N-CSR/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

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 Equity Market Neutral Fund (Formerly 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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 04/30/2023

Date of reporting period: 04/30/2023

Item 1 – Report to Stockholders

Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the period ended April 30, 2023, filed with the Securities and Exchange Commission on July 3, 2023 (Accession Number 0001193125-23-181254). The sole purpose of this amendment is the removal of the term “Unaudited” from the page header in the section entitled “Statements of Assets and Liabilities”, which was inadvertently included in the original filing. Except for such change, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2023

2023 Annual Report

BlackRock Funds^SM

· BlackRock Advantage Emerging Markets Fund

· BlackRock Global Equity Market Neutral Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	8.63%	2.66%
U.S. small cap equities (Russell 2000® Index)	(3.45)	(3.65)
International equities (MSCI Europe, Australasia, Far East Index)	24.19	8.42
Emerging market equities (MSCI Emerging Markets Index)	16.36	(6.51)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.09	2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	7.14	(1.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	6.91	(0.43)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.65	2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.21	1.21
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		125
Statements of Operations		127
Statements of Changes in Net Assets		128
Financial Highlights		129
Notes to Financial Statements		137
Report of Independent Registered Public Accounting Firm		151
Important Tax Information		152
Statement Regarding Liquidity Risk Management Program		153
Trustee and Officer Information		154
Additional Information		158
Glossary of Terms Used in this Report		160

3

Fund Summary   as of April 30, 2023 BlackRock Advantage Emerging Markets Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended April 30, 2023, all of the Fund’s share classes outperformed its benchmark, the MSCI Emerging Markets Index.

What factors influenced performance?

Emerging market (“EM”) equities fell during the period, as investor skepticism about risk assets deepened. Initially, inflationary pressures benefited commodities markets, but as fears of a U.S. recession intensified, equities in commodity-driven markets came under pressure. Interest rate increases in the United States, coupled with more hawkish commentary from the Fed, continued to lead the retreat in the EM benchmark. There was a notable recovery toward the end of 2022 and the beginning of 2023, however, as sentiment in China improved due to a potential COVID reopening, while hopes for a soft landing in the United States seemed to have evaporated as inflation in services prices and wages proved to be stickier than initially expected, prompting the Fed to reiterate a hawkish stance. Late in the reporting period, EM equities took a pause from their broad-based rally in the first quarter of 2023 as investors shifted their attention to U.S.-China tensions, while a strong U.S. jobs report and reduced growth in the Consumer Price Index contributed to a preference for developed markets over EM. Asia drove losses as concerns about the property sector and ongoing COVID-19 lockdowns weighed on China, and Korea and Taiwan also struggled amid global recessionary fears and continued tech weakness. Commodity outperformance provided a tailwind for Latin America and for parts of Europe, the Middle East, and Africa, but parts of Eastern Europe continued to struggle as the Russian invasion of Ukraine continued and high inflation rates persisted. The real estate, utilities, materials, and information technology (“IT”) sectors led detractors within the benchmark, while consumer staples and energy fared better.

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

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

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

The Fund’s cash balance at period-end was 6.2%. The cash balance did not materially affect relative performance during the period.

Describe recent portfolio activity.

Over the course of the reporting period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection model. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed-investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks toward social media activity as a measure of potential revenue growth.

Describe portfolio positioning at period end.

Relative to the benchmark, the Fund ended the reporting period with largely neutral positioning from a sector and country positioning perspective. The Fund had slight overweight positions in the healthcare and communication services sectors, and maintained slight underweights in financials and industrials stocks. From a geographical perspective, the Fund had a slight overweight position to Indonesia and maintained a slight underweight position to Korea.

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

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Fund Summary   as of April 30, 2023 (continued) BlackRock Advantage Emerging Markets Fund

GROSS OF $10,000 INVESTMENT

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

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

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

Performance

	Average Annual Total Returns(a)(b)
	1 Year						5 Years						10 Years
	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		(4.57	)%		N/A			(2.06	)%		N/A			(0.35	)%		N/A
Investor A		(4.84	)		(9.84	)%		(2.34	)		(3.39	)%		(0.61	)		(1.15	)%
Investor C		(5.51	)		(6.42	)		(3.06	)		(3.06	)		(1.22	)		(1.22	)
Class K		(4.53	)		N/A			(2.02	)		N/A			(0.33	)		N/A
MSCI Emerging Markets Index		(6.51	)		N/A			(1.05	)		N/A			1.80			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 (11/01/22)		Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$        1,000.00		$        1,176.60	$         4.59			$        1,000.00	$        1,020.58	$          4.26		0.85	%
Investor A	1,000.00		1,175.30	6.20			1,000.00	1,019.09	5.76		1.15
Investor C	1,000.00		1,171.60	10.23			1,000.00	1,015.37	9.49		1.90
Class K	1,000.00		1,177.00	4.37			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, 2023 (continued) BlackRock Advantage Emerging Markets Fund

Portfolio Information

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Net Assets
China		31.4	%
Taiwan		15.0
India		11.5
South Korea		8.7
Brazil		7.4
United States		6.2
Indonesia		4.5
Saudi Arabia		3.5
Thailand		2.8
South Africa		1.1
Other#		7.5
Other Assets Less Liabilities		0.4

# Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

6 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Investment Objective

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

On May 10, 2022, the Board of Trustees (the “Board”) of BlackRock Funds^SM (the “Trust”) approved a change in the name of the Fund to BlackRock Global Equity Market Neutral Fund. While the Fund’s investment process and investment strategy were not changed in connection with the name change, certain updates were made to the Fund’s investment process and investment strategy disclosure in order to align the disclosure with the Fund’s new name. These changes were effective as of September 1, 2022.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended April 30, 2023, all of the Fund’s share classes outperformed its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index.

What factors influenced performance?

The reporting period was highlighted by market volatility as investors weighed the trajectory of monetary policy amid stubbornly high inflation and an evolving economic backdrop. While inflation in goods prices moderated, inflation in services prices remained well above expectations, leading to continued aggressive policy tightening. This resulted in a persistently inverted yield curve, which is often a precursor to a recession. Despite this backdrop, though, equity markets were roughly flat during the reporting period, masking the intra-period volatility. Global equities performed strongly in early 2023 despite cracks threatening the stability of the financial system, with the banking sector coming under pressure beginning in March 2023 and accelerating into April 2023 as the U.S. banking system experienced the second-largest bank failure in history. Yet despite the turmoil taking a toll on consumer confidence, as spending data showed signs of weakness, investors’ focus shifted to measures to support banks and depositors. This appears to have prevented a widespread crisis, and although measures of economic activity slowed, online job postings continued to point to labor market strength and sticky inflation. This was corroborated by the latest Employment Cost Index report, and taken together, these varying data points identified the challenges markets faced between keeping monetary policy tight versus pivoting to support growth.

The Fund proved remarkably resilient during the reporting period, delivering strong performance across stock selection. A key theme was a focus on dynamism during the period, with positioning shifting between stagflation and a defensive posture to a more optimistic soft-landing scenario and back again. Unsurprisingly, sentiment insights were the primary contributors to performance as they correctly captured the evolving market backdrop. Notably, text-based measures designed to capture forward-looking company fundamentals across analysts and company executives performed well. These measures helped identify emergent themes during the reporting period, such as companies likely to benefit from the quick reopening of the Chinese economy as well as the shift in investor attention to artificial intelligence-driven information technology (“IT”) infrastructure with the launch of ChatGPT. Collectively, long positions in luxury brands and large-cap IT companies performed well. Informed investor positioning was a final source of gains among sentiment insights, notably around hedge fund and credit analysts, with the latter performing well amid the sharp rise in interest rates.

Stock selection across company fundamentals was also additive during the reporting period. This was highlighted by strength across contrarian quality measures as investors began to focus on the stability of corporate financial results later in the period. In this context, evaluating dividend policy and levels of external financing were some of the top performers. Finally, valuation measures, such as book value to stock price, were additive, correctly capturing the preference for value styles early in the reporting period.

By contrast, despite the Fund’s overall outperformance, certain macro-related insights struggled against the oscillation between defensive and growth preferences during the period. Notably, the speed with which preferences shifted was often at odds with the Fund’s positioning. Initially, macro insights motivated an overly defensive posture that ran counter to the market recovery. Industry insights motivated positioning that ultimately went against with the market’s peak inflation narrative during the fourth quarter of 2022. However, as macro positioning caught up with the past peak inflation narrative that subsequently manifested itself, the Fund’s exposures proved wrong-footed in light of surprise inflation data and hawkish rhetoric in February 2023. The inflation data ultimately moved the Fund to a higher for longer posture in March 2023, which ran against the capitulation in bond yields as the banking crisis priced in a dovish policy pivot. Of note, though, the Fund’s macro positioning for an environment of stagflation — higher inflation with slowing economic growth — was additive at period-end.

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

Describe recent portfolio activity.

The Fund’s name changed from Global Long/Short Equity to Global Equity Market Neutral on September 1, 2022. There was no change to strategy implementation or portfolio management as a result.

Over the course of the reporting period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed-investor positioning as well as news flow. Additionally, the Fund developed a new bank quality insight to better identify firms with less exposure to uninsured deposits and commercial real estate amid the emerging crisis in the banking industry in March 2023.

Describe portfolio positioning at period end.

The views of the Fund’s top-down macro models reflected the trilemma of financial stability, weakening growth, and stubborn inflation. Measures of regime similarity are pointing to historical periods associated with elevated recessionary risks as being most closely aligned with the current macroeconomic environment.

F U N D   S U M M A R Y 7

Fund Summary   as of April 30, 2023 (continued) BlackRock Global Equity Market Neutral Fund

The Fund’s resultant defensive stance at period end was most notable along the style dimension, with a long position in size favoring large-cap stocks being offset by a short stance on leverage and high-risk companies. Industry positioning within the Fund also continued to reflect a preference toward investments that perform well in inflationary environments as well as defensive stocks, with the portfolio retaining long positions in commodity producers and healthcare companies over financials and real estate stocks.

Of note, the Fund maintained a net neutral posture for the majority of the reporting period, resulting in no contribution to performance.

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.

GROWTH OF $10,000 INVESTMENT

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

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

^(c)  An unmanaged index that measures returns of 3-month Treasury Bills. On 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						10 Years
	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		6.09	%		N/A			2.24	%		N/A			2.47	%		N/A
Investor A		5.84			0.29	%		1.98			0.88	%		2.20			1.65	%
Investor C		5.08			4.08			1.23			1.23			1.59			1.59
Class K		6.16			N/A			2.29			N/A			2.51			N/A
ICE BofA 3-Month U.S. Treasury Bill Index		2.83			N/A			1.45			N/A			0.90			N/A

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

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

Past performance is not an indication of future results.

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

8 2 0 2 3   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, 2023 (continued) BlackRock Global Equity Market Neutral Fund

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional		$       1,000.00	$       1,066.50	$         6.87			$       1,000.00	$         1,018.15	$         6.71		1.34	%
Investor A		1,000.00	1,065.00	8.14			1,000.00	1,016.91	7.95		1.59
Investor C		1,000.00	1,061.70	11.96			1,000.00	1,013.19	11.68		2.34
Class K		1,000.00	1,067.20	6.61			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.

Portfolio Information

GEOGRAPHIC ALLOCATION
		Percent of    Total Investments(a)
Country/Geographic Region	Long			Short			Total
United States		24.8	%		22.4	%		47.2%
Japan		10.1			10.3			20.4
United Kingdom		2.8			2.5			5.3
Canada		1.9			2.6			4.5
Australia		1.7			1.6			3.3
Germany		1.3			1.3			2.6
France		1.2			1.1			2.3
Switzerland		0.8			1.1			1.9
Sweden		1.0			0.9			1.9
Other#		5.2			5.4			10.6
		50.8	%		49.2	%		100.0%

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

^#  Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

F U N D   S U M M A R Y 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 Equity Market Neutral Fund shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. Class K Shares performance of BlackRock Advantage Emerging Markets Fund shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

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

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

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

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

Disclosure of Expenses

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

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

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

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

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

10 2 0 2 3   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, 2023 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.9%
BHP Group Ltd.		26,935	$	790,325
Brazil — 6.4%
Ambev SA		267,024		758,062
Ambev SA, ADR		76,049		212,937
BB Seguridade Participacoes SA		21,418		147,330
Cia de Saneamento de Minas Gerais-COPASA		126,498		432,160
Cia Paranaense de Energia, Preference Shares		351,134		564,596
Cogna Educacao(a)		2,055,737		840,792
CPFL Energia SA		30,305		201,353
Fleury SA		195,514		569,161
Porto Seguro SA		5,294		26,673
Qualicorp Consultoria e Corretora de Seguros SA		51,497		40,988
Telefonica Brasil SA		7,450		61,419
Ultrapar Participacoes SA		8,942		25,888
Vale SA		92,009		1,335,549
Vale SA, ADR		11,283		162,588
				5,379,496
China — 31.4%
3SBio, Inc.(b)		295,500		296,080
Alibaba Group Holding Ltd.(a)		258,720		2,735,608
BAIC Motor Corp. Ltd., Class H(b)		626,500		176,322
Baidu, Inc., Class A(a)		67,492		1,015,883
BYD Co. Ltd., Class A		22,500		833,884
BYD Electronic International Co. Ltd.		72,500		219,873
China Construction Bank Corp., Class H		1,617,000		1,081,007
China Life Insurance Co. Ltd., Class H		101,000		194,037
China Merchants Bank Co. Ltd., Class A		49,400		240,466
China Merchants Bank Co. Ltd., Class H		180,500		871,296
China Pacific Insurance Group Co. Ltd., Class H		146,000		436,107
China Yongda Automobiles Services Holdings Ltd.		325,500		218,902
CMOC Group Ltd., Class H		102,000		62,528
Contemporary Amperex Technology Co. Ltd., Class A		16,560		554,228
CSPC Pharmaceutical Group Ltd.		388,000		395,099
Geely Automobile Holdings Ltd.		46,000		57,106
Industrial & Commercial Bank of China Ltd., Class H		1,146,000		616,553
JA Solar Technology Co. Ltd., Class A		81,340		474,651
JD.com, Inc., Class A		47,260		843,489
Keymed Biosciences, Inc.(a)(b)		22,500		179,762
Kuaishou Technology(a)(b)		79,100		523,653
Kunlun Energy Co. Ltd.		242,000		224,336
Kweichow Moutai Co. Ltd., Class A		3,700		942,027
Lenovo Group Ltd.		280,000		286,461
LONGi Green Energy Technology Co. Ltd., Class A		73,600		371,843
Luye Pharma Group Ltd.(a)(b)		110,500		54,347
Meituan, Class B(a)(b)		62,780		1,072,938
MMG Ltd.(a)		536,000		196,125
NetEase, Inc.		68,870		1,226,051
People’s Insurance Co. Group of China Ltd., Class H		464,000		182,491
PetroChina Co. Ltd., Class H		1,131,700		786,118
PICC Property & Casualty Co. Ltd., Class H		40,000		48,378
Ping An Insurance Group Co. of China Ltd., Class H		188,500		1,375,206
RiseSun Real Estate Development Co. Ltd., Class A(a)		1		—
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		247,600		503,364
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		24,000		862,420
Shenzhen Inovance Technology Co. Ltd., Class A		8,400		74,940
Suzhou Maxwell Technologies Co. Ltd., Class A		9,067		360,225
Tencent Holdings Ltd.		94,400		4,192,881
Trip.com Group Ltd.(a)		13,200		469,325
Tsingtao Brewery Co. Ltd., Class H		6,000		63,977

Security	Shares		Value
China (continued)
Uni-President China Holdings Ltd.		80,000	$	79,877
Xiabuxiabu Catering Management China Holdings Co. Ltd.(b)		35,500		27,043
Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H(b)		18,000		35,228
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		48,900		484,464
Zijin Mining Group Co. Ltd., Class H		212,000		358,928
ZTE Corp., Class H		84,400		271,834
				26,577,361
Greece — 0.9%
Hellenic Telecommunications Organization SA		38,284		559,394
OPAP SA		11,276		192,286
				751,680
Hong Kong — 0.6%
China Resources Beer Holdings Co. Ltd.		16,000		123,596
Shougang Fushan Resources Group Ltd.		604,000		205,298
Sun Art Retail Group Ltd.		381,000		165,613
				494,507
India — 11.5%
ACC Ltd.		783		16,923
Adani Enterprises Ltd.		2,038		48,182
Adani Green Energy Ltd.(a)		3,883		45,329
Adani Ports & Special Economic Zone Ltd.		6,293		52,608
Adani Total Gas Ltd.		3,370		39,050
Adani Transmission Ltd.(a)		3,418		43,111
Ambuja Cements Ltd.(a)		7,098		34,516
APL Apollo Tubes Ltd.		35,676		522,681
Cummins India Ltd.		41,341		798,352
Dalmia Bharat Ltd.		3,502		85,689
HDFC Asset Management Co. Ltd.(b)		2,832		61,216
HDFC Bank Ltd.		19,622		405,689
HDFC Bank Ltd., ADR(c)		5,579		389,414
Hindustan Zinc Ltd.		50,981		196,419
Housing Development Finance Corp. Ltd.		20,831		709,751
ICICI Bank Ltd.		98,984		1,116,647
ICICI Bank Ltd., ADR		7,385		168,009
Infosys Ltd.		56,516		871,994
ITC Ltd.		66,921		348,977
Kotak Mahindra Bank Ltd.		36,838		876,746
L&T Technology Services Ltd.(b)		5,430		252,225
Nestle India Ltd.		825		219,779
Polycab India Ltd.		899		35,338
Reliance Industries Ltd.		17,121		508,445
Tata Consultancy Services Ltd.		31,596		1,249,201
Zydus Lifesciences Ltd.		93,418		594,901
				9,691,192
Indonesia — 4.5%
AKR Corporindo Tbk PT		3,499,700		387,332
Bank Central Asia Tbk PT		1,955,600		1,210,225
Bank Mandiri Persero Tbk PT		1,884,400		666,135
Bank Rakyat Indonesia Persero Tbk PT		3,100,100		1,080,320
Perusahaan Gas Negara Tbk PT		4,858,200		475,246
				3,819,258
Kuwait — 0.5%
Kuwait Finance House KSCP		139,614		341,159
National Bank of Kuwait SAKP		35,509		116,577
				457,736

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, 2023 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia — 0.7%
CIMB Group Holdings Bhd		96,100	$	109,181
IHH Healthcare Bhd		199,500		256,730
Petronas Dagangan Bhd		13,900		70,552
Public Bank Bhd		203,000		177,269
				613,732
Mexico — 0.2%
Grupo Mexico SAB de CV, Series B		32,703		160,809
Peru — 0.8%
Southern Copper Corp.		8,910		684,555
Philippines — 0.2%
SM Investments Corp.		9,420		152,646
Qatar — 0.9%
Industries Qatar QSC		42,690		150,179
Ooredoo QPSC		107,444		291,909
Qatar National Bank QPSC		67,618		285,851
				727,939
Russia(d) — 0.0%
Alrosa PJSC(a)		1,407,496		176
LUKOIL PJSC		23,527		3
Novatek PJSC		29,650		4
				183
Saudi Arabia — 3.5%
Al Rajhi Bank		46,025		949,953
Saudi Arabian Mining Co.(a)		16,109		301,348
Saudi Arabian Oil Co.(b)		69,257		667,572
Saudi Basic Industries Corp.		39,652		981,096
Saudi National Bank		7,746		101,664
				3,001,633
South Africa — 1.1%
FirstRand Ltd.		156,922		553,036
Truworths International Ltd.		136,589		406,052
				959,088
South Korea — 8.7%
Celltrion, Inc.		2,829		340,865
CJ Logistics Corp.		4,021		232,249
Green Cross Corp.		2,587		239,707
GS Retail Co. Ltd.		3,972		79,120
Hite Jinro Co. Ltd.		16,264		271,165
Hugel, Inc.(a)		4,086		347,771
Hyundai Mobis Co. Ltd.		3,263		531,413
KCC Corp.		2,284		380,717
Kia Corp.		15,476		980,146
KT Corp.		9,608		215,630
KT Corp., ADR		20,478		231,401
Samsung Electronics Co. Ltd.		55,160		2,714,097
SK Telecom Co. Ltd.		16,540		589,378
SK Telecom Co. Ltd., ADR		9,854		194,715
				7,348,374
Taiwan — 15.0%
Accton Technology Corp.		45,000		439,600
Arcadyan Technology Corp.		127,000		416,982
Chroma ATE, Inc.		87,000		540,070
Chunghwa Telecom Co. Ltd.		46,000		190,340

Security	Shares		Value
Taiwan (continued)
Chunghwa Telecom Co. Ltd., ADR		7,555	$	311,417
Delta Electronics, Inc.		30,000		293,879
Elan Microelectronics Corp.		14,000		43,122
Hon Hai Precision Industry Co. Ltd.		326,000		1,110,861
Makalot Industrial Co. Ltd.		108,000		784,377
MediaTek, Inc.		36,000		782,778
Mega Financial Holding Co. Ltd.		99,000		109,834
PCL Technologies, Inc.		41,000		143,250
Poya International Co. Ltd.		41,000		767,399
President Chain Store Corp.		14,000		123,339
Primax Electronics Ltd.		221,000		432,497
Sercomm Corp.		44,000		117,982
Simplo Technology Co. Ltd.		37,000		371,427
Sino-American Silicon Products, Inc.		66,000		318,095
Taiwan Cooperative Financial Holding Co. Ltd.		224,000		195,254
Taiwan Semiconductor Manufacturing Co. Ltd.		268,000		4,388,659
Teco Electric and Machinery Co. Ltd.		18,000		25,913
Wistron Corp.		70,000		105,879
Wistron NeWeb Corp.		235,000		708,840
				12,721,794
Thailand — 2.8%
Bangchak Corp. PCL, NVDR		434,900		386,862
Bangkok Dusit Medical Services PCL, NVDR		1,050,000		902,024
Bumrungrad Hospital PCL, NVDR		6,000		41,819
Mega Lifesciences PCL, NVDR		17,100		20,576
PTT Exploration & Production PCL, NVDR		198,200		862,378
Tisco Financial Group PCL, NVDR		44,000		116,421
				2,330,080
Turkey — 0.6%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		33,204		107,535
Migros Ticaret A/S		41,668		373,854
				481,389
United Arab Emirates — 0.3%
Emirates NBD Bank PJSC		59,474		228,754
First Abu Dhabi Bank PJSC		12,993		50,241
				278,995
United Kingdom — 0.9%
Anglo American PLC		25,753		791,441
United States — 0.7%
Genpact Ltd.		13,790		614,345
Total Common Stocks — 93.1% (Cost: $78,539,036)				78,828,558

12 2 0 2 3   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, 2023 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities
Preferred Stocks — 1.1%
Brazil — 1.1%
Cia Energetica de Minas Gerais, Preference Shares		83,538	$	206,844
Usinas Siderurgicas de Minas Gerais SA Usiminas, Preference A Shares		474,169		684,473
				891,317
Total Preferred Securities — 1.1% (Cost: $817,944)				891,317
Total Long-Term Investments — 94.2% (Cost: $79,356,980)				79,719,875
Short-Term Securities
Money Market Funds — 5.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.72%(e)(f)		4,592,936		4,592,936
SL Liquidity Series, LLC, Money Market Series, 5.02%(e)(f)(g)		8,989		8,990
Total Short-Term Securities — 5.4% (Cost: $4,601,920)				4,601,926
Total Investments — 99.6% (Cost: $83,958,900)				84,321,801
Other Assets Less Liabilities — 0.4%				314,239
Net Assets — 100.0%			$	84,636,040

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

Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	7,133,591	$	—	$	(2,540,655	)(a)	$	—		$	—	$	4,592,936		4,592,936	$	131,469		$	—
SL Liquidity Series, LLC, Money Market Series		254,881		—		(245,978	)(a)		81			6		8,990		8,989		5,000	(b)		—
								$	81		$	6	$	4,601,926			$	136,469		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		91		06/16/23	$	4,478	$	85,782

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, 2023 BlackRock Advantage Emerging Markets Fund

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	85,782	$	—	$	—	$	—	$	85,782

^(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(1,796,119	)	$	—	$	—	$	—	$	(1,796,119	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	468,819		$	—	$	—	$	—	$	468,819

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,934,900

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
Australia	$	—	$	790,325	$	—	$	790,325
Brazil		5,379,496		—		—		5,379,496
China		—		26,577,361		—		26,577,361
Greece		—		751,680		—		751,680
Hong Kong		—		494,507		—		494,507
India		557,423		9,133,769		—		9,691,192
Indonesia		—		3,819,258		—		3,819,258
Kuwait		—		457,736		—		457,736
Malaysia		70,552		543,180		—		613,732
Mexico		160,809		—		—		160,809
Peru		684,555		—		—		684,555
Philippines		—		152,646		—		152,646
Qatar		—		727,939		—		727,939
Russia		—		—		183		183
Saudi Arabia		—		3,001,633		—		3,001,633
South Africa		406,052		553,036		—		959,088
South Korea		426,116		6,922,258		—		7,348,374
Taiwan		311,417		12,410,377		—		12,721,794

14 2 0 2 3   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, 2023 BlackRock Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Thailand	$	—	$	2,330,080	$	—	$	2,330,080
Turkey		—		481,389		—		481,389
United Arab Emirates		—		278,995		—		278,995
United Kingdom		—		791,441		—		791,441
United States		614,345		—		—		614,345
Preferred Securities
Preferred Stocks		891,317		—		—		891,317
Short-Term Securities
Money Market Funds		4,592,936		—		—		4,592,936
	$	14,095,018	$	70,217,610	$	183		84,312,811
Investments Valued at NAV(a)								8,990
							$	84,321,801
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	85,782	$	—	$	—	$	85,782

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

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

See notes to financial statements.

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  April 30, 2023 BlackRock Global Equity Market Neutral Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
United States — 0.0%
Palantir Technologies, Inc., Class A(a)		4	$	31
Total Common Stocks — 0.0% (Cost: $25)				31
Preferred Securities
Preferred Stocks — 0.5%(b)
United States — 0.5%
AliphCom, Inc.
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		3,467,804
				3,467,812
Total Preferred Securities — 0.5% (Cost: $3,250,010)				3,467,812
	Par (000)
U.S. Treasury Obligations
U.S. Treasury Floating Rate Notes(d)
(3-mo. Treasury money market yield + 0.14%), 5.27%, 10/31/24	$	34,540		34,579,489
(3-mo. Treasury money market yield + 0.20%), 5.33%, 01/31/25		20,175		20,214,233
Total U.S. Treasury Obligations — 7.6% (Cost: $54,695,692)				54,793,722
Total Long-Term Investments — 8.1% (Cost: $57,945,727)				58,261,565
	Shares
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.72%(e)(f)		1,420,426		1,420,426
	Par (000)
U.S. Treasury Obligations — 85.8%
U.S. Treasury Bills(g)
4.67%, 05/02/23	$	35,000		34,995,960
4.68%, 05/02/23 - 05/11/23		64,000		63,990,525
4.71%, 05/04/23 - 06/20/23		89,000		88,747,211
4.64%, 05/09/23		12,000		11,989,013

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
U.S. Treasury Bills(g) (continued)
4.75%, 05/09/23 - 05/23/23	$	23,000	$	22,965,918
4.26%, 05/11/23 - 05/18/23		13,500		13,473,624
4.69%, 05/11/23		2,000		1,997,681
4.74%, 05/11/23		1,500		1,498,260
4.76%, 05/11/23		25,000		24,971,007
4.27%, 05/16/23		55,000		54,903,349
4.45%, 05/16/23		2,750		2,745,167
4.54%, 05/16/23		33,970		33,910,305
2.16%, 05/18/23		2,080		2,075,730
4.48%, 05/18/23		1,000		997,947
4.44%, 05/23/23		4,285		4,274,101
4.59%, 05/23/23		2,000		1,994,913
4.29%, 05/25/23(h)		1,000		997,169
4.70%, 05/30/23(h)		100,000		99,668,715
4.80%, 06/01/23		2,000		1,992,633
4.85%, 06/01/23		10,000		9,963,166
4.96%, 07/06/23		8,595		8,517,394
4.98%, 07/06/23		8,905		8,824,595
4.89%, 08/08/23		13,900		13,709,401
4.90%, 08/08/23		26,965		26,595,251
5.14%, 08/29/23		27,850		27,389,011
4.57%, 11/30/23		1,335		1,300,193
U.S. Treasury Floating Rate Notes(d)
(3-mo. Treasury money market yield + -0.02%), 5.12%, 01/31/24		20,365		20,368,314
(3-mo. Treasury money market yield + -0.08%), 5.06%, 04/30/24		4,885		4,881,351
U.S. Treasury Notes
0.13%, 05/15/23 - 05/31/23		19,025		18,990,785
1.75%, 05/15/23		5,485		5,478,927
				614,207,616
Total Short-Term Securities — 86.0% (Cost: $615,475,836)				615,628,042
Total Investments — 94.1% (Cost: $673,421,563)				673,889,607
Other Assets Less Liabilities — 5.9%				42,278,989
Net Assets — 100.0%			$	716,168,596

^(a) Non-income producing security.

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

^(c) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,467,804, representing 0.5% of its net assets as of period end, and an original cost of $1,500,001.

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

^(e) Affiliate of the Fund.

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

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

^(h) When-issued security.

16 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	36,355,831	$	—	$	(34,935,405	)(a)	$	—	$	—	$	1,420,426		1,420,426	$	440,621	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		35		06/16/23	$	7,330	$	247

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)		Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly		Bank of America N.A.(b)		02/15/28	$	158,409		$	(985,179	)(c)	$	(670,259	)		76.9	%
	Monthly		Bank of America N.A.(d)		02/15/28		(187,542	)		(596,336	)(e)		(735,397	)		47.9
	Monthly		BNP Paribas SA(f)		03/21/25 – 04/14/25		(2,443,073	)		2,183,099	(g)		(105,984	)		99.3
	Monthly		BNP Paribas SA(h)		03/17/25 – 04/17/25		175,164			(34,626	)(i)		141,392			1.4
	Monthly		Goldman Sachs Bank USA(j)		06/12/23 – 08/19/26		437,216			(1,432,026	)(k)		(1,159,224	)		94.1
	Monthly		Goldman Sachs Bank USA(l)		07/03/23 – 08/19/26		(1,840,532	)		1,724,502	(m)		50,570			111.2
	Monthly		UBS AG(n)		04/03/28 – 04/24/28		(491,732	)		(43,734	)(o)		(459,101	)		65.5
	Monthly		UBS AG(p)		04/03/28 – 04/24/28		171,971			717	(q)		174,402			1.0
									$	816,417		$	(2,763,601	)

^(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 $(156,511) of net dividends and financing fees.

^(e)  Amount includes $(48,481) of net dividends and financing fees.

^(g)  Amount includes $(153,990) of net dividends and financing fees.

⁽ⁱ⁾  Amount includes $(854) of net dividends and financing fees.

^(k)  Amount includes $164,414 of net dividends and financing fees.

^(m)  Amount includes $(166,600) of net dividends and financing fees.

^(o)  Amount includes $(76,365) of net dividends and financing fees.

^(q)  Amount includes $(1,714) 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:

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, 2023 BlackRock Global Equity Market Neutral Fund

OTC Total Return Swaps (continued)
Range: Benchmarks:	(b) 0 basis points AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) Bank of Canada Overnight Rate Target (CABROVER) CHF - Swiss Average Rate O/N (SSARON) DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - 1W Norway Interbank Offer Rate (NIBOR) NZD - 1M New Zealand Bank Bill Rate (BBR) SEK - 1W Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)	(d) 0 basis points AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) Bank of Canada Overnight Rate Target (CABROVER) CHF - Swiss Average Rate O/N (SSARON) DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - 1W Norway Interbank Offer Rate (NIBOR) NZD - 1M New Zealand Bank Bill Rate (BBR) SEK - 1W Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)	(f) 0-500 basis points AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) Bank of Canada Overnight Rate Target (CABROVER) CHF - Swiss Average Rate O/N (SSARON) DKK - Annualized Overnight Deposit MID Rate EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO) SEK - 1W Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)
	(h)	(j)	(l)
	15-570 basis points	0-1414 basis points	10-167 basis points
	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) Bank of Canada Overnight Rate Target (CABROVER) CHF - Swiss Average Rate O/N (SSARON) DKK - Danish Tom/Next Reference Rate (DETNT/N) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) CHF - Swiss Average Rate O/N (SSARON) DKK - Danish Tom/Next Reference Rate (DETNT/N) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO) SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) CHF - Swiss Average Rate O/N (SSARON) DKK - Danish Tom/Next Reference Rate (DETNT/N) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO) SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)

18 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

OTC Total Return Swaps (continued)
	(n)	(p)
	0 basis points	0 basis points
	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) NZD - 1M New Zealand Bank Bill Rate (BBR) SEK - TN Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) SEK - TN Stockholm Interbank Offer Rate (STIBOR) USD - 1D Overnight Fed Funds Effective Rate (FEDL01)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination date 02/15/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Abacus Property Group		13,324	$	23,608		(3.5	)%
Accent Group Ltd.		109,069		184,702		(27.6	)
Arena REIT		29,580		73,584		(11.0	)
Australian Ethical Investment Ltd.		56,549		122,130		(18.2	)
Charter Hall Long Wale REIT		21,546		62,413		(9.3	)
Charter Hall Retail REIT		407,925		1,050,751		(156.8	)
Charter Hall Social Infrastructure REIT		89,779		180,726		(27.0	)
Clinuvel Pharmaceuticals Ltd.		12,014		161,780		(24.1	)
Codan Ltd.		2,235		10,864		(1.6	)
Credit Corp. Group Ltd.		22,689		273,389		(40.8	)
Eagers Automotive Ltd.		28,547		269,765		(40.2	)
Elders Ltd.		17,528		94,437		(14.1	)
GrainCorp Ltd.		24,217		109,797		(16.4	)
Growthpoint Properties Australia Ltd.		120,216		260,760		(38.9	)
Imdex Ltd.		122,844		169,870		(25.3	)
Johns Lyng Group Ltd.		12,510		56,440		(8.4	)
Jumbo Interactive Ltd.		24,304		211,558		(31.6	)
Karoon Energy Ltd.		20,979		30,010		(4.5	)
Lifestyle Communities Ltd.		6,959		78,843		(11.8	)
Lovisa Holdings Ltd.		12,498		221,880		(33.1	)
McMillan Shakespeare Ltd.		2,503		25,586		(3.8	)
Nanosonics Ltd.		117,537		448,067		(66.9	)
National Storage REIT		252,349		420,592		(62.8	)
Netwealth Group Ltd.		19,615		178,359		(26.6	)
Nick Scali Ltd.		31,779		205,823		(30.7	)
Objective Corp. Ltd.		8,957		76,729		(11.4	)
oOh!media Ltd.		272,912		299,219		(44.6	)

Security	Shares		Value		% of Basket Value
Australia (continued)
Perenti Ltd.		530,538	$	406,846		(60.7	)%
Perseus Mining Ltd.		247,408		365,897		(54.6	)
Pinnacle Investment Management Group Ltd.		11,170		61,554		(9.2	)
PolyNovo Ltd.		26,714		29,042		(4.3	)
Premier Investments Ltd.		16,071		279,882		(41.8	)
PWR Holdings Ltd.		16,694		111,588		(16.6	)
Ramelius Resources Ltd.		208,733		182,288		(27.2	)
Regis Resources Ltd., Registered Shares		219,175		310,328		(46.3	)
Silver Lake Resources Ltd.		253,750		214,059		(31.9	)
SmartGroup Corp. Ltd.		1,915		8,577		(1.3	)
SolGold PLC		180,556		42,656		(6.4	)
Technology One Ltd.		80,172		808,833		(120.7	)
Ventia Services Group Pty Ltd.		138,544		241,459		(36.0	)
Viva Energy Group Ltd.		128,145		265,054		(39.5	)
Waypoint REIT Ltd.		219,248		381,041		(56.8	)
West African Resources Ltd.		58,525		37,891		(5.7	)
				9,048,677
Austria
Immofinanz AG		11,262		183,213		(27.3	)
Palfinger AG		2,064		67,566		(10.1	)
Porr AG		976		14,841		(2.2	)
Schoeller-Bleckmann Oilfield Equipment AG		1,335		83,479		(12.5	)
UNIQA Insurance Group AG		10,888		97,265		(14.5	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		16,036		469,770		(70.1	)
				916,134
Belgium
Barco NV		22,052		641,170		(95.7	)
Econocom Group SA/NV		5,297		18,102		(2.7	)
Etablissements Franz Colruyt NV		7,917		218,950		(32.7	)
Euronav NV		25,507		434,967		(64.9	)
Exmar NV		11,809		153,910		(23.0	)
Fagron		26,228		485,372		(72.4	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Belgium (continued)
Ion Beam Applications		1,813	$	33,058		(4.9	)%
Melexis NV		9,130		866,246		(129.2	)
Montea NV		1,327		115,769		(17.3	)
Shurgard Self Storage Ltd.		4,213		216,903		(32.4	)
Telenet Group Holding NV		1,485		34,464		(5.1	)
				3,218,911
Brazil
ERO Copper Corp.		1,535		30,036		(4.5	)
Canada
Advantage Energy Ltd.		5,015		28,024		(4.2	)
Aecon Group, Inc.		39,075		362,889		(54.1	)
Altius Minerals Corp.		24,897		387,999		(57.9	)
Artis Real Estate Investment Trust		22,615		116,750		(17.4	)
Badger Infrastructure Solutions Ltd.		372		8,100		(1.2	)
Boardwalk Real Estate Investment Trust		3,587		152,552		(22.8	)
Boyd Group Services, Inc.		160		26,594		(4.0	)
Canaccord Genuity Group, Inc.		35,497		281,416		(42.0	)
Canada Goose Holdings, Inc.		10,886		212,035		(31.6	)
Cardinal Energy Ltd.		26,255		140,535		(21.0	)
Celestica, Inc.		22,489		242,316		(36.1	)
Centerra Gold, Inc.		33,431		224,501		(33.5	)
Cogeco Communications, Inc.		4,693		225,965		(33.7	)
Crew Energy, Inc.		11,169		37,676		(5.6	)
Crombie Real Estate Investment Trust		8,012		90,599		(13.5	)
CT Real Estate Investment Trust		3,545		41,827		(6.2	)
Dream Unlimited Corp.		3,005		49,774		(7.4	)
Dundee Precious Metals, Inc.		35,753		260,603		(38.9	)
ECN Capital Corp.		27,448		63,615		(9.5	)
Evertz Technologies Ltd.		7,733		67,281		(10.0	)
Fortuna Silver Mines, Inc.		72,356		269,584		(40.2	)
H&R Real Estate Investment Trust		22,356		192,634		(28.7	)
Hudbay Minerals, Inc.		78,014		388,361		(57.9	)
IAMGOLD Corp.		22,569		64,220		(9.6	)
Interfor Corp.		3,793		59,116		(8.8	)
Kelt Exploration Ltd.		24,947		90,548		(13.5	)
Knight Therapeutics, Inc.		4,409		14,544		(2.2	)
Laurentian Bank of Canada		4,022		95,023		(14.2	)
Lundin Gold, Inc.		17,036		214,651		(32.0	)
Morguard North American Residential Real Estate Investment Trust		866		10,803		(1.6	)
Mullen Group Ltd.		9,669		106,436		(15.9	)
New Gold, Inc.		115,535		147,416		(22.0	)
NFI Group, Inc.		2,145		12,450		(1.9	)
Novagold Resources, Inc.		65,723		353,729		(52.8	)
Pason Systems, Inc.		29,110		251,920		(37.6	)
PrairieSky Royalty Ltd.		35,659		559,185		(83.4	)
Precision Drilling Corp.		7,329		362,669		(54.1	)
Richelieu Hardware Ltd.		15,392		459,907		(68.6	)
Rogers Sugar, Inc.		13,377		61,519		(9.2	)
Russel Metals, Inc.		9,181		232,288		(34.7	)
Savaria Corp.		17,027		207,561		(31.0	)
Secure Energy Services, Inc.		40,601		187,800		(28.0	)
Silvercorp Metals, Inc.		19,003		69,135		(10.3	)
Slate Grocery REIT		23,044		223,924		(33.4	)
Sleep Country Canada Holdings, Inc.		10,879		187,591		(28.0	)
SmartCentres Real Estate Investment Trust		5,736		110,122		(16.4	)
SunOpta, Inc.		27,048		227,588		(34.0	)
Superior Plus Corp.		7,419		54,648		(8.2	)
Taseko Mines Ltd.		169,063		276,428		(41.2	)

Security	Shares		Value		% of Basket Value
Canada (continued)
Topaz Energy Corp.		20,619	$	293,516		(43.8	)%
Torex Gold Resources, Inc.		16,155		263,355		(39.3	)
TransAlta Renewables, Inc.		48,168		446,903		(66.7	)
Trican Well Service Ltd.		2,856		6,639		(1.0	)
				9,523,264
China
Health & Happiness H&H International Holdings Ltd.		126,500		216,620		(32.3	)
Denmark
Dfds A/S		3,811		152,836		(22.8	)
H Lundbeck A/S, A Shares		2,159		10,804		(1.6	)
NKT A/S		3,488		182,527		(27.3	)
Scandinavian Tobacco Group A/S		11,326		220,272		(32.9	)
Schouw & Co. A/S		477		40,431		(6.0	)
SimCorp A/S		572		61,808		(9.2	)
Sydbank AS		3,805		169,053		(25.2	)
				837,731
Egypt
Centamin PLC		278,754		356,980		(53.3	)
Faeroe Islands
Bakkafrost P/F		1,382		100,473		(15.0	)
Finland
Cargotec OYJ, B Shares		3,181		175,071		(26.1	)
Citycon OYJ		102,372		770,178		(114.9	)
Finnair OYJ		79,514		46,364		(6.9	)
Kemira OYJ		24,412		426,261		(63.6	)
Nokian Renkaat OYJ		22,823		221,400		(33.1	)
Revenio Group OYJ		3,024		113,120		(16.9	)
YIT OYJ		24,487		63,129		(9.4	)
				1,815,523
France
Atos SE		20,810		287,379		(42.9	)
Believe SA		2,838		33,664		(5.0	)
Cie des Alpes		3,840		60,652		(9.0	)
Cie Plastic Omnium SA		23,224		409,388		(61.1	)
Esker SA		796		120,659		(18.0	)
Etablissements Maurel et Prom SA		10,949		41,603		(6.2	)
Eutelsat Communications SA		22,522		149,037		(22.2	)
Interparfums SA		1,361		107,622		(16.1	)
IPSOS		5,721		308,824		(46.1	)
Kaufman & Broad SA		2,393		77,531		(11.6	)
Korian SA		25,766		222,654		(33.2	)
Mercialys SA		16,952		169,728		(25.3	)
Mersen SA		3,180		127,696		(19.1	)
Rubis SCA		3,873		113,972		(17.0	)
SES-imagotag SA		1,405		223,920		(33.4	)
SMCP SA		21,395		188,571		(28.1	)
Television Francaise 1		87,746		703,653		(105.0	)
Verallia SA		7,824		316,151		(47.2	)
Vicat SA		7,966		231,306		(34.5	)
Vilmorin & Cie SA		561		26,402		(3.9	)
Wavestone		325		16,643		(2.5	)
				3,937,055
Germany
1&1 AG		8,586		99,760		(14.9	)
Adesso SE		908		135,558		(20.2	)
Atoss Software AG		2,432		485,840		(72.5	)

20 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Germany (continued)
AURELIUS Equity Opportunities SE & Co. KGaA		6,703	$	123,537		(18.4	)%
Bank of Georgia Group PLC		9,676		355,439		(53.0	)
Bilfinger SE		10,590		456,241		(68.1	)
CropEnergies AG		4,065		46,870		(7.0	)
Datagroup SE		179		13,099		(2.0	)
Deutsche Pfandbriefbank AG		50,438		463,165		(69.1	)
Deutz AG		65,537		433,787		(64.7	)
Duerr AG		16,972		586,310		(87.5	)
Eckert & Ziegler Strahlen- und Medizintechnik AG		405		20,856		(3.1	)
Elmos Semiconductor SE		2,069		155,647		(23.2	)
ElringKlinger AG		12,569		140,682		(21.0	)
GFT Technologies SE		2,499		98,264		(14.7	)
Grand City Properties SA		26,985		224,394		(33.5	)
Heidelberger Druckmaschinen AG		92,748		191,510		(28.6	)
Hornbach Holding AG & Co. KGaA		759		64,215		(9.6	)
Krones AG		4,553		595,894		(88.9	)
Nagarro SE		420		45,023		(6.7	)
Orion Engineered Carbons SA		6,515		157,728		(23.5	)
Pfeiffer Vacuum Technology AG		582		96,727		(14.4	)
Siltronic AG		1,124		80,636		(12.0	)
Stabilus SE		971		63,166		(9.4	)
Steico SE		1,047		51,921		(7.8	)
TAG Immobilien AG		52,536		447,944		(66.8	)
TBC Bank Group PLC		1,109		32,413		(4.8	)
Vitesco Technologies Group AG		4,144		282,489		(42.2	)
				5,949,115
Guatemala
Millicom International Cellular SA, SDR		4,509		80,323		(12.0	)
Hong Kong
Cowell e Holdings, Inc.		5,000		9,671		(1.5	)
HKBN Ltd.		38,500		27,167		(4.1	)
Melco Resorts & Entertainment Ltd., ADR		9,502		129,607		(19.3	)
Nissin Foods Co. Ltd.		79,000		70,572		(10.5	)
United Laboratories International Holdings Ltd.		92,000		74,488		(11.1)
				311,505
Indonesia
Bumitama Agri Ltd.		66,900		28,818		(4.3	)
First Resources Ltd.		109,400		125,732		(18.8	)
Golden Agri-Resources Ltd.		151,400		31,215		(4.6	)
				185,765
Iraq
Gulf Keystone Petroleum Ltd.		24,923		41,902		(6.3	)
Ireland
Cimpress PLC		2,194		113,978		(17.0	)
Dalata Hotel Group PLC		85,174		426,319		(63.6	)
				540,297
Israel
Cellcom Israel Ltd.		12,857		45,893		(6.8	)
Kornit Digital Ltd.		10,306		188,188		(28.1	)
Plus500 Ltd.		20,508		423,434		(63.2	)
Radware Ltd.		488		9,833		(1.5	)
Taboola.com Ltd.		16,559		38,251		(5.7	)
				705,599
Italy
Banca Popolare di Sondrio SPA		67,419		305,025		(45.5	)
Biesse SpA		3,671		55,842		(8.3	)
Brembo SpA		6,730		98,458		(14.7	)

Security	Shares		Value		% of Basket Value
Italy (continued)
Brunello Cucinelli SpA		379	$	36,124		(5.4	)%
Danieli & C Officine Meccaniche SpA		2,414		62,536		(9.3	)
Datalogic SpA		11,059		91,432		(13.6	)
Iren SpA		85,663		184,333		(27.5	)
Maire Tecnimont SpA		26,261		112,215		(16.8	)
MFE-MediaForEurope NV		38,641		28,332		(4.2	)
OVS SpA		8,069		24,152		(3.6	)
Pharmanutra SpA		719		39,716		(5.9	)
Piaggio & C SpA		46,348		189,844		(28.3	)
RAI Way SpA		4,736		30,206		(4.5	)
Sanlorenzo SpA/Ameglia		3,067		137,038		(20.5	)
Sesa SpA		1,564		190,830		(28.5	)
Tod’s SpA		1,540		64,807		(9.7	)
Unipol Gruppo SpA		32,173		180,095		(26.9	)
Webuild SpA		165,414		354,108		(52.8	)
Wiit SpA		1,686		36,535		(5.5	)
				2,221,628
Japan
77 Bank Ltd.		14,600		242,075		(36.1	)
Aeon Delight Co. Ltd.		14,300		323,192		(48.2	)
Aichi Corp.		25,400		160,426		(23.9	)
Aida Engineering Ltd.		13,300		85,446		(12.7	)
Alpen Co. Ltd.		13,700		213,651		(31.9	)
Anicom Holdings, Inc.		21,700		86,190		(12.9	)
Arata Corp.		1,500		49,705		(7.4	)
Autobacs Seven Co. Ltd.		6,800		78,851		(11.8	)
Avex, Inc.		4,300		50,243		(7.5	)
Bell System24 Holdings, Inc.		28,200		295,716		(44.1	)
Belluna Co. Ltd.		3,500		19,579		(2.9	)
Bunka Shutter Co. Ltd.		33,100		287,508		(42.9	)
Central Glass Co. Ltd.		24,800		546,473		(81.5	)
Chugoku Marine Paints Ltd.		5,700		50,767		(7.6	)
Citizen Watch Co. Ltd.		42,400		239,314		(35.7	)
CKD Corp.		13,500		209,747		(31.3	)
Comture Corp.		4,800		72,248		(10.8	)
Create SD Holdings Co. Ltd.		18,700		462,810		(69.0	)
Curves Holdings Co. Ltd.		6,800		40,455		(6.0	)
Daihen Corp.		5,000		167,958		(25.1	)
Daiken Corp.		8,600		150,773		(22.5	)
Daiseki Co. Ltd.		7,600		221,606		(33.1	)
Digital Arts, Inc.		13,900		527,628		(78.7	)
Digital Garage, Inc.		9,800		352,418		(52.6	)
dip Corp.		30,800		775,737		(115.7	)
Doutor Nichires Holdings Co. Ltd.		11,400		183,426		(27.4	)
DTS Corp.		1,200		29,088		(4.3	)
DyDo Group Holdings, Inc.		2,500		95,317		(14.2	)
eGuarantee, Inc.		19,200		304,516		(45.4	)
Eiken Chemical Co. Ltd.		26,400		312,880		(46.7	)
Eizo Corp.		3,900		130,387		(19.5	)
Elan Corp.		45,700		348,953		(52.1	)
Elecom Co. Ltd.		53,600		518,735		(77.4	)
euglena Co. Ltd.		25,300		169,053		(25.2	)
FCC Co. Ltd.		17,600		231,270		(34.5	)
Financial Partners Group Co. Ltd.		59,700		496,618		(74.1	)
Fuji Co. Ltd.		19,200		255,694		(38.1	)
Fuji Corp.		18,800		321,540		(48.0	)
Fujimi, Inc.		1,500		79,275		(11.8	)
Fujimori Kogyo Co. Ltd.		1,500		35,549		(5.3	)
Fukuoka REIT Corp.		223		273,281		(40.8	)
Fullcast Holdings Co., Ltd.		12,000		222,208		(33.2	)
Funai Soken Holdings, Inc.		29,500		576,775		(86.1	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Future Corp.		2,400	$	31,369		(4.7	)%
Geo Holdings Corp.		18,500		228,283		(34.1	)
Giken Ltd.		12,000		192,399		(28.7	)
GNI Group Ltd.		28,900		222,254		(33.2	)
Goldcrest Co. Ltd.		9,200		125,734		(18.8	)
Gree, Inc.		16,000		84,554		(12.6	)
G-Tekt Corp.		22,100		246,807		(36.8	)
Gunma Bank Ltd.		49,600		173,223		(25.8	)
H2O Retailing Corp.		55,300		668,578		(99.7	)
Halows Co. Ltd.		4,500		108,839		(16.2	)
Hankyu Hanshin REIT, Inc.		79		86,358		(12.9	)
Hanwa Co. Ltd.		1,800		56,852		(8.5	)
Heiwa Real Estate Co. Ltd.		9,400		274,340		(40.9	)
Hiday Hidaka Corp.		18,900		324,450		(48.4	)
Hioki EE Corp.		800		54,399		(8.1	)
Hitachi Zosen Corp.		49,000		310,137		(46.3	)
Hogy Medical Co. Ltd.		8,600		219,686		(32.8	)
Hokkoku Financial Holdings, Inc.		1,900		67,655		(10.1	)
Hosiden Corp.		10,000		130,650		(19.5	)
Ichigo, Inc.		302,200		589,843		(88.0	)
IDOM, Inc.		2,500		15,750		(2.3	)
Inaba Denki Sangyo Co. Ltd.		3,700		84,293		(12.6	)
Infocom Corp.		7,600		128,981		(19.2	)
Infomart Corp.		132,300		289,975		(43.3	)
JAC Recruitment Co. Ltd.		30,000		572,066		(85.3	)
JAFCO Group Co. ltd.		73,500		957,050		(142.8	)
Japan Elevator Service Holdings Co. Ltd.		12,400		188,228		(28.1	)
Japan Lifeline Co. Ltd.		4,700		32,974		(4.9	)
Japan Material Co. Ltd.		4,100		62,762		(9.4	)
Japan Securities Finance Co. Ltd.		5,000		38,477		(5.7	)
JCU Corp.		24,900		599,956		(89.5	)
JINS Holdings, Inc.		22,600		496,879		(74.1	)
Kaga Electronics Co. Ltd.		4,500		162,857		(24.3	)
Kanematsu Corp.		22,400		297,332		(44.4	)
Kato Sangyo Co. Ltd.		3,500		94,900		(14.2	)
KeePer Technical Laboratory Co. Ltd.		5,500		208,535		(31.1	)
Keihanshin Building Co. Ltd.		29,100		279,797		(41.7	)
KFC Holdings Japan Ltd.		11,300		245,247		(36.6	)
Kintetsu Department Store Co. Ltd.		6,700		124,716		(18.6	)
Kissei Pharmaceutical Co. Ltd.		11,800		243,745		(36.4	)
Kitz Corp.		7,300		50,906		(7.6	)
KOMEDA Holdings Co. Ltd.		24,900		479,563		(71.5	)
Konoike Transport Co. Ltd.		23,500		282,066		(42.1	)
Koshidaka Holdings Co. Ltd.		22,500		194,370		(29.0	)
Kumiai Chemical Industry Co. Ltd.		38,400		260,666		(38.9	)
Kureha Corp.		9,600		607,364		(90.6	)
Kyokuto Kaihatsu Kogyo Co. Ltd.		24,400		313,765		(46.8	)
Kyorin Pharmaceutical Co. Ltd.		5,000		65,633		(9.8	)
Kyoritsu Maintenance Co. Ltd.		14,000		576,510		(86.0	)
Life Corp.		11,000		237,990		(35.5	)
Link And Motivation, Inc.		54,600		199,957		(29.8	)
M&A Capital Partners Co. Ltd.		3,900		112,340		(16.8	)
Maeda Kosen Co. Ltd.		9,400		229,464		(34.2	)
Mandom Corp.		51,100		619,696		(92.5	)
Maruzen Showa Unyu Co. Ltd.		1,800		45,954		(6.9	)
Max Co. Ltd.		5,900		96,113		(14.3	)
MCJ Co. Ltd.		2,000		14,112		(2.1	)
Megmilk Snow Brand Co. Ltd.		9,000		131,601		(19.6	)
Meidensha Corp.		10,500		145,481		(21.7	)
Meitec Corp.		38,400		662,119		(98.8	)
METAWATER Co. Ltd.		36,900		496,280		(74.0	)
Mie Kotsu Group Holdings, Inc.		2,200		9,699		(1.4	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Milbon Co. Ltd.		1,100	$	47,293		(7.1	)%
Mimasu Semiconductor Industry Co. Ltd.		5,500		108,498		(16.2	)
Mitsubishi Pencil Co. Ltd.		11,300		150,710		(22.5	)
Mitsubishi Shokuhin Co. Ltd.		22,100		581,994		(86.8	)
Mitsui DM Sugar Holdings Co. Ltd.		14,700		251,334		(37.5	)
Mitsui-Soko Holdings Co. Ltd.		2,800		83,841		(12.5	)
MIXI, Inc.		7,400		159,560		(23.8	)
Mizuho Leasing Co. Ltd.		8,800		251,434		(37.5	)
Mizuno Corp.		2,400		61,072		(9.1	)
Mochida Pharmaceutical Co. Ltd.		4,300		112,709		(16.8	)
Modec, Inc.		9,500		105,124		(15.7	)
Monogatari Corp.		11,900		255,084		(38.1	)
Morita Holdings Corp.		10,900		117,100		(17.5	)
MOS Food Services, Inc.		37,700		883,629		(131.8	)
Nakanishi, Inc.		36,000		695,732		(103.8	)
Nichias Corp.		14,700		303,090		(45.2	)
Nichicon Corp.		38,100		368,425		(55.0	)
Nichiden Corp.		4,700		71,049		(10.6	)
Nippn Corp.		6,100		80,850		(12.1	)
Nippon Ceramic Co. Ltd.		16,000		326,669		(48.7	)
Nippon Gas Co. Ltd.		44,200		631,843		(94.3	)
Nippon Light Metal Holdings Co. Ltd.		10,300		110,099		(16.4	)
Nippon Paper Industries Co. Ltd.		48,900		399,545		(59.6	)
Nippon Parking Development Co. Ltd.		113,400		199,356		(29.7	)
Nippon REIT Investment Corp.		219		523,884		(78.2	)
Nippon Road Co. Ltd.		2,000		120,785		(18.0	)
Nippon Seiki Co. Ltd.		31,600		205,113		(30.6	)
Nippon Soda Co. Ltd.		7,900		277,907		(41.5	)
Nishi-Nippon Financial Holdings, Inc.		59,300		503,832		(75.2	)
Nissan Shatai Co. Ltd.		40,000		280,128		(41.8	)
Nisshin Oillio Group Ltd.		6,300		160,524		(23.9	)
Nisshinbo Holdings, Inc.		13,900		109,135		(16.3	)
Nissui Corp.		86,400		385,269		(57.5	)
Nittetsu Mining Co. Ltd.		4,100		113,131		(16.9	)
Nitto Boseki Co. Ltd.		21,200		302,031		(45.1	)
Nohmi Bosai Ltd.		4,500		59,180		(8.8	)
Nomura Co. Ltd.		24,400		172,283		(25.7	)
Noritsu Koki Co. Ltd.		20,400		342,053		(51.0	)
NSD Co. Ltd.		28,000		525,382		(78.4	)
NTN Corp.		120,000		302,242		(45.1	)
Obara Group, Inc.		3,700		118,501		(17.7	)
Oiles Corp.		23,800		306,786		(45.8	)
Okamura Corp.		11,600		126,232		(18.8	)
Oki Electric Industry Co. Ltd.		55,700		308,185		(46.0	)
Okinawa Cellular Telephone Co		7,600		173,191		(25.8	)
Okinawa Electric Power Co., Inc.		51,600		429,400		(64.1	)
Okumura Corp.		4,600		115,079		(17.2	)
Open Up Group, Inc.		11,600		175,231		(26.1	)
Optex Group Co. Ltd.		6,800		104,352		(15.6	)
Osaka Organic Chemical Industry Ltd.		11,900		183,995		(27.5	)
Outsourcing, Inc.		12,700		131,184		(19.6	)
Pacific Metals Co. Ltd.		9,400		133,416		(19.9	)
Pasona Group, Inc.		20,400		286,328		(42.7	)
PHC Holdings Corp.		700		7,342		(1.1	)
Pilot Corp.		3,000		101,965		(15.2	)
PKSHA Technology, Inc.		900		12,776		(1.9	)
Plus Alpha Consulting Co. Ltd.		11,900		259,556		(38.7	)
Prestige International, Inc.		45,500		202,537		(30.2	)
Raito Kogyo Co. Ltd.		29,700		446,653		(66.6	)
Riso Kyoiku Co. Ltd.		52,400		116,754		(17.4	)
Round One Corp.		99,100		436,963		(65.2	)
Royal Holdings Co. Ltd.		7,300		157,880		(23.6	)

22 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
RS Technologies Co. Ltd.		7,500	$	171,962		(25.7	)%
S Foods, Inc.		4,700		106,640		(15.9	)
Saizeriya Co. Ltd.		12,700		325,784		(48.6	)
Sakai Moving Service Co. Ltd.		300		10,774		(1.6	)
Sakata Seed Corp.		18,100		540,141		(80.6	)
Sangetsu Corp.		7,100		120,730		(18.0	)
Sanken Electric Co. Ltd.		2,700		207,243		(30.9	)
Sanyo Chemical Industries Ltd.		3,300		105,712		(15.8	)
Sanyo Special Steel Co. Ltd.		5,300		95,666		(14.3	)
Sato Holdings Corp.		4,100		70,746		(10.6	)
Seiren Co. Ltd.		28,900		490,076		(73.1	)
Septeni Holdings Co. Ltd.		28,600		80,353		(12.0	)
Seria Co. Ltd.		17,200		311,962		(46.5	)
Shin-Etsu Polymer Co. Ltd.		22,000		221,277		(33.0	)
Shoei Co. Ltd.		15,800		299,086		(44.6	)
Solasto Corp.		1,800		8,560		(1.3	)
Sosei Group Corp.		13,700		275,360		(41.1	)
S-Pool, Inc.		23,600		111,620		(16.7	)
Star Asia Investment Corp.		1,356		566,240		(84.5	)
Starts Corp., Inc.		18,200		350,762		(52.3	)
Starts Proceed Investment Corp.		17		29,360		(4.4	)
Strike Co. Ltd.		3,800		104,061		(15.5	)
Sumitomo Mitsui Construction Co. Ltd.		44,500		128,713		(19.2	)
Sumitomo Warehouse Co. Ltd.		12,100		205,080		(30.6	)
Sun Frontier Fudousan Co. Ltd.		53,300		527,667		(78.7	)
Systena Corp.		249,200		525,765		(78.4	)
Tadano Ltd.		19,300		153,761		(22.9	)
Taikisha Ltd.		400		11,050		(1.6	)
Taiyo Holdings Co. Ltd.		22,900		422,285		(63.0	)
Takamatsu Construction Group Co. Ltd.		18,100		299,334		(44.7	)
Takara Standard Co. Ltd.		900		11,098		(1.7	)
Takeuchi Manufacturing Co. Ltd.		800		21,955		(3.3	)
Takuma Co. Ltd.		39,600		422,056		(63.0	)
Tamron Co. Ltd.		37,000		919,523		(137.2	)
TechMatrix Corp.		6,400		77,893		(11.6	)
T-Gaia Corp.		28,400		355,377		(53.0	)
TKC Corp.		800		22,058		(3.3	)
Tocalo Co. Ltd.		25,200		241,374		(36.0	)
TOKAI Corp.		5,800		89,339		(13.3	)
Tokai Rika Co. Ltd.		20,600		289,606		(43.2	)
Token Corp.		3,300		195,952		(29.2	)
Tokyo Seimitsu Co. Ltd.		6,000		225,955		(33.7	)
Tokyo Steel Manufacturing Co. Ltd.		21,100		216,593		(32.3	)
Tokyotokeiba Co. Ltd.		10,600		341,349		(50.9	)
Tokyu Construction Co. Ltd.		90,800		490,953		(73.2	)
Tokyu REIT, Inc.		196		267,078		(39.8	)
Topcon Corp.		17,100		248,435		(37.1	)
Toridoll Holdings Corp.		30,400		661,480		(98.7	)
Torii Pharmaceutical Co. Ltd.		1,600		41,415		(6.2	)
Tosei Corp.		21,000		254,696		(38.0	)
Towa Pharmaceutical Co. Ltd.		22,700		330,416		(49.3	)
Toyo Ink SC Holdings Co. Ltd.		8,700		143,192		(21.4	)
Toyo Tanso Co. Ltd.		8,300		246,390		(36.8	)
TRE Holdings Corp.		6,600		58,463		(8.7	)
Tri Chemical Laboratories, Inc.		11,600		191,529		(28.6	)
Tsubakimoto Chain Co.		4,900		123,763		(18.5	)
United Arrows Ltd.		38,400		571,823		(85.3	)
Universal Entertainment Corp.		12,500		268,389		(40.0	)
Usen-Next Holdings Co. Ltd.		3,600		82,435		(12.3	)
UT Group Co. Ltd.		22,100		431,331		(64.4	)
Valor Holdings Co. Ltd.		13,000		202,928		(30.3	)

Security	Shares		Value		% of Basket Value
Japan (continued)
ValueCommerce Co. Ltd.		48,100	$	478,291		(71.4	)%
Vision, Inc.		7,100		90,847		(13.6	)
VT Holdings Co. Ltd.		37,400		149,804		(22.3	)
Wakita & Co. Ltd.		24,600		255,308		(38.1	)
WDB Holdings Co. Ltd.		3,600		54,845		(8.2	)
Yamazen Corp.		16,900		133,720		(19.9	)
Yellow Hat Ltd.		8,800		127,520		(19.0	)
Yurtec Corp.		3,200		19,838		(3.0	)
Zenrin Co. Ltd.		46,600		307,442		(45.9	)
Zuken, Inc.		7,000		181,345		(27.1	)
				57,242,459
Jersey
JTC PLC		8,304		81,795		(12.2	)
Luxembourg
SES SA		34,235		211,436		(31.5	)
Malta
Kambi Group PLC		7,885		130,983		(19.5	)
Netherlands
PostNL NV		73,694		132,008		(19.7	)
Shop Apotheke Europe NV		855		84,989		(12.7	)
TomTom NV		36,765		313,846		(46.8	)
uniQure NV		6,020		116,848		(17.4	)
Van Lanschot Kempen NV		6,585		199,244		(29.7	)
Vastned Retail NV		874		19,826		(3.0	)
Wereldhave NV		17,899		273,605		(40.8	)
				1,140,366
New Zealand
a2 Milk Co. Ltd.		42,035		152,334		(22.7	)
Chorus Ltd.		13,436		71,310		(10.6	)
Genesis Energy Ltd.		5,117		8,523		(1.3	)
				232,167
Norway
Aker Solutions ASA		40,179		142,989		(21.3	)
Austevoll Seafood ASA		39,403		369,989		(55.2	)
Borregaard ASA, Registered Shares		4,613		76,965		(11.5	)
DNO ASA		180,240		179,752		(26.8	)
Elkem ASA		76,283		257,424		(38.4	)
Frontline PLC		42,292		654,067		(97.6	)
Grieg Seafood ASA		8,657		72,393		(10.8	)
Nykode Therapeutics ASA		6,272		15,135		(2.3	)
Protector Forsikring ASA		8,472		122,671		(18.3	)
Schibsted ASA, B Shares		1,592		25,702		(3.8	)
SpareBank 1 Nord Norge		5,749		51,900		(7.7	)
SpareBank 1 SMN		22,506		290,144		(43.3	)
SpareBank 1 SR-Bank ASA		4,285		50,279		(7.5	)
Stolt-Nielsen Ltd.		5,751		165,292		(24.7	)
Storebrand ASA		21,994		169,205		(25.2	)
TGS ASA		34,284		536,041		(80.0	)
Veidekke ASA		2,520		28,909		(4.3	)
Wallenius Wilhelmsen ASA		4,467		33,329		(5.0	)
				3,242,186
Peru
Hochschild Mining PLC		134,226		119,529		(17.8	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Portugal
REN - Redes Energeticas Nacionais SGPS SA		93,679	$	270,795		(40.4	)%
Sonae SGPS SA		69,023		78,364		(11.7	)
				349,159
Puerto Rico
Evertec, Inc.		22,543		782,017		(116.7	)
Liberty Latin America Ltd.		22,319		197,969		(29.5	)
				979,986
Singapore
BW LPG Ltd.		39,120		315,167		(47.0	)
Capitaland India Trust		318,000		259,599		(38.7	)
Far East Hospitality Trust		372,600		172,992		(25.8	)
Frasers Centrepoint Trust		78,200		129,518		(19.3	)
IGG, Inc.		691,000		571,198		(85.2	)
Sheng Siong Group Ltd.		76,100		100,751		(15.1	)
				1,549,225
South Africa
Scatec ASA		32,815		213,899		(31.9	)
South Korea
Magnachip Semiconductor Corp.		16,367		145,339		(21.7	)
Spain
Almirall SA		28,915		294,705		(44.0	)
Cia de Distribucion Integral Logista Holdings SA		22,895		619,010		(92.4	)
Ebro Foods SA		3,920		72,441		(10.8	)
Laboratorios Farmaceuticos Rovi SA		4,902		215,882		(32.2	)
Mediaset Espana Comunicacion SA		71,351		236,176		(35.2	)
Melia Hotels International SA		19,388		124,631		(18.6	)
Pharma Mar SA		3,699		152,835		(22.8	)
Tecnicas Reunidas SA		6,921		63,939		(9.5	)
Unicaja Banco SA		149,536		151,026		(22.5	)
Viscofan SA		3,635		247,999		(37.0	)
				2,178,644
Sweden
AAK AB		34,086		682,690		(101.9	)
AddLife AB, Class A		5,970		70,394		(10.5	)
AddTech AB, B Shares		63,744		1,269,911		(189.5	)
Alleima AB		25,049		127,867		(19.1	)
Arjo AB, B Shares		21,367		94,228		(14.1	)
Betsson AB		34,775		373,203		(55.7	)
BioGaia AB, B Shares		35,953		354,885		(52.9	)
Biotage AB		19,749		244,219		(36.4	)
Boozt AB		5,530		63,617		(9.5	)
Bravida Holding AB		28,669		346,901		(51.8	)
Bure Equity AB		3,541		90,004		(13.4	)
Camurus AB		936		21,184		(3.2	)
Corem Property Group AB, B Shares		111,831		88,202		(13.2	)
Fortnox AB		35,402		242,575		(36.2	)
HMS Networks AB		8,127		375,898		(56.1	)
Intrum AB		31,875		286,481		(42.7	)
INVISIO AB		1,010		20,619		(3.1	)
MIPS AB		8,492		456,439		(68.1	)
Modern Times Group MTG AB, B Shares		1,995		15,941		(2.4	)
Mycronic AB		14,747		311,216		(46.4	)
Nolato AB, B Shares		54,598		301,106		(44.9	)
NP3 Fastigheter AB		601		11,495		(1.7	)
Nyfosa AB		21,692		147,649		(22.0	)
Orron Energy ab		4,730		5,486		(0.8	)
Paradox Interactive AB		1,588		38,773		(5.8	)

Security	Shares		Value		% of Basket Value
Sweden (continued)
Resurs Holding AB		4,636	$	8,755		(1.3	)%
Samhallsbyggnadsbolaget i Norden AB		64,953		97,763		(14.6	)
Sdiptech AB, Class B		1,900		43,646		(6.5	)
Sectra AB, B Shares		15,611		244,949		(36.5	)
Svolder AB		1,796		10,783		(1.6	)
Thule Group AB		4,295		123,541		(18.4	)
Troax Group AB		1,025		23,091		(3.4	)
Vitrolife AB		5,534		123,916		(18.5	)
Xvivo Perfusion AB		1,718		50,997		(7.6	)
				6,768,424
Switzerland
Allreal Holding AG, Registered Shares		1,681		298,875		(44.6	)
Basilea Pharmaceutica AG, Registered Shares		7,172		348,220		(51.9	)
Bossard Holding AG, Registered Shares		297		72,980		(10.9	)
Bucher Industries AG, Registered Shares		1,297		585,160		(87.3	)
Burkhalter Holding AG		229		24,655		(3.7	)
Cembra Money Bank AG		2,113		170,021		(25.4	)
Comet Holding AG, Registered Shares		531		128,584		(19.2	)
Gurit Holding AG		1,326		133,903		(20.0	)
Huber & Suhner AG, Registered Shares		2,065		170,421		(25.4	)
Implenia AG, Registered Shares		545		24,641		(3.7	)
Inficon Holding AG, Registered Shares		99		107,968		(16.1	)
Kardex Holding AG, Registered Shares		354		81,048		(12.1	)
LEM Holding SA, Registered Shares		12		26,524		(4.0	)
Medacta Group SA		82		11,041		(1.6	)
Medartis Holding AG		562		47,175		(7.0	)
Medmix AG		913		21,706		(3.2	)
Mobilezone Holding AG, Registered Shares		617		9,460		(1.4	)
Orior AG		2,283		213,462		(31.8	)
Sensirion Holding AG		183		19,890		(3.0	)
Sulzer AG, Registered Shares		884		74,214		(11.1	)
Swissquote Group Holding SA, Registered Shares		1,930		413,939		(61.8	)
Vetropack Holding AG, Registered Shares		3,146		163,254		(24.4	)
Ypsomed Holding AG, Registered Shares		1,126		262,241		(39.1	)
				3,409,382
Turkey
Eldorado Gold Corp.		32,399		355,757		(53.1	)
United Kingdom
888 Holdings PLC		265,663		265,138		(39.6	)
AG Barr PLC		49,402		308,201		(46.0	)
AJ Bell PLC		67,273		272,042		(40.6	)
Alliance Pharma PLC		17,430		13,776		(2.1	)
Alpha Group International PLC		740		19,920		(3.0	)
Ashmore Group PLC		40,371		122,169		(18.2	)
ASOS PLC		6,847		62,882		(9.4	)
Avon Protection PLC		566		6,975		(1.0	)
Babcock International Group PLC		12,794		50,682		(7.6	)
Balanced Commercial Property Trust Ltd.		613,243		626,732		(93.5	)
Big Yellow Group PLC		14,544		221,050		(33.0	)
Bodycote PLC		38,796		332,432		(49.6	)
boohoo Group PLC		255,762		156,478		(23.3	)
Breedon Group PLC		40,055		34,120		(5.1	)
Bytes Technology Group PLC		130,228		671,759		(100.2	)
Central Asia Metals PLC		3,851		9,805		(1.5	)
Chemring Group PLC		70,013		247,250		(36.9	)
Clarkson PLC		5,803		223,159		(33.3	)
Cranswick PLC		13,060		521,386		(77.8	)
CVS Group PLC		25,241		663,871		(99.0	)

24 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Deliveroo PLC		59,363	$	80,586		(12.0	)%
DiscoverIE Group PLC		36,204		379,672		(56.6	)
Dr Martens PLC		55,044		113,237		(16.9	)
Dunelm Group PLC		18,078		256,927		(38.3	)
Ergomed PLC		578		7,665		(1.1	)
Essentra PLC		156,836		402,737		(60.1	)
FD Technologies PLC		4,323		101,213		(15.1	)
Fevertree Drinks PLC		5,189		87,338		(13.0	)
Forterra PLC		14,144		33,943		(5.1	)
Frasers Group PLC		40,541		386,498		(57.7	)
Gamma Communications PLC		14,842		214,778		(32.0	)
Genuit Group PLC		87,210		325,347		(48.5	)
Genus PLC		2,538		84,656		(12.6	)
Grafton Group PLC, CDI		2,633		28,546		(4.3	)
Grainger PLC		132,887		426,514		(63.6	)
Hammerson PLC		2,467,392		859,453		(128.2	)
Helios Towers PLC		47,167		60,886		(9.1	)
Hill & Smith PLC		3,969		67,743		(10.1	)
Hunting PLC		46,648		135,400		(20.2	)
Ibstock PLC		166,294		350,156		(52.2	)
Impax Asset Management Group PLC		26,541		259,018		(38.6	)
IntegraFin Holdings PLC		1,898		6,407		(1.0	)
Johnson Service Group PLC		63,202		95,346		(14.2	)
Judges Scientific PLC		2,471		304,627		(45.5	)
Jupiter Fund Management PLC		117,011		188,973		(28.2	)
Just Group PLC		479,825		525,455		(78.4	)
Kainos Group PLC		49,116		756,841		(112.9	)
Lancashire Holdings Ltd.		47,003		357,886		(53.4	)
Learning Technologies Group PLC		38,273		53,300		(8.0	)
Luxfer Holdings PLC		6,600		100,650		(15.0	)
Marshalls PLC		53,905		200,930		(30.0	)
Mitchells & Butlers PLC		30,472		66,171		(9.9	)
Moneysupermarket.com Group PLC		93,963		320,559		(47.8	)
Morgan Advanced Materials PLC		51,222		195,549		(29.2	)
Morgan Sindall Group PLC		10,210		214,798		(32.0	)
National Express Group PLC		361,430		545,144		(81.3	)
Oxford Instruments PLC		2,738		93,772		(14.0	)
Oxford Nanopore Technologies PLC		26,490		75,475		(11.3	)
Paragon Banking Group PLC		37,718		235,307		(35.1	)
Polar Capital Holdings PLC		12,440		75,436		(11.3	)
Premier Foods PLC		28,253		43,947		(6.6	)
QinetiQ Group PLC		117,838		543,496		(81.1	)
Quilter PLC		289,065		305,554		(45.6	)
Redde Northgate PLC		29,095		135,710		(20.2	)
RWS Holdings PLC		16,484		52,012		(7.8	)
Safestore Holdings PLC		17,437		214,635		(32.0	)
Savills PLC		10,482		125,244		(18.7	)
Shaftesbury Capital PLC		109,111		159,476		(23.8	)
SIG PLC		199,367		110,325		(16.5	)
Smart Metering Systems PLC		36,533		359,470		(53.6	)
Softcat PLC		53,723		893,396		(133.3	)
SThree PLC		46,995		245,747		(36.7	)
Telecom Plus PLC		8,905		199,318		(29.7	)
TP ICAP Group PLC		72,247		152,425		(22.7	)
Trainline PLC		25,125		77,706		(11.6	)
Trustpilot Group PLC		54,732		59,990		(9.0	)
UK Commercial Property REIT Ltd.		932,099		621,412		(92.7	)
Vanquis Banking Group PLC		4,366		12,179		(1.8	)
Vesuvius PLC		35,352		178,195		(26.6	)
Victrex PLC		3,282		69,047		(10.3	)
Virgin Money UK PLC		300,284		582,544		(86.9	)

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Volution Group PLC		60,390	$	324,605		(48.4	)%
Wickes Group PLC		756		1,264		(0.2	)
YouGov PLC		14,637		154,270		(23.0	)
				19,526,733
United States
1-800-Flowers.com, Inc., Class A		2,122		19,544		(2.9	)
1st Source Corp.		3,474		144,796		(21.6	)
2seventy bio, Inc.		3,817		36,300		(5.4	)
2U, Inc.		17,174		95,144		(14.2	)
8x8, Inc.		63,300		181,671		(27.1	)
A10 Networks, Inc.		44,065		623,079		(93.0	)
AAON, Inc.		2,126		208,348		(31.1	)
Aaron’s Co., Inc.		15,274		203,908		(30.4	)
Abercrombie & Fitch Co., Class A		15,888		374,004		(55.8	)
ACADIA Pharmaceuticals, Inc.		3,773		80,478		(12.0	)
ACI Worldwide, Inc.		10,022		253,857		(37.9	)
ACM Research, Inc., Class A		2,847		26,619		(4.0	)
Acushnet Holdings Corp.		9,331		467,763		(69.8	)
Adaptive Biotechnologies Corp.		2,939		20,984		(3.1	)
Advanced Energy Industries, Inc.		9,597		830,140		(123.9	)
AdvanSix, Inc.		4,277		161,157		(24.0	)
Agios Pharmaceuticals, Inc.		7,671		175,436		(26.2	)
Air Transport Services Group, Inc.		5,077		103,114		(15.4	)
Alarm.com Holdings, Inc.		11,818		563,600		(84.1	)
Albany International Corp., Class A		3,315		302,361		(45.1	)
Alector, Inc.		11,438		75,491		(11.3	)
Alexander & Baldwin, Inc.		7,701		148,090		(22.1	)
Alignment Healthcare, Inc.		6,532		41,086		(6.1	)
Allegiant Travel Co.		1,801		187,142		(27.9	)
ALLETE, Inc.		4,578		285,576		(42.6	)
Allogene Therapeutics, Inc.		27,995		152,013		(22.7	)
Alpha & Omega Semiconductor Ltd.		4,382		104,642		(15.6	)
Alpha Metallurgical Resources, Inc.		1,613		236,401		(35.3	)
Altice USA, Inc.		2,076		7,266		(1.1	)
Amalgamated Financial Corp.		12,159		197,949		(29.5	)
Ambac Financial Group, Inc.		7,646		121,954		(18.2	)
Ambarella, Inc.		2,601		161,210		(24.1	)
Amedisys, Inc.		10,956		879,767		(131.3	)
American Assets Trust, Inc.		34,090		620,438		(92.6	)
American Axle & Manufacturing Holdings, Inc.		28,064		200,658		(29.9	)
American Software, Inc.		12,575		150,146		(22.4	)
American Woodmark Corp.		129		6,517		(1.0	)
AMERISAFE, Inc.		4,262		237,180		(35.4	)
Amicus Therapeutics, Inc.		13,508		155,882		(23.3	)
Amneal Pharmaceuticals, Inc.		39,996		77,192		(11.5	)
Amphastar Pharmaceuticals, Inc.		9,913		354,588		(52.9	)
AnaptysBio, Inc.		11,451		238,410		(35.6	)
AngioDynamics, Inc.		10,320		85,862		(12.8	)
Anika Therapeutics, Inc.		1,606		41,210		(6.1	)
Apogee Enterprises, Inc.		20,620		877,587		(130.9	)
Appfolio, Inc.		808		112,813		(16.8	)
Arbor Realty Trust, Inc.		47,480		544,596		(81.3	)
Archrock, Inc.		26,908		276,883		(41.3	)
Arcus Biosciences, Inc.		11,643		207,828		(31.0	)
Armada Hoffler Properties, Inc.		15,072		176,644		(26.4	)
Artisan Partners Asset Management, Inc., Class A		15,685		543,799		(81.1	)
Artivion, Inc.		2,235		30,999		(4.6	)
Arvinas, Inc.		8,461		221,763		(33.1	)
ASGN, Inc.		977		69,943		(10.4	)
Associated Banc-Corp.		11,421		203,636		(30.4	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Assured Guaranty Ltd.		14,818	$	798,246		(119.1	)%
Astec Industries, Inc.		1,782		73,561		(11.0	)
AtriCure, Inc.		12,643		556,166		(83.0	)
Avantax, Inc.		16,303		413,607		(61.7	)
Avid Bioservices, Inc.		7,114		128,408		(19.2	)
Avid Technology, Inc.		12,501		368,905		(55.0	)
AvidXchange Holdings, Inc.		18,933		140,672		(21.0	)
Avient Corp.		13,614		524,275		(78.2	)
Axogen, Inc.		4,978		44,902		(6.7	)
Axonics, Inc.		5,646		324,419		(48.4	)
Axos Financial, Inc.		2,931		119,204		(17.8	)
Badger Meter, Inc.		3,724		492,797		(73.5	)
Bally’s Corp.		3,523		60,596		(9.0	)
BancFirst Corp.		610		48,733		(7.3	)
Bandwidth, Inc., Class A		18,371		223,575		(33.4	)
Bank of Hawaii Corp.		2,489		120,542		(18.0	)
Bar Harbor Bankshares		1,046		25,941		(3.9	)
Beam Therapeutics, Inc.		7,187		220,713		(32.9	)
Belden, Inc.		4,727		372,913		(55.6	)
Benchmark Electronics, Inc.		1,844		39,369		(5.9	)
Berry Corp.		40,650		310,566		(46.3	)
BGC Partners, Inc., Class A		5,423		24,566		(3.7	)
BJ’s Restaurants, Inc.		3,204		104,258		(15.6	)
Blackbaud, Inc.		884		61,310		(9.1	)
Bluebird Bio, Inc.		22,267		96,861		(14.5	)
Bluegreen Vacations Holding Corp.		1,651		47,532		(7.1	)
BlueLinx Holdings, Inc.		443		31,037		(4.6	)
Blueprint Medicines Corp.		3,521		179,747		(26.8	)
Boise Cascade Co.		5,482		374,475		(55.9	)
BOK Financial Corp.		3,095		259,578		(38.7	)
Bread Financial Holdings, Inc.		5,102		140,815		(21.0	)
BrightView Holdings, Inc.		2,167		11,984		(1.8	)
Brink’s Co.		10,260		644,841		(96.2	)
Broadstone Net Lease, Inc.		6,364		102,906		(15.4	)
Brookdale Senior Living, Inc.		87,493		375,345		(56.0	)
Buckle, Inc.		33,883		1,136,097		(169.5	)
Burford Capital Ltd.		5,562		72,213		(10.8	)
Business First Bancshares, Inc.		2,919		45,011		(6.7	)
Byline Bancorp, Inc.		14,435		279,317		(41.7	)
C4 Therapeutics, Inc.		1,941		5,862		(0.9	)
Caleres, Inc.		8,410		191,748		(28.6	)
California Resources Corp.		13,131		531,806		(79.3	)
Cal-Maine Foods, Inc.		3,209		152,428		(22.7	)
Camden National Corp.		2,588		82,687		(12.3	)
Cannae Holdings, Inc.		1,489		27,159		(4.1	)
Cara Therapeutics, Inc.		5,375		22,575		(3.4	)
CareDx, Inc.		6,525		52,787		(7.9	)
CareTrust REIT, Inc.		6,058		118,070		(17.6	)
Cargurus, Inc.		6,631		109,014		(16.3	)
Catalyst Pharmaceuticals, Inc.		7,865		125,211		(18.7	)
Century Aluminum Co.		4,130		35,477		(5.3	)
Century Communities, Inc.		1,309		88,148		(13.2	)
Cerence, Inc.		6,064		154,935		(23.1	)
Cerus Corp.		34,094		78,757		(11.7	)
CEVA, Inc.		2,852		71,671		(10.7	)
Chatham Lodging Trust		23,073		236,268		(35.2	)
Chefs’ Warehouse, Inc.		4,000		133,040		(19.8	)
Chegg, Inc.		23,999		431,502		(64.4	)
Chico’s FAS, Inc.		62,050		312,732		(46.7	)
Chimera Investment Corp.		63,553		360,981		(53.9	)
Cinemark Holdings, Inc.		16,263		274,519		(41.0	)
CIRCOR International, Inc.		9,128		254,124		(37.9	)

Security	Shares		Value		% of Basket Value
United States (continued)
Clean Energy Fuels Corp.		59,272	$	253,091		(37.8	)%
Clearwater Analytics Holdings, Inc., Class A		2,331		35,921		(5.4	)
Clearwater Paper Corp.		7,633		275,551		(41.1	)
Clearway Energy, Inc., Class A		9,045		262,124		(39.1	)
CNO Financial Group, Inc.		46,106		1,034,619		(154.4	)
CNX Resources Corp.		2,529		39,275		(5.9	)
Codexis, Inc.		76,577		300,182		(44.8	)
Coeur Mining, Inc.		24,864		84,538		(12.6	)
Cohen & Steers, Inc.		1,606		96,456		(14.4	)
Coherus Biosciences, Inc.		33,554		242,595		(36.2	)
Collegium Pharmaceutical, Inc.		1,129		26,272		(3.9	)
CommScope Holding Co., Inc.		9,287		45,785		(6.8	)
Community Health Systems, Inc.		25,411		161,106		(24.0	)
CommVault Systems, Inc.		7,734		450,660		(67.2	)
Compass Minerals International, Inc.		14,801		484,437		(72.3	)
ConnectOne Bancorp, Inc.		18,363		289,768		(43.2	)
Corcept Therapeutics, Inc.		26,341		593,463		(88.5	)
Core & Main, Inc., Class A		25,347		660,543		(98.5	)
CoreCivic, Inc.		3,875		34,061		(5.1	)
CorVel Corp.		1,128		227,890		(34.0	)
Covenant Logistics Group, Inc.		3,288		129,514		(19.3	)
CrossFirst Bankshares, Inc.		8,048		80,721		(12.0	)
CSG Systems International, Inc.		6,605		347,951		(51.9	)
CSW Industrials, Inc.		1,227		165,240		(24.7	)
Dana, Inc.		5,651		83,578		(12.5	)
Dave & Buster’s Entertainment, Inc.		12,135		430,307		(64.2	)
Deciphera Pharmaceuticals, Inc.		12,798		181,860		(27.1	)
Denny’s Corp.		6,166		69,121		(10.3	)
DiamondRock Hospitality Co.		17,172		139,265		(20.8	)
Digi International, Inc.		15,596		470,375		(70.2	)
DigitalBridge Group, Inc.		3,019		37,526		(5.6	)
DigitalOcean Holdings, Inc.		4,859		153,253		(22.9	)
Dime Community Bancshares, Inc.		9,885		203,631		(30.4	)
Diversified Energy Co. PLC		127,756		150,114		(22.4	)
DMC Global, Inc.		904		17,122		(2.6	)
Domo, Inc.		12,606		200,183		(29.9	)
Dorian LPG Ltd.		20,359		452,377		(67.5	)
Duckhorn Portfolio, Inc.		96,692		1,460,049		(217.8	)
Ducommun, Inc.		4,606		230,300		(34.4	)
Dycom Industries, Inc.		4,093		379,094		(56.6	)
Dyne Therapeutics, Inc.		6,792		70,365		(10.5	)
Eagle Pharmaceuticals, Inc.		9,817		275,661		(41.1	)
EchoStar Corp.		47,762		815,297		(121.6	)
Ecovyst, Inc.		61,447		697,423		(104.1	)
Editas Medicine, Inc.		17,148		139,928		(20.9	)
Elme Communities		22,763		392,206		(58.5	)
Embecta Corp.		7,677		213,037		(31.8	)
Emergent BioSolutions, Inc.		32,111		283,540		(42.3	)
Enanta Pharmaceuticals, Inc.		1,086		38,607		(5.8	)
Encore Wire Corp.		1,088		170,087		(25.4	)
Energy Recovery, Inc.		28,873		650,509		(97.1	)
Enerpac Tool Group Corp.		13,954		331,547		(49.5	)
Enfusion, Inc.		1,072		8,983		(1.3	)
Ennis, Inc.		568		11,036		(1.6	)
Enova International, Inc.		13,815		606,755		(90.5	)
EnPro Industries, Inc.		196		18,477		(2.8	)
Enstar Group Ltd.		662		159,277		(23.8	)
EPR Properties		26,368		1,106,401		(165.1	)
Equitrans Midstream Corp.		36,123		186,033		(27.8	)
Equity Bancshares, Inc.		668		15,731		(2.3	)
ESCO Technologies, Inc.		3,288		307,658		(45.9	)
Essent Group Ltd.		5,591		237,450		(35.4	)

26 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Ethan Allen Interiors, Inc.		22,006	$	614,628		(91.7	)%
Eventbrite, Inc.		55,993		407,069		(60.7	)
Everbridge, Inc.		6,915		181,726		(27.1	)
Everi Holdings, Inc.		10,908		165,802		(24.7	)
eXp World Holdings, Inc.		25,839		302,058		(45.1	)
Exponent, Inc.		10,024		922,709		(137.7	)
Extreme Networks, Inc.		44,521		791,583		(118.1	)
EZCORP, Inc.		11,414		98,275		(14.7	)
Fate Therapeutics, Inc.		57,805		350,876		(52.3	)
FibroGen, Inc.		7,726		132,269		(19.7	)
Financial Institutions, Inc.		2		35		(0.0	)
First Bancshares, Inc.		4,593		115,284		(17.2	)
First Busey Corp.		13,531		245,994		(36.7	)
First Financial Corp.		1,528		52,792		(7.9	)
First Foundation, Inc.		10,111		63,598		(9.5	)
First Hawaiian, Inc.		11,816		225,804		(33.7	)
First Interstate BancSystem, Inc.		18,537		474,362		(70.8	)
First Mid Bancshares, Inc.		472		12,442		(1.9	)
First of Long Island Corp.		12,051		140,997		(21.0	)
Fiverr International Ltd.		14,499		529,503		(79.0	)
Flushing Financial Corp.		19,873		239,072		(35.7	)
Forrester Research, Inc.		1,650		51,051		(7.6	)
Franklin BSP Realty Trust, Inc.		5,540		69,970		(10.4	)
Franklin Covey Co.		11,996		440,493		(65.7	)
Franklin Electric Co., Inc.		2,365		211,597		(31.6	)
FTAI Aviation Ltd.		13,683		389,281		(58.1	)
Fulton Financial Corp.		20,534		244,971		(36.5	)
FutureFuel Corp.		885		6,638		(1.0	)
GATX Corp.		5,557		632,998		(94.4	)
Genco Shipping & Trading Ltd.		16,921		260,753		(38.9	)
Genesco, Inc.		6,862		237,837		(35.5	)
Gentherm, Inc.		2,651		158,132		(23.6	)
GEO Group, Inc.		6,683		50,323		(7.5	)
Gibraltar Industries, Inc.		3,281		164,181		(24.5	)
Gladstone Land Corp.		5,115		82,403		(12.3	)
Global Industrial Co.		13,602		362,493		(54.1	)
GMS, Inc.		2,401		139,402		(20.8	)
Gogo, Inc.		1,736		23,280		(3.5	)
Golden Entertainment, Inc.		11,727		494,410		(73.8	)
GoodRx Holdings, Inc.		62,040		289,727		(43.2	)
Goosehead Insurance, Inc.		3,927		225,803		(33.7	)
GoPro, Inc., Class A		161,767		692,363		(103.3	)
Grand Canyon Education, Inc.		487		57,807		(8.6	)
Granite Point Mortgage Trust, Inc.		9,956		44,503		(6.6	)
Gray Television, Inc.		23,207		178,926		(26.7	)
Great Lakes Dredge & Dock Corp.		10,550		60,452		(9.0	)
Greif, Inc.		294		23,150		(3.5	)
Griffon Corp.		5,249		149,334		(22.3	)
Group 1 Automotive, Inc.		1,883		422,696		(63.1	)
Guardant Health, Inc.		24,009		541,643		(80.8	)
H&E Equipment Services, Inc.		2,280		83,220		(12.4	)
Hackett Group, Inc.		11,540		214,182		(32.0	)
Hain Celestial Group, Inc.		9,983		178,995		(26.7	)
Hamilton Lane, Inc., Class A		1,821		134,171		(20.0	)
Hancock Whitney Corp.		9,092		332,040		(49.5	)
Hanesbrands, Inc.		13,450		70,478		(10.5	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,235		148,569		(22.2	)
Harmony Biosciences Holdings, Inc.		17,567		566,360		(84.5	)
Harsco Corp.		20,821		143,040		(21.3	)
Haverty Furniture Cos., Inc.		6,137		184,969		(27.6	)
Hawaiian Holdings, Inc.		63,020		524,957		(78.3	)

Security	Shares		Value		% of Basket Value
United States (continued)
HBT Financial, Inc.		4,917	$	86,736		(12.9	)%
Healthcare Services Group, Inc.		6,779		105,820		(15.8	)
Heartland Financial USA, Inc.		2,857		93,024		(13.9	)
Heidrick & Struggles International, Inc.		7,875		197,741		(29.5	)
Helen of Troy Ltd.		4,191		420,525		(62.7	)
Helix Energy Solutions Group, Inc.		39,580		286,955		(42.8	)
Herbalife Ltd.		8,091		120,232		(17.9	)
Heron Therapeutics, Inc.		25,993		62,123		(9.3	)
Hingham Institution For Savings The		163		31,713		(4.7	)
Horizon Bancorp, Inc.		39,118		411,913		(61.5	)
Hub Group, Inc., Class A		7,262		547,555		(81.7	)
Huron Consulting Group, Inc.		4,855		411,655		(61.4	)
I3 Verticals, Inc., Class A		5,417		125,945		(18.8	)
IDT Corp.		9,546		317,023		(47.3	)
IGM Biosciences, Inc.		3,243		35,122		(5.2	)
iHeartMedia, Inc.		11,250		39,038		(5.8	)
ImmunoGen, Inc.		33,784		182,096		(27.2	)
Independent Bank Corp.		10,243		182,530		(27.2	)
Independent Bank Group, Inc.		3,345		121,691		(18.2	)
Infinera Corp.		10,943		69,269		(10.3	)
Innoviva, Inc.		2,211		25,935		(3.9	)
Inovio Pharmaceuticals, Inc.		3,229		2,494		(0.4	)
Integer Holdings Corp.		1,019		83,915		(12.5	)
Inter Parfums, Inc.		2,627		398,752		(59.5	)
Intercept Pharmaceuticals, Inc.		12,631		218,769		(32.6	)
Interface, Inc.		13,927		109,188		(16.3	)
International Bancshares Corp.		7,237		308,803		(46.1	)
International Seaways, Inc.		3,112		123,920		(18.5	)
Iovance Biotherapeutics, Inc.		5,353		30,191		(4.5	)
Ironwood Pharmaceuticals, Inc.		43,474		452,564		(67.5	)
J & J Snack Foods Corp.		511		78,285		(11.7	)
Jamf Holding Corp.		11,590		219,283		(32.7	)
Janus International Group, Inc.		42,319		380,871		(56.8	)
JELD-WEN Holding, Inc.		9,794		125,167		(18.7	)
JetBlue Airways Corp.		88,955		635,139		(94.8	)
John Bean Technologies Corp.		954		103,709		(15.5	)
Johnson Outdoors, Inc.		692		40,136		(6.0	)
Kadant, Inc.		5,255		976,537		(145.7	)
Kaiser Aluminum Corp.		2,134		140,246		(20.9	)
Kaman Corp.		707		15,603		(2.3	)
KAR Auction Services, Inc.		15,120		204,725		(30.5	)
Karyopharm Therapeutics, Inc.		7,872		28,182		(4.2	)
Kearny Financial Corp.		16,707		130,148		(19.4	)
Kennametal, Inc.		10,794		280,212		(41.8	)
Kforce, Inc.		733		43,350		(6.5	)
Knowles Corp.		33,405		563,876		(84.1	)
Kodiak Sciences, Inc.		3,393		14,861		(2.2	)
Kohl’s Corp.		19,551		430,709		(64.3	)
Kontoor Brands, Inc.		6,413		289,675		(43.2	)
Korn Ferry		9,528		457,535		(68.3	)
Kratos Defense & Security Solutions, Inc.		6,908		89,113		(13.3	)
Kura Oncology, Inc.		28,695		279,489		(41.7	)
Ladder Capital Corp.		12,717		118,904		(17.7	)
Laureate Education, Inc.		30,973		383,755		(57.3	)
La-Z-Boy, Inc.		10,306		296,091		(44.2	)
LeMaitre Vascular, Inc.		10,410		562,140		(83.9	)
LendingTree, Inc.		12,914		307,741		(45.9	)
Liberty Media Corp.-Liberty Braves		3,264		127,851		(19.1	)
Ligand Pharmaceuticals, Inc.		5,455		416,489		(62.1	)
Lindsay Corp.		4,043		488,152		(72.8	)
Lions Gate Entertainment Corp.		16,123		185,415		(27.7	)
LivaNova PLC		23,253		1,113,819		(166.2	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Live Oak Bancshares, Inc.		6,164	$	145,224		(21.7	)%
LivePerson, Inc.		61,915		286,666		(42.8	)
LiveRamp Holdings, Inc.		15,485		373,034		(55.7	)
LSB Industries, Inc.		13,370		119,394		(17.8	)
Lumen Technologies, Inc.		73,476		174,138		(26.0	)
LXP Industrial Trust		45,087		423,818		(63.2	)
Macerich Co.		12,106		120,939		(18.0	)
Malibu Boats, Inc., Class A		2,453		139,208		(20.8	)
Manitowoc Co., Inc.		2,080		31,803		(4.7	)
Marcus Corp.		30,224		529,524		(79.0	)
MarineMax, Inc.		4,746		138,204		(20.6	)
Marten Transport Ltd.		12,958		261,622		(39.0	)
Masonite International Corp.		1,371		125,323		(18.7	)
Matson, Inc.		5,017		341,307		(50.9	)
MaxLinear, Inc.		12,143		293,011		(43.7	)
McGrath RentCorp		39		3,466		(0.5	)
MDC Holdings, Inc.		4,979		203,990		(30.4	)
MediaAlpha, Inc., Class A		821		6,075		(0.9	)
Medifast, Inc.		4,503		412,700		(61.6	)
Mercantile Bank Corp.		955		26,797		(4.0	)
Merchants Bancorp/IN		6,547		151,890		(22.7	)
Mercury General Corp.		18,984		577,303		(86.1	)
MFA Financial, Inc.		47,968		512,778		(76.5	)
MGE Energy, Inc.		2,219		169,998		(25.4	)
MGP Ingredients, Inc.		8,704		858,911		(128.1	)
Midland States Bancorp, Inc.		12,809		256,180		(38.2	)
MidWestOne Financial Group, Inc.		7,715		159,701		(23.8	)
Mister Car Wash, Inc.		14,399		126,999		(18.9	)
Mitek Systems, Inc.		3,106		28,016		(4.2	)
Model N, Inc.		2,295		70,686		(10.5	)
ModivCare, Inc.		853		54,251		(8.1	)
Momentive Global, Inc.		8,651		81,233		(12.1	)
Monarch Casino & Resort, Inc.		9,921		688,121		(102.7	)
Moog, Inc., Class A		476		42,892		(6.4	)
Movado Group, Inc.		3,796		97,254		(14.5	)
Mr Cooper Group, Inc.		7,784		360,399		(53.8	)
MRC Global, Inc.		6,877		66,982		(10.0	)
MSA Safety, Inc.		2,711		351,752		(52.5	)
Myers Industries, Inc.		8,021		151,998		(22.7	)
MYR Group, Inc.		3,385		433,246		(64.6	)
Myriad Genetics, Inc.		433		9,219		(1.4	)
Nabors Industries Ltd.		3,884		387,390		(57.8	)
Napco Security Technologies, Inc.		10,206		316,386		(47.2	)
National Beverage Corp.		12,421		617,324		(92.1	)
National HealthCare Corp.		3,414		197,705		(29.5	)
National Research Corp.		615		26,771		(4.0	)
National Vision Holdings, Inc.		19,561		411,563		(61.4	)
Navient Corp.		10,218		169,006		(25.2	)
Nektar Therapeutics		29,072		21,871		(3.3	)
NeoGenomics, Inc.		8,302		121,375		(18.1	)
NETGEAR, Inc.		11,643		164,516		(24.5	)
Nevro Corp.		15,572		455,792		(68.0	)
New York Mortgage Trust, Inc.		8,009		82,333		(12.3	)
Newmark Group, Inc.		18,319		116,142		(17.3	)
NexPoint Residential Trust, Inc.		17,232		739,770		(110.4	)
NextEra Energy Partners LP		8,987		516,842		(77.1	)
NextGen Healthcare, Inc.		21,058		352,511		(52.6	)
Nordstrom, Inc.		29,946		462,965		(69.1	)
NOW, Inc.		31,099		331,826		(49.5	)
Nurix Therapeutics, Inc.		3,418		32,915		(4.9	)
NV5 Global, Inc.		954		90,372		(13.5	)
Oceaneering International, Inc.		19,570		346,976		(51.8	)

Security	Shares		Value		% of Basket Value
United States (continued)
Oil States International, Inc.		11,820	$	83,213		(12.4	)%
Omega Flex, Inc.		414		45,544		(6.8	)
OmniAb, Inc., 12.50 Earnout Shares		518		—		0.0
OmniAb, Inc., 15.00 Earnout Shares		518		—		0.0
Organogenesis Holdings, Inc.		3,191		6,542		(1.0	)
Oscar Health, Inc.		10,488		70,584		(10.5	)
OSI Systems, Inc.		2,297		259,469		(38.7	)
Outfront Media, Inc.		31,836		530,388		(79.1	)
Owens & Minor, Inc.		7,338		114,033		(17.0	)
Oxford Industries, Inc.		5,563		574,046		(85.6	)
Pacira BioSciences, Inc.		11,401		516,579		(77.1	)
Pactiv Evergreen, Inc.		1,504		11,882		(1.8	)
PagerDuty, Inc.		1,160		34,870		(5.2	)
Palomar Holdings, Inc.		4,625		232,453		(34.7	)
Papa John’s International, Inc.		1,102		82,419		(12.3	)
Par Pacific Holdings, Inc.		3,633		85,121		(12.7	)
Park Hotels & Resorts, Inc.		72,209		870,118		(129.8	)
Patterson-UTI Energy, Inc.		10,139		113,455		(16.9	)
Payoneer Global, Inc.		24,115		131,668		(19.6	)
PC Connection, Inc.		932		37,532		(5.6	)
Pebblebrook Hotel Trust		12,684		180,493		(26.9	)
PennyMac Financial Services, Inc.		2,966		185,345		(27.7	)
Peoples Bancorp, Inc.		110		2,867		(0.4	)
Perdoceo Education Corp.		7,017		91,081		(13.6	)
Petco Health & Wellness Co., Inc.		21,479		213,931		(31.9	)
PGT Innovations, Inc.		3,646		93,556		(14.0	)
Photronics, Inc.		36,640		529,814		(79.0	)
Pilgrim’s Pride Corp.		11,712		267,151		(39.9	)
PJT Partners, Inc.		4,282		294,473		(43.9	)
Plains GP Holdings LP, Class A		52,017		697,028		(104.0	)
Playa Hotels & Resorts NV		39,550		368,211		(54.9	)
PMV Pharmaceuticals, Inc.		15,083		69,533		(10.4	)
Point Biopharma Global, Inc.		6,291		48,692		(7.3	)
Poseida Therapeutics, Inc.		1,797		4,744		(0.7	)
PowerSchool Holdings, Inc., Class A		1,057		22,070		(3.3	)
Premier Financial Corp.		12,463		207,010		(30.9	)
Prestige Consumer Healthcare, Inc.		11,347		698,181		(104.2	)
PriceSmart, Inc.		3,216		236,955		(35.4	)
PROS Holdings, Inc.		10,308		292,438		(43.6	)
Protagonist Therapeutics, Inc.		6,027		136,210		(20.3	)
Q2 Holdings, Inc.		13,782		339,313		(50.6	)
QCR Holdings, Inc.		1,442		59,699		(8.9	)
Quaker Chemical Corp.		1,005		187,563		(28.0	)
Quanex Building Products Corp.		8,370		159,867		(23.9	)
Qurate Retail, Inc., Series A		10,460		8,332		(1.2	)
RadNet, Inc.		4,555		125,991		(18.8	)
Rayonier, Inc.		5,785		181,418		(27.1	)
RCI Hospitality Holdings, Inc.		367		27,488		(4.1	)
RE/MAX Holdings, Inc., Class A		18,469		356,636		(53.2	)
Red Rock Resorts, Inc.		4,438		216,574		(32.3	)
REGENXBIO, Inc., Registered Shares		14,217		275,241		(41.1	)
Repay Holdings Corp.		11,025		69,127		(10.3	)
Retail Opportunity Investments Corp.		35,350		460,611		(68.7	)
Revolve Group, Inc.		10,718		221,327		(33.0	)
REX American Resources Corp.		6,833		193,306		(28.8	)
RLJ Lodging Trust		33,722		340,592		(50.8	)
RMR Group, Inc., Class A		15,633		371,284		(55.4	)
RPC, Inc.		3,918		28,954		(4.3	)
RPT Realty		4,243		39,460		(5.9	)
Rush Enterprises, Inc.		5,268		308,599		(46.0	)
Rush Enterprises, Inc., Class A		14,901		791,392		(118.1	)
Ruth’s Hospitality Group, Inc.		37,517		606,275		(90.5	)

28 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Safehold, Inc.		12,977	$	359,722		(53.7	)%
Sangamo Therapeutics, Inc.		22,322		32,813		(4.9	)
Sanmina Corp.		26,116		1,364,822		(203.6	)
Saul Centers, Inc.		418		15,061		(2.2	)
ScanSource, Inc.		4,056		110,932		(16.5	)
Schneider National, Inc.		32,922		861,569		(128.5	)
Schnitzer Steel Industries, Inc.		23,031		665,366		(99.3	)
SEMrush Holdings, Inc., Class A		7,671		74,102		(11.1	)
Semtech Corp.		29,446		573,903		(85.6	)
Sensient Technologies Corp.		5,804		432,166		(64.5	)
Seritage Growth Properties		5,285		39,585		(5.9	)
Service Properties Trust		8,283		72,642		(10.8	)
ServisFirst Bancshares, Inc.		499		25,200		(3.8	)
Shoe Carnival, Inc.		3,892		90,489		(13.5	)
Shutterstock, Inc.		9,890		662,630		(98.9	)
Shyft Group, Inc.		9,154		229,582		(34.3	)
Silk Road Medical, Inc.		5,103		224,634		(33.5	)
Simpson Manufacturing Co., Inc.		4,554		572,802		(85.5	)
Simulations Plus, Inc.		2,727		113,852		(17.0	)
Sinclair Broadcast Group, Inc., Class A		3,544		70,490		(10.5	)
Six Flags Entertainment Corp.		24,096		584,810		(87.3	)
SkyWest, Inc.		5,034		142,462		(21.3	)
Sleep Number Corp.		2,896		65,305		(9.7	)
SmartFinancial, Inc.		1,364		29,381		(4.4	)
SolarWinds Corp.		9,474		81,666		(12.2	)
Sonic Automotive, Inc., Class A		2,673		119,002		(17.8	)
South Plains Financial, Inc.		389		7,986		(1.2	)
Sovos Brands, Inc.		5,660		97,069		(14.5	)
SpartanNash Co.		19,662		482,112		(71.9	)
Sportsman’s Warehouse Holdings, Inc.		2,604		16,197		(2.4	)
Sprinklr, Inc.		1,573		18,813		(2.8	)
Sprout Social, Inc., Class A		5,420		266,989		(39.8	)
SPX Technologies, Inc.		6,183		393,733		(58.7	)
STAAR Surgical Co.		1,182		83,296		(12.4	)
Standard Motor Products, Inc.		7,852		282,751		(42.2	)
Standex International Corp.		2,731		335,394		(50.0	)
Steelcase, Inc.		3,416		27,328		(4.1	)
Stepan Co.		2,588		238,614		(35.6	)
Sterling Check Corp.		1,268		14,252		(2.1	)
Sterling Infrastructure, Inc.		10,885		401,874		(60.0	)
Steven Madden Ltd.		1,731		60,654		(9.0	)
Stoneridge, Inc.		3,118		58,712		(8.8	)
StoneX Group, Inc.		1,048		102,777		(15.3	)
Summit Hotel Properties, Inc.		6,348		40,881		(6.1	)
SunCoke Energy, Inc.		8,722		67,857		(10.1	)
Sunnova Energy International, Inc.		3,813		68,481		(10.2	)
SunPower Corp.		3,864		51,082		(7.6	)
Supernus Pharmaceuticals, Inc.		7,218		266,055		(39.7	)
Sylvamo Corp.		3,298		151,114		(22.5	)
Talos Energy, Inc.		9,430		128,531		(19.2	)
Tandem Diabetes Care, Inc.		9,482		375,298		(56.0	)
Target Hospitality Corp.		5,590		70,490		(10.5	)
TechTarget, Inc.		13,044		444,670		(66.3	)
Tellurian, Inc.		7,040		9,997		(1.5	)
Theravance Biopharma, Inc.		12,216		132,299		(19.7	)
Thermon Group Holdings, Inc.		4,106		85,323		(12.7	)
Thryv Holdings, Inc.		5,186		116,478		(17.4	)
Titan International, Inc.		5,825		56,852		(8.5	)
Titan Machinery, Inc.		8,998		282,087		(42.1	)
TPG RE Finance Trust, Inc.		21,956		156,546		(23.4	)

