp.		(14,818	)		(51,418	)		(7.5	)
One Liberty Properties, Inc.		(7,793	)		(223,269	)		(32.4	)
OneSpan, Inc.		(10,926	)		(154,384	)		(22.4	)

Security	Shares			Value			% of Basket Value
United States (continued)
Open Lending Corp., Class A		(5,391	)	$	(73,533	)		(10.7	)%
OPKO Health, Inc.		(3,905	)		(10,544	)		(1.5	)
Option Care Health, Inc.		(12,503	)		(373,590	)		(54.3	)
Orion Office REIT, Inc.		(3,663	)		(49,157	)		(7.1	)
Outset Medical, Inc.		(12,547	)		(437,639	)		(63.6	)
Owens & Minor, Inc.		(6,241	)		(221,493	)		(32.2	)
Pacific Premier Bancorp, Inc.		(314	)		(9,847	)		(1.4	)
Pacira BioSciences, Inc.		(1,280	)		(95,450	)		(13.9	)
Pactiv Evergreen, Inc.		(7,947	)		(78,357	)		(11.4	)
Parsons Corp.		(14,418	)		(532,457	)		(77.4	)
Patterson Cos., Inc.		(8,350	)		(256,929	)		(37.3	)
Patterson-UTI Energy, Inc.		(3,308	)		(54,384	)		(7.9	)
PBF Energy, Inc., Class A		(1,626	)		(47,252	)		(6.9	)
PC Connection, Inc.		(125	)		(6,186	)		(0.9	)
PDF Solutions, Inc.		(313	)		(7,277	)		(1.1	)
PennyMac Financial Services, Inc.		(996	)		(48,366	)		(7.0	)
Perdoceo Education Corp.		(90,870	)		(1,015,927	)		(147.6	)
PetMed Express, Inc.		(318	)		(6,964	)		(1.0	)
Pilgrim’s Pride Corp.		(588	)		(16,670	)		(2.4	)
Ping Identity Holding Corp.		(1,575	)		(41,155	)		(6.0	)
Pitney Bowes, Inc.		(29,190	)		(153,831	)		(22.4	)
Plexus Corp.		(10,970	)		(890,106	)		(129.3	)
PotlatchDeltic Corp.		(6,542	)		(362,361	)		(52.7	)
PowerSchool Holdings, Inc., Class A		(5,101	)		(77,229	)		(11.2	)
Praxis Precision Medicines, Inc.		(428	)		(3,467	)		(0.5	)
Premier, Inc., Class A		(176	)		(6,373	)		(0.9	)
Primerica, Inc.		(1,167	)		(151,197	)		(22.0	)
ProAssurance Corp.		(291	)		(7,150	)		(1.0	)
Progress Software Corp.		(6,014	)		(288,552	)		(41.9	)
Protagonist Therapeutics, Inc.		(270	)		(2,454	)		(0.4	)
Proterra, Inc.		(68,211	)		(423,590	)		(61.5	)
Provention Bio, Inc.		(71,627	)		(321,605	)		(46.7	)
Pulmonx Corp.		(4,400	)		(106,040	)		(15.4	)
PureCycle Technologies, Inc.		(49,179	)		(383,596	)		(55.7	)
Purple Innovation, Inc.		(63,841	)		(263,025	)		(38.2	)
Quotient Technology, Inc.		(50,486	)		(268,081	)		(39.0	)
Rackspace Technology, Inc.		(7,319	)		(72,385	)		(10.5	)
Radius Health, Inc.		(1,619	)		(11,074	)		(1.6	)
RadNet, Inc.		(368	)		(7,176	)		(1.0	)
Rambus, Inc.		(11,284	)		(281,084	)		(40.8	)
RBC Bearings, Inc.		(73	)		(12,290	)		(1.8	)
Reata Pharmaceuticals, Inc., Class A		(815	)		(20,685	)		(3.0	)
Recursion Pharmaceuticals, Inc., Class A		(10,016	)		(62,099	)		(9.0	)
REGENXBIO, Inc.		(9,228	)		(256,169	)		(37.2	)
Relay Therapeutics, Inc.		(1,968	)		(46,897	)		(6.8	)
Relmada Therapeutics, Inc.		(1,968	)		(49,416	)		(7.2	)
Renalytix PLC		(3,062	)		(8,182	)		(1.2	)
Rent-A-Center, Inc.		(12,136	)		(292,720	)		(42.5	)
Resideo Technologies, Inc.		(12,278	)		(276,132	)		(40.1	)
Resources Connection, Inc.		(479	)		(8,234	)		(1.2	)
Retail Opportunity Investments Corp.		(17,172	)		(319,914	)		(46.5	)
REV Group, Inc., Series A		(25,600	)		(305,152	)		(44.3	)
Revance Therapeutics, Inc.		(5,092	)		(83,407	)		(12.1	)
Reynolds Consumer Products Inc.		(12,798	)		(378,693	)		(55.0	)
Rhythm Pharmaceuticals, Inc.		(1,332	)		(8,338	)		(1.2	)
Rimini Street, Inc.		(36,428	)		(209,825	)		(30.5	)
Rite Aid Corp.		(2,510	)		(15,989	)		(2.3	)
Romeo Power, Inc.		(216,886	)		(238,575	)		(34.7	)
Root, Inc., Class A		(52,620	)		(101,557	)		(14.8	)
Rover Group, Inc.		(11,788	)		(74,618	)		(10.8	)
Rush Street Interactive, Inc.		(926	)		(5,880	)		(0.9	)
Ruth’s Hospitality Group, Inc.		(5,574	)		(116,887	)		(17.0	)

104 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Safety Insurance Group, Inc.		(6,897	)	$	(593,418	)		(86.2	)%
Sally Beauty Holdings, Inc.		(5,363	)		(81,089	)		(11.8	)
Saul Centers, Inc.		(119	)		(6,142	)		(0.9	)
Schneider National, Inc., Class B		(852	)		(20,133	)		(2.9	)
Schnitzer Steel Industries, Inc., Class A		(2,280	)		(104,036	)		(15.1	)
Scholastic Corp.		(956	)		(35,229	)		(5.1	)
Schrodinger, Inc.		(1,965	)		(48,575	)		(7.1	)
Schweitzer-Mauduit International, Inc.		(24,374	)		(613,250	)		(89.1	)
Seaboard Corp.		(155	)		(654,873	)		(95.2	)
Seer, Inc.		(23,881	)		(173,854	)		(25.3	)
Selective Insurance Group, Inc.		(1,288	)		(106,080	)		(15.4	)
Selectquote, Inc.		(64,909	)		(133,713	)		(19.4	)
Seres Therapeutics, Inc.		(7,533	)		(35,631	)		(5.2	)
Seritage Growth Properties, Series A		(543	)		(5,376	)		(0.8	)
Shenandoah Telecommunications Co.		(751	)		(15,170	)		(2.2	)
Shoals Technologies Group, Inc., Class A		(3,722	)		(37,146	)		(5.4	)
Shoe Carnival, Inc.		(5,250	)		(158,497	)		(23.0	)
SI-BONE, Inc.		(301	)		(6,014	)		(0.9	)
SIGA Technologies, Inc.		(45,896	)		(315,306	)		(45.8	)
Sight Sciences, Inc.		(18,872	)		(131,727	)		(19.1	)
Signify Health, Inc., Class A		(13,569	)		(187,252	)		(27.2	)
Silgan Holdings, Inc.		(30,017	)		(1,331,854	)		(193.5	)
Silk Road Medical, Inc.		(526	)		(18,436	)		(2.7	)
Simmons First National Corp., Class A		(1,298	)		(30,983	)		(4.5	)
SITE Centers Corp.		(2,946	)		(46,841	)		(6.8	)
Skillz, Inc.		(41,778	)		(85,645	)		(12.4	)
Skyline Champion Corp.		(5,417	)		(276,484	)		(40.2	)
SkyWater Technology, Inc.		(6,768	)		(41,420	)		(6.0	)
Sleep Number Corp.		(568	)		(23,038	)		(3.3	)
Sotera Health Co.		(2,308	)		(47,037	)		(6.8	)
Spectrum Brands Holdings, Inc.		(3,932	)		(334,495	)		(48.6	)
Spire, Inc.		(7,644	)		(556,101	)		(80.8	)
SpringWorks Therapeutics, Inc.		(3,461	)		(148,512	)		(21.6	)
Sprouts Farmers Market, Inc.		(2,307	)		(68,749	)		(10.0	)
St. Joe Co.		(3,805	)		(202,464	)		(29.4	)
Stem, Inc.		(44,096	)		(316,168	)		(45.9	)
StepStone Group, Inc., Class A		(2,800	)		(71,736	)		(10.4	)
Stericycle, Inc.		(1,457	)		(73,127	)		(10.6	)
Sterling Construction Co., Inc.		(11,742	)		(268,774	)		(39.1	)
Steven Madden Ltd.		(3,413	)		(140,138	)		(20.4	)
Stock Yards Bancorp, Inc.		(1,936	)		(101,214	)		(14.7	)
Strategic Education, Inc.		(96	)		(6,202	)		(0.9	)
Supernus Pharmaceuticals, Inc.		(276	)		(7,700	)		(1.1	)
TaskUS, Inc., Class A		(4,162	)		(120,240	)		(17.5	)
Tejon Ranch Co.		(2,869	)		(52,531	)		(7.6	)
Telephone & Data Systems, Inc.		(1,766	)		(32,353	)		(4.7	)
Telos Corp.		(12,989	)		(101,184	)		(14.7	)
Tennant Co.		(10,429	)		(673,505	)		(97.9	)
TFS Financial Corp.		(30,656	)		(459,533	)		(66.8	)
Thermon Group Holdings, Inc.		(2,953	)		(44,295	)		(6.4	)
ThredUp, Inc., Class A		(6,367	)		(41,959	)		(6.1	)
Tootsie Roll Industries, Inc.		(8,722	)		(305,532	)		(44.4	)
TPI Composites, Inc.		(1,285	)		(14,700	)		(2.1	)
Traeger, Inc.		(968	)		(5,798	)		(0.8	)
TransMedics Group, Inc.		(3,956	)		(82,918	)		(12.0	)
Treace Medical Concepts, Inc.		(314	)		(6,154	)		(0.9	)
Tredegar Corp.		(60,698	)		(694,992	)		(101.0	)
TreeHouse Foods, Inc.		(15,497	)		(488,155	)		(70.9	)
TriMas Corp.		(213	)		(6,292	)		(0.9	)
TriNet Group, Inc.		(335	)		(29,715	)		(4.3	)

Security	Shares			Value			% of Basket Value
United States (continued)
Tupperware Brands Corp.		(11,183	)	$	(196,597	)		(28.6	)%
TuSimple Holdings, Inc., Class A		(23,390	)		(242,554	)		(35.2	)
U.S. Silica Holdings, Inc.		(5,805	)		(107,857	)		(15.7	)
Under Armour, Inc., Class C		(2,682	)		(38,058	)		(5.5	)
UniFirst Corp.		(5,228	)		(900,784	)		(130.9	)
Unisys Corp.		(39,961	)		(567,846	)		(82.5	)
United Bankshares, Inc.		(20,658	)		(687,085	)		(99.8	)
United Community Banks, Inc.		(29,372	)		(885,272	)		(128.6	)
United Natural Foods, Inc.		(6,718	)		(288,404	)		(41.9	)
Uniti Group, Inc.		(52,446	)		(649,806	)		(94.4	)
Universal Corp.		(13,586	)		(785,950	)		(114.2	)
Universal Health Realty Income Trust		(2,278	)		(114,333	)		(16.6	)
USANA Health Sciences, Inc.		(1,211	)		(92,835	)		(13.5	)
Utz Brands, Inc.		(3,475	)		(49,067	)		(7.1	)
UWM Holdings Corp.		(19,524	)		(72,434	)		(10.5	)
Vapotherm, Inc.		(1,214	)		(5,390	)		(0.8	)
Vaxart, Inc.		(54,961	)		(191,264	)		(27.8	)
Vaxcyte, Inc.		(7,694	)		(186,272	)		(27.1	)
Velodyne Lidar, Inc.		(77,137	)		(145,018	)		(21.1	)
Verint Systems, Inc.		(5,725	)		(312,356	)		(45.4	)
Veritone, Inc.		(14,559	)		(157,674	)		(22.9	)
Verra Mobility Corp.		(4,201	)		(58,940	)		(8.6	)
Verve Therapeutics, Inc.		(13,029	)		(194,393	)		(28.2	)
Vesync Co. Ltd.		(9,000	)		(6,549	)		(1.0	)
ViaSat, Inc.		(718	)		(26,430	)		(3.8	)
Vicor Corp.		(1,747	)		(105,728	)		(15.4	)
View, Inc.		(17,500	)		(26,950	)		(3.9	)
Vimeo, Inc.		(25,839	)		(263,299	)		(38.3	)
Vir Biotechnology, Inc.		(7,964	)		(162,067	)		(23.5	)
Virgin Galactic Holdings Inc.		(26,216	)		(196,358	)		(28.5	)
Visteon Corp.		(664	)		(69,527	)		(10.1	)
Vivint Smart Home, Inc.		(12,071	)		(63,252	)		(9.2	)
Volta, Inc.		(10,779	)		(22,528	)		(3.3	)
Vroom, Inc.		(2,685	)		(4,189	)		(0.6	)
Vuzix Corp.		(26,166	)		(135,278	)		(19.7	)
Wabash National Corp.		(20,671	)		(295,802	)		(43.0	)
Washington Real Estate Investment Trust		(360	)		(8,672	)		(1.3	)
Waterstone Financial, Inc.		(430	)		(6,906	)		(1.0	)
Weis Markets, Inc.		(312	)		(24,923	)		(3.6	)
Westamerica BanCorp		(4,346	)		(256,066	)		(37.2	)
Wheels Up Experience, Inc.		(71,976	)		(219,527	)		(31.9	)
White Mountains Insurance Group Ltd.		(909	)		(952,650	)		(138.4	)
Whiting Petroleum Corp.		(3,477	)		(253,995	)		(36.9	)
WideOpenWest, Inc.		(4,004	)		(80,280	)		(11.7	)
Workhorse Group, Inc.		(114,783	)		(345,497	)		(50.2	)
World Fuel Services Corp.		(253	)		(6,128	)		(0.9	)
Worthington Industries, Inc.		(4,094	)		(194,752	)		(28.3	)
WSFS Financial Corp.		(1,858	)		(74,450	)		(10.8	)
WW International, Inc.		(3,306	)		(32,366	)		(4.7	)
Xencor, Inc.		(6,708	)		(167,566	)		(24.3	)
Xenia Hotels & Resorts, Inc.		(6,485	)		(125,096	)		(18.2	)
XL Fleet Corp.		(87,490	)		(122,486	)		(17.8	)
Xperi Holding Corp.		(63,809	)		(995,420	)		(144.6	)
Yelp, Inc.		(2,138	)		(69,549	)		(10.1	)
Zomedica Corp.		(224,978	)		(55,570	)		(8.1	)
Zumiez, Inc.		(4,629	)		(169,560	)		(24.6	)
					(92,120,566	)

S C H E D U L E   O F   I N V E S T M E N T S 105

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Rights
Sweden
Karo Pharma Aktiebolag Right		(95,772	)	$	(4,459	)		(0.6	)%
Switzerland
Mobimo Holding AG Right		(1,324	)		(4,614	)		(0.7	)
Total Reference Entity — Short					(167,280,125	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	688,223

