UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05742

Name of Fund:	BlackRock Funds             BlackRock Advantage Emerging Markets Fund             BlackRock Global Long/Short Equity Fund
Fund Address:	100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds, 55

              East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2019

Date of reporting period: 10/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) October 31, 2018 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 88.6%
Brazil — 6.7%
AMBEV SA		322,600	$	1,416,441
AMBEV SA, ADR		335,119		1,451,065
B2W Cia Digital(a)		3,700		34,301
Banco Bradesco SA, Preference Shares		116,900		1,077,434
Banco Santander Brasil SA		13,500		153,083
Cia Brasileira de Distribuicao Grupo Pao de Acucar - ADR		11,953		249,937
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		23,325		490,254
Estacio Participacoes SA		28,700		178,377
Gerdau SA, Preference Shares		30,100		131,513
Hypermarcas SA		184,900		1,479,598
Iochpe-Maxion SA		92,398		481,170
Itau Unibanco Holding SA, Preference Shares		71,100		940,931
JBS SA		43,335		119,356
Petroleo Brasileiro SA, Preference Shares		88,100		653,855
Randon Participacoes SA		79,413		169,432
Tim Participacoes SA		34,280		106,759
Tim Participacoes SA, -ADR		22,044		341,021
Vale SA		7,300		111,241
WEG SA		87,700		424,184
				10,009,952
Chile — 0.1%
Banco de Chile		819,934		113,577
China — 24.7%
Agricultural Bank of China Ltd., Class A, Class A		87		48
Alibaba Group Holding Ltd. - ADR(a)		47,934		6,820,050
Anhui Conch Cement Co., Ltd., Class H		79,000		409,468
BAIC Motor Corp. Ltd., Class D		242,000		136,614
Baidu, Inc. - ADR(a)		2,066		392,664
Bank of China Ltd., Class H		2,079,000		885,740
Bank of Hangzhou Co. Ltd.		409,060		469,350
Bank of Nanjing Co. Ltd., Class A		83,660		88,224
Bohai Capital Holding Co., Ltd.		54,000		31,007
CCOOP Group Co., Ltd.		53,100		20,361
China CITIC Bank Corp., Ltd.		231,100		196,698
China Communications Construction Co. Ltd., Class H		606,000		555,645
China Communications Services Corp. Ltd., Class H		508,000		411,668
China Construction Bank Corp., Class H		1,216,000		964,953
China Everbright Bank Co., Ltd.		713,900		411,630
China Life Insurance Co. Ltd., Class H		678,000		1,358,574
China Mengniu Dairy Co. Ltd.(a)		100,000		295,888
China Merchants Bank Co. Ltd., Class H		59,000		227,821
China Minsheng Banking Corp. Ltd., Class H		254,500		187,922
China Mobile Ltd.		298,000		2,791,628

Security	Shares		Value
China (continued)
China National Chemical Engineering Co., Ltd.		55,400	$	46,513
China Oriental Group Co., Ltd.		32,000		25,390
China Pacific Insurance Group Co. Ltd., Class H		184,800		689,933
China Petroleum & Chemical Corp., Class A		77,800		70,340
China Petroleum & Chemical Corp. - ADR		5,740		462,988
China Petroleum & Chemical Corp., Class H		2,180,001		1,775,775
China Railway Construction Corp. Ltd.		158,000		200,661
China Railway Group Ltd., Class H		1,028,000		918,736
China Vanke Co. Ltd.		185,800		573,731
CNOOC Ltd.		520,000		885,549
CNPC Capital Co., Ltd.		78,700		123,591
Daqin Railway Co. Ltd., Class A		157,700		182,715
Dongxing Securities Co. Ltd., Class A		84,942		124,040
Fanhua, Inc., ADR		542		14,515
Huatai Securities Co. Ltd., Class H		56,000		90,157
Industrial & Commercial Bank of China Ltd., Class H		724,000		491,214
Jiangxi Copper Co. Ltd., Class H		202,000		223,123
Lenovo Group Ltd.(b)		1,236,000		788,310
Li Ning Co. Ltd.(a)		19,500		18,344
Lonking Holdings, Ltd.		956,000		215,545
Maanshan Iron & Steel		68,000		36,620
Metallurgical Corp. of China, Ltd.		834,000		202,708
NetEase, Inc. - ADR		777		161,499
New China Life Insurance Co. Ltd., Class H		43,300		203,146
PetroChina Co. Ltd., ADR		8,233		598,045
PetroChina Co. Ltd., Class H		1,124,000		808,182
Ping An Insurance Group Co. of China Ltd., Class H		266,500		2,519,498
Renhe Commercial Holdings Co., Ltd.(a)		500,000		16,950
RiseSun Real Estate Development Co. Ltd., Class A		100,009		113,994
Sany Heavy Industry Co. Ltd., Class A		73,700		83,629
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		33,100		94,298
SINA Corp.(a)		16,552		1,047,907
Sinopec Engineering Group Co. Ltd., Class H		65,000		60,551
Sinopec Shanghai Petrochemical Co. Ltd., Class A		321,345		243,843
Sinopec Shanghai Petrochemical Co. Ltd., Class H		416,000		182,809
Sinopharm Group Co. Ltd., Class H		79,600		385,610
Sinotrans, Ltd.		506,000		177,014
Sohu.com Ltd., ADR(a)		10,239		185,019
Tencent Holdings Ltd.		101,800		3,487,593
Tianneng Power International, Ltd.		366,000		293,719