Security	Shares		Value		% of Basket Value
United States (continued)
Transcat, Inc.		1,473	$	112,375		(16.8	)%
Travere Therapeutics, Inc.		25,465		549,280		(81.9	)
Treace Medical Concepts, Inc.		9,210		225,553		(33.7	)
Tri Pointe Homes, Inc.		8,208		235,405		(35.1	)
Trinity Industries, Inc.		5,060		121,187		(18.1	)
Trinseo PLC		1,966		35,624		(5.3	)
TripAdvisor, Inc.		2,242		39,751		(5.9	)
Triumph Financial, Inc.		3,004		156,088		(23.3	)
Triumph Group, Inc.		8,476		91,626		(13.7	)
TTM Technologies, Inc.		4,716		55,696		(8.3	)
Turning Point Brands, Inc.		58,963		1,402,730		(209.3	)
Tutor Perini Corp.		22,611		119,838		(17.9	)
Twist Bioscience Corp.		5,867		73,220		(10.9	)
Ultragenyx Pharmaceutical, Inc.		16,794		733,394		(109.4	)
UMB Financial Corp.		273		17,366		(2.6	)
Under Armour, Inc.		15,861		127,522		(19.0	)
United States Cellular Corp.		10,422		221,363		(33.0	)
United States Lime & Minerals, Inc.		129		20,756		(3.1	)
Uniti Group, Inc.		13,663		46,727		(7.0	)
Unitil Corp.		10,647		591,867		(88.3	)
Universal Insurance Holdings, Inc.		697		10,748		(1.6	)
Univest Financial Corp.		9,040		181,885		(27.1	)
Urban Edge Properties		8,563		125,619		(18.7	)
US Physical Therapy, Inc.		2,351		250,287		(37.3	)
US Silica Holdings, Inc.		43,251		564,426		(84.2	)
USANA Health Sciences, Inc.		11,086		735,778		(109.8	)
Utz Brands, Inc.		4,374		82,712		(12.3	)
UWM Holdings Corp.		13,430		80,580		(12.0	)
Vanda Pharmaceuticals, Inc.		25,046		153,782		(22.9	)
Varex Imaging Corp.		17,339		307,594		(45.9	)
Varonis Systems, Inc.		907		21,006		(3.1	)
Vector Group Ltd.		137,667		1,753,878		(261.7	)
Veeco Instruments, Inc.		17,250		317,745		(47.4	)
Veracyte, Inc.		5,330		120,671		(18.0	)
Veradigm, Inc.		68,845		859,874		(128.3	)
Vericel Corp.		8,186		257,941		(38.5	)
Veritiv Corp.		2,157		247,775		(37.0	)
Vertex, Inc., Class A		1,680		34,692		(5.2	)
Vicor Corp.		4,130		177,466		(26.5	)
Victory Capital Holdings, Inc., Class A		14,363		438,646		(65.4	)
Vimeo, Inc.		3,557		11,703		(1.7	)
Virtus Investment Partners, Inc.		218		39,722		(5.9	)
Vishay Precision Group, Inc.		2,745		103,047		(15.4	)
Vital Farms, Inc.		6,879		88,602		(13.2	)
Wabash National Corp.		5,806		149,040		(22.2	)
Walker & Dunlop, Inc.		3,285		221,113		(33.0	)
Warby Parker, Inc.		10,740		113,092		(16.9	)
Warrior Met Coal, Inc.		9,148		316,246		(47.2	)
Washington Trust Bancorp, Inc.		4,781		134,394		(20.0	)
Watts Water Technologies, Inc., Class A		2,724		440,553		(65.7	)
Weis Markets, Inc.		3,806		313,957		(46.8	)
Whitestone REIT		33,648		301,150		(44.9	)
Winmark Corp.		3,660		1,222,147		(182.3	)
World Acceptance Corp.		762		76,886		(11.5	)
World Fuel Services Corp.		26,781		633,103		(94.5	)
Xencor, Inc.		12,971		342,953		(51.2	)
Xerox Holdings Corp.		53,913		844,817		(126.0	)
Yelp, Inc.		34,190		1,022,965		(152.6	)
Yext, Inc.		18,987		166,706		(24.9	)
Zeta Global Holdings Corp.		9,168		89,021		(13.3	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
ZipRecruiter, Inc.		24,449		$	414,166			(61.8	)%
Zumiez, Inc.		25,572			447,126			(66.7	)
Zynex, Inc.		1,060			12,126			(1.8	)
					135,743,654
Preferred Stocks
Germany
Kloeckner & Co. SE		76,146			841,531			(125.6	)
Schaeffler AG		18,354			132,739			(19.8	)
					974,270
Total Reference Entity — Long					274,632,931
Reference Entity — Short
Common Stocks
Australia
ARB Corp. Ltd.		(13,030	)		(278,544	)		41.6
AUB Group Ltd.		(7,485	)		(137,273	)		20.5
Australian Clinical Labs Ltd.		(126,103	)		(296,088	)		44.2
Bapcor Ltd.		(56,022	)		(244,625	)		36.5
Bellevue Gold Ltd.		(256,138	)		(240,610	)		35.9
Breville Group Ltd.		(44,710	)		(614,612	)		91.7
Brickworks Ltd.		(7,813	)		(130,081	)		19.4
BWP Trust		(45,366	)		(117,020	)		17.5
Capricorn Metals Ltd.		(167,865	)		(494,281	)		73.7
Centuria Capital Group		(3	)		(3	)		0.0
Chalice Mining Ltd.		(32,321	)		(171,946	)		25.7
Collins Foods Ltd.		(10,146	)		(58,536	)		8.7
Corporate Travel Management Ltd.		(36,690	)		(513,685	)		76.6
Costa Group Holdings Ltd.		(47,478	)		(78,841	)		11.8
De Grey Mining Ltd.		(180,490	)		(193,856	)		28.9
Dicker Data Ltd.		(15,439	)		(83,607	)		12.5
G8 Education Ltd.		(30,956	)		(25,084	)		3.7
Gold Road Resources Ltd.		(125,457	)		(156,205	)		23.3
GUD Holdings Ltd.		(30,464	)		(194,458	)		29.0
Hansen Technologies Ltd.		(3,371	)		(10,104	)		1.5
HomeCo Daily Needs REIT		(137,536	)		(110,019	)		16.4
Ingenia Communities Group		(136,038	)		(387,984	)		57.9
Inghams Group Ltd.		(106,242	)		(198,459	)		29.6
Integral Diagnostics Ltd.		(4,712	)		(9,878	)		1.5
IRESS Ltd.		(9,410	)		(64,699	)		9.6
Leo Lithium Ltd.		(103,393	)		(36,337	)		5.4
Link Administration Holdings Ltd.		(73,110	)		(103,218	)		15.4
Megaport Ltd.		(32,888	)		(124,417	)		18.6
Mincor Resources NL		(7,103	)		(6,644	)		1.0
nib holdings Ltd.		(13,003	)		(66,765	)		10.0
Nine Entertainment Co. Holdings Ltd.		(222,495	)		(307,119	)		45.8
NRW Holdings Ltd.		(14,014	)		(22,537	)		3.4
Omni Bridgeway Ltd.		(37,884	)		(57,808	)		8.6
Paladin Energy Ltd.		(240,665	)		(105,917	)		15.8
PEXA Group Ltd.		(61,120	)		(542,798	)		81.0
Select Harvests Ltd.		(13,225	)		(38,833	)		5.8
Sigma Healthcare Ltd.		(78,283	)		(36,357	)		5.4
Super Retail Group Ltd.		(17,183	)		(155,174	)		23.1
United Malt Grp Ltd.		(152,955	)		(448,432	)		66.9
					(6,862,854	)
Austria
CA Immobilien Anlagen AG		(11,792	)		(340,664	)		50.8

Security	Shares			Value			% of Basket Value
Austria (continued)
EVN AG		(4,219	)	$	(101,243	)		15.1	%
Semperit AG Holding		(16,397	)		(428,835	)		64.0
					(870,742	)
Bahamas
OneSpaWorld Holdings Ltd.		(6,575	)		(78,900	)		11.8
Belgium
Aedifica SA		(7,881	)		(655,494	)		97.8
Bekaert SA		(5,207	)		(241,362	)		36.0
bpost SA		(16,081	)		(78,684	)		11.7
Cofinimmo SA		(4,648	)		(442,220	)		66.0
Deme Group NV		(1,432	)		(188,663	)		28.2
Intervest Offices & Warehouses NV		(2,825	)		(58,091	)		8.7
KBC Ancora		(388	)		(18,592	)		2.8
Kinepolis Group NV		(9,327	)		(470,077	)		70.1
Recticel SA		(4,064	)		(57,615	)		8.6
Tessenderlo Group SA		(10,676	)		(352,202	)		52.5
VGP NV		(5,205	)		(542,598	)		81.0
Xior Student Housing NV		(3,316	)		(104,855	)		15.6
					(3,210,453	)
Bermuda
Cool Co. Ltd.		(11,818	)		(145,206	)		21.7
SiriusPoint Ltd.		(2,238	)		(19,448	)		2.9
					(164,654	)
Canada
Absolute Software Corp.		(5,237	)		(40,598	)		6.1
ADENTRA, Inc.		(6,318	)		(120,589	)		18.0
Ag Growth International, Inc.		(3,270	)		(142,131	)		21.2
Allied Properties Real Estate Investment Trust		(12,243	)		(204,522	)		30.5
Altus Group Ltd.		(6,664	)		(262,916	)		39.2
Andlauer Healthcare Group, Inc.		(828	)		(31,281	)		4.7
ATS Corp.		(9,799	)		(417,511	)		62.3
Aurinia Pharmaceuticals, Inc.		(71,351	)		(802,699	)		119.8
BELLUS Health, Inc.		(1,458	)		(20,948	)		3.1
Brookfield Reinsurance Ltd.		(4,216	)		(135,835	)		20.3
Calian Group Ltd.		(274	)		(12,623	)		1.9
Canadian Western Bank		(40,210	)		(716,684	)		106.9
Cascades, Inc.		(9,137	)		(73,971	)		11.0
CES Energy Solutions Corp.		(8,240	)		(16,257	)		2.4
Choice Properties Real Estate Investment Trust		(48,274	)		(518,341	)		77.3
Chorus Aviation, Inc.		(16,054	)		(34,964	)		5.2
Cogeco, Inc.		(7,743	)		(327,490	)		48.9
Converge Technology Solutions Corp.		(102,371	)		(247,681	)		37.0
Definity Financial Corp.		(13,237	)		(356,727	)		53.2
Dream Office Real Estate Investment Trust		(2,620	)		(25,611	)		3.8
Enghouse Systems Ltd.		(962	)		(26,307	)		3.9
Exchange Income Corp.		(16,906	)		(647,298	)		96.6
Extendicare, Inc.		(160,686	)		(762,404	)		113.7
Fiera Capital Corp.		(2,110	)		(11,496	)		1.7
Filo Mining Corp.		(26,734	)		(441,821	)		65.9
GDI Integrated Facility Services, Inc.		(2,675	)		(86,355	)		12.9
Headwater Exploration, Inc.		(58,674	)		(267,580	)		39.9
InterRent Real Estate Investment Trust		(9,561	)		(90,873	)		13.6
Jamieson Wellness, Inc.		(6,071	)		(148,979	)		22.2
Killam Apartment Real Estate Investment Trust		(9,559	)		(118,022	)		17.6
Labrador Iron Ore Royalty Corp.		(8,691	)		(194,696	)		29.1
Lassonde Industries, Inc.		(1,172	)		(83,383	)		12.4
Maple Leaf Foods, Inc.		(23,869	)		(485,986	)		72.5
Minto Apartment Real Estate Investment Trust		(2,469	)		(25,655	)		3.8

30 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
MTY Food Group, Inc.		(6,143	)	$	(265,007	)		39.5	%
Neighbourly Pharmacy, Inc.		(1,327	)		(20,681	)		3.1
Nexus Industrial REIT		(2,904	)		(21,128	)		3.2
North West Co., Inc.		(23,513	)		(685,327	)		102.3
NorthWest Healthcare Properties Real Estate Investment Trust		(19,231	)		(114,930	)		17.1
Orla Mining Ltd.		(8,777	)		(39,384	)		5.9
Osisko Mining, Inc.		(23,044	)		(65,227	)		9.7
Park Lawn Corp.		(5,313	)		(102,736	)		15.3
Pet Valu Holdings Ltd.		(41,739	)		(1,110,523	)		165.7
Premium Brands Holdings Corp.		(6,603	)		(492,548	)		73.5
Primaris Real Estate Investment Trust		(16,259	)		(159,287	)		23.8
Seabridge Gold, Inc.		(13,564	)		(188,890	)		28.2
Sienna Senior Living, Inc.		(61,536	)		(491,874	)		73.4
SilverCrest Metals, Inc.		(2,205	)		(14,342	)		2.1
Spartan Delta Corp.		(58,906	)		(664,199	)		99.1
Stella-Jones, Inc.		(12,511	)		(486,452	)		72.6
StorageVault Canada, Inc.		(101,134	)		(429,318	)		64.1
Surge Energy, Inc.		(1,013	)		(6,514	)		1.0
Timbercreek Financial Corp.		(14,951	)		(86,391	)		12.9
Trisura Group Ltd.		(6,481	)		(148,825	)		22.2
Westshore Terminals Investment Corp.		(1,141	)		(23,181	)		3.5
Winpak Ltd.		(14,098	)		(467,436	)		69.7
Xenon Pharmaceuticals, Inc.		(10,922	)		(439,938	)		65.6
					(14,424,372	)
China
TI Fluid Systems PLC		(93,900	)		(123,289	)		18.4
Yanlord Land Group Ltd.		(1,600	)		(1,019	)		0.1
					(124,308	)
Colombia
Frontera Energy Corp.		(3,341	)		(31,397	)		4.7
Costa Rica
Establishment Labs Holdings, Inc.		(3,871	)		(269,770	)		40.2
Cyprus
Atalaya Mining PLC		(13,815	)		(56,669	)		8.5
Denmark
Alm Brand A/S		(273,050	)		(502,999	)		75.0
Netcompany Group A/S		(4,116	)		(158,634	)		23.7
NTG Nordic Transport Group A/S		(3,007	)		(159,249	)		23.8
Ringkjoebing Landbobank A/S		(5,343	)		(748,019	)		111.6
Solar A/S, B Shares		(154	)		(12,545	)		1.9
Topdanmark AS		(16,142	)		(848,068	)		126.5
Zealand Pharma A/S		(17,554	)		(591,038	)		88.2
					(3,020,552	)
Egypt
Energean PLC		(33,200	)		(510,014	)		76.1
Finland
Aktia Bank OYJ		(13,308	)		(133,297	)		19.9
Anora Group OYJ		(16,393	)		(95,380	)		14.3
Jervois Global Ltd.		(435,872	)		(25,664	)		3.8
Konecranes OYJ		(6,859	)		(267,567	)		39.9
Metsa Board OYJ		(14,867	)		(106,747	)		15.9
Musti Group OYJ		(1,848	)		(38,133	)		5.7
Oriola OYJ		(8,788	)		(14,019	)		2.1

Security	Shares			Value			% of Basket Value
Finland (continued)
Sanoma OYJ		(28,895	)	$	(249,472	)		37.2	%
TietoEVRY OYJ		(7,515	)		(239,070	)		35.7
Tokmanni Group Corp.		(70,767	)		(964,586	)		143.9
					(2,133,935	)
France
ABC arbitrage		(4,150	)		(27,591	)		4.1
Altarea SCA		(558	)		(72,729	)		10.9
Alten SA		(3,836	)		(649,401	)		96.9
Antin Infrastructure Partners SA		(20,354	)		(342,038	)		51.0
Carmila SA		(4,159	)		(70,099	)		10.5
Chargeurs SA		(11,864	)		(194,027	)		28.9
Coface SA		(32,616	)		(497,098	)		74.2
Derichebourg SA		(34,397	)		(211,802	)		31.6
Euroapi SA		(32,868	)		(393,018	)		58.6
Fnac Darty SA		(9,147	)		(343,382	)		51.2
Imerys SA		(12,654	)		(518,004	)		77.3
Maisons du Monde SA		(10,397	)		(109,190	)		16.3
Metropole Television SA		(9,748	)		(156,647	)		23.4
Societe BIC SA		(6,527	)		(400,989	)		59.8
Sopra Steria Group SACA		(2,495	)		(537,760	)		80.2
Trigano SA		(3,880	)		(503,227	)		75.1
Valneva SE		(4,211	)		(20,368	)		3.0
Virbac SA		(47	)		(15,985	)		2.4
Voltalia SA, Registered Shares		(11,846	)		(179,356	)		26.8
					(5,242,711	)
Gambia
BW Energy Ltd.		(40,302	)		(108,108	)		16.1
Germany
About You Holding SE		(35,785	)		(219,400	)		32.7
Auto1 Group SE		(49,523	)		(389,197	)		58.1
BayWa AG		(7,932	)		(338,118	)		50.5
Borussia Dortmund GmbH & Co. KGaA		(25,065	)		(124,863	)		18.6
CANCOM SE		(10,409	)		(373,345	)		55.7
Ceconomy AG		(73,679	)		(223,922	)		33.4
Cewe Stiftung & Co. KGAA		(816	)		(83,682	)		12.5
CompuGroup Medical SE & Co. KgaA		(2,440	)		(133,566	)		19.9
Dermapharm Holding SE		(5,247	)		(262,253	)		39.1
DIC Asset AG		(18,486	)		(140,118	)		20.9
Energiekontor AG		(3,193	)		(254,704	)		38.0
Hamborner REIT AG		(28,125	)		(220,896	)		33.0
Hamburger Hafen und Logistik AG		(21,781	)		(299,289	)		44.7
Hypoport SE		(596	)		(95,187	)		14.2
Indus Holding AG		(7,481	)		(220,594	)		32.9
Instone Real Estate Group SE		(7,254	)		(57,778	)		8.6
Jenoptik AG		(8,488	)		(269,762	)		40.3
JOST Werke SE		(3,788	)		(208,345	)		31.1
KWS Saat SE & Co. KGaA		(170	)		(10,974	)		1.6
MBB SE		(582	)		(52,825	)		7.9
Medios AG		(1,521	)		(30,384	)		4.5
Mercer International, Inc.		(6,996	)		(68,071	)		10.2
Norma Group SE		(9,095	)		(215,380	)		32.1
PNE AG		(4,078	)		(66,333	)		9.9
Sirius Real Estate Ltd.		(308,644	)		(308,478	)		46.0
Softwareone Holding AG		(31,094	)		(469,904	)		70.1

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Germany (continued)
Stroeer SE & Co. KGaA		(10,181	)	$	(555,905	)		82.9	%
Wuestenrot & Wuerttembergische AG		(6,568	)		(118,960	)		17.8
					(5,812,233	)
Ghana
Kosmos Energy Ltd.		(39,582	)		(253,325	)		37.8
Tullow Oil PLC		(193,669	)		(67,087	)		10.0
					(320,412	)
Hong Kong
SUNeVision Holdings Ltd.		(32,000	)		(18,181	)		2.7
Indonesia
Nickel Industries Ltd.		(84,745	)		(53,954	)		8.0
Ireland
C&C Group PLC		(399,065	)		(775,203	)		115.6
Cairn Homes PLC		(375,755	)		(422,134	)		63.0
Glenveagh Properties PLC		(25,595	)		(26,562	)		4.0
Greencore Group PLC		(11,099	)		(11,811	)		1.8
Keywords Studios PLC		(2,085	)		(70,006	)		10.4
Origin Enterprises PLC		(2,425	)		(10,521	)		1.6
Prothena Corp. PLC		(6,109	)		(321,456	)		47.9
					(1,637,693	)
Israel
Clal Insurance Enterprises Holdings Ltd.		(9,863	)		(151,085	)		22.6
Doral Group Renewable Energy Resources Ltd.		(104,434	)		(225,698	)		33.7
Electra Consumer Products 1970 Ltd.		(1,062	)		(24,961	)		3.7
FIBI Holdings Ltd.		(292	)		(10,844	)		1.6
Innoviz Technologies Ltd.		(33,734	)		(84,335	)		12.6
Isracard Ltd.		(26,912	)		(109,089	)		16.3
JFrog Ltd.		(42,078	)		(781,389	)		116.6
Nano Dimension Ltd., ADR		(32,616	)		(80,562	)		12.0
Naphtha Israel Petroleum Corp. Ltd.		(29,630	)		(126,112	)		18.8
Perion Network Ltd.		(453	)		(16,250	)		2.4
					(1,610,325	)
Italy
ACEA SpA		(6,820	)		(99,577	)		14.9
Ariston Holding NV		(4,881	)		(55,497	)		8.3
BFF Bank SpA		(24,471	)		(234,456	)		35.0
Danieli & C Officine Meccaniche SpA		(971	)		(19,801	)		2.9
Digital Bros SpA		(35,543	)		(804,857	)		120.1
doValue SpA		(39,085	)		(273,231	)		40.8
Enav SpA		(32,588	)		(152,484	)		22.7
Esprinet SpA		(2,661	)		(23,472	)		3.5
Fila SpA		(2,179	)		(17,969	)		2.7
Gruppo MutuiOnline SpA		(3,732	)		(115,876	)		17.3
GVS SpA		(41,104	)		(279,275	)		41.7
Illimity Bank SpA		(8,645	)		(60,725	)		9.1
Industrie De Nora SpA		(16,554	)		(328,730	)		49.0
MARR SpA		(4,288	)		(66,894	)		10.0
MFE-MediaForEurope NV		(612,627	)		(288,221	)		43.0
Salvatore Ferragamo SpA		(2,536	)		(44,391	)		6.6
Saras SpA		(179,932	)		(231,562	)		34.5
Tamburi Investment Partners SpA		(1,828	)		(17,382	)		2.6
Technogym SpA		(30,711	)		(279,001	)		41.6
Technoprobe SpA		(36,955	)		(261,764	)		39.0
					(3,655,165	)
Japan
ADEKA Corp.		(30,300	)		(521,870	)		77.9
Advance Logistics Investment Corp.		(370	)		(382,431	)		57.1

Security	Shares			Value			% of Basket Value
Japan (continued)
Aeon Hokkaido Corp.		(50,600	)	$	(309,713	)		46.2	%
Aichi Financial Group, Inc.		(23,200	)		(371,605	)		55.4
Aiful Corp.		(32,400	)		(89,882	)		13.4
Airtrip Corp.		(14,000	)		(287,296	)		42.9
Alpha Systems, Inc.		(1,200	)		(37,256	)		5.6
Appier Group, Inc.		(20,800	)		(240,961	)		35.9
ARCLANDS Corp.		(40,200	)		(464,314	)		69.3
Arcs Co. Ltd.		(10,000	)		(185,424	)		27.7
ARTERIA Networks Corp.		(9,300	)		(90,849	)		13.6
Asahi Holdings, Inc.		(50,700	)		(761,587	)		113.6
Atom Corp.		(26,600	)		(167,121	)		24.9
Awa Bank Ltd.		(8,600	)		(131,197	)		19.6
Axial Retailing, Inc.		(7,200	)		(190,615	)		28.4
Belc Co. Ltd.		(5,100	)		(235,010	)		35.1
BML, Inc.		(9,700	)		(222,172	)		33.1
Bushiroad, Inc.		(12,600	)		(84,288	)		12.6
Canon Electronics, Inc.		(2,400	)		(33,368	)		5.0
Cawachi Ltd.		(13,800	)		(241,311	)		36.0
CellSource Co. Ltd.		(4,400	)		(84,940	)		12.7
Change Holdings, Inc.		(34,700	)		(599,351	)		89.4
Chiyoda Corp.		(102,300	)		(307,872	)		45.9
Chofu Seisakusho Co. Ltd.		(5,100	)		(93,863	)		14.0
Chudenko Corp.		(15,000	)		(250,843	)		37.4
CI Takiron Corp.		(14,100	)		(52,985	)		7.9
Colowide Co. Ltd.		(16,100	)		(251,663	)		37.5
Comforia Residential REIT, Inc.		(102	)		(260,203	)		38.8
CRE Logistics REIT, Inc.		(166	)		(233,091	)		34.8
Create Restaurants Holdings, Inc.		(7,200	)		(53,601	)		8.0
Cyberdyne, Inc.		(2,800	)		(5,905	)		0.9
Daiho Corp.		(7,800	)		(228,484	)		34.1
Daiki Aluminium Industry Co. Ltd.		(3,700	)		(38,721	)		5.8
Daikokutenbussan Co. Ltd.		(8,400	)		(343,005	)		51.2
Daishi Hokuetsu Financial Group, Inc.		(2,500	)		(56,828	)		8.5
Daiwabo Holdings Co. Ltd.		(9,900	)		(190,484	)		28.4
DCM Holdings Co. Ltd.		(29,200	)		(312,063	)		46.6
Demae-Can Co. Ltd.		(184,600	)		(525,281	)		78.4
Dexerials Corp.		(30,300	)		(588,159	)		87.7
Duskin Co. Ltd.		(15,800	)		(395,251	)		59.0
Earth Corp.		(4,900	)		(183,166	)		27.3
EDION Corp.		(47,800	)		(479,717	)		71.6
EM Systems Co. Ltd.		(16,700	)		(98,394	)		14.7
eRex Co. Ltd.		(4,000	)		(52,168	)		7.8
ES-Con Japan Ltd.		(47,500	)		(309,287	)		46.1
Exedy Corp.		(36,300	)		(532,742	)		79.5
Ferrotec Holdings Corp.		(9,800	)		(226,099	)		33.7
Freee KK		(3,000	)		(87,558	)		13.1
Fuji Seal International, Inc.		(16,700	)		(193,498	)		28.9
Fuji Soft, Inc.		(6,000	)		(364,906	)		54.4
Fujicco Co. Ltd.		(17,700	)		(255,568	)		38.1
Fujio Food Group, Inc.		(18,300	)		(193,392	)		28.9
Fujitec Co. Ltd.		(6,100	)		(165,717	)		24.7
Fujiya Co. Ltd.		(17,800	)		(337,046	)		50.3
Fukushima Galilei Co. Ltd.		(7,000	)		(269,122	)		40.1
Fukuyama Transporting Co. Ltd.		(5,300	)		(144,468	)		21.6
Furukawa Co. Ltd.		(9,300	)		(93,731	)		14.0
Globeride, Inc.		(11,700	)		(218,737	)		32.6
GMO Financial Gate, Inc.		(2,200	)		(181,213	)		27.0
GMO Financial Holdings, Inc.		(30,100	)		(140,172	)		20.9
GMO GlobalSign Holdings KK		(13,100	)		(379,020	)		56.5
Gunze Ltd.		(5,900	)		(208,165	)		31.1
Hakuto Co. Ltd.		(8,600	)		(275,649	)		41.1

32 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Hazama Ando Corp.		(15,300	)	$	(102,984	)		15.4	%
Heiwa Real Estate REIT, Inc.		(305	)		(364,316	)		54.4
Heiwado Co. Ltd.		(12,600	)		(195,240	)		29.1
Hirata Corp.		(2,900	)		(147,648	)		22.0
HIS Co. Ltd.		(2,000	)		(30,742	)		4.6
Hokkaido Electric Power Co., Inc.		(79,600	)		(305,886	)		45.6
Hokuetsu Corp.		(130,900	)		(883,183	)		131.8
Hokuhoku Financial Group, Inc.		(47,000	)		(345,250	)		51.5
Hokuriku Electric Power Co.		(10,900	)		(51,953	)		7.7
Hokuto Corp.		(8,500	)		(118,996	)		17.8
Hoshino Resorts REIT, Inc.		(45	)		(239,094	)		35.7
Hyakugo Bank Ltd.		(162,300	)		(477,945	)		71.3
Ichibanya Co. Ltd.		(13,000	)		(526,761	)		78.6
Idec Corp.		(7,700	)		(192,291	)		28.7
Iino Kaiun Kaisha Ltd.		(12,100	)		(92,902	)		13.9
Inabata & Co. Ltd.		(19,200	)		(399,685	)		59.6
Inageya Co. Ltd.		(27,000	)		(332,930	)		49.7
Insource Co. Ltd.		(6,000	)		(56,124	)		8.4
Iriso Electronics Co. Ltd.		(2,800	)		(97,821	)		14.6
Itochu Enex Co. Ltd.		(8,700	)		(75,912	)		11.3
Itochu-Shokuhin Co. Ltd.		(3,500	)		(143,101	)		21.3
J Trust Co. Ltd.		(41,700	)		(124,122	)		18.5
Jaccs Co. Ltd.		(7,400	)		(253,039	)		37.8
Japan Display, Inc.		(31,900	)		(9,856	)		1.5
JDC Corp.		(21,100	)		(97,363	)		14.5
J-Oil Mills, Inc.		(19,200	)		(232,355	)		34.7
Joshin Denki Co. Ltd.		(12,000	)		(182,511	)		27.2
JTOWER, Inc.		(5,600	)		(245,979	)		36.7
Juroku Financial Group, Inc.		(5,400	)		(121,945	)		18.2
Kameda Seika Co. Ltd.		(16,100	)		(546,877	)		81.6
Kanamoto Co. Ltd.		(8,600	)		(146,958	)		21.9
Kappa Create Co. Ltd.		(39,200	)		(444,307	)		66.3
Keiyo Bank Ltd.		(55,400	)		(234,736	)		35.0
Keiyo Co. Ltd.		(62,100	)		(391,793	)		58.5
Kenedix Residential Next Investment Corp.		(159	)		(254,366	)		37.9
KH Neochem Co. Ltd.		(11,100	)		(195,226	)		29.1
Kisoji Co. Ltd.		(42,800	)		(757,167	)		113.0
Ki-Star Real Estate Co. Ltd.		(27,500	)		(842,838	)		125.7
Kiyo Bank Ltd.		(21,100	)		(251,609	)		37.5
Koa Corp.		(3,900	)		(49,931	)		7.4
Kohnan Shoji Co. Ltd.		(3,600	)		(99,086	)		14.8
Komeri Co. Ltd.		(31,000	)		(734,630	)		109.6
Konishi Co. Ltd.		(13,300	)		(203,668	)		30.4
Kumagai Gumi Co. Ltd.		(12,200	)		(264,444	)		39.5
Kura Sushi, Inc.		(21,100	)		(515,535	)		76.9
KYB Corp.		(15,300	)		(497,541	)		74.2
Kyoei Steel Ltd.		(3,900	)		(53,693	)		8.0
Leopalace21 Corp.		(19,500	)		(52,481	)		7.8
LIFENET INSURANCE CO.		(1,500	)		(13,335	)		2.0
LITALICO, Inc.		(9,900	)		(180,905	)		27.0
Macnica Holdings, Inc.		(7,800	)		(218,594	)		32.6
Makino Milling Machine Co. Ltd.		(600	)		(22,373	)		3.3
Management Solutions Co. Ltd.		(9,400	)		(227,284	)		33.9
Maruha Nichiro Corp.		(25,200	)		(478,416	)		71.4
Maruwa Co. Ltd.		(800	)		(104,095	)		15.5
Matsuda Sangyo Co. Ltd.		(700	)		(11,867	)		1.8
Maxvalu Tokai Co. Ltd.		(1,800	)		(36,598	)		5.5
Medley, Inc.		(20,700	)		(551,695	)		82.3
Meiko Electronics Co. Ltd.		(15,700	)		(323,151	)		48.2
Micronics Japan Co. Ltd.		(8,000	)		(74,396	)		11.1
Mirai Corp.		(131	)		(44,017	)		6.6
MIRAIT ONE corp.		(24,000	)		(304,085	)		45.4

Security	Shares			Value			% of Basket Value
Japan (continued)
Mitani Sekisan Co. Ltd.		(3,200	)	$	(115,314	)		17.2	%
Mitsubishi Estate Logistics REIT Investment Corp.		(55	)		(172,024	)		25.7
Mitsubishi Research Institute, Inc.		(4,900	)		(181,429	)		27.1
Mitsuboshi Belting Ltd.		(6,900	)		(201,666	)		30.1
Musashi Seimitsu Industry Co. Ltd.		(51,200	)		(703,501	)		105.0
Musashino Bank Ltd.		(1,200	)		(19,874	)		3.0
Nachi-Fujikoshi Corp.		(4,800	)		(138,364	)		20.6
Nafco Co. Ltd.		(20,200	)		(281,408	)		42.0
Nagawa Co. Ltd.		(1,400	)		(66,666	)		9.9
Nanto Bank Ltd.		(10,000	)		(185,488	)		27.7
Nichiha Corp.		(5,300	)		(114,162	)		17.0
Nihon Parkerizing Co. Ltd.		(7,700	)		(61,455	)		9.2
Nikkiso Co. Ltd.		(3,800	)		(27,223	)		4.1
Nikkon Holdings Co. Ltd.		(7,800	)		(154,113	)		23.0
Nippon Carbon Co. Ltd.		(8,200	)		(256,312	)		38.2
Nippon Kanzai Holdings Co. Ltd.		(16,200	)		(321,776	)		48.0
Nippon Pillar Packing Co. Ltd.		(2,800	)		(79,375	)		11.8
Nippon Signal Company Ltd.		(8,900	)		(74,135	)		11.1
Nippon Television Holdings, Inc.		(10,100	)		(92,677	)		13.8
Nishimatsu Construction Co. Ltd.		(10,400	)		(278,716	)		41.6
Nishimatsuya Chain Co. Ltd.		(45,700	)		(552,936	)		82.5
Nishio Holdings Co. Ltd.		(7,500	)		(181,721	)		27.1
Nissha Co. Ltd.		(21,800	)		(303,421	)		45.3
Nitta Corp.		(1,200	)		(27,836	)		4.2
Nitto Kogyo Corp.		(5,000	)		(100,961	)		15.1
Nojima Corp.		(23,100	)		(252,726	)		37.7
Noritake Co. Ltd.		(1,000	)		(35,025	)		5.2
North Pacific Bank Ltd.		(4,900	)		(10,693	)		1.6
NS United Kaiun Kaisha Ltd.		(10,600	)		(317,234	)		47.3
NTT UD REIT Investment Corp.		(473	)		(464,413	)		69.3
Ogaki Kyoritsu Bank Ltd.		(28,900	)		(401,377	)		59.9
Ohsho Food Service Corp.		(6,500	)		(301,919	)		45.0
Oisix ra daichi, Inc.		(13,200	)		(252,021	)		37.6
Okasan Securities Group, Inc.		(104,200	)		(333,586	)		49.8
One REIT, Inc.		(16	)		(28,874	)		4.3
Open Door, Inc.		(6,500	)		(71,524	)		10.7
Optorun Co. Ltd.		(12,200	)		(189,759	)		28.3
Organo Corp.		(14,600	)		(359,639	)		53.7
Osaka Soda Co. Ltd.		(13,200	)		(436,355	)		65.1
OSAKA Titanium Technologies Co. Ltd.		(14,600	)		(317,245	)		47.3
Pacific Industrial Co. Ltd.		(32,100	)		(295,456	)		44.1
PAL GROUP Holdings Co. Ltd.		(1,100	)		(25,808	)		3.8
Paramount Bed Holdings Co. Ltd.		(4,000	)		(72,333	)		10.8
Piolax, Inc.		(23,200	)		(351,248	)		52.4
Prima Meat Packers Ltd.		(5,700	)		(98,435	)		14.7
Retail Partners Co. Ltd.		(52,100	)		(597,556	)		89.2
Ricoh Leasing Co. Ltd.		(2,500	)		(73,746	)		11.0
Riken Keiki Co. Ltd.		(7,100	)		(278,227	)		41.5
Riken Vitamin Co. Ltd.		(3,900	)		(59,649	)		8.9
Ringer Hut Co. Ltd.		(9,400	)		(170,237	)		25.4
Riso Kagaku Corp.		(7,400	)		(137,528	)		20.5
Roland Corp.		(8,300	)		(253,757	)		37.9
Rorze Corp.		(7,200	)		(543,918	)		81.1
Ryoyo Electro Corp.		(16,400	)		(305,268	)		45.5
Saibu Gas Holdings Co. Ltd.		(21,900	)		(310,871	)		46.4
Sakata INX Corp.		(18,300	)		(152,202	)		22.7
SAMTY Co. Ltd.		(9,000	)		(149,796	)		22.3
Samty Residential Investment Corp.		(380	)		(329,704	)		49.2
San-A Co. Ltd.		(6,400	)		(220,724	)		32.9
San-Ai Obbli Co. Ltd.		(7,900	)		(84,849	)		12.7
SanBio Co. Ltd.		(18,400	)		(86,663	)		12.9

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
San-In Godo Bank Ltd.		(7,500	)	$	(42,994	)		6.4	%
Sanki Engineering Co. Ltd.		(9,400	)		(105,991	)		15.8
Sansan, Inc.		(3,200	)		(43,791	)		6.5
Sanyo Denki Co. Ltd.		(7,100	)		(361,109	)		53.9
SB Technology Corp.		(4,900	)		(85,283	)		12.7
SBS Holdings, Inc.		(16,800	)		(417,624	)		62.3
Seiko Group Corp.		(4,000	)		(89,522	)		13.4
Sekisui Jushi Corp.		(15,700	)		(257,054	)		38.3
Senko Group Holdings Co. Ltd.		(28,500	)		(207,726	)		31.0
Shibaura Machine Co. Ltd.		(6,900	)		(163,798	)		24.4
Shibuya Corp.		(3,900	)		(73,562	)		11.0
Shiga Bank Ltd.		(12,800	)		(272,085	)		40.6
Shikoku Kasei Holdings Corp.		(2,400	)		(25,509	)		3.8
Shin Nippon Biomedical Laboratories Ltd.		(19,800	)		(368,569	)		55.0
Shinmaywa Industries Ltd.		(1,300	)		(11,933	)		1.8
Shoei Foods Corp.		(7,200	)		(216,217	)		32.3
Showa Sangyo Co. Ltd.		(11,100	)		(222,837	)		33.2
Simplex Holdings, Inc.		(12,800	)		(227,103	)		33.9
SKY Perfect JSAT Holdings, Inc.		(14,400	)		(57,284	)		8.5
SRE Holdings Corp.		(13,200	)		(302,119	)		45.1
Sumitomo Densetsu Co. Ltd.		(2,200	)		(46,660	)		7.0
Sumitomo Osaka Cement Co. Ltd.		(5,100	)		(146,260	)		21.8
Suruga Bank Ltd.		(62,100	)		(240,265	)		35.8
T Hasegawa Co. Ltd.		(5,900	)		(143,302	)		21.4
Takara Leben Real Estate Investment Corp.		(214	)		(146,807	)		21.9
Takasago International Corp.		(6,900	)		(134,200	)		20.0
Takasago Thermal Engineering Co. Ltd.		(2,300	)		(39,368	)		5.9
Tama Home Co. Ltd.		(12,200	)		(340,329	)		50.8
Toa Corp.		(27,300	)		(604,024	)		90.1
Toagosei Co. Ltd.		(20,900	)		(184,508	)		27.5
Toei Co. Ltd.		(1,900	)		(261,000	)		38.9
Toho Bank Ltd.		(127,900	)		(215,405	)		32.1
Toho Holdings Co. Ltd.		(30,600	)		(622,443	)		92.9
TOKAI Holdings Corp.		(38,600	)		(255,797	)		38.2
Tokai Tokyo Financial Holdings, Inc.		(94,600	)		(250,201	)		37.3
Tokushu Tokai Paper Co. Ltd.		(12,400	)		(275,200	)		41.1
Tokuyama Corp.		(27,700	)		(460,587	)		68.7
Tokyo Electron Device Ltd.		(9,300	)		(544,450	)		81.2
TOMONY Holdings, Inc.		(108,200	)		(300,148	)		44.8
Tomy Co. Ltd.		(58,800	)		(677,475	)		101.1
Topre Corp.		(18,600	)		(192,095	)		28.7
Toyo Construction Co. Ltd.		(21,600	)		(157,814	)		23.5
Toyo Gosei Co. Ltd.		(5,300	)		(308,235	)		46.0
Trancom Co. Ltd.		(1,200	)		(61,545	)		9.2
Transcosmos, Inc.		(7,800	)		(185,586	)		27.7
Tsuburaya Fields Holdings, Inc.		(22,400	)		(310,961	)		46.4
Tsugami Corp.		(4,800	)		(50,823	)		7.6
TV Asahi Holdings Corp.		(16,400	)		(193,362	)		28.8
Union Tool Co.		(500	)		(12,196	)		1.8
United Super Markets Holdings, Inc.		(18,400	)		(162,022	)		24.2
Wacoal Holdings Corp.		(12,200	)		(241,957	)		36.1
Wacom Co. Ltd.		(46,000	)		(238,255	)		35.5
Weathernews, Inc.		(2,400	)		(122,847	)		18.3
West Holdings Corp.		(5,900	)		(143,484	)		21.4
WingArc1st, Inc.		(5,900	)		(98,157	)		14.6
W-Scope Corp.		(18,200	)		(154,213	)		23.0
YAMABIKO Corp.		(21,400	)		(216,272	)		32.3
YA-MAN Ltd.		(34,700	)		(305,773	)		45.6
Yodogawa Steel Works Ltd.		(10,600	)		(226,569	)		33.8
Yokogawa Bridge Holdings Corp.		(11,300	)		(188,550	)		28.1
Yokorei Co. Ltd.		(13,800	)		(113,249	)		16.9

Security	Shares			Value			% of Basket Value
Japan (continued)
Yokowo Co. Ltd.		(15,800	)	$	(238,359	)		35.6	%
Yonex Co. Ltd.		(8,900	)		(108,320	)		16.2
Yoshinoya Holdings Co. Ltd.		(22,100	)		(416,808	)		62.2
Zojirushi Corp.		(24,300	)		(325,145	)		48.5
					(58,162,083	)
Luxembourg
B&S Group Sarl		(5,386	)		(23,195	)		3.5
Malta
Kindred Group PLC		(24,958	)		(305,504	)		45.6
Netherlands
AMG Advanced Metallurgical Group NV		(686	)		(25,501	)		3.8
Arcadis NV		(11,335	)		(466,154	)		69.5
Corbion NV		(2,493	)		(78,118	)		11.7
Flow Traders Ltd.		(4,140	)		(102,093	)		15.2
Fugro NV		(20,715	)		(292,432	)		43.6
Meltwater NV		(34,416	)		(55,853	)		8.3
NSI NV		(1,602	)		(36,627	)		5.5
Sligro Food Group NV		(652	)		(11,328	)		1.7
TKH Group NV		(5,366	)		(258,588	)		38.6
					(1,326,694	)
Norway
Aker Carbon Capture ASA		(63,566	)		(65,013	)		9.7
Atea ASA		(1,690	)		(23,156	)		3.5
BEWi ASA		(2,223	)		(8,714	)		1.3
Bonheur ASA		(3,826	)		(85,204	)		12.7
Crayon Group Holding ASA		(39,692	)		(305,966	)		45.7
Europris ASA		(1,537	)		(10,977	)		1.6
FREYR Battery SA		(17,079	)		(120,749	)		18.0
Hexagon Composites ASA		(15,174	)		(45,886	)		6.8
Hexagon Purus ASA		(54,964	)		(116,394	)		17.4
MPC Container Ships ASA		(33,206	)		(54,327	)		8.1
Norske Skog ASA		(7,130	)		(31,590	)		4.7
					(867,976	)
Philippines
TaskUS, Inc., Class A		(5,386	)		(72,496	)		10.8
Portugal
Altri SGPS SA		(50,429	)		(259,896	)		38.8
Corticeira Amorim SGPS SA		(24,323	)		(273,254	)		40.8
Greenvolt-Energias Renovaveis SA		(141,923	)		(960,210	)		143.2
Navigator Co. SA		(70,024	)		(255,882	)		38.2
NOS SGPS SA		(13,926	)		(60,931	)		9.1
					(1,810,173	)
Puerto Rico
First BanCorp		(1,631	)		(19,164	)		2.9
Liberty Latin America Ltd.		(4,407	)		(39,134	)		5.8
					(58,298	)
Singapore
Kulicke & Soffa Industries, Inc.		(810	)		(38,604	)		5.8
TDCX, Inc.		(27,093	)		(190,464	)		28.4
					(229,068	)
Spain
Atresmedia Corp. de Medios de Comunicacion SA		(11,586	)		(46,124	)		6.9
Befesa SA		(7,616	)		(341,417	)		50.9
CIE Automotive SA		(8,332	)		(250,177	)		37.3
Construcciones y Auxiliar de Ferrocarriles SA		(1,480	)		(45,727	)		6.8
Faes Farma SA		(24,297	)		(85,289	)		12.7
Gestamp Automocion SA		(34,041	)		(146,534	)		21.9

34 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Spain (continued)
Global Dominion Access SA		(16,299	)	$	(67,783	)		10.1	%
Grenergy Renovables SA		(6,106	)		(177,947	)		26.6
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		(201,247	)		(184,868	)		27.6
Opdenergy Holdings SA		(28,078	)		(116,306	)		17.4
Soltec Power Holdings SA		(54,560	)		(310,639	)		46.3
Talgo SA		(10,590	)		(36,682	)		5.5
Vidrala SA		(231	)		(24,139	)		3.6
					(1,833,632	)
Sweden
AcadeMedia AB		(72,089	)		(363,615	)		54.3
AFRY AB		(4,763	)		(89,015	)		13.3
Attendo AB		(11,971	)		(42,190	)		6.3
Beijer Alma AB		(12,389	)		(280,134	)		41.8
Bilia AB, A Shares		(17,664	)		(198,049	)		29.5
Billerud AB		(30,577	)		(291,839	)		43.5
Cibus Nordic Real Estate AB		(15,974	)		(169,794	)		25.3
Cint Group AB		(57,406	)		(89,842	)		13.4
Clas Ohlson AB, B Shares		(25,753	)		(193,265	)		28.8
Coor Service Management Holding AB		(17,318	)		(111,986	)		16.7
Dios Fastigheter AB		(4,060	)		(28,792	)		4.3
Dometic Group AB		(41,806	)		(298,093	)		44.5
Duni AB		(9,939	)		(107,921	)		16.1
Dustin Group AB		(25,814	)		(88,299	)		13.2
Electrolux Professional AB		(26,682	)		(154,674	)		23.1
Fabege AB		(24,637	)		(196,341	)		29.3
Granges AB		(33,745	)		(333,689	)		49.8
Hemnet Group AB		(20,955	)		(341,176	)		50.9
Hexpol AB		(2,260	)		(26,465	)		4.0
Hufvudstaden AB, A Shares		(31,581	)		(447,612	)		66.8
Instalco AB		(20,954	)		(109,496	)		16.3
JM AB		(13,953	)		(222,631	)		33.2
KNOW IT AB		(6,403	)		(147,518	)		22.0
Lindab International AB		(11,838	)		(188,459	)		28.1
Loomis AB		(15,806	)		(502,794	)		75.0
Medicover AB, B Shares		(623	)		(10,205	)		1.5
MEKO AB		(7,603	)		(92,687	)		13.8
Munters Group AB		(6,228	)		(60,762	)		9.1
NCC AB, B Shares		(9,687	)		(95,801	)		14.3
New Wave Group AB, B Shares		(2,829	)		(56,814	)		8.5
Nordnet AB publ		(8,941	)		(139,720	)		20.8
Pandox AB		(5,542	)		(65,589	)		9.8
Peab AB		(39,783	)		(209,179	)		31.2
Ratos AB, B Shares		(32,632	)		(112,152	)		16.7
Rvrc Holding AB		(32,800	)		(97,441	)		14.5
SkiStar AB		(9,328	)		(119,385	)		17.8
SSAB AB, B Shares		(10,459	)		(70,287	)		10.5
Stillfront Group AB		(219,702	)		(465,532	)		69.5
Viaplay Group AB		(3,527	)		(89,578	)		13.4
Wallenstam AB, B Shares		(109,750	)		(432,869	)		64.6
Wihlborgs Fastigheter AB		(58,394	)		(469,017	)		70.0
					(7,610,707	)
Switzerland
ALSO Holding AG, Registered Shares		(1,963	)		(421,551	)		62.9
Burckhardt Compression Holding AG		(91	)		(56,296	)		8.4
Bystronic AG		(345	)		(249,508	)		37.2
Daetwyler Holding AG		(1,984	)		(502,848	)		75.0
dormakaba Holding AG		(1,542	)		(692,035	)		103.2
EFG International AG		(4,520	)		(43,583	)		6.5
Forbo Holding AG, Registered Shares		(357	)		(526,512	)		78.6

Security	Shares			Value			% of Basket Value
Switzerland (continued)
Interroll Holding AG, Registered Shares		(40	)	$	(146,264	)		21.8	%
Komax Holding AG, Registered Shares		(1,226	)		(325,567	)		48.6
Landis&Gyr Group AG		(3,084	)		(255,902	)		38.2
Leonteq AG		(2,601	)		(141,372	)		21.1
Metall Zug AG, Registered Shares		(5	)		(10,340	)		1.5
Mobimo Holding AG, Registered Shares		(126	)		(33,854	)		5.1
OC Oerlikon Corp. AG, Registered Shares		(19,039	)		(106,804	)		15.9
Peach Property Group AG		(4,394	)		(68,769	)		10.3
SFS Group AG		(1,633	)		(213,794	)		31.9
Siegfried Holding AG, Registered Shares		(270	)		(208,481	)		31.1
SKAN Group AG		(2,843	)		(274,679	)		41.0
St Galler Kantonalbank AG, Registered Shares		(241	)		(135,996	)		20.3
TX Group AG		(615	)		(71,766	)		10.7
Valiant Holding AG, Registered Shares		(797	)		(92,807	)		13.8
Vontobel Holding AG, Registered Shares		(3,436	)		(230,568	)		34.4
Zehnder Group AG		(1,330	)		(108,835	)		16.2
Zur Rose Group AG		(6,206	)		(272,034	)		40.6
					(5,190,165	)
United Arab Emirates
Network International Holdings PLC		(82,311	)		(395,267	)		59.0
United Kingdom
AO World PLC		(252,373	)		(241,801	)		36.1
Ascential PLC		(49,628	)		(157,124	)		23.5
Assura PLC		(667,728	)		(421,702	)		62.9
Auction Technology Group PLC		(6,325	)		(55,032	)		8.2
Bridgepoint Group PLC, Registered Shares		(18,917	)		(56,692	)		8.5
Capita PLC		(145,377	)		(62,646	)		9.4
Close Brothers Group PLC		(3,274	)		(36,946	)		5.5
Coats Group PLC		(405,678	)		(393,562	)		58.7
Computacenter PLC		(4,923	)		(140,904	)		21.0
Craneware PLC		(535	)		(8,974	)		1.3
Crest Nicholson Holdings PLC		(23,826	)		(79,560	)		11.9
Currys PLC		(23,053	)		(16,349	)		2.5
Domino’s Pizza Group PLC		(59,399	)		(216,982	)		32.4
Elementis PLC		(48,632	)		(75,803	)		11.3
Firstgroup PLC		(58,906	)		(82,009	)		12.2
GB Group PLC		(90,742	)		(366,211	)		54.6
Great Portland Estates PLC		(8,315	)		(55,051	)		8.2
Greatland Gold PLC		(2,468,683	)		(246,163	)		36.7
Halfords Group PLC		(70,907	)		(184,919	)		27.6
Hays PLC		(367,439	)		(520,344	)		77.6
Home Reit PLC		(319,295	)		(133,597	)		19.9
Impact Healthcare Reit PLC		(84,935	)		(103,264	)		15.4
IP Group PLC		(154,485	)		(107,847	)		16.1
J D Wetherspoon PLC		(30,101	)		(266,369	)		39.8
John Wood Group PLC		(60,953	)		(170,699	)		25.5
Kape Technologies PLC		(228,282	)		(812,602	)		121.2
Keller Group PLC		(17,730	)		(146,859	)		21.9
Kier Group PLC		(46,642	)		(44,390	)		6.6
Liontrust Asset Management PLC		(7,161	)		(76,574	)		11.4
LondonMetric Property PLC		(83,640	)		(200,316	)		29.9
LXI REIT PLC		(431,979	)		(565,703	)		84.4
Marlowe PLC		(10,051	)		(62,813	)		9.4
Mitie Group PLC		(729,419	)		(833,456	)		124.4
Molten Ventures PLC		(110,799	)		(384,685	)		57.4
NCC Group PLC		(234,456	)		(312,512	)		46.6
Ninety One PLC		(40,664	)		(91,309	)		13.6
Pagegroup PLC		(128,488	)		(723,778	)		108.0
Petrofac Ltd.		(202,777	)		(179,807	)		26.8
Pets at Home Group PLC		(45,402	)		(217,404	)		32.4

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
PRS REIT PLC		(22,746	)	$	(24,328	)		3.6	%
PZ Cussons PLC		(10,713	)		(26,642	)		4.0
Rathbones Group PLC		(4,633	)		(112,493	)		16.8
Reach PLC		(113,577	)		(119,056	)		17.8
Redrow PLC		(18,819	)		(121,170	)		18.1
Renewi PLC		(49,342	)		(368,062	)		54.9
S4 Capital PLC		(74,758	)		(135,626	)		20.2
Spirent Communications PLC		(57,682	)		(129,459	)		19.3
SSP Group PLC		(148,335	)		(474,490	)		70.8
Synthomer PLC		(46,082	)		(68,505	)		10.2
Tyman PLC		(39,274	)		(120,088	)		17.9
Urban Logistics REIT PLC		(95,479	)		(167,510	)		25.0
Volex PLC		(131,709	)		(417,755	)		62.3
WH Smith PLC		(12,252	)		(239,867	)		35.8
Wincanton PLC		(50,320	)		(134,228	)		20.0
Workspace Group PLC		(11,754	)		(69,624	)		10.4
Yellow Cake PLC		(128,883	)		(601,962	)		89.8
					(12,183,623	)
United States
23andMe Holding Co., Class A		(60,599	)		(119,380	)		17.8
3D Systems Corp.		(45,282	)		(414,783	)		61.9
AAR Corp.		(6,744	)		(355,948	)		53.1
ABM Industries, Inc.		(17,997	)		(766,312	)		114.3
Acadia Realty Trust		(4,531	)		(61,214	)		9.1
ACCO Brands Corp.		(5,371	)		(24,599	)		3.7
Accolade, Inc.		(6,811	)		(92,153	)		13.7
Aclaris Therapeutics, Inc.		(2,481	)		(22,056	)		3.3
ACV Auctions, Inc., Class B		(43,492	)		(566,701	)		84.5
AdaptHealth Corp.		(32,620	)		(387,526	)		57.8
Addus HomeCare Corp.		(792	)		(64,738	)		9.7
Adeia, Inc.		(15,226	)		(116,327	)		17.4
Adicet Bio, Inc.		(9,816	)		(57,325	)		8.6
Adtalem Global Education, Inc.		(8,753	)		(355,109	)		53.0
ADTRAN Holdings, Inc.		(9,693	)		(88,400	)		13.2
Advantage Solutions, Inc.		(2,827	)		(3,619	)		0.5
Aehr Test Systems		(14,861	)		(367,810	)		54.9
AeroVironment, Inc.		(1,197	)		(120,526	)		18.0
Aeva Technologies, Inc.		(62,334	)		(61,829	)		9.2
Agiliti, Inc.		(28,876	)		(482,807	)		72.0
Agilysys, Inc.		(1,301	)		(101,530	)		15.1
Akero Therapeutics, Inc.		(3,106	)		(138,962	)		20.7
Alexander’s, Inc.		(1,595	)		(296,782	)		44.3
Alkami Technology, Inc.		(8,150	)		(97,718	)		14.6
Allbirds, Inc., Class A		(62,259	)		(77,824	)		11.6
Allovir, Inc.		(3,597	)		(12,374	)		1.8
Alphatec Holdings, Inc.		(10,086	)		(145,642	)		21.7
Altair Engineering, Inc., Class A		(1,102	)		(76,093	)		11.4
Altus Power, Inc.		(9,233	)		(41,918	)		6.3
A-Mark Precious Metals, Inc.		(11,965	)		(428,347	)		63.9
AMC Networks, Inc.		(7,776	)		(137,557	)		20.5
Amerant Bancorp, Inc.		(8,776	)		(163,234	)		24.4
Ameresco, Inc., Class A		(3,721	)		(154,794	)		23.1
American Eagle Outfitters, Inc.		(3,216	)		(43,062	)		6.4
American States Water Co.		(2,733	)		(242,554	)		36.2
American Well Corp., Class A		(18,242	)		(39,950	)		6.0
America’s Car-Mart, Inc.		(4,600	)		(369,794	)		55.2
Ameris Bancorp		(4,080	)		(136,680	)		20.4
Amplitude, Inc.		(39,450	)		(447,757	)		66.8
Anavex Life Sciences Corp.		(28,607	)		(232,861	)		34.7
Andersons, Inc.		(4,621	)		(206,559	)		30.8

Security	Shares			Value			% of Basket Value
United States (continued)
ANI Pharmaceuticals, Inc.		(1,409	)	$	(53,147	)		7.9	%
Apartment Investment and Management Co.		(7,946	)		(62,217	)		9.3
API Group Corp.		(6,620	)		(150,671	)		22.5
Apollo Commercial Real Estate Finance, Inc.		(15,566	)		(157,528	)		23.5
Apollo Medical Holdings, Inc.		(2,052	)		(72,825	)		10.9
Appian Corp., Class A		(12,085	)		(453,792	)		67.7
ArcBest Corp.		(2,612	)		(246,573	)		36.8
Arcellx, Inc.		(10,281	)		(438,793	)		65.5
Arcosa, Inc.		(4,721	)		(318,856	)		47.6
Arcturus Therapeutics Holdings, Inc.		(6,351	)		(169,064	)		25.2
Ardelyx, Inc.		(41,058	)		(183,119	)		27.3
Ares Commercial Real Estate Corp.		(31,146	)		(268,167	)		40.0
Argan, Inc.		(9,187	)		(369,593	)		55.1
ARMOUR Residential REIT, Inc.		(94,997	)		(484,485	)		72.3
Array Technologies, Inc.		(14,025	)		(286,811	)		42.8
Artesian Resources Corp., Class A		(621	)		(34,018	)		5.1
Atea Pharmaceuticals, Inc.		(21,109	)		(69,026	)		10.3
Atlantic Union Bankshares Corp.		(17,127	)		(490,175	)		73.1
Atlanticus Holdings Corp.		(464	)		(13,530	)		2.0
Avanos Medical, Inc.		(4,907	)		(144,953	)		21.6
AvePoint, Inc.		(33,342	)		(144,704	)		21.6
Avidity Biosciences, Inc.		(3,325	)		(41,230	)		6.2
Avista Corp.		(16,954	)		(747,163	)		111.5
Axsome Therapeutics, Inc.		(8,855	)		(633,398	)		94.5
AZZ, Inc.		(5,112	)		(192,876	)		28.8
Babcock & Wilcox Enterprises, Inc.		(80,638	)		(501,568	)		74.8
Balchem Corp.		(552	)		(72,533	)		10.8
Banc of California, Inc.		(3,437	)		(39,010	)		5.8
Banner Corp.		(9,906	)		(494,508	)		73.8
Barnes Group, Inc.		(7,535	)		(316,696	)		47.2
Barrett Business Services, Inc.		(2,409	)		(201,416	)		30.1
Beauty Health Co.		(49,290	)		(564,863	)		84.3
Benson Hill, Inc.		(2,874	)		(3,046	)		0.5
Big Lots, Inc.		(1,270	)		(11,417	)		1.7
BigCommerce Holdings, Inc.		(49,425	)		(365,251	)		54.5
BioCryst Pharmaceuticals, Inc.		(14,624	)		(111,289	)		16.6
Biohaven Ltd.		(20,766	)		(271,619	)		40.5
BioLife Solutions, Inc.		(3,531	)		(62,004	)		9.3
Bionano Genomics, Inc.		(6,262	)		(4,308	)		0.6
Bioxcel Therapeutics, Inc.		(16,864	)		(347,736	)		51.9
Bloomin’ Brands, Inc.		(11,794	)		(292,137	)		43.6
Blue Bird Corp.		(512	)		(9,574	)		1.4
Boot Barn Holdings, Inc.		(4,878	)		(353,509	)		52.7
Boston Omaha Corp., Class A		(13,434	)		(274,860	)		41.0
Brady Corp., Class A		(7,836	)		(399,871	)		59.7
Braze, Inc.		(35,846	)		(1,053,872	)		157.2
BRC, Inc.		(2,935	)		(15,291	)		2.3
Brightsphere Investment Group, Inc.		(5,271	)		(119,019	)		17.8
BrightSpire Capital, Inc.		(2,234	)		(12,734	)		1.9
Brinker International, Inc.		(12,087	)		(482,513	)		72.0
BRP Group, Inc., Class A		(13,223	)		(333,087	)		49.7
Butterfly Network, Inc.		(34,563	)		(74,656	)		11.1
Cadre Holdings, Inc.		(2,020	)		(42,541	)		6.3
Calavo Growers, Inc.		(6,332	)		(202,371	)		30.2
California Water Service Group		(5,788	)		(324,591	)		48.4
Camping World Holdings, Inc., Class A		(56,215	)		(1,258,654	)		187.8
Cano Health, Inc.		(129,464	)		(150,178	)		22.4
Capitol Federal Financial, Inc.		(24,876	)		(154,231	)		23.0
CareMax, Inc.		(47,226	)		(119,010	)		17.8
Caribou Biosciences, Inc.		(17,105	)		(73,552	)		11.0
Carriage Services, Inc.		(7,409	)		(212,712	)		31.7

36 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Cars.com, Inc.		(2,304	)	$	(45,089	)		6.7	%
Casella Waste Systems, Inc., Class A		(6,033	)		(536,937	)		80.1
Cass Information Systems, Inc.		(8,677	)		(317,405	)		47.4
Cassava Sciences, Inc.		(14,062	)		(326,520	)		48.7
Cathay General Bancorp		(4,015	)		(127,958	)		19.1
Cavco Industries, Inc.		(1,683	)		(505,270	)		75.4
CBIZ, Inc.		(2,175	)		(114,601	)		17.1
CCC Intelligent Solutions Holdings, Inc.		(36,668	)		(318,278	)		47.5
Celldex Therapeutics, Inc.		(5,917	)		(186,030	)		27.8
Centerspace		(3,518	)		(198,345	)		29.6
Central Garden & Pet Co.		(1,949	)		(71,801	)		10.7
Central Garden & Pet Co., Class A		(1,641	)		(57,977	)		8.6
Cerevel Therapeutics Holdings, Inc.		(17,256	)		(501,114	)		74.8
Certara, Inc.		(26,836	)		(648,626	)		96.8
Chase Corp.		(633	)		(69,206	)		10.3
Cheesecake Factory, Inc.		(11,923	)		(401,686	)		59.9
Chesapeake Utilities Corp.		(1,078	)		(133,133	)		19.9
Children’s Place, Inc.		(12,532	)		(371,448	)		55.4
Chuy’s Holdings, Inc.		(2,561	)		(89,328	)		13.3
City Holding Co.		(880	)		(80,247	)		12.0
Claros Mortgage Trust, Inc.		(66,690	)		(797,612	)		119.0
Clarus Corp.		(2,605	)		(25,347	)		3.8
Clearfield, Inc.		(3,156	)		(137,854	)		20.6
Clearway Energy, Inc., Class C		(13,416	)		(407,444	)		60.8
Clover Health Investments Corp.		(89,617	)		(66,191	)		9.9
Cogent Biosciences, Inc.		(6,778	)		(72,931	)		10.9
Cogent Communications Holdings, Inc.		(9,125	)		(629,990	)		94.0
Cohu, Inc.		(5,139	)		(173,904	)		25.9
Columbia Financial, Inc.		(8,232	)		(138,133	)		20.6
Columbus McKinnon Corp.		(3,074	)		(106,699	)		15.9
Community Bank System, Inc.		(5,163	)		(257,943	)		38.5
Community Healthcare Trust, Inc.		(19,595	)		(701,305	)		104.6
Community Trust Bancorp, Inc.		(4,969	)		(178,934	)		26.7
Compass, Inc.		(12,949	)		(30,301	)		4.5
Conduent, Inc.		(37,027	)		(129,965	)		19.4
CONMED Corp.		(8,917	)		(1,119,708	)		167.1
Consensus Cloud Solutions, Inc.		(7,407	)		(276,503	)		41.3
ContextLogic, Inc.		(2,842	)		(20,491	)		3.1
Core Laboratories NV		(3,536	)		(79,595	)		11.9
Corporate Office Properties Trust		(20,355	)		(465,926	)		69.5
Coursera, Inc.		(22,751	)		(283,022	)		42.2
CRA International, Inc.		(200	)		(21,028	)		3.1
Credo Technology Group Holding Ltd.		(54,725	)		(443,820	)		66.2
Crinetics Pharmaceuticals, Inc.		(6,989	)		(136,565	)		20.4
Cross Country Healthcare, Inc.		(9,632	)		(211,711	)		31.6
CryoPort, Inc.		(4,162	)		(87,568	)		13.1
CS Disco, Inc.		(9,377	)		(55,137	)		8.2
CTI BioPharma Corp.		(42,554	)		(206,812	)		30.9
CTS Corp.		(3,010	)		(118,022	)		17.6
Cullinan Oncology, Inc.		(10,950	)		(106,543	)		15.9
Cushman & Wakefield PLC		(21,880	)		(215,518	)		32.2
Cymabay Therapeutics, Inc.		(1,073	)		(11,545	)		1.7
Cytek Biosciences, Inc.		(7,326	)		(84,102	)		12.5
Definitive Healthcare Corp.		(1,831	)		(19,592	)		2.9
Delek US Holdings, Inc.		(16,580	)		(360,615	)		53.8
Deluxe Corp.		(2,351	)		(35,618	)		5.3
Denali Therapeutics, Inc.		(905	)		(22,480	)		3.4
Designer Brands, Inc.		(2,025	)		(16,585	)		2.5
Diamond Offshore Drilling, Inc.		(19,314	)		(221,918	)		33.1
DICE Therapeutics, Inc.		(4,750	)		(154,375	)		23.0
Digital Turbine, Inc.		(30,622	)		(359,196	)		53.6
Dine Brands Global, Inc.		(6,575	)		(426,915	)		63.7

Security	Shares			Value			% of Basket Value
United States (continued)
DocGo, Inc.		(10,804	)	$	(91,834	)		13.7	%
Donnelley Financial Solutions, Inc.		(8,791	)		(380,211	)		56.7
Dorman Products, Inc.		(3,384	)		(291,565	)		43.5
Douglas Dynamics, Inc.		(4,905	)		(143,766	)		21.4
Douglas Elliman, Inc.		(50,253	)		(160,307	)		23.9
Dril-Quip, Inc.		(2,511	)		(68,500	)		10.2
Driven Brands Holdings, Inc.		(3,546	)		(108,862	)		16.2
Dynavax Technologies Corp.		(2,958	)		(30,793	)		4.6
Dynex Capital, Inc.		(24,720	)		(293,179	)		43.7
E2open Parent Holdings, Inc.		(96,677	)		(608,098	)		90.7
Eagle Bulk Shipping, Inc.		(675	)		(30,186	)		4.5
Easterly Government Properties, Inc.		(40,661	)		(572,100	)		85.4
Eastern Bankshares, Inc.		(15,422	)		(179,666	)		26.8
Ebix, Inc.		(22,932	)		(372,874	)		55.6
Edgewell Personal Care Co.		(1,680	)		(73,366	)		10.9
Ellington Financial, Inc.		(35,510	)		(453,463	)		67.7
Empire State Realty Trust, Inc.		(30,432	)		(185,940	)		27.7
Encore Capital Group, Inc.		(6,686	)		(343,527	)		51.3
Energizer Holdings, Inc.		(6,799	)		(227,291	)		33.9
Energy Vault Holdings, Inc.		(35,009	)		(59,165	)		8.8
EnerSys		(2,416	)		(200,456	)		29.9
Enovix Corp.		(32,689	)		(353,695	)		52.8
Enterprise Financial Services Corp.		(3,029	)		(129,520	)		19.3
ePlus, Inc.		(3,110	)		(135,409	)		20.2
Equity Commonwealth		(154	)		(3,191	)		0.5
Esab Corp.		(6,517	)		(380,332	)		56.7
Esperion Therapeutics, Inc.		(7,116	)		(9,393	)		1.4
ESS Tech, Inc.		(6,478	)		(6,931	)		1.0
Essential Properties Realty Trust, Inc.		(11,174	)		(276,556	)		41.3
European Wax Center, Inc., Class A		(19,685	)		(370,865	)		55.3
EverCommerce, Inc.		(45,199	)		(545,552	)		81.4
EverQuote, Inc.		(5,413	)		(37,729	)		5.6
Evolent Health, Inc., Class A		(9,172	)		(333,953	)		49.8
Evolus, Inc.		(26,379	)		(230,552	)		34.4
Evolv Technologies Holdings, Inc.		(7,464	)		(26,870	)		4.0
Excelerate Energy, Inc.		(9,088	)		(195,392	)		29.2
Expro Group Holdings NV		(5,913	)		(117,610	)		17.5
Farmers National Banc Corp.		(1,016	)		(11,877	)		1.8
Farmland Partners, Inc.		(33,937	)		(354,302	)		52.9
Fastly, Inc.		(4,195	)		(62,002	)		9.3
FB Financial Corp.		(319	)		(9,388	)		1.4
Federal Agricultural Mortgage Corp.		(1,779	)		(237,123	)		35.4
Federal Signal Corp.		(1,075	)		(55,234	)		8.2
Federated Hermes, Inc.		(31,153	)		(1,289,423	)		192.4
Figs, Inc., Class A		(29,065	)		(209,268	)		31.2
First Advantage Corp.		(5,156	)		(66,306	)		9.9
First Bancorp/Southern Pines NC		(19,647	)		(604,735	)		90.2
First Commonwealth Financial Corp.		(1,740	)		(21,715	)		3.2
First Financial Bankshares, Inc.		(8,888	)		(260,063	)		38.8
First Merchants Corp.		(2,499	)		(72,921	)		10.9
FirstCash Holdings, Inc.		(639	)		(65,836	)		9.8
Flywire Corp.		(14,244	)		(415,497	)		62.0
FormFactor, Inc.		(5,529	)		(150,997	)		22.5
Forward Air Corp.		(4,616	)		(487,034	)		72.7
Four Corners Property Trust, Inc.		(26,357	)		(672,367	)		100.3
Franchise Group, Inc.		(9,642	)		(282,028	)		42.1
Fresh Del Monte Produce, Inc.		(8,025	)		(230,398	)		34.4
Freshpet, Inc.		(6,929	)		(477,893	)		71.3
fuboTV, Inc.		(72,669	)		(82,843	)		12.4
FuelCell Energy, Inc.		(142,900	)		(268,652	)		40.1
Fulcrum Therapeutics, Inc.		(24,056	)		(60,140	)		9.0
Funko, Inc., Class A		(38,223	)		(376,879	)		56.2

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Genworth Financial, Inc., Class A		(60,490	)	$	(351,447	)		52.4	%
German American Bancorp, Inc.		(4,035	)		(117,297	)		17.5
Geron Corp.		(49,103	)		(120,793	)		18.0
Getty Realty Corp.		(6,095	)		(203,146	)		30.3
Gevo, Inc.		(26,197	)		(30,389	)		4.5
G-III Apparel Group Ltd.		(5,054	)		(79,348	)		11.8
Glacier Bancorp, Inc.		(3,488	)		(115,906	)		17.3
Gladstone Commercial Corp.		(3,879	)		(46,315	)		6.9
Glaukos Corp.		(10,793	)		(512,775	)		76.5
Global Medical REIT, Inc.		(7,412	)		(68,783	)		10.3
Global Net Lease, Inc.		(33,709	)		(379,563	)		56.6
Globalstar, Inc.		(102,435	)		(92,806	)		13.8
GrafTech International Ltd.		(19,990	)		(94,153	)		14.0
Graham Holdings Co.		(19	)		(10,936	)		1.6
Granite Construction, Inc.		(13,827	)		(527,224	)		78.7
Great Southern Bancorp, Inc.		(641	)		(32,614	)		4.9
Green Brick Partners, Inc.		(7,599	)		(283,215	)		42.3
Green Dot Corp., Class A		(648	)		(11,139	)		1.7
Greenbrier Cos., Inc.		(15,520	)		(410,504	)		61.2
Greif, Inc.		(4,176	)		(262,211	)		39.1
Grid Dynamics Holdings, Inc.		(14,019	)		(152,387	)		22.7
Guess?, Inc.		(12,961	)		(244,315	)		36.5
Hagerty, Inc.		(1,883	)		(18,849	)		2.8
Harmonic, Inc.		(17,247	)		(243,010	)		36.3
Hawaiian Electric Industries, Inc.		(24,670	)		(967,311	)		144.3
Hawkins, Inc.		(554	)		(22,348	)		3.3
Hayward Holdings, Inc.		(37,344	)		(449,622	)		67.1
Heartland Express, Inc.		(4,275	)		(61,902	)		9.2
Hecla Mining Co.		(21,793	)		(131,848	)		19.7
Helios Technologies, Inc.		(3,889	)		(233,884	)		34.9
Heritage Commerce Corp.		(17,152	)		(145,792	)		21.8
Heritage-Crystal Clean, Inc.		(5,621	)		(196,510	)		29.3
Hibbett, Inc.		(3,995	)		(217,048	)		32.4
Highwoods Properties, Inc.		(4,164	)		(95,439	)		14.2
Hillenbrand, Inc.		(9,535	)		(434,987	)		64.9
Hillman Solutions Corp.		(30,743	)		(258,241	)		38.5
Hilltop Holdings, Inc.		(14,276	)		(442,842	)		66.1
Hims & Hers Health, Inc.		(14,973	)		(173,537	)		25.9
Hippo Holdings, Inc.		(3,940	)		(71,866	)		10.7
HireRight Holdings Corp.		(6,750	)		(71,550	)		10.7
Home BancShares, Inc.		(6,588	)		(143,421	)		21.4
Hostess Brands, Inc.		(19,433	)		(500,594	)		74.7
Hyliion Holdings Corp.		(43,590	)		(59,718	)		8.9
Hyster-Yale Materials Handling, Inc.		(3,322	)		(174,937	)		26.1
Ichor Holdings Ltd.		(6,081	)		(169,356	)		25.3
Ideaya Biosciences, Inc.		(764	)		(13,951	)		2.1
IMAX Corp.		(6,333	)		(132,676	)		19.8
Immunovant, Inc.		(8,129	)		(131,202	)		19.6
Impinj, Inc.		(3,458	)		(305,722	)		45.6
Independent Bank Corp.		(2,551	)		(142,856	)		21.3
Informatica, Inc.		(8,324	)		(128,689	)		19.2
Ingles Markets, Inc.		(3,671	)		(337,879	)		50.4
Inhibrx, Inc.		(11,894	)		(249,774	)		37.3
Inogen, Inc.		(698	)		(9,290	)		1.4
Insmed, Inc.		(9,207	)		(179,536	)		26.8
Insteel Industries, Inc.		(509	)		(14,013	)		2.1
Intapp, Inc.		(4,376	)		(176,440	)		26.3
InterDigital, Inc.		(7,517	)		(509,202	)		76.0
Intrepid Potash, Inc.		(1,858	)		(47,899	)		7.1
InvenTrust Properties Corp.		(4,280	)		(96,514	)		14.4
Invitae Corp.		(29,932	)		(40,708	)		6.1
IonQ, Inc.		(25,574	)		(140,913	)		21.0

Security	Shares			Value			% of Basket Value
United States (continued)
Itron, Inc.		(3,377	)	$	(180,332	)		26.9	%
Ivanhoe Electric, Inc.		(9,014	)		(107,357	)		16.0
Jack in the Box, Inc.		(7,941	)		(736,051	)		109.8
Jackson Financial, Inc.		(14,685	)		(528,807	)		78.9
JBG SMITH Properties		(37,981	)		(541,989	)		80.9
Joby Aviation, Inc.		(23,743	)		(102,807	)		15.3
John B Sanfilippo & Son, Inc.		(877	)		(91,164	)		13.6
John Wiley & Sons, Inc.		(36,235	)		(1,397,584	)		208.5
KB Home		(13,022	)		(570,624	)		85.1
Kelly Services, Inc., Class A		(894	)		(14,671	)		2.2
Kemper Corp.		(5,099	)		(248,066	)		37.0
Kennedy-Wilson Holdings, Inc.		(19,801	)		(332,261	)		49.6
Keros Therapeutics, Inc.		(2,157	)		(95,674	)		14.3
Kezar Life Sciences, Inc.		(8,803	)		(21,391	)		3.2
Kinetik Holdings, Inc.		(25,360	)		(781,088	)		116.5
KKR Real Estate Finance Trust, Inc.		(29,896	)		(321,083	)		47.9
Koppers Holdings, Inc.		(1,537	)		(50,429	)		7.5
Krispy Kreme, Inc.		(75,398	)		(1,159,621	)		173.0
Kronos Worldwide, Inc.		(2,568	)		(23,882	)		3.6
Kura Sushi USA, Inc., Class A		(2,975	)		(205,037	)		30.6
Kyndryl Holdings, Inc.		(22,227	)		(321,402	)		48.0
Lakeland Bancorp, Inc.		(8,080	)		(115,867	)		17.3
Lakeland Financial Corp.		(348	)		(17,633	)		2.6
Latham Group, Inc.		(9,446	)		(22,765	)		3.4
LCI Industries		(4,280	)		(483,469	)		72.1
Lemonade, Inc.		(25,826	)		(279,954	)		41.8
Leonardo DRS, Inc.		(18,511	)		(278,591	)		41.6
Leslie’s, Inc.		(1,640	)		(17,794	)		2.7
LGI Homes, Inc.		(4,381	)		(520,463	)		77.7
Liberty Energy, Inc.		(21,708	)		(278,079	)		41.5
Liberty Media Corp.-Liberty Braves		(10,783	)		(409,970	)		61.2
Life Time Group Holdings, Inc.		(11,606	)		(241,289	)		36.0
Lightwave Logic, Inc.		(58,693	)		(264,118	)		39.4
Lindblad Expeditions Holdings, Inc.		(1,103	)		(12,475	)		1.9
Lions Gate Entertainment Corp.		(1,054	)		(11,246	)		1.7
Lovesac Co.		(3,438	)		(90,385	)		13.5
LTC Properties, Inc.		(9,061	)		(303,090	)		45.2
Luminar Technologies, Inc.		(36,474	)		(219,573	)		32.8
M/I Homes, Inc.		(5,037	)		(340,703	)		50.8
Madison Square Garden Entertainment Corp.		(3,437	)		(110,912	)		16.5
Magnite, Inc.		(969	)		(9,109	)		1.4
Marcus & Millichap, Inc.		(6,308	)		(198,513	)		29.6
Masterbrand, Inc.		(44,438	)		(358,615	)		53.5
Materion Corp.		(468	)		(50,689	)		7.6
Mativ Holdings, Inc.		(353	)		(6,838	)		1.0
Matterport, Inc.		(40,105	)		(93,445	)		13.9
Matthews International Corp.		(2,873	)		(108,801	)		16.2
MaxCyte, Inc.		(15,107	)		(75,535	)		11.3
MBIA, Inc.		(1,266	)		(12,736	)		1.9
Mercury Systems, Inc.		(18,299	)		(872,313	)		130.1
MeridianLink, Inc.		(13,361	)		(199,613	)		29.8
Mesa Laboratories, Inc.		(239	)		(39,796	)		5.9
Methode Electronics, Inc.		(4,455	)		(182,610	)		27.2
Metrocity Bankshares, Inc.		(570	)		(9,320	)		1.4
Metropolitan Bank Holding Corp.		(1,073	)		(34,433	)		5.1
MillerKnoll, Inc.		(12,387	)		(210,703	)		31.4
Minerals Technologies, Inc.		(4,130	)		(244,744	)		36.5
Mirion Technologies, Inc.		(98,529	)		(798,085	)		119.1
Mirum Pharmaceuticals, Inc.		(12,093	)		(324,697	)		48.4
Mission Produce, Inc.		(7,443	)		(84,776	)		12.6
Modine Manufacturing Co.		(2,136	)		(44,664	)		6.7
Moelis & Co., Class A		(16,146	)		(611,610	)		91.2

38 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Monro, Inc.		(4,827	)	$	(235,944	)		35.2	%
Montrose Environmental Group, Inc.		(10,195	)		(310,540	)		46.3
Morphic Holding, Inc.		(8,986	)		(424,678	)		63.4
Mueller Water Products, Inc., Class A		(36,259	)		(485,871	)		72.5
N-able, Inc.		(9,275	)		(118,256	)		17.6
NanoString Technologies, Inc.		(2,407	)		(23,589	)		3.5
National Bank Holdings Corp.		(2,249	)		(71,518	)		10.7
National Health Investors, Inc.		(10,008	)		(498,098	)		74.3
National Presto Industries, Inc.		(3,123	)		(212,426	)		31.7
Navitas Semiconductor Corp.		(12,496	)		(66,604	)		9.9
NBT Bancorp, Inc.		(6,248	)		(201,436	)		30.1
nCino, Inc.		(17,828	)		(440,886	)		65.8
Necessity Retail REIT, Inc.		(39,543	)		(217,882	)		32.5
Nelnet, Inc.		(4,598	)		(442,787	)		66.1
NetScout Systems, Inc.		(1,226	)		(33,359	)		5.0
NETSTREIT Corp.		(1,758	)		(32,031	)		4.8
NewMarket Corp.		(654	)		(261,338	)		39.0
NextDecade Corp.		(5,204	)		(32,421	)		4.8
NexTier Oilfield Solutions, Inc.		(58,039	)		(468,955	)		70.0
Nicolet Bankshares, Inc.		(1,097	)		(62,869	)		9.4
nLight, Inc.		(44,888	)		(393,668	)		58.7
NMI Holdings, Inc., Class A		(2,076	)		(48,578	)		7.2
Northern Oil and Gas, Inc.		(27,505	)		(912,341	)		136.1
Northfield Bancorp, Inc.		(6,848	)		(71,356	)		10.6
Northwest Bancshares, Inc.		(2,099	)		(24,537	)		3.7
Northwest Natural Holding Co.		(3,752	)		(176,194	)		26.3
NorthWestern Corp.		(12,129	)		(711,002	)		106.1
Nu Skin Enterprises, Inc., Class A		(4,742	)		(187,119	)		27.9
Nuvalent, Inc., Class A		(12,004	)		(424,822	)		63.4
Nuvation Bio, Inc.		(2,316	)		(3,729	)		0.6
OceanFirst Financial Corp.		(1,172	)		(18,752	)		2.8
Office Properties Income Trust		(7,859	)		(51,241	)		7.6
O-I Glass, Inc.		(4,942	)		(111,047	)		16.6
Olo, Inc.		(41,542	)		(284,563	)		42.5
ON24, Inc.		(30,579	)		(266,037	)		39.7
OneSpan, Inc.		(8,755	)		(129,049	)		19.3
Open Lending Corp.		(35,898	)		(252,363	)		37.7
Opendoor Technologies, Inc.		(91,247	)		(125,921	)		18.8
OraSure Technologies, Inc.		(3,153	)		(21,440	)		3.2
Origin Bancorp, Inc.		(6,758	)		(198,888	)		29.7
Orthofix Medical, Inc.		(5,982	)		(112,641	)		16.8
OrthoPediatrics Corp.		(2,726	)		(137,499	)		20.5
Otter Tail Corp.		(1,374	)		(98,859	)		14.7
Outset Medical, Inc.		(7,376	)		(132,694	)		19.8
Pacific Biosciences of California, Inc.		(48,713	)		(516,358	)		77.0
PAR Technology Corp.		(13,388	)		(409,539	)		61.1
Paragon 28, Inc.		(3,299	)		(60,768	)		9.1
Park National Corp.		(211	)		(22,856	)		3.4
Patrick Industries, Inc.		(2,876	)		(197,380	)		29.4
Patterson Cos., Inc.		(3,327	)		(90,195	)		13.5
Paymentus Holdings, Inc.		(40,282	)		(331,521	)		49.5
PDF Solutions, Inc.		(2,650	)		(95,532	)		14.3
Peapack-Gladstone Financial Corp.		(932	)		(24,754	)		3.7
Pediatrix Medical Group, Inc.		(23,348	)		(334,577	)		49.9
PennyMac Mortgage Investment Trust		(21,600	)		(268,488	)		40.1
Perficient, Inc.		(4,447	)		(288,699	)		43.1
Perimeter Solutions SA		(13,758	)		(102,910	)		15.4
Phillips Edison & Co., Inc.		(13,463	)		(424,623	)		63.4
Physicians Realty Trust		(49,086	)		(707,820	)		105.6
Piedmont Lithium, Inc.		(14,234	)		(818,455	)		122.1
Piper Sandler Cos		(2,001	)		(271,015	)		40.4
Pitney Bowes, Inc.		(16,077	)		(56,430	)		8.4

Security	Shares			Value			% of Basket Value
United States (continued)
Planet Labs PBC		(36,509	)	$	(148,957	)		22.2	%
Plexus Corp.		(8,263	)		(722,765	)		107.8
Pliant Therapeutics, Inc.		(7,018	)		(198,258	)		29.6
Plymouth Industrial REIT, Inc.		(16,765	)		(339,324	)		50.6
PolyPeptide Group AG		(14,936	)		(375,397	)		56.0
Portillo’s, Inc., Class A		(8,849	)		(191,315	)		28.5
PotlatchDeltic Corp.		(11,603	)		(536,407	)		80.0
PRA Group, Inc.		(21,921	)		(795,075	)		118.6
Premier, Inc., Class A		(27,984	)		(932,707	)		139.2
PROCEPT BioRobotics Corp.		(13,381	)		(406,649	)		60.7
ProFrac Holding Corp.		(39,810	)		(445,872	)		66.5
PROG Holdings, Inc.		(4,956	)		(149,820	)		22.4
Progress Software Corp.		(4,657	)		(255,576	)		38.1
Proterra, Inc.		(23,338	)		(27,305	)		4.1
Proto Labs, Inc.		(3,471	)		(99,861	)		14.9
Provident Financial Services, Inc.		(2,283	)		(39,907	)		6.0
PubMatic, Inc.		(12,594	)		(172,034	)		25.7
Pulmonx Corp.		(28,650	)		(336,637	)		50.2
PureCycle Technologies, Inc.		(24,735	)		(162,509	)		24.2
Quanterix Corp.		(9,629	)		(121,711	)		18.2
Rackspace Technology, Inc.		(26,107	)		(38,116	)		5.7
Ramaco Resources, Inc.		(3,194	)		(25,967	)		3.9
RAPT Therapeutics, Inc.		(1,167	)		(21,239	)		3.2
Ready Capital Corp.		(63,320	)		(679,424	)		101.4
Relay Therapeutics, Inc.		(7,378	)		(83,888	)		12.5
Reliance Worldwide Corp. Ltd.		(163,087	)		(445,047	)		66.4
Remitly Global, Inc.		(6,952	)		(116,794	)		17.4
Renasant Corp.		(2,805	)		(78,877	)		11.8
Resideo Technologies, Inc.		(22,407	)		(398,845	)		59.5
Resources Connection, Inc.		(4,017	)		(58,608	)		8.7
REV Group, Inc.		(21,557	)		(231,307	)		34.5
Revance Therapeutics, Inc.		(12,453	)		(396,379	)		59.1
Revolution Medicines, Inc.		(4,394	)		(103,215	)		15.4
Reynolds Consumer Products, Inc.		(1,998	)		(56,004	)		8.4
Rhythm Pharmaceuticals, Inc.		(10,719	)		(216,202	)		32.3
Rimini Street, Inc.		(6,144	)		(22,979	)		3.4
Rocket Lab USA, Inc.		(203,876	)		(799,194	)		119.2
Rocket Pharmaceuticals, Inc.		(1,778	)		(31,862	)		4.8
Rogers Corp.		(247	)		(39,755	)		5.9
Roivant Sciences Ltd.		(4,593	)		(39,270	)		5.9
Rover Group, Inc.		(2,933	)		(13,286	)		2.0
RXO, Inc.		(15,374	)		(278,116	)		41.5
Ryerson Holding Corp.		(4,774	)		(180,314	)		26.9
S&T Bancorp, Inc.		(2,986	)		(82,205	)		12.3
Sabra Health Care REIT, Inc.		(4,472	)		(50,981	)		7.6
Sabre Corp.		(3,065	)		(12,260	)		1.8
Safety Insurance Group, Inc.		(1,095	)		(80,034	)		11.9
Sage Therapeutics, Inc.		(7,048	)		(344,295	)		51.4
Sally Beauty Holdings, Inc.		(13,613	)		(193,713	)		28.9
Sandy Spring Bancorp, Inc.		(4,810	)		(108,129	)		16.1
Scholastic Corp.		(523	)		(20,120	)		3.0
Schrodinger, Inc.		(11,527	)		(340,277	)		50.8
Seacoast Banking Corp. of Florida		(5,672	)		(125,862	)		18.8
Seer, Inc.		(4,818	)		(16,092	)		2.4
Select Energy Services, Inc.		(12,053	)		(89,554	)		13.4
Select Medical Holdings Corp.		(10,774	)		(328,607	)		49.0
Senseonics Holdings, Inc.		(51,805	)		(30,829	)		4.6
Shake Shack, Inc., Class A		(3,992	)		(218,802	)		32.6
Shenandoah Telecommunications Co.		(12,896	)		(268,366	)		40.0
SI-BONE, Inc.		(20,123	)		(444,718	)		66.3
Silgan Holdings, Inc.		(2,480	)		(122,165	)		18.2
SilverBow Resources, Inc.		(12,073	)		(287,941	)		43.0

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Simmons First National Corp., Class A		(22,138	)	$	(369,926	)		55.2	%
Simply Good Foods Co		(12,738	)		(463,281	)		69.1
SITE Centers Corp.		(26,225	)		(323,616	)		48.3
SiTime Corp.		(2,015	)		(218,567	)		32.6
SJW Group		(8,910	)		(676,447	)		100.9
SMART Global Holdings, Inc.		(7,811	)		(120,446	)		18.0
SmartRent, Inc.		(47,292	)		(122,013	)		18.2
Snap One Holdings Corp.		(2,237	)		(21,833	)		3.3
Solid Power, Inc.		(8,711	)		(19,774	)		2.9
SomaLogic, Inc.		(23,103	)		(64,688	)		9.7
Sonos, Inc.		(3,898	)		(82,404	)		12.3
Sotera Health Co.		(1,136	)		(19,051	)		2.8
Southside Bancshares, Inc.		(3,364	)		(106,740	)		15.9
Spectrum Brands Holdings, Inc.		(11,262	)		(748,923	)		111.7
Sphere Entertainment Co.		(3,437	)		(96,717	)		14.4
Spire, Inc.		(281	)		(19,032	)		2.8
Sprouts Farmers Market, Inc.		(5,201	)		(180,267	)		26.9
Squarespace, Inc.		(2,287	)		(71,126	)		10.6
St Joe Co.		(12,671	)		(520,778	)		77.7
Stellar Bancorp, Inc.		(4,147	)		(95,132	)		14.2
Stem, Inc.		(77,071	)		(326,010	)		48.6
StepStone Group, Inc., Class A		(3,306	)		(72,831	)		10.9
Stericycle, Inc.		(11,337	)		(517,534	)		77.2
Stock Yards Bancorp, Inc.		(2,116	)		(102,838	)		15.3
Strategic Education, Inc.		(7,021	)		(617,848	)		92.2
Sun Country Airlines Holdings, Inc.		(4,977	)		(98,196	)		14.7
Sunstone Hotel Investors, Inc.		(41,269	)		(393,294	)		58.7
Sweetgreen, Inc.		(46,648	)		(370,385	)		55.3
Syndax Pharmaceuticals, Inc.		(22,229	)		(456,806	)		68.2
Tejon Ranch Co.		(4,246	)		(73,371	)		10.9
Telephone and Data Systems, Inc.		(2,932	)		(29,320	)		4.4
Telos Corp.		(12,733	)		(21,646	)		3.2
Tennant Co.		(1,688	)		(128,997	)		19.2
Terex Corp.		(4,992	)		(222,593	)		33.2
Texas Capital Bancshares, Inc.		(7,110	)		(357,277	)		53.3
TFS Financial Corp.		(37,056	)		(446,154	)		66.6
TG Therapeutics, Inc.		(20,450	)		(507,773	)		75.8
Tidewater, Inc.		(9,470	)		(426,434	)		63.6
TimkenSteel Corp.		(9,086	)		(152,100	)		22.7
Tootsie Roll Industries, Inc.		(8,676	)		(354,675	)		52.9
Towne Bank/Portsmouth VA		(17,458	)		(413,580	)		61.7
TPG, Inc.		(10,160	)		(294,335	)		43.9
TPI Composites, Inc.		(18,021	)		(222,740	)		33.2
Traeger, Inc.		(2,810	)		(8,542	)		1.3
TransMedics Group, Inc.		(1,056	)		(83,530	)		12.5
Tredegar Corp.		(11,008	)		(103,255	)		15.4
TreeHouse Foods, Inc.		(1,570	)		(83,602	)		12.5
TriCo Bancshares		(3,875	)		(138,764	)		20.7
TriMas Corp.		(2,623	)		(66,650	)		9.9
Tronox Holdings PLC		(20,987	)		(287,312	)		42.9
Trupanion, Inc.		(8,532	)		(299,559	)		44.7
TrustCo Bank Corp. NY		(1,984	)		(59,203	)		8.8
Trustmark Corp.		(7,174	)		(171,387	)		25.6
TTEC Holdings, Inc.		(2,941	)		(100,200	)		14.9
Tucows, Inc.		(5,204	)		(116,518	)		17.4
TuSimple Holdings, Inc.		(16,506	)		(19,972	)		3.0
Two Harbors Investment Corp.		(8,469	)		(117,973	)		17.6
UFP Technologies, Inc.		(93	)		(12,819	)		1.9
Ultra Clean Holdings, Inc.		(6,281	)		(179,260	)		26.7
UMH Properties, Inc.		(18,588	)		(282,538	)		42.2

Security	Shares			Value			% of Basket Value
United States (continued)
UniFirst Corp.		(2,210	)	$	(361,733	)		54.0	%
United Bankshares, Inc.		(3,315	)		(109,826	)		16.4
United Community Banks, Inc.		(5,256	)		(130,874	)		19.5
United Natural Foods, Inc.		(9,893	)		(269,782	)		40.3
Universal Corp.		(7,197	)		(395,043	)		58.9
Universal Health Realty Income Trust		(8,457	)		(367,879	)		54.9
Universal Logistics Holdings, Inc.		(1,258	)		(32,205	)		4.8
Upbound Group, Inc.		(15,977	)		(425,947	)		63.5
Urban Outfitters, Inc.		(21,479	)		(581,222	)		86.7
Urstadt Biddle Properties, Inc., Class A		(11,503	)		(198,082	)		29.6
V2X, Inc.		(1,693	)		(73,138	)		10.9
VAALCO Energy, Inc.		(5,804	)		(24,841	)		3.7
Vaxcyte, Inc.		(5,587	)		(239,291	)		35.7
Velo3D, Inc.		(43,192	)		(101,069	)		15.1
Ventyx Biosciences, Inc.		(1,675	)		(62,980	)		9.4
Veris Residential, Inc.		(43,398	)		(709,557	)		105.9
Verra Mobility Corp.		(38,604	)		(654,338	)		97.6
Viasat, Inc.		(6,128	)		(214,664	)		32.0
Viavi Solutions, Inc.		(22,493	)		(201,537	)		30.1
Victoria’s Secret & Co.		(5,234	)		(162,306	)		24.2
Viking Therapeutics, Inc.		(26,601	)		(566,867	)		84.6
Virgin Galactic Holdings, Inc.		(42,347	)		(154,143	)		23.0
Viridian Therapeutics, Inc.		(10,459	)		(293,166	)		43.7
Vishay Intertechnology, Inc.		(33,525	)		(713,747	)		106.5
Vista Outdoor, Inc.		(18,958	)		(456,888	)		68.2
Vita Coco Co., Inc.		(1,599	)		(34,618	)		5.2
Vitesse Energy, Inc.		(17,570	)		(323,288	)		48.2
Vobile Group Ltd.		(156,000	)		(60,876	)		9.1
VSE Corp.		(4,697	)		(198,636	)		29.6
Vuzix Corp.		(22,530	)		(90,571	)		13.5
Washington Federal, Inc.		(4,359	)		(122,226	)		18.2
Waterstone Financial, Inc.		(833	)		(11,537	)		1.7
WD-40 Co.		(788	)		(150,035	)		22.4
Werner Enterprises, Inc.		(12,047	)		(544,163	)		81.2
Westamerica BanCorp		(3,537	)		(143,284	)		21.4
White Mountains Insurance Group Ltd.		(162	)		(232,007	)		34.6
WideOpenWest, Inc.		(8,952	)		(102,321	)		15.3
Winnebago Industries, Inc.		(5,009	)		(291,223	)		43.4
Wolverine World Wide, Inc.		(29,737	)		(497,797	)		74.3
Workhorse Group, Inc.		(59,284	)		(55,857	)		8.3
Worthington Industries, Inc.		(1,747	)		(103,754	)		15.5
Xenia Hotels & Resorts, Inc.		(23,788	)		(301,156	)		44.9
Xometry, Inc.		(22,083	)		(306,733	)		45.8
XPEL, Inc.		(379	)		(27,690	)		4.1
Xperi, Inc.		(8,684	)		(82,411	)		12.3
Xponential Fitness, Inc., Class A		(5,717	)		(189,118	)		28.2
Zentalis Pharmaceuticals, Inc.		(8,561	)		(188,599	)		28.1
Zuora, Inc.		(8,378	)		(65,265	)		9.7
					(134,793,004	)
Preferred Stocks
Germany
Jungheinrich AG		(4,603	)		(177,730	)		26.5
Sixt SE		(541	)		(42,921	)		6.4
					(220,651	)

40 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Germany (continued)
Rights
Spain
Faes Farma SA (Expires 05/10/23)		(24,297	)	$	(3,252	)		0.5	%
Total Reference Entity — Short					(275,303,190	)
Net Value of Reference Entity — Bank of America N.A				$	(670,259	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination date 02/15/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
AMP Ltd.		289,510	$	219,035		(29.8	)%
Bank of Queensland Ltd.		89,913		347,454		(47.2	)
Beach Energy Ltd.		43,526		42,871		(5.8	)
Bendigo & Adelaide Bank Ltd.		22,674		130,629		(17.8	)
Boral Ltd.		41,859		114,975		(15.6	)
Charter Hall Group		42,538		316,694		(43.1	)
CSR Ltd.		28,124		98,520		(13.4	)
Fortescue Metals Group Ltd.		2,293		32,104		(4.4	)
GPT Group		128,282		377,473		(51.3	)
IDP Education Ltd.		3,876		72,868		(9.9	)
Iluka Resources Ltd.		7,492		55,088		(7.5	)
Insignia Financial Ltd.		6,517		12,944		(1.8	)
Macquarie Group Ltd.		1,666		203,374		(27.7	)
Magellan Financial Group Ltd.		21,063		114,227		(15.5	)
Mineral Resources Ltd.		343		16,933		(2.3	)
Mirvac Group		10,881		17,480		(2.4	)
National Australia Bank Ltd.		27,829		536,101		(72.9	)
Orora Ltd.		144,045		329,448		(44.8	)
Pilbara Minerals Ltd.		26,463		75,370		(10.3	)
Pro Medicus Ltd.		4,574		187,878		(25.5	)
Region RE Ltd., Registered Shares		79,135		129,589		(17.6	)
Rio Tinto Ltd.		1,670		125,343		(17.0	)
Star Entertainment Grp Ltd.		142,964		121,271		(16.5	)
Steadfast Group Ltd.		8,437		33,285		(4.5	)
Westpac Banking Corp.		4,034		60,426		(8.2	)
WiseTech Global Ltd.		6,944		318,291		(43.3	)
				4,089,671
Austria
ams-OSRAM AG		25,577		176,952		(24.1	)
Belgium
Elia Group SA/NV		1,138		155,360		(21.2	)
Euronav NV		15,873		273,015		(37.1	)
Sofina SA		2,577		589,101		(80.1	)
Solvay SA		1,804		215,562		(29.3	)
				1,233,038
Brazil
Wheaton Precious Metals Corp.		968		47,458		(6.5	)
Canada
Birchcliff Energy Ltd.		1,129		6,798		(0.9	)
Bombardier, Inc., Class B		8,220		352,421		(47.9	)

Security	Shares		Value		% of Basket Value
Canada (continued)
Canada Goose Holdings, Inc.		33,983	$	666,746		(90.7	)%
Element Fleet Management Corp.		29,165		379,100		(51.6	)
Enerplus Corp.		10,088		149,880		(20.4	)
First Majestic Silver Corp.		51,275		359,854		(48.9	)
FirstService Corp.		584		87,304		(11.9	)
Franco-Nevada Corp.		312		47,039		(6.4	)
GFL Environmental, Inc.		2,556		92,266		(12.5	)
Lithium Americas Corp.		10,701		212,493		(28.9	)
NuVista Energy Ltd.		29,065		250,663		(34.1	)
Parex Resources, Inc.		810		16,341		(2.2	)
Restaurant Brands International, Inc.		2,141		149,140		(20.3	)
RioCan Real Estate Investment Trust		5,440		83,694		(11.4	)
Tourmaline Oil Corp.		1,418		63,300		(8.6	)
TransAlta Corp.		10,641		94,279		(12.8	)
West Fraser Timber Co. Ltd.		383		27,521		(3.7	)
				3,038,839
Chile
Lundin Mining Corp.		4,298		32,623		(4.4	)
China
Shangri-La Asia Ltd.		16,000		14,760		(2.0	)
SITC International Holdings Co. Ltd.		64,000		118,375		(16.1	)
Wharf Holdings Ltd.		5,000		11,427		(1.6	)
Yangzijiang Shipbuilding Holdings Ltd.		31,000		28,817		(3.9	)
				173,379
Comoros
Golar LNG Ltd.		4,005		90,914		(12.4	)
Denmark
D/S Norden A/S		14,483		905,814		(123.2	)
Genmab A/S		146		59,735		(8.1	)
H Lundbeck A/S		25,083		132,226		(18.0	)
Novozymes A/S, B Shares		3,032		157,128		(21.3	)
				1,254,903
Finland
Kone OYJ, Class B		6,714		381,436		(51.9	)
Outokumpu OYJ		9,624		52,237		(7.1	)
Wartsila OYJ ABP		17,848		206,213		(28.0	)
				639,886
France
Accor SA		20,318		717,718		(97.6	)
Aeroports de Paris		482		76,272		(10.4	)
Arkema SA		2,633		259,371		(35.3	)
Bureau Veritas SA		7,833		224,858		(30.6	)
Carrefour SA		5,876		121,699		(16.5	)
Cie de Saint-Gobain		1,187		68,426		(9.3	)
Danone SA		10,055		662,545		(90.1	)
Dassault Aviation SA		574		111,674		(15.2	)
Edenred		6,230		403,033		(54.8	)
EssilorLuxottica SA		309		60,899		(8.3	)
Gaztransport Et Technigaz SA		1,691		180,049		(24.5	)
Getlink SE		24,513		456,164		(62.0	)
Hermes International		582		1,258,077		(171.1	)
ICADE		9,851		460,664		(62.6	)
JCDecaux SE		3,799		83,730		(11.4	)
LVMH Moet Hennessy Louis Vuitton SE		219		209,694		(28.5	)
Neoen SA		22,970		686,633		(93.4	)
Pernod Ricard SA		1,820		418,416		(56.9	)
Renault SA		695		25,703		(3.5	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
France (continued)
Societe Generale SA		11,719	$	283,457		(38.5	)%
Vallourec SA		8,250		93,824		(12.8	)
Wendel SE		6,778		757,051		(102.9	)
				7,619,957
Germany
Carl Zeiss Meditec AG		292		39,098		(5.3	)
Covestro AG		5,343		233,437		(31.7	)
Encavis AG		34,646		596,538		(81.1	)
Freenet AG		23,890		678,121		(92.2	)
GEA Group AG		484		22,662		(3.1	)
HUGO BOSS AG		254		19,066		(2.6	)
LEG Immobilien SE		965		59,811		(8.1	)
Mercedes-Benz Group AG		6,379		495,311		(67.4	)
Merck KGaA		1,351		241,242		(32.8	)
METRO AG		43		364		(0.1	)
Nemetschek SE		2,961		230,519		(31.3	)
ProSiebenSat.1 Media SE		233,859		2,088,895		(284.1	)
SUSE SA		5,037		94,836		(12.9	)
Talanx AG		2,704		135,403		(18.4	)
United Internet AG, Registered Shares		19,579		334,679		(45.5	)
Volkswagen AG		3,884		649,245		(88.3	)
				5,919,227
Hong Kong
ASMPT Ltd.		33,400		262,586		(35.7	)
Bank of East Asia Ltd.		155,800		205,324		(27.9	)
Cathay Pacific Airways Ltd.		475,000		459,610		(62.5	)
Dah Sing Banking Group Ltd.		130,800		104,910		(14.3	)
Haitong International Securities Group Ltd.		174,900		14,763		(2.0	)
Hang Lung Properties Ltd.		101,000		184,615		(25.1	)
Hongkong Land Holdings Ltd.		17,900		79,663		(10.8	)
Hutchison Port Holdings Trust		648,300		122,983		(16.7	)
Hysan Development Co. Ltd.		39,000		110,212		(15.0	)
Kerry Properties Ltd.		44,500		114,811		(15.6	)
Link REIT		9,800		64,099		(8.7	)
New World Development Co. Ltd.		20,000		53,336		(7.3	)
Swire Pacific Ltd.		46,500		369,112		(50.2	)
Swire Properties Ltd.		115,000		309,080		(42.0	)
Yue Yuen Industrial Holdings Ltd.		38,500		57,938		(7.9	)
				2,513,042
Ireland
Ryanair Holdings PLC		31,524		514,658		(70.0	)
Smurfit Kappa Group PLC		6,178		227,900		(31.0	)
				742,558
Israel
Alony Hetz Properties & Investments Ltd.		33,955		266,939		(36.3	)
Harel Insurance Investments & Financial Services Ltd.		9,222		82,414		(11.2	)
Nova Ltd.		6,633		606,588		(82.5	)
Phoenix Holdings Ltd.		6,634		70,858		(9.6	)
				1,026,799
Italy
Banco BPM SpA		8,493		34,365		(4.7	)
Buzzi Unicem SpA		17,950		444,404		(60.4	)
Ferrari NV		474		131,494		(17.9	)
FinecoBank Banca Fineco SpA		9,593		144,747		(19.7	)
Hera SpA		107,853		334,367		(45.5	)
Italgas SpA		46,044		299,318		(40.7	)
PRADA SpA		30,200		222,346		(30.2	)

Security	Shares		Value		% of Basket Value
Italy (continued)
Reply SpA		3,409	$	395,398		(53.8	)%
Snam SpA		38,763		214,488		(29.1	)
UnipolSai Assicurazioni SpA		55,770		149,374		(20.3	)
				2,370,301
Japan
Acom Co. Ltd.		83,800		209,413		(28.5	)
AEON Financial Service Co. Ltd.		15,300		139,031		(18.9	)
Ain Holdings, Inc.		2,900		123,020		(16.7	)
Aisin Corp.		2,400		71,743		(9.8	)
Amano Corp.		5,600		116,271		(15.8	)
Anritsu Corp.		41,300		385,726		(52.5	)
Asahi Kasei Corp.		10,700		77,075		(10.5	)
Astellas Pharma, Inc.		38,200		586,304		(79.7	)
AZ-COM MARUWA Holdings, Inc.		15,800		237,660		(32.3	)
Brother Industries Ltd.		22,100		353,887		(48.1	)
Canon Marketing Japan, Inc.		1,600		40,761		(5.5	)
Casio Computer Co. Ltd.		17,300		167,907		(22.8	)
Coca-Cola Bottlers Japan Holdings, Inc.		27,300		300,046		(40.8	)
Concordia Financial Group Ltd.		41,400		160,226		(21.8	)
Cosmos Pharmaceutical Corp.		2,300		230,620		(31.4	)
CyberAgent, Inc.		119,600		1,064,785		(144.8	)
Daicel Corp.		39,300		315,889		(43.0	)
Daifuku Co. Ltd.		900		16,909		(2.3	)
Dai-ichi Life Holdings, Inc.		28,100		532,996		(72.5	)
Denka Co. Ltd.		300		6,129		(0.8	)
DIC Corp.		12,400		233,610		(31.8	)
Fuji Electric Co. Ltd.		11,100		456,556		(62.1	)
FUJIFILM Holdings Corp.		6,600		350,759		(47.7	)
Fujikura Ltd.		45,200		314,249		(42.7	)
Hamamatsu Photonics KK		7,600		411,037		(55.9	)
Hitachi Ltd.		6,100		344,458		(46.8	)
House Foods Group, Inc.		4,100		91,925		(12.5	)
Information Services International-Dentsu Ltd.		5,800		208,819		(28.4	)
INFRONEER Holdings, Inc.		62,100		500,141		(68.0	)
Internet Initiative Japan, Inc.		900		18,994		(2.6	)
J Front Retailing Co. Ltd.		45,600		489,446		(66.6	)
Japan Steel Works Ltd.		4,100		75,988		(10.3	)
JGC Holdings Corp.		2,800		35,729		(4.9	)
JTEKT Corp.		2,900		24,392		(3.3	)
Kakaku.com, Inc.		39,800		558,541		(75.9	)
Kamigumi Co. Ltd.		2,000		44,683		(6.1	)
Kandenko Co. Ltd.		30,600		234,931		(31.9	)
Kaneka Corp.		7,200		195,318		(26.6	)
Kawasaki Kisen Kaisha Ltd.		14,100		342,923		(46.6	)
KDDI Corp.		1,500		47,743		(6.5	)
Kewpie Corp.		32,700		559,925		(76.1	)
Koei Tecmo Holdings Co. Ltd.		13,400		251,014		(34.1	)
Kuraray Co. Ltd.		11,900		113,486		(15.4	)
Kusuri no Aoki Holdings Co. Ltd.		3,800		185,971		(25.3	)
Kyocera Corp.		9,300		497,771		(67.7	)
Kyowa Kirin Co. Ltd.		13,500		306,574		(41.7	)
Lintec Corp.		28,600		487,654		(66.3	)
Lion Corp.		67,000		744,928		(101.3	)
Lixil Corp.		21,500		345,008		(46.9	)
M3, Inc.		1,800		45,095		(6.1	)
Mani, Inc.		18,100		241,732		(32.9	)
Maruichi Steel Tube Ltd.		23,100		532,917		(72.5	)
MISUMI Group, Inc.		3,000		77,142		(10.5	)
Mitsubishi Chemical Group Corp.		26,000		155,235		(21.1	)
Mitsubishi Estate Co. Ltd.		1,700		21,360		(2.9	)
Mitsubishi Gas Chemical Co., Inc.		16,500		245,031		(33.3	)