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of period end, termination dates July 8, 2022 and January 20, 2027:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Alumina Ltd.		21,199	$	27,110		2.4	%
AMP Ltd.		122,812		99,223		8.9
Aristocrat Leisure Ltd.		10,184		236,292		21.1
Atlas Arteria Ltd.		120,462		585,213		52.4
Boral Ltd.		53,017		132,258		11.8
carsales.com Ltd.		12,737		188,037		16.8
Challenger Ltd.		33,710		170,557		15.3
Charter Hall Group		17,673		189,939		17.0
Commonwealth Bank of Australia		4,314		313,557		28.1
CSR Ltd.		29,983		128,405		11.5
Deterra Royalties Ltd.		145,091		491,523		44.0
Domain Holdings Australia Ltd.		94,008		228,941		20.5
Domino’s Pizza Enterprises Ltd.		2,035		106,677		9.5
Flight Centre Travel Group Ltd.		10,184		159,042		14.2
Glencore PLC		50,333		310,135		27.7
Goodman Group		18,452		307,113		27.5
Harvey Norman Holdings Ltd.		38,861		138,425		12.4
IDP Education Ltd.		8,456		156,871		14.0
IGO Ltd.		57,612		523,829		46.9
Iluka Resources Ltd.		17,527		137,287		12.3
Insignia Financial Ltd.		48,829		117,377		10.5
Macquarie Group Ltd.		840		120,929		10.8
Magellan Financial Group Ltd.		24,241		274,239		24.5
Medibank Pvt Ltd.		68,492		153,911		13.8
Mirvac Group		1,151		1,945		0.2
Origin Energy Ltd.		34,012		162,684		14.6
Orora Ltd.		5,485		15,371		1.4
OZ Minerals Ltd.		22,485		390,293		34.9
Pilbara Minerals Ltd.		98,463		190,988		17.1
Pro Medicus Ltd.		9,648		315,526		28.2
Qube Holdings Ltd.		145,524		300,718		26.9
REA Group Ltd.		2,434		218,057		19.5
Scentre Group		70,862		147,642		13.2
SEEK Ltd.		1,949		38,191		3.4
South32 Ltd.		3,073		10,357		0.9
Star Entertainment Grp Ltd.		102,956		227,397		20.3
Telstra Corp. Ltd.		83,148		236,028		21.1

Security	Shares		Value		% of Basket Value
Australia (continued)
Wesfarmers Ltd.		11,355	$	392,918		35.2	%
WiseTech Global Ltd.		7,544		233,885		20.9
Woodside Petroleum Ltd.		6,758		147,028		13.2
				8,325,918
Austria
ANDRITZ AG		5,227		222,205		19.9
Erste Group Bank AG		12,940		402,897		36.1
Raiffeisen Bank International AG		15,918		181,200		16.2
				806,302
Belgium
Ackermans & van Haaren NV		905		161,340		14.4
Groupe Bruxelles Lambert SA		1,007		95,021		8.5
KBC Group NV		2,784		189,401		17.0
Proximus SADP		36,914		645,194		57.7
Telenet Group Holding NV		10,790		321,568		28.8
Umicore SA		9,479		364,405		32.6
Warehouses De Pauw CVA		7,671		295,105		26.4
				2,072,034
Bermuda
Hiscox Ltd.		43,959		521,981		46.7
Canada
Air Canada		64,473		1,129,212		101.0
Alamos Gold Inc., Class A		14,226		110,517		9.9
ARC Resources Ltd.		6,563		90,988		8.1
Aritzia Inc.		5,424		193,164		17.3
Bank of Nova Scotia		3,914		247,853		22.2
Baytex Energy Corp.		76,920		393,387		35.2
BCE, Inc.		19,065		1,013,614		90.7
BRP, Inc.		1,724		139,662		12.5
CAE, Inc.		56,214		1,336,814		119.6
Canadian Utilities Ltd., Class A		13,440		404,042		36.1
Cargojet, Inc.		666		77,811		7.0
Cenovus Energy Inc.		3,297		60,953		5.4
CGI, Inc.		21,655		1,726,804		154.5
CI Financial Corp.		19,798		258,138		23.1
Descartes Systems Group Inc.		370		22,981		2.1
Enbridge, Inc.		26,635		1,162,307		104.0
Equinox Gold Corp.		9,736		69,421		6.2
First Majestic Silver Corp.		34,762		359,080		32.1
Franco-Nevada Corp.		2,087		315,621		28.2
GFL Environmental, Inc.		718		21,630		1.9
Hydro One Ltd.		19,200		519,064		46.4
IGM Financial, Inc.		9,295		294,554		26.4
Imperial Oil Ltd.		6,347		319,561		28.6
Innergex Renewable Energy Inc.		35,322		472,921		42.3
Ivanhoe Mines Ltd., Class A		36,685		294,131		26.3
Kinaxis, Inc.		131		14,496		1.3
Lundin Mining Corp.		634		5,789		0.5
Nutrien Ltd.		205		20,145		1.8
Osisko Gold Royalties Ltd.		15,153		186,486		16.7
Parex Resources, Inc.		19,164		373,539		33.4
Pembina Pipeline Corp.		2,592		98,079		8.8
Shopify, Inc., Class A		652		278,904		25.0
Stantec, Inc.		5,640		258,896		23.2
TC Energy Corp.		33,068		1,749,092		156.5
Teck Resources Ltd., Class B		1,587		62,608		5.6
TELUS Corp.		51,686		1,293,106		115.7

106 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
TFI International, Inc.		5,106	$	410,738		36.7	%
Vermilion Energy Inc.		495		9,644		0.9
Wheaton Precious Metals Corp.		1,299		58,223		5.2
Whitecap Resources, Inc.		51,443		421,667		37.7
WSP Global, Inc.		689		80,353		7.2
Yamana Gold, Inc.		41,429		228,647		20.5
				16,584,642
China
Budweiser Brewing Co. APAC Ltd.		205,600		511,573		45.8
Chow Tai Fook Jewellery Group Ltd.		18,200		30,517		2.7
				542,090
Denmark
Coloplast A/S, Class B		1,774		239,009		21.4
Genmab A/S		1,057		371,685		33.3
GN Store Nord A/S		6,075		227,992		20.4
H Lundbeck A/S		19,822		454,283		40.6
ISS A/S		880		14,444		1.3
Jyske Bank A/S		4,331		239,479		21.4
Novo Nordisk A/S, Class B		1,674		191,215		17.1
SimCorp A/S		4,196		293,748		26.3
Tryg A/S		38,653		919,056		82.2
				2,950,911
Finland
Kesko OYJ, B Shares		2,797		70,418		6.3
Nokia OYJ		58,921		298,734		26.7
Nokian Renkaat OYJ		33,798		453,859		40.6
Nordea Bank Abp		110,941		1,106,090		99.0
Outokumpu OYJ		77,931		382,583		34.2
Valmet OYJ		18,962		507,817		45.4
Wartsila OYJ Abp		93,587		751,489		67.3
				3,570,990
France
Accor SA		24,474		804,059		71.9
ALD SA		1,236		16,807		1.5
Arkema SA		2,543		289,760		25.9
Atos SE		7,411		180,544		16.2
AXA SA		13,288		351,534		31.5
Bouygues SA		6,027		208,866		18.7
Carrefour SA		3,292		69,815		6.3
Cie Plastic Omnium SA		23,846		386,013		34.5
Covivio		8,979		639,463		57.2
Dassault Aviation SA		4,423		742,202		66.4
Dassault Systemes SE		3,467		153,326		13.7
Edenred		2,656		133,390		11.9
Engie SA		55,532		655,304		58.6
Eurazeo SE		3,287		252,570		22.6
Hermes International		100		123,306		11.0
ICADE		13,068		780,236		69.8
Klepierre SA		13,349		319,517		28.6
Legrand SA		2,529		224,105		20.1
Orange SA		22,958		273,324		24.5
Publicis Groupe SA		10,311		619,038		55.4
Remy Cointreau SA		495		98,126		8.8
SCOR SE		2,548		72,042		6.4
Societe Generale SA		752		18,381		1.6
Thales SA		11,557		1,479,584		132.4

Security	Shares		Value		% of Basket Value
France (continued)
TotalEnergies SE		16,510	$	810,690		72.5	%
Vinci SA		6,540		634,601		56.8
				10,336,603
Germany
1&1 AG		18,186		383,238		34.3
Bayerische Motoren Werke AG		23,612		1,928,292		172.5
Beiersdorf AG		5,581		560,559		50.1
Capital Stage AG		3,634		79,333		7.1
Commerzbank AG		223,994		1,462,306		130.8
Covestro AG		4,124		177,561		15.9
CTS Eventim AG & Co. KGaA		6,165		423,141		37.9
Daimler AG		1,352		94,371		8.4
Deutsche Bank AG		32,022		320,198		28.6
E.ON SE		45,431		472,799		42.3
Fraport AG Frankfurt Airport Services Worldwide		236		12,787		1.1
Freenet AG		8,916		246,690		22.1
Hella GmbH & Co. KGaA		961		60,670		5.4
HelloFresh SE		5,523		236,439		21.1
Hochtief AG		194		11,899		1.1
K+S AG		943		32,023		2.9
LANXESS AG		940		36,337		3.2
LEG Immobilien SE		8,219		842,698		75.4
Merck KGaA		374		69,387		6.2
METRO AG		20,240		177,787		15.9
MTU Aero Engines AG		2,897		584,225		52.3
Nemetschek SE		6,548		519,612		46.5
Nordex SE		5,012		72,334		6.5
ProSiebenSat.1 Media SE		27,650		318,135		28.5
Rational AG		445		271,470		24.3
Rheinmetall AG		6,305		1,421,299		127.2
Rwe AG		17,084		709,317		63.5
Salzgitter AG		10,389		431,242		38.6
Siemens AG		14,552		1,789,241		160.1
TAG Immobilien AG		15,829		316,350		28.3
Talanx AG		10,933		454,590		40.7
TeamViewer AG		5,212		62,539		5.6
thyssenkrupp AG		14,247		109,261		9.8
Traton SE		8,900		148,322		13.3
TUI AG		25,163		71,740		6.4
				14,908,192
Hong Kong
ASM Pacific Technology Ltd.		13,600		137,058		12.3
Bank of East Asia Ltd.		76,000		112,459		10.1
Cafe de Coral Holdings Ltd.		26,000		40,819		3.7
Cathay Pacific Airways Ltd.		52,000		51,955		4.7
Dah Sing Banking Group Ltd.		254,400		213,794		19.1
Dah Sing Financial Holdings Ltd.		90,800		264,221		23.6
Dairy Farm International Holdings Ltd.		67,600		182,577		16.3
First Pacific Co. Ltd/Hong Kong		262,000		105,640		9.5
Haitong International Securities Group Ltd.		96,000		15,197		1.4
Hang Lung Group Ltd.		49,000		95,672		8.6
Hang Lung Properties Ltd.		51,000		97,541		8.7
HK Electric Investments & HK Electric Investments Ltd., Class SS		333,000		328,884		29.4
Hutchison Port Holdings Trust, Class U		433,000		103,208		9.2
Hutchison Telecommunications Hong Kong Holdings Ltd.		66,000		11,018		1.0
Hysan Development Co. Ltd.		94,000		277,316		24.8
Kerry Properties Ltd.		93,500		252,836		22.6

S C H E D U L E   O F   I N V E S T M E N T S 107

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Hong Kong (continued)
Link REIT		76,000	$	656,471		58.7	%
New World Development Co. Ltd.		76,000		290,684		26.0
Pacific Basin Shipping Ltd.		261,000		119,750		10.7
Shangri-La Asia Ltd.		130,000		98,428		8.8
Shun Tak Holdings Ltd.		970,000		196,502		17.6
SITC International Holdings Co. Ltd.		5,000		16,622		1.5
SJM Holdings Ltd.		365,000		153,323		13.7
Sun Hung Kai Properties Ltd.		51,000		587,371		52.6
Swire Pacific Ltd., Class A		153,500		874,322		78.2
WH Group Ltd.		99,500		68,715		6.1
Wharf Real Estate Investment Co. Ltd.		52,000		245,054		21.9
Yue Yuen Industrial Holdings Ltd.		57,000		83,840		7.5
				5,681,277
Ireland
Experian PLC		53,014		1,830,804		163.8
Glanbia PLC		9,014		108,216		9.7
Kingspan Group PLC		4,849		451,379		40.4
				2,390,399
Israel
Airport City Ltd.		3,433		76,428		6.8
Alony Hetz Properties & Investments Ltd.		10,043		164,367		14.7
Amot Investments Ltd.		8,050		61,106		5.5
Bayside Land Corp.		18,706		205,884		18.4
Bezeq The Israeli Telecommunication Corp. Ltd.		9,426		14,943		1.3
Big Shopping Centers Ltd.		812		122,708		11.0
Elbit Systems Ltd.		2,458		533,553		47.7
Harel Insurance Investments & Financial Services Ltd.		128		1,569		0.1
Israel Corp. Ltd.		503		282,619		25.3
Melisron Ltd.		3,610		292,832		26.2
Nice Ltd.		132		27,447		2.5
OPC Energy Ltd.		10,236		112,590		10.1
Paz Oil Co. Ltd.		1,273		197,295		17.7
Phoenix Holdings Ltd.		15,401		193,751		17.3
				2,287,092
Italy
A2A SpA		68,419		116,898		10.4
Amplifon SpA		11,209		447,181		40.0
Azimut Holding SpA		11,253		238,855		21.4
Banca Generali SpA		3,032		100,241		9.0
Banca Mediolanum SpA		44,135		320,391		28.7
Buzzi Unicem SpA		6,311		116,871		10.4
De’ Longhi SpA		2,398		58,151		5.2
Enel SpA		190,216		1,236,954		110.7
Ferrari NV		692		145,704		13.0
Italgas SpA		58,098		376,165		33.6
Leonardo SpA		30,590		314,814		28.2
Mediobanca Banca di Credito Finanziario SpA		75,811		759,842		68.0
Moncler SpA		7,834		408,102		36.5
Reply SpA		1,063		156,492		14.0
UniCredit SpA		71,597		662,636		59.3
UnipolSai Assicurazioni SpA		188,702		530,788		47.5
				5,990,085
Japan
ABC-Mart, Inc.		4,700		194,909		17.4
Acom Co. Ltd.		262,500		675,077		60.4
AEON Financial Service Co. Ltd.		62,300		572,749		51.2
Aica Kogyo Co. Ltd.		6,700		155,093		13.9