1

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Tingyi Cayman Islands Holding Corp.		24,000	$	35,560
Uni-President China Holdings Ltd.		262,000		254,884
Weichai Power Co. Ltd., Class H		754,000		745,405
Yihai International Holding, Ltd.		9,000		19,777
Yonyou Network Technology Co. Ltd., Class A		92		319
Zijin Mining Group Co. Ltd., Class H		828,000		309,724
				36,845,426
Czech Republic — 0.5%
CEZ AS		32,147		764,892
Greece — 0.0%
Hellenic Telecommunications Organization SA		4,341		48,378
Hong Kong — 3.4%
Beijing Enterprises Holdings Ltd.		21,000		113,861
China Everbright Ltd.		140,000		248,264
China investment Fund International Holdings Co., Ltd.(a)		16,000		54,416
China Mobile, Ltd., ADR		22,334		1,039,648
China Overseas Land & Investment Ltd.		242,000		760,809
China Resources Cement Holdings Ltd.		154,000		136,702
China Resources Land Ltd.		172,000		585,006
China Taiping Insurance Holdings Co. Ltd.		223,400		750,396
China Water Affairs Group, Ltd.		70,000		63,352
Haier Electronics Group Co. Ltd.(a)		150,000		314,997
Kingboard Laminates Holdings, Ltd.		225,500		173,114
KWG Property Holding, Ltd.		257,500		197,612
Nine Dragons Paper Holdings Ltd.		417,000		399,356
Shimao Property Holdings Ltd.		108,000		212,808
Yuexiu Property Co., Ltd.		208,000		33,007
Yuexiu Real Estate Investment Trust		27,000		16,400
				5,099,748
Hungary — 1.6%
MOL Hungarian Oil & Gas PLC		17,834		186,994
OTP Bank PLC		49,799		1,789,051
Richter Gedeon Nyrt		21,280		395,286
				2,371,331
India — 9.4%
Bharat Forge Ltd.		45,620		360,902
Biocon Ltd.		58,593		522,405
Dr. Reddy’s Laboratories Ltd.		5,944		204,194
Dr. Reddy’s Laboratories Ltd. - ADR		2,850		96,986
GAIL India Ltd.		91,693		464,560
Glenmark Pharmaceuticals Ltd.		10,424		87,558
Hindalco Industries Ltd.		684,088		2,039,657
Hindustan Unilever Ltd.		63,684		1,398,150
Housing Development Finance Corp. Ltd.		61,442		1,469,909