42 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Mitsubishi Heavy Industries Ltd.		1,100	$	42,555		(5.8	)%
Mitsubishi Motors Corp.		79,600		311,918		(42.4	)
Mitsui & Co. Ltd.		20,000		636,830		(86.6	)
Mitsui Chemicals, Inc.		8,100		209,049		(28.4	)
Mitsui Fudosan Co. Ltd.		23,800		481,704		(65.5	)
Nabtesco Corp.		3,000		73,733		(10.0	)
NEC Networks & System Integration Corp.		23,400		297,374		(40.4	)
NET One Systems Co. Ltd.		700		16,834		(2.3	)
Nidec Corp.		4,300		217,000		(29.5	)
Nihon M&A Center Holdings, Inc.		11,300		88,076		(12.0	)
Nikon Corp.		32,100		338,232		(46.0	)
Nippon Express Holdings, Inc.		4,200		251,363		(34.2	)
Nippon Shinyaku Co. Ltd.		4,400		205,241		(27.9	)
Nippon Telegraph & Telephone Corp.		600		18,668		(2.5	)
Nipro Corp.		9,800		75,301		(10.2	)
Nissan Motor Co. Ltd.		23,500		86,109		(11.7	)
Niterra Co. Ltd.		48,300		1,032,299		(140.4	)
Nitto Denko Corp.		3,800		250,439		(34.1	)
NS Solutions Corp.		2,400		66,591		(9.1	)
NSK Ltd.		187,500		1,079,728		(146.8	)
OBIC Business Consultants Co. Ltd.		4,100		158,752		(21.6	)
Olympus Corp.		15,800		282,343		(38.4	)
Omron Corp.		4,300		257,125		(35.0	)
Ono Pharmaceutical Co. Ltd.		1,000		20,536		(2.8	)
Oracle Corp. Japan		5,900		431,587		(58.7	)
Otsuka Holdings Co. Ltd.		7,500		260,146		(35.4	)
Penta-Ocean Construction Co. Ltd.		4,700		23,292		(3.2	)
Pigeon Corp.		1,800		28,575		(3.9	)
Recruit Holdings Co. Ltd.		12,800		366,182		(49.8	)
Ricoh Co. Ltd.		77,100		650,552		(88.5	)
Rohm Co. Ltd.		2,900		222,932		(30.3	)
Sanrio Co. Ltd.		15,500		731,814		(99.5	)
Sapporo Holdings Ltd.		6,100		173,537		(23.6	)
Sawai Group Holdings Co. Ltd.		8,100		239,036		(32.5	)
Seiko Epson Corp.		25,300		394,414		(53.6	)
Shionogi & Co. Ltd.		1,200		54,797		(7.4	)
SoftBank Group Corp.		1,700		65,029		(8.8	)
Sompo Holdings, Inc.		4,800		203,834		(27.7	)
Subaru Corp.		41,800		695,371		(94.6	)
Sumitomo Chemical Co. Ltd.		32,900		112,658		(15.3	)
Sumitomo Mitsui Trust Holdings, Inc.		18,400		676,414		(92.0	)
Sumitomo Pharma Co. Ltd.		25,700		164,390		(22.4	)
T&D Holdings, Inc.		21,800		272,405		(37.0	)
Taisei Corp.		4,500		155,920		(21.2	)
Taisho Pharmaceutical Holdings Co. Ltd.		2,000		88,096		(12.0	)
Takara Bio, Inc.		8,000		102,982		(14.0	)
Terumo Corp.		27,000		824,551		(112.1	)
Toho Co. Ltd.		12,700		514,496		(70.0	)
Tokyo Ohka Kogyo Co. Ltd.		5,900		314,241		(42.7	)
Toray Industries, Inc.		63,800		367,879		(50.0	)
TOTO Ltd.		2,500		87,207		(11.9	)
Toyoda Gosei Co. Ltd.		18,400		321,597		(43.7	)
Toyota Boshoku Corp.		1,000		16,141		(2.2	)
Toyota Industries Corp.		1,900		112,556		(15.3	)
TS Tech Co. Ltd.		12,400		170,343		(23.2	)
UBE Corp.		1,600		25,890		(3.5	)
Ulvac, Inc.		8,100		328,168		(44.6	)
Ushio, Inc.		1,500		19,028		(2.6	)
Welcia Holdings Co. Ltd.		4,800		102,494		(13.9	)
Yamaha Corp.		3,100		124,599		(16.9	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Yamato Kogyo Co. Ltd.		18,800	$	753,522		(102.5	)%
Zeon Corp.		44,800		471,845		(64.2	)
ZOZO, Inc.		20,100		432,118		(58.8	)
				32,525,921
Luxembourg
L’Occitane International SA		45,250		115,116		(15.7	)
Macau
Galaxy Entertainment Group Ltd.		37,000		263,331		(35.8	)
MGM China Holdings Ltd.		108,400		148,056		(20.1	)
Sands China Ltd.		33,200		118,899		(16.2	)
SJM Holdings Ltd.		34,000		17,704		(2.4	)
Wynn Macau Ltd.		2,000		2,164		(0.3	)
				550,154
Netherlands
ABN AMRO Bank NV, CVA		10,917		174,189		(23.7	)
Aegon NV		10,929		49,648		(6.7	)
ASML Holding NV		1,070		676,060		(91.9	)
Koninklijke DSM NV		1,376		179,838		(24.5	)
Koninklijke Vopak NV		8,621		327,943		(44.6	)
NN Group NV		1,229		45,625		(6.2	)
Wolters Kluwer NV		4,802		633,384		(86.1	)
				2,086,687
New Zealand
a2 Milk Co. Ltd.		3,116		11,255		(1.5	)
Contact Energy Ltd.		14,764		71,092		(9.7	)
Infratil Ltd.		7,422		43,573		(5.9	)
				125,920
Norway
Aker BP ASA		26,603		634,098		(86.2	)
AutoStore Holdings Ltd.		33,767		72,517		(9.9	)
Gjensidige Forsikring ASA		10,522		182,758		(24.9	)
Kongsberg Gruppen ASA		1,722		77,120		(10.5	)
NEL ASA		143,347		196,482		(26.7	)
Nordic Semiconductor ASA		26,586		287,042		(39.0	)
TOMRA Systems ASA		25,529		390,301		(53.1	)
Var Energi ASA		6,753		17,671		(2.4	)
				1,857,989
Poland
InPost SA		1,427		15,252		(2.1	)
Singapore
ComfortDelGro Corp. Ltd.		155,200		138,497		(18.8	)
Mapletree Industrial Trust		19,300		34,393		(4.7	)
Mapletree Logistics Trust		42,500		55,442		(7.5	)
Mapletree Pan Asia Commercial Trust		149,500		197,406		(26.8	)
Singapore Airlines Ltd.		64,500		282,799		(38.5	)
StarHub Ltd.		95,300		71,329		(9.7	)
				779,866
Spain
Banco de Sabadell SA		723,075		749,920		(102.0	)
Bankinter SA		11,419		67,214		(9.1	)
EDP Renovaveis SA		3,328		73,647		(10.0	)
Fluidra SA		1,017		17,347		(2.4	)
Merlin Properties Socimi SA		19,198		169,015		(23.0	)
Sacyr SA		39,273		129,368		(17.6	)
				1,206,511

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Sweden
Atlas Copco AB, A Shares		27,923	$	401,702		(54.6	)%
Atlas Copco AB, B Shares		40,167		512,389		(69.7	)
Avanza Bank Holding AB		2,286		48,350		(6.6	)
Beijer Ref AB		10,299		167,396		(22.8	)
Castellum AB		3,927		47,448		(6.4	)
Elekta AB, B Shares		24,132		201,666		(27.4	)
Epiroc AB, Class A		45,386		903,504		(122.8	)
Epiroc AB, Class B		6,328		108,268		(14.7	)
Getinge AB, B Shares		13,958		352,031		(47.9	)
Indutrade AB		4,933		117,786		(16.0	)
Investor AB, A Shares		1,218		26,546		(3.6	)
L E Lundbergforetagen AB, B Shares		7,186		342,728		(46.6	)
Nibe Industrier AB, B Shares		19,348		215,218		(29.3	)
Sagax AB		3,375		82,285		(11.2	)
Sweco AB, B Shares		8,395		111,890		(15.2	)
Volvo Car AB		11,940		49,004		(6.7	)
				3,688,211
Switzerland
ABB Ltd., Registered Shares		7,032		254,131		(34.6	)
Banque Cantonale Vaudoise, Registered Shares		2,406		253,634		(34.5	)
Belimo Holding AG, Registered Shares		978		472,888		(64.3	)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		9		111,332		(15.1	)
Cie Financiere Richemont SA, Registered Shares		208		34,367		(4.7	)
Dufry AG, Registered Shares		107		4,956		(0.7	)
Geberit AG, Registered Shares		669		381,725		(51.9	)
Georg Fischer AG, Registered Shares		1,965		143,564		(19.5	)
Givaudan SA, Registered Shares		378		1,324,721		(180.1	)
Idorsia Ltd.		4,326		41,895		(5.7	)
Partners Group Holding AG		324		315,096		(42.8	)
Schindler Holding AG		588		131,645		(17.9	)
Swatch Group AG, Registered Shares		1,369		86,527		(11.8	)
Swiss Prime Site AG, Registered Shares		1,433		129,951		(17.7	)
Tecan Group AG, Registered Shares		455		198,660		(27.0	)
Temenos AG, Registered Shares		245		20,670		(2.8	)
VAT Group AG		170		60,084		(8.2	)
				3,965,846
Thailand
Fabrinet		318		30,194		(4.1	)
United Kingdom
Auto Trader Group PLC		32,942		260,010		(35.4	)
British American Tobacco PLC		7,285		265,659		(36.1	)
British Land Co. PLC		103,710		515,903		(70.1	)
Bunzl PLC		10,730		421,455		(57.3	)
Centrica PLC		76,490		108,484		(14.7	)
ConvaTec Group PLC		37,675		102,785		(14.0	)
Diploma PLC		4,627		154,736		(21.0	)
easyJet PLC		59,881		370,712		(50.4	)
Games Workshop Group PLC		155		19,099		(2.6	)
IG Group Holdings PLC		8,416		76,677		(10.4	)
Inchcape PLC		1,174		11,804		(1.6	)
Intermediate Capital Group PLC		19,582		317,463		(43.2	)
Intertek Group PLC		2,249		116,127		(15.8	)
ITV PLC		783,153		786,604		(107.0	)
Land Securities Group PLC		5,794		48,554		(6.6	)
Legal & General Group PLC		13,121		38,166		(5.2	)
Liberty Global PLC		19,064		371,939		(50.6	)
Moneysupermarket.com Group PLC		2		7		(0.0	)
Nomad Foods Ltd.		52,332		983,842		(133.8	)

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
OSB Group PLC		4,206	$	25,994		(3.5	)%
Pennon Group PLC		19,311		206,109		(28.0	)
Phoenix Group Holdings PLC		20,350		149,696		(20.4	)
Renishaw PLC		5,492		245,810		(33.4	)
Rightmove PLC		97,843		698,898		(95.0	)
Rotork PLC		58,685		238,791		(32.5	)
RS GROUP PLC		1,681		19,254		(2.6	)
Segro PLC		4,542		47,218		(6.4	)
Smiths Group PLC		2,206		46,040		(6.3	)
Spirax-Sarco Engineering PLC		2,111		290,968		(39.6	)
Standard Chartered PLC		18,166		142,048		(19.3	)
Taylor Wimpey PLC		28,018		44,659		(6.1	)
Tritax Big Box REIT PLC		34,240		66,065		(9.0	)
United Utilities Group PLC		66,090		886,075		(120.5	)
				8,077,651
United States
Acadia Healthcare Co., Inc.		562		40,627		(5.5	)
Adobe, Inc.		2,825		1,066,607		(145.0	)
AECOM		577		47,920		(6.5	)
Affiliated Managers Group, Inc.		994		143,514		(19.5	)
Agilent Technologies, Inc.		13,601		1,841,983		(250.5	)
Air Lease Corp.		475		19,105		(2.6	)
Alcoa Corp.		5,192		192,831		(26.2	)
Alkermes PLC		13,378		381,942		(51.9	)
Allstate Corp.		2,274		263,238		(35.8	)
Ally Financial, Inc.		21,685		572,050		(77.8	)
Alnylam Pharmaceuticals, Inc.		169		33,665		(4.6	)
Alphabet, Inc., Class A		24,904		2,673,195		(363.5	)
Altria Group, Inc.		6,677		317,224		(43.1	)
Amazon.com, Inc.		2,990		315,296		(42.9	)
American Airlines Group, Inc.		37,076		505,717		(68.8	)
American Financial Group, Inc.		5,632		691,215		(94.0	)
American Tower Corp.		146		29,841		(4.1	)
AMETEK, Inc.		12,042		1,660,953		(225.9	)
Amgen, Inc.		1,762		422,422		(57.4	)
AMN Healthcare Services, Inc.		842		72,707		(9.9	)
ATI, Inc.		1,014		39,161		(5.3	)
Autodesk, Inc.		151		29,413		(4.0	)
Avis Budget Group, Inc.		1,431		252,815		(34.4	)
Axcelis Technologies, Inc.		19		2,248		(0.3	)
Bath & Body Works, Inc.		4,754		166,865		(22.7	)
Beacon Roofing Supply, Inc.		2,346		141,182		(19.2	)
BioMarin Pharmaceutical, Inc.		2,285		219,451		(29.8	)
Bio-Techne Corp.		496		39,620		(5.4	)
Block, Inc.		431		26,200		(3.6	)
Booz Allen Hamilton Holding Corp.		7,262		695,119		(94.5	)
Box, Inc.		35,808		947,480		(128.8	)
Boyd Gaming Corp.		7,266		504,260		(68.6	)
Brighthouse Financial, Inc.		4,352		192,358		(26.2	)
Bristol-Myers Squibb Co.		22,840		1,525,027		(207.4	)
CACI International, Inc., Class A		105		32,899		(4.5	)
Camden Property Trust		662		72,853		(9.9	)
Capri Holdings Ltd.		12,929		536,553		(73.0	)
Carlisle Cos., Inc.		1,880		405,798		(55.2	)
Carnival Corp.		38,009		350,063		(47.6	)
Charles Schwab Corp.		909		47,486		(6.5	)
Charter Communications, Inc.		523		192,830		(26.2	)
Chemed Corp.		763		420,604		(57.2	)
Chevron Corp.		3,065		516,698		(70.3	)
Chewy, Inc., Class A		2,285		70,858		(9.6	)
Church & Dwight Co., Inc.		4,163		404,311		(55.0	)

44 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Cigna Group		1,833	$	464,281		(63.1	)%
Cincinnati Financial Corp.		1,760		187,334		(25.5	)
Cintas Corp.		1,111		506,360		(68.9	)
Citizens Financial Group, Inc.		10,555		326,572		(44.4	)
Cleveland-Cliffs, Inc.		12,821		197,187		(26.8	)
Coca-Cola Co.		43,744		2,806,178		(381.6	)
Columbia Banking System, Inc.		3,283		70,125		(9.5	)
Columbia Sportswear Co.		1,801		150,456		(20.5	)
Comerica, Inc.		4,326		187,619		(25.5	)
CoStar Group, Inc.		2,404		184,988		(25.2	)
Costco Wholesale Corp.		780		392,512		(53.4	)
Credit Acceptance Corp.		1,671		817,954		(111.2	)
Curtiss-Wright Corp.		2,341		397,572		(54.1	)
Danaher Corp.		2,200		521,202		(70.9	)
Deckers Outdoor Corp.		522		250,215		(34.0	)
Devon Energy Corp.		6,099		325,870		(44.3	)
Diamondback Energy, Inc.		949		134,948		(18.3	)
Dick’s Sporting Goods, Inc.		160		23,202		(3.2	)
Domino’s Pizza, Inc.		2,407		764,150		(103.9	)
Dover Corp.		3,758		549,269		(74.7	)
Dropbox, Inc.		7,036		143,112		(19.5	)
DuPont de Nemours, Inc.		23,855		1,663,171		(226.2	)
eBay, Inc.		7,168		332,810		(45.3	)
Edwards Lifesciences Corp.		781		68,712		(9.3	)
Electronic Arts, Inc.		3,631		462,154		(62.8	)
Elevance Health, Inc.		1,286		602,684		(82.0	)
Enovis Corp.		12,075		703,369		(95.6	)
EOG Resources, Inc.		715		85,421		(11.6	)
EPAM Systems, Inc.		632		178,502		(24.3	)
Equinix, Inc.		416		301,217		(41.0	)
Equity LifeStyle Properties, Inc.		3,949		272,086		(37.0	)
Equity Residential		96		6,072		(0.8	)
Etsy, Inc.		309		31,218		(4.2	)
Exelixis, Inc.		2,612		47,800		(6.5	)
Expedia Group, Inc.		745		70,000		(9.5	)
Experian PLC		22,083		771,560		(104.9	)
Exxon Mobil Corp.		3,508		415,137		(56.4	)
Fair Isaac Corp.		422		307,195		(41.8	)
Fidelity National Information Services, Inc.		4,338		254,727		(34.6	)
Five Below, Inc.		92		18,157		(2.5	)
Flowers Foods, Inc.		1,650		45,392		(6.2	)
Fortinet, Inc.		1,768		111,472		(15.2	)
Freeport-McMoRan, Inc.		1,054		39,957		(5.4	)
Gap, Inc.		11,006		105,658		(14.4	)
Garmin Ltd.		12,451		1,222,315		(166.2	)
Gartner, Inc.		743		224,728		(30.6	)
General Electric Co.		245		24,248		(3.3	)
Gentex Corp.		668		18,430		(2.5	)
Globant SA		229		35,923		(4.9	)
Globus Medical, Inc.		827		48,082		(6.5	)
Graco, Inc.		634		50,270		(6.8	)
Guidewire Software, Inc.		4,023		306,512		(41.7	)
Halozyme Therapeutics, Inc.		3,036		97,547		(13.3	)
Hanover Insurance Group, Inc.		1,652		197,513		(26.9	)
HEICO Corp.		171		28,837		(3.9	)
Helmerich & Payne, Inc.		6,603		218,955		(29.8	)
Herc Holdings, Inc.		2,130		213,043		(29.0	)
Holcim AG		9,451		625,618		(85.1	)
Hologic, Inc.		6,994		601,554		(81.8	)
Hormel Foods Corp.		2,256		91,233		(12.4	)
Howard Hughes Corp.		3,770		291,685		(39.7	)
IDACORP, Inc.		2,166		240,686		(32.7	)

Security	Shares		Value		% of Basket Value
United States (continued)
IDEXX Laboratories, Inc.		2,053	$	1,010,404		(137.4	)%
Inari Medical, Inc.		569		37,793		(5.1	)
Incyte Corp.		1,359		101,123		(13.7	)
Ingersoll Rand, Inc.		1,597		91,061		(12.4	)
Integra LifeSciences Holdings Corp.		2,162		119,602		(16.3	)
Intuitive Surgical, Inc.		897		270,194		(36.7	)
Invesco Ltd.		37,798		647,480		(88.0	)
Ionis Pharmaceuticals, Inc.		1,861		65,824		(8.9	)
IQVIA Holdings, Inc.		112		21,082		(2.9	)
ITT, Inc.		5,562		469,655		(63.9	)
J M Smucker Co.		1,062		163,983		(22.3	)
Jack Henry & Associates, Inc.		2,289		373,885		(50.8	)
Johnson & Johnson		557		91,181		(12.4	)
Johnson Controls International PLC		10,050		601,392		(81.8	)
Keysight Technologies, Inc.		4,965		718,138		(97.7	)
Knight-Swift Transportation Holdings, Inc.		1,493		84,086		(11.4	)
Laboratory Corp. of America Holdings		1,886		427,575		(58.1	)
Landstar System, Inc.		1,279		225,142		(30.6	)
Liberty Broadband Corp.		2,848		241,453		(32.8	)
Light & Wonder, Inc.		730		44,012		(6.0	)
Louisiana-Pacific Corp.		21,104		1,260,753		(171.4	)
Lyft, Inc.		9,332		95,653		(13.0	)
Macy’s, Inc.		16,503		269,659		(36.7	)
Manhattan Associates, Inc.		6,881		1,140,044		(155.0	)
Marathon Oil Corp.		27,884		673,677		(91.6	)
Marriott Vacations Worldwide Corp.		3,629		488,318		(66.4	)
Masco Corp.		20,078		1,074,374		(146.1	)
Match Group, Inc.		14,350		529,515		(72.0	)
McCormick & Co., Inc.		5,185		455,502		(61.9	)
McDonald’s Corp.		563		166,507		(22.6	)
Medical Properties Trust, Inc.		11,761		103,144		(14.0	)
Merit Medical Systems, Inc.		305		24,793		(3.4	)
MetLife, Inc.		11,523		706,706		(96.1	)
Mettler-Toledo International, Inc.		48		71,592		(9.7	)
MGIC Investment Corp.		26,946		400,687		(54.5	)
MGM Resorts International		7,962		357,653		(48.6	)
Micron Technology, Inc.		2,800		180,208		(24.5	)
Mid-America Apartment Communities, Inc.		340		52,292		(7.1	)
Mohawk Industries, Inc.		1,075		113,843		(15.5	)
Molson Coors Beverage Co., Class B		1,457		86,662		(11.8	)
MSCI, Inc.		33		15,921		(2.2	)
Nasdaq, Inc.		4,915		272,144		(37.0	)
Nestle SA, Registered Shares		1,859		238,385		(32.4	)
Neurocrine Biosciences, Inc.		2,216		223,905		(30.4	)
Newmont Corp.		1,281		60,719		(8.3	)
Nexstar Media Group, Inc.		999		173,277		(23.6	)
Norfolk Southern Corp.		2,271		461,081		(62.7	)
Novocure Ltd.		802		52,852		(7.2	)
NVIDIA Corp.		1,644		456,194		(62.0	)
Occidental Petroleum Corp.		4,895		301,189		(41.0	)
OneMain Holdings, Inc.		5,382		206,507		(28.1	)
O’Reilly Automotive, Inc.		290		266,020		(36.2	)
Oshkosh Corp.		2,109		161,381		(21.9	)
Otis Worldwide Corp.		8,738		745,351		(101.4	)
Ovintiv, Inc.		14,602		526,840		(71.6	)
Ovintiv, Inc.		7,309		262,561		(35.7	)
Palo Alto Networks, Inc.		102		18,611		(2.5	)
Paycom Software, Inc.		225		65,333		(8.9	)
PDC Energy, Inc.		1,888		122,814		(16.7	)
Penn Entertainment, Inc.		9,912		295,278		(40.1	)
PepsiCo., Inc.		15,617		2,981,129		(405.4	)
Philip Morris International, Inc.		16,515		1,651,005		(224.5	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Pinnacle Financial Partners, Inc.		3,767	$	204,284		(27.8	)%
Pool Corp.		414		145,446		(19.8	)
Power Integrations, Inc.		7,641		556,112		(75.6	)
Primo Water Corp.		11,153		168,323		(22.9	)
PTC Therapeutics, Inc.		1,172		64,624		(8.8	)
Qorvo, Inc.		5,255		483,880		(65.8	)
Qualys, Inc.		2,538		286,642		(39.0	)
Quest Diagnostics, Inc.		3,113		432,116		(58.8	)
Rambus, Inc.		534		23,678		(3.2	)
Regeneron Pharmaceuticals, Inc., Registered Shares		381		305,482		(41.5	)
Repligen Corp.		399		60,500		(8.2	)
ResMed, Inc.		675		162,648		(22.1	)
RingCentral, Inc., Class A		7,497		206,617		(28.1	)
ROBLOX Corp.		1,299		46,244		(6.3	)
Roche Holding AG		2,149		728,569		(99.1	)
Rollins, Inc.		3,275		138,369		(18.8	)
Royal Gold, Inc.		1,141		151,114		(20.5	)
S&P Global, Inc.		1,130		409,715		(55.7	)
SBA Communications Corp.		397		103,573		(14.1	)
Schneider Electric SE		2,301		399,565		(54.3	)
Scotts Miracle-Gro Co.		8,836		590,333		(80.3	)
SEI Investments Co.		4,884		287,716		(39.1	)
Sims Ltd.		21,006		220,289		(30.0	)
SiteOne Landscape Supply, Inc.		588		86,871		(11.8	)
Snap-on, Inc.		638		165,504		(22.5	)
Steel Dynamics, Inc.		978		101,663		(13.8	)
Sun Communities, Inc.		1,063		147,683		(20.1	)
Sunrun, Inc.		5,402		113,658		(15.5	)
Synchrony Financial		12,501		368,905		(50.2	)
Synopsys, Inc.		101		37,503		(5.1	)
Synovus Financial Corp.		512		15,770		(2.1	)
T Rowe Price Group, Inc.		5,540		622,308		(84.6	)
TD SYNNEX Corp.		282		25,109		(3.4	)
Tempur Sealy International, Inc.		3,697		138,527		(18.8	)
Teradyne, Inc.		21,019		1,920,716		(261.2	)
Texas Pacific Land Corp.		293		432,951		(58.9	)
Textron, Inc.		328		21,956		(3.0	)
Thor Industries, Inc.		242		19,123		(2.6	)
TJX Cos., Inc.		6,112		481,748		(65.5	)
Transocean Ltd.		118,261		697,740		(94.9	)
Travelers Cos., Inc.		1,412		255,770		(34.8	)
Trex Co., Inc.		2,561		139,984		(19.0	)
Trimble, Inc.		17,527		825,522		(112.3	)
UGI Corp.		2,964		100,420		(13.7	)
Ulta Beauty, Inc.		1,111		612,639		(83.3	)
United States Steel Corp.		2,458		56,239		(7.6	)
United Therapeutics Corp.		550		126,572		(17.2	)
US Bancorp		4,102		140,617		(19.1	)
Veeva Systems, Inc., Class A		611		109,418		(14.9	)
VeriSign, Inc.		6,647		1,474,305		(200.5	)
Virtu Financial, Inc., Class A		1,004		20,130		(2.7	)
Visteon Corp.		607		85,217		(11.6	)
Vulcan Materials Co.		373		65,320		(8.9	)
Walmart, Inc.		8,366		1,263,015		(171.7	)
Waste Connections, Inc.		2,359		328,255		(44.6	)
Waters Corp.		221		66,380		(9.0	)
Wayfair, Inc.		1,639		57,086		(7.8	)
Westlake Corp.		3,859		439,077		(59.7	)
WeWork, Inc.		51		22		(0.0	)
Willis Towers Watson PLC		2,715		628,794		(85.5	)

Security	Shares			Value			% of Basket Value
United States (continued)
WillScot Mobile Mini Holdings Corp.		3,033		$	137,698			(18.7	)%
Workiva, Inc.		198			18,497			(2.5	)
World Wrestling Entertainment, Inc., Class A		2,556			273,927			(37.2	)
WP Carey, Inc.		2,478			183,868			(25.0	)
WW Grainger, Inc.		241			167,632			(22.8	)
Xylem, Inc.		12,147			1,261,344			(171.5	)
YETI Holdings, Inc.		1,951			76,967			(10.5	)
Ziff Davis, Inc.		814			59,536			(8.1	)
Zions Bancorp NA		7,814			217,698			(29.6	)
					84,337,627
Preferred Stocks
Germany
Bayerische Motoren Werke AG		1,145			121,180			(16.5	)
Fuchs Petrolub SE, Preference Shares		9,732			382,655			(52.0	)
Sartorius AG		743			287,496			(39.1	)
Volkswagen AG		883			120,051			(16.3	)
					911,382
Warrants
Australia
Magellan Financial Group Ltd., (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)		679			92			(0.0	)
Total Reference Entity — Long					171,243,966
Reference Entity — Short
Common Stocks
Australia
Champion Iron Ltd.		(97,978	)		(425,996	)		57.9
Cleanaway Waste Management Ltd.		(13,016	)		(20,976	)		2.9
Flutter Entertainment PLC		(6,375	)		(1,268,334	)		172.5
Glencore PLC		(50,273	)		(292,733	)		39.8
Goodman Group		(26,242	)		(338,531	)		46.0
Newcrest Mining Ltd.		(5,530	)		(104,417	)		14.2
					(2,450,987	)
Austria
Erste Group Bank AG		(1,123	)		(40,653	)		5.5
Belgium
Ackermans & van Haaren NV		(114	)		(19,964	)		2.7
Ageas SA/NV		(8,745	)		(387,923	)		52.8
D’ieteren Group		(2,372	)		(444,646	)		60.5
Galapagos NV		(1,622	)		(62,658	)		8.5
KBC Group NV		(246	)		(17,508	)		2.4
UCB SA		(4,462	)		(412,876	)		56.1
Umicore SA		(4,856	)		(158,705	)		21.6
					(1,504,280	)
Brazil
Yara International ASA		(25,228	)		(1,012,709	)		137.7
Canada
BlackBerry Ltd.		(23,797	)		(92,119	)		12.5
Canadian Apartment Properties REIT		(21,966	)		(799,664	)		108.7
Canadian Solar, Inc.		(2,939	)		(109,977	)		15.0
Canadian Utilities Ltd.		(9,015	)		(258,971	)		35.2
CCL Industries, Inc., Class B		(15,778	)		(737,083	)		100.2
CI Financial Corp.		(1,851	)		(18,108	)		2.5
Dream Industrial Real Estate Investment Trust		(76,643	)		(834,068	)		113.4
Fairfax Financial Holdings Ltd.		(627	)		(435,445	)		59.2

46 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
George Weston Ltd.		(13,094	)	$	(1,746,983	)		237.6	%
iA Financial Corp., Inc.		(10,850	)		(723,504	)		98.4
IGM Financial, Inc.		(8,049	)		(245,455	)		33.4
Intact Financial Corp.		(13,071	)		(1,964,583	)		267.2
Metro, Inc.		(3,579	)		(202,691	)		27.6
National Bank of Canada		(6,250	)		(463,142	)		63.0
Nuvei Corp.		(18,254	)		(736,456	)		100.1
Onex Corp.		(3,510	)		(160,556	)		21.8
Open Text Corp.		(1,190	)		(44,781	)		6.1
Paramount Resources Ltd., Class A		(6,638	)		(156,164	)		21.2
Parkland Corp.		(1,498	)		(35,105	)		4.8
Peyto Exploration & Development Corp.		(2,259	)		(20,439	)		2.8
Power Corp. of Canada		(14,919	)		(397,090	)		54.0
Quebecor, Inc.		(6,092	)		(156,254	)		21.3
Rogers Communications, Inc.		(2,130	)		(104,592	)		14.2
Saputo, Inc.		(24,269	)		(624,336	)		84.9
Shopify, Inc., Class A		(1,501	)		(72,261	)		9.8
SNC-Lavalin Group, Inc.		(7,502	)		(171,646	)		23.3
Tamarack Valley Energy Ltd.		(318,911	)		(874,407	)		118.9
Toromont Industries Ltd.		(8,804	)		(706,893	)		96.1
WSP Global, Inc.		(4,631	)		(607,303	)		82.6
					(13,500,076	)
Denmark
AP Moller - Maersk A/S, Class A		(12	)		(21,349	)		2.9
Bavarian Nordic A/S		(18,445	)		(504,997	)		68.7
Carlsberg A/S		(143	)		(23,562	)		3.2
ISS A/S		(11,570	)		(240,835	)		32.7
Pandora A/S		(544	)		(50,125	)		6.8
Royal Unibrew A/S		(538	)		(47,864	)		6.5
					(888,732	)
Finland
Huhtamaki OYJ		(4,113	)		(147,590	)		20.1
Kesko OYJ, B Shares		(16,341	)		(339,034	)		46.1
Kojamo OYJ		(12,463	)		(154,077	)		20.9
Nordea Bank Abp		(5,924	)		(65,393	)		8.9
Stora Enso OYJ, R Shares		(2,547	)		(32,175	)		4.4
Valmet OYJ		(3,061	)		(103,156	)		14.0
					(841,425	)
France
Adevinta ASA		(34,166	)		(262,420	)		35.7
BioMerieux		(7,378	)		(769,024	)		104.6
BNP Paribas SA		(3,667	)		(235,886	)		32.1
Capgemini SE		(7	)		(1,271	)		0.2
Credit Agricole SA		(56,611	)		(688,973	)		93.7
Eiffage SA		(1,593	)		(188,792	)		25.7
Elis SA		(34,295	)		(678,279	)		92.2
Eramet SA		(4,734	)		(459,018	)		62.4
Eurazeo SE		(9,899	)		(703,634	)		95.7
Ipsen SA		(715	)		(86,333	)		11.7
Rexel SA		(77	)		(1,776	)		0.2
Safran SA		(2,754	)		(426,399	)		58.0
Technip Energies NV		(3,510	)		(77,526	)		10.5
Thales SA		(2,263	)		(343,792	)		46.8
TotalEnergies SE		(344	)		(21,992	)		3.0
Valeo		(8,616	)		(167,475	)		22.8
Worldline SA/France		(22,298	)		(965,858	)		131.3
					(6,078,448	)

Security	Shares			Value			% of Basket Value
Germany
adidas AG		(657	)	$	(115,187	)		15.7	%
Aixtron SE		(5,724	)		(161,274	)		21.9
Aroundtown SA		(136,272	)		(184,866	)		25.1
Aurubis AG		(627	)		(58,565	)		8.0
Bechtle AG		(13,523	)		(626,213	)		85.1
Continental AG		(963	)		(67,266	)		9.1
Deutsche Boerse AG		(154	)		(29,232	)		4.0
Deutsche Post AG, Registered Shares		(6,833	)		(327,217	)		44.5
Deutsche Wohnen SE		(8,439	)		(190,257	)		25.9
Evotec SE		(11,514	)		(210,478	)		28.6
Gerresheimer AG		(4,060	)		(440,624	)		59.9
Hannover Rueck SE		(1,523	)		(323,996	)		44.1
Infineon Technologies AG		(1,199	)		(43,465	)		5.9
KION Group AG		(1,525	)		(62,978	)		8.6
SAP SE		(937	)		(126,246	)		17.2
Sixt SE		(8,097	)		(1,000,278	)		136.0
Telefonica Deutschland Holding AG		(71,688	)		(241,181	)		32.8
Traton SE		(15,119	)		(348,219	)		47.3
					(4,557,542	)
Hong Kong
Guotai Junan International Holdings Ltd.		(17,000	)		(1,436	)		0.2
Jardine Matheson Holdings Ltd.		(3,000	)		(145,025	)		19.7
Prudential PLC		(9,508	)		(143,698	)		19.6
					(290,159	)
Ireland
Bank of Ireland Group PLC		(18,168	)		(187,059	)		25.4
Israel
Ashtrom Group Ltd.		(4,262	)		(66,881	)		9.1
Bezeq The Israeli Telecommunication Corp. Ltd.		(10,779	)		(14,609	)		2.0
First International Bank Of Israel Ltd.		(609	)		(22,029	)		3.0
Global-e Online Ltd.		(999	)		(27,852	)		3.8
ICL Group Ltd.		(118,622	)		(733,531	)		99.7
Teva Pharmaceutical Industries Ltd., ADR		(10,717	)		(93,560	)		12.7
					(958,462	)
Italy
Amplifon SpA		(601	)		(21,965	)		3.0
Assicurazioni Generali SpA		(7,206	)		(149,419	)		20.3
Banca Mediolanum SpA		(23,581	)		(212,245	)		28.9
Coca-Cola HBC AG		(788	)		(23,742	)		3.2
DiaSorin SpA		(1,636	)		(176,902	)		24.0
Eni SpA		(62,601	)		(941,544	)		128.0
Interpump Group SpA		(5,385	)		(299,233	)		40.7
Iveco Group NV		(4,578	)		(41,006	)		5.6
Leonardo SpA		(45,977	)		(545,429	)		74.2
Nexi SpA		(12,878	)		(106,304	)		14.5
Pirelli & C SpA		(21,716	)		(113,261	)		15.4
Poste Italiane SpA		(21,235	)		(220,000	)		29.9
					(2,851,050	)
Japan
Activia Properties, Inc.		(74	)		(219,908	)		29.9
Advance Residence Investment Corp.		(221	)		(584,639	)		79.5
Air Water, Inc.		(7,200	)		(92,778	)		12.6
Allegro MicroSystems, Inc.		(10,742	)		(384,241	)		52.2
Ariake Japan Co. Ltd.		(4,700	)		(194,347	)		26.4
Asahi Group Holdings Ltd.		(18,200	)		(716,874	)		97.5
ASKUL Corp.		(15,900	)		(216,186	)		29.4
Bandai Namco Holdings, Inc.		(8,500	)		(196,874	)		26.8
Bank of Kyoto Ltd.		(1,600	)		(80,260	)		10.9

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
BayCurrent Consulting, Inc.		(900	)	$	(31,925	)		4.3	%
Benefit One, Inc.		(12,200	)		(171,226	)		23.3
BIPROGY, Inc.		(7,000	)		(172,143	)		23.4
Bridgestone Corp.		(3,100	)		(126,952	)		17.3
Calbee, Inc.		(6,200	)		(136,706	)		18.6
Capcom Co. Ltd.		(4,600	)		(176,209	)		24.0
Chiba Bank Ltd.		(64,200	)		(427,592	)		58.1
Chubu Electric Power Co., Inc.		(18,100	)		(205,817	)		28.0
Chugai Pharmaceutical Co. Ltd.		(22,900	)		(602,493	)		81.9
Chugin Financial Group, Inc.		(5,400	)		(36,963	)		5.0
Cosmo Energy Holdings Co. Ltd.		(700	)		(22,830	)		3.1
Credit Saison Co. Ltd.		(12,500	)		(176,651	)		24.0
Dai Nippon Printing Co. Ltd.		(19,400	)		(568,686	)		77.3
Daido Steel Co. Ltd.		(12,800	)		(502,959	)		68.4
Daiwa Office Investment Corp.		(89	)		(394,698	)		53.7
Daiwa Securities Group, Inc.		(10,900	)		(51,641	)		7.0
Daiwa Securities Living Investments Corp.		(226	)		(195,984	)		26.6
Descente Ltd.		(4,300	)		(139,407	)		19.0
East Japan Railway Co.		(3,400	)		(198,466	)		27.0
ENEOS Holdings, Inc.		(5,200	)		(18,865	)		2.6
Food & Life Cos. Ltd.		(2,300	)		(56,531	)		7.7
FP Corp.		(8,800	)		(223,243	)		30.4
Fuji Kyuko Co. Ltd.		(3,400	)		(133,163	)		18.1
Fukuoka Financial Group, Inc.		(19,200	)		(368,890	)		50.2
Fuyo General Lease Co. Ltd.		(4,900	)		(365,610	)		49.7
GLP J-Reit		(145	)		(168,899	)		23.0
Goldwin, Inc.		(2,200	)		(203,857	)		27.7
GS Yuasa Corp.		(47,400	)		(850,195	)		115.6
GungHo Online Entertainment, Inc.		(51,600	)		(1,010,313	)		137.4
Hakuhodo DY Holdings, Inc.		(43,200	)		(518,996	)		70.6
Hankyu Hanshin Holdings, Inc.		(6,400	)		(203,815	)		27.7
Harmonic Drive Systems, Inc.		(11,600	)		(361,675	)		49.2
Haseko Corp.		(69,600	)		(866,225	)		117.8
Heiwa Corp.		(26,200	)		(527,649	)		71.8
Hikari Tsushin, Inc.		(4,600	)		(640,050	)		87.0
Hino Motors Ltd.		(4,500	)		(18,100	)		2.5
Hirogin Holdings, Inc.		(37,400	)		(189,182	)		25.7
Hisamitsu Pharmaceutical Co., Inc.		(7,600	)		(214,363	)		29.1
Hitachi Construction Machinery Co. Ltd.		(4,500	)		(112,979	)		15.4
Horiba Ltd.		(800	)		(44,965	)		6.1
Hoshizaki Corp.		(9,100	)		(326,914	)		44.5
Industrial & Infrastructure Fund Investment Corp.		(406	)		(474,483	)		64.5
Itoham Yonekyu Holdings, Inc.		(49,200	)		(274,984	)		37.4
Iyogin Holdings, Inc.		(32,500	)		(194,063	)		26.4
Japan Aviation Electronics Industry Ltd.		(25,100	)		(449,387	)		61.1
Japan Exchange Group, Inc.		(28,800	)		(476,796	)		64.8
Japan Hotel REIT Investment Corp.		(559	)		(321,945	)		43.8
Japan Logistics Fund, Inc.		(74	)		(179,153	)		24.4
Japan Metropolitan Fund Invest		(909	)		(678,668	)		92.3
Japan Prime Realty Investment Corp.		(47	)		(124,635	)		16.9
Japan Real Estate Investment Corp.		(342	)		(1,382,038	)		187.9
JCR Pharmaceuticals Co. Ltd.		(8,600	)		(94,898	)		12.9
Jeol Ltd.		(1,900	)		(56,574	)		7.7
JMDC, Inc.		(19,300	)		(705,870	)		96.0
Justsystems Corp.		(5,700	)		(153,663	)		20.9
Kagome Co. Ltd.		(17,400	)		(430,928	)		58.6
Kansai Electric Power Co., Inc.		(22,200	)		(244,080	)		33.2
Kansai Paint Co. Ltd.		(23,200	)		(333,504	)		45.4
Kawasaki Heavy Industries Ltd.		(12,200	)		(270,706	)		36.8
Keihan Holdings Co. Ltd.		(6,800	)		(190,958	)		26.0
Keio Corp.		(5,800	)		(219,749	)		29.9
Keisei Electric Railway Co. Ltd.		(2,600	)		(93,568	)		12.7

Security	Shares			Value			% of Basket Value
Japan (continued)
Kintetsu Group Holdings Co. Ltd.		(8,200	)	$	(281,755	)		38.3	%
Kobayashi Pharmaceutical Co. Ltd.		(1,800	)		(114,583	)		15.6
Kobe Steel Ltd.		(29,300	)		(222,797	)		30.3
Kotobuki Spirits Co. Ltd.		(7,600	)		(572,599	)		77.9
Kurita Water Industries Ltd.		(2,600	)		(111,290	)		15.1
Kyudenko Corp.		(14,600	)		(396,741	)		53.9
Kyushu Electric Power Co., Inc.		(54,800	)		(325,649	)		44.3
Kyushu Financial Group, Inc.		(84,400	)		(310,340	)		42.2
Kyushu Railway Co.		(27,900	)		(646,326	)		87.9
LaSalle Logiport REIT		(244	)		(295,575	)		40.2
Matsui Securities Co. Ltd.		(41,200	)		(240,542	)		32.7
MatsukiyoCocokara & Co.		(15,000	)		(819,496	)		111.4
Mazda Motor Corp.		(11,900	)		(109,778	)		14.9
McDonald’s Holdings Co. Japan Ltd.		(7,100	)		(301,698	)		41.0
Mebuki Financial Group, Inc.		(49,700	)		(129,829	)		17.7
Menicon Co. Ltd.		(6,600	)		(142,938	)		19.4
Mitsui Fudosan Logistics Park, Inc.		(95	)		(364,075	)		49.5
Mitsui High-Tec, Inc.		(21,800	)		(1,340,584	)		182.3
Miura Co. Ltd.		(20,100	)		(545,878	)		74.2
Money Forward, Inc.		(11,300	)		(480,172	)		65.3
MonotaRO Co. Ltd.		(8,800	)		(135,685	)		18.5
Mori Hills REIT Investment Corp.		(611	)		(704,458	)		95.8
Morinaga & Co. Ltd.		(18,700	)		(564,811	)		76.8
Morinaga Milk Industry Co. Ltd.		(5,300	)		(203,144	)		27.6
Nankai Electric Railway Co. Ltd.		(1,000	)		(23,788	)		3.2
Nextage Co. Ltd.		(9,900	)		(183,100	)		24.9
NHK Spring Co. Ltd.		(108,200	)		(817,702	)		111.2
Nifco, Inc.		(8,400	)		(246,312	)		33.5
Nihon Kohden Corp.		(25,800	)		(728,054	)		99.0
Nippon Accommodations Fund, Inc.		(50	)		(247,814	)		33.7
Nippon Building Fund, Inc.		(180	)		(769,497	)		104.6
Nippon Electric Glass Co. Ltd.		(51,400	)		(1,000,946	)		136.1
Nippon Sanso Holdings Corp.		(400	)		(7,360	)		1.0
Nippon Shokubai Co. Ltd.		(4,200	)		(171,782	)		23.4
Nishi-Nippon Railroad Co. Ltd.		(21,400	)		(400,343	)		54.4
Nisshin Seifun Group, Inc.		(50,400	)		(623,045	)		84.7
Nissin Foods Holdings Co. Ltd.		(3,300	)		(324,428	)		44.1
Noevir Holdings Co. Ltd.		(5,900	)		(245,528	)		33.4
NOF Corp.		(4,600	)		(214,413	)		29.2
NOK Corp.		(34,900	)		(479,445	)		65.2
NTT Data Corp.		(6,700	)		(92,846	)		12.6
Odakyu Electric Railway Co. Ltd.		(4,600	)		(65,542	)		8.9
OKUMA Corp.		(6,400	)		(289,863	)		39.4
Open House Group Co. Ltd.		(12,100	)		(492,899	)		67.0
Oriental Land Co. Ltd/Japan		(5,500	)		(198,552	)		27.0
Orix JREIT, Inc.		(70	)		(92,276	)		12.5
Osaka Gas Co. Ltd.		(33,100	)		(558,300	)		75.9
OSG Corp.		(7,300	)		(104,623	)		14.2
PALTAC Corp.		(2,100	)		(82,200	)		11.2
Pan Pacific International Holdings Corp.		(27,900	)		(531,836	)		72.3
Park24 Co. Ltd.		(52,400	)		(826,288	)		112.4
PeptiDream, Inc.		(4,700	)		(64,812	)		8.8
Rakus Co. Ltd.		(7,200	)		(111,636	)		15.2
Relo Group, Inc.		(11,500	)		(182,214	)		24.8
Renesas Electronics Corp.		(67,500	)		(897,946	)		122.1
Rengo Co. Ltd.		(87,200	)		(579,918	)		78.9
Resonac Holdings Corp.		(72,400	)		(1,169,624	)		159.0
Rinnai Corp.		(3,000	)		(73,957	)		10.1
Rohto Pharmaceutical Co. Ltd.		(3,200	)		(67,726	)		9.2
Sanwa Holdings Corp.		(7,600	)		(84,858	)		11.5
SBI Shinsei Bank Ltd.		(21,800	)		(399,074	)		54.3
Seino Holdings Co. Ltd.		(7,000	)		(79,257	)		10.8

48 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Sekisui House Reit, Inc.		(540	)	$	(312,279	)		42.5	%
SG Holdings Co. Ltd.		(17,800	)		(260,745	)		35.5
Shikoku Electric Power Co., Inc.		(4,200	)		(25,313	)		3.4
Shizuoka Financial Group, Inc.		(44,200	)		(339,743	)		46.2
Shochiku Co. Ltd.		(1,100	)		(100,733	)		13.7
Socionext, Inc.		(1,200	)		(101,447	)		13.8
SoftBank Corp.		(25,100	)		(288,246	)		39.2
Sony Group Corp.		(23,700	)		(2,187,432	)		297.4
Sotetsu Holdings, Inc.		(22,500	)		(436,445	)		59.3
Square Enix Holdings Co. Ltd.		(5,100	)		(255,825	)		34.8
Stanley Electric Co. Ltd.		(14,500	)		(333,499	)		45.3
Suzuken Co. Ltd.		(3,800	)		(110,288	)		15.0
Sysmex Corp.		(1,300	)		(85,348	)		11.6
Taiyo Yuden Co. Ltd.		(13,500	)		(421,605	)		57.3
Takara Holdings, Inc.		(22,400	)		(180,004	)		24.5
Takashimaya Co. Ltd.		(5,800	)		(87,470	)		11.9
TechnoPro Holdings, Inc.		(12,200	)		(339,469	)		46.2
Tobu Railway Co. Ltd.		(700	)		(18,225	)		2.5
Toho Gas Co. Ltd.		(11,100	)		(211,833	)		28.8
Tohoku Electric Power Co, Inc.		(6,300	)		(33,054	)		4.5
Tokyu Corp.		(42,400	)		(609,794	)		82.9
Tokyu Fudosan Holdings Corp.		(23,400	)		(121,028	)		16.5
TOPPAN, Inc.		(18,600	)		(403,080	)		54.8
Toshiba TEC Corp.		(1,900	)		(56,278	)		7.7
Toyo Seikan Group Holdings Ltd.		(2,000	)		(28,815	)		3.9
Toyo Tire Corp.		(43,500	)		(528,484	)		71.9
United Urban Investment Corp.		(212	)		(240,037	)		32.6
USS Co. Ltd.		(1,800	)		(30,844	)		4.2
Visional, Inc.		(300	)		(16,053	)		2.2
West Japan Railway Co.		(4,100	)		(181,319	)		24.7
Yamato Holdings Co. Ltd.		(5,000	)		(87,610	)		11.9
Yokohama Rubber Co. Ltd.		(11,900	)		(263,861	)		35.9
Z Holdings Corp.		(97,400	)		(271,753	)		37.0
Zensho Holdings Co. Ltd.		(1,100	)		(35,655	)		4.8
					(53,694,745	)
Luxembourg
Aperam SA		(2,612	)		(96,444	)		13.1
Eurofins Scientific SE		(5,698	)		(396,319	)		53.9
					(492,763	)
Netherlands
Akzo Nobel NV		(245	)		(20,234	)		2.7
Argenx SE		(700	)		(268,826	)		36.6
Euronext NV		(2,265	)		(179,344	)		24.4
Heineken NV		(391	)		(44,701	)		6.1
JDE Peet’s NV		(13,126	)		(397,427	)		54.0
Koninklijke Ahold Delhaize NV		(3,155	)		(108,000	)		14.7
OCI NV		(1,125	)		(29,503	)		4.0
SBM Offshore NV		(19,848	)		(279,298	)		38.0
					(1,327,333	)
Nigeria
Airtel Africa PLC		(222,546	)		(331,913	)		45.1
Norway
Aker ASA, A Shares		(1,147	)		(69,896	)		9.5
DNB Bank ASA		(23,919	)		(419,404	)		57.0
Leroy Seafood Group ASA		(13,408	)		(70,398	)		9.6
Mowi ASA		(7,050	)		(134,119	)		18.2
Orkla ASA		(127,270	)		(912,123	)		124.0

Security	Shares			Value			% of Basket Value
Norway (continued)
Salmar ASA		(15,336	)	$	(679,358	)		92.4	%
Schibsted ASA		(11,135	)		(197,136	)		26.8
Telenor ASA		(2,047	)		(25,469	)		3.5
					(2,507,903	)
Portugal
Jeronimo Martins SGPS SA		(4,002	)		(100,567	)		13.7
Singapore
CapitaLand Ascendas REIT		(226,600	)		(486,102	)		66.1
Grab Holdings Ltd.		(61,267	)		(178,287	)		24.2
Kenon Holdings Ltd.		(5,846	)		(154,808	)		21.0
Oversea-Chinese Banking Corp. Ltd.		(114,600	)		(1,080,763	)		147.0
Sea Ltd., ADR		(642	)		(48,901	)		6.6
Singapore Exchange Ltd.		(13,200	)		(94,698	)		12.9
Singapore Technologies Engineering Ltd.		(21,300	)		(57,800	)		7.9
Singapore Telecommunications Ltd.		(188,500	)		(360,106	)		49.0
STMicroelectronics NV		(9,271	)		(394,680	)		53.7
UOL Group Ltd.		(78,100	)		(406,130	)		55.2
					(3,262,275	)
South Korea
Delivery Hero SE		(2,375	)		(94,547	)		12.9
Spain
Amadeus IT Group SA		(2,730	)		(191,237	)		26.0
Cellnex Telecom SA		(5,303	)		(222,303	)		30.2
Corp ACCIONA Energias Renovables SA		(14,948	)		(534,372	)		72.7
Endesa SA		(26,505	)		(592,047	)		80.5
Inmobiliaria Colonial Socimi SA		(17,944	)		(114,216	)		15.5
					(1,654,175	)
Sweden
Autoliv, Inc		(1,934	)		(165,957	)		22.6
Electrolux AB		(16,496	)		(247,518	)		33.7
Embracer Group AB		(35,818	)		(185,990	)		25.3
Evolution AB		(56	)		(7,435	)		1.0
H & M Hennes & Mauritz AB, B Shares		(3,051	)		(44,448	)		6.0
Hexagon AB, B Shares		(8,326	)		(94,750	)		12.9
Hexatronic Group AB		(13,583	)		(114,122	)		15.5
Husqvarna AB, B Shares		(56,652	)		(485,978	)		66.1
Investment AB Latour, B Shares		(6,287	)		(135,338	)		18.4
Kinnevik AB		(11,258	)		(183,844	)		25.0
Lifco AB, B Shares		(6,385	)		(144,725	)		19.7
Skandinaviska Enskilda Banken AB		(17,872	)		(201,987	)		27.5
SSAB AB, A Shares		(2,703	)		(19,087	)		2.6
Svenska Cellulosa AB SCA, Class B		(5,826	)		(79,477	)		10.8
Swedish Orphan Biovitrum AB		(18,818	)		(454,987	)		61.9
Telia Co. AB		(17,150	)		(47,475	)		6.4
Volvo AB, B Shares		(25,898	)		(529,169	)		71.9
					(3,142,287	)
Switzerland
Adecco Group AG, Registered Shares		(18,879	)		(650,569	)		88.5
Bachem Holding AG		(6,543	)		(716,064	)		97.4
Baloise Holding AG, Registered Shares		(3,360	)		(563,479	)		76.6
EMS-Chemie Holding AG, Registered Shares		(1,223	)		(1,006,478	)		136.9
Julius Baer Group Ltd.		(2,531	)		(181,698	)		24.7
Lonza Group AG, Registered Shares		(1,031	)		(644,207	)		87.6
Mediclinic International PLC		(53,121	)		(328,645	)		44.7
Meyer Burger Technology AG		(819,106	)		(528,591	)		71.9
On Holding AG		(626	)		(20,314	)		2.8

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Switzerland (continued)
Schindler Holding AG, Registered Shares		(2,878	)	$	(615,956	)		83.7	%
SIG Group AG		(9,635	)		(258,377	)		35.1
Sonova Holding AG, Registered Shares		(1,426	)		(453,079	)		61.6
Swiss Life Holding AG, Registered Shares		(880	)		(581,932	)		79.1
UBS Group AG, Registered Shares		(14,827	)		(302,261	)		41.1
					(6,851,650	)
United Kingdom
3i Group PLC		(43,546	)		(956,555	)		130.1
abrdn PLC		(42,689	)		(112,951	)		15.4
Associated British Foods PLC		(2,233	)		(54,260	)		7.4
Aviva PLC		(1,541	)		(8,098	)		1.1
Barratt Developments PLC		(23,295	)		(144,730	)		19.7
Berkeley Group Holdings PLC		(5,349	)		(295,532	)		40.2
CNH Industrial NV		(37,031	)		(518,787	)		70.5
Compass Group PLC		(4,594	)		(119,632	)		16.3
Dechra Pharmaceuticals PLC		(11,605	)		(537,606	)		73.1
Derwent London PLC		(694	)		(20,680	)		2.8
Farfetch Ltd.		(46,104	)		(185,799	)		25.3
Future PLC		(34,017	)		(476,447	)		64.8
Harbour Energy PLC		(33,587	)		(103,127	)		14.0
HSBC Holdings PLC		(96,798	)		(688,555	)		93.6
Informa PLC		(168,727	)		(1,514,533	)		205.9
International Consolidated Airlines Group SA		(120,157	)		(227,567	)		30.9
International Distributions Services PLC		(104,666	)		(328,852	)		44.7
JD Sports Fashion PLC		(301,776	)		(604,177	)		82.2
JET2 PLC		(2,969	)		(45,243	)		6.1
Just Eat Takeaway.com NV		(19,943	)		(348,238	)		47.3
Lloyds Banking Group PLC		(621,832	)		(372,788	)		50.7
Manchester United PLC, Class A		(3,970	)		(79,598	)		10.8
National Grid PLC		(41,356	)		(585,234	)		79.6
Persimmon PLC		(2,777	)		(45,389	)		6.2
Smith & Nephew PLC		(31,640	)		(514,490	)		70.0
St James’s Place PLC		(8,277	)		(124,214	)		16.9
Vistry Group PLC		(11,724	)		(114,084	)		15.5
Watches of Switzerland Group PLC		(16,355	)		(168,865	)		23.0
WPP PLC		(1,111	)		(12,774	)		1.7
					(9,308,805	)
United States
Adient PLC		(6,758	)		(249,640	)		33.9
ADT, Inc.		(258,630	)		(1,732,821	)		235.6
AES Corp.		(3,492	)		(82,621	)		11.2
Affirm Holdings, Inc.		(16,504	)		(162,729	)		22.1
Aflac, Inc.		(1,304	)		(91,084	)		12.4
Airbnb, Inc., Class A		(4,146	)		(496,152	)		67.5
Alexandria Real Estate Equities, Inc.		(1,701	)		(211,230	)		28.7
Alteryx, Inc., Class A		(8,152	)		(335,292	)		45.6
Amcor PLC		(37,275	)		(408,907	)		55.6
American Equity Investment Life Holding Co.		(13,952	)		(537,710	)		73.1
Ameriprise Financial, Inc.		(1,165	)		(355,465	)		48.3
AmerisourceBergen Corp.		(2,291	)		(382,253	)		52.0
Amkor Technology, Inc.		(2,366	)		(52,927	)		7.2
Analog Devices, Inc.		(4,725	)		(849,933	)		115.6
Annaly Capital Management, Inc.		(2,507	)		(50,090	)		6.8
Ansys, Inc.		(137	)		(43,007	)		5.8
Antero Midstream Corp.		(29,642	)		(318,948	)		43.4
Antero Resources Corp.		(16,946	)		(389,589	)		53.0
Apartment Income REIT Corp.		(6,424	)		(237,559	)		32.3
Apollo Global Management, Inc.		(12,427	)		(787,748	)		107.1
Apple Hospitality REIT, Inc.		(14,001	)		(208,475	)		28.3

Security	Shares			Value			% of Basket Value
United States (continued)
Aramark		(3,275	)	$	(113,642	)		15.5	%
Arista Networks, Inc.		(3,529	)		(565,205	)		76.9
Aspen Technology, Inc.		(727	)		(128,679	)		17.5
Atmos Energy Corp.		(382	)		(43,601	)		5.9
Avantor, Inc.		(2,612	)		(50,882	)		6.9
Avnet, Inc.		(6,184	)		(255,152	)		34.7
Axalta Coating Systems Ltd.		(13,263	)		(418,713	)		56.9
Ball Corp.		(5,788	)		(307,806	)		41.9
Bentley Systems, Inc., Class B		(1,285	)		(54,690	)		7.4
BJ’s Wholesale Club Holdings, Inc.		(585	)		(44,676	)		6.1
Black Hills Corp.		(3,840	)		(250,714	)		34.1
Bloom Energy Corp., Class A		(5,701	)		(94,922	)		12.9
Blue Owl Capital, Inc.		(16,156	)		(181,917	)		24.7
Boston Properties, Inc.		(1,366	)		(72,890	)		9.9
Broadcom, Inc.		(52	)		(32,578	)		4.4
Broadridge Financial Solutions, Inc.		(235	)		(34,171	)		4.6
Cadence Bank		(600	)		(12,132	)		1.6
Calix, Inc.		(1,384	)		(63,249	)		8.6
CarMax, Inc.		(1,851	)		(129,626	)		17.6
Catalent, Inc.		(5,303	)		(265,786	)		36.1
Celanese Corp.		(5,807	)		(616,936	)		83.9
Ceridian HCM Holding, Inc.		(2,727	)		(173,110	)		23.5
Chesapeake Energy Corp.		(2,097	)		(173,380	)		23.6
Churchill Downs, Inc.		(811	)		(237,242	)		32.3
Civitas Resources, Inc.		(2,814	)		(194,307	)		26.4
Clean Harbors, Inc.		(2,141	)		(310,788	)		42.3
Clear Secure, Inc.		(13,394	)		(324,001	)		44.1
Clorox Co.		(1,337	)		(221,434	)		30.1
CME Group, Inc.		(1,308	)		(242,987	)		33.0
Comfort Systems USA, Inc.		(1,174	)		(175,501	)		23.9
Commerce Bancshares, Inc.		(1,184	)		(66,126	)		9.0
Comstock Resources, Inc.		(7,211	)		(82,926	)		11.3
Confluent, Inc.		(4,848	)		(106,656	)		14.5
Consolidated Edison, Inc.		(574	)		(56,522	)		7.7
Constellium SE		(6,278	)		(93,228	)		12.7
Cooper Cos., Inc.		(1,352	)		(515,720	)		70.1
Coterra Energy, Inc.		(4,079	)		(104,422	)		14.2
Coty, Inc., Class A		(113,490	)		(1,347,126	)		183.2
Cullen/Frost Bankers, Inc.		(328	)		(36,162	)		4.9
Diodes, Inc.		(4,091	)		(326,053	)		44.3
Dominion Energy, Inc.		(1,604	)		(91,653	)		12.5
DoorDash, Inc.		(295	)		(18,051	)		2.5
Dun & Bradstreet Holdings, Inc.		(1,299	)		(14,510	)		2.0
Dynatrace, Inc.		(2,064	)		(87,266	)		11.9
Eagle Materials, Inc.		(169	)		(25,047	)		3.4
Edison International		(2,806	)		(206,522	)		28.1
Elanco Animal Health, Inc.		(7,592	)		(71,896	)		9.8
Entegris, Inc.		(6,132	)		(459,409	)		62.5
Erie Indemnity Co., Class A		(968	)		(210,375	)		28.6
Euronet Worldwide, Inc.		(1,273	)		(140,972	)		19.2
Evergy, Inc.		(4,116	)		(255,645	)		34.8
Exelon Corp.		(8,261	)		(350,597	)		47.7
ExlService Holdings, Inc.		(559	)		(99,714	)		13.6
Federal Realty Investment Trust		(1,307	)		(129,249	)		17.6
Ferguson PLC		(4,630	)		(645,804	)		87.8
Fifth Third Bancorp		(8,449	)		(221,364	)		30.1
First American Financial Corp.		(637	)		(36,698	)		5.0
First Citizens BancShares, Inc.		(65	)		(65,467	)		8.9
First Industrial Realty Trust, Inc.		(3,381	)		(177,401	)		24.1
First Solar, Inc.		(971	)		(177,285	)		24.1
Fiserv, Inc.		(1,894	)		(231,295	)		31.4

50 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
FleetCor Technologies, Inc.		(95	)	$	(20,322	)		2.8	%
Fluence Energy, Inc.		(26,529	)		(479,114	)		65.1
Foot Locker, Inc.		(14,060	)		(590,379	)		80.3
Fox Factory Holding Corp.		(1,017	)		(112,755	)		15.3
GE Healthcare, Inc.		(3,860	)		(313,972	)		42.7
Gen Digital, Inc.		(7,191	)		(127,065	)		17.3
Gitlab, Inc.		(2,129	)		(64,636	)		8.8
Graphic Packaging Holding Co.		(7,029	)		(173,335	)		23.6
Grocery Outlet Holding Corp.		(5,158	)		(153,605	)		20.9
HashiCorp., Inc.		(23,614	)		(633,091	)		86.1
HB Fuller Co.		(1,899	)		(125,657	)		17.1
Hilton Grand Vacations, Inc.		(2,382	)		(101,950	)		13.9
Host Hotels & Resorts, Inc.		(15,621	)		(252,592	)		34.3
ICON PLC		(3,517	)		(677,691	)		92.2
Insight Enterprises, Inc.		(1,589	)		(192,190	)		26.1
Inspire Medical Systems, Inc.		(2,653	)		(710,022	)		96.5
International Business Machines Corp.		(2,031	)		(256,739	)		34.9
Interpublic Group of Cos., Inc.		(6,773	)		(241,999	)		32.9
Iridium Communications, Inc.		(4,527	)		(287,329	)		39.1
Jazz Pharmaceuticals PLC		(1,785	)		(250,739	)		34.1
Karuna Therapeutics, Inc.		(117	)		(23,217	)		3.2
Kinder Morgan, Inc.		(7,793	)		(133,650	)		18.2
Kinsale Capital Group, Inc.		(903	)		(295,019	)		40.1
Lamb Weston Holdings, Inc.		(639	)		(71,447	)		9.7
Lantheus Holdings, Inc.		(8,284	)		(707,868	)		96.3
Las Vegas Sands Corp.		(1,640	)		(104,714	)		14.2
Levi Strauss & Co.		(29,636	)		(428,537	)		58.3
Littelfuse, Inc.		(239	)		(57,895	)		7.9
Live Nation Entertainment, Inc.		(1,157	)		(78,421	)		10.7
Loews Corp.		(1,582	)		(91,076	)		12.4
Madison Square Garden Sports Corp.		(5,413	)		(1,085,306	)		147.6
Marriott International, Inc.		(1,844	)		(312,263	)		42.5
Maximus, Inc.		(4,323	)		(361,619	)		49.2
Meritage Homes Corp.		(2,341	)		(299,765	)		40.8
MKS Instruments, Inc.		(272	)		(22,813	)		3.1
Mondelez International, Inc.		(697	)		(53,474	)		7.3
MongoDB, Inc.		(699	)		(167,732	)		22.8
Mosaic Co.		(1,352	)		(57,933	)		7.9
Motorola Solutions, Inc.		(927	)		(270,128	)		36.7
Natera, Inc.		(1,030	)		(52,242	)		7.1
National Retail Properties, Inc.		(678	)		(29,493	)		4.0
National Storage Affiliates Trust		(12,913	)		(497,796	)		67.7
NCR Corp.		(10,853	)		(241,913	)		32.9
Neogen Corp.		(11,029	)		(189,919	)		25.8
Netflix, Inc.		(778	)		(256,686	)		34.9
New Fortress Energy, Inc.		(3,105	)		(94,050	)		12.8
New Jersey Resources Corp.		(4,226	)		(218,231	)		29.7
New Relic, Inc.		(3,774	)		(269,728	)		36.7
New York Times Co.		(10,995	)		(437,051	)		59.4
Newell Brands, Inc.		(61,858	)		(751,575	)		102.2
Noble Corp. PLC		(5,785	)		(222,433	)		30.2
Okta, Inc.		(686	)		(47,012	)		6.4
Old Republic International Corp.		(740	)		(18,700	)		2.5
Ollie’s Bargain Outlet Holdings, Inc.		(2,192	)		(143,028	)		19.4
Omega Healthcare Investors, Inc.		(973	)		(26,037	)		3.5
Omnicom Group, Inc.		(1,442	)		(130,602	)		17.8
ONE Gas, Inc.		(6,956	)		(535,264	)		72.8
Option Care Health, Inc.		(3,324	)		(106,867	)		14.5
Oracle Corp.		(4,770	)		(451,814	)		61.4
Ormat Technologies, Inc.		(1,508	)		(129,401	)		17.6
PACCAR, Inc.		(4,585	)		(342,454	)		46.6

Security	Shares			Value			% of Basket Value
United States (continued)
Paychex, Inc.		(330	)	$	(36,254	)		4.9	%
Paylocity Holding Corp.		(497	)		(96,065	)		13.1
PayPal Holdings, Inc.		(6,025	)		(457,900	)		62.3
Pentair PLC		(1,974	)		(114,650	)		15.6
Performance Food Group Co.		(2,769	)		(173,589	)		23.6
Permian Resources Corp.		(33,655	)		(351,695	)		47.8
Pinnacle West Capital Corp.		(1,624	)		(127,419	)		17.3
PPG Industries, Inc.		(713	)		(100,005	)		13.6
Primerica, Inc.		(1,082	)		(197,476	)		26.8
Privia Health Group, Inc.		(7,584	)		(209,546	)		28.5
PTC, Inc.		(264	)		(33,209	)		4.5
PulteGroup, Inc.		(11,149	)		(748,655	)		101.8
QuidelOrtho Corp.		(470	)		(42,276	)		5.7
R1 RCM, Inc.		(44,934	)		(700,521	)		95.3
Radian Group, Inc.		(13,573	)		(329,417	)		44.8
RBC Bearings, Inc.		(80	)		(18,161	)		2.5
Rivian Automotive, Inc.		(7,159	)		(91,778	)		12.5
Robinhood Markets, Inc.		(55,896	)		(494,680	)		67.3
Ryan Specialty Holdings, Inc.		(619	)		(25,292	)		3.4
Ryman Hospitality Properties, Inc.		(3,913	)		(350,840	)		47.7
Sanofi		(1,543	)		(165,517	)		22.5
Sealed Air Corp.		(8,176	)		(392,366	)		53.4
Selective Insurance Group, Inc.		(7,140	)		(687,796	)		93.5
Shift4 Payments, Inc., Class A		(1,535	)		(104,027	)		14.1
Shoals Technologies Group, Inc., Class A		(2,472	)		(51,640	)		7.0
Skyline Champion Corp.		(6,343	)		(470,460	)		64.0
Skyworks Solutions, Inc.		(41	)		(4,342	)		0.6
Smartsheet, Inc., Class A		(381	)		(15,571	)		2.1
SolarEdge Technologies, Inc.		(1,388	)		(396,454	)		53.9
Southern Co.		(28,132	)		(2,069,109	)		281.4
SouthState Corp.		(3,907	)		(269,505	)		36.6
Southwest Gas Holdings, Inc.		(6,409	)		(358,904	)		48.8
Spirit Realty Capital, Inc.		(903	)		(34,729	)		4.7
SPS Commerce, Inc.		(386	)		(56,858	)		7.7
SS&C Technologies Holdings, Inc.		(4,851	)		(283,978	)		38.6
STAG Industrial, Inc.		(899	)		(30,449	)		4.1
Surgery Partners, Inc.		(1,323	)		(52,470	)		7.1
Synaptics, Inc.		(2,598	)		(230,079	)		31.3
Take-Two Interactive Software, Inc.		(6,085	)		(756,305	)		102.8
Tenable Holdings, Inc.		(912	)		(33,735	)		4.6
Tenaris SA		(20,739	)		(295,336	)		40.2
Tenet Healthcare Corp.		(5,496	)		(402,967	)		54.8
Terreno Realty Corp.		(2,628	)		(161,859	)		22.0
Tetra Tech, Inc.		(886	)		(122,596	)		16.7
T-Mobile US, Inc.		(1,696	)		(244,054	)		33.2
Trade Desk, Inc., Class A		(1,342	)		(86,344	)		11.7
TriNet Group, Inc.		(8,685	)		(805,794	)		109.6
Twilio, Inc., Class A		(6,797	)		(357,590	)		48.6
Tyler Technologies, Inc.		(718	)		(272,144	)		37.0
Uber Technologies, Inc.		(4,422	)		(137,303	)		18.7
Under Armour, Inc., Class A		(2,028	)		(17,988	)		2.4
Universal Health Services, Inc.		(4,151	)		(624,103	)		84.9
Valvoline, Inc.		(4,036	)		(139,444	)		19.0
Verizon Communications, Inc.		(4,330	)		(168,134	)		22.9
Vir Biotechnology, Inc.		(11,238	)		(282,636	)		38.4
Vontier Corp.		(12,967	)		(351,795	)		47.8
Vornado Realty Trust		(5,911	)		(88,724	)		12.1
Walt Disney Co.		(3,420	)		(350,550	)		47.7
Welltower, Inc.		(7,368	)		(583,693	)		79.4
WESCO International, Inc.		(680	)		(97,920	)		13.3
Whirlpool Corp.		(5,141	)		(717,632	)		97.6

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Xcel Energy, Inc.		(350	)	$	(24,468	)		3.3	%
Zebra Technologies Corp.		(529	)		(152,368	)		20.7
ZoomInfo Technologies, Inc.		(25,537	)		(559,516	)		76.1
					(54,015,093	)
Preferred Stocks
Germany
Henkel AG & Co. KGaA		(419	)		(33,725	)		4.6
Total Reference Entity — Short					(171,979,363	)
Net Value of Reference Entity — Bank of America N.A.				$	(735,397	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination dates 03/21/25-04/14/25:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
AGL Energy Ltd.		94,009	$	515,888		(486.8	)%
Allkem Ltd.		30,120		246,662		(232.7	)
AMP Ltd.		757,881		571,341		(539.1	)
Aristocrat Leisure Ltd.		11,049		278,656		(262.9	)
Aurizon Holdings Ltd.		159,521		361,613		(341.2	)
Bank of Queensland Ltd.		149,987		577,290		(544.7	)
Beach Energy Ltd.		140,509		137,880		(130.1	)
Bendigo & Adelaide Bank Ltd.		10,820		62,102		(58.6	)
BHP Group Ltd.		10,144		300,103		(283.2	)
Boral Ltd.		60,126		164,570		(155.3	)
Challenger Ltd.		100,387		402,655		(379.9	)
Charter Hall Group		20,295		150,522		(142.0	)
CSR Ltd.		153,496		535,747		(505.5	)
Deterra Royalties Ltd.		51,398		157,112		(148.3	)
Domain Holdings Australia Ltd.		70,601		156,967		(148.1	)
Downer EDI Ltd.		232,018		547,269		(516.4	)
Flight Centre Travel Group Ltd.		34,052		445,885		(420.7	)
Fortescue Metals Group Ltd.		3,890		54,252		(51.2	)
GPT Group		102,742		301,223		(284.2	)
IDP Education Ltd.		8,181		153,240		(144.6	)
Iluka Resources Ltd.		51,607		378,009		(356.7	)
Insignia Financial Ltd.		40,401		79,949		(75.4	)
Lynas Rare Earths Ltd.		9,171		39,265		(37.1	)
Macquarie Group Ltd.		4,163		506,720		(478.1	)
Magellan Financial Group Ltd.		4,695		25,371		(23.9	)
Mineral Resources Ltd.		3,902		191,860		(181.0	)
Mirvac Group		32,783		52,482		(49.5	)
National Australia Bank Ltd.		43,744		839,614		(792.2	)
Orora Ltd.		134,626		306,761		(289.4	)
Pilbara Minerals Ltd.		87,587		248,625		(234.6	)
Pro Medicus Ltd.		8,827		361,200		(340.8	)
Region RE Ltd., Registered Shares		158,236		258,184		(243.6	)
Rio Tinto Ltd.		1,063		79,653		(75.2	)
Rio Tinto PLC		4,488		282,799		(266.8	)
Scentre Group		13,669		26,155		(24.7	)
SEEK Ltd.		26,510		431,207		(406.9	)
Star Entertainment Grp Ltd.		44,201		37,345		(35.2	)

Security	Shares		Value		% of Basket Value
Australia (continued)
Steadfast Group Ltd.		96,471	$	379,184		(357.8	)%
Treasury Wine Estates Ltd.		23,096		213,281		(201.2	)
Westpac Banking Corp.		40,446		603,643		(569.6	)
WiseTech Global Ltd.		7,278		332,386		(313.6	)
Worley Ltd.		34,043		340,992		(321.7	)
				12,135,662
Austria
ams-OSRAM AG		22,965		159,039		(150.1	)
ANDRITZ AG		6,757		439,519		(414.7	)
BAWAG Group AG		434		21,199		(20.0	)
Raiffeisen Bank International AG		55,877		859,682		(811.1	)
				1,479,439
Belgium
Elia Group SA/NV		316		43,394		(40.9	)
Euronav NV		19,860		341,592		(322.3	)
Sofina SA		2,175		500,105		(471.9	)
Solvay SA		3,674		441,615		(416.7	)
				1,326,706
Bermuda
RenaissanceRe Holdings Ltd.		888		191,284		(180.5	)
Brazil
Wheaton Precious Metals Corp.		1,297		63,552		(60.0	)
Canada
AbCellera Biologics, Inc.		2,972		20,150		(19.0	)
Alamos Gold, Inc., Class B		53,621		688,155		(649.3	)
ARC Resources Ltd.		5,865		72,358		(68.3	)
Ballard Power Systems, Inc.		191,849		841,558		(794.0	)
Baytex Energy Corp.		23,656		88,395		(83.4	)
Birchcliff Energy Ltd.		127,496		767,216		(723.9	)
Boralex, Inc.		1,929		55,827		(52.7	)
Canada Goose Holdings, Inc.		14,145		277,525		(261.9	)
Canadian Imperial Bank of Commerce		1,098		45,877		(43.3	)
Canadian National Railway Co.		3,312		392,005		(369.9	)
Element Fleet Management Corp.		65,967		856,845		(808.5	)
Emera, Inc.		31,914		1,348,481		(1,272.3	)
Enerplus Corp.		47,592		706,693		(666.8	)
First Capital Real Estate Investment Trust		1,057		12,325		(11.6	)
First Majestic Silver Corp.		45,527		319,290		(301.3	)
FirstService Corp.		2,332		348,442		(328.8	)
Franco-Nevada Corp.		3,011		453,667		(428.0	)
GFL Environmental, Inc.		17,417		628,462		(593.0	)
Gildan Activewear, Inc.		9,802		317,055		(299.1	)
Ivanhoe Mines Ltd.		26,161		225,199		(212.5	)
Lithium Americas Corp.		27,583		547,420		(516.5	)
MEG Energy Corp.		7,955		131,520		(124.1	)
Methanex Corp.		11,516		511,839		(482.9	)
NuVista Energy Ltd.		23,299		200,815		(189.5	)
Pan American Silver Corp.		3,949		69,819		(65.9	)
Parex Resources, Inc.		15,248		307,469		(290.1	)
Restaurant Brands International, Inc.		2,082		144,980		(136.8	)
RioCan Real Estate Investment Trust		5,320		81,789		(77.2	)
Ritchie Bros Auctioneers, Inc.		9,029		512,955		(484.0	)
Royal Bank of Canada		11,708		1,156,237		(1,090.9	)
Stantec, Inc.		7,278		434,493		(410.0	)
TC Energy Corp.		23,171		956,279		(902.3	)
Teck Resources Ltd.		10,469		484,164		(456.8	)
TELUS Corp.		69,734		1,468,059		(1,385.2	)
Tourmaline Oil Corp.		10,617		473,661		(446.9	)

52 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
TransAlta Corp.		15,658	$	138,630		(130.8	)%
Vermilion Energy, Inc.		7,878		98,985		(93.4	)
West Fraser Timber Co. Ltd.		634		45,521		(42.9	)
Whitecap Resources, Inc.		2,056		16,091		(15.2	)
				16,246,251
Chile
Lundin Mining Corp.		17,282		131,069		(123.7	)
China
Shangri-La Asia Ltd.		38,000		35,055		(33.1	)
Wharf Holdings Ltd.		207,000		473,073		(446.3	)
				508,128
Comoros
Golar LNG Ltd.		3,014		68,418		(64.6	)
Denmark
D/S Norden A/S		1,529		96,241		(90.8	)
Genmab A/S		160		65,856		(62.1	)
GN Store Nord A/S		176		4,704		(4.4	)
H Lundbeck A/S		64,431		341,633		(322.4	)
Jyske Bank A/S, Registered Shares		475		34,782		(32.8	)
Novozymes A/S, B Shares		17,265		900,169		(849.4	)
Orsted A/S		2,275		204,481		(192.9	)
Tryg A/S		2,083		49,296		(46.5	)
				1,697,162
Finland
Kone OYJ, Class B		2,177		124,378		(117.3	)
Metso Outotec OYJ		32,032		354,226		(334.2	)
Outokumpu OYJ		23,041		125,805		(118.7	)
Wartsila OYJ ABP		160,043		1,858,185		(1,753.3	)
				2,462,594
Germany
Carl Zeiss Meditec AG		421		56,713		(53.5	)
Commerzbank AG		3,509		39,058		(36.9	)
Covestro AG		4,970		218,341		(206.0	)
Deutsche Bank AG, Registered Shares		16,163		177,934		(167.9	)
Deutsche Lufthansa AG, Registered Shares		3,766		40,544		(38.3	)
E.ON SE		8,221		108,905		(102.8	)
Encavis AG		9,504		164,591		(155.3	)
Fraport AG Frankfurt Airport Services Worldwide		20,769		1,120,159		(1,056.9	)
Freenet AG		29,231		834,564		(787.4	)
HUGO BOSS AG		621		46,887		(44.2	)
Knorr-Bremse AG		6,851		480,899		(453.8	)
LEG Immobilien SE		806		50,241		(47.4	)
Mercedes-Benz Group AG		15,075		1,177,362		(1,110.9	)
Merck KGaA		600		107,785		(101.7	)
METRO AG		11,901		101,370		(95.6	)
Nemetschek SE		3,874		303,224		(286.1	)
ProSiebenSat.1 Media SE		22,744		204,618		(193.1	)
SMA Solar Technology AG		443		47,994		(45.3	)
Solarworld AG		10		2		(0.0	)
SUSE SA		8,891		168,335		(158.8	)
Talanx AG		14,646		737,689		(696.0	)
United Internet AG, Registered Shares		24,787		426,209		(402.1	)
				6,613,424
Hong Kong
AIA Group Ltd.		39,400		428,937		(404.7	)
ASMPT Ltd.		35,800		281,454		(265.6	)

Security	Shares		Value		% of Basket Value
Hong Kong (continued)
Bank of East Asia Ltd.		38,200	$	50,343		(47.5	)%
Cafe de Coral Holdings Ltd.		10,000		14,006		(13.2	)
Cathay Pacific Airways Ltd.		724,000		700,543		(661.0	)
Dah Sing Banking Group Ltd.		103,600		83,094		(78.4	)
Dah Sing Financial Holdings Ltd.		86,800		222,368		(209.8	)
Haitong International Securities Group Ltd.		113,300		9,563		(9.0	)
Hang Lung Group Ltd.		40,000		70,319		(66.3	)
Hang Lung Properties Ltd.		136,000		248,590		(234.6	)
Hongkong Land Holdings Ltd.		90,100		400,984		(378.3	)
Hysan Development Co. Ltd.		79,000		223,250		(210.6	)
Kerry Properties Ltd.		8,500		21,930		(20.7	)
Melco International Development Ltd.		16,000		18,621		(17.6	)
New World Development Co. Ltd.		112,000		298,681		(281.8	)
Pacific Basin Shipping Ltd.		388,000		135,002		(127.4	)
Swire Pacific Ltd.		94,500		750,130		(707.8	)
Swire Properties Ltd.		431,000		1,158,377		(1,093.0	)
United Energy Group Ltd.		1,470,000		221,513		(209.0	)
Yue Yuen Industrial Holdings Ltd.		391,500		589,161		(555.9	)
				5,926,866
Indonesia
First Pacific Co. Ltd.		146,000		48,889		(46.1	)
Ireland
Kingspan Group PLC		4,398		305,222		(288.0	)
Ryanair Holdings PLC		11,646		191,258		(180.5	)
Smurfit Kappa Group PLC		9,015		334,512		(315.6	)
				830,992
Israel
Alony Hetz Properties & Investments Ltd.		54,835		432,018		(407.6	)
Check Point Software Technologies Ltd.		5,603		713,598		(673.3	)
Elbit Systems Ltd.		735		135,758		(128.1	)
Gav-Yam Lands Corp. Ltd.		10,950		78,843		(74.4	)
Harel Insurance Investments & Financial Services Ltd.		4,563		40,868		(38.5	)
Nice Ltd.		676		138,207		(130.4	)
Nova Ltd.		5,224		477,735		(450.8	)
Phoenix Holdings Ltd.		5,674		60,740		(57.3	)
				2,077,767
Italy
A2A SpA		1,063,087		1,878,387		(1,772.3	)
Banco BPM SpA		90,580		368,894		(348.1	)
BPER Banca		163,123		458,842		(432.9	)
Buzzi Unicem SpA		5,929		147,643		(139.3	)
De’ Longhi SpA		616		14,335		(13.5	)
Ferrari NV		568		158,512		(149.6	)
FinecoBank Banca Fineco SpA		17,859		271,119		(255.8	)
Hera SpA		22,121		68,965		(65.1	)
Infrastrutture Wireless Italiane SpA		19,578		272,131		(256.8	)
Intesa Sanpaolo SpA		65,663		172,918		(163.1	)
Italgas SpA		7,937		51,903		(49.0	)
Mediobanca Banca di Credito Finanziario SpA		114,451		1,230,915		(1,161.4	)
Moncler SpA		13,834		1,027,698		(969.7	)
Prysmian SpA		7,136		292,489		(276.0	)
Recordati Industria Chimica e Farmaceutica SpA		549		25,309		(23.9	)
Reply SpA		2,284		266,505		(251.4	)
Snam SpA		42,407		236,036		(222.7	)
UnipolSai Assicurazioni SpA		96,374		259,650		(245.0	)
				7,202,251

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan
Acom Co. Ltd.		189,200	$	472,354		(445.7	)%
Aeon Co. Ltd.		17,600		365,425		(344.8	)
AEON Financial Service Co. Ltd.		82,800		752,008		(709.6	)
Ain Holdings, Inc.		3,800		161,112		(152.0	)
Aisin Corp.		9,800		292,780		(276.3	)
Alfresa Holdings Corp.		37,800		557,447		(526.0	)
Amano Corp.		5,600		116,111		(109.6	)
ANA Holdings, Inc.		36,000		799,803		(754.6	)
Anritsu Corp.		56,900		531,022		(501.0	)
Asahi Kasei Corp.		11,400		82,053		(77.4	)
Astellas Pharma, Inc.		59,900		919,536		(867.6	)
AZ-COM MARUWA Holdings, Inc.		20,300		304,966		(287.8	)
Benesse Holdings, Inc.		61,100		893,762		(843.3	)
Brother Industries Ltd.		51,200		819,142		(772.9	)
Canon Marketing Japan, Inc.		3,300		83,986		(79.2	)
Casio Computer Co. Ltd.		16,100		156,159		(147.3	)
COMSYS Holdings Corp.		50,500		984,314		(928.7	)
Concordia Financial Group Ltd.		19,400		75,001		(70.8	)
Cosmos Pharmaceutical Corp.		3,000		300,553		(283.6	)
CyberAgent, Inc.		66,300		589,503		(556.2	)
Daicel Corp.		41,100		330,019		(311.4	)
Dai-ichi Life Holdings, Inc.		18,700		354,440		(334.4	)
Daiwa House Industry Co. Ltd.		44,200		1,146,860		(1,082.1	)
DeNA Co. Ltd.		19,000		271,859		(256.5	)
Denka Co. Ltd.		27,700		565,605		(533.7	)
DIC Corp.		1,600		30,116		(28.4	)
DMG Mori Co. Ltd.		44,200		722,550		(681.8	)
Dowa Holdings Co. Ltd.		44,000		1,464,844		(1,382.1	)
Ebara Corp.		7,100		316,772		(298.9	)
EXEO Group, Inc.		16,700		315,709		(297.9	)
Fuji Electric Co. Ltd.		2,000		82,205		(77.6	)
Fuji Media Holdings, Inc.		126,900		1,211,733		(1,143.3	)
FUJIFILM Holdings Corp.		19,500		1,035,453		(977.0	)
Fujikura Ltd.		200		1,389		(1.3	)
GMO internet group, Inc.		6,200		127,095		(119.9	)
Hamamatsu Photonics KK		4,300		232,416		(219.3	)
Hitachi Ltd.		12,800		721,789		(681.0	)
House Foods Group, Inc.		8,800		197,065		(185.9	)
Hoya Corp.		2,700		288,672		(272.4	)
IHI Corp.		15,000		385,186		(363.4	)
Information Services International-Dentsu Ltd.		2,800		100,754		(95.1	)
INFRONEER Holdings, Inc.		68,800		553,552		(522.3	)
Internet Initiative Japan, Inc.		36,400		767,630		(724.3	)
Itochu Techno-Solutions Corp.		24,200		638,138		(602.1	)
J Front Retailing Co. Ltd.		178,500		1,911,848		(1,803.9	)
Japan Steel Works Ltd.		5,300		98,147		(92.6	)
JTEKT Corp.		29,100		244,575		(230.8	)
Kadokawa Corp.		18,800		408,678		(385.6	)
Kakaku.com, Inc.		36,300		509,188		(480.4	)
Kamigumi Co. Ltd.		7,600		169,635		(160.1	)
Kandenko Co. Ltd.		64,100		491,651		(463.9	)
Kaneka Corp.		12,500		338,800		(319.7	)
Kao Corp.		18,200		749,353		(707.0	)
Kawasaki Kisen Kaisha Ltd.		200		4,863		(4.6	)
KDDI Corp.		3,700		117,662		(111.0	)
Kewpie Corp.		23,800		407,135		(384.2	)
Kinden Corp.		27,900		387,003		(365.2	)
Kirin Holdings Co. Ltd.		18,000		297,877		(281.1	)
Koei Tecmo Holdings Co. Ltd.		17,500		327,649		(309.2	)
Kokuyo Co. Ltd.		31,400		457,069		(431.3	)
Kose Corp.		3,500		416,396		(392.9	)
K’s Holdings Corp.		27,800		251,056		(236.9	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Kusuri no Aoki Holdings Co. Ltd.		4,000	$	195,600		(184.6	)%
Kyocera Corp.		12,800		684,576		(645.9	)
Kyowa Kirin Co. Ltd.		14,400		326,809		(308.4	)
Lawson, Inc.		14,800		684,546		(645.9	)
Lintec Corp.		25,300		431,024		(406.7	)
Lion Corp.		72,900		809,613		(763.9	)
Lixil Corp.		17,400		279,252		(263.5	)
M3, Inc.		14,500		362,919		(342.4	)
Mani, Inc.		36,300		484,171		(456.8	)
MISUMI Group, Inc.		5,100		131,071		(123.7	)
Mitsubishi Chemical Group Corp.		40,600		242,808		(229.1	)
Mitsubishi Corp.		12,700		479,997		(452.9	)
Mitsubishi Electric Corp.		23,700		299,227		(282.3	)
Mitsubishi Estate Co. Ltd.		56,500		708,855		(668.8	)
Mitsubishi Gas Chemical Co., Inc.		39,100		580,239		(547.5	)
Mitsubishi Heavy Industries Ltd.		700		27,055		(25.5	)
Mitsubishi Motors Corp.		32,200		126,138		(119.0	)
Mitsui & Co. Ltd.		10,100		321,438		(303.3	)
Mitsui Chemicals, Inc.		2,700		69,629		(65.7	)
Mitsui Fudosan Co. Ltd.		65,800		1,329,818		(1,254.7	)
Mizuho Financial Group, Inc.		55,700		823,231		(776.8	)
MS&AD Insurance Group Holdings, Inc.		5,400		180,580		(170.4	)
Nabtesco Corp.		2,900		71,218		(67.2	)
NEC Corp.		6,400		250,857		(236.7	)
NEC Networks & System Integration Corp.		37,300		473,706		(447.0	)
NET One Systems Co. Ltd.		25,900		622,431		(587.3	)
NGK Insulators Ltd.		1,800		23,048		(21.8	)
Nidec Corp.		11,700		590,278		(557.0	)
Nihon M&A Center Holdings, Inc.		51,900		404,185		(381.4	)
Nikon Corp.		87,000		915,416		(863.7	)
Nippon Express Holdings, Inc.		4,100		245,139		(231.3	)
Nippon Shinyaku Co. Ltd.		700		32,620		(30.8	)
Nipro Corp.		30,100		231,069		(218.0	)
Nissan Motor Co. Ltd.		49,500		183,748		(173.4	)
Niterra Co. Ltd.		18,600		397,127		(374.7	)
Nitto Denko Corp.		2,600		171,268		(161.6	)
Nomura Real Estate Holdings, Inc.		9,800		248,597		(234.6	)
Nomura Research Institute Ltd.		17,200		440,622		(415.7	)
NS Solutions Corp.		11,900		329,940		(311.3	)
Obayashi Corp.		27,700		235,018		(221.8	)
OBIC Business Consultants Co. Ltd.		24,400		944,185		(890.9	)
Oji Holdings Corp.		5,900		23,628		(22.3	)
Olympus Corp.		23,000		410,816		(387.6	)
Ono Pharmaceutical Co. Ltd.		3,300		67,747		(63.9	)
Orient Corp.		1,800		15,306		(14.4	)
Otsuka Corp.		31,200		1,157,208		(1,091.9	)
Otsuka Holdings Co. Ltd.		12,000		415,818		(392.3	)
Panasonic Holdings Corp.		300		2,881		(2.7	)
Penta-Ocean Construction Co. Ltd.		56,200		278,310		(262.6	)
Pigeon Corp.		9,100		144,355		(136.2	)
Pola Orbis Holdings, Inc.		85,800		1,214,808		(1,146.2	)
Recruit Holdings Co. Ltd.		19,300		551,895		(520.7	)
Resorttrust, Inc.		1,800		30,284		(28.6	)
Ricoh Co. Ltd.		103,200		869,602		(820.5	)
Rohm Co. Ltd.		5,200		399,474		(376.9	)
Ryohin Keikaku Co. Ltd.		47,600		510,634		(481.8	)
Sanrio Co. Ltd.		3,200		150,886		(142.4	)
Santen Pharmaceutical Co. Ltd.		4,800		41,139		(38.8	)
Sapporo Holdings Ltd.		7,600		215,828		(203.6	)
Sawai Group Holdings Co. Ltd.		13,600		401,029		(378.4	)
SCSK Corp.		15,900		244,602		(230.8	)
Seiko Epson Corp.		5,400		84,086		(79.3	)

54 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Sharp Corp.		22,000	$	159,856		(150.8	)%
Shimizu Corp.		35,200		218,902		(206.5	)
SoftBank Group Corp.		53,000		2,026,930		(1,912.5	)
Sohgo Security Services Co. Ltd.		18,100		515,107		(486.0	)
Sompo Holdings, Inc.		20,100		854,300		(806.1	)
Subaru Corp.		35,100		583,360		(550.4	)
Sugi Holdings Co. Ltd.		1,300		56,246		(53.1	)
Sumitomo Bakelite Co. Ltd.		5,700		222,169		(209.6	)
Sumitomo Chemical Co. Ltd.		12,100		41,681		(39.3	)
Sumitomo Corp.		8,000		146,175		(137.9	)
Sumitomo Electric Industries Ltd.		14,300		185,942		(175.4	)
Sumitomo Mitsui Trust Holdings, Inc.		11,100		407,710		(384.7	)
Sumitomo Pharma Co. Ltd.		56,500		361,199		(340.8	)
Sumitomo Realty & Development Co. Ltd.		36,300		863,445		(814.7	)
T&D Holdings, Inc.		61,500		767,644		(724.3	)
Taisei Corp.		7,100		245,802		(231.9	)
Taisho Pharmaceutical Holdings Co. Ltd.		14,200		624,883		(589.6	)
Takara Bio, Inc.		4,900		63,053		(59.5	)
TBS Holdings, Inc.		13,600		208,825		(197.0	)
Terumo Corp.		22,000		671,018		(633.1	)
Toda Corp.		49,900		296,994		(280.2	)
Toho Co. Ltd.		12,400		501,870		(473.5	)
Tokio Marine Holdings, Inc.		1,100		22,530		(21.3	)
Tokyo Ohka Kogyo Co. Ltd.		6,400		340,605		(321.4	)
Tokyo Tatemono Co. Ltd.		55,900		721,115		(680.4	)
Toray Industries, Inc.		139,700		806,685		(761.1	)
TOTO Ltd.		5,700		198,717		(187.5	)
Toyoda Gosei Co. Ltd.		16,600		289,992		(273.6	)
Toyota Boshoku Corp.		20,100		324,226		(305.9	)
Toyota Industries Corp.		1,200		71,008		(67.0	)
Trend Micro, Inc.		800		39,841		(37.6	)
TS Tech Co. Ltd.		33,700		462,446		(436.3	)
Tsuruha Holdings, Inc.		15,500		1,034,648		(976.2	)
UBE Corp.		15,900		257,138		(242.6	)
Ulvac, Inc.		1,500		60,747		(57.3	)
Ushio, Inc.		15,400		195,172		(184.2	)
Welcia Holdings Co. Ltd.		10,700		228,375		(215.5	)
Yakult Honsha Co. Ltd.		3,100		237,505		(224.1	)
Yamaha Corp.		7,600		305,265		(288.0	)
Yamato Kogyo Co. Ltd.		8,200		328,443		(309.9	)
Yaskawa Electric Corp.		6,400		265,791		(250.8	)
Zeon Corp.		3,900		41,020		(38.7	)
ZOZO, Inc.		31,900		685,513		(646.8	)
				69,266,770
Luxembourg
ArcelorMittal SA		7,748		220,466		(208.0	)
L’Occitane International SA		12,750		32,436		(30.6	)
				252,902
Macau
Galaxy Entertainment Group Ltd.		30,000		213,512		(201.4	)
MGM China Holdings Ltd.		104,800		143,139		(135.1	)
SJM Holdings Ltd.		29,000		15,100		(14.2	)
Wynn Macau Ltd.		249,600		270,031		(254.8	)
				641,782
Mexico
Fresnillo PLC		20,047		177,802		(167.8	)
Netherlands
ABN AMRO Bank NV, CVA		49,059		787,520		(743.1	)

Security	Shares		Value		% of Basket Value
Netherlands (continued)
Aegon NV		17,004	$	77,699		(73.3	)%
ASML Holding NV		317		201,477		(190.1	)
ASR Nederland NV		19,843		874,019		(824.7	)
Koninklijke KPN NV		157,018		573,466		(541.1	)
Koninklijke Vopak NV		4,624		176,945		(166.9	)
Wolters Kluwer NV		5,144		682,554		(644.0	)
				3,373,680
New Zealand
a2 Milk Co. Ltd.		77,043		277,207		(261.6	)
Contact Energy Ltd.		73,730		353,780		(333.8	)
Infratil Ltd.		113,960		666,790		(629.1	)
				1,297,777
Norway
Aker BP ASA		7,589		181,538		(171.3	)
AutoStore Holdings Ltd.		7,572		16,317		(15.4	)
Equinor ASA		19,161		551,998		(520.8	)
Gjensidige Forsikring ASA		18,552		323,357		(305.1	)
Golden Ocean Group Ltd.		22,855		210,663		(198.8	)
Kongsberg Gruppen ASA		21,870		982,870		(927.4	)
NEL ASA		89,150		122,580		(115.7	)
Nordic Semiconductor ASA		38,105		412,925		(389.6	)
TOMRA Systems ASA		41,991		644,306		(607.9	)
Var Energi ASA		92,041		241,676		(228.0	)
				3,688,230
Poland
InPost SA		16,458		176,889		(166.9	)
Singapore
City Developments Ltd.		81,300		424,765		(400.8	)
ComfortDelGro Corp. Ltd.		260,700		233,086		(219.9	)
Mapletree Pan Asia Commercial Trust		64,300		85,069		(80.3	)
NetLink NBN Trust		736,400		482,836		(455.6	)
SATS Ltd.		166,300		317,273		(299.3	)
Sembcorp Industries Ltd.		509,600		1,637,742		(1,545.3	)
Singapore Post Ltd.		691,100		264,428		(249.5	)
StarHub Ltd.		158,800		119,095		(112.4	)
Suntec Real Estate Investment Trust		37,600		38,066		(35.9	)
				3,602,360
Spain
Atlantica Sustainable Infrastructure PLC		21,321		567,565		(535.5	)
Banco Bilbao Vizcaya Argentaria SA		54,348		398,483		(376.0	)
Banco de Sabadell SA		389,952		407,076		(384.1	)
Bankinter SA		24,516		145,198		(137.0	)
EDP Renovaveis SA		20,519		456,787		(431.0	)
Mapfre SA		341,497		685,141		(646.5	)
Merlin Properties Socimi SA		98,576		872,918		(823.6	)
Sacyr SA		11,787		39,059		(36.8	)
				3,572,227
Sweden
Assa Abloy AB		1,393		32,948		(31.1	)
Atlas Copco AB, A Shares		59,162		850,080		(802.1	)
Atlas Copco AB, B Shares		17,890		227,932		(215.1	)
Avanza Bank Holding AB		11,308		238,563		(225.1	)
Beijer Ref AB		10,478		169,999		(160.4	)
Castellum AB		9,854		118,848		(112.1	)
Elekta AB, B Shares		65,017		542,891		(512.2	)
Epiroc AB, Class A		14,026		278,761		(263.0	)
Epiroc AB, Class B		21,929		374,552		(353.4	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Sweden (continued)
Getinge AB, B Shares		8,569	$	215,859		(203.7	)%
Industrivarden AB, A Shares		857		24,333		(23.0	)
Industrivarden AB, C Shares		13,695		388,059		(366.1	)
Indutrade AB		4,664		111,182		(104.9	)
Investor AB, A Shares		12,728		277,095		(261.5	)
L E Lundbergforetagen AB, B Shares		1,465		69,774		(65.8	)
Nibe Industrier AB, B Shares		48,194		535,279		(505.1	)
Sagax AB		8,595		209,202		(197.4	)
Sweco AB, B Shares		6,158		81,943		(77.3	)
Volvo Car AB		12,190		49,938		(47.1	)
				4,797,238
Switzerland
ABB Ltd., Registered Shares		4,550		164,587		(155.3	)
Accelleron Industries AG		14,414		356,494		(336.4	)
Banque Cantonale Vaudoise, Registered Shares		2,671		281,801		(265.9	)
Belimo Holding AG, Registered Shares		1,119		541,595		(511.0	)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		63		780,049		(736.0	)
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		1		123,608		(116.6	)
Cie Financiere Richemont SA, Registered Shares		1,486		246,325		(232.4	)
Clariant AG, Registered Shares		12,447		208,195		(196.4	)
Dufry AG, Registered Shares		41,899		1,942,130		(1,832.5	)
Geberit AG, Registered Shares		159		90,806		(85.7	)
Georg Fischer AG, Registered Shares		952		69,626		(65.7	)
Givaudan SA, Registered Shares		317		1,111,920		(1,049.1	)
Helvetia Holding AG, Registered Shares		1,904		285,626		(269.5	)
Idorsia Ltd.		31,239		302,870		(285.8	)
Partners Group Holding AG		515		501,292		(473.0	)
Sika AG, Registered Shares		3,885		1,076,065		(1,015.3	)
Swiss Prime Site AG, Registered Shares		403		36,580		(34.5	)
Tecan Group AG, Registered Shares		753		329,091		(310.5	)
VAT Group AG		1,044		369,314		(348.5	)
				8,817,974
United Kingdom
Auto Trader Group PLC		39,136		310,477		(292.9	)
B&M European Value Retail SA		10,135		60,666		(57.2	)
Beazley PLC		126,155		939,047		(886.0	)
Bellway PLC		3,890		117,005		(110.4	)
British American Tobacco PLC		494		18,098		(17.1	)
British Land Co. PLC		105,126		525,394		(495.7	)
Bunzl PLC		4,404		173,885		(164.1	)
Burberry Group PLC		11,865		384,143		(362.5	)
Centrica PLC		709,521		1,011,179		(954.1	)
ConvaTec Group PLC		127,138		348,586		(328.9	)
Croda International PLC		4,618		402,473		(379.7	)
Diploma PLC		2,088		70,179		(66.2	)
Direct Line Insurance Group PLC		71,704		153,793		(145.1	)
Hammerson PLC		40		14		(0.0	)
Hargreaves Lansdown PLC		47,293		474,963		(448.1	)
Hiscox Ltd.		47,646		703,730		(664.0	)
IG Group Holdings PLC		11,145		102,060		(96.3	)
IMI PLC		22,767		453,246		(427.7	)
Inchcape PLC		33,591		339,335		(320.2	)
Intermediate Capital Group PLC		63,615		1,036,228		(977.7	)
Intertek Group PLC		4,963		257,541		(243.0	)
ITV PLC		461,896		466,254		(439.9	)

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Land Securities Group PLC		11,405	$	96,016		(90.6	)%
Liberty Global PLC		51,824		1,054,100		(994.6	)
Liberty Global PLC		48,131		939,036		(886.0	)
London Stock Exchange Group PLC		6,041		629,319		(593.8	)
Nomad Foods Ltd.		24,829		466,785		(440.4	)
OSB Group PLC		12,093		75,115		(70.9	)
Pennon Group PLC		60,092		644,576		(608.2	)
Phoenix Group Holdings PLC		20,308		150,124		(141.6	)
Renishaw PLC		1,960		88,144		(83.2	)
Rightmove PLC		80,893		580,652		(547.9	)
Rotork PLC		137,571		562,381		(530.6	)
RS GROUP PLC		4,565		52,551		(49.6	)
Segro PLC		159,155		1,662,845		(1,569.0	)
Severn Trent PLC		5,033		183,873		(173.5	)
Smiths Group PLC		7,234		151,711		(143.1	)
Spectris PLC		61,255		2,876,739		(2,714.3	)
Spirax-Sarco Engineering PLC		2,240		310,341		(292.8	)
Standard Chartered PLC		52,536		412,776		(389.5	)
Taylor Wimpey PLC		29,384		47,049		(44.4	)
Tesco PLC		121,126		424,841		(400.9	)
Travis Perkins PLC		34,637		414,609		(391.2	)
Tritax Big Box REIT PLC		309,687		600,310		(566.4	)
United Utilities Group PLC		59,890		806,927		(761.4	)
				21,579,116
United States
Acadia Healthcare Co., Inc.		1,050		75,904		(71.6	)
Accenture PLC, Class B		1,414		396,330		(374.0	)
Acuity Brands, Inc.		623		98,048		(92.5	)
Adobe, Inc.		6,429		2,427,333		(2,290.3	)
AECOM		1,665		138,278		(130.5	)
Affiliated Managers Group, Inc.		1,592		229,853		(216.9	)
Agilent Technologies, Inc.		11,384		1,541,735		(1,454.7	)
Akamai Technologies, Inc.		5,586		457,884		(432.0	)
Alaska Air Group, Inc.		1,051		45,676		(43.1	)
Alcoa Corp.		17,200		638,808		(602.7	)
Alkermes PLC		14,037		400,756		(378.1	)
Allstate Corp.		3,503		405,507		(382.6	)
Ally Financial, Inc.		6,502		171,523		(161.8	)
Alnylam Pharmaceuticals, Inc.		1,315		261,948		(247.2	)
Alphabet, Inc., Class A		289		31,021		(29.3	)
Altria Group, Inc.		75,443		3,584,297		(3,381.9	)
Amazon.com, Inc.		10,254		1,081,284		(1,020.2	)
American Airlines Group, Inc.		26,420		360,369		(340.0	)
American Financial Group, Inc.		5,292		649,487		(612.8	)
American Tower Corp.		12		2,453		(2.3	)
AMETEK, Inc.		2,698		372,135		(351.1	)
Amgen, Inc.		1,166		279,537		(263.8	)
Aon PLC		4,102		1,333,888		(1,258.6	)
Apple, Inc.		9,117		1,546,973		(1,459.6	)
Arthur J Gallagher & Co.		1,289		268,189		(253.0	)
Autodesk, Inc.		327		63,696		(60.1	)
AutoNation, Inc.		2,820		371,394		(350.4	)
AutoZone, Inc.		204		543,315		(512.6	)
Avis Budget Group, Inc.		290		51,234		(48.3	)
Axcelis Technologies, Inc.		1,736		205,369		(193.8	)
Azenta, Inc.		1,648		71,672		(67.6	)
Bank of America Corp.		4,475		131,028		(123.6	)
Bath & Body Works, Inc.		898		31,520		(29.7	)
Bausch Health Cos., Inc.		3,023		22,086		(20.8	)
Beacon Roofing Supply, Inc.		7,343		441,902		(417.0	)