Security	Shares		Value		% of Basket Value
Japan (continued)
Alfresa Holdings Corp.		20,900	$	284,213		25.4	%
Amada Co. Ltd.		33,400		259,350		23.2
Amano Corp.		20,300		390,799		35.0
Anritsu Corp.		10,900		137,062		12.3
Aozora Bank Ltd.		39,200		784,805		70.2
Astellas Pharma, Inc.		6,000		91,354		8.2
Azbil Corp.		10,300		312,729		28.0
Bandai Namco Holdings, Inc.		400		27,081		2.4
Capcom Co. Ltd.		12,600		332,477		29.7
Chugai Pharmaceutical Co. Ltd.		2,900		86,899		7.8
Chugoku Bank Ltd.		33,400		245,609		22.0
Chugoku Electric Power Co., Inc.		69,100		455,128		40.7
Coca-Cola Bottlers Japan Holdings, Inc.		34,500		386,761		34.6
Cosmo Energy Holdings Co. Ltd.		4,300		106,831		9.6
Cosmos Pharmaceutical Corp.		6,300		580,781		52.0
Daifuku Co. Ltd.		8,400		516,504		46.2
Daito Trust Construction Co. Ltd.		500		48,156		4.3
Daiwa House Industry Co. Ltd.		1,500		36,060		3.2
Denso Corp.		2,400		146,269		13.1
Dentsu Group, Inc.		700		25,229		2.3
Disco Corp.		500		122,375		10.9
DMG Mori Co. Ltd.		1,000		12,550		1.1
Ebara Corp.		2,600		119,411		10.7
Electric Power Development Co. Ltd.		15,800		216,504		19.4
FP Corp.		8,400		189,985		17.0
Freee KK		3,600		103,872		9.3
Furukawa Electric Co. Ltd.		16,100		261,449		23.4
H.U. Group Holdings, Inc.		2,900		64,619		5.8
Hamamatsu Photonics KK		9,900		442,957		39.6
Hirose Electric Co. Ltd.		2,500		317,185		28.4
Hitachi Construction Machinery Co. Ltd.		12,200		276,224		24.7
Hoshizaki Corp.		2,900		183,693		16.4
Hoya Corp.		4,200		416,817		37.3
Information Services International-Dentsu Ltd.		9,000		258,464		23.1
Internet Initiative Japan, Inc.		1,100		34,332		3.1
ITOCHU Corp.		15,100		455,733		40.8
Itochu Techno-Solutions Corp.		20,900		489,390		43.8
Izumi Co. Ltd.		22,700		493,354		44.1
J Front Retailing Co. Ltd.		18,500		138,632		12.4
Japan Exchange Group, Inc.		2,400		35,737		3.2
Japan Post Bank Co. Ltd.		2,600		19,615		1.8
Japan Post Holdings Co. Ltd.		5,800		40,669		3.6
Japan Prime Realty Investment Corp.		28		84,945		7.6
Japan Tobacco, Inc.		38,500		654,954		58.6
JFE Holdings, Inc.		1,300		15,897		1.4
JGC Holdings Corp.		1,100		12,448		1.1
Kamigumi Co. Ltd.		20,700		351,463		31.4
Kandenko Co. Ltd.		43,000		272,689		24.4
Kao Corp.		5,000		200,392		17.9
Kawasaki Kisen Kaisha Ltd.		3,500		182,987		16.4
Keisei Electric Railway Co. Ltd.		11,600		284,426		25.4
Kewpie Corp.		27,000		454,727		40.7
Keyence Corp.		600		241,203		21.6
Kikkoman Corp.		2,900		162,983		14.6
Kintetsu Group Holdings Co. Ltd.		3,800		108,951		9.7
Koito Manufacturing Co. Ltd.		5,800		212,828		19.0
Kokuyo Co. Ltd.		21,900		285,229		25.5
Konami Holdings Corp.		3,700		227,526		20.4
Konica Minolta, Inc.		2,800		9,745		0.9
Kusuri no Aoki Holdings Co. Ltd.		8,400		372,155		33.3
Kyocera Corp.		7,600		399,053		35.7

108 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Kyowa Kirin Co. Ltd.		1,100	$	23,184		2.1	%
Kyudenko Corp.		300		6,803		0.6
Lasertec Corp.		200		26,720		2.4
Lion Corp.		11,900		122,611		11.0
Lixil Corp.		20,900		367,596		32.9
Mani Inc.		11,500		131,330		11.8
Marubeni Corp.		33,400		364,582		32.6
Maruwa Unyu Kikan Co. Ltd.		30,700		358,423		32.1
Mitsubishi Corp.		32,900		1,104,635		98.8
Mitsubishi HC Capital, Inc.		100,700		453,097		40.5
Mitsubishi Logistics Corp.		10,400		239,694		21.4
Mitsubishi Materials Corp.		5,000		78,216		7.0
Mitsui & Co. Ltd.		17,500		423,776		37.9
Mitsui Chemicals, Inc.		26,200		598,615		53.6
Mitsui Mining & Smelting Co. Ltd.		7,900		199,757		17.9
Mitsui OSK Lines Ltd.		1,800		42,140		3.8
Mizuho Financial Group, Inc.		19,000		230,711		20.6
MS&AD Insurance Group Holdings, Inc.		6,700		199,441		17.8
Nagoya Railroad Co. Ltd.		17,800		285,888		25.6
Nankai Electric Railway Co. Ltd.		5,100		91,049		8.1
Nichirei Corp.		25,500		468,192		41.9
Nihon Kohden Corp.		8,100		194,449		17.4
Nippon Steel Corp.		24,100		382,674		34.2
Nippon Telegraph & Telephone Corp.		15,900		468,563		41.9
Nippon Yusen KK		500		36,072		3.2
Nipro Corp.		54,000		425,500		38.1
Nissan Chemical Corp.		9,100		480,686		43.0
Nissin Foods Holdings Co. Ltd.		8,200		570,413		51.0
Nitori Holdings Co. Ltd.		2,600		267,486		23.9
NOK Corp.		27,800		236,530		21.2
Nomura Real Estate Holdings, Inc.		6,900		168,124		15.0
Nomura Research Institute Ltd.		12,200		344,972		30.9
NTT Data Corp.		32,100		591,857		53.0
Obayashi Corp.		57,600		396,123		35.4
OBIC Business Consultants Co. Ltd.		2,900		104,231		9.3
Obic Co. Ltd.		1,000		147,739		13.2
Olympus Corp.		2,600		45,763		4.1
Omron Corp.		1,700		100,222		9.0
Otsuka Corp.		17,200		563,680		50.4
PALTAC Corp.		7,100		258,781		23.2
Panasonic Corp.		54,300		483,987		43.3
Park24 Co. Ltd.		7,600		108,228		9.7
Penta-Ocean Construction Co. Ltd.		43,700		213,823		19.1
Pigeon Corp.		25,700		438,314		39.2
Pola Orbis Holdings, Inc.		2,300		26,517		2.4
Rakuten Group, Inc.		9,100		63,972		5.7
Recruit Holdings Co. Ltd.		3,500		126,986		11.4
Relo Group, Inc.		100		1,429		0.1
Resorttrust, Inc.		32,900		553,494		49.5
Rinnai Corp.		10,600		677,546		60.6
Ryohin Keikaku Co. Ltd.		19,300		173,452		15.5
Sankyu Inc.		8,100		246,961		22.1
Santen Pharmaceutical Co. Ltd.		6,700		54,502		4.9
Sawai Group Holdings Co. Ltd.		7,200		241,522		21.6
SBI Holdings, Inc.		21,800		487,603		43.6
SCSK Corp.		10,500		166,932		14.9
Sega Sammy Holdings, Inc.		1,800		31,895		2.9
Seino Holdings Co Ltd.		35,300		288,364		25.8
Sekisui House Ltd.		25,100		435,935		39.0
Sekisui House REIT, Inc.		600		351,091		31.4

Security	Shares		Value		% of Basket Value
Japan (continued)
SG Holdings Co. Ltd.		13,200	$	232,619		20.8	%
Shimizu Corp.		99,900		523,839		46.9
Shin-Etsu Chemical Co. Ltd.		2,300		316,099		28.3
Skylark Co. Ltd.		29,700		352,411		31.5
SMS Co. Ltd.		6,200		145,506		13.0
SoftBank Group Corp.		3,500		143,956		12.9
Sojitz Corp.		2,800		42,695		3.8
Sompo Holdings, Inc.		1,200		48,852		4.4
Sony Group Corp.		8,900		768,079		68.7
Sotetsu Holdings Inc.		3,000		51,429		4.6
Square Enix Holdings Co. Ltd.		700		27,948		2.5
Subaru Corp.		5,600		84,978		7.6
Sumitomo Chemical Co. Ltd.		2,800		11,906		1.1
Sumitomo Corp.		13,200		208,872		18.7
Sumitomo Dainippon Pharma Co. Ltd.		6,300		56,118		5.0
Sumitomo Forestry Co. Ltd.		18,900		289,148		25.9
Sumitomo Mitsui Trust Holdings, Inc.		14,100		437,629		39.2
Sumitomo Rubber Industries Ltd.		36,000		312,040		27.9
Sundrug Co. Ltd.		35,900		835,827		74.8
T&D Holdings, Inc.		2,900		37,266		3.3
Taiheiyo Cement Corp.		38,100		616,442		55.2
Takara Bio Inc.		20,500		329,720		29.5
Takashimaya Co. Ltd.		67,300		613,860		54.9
Takeda Pharmaceutical Co. Ltd.		9,600		278,559		24.9
TBS Holdings, Inc.		7,200		94,483		8.5
TIS, Inc.		1,000		22,459		2.0
Tokio Marine Holdings, Inc.		12,300		665,045		59.5
Tokyo Electron Ltd.		600		253,168		22.7
Tokyo Ohka Kogyo Co. Ltd.		200		10,867		1.0
Toray Industries, Inc.		90,900		430,801		38.5
Tosoh Corp.		38,900		537,151		48.1
Toyo Seikan Group Holdings Ltd.		16,600		179,552		16.1
Toyo Suisan Kaisha Ltd.		14,200		438,444		39.2
Toyota Tsusho Corp.		22,200		797,584		71.4
Trend Micro, Inc.		2,200		122,665		11.0
Tsumura & Co.		11,900		292,797		26.2
Tsuruha Holdings, Inc.		2,800		143,103		12.8
Unicharm Corp.		800		27,834		2.5
Welcia Holdings Co. Ltd.		12,700		260,338		23.3
Yakult Honsha Co. Ltd.		3,000		155,342		13.9
Yamada Holdings Co. Ltd.		122,800		366,691		32.8
Yamaguchi Financial Group, Inc.		74,200		406,851		36.4
Yaoko Co. Ltd.		3,800		201,030		18.0
Yokohama Rubber Co. Ltd.		16,300		218,234		19.5
Z Holdings Corp.		15,200		59,673		5.3
Zensho Holdings Co. Ltd.		14,200		334,867		30.0
ZOZO, Inc.		11,400		238,687		21.4
				45,876,435
Jordan
Hikma Pharmaceuticals PLC		10,044		235,938		21.1
Luxembourg
ArcelorMittal SA		6,028		178,790		16.0
Aroundtown SA		119,766		602,247		53.9
L’Occitane International SA		31,750		99,522		8.9
RTL Group SA		6,043		314,221		28.1
				1,194,780

S C H E D U L E   O F   I N V E S T M E N T S 109

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Macau
MGM China Holdings Ltd.		380,000	$	217,506		19.5	%
Wynn Macau Ltd.		262,400		161,173		14.4
				378,679
Netherlands
ASR Nederland NV		566		25,724		2.3
CTP NV		4,327		61,265		5.5
Heineken Holding NV		1,884		147,069		13.2
ING Groep NV		45,530		431,361		38.6
Koninklijke Ahold Delhaize NV		694		20,470		1.8
PostNL NV		23,179		75,952		6.8
QIAGEN NV		2,766		127,560		11.4
Signify NV		918		39,319		3.5
Wolters Kluwer NV		3,777		381,412		34.1
				1,310,132
New Zealand
a2 Milk Co. Ltd.		8,515		26,449		2.4
Air New Zealand Ltd.		103,158		58,545		5.2
Contact Energy Ltd.		83,136		436,764		39.1
Fisher & Paykel Healthcare Corp. Ltd.		10,925		150,133		13.4
Infratil Ltd.		75,229		407,112		36.4
				1,079,003
Norway
Adevinta ASA		13,099		101,195		9.1
Equinor ASA		1,252		42,317		3.8
Golden Ocean Group Ltd.		5,398		67,200		6.0
NEL ASA		21,406		30,420		2.7
Nordic Semiconductor ASA		2,153		42,804		3.8
Norsk Hydro ASA		29,497		247,702		22.2
Schibsted ASA, Class A		4,136		86,190		7.7
Schibsted ASA, Class B		2,117		40,966		3.7
				658,794
Portugal
EDP - Energias de Portugal SA		163,442		761,748		68.2
Jeronimo Martins SGPS SA		746		15,529		1.4
				777,277
Singapore
Capitaland Investment Ltd.		114,200		346,277		31.0
ComfortDelGro Corp. Ltd.		39,100		41,303		3.7
Mapletree Commercial Trust		436,800		587,462		52.6
NetLink NBN Trust		417,900		302,180		27.0
Oversea-Chinese Banking Corp. Ltd.		5,400		47,944		4.3
SIA Engineering Co. Ltd.		6,600		12,675		1.1
StarHub Ltd.		129,400		117,370		10.5
United Overseas Bank Ltd.		9,100		194,797		17.4
Wing Tai Holdings Ltd.		3,600		4,519		0.4
				1,654,527
Spain
Iberdrola SA		33,475		384,655		34.4
Industria de Diseno Textil SA		2,303		48,834		4.4
Inmobiliaria Colonial Socimi SA		41,078		341,579		30.6
Merlin Properties Socimi SA		41,100		446,496		39.9
Naturgy Energy Group SA		8,484		255,218		22.8
Solaria Energia y Medio Ambiente SA		1,645		36,504		3.3
				1,513,286
Sweden
Boliden AB		8,623		373,903		33.5
Elekta AB, B Shares		9,647		64,975		5.8

Security	Shares		Value		% of Basket Value
Sweden (continued)
Epiroc AB, Class B		10,675	$	186,235		16.7	%
Essity AB, Class B		21,160		558,010		49.9
Hexagon AB, B Shares		73,845		952,816		85.2
Holmen AB, B Shares		3,660		211,544		18.9
Lifco AB, B Shares		16,331		342,553		30.6
Nibe Industrier AB, B Shares		6,941		68,052		6.1
Saab AB, Class B		16,063		679,447		60.8
Skanska AB, B Shares		6,357		121,433		10.9
SSAB AB, A Shares		52,801		335,345		30.0
Swedish Match AB		131,061		1,043,872		93.4
Tele2 AB, B Shares		32,051		424,813		38.0
Vitrolife AB		727		18,694		1.7
				5,381,692
Switzerland
Adecco Group AG		2,918		112,605		10.1
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		1		118,633		10.6
SIG Combibloc Group AG		4,874		102,040		9.1
				333,278
United Kingdom
Abrdn PLC		4,114		9,660		0.9
Ashtead Group PLC		6,401		330,978		29.6
BAE Systems PLC		23,564		217,653		19.5
Barclays PLC		366,934		674,476		60.3
Barratt Developments PLC		10,888		66,613		6.0
Beazley PLC		45,317		245,942		22.0
British American Tobacco PLC		2,746		115,091		10.3
Centrica PLC		119,907		118,803		10.6
Croda International PLC		2,553		247,964		22.2
Dechra Pharmaceuticals PLC		8,854		401,222		35.9
Direct Line Insurance Group PLC		265,753		843,468		75.5
Drax Group PLC		3,664		37,027		3.3
easyJet PLC		48,498		336,066		30.1
Electrocomponents PLC		14,118		184,275		16.5
Halma PLC		15,279		468,997		42.0
Hargreaves Lansdown PLC		129,759		1,485,526		132.9
Imperial Brands PLC		44,315		922,440		82.5
Intertek Group PLC		851		53,030		4.7
Persimmon PLC		773		20,132		1.8
Phoenix Group Holdings PLC		13,577		102,838		9.2
Rolls-Royce Holdings PLC		209,768		215,046		19.2
Smiths Group PLC		24,393		446,375		39.9
SSE PLC		40,686		944,966		84.6
SSP Group PLC		114,826		338,923		30.3
Tate & Lyle PLC		108,647		1,056,006		94.5
THG PLC		69,746		93,641		8.4
Tritax Big Box REIT PLC		348,150		1,062,786		95.1
United Utilities Group PLC		13,663		196,343		17.6
Weir Group PLC		2,986		57,404		5.1
Whitbread PLC		8,979		313,429		28.0
				11,607,120
United States
Carnival PLC		24,797		388,773		34.8
Ovintiv Inc.		18,552		949,515		84.9
				1,338,288