Security	Shares		Value
India (continued)
Indian Oil Corp. Ltd.		59,428	$	111,502
Info Edge India, Ltd.		8,027		171,463
Infosys Ltd.		200,862		1,856,177
Infosys Ltd. - ADR		74,368		704,265
Jain Irrigation Systems Ltd.		121,991		117,513
Jet Airways India, Ltd.(a)		28,078		84,101
Jubilant Life Sciences Ltd.		9,421		84,663
KEC International Ltd.		63,538		244,466
Mahindra & Mahindra Ltd.		6,197		64,246
Mphasis Ltd.		34,365		459,404
Nestle India Ltd.		3,217		441,186
Oracle Financial Services Software Ltd.		2,082		102,139
Petronet LNG Ltd.		350,578		1,069,319
Tata Consultancy Services Ltd.		48,210		1,263,846
Tata Global Beverages Ltd.		39,669		116,831
United Breweries Ltd.		27,405		452,388
Wipro Ltd.		21,711		97,194
				14,085,024
Indonesia — 0.7%
Bank Mandiri Persero Tbk PT		535,700		240,701
Bank Rakyat Indonesia Persero Tbk PT		848,000		176,001
Charoen Pokphand Indonesia Tbk PT		271,400		98,305
Pabrik Kertas Tjiwi Kimia Tbk PT		26,100		17,743
PT United Tractors Tbk		62,515		138,022
Tambang Batubara Bukit Asam Persero Tbk PT		1,150,900		323,227
				993,999
Malaysia — 0.8%
Astro Malaysia Holdings Bhd		325,700		105,214
Genting Bhd		358,800		629,671
Malayan Banking Bhd		70,300		159,563
Maxis Bhd		180,800		226,060
QL Resources BHD		14,200		23,938
				1,144,446
Mexico — 3.6%
America Movil SAB de CV, Series L		1,847,859		1,338,142
Banco del Bajio SA		10,400		20,443
Cemex SAB de CV(a)		218,100		108,871
Grupo Aeroportuario del Centro Norte SAB de C.V., ADR		4,544		189,803
Grupo Aeroportuario del Centro Norte SAB de CV		125,798		658,244
Grupo Elektra SAB de C.V.		2,062		87,274
Grupo Financiero Banorte SAB de CV, Series O		72,550		399,158
Grupo Televisa SAB CPO		49,030		141,346
Industrias Penoles SAB de CV		236		3,326
Megacable Holdings SAB de C.V.		7,228		32,049

2

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Wal-Mart de Mexico SAB de C.V.		934,050	$	2,385,562
				5,364,218
Netherlands — 0.6%
Yandex NV(a)		29,198		879,736
Peru — 0.2%
Hochschild Mining PLC		171,227		344,684
Philippines — 0.8%
Ayala Corp.		28,165		484,866
Ayala Land, Inc.		949,600		704,607
San Miguel Corp.		20,250		64,810
				1,254,283
Poland — 2.9%
Bank Pekao SA		20,636		562,584
Cyfrowy Polsat SA(a)		7,726		44,425
LPP SA		46		94,044
Polski Koncern Naftowy Orlen SA		59,337		1,426,901
Polskie Gornictwo Naftowe i Gazownictwo SA(a)		174,208		284,182
Powszechna Kasa Oszczednosci Bank Polski SA		73,715		765,561
Powszechny Zaklad Ubezpieczen SA		105,858		1,078,796
				4,256,493
Russia — 4.1%
Inter Rao UES PJSC		8,388,982		507,555
Lukoil OAO		5,654		423,875
Lukoil PJSC - ADR		25,955		1,935,176
Magnitogorsk Iron & Steel Works OJSC		982,868		714,591
Mobile Telesystems OJSC - ADR		14,586		116,834
Novatek PJSC - GDR		8,217		1,385,858
Severstal OAO		32,024		500,371
Severstal PAO, -GDR		24,161		375,049
Tatneft OAO		10,920		129,116
				6,088,425
South Africa — 4.1%
Anglo American Platinum Ltd.		21,424		697,507
Barloworld Ltd.		77,775		633,932
FirstRand Ltd.		16,742		73,123
Gold Fields Ltd.		22,273		58,884
Imperial Holdings Ltd.		18,138		201,252
Massmart Holdings Ltd.		62,879		409,347
Mondi, Ltd.		14,094		337,320
Mr Price Group Ltd.		3,542		55,458
MTN Group Ltd.		79,003		458,765
Naspers Ltd., Class N		10,328		1,811,540
Nedbank Group Ltd.		14,327		242,200
Remgro Ltd.		3,511		45,263
The Spar Group Ltd.		40,373		481,192
Standard Bank Group Ltd.		47,625		527,648