56 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
BioMarin Pharmaceutical, Inc.		2,538	$	243,750		(230.0	)%
Bio-Techne Corp.		670		53,520		(50.5	)
Block, Inc.		1,475		89,665		(84.6	)
Boeing Co.		3,629		750,405		(708.0	)
Booz Allen Hamilton Holding Corp.		7,160		685,355		(646.7	)
Boston Beer Co., Inc.		1,224		388,632		(366.7	)
Box, Inc.		2,109		55,804		(52.7	)
Boyd Gaming Corp.		6,463		448,532		(423.2	)
Brighthouse Financial, Inc.		3,625		160,225		(151.2	)
Bristol-Myers Squibb Co.		18,049		1,205,132		(1,137.1	)
Bruker Corp.		18,732		1,482,263		(1,398.6	)
CACI International, Inc., Class A		4,290		1,344,143		(1,268.3	)
Camden Property Trust		2,251		247,723		(233.7	)
Capri Holdings Ltd.		5,182		215,053		(202.9	)
Carlisle Cos., Inc.		2,898		625,533		(590.2	)
Carnival Corp.		89,739		826,496		(779.8	)
Carnival PLC		26,769		219,196		(206.8	)
Charles River Laboratories International, Inc.		1,356		257,803		(243.2	)
Charter Communications, Inc.		459		169,233		(159.7	)
Chemed Corp.		896		493,920		(466.0	)
Cheniere Energy, Inc.		7,629		1,167,237		(1,101.3	)
Chevron Corp.		14,073		2,372,426		(2,238.5	)
Chewy, Inc., Class A		6,939		215,178		(203.0	)
Church & Dwight Co., Inc.		4,832		469,284		(442.8	)
Cigna Group		1,027		260,129		(245.4	)
Cincinnati Financial Corp.		443		47,153		(44.5	)
Cintas Corp.		3,543		1,614,793		(1,523.6	)
Cirrus Logic, Inc.		4,011		344,104		(324.7	)
Citizens Financial Group, Inc.		244		7,549		(7.1	)
Cleveland-Cliffs, Inc.		2,296		35,312		(33.3	)
Coca-Cola Co.		4,024		258,140		(243.6	)
Cognizant Technology Solutions Corp.		2,454		146,528		(138.3	)
Columbia Banking System, Inc.		23		491		(0.5	)
Columbia Sportswear Co.		11,042		922,449		(870.4	)
Comerica, Inc.		14,148		613,599		(579.0	)
Commercial Metals Co.		11,274		526,383		(496.7	)
ConocoPhillips		1,451		149,293		(140.9	)
Credit Acceptance Corp.		1,058		517,891		(488.7	)
Crocs, Inc.		4,214		521,145		(491.7	)
Crowdstrike Holdings, Inc.		212		25,451		(24.0	)
CubeSmart		6,643		302,190		(285.1	)
Curtiss-Wright Corp.		909		154,375		(145.7	)
CVS Health Corp.		18,335		1,344,139		(1,268.2	)
Danaher Corp.		595		140,961		(133.0	)
DaVita, Inc.		2,183		197,256		(186.1	)
Deckers Outdoor Corp.		2,043		979,292		(924.0	)
Devon Energy Corp.		2,844		151,955		(143.4	)
Diamondback Energy, Inc.		1,930		274,446		(259.0	)
DocuSign, Inc.		489		24,176		(22.8	)
Domino’s Pizza, Inc.		4,381		1,390,836		(1,312.3	)
Donaldson Co., Inc.		3,656		232,339		(219.2	)
Dover Corp.		3,613		528,076		(498.3	)
Dropbox, Inc.		18,787		382,128		(360.6	)
DTE Energy Co.		325		36,533		(34.5	)
DuPont de Nemours, Inc.		24,506		1,708,558		(1,612.1	)
Eastman Chemical Co.		7,406		624,104		(588.9	)
eBay, Inc.		73,917		3,431,966		(3,238.2	)
Ecolab, Inc.		2,757		462,735		(436.6	)
Edwards Lifesciences Corp.		1,069		94,051		(88.7	)
Electronic Arts, Inc.		14,760		1,878,653		(1,772.6	)
Elevance Health, Inc.		625		292,906		(276.4	)
Enovis Corp.		14,788		861,401		(812.8	)

Security	Shares		Value		% of Basket Value
United States (continued)
EOG Resources, Inc.		5,644	$	674,289		(636.2	)%
EPAM Systems, Inc.		515		145,457		(137.2	)
Equinix, Inc.		1,173		849,346		(801.4	)
Equity LifeStyle Properties, Inc.		6,724		463,284		(437.1	)
Equity Residential		4,587		290,128		(273.7	)
Etsy, Inc.		2,258		228,126		(215.2	)
Evercore, Inc., Class A		501		57,149		(53.9	)
Exelixis, Inc.		34,633		633,784		(598.0	)
Expedia Group, Inc.		5,183		486,995		(459.5	)
Experian PLC		17,057		599,117		(565.3	)
Exxon Mobil Corp.		11,812		1,397,832		(1,318.9	)
FactSet Research Systems, Inc.		1,098		452,036		(426.5	)
Fair Isaac Corp.		1,166		848,790		(800.9	)
Fidelity National Information Services, Inc.		17,830		1,046,978		(987.9	)
Flowserve Corp.		7,061		235,767		(222.5	)
Fluor Corp.		10,891		316,492		(298.6	)
Ford Motor Co.		46,542		552,919		(521.7	)
Fox Corp., Class A		31,976		1,063,522		(1,003.5	)
Fox Corp., Class B		41,769		1,275,625		(1,203.6	)
Freeport-McMoRan, Inc.		21,705		822,837		(776.4	)
Gap, Inc.		4,300		41,280		(39.0	)
Garmin Ltd.		27,734		2,722,647		(2,568.9	)
Gartner, Inc.		4,219		1,276,079		(1,204.0	)
General Dynamics Corp.		10,443		2,280,125		(2,151.4	)
General Electric Co.		11,187		1,107,177		(1,044.7	)
Gentex Corp.		14,024		386,922		(365.1	)
Globant SA		271		42,512		(40.1	)
Globus Medical, Inc.		11,377		661,459		(624.1	)
GoDaddy, Inc., Class A		1,560		118,061		(111.4	)
Graco, Inc.		768		60,895		(57.5	)
Guidewire Software, Inc.		8,064		614,396		(579.7	)
Halliburton Co.		14,454		473,368		(446.6	)
Halozyme Therapeutics, Inc.		3,576		114,897		(108.4	)
Hanover Insurance Group, Inc.		1,808		216,164		(204.0	)
HCA Healthcare, Inc.		537		154,296		(145.6	)
HealthEquity, Inc.		3,289		175,797		(165.9	)
HEICO Corp.		91		15,346		(14.5	)
Helmerich & Payne, Inc.		16,311		540,873		(510.3	)
Henry Schein, Inc.		1,919		155,074		(146.3	)
Herc Holdings, Inc.		7,853		785,457		(741.1	)
Holcim AG		14,928		989,074		(933.2	)
Hologic, Inc.		3,627		311,958		(294.3	)
Home Depot, Inc.		1,272		382,287		(360.7	)
Honeywell International, Inc.		3,041		607,713		(573.4	)
Hormel Foods Corp.		11,007		445,123		(420.0	)
Howard Hughes Corp.		1,181		91,374		(86.2	)
Huntsman Corp.		89,493		2,397,517		(2,262.2	)
ICU Medical, Inc.		1,014		191,788		(181.0	)
IDACORP, Inc.		209		23,224		(21.9	)
Incyte Corp.		5,577		414,985		(391.6	)
Ingersoll Rand, Inc.		393		22,409		(21.1	)
Insperity, Inc.		295		36,126		(34.1	)
Integra LifeSciences Holdings Corp.		1,265		69,980		(66.0	)
Intuitive Surgical, Inc.		222		66,871		(63.1	)
Invesco Ltd.		81,454		1,395,307		(1,316.5	)
Ionis Pharmaceuticals, Inc.		1,766		62,463		(58.9	)
IQVIA Holdings, Inc.		387		72,845		(68.7	)
ITT, Inc.		2,706		228,495		(215.6	)
J M Smucker Co.		1,772		273,615		(258.2	)
Jack Henry & Associates, Inc.		2,751		449,348		(424.0	)
Johnson Controls International PLC		18,051		1,080,172		(1,019.2	)
Jones Lang LaSalle, Inc.		5,557		772,645		(729.0	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
KeyCorp		6,725	$	75,723		(71.5	)%
Keysight Technologies, Inc.		1,366		197,578		(186.4	)
KLA Corp.		184		71,123		(67.1	)
Knight-Swift Transportation Holdings, Inc.		11,766		662,661		(625.2	)
Laboratory Corp. of America Holdings		3,123		708,015		(668.0	)
Lam Research Corp.		268		140,453		(132.5	)
Landstar System, Inc.		148		26,052		(24.6	)
Lattice Semiconductor Corp.		390		31,083		(29.3	)
Lear Corp.		109		13,915		(13.1	)
Lennox International, Inc.		5,378		1,516,112		(1,430.5	)
Liberty Broadband Corp.		7,953		674,255		(636.2	)
Light & Wonder, Inc.		278		16,761		(15.8	)
Lowe’s Cos., Inc.		316		65,674		(62.0	)
Lyft, Inc.		13,071		133,978		(126.4	)
MACOM Technology Solutions Holdings, Inc.		517		30,162		(28.5	)
Macy’s, Inc.		20,313		331,914		(313.2	)
Manhattan Associates, Inc.		17,903		2,966,169		(2,798.7	)
Marathon Oil Corp.		32,989		797,014		(752.0	)
Marriott Vacations Worldwide Corp.		497		66,876		(63.1	)
Martin Marietta Materials, Inc.		53		19,250		(18.2	)
Marvell Technology, Inc.		962		37,980		(35.8	)
Masco Corp.		11,920		637,839		(601.8	)
Match Group, Inc.		14,403		531,471		(501.5	)
Medical Properties Trust, Inc.		40,879		358,509		(338.3	)
Merck & Co., Inc.		455		52,539		(49.6	)
Meta Platforms, Inc., Class A		4,773		1,147,047		(1,082.3	)
MetLife, Inc.		31,127		1,909,019		(1,801.2	)
Mettler-Toledo International, Inc.		395		589,142		(555.9	)
MGIC Investment Corp.		20,245		301,043		(284.0	)
MGM Resorts International		9,209		413,668		(390.3	)
Micron Technology, Inc.		32,203		2,072,585		(1,955.6	)
Microsoft Corp.		23,689		7,278,682		(6,867.7	)
Mid-America Apartment Communities, Inc.		923		141,957		(133.9	)
Mohawk Industries, Inc.		360		38,124		(36.0	)
Molson Coors Beverage Co., Class B		17,292		1,028,528		(970.5	)
Moody’s Corp.		4,090		1,280,661		(1,208.4	)
MSCI, Inc.		991		478,108		(451.1	)
Nasdaq, Inc.		8,149		451,210		(425.7	)
NetApp, Inc.		8,659		544,565		(513.8	)
Neurocrine Biosciences, Inc.		2,909		293,925		(277.3	)
Newmont Corp.		21,637		1,025,594		(967.7	)
Nexstar Media Group, Inc.		904		156,799		(147.9	)
Nordson Corp.		1,257		271,902		(256.6	)
Norfolk Southern Corp.		6,639		1,347,916		(1,271.8	)
Northern Trust Corp.		1,235		96,528		(91.1	)
Northrop Grumman Corp.		1,216		560,904		(529.2	)
Novocure Ltd.		845		55,686		(52.5	)
NVIDIA Corp.		8,377		2,324,534		(2,193.3	)
OneMain Holdings, Inc.		12,128		465,351		(439.1	)
O’Reilly Automotive, Inc.		2,491		2,285,019		(2,156.0	)
Oshkosh Corp.		8,127		621,878		(586.8	)
Otis Worldwide Corp.		17,780		1,516,634		(1,431.0	)
Ovintiv, Inc.		9,072		327,318		(308.8	)
Ovintiv, Inc.		5,761		206,681		(195.0	)
Palo Alto Networks, Inc.		740		135,020		(127.4	)
Paycom Software, Inc.		718		208,486		(196.7	)
PDC Energy, Inc.		7,017		456,456		(430.7	)
Penn Entertainment, Inc.		12,461		371,213		(350.3	)
Penske Automotive Group, Inc.		4,741		657,008		(619.9	)
PepsiCo., Inc.		3,775		720,610		(679.9	)
Philip Morris International, Inc.		22,801		2,279,416		(2,150.7	)
Pinnacle Financial Partners, Inc.		1,456		78,959		(74.5	)

Security	Shares		Value		% of Basket Value
United States (continued)
Pinterest, Inc.		9,930	$	228,390		(215.5	)%
Planet Fitness, Inc., Class A		2,612		217,162		(204.9	)
Power Integrations, Inc.		4,798		349,198		(329.5	)
PPL Corp.		721		20,707		(19.5	)
Primo Water Corp.		23,666		356,999		(336.8	)
Prudential Financial, Inc.		4,611		401,157		(378.5	)
PTC Therapeutics, Inc.		11,900		656,166		(619.1	)
PVH Corp.		2,773		237,951		(224.5	)
Qorvo, Inc.		197		18,140		(17.1	)
Qualys, Inc.		3,172		358,246		(338.0	)
Quest Diagnostics, Inc.		5,997		832,444		(785.4	)
Ralph Lauren Corp.		14,233		1,633,806		(1,541.6	)
Rambus, Inc.		7,105		315,036		(297.3	)
Regeneron Pharmaceuticals, Inc., Registered Shares		170		136,304		(128.6	)
Repligen Corp.		974		147,688		(139.4	)
ResMed, Inc.		853		205,539		(193.9	)
RingCentral, Inc., Class A		12,627		348,000		(328.4	)
ROBLOX Corp.		13,359		475,580		(448.7	)
Roche Holding AG		1,821		617,916		(583.0	)
Rollins, Inc.		6,713		283,624		(267.6	)
Royal Gold, Inc.		1,590		210,580		(198.7	)
S&P Global, Inc.		10,240		3,712,819		(3,503.2	)
Saia, Inc.		28		8,338		(7.9	)
SBA Communications Corp.		1,971		514,214		(485.2	)
Scotts Miracle-Gro Co.		15,491		1,034,954		(976.5	)
SEI Investments Co.		2,807		165,360		(156.0	)
Signify NV		13,132		439,194		(414.4	)
Sims Ltd.		2,238		23,380		(22.1	)
Sirius XM Holdings, Inc.		41,264		156,803		(148.0	)
SiteOne Landscape Supply, Inc.		600		88,644		(83.6	)
Snap-on, Inc.		4,524		1,173,571		(1,107.3	)
Southwestern Energy Co.		10,274		53,322		(50.3	)
Steel Dynamics, Inc.		3,737		388,461		(366.5	)
Stifel Financial Corp.		1,047		62,789		(59.2	)
Sun Communities, Inc.		636		88,359		(83.4	)
Synopsys, Inc.		2,263		840,297		(792.9	)
Synovus Financial Corp.		9,857		303,596		(286.5	)
T Rowe Price Group, Inc.		2,426		272,513		(257.1	)
Tapestry, Inc.		7,919		323,174		(304.9	)
Teradata Corp.		28,481		1,102,500		(1,040.3	)
Teradyne, Inc.		1,617		147,761		(139.4	)
Texas Pacific Land Corp.		91		134,466		(126.9	)
Texas Roadhouse, Inc.		395		43,695		(41.2	)
Textron, Inc.		17,427		1,166,563		(1,100.7	)
Thor Industries, Inc.		1,399		110,549		(104.3	)
TJX Cos., Inc.		1,992		157,009		(148.1	)
Transocean Ltd.		14,233		83,975		(79.2	)
Travel & Leisure Co.		9,328		356,983		(336.8	)
Travelers Cos., Inc.		1,547		280,224		(264.4	)
Trimble, Inc.		3,908		184,067		(173.7	)
UGI Corp.		6,174		209,175		(197.4	)
United Parcel Service, Inc., Class B		8,259		1,485,051		(1,401.2	)
United States Steel Corp.		52,826		1,208,659		(1,140.4	)
United Therapeutics Corp.		1,283		295,257		(278.6	)
UnitedHealth Group, Inc.		510		250,966		(236.8	)
US Bancorp		20,956		718,372		(677.8	)
Vail Resorts, Inc.		1,077		259,040		(244.4	)
Valero Energy Corp.		1,353		155,149		(146.4	)
Veeva Systems, Inc., Class A		455		81,481		(76.9	)
Ventas, Inc.		2,073		99,608		(94.0	)
VeriSign, Inc.		12,684		2,813,311		(2,654.5	)

58 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Vertex Pharmaceuticals, Inc.		1,924		$	655,565			(618.6	)%
Virtu Financial, Inc., Class A		23,424			469,651			(443.1	)
Visteon Corp.		2,988			419,485			(395.8	)
Vistra Corp.		58,295			1,390,919			(1,312.4	)
Vulcan Materials Co.		3,802			665,806			(628.2	)
W R Berkley Corp.		3,777			222,541			(210.0	)
Walgreens Boots Alliance, Inc.		2,309			81,392			(76.8	)
Walmart, Inc.		7,557			1,140,880			(1,076.5	)
Waste Connections, Inc.		212			29,500			(27.8	)
Waters Corp.		1,937			581,797			(549.0	)
Watsco, Inc.		3,569			1,236,230			(1,166.4	)
Westlake Corp.		1,134			129,027			(121.7	)
Westrock Co.		12,843			384,391			(362.7	)
WEX, Inc.		1,192			211,401			(199.5	)
Willis Towers Watson PLC		2,901			671,872			(633.9	)
WillScot Mobile Mini Holdings Corp.		2,829			128,437			(121.2	)
Woodward, Inc.		818			78,544			(74.1	)
Workiva, Inc.		1,084			101,267			(95.6	)
World Wrestling Entertainment, Inc., Class A		6,551			702,071			(662.4	)
WP Carey, Inc.		4,729			350,892			(331.1	)
WW Grainger, Inc.		173			120,334			(113.5	)
Xylem, Inc.		12,949			1,344,624			(1,268.7	)
YETI Holdings, Inc.		1,843			72,706			(68.6	)
Yum! Brands, Inc.		1,048			147,328			(139.0	)
Ziff Davis, Inc.		2,895			211,740			(199.8	)
Zillow Group, Inc., Class C		10,507			457,475			(431.6	)
Zions Bancorp NA		6,303			175,602			(165.7	)
Zurn Elkay Water Solutions Corp.		11,900			256,445			(242.0	)
					174,954,529
Zambia
First Quantum Minerals Ltd.		4,290			103,469			(97.6)
Preferred Stocks
Germany
Bayerische Motoren Werke AG		1,354			144,139			(136.0	)
Fuchs Petrolub SE, Preference Shares		17,467			691,138			(652.1	)
Sartorius AG		1,324			515,478			(486.4	)
Volkswagen AG		1,230			168,214			(158.7	)
					1,518,969
Warrants
Australia
Magellan Financial Group Ltd., (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)		464			63			(0.1	)
Total Reference Entity — Long					356,832,231
Reference Entity — Short
Common Stocks
Australia
ALS Ltd.		(61,920	)		(538,816	)		508.4
Ampol Ltd.		(46,028	)		(915,528	)		863.8
ASX Ltd.		(8,121	)		(368,441	)		347.6
BlueScope Steel Ltd.		(3,841	)		(50,899	)		48.0
carsales.com Ltd.		(79,824	)		(1,262,169	)		1,190.9
Cleanaway Waste Management Ltd.		(746,085	)		(1,197,837	)		1,130.2
Cochlear Ltd.		(1,414	)		(231,147	)		218.1
Coles Group Ltd.		(93,870	)		(1,130,545	)		1,066.7
Computershare Ltd.		(17,036	)		(252,818	)		238.5

Security	Shares			Value			% of Basket Value
Australia (continued)
EBOS Group Ltd.		(22,374	)	$	(607,296	)		573.0	%
Endeavour Group Ltd.		(65,898	)		(296,103	)		279.4
Flutter Entertainment PLC		(3,781	)		(756,578	)		713.9
Glencore PLC		(43,332	)		(254,734	)		240.3
IGO Ltd.		(21,313	)		(195,692	)		184.6
Incitec Pivot Ltd.		(63,648	)		(135,199	)		127.6
Insurance Australia Group Ltd.		(13,813	)		(45,628	)		43.1
JB Hi-Fi Ltd.		(13,683	)		(403,707	)		380.9
Lendlease Corp. Ltd.		(122,674	)		(607,271	)		573.0
Lottery Corp. Ltd.		(25,318	)		(84,637	)		79.9
Medibank Pvt Ltd.		(15,537	)		(36,660	)		34.6
Newcrest Mining Ltd.		(13,589	)		(256,460	)		242.0
Newcrest Mining Ltd.		(19,736	)		(375,700	)		354.5
NEXTDC Ltd.		(82,672	)		(632,861	)		597.1
Northern Star Resources Ltd.		(18,697	)		(166,249	)		156.9
Nufarm Ltd.		(4,571	)		(16,943	)		16.0
Orica Ltd.		(4,721	)		(50,806	)		47.9
Ramsay Health Care Ltd.		(25,164	)		(1,078,688	)		1,017.8
REA Group Ltd.		(2,536	)		(237,780	)		224.4
Reece Ltd.		(139,782	)		(1,697,692	)		1,601.8
Santos Ltd.		(23,809	)		(112,672	)		106.3
Seven Group Holdings Ltd.		(103,167	)		(1,624,732	)		1,533.0
Tabcorp Holdings Ltd.		(1,868,812	)		(1,299,524	)		1,226.1
Telstra Group Ltd.		(117,205	)		(339,241	)		320.1
Vicinity Ltd.		(137,217	)		(191,279	)		180.5
Woodside Energy Group Ltd.		(85,406	)		(1,931,957	)		1,822.9
					(19,384,289	)
Austria
Erste Group Bank AG		(14,223	)		(517,885	)		488.6
Mondi PLC		(15,012	)		(237,197	)		223.8
OMV AG		(17,475	)		(828,235	)		781.5
					(1,583,317	)
Belgium
Ackermans & van Haaren NV		(398	)		(70,109	)		66.2
Anheuser-Busch InBev SA		(12,209	)		(795,019	)		750.1
KBC Group NV		(13,872	)		(993,174	)		937.1
					(1,858,302	)
Brazil
Yara International ASA		(5,746	)		(231,535	)		218.5
Canada
Air Canada		(74,508	)		(1,035,417	)		977.0
Atco Ltd.		(26,189	)		(859,382	)		810.9
Boyd Group Services, Inc.		(1,587	)		(262,924	)		248.1
Brookfield Corp.		(35,979	)		(1,159,279	)		1,093.8
Cameco Corp.		(4,294	)		(117,289	)		110.7
Canadian Apartment Properties REIT		(26,111	)		(950,055	)		896.4
Canadian Tire Corp Ltd.		(16,208	)		(2,109,648	)		1,990.5
Canadian Utilities Ltd.		(19,238	)		(552,375	)		521.2
CCL Industries, Inc., Class B		(14,166	)		(661,363	)		624.0
Fairfax Financial Holdings Ltd.		(1,727	)		(1,199,101	)		1,131.4
Finning International, Inc.		(17,600	)		(452,926	)		427.3
George Weston Ltd.		(4,079	)		(543,968	)		513.2
iA Financial Corp., Inc.		(18,823	)		(1,254,569	)		1,183.7
IGM Financial, Inc..		(2,572	)		(78,393	)		74.0
Intact Financial Corp.		(10,611	)		(1,594,288	)		1,504.3
Kinaxis, Inc.		(205	)		(27,960	)		26.4
Loblaw Cos. Ltd.		(6,761	)		(631,590	)		595.9
National Bank of Canada		(4,846	)		(358,902	)		338.6
Nutrien Ltd.		(3,061	)		(210,773	)		198.9

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
Nuvei Corp.		(26,999	)	$	(1,088,533	)		1,027.1	%
Onex Corp.		(21,558	)		(985,651	)		930.0
Open Text Corp.		(778	)		(29,255	)		27.6
Paramount Resources Ltd., Class A		(2,745	)		(64,531	)		60.9
Parkland Corp.		(69,326	)		(1,623,523	)		1,531.9
Peyto Exploration & Development Corp.		(1,712	)		(15,479	)		14.6
Power Corp. of Canada		(33,953	)		(903,275	)		852.3
Rogers Communications, Inc.		(3,657	)		(179,456	)		169.3
Saputo, Inc.		(32,878	)		(845,301	)		797.6
SNC-Lavalin Group, Inc.		(15,324	)		(350,385	)		330.6
Tamarack Valley Energy Ltd.		(677,810	)		(1,856,955	)		1,752.1
Toromont Industries Ltd.		(18,333	)		(1,471,276	)		1,388.2
WSP Global, Inc.		(3,659	)		(479,596	)		452.5
					(23,953,418	)
China
NXP Semiconductors NV		(3,940	)		(645,136	)		608.7
Prosus NV		(6,743	)		(505,385	)		476.9
Wilmar International Ltd.		(7,300	)		(21,535	)		20.3
					(1,172,056	)
Denmark
AP Moller - Maersk A/S, Class A		(55	)		(98,458	)		92.9
Carlsberg A/S		(967	)		(160,226	)		151.2
Danske Bank A/S		(74,194	)		(1,570,455	)		1,481.8
DSV A/S		(1,585	)		(298,747	)		281.9
ISS A/S		(6,845	)		(143,328	)		135.2
Royal Unibrew A/S		(1,168	)		(104,562	)		98.6
Vestas Wind Systems A/S		(28,387	)		(786,682	)		742.3
					(3,162,458	)
Finland
Elisa OYJ		(10,773	)		(669,990	)		632.2
Fortum OYJ		(23,158	)		(346,417	)		326.9
Huhtamaki OYJ		(870	)		(31,409	)		29.6
Kesko OYJ, B Shares		(30,324	)		(633,205	)		597.5
Kojamo OYJ		(5,159	)		(64,158	)		60.5
Nordea Bank Abp		(93,090	)		(1,026,252	)		968.3
Stora Enso OYJ, R Shares		(4,513	)		(57,343	)		54.1
Valmet OYJ		(595	)		(20,158	)		19.0
					(2,848,932	)
France
Adevinta ASA		(62,261	)		(479,882	)		452.8
Unibail-Rodamco-Westfield		(4,472	)		(239,936	)		226.4
					(719,818	)
Germany
adidas AG		(1,055	)		(186,072	)		175.6
Aixtron SE		(1,854	)		(52,578	)		49.6
Aroundtown SA		(111,083	)		(151,588	)		143.0
BASF SE		(10,979	)		(568,786	)		536.7
Bechtle AG		(14,272	)		(664,803	)		627.3
Continental AG		(1,215	)		(85,392	)		80.6
Deutsche Boerse AG		(9,390	)		(1,793,523	)		1,692.2
Deutsche Post AG, Registered Shares		(7,071	)		(340,612	)		321.4
Deutsche Wohnen SE		(4,341	)		(98,440	)		92.9
Evotec SE		(9,608	)		(176,766	)		166.8
Hannover Rueck SE		(1,313	)		(280,923	)		265.1
HeidelbergCement AG		(1,094	)		(82,988	)		78.3
Hella GmbH & Co. KGaA		(3,254	)		(275,609	)		260.0
HelloFresh SE		(2,636	)		(70,885	)		66.9
HOCHTIEF AG		(3,514	)		(294,621	)		278.0

Security	Shares			Value			% of Basket Value
Germany (continued)
Infineon Technologies AG		(11,714	)	$	(427,234	)		403.1	%
KION Group AG		(3,590	)		(149,098	)		140.7
Rational AG		(381	)		(276,360	)		260.7
SAP SE		(1,265	)		(171,418	)		161.7
Siemens Healthineers AG		(7,345	)		(458,433	)		432.5
Vonovia SE		(19,781	)		(429,647	)		405.4
					(7,035,776	)
Hong Kong
DFI Retail Group Holdings Ltd.		(5,800	)		(17,456	)		16.4
Jardine Matheson Holdings Ltd.		(500	)		(24,171	)		22.8
Prudential PLC		(69,299	)		(1,052,497	)		993.1
Vitasoy International Holdings Ltd.		(68,000	)		(120,276	)		113.5
					(1,214,400	)
Israel
Ashtrom Group Ltd.		(40,084	)		(630,366	)		594.8
Delek Group Ltd.		(1,619	)		(175,951	)		166.0
Shufersal Ltd.		(2,467	)		(12,548	)		11.8
Teva Pharmaceutical Industries Ltd., ADR		(1,784	)		(15,574	)		14.7
					(834,439	)
Italy
Assicurazioni Generali SpA		(69,294	)		(1,445,411	)		1,363.8
Banca Mediolanum SpA		(33,885	)		(306,843	)		289.5
Coca-Cola HBC AG		(3,731	)		(112,998	)		106.6
DiaSorin SpA		(2,440	)		(265,405	)		250.4
Eni SpA		(80,671	)		(1,220,578	)		1,151.7
Interpump Group SpA		(9,722	)		(543,373	)		512.7
Iveco Group NV		(1,472	)		(13,265	)		12.5
Leonardo SpA		(31,854	)		(380,220	)		358.7
Nexi SpA		(6,427	)		(53,372	)		50.4
Poste Italiane SpA		(13,941	)		(145,299	)		137.1
					(4,486,764	)
Japan
Activia Properties, Inc.		(102	)		(302,894	)		285.8
Advance Residence Investment Corp.		(63	)		(166,445	)		157.0
Advantest Corp.		(1,300	)		(103,456	)		97.6
Aeon Mall Co. Ltd.		(2,900	)		(39,846	)		37.6
Ajinomoto Co., Inc.		(4,700	)		(172,269	)		162.5
Allegro MicroSystems, Inc.		(5,193	)		(185,754	)		175.3
Asahi Group Holdings Ltd.		(4,700	)		(184,872	)		174.4
ASKUL Corp.		(1,300	)		(17,655	)		16.7
Bandai Namco Holdings, Inc.		(30,200	)		(698,824	)		659.4
Bank of Kyoto Ltd.		(500	)		(25,056	)		23.6
BayCurrent Consulting, Inc.		(3,900	)		(138,449	)		130.6
Benefit One, Inc.		(15,800	)		(221,679	)		209.2
BIPROGY, Inc.		(7,000	)		(171,993	)		162.3
Calbee, Inc.		(9,900	)		(218,080	)		205.8
Capcom Co. Ltd.		(5,500	)		(210,394	)		198.5
Chiba Bank Ltd.		(15,700	)		(104,452	)		98.6
Chubu Electric Power Co., Inc.		(13,400	)		(152,212	)		143.6
Chugai Pharmaceutical Co. Ltd.		(17,500	)		(459,922	)		434.0
Credit Saison Co. Ltd.		(24,400	)		(344,282	)		324.8
Dai Nippon Printing Co. Ltd.		(7,300	)		(213,807	)		201.7
Daido Steel Co. Ltd.		(5,600	)		(219,815	)		207.4
Daiwa House REIT Investment Corp.		(97	)		(210,194	)		198.3
Daiwa Office Investment Corp.		(16	)		(70,900	)		66.9
Daiwa Securities Group, Inc.		(3,500	)		(16,570	)		15.6
Daiwa Securities Living Investments Corp.		(137	)		(118,688	)		112.0
Descente Ltd.		(8,900	)		(287,920	)		271.7
East Japan Railway Co.		(25,600	)		(1,492,455	)		1,408.2

60 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
ENEOS Holdings, Inc.		(81,400	)	$	(295,134	)		278.5	%
Food & Life Cos. Ltd.		(1,800	)		(44,258	)		41.8
FP Corp.		(9,300	)		(235,671	)		222.4
Fuji Kyuko Co. Ltd.		(24,900	)		(973,874	)		918.9
Fujitsu General Ltd.		(1,500	)		(39,425	)		37.2
Fukuoka Financial Group, Inc.		(11,100	)		(213,098	)		201.1
Furukawa Electric Co. Ltd.		(14,000	)		(261,222	)		246.5
Fuyo General Lease Co. Ltd.		(6,400	)		(477,064	)		450.1
Goldwin, Inc.		(5,200	)		(481,845	)		454.6
GS Yuasa Corp.		(7,100	)		(127,281	)		120.1
GungHo Online Entertainment, Inc.		(1,900	)		(37,154	)		35.1
Hachijuni Bank Ltd.		(15,100	)		(68,896	)		65.0
Hakuhodo DY Holdings, Inc.		(19,300	)		(231,651	)		218.6
Hankyu Hanshin Holdings, Inc.		(11,500	)		(365,351	)		344.7
Haseko Corp.		(29,200	)		(363,109	)		342.6
Heiwa Corp.		(19,600	)		(394,284	)		372.0
Hikari Tsushin, Inc.		(1,100	)		(152,958	)		144.3
Hino Motors Ltd.		(4,100	)		(16,481	)		15.6
Hitachi Construction Machinery Co. Ltd.		(1,700	)		(42,650	)		40.2
Honda Motor Co. Ltd.		(13,500	)		(364,869	)		344.3
Ibiden Co. Ltd.		(16,300	)		(653,681	)		616.8
Iida Group Holdings Co. Ltd.		(23,100	)		(418,166	)		394.6
Industrial & Infrastructure Fund Investment Corp.		(126	)		(147,138	)		138.8
Inpex Corp.		(35,400	)		(395,011	)		372.7
Isuzu Motors Ltd.		(41,900	)		(504,150	)		475.7
Itoham Yonekyu Holdings, Inc.		(25,400	)		(141,779	)		133.8
Iwatani Corp.		(30,800	)		(1,486,238	)		1,402.3
Iyogin Holdings, Inc.		(22,300	)		(133,038	)		125.5
Izumi Co. Ltd.		(8,300	)		(198,936	)		187.7
Japan Aviation Electronics Industry Ltd.		(33,200	)		(593,558	)		560.0
Japan Exchange Group, Inc.		(17,400	)		(287,324	)		271.1
Japan Hotel REIT Investment Corp.		(621	)		(357,475	)		337.3
Japan Logistics Fund, Inc.		(36	)		(87,089	)		82.2
Japan Metropolitan Fund Invest		(51	)		(37,370	)		35.3
Japan Post Bank Co. Ltd.		(74,000	)		(602,551	)		568.5
Japan Post Insurance Co. Ltd.		(47,100	)		(779,451	)		735.4
Japan Real Estate Investment Corp.		(97	)		(391,653	)		369.5
JCR Pharmaceuticals Co. Ltd.		(5,500	)		(60,661	)		57.2
Jeol Ltd.		(500	)		(14,891	)		14.1
Justsystems Corp.		(24,000	)		(646,723	)		610.2
Kagome Co. Ltd.		(6,200	)		(153,386	)		144.7
Kansai Paint Co. Ltd.		(27,800	)		(399,224	)		376.7
Keio Corp.		(1,500	)		(56,764	)		53.6
Keisei Electric Railway Co. Ltd.		(600	)		(21,562	)		20.3
Keyence Corp.		(1,000	)		(459,867	)		433.9
Kikkoman Corp.		(52,200	)		(3,146,325	)		2,968.7
Kintetsu Group Holdings Co. Ltd.		(11,600	)		(398,947	)		376.4
Kobayashi Pharmaceutical Co. Ltd.		(7,000	)		(445,113	)		420.0
Kobe Steel Ltd.		(101,600	)		(771,978	)		728.4
Kotobuki Spirits Co. Ltd.		(7,900	)		(594,222	)		560.7
Kurita Water Industries Ltd.		(4,900	)		(209,589	)		197.8
Kyudenko Corp.		(13,300	)		(361,052	)		340.7
Kyushu Financial Group, Inc.		(8,900	)		(32,692	)		30.8
Kyushu Railway Co.		(5,300	)		(122,622	)		115.7
LaSalle Logiport REIT		(35	)		(42,359	)		40.0
Makita Corp.		(31,400	)		(900,467	)		849.6
Marubeni Corp.		(4,700	)		(68,011	)		64.2
Marui Group Co. Ltd.		(5,100	)		(82,783	)		78.1
Matsui Securities Co. Ltd.		(31,500	)		(183,799	)		173.4
MatsukiyoCocokara & Co.		(9,300	)		(507,412	)		478.8
Mazda Motor Corp.		(4,900	)		(45,168	)		42.6

Security	Shares			Value			% of Basket Value
Japan (continued)
McDonald’s Holdings Co. Japan Ltd.		(10,200	)	$	(433,079	)		408.6	%
Mebuki Financial Group, Inc.		(106,600	)		(278,115	)		262.4
Menicon Co. Ltd.		(2,300	)		(49,787	)		47.0
Mitsui Fudosan Logistics Park, Inc.		(161	)		(616,428	)		581.6
Miura Co. Ltd.		(6,300	)		(170,863	)		161.2
MonotaRO Co. Ltd.		(23,400	)		(360,151	)		339.8
Mori Hills REIT Investment Corp.		(56	)		(64,511	)		60.9
Morinaga & Co. Ltd.		(6,000	)		(181,064	)		170.8
Morinaga Milk Industry Co. Ltd.		(2,000	)		(76,572	)		72.2
Murata Manufacturing Co. Ltd.		(2,800	)		(162,045	)		152.9
Nagase & Co. Ltd.		(9,200	)		(147,677	)		139.3
Nankai Electric Railway Co. Ltd.		(2,100	)		(49,896	)		47.1
NHK Spring Co. Ltd.		(9,400	)		(70,958	)		67.0
Nifco, Inc.		(7,200	)		(210,899	)		199.0
Nihon Kohden Corp.		(4,100	)		(115,631	)		109.1
Nippon Accommodations Fund, Inc.		(2	)		(9,899	)		9.3
Nippon Building Fund, Inc.		(166	)		(709,231	)		669.2
Nippon Kayaku Co. Ltd.		(98,600	)		(911,758	)		860.3
Nippon Sanso Holdings Corp.		(21,100	)		(387,827	)		365.9
Nippon Yusen KK		(17,000	)		(410,337	)		387.2
Nishi-Nippon Railroad Co. Ltd.		(3,300	)		(61,667	)		58.2
Nisshin Seifun Group, Inc.		(10,900	)		(134,613	)		127.0
Nissin Foods Holdings Co. Ltd.		(2,000	)		(196,307	)		185.2
NOF Corp.		(1,100	)		(51,243	)		48.4
NOK Corp.		(23,200	)		(317,786	)		299.8
Nomura Holdings, Inc.		(175,100	)		(640,620	)		604.5
NTT Data Corp.		(8,400	)		(116,280	)		109.7
Odakyu Electric Railway Co. Ltd.		(14,900	)		(212,075	)		200.1
OKUMA Corp.		(5,200	)		(235,283	)		222.0
Open House Group Co. Ltd.		(13,500	)		(549,656	)		518.6
Osaka Gas Co. Ltd.		(21,300	)		(359,127	)		338.9
OSG Corp.		(13,100	)		(187,563	)		177.0
PALTAC Corp.		(2,200	)		(85,984	)		81.1
Pan Pacific International Holdings Corp.		(61,400	)		(1,169,862	)		1,103.8
Park24 Co. Ltd.		(27,400	)		(431,603	)		407.2
PeptiDream, Inc.		(1,800	)		(24,814	)		23.4
Persol Holdings Co. Ltd.		(4,600	)		(96,639	)		91.2
Rakus Co. Ltd.		(17,200	)		(266,501	)		251.5
Relo Group, Inc.		(37,700	)		(597,091	)		563.4
Renesas Electronics Corp.		(35,100	)		(466,841	)		440.5
Resonac Holdings Corp.		(40,000	)		(646,168	)		609.7
Rinnai Corp.		(4,500	)		(110,875	)		104.6
Rohto Pharmaceutical Co. Ltd.		(14,700	)		(310,806	)		293.3
Sanwa Holdings Corp.		(18,100	)		(201,939	)		190.5
SCREEN Holdings Co. Ltd.		(400	)		(33,158	)		31.3
Seino Holdings Co. Ltd.		(9,700	)		(109,692	)		103.5
Sekisui House Reit, Inc.		(818	)		(472,504	)		445.8
SG Holdings Co. Ltd.		(9,600	)		(140,802	)		132.9
SHIFT, Inc.		(300	)		(57,005	)		53.8
Shikoku Electric Power Co., Inc.		(13,800	)		(83,071	)		78.4
Shinko Electric Industries Co. Ltd.		(20,600	)		(623,591	)		588.4
SoftBank Corp.		(37,000	)		(424,671	)		400.7
Sony Group Corp.		(500	)		(46,117	)		43.5
Sotetsu Holdings, Inc.		(9,300	)		(180,169	)		170.0
Square Enix Holdings Co. Ltd.		(7,300	)		(365,861	)		345.2
SUMCO Corp.		(44,500	)		(625,106	)		589.8
Suzuken Co. Ltd.		(5,100	)		(147,792	)		139.4
Sysmex Corp.		(900	)		(59,029	)		55.7
Taiheiyo Cement Corp.		(51,700	)		(944,982	)		891.6
Taiyo Yuden Co. Ltd.		(27,300	)		(853,108	)		804.9
Takara Holdings, Inc.		(39,400	)		(316,304	)		298.4
TechnoPro Holdings, Inc.		(600	)		(16,682	)		15.7

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Tohoku Electric Power Co., Inc.		(4,100	)	$	(21,479	)		20.3	%
Tokai Carbon Co. Ltd.		(12,100	)		(112,086	)		105.8
Tokyo Electric Power Co., Holdings, Inc.		(167,600	)		(612,664	)		578.1
Tokyu Corp.		(71,100	)		(1,022,243	)		964.5
Tokyu Fudosan Holdings Corp.		(32,200	)		(166,441	)		157.0
TOPPAN, Inc.		(20,400	)		(441,697	)		416.8
Toshiba TEC Corp.		(1,200	)		(35,525	)		33.5
Toyo Suisan Kaisha Ltd.		(3,500	)		(159,124	)		150.1
Toyo Tire Corp.		(7,300	)		(88,597	)		83.6
Toyota Tsusho Corp.		(5,200	)		(220,391	)		207.9
Unicharm Corp.		(13,300	)		(547,175	)		516.3
United Urban Investment Corp.		(217	)		(245,472	)		231.6
USS Co. Ltd.		(5,000	)		(85,620	)		80.8
Visional, Inc.		(2,800	)		(149,612	)		141.2
West Japan Railway Co.		(11,400	)		(503,475	)		475.0
Yamato Holdings Co. Ltd.		(63,100	)		(1,104,656	)		1,042.3
Yokohama Rubber Co. Ltd.		(12,000	)		(265,848	)		250.8
Z Holdings Corp.		(183,800	)		(513,403	)		484.4
Zensho Holdings Co. Ltd.		(1,000	)		(32,364	)		30.5
					(53,390,970	)
Luxembourg
Aperam SA		(4,237	)		(157,327	)		148.4
Netherlands
Akzo Nobel NV		(5,490	)		(456,111	)		430.4
Alfen N.V.		(4,182	)		(338,856	)		319.7
Argenx SE		(130	)		(50,223	)		47.4
ASM International NV		(1,487	)		(540,711	)		510.2
Heineken NV		(568	)		(65,314	)		61.6
JDE Peet’s NV		(10,242	)		(311,951	)		294.3
OCI NV		(2,996	)		(79,098	)		74.6
SBM Offshore NV		(24,677	)		(349,337	)		329.6
Universal Music Group NV		(15,013	)		(328,512	)		310.0
					(2,520,113	)
New Zealand
Auckland International Airport Ltd.		(270,734	)		(1,466,656	)		1,383.9
Fisher & Paykel Healthcare Corp. Ltd.		(152,324	)		(2,585,294	)		2,439.3
Mainfreight Ltd.		(28,722	)		(1,261,948	)		1,190.7
Mercury NZ Ltd.		(134,850	)		(524,033	)		494.4
Meridian Energy Ltd.		(119,359	)		(400,033	)		377.5
Spark New Zealand Ltd.		(520,982	)		(1,670,189	)		1,575.9
					(7,908,153	)
Nigeria
Airtel Africa PLC		(32,781	)		(49,106	)		46.3
Norway
Aker ASA, A Shares		(796	)		(48,685	)		45.9
DNB Bank ASA		(35,108	)		(617,939	)		583.1
Leroy Seafood Group ASA		(3,726	)		(19,632	)		18.5
Mowi ASA		(15,386	)		(293,727	)		277.1
Norsk Hydro ASA		(48,109	)		(354,253	)		334.3
Orkla ASA		(28,210	)		(202,885	)		191.4
Salmar ASA		(13,700	)		(609,031	)		574.7
Schibsted ASA		(14,433	)		(256,406	)		241.9
Telenor ASA		(32,483	)		(405,562	)		382.7
					(2,808,120	)

Security	Shares			Value			% of Basket Value
Portugal
Banco Comercial Portugues SA		(156,506	)	$	(40,287	)		38.0	%
Jeronimo Martins SGPS SA		(1,461	)		(36,921	)		34.9
					(77,208	)
Puerto Rico
Popular, Inc.		(1,005	)		(60,310	)		56.9
Singapore
CapitaLand Ascendas REIT		(583,100	)		(1,253,279	)		1,182.5
CapitaLand Integrated Commercial Trust		(10,300	)		(15,709	)		14.8
DBS Group Holdings Ltd.		(10,200	)		(251,741	)		237.5
Genting Singapore Ltd.		(841,000	)		(714,577	)		674.2
Grab Holdings Ltd.		(261,873	)		(762,050	)		719.0
Jardine Cycle & Carriage Ltd.		(13,600	)		(345,972	)		326.4
Kenon Holdings Ltd.		(1,997	)		(52,997	)		50.0
Keppel DC REIT		(379,300	)		(612,567	)		578.0
Oversea-Chinese Banking Corp. Ltd.		(11,400	)		(107,774	)		101.7
Sea Ltd., ADR		(3,008	)		(229,119	)		216.2
Singapore Exchange Ltd.		(34,600	)		(248,708	)		234.7
Singapore Technologies Engineering Ltd.		(154,300	)		(419,549	)		395.9
Singapore Telecommunications Ltd.		(423,000	)		(809,656	)		763.9
UOL Group Ltd.		(86,200	)		(449,145	)		423.8
Venture Corp Ltd.		(14,300	)		(182,469	)		172.2
					(6,455,312	)
Spain
Amadeus IT Group SA		(9,160	)		(644,750	)		608.3
Banco Santander SA		(157,816	)		(555,341	)		524.0
Cellnex Telecom SA		(2,634	)		(111,068	)		104.8
Corp ACCIONA Energias Renovables SA		(4,002	)		(143,926	)		135.8
Endesa SA		(30,065	)		(675,422	)		637.3
Inmobiliaria Colonial Socimi SA		(53,634	)		(343,377	)		324.0
Red Electrica Corp. SA		(11,367	)		(206,973	)		195.3
					(2,680,857	)
Sweden
Autoliv, Inc.		(416	)		(35,697	)		33.7
Evolution AB		(4,741	)		(628,724	)		593.2
Hexagon AB, B Shares		(58,641	)		(666,362	)		628.7
Husqvarna AB, B Shares		(68,040	)		(582,627	)		549.7
Investor AB, B Shares		(11,066	)		(236,031	)		222.7
Kinnevik AB		(23,087	)		(376,538	)		355.3
Lifco AB, B Shares		(13,218	)		(299,158	)		282.3
Securitas AB, B Shares		(84,378	)		(750,418	)		708.1
Skandinaviska Enskilda Banken AB		(4,845	)		(54,693	)		51.6
Skanska AB, B Shares		(27,214	)		(441,724	)		416.8
SSAB AB, A Shares		(4,410	)		(31,063	)		29.3
Swedish Orphan Biovitrum AB		(7,115	)		(171,728	)		162.0
Telia Co. AB		(161,045	)		(445,192	)		420.1
					(4,719,955	)
Switzerland
Adecco Group AG, Registered Shares		(194	)		(6,693	)		6.3
Alcon, Inc.		(140	)		(10,222	)		9.7
Bachem Holding AG		(5,229	)		(572,775	)		540.4
Baloise Holding AG, Registered Shares		(3,194	)		(536,111	)		505.8
Barry Callebaut AG, Registered Shares		(556	)		(1,190,344	)		1,123.1
Emmi AG, Registered Shares		(389	)		(405,986	)		383.1
EMS-Chemie Holding AG, Registered Shares		(781	)		(643,330	)		607.0
Galenica AG		(509	)		(45,742	)		43.2
Julius Baer Group Ltd.		(1,388	)		(99,724	)		94.1
Lonza Group AG, Registered Shares		(377	)		(235,811	)		222.5
Mediclinic International PLC		(78,886	)		(490,456	)		462.8

62 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Switzerland (continued)
On Holding AG		(26,456	)	$	(858,497	)		810.0	%
Schindler Holding AG, Registered Shares		(838	)		(179,513	)		169.4
SIG Group AG		(4,414	)		(118,481	)		111.8
Sonova Holding AG, Registered Shares		(232	)		(73,777	)		69.6
Swiss Life Holding AG, Registered Shares		(1,420	)		(939,897	)		886.8
Swisscom AG, Registered Shares		(1,120	)		(771,053	)		727.5
Zurich Insurance Group AG		(420	)		(204,229	)		192.7
					(7,382,641	)
United Kingdom
abrdn PLC		(115,686	)		(307,593	)		290.2
Admiral Group PLC		(12,118	)		(349,462	)		329.7
Associated British Foods PLC		(894	)		(21,840	)		20.6
AstraZeneca PLC		(1,334	)		(194,691	)		183.7
BAE Systems PLC		(18,994	)		(239,974	)		226.4
Barratt Developments PLC		(97,690	)		(609,704	)		575.3
Berkeley Group Holdings PLC		(14,449	)		(802,128	)		756.8
BT Group PLC		(20,156	)		(39,939	)		37.7
Coca-Cola Europacific Partners PLC		(12,730	)		(820,703	)		774.4
Compass Group PLC		(34,541	)		(903,843	)		852.8
DCC PLC		(25,318	)		(1,562,493	)		1,474.3
Dechra Pharmaceuticals PLC		(2,755	)		(128,264	)		121.0
Derwent London PLC		(1,876	)		(56,237	)		53.1
Diageo PLC		(9,908	)		(448,205	)		422.9
Entain PLC		(18,861	)		(341,164	)		321.9
Farfetch Ltd.		(67,359	)		(271,457	)		256.1
Future PLC		(17,407	)		(244,980	)		231.2
Greggs PLC, Registered Shares		(13,759	)		(484,684	)		457.3
Informa PLC		(28,753	)		(259,538	)		244.9
International Consolidated Airlines Group SA		(42,260	)		(80,416	)		75.9
International Distributions Services PLC		(60,297	)		(190,433	)		179.7
Investec PLC		(57,840	)		(319,830	)		301.8
JET2 PLC		(5,203	)		(79,651	)		75.2
Johnson Matthey PLC		(10,762	)		(263,692	)		248.8
Kingfisher PLC		(120,963	)		(388,795	)		366.9
M&G PLC		(150,563	)		(386,098	)		364.3
Manchester United PLC, Class A		(598	)		(11,990	)		11.3
National Grid PLC		(55,123	)		(783,999	)		739.7
Next PLC		(1,502	)		(126,431	)		119.3
Persimmon PLC		(15,467	)		(253,938	)		239.6
Rentokil Initial PLC		(262,688	)		(2,075,071	)		1,957.9
Smith & Nephew PLC		(22,858	)		(373,622	)		352.5
Unilever PLC		(5,847	)		(322,950	)		304.7
Vistry Group PLC		(56,393	)		(551,043	)		519.9
Watches of Switzerland Group PLC		(30,928	)		(320,859	)		302.7
WPP PLC		(12,904	)		(149,112	)		140.7
					(14,764,829	)
United States
10X Genomics, Inc., Class A		(2,407	)		(126,199	)		119.1
Adient PLC		(7,327	)		(270,659	)		255.4
ADT, Inc.		(132,676	)		(888,929	)		838.7
AES Corp.		(1,918	)		(45,380	)		42.8
Affirm Holdings, Inc.		(36,487	)		(359,762	)		339.4
Aflac, Inc.		(146	)		(10,198	)		9.6
AGCO Corp.		(8,815	)		(1,092,531	)		1,030.8
agilon health, Inc.		(36,685	)		(890,345	)		840.1
Airbnb, Inc., Class B		(7,935	)		(949,581	)		896.0
Albemarle Corp.		(2,548	)		(472,552	)		445.9
Albertsons Cos., Inc., Class A		(38,882	)		(812,634	)		766.8
Alexandria Real Estate Equities, Inc.		(2,196	)		(272,699	)		257.3

Security	Shares			Value			% of Basket Value
United States (continued)
Alight, Inc., Class A		(137,468	)	$	(1,271,579	)		1,199.8	%
Allegion PLC		(860	)		(95,013	)		89.6
Alliant Energy Corp.		(32,012	)		(1,765,142	)		1,665.5
Alteryx, Inc., Class A		(10,658	)		(438,364	)		413.6
Amcor PLC		(45,309	)		(497,040	)		469.0
American Electric Power Co., Inc.		(22,624	)		(2,090,910	)		1,972.9
American International Group, Inc.		(2,124	)		(112,657	)		106.3
Ameriprise Financial, Inc.		(1,730	)		(527,858	)		498.1
AmerisourceBergen Corp.		(4,560	)		(760,836	)		717.9
Amkor Technology, Inc.		(11,531	)		(257,948	)		243.4
Analog Devices, Inc.		(805	)		(144,803	)		136.6
Annaly Capital Management, Inc.		(40,981	)		(818,800	)		772.6
Ansys, Inc.		(613	)		(192,433	)		181.6
Antero Midstream Corp.		(7,568	)		(81,432	)		76.8
Antero Resources Corp.		(6,247	)		(143,619	)		135.5
Apartment Income REIT Corp.		(11,633	)		(430,188	)		405.9
Apellis Pharmaceuticals, Inc.		(5,875	)		(490,151	)		462.5
Apollo Global Management, Inc.		(8,737	)		(553,838	)		522.6
Apple Hospitality REIT, Inc.		(5,718	)		(85,141	)		80.3
Applied Industrial Technologies, Inc.		(1,736	)		(235,506	)		222.2
AppLovin Corp., Class A		(94,922	)		(1,613,674	)		1,522.6
AptarGroup, Inc.		(7,818	)		(926,511	)		874.2
Aptiv PLC		(5,659	)		(582,085	)		549.2
Aramark		(13,274	)		(460,608	)		434.6
Arista Networks, Inc.		(1,139	)		(182,422	)		172.1
Arrow Electronics, Inc.		(2,329	)		(266,507	)		251.5
Arrowhead Pharmaceuticals, Inc.		(513	)		(18,165	)		17.1
Asana, Inc.		(1,598	)		(25,856	)		24.4
Asbury Automotive Group, Inc.		(532	)		(102,921	)		97.1
Aspen Technology, Inc.		(1,029	)		(182,133	)		171.8
Atkore, Inc.		(4,389	)		(554,462	)		523.2
Atmos Energy Corp.		(10,973	)		(1,252,458	)		1,181.7
Avangrid, Inc.		(12,532	)		(504,538	)		476.1
Avantor, Inc.		(9,750	)		(189,930	)		179.2
Avery Dennison Corp.		(3,599	)		(627,954	)		592.5
Axalta Coating Systems Ltd.		(15,350	)		(484,599	)		457.2
AZEK Co., Inc.		(7,606	)		(206,427	)		194.8
Ball Corp.		(4,887	)		(259,891	)		245.2
Bentley Systems, Inc., Class B		(1,925	)		(81,928	)		77.3
BJ’s Wholesale Club Holdings, Inc.		(3,090	)		(235,983	)		222.7
Black Hills Corp.		(3,484	)		(227,470	)		214.6
Blackline, Inc.		(379	)		(21,114	)		19.9
Bloom Energy Corp., Class A		(11,681	)		(194,489	)		183.5
Blue Owl Capital, Inc.		(64,911	)		(730,898	)		689.6
Boston Properties, Inc.		(29,799	)		(1,590,075	)		1,500.3
Broadcom, Inc.		(1,415	)		(886,497	)		836.4
Brown & Brown, Inc.		(5,871	)		(378,034	)		356.7
Brown-Forman Corp.		(8,673	)		(564,526	)		532.7
Brunswick Corp.		(5,000	)		(423,950	)		400.0
Bumble, Inc., Class A		(3,064	)		(55,795	)		52.6
Bunge Ltd.		(1,589	)		(148,730	)		140.3
Cactus, Inc., Class A		(7,058	)		(285,708	)		269.6
Cadence Bank		(4,000	)		(80,880	)		76.3
Caesars Entertainment, Inc.		(2,229	)		(100,951	)		95.3
Calix, Inc.		(8,069	)		(368,753	)		347.9
Capital One Financial Corp.		(899	)		(87,473	)		82.5
Carter’s, Inc.		(5,456	)		(380,665	)		359.2
Catalent, Inc.		(3,671	)		(183,991	)		173.6
CDW Corp.		(1,764	)		(299,157	)		282.3
Celanese Corp.		(9,235	)		(981,126	)		925.7
CenterPoint Energy, Inc.		(54,946	)		(1,674,205	)		1,579.7

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Ceridian HCM Holding, Inc.		(2,208	)	$	(140,164	)		132.2	%
Chemours Co.		(11,391	)		(331,136	)		312.4
Chesapeake Energy Corp.		(14,057	)		(1,162,233	)		1,096.6
Churchill Downs, Inc.		(4,281	)		(1,252,321	)		1,181.6
Civitas Resources, Inc.		(23,920	)		(1,651,676	)		1,558.4
Clarivate PLC		(147,625	)		(1,307,957	)		1,234.1
Clean Harbors, Inc.		(1,265	)		(183,627	)		173.3
Clear Secure, Inc.		(5,420	)		(131,110	)		123.7
Clorox Co.		(3,837	)		(635,484	)		599.6
Cloudflare, Inc.		(9,843	)		(463,113	)		437.0
Coherent Corp.		(21,977	)		(750,295	)		707.9
Comcast Corp.		(5,924	)		(245,076	)		231.2
Commerce Bancshares, Inc.		(2,180	)		(121,753	)		114.9
Concentrix Corp.		(2,697	)		(260,287	)		245.6
Confluent, Inc.		(16,640	)		(366,080	)		345.4
Consolidated Edison, Inc.		(5,214	)		(513,423	)		484.4
Constellation Energy Corp.		(303	)		(23,452	)		22.1
Constellium SE		(4,843	)		(71,919	)		67.9
Cooper Cos., Inc.		(1,555	)		(593,155	)		559.7
Corning, Inc.		(2,296	)		(76,273	)		72.0
Corteva, Inc.		(8,427	)		(515,058	)		486.0
Coterra Energy, Inc.		(10,920	)		(279,552	)		263.8
Coty, Inc., Class A		(61,880	)		(734,516	)		693.0
Cousins Properties, Inc.		(2,328	)		(50,774	)		47.9
Crane Co.		(4,588	)		(330,657	)		312.0
Crane NXT Co.		(4,060	)		(192,282	)		181.4
CSL Ltd.		(2,104	)		(418,765	)		395.1
Cullen/Frost Bankers, Inc.		(265	)		(29,216	)		27.6
Datadog, Inc.		(11,097	)		(747,716	)		705.5
Dell Technologies, Inc.		(7,371	)		(320,565	)		302.5
Delta Air Lines, Inc.		(4,363	)		(149,695	)		141.2
Denbury, Inc.		(1,558	)		(145,486	)		137.3
Diodes, Inc.		(7,571	)		(603,409	)		569.3
Discover Financial Services		(6,372	)		(659,311	)		622.1
Dollar Tree, Inc.		(1,560	)		(239,788	)		226.2
Dominion Energy, Inc.		(5,727	)		(327,241	)		308.8
DoorDash, Inc.		(6,204	)		(379,623	)		358.2
Dow, Inc.		(32,377	)		(1,761,309	)		1,661.9
Doximity, Inc.		(34,961	)		(1,284,817	)		1,212.3
DR Horton, Inc.		(852	)		(93,567	)		88.3
DraftKings, Inc.		(33,464	)		(733,196	)		691.8
DTE Midstream LLC		(10,618	)		(523,149	)		493.6
Dun & Bradstreet Holdings, Inc.		(55,404	)		(618,863	)		583.9
Duolingo, Inc.		(10,207	)		(1,389,785	)		1,311.3
DXC Technology Co.		(880	)		(20,988	)		19.8
Dynatrace, Inc.		(17,519	)		(740,703	)		698.9
Eagle Materials, Inc.		(516	)		(76,476	)		72.2
East West Bancorp, Inc.		(9,914	)		(512,455	)		483.5
Edison International		(10,669	)		(785,238	)		740.9
Elanco Animal Health, Inc.		(14,457	)		(136,908	)		129.2
Elastic NV		(7,659	)		(438,478	)		413.7
EMCOR Group, Inc.		(5,461	)		(933,831	)		881.1
Endeavor Group Holdings, Inc.		(20,514	)		(528,851	)		499.0
Entegris, Inc.		(12,370	)		(926,760	)		874.4
EQT Corp.		(2,904	)		(101,175	)		95.5
Equitable Holdings, Inc.		(29,940	)		(778,141	)		734.2
Erie Indemnity Co., Class A		(61	)		(13,257	)		12.5
Estee Lauder Cos., Inc., Class A		(269	)		(66,368	)		62.6
Euronet Worldwide, Inc.		(2,295	)		(254,148	)		239.8
Evergy, Inc.		(833	)		(51,738	)		48.8
Exelon Corp.		(34,076	)		(1,446,185	)		1,364.5
ExlService Holdings, Inc.		(797	)		(142,169	)		134.1

Security	Shares			Value			% of Basket Value
United States (continued)
Extra Space Storage, Inc.		(308	)	$	(46,828	)		44.2	%
F&G Annuities & Life, Inc.		(1	)		(18	)		0.0
Federal Realty Investment Trust		(906	)		(89,594	)		84.5
Ferguson PLC		(292	)		(40,942	)		38.6
Fidelity National Financial, Inc.		(19,762	)		(701,353	)		661.8
Fifth Third Bancorp		(4,678	)		(122,564	)		115.6
First Citizens BancShares, Inc.		(89	)		(89,639	)		84.6
First Industrial Realty Trust, Inc.		(2,722	)		(142,823	)		134.8
First Solar, Inc.		(2,155	)		(393,460	)		371.2
FirstEnergy Corp.		(36,014	)		(1,433,357	)		1,352.4
Fiserv, Inc.		(833	)		(101,726	)		96.0
FleetCor Technologies, Inc.		(488	)		(104,393	)		98.5
Floor & Decor Holdings, Inc., Class A		(7,333	)		(728,460	)		687.3
Fluence Energy, Inc.		(2,302	)		(41,574	)		39.2
FNB Corp.		(51,650	)		(592,942	)		559.5
Fox Factory Holding Corp.		(2,013	)		(223,181	)		210.6
Freshworks, Inc.		(41,294	)		(551,688	)		520.5
Frontier Communications Parent, Inc.		(12,253	)		(276,183	)		260.6
Gaming and Leisure Properties, Inc.		(9,078	)		(472,056	)		445.4
Gen Digital, Inc.		(57,019	)		(1,007,526	)		950.6
Gitlab, Inc.		(34,723	)		(1,054,190	)		994.7
Goldman Sachs Group, Inc.		(1,213	)		(416,593	)		393.1
Graphic Packaging Holding Co.		(29,883	)		(736,915	)		695.3
Grocery Outlet Holding Corp.		(1,590	)		(47,350	)		44.7
GSK PLC		(5,311	)		(94,947	)		89.6
Haleon PLC		(268,425	)		(1,170,658	)		1,104.6
HashiCorp., Inc.		(26,336	)		(706,068	)		666.2
Healthcare Realty Trust, Inc.		(102,327	)		(2,024,028	)		1,909.7
Hertz Global Holdings, Inc.		(71,188	)		(1,187,416	)		1,120.4
HF Sinclair Corp.		(3,611	)		(159,281	)		150.3
Hilton Grand Vacations, Inc.		(20,161	)		(862,891	)		814.2
Houlihan Lokey, Inc.		(6,014	)		(549,559	)		518.5
Huntington Bancshares, Inc.		(10,159	)		(113,781	)		107.4
Hyatt Hotels Corp., Class A		(2,822	)		(322,555	)		304.3
ICON PLC		(2,659	)		(512,363	)		483.4
Independence Realty Trust, Inc.		(12,335	)		(205,378	)		193.8
Inspire Medical Systems, Inc.		(430	)		(115,081	)		108.6
Interactive Brokers Group, Inc.		(950	)		(73,958	)		69.8
International Business Machines Corp.		(12,588	)		(1,591,249	)		1,501.4
International Flavors & Fragrances, Inc.		(12,719	)		(1,233,234	)		1,163.6
International Game Technology PLC		(19,103	)		(537,558	)		507.2
Interpublic Group of Cos., Inc.		(39,044	)		(1,395,042	)		1,316.3
Intra-Cellular Therapies, Inc.		(10,968	)		(681,661	)		643.2
iRhythm Technologies, Inc.		(7,403	)		(972,754	)		917.8
James Hardie Industries PLC, CDI		(889	)		(19,778	)		18.7
Janus Henderson Group PLC		(14,827	)		(384,761	)		363.0
Jazz Pharmaceuticals PLC		(630	)		(88,496	)		83.5
Karuna Therapeutics, Inc.		(3,582	)		(710,812	)		670.7
Kinder Morgan, Inc.		(12,656	)		(217,050	)		204.8
Kinsale Capital Group, Inc.		(3,814	)		(1,246,072	)		1,175.7
Kite Realty Group Trust		(103,812	)		(2,150,985	)		2,029.5
Lantheus Holdings, Inc.		(3,484	)		(297,708	)		280.9
Las Vegas Sands Corp.		(1,275	)		(81,409	)		76.8
Lennar Corp.		(14,515	)		(1,637,437	)		1,545.0
Levi Strauss & Co.		(38,092	)		(550,810	)		519.7
Lincoln Electric Holdings, Inc.		(864	)		(144,979	)		136.8
Lithia Motors, Inc.		(361	)		(79,741	)		75.2
Littelfuse, Inc.		(681	)		(164,965	)		155.7
Live Nation Entertainment, Inc.		(581	)		(39,380	)		37.2
Loews Corp.		(9,611	)		(553,305	)		522.1
Madison Square Garden Sports Corp.		(260	)		(52,130	)		49.2
Maravai LifeSciences Holdings, Inc., Class A		(2,374	)		(32,737	)		30.9

64 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Markel Corp.		(445	)	$	(608,996	)		574.6	%
MarketAxess Holdings, Inc.		(1,040	)		(331,105	)		312.4
MasTec, Inc.		(5,795	)		(514,654	)		485.6
Maximus, Inc.		(14,335	)		(1,199,123	)		1,131.4
McKesson Corp.		(2,076	)		(756,162	)		713.5
MDU Resources Group, Inc.		(11,438	)		(334,218	)		315.3
Medpace Holdings, Inc.		(1,673	)		(334,834	)		315.9
Meritage Homes Corp.		(4,500	)		(576,225	)		543.7
MKS Instruments, Inc.		(12,530	)		(1,050,891	)		991.6
Moderna, Inc.		(2,512	)		(333,820	)		315.0
Monday.com Ltd.		(150	)		(18,288	)		17.3
Mondelez International, Inc.		(1,193	)		(91,527	)		86.4
MongoDB, Inc.		(5,908	)		(1,417,684	)		1,337.6
Morgan Stanley		(33,424	)		(3,007,157	)		2,837.4
Mosaic Co.		(13,545	)		(580,403	)		547.6
Motorola Solutions, Inc.		(5,733	)		(1,670,596	)		1,576.3
Natera, Inc.		(618	)		(31,345	)		29.6
National Retail Properties, Inc.		(4,990	)		(217,065	)		204.8
National Storage Affiliates Trust		(26,980	)		(1,040,079	)		981.4
NCR Corp.		(3,684	)		(82,116	)		77.5
Neogen Corp.		(10,093	)		(173,801	)		164.0
Netflix, Inc.		(2,623	)		(865,406	)		816.5
New Fortress Energy, Inc.		(622	)		(18,840	)		17.8
New Jersey Resources Corp.		(17,324	)		(894,611	)		844.1
New Relic, Inc.		(2,268	)		(162,094	)		152.9
New York Times Co.		(2,334	)		(92,777	)		87.5
Newell Brands, Inc.		(56,405	)		(685,321	)		646.6
News Corp.		(61,613	)		(1,085,005	)		1,023.7
NextEra Energy, Inc.		(7,774	)		(595,722	)		562.1
NEXTracker, Inc.		(9,638	)		(303,501	)		286.4
Noble Corp. PLC		(15,471	)		(594,860	)		561.3
Novanta, Inc.		(5,961	)		(911,079	)		859.6
Nutanix, Inc.		(6,250	)		(149,875	)		141.4
nVent Electric PLC		(38,852	)		(1,629,064	)		1,537.1
OGE Energy Corp.		(25,879	)		(971,498	)		916.6
Okta, Inc.		(13,579	)		(930,569	)		878.0
Old Republic International Corp.		(67,923	)		(1,716,414	)		1,619.5
Ollie’s Bargain Outlet Holdings, Inc.		(1,948	)		(127,107	)		119.9
Omega Healthcare Investors, Inc.		(1,053	)		(28,178	)		26.6
Omnicom Group, Inc.		(12,413	)		(1,124,245	)		1,060.8
ONE Gas, Inc.		(1,565	)		(120,427	)		113.6
ONEOK, Inc.		(4,941	)		(323,191	)		304.9
Onto Innovation, Inc.		(3,275	)		(265,210	)		250.2
Option Care Health, Inc.		(3,414	)		(109,760	)		103.6
Oracle Corp.		(2,737	)		(259,249	)		244.6
Organon & Co.		(26,607	)		(655,330	)		618.3
Ormat Technologies, Inc.		(758	)		(65,044	)		61.4
PACCAR, Inc.		(19,990	)		(1,493,053	)		1,408.8
Palantir Technologies, Inc.		(94,909	)		(735,545	)		694.0
Paramount Global, Class B		(2,182	)		(50,906	)		48.0
Parker-Hannifin Corp.		(4,879	)		(1,585,090	)		1,495.6
PayPal Holdings, Inc.		(22,745	)		(1,728,620	)		1,631.0
Peloton Interactive, Inc., Class A		(39,740	)		(352,891	)		333.0
Pentair PLC		(9,000	)		(522,720	)		493.2
Performance Food Group Co.		(51,146	)		(3,206,343	)		3,025.3
Permian Resources Corp.		(37,200	)		(388,740	)		366.8
Pfizer, Inc.		(16,758	)		(651,719	)		614.9
PG&E Corp.		(17,493	)		(299,305	)		282.4
Phillips 66		(3,147	)		(311,553	)		294.0
PNC Financial Services Group, Inc.		(388	)		(50,537	)		47.7
PPG Industries, Inc.		(911	)		(127,777	)		120.6
Primerica, Inc.		(705	)		(128,670	)		121.4

Security	Shares			Value			% of Basket Value
United States (continued)
Privia Health Group, Inc.		(18,281	)	$	(505,104	)		476.6	%
Progressive Corp.		(3,288	)		(448,483	)		423.2
Progyny, Inc.		(5,822	)		(193,523	)		182.6
PTC, Inc.		(5,492	)		(690,839	)		651.8
Public Service Enterprise Group, Inc.		(3,644	)		(230,301	)		217.3
PulteGroup, Inc.		(7,880	)		(529,142	)		499.3
Qualcomm, Inc.		(4,760	)		(555,968	)		524.6
Quanta Services, Inc.		(1,429	)		(242,416	)		228.7
QuidelOrtho Corp.		(1,842	)		(165,688	)		156.3
R1 RCM, Inc.		(12,686	)		(197,775	)		186.6
Radian Group, Inc.		(2,508	)		(60,869	)		57.4
Range Resources Corp.		(9,254	)		(244,768	)		230.9
Raymond James Financial, Inc.		(2,494	)		(225,782	)		213.0
RBC Bearings, Inc.		(4,519	)		(1,025,858	)		967.9
Realty Income Corp.		(6,586	)		(413,864	)		390.5
Regal Rexnord Corp., Registered Shares		(441	)		(57,401	)		54.2
Rexford Industrial Realty, Inc.		(4,867	)		(271,433	)		256.1
RH		(1,975	)		(503,882	)		475.4
Rithm Capital Corp.		(211,150	)		(1,722,984	)		1,625.7
Rivian Automotive, Inc.		(28,025	)		(359,280	)		339.0
RLI Corp.		(239	)		(33,233	)		31.4
Robinhood Markets, Inc.		(67,288	)		(595,499	)		561.9
Rockwell Automation, Inc.		(912	)		(258,470	)		243.9
Ryan Specialty Holdings, Inc.		(6,974	)		(284,958	)		268.9
Ryman Hospitality Properties, Inc.		(6,333	)		(567,817	)		535.8
Science Applications International Corp.		(4,498	)		(458,931	)		433.0
Sealed Air Corp.		(6,993	)		(335,594	)		316.6
Selective Insurance Group, Inc.		(4,994	)		(481,072	)		453.9
SentinelOne, Inc.		(9,678	)		(155,525	)		146.7
Shift4 Payments, Inc., Class A		(12,964	)		(878,570	)		829.0
Shoals Technologies Group, Inc., Class A		(20,945	)		(437,541	)		412.8
Shockwave Medical, Inc.		(1,030	)		(298,865	)		282.0
Sitio Royalties Corp.		(11,415	)		(289,827	)		273.5
Skyline Champion Corp.		(3,744	)		(277,692	)		262.0
Skyworks Solutions, Inc.		(6,005	)		(635,929	)		600.0
SLM Corp.		(20,935	)		(314,444	)		296.7
Smartsheet, Inc., Class A		(1,074	)		(43,894	)		41.4
Snowflake, Inc.		(3,762	)		(557,077	)		525.6
SoFi Technologies, Inc.		(117,187	)		(730,075	)		688.9
SolarEdge Technologies, Inc.		(3,155	)		(901,163	)		850.3
Sonoco Products Co.		(4,925	)		(298,553	)		281.7
Southern Co.		(20,980	)		(1,543,079	)		1,456.0
SouthState Corp.		(4,655	)		(321,102	)		303.0
Southwest Gas Holdings, Inc.		(1,066	)		(59,696	)		56.3
Spirit Realty Capital, Inc.		(2,115	)		(81,343	)		76.8
SPS Commerce, Inc.		(220	)		(32,406	)		30.6
SS&C Technologies Holdings, Inc.		(52,819	)		(3,092,024	)		2,917.4
STAG Industrial, Inc.		(32,248	)		(1,092,240	)		1,030.6
Stanley Black & Decker, Inc.		(7,373	)		(636,585	)		600.6
Starbucks Corp.		(1,831	)		(209,265	)		197.4
Starwood Property Trust, Inc.		(48,345	)		(864,892	)		816.1
State Street Corp.		(1,832	)		(132,380	)		124.9
Stellantis NV		(80,690	)		(1,340,631	)		1,264.9
Super Micro Computer, Inc.		(205	)		(21,613	)		20.4
Surgery Partners, Inc.		(612	)		(24,272	)		22.9
Synaptics, Inc.		(2,542	)		(225,120	)		212.4
Sysco Corp.		(7,320	)		(561,737	)		530.0
Take-Two Interactive Software, Inc.		(1,858	)		(230,931	)		217.9
Teledyne Technologies, Inc.		(590	)		(244,496	)		230.7
Tenable Holdings, Inc.		(1,908	)		(70,577	)		66.6
Tenaris SA		(58,098	)		(832,386	)		785.4
Tenet Healthcare Corp.		(2,742	)		(201,043	)		189.7

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Terreno Realty Corp.		(7,253	)	$	(446,712	)		421.5	%
Tesla, Inc.		(653	)		(107,294	)		101.2
Tetra Tech, Inc.		(1,999	)		(276,602	)		261.0
T-Mobile US, Inc.		(9,231	)		(1,328,341	)		1,253.3
Toast, Inc.		(30,437	)		(553,953	)		522.7
TopBuild Corp.		(155	)		(34,949	)		33.0
Trade Desk, Inc., Class A		(10,754	)		(691,912	)		652.8
TriNet Group, Inc.		(674	)		(62,534	)		59.0
Twilio, Inc., Class A		(6,798	)		(357,643	)		337.4
Tyler Technologies, Inc.		(1,582	)		(599,625	)		565.8
Uber Technologies, Inc.		(18,869	)		(585,882	)		552.8
U-Haul Holding Co.		(9,197	)		(497,558	)		469.5
UiPath, Inc.		(20,785	)		(292,653	)		276.1
Under Armour, Inc., Class A		(15,903	)		(141,060	)		133.1
United Rentals, Inc.		(697	)		(251,694	)		237.5
Unity Software, Inc.		(18,874	)		(509,032	)		480.3
Universal Health Services, Inc.		(1,722	)		(258,903	)		244.3
Valley National Bancorp		(60,890	)		(571,148	)		538.9
Valvoline, Inc.		(6,776	)		(234,111	)		220.9
Verizon Communications, Inc.		(22,023	)		(855,153	)		806.9
Vertiv Holdings Co., Class A		(59,017	)		(880,534	)		830.8
Viatris, Inc.		(8,619	)		(80,415	)		75.9
Vir Biotechnology, Inc.		(7,692	)		(193,454	)		182.5
Vontier Corp.		(77,871	)		(2,112,640	)		1,993.4
Warner Music Group Corp., Class A		(18,429	)		(561,532	)		529.8
Webster Financial Corp.		(2,083	)		(77,696	)		73.3
Wells Fargo & Co.		(10,330	)		(410,617	)		387.4
Welltower, Inc.		(15,292	)		(1,211,432	)		1,143.0
WESCO International, Inc.		(169	)		(24,336	)		23.0
Western Alliance Bancorp		(2,650	)		(98,368	)		92.8
Western Union Co.		(25,170	)		(275,108	)		259.6
Whirlpool Corp.		(2,203	)		(307,517	)		290.2
Wingstop, Inc.		(1,780	)		(356,196	)		336.1
Wolfspeed, Inc.		(1,334	)		(62,098	)		58.6
Xcel Energy, Inc.		(5,999	)		(419,390	)		395.7
XPO, Inc.		(413	)		(18,246	)		17.2
Zebra Technologies Corp.		(405	)		(116,652	)		110.1
Zimmer Biomet Holdings, Inc.		(317	)		(43,885	)		41.4
Zoom Video Communications, Inc., Class A		(4,068	)		(249,897	)		235.8
ZoomInfo Technologies, Inc.		(2,337	)		(51,204	)		48.3
Zscaler, Inc.		(2,925	)		(263,543	)		248.7
					(185,205,742	)

Security	Shares			Value			% of Basket Value
United States (continued)
Preferred Stocks
Germany
Henkel AG & Co. KGaA		(3,360	)	$	(272,068	)		256.7	%
Total Reference Entity — Short					(356,938,215	)
Net Value of Reference Entity — BNP Paribas SA				$	(105,984	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination dates 03/17/25-04/17/25:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Charter Hall Long Wale REIT		5,491	$	15,925		11.3	%
Charter Hall Retail REIT		20,586		53,001		37.5
GrainCorp Ltd.		2,990		13,547		9.6
oOh!media Ltd.		23,095		25,266		17.9
Premier Investments Ltd.		6,461		112,329		79.4
Regis Resources Ltd., Registered Shares		8,982		12,733		9.0
Silver Lake Resources Ltd.		15,666		13,167		9.3
Technology One Ltd.		5,481		55,328		39.1
West African Resources Ltd.		24,232		15,708		11.1
				317,004
Belgium
Barco NV		1,016		29,717		21.0
Melexis NV		184		17,569		12.5
Telenet Group Holding NV		853		19,816		14.0
				67,102
Canada
Artis Real Estate Investment Trust		5,411		27,918		19.7
Boyd Group Services, Inc.		469		77,692		55.0
Dream Unlimited Corp.		1,037		17,167		12.1
Dundee Precious Metals, Inc.		1,632		11,887		8.4
Laurentian Bank of Canada		1,155		27,270		19.3
				161,934
Denmark
Scandinavian Tobacco Group A/S		983		19,228		13.6
Finland
F-Secure OYJ		5,128		16,550		11.7

66 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Germany
Grand City Properties SA		2,073	$	17,339		12.3	%
Krones AG		340		44,739		31.6
Salzgitter AG		1,079		42,829		30.3
				104,907
Ireland
Cimpress PLC		345		17,923		12.7
Israel
Kornit Digital Ltd.		1,251		22,843		16.2
Italy
Banca Popolare di Sondrio SPA		18,722		85,181		60.2
Sesa SpA		224		27,494		19.5
				112,675
Japan
Central Glass Co. Ltd.		2,200		48,395		34.2
Create SD Holdings Co. Ltd.		600		14,554		10.3
Digital Arts, Inc.		1,600		60,663		42.9
dip Corp.		600		15,110		10.7
eGuarantee, Inc.		2,100		33,242		23.5
Eiken Chemical Co. Ltd.		1,100		13,036		9.2
Elan Corp.		1,800		13,708		9.7
Financial Partners Group Co. Ltd.		1,800		14,655		10.4
Gree, Inc.		2,500		13,172		9.3
Gunma Bank Ltd.		5,600		19,505		13.8
JAFCO Group Co. ltd.		3,300		42,779		30.3
Japan Elevator Service Holdings Co. Ltd.		1,500		22,701		16.1
Kaga Electronics Co. Ltd.		1,100		39,726		28.1
Kanematsu Corp.		2,200		29,130		20.6
KOMEDA Holdings Co. Ltd.		700		13,440		9.5
Kureha Corp.		600		37,971		26.9
Kyorin Pharmaceutical Co. Ltd.		1,800		23,566		16.7
Kyoritsu Maintenance Co. Ltd.		400		16,457		11.6
Life Corp.		800		16,970		12.0
Meitec Corp.		1,800		31,016		21.9
Mitsubishi Shokuhin Co. Ltd.		600		15,763		11.1
Mizuho Leasing Co. Ltd.		500		14,251		10.1
Modec, Inc.		1,400		15,452		10.9
Nichias Corp.		1,100		22,664		16.0
Nippon Ceramic Co. Ltd.		700		14,250		10.1
Nippon Gas Co. Ltd.		15,100		215,953		152.7
Nippon REIT Investment Corp.		10		23,883		16.9
Okinawa Electric Power Co., Inc.		1,900		15,496		11.0
Okumura Corp.		1,000		24,955		17.7
Outsourcing, Inc.		4,900		50,874		36.0
PHC Holdings Corp.		1,300		13,624		9.6
Plus Alpha Consulting Co. Ltd.		600		13,086		9.3
Raito Kogyo Co. Ltd.		900		13,527		9.6
Seiren Co. Ltd.		3,300		55,605		39.3
Shin-Etsu Polymer Co. Ltd.		1,200		12,056		8.5
Starts Corp., Inc.		3,800		72,741		51.4
Sumitomo Mitsui Construction Co. Ltd.		4,400		12,721		9.0
Systena Corp.		12,800		26,931		19.0
Takeuchi Manufacturing Co. Ltd.		1,600		44,658		31.6
Tokyu Construction Co. Ltd.		2,800		15,102		10.7
Towa Pharmaceutical Co. Ltd.		1,400		20,325		14.4
Toyo Ink SC Holdings Co. Ltd.		900		14,774		10.4
Toyo Tanso Co. Ltd.		500		14,831		10.5

Security	Shares		Value		% of Basket Value
Japan (continued)
TRE Holdings Corp.		2,900	$	25,914		18.3	%
Usen-Next Holdings Co. Ltd.		600		13,708		9.7
				1,302,940
Jersey
JTC PLC		1,713		16,951		12.0
Norway
SpareBank 1 SR-Bank ASA		1,111		13,022		9.2
Portugal
REN - Redes Energeticas Nacionais SGPS SA		6,214		18,074		12.8
Singapore
BW LPG Ltd.		1,662		13,436		9.5
Spain
Pharma Mar SA		320		13,306		9.4
Sweden
AddTech AB, B Shares		3,934		78,264		55.4
Alleima AB		9,167		46,701		33.0
Betsson AB		2,175		23,308		16.5
Fortnox AB		1,865		12,759		9.0
Mycronic AB		1,179		24,842		17.6
Nyfosa AB		2,186		14,870		10.5
				200,744
Switzerland
Bucher Industries AG, Registered Shares		39		17,612		12.4
Orior AG		220		20,595		14.6
Sulzer AG, Registered Shares		319		26,805		19.0
Vetropack Holding AG, Registered Shares		248		12,840		9.1
				77,852
United Kingdom
Bytes Technology Group PLC		6,347		32,897		23.3
Cranswick PLC		325		13,064		9.2
Dunelm Group PLC		1,293		18,466		13.1
Grainger PLC		22,349		72,050		50.9
Ibstock PLC		6,258		13,239		9.4
Kainos Group PLC		1,004		15,543		11.0
Lancashire Holdings Ltd.		2,537		19,413		13.7
Moneysupermarket.com Group PLC		7,571		25,938		18.3
Spire Healthcare Group PLC		4,557		12,982		9.2
Virgin Money UK PLC		9,146		17,829		12.6
				241,421
United States
Advanced Energy Industries, Inc.		359		31,054		22.0
Air Transport Services Group, Inc.		1,091		22,158		15.7
Albany International Corp., Class A		896		81,724		57.8
Amicus Therapeutics, Inc.		6,455		74,491		52.7
Apogee Enterprises, Inc.		332		14,130		10.0
Arbor Realty Trust, Inc.		1,712		19,637		13.9
ASGN, Inc.		3,063		219,280		155.1
Bank of Hawaii Corp.		666		32,254		22.8
BJ’s Restaurants, Inc.		734		23,884		16.9
BOK Financial Corp.		790		66,257		46.9
Buckle, Inc.		626		20,990		14.8
California Resources Corp.		685		27,743		19.6
Carpenter Technology Corp.		414		21,834		15.4
Catalyst Pharmaceuticals, Inc.		1,523		24,246		17.1
CNO Financial Group, Inc.		1,069		23,988		17.0
CommScope Holding Co., Inc.		2,796		13,784		9.7

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Core & Main, Inc., Class A		688	$	17,929		12.7	%
Cracker Barrel Old Country Store, Inc.		709		75,267		53.2
CSG Systems International, Inc.		351		18,491		13.1
CSW Industrials, Inc.		133		17,911		12.7
Dave & Buster’s Entertainment, Inc.		510		18,085		12.8
Duckhorn Portfolio, Inc.		854		12,895		9.1
Ducommun, Inc.		333		16,650		11.8
Dycom Industries, Inc.		463		42,883		30.3
EchoStar Corp.		1,750		29,873		21.1
Energy Recovery, Inc.		1,256		28,298		20.0
Enova International, Inc.		1,439		63,201		44.7
Essent Group Ltd.		975		41,408		29.3
Everi Holdings, Inc.		970		14,744		10.4
Extreme Networks, Inc.		812		14,437		10.2
Fiverr International Ltd.		443		16,178		11.4
Gibraltar Industries, Inc.		569		28,473		20.1
Gorman-Rupp Co.		640		15,712		11.1
Gray Television, Inc.		2,553		19,684		13.9
Group 1 Automotive, Inc.		85		19,081		13.5
Guardant Health, Inc.		3,251		73,343		51.9
Hancock Whitney Corp.		403		14,718		10.4
Hub Group, Inc., Class A		246		18,548		13.1
IDT Corp.		563		18,697		13.2
Independent Bank Group, Inc.		802		29,177		20.6
JetBlue Airways Corp.		2,160		15,422		10.9
John Bean Technologies Corp.		575		62,508		44.2
Kadant, Inc.		113		20,999		14.9
Kennametal, Inc.		541		14,044		9.9
Kohl’s Corp.		592		13,042		9.2
LendingTree, Inc.		561		13,369		9.5
LSB Industries, Inc.		1,805		16,119		11.4
MaxLinear, Inc.		2,302		55,547		39.3
Medifast, Inc.		140		12,831		9.1
Morningstar, Inc.		157		27,995		19.8
MSA Safety, Inc.		315		40,871		28.9
Nabors Industries Ltd.		274		27,329		19.3
National Beverage Corp.		667		33,150		23.4
NextEra Energy Partners LP		946		54,404		38.5
Oceaneering International, Inc.		891		15,797		11.2
Oxford Industries, Inc.		132		13,621		9.6
Red Rock Resorts, Inc.		4,230		206,424		146.0
Rush Enterprises, Inc., Class A		502		26,661		18.9
Ruth’s Hospitality Group, Inc.		4,128		66,709		47.2
Sanmina Corp.		280		14,633		10.4
Simpson Manufacturing Co., Inc.		103		12,955		9.2
Six Flags Entertainment Corp.		995		24,149		17.1
SpartanNash Co.		537		13,167		9.3
Sprinklr, Inc.		2,881		34,457		24.4
Steven Madden Ltd.		980		34,339		24.3
TechTarget, Inc.		372		12,682		9.0
Trinity Industries, Inc.		952		22,800		16.1
TripAdvisor, Inc.		4,602		81,594		57.7
United States Cellular Corp.		1,918		40,738		28.8
US Silica Holdings, Inc.		1,029		13,428		9.5

Security	Shares			Value			% of Basket Value
United States (continued)
USANA Health Sciences, Inc.		204		$	13,540			9.6	%
Veradigm, Inc.		5,313			66,359			46.9
					2,504,820
Preferred Stocks
Germany
Kloeckner & Co. SE		2,343			26,033			18.4
Total Reference Entity — Long					5,268,765
Reference Entity — Short
Common Stocks
Australia
AUB Group Ltd.		(1,594	)		(29,244	)		(20.7	)
Corporate Travel Management Ltd.		(3,771	)		(52,756	)		(37.3	)
Ingenia Communities Group		(18,113	)		(51,623	)		(36.5	)
IPH Ltd.		(2,437	)		(13,208	)		(9.3	)
IRESS Ltd.		(4,343	)		(29,896	)		(21.2	)
Neuren Pharmaceuticals Ltd.		(3,307	)		(31,073	)		(22.0	)
Nine Entertainment Co. Holdings Ltd.		(19,212	)		(26,550	)		(18.8	)
Tietto Minerals Ltd.		(40,515	)		(16,038	)		(11.3	)
United Malt Grp Ltd.		(5,445	)		(15,983	)		(11.3	)
Webjet Ltd.		(2,583	)		(12,736	)		(9.0	)
					(279,107	)
Bahamas
OneSpaWorld Holdings Ltd.		(1,159	)		(13,908	)		(9.8	)
Belgium
Bekaert SA		(537	)		(25,036	)		(17.7	)
Canada
Aurinia Pharmaceuticals, Inc.		(1,409	)		(15,851	)		(11.2	)
Canadian Western Bank		(711	)		(12,664	)		(9.0	)
Choice Properties Real Estate Investment Trust		(1,214	)		(13,026	)		(9.2	)
EQB, Inc.		(381	)		(16,785	)		(11.9	)
Maple Leaf Foods, Inc.		(631	)		(12,840	)		(9.1	)
North West Co., Inc.		(478	)		(13,923	)		(9.8	)
Spartan Delta Corp.		(1,991	)		(22,436	)		(15.9	)
Triple Flag Precious Metals Corp.		(759	)		(12,189	)		(8.6	)
Westshore Terminals Investment Corp.		(1,066	)		(21,581	)		(15.3	)
Winpak Ltd.		(511	)		(16,934	)		(12.0	)
Xenon Pharmaceuticals, Inc.		(321	)		(12,930	)		(9.1	)
					(171,159	)
Costa Rica
Establishment Labs Holdings, Inc.		(187	)		(13,032	)		(9.2	)
Denmark
Alm Brand A/S		(13,773	)		(25,518	)		(18.1	)
Ringkjoebing Landbobank A/S		(230	)		(32,399	)		(22.9	)
					(57,917	)
Egypt
Energean PLC		(4,341	)		(66,993	)		(47.4	)

68 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Finland
Konecranes OYJ		(727	)	$	(28,516	)		(20.2	)%
Tokmanni Group Corp.		(1,231	)		(16,887	)		(11.9	)
					(45,403	)
Germany
Auto1 Group SE		(2,884	)		(22,790	)		(16.1	)
CANCOM SE		(403	)		(14,531	)		(10.3	)
Dermapharm Holding SE		(383	)		(19,237	)		(13.6	)
					(56,558	)
Japan
Aichi Financial Group, Inc.		(900	)		(14,399	)		(10.2	)
Change Holdings, Inc.		(1,100	)		(19,000	)		(13.4	)
Colowide Co. Ltd.		(1,300	)		(20,295	)		(14.3	)
Comforia Residential REIT, Inc.		(17	)		(43,262	)		(30.6	)
Cybozu, Inc.		(800	)		(16,239	)		(11.5	)
Fuji Soft, Inc.		(800	)		(48,612	)		(34.4	)
Fujio Food Group, Inc.		(2,000	)		(21,079	)		(14.9	)
Hokuhoku Financial Group, Inc.		(3,100	)		(22,723	)		(16.1	)
Joshin Denki Co. Ltd.		(900	)		(13,652	)		(9.6	)
Ki-Star Real Estate Co. Ltd.		(1,600	)		(48,713	)		(34.4	)
Komeri Co. Ltd.		(700	)		(16,565	)		(11.7	)
M&A Research Institute Holdings, Inc.		(2,000	)		(150,998	)		(106.8	)
Musashi Seimitsu Industry Co. Ltd.		(3,000	)		(41,138	)		(29.1	)
Musashino Bank Ltd.		(800	)		(13,211	)		(9.3	)
NS United Kaiun Kaisha Ltd.		(500	)		(14,963	)		(10.6	)
Rorze Corp.		(500	)		(37,714	)		(26.7	)
Sanyo Denki Co. Ltd.		(300	)		(15,243	)		(10.8	)
SB Technology Corp.		(1,000	)		(17,366	)		(12.3	)
SBS Holdings, Inc.		(1,400	)		(34,734	)		(24.6	)
Seiko Group Corp.		(700	)		(15,622	)		(11.0	)
Shiga Bank Ltd.		(700	)		(14,866	)		(10.5	)
Shin Nippon Biomedical Laboratories Ltd.		(5,500	)		(102,338	)		(72.4	)
Sumitomo Densetsu Co. Ltd.		(1,600	)		(33,597	)		(23.8	)
Tokyo Electron Device Ltd.		(300	)		(17,545	)		(12.4	)
Wacoal Holdings Corp.		(2,000	)		(39,192	)		(27.7	)
Yodogawa Steel Works Ltd.		(1,100	)		(23,446	)		(16.6	)
Yoshinoya Holdings Co. Ltd.		(800	)		(15,076	)		(10.7	)
					(871,588	)
Netherlands
Fugro NV		(948	)		(13,462	)		(9.5	)
Norway
Aker Carbon Capture ASA		(12,073	)		(12,393	)		(8.8	)
FREYR Battery SA		(3,885	)		(27,467	)		(19.4	)
					(39,860	)
Singapore
AEM Holdings Ltd.		(46,300	)		(117,889	)		(83.4	)
Spain
Ence Energia y Celulosa SA		(10,320	)		(40,486	)		(28.7	)
Faes Farma SA		(8,055	)		(28,437	)		(20.1	)
					(68,923	)
Sweden
Cint Group AB		(9,741	)		(15,209	)		(10.8	)
Dometic Group AB		(5,888	)		(42,001	)		(29.7	)
Peab AB		(5,192	)		(27,272	)		(19.3	)
Wallenstam AB, B Shares		(3,747	)		(14,761	)		(10.4	)
					(99,243	)

Security	Shares			Value			% of Basket Value
Switzerland
ALSO Holding AG, Registered Shares		(77	)	$	(16,551	)		(11.7	)%
Bystronic AG		(25	)		(18,097	)		(12.8	)
Forbo Holding AG, Registered Shares		(10	)		(14,761	)		(10.4	)
OC Oerlikon Corp. AG, Registered Shares		(4,023	)		(22,588	)		(16.0	)
					(71,997	)
United Kingdom
Ascential PLC		(9,577	)		(30,460	)		(21.5	)
Domino’s Pizza Group PLC		(12,754	)		(46,812	)		(33.1	)
Great Portland Estates PLC		(2,002	)		(13,316	)		(9.4	)
Redrow PLC		(2,213	)		(14,311	)		(10.1	)
Spirent Communications PLC		(9,733	)		(21,952	)		(15.5	)
THG PLC		(31,032	)		(38,857	)		(27.5	)
Yellow Cake PLC		(8,085	)		(37,958	)		(26.9	)
					(203,666	)
United States
Acadia Realty Trust		(1,491	)		(20,143	)		(14.2	)
Adtalem Global Education, Inc.		(545	)		(22,111	)		(15.6	)
AeroVironment, Inc.		(219	)		(22,051	)		(15.6	)
Ameresco, Inc., Class A		(423	)		(17,597	)		(12.4	)
Anterix, Inc.		(533	)		(16,832	)		(11.9	)
Apollo Commercial Real Estate Finance, Inc.		(2,095	)		(21,201	)		(15.0	)
Arcosa, Inc.		(336	)		(22,693	)		(16.1	)
Atlantic Union Bankshares Corp.		(434	)		(12,421	)		(8.8	)
Big Lots, Inc.		(1,371	)		(12,325	)		(8.7	)
Bionano Genomics, Inc.		(19,880	)		(13,675	)		(9.7	)
Calavo Growers, Inc.		(439	)		(14,030	)		(9.9	)
Camping World Holdings, Inc., Class A		(2,734	)		(61,214	)		(43.3	)
Cass Information Systems, Inc.		(299	)		(10,937	)		(7.7	)
Children’s Place, Inc.		(764	)		(22,645	)		(16.0	)
Claros Mortgage Trust, Inc.		(3,619	)		(43,283	)		(30.6	)
Clearfield, Inc.		(399	)		(17,428	)		(12.3	)
ContextLogic, Inc.		(23,917	)		(172,442	)		(122.0	)
Delek US Holdings, Inc.		(961	)		(20,902	)		(14.8	)
DICE Therapeutics, Inc.		(388	)		(12,610	)		(8.9	)
Dynex Capital, Inc.		(6,473	)		(76,770	)		(54.3	)
Easterly Government Properties, Inc.		(6,877	)		(96,759	)		(68.4	)
Ebix, Inc.		(2,177	)		(35,398	)		(25.0	)
Enterprise Financial Services Corp.		(540	)		(23,090	)		(16.3	)
Farmland Partners, Inc.		(1,758	)		(18,354	)		(13.0	)
Federal Signal Corp.		(610	)		(31,342	)		(22.2	)
Figs, Inc., Class A		(2,804	)		(20,189	)		(14.3	)
First Bancorp/Southern Pines NC		(470	)		(14,467	)		(10.2	)
FirstCash Holdings, Inc.		(839	)		(86,442	)		(61.1	)
Forward Air Corp.		(187	)		(19,730	)		(14.0	)
Four Corners Property Trust, Inc.		(566	)		(14,439	)		(10.2	)
Freshpet, Inc.		(1,111	)		(76,626	)		(54.2	)
FuelCell Energy, Inc.		(31,658	)		(59,517	)		(42.1	)
Home BancShares, Inc.		(602	)		(13,106	)		(9.3	)
ICF International, Inc.		(330	)		(37,620	)		(26.6	)
InvenTrust Properties Corp.		(590	)		(13,305	)		(9.4	)
IonQ, Inc.		(3,174	)		(17,489	)		(12.4	)
Lemonade, Inc.		(4,957	)		(53,734	)		(38.0	)
Leonardo DRS, Inc.		(1,287	)		(19,369	)		(13.7	)
LTC Properties, Inc.		(377	)		(12,611	)		(8.9	)
Luminar Technologies, Inc.		(4,256	)		(25,621	)		(18.1	)
nCino, Inc.		(3,185	)		(78,765	)		(55.7	)
NewMarket Corp.		(43	)		(17,183	)		(12.2	)
NexTier Oilfield Solutions, Inc.		(11,794	)		(95,296	)		(67.4	)
Northern Oil and Gas, Inc.		(1,932	)		(64,084	)		(45.3	)
Office Properties Income Trust		(2,247	)		(14,650	)		(10.4	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
O-I Glass, Inc.		(545	)	$	(12,246	)		(8.7	)%
Otter Tail Corp.		(210	)		(15,110	)		(10.7	)
PennyMac Mortgage Investment Trust		(4,945	)		(61,466	)		(43.5	)
Perimeter Solutions SA		(2,263	)		(16,927	)		(12.0	)
Physicians Realty Trust		(1,941	)		(27,989	)		(19.8	)
Piedmont Lithium, Inc.		(256	)		(14,720	)		(10.4	)
PolyPeptide Group AG		(662	)		(16,653	)		(11.8	)
PotlatchDeltic Corp.		(307	)		(14,193	)		(10.0	)
ProFrac Holding Corp.		(9,931	)		(111,227	)		(78.7	)
Reliance Worldwide Corp. Ltd.		(20,237	)		(55,198	)		(39.0	)
Renasant Corp.		(1,112	)		(31,269	)		(22.1	)
Rocket Lab USA, Inc.		(4,370	)		(17,130	)		(12.1	)
S&T Bancorp, Inc.		(1,490	)		(41,020	)		(29.0	)
Select Energy Services, Inc.		(2,211	)		(16,428	)		(11.6	)
SiTime Corp.		(116	)		(12,583	)		(8.9	)
Sotera Health Co.		(1,172	)		(19,654	)		(13.9	)
Spectrum Brands Holdings, Inc.		(817	)		(54,331	)		(38.4	)
Spire, Inc.		(1,464	)		(99,157	)		(70.1	)
Sprouts Farmers Market, Inc.		(1,114	)		(38,611	)		(27.3	)
Stem, Inc.		(27,687	)		(117,116	)		(82.8	)
Stock Yards Bancorp, Inc.		(502	)		(24,397	)		(17.3	)
Strategic Education, Inc.		(139	)		(12,232	)		(8.7	)
Stride, Inc.		(1,455	)		(62,507	)		(44.2	)
Tidewater, Inc.		(277	)		(12,473	)		(8.8	)
Tootsie Roll Industries, Inc.		(519	)		(21,217	)		(15.0	)
TPI Composites, Inc.		(3,724	)		(46,029	)		(32.6	)
UFP Technologies, Inc.		(248	)		(34,184	)		(24.2	)
United Bankshares, Inc.		(1,184	)		(39,226	)		(27.7	)
Universal Corp.		(301	)		(16,522	)		(11.7	)
Veris Residential, Inc.		(890	)		(14,552	)		(10.3	)
Vertex Energy, Inc.		(1,633	)		(12,901	)		(9.1	)
Viking Therapeutics, Inc.		(3,289	)		(70,089	)		(49.6	)
Vishay Intertechnology, Inc.		(954	)		(20,311	)		(14.4	)
Vital Energy, Inc.		(436	)		(20,287	)		(14.4	)
Washington Federal, Inc.		(3,207	)		(89,924	)		(63.6	)
Xenia Hotels & Resorts, Inc.		(2,311	)		(29,257	)		(20.7	)
					(2,911,632	)
Total Reference Entity — Short					(5,127,373	)
Net Value of Reference Entity — BNP Paribas SA				$	141,392

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates 06/12/23-08/19/26:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Abacus Property Group		58,673	$	105,282		(9.1	)%
Accent Group Ltd.		62,024		106,361		(9.2	)
Arena REIT		61,457		154,844		(13.3	)
Austal Ltd.		6,377		7,094		(0.6	)
Australian Ethical Investment Ltd.		42,877		93,711		(8.1	)
Centuria Capital Group		35,176		40,831		(3.5	)
Charter Hall Long Wale REIT		111,413		326,776		(28.2	)

Security	Shares		Value		% of Basket Value
Australia (continued)
Charter Hall Retail REIT		300,719	$	783,473		(67.6	)%
Charter Hall Social Infrastructure REIT		67,042		136,686		(11.8	)
Clinuvel Pharmaceuticals Ltd.		8,690		118,515		(10.2	)
Codan Ltd.		2,460		12,088		(1.0	)
Credit Corp. Group Ltd.		26,101		318,298		(27.5	)
Eagers Automotive Ltd.		17,097		163,617		(14.1	)
Elders Ltd.		46,217		252,183		(21.7	)
GrainCorp Ltd.		44,208		202,866		(17.5	)
Growthpoint Properties Australia Ltd.		95,779		210,303		(18.1	)
GWA Group Ltd.		86,996		102,997		(8.9	)
Imdex Ltd.		143,562		201,238		(17.4	)
Johns Lyng Group Ltd.		56,315		257,255		(22.2	)
Jumbo Interactive Ltd.		32,341		285,247		(24.6	)
Karoon Energy Ltd.		69,902		101,342		(8.7	)
Lifestyle Communities Ltd.		3,762		43,160		(3.7	)
Lovisa Holdings Ltd.		20,560		369,462		(31.9	)
McMillan Shakespeare Ltd.		4,867		50,380		(4.3	)
Monadelphous Group Ltd.		29,282		244,629		(21.1	)
Nanosonics Ltd.		137,323		529,495		(45.7	)
National Storage REIT		269,732		455,276		(39.3	)
Netwealth Group Ltd.		30,073		276,759		(23.9	)
Nick Scali Ltd.		34,772		228,055		(19.7	)
Objective Corp. Ltd.		4,574		39,667		(3.4	)
oOh!media Ltd.		272,793		302,602		(26.1	)
Perenti Ltd.		392,578		305,078		(26.3	)
Perseus Mining Ltd.		365,568		547,367		(47.2	)
Pinnacle Investment Management Group Ltd.		36,812		205,313		(17.7	)
PolyNovo Ltd.		18,039		19,871		(1.7	)
Premier Investments Ltd.		17,894		315,042		(27.2	)
PWR Holdings Ltd.		12,513		84,713		(7.3	)
Ramelius Resources Ltd.		235,528		208,591		(18.0	)
Regis Resources Ltd., Registered Shares		241,770		346,689		(29.9	)
Rural Funds Group		8,496		11,220		(1.0	)
Silver Lake Resources Ltd.		112,781		96,340		(8.3	)
SolGold PLC		209,423		49,359		(4.3	)
Technology One Ltd.		61,950		632,556		(54.6	)
Ventia Services Group Pty Ltd.		167,956		296,401		(25.6	)
Viva Energy Group Ltd.		104,093		218,090		(18.8	)
Waypoint REIT Ltd.		312,400		549,658		(47.4	)
				10,406,780
Austria
Immofinanz AG		15,909		257,904		(22.2	)
Kontron AG		15,557		298,625		(25.8	)
Palfinger AG		1,833		59,777		(5.2	)
Porr AG		6,646		100,691		(8.7	)
Schoeller-Bleckmann Oilfield Equipment AG		1,104		68,753		(5.9	)
UNIQA Insurance Group AG		16,496		146,979		(12.7	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		12,200		356,115		(30.7	)
				1,288,844
Belgium
Barco NV		24,160		699,742		(60.4	)
Econocom Group SA/NV		4,224		14,383		(1.2	)
Etablissements Franz Colruyt NV		5,093		140,325		(12.1	)
Euronav NV		11,952		203,019		(17.5	)
Exmar NV		23,167		300,891		(26.0	)
Fagron		19,193		353,800		(30.5	)
Ion Beam Applications		2,651		48,180		(4.2	)
Melexis NV		10,572		998,560		(86.1	)

70 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Belgium (continued)
Montea NV		1,865	$	162,108		(14.0	)%
Shurgard Self Storage Ltd.		6,812		349,353		(30.1	)
X-Fab Silicon Foundries SE		1,254		10,588		(0.9	)
				3,280,949
Canada
Advantage Energy Ltd.		4,251		24,192		(2.1	)
Aecon Group, Inc.		40,981		388,028		(33.5	)
Altius Minerals Corp.		22,013		349,388		(30.1	)
Artis Real Estate Investment Trust		20,057		105,500		(9.1	)
Boardwalk Real Estate Investment Trust		7,523		325,843		(28.1	)
Boyd Group Services, Inc.		248		41,108		(3.5	)
Canaccord Genuity Group, Inc.		31,892		257,402		(22.2	)
Canada Goose Holdings, Inc.		24,198		479,508		(41.4	)
Cardinal Energy Ltd.		7,986		43,549		(3.8	)
Cargojet, Inc.		1,616		123,063		(10.6	)
Celestica, Inc.		9,235		101,529		(8.8	)
Centerra Gold, Inc.		10,542		72,154		(6.2	)
Cogeco Communications, Inc.		5,766		282,637		(24.4	)
Crew Energy, Inc.		10,055		34,555		(3.0	)
Crombie Real Estate Investment Trust		8,186		94,268		(8.1	)
CT Real Estate Investment Trust		952		11,439		(1.0	)
Dream Unlimited Corp.		5,138		86,713		(7.5	)
Dundee Precious Metals, Inc.		50,686		376,311		(32.5	)
ECN Capital Corp.		31,387		74,026		(6.4	)
Evertz Technologies Ltd.		6,500		57,529		(5.0	)
Fortuna Silver Mines, Inc.		92,149		349,579		(30.2	)
H&R Real Estate Investment Trust		17,536		153,951		(13.3	)
Hudbay Minerals, Inc.		117,465		595,697		(51.4	)
IAMGOLD Corp.		19,394		56,217		(4.8	)
Innergex Renewable Energy, Inc.		69,267		719,443		(62.1	)
Interfor Corp.		7,767		123,469		(10.6	)
Kelt Exploration Ltd.		28,300		104,627		(9.0	)
Knight Therapeutics, Inc.		1,933		6,500		(0.6	)
Laurentian Bank of Canada		4,584		110,038		(9.5	)
Lundin Gold, Inc.		16,428		210,692		(18.2	)
Major Drilling Group International, Inc.		2,260		17,641		(1.5	)
Morguard Corp.		1,515		116,855		(10.1	)
Mullen Group Ltd.		11,815		132,403		(11.4	)
New Gold, Inc.		104,153		135,332		(11.7	)
NFI Group, Inc.		5,984		35,331		(3.0	)
Novagold Resources, Inc.		8,192		44,933		(3.9	)
Pason Systems, Inc.		28,881		254,510		(22.0	)
PrairieSky Royalty Ltd.		66,288		1,058,414		(91.3	)
Precision Drilling Corp.		7,808		393,448		(33.9	)
Richelieu Hardware Ltd.		14,913		453,238		(39.1	)
Rogers Sugar, Inc.		6,717		31,439		(2.7	)
Russel Metals, Inc.		19,093		491,575		(42.4	)
Sandstorm Gold Ltd.		57,333		333,515		(28.8	)
Savaria Corp.		22,204		275,372		(23.7	)
Secure Energy Services, Inc.		22,203		104,714		(9.0	)
Silvercorp Metals, Inc.		91,526		339,179		(29.3	)
Slate Grocery REIT		34,293		339,348		(29.3	)
Sleep Country Canada Holdings, Inc.		15,040		264,005		(22.8	)
SmartCentres Real Estate Investment Trust		2,253		44,054		(3.8	)
SunOpta, Inc.		20,361		174,295		(15.0	)
Superior Plus Corp.		10,720		80,490		(6.9	)
Taseko Mines Ltd.		161,944		269,742		(23.3	)
Topaz Energy Corp.		23,767		344,388		(29.7	)