110 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Preferred Stocks
Germany
Fuchs Petrolub SE, Preference Shares		10,874		$	342,979			30.7	%
Porsche Automobil Holding SE, Preference Shares		1,096			90,398			8.1
Warrants
Australia
Magellan Financial Group Ltd.		3,393			3,752			0.3
Total Reference Entity — Long					150,744,874
Reference Entity — Short
Common Stocks
Australia
Appen Ltd.		(1,975	)		(9,021	)		(0.8	)
BHP Group Ltd.		(10,163	)		(340,587	)		(30.5	)
TPG Telecom Ltd.		(4,258	)		(17,455	)		(1.5	)
					(367,063	)
Austria
BAWAG Group AG		(5,200	)		(246,916	)		(22.1	)
OMV AG		(8,148	)		(416,507	)		(37.2	)
Telekom Austria AG		(7,470	)		(53,259	)		(4.8	)
Verbund AG		(326	)		(34,846	)		(3.1	)
					(751,528	)
Belgium
Ageas SA		(3,881	)		(185,712	)		(16.6	)
Anheuser-Busch InBev SA/NV		(5,013	)		(288,446	)		(25.8	)
Etablissements Franz Colruyt NV		(2,210	)		(81,153	)		(7.3	)
Galapagos NV		(1,604	)		(94,176	)		(8.4	)
					(649,487	)
Chile
Antofagasta PLC		(34,722	)		(664,715	)		(59.5	)
Denmark
Ambu A/S, Class B		(2,090	)		(27,510	)		(2.5	)
Carlsberg A/S, Class B		(6,465	)		(821,269	)		(73.5	)
Chr Hansen Holding A/S		(2,072	)		(161,429	)		(14.4	)
Novozymes A/S, B Shares		(2,169	)		(151,200	)		(13.5	)
Pandora A/S		(1,160	)		(101,855	)		(9.1	)
Rockwool International A/S, B Shares		(273	)		(76,353	)		(6.8	)
Royal Unibrew A/S		(4,324	)		(372,690	)		(33.4	)
Vestas Wind Systems A/S		(782	)		(19,942	)		(1.8	)
					(1,732,248	)
Finland
Elisa OYJ		(3,485	)		(204,296	)		(18.3	)
Fortum OYJ		(44,787	)		(744,622	)		(66.6	)
Huhtamaki OYJ		(36,999	)		(1,398,572	)		(125.1	)
Kojamo OYJ		(18,598	)		(369,973	)		(33.1	)
Kone OYJ, Class B		(4,494	)		(216,061	)		(19.3	)
Neste OYJ		(1,064	)		(45,655	)		(4.1	)
Orion OYJ, Class B		(7,201	)		(282,441	)		(25.3	)
QT Group OYJ		(635	)		(55,325	)		(5.0	)
Stora Enso OYJ, B Shares		(15,663	)		(308,240	)		(27.6	)
UPM-Kymmene OYJ		(23,335	)		(807,211	)		(72.2	)
					(4,432,396	)
France
Airbus SE		(8,707	)		(953,171	)		(85.3	)

Security	Shares			Value			% of Basket Value
France (continued)
BioMerieux		(2,974	)	$	(283,130	)		(25.3	)%
Bollore SA		(119,889	)		(559,453	)		(50.1	)
Cie de Saint-Gobain		(624	)		(36,403	)		(3.3	)
Cie Generale des Etablissements Michelin SCA		(10,756	)		(1,332,237	)		(119.2	)
Credit Agricole SA		(13,673	)		(147,642	)		(13.2	)
Danone SA		(15,417	)		(932,285	)		(83.4	)
Eramet SA		(967	)		(128,884	)		(11.5	)
EssilorLuxottica SA		(5,953	)		(1,013,485	)		(90.7	)
Gaztransport Et Technigaz SA		(327	)		(38,939	)		(3.5	)
Getlink SE		(4,539	)		(83,060	)		(7.4	)
JCDecaux SA		(4,829	)		(101,231	)		(9.1	)
L’Oreal SA		(2,392	)		(870,233	)		(77.9	)
Pernod Ricard SA		(189	)		(39,007	)		(3.5	)
Renault SA		(3,321	)		(81,144	)		(7.3	)
Rexel SA		(7,980	)		(163,468	)		(14.6	)
Sanofi		(2,761	)		(294,709	)		(26.4	)
Sartorius Stedim Biotech		(1,351	)		(442,086	)		(39.5	)
Schneider Electric SE		(14,011	)		(2,010,146	)		(179.8	)
SEB SA		(1,069	)		(128,373	)		(11.5	)
Sodexo SA		(6,260	)		(470,912	)		(42.1	)
SOITEC		(4,603	)		(824,554	)		(73.8	)
Unibail-Rodamco-Westfield		(6,040	)		(426,272	)		(38.1	)
Vallourec SA		(4,314	)		(50,833	)		(4.5	)
Veolia Environnement SA		(34,043	)		(993,258	)		(88.9	)
Worldline SA		(16,595	)		(652,916	)		(58.4	)
					(13,057,831	)
Germany
Adidas AG		(5,671	)		(1,143,609	)		(102.3	)
Aurubis AG		(1,573	)		(178,755	)		(16.0	)
Auto1 Group SE		(30,025	)		(314,366	)		(28.1	)
BASF SE		(17,700	)		(932,135	)		(83.4	)
Bechtle AG		(6,627	)		(306,232	)		(27.4	)
Carl Zeiss Meditec AG		(2,285	)		(287,006	)		(25.7	)
Continental AG		(2,546	)		(174,506	)		(15.6	)
Daimler Truck Holding AG		(21,310	)		(573,126	)		(51.3	)
Delivery Hero SE		(10,428	)		(366,575	)		(32.8	)
Deutsche Post AG		(14,812	)		(632,805	)		(56.6	)
Deutsche Telekom AG		(127,718	)		(2,352,712	)		(210.5	)
DWS Group GmbH & Co. KGaA		(481	)		(15,829	)		(1.4	)
Evotec SE		(8,821	)		(214,778	)		(19.2	)
Fielmann AG		(4,384	)		(221,620	)		(19.8	)
Puma SE		(374	)		(27,518	)		(2.5	)
Siemens Healthineers AG		(1,144	)		(61,170	)		(5.5	)
Telefonica Deutschland Holding AG		(156,150	)		(469,626	)		(42.0	)
Uniper SE		(17,957	)		(461,578	)		(41.3	)
VERBIO Vereinigte BioEnergie AG		(3,057	)		(216,632	)		(19.4	)
Volkswagen AG		(1,637	)		(355,002	)		(31.8	)
Vonovia SE		(15,257	)		(607,854	)		(54.4	)
Zalando SE		(4,557	)		(179,301	)		(16.0	)
					(10,092,735	)
Hong Kong
Champion REIT		(72,000	)		(31,563	)		(2.8	)
ESR Cayman Ltd.		(225,400	)		(684,226	)		(61.2	)
Hang Seng Bank Ltd.		(37,700	)		(667,496	)		(59.7	)
Henderson Land Development Co. Ltd.		(53,000	)		(214,333	)		(19.2	)
Hong Kong & China Gas Co. Ltd.		(308,000	)		(339,699	)		(30.4	)
MTR Corp. Ltd.		(332,000	)		(1,763,951	)		(157.8	)
					(3,701,268	)

S C H E D U L E   O F   I N V E S T M E N T S 111

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Ireland
CRH PLC		(10,340	)	$	(408,687	)		(36.6	)%
DCC PLC		(7,367	)		(558,190	)		(49.9	)
Smurfit Kappa Group PLC		(13,030	)		(550,592	)		(49.3	)
					(1,517,469	)
Isle of Man
GVC Holdings PLC		(3,452	)		(64,864	)		(5.8	)
Italy
Banco BPM SpA		(53,948	)		(169,974	)		(15.2	)
Eni SpA		(16,326	)		(228,218	)		(20.4	)
FinecoBank Banca Fineco SpA		(19,055	)		(264,890	)		(23.7	)
Intesa Sanpaolo SpA		(261,160	)		(532,170	)		(47.6	)
Pirelli & C SpA		(10,290	)		(50,997	)		(4.6	)
Poste Italiane SpA		(48,759	)		(477,796	)		(42.8	)
Snam SpA		(77,518	)		(425,155	)		(38.0	)
Terna Rete Elettrica Nazionale SpA		(7,858	)		(64,091	)		(5.7	)
Unipol Gruppo SpA		(25,831	)		(140,847	)		(12.6	)
					(2,354,138	)
Japan
Advance Residence Investment Corp.		(192	)		(527,436	)		(47.2	)
Aeon Co. Ltd.		(23,900	)		(454,226	)		(40.6	)
AEON REIT Investment Corp.		(626	)		(718,719	)		(64.3	)
AGC, Inc.		(2,200	)		(82,477	)		(7.4	)
Air Water, Inc.		(30,400	)		(403,496	)		(36.1	)
Aisin Corp.		(12,700	)		(368,942	)		(33.0	)
ANA Holdings, Inc.		(27,000	)		(508,968	)		(45.5	)
Ariake Japan Co. Ltd.		(4,800	)		(192,582	)		(17.2	)
Asahi Intecc Co. Ltd.		(22,900	)		(442,518	)		(39.6	)
Asics Corp.		(19,100	)		(301,336	)		(27.0	)
ASKUL Corp.		(24,600	)		(301,241	)		(27.0	)
BayCurrent Consulting, Inc.		(200	)		(65,573	)		(5.9	)
Benefit One, Inc.		(24,300	)		(368,447	)		(33.0	)
Bic Camera, Inc.		(6,500	)		(54,863	)		(4.9	)
Bridgestone Corp.		(11,200	)		(410,521	)		(36.7	)
Brother Industries Ltd.		(38,400	)		(667,376	)		(59.7	)
Canon Marketing Japan, Inc.		(5,300	)		(115,327	)		(10.3	)
Canon, Inc.		(4,500	)		(103,541	)		(9.3	)
Chiba Bank Ltd.		(23,200	)		(133,708	)		(12.0	)
Credit Saison Co. Ltd.		(29,100	)		(327,766	)		(29.3	)
CyberAgent, Inc.		(28,200	)		(297,929	)		(26.7	)
Dai Nippon Printing Co. Ltd.		(25,700	)		(537,079	)		(48.1	)
Daicel Corp.		(121,100	)		(740,283	)		(66.2	)
Daido Steel Co. Ltd.		(4,300	)		(122,657	)		(11.0	)
Daiichikosho Co. Ltd.		(5,700	)		(155,468	)		(13.9	)
Daio Paper Corp.		(15,200	)		(181,250	)		(16.2	)
Daiwa House REIT Investment Corp.		(225	)		(547,650	)		(49.0	)
Daiwa Office Investment Corp.		(116	)		(656,706	)		(58.8	)
Daiwa Securities Group, Inc.		(47,700	)		(233,784	)		(20.9	)
DeNA Co. Ltd.		(12,500	)		(181,176	)		(16.2	)
Denka Co. Ltd.		(17,900	)		(479,863	)		(42.9	)
Descente Ltd.		(1,800	)		(34,568	)		(3.1	)
DIC Corp.		(8,100	)		(154,457	)		(13.8	)
Dowa Holdings Co. Ltd.		(4,100	)		(174,417	)		(15.6	)
Ezaki Glico Co. Ltd.		(10,200	)		(292,420	)		(26.2	)
Fancl Corp.		(7,000	)		(134,001	)		(12.0	)
FANUC Corp.		(400	)		(61,291	)		(5.5	)
Fast Retailing Co. Ltd.		(1,700	)		(782,690	)		(70.0	)
Fuji Electric Co. Ltd.		(18,200	)		(798,083	)		(71.4	)
Fuji Media Holdings, Inc.		(14,000	)		(120,915	)		(10.8	)
Fuji Oil Holdings, Inc.		(24,600	)		(349,119	)		(31.2	)

Security	Shares			Value			% of Basket Value
Japan (continued)
Fukuoka Financial Group, Inc.		(37,700	)	$	(688,827	)		(61.6	)%
Fukuyama Transporting Co. Ltd.		(8,400	)		(235,113	)		(21.0	)
GLP J-REIT		(293	)		(395,367	)		(35.4	)
GMO internet, Inc.		(17,500	)		(349,741	)		(31.3	)
Goldwin, Inc.		(6,500	)		(326,024	)		(29.2	)
GS Yuasa Corp.		(33,900	)		(587,838	)		(52.6	)
Hachijuni Bank Ltd.		(48,600	)		(160,270	)		(14.3	)
Hakuhodo DY Holdings, Inc.		(14,300	)		(168,762	)		(15.1	)
Haseko Corp.		(82,500	)		(903,955	)		(80.9	)
Heiwa Corp.		(22,400	)		(336,797	)		(30.1	)
Hikari Tsushin, Inc.		(2,500	)		(292,733	)		(26.2	)
Hino Motors Ltd.		(83,900	)		(433,091	)		(38.7	)
Hitachi Ltd.		(7,100	)		(336,728	)		(30.1	)
Hitachi Metals Ltd.		(38,300	)		(597,659	)		(53.5	)
Hitachi Transport System Ltd.		(4,300	)		(282,250	)		(25.3	)
Horiba Ltd.		(5,600	)		(272,459	)		(24.4	)
House Foods Group, Inc.		(60,500	)		(1,415,962	)		(126.7	)
Ibiden Co. Ltd.		(10,200	)		(381,193	)		(34.1	)
Idemitsu Kosan Co. Ltd.		(20,700	)		(545,550	)		(48.8	)
Iida Group Holdings Co. Ltd.		(5,800	)		(92,247	)		(8.3	)
Industrial & Infrastructure Fund Investment Corp.		(302	)		(433,335	)		(38.8	)
Isetan Mitsukoshi Holdings Ltd.		(85,700	)		(636,029	)		(56.9	)
Isuzu Motors Ltd.		(42,800	)		(499,295	)		(44.7	)
Ito En Ltd.		(8,800	)		(361,641	)		(32.4	)
Itoham Yonekyu Holdings, Inc.		(58,900	)		(296,446	)		(26.5	)
Iyo Bank Ltd.		(37,600	)		(182,318	)		(16.3	)
Japan Airport Terminal Co. Ltd.		(2,000	)		(82,873	)		(7.4	)
Japan Aviation Electronics Industry Ltd.		(20,700	)		(289,450	)		(25.9	)
Japan Hotel REIT Investment Corp.		(229	)		(116,306	)		(10.4	)
Japan Logistics Fund, Inc.		(241	)		(588,162	)		(52.6	)
Japan Metropolitan Fund Invest		(337	)		(267,857	)		(24.0	)
Japan Post Insurance Co. Ltd.		(7,400	)		(119,656	)		(10.7	)
Japan Real Estate Investment Corp.		(15	)		(72,598	)		(6.5	)
Japan Steel Works Ltd.		(700	)		(19,701	)		(1.8	)
JCR Pharmaceuticals Co. Ltd.		(35,700	)		(663,478	)		(59.4	)
Jeol Ltd.		(4,100	)		(184,125	)		(16.5	)
JMDC, Inc.		(14,500	)		(699,240	)		(62.6	)
JTEKT Corp.		(19,700	)		(137,347	)		(12.3	)
Justsystems Corp.		(300	)		(13,039	)		(1.2	)
Kadokawa Dwango		(2,100	)		(52,643	)		(4.7	)
Kagome Co. Ltd.		(22,000	)		(550,573	)		(49.3	)
Kajima Corp.		(7,300	)		(81,355	)		(7.3	)
Kaken Pharmaceutical Co. Ltd.		(12,500	)		(378,777	)		(33.9	)
Kaneka Corp.		(7,500	)		(200,682	)		(18.0	)
Kansai Electric Power Co Inc/The		(25,800	)		(226,163	)		(20.2	)
Kawasaki Heavy Industries Ltd.		(12,900	)		(229,398	)		(20.5	)
Keihan Holdings Co. Ltd.		(15,800	)		(337,010	)		(30.2	)
Keikyu Corp.		(54,500	)		(548,951	)		(49.1	)
Keio Corp.		(7,600	)		(291,479	)		(26.1	)
Kenedix Office Investment Corp.		(27	)		(141,121	)		(12.6	)
Kinden Corp.		(31,400	)		(372,075	)		(33.3	)
Kobe Steel Ltd.		(5,600	)		(24,278	)		(2.2	)
Komatsu Ltd.		(4,700	)		(105,780	)		(9.5	)
Kose Corp.		(1,800	)		(184,790	)		(16.5	)
K’s Holdings Corp.		(27,800	)		(275,307	)		(24.6	)
Kubota Corp.		(37,600	)		(638,774	)		(57.1	)
Kurita Water Industries Ltd.		(13,500	)		(460,570	)		(41.2	)
Kyushu Financial Group, Inc.		(117,500	)		(360,590	)		(32.3	)
Kyushu Railway Co.		(17,600	)		(344,973	)		(30.9	)
LaSalle Logiport REIT		(288	)		(389,636	)		(34.9	)
Lintec Corp.		(13,900	)		(258,924	)		(23.2	)