Security	Shares		Value
South Africa (continued)
Vodacom Group Ltd.		17,265	$	145,592
				6,179,023
South Korea — 8.9%
Cheil Worldwide, Inc.		5,318		106,117
Daelim Industrial Co., Ltd.		783		52,420
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		904		23,415
Doosan Infracore Co., Ltd.(a)		30,308		206,056
Fila Korea, Ltd.		411		15,221
Green Cross Corp.		1,156		121,735
GS Engineering & Construction Corp.		1,585		58,446
Hana Financial Group, Inc.		2,636		88,795
Hotel Shilla Co. Ltd.		4,655		293,375
Hyundai Development Co-Engineering & Construction		5,169		76,687
KB Financial Group, Inc.		49,762		2,072,299
KB Financial Group, Inc., ADR		2,833		117,711
Kia Motors Corp.		30,660		766,369
Korea Investment Holdings Co., Ltd.		2,404		125,720
LG Display Co., Ltd.		7,179		104,752
LG Electronics, Inc.		33,415		1,729,955
LG International Corp.		6,505		89,806
LS Corp.		3,268		145,373
NH Investment & Securities Co. Ltd.		14,660		157,376
POSCO		3,656		836,832
POSCO Chemtech Co., Ltd.		488		28,070
Samsung Electro-Mechanics Co. Ltd.		3,389		353,758
Samsung Electronics Co. Ltd.		123,616		4,627,663
Shinhan Financial Group Co. Ltd.		21,207		789,872
Shinhan Financial Group Co. Ltd. - ADR		6,385		236,309
				13,224,132
Switzerland — 0.1%
Sinotruk Hong Kong, Ltd.		98,500		142,428
Taiwan — 11.0%
Acer, Inc.(a)		765,000		538,301
Asia Cement Corp.		517,000		548,162
Chailease Holding Co., Ltd.		179,400		514,548
China Development Financial Holding Corp.		1,678,000		540,280
China Life Insurance Co. Ltd.		136,740		129,965
CTBC Financial Holding Co. Ltd.		813,000		544,410
Far Eastern New Century Corp.		70,000		70,407
Formosa Chemicals & Fibre Corp.		60,000		217,743
Fubon Financial Holding Co. Ltd.		1,088,000		1,706,968
Hua Nan Financial Holdings Co. Ltd.		108,110		61,065
Largan Precision Co., Ltd.		5,000		546,317
MediaTek, Inc.		86,000		635,251
Novatek Microelectronics Corp.		252,000		1,114,828
PharmaEngine, Inc.		31,000		104,952
Qisda Corp.		91,000		51,754
Quanta Computer, Inc.		225,000		355,882

3

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Taiwan Semiconductor Manufacturing Co. Ltd.		749,000	$	5,623,029
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		12,691		483,527
Tatung Co., Ltd.(a)		21,000		24,548
TCI Co. Ltd.		18,000		252,159
Tripod Technology Corp.		34,000		82,156
Uni-President Enterprises Corp.		774,000		1,876,062
WPG Holdings Ltd.		353,280		420,751
				16,443,065
Thailand — 1.5%
Bangkok Chain Hospital PCL - NVDR		788,100		464,375
Bangkok Dusit Medical Services PCL - NVDR		752,600		558,159
Gulf Energy Development PCL		18,600		43,835
Home Product Center PCL - NVDR		432,700		194,861
Intouch Holdings PCL - NVDR		28,000		44,819
Muangthai Leasing PCL		18,800		29,681
PTT Global Chemical PCL - NVDR		230,100		537,546
Thai Oil PCL - NVDR		41,100		105,113
Thanachart Capital PCL		9,200		14,660
Total Access Communication PCL		153,800		221,171
				2,214,220
Turkey — 1.3%
Akbank TAS		119,007		140,736
Ford Otomotiv Sanayi		33,737		362,300
KOC Holding AS		24,554		68,592
Tekfen Holding		39,062		148,713
Turkcell Iletisim Hizmetleri AS		35,870		72,993
Turkiye Garanti Bankasi AS		389,887		490,446
Turkiye Is Bankasi, Class C		904,348		647,241
				1,931,021
United Arab Emirates — 0.1%
Aldar Properties PJSC		221,657		104,397
Dubai Islamic Bank PJSC		8,609		12,328
Emaar Properties PJSC		47,249		65,558
				182,283
United Kingdom — 1.5%
Anglo American PLC		105,858		2,261,603
Total Common Stocks — 88.6% (Cost — $146,604,513)				132,242,387

Security	Shares		Value
Preferred Stock
Banks — 0.1%
Itausa — Investimentos Itau SA, Preference Shares, 0.00%		31,500	$	95,139
Total Preferred Stocks — 0.1% (Cost — $92,170)				95,139
Total Long-Term Investments — 88.7% (Cost — $146,696,683)				132,337,526
Short-Term Securities — 10.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.07%(c),(e)		16,033,463		16,033,463
SL Liquidity Series, LLC, Money Market Series, 2.41%(c),(d),(e)		209,470		209,470
Total Short-Term Securities — 10.8% (Cost — $16,242,943)				16,242,933
Total Investments — 99.5% (Cost — $162,939,626)				148,580,459
Other Assets Less Liabilities — 0.5%				777,223
Net Assets — 100.0%			$	149,357,682

^(a)  Non-income producing security.