Security	Shares		Value		% of Basket Value
Canada (continued)
Torex Gold Resources, Inc.		17,768	$	294,893		(25.4	)%
TransAlta Renewables, Inc.		38,318		361,909		(31.2	)
Trican Well Service Ltd.		4,124		9,762		(0.8	)
				12,159,740
China
Health & Happiness H&H International Holdings Ltd.		172,500		295,397		(25.5	)
indie Semiconductor, Inc.		2,400		18,168		(1.6	)
				313,565
Denmark
Dfds A/S		1,856		74,167		(6.4	)
NKT A/S		5,938		309,747		(26.7	)
Scandinavian Tobacco Group A/S		21,870		423,904		(36.6	)
Schouw & Co. A/S		617		52,130		(4.5	)
SimCorp A/S		1,693		182,516		(15.7	)
Sydbank AS		11,858		525,019		(45.3	)
				1,567,483
Egypt
Centamin PLC		620,689		793,179		(68.4	)
Faeroe Islands
Bakkafrost P/F		1,101		81,498		(7.0	)
Finland
Cargotec OYJ, B Shares		1,749		95,929		(8.3	)
Citycon OYJ		87,426		655,571		(56.5	)
Finnair OYJ		51,326		29,822		(2.6	)
Kemira OYJ		28,369		493,409		(42.6	)
Nokian Renkaat OYJ		60,391		583,655		(50.3	)
Revenio Group OYJ		2,667		99,334		(8.6	)
YIT OYJ		15,605		40,047		(3.4	)
				1,997,767
France
Atos SE		40,497		557,427		(48.1	)
Believe SA		4,833		57,127		(4.9	)
Cie des Alpes		4,845		76,270		(6.6	)
Cie Plastic Omnium SA		9,341		164,002		(14.2	)
Esker SA		1,013		153,109		(13.2	)
Etablissements Maurel et Prom SA		16,295		61,655		(5.3	)
Eutelsat Communications SA		49,883		329,484		(28.4	)
Guerbet		1		18		(0.0	)
Interparfums SA		4,952		390,302		(33.7	)
IPSOS		2,859		153,617		(13.3	)
Kaufman & Broad SA		2,786		89,905		(7.8	)
Korian SA		13,074		112,576		(9.7	)
Manitou BF SA		3,609		88,436		(7.6	)
Mercialys SA		27,814		277,455		(23.9	)
Mersen SA		4,577		183,039		(15.8	)
Nexity SA		9,068		235,956		(20.4	)
Rubis SCA		1,591		46,647		(4.0	)
SES-imagotag SA		1,227		195,034		(16.8	)
SMCP SA		41,322		362,775		(31.3	)
Television Francaise 1		55,903		446,304		(38.5	)
Verallia SA		7,985		321,425		(27.7	)
Vicat SA		14,286		413,125		(35.6	)
Vilmorin & Cie SA		522		24,476		(2.1	)
				4,740,164

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Germany
1&1 AG		10,250	$	118,645		(10.2	)%
Adesso SE		837		124,426		(10.7	)
Atoss Software AG		3,238		644,607		(55.6	)
AURELIUS Equity Opportunities SE & Co. KGaA		3,149		57,828		(5.0	)
Bank of Georgia Group PLC		19,555		717,392		(61.9	)
CropEnergies AG		858		9,856		(0.9	)
Datagroup SE		720		52,489		(4.5	)
Deutsche Pfandbriefbank AG		46,296		423,722		(36.6	)
Deutz AG		57,913		381,895		(33.0	)
Duerr AG		16,137		555,363		(47.9	)
Eckert & Ziegler Strahlen- und Medizintechnik AG		4,526		232,340		(20.0	)
Elmos Semiconductor SE		1,722		128,816		(11.1	)
ElringKlinger AG		13,242		147,722		(12.8	)
flatexDEGIRO AG		23,225		248,421		(21.4	)
GFT Technologies SE		3,346		131,061		(11.3	)
Grand City Properties SA		29,044		240,625		(20.8	)
Heidelberger Druckmaschinen AG		89,668		184,543		(15.9	)
Hornbach Holding AG & Co. KGaA		445		37,513		(3.2	)
Krones AG		2,531		330,283		(28.5	)
Nagarro SE		1,056		112,707		(9.7	)
Orion Engineered Carbons SA		729		17,649		(1.5	)
Pfeiffer Vacuum Technology AG		755		125,173		(10.8	)
Siltronic AG		626		44,728		(3.9	)
Stabilus SE		539		34,925		(3.0	)
Steico SE		904		44,621		(3.9	)
TAG Immobilien AG		55,429		470,841		(40.6	)
TBC Bank Group PLC		16,353		477,161		(41.2	)
TUI AG		15,339		97,337		(8.4	)
Vitesco Technologies Group AG		6,764		459,322		(39.6	)
Wacker Neuson SE		496		12,003		(1.0	)
				6,664,014
Guatemala
Millicom International Cellular SA, SDR		9,020		160,072		(13.8	)
Hong Kong
Cowell e Holdings, Inc.		6,000		11,605		(1.0	)
Melco Resorts & Entertainment Ltd., ADR		39,584		539,926		(46.6	)
Nissin Foods Co. Ltd.		21,000		18,760		(1.6	)
PAX Global Technology Ltd.		51,000		42,010		(3.6	)
Sa Sa International Holdings Ltd.		640,000		150,471		(13.0	)
SmarTone Telecommunications Holdings Ltd.		16,000		9,738		(0.9	)
United Laboratories International Holdings Ltd.		72,000		58,297		(5.0	)
				830,807
Indonesia
Bumitama Agri Ltd.		157,900		68,272		(5.9	)
First Resources Ltd.		144,200		166,289		(14.3	)
Golden Agri-Resources Ltd.		202,100		41,807		(3.6	)
				276,368
Iraq
Gulf Keystone Petroleum Ltd.		14,471		24,244		(2.1	)
Ireland
Cimpress PLC		5,911		307,077		(26.5	)
Dalata Hotel Group PLC		47,883		238,855		(20.6	)
				545,932
Israel
Cellcom Israel Ltd.		9,245		32,970		(2.8	)

Security	Shares		Value		% of Basket Value
Israel (continued)
Kornit Digital Ltd.		19,213	$	350,829		(30.3	)%
Plus500 Ltd.		20,133		414,865		(35.8	)
Taboola.com Ltd.		14,151		32,689		(2.8	)
				831,353
Italy
Banca Popolare di Sondrio SPA		73,717		332,258		(28.7	)
Biesse SpA		7,104		107,660		(9.3	)
Brembo SpA		1,364		19,879		(1.7	)
Brunello Cucinelli SpA		15,580		1,479,392		(127.6	)
CIR SpA-Compagnie Industriali		40,806		17,072		(1.5	)
Credito Emiliano SpA		1,271		9,679		(0.8	)
Danieli & C Officine Meccaniche SpA		6,173		159,278		(13.7	)
Datalogic SpA		5,819		47,931		(4.1	)
ERG SpA		28,422		851,235		(73.4	)
Iren SpA		176,630		378,782		(32.7	)
Maire Tecnimont SpA		78,653		334,787		(28.9	)
MFE-MediaForEurope NV		137,520		100,444		(8.7	)
OVS SpA		96,576		288,187		(24.9	)
Pharmanutra SpA		536		29,494		(2.5	)
Piaggio & C SpA		24,123		98,396		(8.5	)
RAI Way SpA		13,510		85,851		(7.4	)
Sanlorenzo SpA/Ameglia		2,976		132,469		(11.4	)
Sesa SpA		7,113		864,579		(74.6	)
Tinexta Spa		6,007		121,419		(10.5	)
Tod’s SpA		3,801		159,352		(13.7	)
Unipol Gruppo SpA		67,443		376,169		(32.5	)
Webuild SpA		207,073		441,630		(38.1	)
Wiit SpA		2,657		57,356		(4.9	)
				6,493,299
Japan
77 Bank Ltd.		18,300		301,416		(26.0	)
Adastria Co. Ltd.		31,400		600,301		(51.8	)
Aeon Delight Co. Ltd.		22,800		512,040		(44.2	)
Aichi Corp.		19,800		124,251		(10.7	)
Aida Engineering Ltd.		1,800		11,489		(1.0	)
Alpen Co. Ltd.		11,400		176,590		(15.2	)
Anicom Holdings, Inc.		66,200		261,226		(22.5	)
AOKI Holdings, Inc.		72,600		512,082		(44.2	)
Arata Corp.		2,700		88,895		(7.7	)
Autobacs Seven Co. Ltd.		5,100		58,746		(5.1	)
Avex, Inc.		17,600		204,229		(17.6	)
Bell System24 Holdings, Inc.		27,100		282,290		(24.3	)
Belluna Co. Ltd.		41,100		228,388		(19.7	)
Bunka Shutter Co. Ltd.		70,500		608,408		(52.5	)
Central Glass Co. Ltd.		34,600		757,110		(65.3	)
Chugoku Marine Paints Ltd.		8,000		70,789		(6.1	)
Citizen Watch Co. Ltd.		59,100		331,508		(28.6	)
CKD Corp.		14,300		220,753		(19.0	)
Comture Corp.		9,600		143,542		(12.4	)
Create SD Holdings Co. Ltd.		16,000		393,444		(33.9	)
Curves Holdings Co. Ltd.		12,600		74,479		(6.4	)
Daihen Corp.		6,000		200,176		(17.3	)
Daiken Corp.		19,200		334,339		(28.8	)
Daiseki Co. Ltd.		9,300		269,473		(23.2	)
Digital Arts, Inc.		22,300		841,826		(72.6	)
Digital Garage, Inc.		13,900		496,675		(42.8	)
dip Corp.		16,900		423,078		(36.5	)
Doshisha Co. Ltd.		25,900		413,001		(35.6	)

72 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Doutor Nichires Holdings Co. Ltd.		34,400	$	549,630		(47.4	)%
DTS Corp.		2,000		48,163		(4.2	)
DyDo Group Holdings, Inc.		4,400		166,615		(14.4	)
eGuarantee, Inc.		13,600		214,256		(18.5	)
Eiken Chemical Co. Ltd.		38,200		450,185		(38.8	)
Eizo Corp.		900		29,884		(2.6	)
Elan Corp.		18,400		139,632		(12.0	)
Elecom Co. Ltd.		79,600		765,448		(66.0	)
en Japan, Inc.		23,000		418,303		(36.1	)
euglena Co. Ltd.		28,600		189,956		(16.4	)
FCC Co. Ltd.		68,100		888,611		(76.7	)
Financial Partners Group Co. Ltd.		46,400		383,242		(33.1	)
Fuji Co. Ltd.		5,000		66,161		(5.7	)
Fuji Corp.		6,500		110,450		(9.5	)
Fujimi, Inc.		6,900		362,245		(31.2	)
Fujimori Kogyo Co. Ltd.		3,800		89,474		(7.7	)
Fukuoka REIT Corp.		386		469,826		(40.5	)
Fullcast Holdings Co., Ltd.		4,200		77,271		(6.7	)
Funai Soken Holdings, Inc.		32,400		629,574		(54.3	)
Future Corp.		15,800		205,022		(17.7	)
Geo Holdings Corp.		17,100		209,668		(18.1	)
Giken Ltd.		23,600		375,970		(32.4	)
GNI Group Ltd.		14,900		113,913		(9.8	)
Goldcrest Co. Ltd.		32,700		443,969		(38.3	)
Gree, Inc.		38,200		200,540		(17.3	)
G-Tekt Corp.		33,500		371,747		(32.1	)
Gunma Bank Ltd.		75,500		261,898		(22.6	)
H2O Retailing Corp.		44,600		535,181		(46.2	)
Halows Co. Ltd.		5,100		122,549		(10.6	)
Hamakyorex Co. Ltd.		800		20,735		(1.8	)
Hankyu Hanshin REIT, Inc.		57		61,896		(5.3	)
Hanwa Co. Ltd.		8,300		260,427		(22.5	)
Heiwa Real Estate Co. Ltd.		13,400		388,601		(33.5	)
Hiday Hidaka Corp.		12,800		218,218		(18.8	)
Hioki EE Corp.		900		60,739		(5.2	)
Hitachi Zosen Corp.		11,800		74,186		(6.4	)
Hogy Medical Co. Ltd.		6,800		172,519		(14.9	)
Hokkoku Financial Holdings, Inc.		2,100		74,337		(6.4	)
Hosiden Corp.		8,100		105,052		(9.1	)
Ichigo, Inc.		282,000		547,396		(47.2	)
IDOM, Inc.		19,100		119,650		(10.3	)
Inaba Denki Sangyo Co. Ltd.		4,700		106,356		(9.2	)
Infocom Corp.		9,500		160,083		(13.8	)
Infomart Corp.		198,200		431,665		(37.2	)
JAC Recruitment Co. Ltd.		37,000		700,788		(60.5	)
JAFCO Group Co. ltd.		38,500		497,530		(42.9	)
Japan Elevator Service Holdings Co. Ltd.		11,200		168,834		(14.6	)
Japan Lifeline Co. Ltd.		10,600		73,882		(6.4	)
Japan Material Co. Ltd.		5,500		83,611		(7.2	)
Japan Securities Finance Co. Ltd.		14,800		113,150		(9.8	)
JCU Corp.		21,600		517,126		(44.6	)
JINS Holdings, Inc.		24,600		537,417		(46.4	)
Kaga Electronics Co. Ltd.		9,200		330,881		(28.5	)
Kanematsu Corp.		22,800		300,704		(25.9	)
Kato Sangyo Co. Ltd.		4,300		115,687		(10.0	)
KeePer Technical Laboratory Co. Ltd.		4,000		150,627		(13.0	)
Keihanshin Building Co. Ltd.		28,500		272,536		(23.5	)
KFC Holdings Japan Ltd.		6,200		133,669		(11.5	)
Kintetsu Department Store Co. Ltd.		2,200		40,671		(3.5	)
Kissei Pharmaceutical Co. Ltd.		7,100		145,737		(12.6	)
Kitz Corp.		7,300		50,574		(4.4	)
KOMEDA Holdings Co. Ltd.		12,000		229,628		(19.8	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Konoike Transport Co. Ltd.		21,900	$	261,064		(22.5	)%
Koshidaka Holdings Co. Ltd.		31,700		271,845		(23.4	)
Kumiai Chemical Industry Co. Ltd.		31,000		209,001		(18.0	)
Kureha Corp.		6,400		403,141		(34.8	)
Kyokuto Kaihatsu Kogyo Co. Ltd.		16,600		212,008		(18.3	)
Kyorin Pharmaceutical Co. Ltd.		14,200		185,192		(16.0	)
Kyoritsu Maintenance Co. Ltd.		19,800		809,816		(69.9	)
Life Corp.		34,700		746,017		(64.4	)
Link And Motivation, Inc.		53,200		193,668		(16.7	)
M&A Capital Partners Co. Ltd.		2,900		83,027		(7.2	)
Maeda Kosen Co. Ltd.		6,700		162,522		(14.0	)
Mandom Corp.		39,100		470,879		(40.6	)
Maruzen Showa Unyu Co. Ltd.		800		20,285		(1.7	)
Max Co. Ltd.		2,900		46,927		(4.0	)
MCJ Co. Ltd.		4,400		30,849		(2.7	)
Megmilk Snow Brand Co. Ltd.		12,000		174,339		(15.0	)
Meidensha Corp.		13,700		188,402		(16.2	)
Meitec Corp.		51,400		880,665		(76.0	)
Melco Holdings, Inc.		400		9,994		(0.9	)
METAWATER Co. Ltd.		14,400		192,345		(16.6	)
Mie Kotsu Group Holdings, Inc.		5,500		24,082		(2.1	)
Milbon Co. Ltd.		6,500		277,673		(24.0	)
Mimasu Semiconductor Industry Co. Ltd.		16,400		321,282		(27.7	)
Mitsubishi Pencil Co. Ltd.		13,800		182,822		(15.8	)
Mitsubishi Shokuhin Co. Ltd.		27,300		714,173		(61.6	)
Mitsui DM Sugar Holdings Co. Ltd.		16,600		281,880		(24.3	)
Mitsui-Soko Holdings Co. Ltd.		5,700		169,551		(14.6	)
MIXI, Inc.		20,400		436,820		(37.7	)
Mizuho Leasing Co. Ltd.		15,200		431,512		(37.2	)
Mizuno Corp.		5,900		149,132		(12.9	)
Mochida Pharmaceutical Co. Ltd.		8,400		218,759		(18.9	)
Modec, Inc.		5,700		62,689		(5.4	)
Monogatari Corp.		17,800		379,199		(32.7	)
Morita Holdings Corp.		21,100		225,169		(19.4	)
MOS Food Services, Inc.		30,400		707,863		(61.1	)
Nakanishi, Inc.		41,200		791,328		(68.3	)
Nichias Corp.		8,300		170,034		(14.7	)
Nichicon Corp.		34,200		328,670		(28.4	)
Nichiden Corp.		1,800		27,034		(2.3	)
Nippn Corp.		8,100		106,660		(9.2	)
Nippon Ceramic Co. Ltd.		19,500		395,376		(34.1	)
Nippon Gas Co. Ltd.		36,400		518,842		(44.8	)
Nippon Light Metal Holdings Co. Ltd.		49,500		525,670		(45.3	)
Nippon Paper Industries Co. Ltd.		57,600		467,422		(40.3	)
Nippon Parking Development Co. Ltd.		77,300		135,013		(11.6	)
Nippon REIT Investment Corp.		287		682,877		(58.9	)
Nippon Road Co. Ltd.		3,700		222,126		(19.2	)
Nippon Seiki Co. Ltd.		19,800		127,681		(11.0	)
Nippon Soda Co. Ltd.		10,000		349,553		(30.2	)
Nishi-Nippon Financial Holdings, Inc.		61,600		519,952		(44.9	)
Nissan Shatai Co. Ltd.		1,500		10,441		(0.9	)
Nisshin Oillio Group Ltd.		8,000		202,508		(17.5	)
Nisshinbo Holdings, Inc.		22,600		176,315		(15.2	)
Nissin Electric Co. Ltd.		1,800		22,763		(2.0	)
Nissui Corp.		134,900		597,435		(51.5	)
Nittetsu Mining Co. Ltd.		8,800		241,189		(20.8	)
Nitto Boseki Co. Ltd.		15,800		223,785		(19.3	)
Nohmi Bosai Ltd.		3,500		45,729		(3.9	)
Nomura Co. Ltd.		45,400		318,459		(27.5	)
Noritsu Koki Co. Ltd.		11,900		198,222		(17.1	)
NSD Co. Ltd.		18,900		352,316		(30.4	)
NTN Corp.		187,600		469,460		(40.5	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Obara Group, Inc.		14,600	$	464,662		(40.1	)%
Oiles Corp.		22,700		290,684		(25.1	)
Okamoto Industries, Inc.		1,500		45,269		(3.9	)
Okamura Corp.		19,100		206,500		(17.8	)
Oki Electric Industry Co. Ltd.		87,600		481,426		(41.5	)
Okinawa Cellular Telephone Co.		10,000		226,383		(19.5	)
Okinawa Electric Power Co., Inc.		55,300		456,986		(39.4	)
Okumura Corp.		11,000		273,378		(23.6	)
Open Up Group, Inc.		11,100		166,538		(14.4	)
Optex Group Co. Ltd.		6,500		99,116		(8.5	)
Osaka Organic Chemical Industry Ltd.		8,900		136,676		(11.8	)
Outsourcing, Inc.		20,500		211,956		(18.3	)
Pacific Metals Co. Ltd.		14,600		205,940		(17.8	)
Pasona Group, Inc.		6,800		94,823		(8.2	)
PHC Holdings Corp.		3,400		35,427		(3.1	)
Pilot Corp.		6,500		219,411		(18.9	)
Plus Alpha Consulting Co. Ltd.		13,000		282,185		(24.3	)
Prestige International, Inc.		132,900		587,746		(50.7	)
Raito Kogyo Co. Ltd.		29,300		437,708		(37.8	)
Riso Kyoiku Co. Ltd.		52,200		115,642		(10.0	)
Round One Corp.		93,500		409,439		(35.3	)
Royal Holdings Co. Ltd.		11,500		247,052		(21.3	)
RS Technologies Co. Ltd.		8,800		200,508		(17.3	)
S Foods, Inc.		3,800		85,659		(7.4	)
Saizeriya Co. Ltd.		4,400		112,040		(9.7	)
Sakata Seed Corp.		25,900		767,836		(66.2	)
Sangetsu Corp.		5,100		86,157		(7.4	)
Sanken Electric Co. Ltd.		3,100		236,305		(20.4	)
Sanyo Chemical Industries Ltd.		1,800		57,276		(4.9	)
Sanyo Special Steel Co. Ltd.		2,200		39,451		(3.4	)
Sato Holdings Corp.		10,600		181,732		(15.7	)
Seiren Co. Ltd.		48,600		819,246		(70.7	)
Septeni Holdings Co. Ltd.		39,800		111,054		(9.6	)
Seria Co. Ltd.		19,600		353,230		(30.5	)
Shima Seiki Manufacturing Ltd.		800		11,091		(1.0	)
Shin-Etsu Polymer Co. Ltd.		34,600		345,430		(29.8	)
Shoei Co. Ltd.		30,600		575,439		(49.6	)
Solasto Corp.		10,300		48,649		(4.2	)
S-Pool, Inc.		33,700		158,439		(13.7	)
Star Asia Investment Corp.		1,260		522,806		(45.1	)
Starts Corp., Inc.		10,400		199,213		(17.2	)
Starts Proceed Investment Corp.		20		34,310		(3.0	)
Strike Co. Ltd.		12,000		326,574		(28.2	)
Sumitomo Mitsui Construction Co. Ltd.		122,100		350,743		(30.3	)
Sumitomo Warehouse Co. Ltd.		13,700		230,649		(19.9	)
Sun Frontier Fudousan Co. Ltd.		8,900		87,545		(7.5	)
Systena Corp.		352,100		738,189		(63.7	)
Tadano Ltd.		9,800		77,719		(6.7	)
Taikisha Ltd.		2,400		65,899		(5.7	)
Taiyo Holdings Co. Ltd.		12,200		223,474		(19.3	)
Takamatsu Construction Group Co. Ltd.		3,800		62,450		(5.4	)
Takara Standard Co. Ltd.		6,700		82,067		(7.1	)
Takeuchi Manufacturing Co. Ltd.		1,000		27,948		(2.4	)
Takuma Co. Ltd.		95,600		1,012,622		(87.4	)
Tamron Co. Ltd.		5,700		140,784		(12.1	)
TechMatrix Corp.		14,900		180,035		(15.5	)
T-Gaia Corp.		20,000		248,714		(21.5	)
TKC Corp.		2,000		54,781		(4.7	)
Tocalo Co. Ltd.		23,600		224,580		(19.4	)
Toho Titanium Co. Ltd.		13,200		199,836		(17.2	)
TOKAI Corp.		16,300		249,426		(21.5	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Tokai Rika Co. Ltd.		13,100	$	183,083		(15.8	)%
Token Corp.		4,000		235,882		(20.3	)
Tokyo Seimitsu Co. Ltd.		3,600		134,604		(11.6	)
Tokyo Steel Manufacturing Co. Ltd.		36,800		375,403		(32.4	)
Tokyotokeiba Co. Ltd.		18,400		588,669		(50.8	)
Tokyu Construction Co. Ltd.		96,900		520,212		(44.9	)
Tokyu REIT, Inc.		198		268,005		(23.1	)
Topcon Corp.		13,800		199,153		(17.2	)
Toridoll Holdings Corp.		34,100		737,206		(63.6	)
Torii Pharmaceutical Co. Ltd.		500		12,856		(1.1	)
Tosei Corp.		53,500		644,747		(55.6	)
Towa Pharmaceutical Co. Ltd.		26,000		376,096		(32.4	)
Toyo Ink SC Holdings Co. Ltd.		9,700		158,559		(13.7	)
Toyo Tanso Co. Ltd.		3,500		103,186		(8.9	)
TRE Holdings Corp.		8,800		78,434		(6.8	)
Tri Chemical Laboratories, Inc.		20,700		339,540		(29.3	)
Trusco Nakayama Corp.		29,200		513,717		(44.3	)
Tsubakimoto Chain Co.		3,800		95,345		(8.2	)
United Arrows Ltd.		44,100		651,998		(56.2	)
Universal Entertainment Corp.		8,800		187,895		(16.2	)
Usen-Next Holdings Co. Ltd.		4,300		97,787		(8.4	)
UT Group Co. Ltd.		15,600		302,646		(26.1	)
Valor Holdings Co. Ltd.		20,700		320,967		(27.7	)
ValueCommerce Co. Ltd.		56,700		559,190		(48.2	)
Vision, Inc.		5,600		71,221		(6.1	)
VT Holdings Co. Ltd.		50,900		202,615		(17.5	)
Wakita & Co. Ltd.		32,700		337,048		(29.1	)
WDB Holdings Co. Ltd.		5,100		77,195		(6.7	)
Yamazen Corp.		600		4,716		(0.4	)
Yellow Hat Ltd.		13,700		197,189		(17.0	)
Yurtec Corp.		43,200		266,015		(22.9	)
Zenrin Co. Ltd.		18,300		119,922		(10.3	)
Zuken, Inc.		17,700		455,600		(39.3	)
				68,097,845
Jersey
JTC PLC		26,579		261,457		(22.6	)
Luxembourg
SES SA		89,897		552,614		(47.7	)
Malta
Kambi Group PLC		14,458		239,293		(20.6	)
Netherlands
PostNL NV		128,705		230,185		(19.9	)
Shop Apotheke Europe NV		3,881		384,359		(33.1	)
TomTom NV		49,573		421,557		(36.4	)
uniQure NV		16,371		317,761		(27.4	)
Vastned Retail NV		415		9,372		(0.8	)
Wereldhave NV		13,150		200,194		(17.3	)
				1,563,428
New Zealand
a2 Milk Co. Ltd.		28,360		103,626		(8.9	)
Chorus Ltd.		9,524		50,945		(4.4	)
				154,571
Norway
Aker Solutions ASA		38,922		141,264		(12.2	)
Austevoll Seafood ASA		29,169		279,289		(24.1	)
Borregaard ASA, Registered Shares		7,428		126,378		(10.9	)
DNO ASA		220,061		224,230		(19.3	)
Elkem ASA		54,512		187,688		(16.2	)

74 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Norway (continued)
Frontline PLC		2,723	$	42,987		(3.7	)%
Grieg Seafood ASA		4,638		39,520		(3.4	)
Odfjell Drilling Ltd.		196,903		468,021		(40.4	)
Protector Forsikring ASA		12,172		179,520		(15.5	)
Schibsted ASA, B Shares		3,367		55,444		(4.8	)
SpareBank 1 Nord Norge		3,594		33,063		(2.9	)
SpareBank 1 SMN		8,329		109,167		(9.4	)
SpareBank 1 SR-Bank ASA		3,637		43,295		(3.7	)
Stolt-Nielsen Ltd.		6,731		197,739		(17.1	)
Storebrand ASA		25,220		197,816		(17.1	)
TGS ASA		10,756		171,674		(14.8	)
Veidekke ASA		1,399		16,353		(1.4	)
Wallenius Wilhelmsen ASA		4,780		36,370		(3.1	)
				2,549,818
Peru
Hochschild Mining PLC		171,924		152,333		(13.1	)
Portugal
REN - Redes Energeticas Nacionais SGPS SA		330,506		951,966		(82.1	)
Semapa-Sociedade de Investimento e Gestao		909		13,620		(1.2	)
Sonae SGPS SA		109,413		123,781		(10.7	)
				1,089,367
Puerto Rico
Evertec, Inc.		29,698		1,030,224		(88.9	)
Liberty Latin America Ltd.		11,907		105,615		(9.1	)
				1,135,839
Singapore
BW LPG Ltd.		40,672		333,342		(28.8	)
Capitaland India Trust		435,800		356,964		(30.8	)
Far East Hospitality Trust		145,000		67,547		(5.8	)
Frasers Centrepoint Trust		63,500		105,545		(9.1	)
Hour Glass Ltd.		42,100		65,826		(5.7	)
IGG, Inc.		1,192,000		985,354		(85.0	)
Sheng Siong Group Ltd.		243,900		324,011		(27.9	)
				2,238,589
South Africa
Scatec ASA		86,798		577,987		(49.9	)
South Korea
Magnachip Semiconductor Corp.		10,165		90,265		(7.8	)
Spain
Almirall SA		20,487		208,100		(18.0	)
Applus Services SA		2,284		19,017		(1.6	)
Cia de Distribucion Integral Logista Holdings SA		28,456		766,913		(66.2	)
Ebro Foods SA		8,676		159,747		(13.8	)
Laboratorios Farmaceuticos Rovi SA		5,427		238,115		(20.5	)
Mediaset Espana Comunicacion SA		29,392		96,904		(8.4	)
Melia Hotels International SA		14,165		90,713		(7.8	)
Pharma Mar SA		3,211		132,209		(11.4	)
Tecnicas Reunidas SA		1,049		9,661		(0.8	)
Unicaja Banco SA		219,247		220,519		(19.0	)
Viscofan SA		1,816		123,398		(10.7	)
				2,065,296
Sweden
AAK AB		8,999		179,667		(15.5	)
AddLife AB, Class A		6,657		78,295		(6.8	)
AddTech AB, B Shares		49,862		990,090		(85.4	)
Alleima AB		31,589		160,815		(13.9	)

Security	Shares		Value		% of Basket Value
Sweden (continued)
Ambea AB		2,817	$	10,616		(0.9	)%
Arjo AB, B Shares		39,847		175,199		(15.1	)
Atrium Ljungberg AB, B Shares		552		10,167		(0.9	)
Betsson AB		30,052		321,484		(27.7	)
BioGaia AB, B Shares		41,259		406,022		(35.0	)
Biotage AB		24,323		299,634		(25.9	)
Boozt AB		2,556		29,282		(2.5	)
Bravida Holding AB		18,398		221,847		(19.1	)
Bure Equity AB		1,749		44,289		(3.8	)
Camurus AB		4,112		92,757		(8.0	)
Cellavision AB		238		4,023		(0.4	)
Corem Property Group AB, B Shares		144,640		113,573		(9.8	)
Fortnox AB		66,213		452,304		(39.0	)
HMS Networks AB		6,472		298,620		(25.8	)
Intrum AB		17,518		156,757		(13.5	)
INVISIO AB		1,107		22,506		(1.9	)
MIPS AB		4,032		215,905		(18.6	)
Mycronic AB		28,997		609,630		(52.6	)
Nolato AB, B Shares		27,624		151,883		(13.1	)
NP3 Fastigheter AB		442		8,422		(0.7	)
Nyfosa AB		39,582		268,320		(23.1	)
Orron Energy ab		145,050		167,479		(14.5	)
Paradox Interactive AB		2,665		64,819		(5.6	)
Resurs Holding AB		8,541		16,120		(1.4	)
Samhallsbyggnadsbolaget i Norden AB		55,003		82,476		(7.1	)
Scandic Hotels Group AB		55,694		197,332		(17.0	)
Sdiptech AB, Class B		981		22,453		(1.9	)
Sectra AB, B Shares		19,993		312,470		(27.0	)
Storskogen Group AB		43,645		39,419		(3.4	)
Svolder AB		1,891		11,316		(1.0	)
Thule Group AB		3,470		99,503		(8.6	)
Troax Group AB		8,286		186,043		(16.1	)
Vitrolife AB		3,398		75,829		(6.5	)
Xvivo Perfusion AB		2,081		61,645		(5.3	)
				6,659,011
Switzerland
Allreal Holding AG, Registered Shares		1,326		234,044		(20.2	)
Aryzta AG		770,484		1,362,064		(117.5	)
Basilea Pharmaceutica AG, Registered Shares		8,287		399,379		(34.5	)
Bossard Holding AG, Registered Shares		59		14,388		(1.2	)
Bucher Industries AG, Registered Shares		922		412,960		(35.6	)
Burkhalter Holding AG		770		82,316		(7.1	)
Cembra Money Bank AG		1,256		100,315		(8.7	)
Comet Holding AG, Registered Shares		500		120,265		(10.4	)
Gurit Holding AG		1,220		122,363		(10.6	)
Huber & Suhner AG, Registered Shares		2,042		167,273		(14.4	)
Implenia AG, Registered Shares		2,234		100,282		(8.6	)
Inficon Holding AG, Registered Shares		317		343,461		(29.6	)
Kardex Holding AG, Registered Shares		922		209,588		(18.1	)
LEM Holding SA, Registered Shares		6		13,166		(1.1	)
Medacta Group SA		247		33,039		(2.8	)
Medartis Holding AG		550		45,864		(4.0	)
Orior AG		2,267		210,630		(18.2	)
Sensirion Holding AG		1,926		207,883		(17.9	)
Sulzer AG, Registered Shares		2,977		248,239		(21.4	)
Swissquote Group Holding SA, Registered Shares		1,748		372,291		(32.1	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Switzerland (continued)
Vetropack Holding AG, Registered Shares		4,143	$	214,044		(18.5	)%
Ypsomed Holding AG, Registered Shares		2,475		572,455		(49.4	)
				5,586,309
Turkey
Eldorado Gold Corp.		19,825		221,595		(19.1	)
United Kingdom
Advanced Medical Solutions Group PLC		2,398		7,277		(0.6	)
AG Barr PLC		40,203		250,304		(21.6	)
AJ Bell PLC		96,188		388,147		(33.5	)
Alpha Group International PLC		1,555		41,793		(3.6	)
Ashmore Group PLC		98,219		296,476		(25.6	)
ASOS PLC		7,462		68,401		(5.9	)
Babcock International Group PLC		11,719		46,303		(4.0	)
Balanced Commercial Property Trust Ltd.		232,244		236,461		(20.4	)
Big Yellow Group PLC		28,884		437,916		(37.8	)
Bodycote PLC		38,171		326,420		(28.2	)
boohoo Group PLC		555,104		338,608		(29.2	)
Bytes Technology Group PLC		174,799		899,952		(77.6	)
Chemring Group PLC		149,377		526,387		(45.4	)
Clarkson PLC		5,385		206,646		(17.8	)
Cranswick PLC		7,208		287,545		(24.8	)
CVS Group PLC		43,642		1,146,837		(98.9	)
Deliveroo PLC		32,082		43,497		(3.7	)
DiscoverIE Group PLC		31,401		328,995		(28.4	)
Dr Martens PLC		17,139		35,197		(3.0	)
Dunelm Group PLC		63,585		902,103		(77.8	)
Essentra PLC		116,792		299,350		(25.8	)
FD Technologies PLC		3,610		84,299		(7.3	)
Fevertree Drinks PLC		18,757		315,100		(27.2	)
Forterra PLC		9,387		22,475		(1.9	)
Frasers Group PLC		40,773		387,882		(33.5	)
Gamma Communications PLC		12,415		179,417		(15.5	)
Genuit Group PLC		25,779		95,969		(8.3	)
Genus PLC		4,045		134,627		(11.6	)
Grafton Group PLC, CDI		8,715		94,137		(8.1	)
Grainger PLC		124,402		398,354		(34.4	)
Hammerson PLC		76,096		26,445		(2.3	)
Helios Towers PLC		70,194		90,395		(7.8	)
Hill & Smith PLC		2,162		36,826		(3.2	)
Hunting PLC		53,825		155,725		(13.4	)
Ibstock PLC		75,425		158,396		(13.7	)
Impax Asset Management Group PLC		24,469		238,335		(20.6	)
IntegraFin Holdings PLC		21,793		73,494		(6.3	)
Johnson Service Group PLC		75,340		113,424		(9.8	)
Judges Scientific PLC		1,559		191,961		(16.6	)
Jupiter Fund Management PLC		94,019		151,506		(13.1	)
Just Group PLC		164,633		179,979		(15.5	)
Kainos Group PLC		41,258		633,936		(54.7	)
Lancashire Holdings Ltd.		95,472		726,210		(62.6	)
Learning Technologies Group PLC		86,955		120,786		(10.4	)
Luxfer Holdings PLC		6,486		98,912		(8.5	)
Marshalls PLC		37,682		140,037		(12.1	)
Mitchells & Butlers PLC		29,466		63,869		(5.5	)
Moneysupermarket.com Group PLC		63,586		216,615		(18.7	)
Morgan Advanced Materials PLC		51,830		197,523		(17.0	)
Morgan Sindall Group PLC		9,120		191,434		(16.5	)
National Express Group PLC		374,799		564,576		(48.7	)
OSB Group PLC		4,021		25,025		(2.2	)
Oxford Instruments PLC		2,078		71,028		(6.1	)

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Oxford Nanopore Technologies PLC		33,320	$	94,698		(8.2	)%
Paragon Banking Group PLC		33,568		208,869		(18.0	)
Premier Foods PLC		33,432		51,913		(4.5	)
QinetiQ Group PLC		152,007		700,002		(60.4	)
Quilter PLC		515,609		544,013		(46.9	)
Redde Northgate PLC		81,745		380,877		(32.9	)
RWS Holdings PLC		19,265		60,623		(5.2	)
Safestore Holdings PLC		26,535		325,727		(28.1	)
Savills PLC		9,834		117,275		(10.1	)
Shaftesbury Capital PLC		212,319		309,585		(26.7	)
SIG PLC		159,924		88,333		(7.6	)
Smart Metering Systems PLC		43,655		428,615		(37.0	)
Softcat PLC		28,717		476,617		(41.1	)
SThree PLC		55,819		291,270		(25.1	)
Telecom Plus PLC		16,204		361,729		(31.2	)
TP ICAP Group PLC		197,076		415,099		(35.8	)
Trainline PLC		53,122		164,077		(14.2	)
Trustpilot Group PLC		81,675		89,315		(7.7	)
UK Commercial Property REIT Ltd.		987,320		656,510		(56.6	)
Vesuvius PLC		106,243		533,869		(46.1	)
Victrex PLC		11,983		250,725		(21.6	)
Virgin Money UK PLC		341,672		662,249		(57.1	)
Volution Group PLC		65,994		354,250		(30.6	)
Wickes Group PLC		1,864		3,107		(0.3	)
YouGov PLC		10,210		107,357		(9.3	)
				20,970,016
United States
1-800-Flowers.com, Inc., Class A		6,548		60,307		(5.2	)
1st Source Corp.		2,441		101,741		(8.8	)
2seventy bio, Inc.		3,553		33,789		(2.9	)
2U, Inc.		27,782		153,912		(13.3	)
8x8, Inc.		99,944		286,839		(24.7	)
A10 Networks, Inc.		47,494		671,565		(57.9	)
Aaron’s Co., Inc.		6,152		82,129		(7.1	)
Abercrombie & Fitch Co., Class A		20,898		491,939		(42.4	)
ACADIA Pharmaceuticals, Inc.		14,079		300,305		(25.9	)
Accel Entertainment, Inc.		19,275		170,584		(14.7	)
ACI Worldwide, Inc.		10,994		278,478		(24.0	)
Acushnet Holdings Corp.		8,813		441,796		(38.1	)
Adaptive Biotechnologies Corp.		2,593		18,514		(1.6	)
Advanced Energy Industries, Inc.		8,534		738,191		(63.7	)
AdvanSix, Inc.		4,267		160,781		(13.9	)
Agenus, Inc.		4,948		7,471		(0.6	)
Agios Pharmaceuticals, Inc.		9,043		206,813		(17.8	)
Air Transport Services Group, Inc.		10,546		214,189		(18.5	)
Alarm.com Holdings, Inc.		5,715		272,548		(23.5	)
Albany International Corp., Class A		2,300		209,783		(18.1	)
Alector, Inc.		41,956		276,910		(23.9	)
Alexander & Baldwin, Inc.		5,005		96,246		(8.3	)
Alignment Healthcare, Inc.		10,884		68,460		(5.9	)
Allegiant Travel Co.		4,591		477,051		(41.2	)
ALLETE, Inc.		8,087		504,467		(43.5	)
Allogene Therapeutics, Inc.		40,811		221,604		(19.1	)
Alpha Metallurgical Resources, Inc.		534		78,263		(6.8	)
Amalgamated Financial Corp.		10,693		174,082		(15.0	)
Ambac Financial Group, Inc.		10,291		164,141		(14.2	)
Ambarella, Inc.		3,054		189,287		(16.3	)
Amedisys, Inc.		4,023		323,047		(27.9	)
American Assets Trust, Inc.		82,421		1,500,062		(129.4	)
American Axle & Manufacturing Holdings, Inc.		22,152		158,387		(13.7	)

76 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
American Software, Inc.		5,400	$	64,476		(5.6	)%
American Vanguard Corp.		7,773		149,630		(12.9	)
American Woodmark Corp.		9,667		488,377		(42.1	)
AMERISAFE, Inc.		4,252		236,624		(20.4	)
Amicus Therapeutics, Inc.		12,789		147,585		(12.7	)
Amneal Pharmaceuticals, Inc.		9,382		18,107		(1.6	)
Amphastar Pharmaceuticals, Inc.		7,057		252,429		(21.8	)
AnaptysBio, Inc.		5,904		122,921		(10.6	)
AngioDynamics, Inc.		12,608		104,899		(9.0	)
Anika Therapeutics, Inc.		3,627		93,069		(8.0	)
Apogee Enterprises, Inc.		16,737		712,327		(61.4	)
Appfolio, Inc.		625		87,263		(7.5	)
Arbor Realty Trust, Inc.		72,736		834,282		(72.0	)
Archrock, Inc.		23,526		242,083		(20.9	)
Arcus Biosciences, Inc.		19,416		346,576		(29.9	)
Arhaus, Inc.		5,508		44,174		(3.8	)
Armada Hoffler Properties, Inc.		15,601		182,844		(15.8	)
Arrow Financial Corp.		404		8,722		(0.8	)
Artisan Partners Asset Management, Inc., Class A		15,635		542,065		(46.8	)
Artivion, Inc.		2,792		38,725		(3.3	)
Arvinas, Inc.		9,485		248,602		(21.4	)
ASGN, Inc.		2,347		168,022		(14.5	)
AssetMark Financial Holdings, Inc.		10,327		316,832		(27.3	)
Associated Banc-Corp.		10,506		187,322		(16.2	)
Assured Guaranty Ltd.		22,591		1,216,977		(105.0	)
Astec Industries, Inc.		6,110		252,221		(21.8	)
AtriCure, Inc.		14,925		656,551		(56.6	)
Avantax, Inc.		17,652		447,831		(38.6	)
Avid Bioservices, Inc.		4,020		72,561		(6.3	)
Avid Technology, Inc.		6,316		186,385		(16.1	)
AvidXchange Holdings, Inc.		22,199		164,939		(14.2	)
Avient Corp.		11,878		457,422		(39.5	)
Axogen, Inc.		2,158		19,465		(1.7	)
Axonics, Inc.		1,456		83,662		(7.2	)
Axos Financial, Inc.		9,869		401,372		(34.6	)
Badger Meter, Inc.		6,697		886,214		(76.4	)
Bally’s Corp.		1,676		28,827		(2.5	)
BancFirst Corp.		1,953		156,025		(13.5	)
Bandwidth, Inc., Class A		25,815		314,169		(27.1	)
Bank of Hawaii Corp.		1,954		94,632		(8.2	)
Bar Harbor Bankshares		1,313		32,562		(2.8	)
Beam Therapeutics, Inc.		6,902		211,960		(18.3	)
Belden, Inc.		10,206		805,151		(69.5	)
Benchmark Electronics, Inc.		7,261		155,022		(13.4	)
Berry Corp.		34,572		264,130		(22.8	)
BGC Partners, Inc., Class A		4,066		18,419		(1.6	)
BJ’s Restaurants, Inc.		3,848		125,214		(10.8	)
Blackbaud, Inc.		4,984		345,665		(29.8	)
Bluebird Bio, Inc.		8,486		36,914		(3.2	)
Bluegreen Vacations Holding Corp.		1,035		29,798		(2.6	)
BlueLinx Holdings, Inc.		676		47,361		(4.1	)
Blueprint Medicines Corp.		6,111		311,967		(26.9	)
Boise Cascade Co.		4,278		292,230		(25.2	)
BOK Financial Corp.		4,385		367,770		(31.7	)
Bread Financial Holdings, Inc.		5,438		150,089		(12.9	)
BrightView Holdings, Inc.		3,518		19,455		(1.7	)
Brink’s Co.		6,066		381,248		(32.9	)
Broadstone Net Lease, Inc.		15,771		255,017		(22.0	)
Brookdale Senior Living, Inc.		132,728		569,403		(49.1	)
Buckle, Inc.		24,878		834,159		(72.0	)
Burford Capital Ltd.		7,809		101,200		(8.7	)

Security	Shares		Value		% of Basket Value
United States (continued)
Business First Bancshares, Inc.		3,483	$	53,708		(4.6	)%
Byline Bancorp, Inc.		16,794		324,964		(28.0	)
Caleres, Inc.		5,277		120,316		(10.4	)
California Resources Corp.		10,821		438,250		(37.8	)
Cal-Maine Foods, Inc.		9,547		453,482		(39.1	)
Cambridge Bancorp		992		51,237		(4.4	)
Camden National Corp.		2,307		73,709		(6.4	)
Cannae Holdings, Inc.		17,758		323,906		(27.9	)
Capital City Bank Group, Inc.		13,919		423,973		(36.6	)
Cara Therapeutics, Inc.		4,177		17,543		(1.5	)
CareDx, Inc.		17,633		142,651		(12.3	)
Cargurus, Inc.		20,972		344,780		(29.7	)
Castle Biosciences, Inc.		294		6,653		(0.6	)
Catalyst Pharmaceuticals, Inc.		10,795		171,856		(14.8	)
Century Aluminum Co.		30,636		263,163		(22.7	)
Century Communities, Inc.		2,222		149,629		(12.9	)
Cerence, Inc.		10,127		258,745		(22.3	)
Cerus Corp.		34,589		79,901		(6.9	)
CEVA, Inc.		4,207		105,722		(9.1	)
Chatham Lodging Trust		31,090		318,362		(27.5	)
Chefs’ Warehouse, Inc.		2,009		66,819		(5.8	)
Chegg, Inc.		43,901		789,340		(68.1	)
Chico’s FAS, Inc.		58,841		296,559		(25.6	)
Chimera Investment Corp.		51,167		290,629		(25.1	)
Cinemark Holdings, Inc.		26,677		450,308		(38.8	)
CIRCOR International, Inc.		13,318		370,773		(32.0	)
Clean Energy Fuels Corp.		22,168		94,657		(8.2	)
Clear Channel Outdoor Holdings, Inc.		46,740		59,360		(5.1	)
Clearwater Analytics Holdings, Inc., Class A		7,705		118,734		(10.2	)
Clearwater Paper Corp.		6,234		225,047		(19.4	)
Clearway Energy, Inc., Class A		21,315		617,709		(53.3	)
CNO Financial Group, Inc.		50,920		1,142,645		(98.6	)
Codexis, Inc.		67,912		266,215		(23.0	)
Coeur Mining, Inc.		64,669		219,875		(19.0	)
Cohen & Steers, Inc.		582		34,955		(3.0	)
Coherus Biosciences, Inc.		39,155		283,091		(24.4	)
Collegium Pharmaceutical, Inc.		1,121		26,086		(2.2	)
CommScope Holding Co., Inc.		3,003		14,805		(1.3	)
Community Health Systems, Inc.		56,981		361,260		(31.2	)
CommVault Systems, Inc.		33,177		1,933,224		(166.8	)
Compass Minerals International, Inc.		11,323		370,602		(32.0	)
ConnectOne Bancorp, Inc.		8,046		126,966		(11.0	)
Corcept Therapeutics, Inc.		45,218		1,018,762		(87.9	)
Core & Main, Inc., Class A		11,197		291,794		(25.2	)
CoreCivic, Inc.		5,590		49,136		(4.2	)
CorVel Corp.		38		7,677		(0.7	)
Covenant Logistics Group, Inc.		2,722		107,220		(9.2	)
Cracker Barrel Old Country Store, Inc.		1,951		207,118		(17.9	)
CrossFirst Bankshares, Inc.		7,012		70,330		(6.1	)
CSG Systems International, Inc.		6,174		325,246		(28.1	)
CSW Industrials, Inc.		1,603		215,876		(18.6	)
Dana, Inc.		25,134		371,732		(32.1	)
Dave & Buster’s Entertainment, Inc.		8,606		305,169		(26.3	)
Deciphera Pharmaceuticals, Inc.		9,416		133,801		(11.5	)
Denny’s Corp.		11,519		129,128		(11.1	)
DiamondRock Hospitality Co.		53,129		430,876		(37.2	)
Digi International, Inc.		10,413		314,056		(27.1	)
DigitalBridge Group, Inc.		3,162		39,304		(3.4	)
DigitalOcean Holdings, Inc.		12,940		408,128		(35.2	)
Dime Community Bancshares, Inc.		7,365		151,719		(13.1	)
Diversified Energy Co. PLC		127,114		149,133		(12.9	)
Domo, Inc.		7,171		113,875		(9.8	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Donegal Group, Inc., Class A		20,077	$	282,684		(24.4	)%
Dorian LPG Ltd.		31,073		690,442		(59.6	)
Duckhorn Portfolio, Inc.		79,427		1,199,348		(103.5	)
Ducommun, Inc.		4,144		207,200		(17.9	)
DXP Enterprises, Inc.		8,361		210,697		(18.2	)
Dycom Industries, Inc.		1,812		167,827		(14.5	)
Dyne Therapeutics, Inc.		10,229		105,972		(9.1	)
Eagle Pharmaceuticals, Inc.		13,689		384,387		(33.2	)
Earthstone Energy, Inc., Class A		2,998		40,653		(3.5	)
EchoStar Corp.		46,651		796,333		(68.7	)
Ecovyst, Inc.		73,082		829,481		(71.6	)
Editas Medicine, Inc.		37,288		304,270		(26.2	)
Elme Communities		42,117		725,676		(62.6	)
Embecta Corp.		11,742		325,840		(28.1	)
Emergent BioSolutions, Inc.		22,502		198,693		(17.1	)
Enanta Pharmaceuticals, Inc.		5,400		191,970		(16.6	)
Encore Wire Corp.		1,378		215,423		(18.6	)
Energy Recovery, Inc.		14,637		329,772		(28.4	)
Enerpac Tool Group Corp.		4,446		105,637		(9.1	)
Enfusion, Inc.		2,754		23,079		(2.0	)
Ennis, Inc.		3,808		73,989		(6.4	)
Enova International, Inc.		11,022		484,086		(41.8	)
EnPro Industries, Inc.		642		60,521		(5.2	)
Enstar Group Ltd.		546		131,368		(11.3	)
EPR Properties		21,823		915,693		(79.0	)
Equitrans Midstream Corp.		17,109		88,111		(7.6	)
Equity Bancshares, Inc.		300		7,065		(0.6	)
ESCO Technologies, Inc.		4,071		380,923		(32.9	)
Essent Group Ltd.		21,142		897,901		(77.5	)
Ethan Allen Interiors, Inc.		27,590		770,589		(66.5	)
Eventbrite, Inc.		16,071		116,836		(10.1	)
Everbridge, Inc.		8,712		228,951		(19.8	)
Everi Holdings, Inc.		31,710		481,992		(41.6	)
EW Scripps Co., Class A		16,721		140,958		(12.2	)
eXp World Holdings, Inc.		45,256		529,043		(45.6	)
Exponent, Inc.		18,431		1,696,574		(146.4	)
Extreme Networks, Inc.		23,336		414,914		(35.8	)
EZCORP, Inc.		8,301		71,472		(6.2	)
Fate Therapeutics, Inc.		58,749		356,606		(30.8	)
FibroGen, Inc.		21,543		368,816		(31.8	)
First Bancshares, Inc.		12,294		308,579		(26.6	)
First Busey Corp.		13,192		239,831		(20.7	)
First Financial Corp.		1,131		39,076		(3.4	)
First Foundation, Inc.		26,393		166,012		(14.3	)
First Hawaiian, Inc.		5,963		113,953		(9.8	)
First Interstate BancSystem, Inc.		6,042		154,615		(13.3	)
First Mid Bancshares, Inc.		325		8,567		(0.7	)
First of Long Island Corp.		13,250		155,025		(13.4	)
Fiverr International Ltd.		12,426		453,798		(39.1	)
Flushing Financial Corp.		8,741		105,154		(9.1	)
Forrester Research, Inc.		11,089		343,094		(29.6	)
Franklin BSP Realty Trust, Inc.		14,817		187,139		(16.1	)
Franklin Covey Co.		10,681		392,206		(33.8	)
Franklin Electric Co., Inc.		4,999		447,261		(38.6	)
Frontier Group Holdings, Inc.		18,954		179,873		(15.5	)
FRP Holdings, Inc.		3,217		186,586		(16.1	)
FTAI Aviation Ltd.		6,109		173,801		(15.0	)
Fulton Financial Corp.		15,836		188,923		(16.3	)
FutureFuel Corp.		10,725		80,438		(6.9	)
GATX Corp.		8,707		991,814		(85.6	)
Genco Shipping & Trading Ltd.		22,420		345,492		(29.8	)
Genesco, Inc.		6,306		218,566		(18.9	)

Security	Shares		Value		% of Basket Value
United States (continued)
Gentherm, Inc.		2,104	$	125,504		(10.8	)%
GEO Group, Inc.		15,433		116,210		(10.0	)
Gibraltar Industries, Inc.		2,800		140,112		(12.1	)
Gladstone Land Corp.		5,104		82,225		(7.1	)
Global Industrial Co.		7,585		202,140		(17.4	)
GMS, Inc.		7,655		444,449		(38.3	)
Golden Entertainment, Inc.		7,212		304,058		(26.2	)
GoodRx Holdings, Inc.		54,117		252,726		(21.8	)
Goosehead Insurance, Inc.		2,048		117,760		(10.2	)
GoPro, Inc., Class A		127,522		545,794		(47.1	)
Gorman-Rupp Co.		533		13,085		(1.1	)
Grand Canyon Education, Inc.		4,336		514,683		(44.4	)
Granite Point Mortgage Trust, Inc.		9,893		44,222		(3.8	)
Gray Television, Inc.		23,074		177,901		(15.3	)
Great Lakes Dredge & Dock Corp.		10,755		61,626		(5.3	)
Greif, Inc.		585		46,063		(4.0	)
Griffon Corp.		8,140		231,583		(20.0	)
Group 1 Automotive, Inc.		5,296		1,188,846		(102.6	)
Guardant Health, Inc.		6,080		137,165		(11.8	)
Gulfport Energy Corp.		3,728		337,235		(29.1	)
H&E Equipment Services, Inc.		12,611		460,301		(39.7	)
Hackett Group, Inc.		6,552		121,605		(10.5	)
Hain Celestial Group, Inc.		17,298		310,153		(26.8	)
Hamilton Lane, Inc., Class A		2,502		184,347		(15.9	)
Hancock Whitney Corp.		19,868		725,579		(62.6	)
Hanesbrands, Inc.		5,186		27,175		(2.3	)
Hannon Armstrong Sustainable Infrastructure
Capital, Inc.		17,133		486,235		(41.9	)
HarborOne Bancorp, Inc.		8,670		93,203		(8.0	)
Harmony Biosciences Holdings, Inc.		12,987		418,701		(36.1	)
Harsco Corp.		15,382		105,674		(9.1	)
Haverty Furniture Cos., Inc.		11,554		348,238		(30.0	)
Hawaiian Holdings, Inc.		54,661		455,326		(39.3	)
HBT Financial, Inc.		6,023		106,246		(9.2	)
Healthcare Services Group, Inc.		11,914		185,978		(16.0	)
Heartland Financial USA, Inc.		13,329		433,992		(37.4	)
Heidrick & Struggles International, Inc.		9,809		246,304		(21.2	)
Helen of Troy Ltd.		2,795		280,450		(24.2	)
Helix Energy Solutions Group, Inc.		64,918		470,655		(40.6	)
Herbalife Ltd.		27,293		405,574		(35.0	)
Heron Therapeutics, Inc.		35,996		86,030		(7.4	)
Hingham Institution For Savings The		47		9,144		(0.8	)
Horizon Bancorp, Inc.		34,451		362,769		(31.3	)
Hub Group, Inc., Class A		5,617		423,522		(36.5	)
Huron Consulting Group, Inc.		3,737		316,860		(27.3	)
I3 Verticals, Inc., Class A		7,072		164,424		(14.2	)
IDT Corp.		14,709		488,486		(42.1	)
IGM Biosciences, Inc.		5,050		54,692		(4.7	)
ImmunoGen, Inc.		21,951		118,316		(10.2	)
Independent Bank Corp.		14,445		257,410		(22.2	)
Independent Bank Group, Inc.		6,281		228,503		(19.7	)
Innoviva, Inc.		34,790		408,087		(35.2	)
Installed Building Products, Inc.		2,324		288,803		(24.9	)
Integer Holdings Corp.		3,350		275,872		(23.8	)
Inter Parfums, Inc.		1,386		210,381		(18.1	)
Intercept Pharmaceuticals, Inc.		31,586		547,070		(47.2	)
Interface, Inc.		13,954		109,399		(9.4	)
International Bancshares Corp.		3,974		169,571		(14.6	)
International Seaways, Inc.		26,000		1,035,320		(89.3	)
Invesco Mortgage Capital, Inc.		13,121		139,214		(12.0	)
Iovance Biotherapeutics, Inc.		8,745		49,322		(4.3	)
Ironwood Pharmaceuticals, Inc.		79,053		822,942		(71.0	)

78 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
J & J Snack Foods Corp.		1,215	$	186,138		(16.1	)%
Jamf Holding Corp.		12,750		241,230		(20.8	)
Janus International Group, Inc.		44,410		399,690		(34.5	)
JELD-WEN Holding, Inc.		6,057		77,408		(6.7	)
JetBlue Airways Corp.		139,592		996,687		(86.0	)
Johnson Outdoors, Inc.		140		8,120		(0.7	)
Kadant, Inc.		3,952		734,400		(63.4	)
Kaiser Aluminum Corp.		1,872		123,028		(10.6	)
KAR Auction Services, Inc.		18,659		252,643		(21.8	)
Karyopharm Therapeutics, Inc.		18,567		66,470		(5.7	)
Kearny Financial Corp.		15,891		123,791		(10.7	)
Kennametal, Inc.		15,472		401,653		(34.6	)
Kforce, Inc.		5,513		326,039		(28.1	)
Knowles Corp.		18,402		310,626		(26.8	)
Kodiak Sciences, Inc.		6,267		27,449		(2.4	)
Kohl’s Corp.		6,770		149,143		(12.9	)
Kontoor Brands, Inc.		10,337		466,922		(40.3	)
Korn Ferry		8,619		413,884		(35.7	)
Kratos Defense & Security Solutions, Inc.		6,827		88,068		(7.6	)
Kura Oncology, Inc.		16,398		159,717		(13.8	)
Kymera Therapeutics, Inc.		779		24,570		(2.1	)
Ladder Capital Corp.		11,186		104,589		(9.0	)
Laureate Education, Inc.		71,464		885,439		(76.4	)
La-Z-Boy, Inc.		11,170		320,914		(27.7	)
LeMaitre Vascular, Inc.		7,449		402,246		(34.7	)
LendingTree, Inc.		29,043		692,095		(59.7	)
Liberty Media Corp.-Liberty Braves		2,823		110,577		(9.5	)
Ligand Pharmaceuticals, Inc.		4,104		313,340		(27.0	)
Lindsay Corp.		6,538		789,398		(68.1	)
Lions Gate Entertainment Corp.		6,449		74,164		(6.4	)
LivaNova PLC		11,777		564,118		(48.7	)
Live Oak Bancshares, Inc.		7,128		167,936		(14.5	)
LivePerson, Inc.		38,840		179,829		(15.5	)
LiveRamp Holdings, Inc.		15,814		380,959		(32.9	)
LSB Industries, Inc.		20,967		187,235		(16.2	)
LXP Industrial Trust		20,946		196,892		(17.0	)
Macerich Co.		15,764		157,482		(13.6	)
Malibu Boats, Inc., Class A		24,674		1,400,249		(120.8	)
Manitowoc Co., Inc.		4,806		73,484		(6.3	)
Marcus Corp.		39,976		700,380		(60.4	)
MarineMax, Inc.		14,011		408,000		(35.2	)
Marqeta, Inc.		2,873		11,636		(1.0	)
Marten Transport Ltd.		15,496		312,864		(27.0	)
Masonite International Corp.		2,591		236,843		(20.4	)
Matson, Inc.		9,192		625,332		(53.9	)
MaxLinear, Inc.		7,755		187,128		(16.1	)
McGrath RentCorp		873		77,592		(6.7	)
MDC Holdings, Inc.		7,376		302,195		(26.1	)
Medifast, Inc.		5,002		458,433		(39.5	)
Mercantile Bank Corp.		1,544		43,325		(3.7	)
Merchants Bancorp/IN		2,933		68,046		(5.9	)
Mercury General Corp.		24,317		739,480		(63.8	)
MFA Financial, Inc.		63,125		674,806		(58.2	)
MGE Energy, Inc.		1,176		90,093		(7.8	)
MGP Ingredients, Inc.		3,569		352,189		(30.4	)
Midland States Bancorp, Inc.		10,244		204,880		(17.7	)
MidWestOne Financial Group, Inc.		5,633		116,603		(10.1	)
MiMedx Group, Inc.		2,267		8,683		(0.7	)
MiNK Therapeutics, Inc.		72		129		(0.0	)
Mister Car Wash, Inc.		46,303		408,392		(35.2	)
Mitek Systems, Inc.		15,294		137,952		(11.9	)
Model N, Inc.		23,403		720,812		(62.2	)

Security	Shares		Value		% of Basket Value
United States (continued)
ModivCare, Inc.		1,883	$	119,759		(10.3	)%
Momentive Global, Inc.		6,383		59,936		(5.2	)
Monarch Casino & Resort, Inc.		8,748		606,761		(52.3	)
Moog, Inc., Class A		971		87,497		(7.5	)
Morningstar, Inc.		3,778		673,655		(58.1	)
Movado Group, Inc.		4,868		124,718		(10.8	)
Mr Cooper Group, Inc.		15,923		737,235		(63.6	)
MRC Global, Inc.		65,706		639,976		(55.2	)
MSA Safety, Inc.		3,346		434,143		(37.5	)
Myers Industries, Inc.		4,804		91,036		(7.9	)
MYR Group, Inc.		6,434		823,488		(71.0	)
Myriad Genetics, Inc.		5,951		126,697		(10.9	)
Nabors Industries Ltd.		4,489		447,733		(38.6	)
Napco Security Technologies, Inc.		15,860		491,660		(42.4	)
National Beverage Corp.		10,770		535,269		(46.2	)
National HealthCare Corp.		7,419		429,634		(37.1	)
National Research Corp.		1,100		47,883		(4.1	)
National Vision Holdings, Inc.		16,544		348,086		(30.0	)
Navient Corp.		14,033		232,106		(20.0	)
Nektar Therapeutics		83,775		63,024		(5.4	)
NeoGenomics, Inc.		7,436		108,714		(9.4	)
NETGEAR, Inc.		8,167		115,400		(10.0	)
Nevro Corp.		13,880		406,268		(35.0	)
New York Mortgage Trust, Inc.		6,114		62,852		(5.4	)
Newmark Group, Inc.		32,872		208,408		(18.0	)
NexPoint Residential Trust, Inc.		36,088		1,549,258		(133.6	)
NextEra Energy Partners LP		14,205		816,930		(70.5	)
NextGen Healthcare, Inc.		31,675		530,239		(45.7	)
Nordstrom, Inc.		9,486		146,654		(12.7	)
NOW, Inc.		20,378		217,433		(18.8	)
Nurix Therapeutics, Inc.		2,851		27,455		(2.4	)
NV5 Global, Inc.		1,254		118,791		(10.2	)
Oceaneering International, Inc.		20,006		354,706		(30.6	)
Oil States International, Inc.		14,155		99,651		(8.6	)
Old Second Bancorp, Inc.		32,636		401,096		(34.6	)
Omega Flex, Inc.		236		25,962		(2.2	)
Omnicell, Inc.		3,895		236,699		(20.4	)
OPKO Health, Inc.		6,326		9,299		(0.8	)
Organogenesis Holdings, Inc.		7,774		15,937		(1.4	)
Oscar Health, Inc.		12,809		86,205		(7.4	)
OSI Systems, Inc.		2,246		253,708		(21.9	)
Outfront Media, Inc.		32,314		538,351		(46.4	)
Oxford Industries, Inc.		3,504		361,578		(31.2	)
Pacira BioSciences, Inc.		15,807		716,215		(61.8	)
Pactiv Evergreen, Inc.		3,262		25,770		(2.2	)
PacWest Bancorp		7,391		75,019		(6.5	)
PagerDuty, Inc.		8,818		265,069		(22.9	)
Palomar Holdings, Inc.		3,764		189,179		(16.3	)
Papa John’s International, Inc.		4,247		317,633		(27.4	)
Par Pacific Holdings, Inc.		5,054		118,415		(10.2	)
Park Hotels & Resorts, Inc.		124,057		1,494,887		(129.0	)
Parsons Corp.		7,720		335,820		(29.0	)
Patterson-UTI Energy, Inc.		21,977		245,923		(21.2	)
Payoneer Global, Inc.		10,871		59,356		(5.1	)
Pebblebrook Hotel Trust		52,300		744,229		(64.2	)
Pennant Group, Inc.		1,553		21,540		(1.9	)
PennyMac Financial Services, Inc.		2,651		165,661		(14.3	)
Peoples Bancorp, Inc.		16,657		434,081		(37.4	)
Perdoceo Education Corp.		12,154		157,759		(13.6	)
Petco Health & Wellness Co., Inc.		69,683		694,043		(59.9	)
PGT Innovations, Inc.		10,474		268,763		(23.2	)
Photronics, Inc.		11,435		165,350		(14.3	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Pilgrim’s Pride Corp.		7,931	$	180,906		(15.6	)%
PJT Partners, Inc.		9,278		638,048		(55.0	)
Plains GP Holdings LP, Class A		66,534		891,556		(76.9	)
PMV Pharmaceuticals, Inc.		10,371		47,810		(4.1	)
Poseida Therapeutics, Inc.		7,705		20,341		(1.8	)
PowerSchool Holdings, Inc., Class A		15,713		328,087		(28.3	)
Premier Financial Corp.		14,126		234,633		(20.2	)
Prestige Consumer Healthcare, Inc.		11,556		711,041		(61.3	)
PriceSmart, Inc.		3,711		273,426		(23.6	)
Primoris Services Corp.		4,689		118,632		(10.2	)
PROS Holdings, Inc.		22,672		643,205		(55.5	)
Q2 Holdings, Inc.		22,635		557,274		(48.1	)
QCR Holdings, Inc.		1,195		49,473		(4.3	)
Quaker Chemical Corp.		3,203		597,776		(51.6	)
Quanex Building Products Corp.		4,666		89,121		(7.7	)
QuinStreet, Inc.		4,911		54,561		(4.7	)
RadNet, Inc.		6,623		183,192		(15.8	)
Rapid7, Inc.		4,305		209,266		(18.1	)
Rayonier, Inc.		9,799		307,297		(26.5	)
RCI Hospitality Holdings, Inc.		285		21,347		(1.8	)
RE/MAX Holdings, Inc., Class A		7,416		143,203		(12.4	)
Red Rock Resorts, Inc.		5,998		292,702		(25.2	)
REGENXBIO, Inc., Registered Shares		12,864		249,047		(21.5	)
Repay Holdings Corp.		13,968		87,579		(7.6	)
Retail Opportunity Investments Corp.		45,921		598,351		(51.6	)
Revolve Group, Inc.		14,647		302,461		(26.1	)
REX American Resources Corp.		6,865		194,211		(16.8	)
RLJ Lodging Trust		95,218		961,702		(83.0	)
RMR Group, Inc., Class A		20,507		487,041		(42.0	)
RPC, Inc.		20,595		152,197		(13.1	)
RPT Realty		13,772		128,080		(11.0	)
Rush Enterprises, Inc.		6,678		391,197		(33.7	)
Rush Enterprises, Inc., Class A		18,255		969,523		(83.6	)
Ruth’s Hospitality Group, Inc.		23,819		384,915		(33.2	)
Safehold, Inc.		16,551		458,794		(39.6	)
Sangamo Therapeutics, Inc.		34,132		50,174		(4.3	)
Sanmina Corp.		16,868		881,522		(76.0	)
ScanSource, Inc.		5,364		146,705		(12.7	)
Schneider National, Inc.		25,082		656,396		(56.6	)
Schnitzer Steel Industries, Inc.		11,033		318,743		(27.5	)
SEMrush Holdings, Inc., Class A		16,462		159,023		(13.7	)
Semtech Corp.		14,137		275,530		(23.8	)
Sensient Technologies Corp.		4,842		360,535		(31.1	)
Seres Therapeutics, Inc.		3,971		19,359		(1.7	)
Seritage Growth Properties		9,355		70,069		(6.0	)
Service Properties Trust		23,027		201,947		(17.4	)
ServisFirst Bancshares, Inc.		3,667		185,183		(16.0	)
Shoe Carnival, Inc.		2,854		66,356		(5.7	)
Shutterstock, Inc.		8,098		542,566		(46.8	)
Shyft Group, Inc.		2,731		68,493		(5.9	)
Silk Road Medical, Inc.		7,672		337,721		(29.1	)
Simpson Manufacturing Co., Inc.		4,252		534,817		(46.1	)
Simulations Plus, Inc.		2,812		117,401		(10.1	)
Sinclair Broadcast Group, Inc., Class A		11,439		227,522		(19.6	)
Six Flags Entertainment Corp.		27,809		674,924		(58.2	)
SkyWest, Inc.		9,314		263,586		(22.7	)
Sleep Number Corp.		2,849		64,245		(5.5	)
SmartFinancial, Inc.		1,650		35,541		(3.1	)
SolarWinds Corp.		6,165		53,142		(4.6	)
Sonic Automotive, Inc., Class A		2,448		108,985		(9.4	)
Sovos Brands, Inc.		9,508		163,062		(14.1	)
SpartanNash Co.		18,621		456,587		(39.4	)

Security	Shares		Value		% of Basket Value
United States (continued)
Sportsman’s Warehouse Holdings, Inc.		9,099	$	56,596		(4.9	)%
Sprinklr, Inc.		1,343		16,062		(1.4	)
Sprout Social, Inc., Class A		1,503		74,038		(6.4	)
SPX Technologies, Inc.		18,399		1,171,648		(101.1	)
STAAR Surgical Co.		7,605		535,924		(46.2	)
Standard Motor Products, Inc.		3,990		143,680		(12.4	)
Standex International Corp.		2,624		322,253		(27.8	)
Steelcase, Inc.		16,704		133,632		(11.5	)
Stepan Co.		1,476		136,087		(11.7	)
Sterling Infrastructure, Inc.		13,030		481,068		(41.5	)
Steven Madden Ltd.		10,253		359,265		(31.0	)
Stitch Fix, Inc.		38,682		131,906		(11.4	)
Stoke Therapeutics, Inc.		10,440		92,812		(8.0	)
StoneX Group, Inc.		603		59,136		(5.1	)
Summit Hotel Properties, Inc.		13,992		90,108		(7.8	)
SunCoke Energy, Inc.		6,343		49,349		(4.3	)
Sunnova Energy International, Inc.		12,598		226,260		(19.5	)
SunPower Corp.		6,543		86,498		(7.5	)
Supernus Pharmaceuticals, Inc.		34,375		1,267,062		(109.3	)
Sylvamo Corp.		3,027		138,697		(12.0	)
Talos Energy, Inc.		12,370		168,603		(14.5	)
Tandem Diabetes Care, Inc.		3,941		155,985		(13.5	)
Target Hospitality Corp.		5,357		67,552		(5.8	)
TechTarget, Inc.		12,597		429,432		(37.0	)
Theravance Biopharma, Inc.		14,719		159,407		(13.8	)
Thermon Group Holdings, Inc.		3,153		65,519		(5.7	)
Thryv Holdings, Inc.		4,834		108,572		(9.4	)
Tiptree, Inc.		1,066		14,679		(1.3	)
Titan International, Inc.		2,246		21,921		(1.9	)
Titan Machinery, Inc.		5,075		159,101		(13.7	)
Tompkins Financial Corp.		255		14,948		(1.3	)
Transcat, Inc.		691		52,716		(4.5	)
Travere Therapeutics, Inc.		15,025		324,089		(28.0	)
Treace Medical Concepts, Inc.		2,675		65,511		(5.7	)
Tri Pointe Homes, Inc.		15,003		430,286		(37.1	)
Trinity Industries, Inc.		9,802		234,758		(20.3	)
Trinseo PLC		4,693		85,037		(7.3	)
TripAdvisor, Inc.		3,192		56,594		(4.9	)
Triumph Group, Inc.		10,823		116,997		(10.1	)
TrueBlue, Inc.		7,633		115,640		(10.0	)
TTM Technologies, Inc.		6,811		80,438		(6.9	)
Turning Point Brands, Inc.		38,710		920,911		(79.4	)
Tutor Perini Corp.		46,483		246,360		(21.3	)
Twist Bioscience Corp.		10,345		129,106		(11.1	)
Ultragenyx Pharmaceutical, Inc.		12,443		543,386		(46.9	)
UMB Financial Corp.		5,229		332,617		(28.7	)
Under Armour, Inc.		21,488		172,764		(14.9	)
United Fire Group, Inc.		16,594		446,379		(38.5	)
United States Cellular Corp.		10,952		232,620		(20.1	)
Uniti Group, Inc.		27,364		93,585		(8.1	)
Unitil Corp.		10,081		560,403		(48.3	)
Univest Financial Corp.		8,929		179,651		(15.5	)
Urban Edge Properties		4,859		71,282		(6.1	)
US Physical Therapy, Inc.		664		70,689		(6.1	)
US Silica Holdings, Inc.		71,556		933,806		(80.6	)
USANA Health Sciences, Inc.		10,060		667,682		(57.6	)
Utz Brands, Inc.		4,967		93,926		(8.1	)
UWM Holdings Corp.		10,229		61,374		(5.3	)
Vanda Pharmaceuticals, Inc.		37,363		229,409		(19.8	)
Varex Imaging Corp.		10,442		185,241		(16.0	)
Varonis Systems, Inc.		3,509		81,268		(7.0	)
Vector Group Ltd.		93,504		1,191,241		(102.8	)

80 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Veeco Instruments, Inc.		23,644		$	435,522			(37.6	)%
Veracyte, Inc.		8,411			190,425			(16.4	)
Vericel Corp.		6,780			213,638			(18.4	)
Verint Systems, Inc.		15,954			582,161			(50.2	)
Veritex Holdings, Inc.		6,134			105,566			(9.1	)
Veritiv Corp.		1,027			117,971			(10.2	)
Vertex, Inc., Class A		1,101			22,736			(2.0	)
Vicor Corp.		8,418			361,721			(31.2	)
Victory Capital Holdings, Inc., Class A		32,883			1,004,247			(86.6	)
Vimeo, Inc.		26,077			85,793			(7.4	)
Virtus Investment Partners, Inc.		102			18,585			(1.6	)
Vishay Precision Group, Inc.		1,843			69,186			(6.0	)
Vital Farms, Inc.		14,312			184,339			(15.9	)
Wabash National Corp.		7,610			195,349			(16.9	)
Walker & Dunlop, Inc.		6,273			422,236			(36.4	)
Warby Parker, Inc.		9,473			99,751			(8.6	)
Warrior Met Coal, Inc.		6,136			212,122			(18.3	)
Washington Trust Bancorp, Inc.		19,145			538,166			(46.4	)
Watts Water Technologies, Inc., Class A		1,824			294,996			(25.4	)
Weis Markets, Inc.		3,204			264,298			(22.8	)
Whitestone REIT		32,177			287,984			(24.8	)
Winmark Corp.		3,305			1,103,606			(95.2	)
World Acceptance Corp.		1,337			134,903			(11.6	)
World Fuel Services Corp.		23,956			566,320			(48.9	)
Xencor, Inc.		7,964			210,568			(18.2	)
Xerox Holdings Corp.		44,555			698,177			(60.2	)
Yelp, Inc.		30,274			905,798			(78.1	)
Yext, Inc.		51,251			449,984			(38.8	)
Zeta Global Holdings Corp.		25,599			248,566			(21.4	)
ZipRecruiter, Inc.		24,088			408,051			(35.2	)
Zumiez, Inc.		19,596			342,636			(29.6	)
					166,722,881
Preferred Stocks
Germany
Schaeffler AG		93,085			670,241			(57.8	)
Total Reference Entity — Long					334,054,813
Reference Entity — Short
Common Stocks
Australia
ARB Corp. Ltd.		(17,362	)		(375,914	)		32.4
AUB Group Ltd.		(3,185	)		(59,122	)		5.1
Australian Clinical Labs Ltd.		(10,194	)		(24,233	)		2.1
Bapcor Ltd.		(35,786	)		(158,297	)		13.7
Bega Cheese Ltd.		(43,856	)		(111,914	)		9.7
Bellevue Gold Ltd.		(176,183	)		(167,614	)		14.5
Boss Energy Ltd.		(40,542	)		(72,269	)		6.2
Breville Group Ltd.		(34,565	)		(480,977	)		41.5
Brickworks Ltd.		(10,000	)		(168,503	)		14.5
BWP Trust		(44,790	)		(117,006	)		10.1
Capricorn Metals Ltd.		(172,884	)		(516,133	)		44.5
Centuria Industrial REIT		(74,501	)		(156,937	)		13.5
Collins Foods Ltd.		(10,640	)		(62,120	)		5.4
Coronado Global Resources, Inc., CDI		(296,295	)		(330,932	)		28.5
Corporate Travel Management Ltd.		(44,140	)		(625,965	)		54.0
Costa Group Holdings Ltd.		(14,982	)		(25,198	)		2.2
De Grey Mining Ltd.		(198,387	)		(215,767	)		18.6
Dicker Data Ltd.		(34,561	)		(189,597	)		16.4
G8 Education Ltd.		(158,906	)		(130,433	)		11.2

Security	Shares			Value			% of Basket Value
Australia (continued)
Gold Road Resources Ltd.		(64,400	)	$	(81,152	)		7.0	%
GUD Holdings Ltd.		(40,239	)		(260,073	)		22.4
Hansen Technologies Ltd.		(23,497	)		(71,336	)		6.2
Healius Ltd.		(121,571	)		(244,900	)		21.1
HomeCo Daily Needs REIT		(277,332	)		(224,604	)		19.4
Imugene Ltd.		(1,689,376	)		(143,119	)		12.3
Ingenia Communities Group		(290,996	)		(839,463	)		72.4
Inghams Group Ltd.		(470,451	)		(890,302	)		76.8
Integral Diagnostics Ltd.		(20,640	)		(43,808	)		3.8
IRESS Ltd.		(85,899	)		(598,026	)		51.6
Kelsian Group Ltd.		(61,945	)		(255,721	)		22.1
Leo Lithium Ltd.		(291,767	)		(103,816	)		9.0
Link Administration Holdings Ltd.		(199,877	)		(285,707	)		24.6
Megaport Ltd.		(33,125	)		(126,544	)		10.9
Mincor Resources NL		(43,849	)		(41,532	)		3.6
nib holdings Ltd.		(34,410	)		(178,830	)		15.4
Nine Entertainment Co. Holdings Ltd.		(261,775	)		(365,937	)		31.6
NRW Holdings Ltd.		(46,590	)		(75,884	)		6.5
OceanaGold Corp.		(105,249	)		(243,722	)		21.0
Omni Bridgeway Ltd.		(116,046	)		(179,450	)		15.5
Paladin Energy Ltd.		(491,111	)		(218,870	)		18.9
PEXA Group Ltd.		(46,591	)		(418,828	)		36.1
PointsBet Holdings Ltd.		(323,085	)		(340,381	)		29.4
Sayona Mining Ltd.		(3,080,410	)		(421,953	)		36.4
Select Harvests Ltd.		(19,123	)		(56,871	)		4.9
Sigma Healthcare Ltd.		(274,831	)		(129,256	)		11.1
Super Retail Group Ltd.		(45,202	)		(413,286	)		35.7
Telix Pharmaceuticals Ltd.		(34,174	)		(233,706	)		20.2
Tietto Minerals Ltd.		(371,011	)		(148,883	)		12.8
United Malt Grp Ltd.		(156,886	)		(466,084	)		40.2
Webjet Ltd.		(150,394	)		(753,058	)		65.0
					(12,844,033	)
Austria
CA Immobilien Anlagen AG		(4,622	)		(133,055	)		11.5
EVN AG		(5,869	)		(140,346	)		12.1
Semperit AG Holding		(2,018	)		(52,550	)		4.5
					(325,951	)
Bahamas
OneSpaWorld Holdings Ltd.		(12,254	)		(147,048	)		12.7
Belgium
Aedifica SA		(9,581	)		(793,938	)		68.5
Bekaert SA		(14,637	)		(675,907	)		58.3
Biocartis Group NV		(30	)		(20	)		0.0
bpost SA		(65,006	)		(316,824	)		27.3
Cofinimmo SA		(11,561	)		(1,096,091	)		94.6
Deme Group NV		(2,307	)		(302,847	)		26.1
Intervest Offices & Warehouses NV		(4,159	)		(85,219	)		7.4
KBC Ancora		(6,580	)		(314,125	)		27.1
Kinepolis Group NV		(11,728	)		(588,960	)		50.8
Recticel SA		(7,091	)		(100,183	)		8.6
Tessenderlo Group SA		(19,360	)		(636,348	)		54.9
VGP NV		(3,505	)		(364,152	)		31.4
Xior Student Housing NV		(4,422	)		(139,392	)		12.0
					(5,414,006	)
Bermuda
Cool Co. Ltd.		(31,842	)		(398,098	)		34.3
Canada
Absolute Software Corp.		(23,284	)		(183,981	)		15.9

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
ADENTRA, Inc.		(11,090	)	$	(215,322	)		18.6	%
Ag Growth International, Inc.		(3,001	)		(132,801	)		11.5
Algoma Steel Group, Inc.		(11,739	)		(87,443	)		7.5
Allied Properties Real Estate Investment Trust		(33,508	)		(569,694	)		49.2
Altus Group Ltd.		(4,932	)		(198,295	)		17.1
Andlauer Healthcare Group, Inc.		(1,335	)		(51,337	)		4.4
ATS Corp.		(15,093	)		(653,829	)		56.4
Brookfield Reinsurance Ltd.		(3,651	)		(119,780	)		10.3
Calian Group Ltd.		(174	)		(8,160	)		0.7
Canadian Western Bank		(33,103	)		(600,620	)		51.8
Cascades, Inc.		(36,708	)		(302,550	)		26.1
Choice Properties Real Estate Investment Trust		(52,141	)		(570,020	)		49.2
Cogeco, Inc.		(4,231	)		(182,176	)		15.7
Converge Technology Solutions Corp.		(135,673	)		(334,992	)		28.9
Corby Spirit and Wine Ltd.		(490	)		(5,691	)		0.5
Definity Financial Corp.		(10,685	)		(292,725	)		25.3
Denison Mines Corp.		(88,191	)		(98,031	)		8.5
Docebo, Inc.		(2,478	)		(97,297	)		8.4
Dye & Durham Ltd.		(16,383	)		(176,636	)		15.2
Enerflex Ltd.		(44,454	)		(272,811	)		23.5
Enghouse Systems Ltd.		(1,739	)		(48,452	)		4.2
EQB, Inc.		(356	)		(15,974	)		1.4
Equinox Gold Corp.		(2,939	)		(14,505	)		1.3
Fiera Capital Corp.		(3,316	)		(18,403	)		1.6
Filo Mining Corp.		(26,321	)		(443,391	)		38.3
Headwater Exploration, Inc.		(52,759	)		(245,110	)		21.1
i-80 Gold Corp.		(37,120	)		(94,241	)		8.1
InterRent Real Estate Investment Trust		(105,068	)		(1,016,828	)		87.7
Jamieson Wellness, Inc.		(2,269	)		(56,662	)		4.9
K92 Mining, Inc.		(3,432	)		(16,526	)		1.4
Killam Apartment Real Estate Investment Trust		(29,109	)		(365,844	)		31.6
Labrador Iron Ore Royalty Corp.		(11,115	)		(253,686	)		21.9
Lassonde Industries, Inc.		(323	)		(23,405	)		2.0
MAG Silver Corp.		(30,536	)		(401,529	)		34.6
Maple Leaf Foods, Inc.		(38,017	)		(787,445	)		67.9
Minto Apartment Real Estate Investment Trust		(42,337	)		(447,586	)		38.6
North West Co., Inc.		(16,532	)		(490,459	)		42.3
NorthWest Healthcare Properties Real Estate Investment Trust		(62,977	)		(383,334	)		33.1
Orla Mining Ltd.		(44,373	)		(202,848	)		17.5
Osisko Mining, Inc.		(13,111	)		(37,818	)		3.3
Park Lawn Corp.		(5,386	)		(106,124	)		9.2
Pipestone Energy Corp.		(204,177	)		(381,564	)		32.9
Pollard Banknote Ltd.		(7,921	)		(141,631	)		12.2
Premium Brands Holdings Corp.		(7,102	)		(539,330	)		46.5
Primaris Real Estate Investment Trust		(6,328	)		(63,151	)		5.5
Seabridge Gold, Inc.		(971	)		(13,515	)		1.2
Sienna Senior Living, Inc.		(37,311	)		(303,665	)		26.2
SilverCrest Metals, Inc.		(68,318	)		(452,595	)		39.0
Skeena Resources Ltd.		(126,404	)		(860,535	)		74.2
Spartan Delta Corp.		(57,424	)		(656,944	)		56.7
Stella-Jones, Inc.		(1,500	)		(59,378	)		5.1
StorageVault Canada, Inc.		(131,377	)		(568,267	)		49.0
Trisura Group Ltd.		(6,707	)		(156,554	)		13.5
Victoria Gold Corp.		(20,558	)		(149,937	)		12.9
Westshore Terminals Investment Corp.		(615	)		(12,687	)		1.1
Winpak Ltd.		(12,057	)		(406,210	)		35.0
Xenon Pharmaceuticals, Inc.		(18,544	)		(746,952	)		64.4
					(16,137,276	)

Security	Shares			Value			% of Basket Value
China
AustAsia Group Ltd.		(13,597	)	$	(5,543	)		0.5	%
E-Commodities Holdings Ltd.		(118,000	)		(19,594	)		1.7
Fosun Tourism Group		(187,800	)		(218,915	)		18.9
TI Fluid Systems PLC		(166,621	)		(218,208	)		18.8
Vesync Co. Ltd.		(42,000	)		(16,373	)		1.4
Yanlord Land Group Ltd.		(414,500	)		(265,010	)		22.8
					(743,643	)
Colombia
Frontera Energy Corp.		(8,851	)		(84,775	)		7.3
Cyprus
Atalaya Mining PLC		(7,193	)		(29,439	)		2.5
Denmark
NTG Nordic Transport Group A/S		(6,158	)		(324,728	)		28.0
Solar A/S, B Shares		(551	)		(44,730	)		3.9
Trifork Holding AG		(733	)		(17,291	)		1.5
					(386,749	)
Egypt
Energean PLC		(43,374	)		(664,455	)		57.3
Finland
Aktia Bank OYJ		(20,417	)		(203,744	)		17.6
Anora Group OYJ		(24,503	)		(141,994	)		12.3
Jervois Global Ltd.		(659,199	)		(39,369	)		3.4
Konecranes OYJ		(14,993	)		(582,890	)		50.3
Metsa Board OYJ		(51,604	)		(369,103	)		31.9
Musti Group OYJ		(2,158	)		(44,385	)		3.8
Oriola OYJ		(13,980	)		(22,219	)		1.9
Puuilo OYJ		(17,825	)		(136,705	)		11.8
Sanoma OYJ		(15,268	)		(131,318	)		11.3
Talenom OYJ		(5,694	)		(47,997	)		4.1
TietoEVRY OYJ		(9,324	)		(295,780	)		25.5
Tokmanni Group Corp.		(48,161	)		(653,682	)		56.4
					(2,669,186	)
France
ABC arbitrage		(7,452	)		(49,351	)		4.3
Altarea SCA		(2,389	)		(310,190	)		26.8
Alten SA		(4,919	)		(829,935	)		71.6
Antin Infrastructure Partners SA		(20,052	)		(335,612	)		28.9
Carmila SA		(4,145	)		(69,691	)		6.0
CGG SA		(541,861	)		(402,057	)		34.7
Chargeurs SA		(2,693	)		(43,877	)		3.8
Coface SA		(24,655	)		(374,604	)		32.3
Derichebourg SA		(4,156	)		(25,505	)		2.2
Euroapi SA		(24,220	)		(288,669	)		24.9
Fnac Darty SA		(5,962	)		(222,929	)		19.2
ID Logistics Group		(37	)		(10,783	)		0.9
Imerys SA		(29,579	)		(1,206,655	)		104.1
LISI		(5,491	)		(154,409	)		13.3
Maisons du Monde SA		(5,549	)		(58,039	)		5.0
Metropole Television SA		(6,816	)		(109,112	)		9.4
Societe BIC SA		(3,919	)		(239,798	)		20.7
Sopra Steria Group SACA		(2,006	)		(430,856	)		37.2
Trigano SA		(2,611	)		(337,298	)		29.1
Voltalia SA, Registered Shares		(34,642	)		(522,564	)		45.1
					(6,021,934	)
Gambia
BW Energy Ltd.		(14,253	)		(39,019	)		3.4

82 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Germany
About You Holding SE		(2,018	)	$	(12,328	)		1.1	%
ADVA Optical Networking SE		(4,000	)		(87,444	)		7.6
Auto1 Group SE		(14,866	)		(116,402	)		10.0
BayWa AG		(6,734	)		(286,138	)		24.7
CANCOM SE		(7,811	)		(279,380	)		24.1
Ceconomy AG		(21,772	)		(65,949	)		5.7
Cewe Stiftung & Co. KGAA		(2,708	)		(276,622	)		23.9
CompuGroup Medical SE & Co. KgaA		(2,729	)		(148,854	)		12.8
Dermapharm Holding SE		(2,463	)		(122,988	)		10.6
DIC Asset AG		(21,669	)		(163,601	)		14.1
Energiekontor AG		(3,536	)		(280,897	)		24.2
Hamborner REIT AG		(18,729	)		(146,549	)		12.6
Hamburger Hafen und Logistik AG		(5,760	)		(78,839	)		6.8
Hypoport SE		(880	)		(140,011	)		12.1
Indus Holding AG		(2,821	)		(82,893	)		7.2
Instone Real Estate Group SE		(6,345	)		(50,316	)		4.3
Jenoptik AG		(17,251	)		(546,264	)		47.1
JOST Werke SE		(2,262	)		(123,969	)		10.7
KWS Saat SE & Co. KGaA		(153	)		(9,840	)		0.9
MBB SE		(184	)		(16,643	)		1.4
Medios AG		(7,683	)		(152,838	)		13.2
Mercer International, Inc.		(6,204	)		(60,365	)		5.2
Norma Group SE		(15,580	)		(367,430	)		31.7
PNE AG		(22,424	)		(363,608	)		31.4
SGL Carbon SE		(18,608	)		(170,231	)		14.7
Sirius Real Estate Ltd.		(315,455	)		(314,560	)		27.1
Software AG		(4,985	)		(170,489	)		14.7
Softwareone Holding AG		(18,536	)		(278,109	)		24.0
STRATEC SE		(434	)		(29,624	)		2.6
Stroeer SE & Co. KGaA		(16,775	)		(912,741	)		78.7
Synlab AG		(1,236	)		(12,949	)		1.1
Takkt AG		(7,529	)		(119,612	)		10.3
Vossloh AG		(200	)		(9,097	)		0.8
Wuestenrot & Wuerttembergische AG		(5,937	)		(107,135	)		9.2
					(6,104,715	)
Ghana
Kosmos Energy Ltd.		(50,160	)		(321,024	)		27.7
Tullow Oil PLC		(2,707,728	)		(935,081	)		80.7
					(1,256,105	)
Hong Kong
Cadeler A/S		(52,199	)		(230,719	)		19.9
CK Life Sciences Int’l Holdings, Inc.		(486,000	)		(49,059	)		4.2
C-Mer Eye Care Holdings Ltd.		(12,000	)		(6,874	)		0.6
EC Healthcare		(63,000	)		(42,421	)		3.7
Pacific Textiles Holdings Ltd.		(40,000	)		(12,870	)		1.1
Prosperity REIT		(462,000	)		(112,065	)		9.7
SUNeVision Holdings Ltd.		(160,000	)		(90,909	)		7.8
Viva China Holdings Ltd.		(128,000	)		(21,730	)		1.9
					(566,647	)
Indonesia
Nickel Industries Ltd.		(135,380	)		(87,313	)		7.5
Ireland
C&C Group PLC		(493,928	)		(957,705	)		82.6
Cairn Homes PLC		(80,431	)		(90,028	)		7.8
Cosmo Pharmaceuticals NV		(1,488	)		(89,252	)		7.7

Security	Shares			Value			% of Basket Value
Ireland (continued)
Keywords Studios PLC		(4,228	)	$	(141,676	)		12.2	%
Prothena Corp. PLC		(8,994	)		(473,264	)		40.8
					(1,751,925	)
Israel
Camtek Ltd.		(3,382	)		(87,181	)		7.5
Innoviz Technologies Ltd.		(3,424	)		(8,560	)		0.8
Isracard Ltd.		(6,057	)		(24,519	)		2.1
JFrog Ltd.		(1,141	)		(21,188	)		1.8
Maytronics Ltd.		(1,726	)		(18,056	)		1.6
Nano Dimension Ltd., ADR		(14,727	)		(36,376	)		3.1
Nova Ltd.		(4,776	)		(441,501	)		38.1
Paz Oil Co. Ltd.		(478	)		(44,761	)		3.9
Perion Network Ltd.		(4,089	)		(146,355	)		12.6
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		(166	)		(9,427	)		0.8
					(837,924	)
Italy
ACEA SpA		(6,719	)		(97,743	)		8.4
Anima Holding SpA		(2,215	)		(9,129	)		0.8
Antares Vision SpA		(15,769	)		(114,871	)		9.9
Ariston Holding NV		(2,749	)		(31,155	)		2.7
BFF Bank SpA		(28,555	)		(272,434	)		23.5
Danieli & C Officine Meccaniche SpA		(1,123	)		(22,813	)		2.0
Digital Bros SpA		(14,669	)		(330,921	)		28.5
doValue SpA		(5,973	)		(41,603	)		3.6
Enav SpA		(6,426	)		(29,965	)		2.6
Esprinet SpA		(5,635	)		(49,484	)		4.3
Fila SpA		(9,028	)		(74,186	)		6.4
Gruppo MutuiOnline SpA		(803	)		(24,842	)		2.1
GVS SpA		(10,370	)		(70,205	)		6.1
Illimity Bank SpA		(8,037	)		(56,236	)		4.8
Industrie De Nora SpA		(8,460	)		(167,430	)		14.4
MARR SpA		(5,356	)		(83,282	)		7.2
MFE-MediaForEurope NV		(472,901	)		(221,627	)		19.1
Safilo Group SpA		(66,245	)		(94,637	)		8.2
Salvatore Ferragamo SpA		(1,382	)		(24,094	)		2.1
Saras SpA		(126,250	)		(161,799	)		14.0
Tamburi Investment Partners SpA		(2,269	)		(21,499	)		1.8
Technogym SpA		(40,857	)		(369,901	)		31.9
Technoprobe SpA		(22,323	)		(157,713	)		13.6
					(2,527,569	)
Japan
ADEKA Corp.		(26,300	)		(450,037	)		38.8
Advance Logistics Investment Corp.		(157	)		(161,209	)		13.9
Aeon Hokkaido Corp.		(23,800	)		(144,757	)		12.5
Aichi Financial Group, Inc.		(17,400	)		(276,931	)		23.9
Aiful Corp.		(188,800	)		(520,376	)		44.9
Airtrip Corp.		(5,600	)		(114,111	)		9.8
Alpha Systems, Inc.		(3,600	)		(111,009	)		9.6
Appier Group, Inc.		(31,400	)		(361,521	)		31.2
ARCLANDS Corp.		(87,400	)		(1,002,340	)		86.5
Arcs Co. Ltd.		(14,100	)		(259,679	)		22.4
ARTERIA Networks Corp.		(17,500	)		(169,857	)		14.7
Asahi Holdings, Inc.		(75,000	)		(1,119,368	)		96.6
Atom Corp.		(160,900	)		(1,004,190	)		86.6
Awa Bank Ltd.		(27,600	)		(418,308	)		36.1
Axial Retailing, Inc.		(7,700	)		(202,496	)		17.5
Belc Co. Ltd.		(5,400	)		(247,114	)		21.3

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
BML, Inc.		(2,400	)	$	(54,624	)		4.7	%
Bushiroad, Inc.		(2,000	)		(13,285	)		1.1
Canon Electronics, Inc.		(1,600	)		(22,087	)		1.9
Cawachi Ltd.		(2,300	)		(39,947	)		3.4
Change Holdings, Inc.		(38,000	)		(652,283	)		56.3
Chofu Seisakusho Co. Ltd.		(4,100	)		(74,948	)		6.5
Chudenko Corp.		(16,400	)		(272,466	)		23.5
CI Takiron Corp.		(16,800	)		(62,711	)		5.4
COLOPL, Inc.		(36,100	)		(172,000	)		14.8
Colowide Co. Ltd.		(39,500	)		(613,137	)		52.9
Comforia Residential REIT, Inc.		(72	)		(182,545	)		15.7
CRE Logistics REIT, Inc.		(288	)		(401,899	)		34.7
Create Restaurants Holdings, Inc.		(31,600	)		(233,730	)		20.2
Cyberdyne, Inc.		(6,500	)		(13,622	)		1.2
Daiho Corp.		(8,000	)		(232,823	)		20.1
Daiki Aluminium Industry Co. Ltd.		(41,300	)		(429,454	)		37.0
Daikokutenbussan Co. Ltd.		(4,200	)		(170,437	)		14.7
Daishi Hokuetsu Financial Group, Inc.		(41,000	)		(925,595	)		79.8
Daiwabo Holdings Co. Ltd.		(23,800	)		(454,804	)		39.2
DCM Holdings Co. Ltd.		(52,300	)		(554,394	)		47.8
Dexerials Corp.		(25,500	)		(491,677	)		42.4
Duskin Co. Ltd.		(18,900	)		(469,677	)		40.5
Earth Corp.		(2,400	)		(89,126	)		7.7
EDION Corp.		(29,700	)		(296,113	)		25.5
eRex Co. Ltd.		(10,500	)		(136,136	)		11.7
ES-Con Japan Ltd.		(59,900	)		(387,502	)		33.4
Exedy Corp.		(66,900	)		(975,193	)		84.1
Ferrotec Holdings Corp.		(7,700	)		(176,496	)		15.2
Fuji Seal International, Inc.		(8,600	)		(99,026	)		8.5
Fuji Soft, Inc.		(2,600	)		(157,369	)		13.6
Fujicco Co. Ltd.		(17,900	)		(256,757	)		22.2
Fujio Food Group, Inc.		(52,500	)		(551,276	)		47.6
Fujitec Co. Ltd.		(22,500	)		(607,052	)		52.4
Fukushima Galilei Co. Ltd.		(4,300	)		(164,209	)		14.2
Fukuyama Transporting Co. Ltd.		(10,000	)		(270,770	)		23.4
Furukawa Co. Ltd.		(8,400	)		(84,116	)		7.3
Globeride, Inc.		(22,700	)		(421,616	)		36.4
Glory Ltd.		(42,100	)		(907,108	)		78.3
GMO Financial Holdings, Inc.		(29,300	)		(135,570	)		11.7
GMO GlobalSign Holdings KK		(7,600	)		(218,647	)		18.9
Gunze Ltd.		(11,100	)		(388,956	)		33.6
Hakuto Co. Ltd.		(4,100	)		(130,517	)		11.3
Hazama Ando Corp.		(18,800	)		(125,702	)		10.8
Heiwa Real Estate REIT, Inc.		(539	)		(639,447	)		55.2
Heiwado Co. Ltd.		(13,800	)		(212,430	)		18.3
Hirata Corp.		(6,300	)		(318,668	)		27.5
HIS Co. Ltd.		(43,000	)		(656,518	)		56.6
Hokkaido Electric Power Co., Inc.		(69,200	)		(264,150	)		22.8
Hokuetsu Corp.		(77,000	)		(516,176	)		44.5
Hokuhoku Financial Group, Inc.		(58,000	)		(423,526	)		36.5
Hokuriku Electric Power Co		(17,900	)		(84,728	)		7.3
Hokuto Corp.		(29,300	)		(407,504	)		35.2
Hoshino Resorts REIT, Inc.		(73	)		(385,322	)		33.2
Hyakugo Bank Ltd.		(125,000	)		(365,694	)		31.5
Ichibanya Co. Ltd.		(3,100	)		(124,758	)		10.8
Idec Corp.		(1,100	)		(27,293	)		2.4
Iino Kaiun Kaisha Ltd.		(11,700	)		(89,269	)		7.7
Inabata & Co. Ltd.		(25,900	)		(535,685	)		46.2
Inageya Co. Ltd.		(7,000	)		(85,881	)		7.4
Insource Co. Ltd.		(15,500	)		(144,139	)		12.4
Iriso Electronics Co. Ltd.		(5,700	)		(197,779	)		17.1
Itochu Enex Co. Ltd.		(12,300	)		(106,647	)		9.2

Security	Shares			Value			% of Basket Value
Japan (continued)
Itochu-Shokuhin Co. Ltd.		(2,700	)	$	(109,655	)		9.5	%
J Trust Co. Ltd.		(24,100	)		(71,274	)		6.1
Jaccs Co. Ltd.		(5,900	)		(200,376	)		17.3
Japan Display, Inc.		(317,100	)		(97,447	)		8.4
JDC Corp.		(17,700	)		(81,148	)		7.0
J-Oil Mills, Inc.		(15,100	)		(181,570	)		15.7
Joshin Denki Co. Ltd.		(32,300	)		(488,103	)		42.1
JTOWER, Inc.		(7,800	)		(340,340	)		29.4
Juroku Financial Group, Inc.		(11,400	)		(255,674	)		22.1
Kameda Seika Co. Ltd.		(4,200	)		(141,712	)		12.2
Kanamoto Co. Ltd.		(11,900	)		(201,987	)		17.4
Kanto Denka Kogyo Co. Ltd.		(14,900	)		(114,529	)		9.9
Kappa Create Co. Ltd.		(39,900	)		(449,156	)		38.7
Katakura Industries Co. Ltd.		(6,500	)		(88,006	)		7.6
Keiyo Bank Ltd.		(41,500	)		(174,688	)		15.1
Keiyo Co. Ltd.		(4,600	)		(28,823	)		2.5
Kenedix Residential Next Investment Corp.		(76	)		(120,794	)		10.4
KH Neochem Co. Ltd.		(14,800	)		(258,617	)		22.3
Kisoji Co. Ltd.		(31,000	)		(544,749	)		47.0
Ki-Star Real Estate Co. Ltd.		(46,400	)		(1,413,505	)		121.9
Kiyo Bank Ltd.		(65,100	)		(771,095	)		66.5
Koa Corp.		(22,300	)		(283,684	)		24.5
Kohnan Shoji Co. Ltd.		(25,400	)		(694,030	)		59.9
Komeri Co. Ltd.		(27,400	)		(645,096	)		55.7
Konishi Co. Ltd.		(12,600	)		(191,615	)		16.5
Kumagai Gumi Co. Ltd.		(12,000	)		(258,455	)		22.3
Kura Sushi, Inc.		(16,300	)		(395,641	)		34.1
KYB Corp.		(27,600	)		(891,904	)		76.9
Kyoei Steel Ltd.		(3,900	)		(53,357	)		4.6
Leopalace21 Corp.		(166,500	)		(445,511	)		38.4
LITALICO, Inc.		(4,700	)		(85,356	)		7.4
Macnica Holdings, Inc.		(9,100	)		(253,362	)		21.9
Makino Milling Machine Co. Ltd.		(2,500	)		(92,617	)		8.0
Management Solutions Co. Ltd.		(8,900	)		(213,779	)		18.4
Maruha Nichiro Corp.		(20,700	)		(390,354	)		33.7
Maruwa Co. Ltd.		(1,300	)		(168,069	)		14.5
Matsuda Sangyo Co. Ltd.		(8,500	)		(143,164	)		12.4
Maxvalu Tokai Co. Ltd.		(1,500	)		(30,299	)		2.6
Medley, Inc.		(500	)		(13,252	)		1.1
Meiko Electronics Co. Ltd.		(7,800	)		(159,556	)		13.8
Micronics Japan Co. Ltd.		(11,400	)		(105,331	)		9.1
Mirai Corp.		(87	)		(29,455	)		2.5
MIRAIT ONE corp		(16,100	)		(202,652	)		17.5
Mitani Sekisan Co. Ltd.		(4,400	)		(157,530	)		13.6
Mitsubishi Estate Logistics REIT Investment Corp.		(106	)		(329,283	)		28.4
Mitsubishi Logisnext Co. Ltd.		(1,900	)		(14,012	)		1.2
Mitsubishi Research Institute, Inc.		(1,900	)		(69,850	)		6.0
Mitsuboshi Belting Ltd.		(8,100	)		(235,161	)		20.3
Mitsuuroko Group Holdings Co. Ltd.		(11,900	)		(118,299	)		10.2
Musashi Seimitsu Industry Co. Ltd.		(45,800	)		(625,610	)		54.0
Musashino Bank Ltd.		(1,600	)		(26,327	)		2.3
Nachi-Fujikoshi Corp.		(19,300	)		(552,782	)		47.7
Nafco Co. Ltd.		(1,900	)		(26,293	)		2.3
Nagawa Co. Ltd.		(8,300	)		(392,787	)		33.9
Nanto Bank Ltd.		(21,400	)		(395,032	)		34.1
Nichiha Corp.		(8,700	)		(186,230	)		16.1
Nihon Parkerizing Co. Ltd.		(13,600	)		(107,843	)		9.3
Nikkiso Co. Ltd.		(9,500	)		(67,611	)		5.8
Nikkon Holdings Co. Ltd.		(6,000	)		(117,760	)		10.2
Nippon Carbon Co. Ltd.		(27,200	)		(844,651	)		72.9
Nippon Pillar Packing Co. Ltd.		(2,700	)		(76,043	)		6.6

84 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Nippon Signal Company Ltd.		(9,800	)	$	(81,102	)		7.0	%
Nippon Television Holdings, Inc.		(16,900	)		(154,018	)		13.3
Nishimatsu Construction Co. Ltd.		(11,200	)		(298,215	)		25.7
Nishimatsuya Chain Co. Ltd.		(29,000	)		(348,672	)		30.1
Nishio Holdings Co. Ltd.		(6,600	)		(158,887	)		13.7
Nissha Co. Ltd.		(37,100	)		(513,029	)		44.3
Nitta Corp.		(3,700	)		(85,278	)		7.4
Nitto Kogyo Corp.		(10,100	)		(202,595	)		17.5
Nojima Corp.		(23,600	)		(256,480	)		22.1
Noritake Co. Ltd.		(3,200	)		(111,341	)		9.6
Noritz Corp.		(10,300	)		(141,488	)		12.2
North Pacific Bank Ltd.		(16,200	)		(35,116	)		3.0
NS United Kaiun Kaisha Ltd.		(22,800	)		(677,811	)		58.5
NTT UD REIT Investment Corp.		(315	)		(307,729	)		26.5
Ogaki Kyoritsu Bank Ltd.		(42,800	)		(590,624	)		51.0
Ohsho Food Service Corp.		(3,600	)		(166,142	)		14.3
Oisix ra daichi, Inc.		(31,800	)		(602,821	)		52.0
Okasan Securities Group, Inc.		(60,300	)		(192,490	)		16.6
One REIT, Inc.		(222	)		(397,970	)		34.3
Open Door, Inc.		(44,800	)		(489,586	)		42.2
Optorun Co. Ltd.		(4,100	)		(63,360	)		5.5
Organo Corp.		(18,500	)		(452,613	)		39.0
Osaka Soda Co. Ltd.		(8,700	)		(285,280	)		24.6
OSAKA Titanium Technologies Co. Ltd.		(4,200	)		(90,503	)		7.8
Pacific Industrial Co. Ltd.		(28,900	)		(264,359	)		22.8
PAL GROUP Holdings Co. Ltd.		(7,800	)		(181,617	)		15.7
Paramount Bed Holdings Co. Ltd.		(3,500	)		(62,879	)		5.4
Pharma Foods International Co. Ltd.		(39,100	)		(513,368	)		44.3
Piolax, Inc.		(15,100	)		(227,118	)		19.6
Prima Meat Packers Ltd.		(8,200	)		(140,680	)		12.1
Raiznext Corp.		(2,700	)		(29,282	)		2.5
Raksul, Inc.		(14,100	)		(145,495	)		12.6
Retail Partners Co. Ltd.		(4,300	)		(48,969	)		4.2
Ricoh Leasing Co. Ltd.		(8,200	)		(240,288	)		20.7
Riken Keiki Co. Ltd.		(7,600	)		(296,007	)		25.5
Riken Vitamin Co. Ltd.		(7,300	)		(110,917	)		9.6
Ringer Hut Co. Ltd.		(22,100	)		(397,501	)		34.3
Roland Corp.		(10,300	)		(312,882	)		27.0
Rorze Corp.		(11,200	)		(840,438	)		72.5
Ryosan Co. Ltd.		(3,700	)		(88,565	)		7.6
Ryoyo Electro Corp.		(6,800	)		(125,701	)		10.8
Saibu Gas Holdings Co. Ltd.		(14,500	)		(204,515	)		17.6
Sakata INX Corp.		(7,500	)		(61,975	)		5.3
SAMTY Co. Ltd.		(28,200	)		(466,264	)		40.2
Samty Residential Investment Corp.		(218	)		(188,068	)		16.2
San-A Co. Ltd.		(2,000	)		(68,521	)		5.9
San-Ai Obbli Co. Ltd.		(4,600	)		(49,095	)		4.2
SanBio Co. Ltd.		(4,000	)		(18,720	)		1.6
Sanki Engineering Co. Ltd.		(23,800	)		(266,599	)		23.0
Sansan, Inc.		(19,100	)		(259,805	)		22.4
Sanyo Denki Co. Ltd.		(9,900	)		(500,587	)		43.2
SB Technology Corp.		(6,400	)		(110,684	)		9.5
SBS Holdings, Inc.		(16,800	)		(414,810	)		35.8
Seiko Group Corp.		(11,200	)		(249,016	)		21.5
Sekisui Jushi Corp.		(18,200	)		(296,097	)		25.5
Senko Group Holdings Co. Ltd.		(68,100	)		(493,046	)		42.5
Shibaura Machine Co. Ltd.		(6,700	)		(158,106	)		13.6
Shibuya Corp.		(4,000	)		(74,968	)		6.5
Shiga Bank Ltd.		(13,600	)		(287,195	)		24.8
Shikoku Kasei Holdings Corp.		(3,900	)		(41,186	)		3.6
Shin Nippon Biomedical Laboratories Ltd.		(23,400	)		(433,157	)		37.4