112 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Mabuchi Motor Co. Ltd.		(11,500	)	$	(307,148	)		(27.5	)%
Makita Corp.		(900	)		(26,601	)		(2.4	)
Marui Group Co. Ltd.		(44,200	)		(761,013	)		(68.1	)
Matsui Securities Co. Ltd.		(27,900	)		(172,556	)		(15.4	)
Matsumotokiyoshi Holdings Co. Ltd.		(15,600	)		(515,663	)		(46.1	)
Mazda Motor Corp.		(13,300	)		(94,440	)		(8.4	)
Mebuki Financial Group, Inc.		(3,300	)		(6,645	)		(0.6	)
Medipal Holdings Corp.		(56,400	)		(928,818	)		(83.1	)
MEIJI Holdings Co. Ltd.		(4,200	)		(209,357	)		(18.7	)
Menicon Co. Ltd.		(5,800	)		(123,885	)		(11.1	)
MINEBEA MITSUMI, Inc.		(3,500	)		(67,152	)		(6.0	)
Mitsubishi Estate Co. Ltd.		(8,100	)		(117,989	)		(10.6	)
Mitsubishi Gas Chemical Co., Inc.		(32,600	)		(476,057	)		(42.6	)
Mitsubishi UFJ Financial Group, Inc.		(38,000	)		(220,908	)		(19.8	)
Mitsui High-Tec, Inc.		(700	)		(60,470	)		(5.4	)
Miura Co. Ltd.		(19,000	)		(396,866	)		(35.5	)
Money Forward, Inc.		(8,000	)		(272,013	)		(24.3	)
MonotaRO Co. Ltd.		(1,300	)		(22,331	)		(2.0	)
Mori Hills REIT Investment Corp.		(408	)		(462,728	)		(41.4	)
Morinaga & Co. Ltd.		(4,200	)		(130,236	)		(11.7	)
Morinaga Milk Industry Co. Ltd.		(600	)		(24,163	)		(2.2	)
Nabtesco Corp.		(20,800	)		(474,398	)		(42.4	)
Nagase & Co. Ltd.		(16,500	)		(236,445	)		(21.2	)
NEC Networks & System Integration Corp.		(24,500	)		(347,881	)		(31.1	)
Nexon Co. Ltd.		(5,800	)		(132,072	)		(11.8	)
NGK Insulators Ltd.		(46,700	)		(628,191	)		(56.2	)
NH Foods Ltd.		(7,600	)		(240,011	)		(21.5	)
NHK Spring Co. Ltd.		(55,700	)		(359,762	)		(32.2	)
Nidec Corp.		(5,600	)		(362,035	)		(32.4	)
Nifco, Inc.		(8,800	)		(185,802	)		(16.6	)
Nihon Unisys Ltd.		(7,500	)		(189,487	)		(17.0	)
Nintendo Co. Ltd.		(300	)		(136,917	)		(12.2	)
Nippon Accommodations Fund, Inc.		(41	)		(201,880	)		(18.1	)
Nippon Electric Glass Co. Ltd.		(17,400	)		(350,270	)		(31.3	)
Nippon Paint Holdings Co. Ltd.		(5,200	)		(41,191	)		(3.7	)
Nippon Shinyaku Co. Ltd.		(6,800	)		(459,910	)		(41.1	)
Nippon Shokubai Co. Ltd.		(7,100	)		(285,642	)		(25.6	)
Nishi-Nippon Railroad Co. Ltd.		(2,700	)		(54,013	)		(4.8	)
Nisshin Seifun Group, Inc.		(31,900	)		(425,253	)		(38.0	)
Noevir Holdings Co. Ltd.		(5,800	)		(227,413	)		(20.3	)
NOF Corp.		(10,900	)		(409,126	)		(36.6	)
Nomura Holdings, Inc.		(3,500	)		(13,477	)		(1.2	)
Nomura Real Estate Master Fund, Inc.		(209	)		(262,408	)		(23.5	)
NS Solutions Corp.		(6,700	)		(199,884	)		(17.9	)
Odakyu Electric Railway Co. Ltd.		(32,100	)		(486,092	)		(43.5	)
Oji Holdings Corp.		(30,000	)		(142,110	)		(12.7	)
OKUMA Corp.		(14,300	)		(511,102	)		(45.7	)
Open House Co. Ltd.		(1,400	)		(54,173	)		(4.8	)
Oracle Corp. Japan		(1,100	)		(70,687	)		(6.3	)
Orient Corp.		(696,200	)		(668,275	)		(59.8	)
Orix JREIT, Inc.		(306	)		(413,627	)		(37.0	)
Osaka Gas Co. Ltd.		(25,500	)		(459,597	)		(41.1	)
OSG Corp.		(24,100	)		(302,756	)		(27.1	)
Pan Pacific International Holdings Corp.		(22,800	)		(349,144	)		(31.2	)
Persol Holdings Co. Ltd.		(6,800	)		(134,909	)		(12.1	)
Rengo Co. Ltd.		(79,000	)		(467,724	)		(41.8	)
RENOVA, Inc.		(17,800	)		(219,311	)		(19.6	)
Resona Holdings Inc.		(159,200	)		(692,269	)		(61.9	)
Rohto Pharmaceutical Co. Ltd.		(14,700	)		(392,557	)		(35.1	)
Sankyo Co. Ltd.		(1,500	)		(43,162	)		(3.9	)
Sansan, Inc.		(30,100	)		(287,174	)		(25.7	)

Security	Shares			Value			% of Basket Value
Japan (continued)
Sanwa Holdings Corp.		(59,000	)	$	(537,505	)		(48.1	)%
SCREEN Holdings Co. Ltd.		(800	)		(65,383	)		(5.8	)
Seibu Holdings, Inc.		(33,000	)		(327,857	)		(29.3	)
Sharp Corp.		(40,100	)		(339,298	)		(30.4	)
SHIFT, Inc.		(1,200	)		(227,400	)		(20.3	)
Shikoku Electric Power Co., Inc.		(58,100	)		(334,047	)		(29.9	)
Shimamura Co. Ltd.		(3,800	)		(337,016	)		(30.2	)
Shimano, Inc.		(1,500	)		(265,776	)		(23.8	)
Ship Healthcare Holdings, Inc.		(11,400	)		(190,425	)		(17.0	)
Shiseido Co. Ltd.		(3,000	)		(141,814	)		(12.7	)
Shizuoka Bank Ltd.		(77,900	)		(504,019	)		(45.1	)
SHO-BOND Holdings Co. Ltd.		(9,200	)		(386,676	)		(34.6	)
Shochiku Co. Ltd.		(200	)		(20,412	)		(1.8	)
Showa Denko KK		(17,600	)		(342,467	)		(30.6	)
Stanley Electric Co. Ltd.		(24,000	)		(413,834	)		(37.0	)
Sugi Holdings Co. Ltd.		(7,400	)		(317,167	)		(28.4	)
SUMCO Corp.		(1,500	)		(21,602	)		(1.9	)
Sumitomo Bakelite Co. Ltd.		(8,700	)		(285,457	)		(25.5	)
Sumitomo Realty & Development Co. Ltd.		(12,400	)		(328,953	)		(29.4	)
Sushiro Global Holdings Ltd.		(8,900	)		(211,203	)		(18.9	)
Suzuken Co Ltd/Aichi Japan		(15,000	)		(442,759	)		(39.6	)
Taisho Pharmaceutical Holdings Co. Ltd.		(1,600	)		(63,021	)		(5.6	)
Taiyo Nippon Sanso Corp.		(17,200	)		(309,522	)		(27.7	)
Taiyo Yuden Co. Ltd.		(9,000	)		(353,587	)		(31.6	)
Takara Holdings, Inc.		(53,700	)		(452,309	)		(40.5	)
TechnoPro Holdings Inc.		(17,600	)		(448,238	)		(40.1	)
THK Co. Ltd.		(16,600	)		(328,953	)		(29.4	)
Tobu Railway Co. Ltd.		(13,000	)		(292,216	)		(26.1	)
Toda Corp.		(44,800	)		(257,400	)		(23.0	)
Toho Gas Co. Ltd.		(12,500	)		(293,238	)		(26.2	)
Tokai Carbon Co. Ltd.		(18,200	)		(150,493	)		(13.5	)
Tokyo Century Corp.		(1,300	)		(40,043	)		(3.6	)
Tokyo Electric Power Co. Holdings, Inc.		(4,300	)		(14,843	)		(1.3	)
Tokyu Fudosan Holdings Corp.		(14,800	)		(77,014	)		(6.9	)
Toppan Inc.		(46,700	)		(771,935	)		(69.1	)
Toshiba Corp.		(10,900	)		(452,659	)		(40.5	)
Toshiba TEC Corp.		(6,700	)		(227,112	)		(20.3	)
Toyo Tire Corp.		(18,000	)		(206,459	)		(18.5	)
Toyoda Gosei Co. Ltd.		(13,500	)		(196,587	)		(17.6	)
Toyota Boshoku Corp.		(38,200	)		(608,809	)		(54.5	)
Toyota Industries Corp.		(8,600	)		(515,800	)		(46.1	)
TS Tech Co. Ltd.		(15,600	)		(162,796	)		(14.6	)
Ube Industries Ltd.		(27,000	)		(418,630	)		(37.5	)
Ulvac, Inc.		(1,200	)		(47,022	)		(4.2	)
United Urban Investment Corp.		(320	)		(350,123	)		(31.3	)
USS Co. Ltd.		(20,200	)		(336,291	)		(30.1	)
West Japan Railway Co.		(9,900	)		(367,478	)		(32.9	)
Yamato Holdings Co. Ltd.		(8,600	)		(160,923	)		(14.4	)
Yamazaki Baking Co. Ltd.		(9,800	)		(121,149	)		(10.8	)
Yokogawa Electric Corp.		(39,400	)		(628,134	)		(56.2	)
Zenkoku Hosho Co. Ltd.		(3,500	)		(122,836	)		(11.0	)
Zeon Corp.		(19,700	)		(209,780	)		(18.8	)
					(66,845,826	)
Luxembourg
Grand City Properties SA		(7,886	)		(139,228	)		(12.5	)
Tenaris SA		(58,398	)		(892,449	)		(79.8	)
					(1,031,677	)
Netherlands
Aalberts NV		(552	)		(26,823	)		(2.4	)
Adyen NV		(105	)		(176,116	)		(15.8	)

S C H E D U L E   O F   I N V E S T M E N T S 113

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Netherlands (continued)
Akzo Nobel NV		(5,226	)	$	(453,337	)		(40.6	)%
Argenx SE		(1,061	)		(305,683	)		(27.3	)
ASM International NV		(3,519	)		(1,057,432	)		(94.6	)
ASML Holding NV		(991	)		(562,431	)		(50.3	)
BE Semiconductor Industries NV		(1,067	)		(65,043	)		(5.8	)
Euronext NV		(1,477	)		(118,340	)		(10.6	)
EXOR NV		(11,459	)		(795,195	)		(71.1	)
Iveco Group NV		(97,806	)		(575,430	)		(51.5	)
JDE Peet’s NV		(423	)		(12,444	)		(1.1	)
Just Eat Takeaway.com NV		(3,895	)		(105,798	)		(9.5	)
Koninklijke KPN NV		(27,230	)		(93,960	)		(8.4	)
NN Group NV		(2,106	)		(103,155	)		(9.2	)
Prosus NV		(640	)		(30,866	)		(2.8	)
SBM Offshore NV		(18,095	)		(262,217	)		(23.5	)
Stellantis NV		(16,033	)		(215,254	)		(19.3	)
Universal Music Group NV		(3,964	)		(91,990	)		(8.2	)
					(5,051,514	)
New Zealand
Fletcher Building Ltd.		(6,480	)		(25,813	)		(2.3	)
Kiwi Property Group Ltd.		(215,752	)		(147,154	)		(13.2	)
Mainfreight Ltd.		(526	)		(27,533	)		(2.4	)
Mercury NZ Ltd.		(8,921	)		(34,587	)		(3.1	)
Meridian Energy Ltd.		(125,895	)		(382,099	)		(34.2	)
					(617,186	)
Norway
Aker ASA, A Shares		(1,013	)		(82,571	)		(7.4	)
Leroy Seafood Group ASA		(2,030	)		(19,052	)		(1.7	)
Mowi ASA		(8,355	)		(236,004	)		(21.1	)
Orkla ASA		(66,476	)		(539,429	)		(48.3	)
Scatec ASA		(19,472	)		(235,351	)		(21.1	)
Storebrand ASA		(46,437	)		(403,361	)		(36.1	)
Tomra Systems ASA		(8,762	)		(344,569	)		(30.8	)
Yara International ASA		(20,401	)		(1,037,354	)		(92.8	)
					(2,897,691	)
Poland
InPost SA		(17,682	)		(108,406	)		(9.7	)
Portugal
Banco Comercial Portugues SA		(797,696	)		(123,315	)		(11.0	)
Galp Energia SGPS SA		(23,756	)		(289,150	)		(25.9	)
					(412,465	)
Singapore
Ascott Residence Trust		(201,400	)		(167,320	)		(15.0	)
Golden Agri-Resources Ltd.		(995,900	)		(232,678	)		(20.8	)
Keppel REIT		(668,200	)		(585,400	)		(52.4	)
Mapletree North Asia Commercial Trust		(16,100	)		(13,905	)		(1.3	)
Sembcorp Industries Ltd.		(37,700	)		(79,841	)		(7.1	)
Suntec Real Estate Investment Trust		(310,800	)		(410,588	)		(36.7	)
					(1,489,732	)
South Africa
Investec PLC		(34,146	)		(201,116	)		(18.0	)
Spain
Acerinox SA		(22,467	)		(236,560	)		(21.2	)
ACS Actividades de Construccion y Servicios SA		(1,176	)		(30,112	)		(2.7	)
Banco de Sabadell SA		(130,331	)		(101,146	)		(9.1	)
Corp. ACCIONA Energias Renovables SA		(10,466	)		(386,899	)		(34.6	)
EDP Renovaveis SA		(2,759	)		(65,298	)		(5.8	)
Fluidra SA		(18,346	)		(496,519	)		(44.4	)