Security	Shares			Value			% of Basket Value
Japan (continued)
Showa Sangyo Co. Ltd.		(13,400	)	$	(267,195	)		23.1	%
Simplex Holdings, Inc.		(19,000	)		(335,117	)		28.9
SKY Perfect JSAT Holdings, Inc.		(19,300	)		(76,263	)		6.6
SOSiLA Logistics REIT, Inc.		(176	)		(177,320	)		15.3
Sparx Group Co. Ltd.		(600	)		(6,634	)		0.6
Sumitomo Densetsu Co. Ltd.		(6,300	)		(132,699	)		11.4
Sumitomo Osaka Cement Co. Ltd.		(11,200	)		(319,047	)		27.5
Suruga Bank Ltd.		(39,800	)		(152,897	)		13.2
T Hasegawa Co. Ltd.		(16,200	)		(390,730	)		33.7
Takara Leben Real Estate Investment Corp.		(273	)		(186,031	)		16.0
Tama Home Co. Ltd.		(800	)		(22,172	)		1.9
Tenma Corp.		(16,200	)		(282,813	)		24.4
Toa Corp.		(18,800	)		(413,360	)		35.7
Toagosei Co. Ltd.		(17,300	)		(151,682	)		13.1
Toei Co. Ltd.		(2,000	)		(272,870	)		23.5
Toho Bank Ltd.		(311,900	)		(521,587	)		45.0
Toho Holdings Co. Ltd.		(19,600	)		(396,098	)		34.2
TOKAI Holdings Corp.		(51,300	)		(337,735	)		29.1
Tokai Tokyo Financial Holdings, Inc.		(286,500	)		(752,280	)		64.9
Tokushu Tokai Paper Co. Ltd.		(11,800	)		(260,166	)		22.4
Tokuyama Corp.		(28,800	)		(475,818	)		41.0
Tokyo Electron Device Ltd.		(10,700	)		(622,276	)		53.7
TOMONY Holdings, Inc.		(115,000	)		(316,948	)		27.3
Tomy Co. Ltd.		(57,800	)		(661,367	)		57.1
Topre Corp.		(6,600	)		(67,729	)		5.8
Toyo Construction Co. Ltd.		(26,800	)		(194,507	)		16.8
Toyo Gosei Co. Ltd.		(600	)		(34,685	)		3.0
Toyobo Co. Ltd.		(64,900	)		(496,475	)		42.8
Trancom Co. Ltd.		(3,400	)		(173,050	)		14.9
Transcosmos, Inc.		(15,500	)		(366,488	)		31.6
Tsuburaya Fields Holdings, Inc.		(21,200	)		(292,546	)		25.2
Tsugami Corp.		(6,800	)		(71,547	)		6.2
TV Asahi Holdings Corp.		(22,600	)		(264,661	)		22.8
United Super Markets Holdings, Inc.		(27,800	)		(243,254	)		21.0
Wacoal Holdings Corp.		(17,800	)		(350,643	)		30.2
Wacom Co. Ltd.		(36,400	)		(187,371	)		16.2
Weathernews, Inc.		(2,300	)		(116,766	)		10.1
WingArc1st, Inc.		(3,300	)		(54,518	)		4.7
YAMABIKO Corp.		(33,200	)		(333,264	)		28.7
Yodogawa Steel Works Ltd.		(16,100	)		(341,996	)		29.5
Yokogawa Bridge Holdings Corp.		(12,000	)		(198,963	)		17.2
Yokorei Co. Ltd.		(40,300	)		(328,499	)		28.3
Yonex Co. Ltd.		(20,300	)		(245,376	)		21.2
Yoshinoya Holdings Co. Ltd.		(18,400	)		(344,733	)		29.7
Yuasa Trading Co. Ltd.		(500	)		(14,713	)		1.3
Zojirushi Corp.		(14,100	)		(187,444	)		16.2
					(69,301,173	)
Liechtenstein
Implantica AG, Class A		(7,960	)		(14,817	)		1.3
Macau
MECOM Power and Construction Ltd.		(102,000	)		(18,617	)		1.6
Malta
Kindred Group PLC		(34,173	)		(417,150	)		36.0
Netherlands
AMG Advanced Metallurgical Group NV		(3,847	)		(142,478	)		12.3
Arcadis NV		(11,699	)		(479,409	)		41.4
Basic-Fit NV		(615	)		(25,876	)		2.2
Corbion NV		(594	)		(18,543	)		1.6
Flow Traders Ltd.		(11,395	)		(279,638	)		24.1

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Netherlands (continued)
Fugro NV		(13,574	)	$	(190,923	)		16.5	%
Meltwater NV		(192,618	)		(319,007	)		27.5
NSI NV		(2,312	)		(52,619	)		4.6
SIF Holding NV		(9	)		(118	)		0.0
Sligro Food Group NV		(1,555	)		(26,910	)		2.3
TKH Group NV		(9,105	)		(437,021	)		37.7
					(1,972,542	)
New Zealand
Pushpay Holdings Ltd.		(794,546	)		(699,125	)		60.3
Norway
Aker Carbon Capture ASA		(76,674	)		(80,263	)		6.9
Atea ASA		(1,184	)		(16,518	)		1.4
Crayon Group Holding ASA		(28,103	)		(220,983	)		19.1
Europris ASA		(28,610	)		(208,272	)		18.0
FREYR Battery SA		(5,639	)		(39,868	)		3.4
Hexagon Composites ASA		(49,015	)		(151,175	)		13.1
Hexagon Purus ASA		(6,508	)		(14,069	)		1.2
Kahoot! ASA		(156,765	)		(415,036	)		35.8
MPC Container Ships ASA		(50,200	)		(83,849	)		7.2
Norske Skog ASA		(12,443	)		(56,447	)		4.9
Norwegian Air Shuttle ASA		(117,317	)		(115,932	)		10.0
					(1,402,412	)
Philippines
TaskUS, Inc., Class A		(12,513	)		(168,425	)		14.5
Portugal
Altri SGPS SA		(37,263	)		(192,340	)		16.6
Corticeira Amorim SGPS SA		(26,110	)		(292,291	)		25.2
CTT-Correios de Portugal SA		(44,698	)		(183,198	)		15.8
Navigator Co. SA		(87,431	)		(318,280	)		27.5
NOS SGPS SA		(81,828	)		(356,387	)		30.7
					(1,342,496	)
Puerto Rico
Liberty Latin America Ltd.		(3,146	)		(27,936	)		2.4
Singapore
AEM Holdings Ltd.		(158,800	)		(404,801	)		34.9
CapitaLand China Trust		(15,000	)		(12,513	)		1.1
Kulicke & Soffa Industries, Inc.		(2,615	)		(124,631	)		10.8
Lendlease Global Commercial REIT		(100,000	)		(52,626	)		4.5
OUE Commercial Real Estate Investment Trust		(238,100	)		(58,147	)		5.0
PARAGON REIT		(149,300	)		(104,823	)		9.0
Parkway Life Real Estate Investment Trust		(27,700	)		(80,696	)		7.0
Starhill Global REIT		(394,800	)		(155,668	)		13.4
TDCX, Inc.		(5,937	)		(41,737	)		3.6
					(1,035,642	)
Spain
Atresmedia Corp. de Medios de Comunicacion SA .		(12,422	)		(49,272	)		4.3
Befesa SA		(11,937	)		(533,119	)		46.0
CIE Automotive SA		(3,278	)		(98,068	)		8.5
Construcciones y Auxiliar de Ferrocarriles SA		(1,893	)		(58,293	)		5.0
Ence Energia y Celulosa SA		(5,403	)		(21,068	)		1.8
Faes Farma SA		(57,947	)		(202,662	)		17.5
Gestamp Automocion SA		(32,293	)		(138,439	)		11.9
Grenergy Renovables SA		(9,236	)		(268,049	)		23.1
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		(62,554	)		(57,219	)		4.9

Security	Shares			Value			% of Basket Value
Spain (continued)
Opdenergy Holdings SA		(33,903	)	$	(139,939	)		12.1	%
Talgo SA		(12,108	)		(41,771	)		3.6
Vidrala SA		(1,758	)		(183,020	)		15.8
					(1,790,919	)
Sweden
AcadeMedia AB		(131,027	)		(658,389	)		56.8
AFRY AB		(8,490	)		(158,091	)		13.6
Attendo AB		(16,823	)		(59,095	)		5.1
Beijer Alma AB		(13,224	)		(298,119	)		25.7
Bilia AB, A Shares		(7,676	)		(85,699	)		7.4
Billerud AB		(74,211	)		(705,604	)		60.9
BioArctic AB		(14,886	)		(381,235	)		32.9
Cibus Nordic Real Estate AB		(9,312	)		(98,579	)		8.5
Cint Group AB		(37,077	)		(57,846	)		5.0
Clas Ohlson AB, B Shares		(16,619	)		(124,269	)		10.7
Cloetta AB, B Shares		(15,267	)		(32,010	)		2.8
Coor Service Management Holding AB		(40,880	)		(263,310	)		22.7
Creades AB, Class A		(2,210	)		(18,180	)		1.6
Dios Fastigheter AB		(4,807	)		(33,964	)		2.9
Dometic Group AB		(14,009	)		(99,576	)		8.6
Duni AB		(11,762	)		(127,410	)		11.0
Dustin Group AB		(66,647	)		(227,075	)		19.6
Electrolux Professional AB		(18,557	)		(107,208	)		9.2
Fabege AB		(15,334	)		(121,728	)		10.5
Granges AB		(19,904	)		(196,115	)		16.9
Hemnet Group AB		(20,089	)		(325,977	)		28.1
Hexpol AB		(16,657	)		(194,338	)		16.8
Hufvudstaden AB, A Shares		(51,072	)		(721,314	)		62.2
Instalco AB		(27,173	)		(141,509	)		12.2
Investment AB Oresund		(387	)		(4,594	)		0.4
JM AB		(10,981	)		(174,390	)		15.0
KNOW IT AB		(2,554	)		(58,622	)		5.1
Lindab International AB		(16,531	)		(262,317	)		22.6
Loomis AB		(8,922	)		(282,518	)		24.4
MEKO AB		(5,108	)		(62,045	)		5.3
Munters Group AB		(7,941	)		(77,248	)		6.7
NCC AB, B Shares		(19,004	)		(187,360	)		16.2
New Wave Group AB, B Shares		(3,724	)		(74,537	)		6.4
Nordnet AB publ		(7,283	)		(113,354	)		9.8
OX2 AB		(1,718	)		(13,180	)		1.1
Pandox AB		(7,590	)		(89,482	)		7.7
Peab AB		(31,940	)		(167,309	)		14.4
PowerCell Sweden AB		(9,269	)		(77,840	)		6.7
Ratos AB, B Shares		(23,095	)		(79,132	)		6.8
Rvrc Holding AB		(18,287	)		(54,101	)		4.7
SkiStar AB		(769	)		(9,804	)		0.8
SSAB AB, B Shares		(59,392	)		(397,200	)		34.3
Stillfront Group AB		(110,437	)		(233,286	)		20.1
Surgical Science Sweden AB		(12,678	)		(229,500	)		19.8
Vestum AB		(14,095	)		(18,139	)		1.6
Viaplay Group AB		(2,230	)		(56,426	)		4.9
Wallenstam AB, B Shares		(60,703	)		(238,526	)		20.6
Wihlborgs Fastigheter AB		(47,614	)		(380,929	)		32.9
					(8,578,479	)
Switzerland
ALSO Holding AG, Registered Shares		(1,895	)		(404,128	)		34.9
Burckhardt Compression Holding AG		(99	)		(60,811	)		5.3
Bystronic AG		(232	)		(166,555	)		14.4

86 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Switzerland (continued)
Daetwyler Holding AG		(1,176	)	$	(296,214	)		25.6	%
dormakaba Holding AG		(1,793	)		(799,149	)		68.9
EFG International AG		(15,838	)		(151,565	)		13.1
Forbo Holding AG, Registered Shares		(294	)		(430,532	)		37.1
Interroll Holding AG, Registered Shares		(101	)		(366,693	)		31.6
Intershop Holding AG		(106	)		(74,049	)		6.4
Komax Holding AG, Registered Shares		(1,451	)		(382,595	)		33.0
Landis&Gyr Group AG		(5,228	)		(431,215	)		37.2
Leonteq AG		(1,007	)		(54,354	)		4.7
Mobimo Holding AG, Registered Shares		(1,838	)		(490,311	)		42.3
OC Oerlikon Corp. AG, Registered Shares		(30,875	)		(171,955	)		14.8
Peach Property Group AG		(7,568	)		(117,644	)		10.2
Rieter Holding AG, Registered Shares		(174	)		(18,847	)		1.6
SFS Group AG		(4,523	)		(587,836	)		50.7
Siegfried Holding AG, Registered Shares		(664	)		(509,118	)		43.9
SKAN Group AG		(4,081	)		(391,552	)		33.8
St Galler Kantonalbank AG, Registered Shares		(958	)		(536,778	)		46.3
Stadler Rail AG		(12,900	)		(533,430	)		46.0
TX Group AG		(234	)		(27,106	)		2.3
Valiant Holding AG, Registered Shares		(1,739	)		(201,091	)		17.4
Vontobel Holding AG, Registered Shares		(4,475	)		(298,193	)		25.7
Zehnder Group AG		(783	)		(63,621	)		5.5
Zur Rose Group AG		(248	)		(10,794	)		0.9
					(7,576,136	)
United Arab Emirates
Network International Holdings PLC		(107,015	)		(513,404	)		44.3
United Kingdom
Ascential PLC		(33,300	)		(105,254	)		9.1
Assura PLC		(1,121,194	)		(706,278	)		60.9
Auction Technology Group PLC		(5,721	)		(49,716	)		4.3
Balfour Beatty PLC		(173,504	)		(822,793	)		71.0
Bridgepoint Group PLC, Registered Shares		(43,889	)		(131,352	)		11.3
Capita PLC		(107,432	)		(46,219	)		4.0
Close Brothers Group PLC		(11,592	)		(130,527	)		11.3
Coats Group PLC		(699,905	)		(677,851	)		58.5
Computacenter PLC		(12,313	)		(352,465	)		30.4
Craneware PLC		(487	)		(8,161	)		0.7
Crest Nicholson Holdings PLC		(56,054	)		(186,761	)		16.1
Currys PLC		(187,553	)		(132,817	)		11.5
Domino’s Pizza Group PLC		(78,423	)		(286,010	)		24.7
Elementis PLC		(178,398	)		(277,647	)		23.9
EMIS Group PLC		(35,376	)		(714,616	)		61.6
Finablr PLC		(44,203	)		(1	)		0.0
Firstgroup PLC		(84,749	)		(117,793	)		10.2
GB Group PLC		(56,035	)		(225,974	)		19.5
Great Portland Estates PLC		(60,755	)		(401,274	)		34.6
Greatland Gold PLC		(2,139,980	)		(212,986	)		18.4
Halfords Group PLC		(116,614	)		(304,166	)		26.2
Hays PLC		(706,579	)		(998,472	)		86.1
Home Reit PLC		(350,343	)		(146,321	)		12.6
Impact Healthcare Reit PLC		(38,501	)		(46,702	)		4.0
IP Group PLC		(112,582	)		(78,387	)		6.8
J D Wetherspoon PLC		(19,057	)		(168,270	)		14.5
John Wood Group PLC		(85,650	)		(239,728	)		20.7
Kape Technologies PLC		(78,094	)		(277,469	)		23.9
Keller Group PLC		(6,908	)		(57,098	)		4.9
Kier Group PLC		(49,834	)		(47,371	)		4.1
Liontrust Asset Management PLC		(6,703	)		(71,371	)		6.2
LondonMetric Property PLC		(114,667	)		(274,087	)		23.6

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
LXI REIT PLC		(1,032,326	)	$	(1,348,837	)		116.4	%
Marlowe PLC		(17,409	)		(108,430	)		9.4
Mitie Group PLC		(533,727	)		(609,693	)		52.6
Molten Ventures PLC		(90,849	)		(314,601	)		27.1
Moonpig Group PLC		(7,451	)		(12,638	)		1.1
NCC Group PLC		(179,292	)		(238,590	)		20.6
Ninety One PLC		(12,698	)		(28,453	)		2.5
Pagegroup PLC		(67,180	)		(377,874	)		32.6
Petrofac Ltd.		(548,849	)		(486,075	)		41.9
Pets at Home Group PLC		(55,997	)		(267,693	)		23.1
Playtech PLC		(3,260	)		(23,476	)		2.0
PRS REIT PLC		(70,150	)		(74,855	)		6.5
PZ Cussons PLC		(35,132	)		(87,190	)		7.5
Rathbones Group PLC		(13,408	)		(324,693	)		28.0
Reach PLC		(224,465	)		(235,149	)		20.3
Redrow PLC		(17,319	)		(111,255	)		9.6
Renewi PLC		(63,267	)		(470,750	)		40.6
S4 Capital PLC		(83,112	)		(150,479	)		13.0
Spirent Communications PLC		(154,676	)		(346,294	)		29.9
SSP Group PLC		(131,614	)		(420,262	)		36.3
Supermarket Income Reit PLC		(206,756	)		(224,089	)		19.3
Synthomer PLC		(88,616	)		(131,384	)		11.3
THG PLC		(32,349	)		(40,266	)		3.5
Tyman PLC		(29,440	)		(89,866	)		7.7
Urban Logistics REIT PLC		(32,267	)		(56,486	)		4.9
Volex PLC		(15,179	)		(48,136	)		4.1
WH Smith PLC		(22,686	)		(443,757	)		38.3
Wincanton PLC		(46,569	)		(123,964	)		10.7
Workspace Group PLC		(4,710	)		(27,836	)		2.4
Yellow Cake PLC		(278,641	)		(1,298,537	)		112.0
					(16,817,545	)
United States
3D Systems Corp.		(26,951	)		(246,871	)		21.3
4D Molecular Therapeutics, Inc.		(1,786	)		(32,166	)		2.8
AAR Corp.		(2,646	)		(139,656	)		12.0
ABM Industries, Inc.		(27,031	)		(1,150,980	)		99.3
Acadia Realty Trust		(7,574	)		(102,325	)		8.8
ACCO Brands Corp.		(4,135	)		(18,938	)		1.6
Accolade, Inc.		(1,074	)		(14,531	)		1.3
Aclaris Therapeutics, Inc.		(7,752	)		(68,915	)		5.9
ACV Auctions, Inc., Class B		(12,789	)		(166,641	)		14.4
AdaptHealth Corp.		(18,955	)		(225,185	)		19.4
Addus HomeCare Corp.		(2,162	)		(176,722	)		15.2
Adeia, Inc.		(25,217	)		(192,658	)		16.6
Adicet Bio, Inc.		(5,006	)		(29,235	)		2.5
ADMA Biologics, Inc.		(7,766	)		(26,016	)		2.2
Adtalem Global Education, Inc.		(3,002	)		(121,791	)		10.5
ADTRAN Holdings, Inc.		(15,761	)		(143,740	)		12.4
Advantage Solutions, Inc.		(12,880	)		(16,486	)		1.4
Aehr Test Systems		(11,013	)		(272,572	)		23.5
Aerovate Therapeutics, Inc.		(3,641	)		(76,352	)		6.6
AeroVironment, Inc.		(656	)		(66,053	)		5.7
AerSale Corp.		(762	)		(12,329	)		1.1
Aeva Technologies, Inc.		(21,530	)		(21,356	)		1.8
Agiliti, Inc.		(16,181	)		(270,546	)		23.3
Agilysys, Inc.		(1,595	)		(124,474	)		10.7
Akero Therapeutics, Inc.		(16,896	)		(755,927	)		65.2
Alamo Group, Inc.		(1,117	)		(197,407	)		17.0
Alexander’s, Inc.		(2,010	)		(374,001	)		32.3
Alkami Technology, Inc.		(28,152	)		(337,542	)		29.1

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Allbirds, Inc., Class A		(177,009	)	$	(221,261	)		19.1	%
Allovir, Inc.		(1,174	)		(4,039	)		0.3
Alphatec Holdings, Inc.		(20,836	)		(300,872	)		26.0
Altair Engineering, Inc., Class A		(5,283	)		(364,791	)		31.5
Altus Power, Inc.		(7,621	)		(34,599	)		3.0
A-Mark Precious Metals, Inc.		(9,340	)		(334,372	)		28.8
AMC Networks, Inc.		(9,843	)		(174,123	)		15.0
Amerant Bancorp, Inc.		(10,660	)		(198,276	)		17.1
Ameresco, Inc., Class A		(5,373	)		(223,517	)		19.3
American Eagle Outfitters, Inc.		(10,660	)		(142,737	)		12.3
American States Water Co.		(5,121	)		(454,489	)		39.2
American Well Corp., Class A		(6,523	)		(14,285	)		1.2
America’s Car-Mart, Inc.		(5,744	)		(461,760	)		39.8
Ameris Bancorp		(486	)		(16,281	)		1.4
Amplitude, Inc.		(4,867	)		(55,240	)		4.8
Anavex Life Sciences Corp.		(21,460	)		(174,684	)		15.1
Andersons, Inc.		(1,305	)		(58,334	)		5.0
ANI Pharmaceuticals, Inc.		(565	)		(21,312	)		1.8
Anterix, Inc.		(1,330	)		(42,001	)		3.6
Apartment Investment and Management Co.		(15,846	)		(124,074	)		10.7
API Group Corp.		(14,773	)		(336,233	)		29.0
Apollo Commercial Real Estate Finance, Inc.		(21,879	)		(221,415	)		19.1
Apollo Medical Holdings, Inc.		(1,595	)		(56,607	)		4.9
Appian Corp., Class A		(17,816	)		(668,991	)		57.7
ArcBest Corp.		(3,123	)		(294,811	)		25.4
Arcellx, Inc.		(1,577	)		(67,306	)		5.8
Arcosa, Inc.		(4,670	)		(315,412	)		27.2
Arcturus Therapeutics Holdings, Inc.		(12,574	)		(334,720	)		28.9
Ares Commercial Real Estate Corp.		(31,900	)		(274,659	)		23.7
Argan, Inc.		(8,294	)		(333,668	)		28.8
Arko Corp.		(15,643	)		(130,775	)		11.3
ARMOUR Residential REIT, Inc.		(62,703	)		(319,785	)		27.6
Array Technologies, Inc.		(12,472	)		(255,052	)		22.0
Artesian Resources Corp., Class A		(179	)		(9,806	)		0.8
Atea Pharmaceuticals, Inc.		(14,196	)		(46,421	)		4.0
Atlantic Union Bankshares Corp.		(14,931	)		(427,325	)		36.9
Atlanticus Holdings Corp.		(894	)		(26,069	)		2.3
Avanos Medical, Inc.		(13,788	)		(407,298	)		35.1
AvePoint, Inc.		(32,429	)		(140,742	)		12.1
Avidity Biosciences, Inc.		(4,559	)		(56,532	)		4.9
Axsome Therapeutics, Inc.		(1,230	)		(87,982	)		7.6
AZZ, Inc.		(8,026	)		(302,821	)		26.1
Babcock & Wilcox Enterprises, Inc.		(72,972	)		(453,886	)		39.2
Balchem Corp.		(6,020	)		(791,028	)		68.2
Banc of California, Inc.		(17,638	)		(200,191	)		17.3
Bank First Corp.		(167	)		(11,421	)		1.0
Banner Corp.		(1,587	)		(79,223	)		6.8
Barnes Group, Inc.		(16,828	)		(707,281	)		61.0
Barrett Business Services, Inc.		(1,302	)		(108,860	)		9.4
Beauty Health Co.		(4,246	)		(48,659	)		4.2
Benson Hill, Inc.		(36,984	)		(39,203	)		3.4
BioCryst Pharmaceuticals, Inc.		(19,150	)		(145,732	)		12.6
Biohaven Ltd.		(1,860	)		(24,329	)		2.1
BioLife Solutions, Inc.		(1,513	)		(26,568	)		2.3
Bionano Genomics, Inc.		(444,264	)		(305,609	)		26.4
Bioxcel Therapeutics, Inc.		(17,298	)		(356,685	)		30.8
Blink Charging Co		(12,775	)		(91,086	)		7.9
Bloomin’ Brands, Inc.		(23,352	)		(578,429	)		49.9
Blue Bird Corp.		(1,468	)		(27,452	)		2.4
Boot Barn Holdings, Inc.		(2,588	)		(187,552	)		16.2
Boston Omaha Corp., Class A		(9,792	)		(200,344	)		17.3
Brady Corp., Class A		(4,119	)		(210,193	)		18.1

Security	Shares			Value			% of Basket Value
United States (continued)
Braze, Inc.		(2,984	)	$	(87,730	)		7.6	%
Bridgebio Pharma, Inc.		(1,070	)		(15,536	)		1.3
Brightsphere Investment Group, Inc.		(16,926	)		(382,189	)		33.0
BrightSpire Capital, Inc.		(28,899	)		(164,724	)		14.2
Brinker International, Inc.		(12,894	)		(514,728	)		44.4
Bristow Group, Inc.		(5,461	)		(122,163	)		10.5
Brookline Bancorp, Inc.		(1,181	)		(11,267	)		1.0
BRP Group, Inc., Class A		(22,168	)		(558,412	)		48.2
Butterfly Network, Inc.		(90,814	)		(196,158	)		16.9
Cadre Holdings, Inc.		(611	)		(12,868	)		1.1
Calavo Growers, Inc.		(9,191	)		(293,744	)		25.3
California Water Service Group		(9,107	)		(510,721	)		44.1
Callon Petroleum Co.		(5,165	)		(171,168	)		14.8
Camping World Holdings, Inc., Class A		(25,070	)		(561,317	)		48.4
Cano Health, Inc.		(116,019	)		(134,582	)		11.6
Capitol Federal Financial, Inc.		(27,430	)		(170,066	)		14.7
CareMax, Inc.		(27,979	)		(70,507	)		6.1
Caribou Biosciences, Inc.		(36,186	)		(155,600	)		13.4
CarParts.com, Inc.		(5,085	)		(24,103	)		2.1
Carriage Services, Inc.		(4,828	)		(138,612	)		12.0
Cars.com, Inc.		(21,012	)		(411,205	)		35.5
Casella Waste Systems, Inc., Class A		(17,809	)		(1,585,001	)		136.7
Cass Information Systems, Inc.		(9,135	)		(334,158	)		28.8
Cathay General Bancorp		(16,874	)		(537,774	)		46.4
Cavco Industries, Inc.		(1,355	)		(406,798	)		35.1
CBIZ, Inc.		(359	)		(18,916	)		1.6
CBL & Associates Properties, Inc.		(794	)		(18,365	)		1.6
CCC Intelligent Solutions Holdings, Inc.		(52,790	)		(458,217	)		39.5
Celldex Therapeutics, Inc.		(21,806	)		(685,581	)		59.1
Centerspace		(5,506	)		(310,428	)		26.8
Central Garden & Pet Co.		(6,480	)		(238,723	)		20.6
Central Garden & Pet Co., Class A		(2,807	)		(99,171	)		8.6
Centrus Energy Corp., Class A		(12,191	)		(357,196	)		30.8
Cerevel Therapeutics Holdings, Inc.		(14,077	)		(408,796	)		35.3
Certara, Inc.		(12,458	)		(301,110	)		26.0
Chase Corp.		(1,833	)		(200,402	)		17.3
Chesapeake Utilities Corp.		(808	)		(99,788	)		8.6
Children’s Place, Inc.		(9,514	)		(281,995	)		24.3
Chuy’s Holdings, Inc.		(2,302	)		(80,294	)		6.9
City Holding Co.		(2,886	)		(263,174	)		22.7
Claros Mortgage Trust, Inc.		(1,686	)		(20,165	)		1.7
Clarus Corp.		(14,825	)		(144,247	)		12.4
Clearfield, Inc.		(4,204	)		(183,631	)		15.8
Clearway Energy, Inc., Class C		(8,154	)		(247,637	)		21.4
Clover Health Investments Corp.		(28,862	)		(21,317	)		1.8
Cogent Biosciences, Inc.		(16,650	)		(179,154	)		15.5
Cogent Communications Holdings, Inc.		(15,207	)		(1,049,891	)		90.6
Cohu, Inc.		(7,141	)		(241,651	)		20.8
Columbia Financial, Inc.		(15,769	)		(264,604	)		22.8
Columbus McKinnon Corp.		(4,586	)		(159,180	)		13.7
Community Bank System, Inc.		(14,772	)		(738,009	)		63.7
Community Healthcare Trust, Inc.		(12,077	)		(432,236	)		37.3
Community Trust Bancorp, Inc.		(2,852	)		(102,701	)		8.9
Compass, Inc.		(2,686	)		(6,285	)		0.5
Conduent, Inc.		(69,791	)		(244,966	)		21.1
CONMED Corp.		(2,277	)		(285,923	)		24.7
Consensus Cloud Solutions, Inc.		(7,218	)		(269,448	)		23.2
Core Laboratories NV		(1,378	)		(31,019	)		2.7
Corporate Office Properties Trust		(13,392	)		(306,543	)		26.4
Couchbase, Inc.		(22,879	)		(351,421	)		30.3
Coursera, Inc.		(35,071	)		(436,283	)		37.6
CRA International, Inc.		(189	)		(19,871	)		1.7

88 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Credo Technology Group Holding Ltd.		(61,602	)	$	(499,592	)		43.1	%
Crinetics Pharmaceuticals, Inc.		(8,462	)		(165,347	)		14.3
Cross Country Healthcare, Inc.		(22,938	)		(504,177	)		43.5
CryoPort, Inc.		(2,804	)		(58,996	)		5.1
CS Disco, Inc.		(26,742	)		(157,243	)		13.6
CTI BioPharma Corp.		(65,921	)		(320,376	)		27.6
CTS Corp.		(5,326	)		(208,832	)		18.0
Cullinan Oncology, Inc.		(7,603	)		(73,977	)		6.4
Cushman & Wakefield PLC		(35,872	)		(353,339	)		30.5
CVB Financial Corp.		(9,750	)		(145,958	)		12.6
Cymabay Therapeutics, Inc.		(991	)		(10,663	)		0.9
Cytek Biosciences, Inc.		(15,279	)		(175,403	)		15.1
Definitive Healthcare Corp.		(4,160	)		(44,512	)		3.8
Delek US Holdings, Inc.		(7,794	)		(169,520	)		14.6
Deluxe Corp.		(5,780	)		(87,567	)		7.6
Denali Therapeutics, Inc.		(2,211	)		(54,921	)		4.7
DICE Therapeutics, Inc.		(6,061	)		(196,983	)		17.0
Digital Turbine, Inc.		(64,121	)		(752,139	)		64.9
Dine Brands Global, Inc.		(3,839	)		(249,266	)		21.5
DocGo, Inc.		(29,379	)		(249,722	)		21.5
Donnelley Financial Solutions, Inc.		(10,681	)		(461,953	)		39.9
Dorman Products, Inc.		(4,170	)		(359,287	)		31.0
Douglas Dynamics, Inc.		(4,230	)		(123,981	)		10.7
Douglas Elliman, Inc.		(29,075	)		(92,749	)		8.0
Dril-Quip, Inc.		(2,314	)		(63,126	)		5.4
Driven Brands Holdings, Inc.		(2,866	)		(87,986	)		7.6
Dynavax Technologies Corp.		(3,640	)		(37,892	)		3.3
Dynex Capital, Inc.		(73,450	)		(871,117	)		75.1
E2open Parent Holdings, Inc.		(96,484	)		(606,884	)		52.4
Eagle Bulk Shipping, Inc.		(5,987	)		(267,739	)		23.1
Eastern Bankshares, Inc.		(460	)		(5,359	)		0.5
Edgewell Personal Care Co.		(5,308	)		(231,800	)		20.0
Ellington Financial, Inc.		(39,686	)		(506,790	)		43.7
Empire State Realty Trust, Inc.		(53,738	)		(328,339	)		28.3
Enact Holdings, Inc.		(909	)		(21,943	)		1.9
Encore Capital Group, Inc.		(12,496	)		(642,044	)		55.4
Energizer Holdings, Inc.		(12,527	)		(418,778	)		36.1
Energy Fuels, Inc.		(33,572	)		(192,830	)		16.6
Energy Vault Holdings, Inc.		(12,140	)		(20,517	)		1.8
EnerSys		(9,684	)		(803,481	)		69.3
Enhabit, Inc.		(11,907	)		(145,861	)		12.6
Enovix Corp.		(51,328	)		(555,369	)		47.9
Enterprise Financial Services Corp.		(2,468	)		(105,532	)		9.1
ePlus, Inc.		(3,764	)		(163,885	)		14.1
EQRx, Inc.		(65,324	)		(109,744	)		9.5
Equity Commonwealth		(11,088	)		(229,743	)		19.8
Esab Corp.		(7,512	)		(438,400	)		37.8
ESS Tech, Inc.		(65,167	)		(69,729	)		6.0
Essential Properties Realty Trust, Inc.		(21,691	)		(536,852	)		46.3
EverCommerce, Inc.		(4,854	)		(58,588	)		5.1
EverQuote, Inc.		(6,096	)		(42,489	)		3.7
Evolent Health, Inc., Class A		(14,076	)		(512,507	)		44.2
Evolus, Inc.		(20,394	)		(178,244	)		15.4
Evolv Technologies Holdings, Inc.		(78,476	)		(282,514	)		24.4
Expro Group Holdings NV		(14,727	)		(292,920	)		25.3
Farmers National Banc Corp.		(752	)		(8,791	)		0.8
Farmland Partners, Inc.		(19,246	)		(200,928	)		17.3
Fastly, Inc.		(3,718	)		(54,952	)		4.7
FB Financial Corp.		(722	)		(21,248	)		1.8
Federal Agricultural Mortgage Corp.		(1,543	)		(205,666	)		17.7
Federal Signal Corp.		(7,318	)		(375,999	)		32.4
Federated Hermes, Inc.		(17,011	)		(704,085	)		60.7

Security	Shares			Value			% of Basket Value
United States (continued)
Figs, Inc., Class A		(9,340	)	$	(67,248	)		5.8	%
First Advantage Corp.		(13,028	)		(167,540	)		14.5
First Bancorp/Southern Pines NC		(21,612	)		(665,217	)		57.4
First Financial Bankshares, Inc.		(9,222	)		(269,836	)		23.3
First Merchants Corp.		(14,688	)		(428,596	)		37.0
FirstCash Holdings, Inc.		(597	)		(61,509	)		5.3
Forestar Group, Inc.		(793	)		(15,337	)		1.3
FormFactor, Inc.		(2,525	)		(68,958	)		6.0
Forward Air Corp.		(6,633	)		(699,848	)		60.4
Four Corners Property Trust, Inc.		(19,270	)		(491,578	)		42.4
Franchise Group, Inc.		(7,600	)		(222,300	)		19.2
Fresh Del Monte Produce, Inc.		(5,271	)		(151,330	)		13.1
Freshpet, Inc.		(7,540	)		(520,034	)		44.9
Frontdoor, Inc.		(12,503	)		(342,082	)		29.5
fuboTV, Inc.		(108,041	)		(123,167	)		10.6
FuelCell Energy, Inc.		(240,223	)		(451,619	)		39.0
Fulcrum Therapeutics, Inc.		(62,428	)		(156,070	)		13.5
Funko, Inc., Class A		(42,556	)		(419,602	)		36.2
Gates Industrial Corp. PLC		(19,083	)		(257,048	)		22.2
Genworth Financial, Inc., Class A		(125,037	)		(726,465	)		62.7
German American Bancorp, Inc.		(2,208	)		(64,187	)		5.5
Geron Corp.		(65,479	)		(161,078	)		13.9
Getty Realty Corp.		(7,682	)		(256,041	)		22.1
Gevo, Inc.		(89,966	)		(104,361	)		9.0
G-III Apparel Group Ltd.		(7,443	)		(116,855	)		10.1
Glacier Bancorp, Inc.		(17,399	)		(578,169	)		49.9
Gladstone Commercial Corp.		(10,004	)		(119,448	)		10.3
Glaukos Corp.		(6,718	)		(319,172	)		27.5
Global Medical REIT, Inc.		(8,176	)		(75,873	)		6.5
Global Net Lease, Inc.		(64,497	)		(726,236	)		62.6
GrafTech International Ltd.		(57,555	)		(271,084	)		23.4
Graham Holdings Co.		(1,739	)		(1,000,916	)		86.3
Granite Construction, Inc.		(15,118	)		(576,449	)		49.7
Great Southern Bancorp, Inc.		(1,846	)		(93,924	)		8.1
Green Brick Partners, Inc.		(8,020	)		(298,905	)		25.8
Green Dot Corp., Class A		(7,409	)		(127,361	)		11.0
Greenbrier Cos., Inc.		(8,036	)		(212,552	)		18.3
Greif, Inc.		(5,081	)		(319,036	)		27.5
Grid Dynamics Holdings, Inc.		(8,154	)		(88,634	)		7.6
Hagerty, Inc.		(10,656	)		(106,667	)		9.2
Harmonic, Inc.		(24,331	)		(342,824	)		29.6
Hawaiian Electric Industries, Inc.		(40,847	)		(1,601,611	)		138.2
Hawkins, Inc.		(581	)		(23,438	)		2.0
Hayward Holdings, Inc.		(59,326	)		(714,285	)		61.6
HCI Group, Inc.		(3,431	)		(173,814	)		15.0
Health Catalyst, Inc.		(1,909	)		(24,053	)		2.1
HealthStream, Inc.		(1,443	)		(35,556	)		3.1
Heartland Express, Inc.		(6,403	)		(92,715	)		8.0
Hecla Mining Co.		(19,986	)		(120,915	)		10.4
Helios Technologies, Inc.		(5,189	)		(312,066	)		26.9
Heritage Commerce Corp.		(13,616	)		(115,736	)		10.0
Heritage-Crystal Clean, Inc.		(7,125	)		(249,090	)		21.5
Hibbett, Inc.		(7,666	)		(416,494	)		35.9
Highwoods Properties, Inc.		(8,810	)		(201,925	)		17.4
Hillenbrand, Inc.		(7,415	)		(338,272	)		29.2
Hillman Solutions Corp.		(15,927	)		(133,787	)		11.5
Hilltop Holdings, Inc.		(8,511	)		(264,011	)		22.8
Hims & Hers Health, Inc.		(8,012	)		(92,859	)		8.0
Hippo Holdings, Inc.		(5,210	)		(95,030	)		8.2
HireRight Holdings Corp.		(14,756	)		(156,414	)		13.5
HNI Corp.		(4,361	)		(113,299	)		9.8
Home BancShares, Inc.		(39,466	)		(859,175	)		74.1

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Hope Bancorp, Inc.		(6,866	)	$	(62,481	)		5.4	%
Hostess Brands, Inc.		(4,838	)		(124,627	)		10.8
Hyliion Holdings Corp.		(54,078	)		(74,087	)		6.4
Hyster-Yale Materials Handling, Inc.		(4,496	)		(236,759	)		20.4
Hyzon Motors, Inc.		(3,383	)		(2,813	)		0.2
ICF International, Inc.		(256	)		(29,184	)		2.5
Ichor Holdings Ltd.		(20,793	)		(579,085	)		50.0
Ideaya Biosciences, Inc.		(1,181	)		(21,565	)		1.9
IMAX Corp.		(10,931	)		(229,004	)		19.8
Immunovant, Inc.		(18,901	)		(305,062	)		26.3
Impinj, Inc.		(6,112	)		(540,362	)		46.6
Independent Bank Corp.		(8,112	)		(454,272	)		39.2
Ingevity Corp.		(2,771	)		(198,792	)		17.2
Ingles Markets, Inc.		(256	)		(23,562	)		2.0
Inhibrx, Inc.		(7,677	)		(161,217	)		13.9
Innospec, Inc.		(1,562	)		(158,746	)		13.7
Inogen, Inc.		(2,197	)		(29,242	)		2.5
Insmed, Inc.		(14,536	)		(283,452	)		24.5
Insteel Industries, Inc.		(4,049	)		(111,469	)		9.6
Intapp, Inc.		(2,844	)		(114,670	)		9.9
InterDigital, Inc.		(13,097	)		(887,191	)		76.5
InvenTrust Properties Corp.		(6,684	)		(150,724	)		13.0
IonQ, Inc.		(45,342	)		(249,834	)		21.6
Itron, Inc.		(4,039	)		(215,683	)		18.6
Ivanhoe Electric, Inc.		(1,831	)		(21,807	)		1.9
Jack in the Box, Inc.		(7,086	)		(656,801	)		56.7
Jackson Financial, Inc.		(6,341	)		(228,339	)		19.7
JBG SMITH Properties		(16,618	)		(237,139	)		20.5
Joby Aviation, Inc.		(207,334	)		(897,756	)		77.4
John B Sanfilippo & Son, Inc.		(1,734	)		(180,249	)		15.6
John Wiley & Sons, Inc.		(37,888	)		(1,461,340	)		126.1
KB Home		(16,323	)		(715,274	)		61.7
Kelly Services, Inc., Class A		(1,283	)		(21,054	)		1.8
Kemper Corp.		(5,303	)		(257,991	)		22.3
Kennedy-Wilson Holdings, Inc.		(36,027	)		(604,533	)		52.2
Keros Therapeutics, Inc.		(2,799	)		(124,150	)		10.7
Kezar Life Sciences, Inc.		(5,879	)		(14,286	)		1.2
Kimball Electronics, Inc.		(8,584	)		(172,796	)		14.9
Kinetik Holdings, Inc.		(3,918	)		(120,674	)		10.4
Kiniksa Pharmaceuticals Ltd., Class A		(1,286	)		(13,825	)		1.2
KKR Real Estate Finance Trust, Inc.		(57,413	)		(616,616	)		53.2
Koppers Holdings, Inc.		(1,213	)		(39,799	)		3.4
Krispy Kreme, Inc.		(9,789	)		(150,555	)		13.0
Kronos Worldwide, Inc.		(7,134	)		(66,346	)		5.7
Kura Sushi USA, Inc., Class A		(7,938	)		(547,087	)		47.2
Kyndryl Holdings, Inc.		(7,461	)		(107,886	)		9.3
Lakeland Bancorp, Inc.		(14,804	)		(212,289	)		18.3
Latham Group, Inc.		(26,648	)		(64,222	)		5.5
LCI Industries		(3,712	)		(419,308	)		36.2
Leonardo DRS, Inc.		(25,645	)		(385,957	)		33.3
Leslie’s, Inc.		(31,404	)		(340,733	)		29.4
Lexicon Pharmaceuticals, Inc.		(69,502	)		(166,110	)		14.3
LGI Homes, Inc.		(6,926	)		(822,809	)		71.0
Liberty Energy, Inc.		(25,402	)		(325,400	)		28.1
Liberty Media Corp.-Liberty Braves		(12,527	)		(476,277	)		41.1
Life Time Group Holdings, Inc.		(23,857	)		(495,987	)		42.8
Lightwave Logic, Inc.		(16,605	)		(74,723	)		6.4
Lindblad Expeditions Holdings, Inc.		(1,574	)		(17,802	)		1.5
Lions Gate Entertainment Corp.		(4,225	)		(45,081	)		3.9
Lovesac Co		(1,826	)		(48,006	)		4.1
LTC Properties, Inc.		(15,611	)		(522,188	)		45.0
Luminar Technologies, Inc.		(56,959	)		(342,893	)		29.6

Security	Shares			Value			% of Basket Value
United States (continued)
M/I Homes, Inc.		(7,946	)	$	(537,467	)		46.4	%
Madison Square Garden Entertainment Corp.		(1,662	)		(53,633	)		4.6
Magnite, Inc.		(1,593	)		(14,974	)		1.3
Marcus & Millichap, Inc.		(7,421	)		(233,539	)		20.1
Masterbrand, Inc.		(54,059	)		(436,256	)		37.6
Materion Corp.		(4,583	)		(496,385	)		42.8
Mativ Holdings, Inc.		(13,089	)		(253,534	)		21.9
Matterport, Inc.		(115,604	)		(269,357	)		23.2
Matthews International Corp.		(20,335	)		(770,086	)		66.4
MaxCyte, Inc.		(3,944	)		(19,720	)		1.7
Maxeon Solar Technologies Ltd.		(5,909	)		(166,102	)		14.3
Mercury Systems, Inc.		(14,488	)		(690,643	)		59.6
MeridianLink, Inc.		(16,182	)		(241,759	)		20.9
Mesa Laboratories, Inc.		(2,172	)		(361,660	)		31.2
Methode Electronics, Inc.		(8,790	)		(360,302	)		31.1
Microvast Holdings, Inc.		(9,994	)		(10,494	)		0.9
MicroVision, Inc.		(52,255	)		(104,510	)		9.0
Middlesex Water Co		(162	)		(11,823	)		1.0
MillerKnoll, Inc.		(15,689	)		(266,870	)		23.0
Minerals Technologies, Inc.		(6,456	)		(382,583	)		33.0
Mirati Therapeutics, Inc.		(2,696	)		(119,460	)		10.3
Mirum Pharmaceuticals, Inc.		(10,261	)		(275,508	)		23.8
Mission Produce, Inc.		(21,161	)		(241,024	)		20.8
Modine Manufacturing Co.		(4,236	)		(88,575	)		7.6
Moelis & Co., Class A		(14,226	)		(538,881	)		46.5
Monro, Inc.		(1,308	)		(63,935	)		5.5
Montrose Environmental Group, Inc.		(6,449	)		(196,437	)		16.9
Morphic Holding, Inc.		(4,663	)		(220,373	)		19.0
Mueller Water Products, Inc., Class A		(73,416	)		(983,774	)		84.9
N-able, Inc.		(22,807	)		(290,789	)		25.1
NanoString Technologies, Inc.		(8,518	)		(83,476	)		7.2
National Bank Holdings Corp.		(3,470	)		(110,346	)		9.5
National Health Investors, Inc.		(4,889	)		(243,326	)		21.0
National Presto Industries, Inc.		(7,268	)		(494,369	)		42.6
Navitas Semiconductor Corp.		(23,713	)		(126,390	)		10.9
NBT Bancorp, Inc.		(6,159	)		(198,566	)		17.1
nCino, Inc.		(19,337	)		(478,204	)		41.3
Necessity Retail REIT, Inc.		(20,601	)		(113,512	)		9.8
Nelnet, Inc.		(10,045	)		(967,334	)		83.4
NetScout Systems, Inc.		(10,270	)		(279,447	)		24.1
NETSTREIT Corp.		(32,490	)		(591,968	)		51.1
NewMarket Corp.		(2,769	)		(1,106,492	)		95.5
NextDecade Corp.		(32,185	)		(200,513	)		17.3
Nextdoor Holdings, Inc.		(166,159	)		(350,595	)		30.2
NexTier Oilfield Solutions, Inc.		(62,452	)		(504,612	)		43.5
Nicolet Bankshares, Inc.		(1,390	)		(79,661	)		6.9
nLight, Inc.		(24,084	)		(211,217	)		18.2
NMI Holdings, Inc., Class A		(6,000	)		(140,400	)		12.1
Northern Oil and Gas, Inc.		(30,405	)		(1,008,534	)		87.0
Northfield Bancorp, Inc.		(15,418	)		(160,656	)		13.9
Northwest Bancshares, Inc.		(28,711	)		(335,632	)		29.0
Northwest Natural Holding Co.		(2,141	)		(100,541	)		8.7
NorthWestern Corp.		(28,714	)		(1,683,215	)		145.2
Nu Skin Enterprises, Inc., Class A		(7,636	)		(301,317	)		26.0
Nuvalent, Inc., Class A		(6,181	)		(218,746	)		18.9
Nuvation Bio, Inc.		(4,406	)		(7,094	)		0.6
ODP Corp.		(14,232	)		(614,965	)		53.1
Office Properties Income Trust		(1,957	)		(12,760	)		1.1
O-I Glass, Inc.		(27,339	)		(614,307	)		53.0
Olo, Inc.		(56,803	)		(389,101	)		33.6
OmniAb, Inc.		(99,923	)		(347,732	)		30.0
ON24, Inc.		(9,271	)		(80,658	)		7.0

90 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
One Liberty Properties, Inc.		(5,652	)	$	(124,457	)		10.7	%
OneSpan, Inc.		(13,335	)		(196,558	)		17.0
Open Lending Corp.		(24,476	)		(172,066	)		14.8
Opendoor Technologies, Inc.		(93,209	)		(128,628	)		11.1
OraSure Technologies, Inc.		(15,176	)		(103,197	)		8.9
Origin Bancorp, Inc.		(5,373	)		(158,127	)		13.6
Orthofix Medical, Inc.		(5,578	)		(105,034	)		9.1
OrthoPediatrics Corp.		(3,980	)		(200,751	)		17.3
Otter Tail Corp.		(1,583	)		(113,897	)		9.8
Outset Medical, Inc.		(28,927	)		(520,397	)		44.9
Pacific Biosciences of California, Inc.		(31,350	)		(332,310	)		28.7
Paragon 28, Inc.		(4,827	)		(88,913	)		7.7
Patrick Industries, Inc.		(2,410	)		(165,398	)		14.3
Patterson Cos., Inc.		(21,609	)		(585,820	)		50.5
Paycor HCM, Inc.		(1,618	)		(38,023	)		3.3
PDF Solutions, Inc.		(1,688	)		(60,852	)		5.3
Peapack-Gladstone Financial Corp.		(3,905	)		(103,717	)		8.9
Pediatrix Medical Group, Inc.		(8,086	)		(115,872	)		10.0
PennyMac Mortgage Investment Trust		(14,077	)		(174,977	)		15.1
Perella Weinberg Partners		(18,883	)		(149,176	)		12.9
Perficient, Inc.		(1,777	)		(115,363	)		10.0
Phathom Pharmaceuticals, Inc.		(20,230	)		(216,461	)		18.7
Phillips Edison & Co., Inc.		(32,400	)		(1,021,896	)		88.2
Phreesia, Inc.		(474	)		(14,997	)		1.3
Physicians Realty Trust		(74,989	)		(1,081,341	)		93.3
Piper Sandler Cos		(2,423	)		(328,171	)		28.3
Pitney Bowes, Inc.		(72,621	)		(254,900	)		22.0
Planet Labs PBC		(63,503	)		(259,092	)		22.4
Plexus Corp.		(8,038	)		(703,084	)		60.7
Pliant Therapeutics, Inc.		(8,330	)		(235,323	)		20.3
Plymouth Industrial REIT, Inc.		(24,793	)		(501,810	)		43.3
PolyPeptide Group AG		(11,012	)		(275,004	)		23.7
Portillo’s, Inc., Class A		(7,252	)		(156,788	)		13.5
PotlatchDeltic Corp.		(16,072	)		(743,009	)		64.1
PRA Group, Inc.		(12,587	)		(456,531	)		39.4
Premier, Inc., Class A		(25,471	)		(848,948	)		73.2
ProAssurance Corp.		(1,688	)		(30,316	)		2.6
PROCEPT BioRobotics Corp.		(7,640	)		(232,180	)		20.0
ProFrac Holding Corp.		(27,332	)		(306,118	)		26.4
PROG Holdings, Inc.		(9,310	)		(281,441	)		24.3
Progress Software Corp.		(13,672	)		(750,319	)		64.7
Proterra, Inc.		(212,080	)		(248,134	)		21.4
Proto Labs, Inc.		(3,392	)		(97,588	)		8.4
Provident Financial Services, Inc.		(3,183	)		(55,639	)		4.8
PubMatic, Inc.		(14,870	)		(203,124	)		17.5
Pulmonx Corp.		(22,833	)		(268,288	)		23.1
PureCycle Technologies, Inc.		(48,753	)		(320,307	)		27.6
Purple Innovation, Inc.		(108,381	)		(321,892	)		27.8
Quanterix Corp.		(2,604	)		(32,915	)		2.8
Rackspace Technology, Inc.		(185,518	)		(270,856	)		23.4
Ramaco Resources, Inc.		(4,932	)		(40,097	)		3.5
RAPT Therapeutics, Inc.		(3,875	)		(70,525	)		6.1
Ready Capital Corp.		(76,426	)		(820,051	)		70.7
REC Silicon ASA		(77,581	)		(118,850	)		10.3
Recursion Pharmaceuticals, Inc.		(36,805	)		(175,560	)		15.1
Relay Therapeutics, Inc.		(8,389	)		(95,383	)		8.2
Reliance Worldwide Corp. Ltd.		(129,558	)		(357,862	)		30.9
Remitly Global, Inc.		(7,640	)		(128,352	)		11.1
Renasant Corp.		(2,691	)		(75,671	)		6.5
Resideo Technologies, Inc.		(19,705	)		(350,749	)		30.3
Resources Connection, Inc.		(6,328	)		(92,326	)		8.0
REV Group, Inc.		(29,872	)		(320,527	)		27.7

Security	Shares			Value			% of Basket Value
United States (continued)
Revance Therapeutics, Inc.		(8,820	)	$	(280,741	)		24.2	%
Revolution Medicines, Inc.		(6,216	)		(146,014	)		12.6
Reynolds Consumer Products, Inc.		(22,883	)		(641,411	)		55.3
Rimini Street, Inc.		(40,297	)		(150,711	)		13.0
Rocket Lab USA, Inc.		(106,371	)		(416,974	)		36.0
Rocket Pharmaceuticals, Inc.		(4,878	)		(87,414	)		7.5
Rogers Corp.		(4,669	)		(751,476	)		64.8
Roivant Sciences Ltd.		(49,449	)		(422,789	)		36.5
Rover Group, Inc.		(47,441	)		(214,908	)		18.5
RXO, Inc.		(19,796	)		(358,110	)		30.9
Ryerson Holding Corp.		(2,386	)		(90,119	)		7.8
S&T Bancorp, Inc.		(4,474	)		(123,169	)		10.6
Sabra Health Care REIT, Inc.		(7,877	)		(89,798	)		7.7
Sabre Corp.		(15,971	)		(63,884	)		5.5
Safety Insurance Group, Inc.		(9,415	)		(688,142	)		59.4
Sage Therapeutics, Inc.		(4,894	)		(239,072	)		20.6
Sally Beauty Holdings, Inc.		(6,977	)		(99,283	)		8.6
Sandy Spring Bancorp, Inc.		(2,815	)		(63,281	)		5.5
Scholastic Corp.		(5,136	)		(197,582	)		17.0
Schrodinger, Inc.		(16,579	)		(489,412	)		42.2
Seaboard Corp.		(20	)		(78,821	)		6.8
Seacoast Banking Corp. of Florida		(7,713	)		(171,151	)		14.8
Seer, Inc.		(31,962	)		(106,753	)		9.2
Select Energy Services, Inc.		(30,486	)		(226,511	)		19.5
Select Medical Holdings Corp.		(13,713	)		(418,247	)		36.1
Senseonics Holdings, Inc.		(116,820	)		(69,520	)		6.0
SES AI Corp.		(27,427	)		(44,706	)		3.9
Shake Shack, Inc., Class A		(1,215	)		(66,594	)		5.7
Shenandoah Telecommunications Co.		(7,683	)		(159,883	)		13.8
SI-BONE, Inc.		(11,863	)		(262,172	)		22.6
Signet Jewelers Ltd.		(2,578	)		(189,689	)		16.4
SilverBow Resources, Inc.		(1,315	)		(31,363	)		2.7
Simmons First National Corp., Class A		(17,545	)		(293,177	)		25.3
Simply Good Foods Co.		(17,635	)		(641,385	)		55.3
SITE Centers Corp.		(51,504	)		(635,559	)		54.8
SiTime Corp.		(3,384	)		(367,062	)		31.7
SJW Group		(10,302	)		(782,128	)		67.5
SMART Global Holdings, Inc.		(7,452	)		(114,910	)		9.9
SmartRent, Inc.		(54,026	)		(139,387	)		12.0
Snap One Holdings Corp.		(3,402	)		(33,204	)		2.9
Solid Power, Inc.		(133,984	)		(304,144	)		26.2
SomaLogic, Inc.		(79,406	)		(222,337	)		19.2
Sonos, Inc.		(11,076	)		(234,147	)		20.2
Sotera Health Co.		(1,183	)		(19,839	)		1.7
Southside Bancshares, Inc.		(2,389	)		(75,803	)		6.5
Spectrum Brands Holdings, Inc.		(8,482	)		(564,053	)		48.7
Sphere Entertainment Co.		(1,662	)		(46,769	)		4.0
Spire, Inc.		(1,370	)		(92,790	)		8.0
SpringWorks Therapeutics, Inc.		(14,225	)		(332,581	)		28.7
Sprouts Farmers Market, Inc.		(8,913	)		(308,925	)		26.7
Squarespace, Inc.		(3,644	)		(113,328	)		9.8
St Joe Co.		(9,004	)		(370,064	)		31.9
Stellar Bancorp, Inc.		(6,913	)		(158,584	)		13.7
Stem, Inc.		(63,422	)		(268,275	)		23.1
StepStone Group, Inc., Class A		(8,863	)		(195,252	)		16.8
Stericycle, Inc.		(4,162	)		(189,995	)		16.4
Stock Yards Bancorp, Inc.		(6,476	)		(314,734	)		27.2
Strategic Education, Inc.		(6,544	)		(575,872	)		49.7
Sun Country Airlines Holdings, Inc.		(9,456	)		(186,567	)		16.1
Sunstone Hotel Investors, Inc.		(18,523	)		(176,524	)		15.2
Syndax Pharmaceuticals, Inc.		(14,179	)		(291,378	)		25.1
Taro Pharmaceutical Industries Ltd.		(2,004	)		(50,501	)		4.4

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Tejon Ranch Co.		(2,869	)	$	(49,576	)		4.3	%
Telephone and Data Systems, Inc.		(12,482	)		(124,820	)		10.8
Telos Corp.		(14,332	)		(24,364	)		2.1
Tennant Co.		(5,768	)		(440,791	)		38.0
Terex Corp.		(4,249	)		(189,463	)		16.3
Texas Capital Bancshares, Inc.		(12,148	)		(610,437	)		52.7
TFS Financial Corp.		(21,416	)		(257,849	)		22.2
TG Therapeutics, Inc.		(13,245	)		(328,873	)		28.4
Tidewater, Inc.		(13,958	)		(628,529	)		54.2
TimkenSteel Corp.		(4,664	)		(78,075	)		6.7
Tootsie Roll Industries, Inc.		(4,916	)		(200,966	)		17.3
Towne Bank/Portsmouth VA		(13,378	)		(316,925	)		27.3
TPG, Inc.		(5,235	)		(151,658	)		13.1
TPI Composites, Inc.		(22,725	)		(280,881	)		24.2
Traeger, Inc.		(152,660	)		(464,086	)		40.0
TransMedics Group, Inc.		(7,456	)		(589,770	)		50.9
Tredegar Corp.		(69,059	)		(647,773	)		55.9
TreeHouse Foods, Inc.		(11,155	)		(594,004	)		51.2
TriCo Bancshares		(2,893	)		(103,598	)		8.9
TriMas Corp.		(1,626	)		(41,317	)		3.6
Tronox Holdings PLC		(18,684	)		(255,784	)		22.1
TrustCo Bank Corp. NY		(1,767	)		(52,727	)		4.6
Trustmark Corp.		(10,298	)		(246,019	)		21.2
TTEC Holdings, Inc.		(1,045	)		(35,603	)		3.1
Tucows, Inc.		(1,405	)		(31,458	)		2.7
Two Harbors Investment Corp.		(17,098	)		(238,175	)		20.5
Ultra Clean Holdings, Inc.		(9,541	)		(272,300	)		23.5
UMH Properties, Inc.		(22,640	)		(344,128	)		29.7
UniFirst Corp.		(5,009	)		(819,873	)		70.7
United Bankshares, Inc.		(5,302	)		(175,655	)		15.2
United Community Banks, Inc.		(10,441	)		(259,981	)		22.4
United Natural Foods, Inc.		(5,239	)		(142,868	)		12.3
Universal Corp.		(17,067	)		(936,808	)		80.8
Universal Health Realty Income Trust		(9,161	)		(398,504	)		34.4
Universal Logistics Holdings, Inc.		(353	)		(9,037	)		0.8
Upbound Group, Inc.		(18,071	)		(481,773	)		41.6
Urban Outfitters, Inc.		(14,404	)		(389,772	)		33.6
Urstadt Biddle Properties, Inc., Class A		(14,816	)		(255,132	)		22.0
V2X, Inc.		(2,983	)		(128,866	)		11.1
VAALCO Energy, Inc.		(7,497	)		(32,087	)		2.8
Vaxcyte, Inc.		(23,215	)		(994,298	)		85.8
Velo3D, Inc.		(72,303	)		(169,189	)		14.6
Ventyx Biosciences, Inc.		(10,507	)		(395,063	)		34.1
Veris Residential, Inc.		(59,908	)		(979,496	)		84.5
Verra Mobility Corp.		(61,435	)		(1,041,323	)		89.8
Veru, Inc.		(44,133	)		(56,049	)		4.8
Viasat, Inc.		(6,264	)		(219,428	)		18.9
Viavi Solutions, Inc.		(21,551	)		(193,097	)		16.7
Victoria’s Secret & Co.		(13,105	)		(406,386	)		35.1
Viking Therapeutics, Inc.		(13,716	)		(292,288	)		25.2
Virgin Galactic Holdings, Inc.		(70,259	)		(255,743	)		22.1
Viridian Therapeutics, Inc.		(18,355	)		(514,491	)		44.4
Vishay Intertechnology, Inc.		(43,224	)		(920,239	)		79.4
Vista Outdoor, Inc.		(16,195	)		(390,300	)		33.7
Vital Energy, Inc.		(1,753	)		(81,567	)		7.0
Vobile Group Ltd.		(525,000	)		(204,875	)		17.7
VSE Corp.		(3,138	)		(132,706	)		11.4
Vuzix Corp.		(39,136	)		(157,327	)		13.6
Washington Federal, Inc.		(6,368	)		(178,559	)		15.4
WD-40 Co.		(1,114	)		(212,106	)		18.3
Werner Enterprises, Inc.		(5,930	)		(267,858	)		23.1

Security	Shares			Value			% of Basket Value
United States (continued)
Westamerica BanCorp		(5,565	)	$	(225,438	)		19.4	%
White Mountains Insurance Group Ltd.		(914	)		(1,308,976	)		112.9
WideOpenWest, Inc.		(5,356	)		(61,219	)		5.3
Winnebago Industries, Inc.		(5,419	)		(315,061	)		27.2
Wolverine World Wide, Inc.		(21,631	)		(362,103	)		31.2
Workhorse Group, Inc.		(203,696	)		(191,922	)		16.6
Worthington Industries, Inc.		(3,184	)		(189,098	)		16.3
Xenia Hotels & Resorts, Inc.		(14,777	)		(187,077	)		16.1
Xometry, Inc.		(779	)		(10,820	)		0.9
XPEL, Inc.		(1,043	)		(76,202	)		6.6
Xperi, Inc.		(18,361	)		(174,246	)		15.0
Xponential Fitness, Inc., Class A		(6,865	)		(227,094	)		19.6
Zentalis Pharmaceuticals, Inc.		(13,047	)		(287,425	)		24.8
Zuora, Inc.		(4,676	)		(36,426	)		3.1
					(163,873,809	)
Vietnam
XP Power Ltd.		(333	)		(9,139	)		0.8
Preferred Stocks
Germany
Einhell Germany AG		(1,170	)		(200,735	)		17.3
Jungheinrich AG		(8,805	)		(338,929	)		29.2
Sixt SE		(874	)		(69,068	)		6.0
Rights
Spain
Faes Farma SA (Expires 05/10/23)		(57,947	)		(7,729	)		0.7
Warrants
Australia
Pointsbet Holdings Ltd.		(9,593	)		(0	)		0.0
Total Reference Entity — Short					(335,214,037	)
Net Value of Reference Entity — Goldman Sachs Bank USA				$	(1,159,224	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates 07/03/23-08/19/26:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
AGL Energy Ltd.		12,023	$	67,109		132.7	%
Allkem Ltd.		2,383		19,815		39.2
AMP Ltd.		284,769		218,061		431.2
Aristocrat Leisure Ltd.		9,749		249,859		494.1
Aurizon Holdings Ltd.		49,530		114,100		225.6
Bank of Queensland Ltd.		267,627		1,048,106		2,072.6
Beach Energy Ltd.		125,735		125,429		248.0
Bendigo & Adelaide Bank Ltd.		9,911		57,835		114.4
BHP Group Ltd.		2,291		68,936		136.3
Boral Ltd.		93,623		260,205		514.5
Challenger Ltd.		75,290		307,300		607.7
Charter Hall Group		59,119		445,885		881.7
CSR Ltd.		55,026		195,168		385.9
Deterra Royalties Ltd.		38,109		118,475		234.3

92 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Australia (continued)
Domain Holdings Australia Ltd.		10,728	$	24,259		48.0	%
Downer EDI Ltd.		345,169		827,270		1,635.9
Flight Centre Travel Group Ltd.		13,716		182,391		360.7
Fortescue Metals Group Ltd.		7,289		103,437		204.5
GPT Group		79,604		237,267		469.2
IDP Education Ltd.		15,144		288,233		570.0
Iluka Resources Ltd.		67,041		499,497		987.7
Insignia Financial Ltd.		217,207		436,757		863.7
Lynas Rare Earths Ltd.		6,353		27,663		54.7
Macquarie Group Ltd.		4,301		531,126		1,050.3
Magellan Financial Group Ltd.		23,750		130,351		257.8
Mineral Resources Ltd.		6,086		304,290		601.7
Mirvac Group		70,204		114,111		225.6
National Australia Bank Ltd.		12,328		240,456		475.5
Orora Ltd.		142,531		330,125		652.8
Pilbara Minerals Ltd.		1,917		5,521		10.9
Pro Medicus Ltd.		13,002		540,997		1,069.8
Region RE Ltd., Registered Shares		42,141		69,861		138.1
Rio Tinto PLC		27,741		1,734,457		3,429.8
SEEK Ltd.		23,114		382,296		756.0
Star Entertainment Grp Ltd.		84,444		72,624		143.6
Steadfast Group Ltd.		57,735		230,645		456.1
Treasury Wine Estates Ltd.		80,964		760,210		1,503.3
Westpac Banking Corp.		83,202		1,261,856		2,495.3
WiseTech Global Ltd.		4,197		194,767		385.1
Worley Ltd.		15,391		156,749		310.0
				12,983,499
Austria
ams-OSRAM AG		11,278		77,482		153.2
ANDRITZ AG		3,321		213,892		423.0
BAWAG Group AG		411		19,888		39.3
Raiffeisen Bank International AG		23,133		352,478		697.0
				663,740
Belgium
Elia Group SA/NV		169		22,990		45.5
Euronav NV		60,940		1,048,168		2,072.7
Sofina SA		1,961		446,795		883.5
Solvay SA		9,289		1,105,806		2,186.7
				2,623,759
Bermuda
RenaissanceRe Holdings Ltd.		731		157,465		311.4
Brazil
Wheaton Precious Metals Corp.		1,291		64,436		127.4
Canada
ARC Resources Ltd.		14,391		180,802		357.5
Birchcliff Energy Ltd.		10,439		63,991		126.5
Bombardier, Inc., Class B		7,732		338,525		669.4
Boralex, Inc.		3,175		93,696		185.3
Canada Goose Holdings, Inc.		24,978		490,068		969.1
Canadian Imperial Bank of Commerce		2,932		124,376		246.0
Canadian National Railway Co.		535		64,524		127.6
CGI, Inc.		11,384		1,168,432		2,310.5
Crescent Point Energy Corp.		47,181		353,123		698.3
Element Fleet Management Corp.		15,630		206,768		408.9
Emera, Inc.		17,584		756,930		1,496.8
Enbridge, Inc.		4,323		173,873		343.8
Enerplus Corp.		46,642		705,612		1,395.3
First Majestic Silver Corp.		36,233		258,972		512.1
FirstService Corp.		2,839		431,806		853.9

Security	Shares		Value		% of Basket Value
Canada (continued)
Franco-Nevada Corp.		4,583	$	703,558		1,391.3	%
GFL Environmental, Inc.		4,957		182,013		359.9
Gildan Activewear, Inc.		49,062		1,615,560		3,194.7
Imperial Oil Ltd.		9,919		511,916		1,012.3
Ivanhoe Mines Ltd.		20,003		175,623		347.3
Lithium Americas Corp.		10,106		204,372		404.1
MEG Energy Corp.		4,544		76,560		151.4
Methanex Corp.		5,846		264,808		523.7
NuVista Energy Ltd.		17,357		152,420		301.4
Pan American Silver Corp.		43,948		791,380		1,564.9
RioCan Real Estate Investment Trust		10,078		157,930		312.3
Ritchie Bros Auctioneers, Inc.		6,031		349,144		690.4
Royal Bank of Canada		3,504		347,878		687.9
Stantec, Inc.		5,374		326,710		646.1
TC Energy Corp.		40,530		1,704,186		3,370.0
Teck Resources Ltd.		3,167		149,290		295.2
TELUS Corp.		56,942		1,220,881		2,414.2
Tourmaline Oil Corp.		6,505		295,659		584.7
TransAlta Corp.		22,891		206,484		408.3
Vermilion Energy, Inc.		5,167		66,210		130.9
West Fraser Timber Co. Ltd.		1,797		131,580		260.2
				15,045,660
Chile
Lundin Mining Corp.		2,815		21,763		43.0
China
Budweiser Brewing Co. APAC Ltd.		189,400		547,209		1,082.1
Shangri-La Asia Ltd.		18,000		16,605		32.8
SITC International Holdings Co. Ltd.		72,000		133,175		263.3
Wharf Holdings Ltd.		30,000		68,562		135.6
				765,551
Denmark
Coloplast A/S		1,732		247,682		489.8
D/S Norden A/S		2,809		174,945		345.9
Genmab A/S		223		90,907		179.8
GN Store Nord A/S		8,879		235,471		465.6
H Lundbeck A/S		11,703		61,495		121.6
Jyske Bank A/S, Registered Shares		1,484		107,645		212.9
Novozymes A/S, B Shares		14,968		773,626		1,529.8
Orsted A/S		6,668		593,878		1,174.4
Rockwool A/S, B Shares		335		80,511		159.2
				2,366,160
Finland
Kone OYJ, Class B		4,496		254,520		503.3
Metso Outotec OYJ		17,289		189,234		374.2
Outokumpu OYJ		17,159		92,765		183.4
Wartsila OYJ ABP		26,049		300,069		593.4
				836,588
France
Accor SA		49,270		1,734,213		3,429.3
Aeroports de Paris		617		97,314		192.4
ALD SA		21,203		253,390		501.1
Bureau Veritas SA		15,225		435,552		861.3
Carrefour SA		87,270		1,800,710		3,560.8
Cie de Saint-Gobain		2,935		168,587		333.4
Danone SA		17,028		1,118,009		2,210.8
Dassault Aviation SA		596		115,501		228.4
Edenred		3,060		197,256		390.1
Engie SA		97,041		1,540,375		3,046.0
EssilorLuxottica SA		4,642		911,961		1,803.4

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
France (continued)
Gaztransport Et Technigaz SA		1,844	$	195,673		386.9	%
Getlink SE		24,731		458,868		907.4
Hermes International		621		1,340,170		2,650.1
ICADE		11,524		536,790		1,061.5
JCDecaux SE		1,197		26,287		52.0
Kering SA		117		74,518		147.4
Klepierre SA		49,061		1,233,190		2,438.6
LVMH Moet Hennessy Louis Vuitton SE		362		345,402		683.0
Neoen SA		29,071		865,670		1,711.8
Pernod Ricard SA		1,763		403,960		798.8
Remy Cointreau SA		864		148,158		293.0
Societe Generale SA		2,381		57,502		113.7
Veolia Environnement SA		18,063		571,851		1,130.8
Wendel SE		9,330		1,038,548		2,053.7
				15,669,455
Germany
Carl Zeiss Meditec AG		398		53,088		105.0
Covestro AG		12,218		531,993		1,052.0
Deutsche Bank AG, Registered Shares		3,885		42,372		83.8
Deutsche Lufthansa AG, Registered Shares		1,553		16,562		32.8
DWS Group GmbH & Co. KGaA		12,513		412,720		816.1
E.ON SE		81,807		1,073,590		2,123.0
Encavis AG		4,322		74,140		146.6
Evonik Industries AG		8,323		180,211		356.4
Fraport AG Frankfurt Airport Services Worldwide		19,559		1,045,332		2,067.1
Freenet AG		33,909		959,137		1,896.7
HUGO BOSS AG		3,332		249,948		494.3
Knorr-Bremse AG		4,292		298,481		590.2
LEG Immobilien SE		725		44,777		88.5
Mercedes-Benz Group AG		18,756		1,451,736		2,870.7
Merck KGaA		1,871		332,867		658.2
Nemetschek SE		2,666		206,836		409.0
ProSiebenSat.1 Media SE		5,737		51,116		101.1
Scout24 SE		2,583		159,716		315.8
Siemens AG, Registered Shares		5,603		916,263		1,811.9
SMA Solar Technology AG		1,130		121,202		239.7
SUSE SA		721		13,523		26.7
Talanx AG		7,502		374,413		740.4
United Internet AG, Registered Shares		8,477		144,384		285.5
				8,754,407
Hong Kong
AIA Group Ltd.		66,400		722,892		1,429.5
ASMPT Ltd.		25,100		197,337		390.2
Bank of East Asia Ltd.		186,800		246,182		486.8
Cafe de Coral Holdings Ltd.		60,000		84,040		166.2
Cathay Pacific Airways Ltd.		752,000		727,650		1,438.9
Dah Sing Banking Group Ltd.		167,200		134,108		265.2
Haitong International Securities Group Ltd.		53,900		4,550		9.0
Hang Lung Group Ltd.		7,000		12,306		24.3
Hang Lung Properties Ltd.		185,000		338,162		668.7
Hongkong Land Holdings Ltd.		44,900		199,824		395.2
Hysan Development Co. Ltd.		6,000		16,956		33.5
Link REIT		61,800		404,222		799.3
Swire Pacific Ltd.		51,000		404,840		800.6
Swire Properties Ltd.		266,000		714,928		1,413.7

Security	Shares		Value		% of Basket Value
Hong Kong (continued)
United Energy Group Ltd.		2,804,000	$	422,541		835.6	%
Yue Yuen Industrial Holdings Ltd.		160,500		241,538		477.6
				4,872,076
Indonesia
First Pacific Co. Ltd.		310,000		103,807		205.3
Ireland
Smurfit Kappa Group PLC		3,449		126,727		250.6
Israel
Alony Hetz Properties & Investments Ltd.		24,219		190,171		376.1
Check Point Software Technologies Ltd.		3,541		450,982		891.8
Elbit Systems Ltd.		322		59,276		117.2
Gav-Yam Lands Corp. Ltd.		7,600		54,533		107.8
Harel Insurance Investments & Financial Services Ltd.		7,685		68,604		135.7
Nice Ltd.		1,147		233,595		461.9
Nova Ltd.		5,904		539,921		1,067.7
Phoenix Holdings Ltd.		18,261		194,848		385.3
Wix.com Ltd.		10,701		933,448		1,845.8
				2,725,378
Italy
A2A SpA		946,035		1,656,318		3,275.3
Buzzi Unicem SpA		11,218		276,781		547.3
Enel SpA		109,068		739,644		1,462.6
Ferrari NV		1,357		375,057		741.7
FinecoBank Banca Fineco SpA		5,340		80,272		158.7
Hera SpA		81,314		251,244		496.8
Infrastrutture Wireless Italiane SpA		9,917		136,563		270.1
Intesa Sanpaolo SpA		286,385		746,830		1,476.8
Italgas SpA		45,541		294,949		583.3
Mediobanca Banca di Credito Finanziario SpA		6,662		70,981		140.4
Moncler SpA		15,271		1,124,085		2,222.8
PRADA SpA		176,400		1,298,759		2,568.2
Prysmian SpA		3,527		143,169		283.1
Recordati Industria Chimica e Farmaceutica SpA		3,097		141,443		279.7
Reply SpA		4,107		474,488		938.3
Snam SpA		18,987		104,680		207.0
UnipolSai Assicurazioni SpA		98,560		263,035		520.1
				8,178,298
Japan
Acom Co. Ltd.		147,100		365,151		722.1
Aeon Co. Ltd.		11,000		227,106		449.1
AEON Financial Service Co. Ltd.		56,800		512,828		1,014.1
Ain Holdings, Inc.		2,400		101,156		200.0
Aisin Corp.		5,900		175,317		346.7
Alfresa Holdings Corp.		48,300		708,325		1,400.7
Amano Corp.		3,800		78,355		154.9
ANA Holdings, Inc.		4,500		99,419		196.6
Anritsu Corp.		80,000		742,283		1,467.8
Astellas Pharma, Inc.		33,500		511,319		1,011.1
AZ-COM MARUWA Holdings, Inc.		13,400		200,167		395.8
Benesse Holdings, Inc.		24,000		349,042		690.2
Brother Industries Ltd.		35,300		561,579		1,110.5
Canon Marketing Japan, Inc.		5,000		126,565		250.3
Casio Computer Co. Ltd.		5,000		48,213		95.3
Coca-Cola Bottlers Japan Holdings, Inc.		89,300		974,983		1,928.0
COMSYS Holdings Corp.		96,100		1,862,648		3,683.3

94 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Concordia Financial Group Ltd.		155,000	$	595,827		1,178.2	%
Cosmos Pharmaceutical Corp.		5,600		557,890		1,103.2
CyberAgent, Inc.		42,100		372,201		736.0
Daicel Corp.		58,600		467,917		925.3
Daifuku Co. Ltd.		8,100		151,214		299.0
Dai-ichi Life Holdings, Inc.		10,300		194,110		383.8
Daikin Industries Ltd.		200		36,784		72.7
DeNA Co. Ltd.		75,600		1,075,598		2,127.0
Denka Co. Ltd.		4,200		85,255		168.6
DIC Corp.		13,400		250,787		495.9
DMG Mori Co. Ltd.		52,300		850,075		1,681.0
Dowa Holdings Co. Ltd.		10,600		350,873		693.8
Ebara Corp.		20,400		904,751		1,789.1
EXEO Group, Inc.		32,500		610,918		1,208.1
Fuji Electric Co. Ltd.		3,400		138,979		274.8
Fuji Media Holdings, Inc.		26,300		249,727		493.8
FUJIFILM Holdings Corp.		8,100		427,672		845.7
Fujikura Ltd.		61,800		426,887		844.2
GMO internet group, Inc.		14,300		291,460		576.4
GMO Payment Gateway, Inc.		13,100		1,038,777		2,054.1
Hamamatsu Photonics KK		4,700		252,542		499.4
Hitachi Ltd.		1,100		61,666		121.9
House Foods Group, Inc.		6,900		153,658		303.9
Information Services International-Dentsu Ltd.		5,600		200,251		396.0
INFRONEER Holdings, Inc.		82,800		662,453		1,310.0
Internet Initiative Japan, Inc.		7,000		146,774		290.2
Itochu Techno-Solutions Corp.		23,300		611,019		1,208.3
J Front Retailing Co. Ltd.		55,200		587,952		1,162.7
Japan Steel Works Ltd.		1,000		18,411		36.4
JTEKT Corp.		8,900		74,401		147.1
Kadokawa Corp.		8,400		181,541		359.0
Kakaku.com, Inc.		27,800		387,669		766.6
Kamigumi Co. Ltd.		8,400		186,449		368.7
Kandenko Co. Ltd.		31,200		238,011		470.7
Kaneka Corp.		18,000		485,109		959.3
Kawasaki Kisen Kaisha Ltd.		15,300		369,766		731.2
KDDI Corp.		8,000		252,975		500.2
Kewpie Corp.		8,100		137,770		272.4
Kinden Corp.		44,500		614,036		1,214.2
Koei Tecmo Holdings Co. Ltd.		10,200		189,930		375.6
Kokuyo Co. Ltd.		31,000		448,720		887.3
Kose Corp.		2,400		283,853		561.3
K’s Holdings Corp.		15,800		141,874		280.6
Kuraray Co. Ltd.		6,100		57,619		113.9
Kusuri no Aoki Holdings Co. Ltd.		7,200		350,057		692.2
Kyocera Corp.		19,400		1,031,639		2,040.0
Kyowa Kirin Co. Ltd.		26,400		595,556		1,177.7
Lawson, Inc.		51,400		2,364,298		4,675.3
Lintec Corp.		15,300		259,188		512.5
Lion Corp.		49,400		545,535		1,078.8
Lixil Corp.		11,900		189,858		375.4
M3, Inc.		12,200		303,545		600.2
Mani, Inc.		28,000		371,306		734.2
Maruichi Steel Tube Ltd.		5,200		119,141		235.6
MISUMI Group, Inc.		3,400		86,887		171.8
Mitsubishi Chemical Group Corp.		74,200		441,239		872.5
Mitsubishi Corp.		900		33,817		66.9
Mitsubishi Electric Corp.		18,800		236,054		466.8
Mitsubishi Estate Co. Ltd.		35,200		439,447		869.0
Mitsubishi Gas Chemical Co., Inc.		72,200		1,065,206		2,106.4
Mitsubishi Heavy Industries Ltd.		6,800		261,294		516.7
Mitsubishi Motors Corp.		35,700		139,041		274.9

Security	Shares		Value		% of Basket Value
Japan (continued)
Mitsubishi UFJ Financial Group, Inc.		148,400	$	941,742		1,862.3	%
Mitsui & Co. Ltd.		16,100		509,394		1,007.3
Mitsui Chemicals, Inc.		13,800		353,816		699.7
Mitsui Fudosan Co. Ltd.		16,800		338,087		668.6
Mizuho Financial Group, Inc.		45,700		671,454		1,327.8
MS&AD Insurance Group Holdings, Inc.		31,800		1,057,382		2,090.9
Nabtesco Corp.		1,500		36,628		72.4
Nagoya Railroad Co. Ltd.		9,900		161,783		319.9
NEC Networks & System Integration Corp.		42,500		536,690		1,061.3
NET One Systems Co. Ltd.		5,300		126,632		250.4
NGK Insulators Ltd.		39,600		503,994		996.6
Nidec Corp.		4,200		210,646		416.5
Nihon M&A Center Holdings, Inc.		30,200		233,857		462.4
Nikon Corp.		65,700		687,852		1,360.2
Nippon Express Holdings, Inc.		7,700		457,766		905.2
Nippon Shinyaku Co. Ltd.		3,100		143,632		284.0
Nippon Steel Corp.		15,800		343,255		678.8
Nippon Telegraph & Telephone Corp.		8,000		247,268		489.0
Nipro Corp.		19,600		149,591		295.8
Nissan Chemical Corp.		900		40,540		80.2
Nissan Motor Co. Ltd.		210,800		779,143		1,540.7
Niterra Co. Ltd.		15,800		335,450		663.3
Nitto Denko Corp.		2,900		189,941		375.6
Nomura Research Institute Ltd.		41,500		1,057,297		2,090.8
NS Solutions Corp.		15,800		435,594		861.4
NSK Ltd.		17,000		97,256		192.3
Obayashi Corp.		112,000		945,182		1,869.1
OBIC Business Consultants Co. Ltd.		4,100		157,745		311.9
Obic Co. Ltd.		200		31,239		61.8
Olympus Corp.		16,100		285,817		565.2
Omron Corp.		17,800		1,057,579		2,091.3
Ono Pharmaceutical Co. Ltd.		4,300		87,756		173.5
Orient Corp.		12,000		101,449		200.6
Otsuka Corp.		30,000		1,106,340		2,187.7
Otsuka Holdings Co. Ltd.		5,800		199,856		395.2
Panasonic Holdings Corp.		46,500		443,929		877.9
Penta-Ocean Construction Co. Ltd.		34,000		167,429		331.1
Pigeon Corp.		12,000		189,284		374.3
Pola Orbis Holdings, Inc.		57,200		805,337		1,592.5
Recruit Holdings Co. Ltd.		28,600		813,078		1,607.8
Resorttrust, Inc.		2,100		35,131		69.5
Ricoh Co. Ltd.		29,800		249,765		493.9
Rohm Co. Ltd.		4,700		358,852		709.6
Sanrio Co. Ltd.		6,600		309,441		611.9
Santen Pharmaceutical Co. Ltd.		75,900		646,853		1,279.1
Sapporo Holdings Ltd.		13,900		392,605		776.4
Sawai Group Holdings Co. Ltd.		21,000		615,681		1,217.5
SCSK Corp.		1,000		15,296		30.2
Seiko Epson Corp.		1,300		20,132		39.8
Sharp Corp.		9,900		71,513		141.4
Shimizu Corp.		69,600		430,442		851.2
Shionogi & Co. Ltd.		3,800		172,419		341.0
SoftBank Group Corp.		17,400		661,487		1,308.1
Sohgo Security Services Co. Ltd.		33,400		945,101		1,868.9
Sompo Holdings, Inc.		9,700		409,996		810.8
Subaru Corp.		48,400		800,381		1,582.7
Sugi Holdings Co. Ltd.		12,400		533,301		1,054.6
Sumitomo Bakelite Co. Ltd.		5,500		213,135		421.5
Sumitomo Chemical Co. Ltd.		32,900		112,719		222.9
Sumitomo Corp.		10,800		196,180		387.9
Sumitomo Electric Industries Ltd.		4,700		60,767		120.2
Sumitomo Mitsui Trust Holdings, Inc.		19,400		708,510		1,401.1

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Sumitomo Pharma Co. Ltd.		47,000	$	298,747		590.8	%
Sumitomo Realty & Development Co. Ltd.		23,200		548,734		1,085.1
Sundrug Co. Ltd.		18,600		519,365		1,027.0
Suntory Beverage & Food Ltd.		3,800		144,944		286.6
T&D Holdings, Inc.		9,200		114,169		225.8
Taisei Corp.		34,200		1,177,641		2,328.7
Taisho Pharmaceutical Holdings Co. Ltd.		12,000		525,052		1,038.3
Takara Bio, Inc.		19,600		250,711		495.8
TBS Holdings, Inc.		22,200		338,989		670.3
Teijin Ltd.		2,300		26,021		51.5
Terumo Corp.		21,600		655,140		1,295.5
Toda Corp.		30,700		181,766		359.4
Toho Co. Ltd.		14,100		567,444		1,122.1
Tokyo Ohka Kogyo Co. Ltd.		13,100		693,092		1,370.6
Tokyo Tatemono Co. Ltd.		102,800		1,318,715		2,607.7
Toray Industries, Inc.		105,100		604,207		1,194.8
TOTO Ltd.		5,200		180,231		356.4
Toyoda Gosei Co. Ltd.		14,200		246,674		487.8
Toyota Boshoku Corp.		4,100		65,756		130.0
Trend Micro, Inc.		17,200		851,630		1,684.1
TS Tech Co. Ltd.		38,800		529,597		1,047.3
Tsuruha Holdings, Inc.		25,200		1,672,429		3,307.2
UBE Corp.		50,800		816,735		1,615.1
Ulvac, Inc.		2,700		108,683		214.9
Ushio, Inc.		8,200		103,334		204.3
Welcia Holdings Co. Ltd.		23,700		502,885		994.4
Yakult Honsha Co. Ltd.		6,100		464,727		919.0
Yamaha Corp.		2,500		99,836		197.4
Yamato Kogyo Co. Ltd.		2,300		91,583		181.1
Yaskawa Electric Corp.		17,800		734,839		1,453.1
Zeon Corp.		17,000		177,761		351.5
ZOZO, Inc.		34,300		732,405		1,448.3
				72,641,974
Luxembourg
ArcelorMittal SA		6,740		190,283		376.3
Macau
Galaxy Entertainment Group Ltd.		30,000		213,516		422.2
SJM Holdings Ltd.		32,000		16,663		32.9
Wynn Macau Ltd.		158,400		171,369		338.9
				401,548
Mexico
Fresnillo PLC		7,331		64,531		127.6
Netherlands
ABN AMRO Bank NV, CVA		21,771		345,980		684.2
Aegon NV		17,875		80,914		160.0
ASML Holding NV		2,056		1,294,168		2,559.2
ASR Nederland NV		673		29,369		58.1
Koninklijke KPN NV		43,542		157,544		311.5
Koninklijke Vopak NV		18,275		692,565		1,369.5
Wolters Kluwer NV		1,482		194,800		385.2
				2,795,340
New Zealand
a2 Milk Co. Ltd.		63,698		233,158		461.1
Infratil Ltd.		72,562		429,241		848.8
				662,399
Norway
Aker BP ASA		6,549		159,408		315.2

Security	Shares		Value		% of Basket Value
Norway (continued)
AutoStore Holdings Ltd.		72,048	$	157,770		312.0	%
Equinor ASA		38,401		1,124,536		2,223.7
Gjensidige Forsikring ASA		19,520		345,589		683.4
Golden Ocean Group Ltd.		8,713		81,648		161.5
Kongsberg Gruppen ASA		17,524		799,881		1,581.7
NEL ASA		41,977		58,580		115.8
Nordic Semiconductor ASA		8,187		90,625		179.2
TOMRA Systems ASA		22,201		346,498		685.2
Var Energi ASA		114,618		305,581		604.3
				3,470,116
Poland
InPost SA		27,733		295,413		584.2
Puerto Rico
Liberty Latin America Ltd.		2		18		0.0
Singapore
City Developments Ltd.		27,100		141,807		280.4
ComfortDelGro Corp. Ltd.		139,000		124,462		246.1
Mapletree Industrial Trust		19,300		34,510		68.3
NetLink NBN Trust		141,200		92,716		183.4
SATS Ltd.		203,700		389,235		769.7
Sembcorp Industries Ltd.		139,700		449,624		889.1
Singapore Airlines Ltd.		30,200		132,862		262.7
Singapore Post Ltd.		535,400		205,162		405.7
StarHub Ltd.		83,100		62,416		123.4
Suntec Real Estate Investment Trust		394,300		399,807		790.6
				2,032,601
Spain
ACS Actividades de Construccion y Servicios SA		985		33,598		66.4
Atlantica Sustainable Infrastructure PLC		9,576		254,913		504.1
Banco Bilbao Vizcaya Argentaria SA		103,128		748,872		1,480.9
Banco de Sabadell SA		105,374		109,653		216.8
Bankinter SA		43,883		257,287		508.8
EDP Renovaveis SA		24,488		539,852		1,067.5
Fluidra SA		427		7,257		14.4
Mapfre SA		28,700		57,003		112.7
Merlin Properties Socimi SA		86,344		757,193		1,497.3
Sacyr SA		20,613		67,652		133.8
				2,833,280
Sweden
Alfa Laval AB		3,965		144,089		284.9
Atlas Copco AB, A Shares		50,988		731,369		1,446.3
Atlas Copco AB, B Shares		54,371		691,513		1,367.4
Avanza Bank Holding AB		20,522		431,988		854.2
Beijer Ref AB		22,478		363,916		719.6
Boliden AB		1,318		46,937		92.8
Castellum AB		2,522		30,355		60.0
Elekta AB, B Shares		35,407		295,114		583.6
Epiroc AB, Class A		18,728		371,443		734.5
Epiroc AB, Class B		12,981		221,254		437.5
Fastighets AB Balder, Class B		5,012		23,107		45.7
Getinge AB, B Shares		10,474		263,331		520.7
Industrivarden AB, A Shares		18,273		517,774		1,023.9
Industrivarden AB, C Shares		35,527		1,004,655		1,986.7
Indutrade AB		1,203		28,623		56.6
Investor AB, A Shares		6,955		151,130		298.9
L E Lundbergforetagen AB, B Shares		5,306		252,223		498.8

96 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Sweden (continued)
Sagax AB		3,223	$	78,290		154.8	%
Sweco AB, B Shares		9,890		131,350		259.7
Volvo Car AB		3,802		15,545		30.8
				5,794,006
Switzerland
ABB Ltd., Registered Shares		3,986		143,051		282.9
Accelleron Industries AG		2,113		51,850		102.5
Banque Cantonale Vaudoise, Registered Shares		5,139		538,069		1,064.0
Belimo Holding AG, Registered Shares		882		423,424		837.3
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		99		1,215,975		2,404.5
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		1		122,617		242.5
Cie Financiere Richemont SA, Registered Shares		111		18,348		36.3
Clariant AG, Registered Shares		29,163		483,924		956.9
Dufry AG, Registered Shares		3,604		165,781		327.8
Geberit AG, Registered Shares		1,782		1,009,779		1,996.8
Georg Fischer AG, Registered Shares		7,563		548,439		1,084.5
Helvetia Holding AG, Registered Shares		656		97,617		193.0
Partners Group Holding AG		629		607,482		1,201.3
Schindler Holding AG		542		120,501		238.3
Sika AG, Registered Shares		2,882		792,008		1,566.2
Swiss Prime Site AG, Registered Shares		2,395		215,680		426.5
Tecan Group AG, Registered Shares		235		101,851		201.4
Temenos AG, Registered Shares		6,699		561,760		1,110.9
VAT Group AG		2,514		882,412		1,744.9
				8,100,568
United Kingdom
Auto Trader Group PLC		64,095		505,140		998.9
B&M European Value Retail SA		48,962		290,982		575.4
Beazley PLC		56,200		415,568		821.8
Bellway PLC		5,638		168,448		333.1
British Land Co. PLC		104,823		520,901		1,030.1
Burberry Group PLC		36,895		1,186,328		2,345.9
Centrica PLC		453,358		641,642		1,268.8
ConvaTec Group PLC		199,751		543,875		1,075.5
Croda International PLC		8,200		709,819		1,403.6
Diploma PLC		5,246		175,113		346.3
Drax Group PLC		93,758		730,519		1,444.6
easyJet PLC		41,185		254,412		503.1
Halma PLC		3,873		110,986		219.5
Hammerson PLC		45		16		0.0
Hargreaves Lansdown PLC		57,755		576,114		1,139.2
IG Group Holdings PLC		9,157		83,296		164.7
IMI PLC		76,494		1,512,890		2,991.7
Inchcape PLC		41,868		420,206		830.9
Indivior PLC		25,613		484,450		958.0
Intermediate Capital Group PLC		46,582		753,689		1,490.4
Intertek Group PLC		1,084		55,869		110.5
ITV PLC		769,790		771,663		1,525.9
J Sainsbury PLC		22,436		77,309		152.9
Land Securities Group PLC		2,459		20,564		40.7
Liberty Global PLC		29,611		602,288		1,191.0
Liberty Global PLC		24,729		482,463		954.0
London Stock Exchange Group PLC		2,825		295,626		584.6
Moneysupermarket.com Group PLC		3		10		0.0
Nomad Foods Ltd.		29,337		551,536		1,090.6

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
OSB Group PLC		127,725	$	788,027		1,558.3	%
Pennon Group PLC		17,102		182,185		360.3
Phoenix Group Holdings PLC		26,509		194,676		385.0
Renishaw PLC		2,775		123,895		245.0
Rightmove PLC		49,695		354,220		700.5
Rotork PLC		106,623		432,895		856.0
Segro PLC		25,097		260,649		515.4
Severn Trent PLC		163		5,914		11.7
Smiths Group PLC		8,979		187,617		371.0
Spectris PLC		109		5,083		10.0
Spirax-Sarco Engineering PLC		9,107		1,252,646		2,477.0
SSE PLC		30,633		696,231		1,376.8
Standard Chartered PLC		54,027		421,508		833.5
Taylor Wimpey PLC		12,457		19,814		39.2
TechnipFMC PLC		34,628		474,057		937.4
Tesco PLC		90,253		314,444		621.8
Travis Perkins PLC		76,414		908,396		1,796.3
Tritax Big Box REIT PLC		112,729		217,077		429.3
United Utilities Group PLC		50,172		671,342		1,327.5
				20,452,398
United States
A O Smith Corp.		2,744		187,388		370.6
Acadia Healthcare Co., Inc.		5,838		422,029		834.5
Accenture PLC, Class A		2,714		760,707		1,504.3
Acuity Brands, Inc.		672		105,759		209.1
Adobe, Inc.		1,949		735,864		1,455.1
Advanced Drainage Systems, Inc.		243		20,830		41.2
AECOM		7,038		584,506		1,155.8
Affiliated Managers Group, Inc.		1,706		246,312		487.1
Agilent Technologies, Inc.		8,290		1,122,715		2,220.1
Air Products and Chemicals, Inc.		1,372		403,862		798.6
Akamai Technologies, Inc.		3,695		302,879		598.9
Alaska Air Group, Inc.		1,042		45,285		89.5
Alcoa Corp.		9,344		347,036		686.2
Alkermes PLC		11,995		342,457		677.2
Allstate Corp.		12,889		1,492,031		2,950.4
Alnylam Pharmaceuticals, Inc.		2,868		571,306		1,129.7
Alphabet, Inc., Class A		6,829		733,025		1,449.5
Altria Group, Inc.		39,967		1,898,832		3,754.9
Amazon.com, Inc.		2,843		299,794		592.8
AMC Entertainment Holdings, Inc.		48,841		73,262		144.9
American Airlines Group, Inc.		41,001		559,254		1,105.9
American Financial Group, Inc.		7,250		889,792		1,759.5
American Tower Corp.		346		70,719		139.8
AMETEK, Inc.		5,262		725,788		1,435.2
Amgen, Inc.		978		234,466		463.6
Apple, Inc.		13,109		2,224,335		4,398.5
Applied Materials., Inc.		3,843		434,374		859.0
Armstrong World Industries, Inc.		3,074		211,061		417.4
Arthur J Gallagher & Co		2,201		457,940		905.6
Ashland, Inc.		181		18,391		36.4
Autodesk, Inc.		3,532		687,998		1,360.5
AutoNation, Inc.		367		48,334		95.6
AutoZone, Inc.		680		1,811,051		3,581.3
Avis Budget Group, Inc.		163		28,797		56.9
Azenta, Inc.		364		15,830		31.3
Bank of America Corp.		18,289		535,502		1,058.9
Bank of New York Mellon Corp.		2,312		98,468		194.7
Bath & Body Works, Inc.		5,005		175,675		347.4
Bausch Health Cos., Inc.		16,448		122,480		242.2

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Beacon Roofing Supply, Inc.		3,902	$	234,822		464.4	%
Best Buy Co., Inc.		25,367		1,890,349		3,738.1
BioMarin Pharmaceutical, Inc.		2,948		283,126		559.9
Bio-Rad Laboratories, Inc.		1,189		535,989		1,059.9
Bio-Techne Corp.		1,326		105,921		209.5
Boeing Co.		7,521		1,555,192		3,075.3
Booz Allen Hamilton Holding Corp.		1,716		164,256		324.8
Boston Beer Co., Inc.		671		213,049		421.3
Boston Scientific Corp.		7,535		392,724		776.6
Box, Inc.		28,487		753,766		1,490.5
Boyd Gaming Corp.		4,818		334,369		661.2
Brighthouse Financial, Inc.		24,714		1,092,359		2,160.1
Bristol-Myers Squibb Co.		13,665		912,412		1,804.3
Bruker Corp.		1,276		100,970		199.7
CACI International, Inc., Class A		4,649		1,456,625		2,880.4
Camden Property Trust		1,938		213,277		421.7
Capri Holdings Ltd.		6,088		252,652		499.6
Carnival Corp.		47,924		441,380		872.8
Carnival PLC		43,326		352,281		696.6
CH Robinson Worldwide, Inc.		2,946		297,163		587.6
Charles River Laboratories International, Inc.		4,946		940,334		1,859.5
Charles Schwab Corp.		4,365		228,028		450.9
Chart Industries, Inc.		3,236		430,712		851.7
Charter Communications, Inc.		249		91,806		181.5
Chemed Corp.		1,576		868,770		1,718.0
Cheniere Energy, Inc.		5,733		877,149		1,734.5
Chevron Corp.		7,620		1,284,580		2,540.2
Chewy, Inc., Class A		10,010		310,410		613.8
Chipotle Mexican Grill, Inc.		16		33,082		65.4
Cigna Group		3,917		992,137		1,961.9
Cincinnati Financial Corp.		808		86,004		170.1
Cintas Corp.		299		136,275		269.5
Cirrus Logic, Inc.		13,841		1,187,419		2,348.1
Citizens Financial Group, Inc.		7,445		230,348		455.5
Cleveland-Cliffs, Inc.		2,185		33,605		66.5
Coca-Cola Co.		40,701		2,610,969		5,163.1
Cognizant Technology Solutions Corp.		8,884		530,464		1,049.0
Columbia Banking System, Inc.		428		9,142		18.1
Columbia Sportswear Co.		2,653		221,632		438.3
Comerica, Inc.		2,660		115,364		228.1
Commercial Metals Co.		2,825		131,899		260.8
ConocoPhillips		5,437		559,413		1,106.2
CoStar Group, Inc.		2,270		174,676		345.4
Costco Wholesale Corp.		504		253,623		501.5
Credit Acceptance Corp.		1,547		757,256		1,497.4
Crimson Wine Group Ltd.		1		6		0.0
Crowdstrike Holdings, Inc.		238		28,572		56.5
Curtiss-Wright Corp.		1,138		193,267		382.2
CVS Health Corp.		10,532		772,101		1,526.8
Danaher Corp.		12,291		2,911,861		5,758.1
DaVita, Inc.		1,032		93,252		184.4
Deckers Outdoor Corp.		6,199		2,971,429		5,875.9
Devon Energy Corp.		4,745		253,525		501.3
Diamondback Energy, Inc.		169		24,032		47.5
Dick’s Sporting Goods, Inc.		3,915		567,714		1,122.6
DocuSign, Inc.		1,941		95,963		189.8
Domino’s Pizza, Inc.		2,031		644,782		1,275.0
Donaldson Co., Inc.		2,969		188,680		373.1
Dover Corp.		1,688		246,718		487.9
Dropbox, Inc.		7,008		142,543		281.9
DTE Energy Co.		159		17,873		35.3
DuPont de Nemours, Inc.		22,085		1,539,766		3,044.8

Security	Shares		Value		% of Basket Value
United States (continued)
eBay, Inc.		17,597	$	817,029		1,615.6	%
Ecolab, Inc.		243		40,785		80.7
Edwards Lifesciences Corp.		434		38,183		75.5
Electronic Arts, Inc.		2,934		373,440		738.5
Elevance Health, Inc.		1,481		694,071		1,372.5
Eli Lilly & Co.		2,633		1,042,299		2,061.1
Enovis Corp.		5,510		320,957		634.7
Envista Holdings Corp.		17,838		686,585		1,357.7
EOG Resources, Inc.		12,260		1,464,702		2,896.4
EPAM Systems, Inc.		1,003		283,287		560.2
Equinix, Inc.		1,063		769,697		1,522.0
Equity LifeStyle Properties, Inc.		7,848		540,727		1,069.3
Equity Residential		14,699		929,712		1,838.5
Etsy, Inc.		3,522		355,828		703.6
Evercore, Inc., Class A		261		29,772		58.9
Exelixis, Inc.		12,687		232,172		459.1
Expedia Group, Inc.		994		93,396		184.7
Expeditors International of Washington, Inc.		3,882		441,927		873.9
Experian PLC		13,573		473,565		936.5
F5, Inc.		3,319		445,941		881.8
FactSet Research Systems, Inc.		626		257,718		509.6
Fair Isaac Corp.		540		393,093		777.3
Fidelity National Information Services, Inc.		7,632		448,151		886.2
Flowers Foods, Inc.		5,364		147,564		291.8
Flowserve Corp.		5,259		175,598		347.2
Ford Motor Co.		151,916		1,804,762		3,568.8
Fox Corp., Class A		31,186		1,037,246		2,051.1
Fox Corp., Class B		22,309		681,317		1,347.3
Freeport-McMoRan, Inc.		11,885		450,560		891.0
FTI Consulting, Inc.		3,616		652,688		1,290.7
Gap, Inc.		29,127		279,619		552.9
Garmin Ltd.		7,648		750,804		1,484.7
Gartner, Inc.		1,763		533,237		1,054.5
General Dynamics Corp.		7,909		1,726,851		3,414.8
General Electric Co.		1,869		184,975		365.8
General Motors Co.		14,811		489,355		967.7
Gentex Corp.		19,025		524,900		1,038.0
Globant SA		251		39,374		77.9
Globus Medical, Inc.		7,388		429,538		849.4
GoDaddy, Inc., Class A		3,393		256,782		507.8
Graco, Inc.		10,441		827,867		1,637.1
Guidewire Software, Inc.		7,343		559,463		1,106.3
Halliburton Co.		39,061		1,279,248		2,529.7
Halozyme Therapeutics, Inc.		4,032		129,548		256.2
Hanover Insurance Group, Inc.		6,240		746,054		1,475.3
HCA Healthcare, Inc.		2,507		720,336		1,424.4
HealthEquity, Inc.		2,511		134,213		265.4
HEICO Corp.		2,551		430,201		850.7
HEICO Corp., Class A		9,384		1,259,614		2,490.8
Helmerich & Payne, Inc.		17,705		587,098		1,161.0
Henry Schein, Inc.		12,714		1,027,418		2,031.7
Herc Holdings, Inc.		4,273		427,385		845.1
Holcim AG		3,511		230,780		456.4
Hologic, Inc.		4,509		387,819		766.9
Home Depot, Inc.		1,003		301,442		596.1
Honeywell International, Inc.		8,958		1,790,167		3,540.0
Hormel Foods Corp.		7,328		296,344		586.0
Howard Hughes Corp.		652		50,445		99.8
HubSpot, Inc.		1,634		687,832		1,360.2
IDACORP, Inc.		3,915		435,035		860.3
IDEXX Laboratories, Inc.		368		181,115		358.1
Inari Medical, Inc.		942		62,568		123.7

98 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Incyte Corp.		7,738	$	575,785		1,138.6	%
Insperity, Inc.		221		27,064		53.5
Integra LifeSciences Holdings Corp.		6,547		362,180		716.2
Invesco Ltd.		64,804		1,110,093		2,195.2
Ionis Pharmaceuticals, Inc.		20,160		713,059		1,410.0
IQVIA Holdings, Inc.		4,314		812,024		1,605.7
ITT, Inc.		3,574		301,789		596.8
Jack Henry & Associates, Inc.		4,170		681,128		1,346.9
Jefferies Financial Group, Inc.		21,612		692,232		1,368.9
Johnson & Johnson		8,649		1,415,841		2,799.8
Johnson Controls International PLC		5,030		300,995		595.2
Jones Lang LaSalle, Inc.		5,195		722,313		1,428.3
KBR, Inc.		3,298		187,096		370.0
KeyCorp		10,922		122,982		243.2
Keysight Technologies, Inc.		1,928		278,866		551.4
KLA Corp.		1,602		619,237		1,224.5
Knight-Swift Transportation Holdings, Inc.		15,357		864,906		1,710.3
Laboratory Corp. of America Holdings		3,089		700,307		1,384.8
Lam Research Corp.		341		178,711		353.4
Landstar System, Inc.		8,826		1,553,641		3,072.3
Lattice Semiconductor Corp.		2,191		174,623		345.3
Lear Corp.		11,752		1,500,260		2,966.7
Lennox International, Inc.		3,503		987,531		1,952.8
Liberty Broadband Corp.		5,536		469,342		928.1
Louisiana-Pacific Corp.		10,956		654,511		1,294.3
Lowe’s Cos., Inc.		9,326		1,938,223		3,832.8
Lumentum Holdings, Inc.		688		33,196		65.6
MACOM Technology Solutions Holdings, Inc.		10,028		585,034		1,156.9
Macy’s, Inc.		62,722		1,024,877		2,026.7
Manhattan Associates, Inc.		11,591		1,920,397		3,797.5
Marathon Oil Corp.		17,859		431,473		853.2
Marathon Petroleum Corp.		3,281		400,282		791.5
Marriott Vacations Worldwide Corp.		1,480		199,149		393.8
Martin Marietta Materials, Inc.		3,280		1,191,296		2,355.7
Masco Corp.		4,784		255,992		506.2
Mastercard, Inc.		694		263,741		521.5
Match Group, Inc.		5,325		196,492		388.6
McCormick & Co., Inc.		12,200		1,071,770		2,119.4
Medical Properties Trust, Inc.		39,188		343,679		679.6
Merck & Co., Inc.		936		108,080		213.7
Meta Platforms, Inc., Class A		1,459		350,627		693.3
MetLife, Inc.		10,582		648,994		1,283.4
Mettler-Toledo International, Inc.		523		780,054		1,542.5
MGM Resorts International		22,302		1,001,806		1,981.0
Micron Technology, Inc.		6,909		444,663		879.3
Microsoft Corp.		8,279		2,543,806		5,030.3
Mid-America Apartment Communities, Inc.		2,357		362,507		716.8
Mohawk Industries, Inc.		8,713		922,707		1,824.6
Molson Coors Beverage Co., Class B		25,599		1,522,629		3,010.9
Moody’s Corp.		3,189		998,540		1,974.6
MSCI, Inc.		203		97,937		193.7
Nasdaq, Inc.		9,912		548,827		1,085.3
Nestle SA, Registered Shares		6,820		872,157		1,724.7
Neurocrine Biosciences, Inc.		5,801		586,133		1,159.1
New York Community Bancorp, Inc.		30,732		328,525		649.6
Newmont Corp.		13,318		631,273		1,248.3
Nexstar Media Group, Inc.		1,149		199,294		394.1
Nordson Corp.		2,324		502,704		994.1
Norfolk Southern Corp.		1,197		243,027		480.6
Northern Trust Corp.		4,879		381,343		754.1
Northrop Grumman Corp.		253		116,701		230.8
NVIDIA Corp.		22,982		6,377,275		12,610.8

Security	Shares		Value		% of Basket Value
United States (continued)
Occidental Petroleum Corp.		1,087	$	66,883		132.3	%
OneMain Holdings, Inc.		12,557		481,812		952.8
O’Reilly Automotive, Inc.		960		880,618		1,741.4
Oshkosh Corp.		7,894		604,049		1,194.5
Otis Worldwide Corp.		16,563		1,412,824		2,793.8
Ovintiv, Inc.		6,790		244,983		484.4
Ovintiv, Inc.		6,066		220,568		436.2
Palo Alto Networks, Inc.		4,905		894,966		1,769.8
Paycom Software, Inc.		250		72,593		143.5
PDC Energy, Inc.		5,877		382,299		756.0
Penske Automotive Group, Inc.		3,884		538,245		1,064.4
PepsiCo., Inc.		8,973		1,712,856		3,387.1
Philip Morris International, Inc.		14,526		1,452,164		2,871.6
Pinnacle Financial Partners, Inc.		5,872		318,439		629.7
Pinterest, Inc.		27,246		626,658		1,239.2
Pioneer Natural Resources Co.		1,495		325,237		643.1
Planet Fitness, Inc., Class A		52		4,323		8.5
Pool Corp.		280		98,370		194.5
Power Integrations, Inc.		3,368		245,123		484.7
PPL Corp.		1,671		47,991		94.9
Primo Water Corp.		40,963		629,394		1,244.6
Prudential Financial, Inc.		8,283		720,621		1,425.0
PTC Therapeutics, Inc.		4,830		266,326		526.6
Qorvo, Inc.		12,664		1,166,101		2,305.9
Qualys, Inc.		2,684		303,131		599.4
Quest Diagnostics, Inc.		2,166		300,662		594.5
Ralph Lauren Corp.		4,127		473,738		936.8
Rambus, Inc.		3,179		140,957		278.7
Regeneron Pharmaceuticals, Inc., Registered Shares		362		290,248		574.0
Reinsurance Group of America, Inc.		1,186		168,792		333.8
Reliance Steel & Aluminum Co.		6,292		1,559,158		3,083.2
Repligen Corp.		698		105,838		209.3
ResMed, Inc.		4,085		984,322		1,946.5
RingCentral, Inc., Class A		12,360		340,642		673.6
Roche Holding AG		1,689		568,642		1,124.5
Rollins, Inc.		10,877		459,553		908.7
Royal Caribbean Cruises Ltd.		4,447		290,967		575.4
Royal Gold, Inc.		865		114,561		226.5
S&P Global, Inc.		1,769		641,404		1,268.3
Saia, Inc.		639		190,275		376.3
SBA Communications Corp.		283		73,832		146.0
Schlumberger NV		23,108		1,140,380		2,255.1
Schneider Electric SE		1,335		231,025		456.8
Scotts Miracle-Gro Co.		3,720		248,533		491.5
SEI Investments Co.		5,311		312,871		618.7
Silicon Laboratories, Inc.		4,262		593,697		1,174.0
Sims Ltd.		10,536		111,953		221.4
Sirius XM Holdings, Inc.		139,519		530,172		1,048.4
SiteOne Landscape Supply, Inc.		4,641		685,661		1,355.9
Snap-on, Inc.		1,696		439,959		870.0
Southwest Airlines Co.		41,442		1,255,278		2,482.3
Spotify Technology SA		1,611		215,230		425.6
Steel Dynamics, Inc.		1,057		109,875		217.3
Stifel Financial Corp.		17,734		1,063,508		2,103.0
Sun Communities, Inc.		657		91,277		180.5
Syneos Health, Inc.		22,055		865,879		1,712.2
Synopsys, Inc.		2,005		744,497		1,472.2
Synovus Financial Corp.		8,355		257,334		508.9
T Rowe Price Group, Inc.		5,854		657,580		1,300.3
Tapestry, Inc.		7,615		310,768		614.5
Teleflex, Inc.		2,577		702,284		1,388.7

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Tempur Sealy International, Inc.		6,528	$	244,604		483.7	%
Teradata Corp.		16,296		630,818		1,247.4
Teradyne, Inc.		22,015		2,011,731		3,978.1
Texas Pacific Land Corp.		582		859,992		1,700.6
Textron, Inc.		5,373		359,669		711.2
Thor Industries, Inc.		1,172		92,611		183.1
TJX Cos., Inc.		5,555		437,845		865.8
Transocean Ltd.		16,141		95,232		188.3
Travel & Leisure Co.		42,962		1,644,156		3,251.2
Travelers Cos., Inc.		891		161,396		319.2
Trex Co., Inc.		16,469		900,196		1,780.1
Trimble, Inc.		19,901		937,337		1,853.5
UGI Corp.		25,244		855,267		1,691.3
Ulta Beauty, Inc.		2,459		1,355,966		2,681.4
United Parcel Service, Inc., Class B		1,407		252,993		500.3
United Therapeutics Corp.		2,739		630,326		1,246.4
UnitedHealth Group, Inc.		1,672		822,774		1,627.0
Universal Display Corp.		5,799		773,935		1,530.4
US Bancorp		17,424		597,295		1,181.1
Valero Energy Corp.		2,948		338,047		668.5
Veeva Systems, Inc., Class A		7,323		1,311,403		2,593.2
Ventas, Inc.		7,872		378,250		748.0
VeriSign, Inc.		18,467		4,095,981		8,099.6
Verisk Analytics, Inc.		6,026		1,169,707		2,313.0
Vertex Pharmaceuticals, Inc.		1,530		521,317		1,030.9
Virtu Financial, Inc., Class A		2,306		46,235		91.4
Visa, Inc., Class A		3,753		873,436		1,727.2
Visteon Corp.		116		16,285		32.2
Vulcan Materials Co.		955		167,240		330.7
W R Berkley Corp.		6,220		366,482		724.7
Walgreens Boots Alliance, Inc.		38,857		1,369,709		2,708.5
Walmart, Inc.		4,842		730,997		1,445.5
Waters Corp.		2,055		617,240		1,220.6
Watsco, Inc.		1,433		496,363		981.5
Westlake Corp.		3,967		451,365		892.6
Westrock Co.		9,084		271,884		537.6
WEX, Inc.		1,935		343,172		678.6
Willis Towers Watson PLC		1,648		381,677		754.7
WillScot Mobile Mini Holdings Corp.		1,123		50,984		100.8
Woodward, Inc.		731		70,191		138.8
Workiva, Inc.		3,340		312,023		617.0
World Wrestling Entertainment, Inc., Class A		5,744		615,584		1,217.3
WW Grainger, Inc.		661		459,772		909.2
Xylem, Inc.		12,560		1,304,230		2,579.1
YETI Holdings, Inc.		9,701		382,704		756.8
Yum! Brands, Inc.		15,872		2,231,286		4,412.3
Ziff Davis, Inc.		697		50,979		100.8
Zillow Group, Inc., Class C		4,725		205,726		406.8
Zions Bancorp NA		8,060		224,552		444.0
Zoetis, Inc.		3,701		650,562		1,286.5
				200,895,374
Zambia
First Quantum Minerals Ltd.		49,087		1,207,371		2,387.5
Preferred Stocks
Germany
Bayerische Motoren Werke AG		2,838		299,237		591.7
Fuchs Petrolub SE, Preference Shares		4,822		188,917		373.6
Sartorius AG		641		246,935		488.3
Volkswagen AG		876		118,634		234.6
			853,723

Security	Shares			Value			% of Basket Value
Germany (continued)
Warrants
Australia
Magellan Financial Group Ltd., (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)		1,580		$	218			0.4	%
Total Reference Entity — Long					398,649,930
Reference Entity — Short
Common Stocks
Australia
Ampol Ltd.		(19,910	)		(402,725	)		(796.4	)
Atlas Arteria Ltd.		(361,598	)		(1,592,711	)		(3,149.5	)
BlueScope Steel Ltd.		(115,993	)		(1,562,359	)		(3,089.5	)
Champion Iron Ltd.		(19,465	)		(85,765	)		(169.6	)
Cleanaway Waste Management Ltd.		(827,301	)		(1,350,491	)		(2,670.5	)
Evolution Mining Ltd.		(221,303	)		(528,800	)		(1,045.7	)
Glencore PLC		(3,005	)		(17,506	)		(34.6	)
Goodman Group		(118,711	)		(1,550,781	)		(3,066.6	)
IGO Ltd.		(35,648	)		(332,550	)		(657.6	)
Incitec Pivot Ltd.		(350,608	)		(757,002	)		(1,496.9	)
Lendlease Corp. Ltd.		(3,998	)		(20,140	)		(39.8	)
Lottery Corp. Ltd.		(237,352	)		(806,382	)		(1,594.6	)
Medibank Pvt Ltd.		(7,966	)		(19,100	)		(37.8	)
Newcrest Mining Ltd.		(2,318	)		(44,570	)		(88.1	)
Newcrest Mining Ltd.		(49,757	)		(962,996	)		(1,904.3	)
NEXTDC Ltd.		(62,487	)		(485,541	)		(960.1	)
Nufarm Ltd.		(144,608	)		(545,082	)		(1,077.9	)
Orica Ltd.		(15,712	)		(171,819	)		(339.8	)
Ramsay Health Care Ltd.		(1,374	)		(59,904	)		(118.5	)
Reece Ltd.		(17,295	)		(213,461	)		(422.1	)
Santos Ltd.		(337,698	)		(1,621,584	)		(3,206.6	)
Seven Group Holdings Ltd.		(93,598	)		(1,497,889	)		(2,962.0	)
South32 Ltd.		(262,665	)		(752,856	)		(1,488.7	)
Transurban Group		(43,771	)		(442,271	)		(874.6	)
Woodside Energy Group Ltd.		(1	)		(22	)		(0.1	)
					(15,824,307	)
Austria
Erste Group Bank AG		(11,793	)		(425,456	)		(841.3	)
Mondi PLC		(15,802	)		(247,899	)		(490.2	)
OMV AG		(7,900	)		(370,769	)		(733.2	)
					(1,044,124	)
Belgium
Ackermans & van Haaren NV		(97	)		(16,927	)		(33.5	)
Ageas SA/NV		(759	)		(33,548	)		(66.3	)
Anheuser-Busch InBev SA		(13,391	)		(863,633	)		(1,707.8	)
KBC Group NV		(13,843	)		(981,658	)		(1,941.2	)
					(1,895,766	)
Canada
Agnico Eagle Mines Ltd.		(15,719	)		(902,104	)		(1,783.9	)
Algonquin Power & Utilities Corp.		(44,960	)		(386,666	)		(764.6	)
Barrick Gold Corp.		(49,568	)		(953,464	)		(1,885.4	)
BlackBerry Ltd.		(26,990	)		(106,568	)		(210.7	)
Brookfield Asset Management Ltd.		(29,143	)		(988,066	)		(1,953.9	)
CAE, Inc.		(26,532	)		(604,372	)		(1,195.1	)
Cameco Corp.		(34,003	)		(945,027	)		(1,868.8	)
Canadian Apartment Properties REIT		(20,519	)		(760,060	)		(1,503.0	)
Canadian Pacific Kansas City Ltd.		(3,354	)		(267,415	)		(528.8	)
Canadian Solar, Inc.		(20,117	)		(752,778	)		(1,488.6	)

100 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
Canadian Tire Corp. Ltd.		(8,223	)	$	(1,090,736	)		(2,156.9	)%
Canadian Utilities Ltd.		(14,753	)		(431,400	)		(853.1	)
Cenovus Energy, Inc.		(41,814	)		(710,305	)		(1,404.6	)
CI Financial Corp.		(52,152	)		(519,277	)		(1,026.8	)
Colliers International Group, Inc.		(2,085	)		(224,198	)		(443.3	)
Fairfax Financial Holdings Ltd.		(150	)		(105,948	)		(209.5	)
Finning International, Inc.		(65,211	)		(1,709,457	)		(3,380.4	)
George Weston Ltd.		(1,956	)		(265,623	)		(525.3	)
iA Financial Corp., Inc.		(1,994	)		(135,289	)		(267.5	)
IGM Financial, Inc.		(8,418	)		(261,298	)		(516.7	)
Intact Financial Corp.		(2,846	)		(432,026	)		(854.3	)
Lightspeed Commerce, Inc.		(88,209	)		(1,173,963	)		(2,321.5	)
Loblaw Cos. Ltd.		(4,281	)		(407,202	)		(805.2	)
National Bank of Canada		(527	)		(39,185	)		(77.5	)
Nutrien Ltd.		(16,850	)		(1,183,418	)		(2,340.2	)
Open Text Corp.		(80,267	)		(3,073,951	)		(6,078.6	)
Osisko Gold Royalties Ltd.		(24,418	)		(401,379	)		(793.7	)
Paramount Resources Ltd., Class A		(1,871	)		(44,830	)		(88.7	)
Parkland Corp.		(33,411	)		(796,993	)		(1,576.0	)
Power Corp. of Canada		(6,615	)		(179,187	)		(354.3	)
Quebecor, Inc.		(18,445	)		(481,480	)		(952.1	)
Rogers Communications, Inc.		(56,095	)		(2,802,065	)		(5,541.0	)
Saputo, Inc.		(17,547	)		(459,653	)		(908.9	)
Shopify, Inc., Class A		(8,007	)		(392,383	)		(775.9	)
SNC-Lavalin Group, Inc.		(16,213	)		(377,773	)		(747.0	)
Sun Life Financial, Inc.		(10,189	)		(505,441	)		(999.5	)
Thomson Reuters Corp.		(6,350	)		(844,482	)		(1,669.9	)
Tricon Residential, Inc.		(35,815	)		(290,392	)		(574.2	)
WSP Global, Inc.		(5,973	)		(797,313	)		(1,576.7	)
					(26,803,167	)
China
BOC Hong Kong Holdings Ltd.		(125,500	)		(396,164	)		(783.4	)
Kerry Logistics Network Ltd.		(80,500	)		(114,057	)		(225.5	)
NXP Semiconductors NV		(4,703	)		(770,069	)		(1,522.8	)
Prosus NV		(630	)		(47,215	)		(93.4	)
Xinyi Glass Holdings Ltd.		(1,366,000	)		(2,499,118	)		(4,941.9	)
					(3,826,623	)
Finland
Elisa OYJ		(13,642	)		(840,577	)		(1,662.2	)
Huhtamaki OYJ		(3,331	)		(119,067	)		(235.4	)
Kesko OYJ, B Shares		(8,759	)		(181,034	)		(358.0	)
Kojamo OYJ		(14,954	)		(184,116	)		(364.1	)
Stora Enso OYJ, R Shares		(14,975	)		(188,437	)		(372.6	)
Valmet OYJ		(3,614	)		(121,346	)		(240.0	)
					(1,634,577	)
France
Air France-KLM		(111,507	)		(191,642	)		(379.0	)
Alstom SA		(3,119	)		(77,787	)		(153.8	)
Amundi SA		(7,671	)		(498,586	)		(985.9	)
BioMerieux		(8,210	)		(852,554	)		(1,685.9	)
BNP Paribas SA		(11,064	)		(709,185	)		(1,402.4	)
Capgemini SE		(8,507	)		(1,539,046	)		(3,043.4	)
Cie de L’Odet SE		(132	)		(230,626	)		(456.0	)
Covivio SA/France		(402	)		(22,661	)		(44.8	)
Credit Agricole SA		(105,973	)		(1,285,216	)		(2,541.5	)
Eiffage SA		(8,370	)		(988,625	)		(1,955.0	)
Eramet SA		(1,144	)		(110,417	)		(218.3	)
Eurazeo SE		(2,569	)		(181,931	)		(359.8	)
Faurecia SE		(2,410	)		(49,590	)		(98.1	)

Security	Shares			Value			% of Basket Value
France (continued)
Ipsen SA		(6,641	)	$	(799,074	)		(1,580.1	)%
Orange SA		(68,965	)		(890,699	)		(1,761.3	)
Publicis Groupe SA		(1,368	)		(110,932	)		(219.4	)
Rexel SA		(8,614	)		(197,945	)		(391.4	)
Sodexo SA		(2,569	)		(273,050	)		(539.9	)
Technip Energies NV		(4,426	)		(97,407	)		(192.6	)
Thales SA		(1,428	)		(216,130	)		(427.4	)
TotalEnergies SE		(24,487	)		(1,553,097	)		(3,071.2	)
Unibail-Rodamco-Westfield		(9,575	)		(513,734	)		(1,015.9	)
Worldline SA/France		(4,837	)		(208,747	)		(412.8	)
					(11,598,681	)
Germany
adidas AG		(717	)		(125,654	)		(248.5	)
Aixtron SE		(892	)		(25,028	)		(49.5	)
Aroundtown SA		(31,223	)		(42,163	)		(83.4	)
Aurubis AG		(3,842	)		(357,470	)		(706.9	)
BASF SE		(3,515	)		(180,253	)		(356.4	)
Bayer AG, Registered Shares		(7,555	)		(494,489	)		(977.8	)
Bechtle AG		(4,634	)		(213,740	)		(422.7	)
Brenntag SE		(7,489	)		(605,717	)		(1,197.8	)
Continental AG		(5,220	)		(363,080	)		(718.0	)
CTS Eventim AG & Co. KGaA		(4,851	)		(317,198	)		(627.2	)
Deutsche Boerse AG		(4,271	)		(807,764	)		(1,597.3	)
Deutsche Post AG, Registered Shares		(12,849	)		(613,158	)		(1,212.5	)
Evotec SE		(9,078	)		(165,199	)		(326.7	)
Fresenius Medical Care AG & Co. KGaA		(14,640	)		(704,994	)		(1,394.1	)
Hannover Rueck SE		(1,419	)		(300,927	)		(595.1	)
HeidelbergCement AG		(3,667	)		(275,467	)		(544.7	)
Hella GmbH & Co. KGaA		(675	)		(56,602	)		(111.9	)
HelloFresh SE		(5,613	)		(149,712	)		(296.0	)
HOCHTIEF AG		(7,857	)		(652,076	)		(1,289.4	)
Infineon Technologies AG		(20,299	)		(736,516	)		(1,456.4	)
KION Group AG		(591	)		(24,323	)		(48.1	)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		(617	)		(230,113	)		(455.0	)
Nordex SE		(7,384	)		(88,185	)		(174.4	)
Rational AG		(158	)		(113,515	)		(224.5	)
SAP SE		(686	)		(92,120	)		(182.2	)
Siemens Healthineers AG		(3,632	)		(224,641	)		(444.2	)
Sixt SE		(6,393	)		(786,516	)		(1,555.3	)
Symrise AG		(2,764	)		(331,386	)		(655.3	)
TeamViewer SE		(1,583	)		(28,990	)		(57.3	)
Telefonica Deutschland Holding AG		(29,589	)		(99,198	)		(196.2	)
Vonovia SE		(14,711	)		(316,561	)		(626.0	)
					(9,522,755	)
Hong Kong
CK Asset Holdings Ltd.		(36,500	)		(215,826	)		(426.8	)
CK Infrastructure Holdings Ltd.		(73,000	)		(415,612	)		(821.8	)
CLP Holdings Ltd.		(203,500	)		(1,515,185	)		(2,996.2	)
Guotai Junan International Holdings Ltd.		(259,000	)		(21,875	)		(43.3	)
Hang Seng Bank Ltd.		(18,800	)		(278,666	)		(551.0	)
Henderson Land Development Co. Ltd.		(130,000	)		(462,888	)		(915.3	)
HKT Trust & HKT Ltd.		(2,503,000	)		(3,289,579	)		(6,505.0	)
Hong Kong & China Gas Co. Ltd.		(460,000	)		(408,443	)		(807.7	)
Jardine Matheson Holdings Ltd.		(1,300	)		(62,844	)		(124.3	)
Man Wah Holdings Ltd.		(371,200	)		(312,263	)		(617.5	)
NWS Holdings Ltd.		(166,000	)		(143,781	)		(284.3	)
PCCW Ltd.		(5,469,000	)		(2,852,747	)		(5,641.2	)
Power Assets Holdings Ltd.		(155,500	)		(888,562	)		(1,757.1	)
Prudential PLC		(135,671	)		(2,048,629	)		(4,051.1	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Hong Kong (continued)
Sino Land Co. Ltd.		(696,703	)	$	(938,845	)		(1,856.5	)%
VTech Holdings Ltd.		(48,600	)		(291,768	)		(577.0	)
Wharf Real Estate Investment Co. Ltd.		(3,000	)		(17,300	)		(34.2	)
					(14,164,813	)
Ireland
Bank of Ireland Group PLC		(3,215	)		(32,989	)		(65.2	)
Israel
Azrieli Group Ltd.		(16,475	)		(955,315	)		(1,889.1	)
Bank Hapoalim BM		(90,729	)		(777,364	)		(1,537.2	)
Bank Leumi Le-Israel BM		(282,267	)		(2,225,372	)		(4,400.6	)
ICL Group Ltd.		(9,654	)		(59,603	)		(117.9	)
Israel Corp. Ltd.		(858	)		(249,818	)		(494.0	)
Israel Discount Bank Ltd.		(48,174	)		(238,091	)		(470.8	)
Mizrahi Tefahot Bank Ltd.		(7,205	)		(235,013	)		(464.7	)
Shufersal Ltd.		(145,809	)		(739,307	)		(1,461.9	)
Strauss Group Ltd.		(33,822	)		(749,991	)		(1,483.1	)
Teva Pharmaceutical Industries Ltd.		(7,852	)		(68,424	)		(135.3	)
Teva Pharmaceutical Industries Ltd., ADR		(1,383	)		(12,074	)		(23.9	)
					(6,310,372	)
Italy
Assicurazioni Generali SpA		(39,081	)		(807,488	)		(1,596.8	)
Banca Mediolanum SpA		(1,423	)		(12,758	)		(25.2	)
DiaSorin SpA		(3,625	)		(390,614	)		(772.4	)
Interpump Group SpA		(5,430	)		(300,678	)		(594.6	)
Iveco Group NV		(12,547	)		(111,980	)		(221.4	)
Leonardo SpA		(20,842	)		(246,199	)		(486.9	)
Nexi SpA		(17,272	)		(142,049	)		(280.9	)
Pirelli &C SpA		(12,161	)		(63,191	)		(125.0	)
Poste Italiane SpA		(31,968	)		(330,030	)		(652.6	)
Saipem SpA		(12,567	)		(19,065	)		(37.7	)
UniCredit SpA		(31,906	)		(626,860	)		(1,239.6	)
					(3,050,912	)
Japan
Activia Properties, Inc.		(20	)		(59,049	)		(116.8	)
Advance Residence Investment Corp.		(105	)		(275,882	)		(545.5	)
Air Water, Inc.		(8,700	)		(111,370	)		(220.2	)
Allegro MicroSystems, Inc.		(7,499	)		(268,239	)		(530.4	)
Asahi Group Holdings Ltd.		(15,700	)		(614,178	)		(1,214.5	)
Asics Corp.		(10,600	)		(300,355	)		(593.9	)
ASKUL Corp.		(8,800	)		(118,823	)		(235.0	)
Bank of Kyoto Ltd.		(15,500	)		(772,419	)		(1,527.4	)
Benefit One, Inc.		(19,900	)		(277,580	)		(548.9	)
BIPROGY, Inc.		(6,600	)		(161,232	)		(318.8	)
Capcom Co. Ltd.		(6,700	)		(254,909	)		(504.1	)
Chiba Bank Ltd.		(17,600	)		(116,429	)		(230.2	)
Chubu Electric Power Co., Inc.		(27,800	)		(314,019	)		(621.0	)
Chugai Pharmaceutical Co. Ltd.		(40,000	)		(1,045,414	)		(2,067.3	)
Chugin Financial Group, Inc.		(8,100	)		(55,080	)		(108.9	)
Cosmo Energy Holdings Co. Ltd.		(600	)		(19,442	)		(38.4	)
Credit Saison Co. Ltd.		(12,700	)		(178,203	)		(352.4	)
Dai Nippon Printing Co. Ltd.		(18,400	)		(535,849	)		(1,059.6	)
Daido Steel Co. Ltd.		(7,200	)		(280,980	)		(555.6	)
Daiwa House REIT Investment Corp.		(215	)		(462,896	)		(915.4	)
Daiwa Office Investment Corp.		(12	)		(52,864	)		(104.5	)
Daiwa Securities Group, Inc.		(3,100	)		(14,591	)		(28.9	)
Daiwa Securities Living Investments Corp.		(317	)		(273,065	)		(540.0	)
Descente Ltd.		(10,000	)		(321,700	)		(636.1	)
Electric Power Development Co. Ltd.		(27,600	)		(447,238	)		(884.4	)

Security	Shares			Value			% of Basket Value
Japan (continued)
Food & Life Cos. Ltd.		(2,900	)	$	(70,859	)		(140.1	)%
FP Corp.		(12,400	)		(312,456	)		(617.9	)
Fuji Kyuko Co. Ltd.		(2,800	)		(108,911	)		(215.4	)
Fujitsu General Ltd.		(28,400	)		(741,576	)		(1,466.4	)
Furukawa Electric Co. Ltd.		(5,000	)		(92,756	)		(183.4	)
Fuyo General Lease Co. Ltd.		(8,400	)		(622,652	)		(1,231.3	)
GLP J-Reit		(75	)		(86,816	)		(171.7	)
Goldwin, Inc.		(8,100	)		(746,093	)		(1,475.4	)
GS Yuasa Corp.		(13,400	)		(238,875	)		(472.4	)
GungHo Online Entertainment, Inc.		(800	)		(15,556	)		(30.8	)
Hachijuni Bank Ltd.		(10,100	)		(45,827	)		(90.6	)
Hakuhodo DY Holdings, Inc.		(12,800	)		(152,773	)		(302.1	)
Hankyu Hanshin Holdings, Inc.		(5,400	)		(170,798	)		(337.7	)
Harmonic Drive Systems, Inc.		(2,600	)		(80,564	)		(159.3	)
Haseko Corp.		(41,500	)		(513,174	)		(1,014.8	)
Heiwa Corp.		(18,800	)		(376,043	)		(743.6	)
Hikari Tsushin, Inc.		(1,900	)		(262,680	)		(519.4	)
Hirogin Holdings, Inc.		(9,700	)		(48,736	)		(96.4	)
Hitachi Construction Machinery Co. Ltd.		(3,700	)		(92,320	)		(182.6	)
Hoshizaki Corp.		(13,000	)		(464,037	)		(917.6	)
Ibiden Co. Ltd.		(6,800	)		(271,122	)		(536.1	)
Iida Group Holdings Co. Ltd.		(25,600	)		(460,884	)		(911.4	)
Industrial & Infrastructure Fund Investment Corp.		(232	)		(269,373	)		(532.7	)
Inpex Corp.		(100,800	)		(1,118,114	)		(2,211.0	)
Itoham Yonekyu Holdings, Inc.		(35,800	)		(198,720	)		(393.0	)
Iwatani Corp.		(16,400	)		(786,787	)		(1,555.8	)
Iyogin Holdings, Inc.		(34,900	)		(207,023	)		(409.4	)
Izumi Co. Ltd.		(17,700	)		(421,782	)		(834.1	)
Japan Airlines Co. Ltd.		(14,000	)		(270,617	)		(535.1	)
Japan Aviation Electronics Industry Ltd.		(3,100	)		(55,104	)		(109.0	)
Japan Exchange Group, Inc.		(11,100	)		(182,698	)		(361.3	)
Japan Hotel REIT Investment Corp.		(458	)		(262,148	)		(518.4	)
Japan Logistics Fund, Inc.		(47	)		(113,061	)		(223.6	)
Japan Metropolitan Fund Invest		(324	)		(240,361	)		(475.3	)
Japan Post Insurance Co. Ltd.		(29,200	)		(480,452	)		(950.1	)
Japan Prime Realty Investment Corp.		(53	)		(139,634	)		(276.1	)
Japan Real Estate Investment Corp.		(179	)		(718,608	)		(1,421.0	)
JMDC, Inc.		(12,900	)		(468,800	)		(927.0	)
Justsystems Corp.		(8,600	)		(230,366	)		(455.5	)
Kajima Corp.		(23,200	)		(310,789	)		(614.6	)
Kansai Paint Co. Ltd.		(18,100	)		(258,468	)		(511.1	)
Keihan Holdings Co. Ltd.		(7,800	)		(217,561	)		(430.2	)
Keio Corp.		(10,900	)		(410,133	)		(811.0	)
Keisei Electric Railway Co. Ltd.		(8,400	)		(300,200	)		(593.6	)
Kikkoman Corp.		(12,300	)		(737,545	)		(1,458.5	)
Kintetsu Group Holdings Co. Ltd.		(12,400	)		(424,317	)		(839.1	)
Kobayashi Pharmaceutical Co. Ltd.		(4,600	)		(290,830	)		(575.1	)
Kotobuki Spirits Co. Ltd.		(4,200	)		(314,146	)		(621.2	)
Kyudenko Corp.		(11,400	)		(307,794	)		(608.7	)
Kyushu Electric Power Co., Inc.		(9,400	)		(55,460	)		(109.7	)
Kyushu Financial Group, Inc.		(30,900	)		(112,854	)		(223.2	)
Kyushu Railway Co.		(18,800	)		(432,496	)		(855.2	)
LaSalle Logiport REIT		(132	)		(158,852	)		(314.1	)
Marubeni Corp.		(55,800	)		(802,701	)		(1,587.3	)
Marui Group Co. Ltd.		(13,100	)		(211,436	)		(418.1	)
Matsui Securities Co. Ltd.		(87,500	)		(507,536	)		(1,003.6	)
MatsukiyoCocokara & Co.		(3,200	)		(173,887	)		(343.9	)
Mazda Motor Corp.		(2,700	)		(24,749	)		(48.9	)
McDonald’s Holdings Co. Japan Ltd.		(6,100	)		(257,504	)		(509.2	)
Mebuki Financial Group, Inc.		(104,500	)		(271,120	)		(536.1	)

102 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Mitsui Fudosan Logistics Park, Inc.		(294	)	$	(1,119,232	)		(2,213.2	)%
Miura Co. Ltd.		(10,700	)		(288,607	)		(570.7	)
MonotaRO Co. Ltd.		(17,500	)		(267,936	)		(529.8	)
Mori Hills REIT Investment Corp.		(179	)		(205,009	)		(405.4	)
Morinaga & Co. Ltd.		(10,300	)		(309,114	)		(611.3	)
Morinaga Milk Industry Co. Ltd.		(3,600	)		(137,084	)		(271.1	)
Murata Manufacturing Co. Ltd.		(3,300	)		(189,831	)		(375.4	)
Nagase & Co. Ltd.		(15,000	)		(239,413	)		(473.4	)
Nextage Co. Ltd.		(5,800	)		(106,561	)		(210.7	)
NHK Spring Co. Ltd.		(47,300	)		(355,102	)		(702.2	)
Nifco, Inc.		(10,900	)		(317,502	)		(627.8	)
Nihon Kohden Corp.		(14,500	)		(406,562	)		(804.0	)
Nippon Building Fund, Inc.		(162	)		(688,236	)		(1,361.0	)
Nippon Electric Glass Co. Ltd.		(9,600	)		(185,697	)		(367.2	)
Nippon Kayaku Co. Ltd.		(70,600	)		(649,043	)		(1,283.5	)
Nippon Sanso Holdings Corp.		(31,400	)		(573,892	)		(1,134.8	)
Nippon Shokubai Co. Ltd.		(2,400	)		(97,510	)		(192.8	)
Nishi-Nippon Railroad Co. Ltd.		(2,300	)		(42,736	)		(84.5	)
Nisshin Seifun Group, Inc.		(22,800	)		(279,978	)		(553.6	)
Nissin Foods Holdings Co. Ltd.		(200	)		(19,524	)		(38.6	)
Noevir Holdings Co. Ltd.		(2,200	)		(90,940	)		(179.8	)
NOF Corp.		(2,600	)		(120,407	)		(238.1	)
NOK Corp.		(26,900	)		(366,639	)		(725.0	)
Nomura Holdings, Inc.		(137,400	)		(499,585	)		(987.9	)
NTT Data Corp.		(35,000	)		(481,712	)		(952.6	)
OKUMA Corp.		(1,900	)		(85,479	)		(169.0	)
Open House Group Co. Ltd.		(1,700	)		(68,829	)		(136.1	)
Orix JREIT, Inc.		(42	)		(55,002	)		(108.8	)
Osaka Gas Co. Ltd.		(14,000	)		(234,675	)		(464.1	)
OSG Corp.		(16,300	)		(232,029	)		(458.8	)
PALTAC Corp.		(2,800	)		(108,818	)		(215.2	)
Pan Pacific International Holdings Corp.		(21,800	)		(412,908	)		(816.5	)
Park24 Co. Ltd.		(4,900	)		(76,741	)		(151.8	)
PeptiDream, Inc.		(2,900	)		(39,734	)		(78.6	)
Persol Holdings Co. Ltd.		(27,200	)		(568,184	)		(1,123.6	)
Relo Group, Inc.		(13,500	)		(212,605	)		(420.4	)
Renesas Electronics Corp.		(1,400	)		(18,505	)		(36.6	)
Rohto Pharmaceutical Co. Ltd.		(6,100	)		(128,233	)		(253.6	)
Sankyu, Inc.		(5,800	)		(207,253	)		(409.8	)
Sanwa Holdings Corp.		(24,200	)		(268,484	)		(530.9	)
SBI Shinsei Bank Ltd.		(13,400	)		(243,704	)		(481.9	)
SCREEN Holdings Co. Ltd.		(2,900	)		(239,013	)		(472.6	)
Seino Holdings Co. Ltd.		(10,900	)		(122,572	)		(242.4	)
Sekisui Chemical Co. Ltd.		(22,300	)		(321,541	)		(635.8	)
Sekisui House Ltd.		(28,500	)		(593,680	)		(1,174.0	)
Sekisui House Reit, Inc.		(637	)		(365,843	)		(723.4	)
Seven & i Holdings Co. Ltd.		(33,200	)		(1,523,971	)		(3,013.6	)
SG Holdings Co. Ltd.		(14,200	)		(207,063	)		(409.5	)
Shikoku Electric Power Co., Inc.		(13,800	)		(82,600	)		(163.3	)
Shin-Etsu Chemical Co. Ltd.		(54,500	)		(1,577,705	)		(3,119.8	)
Shizuoka Financial Group, Inc.		(11,900	)		(90,857	)		(179.7	)
Shochiku Co. Ltd.		(1,300	)		(118,296	)		(233.9	)
SoftBank Corp.		(53,000	)		(605,495	)		(1,197.3	)
Sony Group Corp.		(4,300	)		(394,557	)		(780.2	)
Sotetsu Holdings, Inc.		(19,600	)		(377,712	)		(746.9	)
Square Enix Holdings Co. Ltd.		(5,700	)		(284,083	)		(561.8	)
Stanley Electric Co. Ltd.		(3,800	)		(86,832	)		(171.7	)
Sumitomo Metal Mining Co. Ltd.		(25,900	)		(969,517	)		(1,917.2	)
Suzuken Co. Ltd.		(5,900	)		(170,038	)		(336.2	)
Taiheiyo Cement Corp.		(24,800	)		(450,659	)		(891.2	)
Taiyo Yuden Co. Ltd.		(7,500	)		(232,919	)		(460.6	)

Security	Shares			Value			% of Basket Value
Japan (continued)
Takara Holdings, Inc.		(21,900	)	$	(174,821	)		(345.7	)%
Takashimaya Co. Ltd.		(20,000	)		(299,306	)		(591.9	)
Takeda Pharmaceutical Co. Ltd.		(5,500	)		(184,814	)		(365.5	)
TDK Corp.		(1,500	)		(52,259	)		(103.3	)
TechnoPro Holdings, Inc.		(800	)		(22,116	)		(43.7	)
TIS, Inc.		(7,600	)		(211,443	)		(418.1	)
Tobu Railway Co. Ltd.		(1,500	)		(38,784	)		(76.7	)
Tohoku Electric Power Co., Inc.		(5,000	)		(26,045	)		(51.5	)
Tokai Carbon Co. Ltd.		(139,900	)		(1,288,400	)		(2,547.8	)
Tokyo Gas Co. Ltd.		(12,700	)		(263,314	)		(520.7	)
Tokyu Corp.		(15,300	)		(219,152	)		(433.4	)
Tokyu Fudosan Holdings Corp.		(38,300	)		(196,865	)		(389.3	)
TOPPAN, Inc.		(8,300	)		(178,709	)		(353.4	)
Toshiba TEC Corp.		(3,500	)		(103,011	)		(203.7	)
Toyo Seikan Group Holdings Ltd.		(5,300	)		(75,850	)		(150.0	)
Toyo Suisan Kaisha Ltd.		(5,300	)		(239,631	)		(473.9	)
Toyo Tire Corp.		(26,000	)		(313,777	)		(620.5	)
United Urban Investment Corp.		(88	)		(98,982	)		(195.7	)
USS Co. Ltd.		(3,400	)		(57,888	)		(114.5	)
Visional, Inc.		(5,700	)		(302,837	)		(598.8	)
West Japan Railway Co.		(12,000	)		(527,342	)		(1,042.8	)
Yamato Holdings Co. Ltd.		(18,600	)		(323,743	)		(640.2	)
Yokohama Rubber Co. Ltd.		(14,500	)		(319,485	)		(631.8	)
Z Holdings Corp.		(137,000	)		(380,545	)		(752.5	)
Zensho Holdings Co. Ltd.		(3,300	)		(106,203	)		(210.0	)
					(51,870,650	)
Luxembourg
Aperam SA		(2,935	)		(107,966	)		(213.5	)
Eurofins Scientific SE		(4,691	)		(325,112	)		(642.9	)
					(433,078	)
Netherlands
Akzo Nobel NV		(4,553	)		(374,730	)		(741.0	)
Argenx SE		(767	)		(293,857	)		(581.1	)
ASM International NV		(106	)		(38,369	)		(75.9	)
Euronext NV		(18,108	)		(1,428,681	)		(2,825.1	)
Heineken NV		(1,955	)		(222,758	)		(440.5	)
JDE Peet’s NV		(1,575	)		(47,514	)		(94.0	)
Koninklijke Ahold Delhaize NV		(17,904	)		(610,690	)		(1,207.6	)
OCI NV		(6,991	)		(182,311	)		(360.5	)
SBM Offshore NV		(31,499	)		(441,547	)		(873.1	)
Universal Music Group NV		(11,975	)		(259,411	)		(513.0	)
					(3,899,868	)
New Zealand
Mainfreight Ltd.		(5,262	)		(233,794	)		(462.3	)
Nigeria
Airtel Africa PLC		(11,012	)		(16,390	)		(32.4	)
Portugal
Banco Comercial Portugues SA		(4,086,067	)		(1,042,161	)		(2,060.8	)
Jeronimo Martins SGPS SA		(1,137	)		(28,475	)		(56.3	)
					(1,070,636	)
Singapore
CapitaLand Ascendas REIT		(238,000	)		(512,292	)		(1,013.0	)
DBS Group Holdings Ltd.		(3,000	)		(74,108	)		(146.5	)
Genting Singapore Ltd.		(701,300	)		(596,775	)		(1,180.1	)
Jardine Cycle & Carriage Ltd.		(13,500	)		(343,916	)		(680.1	)
Oversea-Chinese Banking Corp. Ltd.		(12,800	)		(121,102	)		(239.5	)
Sea Ltd., ADR		(20,986	)		(1,598,504	)		(3,161.0	)
Singapore Exchange Ltd.		(70,000	)		(503,895	)		(996.4	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Singapore (continued)
Singapore Technologies Engineering Ltd.		(156,600	)	$	(426,428	)		(843.2	)%
Singapore Telecommunications Ltd.		(55,500	)		(106,385	)		(210.4	)
STMicroelectronics NV		(30,612	)		(1,297,101	)		(2,565.0	)
UOL Group Ltd.		(65,200	)		(340,231	)		(672.8	)
Venture Corp. Ltd.		(110,700	)		(1,414,656	)		(2,797.4	)
					(7,335,393	)
South Korea
Delivery Hero SE		(6,901	)		(273,906	)		(541.6	)
Spain
Aena SME SA		(108	)		(18,216	)		(36.0	)
Amadeus IT Group SA		(22,885	)		(1,597,175	)		(3,158.4	)
CaixaBank SA		(29,338	)		(107,682	)		(212.9	)
Cellnex Telecom SA		(17,777	)		(742,713	)		(1,468.7	)
Corp. ACCIONA Energias Renovables SA		(6,681	)		(237,877	)		(470.4	)
Endesa SA		(22,555	)		(502,018	)		(992.7	)
Inmobiliaria Colonial Socimi SA		(28,472	)		(180,517	)		(357.0	)
					(3,386,198	)
Sweden
Autoliv, Inc.		(6,563	)		(563,171	)		(1,113.7	)
Electrolux AB		(10,070	)		(150,647	)		(297.9	)
					(713,818	)
Switzerland
Adecco Group AG, Registered Shares		(23,104	)		(790,155	)		(1,562.5	)
Alcon, Inc.		(10,529	)		(762,773	)		(1,508.4	)
Bachem Holding AG		(874	)		(94,990	)		(187.8	)
Barry Callebaut AG, Registered Shares		(398	)		(845,448	)		(1,671.8	)
Emmi AG, Registered Shares		(735	)		(760,857	)		(1,504.6	)
EMS-Chemie Holding AG, Registered Shares		(667	)		(544,793	)		(1,077.3	)
Flughafen Zurich AG, Registered Shares		(1,004	)		(192,231	)		(380.1	)
Galenica AG		(17,883	)		(1,594,370	)		(3,152.8	)
Julius Baer Group Ltd.		(2,322	)		(165,558	)		(327.4	)
Lonza Group AG, Registered Shares		(1,782	)		(1,105,172	)		(2,185.4	)
Mediclinic International PLC		(125,804	)		(776,759	)		(1,536.0	)
On Holding AG		(3,877	)		(125,809	)		(248.8	)
Schindler Holding AG, Registered Shares		(3,885	)		(825,628	)		(1,632.6	)
SIG Group AG		(13,295	)		(353,954	)		(699.9	)
Straumann Holding AG, Registered Shares		(225	)		(33,946	)		(67.1	)
Swiss Life Holding AG, Registered Shares		(717	)		(470,797	)		(931.0	)
Swisscom AG, Registered Shares		(284	)		(194,930	)		(385.5	)
UBS Group AG, Registered Shares		(17,454	)		(354,121	)		(700.3	)
Zurich Insurance Group AG		(4,013	)		(1,936,332	)		(3,829.0	)
					(11,928,623	)
United Kingdom
abrdn PLC		(112,450	)		(297,030	)		(587.4	)
Associated British Foods PLC		(35,492	)		(860,828	)		(1,702.3	)
Aviva PLC		(66,402	)		(348,309	)		(688.8	)
Barratt Developments PLC		(22,555	)		(139,825	)		(276.5	)
Berkeley Group Holdings PLC		(38,274	)		(2,110,452	)		(4,173.3	)
BT Group PLC		(36,890	)		(73,206	)		(144.8	)
CK Hutchison Holdings Ltd.		(197,500	)		(1,320,356	)		(2,611.0	)
CNH Industrial NV		(6,478	)		(90,389	)		(178.7	)
Coca-Cola Europacific Partners PLC		(20,622	)		(1,329,500	)		(2,629.0	)
Compass Group PLC		(48,613	)		(1,263,393	)		(2,498.3	)
Darktrace PLC		(11,820	)		(41,087	)		(81.3	)
DCC PLC		(16,349	)		(1,002,118	)		(1,981.6	)
Dechra Pharmaceuticals PLC		(4,303	)		(198,952	)		(393.4	)
Derwent London PLC		(11,855	)		(352,468	)		(697.0	)
Entain PLC		(5,131	)		(92,227	)		(182.4	)

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Farfetch Ltd.		(134,145	)	$	(540,604	)		(1,069.0	)%
Future PLC		(18,550	)		(259,267	)		(512.7	)
Greggs PLC, Registered Shares		(7,276	)		(254,552	)		(503.4	)
Harbour Energy PLC		(65,766	)		(201,224	)		(397.9	)
HSBC Holdings PLC		(129,687	)		(920,530	)		(1,820.3	)
Informa PLC		(17,559	)		(157,699	)		(311.8	)
International Consolidated Airlines Group SA		(72,446	)		(137,310	)		(271.5	)
International Distributions Services PLC		(113,342	)		(355,557	)		(703.1	)
Investec PLC		(74,434	)		(408,793	)		(808.4	)
JET2 PLC		(2,439	)		(37,062	)		(73.3	)
Johnson Matthey PLC		(3,759	)		(91,471	)		(180.9	)
Kingfisher PLC		(80,221	)		(256,039	)		(506.3	)
Lloyds Banking Group PLC		(265,288	)		(158,739	)		(313.9	)
M&G PLC		(76,805	)		(195,662	)		(386.9	)
National Grid PLC		(13,982	)		(197,517	)		(390.6	)
Next PLC		(23,331	)		(1,950,792	)		(3,857.6	)
Persimmon PLC		(33,729	)		(550,058	)		(1,087.7	)
RELX PLC		(4,057	)		(133,154	)		(263.3	)
Rentokil Initial PLC		(213,428	)		(1,674,920	)		(3,312.1	)
Serco Group PLC		(11,635	)		(21,903	)		(43.3	)
Smith & Nephew PLC		(17,118	)		(278,229	)		(550.2	)
St James’s Place PLC		(18,641	)		(279,268	)		(552.2	)
Vistry Group PLC		(44,104	)		(427,819	)		(846.0	)
Watches of Switzerland Group PLC		(43,802	)		(451,657	)		(893.1	)
Whitbread PLC		(951	)		(38,607	)		(76.3	)
WPP PLC		(6,450	)		(74,001	)		(146.3	)
					(19,572,574	)
United States
10X Genomics, Inc., Class A		(2,138	)		(112,095	)		(221.7	)
Adient PLC		(3,841	)		(141,887	)		(280.6	)
AES Corp.		(15,712	)		(371,746	)		(735.1	)
Aflac, Inc.		(8,476	)		(592,049	)		(1,170.8	)
agilon health, Inc.		(34,321	)		(832,971	)		(1,647.2	)
Albertsons Cos., Inc., Class A		(13,772	)		(287,835	)		(569.2	)
Alexandria Real Estate Equities, Inc.		(5,206	)		(646,481	)		(1,278.4	)
Alight, Inc., Class A		(186,750	)		(1,727,437	)		(3,415.9	)
Alliant Energy Corp.		(24,519	)		(1,351,978	)		(2,673.5	)
Allison Transmission Holdings, Inc.		(6,068	)		(296,058	)		(585.4	)
Alteryx, Inc., Class A		(6,726	)		(276,640	)		(547.0	)
Amcor PLC		(145,119	)		(1,591,955	)		(3,148.0	)
American Electric Power Co., Inc.		(4,495	)		(415,428	)		(821.5	)
American Equity Investment Life Holding Co.		(2,350	)		(90,569	)		(179.1	)
Americold Realty Trust, Inc.		(55,278	)		(1,635,676	)		(3,234.5	)
Ameriprise Financial, Inc.		(1,958	)		(597,425	)		(1,181.4	)
AmerisourceBergen Corp.		(8,243	)		(1,375,345	)		(2,719.7	)
Amkor Technology, Inc.		(46,241	)		(1,034,411	)		(2,045.5	)
Amphenol Corp., Class A		(913	)		(68,904	)		(136.3	)
Analog Devices, Inc.		(3,360	)		(604,397	)		(1,195.2	)
Annaly Capital Management, Inc.		(65,988	)		(1,318,440	)		(2,607.2	)
Ansys, Inc.		(2,118	)		(664,883	)		(1,314.8	)
Antero Midstream Corp.		(21,615	)		(232,577	)		(459.9	)
Antero Resources Corp.		(4,708	)		(108,237	)		(214.0	)
Apartment Income REIT Corp.		(17,662	)		(653,141	)		(1,291.6	)
Apellis Pharmaceuticals, Inc.		(7,298	)		(608,872	)		(1,204.0	)
Apollo Global Management, Inc.		(31,380	)		(1,989,178	)		(3,933.5	)
Apple Hospitality REIT, Inc.		(25,096	)		(373,679	)		(738.9	)
Applied Industrial Technologies, Inc.		(10,968	)		(1,487,919	)		(2,942.3	)
AppLovin Corp., Class A		(26,729	)		(454,393	)		(898.5	)
AptarGroup, Inc.		(6,224	)		(737,606	)		(1,458.6	)
Aptiv PLC		(2,203	)		(226,601	)		(448.1	)
Aramark		(30,775	)		(1,067,892	)		(2,111.7	)

104 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Arch Capital Group Ltd.		(457	)	$	(34,307	)		(67.8	)%
Arista Networks, Inc.		(4,181	)		(669,629	)		(1,324.2	)
Arrow Electronics, Inc.		(203	)		(23,229	)		(45.9	)
Asana, Inc.		(1,384	)		(22,393	)		(44.3	)
Asbury Automotive Group, Inc.		(602	)		(116,463	)		(230.3	)
Aspen Technology, Inc.		(4,014	)		(710,478	)		(1,404.9	)
Assurant, Inc.		(2,507	)		(308,687	)		(610.4	)
Atkore, Inc.		(6,292	)		(794,868	)		(1,571.8	)
Atlassian Corp.		(1,331	)		(196,535	)		(388.6	)
Avangrid, Inc.		(12,242	)		(492,863	)		(974.6	)
Avantor, Inc.		(4,764	)		(92,803	)		(183.5	)
Avnet, Inc.		(4,529	)		(186,867	)		(369.5	)
Axalta Coating Systems Ltd.		(4,468	)		(141,055	)		(278.9	)
Baker Hughes Co., Class A		(7,181	)		(209,972	)		(415.2	)
Ball Corp.		(12,025	)		(639,490	)		(1,264.6	)
Bentley Systems, Inc., Class B		(37,184	)		(1,582,551	)		(3,129.4	)
Black Hills Corp.		(1,332	)		(86,966	)		(172.0	)
Bloom Energy Corp., Class A		(28,883	)		(480,902	)		(951.0	)
Blue Owl Capital, Inc.		(30,032	)		(338,160	)		(668.7	)
Boston Properties, Inc.		(27,568	)		(1,471,028	)		(2,908.9	)
Broadcom, Inc.		(906	)		(567,609	)		(1,122.4	)
Brown & Brown, Inc.		(6,526	)		(420,209	)		(830.9	)
Brown-Forman Corp.		(8,182	)		(532,566	)		(1,053.1	)
Bumble, Inc., Class A		(27,107	)		(493,618	)		(976.1	)
Bunge Ltd.		(7,723	)		(722,873	)		(1,429.5	)
Cactus, Inc., Class A		(9,612	)		(389,094	)		(769.4	)
Cadence Bank		(2,659	)		(53,765	)		(106.3	)
Caesars Entertainment, Inc.		(16,628	)		(753,082	)		(1,489.2	)
Calix, Inc.		(9,858	)		(450,511	)		(890.9	)
Capital One Financial Corp.		(1,582	)		(153,929	)		(304.4	)
CarMax, Inc.		(357	)		(25,001	)		(49.4	)
Carter’s, Inc.		(2,757	)		(192,356	)		(380.4	)
Catalent, Inc.		(10,242	)		(513,329	)		(1,015.1	)
Celanese Corp.		(12,697	)		(1,348,929	)		(2,667.5	)
Ceridian HCM Holding, Inc.		(6,469	)		(410,652	)		(812.0	)
Chemours Co.		(7,271	)		(211,368	)		(418.0	)
Churchill Downs, Inc.		(621	)		(181,661	)		(359.2	)
Cisco Systems, Inc.		(7,181	)		(339,302	)		(671.0	)
Civitas Resources, Inc.		(9,789	)		(675,930	)		(1,336.6	)
Clarivate PLC		(56,926	)		(504,364	)		(997.4	)
Clean Harbors, Inc.		(192	)		(27,871	)		(55.1	)
Clear Secure, Inc.		(1,243	)		(30,068	)		(59.5	)
Clorox Co.		(5,726	)		(948,340	)		(1,875.3	)
Cloudflare, Inc.		(4,040	)		(190,082	)		(375.9	)
Coca-Cola Consolidated, Inc.		(28	)		(16,505	)		(32.6	)
Coherent Corp.		(13,868	)		(473,454	)		(936.2	)
Comfort Systems USA, Inc.		(843	)		(126,020	)		(249.2	)
Commerce Bancshares, Inc.		(800	)		(44,680	)		(88.4	)
Concentrix Corp.		(5,653	)		(545,571	)		(1,078.8	)
Confluent, Inc.		(40,792	)		(897,424	)		(1,774.6	)
Consolidated Edison, Inc.		(2,269	)		(223,428	)		(441.8	)
Constellation Energy Corp.		(4,223	)		(326,860	)		(646.4	)
Constellium SE		(5,625	)		(83,531	)		(165.2	)
Cooper Cos., Inc.		(802	)		(305,923	)		(605.0	)
Corebridge Financial, Inc.		(176,593	)		(2,977,358	)		(5,887.6	)
Corning, Inc.		(22,475	)		(746,619	)		(1,476.4	)
Coterra Energy, Inc.		(46,614	)		(1,193,318	)		(2,359.7	)
Coty, Inc., Class A		(42,336	)		(502,528	)		(993.7	)
Cousins Properties, Inc.		(1,174	)		(25,605	)		(50.6	)
Crane Co.		(8,047	)		(579,947	)		(1,146.8	)
Crane NXT Co.		(8,047	)		(381,106	)		(753.6	)
CSL Ltd.		(3,618	)		(731,951	)		(1,447.4	)

Security	Shares			Value			% of Basket Value
United States (continued)
CSX Corp.		(1,143	)	$	(35,022	)		(69.3	)%
Cullen/Frost Bankers, Inc.		(6,274	)		(691,708	)		(1,367.8	)
Darling Ingredients, Inc.		(1,109	)		(66,063	)		(130.6	)
Dell Technologies, Inc.		(910	)		(39,576	)		(78.3	)
DENTSPLY SIRONA, Inc.		(1,924	)		(80,673	)		(159.5	)
Digital Realty Trust, Inc.		(1,029	)		(102,025	)		(201.8	)
Diodes, Inc.		(1,907	)		(151,988	)		(300.6	)
Dollar Tree, Inc.		(5,305	)		(815,432	)		(1,612.5	)
Dominion Energy, Inc.		(1,670	)		(95,424	)		(188.7	)
DoorDash, Inc.		(2,023	)		(123,787	)		(244.8	)
DR Horton, Inc.		(608	)		(66,771	)		(132.0	)
DraftKings, Inc.		(6,206	)		(135,973	)		(268.9	)
DTE Midstream LLC		(8,316	)		(409,729	)		(810.2	)
Dun & Bradstreet Holdings, Inc.		(6,184	)		(69,075	)		(136.6	)
Dynatrace, Inc.		(11,001	)		(465,122	)		(919.8	)
Edison International		(20,244	)		(1,489,958	)		(2,946.3	)
Elanco Animal Health, Inc.		(21,311	)		(201,815	)		(399.1	)
Elastic NV		(3,906	)		(223,619	)		(442.2	)
EMCOR Group, Inc.		(6,768	)		(1,157,328	)		(2,288.6	)
Encompass Health Corp.		(8,694	)		(557,720	)		(1,102.9	)
Endeavor Group Holdings, Inc.		(21,789	)		(561,720	)		(1,110.8	)
Entegris, Inc.		(20,943	)		(1,569,050	)		(3,102.7	)
EQT Corp.		(4,593	)		(160,020	)		(316.4	)
Equitable Holdings, Inc.		(69,868	)		(1,815,869	)		(3,590.8	)
Erie Indemnity Co., Class A		(1,028	)		(223,415	)		(441.8	)
Estee Lauder Cos., Inc., Class A		(435	)		(107,323	)		(212.2	)
Euronet Worldwide, Inc.		(2,624	)		(290,582	)		(574.6	)
Evergy, Inc.		(2,383	)		(148,008	)		(292.7	)
Exelon Corp.		(18,022	)		(764,854	)		(1,512.5	)
ExlService Holdings, Inc.		(844	)		(150,553	)		(297.7	)
Federal Realty Investment Trust		(13,830	)		(1,367,649	)		(2,704.5	)
FedEx Corp.		(895	)		(203,863	)		(403.1	)
Ferguson PLC		(4,617	)		(643,167	)		(1,271.8	)
Ferguson PLC		(5,279	)		(743,389	)		(1,470.0	)
Fidelity National Financial, Inc.		(4,129	)		(146,538	)		(289.8	)
Fifth Third Bancorp		(8,388	)		(219,766	)		(434.6	)
First American Financial Corp.		(775	)		(44,648	)		(88.3	)
First Citizens BancShares, Inc.		(812	)		(817,830	)		(1,617.2	)
First Industrial Realty Trust, Inc.		(4,189	)		(219,797	)		(434.6	)
First Solar, Inc.		(766	)		(139,856	)		(276.6	)
FirstEnergy Corp.		(21,143	)		(841,491	)		(1,664.0	)
Fiserv, Inc.		(25,870	)		(3,159,244	)		(6,247.3	)
FleetCor Technologies, Inc.		(981	)		(209,856	)		(415.0	)
Floor & Decor Holdings, Inc., Class A		(7,714	)		(766,309	)		(1,515.3	)
FNB Corp.		(8,924	)		(102,448	)		(202.6	)
Fortune Brands Innovations, Inc.		(4,710	)		(304,690	)		(602.5	)
Frontier Communications Parent, Inc.		(40,718	)		(917,784	)		(1,814.9	)
GE Healthcare, Inc.		(12,393	)		(1,008,047	)		(1,993.4	)
Gen Digital, Inc.		(30,567	)		(540,119	)		(1,068.1	)
Graphic Packaging Holding Co.		(44,262	)		(1,091,501	)		(2,158.4	)
Haleon PLC		(67,208	)		(291,117	)		(575.7	)
Hasbro, Inc.		(9,490	)		(561,998	)		(1,111.3	)
Healthcare Realty Trust, Inc.		(97,512	)		(1,928,787	)		(3,814.1	)
Hexcel Corp.		(349	)		(25,156	)		(49.7	)
HF Sinclair Corp.		(1,301	)		(57,387	)		(113.5	)
Hilton Grand Vacations, Inc.		(14,069	)		(602,153	)		(1,190.7	)
Houlihan Lokey, Inc.		(3,789	)		(346,239	)		(684.7	)
Howmet Aerospace, Inc.		(11,558	)		(511,904	)		(1,012.3	)
Huntington Bancshares, Inc.		(54,101	)		(605,931	)		(1,198.2	)
ICON PLC		(2,498	)		(481,340	)		(951.8	)
Independence Realty Trust, Inc.		(99,370	)		(1,654,510	)		(3,271.7	)
Ingredion, Inc.		(4,036	)		(428,502	)		(847.3	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Inmode Ltd.		(1,853	)	$	(69,043	)		(136.5	)%
Insight Enterprises, Inc.		(1,293	)		(156,388	)		(309.3	)
Inspire Medical Systems, Inc.		(1,339	)		(358,357	)		(708.6	)
Interactive Brokers Group, Inc.		(4,989	)		(388,394	)		(768.0	)
International Business Machines Corp.		(13,669	)		(1,727,898	)		(3,416.8	)
International Flavors & Fragrances, Inc.		(8,478	)		(822,027	)		(1,625.5	)
International Game Technology PLC		(18,268	)		(514,062	)		(1,016.5	)
Interpublic Group of Cos., Inc.		(11,449	)		(409,073	)		(808.9	)
Intra-Cellular Therapies, Inc.		(7,506	)		(466,498	)		(922.5	)
iRhythm Technologies, Inc.		(8,102	)		(1,064,603	)		(2,105.2	)
Iridium Communications, Inc.		(6,351	)		(403,098	)		(797.1	)
IVERIC bio, Inc.		(2,034	)		(66,898	)		(132.3	)
Jazz Pharmaceuticals PLC		(2,754	)		(386,854	)		(765.0	)
JPMorgan Chase & Co.		(15,706	)		(2,171,197	)		(4,293.4	)
Juniper Networks, Inc.		(16,940	)		(510,741	)		(1,010.0	)
Karuna Therapeutics, Inc.		(1,707	)		(338,737	)		(669.8	)
Kinder Morgan, Inc.		(3,271	)		(56,098	)		(110.9	)
Kinsale Capital Group, Inc.		(2,646	)		(864,475	)		(1,709.5	)
Kite Realty Group Trust		(34,832	)		(721,719	)		(1,427.2	)
Lamb Weston Holdings, Inc.		(14,039	)		(1,569,701	)		(3,104.0	)
Lantheus Holdings, Inc.		(7,190	)		(614,386	)		(1,214.9	)
Las Vegas Sands Corp.		(5,048	)		(322,315	)		(637.4	)
Leggett & Platt, Inc.		(17,059	)		(551,176	)		(1,089.9	)
Lennar Corp.		(18,146	)		(2,047,050	)		(4,048.0	)
Levi Strauss & Co.		(29,925	)		(432,716	)		(855.7	)
Liberty Media Corp.-Liberty Formula One, Class C		(8,113	)		(585,677	)		(1,158.2	)
Lincoln Electric Holdings, Inc.		(2,839	)		(476,384	)		(942.0	)
Linde PLC		(1,450	)		(535,703	)		(1,059.3	)
Lithia Motors, Inc.		(1,379	)		(304,607	)		(602.3	)
Littelfuse, Inc.		(1,259	)		(304,980	)		(603.1	)
Live Nation Entertainment, Inc.		(3,561	)		(241,365	)		(477.3	)
Loews Corp.		(21,327	)		(1,227,795	)		(2,427.9	)
M&T Bank Corp.		(515	)		(64,787	)		(128.1	)
Madison Square Garden Sports Corp.		(2,744	)		(550,172	)		(1,087.9	)
Maravai LifeSciences Holdings, Inc., Class A		(74,826	)		(1,031,851	)		(2,040.4	)
Markel Corp.		(404	)		(552,886	)		(1,093.3	)
MarketAxess Holdings, Inc.		(1,961	)		(624,324	)		(1,234.6	)
Marriott International, Inc.		(970	)		(164,260	)		(324.8	)
MasTec, Inc.		(3,400	)		(301,954	)		(597.1	)
Mattel, Inc.		(2,775	)		(49,950	)		(98.8	)
Maximus, Inc.		(43,888	)		(3,671,231	)		(7,259.7	)
McKesson Corp.		(728	)		(265,167	)		(524.4	)
MDU Resources Group, Inc.		(28,584	)		(835,224	)		(1,651.6	)
Medpace Holdings, Inc.		(3,129	)		(626,238	)		(1,238.4	)
Meritage Homes Corp.		(2,235	)		(286,192	)		(565.9	)
MKS Instruments, Inc.		(13,972	)		(1,171,832	)		(2,317.2	)
Moderna, Inc.		(2,027	)		(269,368	)		(532.7	)
Mondelez International, Inc.		(4,472	)		(343,092	)		(678.5	)
MongoDB, Inc.		(2,135	)		(512,315	)		(1,013.1	)
Morgan Stanley		(18,027	)		(1,621,889	)		(3,207.2	)
Mosaic Co.		(6,346	)		(271,926	)		(537.7	)
Motorola Solutions, Inc.		(4,627	)		(1,348,308	)		(2,666.2	)
Natera, Inc.		(14,556	)		(738,280	)		(1,459.9	)
National Storage Affiliates Trust		(13,355	)		(514,835	)		(1,018.1	)
NCR Corp.		(15,502	)		(345,540	)		(683.3	)
Neogen Corp.		(1,608	)		(27,690	)		(54.8	)
Netflix, Inc.		(2,904	)		(958,117	)		(1,894.6	)
New Fortress Energy, Inc.		(2,669	)		(80,844	)		(159.9	)
New Jersey Resources Corp.		(4,043	)		(208,781	)		(412.9	)
New Relic, Inc.		(1,261	)		(90,124	)		(178.2	)
New York Times Co.		(1,887	)		(75,008	)		(148.3	)

Security	Shares			Value			% of Basket Value
United States (continued)
Newell Brands, Inc.		(57,134	)	$	(694,178	)		(1,372.7	)%
News Corp.		(84,670	)		(1,491,039	)		(2,948.5	)
NEXTracker, Inc.		(3,582	)		(112,797	)		(223.1	)
Novanta, Inc.		(14,577	)		(2,227,949	)		(4,405.7	)
Nutanix, Inc.		(533	)		(12,781	)		(25.3	)
nVent Electric PLC		(30,834	)		(1,292,870	)		(2,556.6	)
NVR, Inc.		(10	)		(58,400	)		(115.5	)
OGE Energy Corp.		(36,502	)		(1,370,285	)		(2,709.7	)
Okta, Inc.		(18,658	)		(1,278,633	)		(2,528.4	)
Old National Bancorp/IN		(39,918	)		(535,300	)		(1,058.5	)
Old Republic International Corp.		(23,333	)		(589,625	)		(1,166.0	)
Olin Corp.		(6,499	)		(360,045	)		(712.0	)
Ollie’s Bargain Outlet Holdings, Inc.		(1,670	)		(108,968	)		(215.5	)
Omega Healthcare Investors, Inc.		(664	)		(17,769	)		(35.1	)
Omnicom Group, Inc.		(22,362	)		(2,025,326	)		(4,005.0	)
ONE Gas, Inc.		(3,402	)		(261,784	)		(517.7	)
ONEOK, Inc.		(12,046	)		(787,929	)		(1,558.1	)
Onto Innovation, Inc.		(14,248	)		(1,153,803	)		(2,281.6	)
Option Care Health, Inc.		(2,252	)		(72,402	)		(143.2	)
Oracle Corp.		(22,143	)		(2,097,385	)		(4,147.5	)
Organon & Co.		(12,267	)		(302,136	)		(597.5	)
Ormat Technologies, Inc.		(233	)		(19,994	)		(39.5	)
PACCAR, Inc.		(24,707	)		(1,845,366	)		(3,649.1	)
Palantir Technologies, Inc.		(33,751	)		(261,570	)		(517.2	)
Paylocity Holding Corp.		(372	)		(71,904	)		(142.2	)
PayPal Holdings, Inc.		(20,788	)		(1,579,888	)		(3,124.2	)
Peloton Interactive, Inc., Class A		(20,961	)		(186,134	)		(368.1	)
Pentair PLC		(6,136	)		(356,379	)		(704.7	)
Performance Food Group Co.		(24,948	)		(1,563,990	)		(3,092.7	)
Permian Resources Corp.		(43,136	)		(450,771	)		(891.4	)
Pfizer, Inc.		(5,082	)		(197,639	)		(390.8	)
PG&E Corp.		(35,320	)		(604,325	)		(1,195.0	)
Phillips 66		(4,509	)		(446,391	)		(882.7	)
Pinnacle West Capital Corp.		(380	)		(29,815	)		(59.0	)
Plug Power, Inc.		(95,489	)		(862,266	)		(1,705.1	)
PPG Industries, Inc.		(445	)		(62,416	)		(123.4	)
Primerica, Inc.		(1,982	)		(361,735	)		(715.3	)
Procore Technologies, Inc.		(11,310	)		(604,067	)		(1,194.5	)
Progressive Corp.		(4,806	)		(655,538	)		(1,296.3	)
Progyny, Inc.		(14,066	)		(467,554	)		(924.6	)
Prosperity Bancshares, Inc.		(8,683	)		(543,729	)		(1,075.2	)
PTC, Inc.		(4,648	)		(584,672	)		(1,156.2	)
PulteGroup, Inc.		(6,109	)		(410,219	)		(811.2	)
Quanta Services, Inc.		(6,374	)		(1,081,285	)		(2,138.2	)
QuidelOrtho Corp.		(9,730	)		(875,213	)		(1,730.7	)
R1 RCM, Inc.		(45,859	)		(714,942	)		(1,413.8	)
Radian Group, Inc.		(4,681	)		(113,608	)		(224.7	)
Range Resources Corp.		(13,541	)		(358,159	)		(708.2	)
Raymond James Financial, Inc.		(3,010	)		(272,495	)		(538.8	)
RBC Bearings, Inc.		(6,385	)		(1,449,459	)		(2,866.2	)
Realty Income Corp.		(10,086	)		(633,804	)		(1,253.3	)
Regal Rexnord Corp., Registered Shares		(2,427	)		(315,898	)		(624.7	)
Regions Financial Corp., Registered Shares		(8,123	)		(148,326	)		(293.3	)
Rexford Industrial Realty, Inc.		(5,395	)		(300,879	)		(595.0	)
RH		(4,007	)		(1,022,306	)		(2,021.6	)
Rithm Capital Corp.		(155,340	)		(1,267,574	)		(2,506.6	)
Rivian Automotive, Inc.		(16,852	)		(216,043	)		(427.2	)
RLI Corp.		(389	)		(54,090	)		(107.0	)
Robinhood Markets, Inc.		(22,852	)		(202,240	)		(399.9	)
Rockwell Automation, Inc.		(2,183	)		(618,684	)		(1,223.4	)
Roku, Inc.		(4,468	)		(251,146	)		(496.6	)
Roper Technologies, Inc.		(293	)		(133,251	)		(263.5	)

106 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Ryan Specialty Holdings, Inc.		(25,104	)	$	(1,025,749	)		(2,028.4	)%
Ryman Hospitality Properties, Inc.		(2,115	)		(189,631	)		(375.0	)
Salesforce, Inc.		(7,534	)		(1,494,520	)		(2,955.3	)
Science Applications International Corp.		(5,610	)		(572,388	)		(1,131.9	)
Sealed Air Corp.		(13,941	)		(669,029	)		(1,323.0	)
SeaWorld Entertainment, Inc.		(2,818	)		(151,214	)		(299.0	)
Selective Insurance Group, Inc.		(3,456	)		(332,916	)		(658.3	)
SentinelOne, Inc.		(97,465	)		(1,566,263	)		(3,097.2	)
Shift4 Payments, Inc., Class A		(2,962	)		(200,735	)		(396.9	)
Shoals Technologies Group, Inc., Class A		(12,180	)		(254,440	)		(503.1	)
Shockwave Medical, Inc.		(1,385	)		(401,872	)		(794.7	)
Sinch AB		(166,212	)		(437,159	)		(864.5	)
Sitio Royalties Corp.		(917	)		(23,283	)		(46.0	)
Skyline Champion Corp.		(10,255	)		(760,613	)		(1,504.1	)
Skyworks Solutions, Inc.		(3,336	)		(353,282	)		(698.6	)
SLM Corp.		(34,721	)		(521,509	)		(1,031.3	)
Smartsheet, Inc., Class A		(5,605	)		(229,076	)		(453.0	)
Snowflake, Inc.		(4,400	)		(651,552	)		(1,288.4	)
SolarEdge Technologies, Inc.		(2,473	)		(706,363	)		(1,396.8	)
Southern Co.		(20,297	)		(1,492,844	)		(2,952.0	)
SouthState Corp.		(11,811	)		(814,723	)		(1,611.1	)
Southwest Gas Holdings, Inc.		(5,997	)		(335,832	)		(664.1	)
Spirit Realty Capital, Inc.		(1,635	)		(62,882	)		(124.3	)
SPS Commerce, Inc.		(283	)		(41,686	)		(82.4	)
SS&C Technologies Holdings, Inc.		(34,788	)		(2,036,490	)		(4,027.1	)
STAG Industrial, Inc.		(35,851	)		(1,214,273	)		(2,401.2	)
Stanley Black & Decker, Inc.		(3,221	)		(278,101	)		(549.9	)
Starbucks Corp.		(3,143	)		(359,213	)		(710.3	)
Starwood Property Trust, Inc.		(9,077	)		(162,388	)		(321.1	)
State Street Corp.		(258	)		(18,643	)		(36.9	)
Stellantis NV		(176,106	)		(2,894,533	)		(5,723.8	)
Surgery Partners, Inc.		(7,509	)		(297,807	)		(588.9	)
Synaptics, Inc.		(1,471	)		(130,272	)		(257.6	)
Sysco Corp.		(10,298	)		(790,269	)		(1,562.7	)
Take-Two Interactive Software, Inc.		(4,046	)		(502,877	)		(994.4	)
Teledyne Technologies, Inc.		(6,568	)		(2,721,779	)		(5,382.2	)
Tenable Holdings, Inc.		(1,148	)		(42,465	)		(84.0	)
Terreno Realty Corp.		(8,872	)		(546,426	)		(1,080.5	)
Tetra Tech, Inc.		(1,110	)		(153,591	)		(303.7	)
Toast, Inc.		(12,419	)		(226,026	)		(447.0	)
Trade Desk, Inc., Class A		(16,163	)		(1,039,927	)		(2,056.4	)
TriNet Group, Inc.		(743	)		(68,936	)		(136.3	)
Twilio, Inc., Class A		(9,442	)		(496,744	)		(982.3	)
Tyler Technologies, Inc.		(449	)		(170,184	)		(336.5	)
Uber Technologies, Inc.		(11,119	)		(345,245	)		(682.7	)
UFP Industries, Inc.		(4,809	)		(377,603	)		(746.7	)
UiPath, Inc.		(55,379	)		(779,736	)		(1,541.9	)
Under Armour, Inc., Class A		(29,961	)		(265,754	)		(525.5	)
Universal Health Services, Inc.		(5,484	)		(824,519	)		(1,630.5	)
Valvoline, Inc.		(10,509	)		(363,086	)		(718.0	)
Vertiv Holdings Co., Class A		(15,849	)		(236,467	)		(467.6	)
Viatris, Inc.		(36,788	)		(343,232	)		(678.7	)
Vir Biotechnology, Inc.		(11,745	)		(295,387	)		(584.1	)
Vontier Corp.		(34,494	)		(935,822	)		(1,850.5	)
Vornado Realty Trust		(2,078	)		(31,191	)		(61.7	)
Warner Music Group Corp., Class A		(572	)		(17,429	)		(34.5	)
Webster Financial Corp.		(15,216	)		(567,557	)		(1,122.3	)
WEC Energy Group, Inc.		(796	)		(76,551	)		(151.4	)
Welltower, Inc.		(6,421	)		(508,672	)		(1,005.9	)
WESCO International, Inc.		(3,211	)		(462,384	)		(914.3	)
Whirlpool Corp.		(1,516	)		(211,618	)		(418.5	)

Security	Shares			Value			% of Basket Value
United States (continued)
Wingstop, Inc.		(1,824	)	$	(365,001	)		(721.8	)%
Wolfspeed, Inc.		(2,721	)		(126,663	)		(250.5	)
Xcel Energy, Inc.		(3,695	)		(258,317	)		(510.8	)
XPO, Inc.		(1,690	)		(74,664	)		(147.6	)
Zimmer Biomet Holdings, Inc.		(7,758	)		(1,074,018	)		(2,123.8	)
ZoomInfo Technologies, Inc.		(23,119	)		(506,537	)		(1,001.7	)
					(200,492,832	)
Preferred Stocks
Germany
Henkel AG & Co. KGaA		(20,734	)		(1,662,514	)		(3,287.6	)
Total Reference Entity — Short					(398,599,360	)
Net Value of Reference Entity — Goldman Sachs Bank USA				$	50,570

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 04/03/28-04/24/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
AMP Ltd.		359,408	$	274,908		(59.9	)%
Bank of Queensland Ltd.		221,309		864,572		(188.3	)
Beach Energy Ltd.		52,356		52,124		(11.4	)
Bendigo & Adelaide Bank Ltd.		16,091		93,174		(20.3	)
Challenger Ltd.		217,674		886,520		(193.1	)
Charter Hall Group		55,819		420,212		(91.5	)
CSR Ltd.		43,998		155,795		(33.9	)
Deterra Royalties Ltd.		9,265		28,743		(6.3	)
Domain Holdings Australia Ltd.		4,516		10,188		(2.2	)
Downer EDI Ltd.		157,282		376,378		(82.0	)
Flight Centre Travel Group Ltd.		45,725		607,249		(132.3	)
GPT Group		26,756		79,601		(17.3	)
IDP Education Ltd.		29,327		557,508		(121.4	)
Iluka Resources Ltd.		16,521		122,805		(26.7	)
Lynas Rare Earths Ltd.		9,915		43,100		(9.4	)
Macquarie Group Ltd.		4,565		563,312		(122.7	)
Magellan Financial Group Ltd.		25,006		137,070		(29.9	)
Mineral Resources Ltd.		24,907		1,244,189		(271.0	)
Mirvac Group		44,759		72,652		(15.8	)
National Australia Bank Ltd.		12,361		240,721		(52.4	)
Orora Ltd.		79,745		184,436		(40.2	)
Pilbara Minerals Ltd.		36,020		103,701		(22.6	)
Pro Medicus Ltd.		27,894		1,158,617		(252.4	)
Region RE Ltd., Registered Shares		263,272		435,853		(94.9	)
SEEK Ltd.		34,155		563,726		(122.8	)
Star Entertainment Grp Ltd.		106,437		91,305		(19.9	)
Steadfast Group Ltd.		70,685		281,989		(61.4	)
Treasury Wine Estates Ltd.		114,331		1,071,499		(233.4	)
WiseTech Global Ltd.		6,936		321,438		(70.0	)
				11,043,385
Austria
ANDRITZ AG		2,221		144,576		(31.5	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Austria (continued)
BAWAG Group AG		491	$	24,005		(5.2	)%
Raiffeisen Bank International AG		63,756		981,631		(213.8	)
				1,150,212
Belgium
Elia Group SA/NV		1,923		264,276		(57.6	)
Sofina SA		6,663		1,533,187		(333.9	)
Solvay SA		1,482		178,271		(38.8	)
				1,975,734
Bermuda
RenaissanceRe Holdings Ltd.		191		41,143		(9.0	)
Brazil
Wheaton Precious Metals Corp.		601		29,674		(6.5	)
Canada
Alamos Gold, Inc., Class A		39,906		516,085		(112.4	)
B2Gold Corp.		101,243		398,568		(86.8	)
Ballard Power Systems, Inc.		80,068		354,237		(77.2	)
Baytex Energy Corp.		73,999		278,744		(60.7	)
Birchcliff Energy Ltd.		28,836		174,854		(38.1	)
Bombardier, Inc., Class B		14,286		617,530		(134.5	)
Canada Goose Holdings, Inc.		12,796		251,058		(54.7	)
Canadian Imperial Bank of Commerce		10,199		426,120		(92.8	)
Element Fleet Management Corp.		93,377		1,222,055		(266.2	)
Enerplus Corp.		81,108		1,213,678		(264.4	)
First Majestic Silver Corp.		136,520		964,956		(210.2	)
FirstService Corp.		2,228		335,357		(73.0	)
Franco-Nevada Corp.		2,108		320,073		(69.7	)
GFL Environmental, Inc.		1,274		46,303		(10.1	)
Gildan Activewear, Inc.		4,267		139,045		(30.3	)
Imperial Oil Ltd.		13,372		682,076		(148.6	)
Ivanhoe Mines Ltd.		28,806		249,988		(54.4	)
Kinross Gold Corp.		59,612		300,712		(65.5	)
Lithium Americas Corp.		3,856		77,124		(16.8	)
Methanex Corp.		18,059		808,960		(176.2	)
NuVista Energy Ltd.		18,891		164,082		(35.7	)
Restaurant Brands International, Inc.		3,398		238,370		(51.9	)
RioCan Real Estate Investment Trust		44,989		697,129		(151.8	)
Ritchie Bros Auctioneers, Inc.		94		5,382		(1.2	)
Stantec, Inc.		47,909		2,881,734		(627.7	)
Tourmaline Oil Corp.		12,625		567,587		(123.6	)
TransAlta Corp.		22,216		198,210		(43.2	)
Vermilion Energy, Inc.		4,049		51,289		(11.2	)
West Fraser Timber Co. Ltd.		2,640		191,089		(41.6	)
				14,372,395
Chile
Lundin Mining Corp.		27,877		213,101		(46.4	)
China
Budweiser Brewing Co. APAC Ltd.		100,900		291,531		(63.5	)
Shangri-La Asia Ltd.		130,000		119,931		(26.1	)
Wharf Holdings Ltd.		377,000		861,642		(187.7	)
				1,273,104
Comoros
Golar LNG Ltd.		1,232		27,966		(6.1	)
Denmark
Coloplast A/S		517		74,665		(16.3	)
D/S Norden A/S		2,013		126,808		(27.6	)
H Lundbeck A/S		75,959		403,116		(87.8	)

Security	Shares		Value		% of Basket Value
Denmark (continued)
Jyske Bank A/S, Registered Shares		5,410	$	396,505		(86.4	)%
Novozymes A/S, B Shares		4,013		209,278		(45.6	)
Orsted A/S		2,063		185,587		(40.4	)
Rockwool A/S, B Shares		3,586		870,594		(189.6	)
Tryg A/S		795		18,816		(4.1	)
				2,285,369
Finland
Kone OYJ, Class B		6,219		355,564		(77.4	)
Outokumpu OYJ		6,274		34,280		(7.5	)
				389,844
France
Accor SA		4,909		174,544		(38.0	)
Aeroports de Paris		8,613		1,371,609		(298.8	)
Arkema SA		5,278		523,405		(114.0	)
Bureau Veritas SA		20,303		586,785		(127.8	)
Carrefour SA		2,190		45,654		(9.9	)
Cie de Saint-Gobain		1,894		109,895		(23.9	)
Danone SA		887		58,838		(12.8	)
Dassault Aviation SA		269		52,687		(11.5	)
Edenred		4,940		321,686		(70.1	)
Engie SA		19,701		315,762		(68.8	)
EssilorLuxottica SA		1,670		331,398		(72.2	)
Gaztransport Et Technigaz SA		9,695		1,039,125		(226.3	)
Getlink SE		20,108		376,634		(82.0	)
Hermes International		513		1,116,344		(243.2	)
ICADE		33,512		1,577,423		(343.6	)
JCDecaux SE		7,033		156,050		(34.0	)
Kering SA		45		28,831		(6.3	)
LVMH Moet Hennessy Louis Vuitton SE		76		73,274		(16.0	)
Neoen SA		32,305		972,077		(211.7	)
Pernod Ricard SA		1,175		272,001		(59.2	)
Societe Generale SA		1,495		36,365		(7.9	)
Teleperformance		1,034		207,184		(45.1	)
Vallourec SA		1,948		22,303		(4.9	)
Veolia Environnement SA		29,933		948,864		(206.7	)
Wendel SE		3,906		439,153		(95.7	)
				11,157,891
Germany
Carl Zeiss Meditec AG		666		89,786		(19.6	)
Commerzbank AG		2,222		24,752		(5.4	)
Covestro AG		3,160		138,924		(30.3	)
Deutsche Lufthansa AG, Registered Shares		15,139		163,114		(35.5	)
DWS Group GmbH & Co. KGaA		16,878		562,484		(122.5	)
Encavis AG		27,822		482,171		(105.0	)
Evonik Industries AG		16,113		352,486		(76.8	)
Fraport AG Frankfurt Airport Services Worldwide		27,571		1,488,197		(324.2	)
Freenet AG		25,167		719,093		(156.6	)
HUGO BOSS AG		1,313		99,167		(21.6	)
Knorr-Bremse AG		29,807		2,093,853		(456.1	)
Mercedes-Benz Group AG		8,601		672,260		(146.4	)
Merck KGaA		605		108,768		(23.7	)
METRO AG		33,523		285,741		(62.2	)
Nemetschek SE		5,160		404,152		(88.0	)
ProSiebenSat.1 Media SE		8,446		75,963		(16.6	)
SUSE SA		9,290		176,001		(38.3	)
Talanx AG		13,991		705,280		(153.6	)

108 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Germany (continued)
thyssenkrupp AG		90,935	$	655,831		(142.9	)%
United Internet AG, Registered Shares		2,053		35,329		(7.7	)
				9,333,352
Hong Kong
ASMPT Ltd.		33,600		264,178		(57.5	)
Bank of East Asia Ltd.		92,400		121,779		(26.5	)
Cafe de Coral Holdings Ltd.		26,000		36,419		(7.9	)
Cathay Pacific Airways Ltd.		683,000		660,914		(144.0	)
Dah Sing Financial Holdings Ltd.		27,200		69,687		(15.2	)
Haitong International Securities Group Ltd.		105,600		8,914		(1.9	)
Hang Lung Group Ltd.		49,000		86,146		(18.8	)
Hang Lung Properties Ltd.		129,000		235,810		(51.4	)
Hongkong Land Holdings Ltd.		85,700		381,402		(83.1	)
Hysan Development Co. Ltd.		85,000		240,222		(52.3	)
Kerry Properties Ltd.		93,500		241,247		(52.6	)
Link REIT		45,300		296,311		(64.5	)
New World Development Co. Ltd.		1,331,000		3,549,721		(773.2	)
Super Hi International Holding Ltd.		7,000		14,603		(3.2	)
Swire Pacific Ltd.		35,000		277,843		(60.5	)
Swire Properties Ltd.		153,600		412,848		(89.9	)
				6,898,044
Indonesia
First Pacific Co. Ltd.		216,000		72,333		(15.8	)
Ireland
Ryanair Holdings PLC		9,096		149,499		(32.6	)
Israel
Alony Hetz Properties & Investments Ltd.		62,477		490,122		(106.8	)
Gav-Yam Lands Corp. Ltd.		18,706		134,111		(29.2	)
Nova Ltd.		406		37,129		(8.1	)
				661,362
Italy
A2A SpA		146,150		258,442		(56.3	)
Banco BPM SpA		22,096		90,070		(19.6	)
Buzzi Unicem SpA		17,670		440,363		(95.9	)
Ferrari NV		308		86,020		(18.7	)
FinecoBank Banca Fineco SpA		13,234		201,066		(43.8	)
Hera SpA		161,527		503,961		(109.8	)
Italgas SpA		12,993		85,030		(18.5	)
Mediobanca Banca di Credito Finanziario SpA		96,887		1,042,857		(227.2	)
Moncler SpA		17,953		1,334,812		(290.7	)
Recordati Industria Chimica e Farmaceutica SpA		2,584		119,215		(26.0	)
Reply SpA		1,063		124,125		(27.0	)
Snam SpA		140,814		784,365		(170.9	)
UnipolSai Assicurazioni SpA		198,848		536,152		(116.8	)
				5,606,478
Japan
Acom Co. Ltd.		386,900		961,383		(209.4	)
AEON Financial Service Co. Ltd.		44,100		398,449		(86.8	)
Ain Holdings, Inc.		1,700		71,704		(15.6	)
Aisin Corp.		5,100		151,656		(33.0	)
Alfresa Holdings Corp.		66,600		977,757		(213.0	)
Alps Alpine Co. Ltd.		2,100		19,441		(4.2	)
Amano Corp.		5,700		117,685		(25.6	)
Anritsu Corp.		4,700		43,647		(9.5	)
Astellas Pharma, Inc.		21,700		331,614		(72.2	)
AZ-COM MARUWA Holdings, Inc.		24,900		372,406		(81.1	)
Benesse Holdings, Inc.		100,600		1,464,308		(319.0	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Brother Industries Ltd.		46,200	$	735,688		(160.3	)%
Canon Marketing Japan, Inc.		3,900		98,822		(21.5	)
Casio Computer Co. Ltd.		2,200		21,231		(4.6	)
Coca-Cola Bottlers Japan Holdings, Inc.		29,700		324,581		(70.7	)
COMSYS Holdings Corp.		6,100		118,356		(25.8	)
Concordia Financial Group Ltd.		9,000		34,634		(7.5	)
Cosmos Pharmaceutical Corp.		1,800		179,488		(39.1	)
CyberAgent, Inc.		104,300		923,252		(201.1	)
Daicel Corp.		13,500		107,910		(23.5	)
Dai-ichi Life Holdings, Inc.		2,200		41,496		(9.0	)
Daikin Industries Ltd.		1,100		202,523		(44.1	)
Denka Co. Ltd.		13,700		278,295		(60.6	)
DIC Corp.		300		5,620		(1.2	)
Dowa Holdings Co. Ltd.		9,000		298,173		(65.0	)
Ebara Corp.		3,000		133,162		(29.0	)
FUJIFILM Holdings Corp.		6,000		317,300		(69.1	)
Fujikura Ltd.		10,500		72,592		(15.8	)
GMO internet group, Inc.		22,100		450,741		(98.2	)
Hamamatsu Photonics KK		2,000		107,549		(23.4	)
Hitachi Ltd.		3,400		190,858		(41.6	)
House Foods Group, Inc.		31,400		700,080		(152.5	)
Hoya Corp.		900		95,690		(20.8	)
IHI Corp.		600		15,334		(3.3	)
Information Services International-Dentsu Ltd.		11,400		407,960		(88.9	)
INFRONEER Holdings, Inc.		94,500		756,841		(164.9	)
Internet Initiative Japan, Inc.		1,200		25,183		(5.5	)
Itochu Techno-Solutions Corp.		66,100		1,734,912		(377.9	)
J Front Retailing Co. Ltd.		61,000		650,926		(141.8	)
JTEKT Corp.		34,400		287,819		(62.7	)
Kadokawa Corp.		9,000		194,659		(42.4	)
Kakaku.com, Inc.		11,200		156,286		(34.0	)
Kamigumi Co. Ltd.		1,900		42,215		(9.2	)
Kandenko Co. Ltd.		14,800		113,016		(24.6	)
Kaneka Corp.		14,200		383,059		(83.4	)
Kawasaki Kisen Kaisha Ltd.		24,500		592,383		(129.0	)
KDDI Corp.		1,100		34,817		(7.6	)
Kewpie Corp.		23,700		403,515		(87.9	)
Kinden Corp.		18,200		251,401		(54.8	)
Koei Tecmo Holdings Co. Ltd.		20,400		380,119		(82.8	)
Kokuyo Co. Ltd.		34,200		495,595		(108.0	)
K’s Holdings Corp.		300		2,696		(0.6	)
Kuraray Co. Ltd.		9,800		93,079		(20.3	)
Kyocera Corp.		9,300		494,983		(107.8	)
Kyowa Kirin Co. Ltd.		12,800		288,982		(62.9	)
Lintec Corp.		13,200		223,819		(48.8	)
Lion Corp.		32,300		357,099		(77.8	)
Lixil Corp.		34,500		550,565		(119.9	)
M3, Inc.		600		14,944		(3.3	)
Mani, Inc.		26,400		350,529		(76.4	)
Maruichi Steel Tube Ltd.		5,400		123,877		(27.0	)
MISUMI Group, Inc.		400		10,229		(2.2	)
Mitsubishi Chemical Group Corp.		111,900		665,860		(145.0	)
Mitsubishi Corp.		2,200		82,721		(18.0	)
Mitsubishi Electric Corp.		21,400		269,014		(58.6	)
Mitsubishi Estate Co. Ltd.		29,500		368,718		(80.3	)
Mitsubishi Gas Chemical Co., Inc.		121,600		1,795,537		(391.1	)
Mitsubishi Heavy Industries Ltd.		2,800		107,702		(23.5	)
Mitsubishi Motors Corp.		38,900		151,589		(33.0	)
Mitsui & Co. Ltd.		4,700		148,808		(32.4	)
Mitsui Chemicals, Inc.		52,500		1,347,239		(293.5	)
Mitsui Fudosan Co. Ltd.		6,500		130,848		(28.5	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Mizuho Financial Group, Inc.		26,400	$	388,217		(84.6	)%
Nabtesco Corp.		11,100		271,289		(59.1	)
Nagoya Railroad Co. Ltd.		13,300		217,590		(47.4	)
NEC Networks & System Integration Corp.		101,700		1,285,290		(280.0	)
NGK Insulators Ltd.		27,600		351,577		(76.6	)
Nidec Corp.		9,300		466,680		(101.7	)
Nihon M&A Center Holdings, Inc.		88,800		688,270		(149.9	)
Nikon Corp.		32,600		341,616		(74.4	)
Nippon Express Holdings, Inc.		600		35,707		(7.8	)
Nippon Shinyaku Co. Ltd.		6,600		306,111		(66.7	)
Nippon Telegraph & Telephone Corp.		4,200		129,948		(28.3	)
Nipro Corp.		68,700		524,849		(114.3	)
Nissan Chemical Corp.		2,000		90,148		(19.6	)
Nissan Motor Co. Ltd.		19,000		70,409		(15.3	)
Niterra Co. Ltd.		8,700		184,903		(40.3	)
Nitto Denko Corp.		4,800		314,599		(68.5	)
NS Solutions Corp.		14,300		394,574		(85.9	)
NSK Ltd.		263,500		1,508,792		(328.6	)
OBIC Business Consultants Co. Ltd.		33,200		1,278,337		(278.4	)
Olympus Corp.		39,000		692,823		(150.9	)
Oracle Corp. Japan		14,300		1,040,335		(226.6	)
Orient Corp.		8,300		70,231		(15.3	)
Otsuka Holdings Co. Ltd.		7,000		241,456		(52.6	)
Panasonic Holdings Corp.		44,400		424,230		(92.4	)
Pigeon Corp.		20,200		318,905		(69.5	)
Pola Orbis Holdings, Inc.		97,100		1,368,506		(298.1	)
Recruit Holdings Co. Ltd.		46,800		1,331,348		(290.0	)
Ricoh Co. Ltd.		125,300		1,051,524		(229.0	)
Rohm Co. Ltd.		5,100		389,714		(84.9	)
Sanrio Co. Ltd.		16,100		755,801		(164.6	)
Sapporo Holdings Ltd.		6,200		175,394		(38.2	)
Sawai Group Holdings Co. Ltd.		19,900		583,950		(127.2	)
SCSK Corp.		16,500		252,559		(55.0	)
Seiko Epson Corp.		28,400		440,312		(95.9	)
Sharp Corp.		7,600		54,934		(12.0	)
Shimizu Corp.		62,500		386,737		(84.2	)
Sohgo Security Services Co. Ltd.		74,100		2,098,824		(457.2	)
Sompo Holdings, Inc.		8,100		342,738		(74.7	)
Subaru Corp.		77,100		1,275,342		(277.8	)
Sugi Holdings Co. Ltd.		14,900		641,323		(139.7	)
Sumitomo Bakelite Co. Ltd.		100		3,878		(0.8	)
Sumitomo Chemical Co. Ltd.		73,300		251,439		(54.8	)
Sumitomo Corp.		31,500		572,681		(124.7	)
Sumitomo Mitsui Trust Holdings, Inc.		20,700		756,690		(164.8	)
Sumitomo Pharma Co. Ltd.		39,700		252,530		(55.0	)
Sundrug Co. Ltd.		16,200		452,827		(98.6	)
T&D Holdings, Inc.		61,300		761,563		(165.9	)
Taisei Corp.		600		20,755		(4.5	)
Taisho Pharmaceutical Holdings Co. Ltd.		24,300		1,064,307		(231.8	)
Takara Bio, Inc.		27,000		345,577		(75.3	)
TBS Holdings, Inc.		58,400		892,991		(194.5	)
Terumo Corp.		3,300		100,212		(21.8	)
Toda Corp.		53,700		318,372		(69.4	)
Toho Co. Ltd.		10,700		431,044		(93.9	)
Tokyo Ohka Kogyo Co. Ltd.		6,000		317,731		(69.2	)
Tokyo Tatemono Co. Ltd.		9,800		125,837		(27.4	)
Toray Industries, Inc.		31,100		178,724		(38.9	)
TOTO Ltd.		13,700		475,196		(103.5	)
Toyoda Gosei Co. Ltd.		10,400		180,785		(39.4	)
Toyota Boshoku Corp.		18,900		303,355		(66.1	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Toyota Industries Corp.		1,600	$	94,264		(20.5	)%
Toyota Motor Corp.		5,800		80,734		(17.6	)
Trend Micro, Inc.		6,200		307,374		(67.0	)
TS Tech Co. Ltd.		86,900		1,187,416		(258.6	)
Tsuruha Holdings, Inc.		18,500		1,228,665		(267.6	)
UBE Corp.		16,300		262,256		(57.1	)
Ulvac, Inc.		14,300		575,982		(125.5	)
Ushio, Inc.		20,800		262,373		(57.2	)
Welcia Holdings Co. Ltd.		13,400		284,516		(62.0	)
Yakult Honsha Co. Ltd.		9,900		755,101		(164.5	)
Yamaha Corp.		700		27,977		(6.1	)
Yamato Kogyo Co. Ltd.		9,400		374,602		(81.6	)
Yaskawa Electric Corp.		35,900		1,482,950		(323.0	)
Zeon Corp.		23,900		250,238		(54.5	)
ZOZO, Inc.		41,600		888,870		(193.6	)
				63,508,673
Luxembourg
ArcelorMittal SA		9,153		260,613		(56.7	)
L’Occitane International SA		19,250		48,975		(10.7	)
				309,588
Macau
Galaxy Entertainment Group Ltd.		45,000		320,288		(69.8	)
MGM China Holdings Ltd.		404,800		552,922		(120.4	)
Wynn Macau Ltd.		404,000		437,097		(95.2	)
				1,310,307
Netherlands
ABN AMRO Bank NV, CVA		7,906		127,003		(27.7	)
Aegon NV		10,313		47,161		(10.3	)
ASML Holding NV		462		293,853		(64.0	)
IMCD NV		142		21,429		(4.7	)
Koninklijke KPN NV		73,920		270,155		(58.8	)
Koninklijke Vopak NV		13,981		535,407		(116.6	)
Wolters Kluwer NV		577		76,625		(16.7	)
				1,371,633
New Zealand
a2 Milk Co. Ltd.		86,566		316,296		(68.9	)
Contact Energy Ltd.		3,736		18,066		(3.9	)
Infratil Ltd.		81,487		480,404		(104.7	)
				814,766
Norway
Aker BP ASA		41,769		1,009,833		(220.0	)
AutoStore Holdings Ltd.		12,896		28,075		(6.1	)
Gjensidige Forsikring ASA		28,443		501,015		(109.1	)
Golden Ocean Group Ltd.		16,784		156,384		(34.1	)
Kongsberg Gruppen ASA		20,394		926,312		(201.8	)
NEL ASA		339,185		470,782		(102.5	)
Var Energi ASA		157,213		417,085		(90.8	)
				3,509,486
Poland
InPost SA		30,255		325,415		(70.9	)
Singapore
City Developments Ltd.		160,500		840,059		(183.0	)
ComfortDelGro Corp. Ltd.		78,300		70,126		(15.2	)
Mapletree Industrial Trust		23,300		41,672		(9.1	)
Mapletree Pan Asia Commercial Trust		238,300		315,820		(68.8	)
Sembcorp Industries Ltd.		105,600		339,951		(74.0	)

110 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Singapore (continued)
Singapore Airlines Ltd.		58,300	$	256,545		(55.9	)%
StarHub Ltd.		129,400		97,214		(21.2	)
Suntec Real Estate Investment Trust		582,600		590,879		(128.7	)
				2,552,266
Spain
Banco de Sabadell SA		280,977		293,471		(63.9	)
Bankinter SA		42,746		253,363		(55.2	)
EDP Renovaveis SA		44,616		993,968		(216.5	)
Fluidra SA		36,464		625,991		(136.4	)
Mapfre SA		15,813		31,750		(6.9	)
Merlin Properties Socimi SA		102,131		905,022		(197.1	)
Sacyr SA		22,570		74,849		(16.3	)
				3,178,414
Sweden
Atlas Copco AB, A Shares		13,719		198,505		(43.2	)
Atlas Copco AB, B Shares		48,929		627,833		(136.8	)
Beijer Ref AB		40,049		655,386		(142.8	)
Boliden AB		8,148		289,605		(63.1	)
Elekta AB, B Shares		25,331		213,075		(46.4	)
Epiroc AB, Class A		57,844		1,159,282		(252.5	)
Epiroc AB, Class B		5,418		93,328		(20.3	)
Getinge AB, B Shares		16,019		406,748		(88.6	)
Industrivarden AB, C Shares		52,060		1,487,262		(323.9	)
Indutrade AB		1,724		41,412		(9.0	)
Investor AB, A Shares		26,020		570,794		(124.3	)
L E Lundbergforetagen AB, B Shares		16,093		772,470		(168.3	)
Nibe Industrier AB, B Shares		38,255		428,525		(93.3	)
Saab AB		527		29,359		(6.4	)
Sagax AB		5,380		132,018		(28.8	)
Sweco AB, B Shares		2,672		35,834		(7.8	)
Volvo Car AB		10,786		44,539		(9.7	)
				7,185,975
United Kingdom
Auto Trader Group PLC		37,473		297,674		(64.8	)
B&M European Value Retail SA		3,010		18,047		(3.9	)
Bellway PLC		3,192		96,161		(20.9	)
British Land Co. PLC		38,703		193,731		(42.2	)
Bunzl PLC		3,608		142,646		(31.1	)
Burberry Group PLC		14,853		481,545		(104.9	)
Centrica PLC		186,000		265,250		(57.8	)
Croda International PLC		2,165		188,925		(41.1	)
Diploma PLC		391		13,161		(2.9	)
Drax Group PLC		59,050		464,159		(101.1	)
easyJet PLC		95,761		596,719		(130.0	)
Halma PLC		2,130		61,543		(13.4	)
IG Group Holdings PLC		10,750		98,575		(21.5	)
Inchcape PLC		47,410		479,601		(104.5	)
Indivior PLC		22,258		424,530		(92.5	)
Intermediate Capital Group PLC		24,133		393,691		(85.7	)
ITV PLC		516,375		522,029		(113.7	)
J Sainsbury PLC		5,144		17,767		(3.9	)
Land Securities Group PLC		5,654		47,673		(10.4	)
Liberty Global PLC		18,444		375,151		(81.7	)
Liberty Global PLC		1,265		24,680		(5.4	)
London Stock Exchange Group PLC		5,168		538,866		(117.4	)
Nomad Foods Ltd.		987		18,556		(4.0	)
OSB Group PLC		47,682		296,572		(64.6	)
Pennon Group PLC		21,365		229,506		(50.0	)
Phoenix Group Holdings PLC		33,287		246,396		(53.7	)

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Renishaw PLC		15,938	$	718,029		(156.4	)%
Rightmove PLC		14,670		105,469		(23.0	)
Rotork PLC		98,047		401,456		(87.4	)
Segro PLC		2,110		22,071		(4.8	)
Smiths Group PLC		2,557		53,708		(11.7	)
Spirax-Sarco Engineering PLC		1,303		180,809		(39.4	)
Standard Chartered PLC		21,551		169,607		(36.9	)
Taylor Wimpey PLC		235,251		377,264		(82.2	)
Tesco PLC		34,496		121,153		(26.4	)
Travis Perkins PLC		64,290		770,713		(167.9	)
Tritax Big Box REIT PLC		296,204		575,025		(125.2	)
United Utilities Group PLC		55,538		749,409		(163.2	)
				10,777,867
United States
Acadia Healthcare Co., Inc.		2,941		212,605		(46.3	)
Accenture PLC, Class B		65		18,219		(4.0	)
Adobe, Inc.		329		124,217		(27.1	)
AECOM		2,094		173,907		(37.9	)
Affiliated Managers Group, Inc.		1,246		179,897		(39.2	)
Agilent Technologies, Inc.		3,605		488,225		(106.3	)
Air Products and Chemicals, Inc.		567		166,902		(36.4	)
Akamai Technologies, Inc.		3,103		254,353		(55.4	)
Alaska Air Group, Inc.		5,783		251,329		(54.7	)
Alcoa Corp.		10,383		385,625		(84.0	)
Alkermes PLC		1,249		35,659		(7.8	)
Allstate Corp.		1,331		154,077		(33.6	)
Alphabet, Inc., Class A		3,164		339,624		(74.0	)
Altria Group, Inc.		17,198		817,077		(178.0	)
Amazon.com, Inc.		15,594		1,644,387		(358.2	)
American Airlines Group, Inc.		3,381		46,117		(10.0	)
American Financial Group, Inc.		1,063		130,462		(28.4	)
American Tower Corp.		622		127,131		(27.7	)
AMETEK, Inc.		1,999		275,722		(60.1	)
Amgen, Inc.		952		228,232		(49.7	)
AMN Healthcare Services, Inc.		753		65,022		(14.2	)
Apple, Inc.		5,813		986,350		(214.8	)
Arthur J Gallagher & Co.		1,547		321,869		(70.1	)
Autodesk, Inc.		270		52,593		(11.5	)
Axcelis Technologies, Inc.		1,581		187,032		(40.7	)
Azenta, Inc.		1,525		66,322		(14.4	)
Bath & Body Works, Inc.		5,384		188,978		(41.2	)
Beacon Roofing Supply, Inc.		5,493		330,569		(72.0	)
Best Buy Co., Inc.		398		29,659		(6.5	)
BioMarin Pharmaceutical, Inc.		563		54,071		(11.8	)
Block, Inc.		351		21,337		(4.6	)
Boeing Co.		444		91,810		(20.0	)
Boston Beer Co., Inc.		47		14,923		(3.2	)
Brighthouse Financial, Inc.		3,837		169,595		(36.9	)
Bristol-Myers Squibb Co.		31,721		2,118,011		(461.3	)
Camden Property Trust		580		63,829		(13.9	)
Capri Holdings Ltd.		3,783		156,995		(34.2	)
Carlisle Cos., Inc.		1,423		307,155		(66.9	)
Carnival PLC		99,345		814,878		(177.5	)
Chart Industries, Inc.		150		19,965		(4.3	)
Charter Communications, Inc.		1,351		498,114		(108.5	)
Chemed Corp.		1,342		739,777		(161.1	)
Cheniere Energy, Inc.		804		123,012		(26.8	)
Chevron Corp.		3,831		645,830		(140.7	)
Chewy, Inc., Class A		364		11,288		(2.5	)
Chipotle Mexican Grill, Inc.		309		638,895		(139.2	)
Church & Dwight Co., Inc.		3,017		293,011		(63.8	)

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Cigna Group		5,689	$	1,440,967		(313.9	)%
Cincinnati Financial Corp.		1,606		170,943		(37.2	)
Cintas Corp.		832		379,201		(82.6	)
Citizens Financial Group, Inc.		661		20,451		(4.5	)
Cleveland-Cliffs, Inc.		9,913		152,462		(33.2	)
Coca-Cola Co.		27,751		1,780,227		(387.8	)
Columbia Banking System, Inc.		5,704		121,837		(26.5	)
Columbia Sportswear Co.		10,422		870,654		(189.6	)
Comerica, Inc.		2,430		105,389		(23.0	)
CoStar Group, Inc.		672		51,710		(11.3	)
Costco Wholesale Corp.		1,626		818,236		(178.2	)
Curtiss-Wright Corp.		2,812		477,562		(104.0	)
CVS Health Corp.		4,522		331,508		(72.2	)
Danaher Corp.		2,534		600,330		(130.8	)
DaVita, Inc.		2,285		206,473		(45.0	)
Deckers Outdoor Corp.		671		321,637		(70.1	)
Devon Energy Corp.		3,928		209,873		(45.7	)
Diamondback Energy, Inc.		2,966		421,765		(91.9	)
Dick’s Sporting Goods, Inc.		1,455		210,990		(46.0	)
DocuSign, Inc.		1,341		66,299		(14.4	)
Domino’s Pizza, Inc.		1,625		515,889		(112.4	)
DuPont de Nemours, Inc.		11,024		768,593		(167.4	)
eBay, Inc.		8,484		393,912		(85.8	)
Edwards Lifesciences Corp.		1,101		96,866		(21.1	)
Electronic Arts, Inc.		1,707		217,267		(47.3	)
Elevance Health, Inc.		1,998		936,363		(204.0	)
Enovis Corp.		1,514		88,191		(19.2	)
EOG Resources, Inc.		5,072		605,952		(132.0	)
Equity LifeStyle Properties, Inc.		3,860		265,954		(57.9	)
Equity Residential		558		35,294		(7.7	)
Essential Utilities, Inc.		1,015		43,341		(9.4	)
Experian PLC		1,681		59,115		(12.9	)
Exxon Mobil Corp.		5,380		636,669		(138.7	)
Fair Isaac Corp.		1,097		798,561		(173.9	)
Fidelity National Information Services, Inc.		9,467		555,902		(121.1	)
Five Below, Inc.		589		116,245		(25.3	)
Flowers Foods, Inc.		2,794		76,863		(16.7	)
Fortinet, Inc.		526		33,164		(7.2	)
Gap, Inc.		57,464		551,654		(120.2	)
Garmin Ltd.		4,208		413,099		(90.0	)
Gartner, Inc.		128		38,715		(8.4	)
Generac Holdings, Inc.		770		78,709		(17.1	)
General Dynamics Corp.		2,036		444,540		(96.8	)
Globant SA		362		56,787		(12.4	)
Globus Medical, Inc.		932		54,186		(11.8	)
GoDaddy, Inc., Class A		279		21,115		(4.6	)
Guidewire Software, Inc.		3,671		279,693		(60.9	)
Halliburton Co.		11,896		389,594		(84.9	)
Halozyme Therapeutics, Inc.		3,617		116,214		(25.3	)
Hanover Insurance Group, Inc.		1,217		145,505		(31.7	)
HCA Healthcare, Inc.		392		112,633		(24.5	)
Helmerich & Payne, Inc.		12,850		426,106		(92.8	)
Herc Holdings, Inc.		1,218		121,824		(26.5	)
Hologic, Inc.		1,859		159,893		(34.8	)
Honeywell International, Inc.		1,664		332,534		(72.4	)
Hormel Foods Corp.		4,789		193,667		(42.2	)
Howard Hughes Corp.		1,019		78,840		(17.2	)
IDACORP, Inc.		1,423		158,124		(34.4	)
IDEXX Laboratories, Inc.		1,091		536,947		(117.0	)
Inari Medical, Inc.		692		45,963		(10.0	)
Incyte Corp.		1,176		87,506		(19.1	)
Integra LifeSciences Holdings Corp.		2,484		137,415		(29.9	)