Security	Shares			Value			% of Basket Value
Spain (continued)
Red Electrica Corp. SA		(13,310	)	$	(267,987	)		(24.0	)%
Siemens Gamesa Renewable Energy SA		(16,510	)		(262,981	)		(23.5	)
Telefonica SA		(16,743	)		(81,449	)		(7.3	)
					(1,928,951	)
Sweden
Atlas Copco AB, Class A		(4,158	)		(188,511	)		(16.9	)
Avanza Bank Holding AB		(6,288	)		(159,223	)		(14.2	)
Beijer Ref AB		(27,814	)		(452,923	)		(40.5	)
Embracer Group AB		(43,758	)		(292,479	)		(26.2	)
Fastighets AB Balder, Class B		(7,261	)		(359,908	)		(32.2	)
Getinge AB, B Shares		(14,789	)		(427,813	)		(38.3	)
H & M Hennes & Mauritz AB, B Shares		(8,302	)		(104,515	)		(9.3	)
Husqvarna AB, B Shares		(75,651	)		(723,156	)		(64.7	)
Investor AB, Class A		(31,676	)		(661,601	)		(59.2	)
Investor AB, Class B		(76,414	)		(1,470,427	)		(131.6	)
L E Lundbergforetagen AB, B Shares		(10,313	)		(482,301	)		(43.1	)
Samhallsbyggnadsbolaget i Norden AB		(23,432	)		(74,094	)		(6.6	)
Sandvik AB		(15,270	)		(289,035	)		(25.9	)
Securitas AB, B Shares		(53,660	)		(633,553	)		(56.7	)
Sinch AB		(9,431	)		(41,679	)		(3.7	)
SKF AB, B Shares		(38,524	)		(629,200	)		(56.3	)
Svenska Cellulosa AB SCA, Class B		(19,369	)		(374,844	)		(33.5	)
Sweco AB, B Shares		(17,813	)		(251,397	)		(22.5	)
Swedish Orphan Biovitrum AB		(5,545	)		(116,649	)		(10.4	)
Telia Co. AB		(43,597	)		(180,954	)		(16.2	)
Thule Group AB		(3,632	)		(125,984	)		(11.3	)
Trelleborg AB, B Shares		(2,634	)		(57,773	)		(5.2	)
Volvo AB, A Shares		(21,695	)		(356,679	)		(31.9	)
Volvo AB, B Shares		(5,953	)		(96,054	)		(8.6	)
					(8,550,752	)
Switzerland
Bachem Holding AG, Class B		(559	)		(243,918	)		(21.8	)
BKW AG		(519	)		(63,178	)		(5.7	)
Coca-Cola HBC AG		(23,178	)		(469,908	)		(42.0	)
EMS-Chemie Holding AG		(207	)		(184,670	)		(16.5	)
Roche Holding AG		(736	)		(295,685	)		(26.5	)
Schindler Holding AG, Registered Shares		(473	)		(90,804	)		(8.1	)
Swatch Group AG		(1,976	)		(97,484	)		(8.7	)
					(1,445,647	)
United Kingdom
3i Group PLC		(18,059	)		(295,540	)		(26.4	)
Admiral Group PLC		(13,242	)		(416,822	)		(37.3	)
Airtel Africa PLC		(319,777	)		(585,107	)		(52.4	)
Anglo American PLC		(4,127	)		(182,789	)		(16.4	)
AstraZeneca PLC		(820	)		(109,422	)		(9.8	)
Avast PLC		(22,607	)		(160,329	)		(14.3	)
Aviva PLC		(3,860	)		(20,709	)		(1.9	)
B&M European Value Retail SA		(12,622	)		(77,336	)		(6.9	)
Berkeley Group Holdings PLC		(607	)		(30,785	)		(2.8	)
BP PLC		(175,227	)		(845,960	)		(75.7	)
Bunzl PLC		(4,429	)		(170,874	)		(15.3	)
Burberry Group PLC		(11,445	)		(225,872	)		(20.2	)
CNH Industrial NV		(62,198	)		(881,115	)		(78.8	)
Compass Group PLC		(19,097	)		(402,982	)		(36.1	)
ConvaTec Group PLC		(25,654	)		(67,862	)		(6.1	)
Diageo PLC		(6,368	)		(317,692	)		(28.4	)
Dr. Martens PLC		(155,619	)		(406,885	)		(36.4	)
DS Smith PLC		(187,717	)		(771,379	)		(69.0	)
Ferguson PLC		(1,147	)		(143,890	)		(12.9	)
Future PLC		(7,937	)		(217,380	)		(19.5	)

114 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
GlaxoSmithKline PLC		(11,891	)	$	(268,054	)		(24.0	)%
Greggs PLC		(16,814	)		(490,564	)		(43.9	)
Harbour Energy PLC		(12,773	)		(80,100	)		(7.2	)
Howden Joinery Group PLC		(163,913	)		(1,551,848	)		(138.8	)
HSBC Holdings PLC		(15,071	)		(94,181	)		(8.4	)
IG Group Holdings PLC		(1,338	)		(13,674	)		(1.2	)
Informa PLC		(35,448	)		(251,464	)		(22.5	)
Intermediate Capital Group PLC		(11,301	)		(216,261	)		(19.4	)
JD Sports Fashion PLC		(757,232	)		(1,247,672	)		(111.6	)
JET2 PLC		(17,824	)		(273,723	)		(24.5	)
Kingfisher PLC		(141,448	)		(446,066	)		(39.9	)
Land Securities Group PLC		(2,425	)		(22,949	)		(2.1	)
Lloyds Banking Group PLC		(1,260,119	)		(715,701	)		(64.0	)
London Stock Exchange Group PLC		(1,471	)		(145,028	)		(13.0	)
Man Group PLC		(42,594	)		(124,141	)		(11.1	)
Mondi PLC		(15,020	)		(282,165	)		(25.2	)
National Grid PLC		(5,098	)		(75,741	)		(6.8	)
Next PLC		(14,883	)		(1,114,747	)		(99.7	)
Pearson PLC		(65,586	)		(636,827	)		(57.0	)
Pennon Group PLC		(9,956	)		(138,351	)		(12.4	)
Prudential PLC		(61,327	)		(763,426	)		(68.3	)
RELX PLC		(1,198	)		(35,689	)		(3.2	)
Renishaw PLC		(4,193	)		(221,588	)		(19.8	)

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Rentokil Initial PLC		(49,178	)	$	(337,768	)		(30.2	)%
Rightmove PLC		(54,138	)		(416,164	)		(37.2	)
Rio Tinto PLC		(5,079	)		(358,863	)		(32.1	)
Royal Mail PLC		(116,942	)		(501,248	)		(44.8	)
Sage Group PLC		(1,760	)		(16,151	)		(1.4	)
Severn Trent PLC		(3,029	)		(119,044	)		(10.7	)
Shell PLC		(2,014	)		(54,068	)		(4.8	)
Smith & Nephew PLC		(1,314	)		(21,298	)		(1.9	)
Standard Chartered PLC		(92,987	)		(635,689	)		(56.9	)
Tesco PLC		(38,961	)		(132,363	)		(11.8	)
Unilever PLC		(119	)		(5,523	)		(0.5	)
Unilever PLC		(5,849	)		(271,921	)		(24.3	)
Vodafone Group PLC		(368,640	)		(558,106	)		(49.9	)
WH Smith PLC		(11,283	)		(202,996	)		(18.2	)
Wise PLC, Class A		(83,364	)		(408,522	)		(36.6	)
					(19,580,414	)
Preferred Stocks
Germany
Volkswagen AG, Preference Shares		(517	)		(80,066	)		(7.2	)
Total Reference Entity — Short					(149,627,185	)
Net Value of Reference Entity — UBS AG				$	1,117,689

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	37,617,367	$	—

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	37,617,367	$	—	$	—	$	—	$	37,617,367
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	611,340	$	—	$	—	$	—	$	611,340

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

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	3,315,892		$	—	$	—	$	—	$	3,315,892
Options purchased(a)		—		—		(6,827,207	)		—		—		—		(6,827,207	)

S C H E D U L E   O F   I N V E S T M E N T S 115

Schedule of Investments (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Options written	$	—	$	—	$	5,026,244		$	—	$	—	$	—	$	5,026,244
Swaps		—		—		(39,884,002	)		—		—		—		(39,884,002	)
	$	—	$	—	$	(38,369,073	)	$	—	$	—	$	—	$	(38,369,073	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,443,089	)	$	—	$	—	$	—	$	(1,443,089	)
Options purchased(b)		—		—		153,085			—		—		—		153,085
Options written		—		—		(114,676	)		—		—		—		(114,676	)
Swaps		—		—		33,768,518			—		—		—		33,768,518
	$	—	$	—	$	32,363,838		$	—	$	—	$	—	$	32,363,838

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

^(b)  Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	99,477,435
Average notional value of contracts — short	$	43,033,040
Options:
Average value of option contracts purchased	$	620,526
Average value of option contracts written	$	400,098
Total return swaps:
Average notional value	$	(13,701,592	)

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	379,075
Swaps — OTC(a)		37,617,367		—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		37,617,367		379,075
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(379,075	)
Total derivative assets and liabilities subject to an MNA	$	37,617,367	$	—

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received	(a)		Net Amount of Derivative Assets	(b)
Bank of America N.A.	$	6,279,242	$	—	$	—	$	—		$	6,279,242
BNP Paribas SA		6,902,033		—		—		(6,902,033	)		—
Goldman Sachs & Co.		19,627,002		—		—		(19,210,000	)		417,002
UBS AG		4,809,090		—		—		—			4,809,090
	$	37,617,367	$	—	$	—	$	(26,112,033	)	$	11,505,334

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

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

116 2 0 2 2   B L A C K R O C K   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 (continued) April 30, 2022 BlackRock Global Long/Short Equity Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	472,783		$	—		$	—	$	472,783
Preferred Securities
Preferred Stocks		—			—			3,323,126		3,323,126
U.S. Treasury Obligations		—			6,535,065			—		6,535,065
Warrants		2,141			—			—		2,141
Short-Term Securities
Money Market Funds		36,355,831			—			—		36,355,831
U.S. Treasury Obligations		—			513,678,051			—		513,678,051
	$	36,830,755		$	520,213,116		$	3,323,126	$	560,366,997
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	37,617,367		$	—	$	37,617,367
Liabilities
Equity Contracts		(123,607	)		(487,733	)		—		(611,340	)
	$	(123,607	)	$	37,129,634		$	—	$	37,006,027

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

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 117

Statements of Assets and Liabilities

April 30, 2022

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Long/Short Equity Fund
ASSETS
Investments, at value — unaffiliated(a)(b)	$	131,209,736		$	524,011,166
Investments, at value — affiliated(c)		7,388,472			36,355,831
Cash		49,533			19,266,990
Cash pledged:
Collateral — OTC derivatives		—			9,320,000
Futures contracts		460,000			1,335,000
Foreign currency, at value(d)		173,782			15,409,160
Receivables:
Investments sold		118,936			—
Securities lending income — affiliated		619			—
Capital shares sold		1,941,176			1,067,128
Dividends — unaffiliated		303,007			—
Dividends — affiliated		1,234			40,066
Interest — unaffiliated		—			57,128
Due from broker		24,532			500,000
Variation margin on futures contracts		30,943			—
Unrealized appreciation on OTC swaps		—			37,617,367
Prepaid expenses		31,589			77,381
Total assets		141,733,559			645,057,217
LIABILITIES
Cash received as collateral for OTC derivatives		—			26,510,000
Collateral on securities loaned		254,881			—
Payables:
Investments purchased		65,306			14,043,069
Accounting services fees		21,647			78,699
Administration fees		—			20,766
Capital shares redeemed		12,861			716,172
Custodian fees		78,521			173,647
Investment advisory fees		49,193			504,607
Trustees’ and Officer’s fees		1,779			1,203
Other accrued expenses		20,119			28,582
Professional fees		90,344			110,295
Service and distribution fees		1,372			8,528
Transfer agent fees		3,248			66,665
Variation margin on futures contracts		—			379,075
Other liabilities		—			219,092
Total liabilities		599,271			42,860,400
NET ASSETS	$	141,134,288		$	602,196,817
NET ASSETS CONSIST OF
Paid-in capital	$	166,365,696		$	652,584,044
Accumulated loss		(25,231,408	)		(50,387,227	)
NET ASSETS	$	141,134,288		$	602,196,817
(a) Investments, at cost — unaffiliated	$	134,427,117		$	524,008,822
(b) Securities loaned, at value	$	247,707		$	—
(c)  Investments, at cost — affiliated	$	7,388,472		$	36,355,831
(d) Foreign currency, at cost	$	176,340		$	15,968,486

118 2 0 2 2   B L A C K R O C K   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 Assets and Liabilities (continued)

April 30, 2022

	BlackRock Advantage Emerging Markets Fund		BlackRock Global Long/Short Equity Fund
NET ASSET VALUE
Institutional
Net assets	$	9,583,296	$	565,501,998
Shares outstanding		947,904		49,235,822
Net asset value	$	10.11	$	11.49
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor A
Net assets	$	5,246,191	$	25,229,069
Shares outstanding		528,313		2,231,978
Net asset value	$	9.93	$	11.30
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor C
Net assets	$	281,815	$	4,385,594
Shares outstanding		29,786		412,156
Net asset value	$	9.46	$	10.64
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Class K
Net assets	$	126,022,986	$	7,080,156
Shares outstanding		12,465,309		614,706
Net asset value	$	10.11	$	11.52
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 119

Statements of Operations

Year Ended April 30, 2022

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Long/Short Equity Fund
INVESTMENT INCOME
Dividends — unaffiliated	$	4,517,185		$	—
Dividends — affiliated		2,206			11,465
Interest — unaffiliated		—			377,553
Securities lending income — affiliated — net		3,475			—
Other income — affiliated		—			4,851
Foreign taxes withheld		(460,563	)		—
Total investment income		4,062,303			393,869
EXPENSES
Investment advisory		1,331,037			6,983,224
Professional		176,670			194,951
Custodian		84,443			387,818
Registration		71,095			93,707
Administration		70,711			232,520
Accounting services		44,311			127,263
Administration — class specific		33,276			110,011
Transfer agent — class specific		22,012			445,669
Service and distribution — class specific		20,504			118,029
Trustees and Officer		8,104			8,802
Miscellaneous		57,186			109,212
Total expenses		1,919,349			8,811,206
Less:
Administration fees waived		(70,711	)		—
Administration fees waived - class specific		(33,276	)		(110,011	)
Fees waived and/or reimbursed by the Manager		(427,131	)		(941,342	)
Transfer agent fees waived and/or reimbursed — class specific		(9,736	)		(173,682	)
Total expenses after fees waived and/or reimbursed		1,378,495			7,586,171
Net investment income (loss)		2,683,808			(7,192,302	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(8,466,114	)		(8,696,033	)
Investments — affiliated		(8	)		—
Foreign currency transactions		(335,228	)		(586,434	)
Futures contracts		(1,502,287	)		3,315,892
Options written		—			5,026,244
Swaps		—			(39,884,002	)
		(10,303,637	)		(40,824,333	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(32,516,214	)		762,238
Foreign currency translations		(36,368	)		(1,347,397	)
Futures contracts		(444,244	)		(1,443,089	)
Options written		—			(114,676	)
Swaps		—			33,768,518
		(32,996,826	)		31,625,594
Net realized and unrealized loss		(43,300,463	)		(9,198,739	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(40,616,655	)	$	(16,391,041	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(351,868	)	$	—
(b) Net of reduction in deferred foreign capital gain tax of	$	152,567		$	—

See notes to financial statements.

120 2 0 2 2   B L A C K R O C K   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 Advantage Emerging Markets Fund						BlackRock Global Long/Short Equity Fund
	Year Ended April 30,						Year Ended April 30,
	2022			2021			2022			2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	2,683,808		$	1,736,060		$	(7,192,302	)	$	(8,008,841	)
Net realized gain (loss)		(10,303,637	)		20,058,021			(40,824,333	)		43,649,263
Net change in unrealized appreciation (depreciation)		(32,996,826	)		28,008,446			31,625,594			(10,917,001	)
Net increase (decrease) in net assets resulting from operations		(40,616,655	)		49,802,527			(16,391,041	)		24,723,421
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(211,822	)		(184,178	)		(5,694,760	)		(1,486,534	)
Investor A		(69,700	)		(88,691	)		(289,045	)		(9,555	)
Investor C		(451	)		(10,800	)		(83,551	)		—
Class K		(2,045,863	)		(1,758,353	)		(64,174	)		(1,121	)
Decrease in net assets resulting from distributions to shareholders		(2,327,836	)		(2,042,022	)		(6,131,530	)		(1,497,210	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		9,079,203			25,998,281			129,941,298			(55,842,584	)
NET ASSETS
Total increase (decrease) in net assets		(33,865,288	)		73,758,786			107,418,727			(32,616,373	)
Beginning of year		174,999,576			101,240,790			494,778,090			527,394,463
End of year	$	141,134,288		$	174,999,576		$	602,196,817		$	494,778,090

^(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 121

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund
	Institutional
	Year Ended April 30,						Period from 08/01/19 to 04/30/20			Year Ended July 31,
	2022			2021						2019			2018			2017
Net asset value, beginning of period	$	13.24		$	8.85		$	10.25		$	10.59		$	10.10		$	9.76
Net investment income (loss)(a)		0.20			0.15			0.10			0.18			0.07			(0.12	)
Net realized and unrealized gain (loss)		(3.17	)		4.43			(1.27	)		(0.52	)		0.42			0.46
Net increase (decrease) from investment operations		(2.97	)		4.58			(1.17	)		(0.34	)		0.49			0.34
Distributions from net investment income(b)		(0.16	)		(0.19	)		(0.23	)		—			—			—
Net asset value, end of period	$	10.11		$	13.24		$	8.85		$	10.25		$	10.59		$	10.10
Total Return(c)
Based on net asset value		(22.62	)%		52.00	%		(11.78	)%(d)		(3.21	)%(e)		4.85	%		3.48	%(f)
Ratios to Average Net Assets(g)
Total expenses		1.19	%		1.40	%		1.38	%(h)(i)		1.42	%(j)		1.28	%		1.91	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.19	%		1.40	%(k)		1.38	%(h)(i)		1.39	%(j)		1.28	%		1.90	%
Total expenses after fees waived and/or reimbursed		0.85	%		0.85	%		0.81	%(h)		0.92	%(j)		0.94	%		1.70	%
Net investment income (loss)		1.62	%		1.29	%		1.38	%(h)		1.83	%		0.67	%		(1.29	)%
Supplemental Data
Net assets, end of period (000)	$	9,583		$	17,216		$	9,689		$	15,904		$	32,775		$	106,243
Portfolio turnover rate		183	%		180	%(l)		141	%(l)		128	%(l)		111	%(l)		7	%(l)

^(a)  Based on average shares outstanding.

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

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

^(d)  Aggregate total return.

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

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

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

^(h) Annualized.

⁽ⁱ⁾  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses excluding recoupment of past fees waived and/or reimbursed would have been 1.42%, respectively.

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

^(k)  Amount was previously reflected as total expenses after fees waived and/or reimbursed in the amount of 0.85%.

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

See notes to financial statements.

122 2 0 2 2   B L A C K R O C K   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 Advantage Emerging Markets Fund (continued)
	Investor A
	Year Ended April 30,						Period from 08/01/19 to 04/30/20			Year Ended July 31,
	2022			2021						2019			2018			2017
Net asset value, beginning of period	$	13.00		$	8.69		$	10.07		$	10.43		$	9.97		$	9.67
Net investment income (loss)(a)		0.15			0.11			0.07			0.17			0.14			(0.15	)
Net realized and unrealized gain (loss)		(3.09	)		4.36			(1.25	)		(0.53	)		0.32			0.45
Net increase (decrease) from investment operations		(2.94	)		4.47			(1.18	)		(0.36	)		0.46			0.30
Distributions from net investment income(b)		(0.13	)		(0.16	)		(0.20	)		—			—			—
Net asset value, end of period	$	9.93		$	13.00		$	8.69		$	10.07		$	10.43		$	9.97
Total Return(c)
Based on net asset value		(22.83	)%		51.62	%		(12.05	)%(d)		(3.45	)%(e)		4.61	%		3.10	%(e)
Ratios to Average Net Assets(f)
Total expenses		1.52	%		1.74	%		1.70	%(g)(h)		1.69	%(i)		1.57	%		2.22	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.52	%		1.74	%(j)		1.70	%(g)(h)		1.67	%(i)		1.55	%		2.21	%
Total expenses after fees waived and/or reimbursed		1.15	%		1.14	%		1.12	%(g)		1.17	%(i)		1.19	%		1.99	%
Net investment income (loss)		1.29	%		0.98	%		1.02	%(g)		1.74	%		1.32	%		(1.62	)%
Supplemental Data
Net assets, end of period (000)	$	5,246		$	7,125		$	5,224		$	3,817		$	5,454		$	3,272
Portfolio turnover rate		183	%		180	%(k)		141	%(k)		128	%(k)		111	%(k)		7	%(k)

^(a)  Based on average shares outstanding.

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

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

^(d) Aggregate total return.

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

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

^(g) Annualized.

^(h)  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses excluding recoupment of past fees waived and/or reimbursed would have been 1.74%, respectively.

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

^(j)  Amount was previously reflected as total expenses after fees waived and/or reimbursed in the amount of 1.14%.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 123

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Investor C
	Year Ended April 30,						Period from 08/01/19 to 04/30/20			Year Ended July 31,
	2022			2021						2019			2018			2017
Net asset value, beginning of period	$	12.36		$	8.29		$	9.53		$	9.95		$	9.58		$	9.36
Net investment income (loss)(a)		0.07			0.04			0.02			0.08			0.03			(0.21	)
Net realized and unrealized gain (loss)		(2.96	)		4.14			(1.21	)		(0.50	)		0.34			0.43
Net increase (decrease) from investment operations		(2.89	)		4.18			(1.19	)		(0.42	)		0.37			0.22
Distributions from net investment income(b)		(0.01	)		(0.11	)		(0.05	)		—			—			—
Net asset value, end of period	$	9.46		$	12.36		$	8.29		$	9.53		$	9.95		$	9.58
Total Return(c)
Based on net asset value		(23.40	)%		50.49	%		(12.57	)%(d)		(4.22	)%(e)		3.86	%		2.35	%(e)
Ratios to Average Net Assets(f)
Total expenses		2.43	%		2.56	%		2.53	%(g)(h)		2.53	%(i)		2.38	%		2.91	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		2.43	%		2.56	%(j)		2.53	%(g)(h)		2.53	%(i)		2.38	%		2.91	%
Total expenses after fees waived and/or reimbursed		1.90	%		1.90	%		1.90	%(g)		1.92	%(i)		1.94	%		2.71	%
Net investment income (loss)		0.61	%		0.43	%		0.26	%(g)		0.81	%		0.25	%		(2.30	)%
Supplemental Data
Net assets, end of period (000)	$	282		$	550		$	1,164		$	2,280		$	3,240		$	3,823
Portfolio turnover rate		183	%		180	%(k)		141	%(k)		128	%(k)		111	%(k)		7	%(k)

^(a)  Based on average shares outstanding.

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

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

^(d)  Aggregate total return.

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

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

^(g)  Annualized.

^(h)  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses excluding recoupment of past fees waived and/or reimbursed would have been 2.57%, respectively.

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

^(j)  Amount was previously reflected as total expenses after fees waived and/or reimbursed in the amount of 1.90%.

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

See notes to financial statements.

124 2 0 2 2   B L A C K R O C K   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 Advantage Emerging Markets Fund (continued)
	Class K
	Year Ended April 30,						Period from 08/01/19 to 04/30/20			Year Ended July 31, 2019			Period from 01/25/18(a) to 07/31/18
	2022			2021
Net asset value, beginning of period	$	13.24			$     8.84		$	10.26		$	10.59		$	12.14
Net investment income(b)		0.20			0.16			0.10			0.19			0.13
Net realized and unrealized gain (loss)		(3.16	)		4.43			(1.28	)		(0.52	)		(1.68	)
Net increase (decrease) from investment operations		(2.96	)		4.59			(1.18	)		(0.33	)		(1.55	)
Distributions from net investment income(c)		(0.17	)		(0.19	)		(0.24	)		—			—
Net asset value, end of period	$	10.11			$   13.24		$	8.84		$	10.26		$	10.59
Total Return(d)
Based on net asset value		(22.59	)%		52.19	%		(11.87	)%(e)		(3.12	)%(f)		(12.77	)%(e)
Ratios to Average Net Assets(g)
Total expenses		1.13	%		1.36	%		1.41	%(h)(i)		1.37	%(j)		1.32	%(h)(k)
Total expenses after fees waived and/or reimbursed		0.81	%		0.81	%		0.81	%(h)		0.87	%(j)		0.89	%(h)
Net investment income		1.63	%		1.36	%		1.33	%(h)		1.93	%		2.33	%(h)
Supplemental Data
Net assets, end of period (000)	$	126,023			$150,108		$	85,164		$	80,529		$	145,476
Portfolio turnover rate		183	%		180	%(l)		141	%(l)		128	%(l)		111	%(l)(m)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Aggregate total return.

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

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

^(h)  Annualized.

⁽ⁱ⁾  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.45%.

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

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

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 125

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund
	Institutional
	Year Ended April 30,						Period from 08/01/19 to 04/30/20			Year Ended July 31,
	2022			2021						2019			2018			2017
Net asset value, beginning of period	$	11.98		$	11.42		$	12.67		$	12.17		$	11.62		$	10.56
Net investment income (loss)(a)		(0.15	)		(0.17	)		(0.01	)		0.05			(0.06	)		(0.14	)
Net realized and unrealized gain (loss)		(0.20	)		0.76			(0.46	)		0.57			0.61			1.20
Net increase (decrease) from investment operations		(0.35	)		0.59			(0.47	)		0.62			0.55			1.06
Distributions(b)
From net investment income		—			—			(0.04	)		—			—			—
From net realized gain		(0.14	)		(0.03	)		(0.74	)		(0.12	)		—			—
Total distributions		(0.14	)		(0.03	)		(0.78	)		(0.12	)		—			—
Net asset value, end of period	$	11.49		$	11.98		$	11.42		$	12.67		$	12.17		$	11.62
Total Return(c)
Based on net asset value		(2.94	)%(d)		5.21	%(e)		(3.80	)%(f)		5.09	%		4.73	%		10.04	%
Ratios to Average Net Assets(g)
Total expenses		1.58	%		1.82	%		1.80	%(h)		1.76	%		1.73	%		1.78	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.58	%		1.82	%(i)		1.80	%(h)		1.76	%		1.71	%		1.78	%
Total expenses after fees waived and/or reimbursed		1.36	%		1.57	%		1.57	%(h)		1.63	%		1.66	%		1.70	%
Net investment income (loss)		(1.29	)%		(1.49	)%		(0.09	)%(h)		0.36	%		(0.51	)%		(1.28	)%
Supplemental Data
Net assets, end of period (000)	$	565,502		$	459,420		$	492,021		$	546,561		$	559,028		$	544,301
Portfolio turnover rate		31	%(j)		43	%(j)		53	%(j)		7	%(j)		20	%(j)		—	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Aggregate total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Amount was previously reflected as total expenses after fees waived and/or reimbursed in the amount of 1.57%.

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

See notes to financial statements.

126 2 0 2 2   B L A C K R O C K   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 Global Long/Short Equity Fund (continued)
	Investor A
	Year Ended April 30,						Period from 08/01/19 to 04/30/20			Year Ended July 31,
	2022			2021						2019			2018			2017
Net asset value, beginning of period	$	11.82		$	11.27		$	12.50		$	12.03		$	11.52		$	10.49
Net investment income (loss)(a)		(0.18	)		(0.20	)		(0.02	)		0.01			(0.10	)		(0.17	)
Net realized and unrealized gain (loss)		(0.20	)		0.75			(0.46	)		0.56			0.61			1.20
Net increase (decrease) from investment operations		(0.38	)		0.55			(0.48	)		0.57			0.51			1.03
Distributions(b)
From net investment income		—			—			(0.01	)		—			—			—
From net realized gain		(0.14	)		(0.00	)(c)		(0.74	)		(0.10	)		—			—
Total distributions		(0.14	)		(0.00	)		(0.75	)		(0.10	)		—			—
Net asset value, end of period	$	11.30		$	11.82		$	11.27		$	12.50		$	12.03		$	11.52
Total Return(d)
Based on net asset value		(3.23	)%(e)		4.92	%(f)		(3.94	)%(g)		4.79	%		4.43	%		9.82	%
Ratios to Average Net Assets(h)
Total expenses		1.86	%		2.07	%		2.07	%(i)		2.04	%		2.03	%		2.10	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.86	%		2.07	%(j)		2.07	%(i)		2.04	%		1.95	%		2.10	%
Total expenses after fees waived and/or reimbursed		1.61	%		1.82	%		1.82	%(i)		1.88	%		1.96	%		1.98	%
Net investment income (loss)		(1.54	)%		(1.75	)%		(0.28	)%(i)		0.12	%		(0.84	)%		(1.60	)%
Supplemental Data
Net assets, end of period (000)	$	25,229		$	23,390		$	23,509		$	49,514		$	49,180		$	35,658
Portfolio turnover rate		31	%(k)		43	%(k)		53	%(k)		7	%(k)		20	%(k)		—	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

^(g)  Aggregate total return.

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

⁽ⁱ⁾  Annualized.

^(j)  Amount was previously reflected as total expenses after fees waived and/or reimbursed in the amount of 1.82%.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 127

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund (continued)
	Investor C
	Year Ended April 30,						Period from 08/01/19 to 04/30/20			Year Ended July 31,
	2022			2021						2019			2018			2017
Net asset value, beginning of period	$	11.22		$	10.77		$	11.99		$	11.59		$	11.18		$	10.26
Net investment loss(a)		(0.25	)		(0.27	)		(0.09	)		(0.08	)		(0.18	)		(0.24	)
Net realized and unrealized gain (loss)		(0.19	)		0.72			(0.44	)		0.54			0.59			1.16
Net increase (decrease) from investment operations		(0.44	)		0.45			(0.53	)		0.46			0.41			0.92
Distributions from net realized gain(b)		(0.14	)		—			(0.69	)		(0.06	)		—			—
Net asset value, end of period	$	10.64		$	11.22		$	10.77		$	11.99		$	11.59		$	11.18
Total Return(c)
Based on net asset value		(3.95	)%(d)		4.18	%(e)		(4.51	)%(f)		4.02	%		3.67	%		8.97	%
Ratios to Average Net Assets(g)
Total expenses		2.64	%		2.86	%		2.83	%(h)		2.79	%		2.76	%		2.81	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		2.64	%		2.86	%(i)		2.83	%(h)		2.79	%		2.72	%		2.81	%
Total expenses after fees waived and/or reimbursed		2.36	%		2.57	%		2.57	%(h)		2.63	%		2.69	%		2.72	%
Net investment loss		(2.30	)%		(2.44	)%		(1.04	)%(h)		(0.64	)%		(1.58	)%		(2.32	)%
Supplemental Data
Net assets, end of period (000)	$	4,386		$	6,817		$	11,539		$	17,282		$	21,168		$	25,857
Portfolio turnover rate		31	%(j)		43	%(j)		53	%(j)		7	%(j)		20	%(j)		—	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Aggregate total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Amount was previously reflected as total expenses after fees waived and/or reimbursed in the amount of 2.57%.

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

See notes to financial statements.

128 2 0 2 2   B L A C K R O C K   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 Global Long/Short Equity Fund (continued)
	Class K
	Year Ended April 30,						Period from 08/01/19 to 04/30/20			Year Ended July 31,
	2022			2021						2019			2018			2017
Net asset value, beginning of period	$	12.00		$	11.44		$	12.69		$	12.19		$	11.63		$	10.56
Net investment income (loss)(a)		(0.14	)		(0.25	)		(0.01	)		0.06			(0.01	)		(0.14	)
Net realized and unrealized gain (loss)		(0.20	)		0.85			(0.46	)		0.56			0.57			1.21
Net increase (decrease) from investment operations		(0.34	)		0.60			(0.47	)		0.62			0.56			1.07
Distributions(b)
From net investment income		—			—			(0.04	)		—			—			—
From net realized gain		(0.14	)		(0.04	)		(0.74	)		(0.12	)		—			—
Total distributions		(0.14	)		(0.04	)		(0.78	)		(0.12	)		—			—
Net asset value, end of period	$	11.52		$	12.00		$	11.44		$	12.69		$	12.19		$	11.63
Total Return(c)
Based on net asset value		(2.85	)%(d)		5.24	%(d)		(3.77	)%(e)		5.11	%		4.82	%		10.13	%
Ratios to Average Net Assets(f)
Total expenses		1.51	%		1.77	%		1.76	%(g)		1.72	%		1.65	%		1.70	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.51	%		1.77	%(h)		1.76	%(g)		1.72	%		1.64	%		1.70	%
Total expenses after fees waived and/or reimbursed		1.31	%		1.52	%		1.52	%(g)		1.57	%		1.58	%		1.63	%
Net investment income (loss)		(1.24	)%		(2.07	)%		(0.07	)%(g)		0.45	%		(0.04	)%		(1.32	)%
Supplemental Data
Net assets, end of period (000)	$	7,080		$	5,151		$	325		$	453		$	217		$	108
Portfolio turnover rate		31	%(i)		43	%(i)		53	%(i)		7	%(i)		20	%(i)		—	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Aggregate total return.