Security	Shares		Value		% of Basket Value
United States (continued)
Invesco Ltd.		4,771	$	81,727		(17.8	)%
IQVIA Holdings, Inc.		102		19,199		(4.2	)
ITT, Inc.		2,025		170,991		(37.2	)
J M Smucker Co.		326		50,338		(11.0	)
Jack Henry & Associates, Inc.		1,280		209,075		(45.5	)
Johnson & Johnson		5,102		835,197		(181.9	)
Johnson Controls International PLC		18,461		1,104,706		(240.6	)
KeyCorp		2,798		31,505		(6.9	)
Keysight Technologies, Inc.		3,069		443,900		(96.7	)
KLA Corp.		726		280,628		(61.1	)
Knight-Swift Transportation Holdings, Inc.		1,445		81,382		(17.7	)
Laboratory Corp. of America Holdings		1,848		418,960		(91.3	)
Lam Research Corp.		193		101,147		(22.0	)
Lennox International, Inc.		2,666		751,572		(163.7	)
Liberty Broadband Corp.		5,934		503,085		(109.6	)
Liberty Media Corp.-Liberty SiriusXM		664		18,552		(4.0	)
Light & Wonder, Inc.		2,896		174,600		(38.0	)
Lowe’s Cos., Inc.		1,894		393,630		(85.7	)
Lyft, Inc.		11,147		114,257		(24.9	)
Manhattan Associates, Inc.		1,821		301,703		(65.7	)
Marathon Oil Corp.		28,480		688,077		(149.9	)
Marriott Vacations Worldwide Corp.		369		49,653		(10.8	)
Masco Corp.		414		22,153		(4.8	)
Match Group, Inc.		14,221		524,755		(114.3	)
McDonald’s Corp.		519		153,494		(33.4	)
Meta Platforms, Inc., Class A		1,214		291,748		(63.5	)
MetLife, Inc.		6,413		393,309		(85.7	)
Micron Technology, Inc.		16,168		1,040,572		(226.7	)
Microsoft Corp.		5,750		1,766,745		(384.8	)
Mohawk Industries, Inc.		540		57,186		(12.5	)
Molson Coors Beverage Co., Class B		2,676		159,168		(34.7	)
Moody’s Corp.		273		85,482		(18.6	)
MSCI, Inc.		569		274,514		(59.8	)
Nasdaq, Inc.		1,351		74,805		(16.3	)
NetApp, Inc.		679		42,702		(9.3	)
Neurocrine Biosciences, Inc.		424		42,841		(9.3	)
Newmont Corp.		20,655		979,047		(213.3	)
Nexstar Media Group, Inc.		534		92,622		(20.2	)
Norfolk Southern Corp.		3,605		731,923		(159.4	)
Northrop Grumman Corp.		74		34,134		(7.4	)
Novocure Ltd.		2,916		192,164		(41.9	)
NVIDIA Corp.		2,847		790,014		(172.1	)
Occidental Petroleum Corp.		4,083		251,227		(54.7	)
OneMain Holdings, Inc.		5,304		203,514		(44.3	)
O’Reilly Automotive, Inc.		1,250		1,146,637		(249.8	)
Oshkosh Corp.		2,653		203,008		(44.2	)
Ovintiv, Inc.		13,586		491,170		(107.0	)
Palo Alto Networks, Inc.		904		164,944		(35.9	)
PDC Energy, Inc.		1,773		115,334		(25.1	)
Penn Entertainment, Inc.		6,943		206,832		(45.1	)
Pinnacle Financial Partners, Inc.		597		32,375		(7.1	)
Post Holdings, Inc.		474		42,892		(9.3	)
Power Integrations, Inc.		5,563		404,875		(88.2	)
PPL Corp.		28,919		830,554		(180.9	)
Primo Water Corp.		3,030		46,056		(10.0	)
Qorvo, Inc.		4,469		411,506		(89.6	)
Qualys, Inc.		5,830		658,440		(143.4	)
Quest Diagnostics, Inc.		5,073		704,183		(153.4	)
Ralph Lauren Corp.		806		92,521		(20.2	)
Rambus, Inc.		1,121		49,705		(10.8	)
Regeneron Pharmaceuticals, Inc., Registered Shares		560		449,002		(97.8	)

112 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Repligen Corp.		327	$	49,583		(10.8	)%
ResMed, Inc.		1,166		280,959		(61.2	)
RingCentral, Inc., Class A		11,394		314,019		(68.4	)
Rollins, Inc.		8,969		378,940		(82.5	)
Royal Gold, Inc.		3,891		515,324		(112.2	)
S&P Global, Inc.		4,014		1,455,396		(317.0	)
Saia, Inc.		215		64,021		(13.9	)
SBA Communications Corp.		501		130,706		(28.5	)
Schlumberger NV		10,000		493,500		(107.5	)
Schneider Electric SE		3,223		563,299		(122.7	)
Scotts Miracle-Gro Co.		6,345		423,909		(92.3	)
SEI Investments Co.		250		14,728		(3.2	)
Signify NV		27,947		935,338		(203.7	)
Sims Ltd.		7,343		77,867		(17.0	)
SiteOne Landscape Supply, Inc.		940		138,876		(30.2	)
Snap-on, Inc.		241		62,518		(13.6	)
Steel Dynamics, Inc.		826		85,863		(18.7	)
Sun Communities, Inc.		1,347		187,139		(40.8	)
Synchrony Financial		11,435		337,447		(73.5	)
Synopsys, Inc.		640		237,645		(51.8	)
Tempur Sealy International, Inc.		1,125		42,154		(9.2	)
Teradyne, Inc.		4,483		409,657		(89.2	)
Texas Pacific Land Corp.		263		388,622		(84.6	)
Thor Industries, Inc.		1,335		105,492		(23.0	)
TJX Cos., Inc.		1,507		118,782		(25.9	)
Transocean Ltd.		25,441		150,102		(32.7	)
Travelers Cos., Inc.		4,678		847,373		(184.6	)
UGI Corp.		5,840		197,859		(43.1	)
Ulta Beauty, Inc.		884		487,464		(106.2	)
United States Steel Corp.		1,628		37,249		(8.1	)
United Therapeutics Corp.		556		127,952		(27.9	)
UnitedHealth Group, Inc.		464		228,330		(49.7	)
US Bancorp		20,963		718,612		(156.5	)
Veeva Systems, Inc., Class A		2,787		499,096		(108.7	)
VeriSign, Inc.		12,138		2,692,208		(586.4	)
Vertex Pharmaceuticals, Inc.		1		341		(0.1	)
Virtu Financial, Inc., Class A		5,852		117,333		(25.6	)
Visa, Inc., Class A		307		71,448		(15.6	)
Vulcan Materials Co.		2,446		428,344		(93.3	)
Waste Connections, Inc.		1,105		153,761		(33.5	)
Westlake Corp.		4,220		480,152		(104.6	)
WEX, Inc.		727		128,933		(28.1	)
Willis Towers Watson PLC		2,095		485,202		(105.7	)
Woodward, Inc.		952		91,411		(19.9	)
Workiva, Inc.		1,123		104,911		(22.9	)
World Wrestling Entertainment, Inc., Class A		1,950		208,981		(45.5	)
WW Grainger, Inc.		629		437,514		(95.3	)
Xylem, Inc.		1,743		180,993		(39.4	)
YETI Holdings, Inc.		4,105		161,942		(35.3	)
Ziff Davis, Inc.		2,094		153,155		(33.4	)
Zillow Group, Inc., Class C		7,369		320,846		(69.9	)
Zions Bancorp NA		14,221		396,197		(86.3	)
				73,846,105
Zambia
First Quantum Minerals Ltd.		3,641		88,526		(19.3	)
Preferred Stocks
Germany
Bayerische Motoren Werke AG		891		94,921		(20.7	)

Security	Shares			Value			% of Basket Value
Germany (continued)
Fuchs Petrolub SE, Preference Shares		1,194		$	47,287			(10.3	)%
Sartorius AG		366			142,590			(31.1	)
Volkswagen AG		968			132,475			(28.8	)
Warrants
Australia
Magellan Financial Group Ltd., (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)		3,393			466			(0.1	)
Total Reference Entity — Long					235,877,646
Reference Entity — Short
Common Stocks
Australia
Ampol Ltd.		(9,328	)		(188,320	)		41.0
EBOS Group Ltd.		(16,821	)		(460,158	)		100.2
Evolution Mining Ltd.		(5,785	)		(13,795	)		3.0
Goodman Group		(20,681	)		(269,713	)		58.8
QBE Insurance Group Ltd.		(2,261	)		(23,386	)		5.1
					(955,372	)
Austria
Erste Group Bank AG		(529	)		(19,277	)		4.2
OMV AG		(9,327	)		(442,377	)		96.3
					(461,654	)
Belgium
Ackermans & van Haaren NV		(381	)		(67,167	)		14.6
Anheuser-Busch InBev SA		(1,768	)		(115,219	)		25.1
D’ieteren Group		(4,941	)		(932,456	)		203.1
Galapagos NV		(4,996	)		(194,277	)		42.3
UCB SA		(9,383	)		(874,282	)		190.5
Umicore SA		(1,616	)		(53,165	)		11.6
					(2,236,566	)
Brazil
Yara International ASA		(3,920	)		(159,766	)		34.8
Canada
Canadian Solar, Inc.		(1,420	)		(53,137	)		11.6
Paramount Resources Ltd., Class A		(593	)		(14,050	)		3.0
Ritchie Bros Auctioneers, Inc.		(1	)		(57	)		0.0
					(67,244	)
China
ESR Group Ltd.		(76,400	)		(119,428	)		26.0
Prosus NV		(3,781	)		(283,579	)		61.8
Xinyi Glass Holdings Ltd.		(11,000	)		(20,126	)		4.4
					(423,133	)
Denmark
AP Moller - Maersk A/S, Class A		(24	)		(42,998	)		9.4
Carlsberg A/S		(626	)		(103,526	)		22.5
DSV A/S		(6,830	)		(1,288,431	)		280.6
Pandora A/S		(1,316	)		(122,108	)		26.6
Royal Unibrew A/S		(1,137	)		(101,886	)		22.2
Vestas Wind Systems A/S		(3,870	)		(107,340	)		23.4
					(1,766,289	)
Finland
Elisa OYJ		(2,427	)		(151,056	)		32.9
Huhtamaki OYJ		(1,159	)		(41,874	)		9.1

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Finland (continued)
Kesko OYJ, B Shares		(16,659	)	$	(348,166	)		75.8	%
Kojamo OYJ		(17,051	)		(212,188	)		46.2
Nordea Bank Abp		(74,088	)		(823,415	)		179.4
Stora Enso OYJ, R Shares		(19,742	)		(251,018	)		54.7
Valmet OYJ		(5,390	)		(182,718	)		39.8
					(2,010,435	)
France
Adevinta ASA		(77,251	)		(601,683	)		131.1
Airbus SE		(10,064	)		(1,412,535	)		307.7
Alstom SA		(11,015	)		(277,454	)		60.4
Amundi SA		(10,959	)		(719,599	)		156.7
BioMerieux		(436	)		(45,758	)		10.0
Bollore SE		(57,533	)		(389,534	)		84.8
Cie de L’Odet SE		(13	)		(22,933	)		5.0
Credit Agricole SA		(168,062	)		(2,058,921	)		448.5
Dassault Systemes SE		(2,846	)		(115,699	)		25.2
Elis SA		(9,384	)		(186,818	)		40.7
Eramet SA		(3,200	)		(312,439	)		68.1
Eurazeo SE		(5,306	)		(379,751	)		82.7
Faurecia SE		(2,930	)		(60,978	)		13.3
Ipsen SA		(10,901	)		(1,324,833	)		288.6
La Francaise des Jeux SAEM		(3,901	)		(167,115	)		36.4
Publicis Groupe SA		(1,367	)		(112,020	)		24.4
Rexel SA		(2,658	)		(61,710	)		13.4
Sodexo SA		(2,399	)		(257,683	)		56.1
Unibail-Rodamco-Westfield		(22,414	)		(1,202,568	)		261.9
Worldline SA/France		(6,921	)		(301,716	)		65.7
					(10,011,747	)
Germany
adidas AG		(859	)		(151,621	)		33.0
Aixtron SE		(3,717	)		(105,497	)		23.0
Aroundtown SA		(165,828	)		(226,418	)		49.3
Aurubis AG		(231	)		(21,721	)		4.7
Bechtle AG		(6,493	)		(302,660	)		65.9
Continental AG		(8,617	)		(606,038	)		132.0
CTS Eventim AG & Co. KGaA		(5,013	)		(331,009	)		72.1
Deutsche Wohnen SE		(6,683	)		(151,656	)		33.0
Evotec SE		(27,615	)		(508,415	)		110.8
Fresenius Medical Care AG & Co. KGaA		(55,361	)		(2,692,190	)		586.4
Gerresheimer AG		(668	)		(72,941	)		15.9
Hannover Rueck SE		(2,052	)		(439,405	)		95.7
HelloFresh SE		(844	)		(22,698	)		5.0
HOCHTIEF AG		(2,912	)		(244,355	)		53.2
Infineon Technologies AG		(31,715	)		(1,157,472	)		252.1
KION Group AG		(5,583	)		(232,046	)		50.6
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		(1,972	)		(742,798	)		161.8
Nordex SE		(22,739	)		(274,485	)		59.8
SAP SE		(174	)		(23,597	)		5.1
Siemens Healthineers AG		(13,176	)		(823,108	)		179.3
Sixt SE		(2,919	)		(362,960	)		79.1
Symrise AG		(269	)		(32,574	)		7.1
Telefonica Deutschland Holding AG		(92,763	)		(314,144	)		68.4
Vonovia SE		(4,312	)		(93,723	)		20.4
					(9,933,531	)
Hong Kong
Hang Seng Bank Ltd.		(39,100	)		(579,591	)		126.2
Henderson Land Development Co. Ltd.		(12,000	)		(42,730	)		9.3
HKT Trust & HKT Ltd.		(73,000	)		(95,945	)		20.9

Security	Shares			Value			% of Basket Value
Hong Kong (continued)
Hong Kong & China Gas Co. Ltd.		(376,000	)	$	(333,872	)		72.7	%
MTR Corp. Ltd.		(300,500	)		(1,501,501	)		327.1
PCCW Ltd.		(40,000	)		(20,866	)		4.5
Prudential PLC		(29,900	)		(454,627	)		99.0
Techtronic Industries Co. Ltd.		(268,000	)		(2,899,444	)		631.6
Wharf Real Estate Investment Co. Ltd.		(19,000	)		(109,571	)		23.9
					(6,038,147	)
Ireland
Bank of Ireland Group PLC		(18,032	)		(186,939	)		40.7
Israel
Teva Pharmaceutical Industries Ltd., ADR		(13,708	)		(119,671	)		26.1
Italy
Assicurazioni Generali SpA		(86,125	)		(1,797,941	)		391.6
Coca-Cola HBC AG		(43,998	)		(1,334,170	)		290.6
Davide Campari-Milano NV		(3,414	)		(44,098	)		9.6
DiaSorin SpA		(601	)		(65,426	)		14.3
Eni SpA		(100,752	)		(1,525,582	)		332.3
Interpump Group SpA		(29,563	)		(1,653,588	)		360.2
Iveco Group NV		(2,912	)		(26,262	)		5.7
Leonardo SpA		(63,988	)		(764,313	)		166.5
Nexi SpA		(215,452	)		(1,790,600	)		390.0
Pirelli & C SpA		(2,931	)		(15,387	)		3.4
Poste Italiane SpA		(13,747	)		(143,395	)		31.2
					(9,160,762	)
Japan
Activia Properties, Inc.		(132	)		(390,058	)		85.0
Advance Residence Investment Corp.		(384	)		(1,010,198	)		220.0
Advantest Corp.		(800	)		(63,339	)		13.8
Allegro MicroSystems, Inc.		(13,129	)		(469,624	)		102.3
Asahi Group Holdings Ltd.		(6,700	)		(262,441	)		57.2
Asics Corp.		(25,200	)		(714,712	)		155.7
ASKUL Corp.		(6,100	)		(82,463	)		18.0
Benefit One, Inc.		(32,800	)		(457,778	)		99.7
BIPROGY, Inc.		(4,400	)		(107,590	)		23.4
Bridgestone Corp.		(22,900	)		(932,550	)		203.1
Calbee, Inc.		(18,900	)		(414,412	)		90.3
Capcom Co. Ltd.		(4,300	)		(163,810	)		35.7
Chiba Bank Ltd.		(74,100	)		(490,737	)		106.9
Chubu Electric Power Co., Inc.		(64,400	)		(728,223	)		158.6
Chugin Financial Group, Inc.		(57,500	)		(391,345	)		85.2
Credit Saison Co. Ltd.		(107,600	)		(1,511,987	)		329.3
Dai Nippon Printing Co. Ltd.		(72,800	)		(2,122,084	)		462.2
Daido Steel Co. Ltd.		(21,800	)		(851,661	)		185.5
Daiwa House REIT Investment Corp.		(173	)		(373,425	)		81.3
Daiwa Office Investment Corp.		(122	)		(537,941	)		117.2
Daiwa Securities Group, Inc.		(12,200	)		(57,472	)		12.5
Daiwa Securities Living Investments Corp.		(404	)		(348,364	)		75.9
Descente Ltd.		(29,900	)		(963,671	)		209.9
Food & Life Cos. Ltd.		(2,500	)		(61,091	)		13.3
FP Corp.		(23,100	)		(582,716	)		126.9
Fuji Kyuko Co. Ltd.		(5,000	)		(194,738	)		42.4
Fukuoka Financial Group, Inc.		(13,400	)		(255,990	)		55.8
Furukawa Electric Co. Ltd.		(2,400	)		(44,561	)		9.7
Fuyo General Lease Co. Ltd.		(4,100	)		(304,223	)		66.3
GLP J-Reit		(579	)		(670,704	)		146.1
Goldwin, Inc.		(1,700	)		(156,640	)		34.1
GS Yuasa Corp.		(18,700	)		(333,592	)		72.7
GungHo Online Entertainment, Inc.		(7,500	)		(146,022	)		31.8
Hachijuni Bank Ltd.		(16,900	)		(76,778	)		16.7

114 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Hakuhodo DY Holdings, Inc.		(30,700	)	$	(366,777	)		79.9	%
Hankyu Hanshin Holdings, Inc.		(9,500	)		(300,916	)		65.5
Harmonic Drive Systems, Inc.		(7,000	)		(217,028	)		47.3
Haseko Corp.		(51,200	)		(633,706	)		138.0
Heiwa Corp.		(38,200	)		(764,954	)		166.6
Hikari Tsushin, Inc.		(3,700	)		(511,937	)		111.5
Hino Motors Ltd.		(5,100	)		(20,393	)		4.4
Hisamitsu Pharmaceutical Co., Inc.		(1,200	)		(33,657	)		7.3
Hitachi Construction Machinery Co. Ltd.		(6,600	)		(164,815	)		35.9
Honda Motor Co. Ltd.		(100	)		(2,689	)		0.6
Horiba Ltd.		(400	)		(22,353	)		4.9
Hoshizaki Corp.		(70,700	)		(2,525,481	)		550.1
Ibiden Co. Ltd.		(28,900	)		(1,152,589	)		251.1
Iida Group Holdings Co. Ltd.		(11,600	)		(209,057	)		45.5
Industrial & Infrastructure Fund Investment Corp.		(790	)		(918,076	)		200.0
Inpex Corp.		(55,200	)		(612,457	)		133.4
Itoham Yonekyu Holdings, Inc.		(18,300	)		(101,707	)		22.2
Iwatani Corp.		(24,700	)		(1,186,169	)		258.4
Iyogin Holdings, Inc.		(59,600	)		(353,884	)		77.1
Izumi Co. Ltd.		(51,500	)		(1,228,318	)		267.6
Japan Aviation Electronics Industry Ltd.		(35,000	)		(622,981	)		135.7
Japan Exchange Group, Inc.		(53,000	)		(872,567	)		190.1
Japan Logistics Fund, Inc.		(196	)		(471,898	)		102.8
Japan Metropolitan Fund Invest		(107	)		(79,442	)		17.3
Japan Post Bank Co. Ltd.		(18,800	)		(152,437	)		33.2
Japan Prime Realty Investment Corp.		(53	)		(139,754	)		30.4
Japan Real Estate Investment Corp.		(419	)		(1,683,666	)		366.7
JCR Pharmaceuticals Co. Ltd.		(38,000	)		(416,913	)		90.8
JMDC, Inc.		(19,600	)		(712,732	)		155.2
Justsystems Corp.		(6,700	)		(179,588	)		39.1
Kagome Co. Ltd.		(11,800	)		(290,610	)		63.3
Kansai Paint Co. Ltd.		(23,300	)		(333,073	)		72.6
Keio Corp.		(6,600	)		(248,632	)		54.2
Keisei Electric Railway Co. Ltd.		(14,900	)		(533,206	)		116.1
Kikkoman Corp.		(16,500	)		(990,024	)		215.6
Kintetsu Group Holdings Co. Ltd.		(17,800	)		(609,449	)		132.8
Kobayashi Pharmaceutical Co. Ltd.		(300	)		(18,988	)		4.1
Kobe Steel Ltd.		(215,400	)		(1,628,355	)		354.7
Kotobuki Spirits Co. Ltd.		(3,000	)		(224,727	)		49.0
Kurita Water Industries Ltd.		(18,000	)		(765,807	)		166.8
Kyudenko Corp.		(16,400	)		(443,247	)		96.6
Kyushu Electric Power Co., Inc.		(78,600	)		(464,361	)		101.1
Kyushu Financial Group, Inc.		(14,400	)		(52,648	)		11.5
Kyushu Railway Co.		(16,700	)		(384,661	)		83.8
LaSalle Logiport REIT		(769	)		(926,347	)		201.8
MatsukiyoCocokara & Co.		(2,200	)		(119,503	)		26.0
Mazda Motor Corp.		(54,100	)		(496,327	)		108.1
McDonald’s Holdings Co. Japan Ltd.		(18,800	)		(794,336	)		173.0
Mebuki Financial Group, Inc.		(177,500	)		(461,077	)		100.4
Menicon Co. Ltd.		(2,900	)		(62,456	)		13.6
Mercari, Inc.		(4,400	)		(77,044	)		16.8
Mitsui Fudosan Logistics Park, Inc.		(160	)		(609,716	)		132.8
Mitsui High-Tec, Inc.		(5,900	)		(360,790	)		78.6
Miura Co. Ltd.		(21,500	)		(580,660	)		126.5
Money Forward, Inc.		(24,300	)		(1,026,616	)		223.6
MonotaRO Co. Ltd.		(31,800	)		(487,649	)		106.2
Mori Hills REIT Investment Corp.		(217	)		(248,763	)		54.2
Morinaga & Co. Ltd.		(42,000	)		(1,261,655	)		274.8
Morinaga Milk Industry Co. Ltd.		(3,100	)		(118,176	)		25.7
Nagase & Co. Ltd.		(22,300	)		(356,251	)		77.6
Nextage Co. Ltd.		(16,800	)		(308,992	)		67.3
NHK Spring Co. Ltd.		(162,200	)		(1,219,079	)		265.5

Security	Shares			Value			% of Basket Value
Japan (continued)
Nifco, Inc.		(34,100	)	$	(994,362	)		216.6	%
Nihon Kohden Corp.		(56,300	)		(1,579,771	)		344.1
Nippon Building Fund, Inc.		(476	)		(2,023,225	)		440.7
Nippon Electric Glass Co. Ltd.		(71,200	)		(1,378,354	)		300.2
Nippon Kayaku Co. Ltd.		(27,100	)		(249,385	)		54.3
Nippon Sanso Holdings Corp.		(33,400	)		(611,122	)		133.1
Nippon Shokubai Co. Ltd.		(200	)		(8,133	)		1.8
Nishi-Nippon Railroad Co. Ltd.		(4,000	)		(74,405	)		16.2
Nisshin Seifun Group, Inc.		(64,200	)		(789,173	)		171.9
Nissin Foods Holdings Co. Ltd.		(500	)		(48,881	)		10.7
Noevir Holdings Co. Ltd.		(2,900	)		(119,996	)		26.1
NOF Corp.		(6,800	)		(315,148	)		68.6
NOK Corp.		(26,400	)		(360,677	)		78.6
NTT Data Corp.		(15,400	)		(212,185	)		46.2
Odakyu Electric Railway Co. Ltd.		(10,700	)		(151,590	)		33.0
OKUMA Corp.		(18,400	)		(828,647	)		180.5
Open House Group Co. Ltd.		(5,500	)		(222,832	)		48.5
Osaka Gas Co. Ltd.		(19,100	)		(320,360	)		69.8
OSG Corp.		(24,400	)		(347,692	)		75.7
PALTAC Corp.		(2,600	)		(101,188	)		22.0
Pan Pacific International Holdings Corp.		(1,700	)		(32,221	)		7.0
Park24 Co. Ltd.		(10,700	)		(167,762	)		36.5
PeptiDream, Inc.		(22,300	)		(305,714	)		66.6
Persol Holdings Co. Ltd.		(20,700	)		(432,784	)		94.3
Rakus Co. Ltd.		(69,000	)		(1,063,746	)		231.7
Relo Group, Inc.		(31,300	)		(493,237	)		107.4
Resonac Holdings Corp.		(37,800	)		(607,163	)		132.3
Rinnai Corp.		(5,300	)		(129,919	)		28.3
Rohto Pharmaceutical Co. Ltd.		(61,800	)		(1,300,497	)		283.3
Sankyu, Inc.		(6,000	)		(214,618	)		46.8
Sanwa Holdings Corp.		(59,000	)		(655,140	)		142.7
SBI Shinsei Bank Ltd.		(54,400	)		(990,171	)		215.7
SCREEN Holdings Co. Ltd.		(1,500	)		(123,776	)		27.0
Seino Holdings Co. Ltd.		(9,900	)		(111,460	)		24.3
Sekisui House Ltd.		(2,200	)		(45,868	)		10.0
Sekisui House Reit, Inc.		(728	)		(418,586	)		91.2
SG Holdings Co. Ltd.		(83,900	)		(1,224,563	)		266.7
SHIFT, Inc.		(3,600	)		(679,771	)		148.1
SoftBank Corp.		(42,800	)		(488,781	)		106.5
Sony Group Corp.		(4,300	)		(394,608	)		86.0
Sotetsu Holdings, Inc.		(37,700	)		(727,396	)		158.4
Square Enix Holdings Co. Ltd.		(6,100	)		(304,306	)		66.3
SUMCO Corp.		(6,500	)		(90,825	)		19.8
Suzuken Co. Ltd.		(5,300	)		(152,960	)		33.3
Sysmex Corp.		(6,400	)		(417,715	)		91.0
Taiheiyo Cement Corp.		(11,000	)		(200,072	)		43.6
Takara Holdings, Inc.		(241,600	)		(1,930,590	)		420.5
Takashimaya Co. Ltd.		(21,500	)		(322,321	)		70.2
TechnoPro Holdings, Inc.		(7,300	)		(201,981	)		44.0
TIS, Inc.		(12,200	)		(339,750	)		74.0
Tobu Railway Co. Ltd.		(3,800	)		(98,375	)		21.4
Toho Gas Co. Ltd.		(12,300	)		(233,404	)		50.8
Tohoku Electric Power Co., Inc.		(3,700	)		(19,300	)		4.2
Tokyo Electric Power Co., Holdings, Inc.		(278,300	)		(1,012,496	)		220.5
Tokyo Gas Co. Ltd.		(56,700	)		(1,177,366	)		256.5
Tokyu Corp.		(46,400	)		(664,313	)		144.7
Tokyu Fudosan Holdings Corp.		(13,100	)		(67,386	)		14.7
TOPPAN, Inc.		(1,600	)		(34,483	)		7.5
Toshiba TEC Corp.		(600	)		(17,672	)		3.9
Toyo Suisan Kaisha Ltd.		(20,900	)		(945,840	)		206.0
Toyo Tire Corp.		(27,800	)		(335,853	)		73.2
Unicharm Corp.		(32,700	)		(1,338,933	)		291.6

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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
United Urban Investment Corp.		(139	)	$	(156,501	)		34.1	%
USS Co. Ltd.		(9,600	)		(163,579	)		35.6
Visional, Inc.		(12,300	)		(654,385	)		142.5
West Japan Railway Co.		(24,000	)		(1,054,072	)		229.6
Workman Co. Ltd.		(2,100	)		(86,822	)		18.9
Yokohama Rubber Co. Ltd.		(32,800	)		(723,175	)		157.5
Z Holdings Corp.		(77,000	)		(214,073	)		46.6
					(83,738,561	)
Luxembourg
Aperam SA		(1,452	)		(53,951	)		11.8
Eurofins Scientific SE		(20,858	)		(1,460,108	)		318.0
					(1,514,059	)
Netherlands
Akzo Nobel NV		(18,974	)		(1,577,665	)		343.6
Alfen N.V.		(2,651	)		(214,974	)		46.8
Argenx SE		(1,265	)		(489,087	)		106.5
ASM International NV		(4,272	)		(1,554,679	)		338.6
Euronext NV		(6,352	)		(506,312	)		110.3
Heineken NV		(2,811	)		(323,499	)		70.5
JDE Peet’s NV		(17,426	)		(531,177	)		115.7
OCI NV		(1,557	)		(41,128	)		9.0
SBM Offshore NV		(1,913	)		(27,101	)		5.9
Universal Music Group NV		(24,778	)		(542,630	)		118.2
					(5,808,252	)
New Zealand
Mainfreight Ltd.		(3,682	)		(163,018	)		35.5
Mercury NZ Ltd.		(8,921	)		(34,935	)		7.6
Meridian Energy Ltd.		(135,374	)		(457,080	)		99.6
					(655,033	)
Nigeria
Airtel Africa PLC		(171,652	)		(257,523	)		56.1
Norway
Aker ASA, A Shares		(2,859	)		(176,768	)		38.5
DNB Bank ASA		(3,848	)		(68,514	)		14.9
Leroy Seafood Group ASA		(6,121	)		(32,593	)		7.1
Mowi ASA		(8,918	)		(172,051	)		37.5
Orkla ASA		(214,061	)		(1,555,909	)		338.9
Salmar ASA		(29,048	)		(1,305,145	)		284.3
Schibsted ASA		(31,904	)		(572,690	)		124.7
Telenor ASA		(12,003	)		(151,440	)		33.0
					(4,035,110	)
Portugal
Banco Comercial Portugues SA		(3,362,260	)		(866,181	)		188.7
Jeronimo Martins SGPS SA		(4,230	)		(106,976	)		23.3
					(973,157	)
Puerto Rico
Popular, Inc.		(393	)		(23,584	)		5.1
Singapore
Kenon Holdings Ltd.		(2,320	)		(61,299	)		13.4
Sea Ltd., ADR		(3,479	)		(264,995	)		57.7
STMicroelectronics NV		(24,275	)		(1,040,987	)		226.7
					(1,367,281	)
South Korea
Delivery Hero SE		(4,561	)		(182,533	)		39.8

Security	Shares			Value			% of Basket Value
Spain
Aena SME SA		(1,785	)	$	(301,314	)		65.6	%
Amadeus IT Group SA		(406	)		(28,600	)		6.2
CaixaBank SA		(49,562	)		(183,899	)		40.1
Cellnex Telecom SA		(14,147	)		(596,985	)		130.1
Endesa SA		(11,257	)		(253,079	)		55.1
Inmobiliaria Colonial Socimi SA		(65,645	)		(420,559	)		91.6
					(1,784,436	)
Sweden
Autoliv, Inc.		(3,460	)		(296,903	)		64.7
Electrolux AB		(24,542	)		(370,350	)		80.7
Embracer Group AB		(37,674	)		(196,754	)		42.9
H & M Hennes & Mauritz AB, B Shares		(14,047	)		(205,738	)		44.8
Hexagon AB, B Shares		(33,080	)		(378,911	)		82.5
Hexatronic Group AB		(17,064	)		(144,404	)		31.5
Husqvarna AB, B Shares		(69,943	)		(603,942	)		131.6
Investment AB Latour, B Shares		(9,354	)		(202,608	)		44.1
Kinnevik AB		(54,114	)		(889,338	)		193.7
Lifco AB, B Shares		(6,186	)		(141,126	)		30.7
Securitas AB, B Shares		(92,634	)		(830,642	)		180.9
Skandinaviska Enskilda Banken AB		(42,288	)		(481,043	)		104.8
SSAB AB, B Shares		(19,470	)		(138,326	)		30.1
Svenska Cellulosa AB SCA, Class B		(43,434	)		(596,129	)		129.8
Swedish Orphan Biovitrum AB		(3,311	)		(80,610	)		17.6
Telia Co. AB		(115,387	)		(321,380	)		70.0
					(5,878,204	)
Switzerland
Mediclinic International PLC		(79,228	)		(493,329	)		107.4
United Kingdom
abrdn PLC		(71,034	)		(189,122	)		41.2
Associated British Foods PLC		(93,710	)		(2,292,587	)		499.4
Aviva PLC		(23,885	)		(126,326	)		27.5
Barratt Developments PLC		(119,551	)		(747,339	)		162.8
BT Group PLC		(15,683	)		(31,122	)		6.8
CNH Industrial NV		(36,365	)		(512,890	)		111.7
Coca-Cola Europacific Partners PLC		(8,234	)		(530,846	)		115.6
Compass Group PLC		(14,660	)		(384,191	)		83.7
Derwent London PLC		(3,653	)		(109,493	)		23.9
Entain PLC		(39,226	)		(709,987	)		154.7
Future PLC		(10,469	)		(147,569	)		32.1
HSBC Holdings PLC		(86,793	)		(621,368	)		135.3
International Consolidated Airlines Group SA		(307,636	)		(586,284	)		127.7
International Distributions Services PLC		(217,564	)		(688,000	)		149.9
Investec PLC		(58,044	)		(321,418	)		70.0
JD Sports Fashion PLC		(41,041	)		(82,717	)		18.0
JET2 PLC		(4,139	)		(63,487	)		13.8
Johnson Matthey PLC		(5,507	)		(135,138	)		29.4
Just Eat Takeaway.com NV		(35,847	)		(629,987	)		137.2
Kingfisher PLC		(77,145	)		(248,367	)		54.1
M&G PLC		(741,270	)		(1,903,243	)		414.6
Manchester United PLC, Class A		(5,407	)		(108,410	)		23.6
National Grid PLC		(27,589	)		(392,930	)		85.6
Ocado Group PLC		(39,254	)		(248,159	)		54.1
Persimmon PLC		(16,007	)		(263,195	)		57.3
RELX PLC		(46,208	)		(1,529,037	)		333.1
Sage Group PLC		(4,471	)		(45,740	)		10.0
Serco Group PLC		(7,594	)		(14,418	)		3.1
Smith & Nephew PLC		(33,756	)		(552,340	)		120.3
St James’s Place PLC		(2,738	)		(41,358	)		9.0
Tate & Lyle PLC		(15,029	)		(153,077	)		33.3

116 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Vistry Group PLC		(134,010	)	$	(1,312,260	)		285.8	%
Whitbread PLC		(3,096	)		(125,942	)		27.4
WPP PLC		(39,534	)		(457,564	)		99.7
					(16,305,911	)
United States
10X Genomics, Inc., Class A		(1,266	)		(66,376	)		14.5
Adient PLC		(5,138	)		(189,798	)		41.3
ADT, Inc.		(120,048	)		(804,322	)		175.2
AES Corp.		(2,059	)		(48,716	)		10.6
Aflac, Inc.		(3,564	)		(248,945	)		54.2
Airbnb, Inc., Class B		(2,184	)		(261,359	)		56.9
Alexandria Real Estate Equities, Inc.		(5,646	)		(701,120	)		152.7
Alteryx, Inc., Class A		(1,901	)		(78,188	)		17.0
American Electric Power Co., Inc.		(3,395	)		(313,766	)		68.3
American International Group, Inc.		(11,044	)		(585,774	)		127.6
Ameriprise Financial, Inc.		(390	)		(118,997	)		25.9
AmerisourceBergen Corp.		(2,350	)		(392,097	)		85.4
Analog Devices, Inc.		(316	)		(56,842	)		12.4
Annaly Capital Management, Inc.		(3,531	)		(70,549	)		15.4
Ansys, Inc.		(618	)		(194,003	)		42.3
Antero Midstream Corp.		(3,422	)		(36,821	)		8.0
Antero Resources Corp.		(1,044	)		(24,002	)		5.2
Apartment Income REIT Corp.		(6,035	)		(223,174	)		48.6
Apollo Global Management, Inc.		(2,869	)		(181,866	)		39.6
Applied Industrial Technologies, Inc.		(5,574	)		(756,169	)		164.7
AppLovin Corp., Class A		(5,087	)		(86,479	)		18.8
AptarGroup, Inc.		(379	)		(44,915	)		9.8
Aramark		(3,246	)		(112,636	)		24.5
Arista Networks, Inc.		(5,005	)		(801,601	)		174.6
Asana, Inc.		(1,186	)		(19,189	)		4.2
Asbury Automotive Group, Inc.		(2,091	)		(404,525	)		88.1
Aspen Technology, Inc.		(689	)		(121,953	)		26.6
Atmos Energy Corp.		(4,291	)		(489,775	)		106.7
Avangrid, Inc.		(10,777	)		(433,882	)		94.5
Avantor, Inc.		(10,213	)		(198,949	)		43.3
Avnet, Inc.		(4,568	)		(188,476	)		41.1
Axalta Coating Systems Ltd.		(10,089	)		(318,510	)		69.4
AZEK Co., Inc.		(415	)		(11,263	)		2.5
Ball Corp.		(2,091	)		(111,199	)		24.2
Bentley Systems, Inc., Class B		(4,586	)		(195,180	)		42.5
BJ’s Wholesale Club Holdings, Inc.		(5,577	)		(425,915	)		92.8
Black Hills Corp.		(3,891	)		(254,043	)		55.3
Bloom Energy Corp., Class A		(14,153	)		(235,647	)		51.3
Boston Properties, Inc.		(2,851	)		(152,129	)		33.1
Broadcom, Inc.		(109	)		(68,289	)		14.9
Broadridge Financial Solutions, Inc.		(421	)		(61,218	)		13.3
Brown-Forman Corp.		(1,038	)		(67,563	)		14.7
Bunge Ltd.		(1,824	)		(170,726	)		37.2
Cadence Bank		(3,545	)		(71,680	)		15.6
Calix, Inc.		(2,119	)		(96,838	)		21.1
Capital One Financial Corp.		(715	)		(69,570	)		15.2
CarMax, Inc.		(658	)		(46,080	)		10.0
Catalent, Inc.		(4,069	)		(203,938	)		44.4
CDW Corp.		(3,243	)		(549,980	)		119.8
Celanese Corp.		(2,907	)		(308,840	)		67.3
Ceridian HCM Holding, Inc.		(1,520	)		(96,490	)		21.0
CF Industries Holdings, Inc.		(781	)		(55,904	)		12.2
Chesapeake Energy Corp.		(6,724	)		(555,940	)		121.1
Churchill Downs, Inc.		(2,024	)		(592,081	)		129.0
Civitas Resources, Inc.		(7,928	)		(547,428	)		119.2

Security	Shares			Value			% of Basket Value
United States (continued)
Clean Harbors, Inc.		(1,317	)	$	(191,176	)		41.6	%
Clear Secure, Inc.		(2,875	)		(69,546	)		15.2
Clorox Co.		(2,530	)		(419,019	)		91.3
CME Group, Inc.		(4,013	)		(745,495	)		162.4
Comcast Corp.		(8,060	)		(333,442	)		72.6
Comfort Systems USA, Inc.		(542	)		(81,024	)		17.7
Commerce Bancshares, Inc.		(9,987	)		(557,774	)		121.5
Concentrix Corp.		(1,515	)		(146,213	)		31.8
Consolidated Edison, Inc.		(285	)		(28,064	)		6.1
Constellation Energy Corp.		(5,375	)		(416,025	)		90.6
Constellium SE		(1,267	)		(18,815	)		4.1
Cooper Cos., Inc.		(2,738	)		(1,044,410	)		227.5
Corning, Inc.		(1,624	)		(53,949	)		11.8
Corteva, Inc.		(920	)		(56,230	)		12.3
Coterra Energy, Inc.		(16,369	)		(419,046	)		91.3
Coty, Inc., Class A		(1,823	)		(21,639	)		4.7
Cousins Properties, Inc.		(8,051	)		(175,592	)		38.2
Crane Co.		(33	)		(2,378	)		0.5
Crown Castle, Inc.		(1,765	)		(217,254	)		47.3
Darling Ingredients, Inc.		(6,263	)		(373,087	)		81.3
Dell Technologies, Inc.		(4,802	)		(208,839	)		45.5
Delta Air Lines, Inc.		(79	)		(2,710	)		0.6
Denbury, Inc.		(800	)		(74,704	)		16.3
Diodes, Inc.		(436	)		(34,749	)		7.6
Dollar Tree, Inc.		(371	)		(57,026	)		12.4
Dominion Energy, Inc.		(7,985	)		(456,263	)		99.4
DoorDash, Inc.		(23,097	)		(1,413,305	)		307.8
DR Horton, Inc.		(2,474	)		(271,695	)		59.2
DraftKings, Inc.		(2,125	)		(46,559	)		10.1
Dun & Bradstreet Holdings, Inc.		(2,473	)		(27,623	)		6.0
Dynatrace, Inc.		(10,586	)		(447,576	)		97.5
Eagle Materials, Inc.		(877	)		(129,980	)		28.3
Edison International		(8,399	)		(618,166	)		134.6
Elanco Animal Health, Inc.		(5,599	)		(53,023	)		11.6
Elastic NV		(2,117	)		(121,198	)		26.4
Entegris, Inc.		(9,875	)		(739,835	)		161.2
EQT Corp.		(3,653	)		(127,271	)		27.7
Estee Lauder Cos., Inc., Class A		(279	)		(68,835	)		15.0
Euronet Worldwide, Inc.		(1,944	)		(215,279	)		46.9
Evergy, Inc.		(1,367	)		(84,904	)		18.5
Exelon Corp.		(9,764	)		(414,384	)		90.3
ExlService Holdings, Inc.		(204	)		(36,390	)		7.9
Extra Space Storage, Inc.		(203	)		(30,864	)		6.7
Federal Realty Investment Trust		(216	)		(21,360	)		4.7
Ferguson PLC		(239	)		(33,656	)		7.3
Ferguson PLC		(13,711	)		(1,924,588	)		419.2
Fidelity National Financial, Inc.		(12,728	)		(451,717	)		98.4
Fifth Third Bancorp		(10,517	)		(275,545	)		60.0
First American Financial Corp.		(1,356	)		(78,119	)		17.0
First Citizens BancShares, Inc.		(193	)		(194,386	)		42.3
First Industrial Realty Trust, Inc.		(4,120	)		(216,176	)		47.1
First Solar, Inc.		(425	)		(77,597	)		16.9
Fiserv, Inc.		(2,768	)		(338,028	)		73.6
Floor & Decor Holdings, Inc., Class A		(1,772	)		(176,030	)		38.3
Fluence Energy, Inc.		(622	)		(11,233	)		2.4
Foot Locker, Inc.		(4,141	)		(173,881	)		37.9
Fox Factory Holding Corp.		(349	)		(38,694	)		8.4
Gaming and Leisure Properties, Inc.		(454	)		(23,608	)		5.1
GE Healthcare, Inc.		(20,950	)		(1,704,073	)		371.2
Gen Digital, Inc.		(2,515	)		(44,440	)		9.7
Goldman Sachs Group, Inc.		(562	)		(193,013	)		42.0

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

Schedule of Investments (continued) April 30, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Graphic Packaging Holding Co.		(9,992	)	$	(246,403	)		53.7	%
H&R Block, Inc.		(538	)		(18,244	)		4.0
Hasbro, Inc.		(594	)		(35,177	)		7.7
HashiCorp., Inc.		(2,951	)		(79,116	)		17.2
HB Fuller Co.		(554	)		(36,658	)		8.0
HF Sinclair Corp.		(1,488	)		(65,636	)		14.3
Host Hotels & Resorts, Inc.		(6,189	)		(100,076	)		21.8
Hyatt Hotels Corp., Class A		(557	)		(63,665	)		13.9
ICON PLC		(640	)		(123,322	)		26.9
Inmode Ltd.		(912	)		(33,981	)		7.4
Insight Enterprises, Inc.		(1,002	)		(121,192	)		26.4
Inspire Medical Systems, Inc.		(806	)		(215,710	)		47.0
International Business Machines Corp.		(1,725	)		(218,057	)		47.5
International Flavors & Fragrances, Inc.		(208	)		(20,168	)		4.4
Interpublic Group of Cos., Inc.		(9,914	)		(354,227	)		77.2
Iridium Communications, Inc.		(1,274	)		(80,861	)		17.6
Jazz Pharmaceuticals PLC		(3,355	)		(471,277	)		102.7
JPMorgan Chase & Co.		(454	)		(62,761	)		13.7
Karuna Therapeutics, Inc.		(362	)		(71,835	)		15.6
Kinder Morgan, Inc.		(38,774	)		(664,974	)		144.8
Kinsale Capital Group, Inc.		(316	)		(103,240	)		22.5
Kite Realty Group Trust		(1,515	)		(31,391	)		6.8
Lamb Weston Holdings, Inc.		(6,796	)		(759,861	)		165.5
Lantheus Holdings, Inc.		(1,086	)		(92,799	)		20.2
Lennar Corp.		(2,242	)		(252,920	)		55.1
Levi Strauss & Co.		(12,849	)		(185,797	)		40.5
Liberty Media Corp.-Liberty Formula One, Class C		(10,388	)		(749,910	)		163.3
Lithia Motors, Inc.		(668	)		(147,555	)		32.1
Littelfuse, Inc.		(76	)		(18,410	)		4.0
Loews Corp.		(2,364	)		(136,095	)		29.6
Madison Square Garden Sports Corp.		(2,617	)		(524,708	)		114.3
Markel Corp.		(513	)		(702,056	)		152.9
MarketAxess Holdings, Inc.		(638	)		(203,120	)		44.2
Marriott International, Inc.		(1,475	)		(249,776	)		54.4
Mattel, Inc.		(8,416	)		(151,488	)		33.0
Maximus, Inc.		(4,412	)		(369,064	)		80.4
Meritage Homes Corp.		(7,915	)		(1,013,516	)		220.8
MKS Instruments, Inc.		(4,219	)		(353,848	)		77.1
Mondelez International, Inc.		(3,445	)		(264,300	)		57.6
MongoDB, Inc.		(1,476	)		(354,181	)		77.1
Morgan Stanley		(4,742	)		(426,638	)		92.9
Mosaic Co.		(2,146	)		(91,956	)		20.0
Motorola Solutions, Inc.		(487	)		(141,912	)		30.9
National Retail Properties, Inc.		(2,692	)		(117,102	)		25.5
National Storage Affiliates Trust		(2,609	)		(100,577	)		21.9
NCR Corp.		(8,719	)		(194,347	)		42.3
Neogen Corp.		(1,496	)		(25,761	)		5.6
Netflix, Inc.		(1,541	)		(508,422	)		110.7
New Jersey Resources Corp.		(2,886	)		(149,033	)		32.5
New Relic, Inc.		(2,820	)		(201,545	)		43.9
New York Times Co.		(8,734	)		(347,176	)		75.6
Newell Brands, Inc.		(39,376	)		(478,418	)		104.2
NEXTracker, Inc.		(9,416	)		(296,510	)		64.6
Noble Corp. PLC		(34,931	)		(1,343,097	)		292.6
Nutanix, Inc.		(3,637	)		(87,215	)		19.0
Okta, Inc.		(3,612	)		(247,530	)		53.9
Ollie’s Bargain Outlet Holdings, Inc.		(1,457	)		(95,069	)		20.7
Omega Healthcare Investors, Inc.		(2,963	)		(79,290	)		17.3
Omnicom Group, Inc.		(1,522	)		(137,848	)		30.0
ONE Gas, Inc.		(8,947	)		(688,472	)		150.0
ONEOK, Inc.		(6,650	)		(434,976	)		94.7

Security	Shares			Value			% of Basket Value
United States (continued)
Option Care Health, Inc.		(1,536	)	$	(49,382	)		10.8	%
Oracle Corp.		(7,533	)		(713,526	)		155.4
Organon & Co.		(3,188	)		(78,520	)		17.1
Ormat Technologies, Inc.		(1,092	)		(93,705	)		20.4
PACCAR, Inc.		(4,414	)		(329,682	)		71.8
PayPal Holdings, Inc.		(4,378	)		(332,728	)		72.5
Pentair PLC		(24,219	)		(1,406,640	)		306.4
Performance Food Group Co.		(7,217	)		(452,434	)		98.6
Permian Resources Corp.		(15,139	)		(158,203	)		34.5
Pfizer, Inc.		(3,326	)		(129,348	)		28.2
PG&E Corp.		(1,091	)		(18,667	)		4.1
Pinnacle West Capital Corp.		(1,834	)		(143,896	)		31.3
PPG Industries, Inc.		(2,683	)		(376,318	)		82.0
Primerica, Inc.		(1,958	)		(357,355	)		77.8
Privia Health Group, Inc.		(9,966	)		(275,361	)		60.0
Progressive Corp.		(815	)		(111,166	)		24.2
Public Service Enterprise Group, Inc.		(9,660	)		(610,512	)		133.0
PulteGroup, Inc.		(11,735	)		(788,005	)		171.6
R1 RCM, Inc.		(25,149	)		(392,073	)		85.4
Radian Group, Inc.		(2,755	)		(66,864	)		14.6
Range Resources Corp.		(1,981	)		(52,397	)		11.4
Regions Financial Corp., Registered Shares		(23,864	)		(435,757	)		94.9
Republic Services, Inc.		(260	)		(37,601	)		8.2
Rexford Industrial Realty, Inc.		(7,661	)		(427,254	)		93.1
RH		(1,227	)		(313,045	)		68.2
Rivian Automotive, Inc.		(5,553	)		(71,189	)		15.5
RLI Corp.		(177	)		(24,612	)		5.4
Robinhood Markets, Inc.		(31,302	)		(277,023	)		60.3
Rockwell Automation, Inc.		(1,561	)		(442,403	)		96.4
Roku, Inc.		(1,800	)		(101,178	)		22.0
Roper Technologies, Inc.		(468	)		(212,837	)		46.4
Ryan Specialty Holdings, Inc.		(13,995	)		(571,836	)		124.6
Ryman Hospitality Properties, Inc.		(8,950	)		(802,457	)		174.8
Salesforce, Inc.		(451	)		(89,465	)		19.5
Sealed Air Corp.		(4,638	)		(222,578	)		48.5
Selective Insurance Group, Inc.		(426	)		(41,037	)		8.9
SentinelOne, Inc.		(1,319	)		(21,196	)		4.6
Shift4 Payments, Inc., Class A		(2,970	)		(201,277	)		43.8
Skyline Champion Corp.		(2,537	)		(188,169	)		41.0
Skyworks Solutions, Inc.		(3,665	)		(388,123	)		84.5
Snowflake, Inc.		(127	)		(18,806	)		4.1
SolarEdge Technologies, Inc.		(1,213	)		(346,469	)		75.5
Sonoco Products Co.		(8,520	)		(516,482	)		112.5
Southern Co.		(5,663	)		(416,514	)		90.7
SouthState Corp.		(2,656	)		(183,211	)		39.9
Southwest Gas Holdings, Inc.		(4,385	)		(245,560	)		53.5
Spirit Realty Capital, Inc.		(1,414	)		(54,382	)		11.8
Splunk, Inc.		(596	)		(51,399	)		11.2
SPS Commerce, Inc.		(235	)		(34,616	)		7.5
SS&C Technologies Holdings, Inc.		(779	)		(45,603	)		9.9
STAG Industrial, Inc.		(666	)		(22,557	)		4.9
Stanley Black & Decker, Inc.		(1,915	)		(165,341	)		36.0
Starbucks Corp.		(1,470	)		(168,006	)		36.6
State Street Corp.		(266	)		(19,221	)		4.2
Super Micro Computer, Inc.		(761	)		(80,232	)		17.5
Surgery Partners, Inc.		(12,703	)		(503,801	)		109.7
SVB Financial Group		(216	)		(106	)		0.0
Synaptics, Inc.		(1,155	)		(102,287	)		22.3
Take-Two Interactive Software, Inc.		(3,729	)		(463,477	)		101.0
Teledyne Technologies, Inc.		(593	)		(245,739	)		53.5
Tenet Healthcare Corp.		(6,471	)		(474,454	)		103.3
Tetra Tech, Inc.		(357	)		(49,398	)		10.8

118 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
T-Mobile US, Inc.		(1,648	)	$	(237,147	)		51.7	%
Toast, Inc.		(3,932	)		(71,562	)		15.6
Trade Desk, Inc., Class A		(4,082	)		(262,636	)		57.2
TriNet Group, Inc.		(1,092	)		(101,316	)		22.1
Twilio, Inc., Class A		(13,057	)		(686,929	)		149.6
Tyler Technologies, Inc.		(490	)		(185,725	)		40.5
UFP Industries, Inc.		(607	)		(47,662	)		10.4
Under Armour, Inc., Class A		(5,310	)		(47,100	)		10.3
United Rentals, Inc.		(460	)		(166,111	)		36.2
Universal Health Services, Inc.		(2,611	)		(392,564	)		85.5
Valvoline, Inc.		(23,524	)		(812,754	)		177.0
Verizon Communications, Inc.		(1,459	)		(56,653	)		12.3
Vir Biotechnology, Inc.		(4,685	)		(117,828	)		25.7
Vontier Corp.		(11,645	)		(315,929	)		68.8
Vornado Realty Trust		(5,203	)		(78,097	)		17.0
Webster Financial Corp.		(2,843	)		(106,044	)		23.1
Welltower, Inc.		(4,230	)		(335,101	)		73.0
WESCO International, Inc.		(1,918	)		(276,192	)		60.2
Western Alliance Bancorp		(7,049	)		(261,659	)		57.0
Whirlpool Corp.		(2,195	)		(306,400	)		66.7
XPO, Inc.		(6,491	)		(286,772	)		62.5
Zebra Technologies Corp.		(1,037	)		(298,687	)		65.1
ZoomInfo Technologies, Inc.		(20,654	)		(452,529	)		98.6
					(68,406,361	)
Preferred Stocks
Germany
Henkel AG & Co. KGaA		(17,057	)		(1,382,157	)		301.1
Total Reference Entity — Short					(236,336,747	)
Net Value of Reference Entity — UBS AG				$	(459,101	)

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 04/03/28-04/24/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
oOh!media Ltd.		22,138	$	24,303		13.9	%
Rural Funds Group		10,476		13,674		7.8
Silver Lake Resources Ltd.		15,377		12,987		7.5
Waypoint REIT Ltd.		10,114		17,599		10.1
				68,563
Belgium
Melexis NV		550		52,508		30.1
Telenet Group Holding NV		10,797		250,183		143.5
				302,691
Canada
H&R Real Estate Investment Trust		4,785		41,209		23.6
Spin Master Corp.		574		16,232		9.3
				57,441

Security	Shares		Value		% of Basket Value
Denmark
Scandinavian Tobacco Group A/S		666	$	13,028		7.4	%
Sydbank AS		278		12,348		7.1
				25,376
Finland
Citycon OYJ		1,705		12,828		7.4
France
Atos SE		3,805		52,802		30.3
Germany
Bank of Georgia Group PLC		1,207		44,535		25.5
Italy
Sesa SpA		115		14,101		8.1
Japan
Aeon Delight Co. Ltd.		700		15,513		8.9
Citizen Watch Co. Ltd.		6,000		33,772		19.4
euglena Co. Ltd.		2,000		13,351		7.6
Fukuoka REIT Corp.		29		35,439		20.3
Giken Ltd.		1,100		17,585		10.1
Hogy Medical Co. Ltd.		800		20,385		11.7
JAC Recruitment Co. Ltd.		1,000		19,005		10.9
Kaga Electronics Co. Ltd.		500		17,738		10.2
Kanematsu Corp.		1,000		13,017		7.5
Kitz Corp.		2,100		14,605		8.4
Koshidaka Holdings Co. Ltd.		2,100		18,091		10.4
Kyorin Pharmaceutical Co. Ltd.		1,000		12,870		7.4
Life Corp.		900		19,420		11.1
Meidensha Corp.		1,700		23,487		13.5
Milbon Co. Ltd.		500		21,442		12.3
Modec, Inc.		1,300		14,115		8.1
Nakanishi, Inc.		1,100		21,196		12.1
Nichias Corp.		2,000		41,138		23.6
Nichicon Corp.		2,000		19,281		11.0
Nisshin Oillio Group Ltd.		1,500		37,875		21.7
Nitto Boseki Co. Ltd.		1,900		26,995		15.5
NTN Corp.		5,400		13,566		7.8
Okinawa Electric Power Co., Inc.		2,100		17,422		10.0
Pasona Group, Inc.		1,000		13,996		8.0
PHC Holdings Corp.		1,500		15,683		9.0
Raito Kogyo Co. Ltd.		3,100		46,505		26.7
Sakata Seed Corp.		500		14,878		8.5
Shin-Etsu Polymer Co. Ltd.		2,800		28,036		16.1
Sumitomo Mitsui Construction Co. Ltd.		4,600		13,294		7.6
Tadano Ltd.		1,900		15,123		8.7
Tamron Co. Ltd.		700		17,365		9.9
Tokyu REIT, Inc.		9		12,231		7.0
Toridoll Holdings Corp.		1,000		21,697		12.4
Toyo Tanso Co. Ltd.		500		14,789		8.5
TRE Holdings Corp.		4,300		38,328		22.0
ValueCommerce Co. Ltd.		1,500		14,862		8.5
				754,095
Netherlands
Wereldhave NV		1,056		16,241		9.3
Norway
Aker Solutions ASA		14,568		52,024		29.8
SpareBank 1 SR-Bank ASA		2,043		23,947		13.7
Storebrand ASA		3,816		29,460		16.9
TGS ASA		817		12,820		7.4
				118,251

S C H E D U L E   O F   I N V E S T M E N T S 119

Schedule of Investments (continued) April 30, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Singapore
BW LPG Ltd.		1,804	$	14,630		8.4	%
Spain
Pharma Mar SA		464		19,294		11.1
Sweden
Fortnox AB		6,243		42,712		24.5
Resurs Holding AB		6,561		12,441		7.1
Sectra AB, B Shares		833		13,053		7.5
				68,206
United Kingdom
Babcock International Group PLC		11,459		45,429		26.0
Frasers Group PLC		1,341		12,850		7.4
Just Group PLC		11,737		12,920		7.4
Luxfer Holdings PLC		1,186		18,087		10.4
Paragon Banking Group PLC		6,360		39,840		22.8
Spire Healthcare Group PLC		8,775		24,996		14.3
TP ICAP Group PLC		6,087		12,842		7.4
				166,964
United States
A10 Networks, Inc.		1,578		22,313		12.8
ACI Worldwide, Inc.		1,082		27,407		15.7
Albany International Corp., Class A		1,235		112,644		64.6
Amedisys, Inc.		295		23,689		13.6
American Axle & Manufacturing Holdings, Inc.		1,754		12,541		7.2
Bank of Hawaii Corp.		607		29,397		16.9
Belden, Inc.		719		56,722		32.5
Benchmark Electronics, Inc.		604		12,895		7.4
Boise Cascade Co.		682		46,588		26.7
Brink’s Co.		1,327		83,402		47.8
CommVault Systems, Inc.		1,386		80,762		46.3
CSG Systems International, Inc.		1,046		55,103		31.6
Denny’s Corp.		1,281		14,360		8.2
Duckhorn Portfolio, Inc.		2,331		35,198		20.2
EchoStar Corp.		1,634		27,892		16.0
Energy Recovery, Inc.		813		18,317		10.5
Enerpac Tool Group Corp.		1,034		24,568		14.1
EnPro Industries, Inc.		657		61,935		35.5
Extreme Networks, Inc.		2,035		36,182		20.7
First Busey Corp.		850		15,453		8.9
Fiverr International Ltd.		378		13,805		7.9
GATX Corp.		190		21,643		12.4
Global Industrial Co.		1,177		31,367		18.0
GoPro, Inc., Class A		15,124		64,731		37.1
Gorman-Rupp Co.		708		17,381		10.0
Griffon Corp.		759		21,594		12.4
Hackett Group, Inc.		1,390		25,798		14.8
Helen of Troy Ltd.		450		45,153		25.9
Herbalife Ltd.		5,426		80,630		46.2
IDT Corp.		625		20,756		11.9
Kaiser Aluminum Corp.		301		19,782		11.3
Kontoor Brands, Inc.		325		14,680		8.4
Korn Ferry		1,655		79,473		45.6
La-Z-Boy, Inc.		1,926		55,334		31.7
McGrath RentCorp		587		52,173		29.9
Mercury General Corp.		508		15,448		8.9
MGP Ingredients, Inc.		419		41,347		23.7
Mr Cooper Group, Inc.		1,675		77,553		44.5
NexPoint Residential Trust, Inc.		356		15,283		8.8
NextGen Healthcare, Inc.		1,937		32,425		18.6

Security	Shares			Value			% of Basket Value
United States (continued)
Owens & Minor, Inc.		873		$	13,566			7.8	%
Petco Health & Wellness Co., Inc.		5,185			51,643			29.6
PJT Partners, Inc.		193			13,273			7.6
Prestige Consumer Healthcare, Inc.		189			11,629			6.7
RadNet, Inc.		467			12,917			7.4
REX American Resources Corp.		570			16,125			9.2
Rush Enterprises, Inc., Class A		627			33,300			19.1
Sanmina Corp.		717			37,471			21.5
Silk Road Medical, Inc.		529			23,287			13.3
SPX Technologies, Inc.		475			30,248			17.3
TechTarget, Inc.		529			18,034			10.3
Turning Point Brands, Inc.		1,252			29,785			17.1
Under Armour, Inc.		1,918			15,421			8.8
United States Cellular Corp.		613			13,020			7.5
Unitil Corp.		227			12,619			7.2
US Silica Holdings, Inc.		1,147			14,968			8.6
Vector Group Ltd.		2,773			35,328			20.3
					1,926,358
Preferred Stocks
Germany
Kloeckner & Co. SE		2,271			25,246			14.5
Total Reference Entity — Long					3,687,622
Reference Entity — Short
Common Stocks
Australia
Breville Group Ltd.		(938	)		(12,848	)		(7.3	)
Chalice Mining Ltd.		(5,823	)		(30,987	)		(17.8	)
					(43,835	)
Bahamas
OneSpaWorld Holdings Ltd.		(1,455	)		(17,460	)		(10.0	)
Belgium
Aedifica SA		(168	)		(14,054	)		(8.1	)
Canada
BELLUS Health, Inc.		(1,027	)		(14,746	)		(8.5	)
Sienna Senior Living, Inc.		(1,665	)		(13,302	)		(7.6	)
					(28,048	)
Denmark
ALK-Abello A/S		(1,026	)		(13,007	)		(7.5	)
Topdanmark AS		(230	)		(12,161	)		(7.0	)
Zealand Pharma A/S		(450	)		(15,242	)		(8.7	)
					(40,410	)
Egypt
Energean PLC		(943	)		(14,483	)		(8.3	)
France
Alten SA		(282	)		(48,011	)		(27.6	)
Metropole Television SA		(1,286	)		(20,794	)		(11.9	)
					(68,805	)
Germany
Dermapharm Holding SE		(280	)		(13,994	)		(8.0	)
Ireland
Prothena Corp. PLC		(235	)		(12,366	)		(7.1	)
Italy
Saras SpA		(17,049	)		(22,076	)		(12.7	)

120 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund     

Security	Shares			Value			% of Basket Value
Japan
CRE Logistics REIT, Inc.		(31	)	$	(43,415	)		(24.9	)%
DCM Holdings Co. Ltd.		(4,500	)		(47,951	)		(27.5	)
Fujitec Co. Ltd.		(1,100	)		(29,529	)		(16.9	)
Fukushima Galilei Co. Ltd.		(400	)		(15,338	)		(8.8	)
Heiwa Real Estate REIT, Inc.		(12	)		(14,297	)		(8.2	)
Hokuhoku Financial Group, Inc.		(1,800	)		(13,220	)		(7.6	)
Kappa Create Co. Ltd.		(1,200	)		(13,563	)		(7.8	)
Kisoji Co. Ltd.		(1,300	)		(22,934	)		(13.2	)
Koa Corp.		(1,300	)		(16,586	)		(9.5	)
Kura Sushi, Inc.		(2,400	)		(58,443	)		(33.5	)
Musashi Seimitsu Industry Co. Ltd.		(1,000	)		(13,479	)		(7.7	)
Nippon Carbon Co. Ltd.		(700	)		(21,820	)		(12.5	)
Nishimatsuya Chain Co. Ltd.		(1,400	)		(16,892	)		(9.7	)
NS United Kaiun Kaisha Ltd.		(700	)		(20,877	)		(12.0	)
Okasan Securities Group, Inc.		(2,300	)		(7,364	)		(4.2	)
Osaka Soda Co. Ltd.		(400	)		(13,185	)		(7.6	)
OSAKA Titanium Technologies Co. Ltd.		(2,500	)		(54,144	)		(31.0	)
Rorze Corp.		(600	)		(44,835	)		(25.7	)
SAMTY Co. Ltd.		(1,200	)		(19,922	)		(11.4	)
Samty Residential Investment Corp.		(17	)		(14,725	)		(8.4	)
Shiga Bank Ltd.		(700	)		(14,842	)		(8.5	)
Shin Nippon Biomedical Laboratories Ltd.		(4,300	)		(79,933	)		(45.8	)
Toho Bank Ltd.		(17,000	)		(28,574	)		(16.4	)
Tokyo Electron Device Ltd.		(1,100	)		(63,848	)		(36.6	)
Wacoal Holdings Corp.		(2,000	)		(39,558	)		(22.7	)
W-Scope Corp.		(2,800	)		(23,655	)		(13.6	)
					(752,929	)
Netherlands
Fugro NV		(2,504	)		(35,559	)		(20.4	)
Norway
PGS ASA		(16,951	)		(12,292	)		(7.0	)
Singapore
AEM Holdings Ltd.		(5,300	)		(13,507	)		(7.7	)
Spain
Ence Energia y Celulosa SA		(4,137	)		(16,213	)		(9.3	)
Faes Farma SA		(7,414	)		(26,085	)		(15.0	)
					(42,298	)
Sweden
Billerud AB		(4,452	)		(42,442	)		(24.3	)
Dometic Group AB		(4,504	)		(32,065	)		(18.4	)
					(74,507	)
United Kingdom
Ascential PLC		(6,369	)		(20,302	)		(11.6	)
Computacenter PLC		(695	)		(20,026	)		(11.5	)
GB Group PLC		(6,808	)		(27,610	)		(15.8	)
LXI REIT PLC		(15,071	)		(19,830	)		(11.4	)
					(87,768	)
United States
4D Molecular Therapeutics, Inc.		(768	)		(13,832	)		(7.9	)
Adtalem Global Education, Inc.		(884	)		(35,864	)		(20.6	)
Akero Therapeutics, Inc.		(379	)		(16,956	)		(9.7	)
A-Mark Precious Metals, Inc.		(378	)		(13,532	)		(7.8	)
ARMOUR Residential REIT, Inc.		(22,318	)		(113,822	)		(65.3	)
Atlantic Union Bankshares Corp.		(1,337	)		(38,265	)		(21.9	)
AZZ, Inc.		(542	)		(20,450	)		(11.7	)
Big Lots, Inc.		(2,970	)		(26,700	)		(15.3	)
Calavo Growers, Inc.		(2,028	)		(64,815	)		(37.2	)

Security	Shares			Value			% of Basket Value
United States (continued)
Casella Waste Systems, Inc., Class A		(301	)	$	(26,789	)		(15.4	)%
Cathay General Bancorp		(565	)		(18,006	)		(10.3	)
CBIZ, Inc.		(1,634	)		(86,095	)		(49.4	)
Cerevel Therapeutics Holdings, Inc.		(749	)		(21,751	)		(12.5	)
Children’s Place, Inc.		(952	)		(28,217	)		(16.2	)
Clearfield, Inc.		(1,072	)		(46,825	)		(26.9	)
Community Bank System, Inc.		(336	)		(16,787	)		(9.6	)
Community Healthcare Trust, Inc.		(426	)		(15,246	)		(8.7	)
Core Laboratories NV		(1,045	)		(23,523	)		(13.5	)
Corporate Office Properties Trust		(727	)		(16,641	)		(9.5	)
Driven Brands Holdings, Inc.		(1,051	)		(32,266	)		(18.5	)
Ebix, Inc.		(1,265	)		(20,569	)		(11.8	)
Ellington Financial, Inc.		(1,895	)		(24,199	)		(13.9	)
Encore Capital Group, Inc.		(352	)		(18,086	)		(10.4	)
EnerSys		(231	)		(19,166	)		(11.0	)
Enterprise Financial Services Corp.		(470	)		(20,097	)		(11.5	)
FARO Technologies, Inc.		(560	)		(13,076	)		(7.5	)
Fastly, Inc.		(2,986	)		(44,133	)		(25.3	)
Glacier Bancorp, Inc.		(931	)		(30,937	)		(17.7	)
Granite Construction, Inc.		(413	)		(15,748	)		(9.0	)
Harmonic, Inc.		(1,078	)		(15,189	)		(8.7	)
HealthStream, Inc.		(569	)		(14,020	)		(8.0	)
Highwoods Properties, Inc.		(624	)		(14,302	)		(8.2	)
Hilltop Holdings, Inc.		(428	)		(13,277	)		(7.6	)
Independent Bank Corp.		(524	)		(29,344	)		(16.8	)
John Wiley & Sons, Inc.		(1,003	)		(38,686	)		(22.2	)
Leonardo DRS, Inc.		(2,742	)		(41,267	)		(23.7	)
Life Time Group Holdings, Inc.		(2,669	)		(55,488	)		(31.8	)
M/I Homes, Inc.		(22	)		(1,488	)		(0.9	)
Mirati Therapeutics, Inc.		(2,218	)		(98,280	)		(56.4	)
National Presto Industries, Inc.		(129	)		(8,775	)		(5.0	)
Northern Oil and Gas, Inc.		(591	)		(19,603	)		(11.2	)
Northwest Bancshares, Inc.		(1,220	)		(14,262	)		(8.2	)
Nu Skin Enterprises, Inc., Class A		(617	)		(24,347	)		(14.0	)
OneSpan, Inc.		(1,012	)		(14,917	)		(8.6	)
Otter Tail Corp.		(173	)		(12,447	)		(7.1	)
Pacific Biosciences of California, Inc.		(3,265	)		(34,609	)		(19.8	)
Phillips Edison & Co., Inc.		(703	)		(22,173	)		(12.7	)
Piedmont Lithium, Inc.		(238	)		(13,685	)		(7.8	)
PotlatchDeltic Corp.		(1,982	)		(91,628	)		(52.5	)
PROCEPT BioRobotics Corp.		(576	)		(17,505	)		(10.0	)
Ranger Oil Corp.		(1,076	)		(44,331	)		(25.4	)
Renasant Corp.		(535	)		(15,044	)		(8.6	)
Resideo Technologies, Inc.		(1,433	)		(25,507	)		(14.6	)
Rocket Pharmaceuticals, Inc.		(1,137	)		(20,375	)		(11.7	)
Roivant Sciences Ltd.		(1,475	)		(12,611	)		(7.2	)
Ryerson Holding Corp.		(515	)		(19,451	)		(11.2	)
Sage Therapeutics, Inc.		(716	)		(34,977	)		(20.1	)
Scholastic Corp.		(2,283	)		(87,827	)		(50.4	)
Select Energy Services, Inc.		(7,540	)		(56,022	)		(32.1	)
Select Medical Holdings Corp.		(864	)		(26,352	)		(15.1	)
Shake Shack, Inc., Class A		(237	)		(12,990	)		(7.4	)
SITE Centers Corp.		(1,067	)		(13,167	)		(7.6	)
Sotera Health Co.		(1,001	)		(16,787	)		(9.6	)
SpringWorks Therapeutics, Inc.		(530	)		(12,391	)		(7.1	)
Stericycle, Inc.		(337	)		(15,384	)		(8.8	)
Stock Yards Bancorp, Inc.		(721	)		(35,041	)		(20.1	)
Strategic Education, Inc.		(640	)		(56,320	)		(32.3	)
Stride, Inc.		(298	)		(12,802	)		(7.3	)
TFS Financial Corp.		(1,037	)		(12,485	)		(7.2	)
TreeHouse Foods, Inc.		(524	)		(27,903	)		(16.0	)

S C H E D U L E   O F   I N V E S T M E N T S 121

Schedule of Investments (continued) April 30, 2023 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Trustmark Corp.		(576	)	$	(13,761	)		(7.9	)%
Ultra Clean Holdings, Inc.		(807	)		(23,032	)		(13.2	)
Veris Residential, Inc.		(2,760	)		(45,126	)		(25.9	)
Vishay Intertechnology, Inc.		(2,675	)		(56,951	)		(32.7	)
WD-40 Co.		(162	)		(30,845	)		(17.7	)
Xponential Fitness, Inc., Class A		(413	)		(13,662	)		(7.8	)
					(2,218,829	)
Total Reference Entity — Short					(3,513,220)
Net Value of Reference Entity — UBS AG				$	174,402

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	$	—	$	—	$	3,908,318	$	(3,091,901	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	247	$	—	$	—	$	—	$	247
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		3,908,318		—		—		—		3,908,318
	$	—	$	—	$	3,908,565	$	—	$	—	$	—	$	3,908,565
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	3,091,901	$	—	$	—	$	—	$	3,091,901

(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	499,192		$	—	$	—	$	—	$	499,192
Options purchased(a)		—		—		3,391,908			—		—		—		3,391,908
Options written		—		—		(1,722,995	)		—		—		—		(1,722,995	)
Swaps		—		—		66,580,777			—		—		—		66,580,777
	$	—	$	—	$	68,748,882		$	—	$	—	$	—	$	68,748,882
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	611,587		$	—	$	—	$	—	$	611,587
Swaps		—		—		(36,800,950	)		—		—		—		(36,800,950	)
	$	—	$	—	$	(36,189,363	)	$	—	$	—	$	—	$	(36,189,363	)

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

122 2 0 2 3   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, 2023 BlackRock Global Equity Market Neutral Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	21,139,500
Average notional value of contracts — short	$	20,004,364
Options:
Average value of option contracts purchased	$	557,755
Average value of option contracts written	$	118,445
Total return swaps:
Average notional value	$	(42,615,728	)

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	$	168,086		$	—
Swaps — OTC(a)		3,908,318			3,091,901
Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,076,404			3,091,901
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(168,086	)		—
Total derivative assets and liabilities subject to an MNA	$	3,908,318		$	3,091,901

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received			Cash Collateral Received	(b)		Net Amount of Derivative Assets(c)
BNP Paribas SA	$	2,183,099	$	(34,626	)	$	—		$	(2,148,473	)	$	—
Goldman Sachs Bank USA		1,724,502		(1,432,026	)		—			—			292,476
UBS AG		717		(717	)		—			—			—
	$	3,908,318	$	(1,467,369	)	$	—		$	(2,148,473	)	$	292,476
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged	(b)		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(d)
Bank of America N.A	$	1,581,515	$	—		$	—		$	(1,581,515	)	$	—
BNP Paribas SA		34,626		(34,626	)		—			—			—
Goldman Sachs Bank USA		1,432,026		(1,432,026	)		—			—			—
UBS AG		43,734		(717	)		—			(43,017	)		—
	$	3,091,901	$	(1,467,369	)	$	—		$	(1,624,532	)	$	—

^(a)  The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 123

Schedule of Investments (continued) April 30, 2023 BlackRock Global Equity Market Neutral 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	$	31	$	—		$	—	$	31
Preferred Securities
Preferred Stocks		—		—			3,467,812		3,467,812
U.S. Treasury Obligations		—		54,793,722			—		54,793,722
Short-Term Securities
Money Market Funds		1,420,426		—			—		1,420,426
U.S. Treasury Obligations		—		614,207,616			—		614,207,616
	$	1,420,457	$	669,001,338		$	3,467,812	$	673,889,607
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	247	$	3,908,318		$	—	$	3,908,565
Liabilities
Equity Contracts		—		(3,091,901	)		—		(3,091,901	)
	$	247	$	816,417		$	—	$	816,664

^(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.

124 2 0 2 3   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

April 30, 2023

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Equity Market Neutral Fund
ASSETS
Investments, at value — unaffiliated(a)(b)	$	79,719,875		$	672,469,181
Investments, at value — affiliated(c)		4,601,926			1,420,426
Cash		—			42,970,626
Cash pledged:
Collateral — OTC derivatives		—			15,680,000
Futures contracts		136,000			4,752,000
Foreign currency, at value(d)		620,751			12,770,786
Receivables:
Investments sold		2,097,455			660,000
Securities lending income — affiliated		2			—
Swaps		—			10,523,206
Capital shares sold		30,278			1,525,023
Dividends — unaffiliated		154,155			—
Dividends — affiliated		17,247			265,461
Interest — unaffiliated		—			763,573
From the Manager		2,302			—
Due from broker		—			710,000
Variation margin on futures contracts		22,710			168,086
Unrealized appreciation on OTC swaps		—			3,908,318
Prepaid expenses		35,917			74,119
Other assets		—			6,099,209
Total assets		87,438,618			774,760,014
LIABILITIES
Cash received as collateral for OTC derivatives		—			2,350,001
Collateral on securities loaned		8,904			—
Payables:
Investments purchased		2,572,207			27,392,003
Swaps		—			8,632,653
Accounting services fees		7,393			36,663
Administration fees		—			50,059
Capital shares redeemed		4,080			15,426,530
Custodian fees		70,264			93,716
Deferred foreign capital gain tax		30,650			—
Investment advisory fees		—			1,259,706
Trustees’ and Officer’s fees		1,744			2,032
Other accrued expenses		20,085			72,598
Professional fees		82,658			127,810
Service and distribution fees		1,211			8,626
Transfer agent fees		3,382			47,120
Unrealized depreciation on OTC swaps		—			3,091,901
Total liabilities		2,802,578			58,591,418
NET ASSETS	$	84,636,040		$	716,168,596
NET ASSETS CONSIST OF
Paid-in capital	$	125,712,756		$	725,484,554
Accumulated loss		(41,076,716	)		(9,315,958	)
NET ASSETS	$	84,636,040		$	716,168,596
(a) Investments, at cost — unaffiliated	$	79,356,980		$	672,001,137
(b) Securities loaned, at value	$	8,725		$	—
(c)  Investments, at cost — affiliated	$	4,601,920		$	1,420,426
(d) Foreign currency, at cost	$	619,009		$	12,645,268

F I N A N C I A L   S T A T E M E N T S 125

Statements of Assets and Liabilities (continued)

April 30, 2023

	BlackRock Advantage Emerging Markets Fund		BlackRock Global Equity Market Neutral Fund
NET ASSET VALUE
Institutional
Net assets	$	6,362,335	$	565,026,692
Shares outstanding		684,518		46,363,467
Net asset value	$	9.29	$	12.19
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor A
Net assets	$	4,428,305	$	22,462,232
Shares outstanding		485,960		1,877,569
Net asset value	$	9.11	$	11.96
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor C
Net assets	$	429,877	$	5,280,599
Shares outstanding		49,701		472,400
Net asset value	$	8.65	$	11.18
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Class K
Net assets	$	73,415,523	$	123,399,073
Shares outstanding		7,898,772		10,092,396
Net asset value	$	9.29	$	12.23
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001

See notes to financial statements.

126 2 0 2 3   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 Operations

Year Ended April 30, 2023

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Equity Market Neutral Fund
INVESTMENT INCOME
Dividends — unaffiliated	$	4,366,194		$	—
Dividends — affiliated		131,469			440,621
Interest — unaffiliated		5,167			16,862,606
Securities lending income — affiliated — net		5,000			—
Foreign taxes withheld		(425,078	)		—
Total investment income		4,082,752			17,303,227
EXPENSES
Investment advisory		845,665			8,240,598
Custodian		219,509			437,595
Professional		156,223			174,857
Registration		64,827			129,495
Printing and postage		48,619			56,803
Administration		44,926			276,198
Accounting services		31,371			161,836
Administration — class specific		21,142			131,849
Transfer agent — class specific		17,642			486,887
Service and distribution — class specific		14,546			97,535
Trustees and Officer		7,369			12,566
Miscellaneous		19,543			132,716
Total expenses		1,491,382			10,338,935
Less:
Administration fees waived		(44,925	)		—
Administration fees waived by the Manager — class specific		(21,142	)		(131,847	)
Fees waived and/or reimbursed by the Manager		(540,425	)		(1,117,768	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(10,364	)		(205,380	)
Total expenses after fees waived and/or reimbursed		874,526			8,883,940
Net investment income		3,208,226			8,419,287
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(17,989,306	)		3,326,470
Investments — affiliated		81			—
Foreign currency transactions		(287,564	)		(992,658	)
Futures contracts		(1,796,119	)		499,192
Options written		—			(1,722,995	)
Swaps		—			66,580,777
		(20,072,908	)		67,690,786
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		3,549,626			465,700
Investments — affiliated		6			—
Foreign currency translations		12,129			684,859
Futures contracts		468,819			611,587
Swaps		—			(36,800,950	)
		4,030,580			(35,038,804	)
Net realized and unrealized gain (loss)		(16,042,328	)		32,651,982
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,834,102	)	$	41,071,269
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	10,683		$	—
(b) Net of increase in deferred foreign capital gain tax of	$	(30,650	)	$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 127

Statements of Changes in Net Assets

	BlackRock Advantage Emerging Markets Fund						BlackRock Global Equity Market Neutral Fund
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	3,208,226		$	2,683,808		$	8,419,287		$	(7,192,302	)
Net realized gain (loss)		(20,072,908	)		(10,303,637	)		67,690,786			(40,824,333	)
Net change in unrealized appreciation (depreciation)		4,030,580			(32,996,826	)		(35,038,804	)		31,625,594
Net increase (decrease) in net assets resulting from operations		(12,834,102	)		(40,616,655	)		41,071,269			(16,391,041	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(219,347	)		(211,822	)		—			(5,694,760	)
Investor A		(165,363	)		(69,700	)		—			(289,045	)
Investor C		(8,701	)		(451	)		—			(83,551	)
Class K		(2,617,795	)		(2,045,863	)		—			(64,174	)
Decrease in net assets resulting from distributions to shareholders		(3,011,206	)		(2,327,836	)		—			(6,131,530	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(40,652,940	)		9,079,203			72,900,510			129,941,298
NET ASSETS
Total increase (decrease) in net assets		(56,498,248	)		(33,865,288	)		113,971,779			107,418,727
Beginning of year		141,134,288			174,999,576			602,196,817			494,778,090
End of year	$	84,636,040		$	141,134,288		$	716,168,596		$	602,196,817

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

See notes to financial statements.

128 2 0 2 3   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

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund
	Institutional
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	10.11		$	13.24		$	8.85		$	10.25		$	10.59		$	10.10
Net investment income(a)		0.28			0.20			0.15			0.10			0.18			0.07
Net realized and unrealized gain (loss)		(0.75	)		(3.17	)		4.43			(1.27	)		(0.52	)		0.42
Net increase (decrease) from investment operations		(0.47	)		(2.97	)		4.58			(1.17	)		(0.34	)		0.49
Distributions from net investment income(b)		(0.35	)		(0.16	)		(0.19	)		(0.23	)		—			—
Net asset value, end of period	$	9.29		$	10.11		$	13.24		$	8.85		$	10.25		$	10.59
Total Return(c)
Based on net asset value		(4.57	)%		(22.62	)%		52.00	%		(11.78	)%(d)		(3.21	)%(e)		4.85	%
Ratios to Average Net Assets(f)
Total expenses		1.48	%		1.19	%		1.40	%		1.38	%(g)(h)		1.42	%(i)(j)		1.28	%(i)
Total expenses after fees waived and/or reimbursed		0.85	%		0.85	%		0.85	%		0.81	%(g)		0.92	%(j)		0.94	%
Net investment income		3.00	%		1.62	%		1.29	%		1.38	%(g)		1.83	%		0.67	%
Supplemental Data
Net assets, end of period (000)	$	6,362		$	9,583		$	17,216		$	9,689		$	15,904		$	32,775
Portfolio turnover rate		159	%		183	%		180	%(k)		141	%(k)		128	%(k)		111	%(k)

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

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

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

^(g)  Annualized.

^(h)  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses would have been 1.42%.

⁽ⁱ⁾  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

Year Ended 04/30/23

Year Ended 04/30/22

Year Ended 04/30/21

Period from 08/01/19 to 04/30/20

Year Ended 07/31/19

Year Ended 07/31/18

Expense ratios

N/A

N/A

N/A

N/A

1.39

%

1.28

%

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

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Investor A
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	9.93		$	13.00		$	8.69		$	10.07		$	10.43		$	9.97
Net investment income(a)		0.23			0.15			0.11			0.07			0.17			0.14
Net realized and unrealized gain (loss)		(0.72	)		(3.09	)		4.36			(1.25	)		(0.53	)		0.32
Net increase (decrease) from investment operations		(0.49	)		(2.94	)		4.47			(1.18	)		(0.36	)		0.46
Distributions from net investment income(b)		(0.33	)		(0.13	)		(0.16	)		(0.20	)		—			—
Net asset value, end of period	$	9.11		$	9.93		$	13.00		$	8.69		$	10.07		$	10.43
Total Return(c)
Based on net asset value		(4.84	)%		(22.83	)%		51.62	%		(12.05	)%(d)		(3.45	)%(e)		4.61	%
Ratios to Average Net Assets(f)
Total expenses		1.87	%		1.52	%		1.74	%		1.70	%(g)(h)		1.69	%(i)(j)		1.57	%(i)
Total expenses after fees waived and/or reimbursed		1.15	%		1.15	%		1.14	%		1.12	%(g)		1.17	%(j)		1.19	%
Net investment income		2.54	%		1.29	%		0.98	%		1.02	%(g)		1.74	%		1.32	%
Supplemental Data
Net assets, end of period (000)	$	4,428		$	5,246		$	7,125		$	5,224		$	3,817		$	5,454
Portfolio turnover rate		159	%		183	%		180	%(k)		141	%(k)		128	%(k)		111	%(k)

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

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

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

^(g)  Annualized.

^(h)  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses would have been 1.74%.

⁽ⁱ⁾  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

Year Ended 04/30/23

Year Ended 04/30/22

Year Ended 04/30/21

Period from 08/01/19 to 04/30/20

Year Ended 07/31/19

Year Ended 07/31/18

Expense ratios

N/A

N/A

N/A

N/A

1.67

%

1.55

%

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

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

See notes to financial statements.

130 2 0 2 3   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 C
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	9.46		$	12.36		$	8.29		$	9.53		$	9.95		$	9.58
Net investment income(a)		0.15			0.07			0.04			0.02			0.08			0.03
Net realized and unrealized gain (loss)		(0.68	)		(2.96	)		4.14			(1.21	)		(0.50	)		0.34
Net increase (decrease) from investment operations		(0.53	)		(2.89	)		4.18			(1.19	)		(0.42	)		0.37
Distributions from net investment income(b)		(0.28	)		(0.01	)		(0.11	)		(0.05	)		—			—
Net asset value, end of period	$	8.65		$	9.46		$	12.36		$	8.29		$	9.53		$	9.95
Total Return(c)
Based on net asset value		(5.51	)%		(23.40	)%		50.49	%		(12.57	)%(d)		(4.22	)%(e)		3.86	%
Ratios to Average Net Assets(f)
Total expenses		2.75	%		2.43	%		2.56	%		2.53	%(g)(h)		2.53	%(i)		2.38	%
Total expenses after fees waived and/or reimbursed		1.90	%		1.90	%		1.90	%		1.90	%(g)		1.92	%(i)		1.94	%
Net investment income		1.72	%		0.61	%		0.43	%		0.26	%(g)		0.81	%		0.25	%
Supplemental Data
Net assets, end of period (000)	$	430		$	282		$	550		$	1,164		$	2,280		$	3,240
Portfolio turnover rate		159	%		183	%		180	%(j)		141	%(j)		128	%(j)		111	%(j)

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

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

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

^(g)  Annualized.

^(h)  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses would have been 2.57%.

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 131

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Class K
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Period from 01/25/18 to 07/31/18	(a)
Net asset value, beginning of period	$	10.11		$	13.24		$	8.84		$	10.26		$	10.59		$	12.14
Net investment income(b)		0.29			0.20			0.16			0.10			0.19			0.13
Net realized and unrealized gain (loss)		(0.76	)		(3.16	)		4.43			(1.28	)		(0.52	)		(1.68	)
Net increase (decrease) from investment operations		(0.47	)		(2.96	)		4.59			(1.18	)		(0.33	)		(1.55	)
Distributions from net investment income(c)		(0.35	)		(0.17	)		(0.19	)		(0.24	)		—			—
Net asset value, end of period	$	9.29		$	10.11		$	13.24		$	8.84		$	10.26		$	10.59
Total Return(d)
Based on net asset value		(4.53	)%		(22.59	)%		52.19	%		(11.87	)%(e)		(3.12	)%(f)		(12.77	)%(e)
Ratios to Average Net Assets(g)
Total expenses		1.38	%		1.13	%		1.36	%		1.41	%(h)(i)		1.37	%(j)		1.32	%(h)(k)
Total expenses after fees waived and/or reimbursed		0.81	%		0.81	%		0.81	%		0.81	%(h)		0.87	%(j)		0.89	%(h)
Net investment income		3.07	%		1.63	%		1.36	%		1.33	%(h)		1.93	%		2.33	%(h)
Supplemental Data
Net assets, end of period (000)	$	73,416		$	126,023		$	150,108		$	85,164		$	80,529		$	145,476
Portfolio turnover rate		159	%		183	%		180	%(l)		141	%(l)		128	%(l)		111	%(l)(m)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

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

^(h)  Annualized.

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

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

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

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

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

See notes to financial statements.

132 2 0 2 3   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 Equity Market Neutral Fund
	Institutional
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	11.49		$	11.98		$	11.42		$	12.67		$	12.17		$	11.62
Net investment income (loss)(a)		0.14			(0.15	)		(0.17	)		(0.01	)		0.05			(0.06	)
Net realized and unrealized gain (loss)		0.56			(0.20	)		0.76			(0.46	)		0.57			0.61
Net increase (decrease) from investment operations		0.70			(0.35	)		0.59			(0.47	)		0.62			0.55
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	$	12.19		$	11.49		$	11.98		$	11.42		$	12.67		$	12.17
Total Return(c)
Based on net asset value		6.09	%		(2.94	)%(d)		5.21	%(e)		(3.80	)%(f)		5.09	%		4.73	%
Ratios to Average Net Assets(g)
Total expenses		1.57	%		1.58	%		1.82	%		1.80	%(h)		1.76	%		1.73	%(i)
Total expenses after fees waived and/or reimbursed		1.34	%		1.36	%		1.57	%		1.57	%(h)		1.63	%		1.66	%
Net investment income (loss)		1.24	%		(1.29	)%		(1.49	)%		(0.09	)%(h)		0.36	%		(0.51	)%
Supplemental Data
Net assets, end of period (000)	$	565,027		$	565,502		$	459,420		$	492,021		$	546,561		$	559,028
Portfolio turnover rate		79	%(j)		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)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

Year Ended 04/30/23

Year Ended 04/30/22

Year Ended 04/30/21

Period from 08/01/19 to 04/30/20

Year Ended 07/31/19

Year Ended 07/31/18

Expense ratios

N/A

N/A

N/A

N/A

N/A

1.71

%

^(j)  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 133

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Global Equity Market Neutral Fund (continued)
	Investor A
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	11.30		$	11.82		$	11.27		$	12.50		$	12.03		$	11.52
Net investment income (loss)(a)		0.11			(0.18	)		(0.20	)		(0.02	)		0.01			(0.10	)
Net realized and unrealized gain (loss)		0.55			(0.20	)		0.75			(0.46	)		0.56			0.61
Net increase (decrease) from investment operations		0.66			(0.38	)		0.55			(0.48	)		0.57			0.51
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	$	11.96		$	11.30		$	11.82		$	11.27		$	12.50		$	12.03
Total Return(d)
Based on net asset value		5.84	%		(3.23	)%(e)		4.92	%(f)		(3.94	)%(g)		4.79	%		4.43	%
Ratios to Average Net Assets(h)
Total expenses		1.83	%		1.86	%		2.07	%		2.07	%(i)		2.04	%		2.03	%(j)
Total expenses after fees waived and/or reimbursed		1.59	%		1.61	%		1.82	%		1.82	%(i)		1.88	%		1.96	%
Net investment income (loss)		1.00	%		(1.54	)%		(1.75	)%		(0.28	)%(i)		0.12	%		(0.84	)%
Supplemental Data
Net assets, end of period (000)	$	22,462		$	25,229		$	23,390		$	23,509		$	49,514		$	49,180
Portfolio turnover rate		79	%(k)		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)  Not annualized.

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

⁽ⁱ⁾  Annualized.

^(j)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

Year Ended 04/30/23

Year Ended 04/30/22

Year Ended 04/30/21

Period from 08/01/19 to 04/30/20

Year Ended 07/31/19

Year Ended 07/31/18

Expense ratios

N/A

N/A

N/A

N/A

N/A

1.95

%

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

See notes to financial statements.

134 2 0 2 3   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 Equity Market Neutral Fund (continued)
	Investor C
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	10.64		$	11.22		$	10.77		$	11.99		$	11.59		$	11.18
Net investment income (loss)(a)		0.03			(0.25	)		(0.27	)		(0.09	)		(0.08	)		(0.18	)
Net realized and unrealized gain (loss)		0.51			(0.19	)		0.72			(0.44	)		0.54			0.59
Net increase (decrease) from investment operations		0.54			(0.44	)		0.45			(0.53	)		0.46			0.41
Distributions from net realized gain(b)		—			(0.14	)		—			(0.69	)		(0.06	)		—
Net asset value, end of period	$	11.18		$	10.64		$	11.22		$	10.77		$	11.99		$	11.59
Total Return(c)
Based on net asset value		5.08	%		(3.95	)%(d)		4.18	%(e)		(4.51	)%(f)		4.02	%		3.67	%
Ratios to Average Net Assets(g)
Total expenses		2.63	%		2.64	%		2.86	%		2.83	%(h)		2.79	%		2.76	%(i)
Total expenses after fees waived and/or reimbursed		2.34	%		2.36	%		2.57	%		2.57	%(h)		2.63	%		2.69	%
Net investment income (loss)		0.25	%		(2.30	)%		(2.44	)%		(1.04	)%(h)		(0.64	)%		(1.58	)%
Supplemental Data
Net assets, end of period (000)	$	5,281		$	4,386		$	6,817		$	11,539		$	17,282		$	21,168
Portfolio turnover rate		79	%(j)		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)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

Year Ended 04/30/23

Year Ended 04/30/22

Year Ended 04/30/21

Period from 08/01/19 to 04/30/20

Year Ended 07/31/19

Year Ended 07/31/18

Expense ratios

N/A

N/A

N/A

N/A

N/A

2.72

%

^(j)  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 135

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Global Equity Market Neutral Fund (continued)
	Class K
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	11.52		$	12.00		$	11.44		$	12.69		$	12.19		$	11.63
Net investment income (loss)(a)		0.19			(0.14	)		(0.25	)		(0.01	)		0.06			(0.01	)
Net realized and unrealized gain (loss)		0.52			(0.20	)		0.85			(0.46	)		0.56			0.57
Net increase (decrease) from investment operations		0.71			(0.34	)		0.60			(0.47	)		0.62			0.56
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	$	12.23		$	11.52		$	12.00		$	11.44		$	12.69		$	12.19
Total Return(c)
Based on net asset value		6.16	%		(2.85	)%(d)		5.24	%(d)		(3.77	)%(e)		5.11	%		4.82	%
Ratios to Average Net Assets(f)
Total expenses		1.48	%		1.51	%		1.77	%		1.76	%(g)		1.72	%		1.65	%(h)
Total expenses after fees waived and/or reimbursed		1.29	%		1.31	%		1.52	%		1.52	%(g)		1.57	%		1.58	%
Net investment income (loss)		1.59	%		(1.24	)%		(2.07	)%		(0.07	)%(g)		0.45	%		(0.04	)%
Supplemental Data
Net assets, end of period (000)	$	123,399		$	7,080		$	5,151		$	325		$	453		$	217
Portfolio turnover rate		79	%(i)		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)  Not annualized.

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

^(g)  Annualized.

^(h)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the year ended July 31, 2018, the expense ratio would have been 1.64%.

⁽ⁱ⁾  Excludes underlying investments in total return swaps.

See notes to financial statements.

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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 Equity Market Neutral Fund	Global Equity Market Neutral	Diversified

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

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

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

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

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

On May 10, 2022, the Board of Trustees of the Trust (the “Board”), approved a change in the name of BlackRock Global Long/Short Equity Fund to BlackRock Global Equity Market Neutral Fund. While the Fund’s investment process and investment strategy were not changed in connection with the name change, certain updates were made to the Fund’s investment process and investment strategy disclosure in order to align the disclosure with the Fund’s new name. These changes were effective as of September 1, 2022.

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

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)

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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

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

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

3.    INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

· 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. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

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

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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 Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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

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

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

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

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

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

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

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

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

As of April 30, 2023, certain investments of Advantage Emerging Markets were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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)

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.

Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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

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

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

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

Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Advantage Emerging Markets Barclays Capital, Inc.	$	8,725	$	(8,725	)	$	—		$	—

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

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

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Notes to Financial Statements (continued)

5.    DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Futures contracts are 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.

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Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

6.    INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

	Investment Advisory Fees
Average Daily Net Assets	Advantage Emerging Markets			Global Equity Market Neutral
First $1 billion		0.80	%		1.25	%
$1 billion — $3 billion		0.75			1.18

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Notes to Financial Statements (continued)

	Investment Advisory Fees
Average Daily Net Assets	Advantage Emerging Markets			Global Equity Market Neutral
$3 billion — $5 billion		0.72	%		1.13	%
$5 billion — $10 billion		0.70			1.09
Greater than $10 billion		0.68			1.06

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

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

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

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

For the year ended April 30, 2023, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Fund Name	Investor A		Investor C		Total
Advantage Emerging Markets	$	11,562	$	2,984	$	14,546
Global Equity Market Neutral		61,056		36,479		97,535

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

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	1,422	$	925	$	60	$	18,735	$	21,142
Global Equity Market Neutral		106,990		4,884		730		19,245		131,849

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, 2023, 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, 2023, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	244	$	1,296	$	133	$	368	$	2,041
Global Equity Market Neutral		1,208		424		351		—		1,983

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Notes to Financial Statements (continued)

For the year ended April 30, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	6,374	$	9,320	$	953	$	995	$	17,642
Global Equity Market Neutral		456,531		24,423		5,220		713		486,887

Other Fees: For the year ended April 30, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

Fund Name	Investor A
Advantage Emerging Markets	$	72
Global Equity Market Neutral		351

For the year ended April 30, 2023, affiliates received CDSCs as follows:

Fund Name	Investor A		Investor C
Advantage Emerging Markets	$	9	$	—
Global Equity Market Neutral		982		645

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, 2024. 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, 2023, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets	$	3,568
Global Equity Market Neutral		14,843

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, 2024. 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, 2023, there were no fees waived by the Manager pursuant to this arrangement.

With respect to Advantage Emerging Markets, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit other expenses (“expense limitation”) through June 30, 2024. Other expenses include accounting, administration, transfer agency, custody, professional and registration fees and exclude dividend expense, interest expense, and certain other fund expenses that constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business. The expense limitations as a percentage of average daily net assets are as follows:

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

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

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

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, 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, 2023, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets	$	536,857

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Notes to Financial Statements (continued)

Fund Name	Fees Waived and/or Reimbursed by the Manager
Global Equity Market Neutral	$	1,102,925

Fund Name	Administration Fees Waived
Advantage Emerging Markets	$	44,925

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, 2023, class specific expense waivers and/or reimbursements were as follows:

	Administration Fees Waived by the Manager - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	1,422	$	925	$	60	$	18,735	$	21,142
Global Equity Market Neutral		106,989		4,884		730		19,244		131,847

	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	3,529	$	5,158	$	684	$	993	$	10,364
Global Equity Market Neutral		189,059		12,212		3,397		712		205,380

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.

Pursuant to the current securities lending agreement, Global Equity Market Neutral retains 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, Global Equity Market Neutral, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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, 2023, each Fund paid BIM the following amounts for securities lending agent services:

Fund Name	Amounts
Advantage Emerging Markets	$	1,044

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

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Notes to Financial Statements (continued)

lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the year ended April 30, 2023, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended April 30, 2023, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Fund Name	Purchases		Sales		Net Realized Gain (Loss)
Advantage Emerging Markets	$	2,923,178	$	3,589,933	$	(138,216	)

7. PURCHASES AND SALES

For the year ended April 30, 2023, purchases and sales of investments, excluding short-term securities, were as follows:

	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
Advantage Emerging Markets	$	—	$	—	$	159,435,235	$	196,262,899
Global Equity Market Neutral		59,575,493		41,689,497		718,812		1,077,080

8. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The tax character of distributions paid was as follows:

Fund Name	Year Ended 04/30/23		Year Ended 04/30/22
Advantage Emerging Markets
Ordinary income	$	3,011,206	$	2,327,836
Global Equity Market Neutral
Long-term capital gains	$	—	$	6,131,530

As of April 30, 2023, the tax components of accumulated earnings (loss) were as follows:

Fund Name	Undistributed Ordinary Income		Non-Expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
Advantage Emerging Markets	$	360,778	$	(38,746,286	)	$	(2,691,208	)	$	(41,076,716	)
Global Equity Market Neutral		6,760,313		(16,669,223	)		592,952			(9,315,958	)

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

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

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Notes to Financial Statements (continued)

As of April 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Advantage Emerging Markets	$	86,987,468	$	7,453,050	$	(10,118,707)		$	(2,665,657	)
Global Equity Market Neutral		673,421,631		62,690,250		(62,222,274	)		467,976

9. BANK BORROWINGS

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended April 30, 2023, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of

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 147

Notes to Financial Statements (continued)

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

Certain Funds invest a 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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility,

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Notes to Financial Statements (continued)

interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Year Ended 04/30/23						Year Ended 04/30/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Advantage Emerging Markets
Institutional
Shares sold		208,272		$	1,946,147			172,173		$	2,149,062
Shares issued in reinvestment of distributions		24,118			217,789			15,307			189,748
Shares redeemed		(495,776	)		(4,500,312	)		(540,197	)		(6,345,580	)
		(263,386	)	$	(2,336,376	)		(352,717	)	$	(4,006,770	)
Investor A
Shares sold		47,347		$	440,441			60,578		$	730,563
Shares issued in reinvestment of distributions		18,434			163,319			5,633			68,598
Shares redeemed		(108,134	)		(984,054	)		(85,864	)		(1,000,083	)
		(42,353	)	$	(380,294	)		(19,653	)	$	(200,922	)
Investor C
Shares sold		42,971		$	382,997			494		$	5,613
Shares issued in reinvestment of distributions		1,032			8,701			36			450
Shares redeemed		(24,088	)		(212,434	)		(15,259	)		(175,008	)
		19,915		$	179,264			(14,729	)	$	(168,945	)
Class K
Shares sold		1,450,230		$	13,775,721			2,518,212		$	29,836,376
Shares issued in reinvestment of distributions		290,217			2,617,795			165,545			2,045,863
Shares redeemed		(6,306,984	)		(54,509,050	)		(1,558,201	)		(18,426,399	)
		(4,566,537	)	$	(38,115,534	)		1,125,556		$	13,455,840
		(4,852,361	)	$	(40,652,940	)		738,457		$	9,079,203

	Year Ended 04/30/23						Year Ended 04/30/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Global Equity Market Neutral
Institutional
Shares sold		26,358,802		$	306,911,089			21,428,123		$	249,500,008
Shares issued in reinvestment of distributions		—			—			338,212			4,007,822
Shares redeemed		(29,231,157	)		(338,909,422)			(10,894,979	)		(126,513,641)
		(2,872,355	)	$	(31,998,333	)		10,871,356		$	126,994,189
Investor A
Shares sold		896,505		$	10,257,468			798,505		$	9,148,217
Shares issued in reinvestment of distributions		—			—			23,726			277,350
Shares redeemed		(1,250,914	)		(14,421,836	)		(569,722	)		(6,530,854	)
		(354,409	)	$	(4,164,368	)		252,509		$	2,894,713
Investor C
Shares sold		287,251		$	3,165,458			70,815		$	760,368
Shares issued in reinvestment of distributions		—			—			7,514			83,179
Shares redeemed		(227,007	)		(2,413,505	)		(274,027	)		(2,959,803	)
		60,244		$	751,953			(195,698	)	$	(2,116,256	)

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 149

Notes to Financial Statements (continued)

	Year Ended 04/30/23						Year Ended 04/30/22
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
Global Equity Market Neutral (continued)
Class K
Shares sold		12,848,228		$	148,024,891			215,060		$	2,517,495
Shares issued in reinvestment of distributions		—			—			5,402			64,174
Shares redeemed		(3,370,538	)		(39,713,633	)		(34,941	)		(413,017	)
		9,477,690		$	108,311,258			185,521		$	2,168,652
		6,311,170		$	72,900,510			11,113,688		$	129,941,298

12. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Advantage Emerging Markets Fund and BlackRock Global Equity Market Neutral Fund and the Board of Trustees of BlackRock 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 Equity Market Neutral Fund (formerly, BlackRock Global Long/Short Equity Fund) of BlackRock Funds^SM (the “Funds”), including the schedules of investments, as of April 30, 2023, 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 three 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, 2023, 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 three 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 two 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 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, 2023, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

June 22, 2023

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

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 151

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, 2023:

Fund Name	Qualified Dividend Income
Advantage Emerging Markets	$	2,060,638

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, 2023:

Fund Name	Foreign Source Income Earned		Foreign Taxes Paid
Advantage Emerging Markets	$	3,119,537	$	597,701

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended April 30, 2023:

Fund Name	Federal Obligation Interest
Global Equity Market Neutral	$	8,241,641

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended April 30, 2023:

Fund Name	Interest Dividends
Advantage Emerging Markets	$	89,975
Global Equity Market Neutral		8,578,770

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2023:

Fund Name	Interest Related Dividends
Advantage Emerging Markets	$	89,975
Global Equity Market Neutral		8,578,770

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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 Funds^SM (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Advantage Emerging Markets Fund and BlackRock Global Equity Market Neutral Fund (the “Funds”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 8-9, 2022 (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, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

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

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 153

Trustee and Officer Information  

Independent Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Mark Stalnecker 1951	Chair of the Board (Since 2019) and Trustee (Since 2015)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	28 RICs consisting of 166 Portfolios	None
Susan J. Carter 1956	Trustee (Since 2016)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022; Advisory Board Member, Bridges Fund Management 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; Member of the President’s Counsel, Commonfund since 2023.	28 RICs consisting of 166 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.	28 RICs consisting of 166 Portfolios	None
Neil A. Cotty 1954	Trustee (Since 2016)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	28 RICs consisting of 166 Portfolios	None
Lena G. Goldberg 1949	Trustee (Since 2019)	Director, Pioneer Legal Institute since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	28 RICs consisting of 166 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 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Henry R. Keizer 1956	Trustee (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022.	28 RICs consisting of 166 Portfolios	GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021
Cynthia A. Montgomery 1952	Trustee (Since 2007)	Professor, Harvard Business School since 1989.	28 RICs consisting of 166 Portfolios	None
Donald C. Opatrny 1952	Trustee (Since 2019)	Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and trustee thereof since 2020; Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; 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; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014.	28 RICs consisting of 166 Portfolios	None
Kenneth L. Urish 1951	Trustee (Since 2007)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001, Emeritus since 2022; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	28 RICs consisting of 166 Portfolios	None

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 155

Trustee and Officer Information  (continued)

Independent Trustees(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Claire A. Walton 1957	Trustee (Since 2016)	Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC since 2003; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022.	28 RICs consisting of 166 Portfolios	None
Interested Trustees(a)(d)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Robert Fairbairn 1965	Trustee (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.	98 RICs consisting of 266 Portfolios	None
John M. Perlowski(e) 1964	Trustee (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	100 RICs consisting of 268 Portfolios	None

^(a)  The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001.

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

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

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

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

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Trustee and Officer Information  (continued)

Officers Who Are Not Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years
Roland Villacorta 1971	Vice President (Since 2022)	Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Portfolio Management Group since 2022; Member of BlackRock’s Global Operating Committee since 2022; Head of Portfolio Management in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions from 2008 to 2015; Co-Head of BlackRock Solutions’ Portfolio Analytics Group; previously Mr. Villacorta was Co-Head of Fixed Income within BlackRock’s Risk & Quantitative Analysis Group.
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., 50 Hudson Yards, New York, NY 10001.

^(b)  Officers of the Trust serve at the pleasure of the Board.

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

Effective December 31, 2022, Joseph P. Platt retired as a Trustee of the Funds.

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 157

Additional Information

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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.

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Additional Information   (continued)

BlackRock Privacy Principles (continued)

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	Distributor
BlackRock Advisors, LLC	BlackRock Investments, LLC
Wilmington, DE 19809	New York, NY 10001
Sub-Adviser	Independent Registered Public Accounting Firm
BlackRock International Limited(a)	Deloitte & Touche LLP
Edinburgh, EH3 8BL	Boston, MA 02116
United Kingdom
	Legal Counsel
Accounting Agent and Custodian	Sidley Austin LLP
State Street Bank and Trust Company	New York, NY 10019
Boston, MA 02114
	Address of the Funds
Transfer Agent	100 Bellevue Parkway
BNY Mellon Investment Servicing (US) Inc.	Wilmington, DE 19809
Wilmington, DE 19809
(a) For Global Equity Market Neutral.

A D D I T I O N A L   I N F O R M A T I O N 159

Glossary of Terms Used in this Report

Currency Abbreviation

USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt
AMBAC	AMBAC Assurance Corp.
ARB	Airport Revenue Bonds
CDI	CREST Depository Interest
CVA	Certificaten Van Aandelen (Dutch Certificate)
DIP	Debtor-In-Possession
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
SAB	Special Assessment Bonds
SAP	Subject to Appropriations
SCA	Societe en Commandite par Actions
SDR	Swedish Depositary Receipt
SG	Syncora Guarantee
ST	Special Tax
THOR	Thai Overnight Repurchase Rate
UT	Unlimited Tax

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Want to know more?

blackrock.com  |  800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

EMLSGLS-04/23-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 Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current   Fiscal Year End	Previous   Fiscal Year End	Current   Fiscal Year End	Previous   Fiscal Year End	Current   Fiscal Year End	Previous   Fiscal Year End	Current   Fiscal Year End	Previous   Fiscal Year End
BlackRock Advantage Emerging Markets Fund	$47,838	$46,002	$44	$0	$25,900	$18,100	$218	$420
BlackRock Global Equity Market Neutral Fund (Formerly BlackRock Global Long/Short Equity Fund)	$64,464	$62,016	$44	$0	$33,800	$24,000	$218	$420

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or

2

overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,154,000	$2,098,000

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax

3

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	$26,162	$18,520
BlackRock Global Equity Market Neutral Fund (Formerly BlackRock Global Long/Short Equity Fund)	$34,062	$24,420

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year     End	Previous Fiscal Year   End
$2,154,000	$2,098,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

4

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – 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

5

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: July 18, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds

Date: July 18, 2023

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds

Date: July 18, 2023

6

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds, certify that:

1.            I have reviewed this report on Form N-CSR of BlackRock Funds;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)            designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)            designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)            disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)            all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 18, 2023

/s/ John M. Perlowski        

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds, certify that:

1.            I have reviewed this report on Form N-CSR of BlackRock Funds;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)            designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)            designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)            disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)            all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 18, 2023

/s/ Trent Walker        

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

EX-99.906 CERT

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended April 30, 2023 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 18, 2023

/s/ John M. Perlowski        

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended April 30, 2023 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 18, 2023

/s/ Trent Walker        

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.