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

^(g)  Annualized.

^(h)  Amount was previously reflected as total expenses after fees waived and/or reimbursed in the amount of 1.52%.

⁽ⁱ⁾  Excludes underlying investments in total return swaps.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 129

Notes to Financial Statements

1. ORGANIZATION

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

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

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

Share Class	Initial Sales Charge		CDSC			Conversion Privilege
Institutional and Class K Shares		No		No			None
Investor A Shares		Yes		No	(a)		None
Investor C Shares		No		Yes	(b)		To Investor A Shares after approximately 8 years

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

130 2 0 2 2   B L A C K R O C K   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  (continued)

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

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

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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Notes to Financial Statements  (continued)

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

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

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

	Standard Inputs Generally Considered By Third Party-Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)   relevant news and other public sources; and (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

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

As of April 30, 2022, certain investments of Advantage Emerging Markets were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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Notes to Financial Statements  (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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

Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received at Fair Value		Net Amount
Advantage Emerging Markets
Citigroup Global Markets, Inc.	$	141,950	$	(141,950	)	$	—	$	—
SG Americas Securities LLC		105,757		(105,757	)		—		—
	$	247,707	$	(247,707	)	$	—	$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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 133

Notes to Financial Statements  (continued)

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

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

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

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

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

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

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

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

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

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

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received

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Notes to Financial Statements  (continued)

and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

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

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

	Investment Advisory Fees
Average Daily Net Assets	Advantage Emerging Markets			Global Long/Short Equity
First $1 billion.		0.80	%		1.25	%
$1 billion — $3 billion		0.75			1.18
$3 billion — $5 billion		0.72			1.13
$5 billion — $10 billion		0.70			1.09
Greater than $10 billion		0.68			1.06

Prior to June 1, 2021, the annual rates as a percentage of average daily net assets, for the Global Long/Short Equity were as follows:

Average Daily Net Assets	Investment Advisory Fees
First $1 Billion		1.50	%
$1 Billion — $3 Billion		1.41
$3 Billion — $5 Billion		1.35
$5 Billion — $10 Billion		1.31
Greater than $10 Billion		1.28

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 135

Notes to Financial Statements  (continued)

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

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

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

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

For the year ended April 30, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Fund Name	Investor A		Investor C		Total
Advantage Emerging Markets	$	16,421	$	4,083	$	20,504
Global Long/Short Equity.		59,340		58,689		118,029

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

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

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

For the year ended April 30, 2022, the following table shows the class specific administration fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	2,997	$	1,314	$	82	$	28,883	$	33,276
Global Long/Short Equity		102,874		4,747		1,174		1,216		110,011

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended April 30, 2022, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended April 30, 2022, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	244	$	438	$	119	$	115	$	916
Global Long/Short Equity		944		500		376		—		1,820

For the year ended April 30, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	10,038	$	9,537	$	1,239	$	1,198	$	22,012
Global Long/Short Equity		412,246		25,245		7,608		570		445,669

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Notes to Financial Statements  (continued)

Other Fees: For the year ended April 30, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

Fund Name	Investor A
Advantage Emerging Markets	$	254
Global Long/Short Equity		420

For the year ended April 30, 2022, affiliates received CDSCs as follows:

Fund Name	Investor A		Investor C
Advantage Emerging Markets	$	254	$	—
Global Long/Short Equity.		192		125

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

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets.	$	2,055
Global Long/Short Equity		5,918

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended April 30, 2022, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to Advantage Emerging Markets, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit other expenses (“expense limitation”) through June 30, 2023. Other expenses include accounting, administration, transfer agency, custody, professional and registration fees and exclude dividend expense, interest expense, and certain other fund expenses that constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business. The expense limitations as a percentage of average daily net assets are as follows:

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

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

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

Prior to June 1, 2021, the expense limitations as a percentage of average daily net assets were as follows:

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

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 137

Notes to Financial Statements  (continued)

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2023, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended April 30, 2022, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets.	$	425,076
Global Long/Short Equity		935,424

Fund Name	Administration Fees Waived
Advantage Emerging Markets	$	70,711

In addition, these amounts waived and/or reimbursed by the Manager are included in Administration fees waived — class specific and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the year ended April 30, 2022, class specific expense waivers and/or reimbursements are as follows:

	Administration Fees Waived - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	2,997	$	1,314	$	82	$	28,883	$	33,276
Global Long/Short Equity		102,874		4,747		1,174		1,216		110,011

	Transfer Agent Fees Waived and/or Reimbursed - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	4,043	$	3,626	$	871	$	1,196	$	9,736
Global Long/Short Equity		155,063		13,377		4,673		569		173,682

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended April 30, 2022, each Fund paid BIM the following amounts for securities lending agent services:

Fund Name	Amounts
Advantage Emerging Markets	$	783

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

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

138 2 0 2 2   B L A C K R O C K   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(continued)

purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the year ended April 30, 2022, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: During the year ended April 30, 2022, Global Long/Short Equity received a reimbursement of $4,851 from an affiliate, which is included in Other income - affiliated in the Statements of Operations, related to an operating event.

7. PURCHASES AND SALES

For the year ended April 30, 2022, purchases and sales of investments, excluding short-term investments, were as follows:

	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
Advantage Emerging Markets	$	—	$	—	$	292,771,699	$	286,274,826
Global Long/Short Equity		10,877,429		38,405,766		6,957,438		5,088,767

8. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to a net operating loss were reclassified to the following accounts:

Fund Name	Paid-in Capital			Accumulated Earnings (Loss)
Global Long/Short Equity	$	(7,576,836	)	$	7,576,836

The tax character of distributions paid was as follows:

Fund Name	Year Ended 04/30/22		Year Ended 04/30/21
Advantage Emerging Markets
Ordinary income	$	2,327,836	$	2,042,022
Global Long/Short Equity
Ordinary income	$	—	$	1,497,210
Long-term capital gains	$	6,131,530	$	—

As of April 30, 2022, the tax components of accumulated earnings (loss) were as follows:

Fund Name	Undistributed Ordinary Income		Non-Expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Qualified Late-Year  Loss(c)			Total
Advantage Emerging Markets	$	1,890	$	(18,689,323	)	$	(6,543,975	)	$	—		$	(25,231,408	)
Global Long/Short Equity		—		(7,778,325	)		(39,753,638	)		(2,855,264	)		(50,387,227	)

^(a)  Amounts available to offset future realized capital gains.

^(b) The difference between book-basis and tax-basis net unrealized losses was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains/losses on certain futures, options and foreign currency contracts, the realization for tax purposes of unrealized gain on investments in passive foreign investment companies, the timing and recognition of partnership income and the realization for tax purposes of unrealized gains on constructive sales.

^(c)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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 139

Notes to Financial Statements(continued)

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Advantage Emerging Markets	$	145,132,262	$	11,499,820	$	(18,033,874	)	$	(6,534,054	)
Global Long/Short Equity		560,377,376		39,509,994		(78,608,833	)		(39,098,839	)

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended April 30, 2022, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

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

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

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

140 2 0 2 2   B L A C K R O C K   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(continued)

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

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

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

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

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR

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 141

Notes to Financial Statements  (continued)

rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Year Ended 04/30/22						Year Ended 04/30/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Advantage Emerging Markets
Institutional
Shares sold		172,173		$	2,149,062			486,880		$	6,360,500
Shares issued in reinvestment of distributions		15,307			189,748			13,009			156,567
Shares redeemed		(540,197	)		(6,345,580	)		(294,601	)		(3,337,976	)
		(352,717	)	$	(4,006,770	)		205,288		$	3,179,091
Investor A
Shares sold		60,578		$	730,563			204,267		$	2,338,991
Shares issued in reinvestment of distributions		5,633			68,598			7,349			87,639
Shares redeemed		(85,864	)		(1,000,083	)		(264,631	)		(3,105,555	)
		(19,653	)	$	(200,922	)		(53,015	)	$	(678,925	)
Investor C
Shares sold		494		$	5,613			12,988		$	127,341
Shares issued in reinvestment of distributions		36			450			949			10,800
Shares redeemed		(15,259	)		(175,008	)		(109,763	)		(1,201,547	)
		(14,729	)	$	(168,945	)		(95,826	)	$	(1,063,406	)
Class K
Shares sold		2,518,212		$	29,836,376			6,925,990		$	82,456,154
Shares issued in reinvestment of distributions		165,545			2,045,863			145,913			1,758,353
Shares redeemed		(1,558,201	)		(18,426,399	)		(5,365,264	)		(59,652,986	)
		1,125,556		$	13,455,840			1,706,639		$	24,561,521
		738,457		$	9,079,203			1,763,086		$	25,998,281

	Year Ended 04/30/22						Year Ended 04/30/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Global Long/Short Equity
Institutional
Shares sold		21,428,123		$	249,500,008			16,451,047		$	191,723,004
Shares issued in reinvestment of distributions		338,212			4,007,822			86,013			1,014,954
Shares redeemed		(10,894,979	)		(126,513,641	)		(21,253,572	)		(247,004,557	)
		10,871,356		$	126,994,189			(4,716,512	)	$	(54,266,599	)
Investor A
Shares sold		798,505		$	9,148,217			881,103		$	10,154,455
Shares issued in reinvestment of distributions		23,726			277,350			803			9,371
Shares redeemed		(569,722	)		(6,530,854	)		(988,539	)		(11,330,527	)
		252,509		$	2,894,713			(106,633	)	$	(1,166,701	)
Investor C
Shares sold		70,815		$	760,368			21,226		$	233,394
Shares issued in reinvestment of distributions		7,514			83,179			—			—
Shares redeemed		(274,027	)		(2,959,803	)		(484,504	)		(5,318,904	)
		(195,698	)	$	(2,116,256	)		(463,278	)	$	(5,085,510	)

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Notes to Financial Statements(continued)

	Year Ended 04/30/22						Year Ended 04/30/21
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
Global Long/Short Equity (continued)
Class K
Shares sold		215,060		$	2,517,495			433,307		$	5,059,238
Shares issued in reinvestment of distributions		5,402			64,174			95			1,121
Shares redeemed		(34,941	)		(413,017	)		(32,642	)		(384,133	)
		185,521		$	2,168,652			400,760		$	4,676,226
		11,113,688		$	129,941,298			(4,885,663	)	$	(55,842,584	)

12. SUBSEQUENT EVENTS

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

On May 10, 2022, the Board approved a proposal to change the name of the Fund from BlackRock Global Long/Short Equity Fund to BlackRock Global Equity Market Neutral Fund. The name change is expected to become effective on or about September 1, 2022.

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 143

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund and the Board of Trustees of BlackRock Funds^SM:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund of BlackRock FundsSM (the “Funds”), including the schedules of investments, as of April 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from August 1, 2019 through April 30, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from August 1, 2019 through April 30, 2020, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for each of the three years in the period ended July 31, 2019 of the Funds were audited by other auditors whose report dated September 24, 2019, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP
Boston, Massachusetts
June 28, 2022

We have served as the auditor of one or more BlackRock investment companies since 1992.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2022:

Fund Name	Qualified Dividend Income
Advantage Emerging Markets	$	2,153,163

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended April 30, 2022:

Fund Name	20% Rate Long-Term Capital Gain Dividends
Global Long/Short Equity	$	6,131,516

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended April 30, 2022:

Fund Name	Foreign Source Income Earned		Foreign Taxes Paid
Advantage Emerging Markets	$	2,330,790	$	212,135

145

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock FundsSM (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund (the “Funds”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 9-10, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. Derivative exposure was also considered in such calculation.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“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 committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Trustee and Officer Information

Independent Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Mark Stalnecker 1951	Chair of the Board (Since 2019) and Trustee (Since 2015)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	29 RICs consisting of 163 Portfolios	None
Susan J. Carter 1956	Trustee (Since 2016)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021.	29 RICs consisting of 163 Portfolios	None
Collette Chilton 1958	Trustee (Since 2015)	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	29 RICs consisting of 163 Portfolios	None
Neil A. Cotty 1954	Trustee (Since 2016)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	29 RICs consisting of 163 Portfolios	None
Lena G. Goldberg 1949	Trustee (Since 2019)	Director, Charles Stark Draper Laboratory, Inc. since 2013; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President—Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	29 RICs consisting of 163 Portfolios	None

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Trustee and Officer Information  (continued)

Independent Trustees(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Henry R. Keizer 1956	Trustee (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010.	29 RICs consisting of 163 Portfolios	Hertz Global Holdings (car rental); GrafTech International Ltd. (materials manufacturing); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 to 2015; WABCO (commercial vehicle safety systems) from 2015 to 2020; Sealed Air Corp. (packaging) from 2015 to 2021.
Cynthia A. Montgomery 1952	Trustee (Since 2007)	Professor, Harvard Business School since 1989.	29 RICs consisting of 163 Portfolios	Newell Rubbermaid, Inc. (manufacturing) from 1995 to 2016.
Donald C. Opatrny 1952	Trustee (Since 2019)	Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020.	29 RICs consisting of 163 Portfolios	None
Joseph P. Platt 1947	Trustee (Since 2007)	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.	29 RICs consisting of 163 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.

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Trustee and Officer Information  (continued)

Independent Trustees(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Kenneth L. Urish 1951	Trustee (Since 2007)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	29 RICs consisting of 163 Portfolios	None
Claire A. Walton 1957	Trustee (Since 2016)	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	29 RICs consisting of 163 Portfolios	None
Interested Trustees(a)(d)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Robert Fairbairn 1965	Trustee (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.	98 RICs consisting of 262 Portfolios	None
John M. Perlowski(e) 1964	Trustee (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	100 RICs consisting of 264 Portfolios	None

^(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

^(b)  Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

^(c)  Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015.

^(d)  Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

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 149

Trustee and Officer Information  (continued)

^(e)  Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

Officers Who Are Not Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years
Jennifer McGovern 1977	Vice President (Since 2014)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.
Trent Walker 1974	Chief Financial Officer (Since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Lisa Belle 1968	Anti-Money Laundering Compliance Officer (Since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.
Janey Ahn 1975	Secretary (Since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.
(a)  The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b)  Officers of the Trust serve at the pleasure of the Board.

Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective December 31, 2021, Bruce R. Bond retired as a Trustee of the Funds.

Effective March 31, 2022, Thomas Callahan resigned as a Vice President of the Funds and effective May 10, 2022, Roland Villacorta was appointed as a Vice President of the Funds.

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Additional Information

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

A D D I T I O N A L   I N F O R M A T I O N 151

Additional Information   (continued)

BlackRock Privacy Principles

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

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

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

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

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

Fund and Service Providers

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited^(a)

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

^(a) For Global Long/Short Equity.

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Glossary of Terms Used in this Report

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

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 153

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blackrock.com  |  800-441-7762

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

EMLSGLS-04/22-AR

                

(b) Not Applicable

Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) and Deloitte & Touche (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related   Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current   Fiscal   Year   End	Previous   Fiscal   Year   End	Current   Fiscal   Year   End	Previous   Fiscal   Year   End	Current   Fiscal   Year   End	Previous   Fiscal   Year   End	Current   Fiscal   Year   End	Previous   Fiscal   Year   End
BlackRock Advantage Emerging Markets Fund	$46,002	$45,551	$0	$0	$18,100	$21,800	$420	$0
BlackRock Global Long/Short Equity Fund	$62,016	$61,408	$0	$0	$24,000	$21,800	$420	$0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$0	$0

¹  The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

²  The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³  Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal     Year End	Previous Fiscal     Year End
BlackRock Advantage Emerging Markets Fund	$18,520	$21,800
BlackRock Global Long/Short Equity Fund	$24,420	$21,800

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

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)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

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

Date: June 28, 2022

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

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

Date: June 28, 2022

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

Date: June 28, 2022