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

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

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

4

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Advantage Emerging Markets Fund

^(e)  During the period ended October 31, 2018, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate Persons and/or Related Parties	Shares Held at 07/31/18		Shares Purchased			Shares Sold			Shares Held at 10/31/18		Value at 10/31/18		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		17,633,480		—			(1,600,017	)(b)	$	16,033,463	$	16,033,463	$	67,360		$	—	$	—
iShares MSCI India ETF		237,467		—			(237,467	)		—		—		—			729,745		(737,406	)
SL Liquidity Series, LLC, Money Market Series		182,881		26,589	(c)		—			209,470		209,470		2,018	(d)		89		(28	)
											$	16,242,933	$	69,378		$	729,834	$	(737,434	)

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

^(b)  Represents net shares/investment value sold.

^(c)  Represents net shares/investment value purchased.

^(d)  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.

Currency Abbreviations

BRL — Brazilian Real

CLP — Chilean Peso

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

PHP — Philippine Peso

PLN — Polish Zloty

RUB — New Russian Ruble

TRY — Turkish Lira

TWD — Taiwan New Dollar

USD — United States Dollar

ZAR — South African Rand

Portfolio Abbreviations

ADR — American Depositary Receipts

BHD — Bahraini Dinar

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

MTN — Medium-Term Note

NVDR — Non-voting Depository Receipts

PCL — Public Company Limited

5

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Advantage Emerging Markets Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts:
MSCI Emerging Markets E-Mini Index		237		12/21/18	$	11,337	$	(100,139	)

OTC Total Return Swaps^(a)

Reference Entity	Counterparty	Termination Date	Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Goldman Sachs & Co.	12/13/18 — 06/17/19	$	779,146	$	(147,833	)(b)	$	721,850		0.6	%
	Morgan Stanley & Co., Inc.	02/24/23 — 02/27/23		2,068,841		(124,473	)(c)		1,775,249		1.4
	UBS AG	06/12/23 — 06/14/23		2,450,777		(432,137	)(d)		1,992,077		1.6
			$	5,298,764	$	(704,443	)	$	4,489,176

^(a)  The Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 30-850 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

TMA HKD Overnight Index Average (HONIA)

United States Overnight Bank Funding Rate

US Federal Funds Effective Rate (continuous series)

^(b)  Amount includes $(90,537) of net dividends and financing fees.

^(c)  Amount includes $169,119 of net dividends and financing fees.

^(d)  Amount includes $26,563 of net dividends and financing fees.

6

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Advantage Emerging Markets Fund

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co, Inc. as of October 31, 2018 expiration dates 02/24/23 — 02/27/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
China
China Petroleum & Chemical Corp., Class H		650,000	$	529,474		29.8	%
KWG Property Holding Ltd.		123,000		94,393		5.3
Sinopec Shanghai Petrochemical Co. Ltd., Class H		52,000		22,851		1.3
Weichai Power Co. Ltd., Class H		36,000		35,590		2.0	%
				682,308
Greece
Hellenic Telecommunications Organization SA		5,107		56,915		3.2
Hong Kong
Haier Electronics Group Co. Ltd.		47,000		98,699		5.6
Mexico
Kimberly-Clark de Mexico SAB de CV, Class A		3		5		0.0
South Korea
Samsung Electronics Co. Ltd.		21,800		816,100		46.0
United Arab Emirates
Aldar Properties PJSC		257,380		121,222		6.8
Total Reference Entity — Long				1,775,249
Net Value of Reference Entity — Morgan Stanley & Co, Inc.			$	1,775,249

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 October 31, 2018 expiration dates 06/12/23 — 06/14/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
China
China Communications Services Corp. Ltd., Class H		2,000	$	1,621		0.1	%
China Petroleum & Chemical Corp., Class H		40,000		32,583		1.6
				34,204
Hong Kong
Shimao Property Holdings Ltd.		40,500		79,803		4.0
South Africa
Gold Fields Ltd.		9,298		24,581		1.2
Standard Bank Group Ltd.		29,498		326,815		16.4
				351,396
South Korea
Posco ICT Co. Ltd.		1		5		0.0
Samsung Electronics Co. Ltd.		32,544		1,218,310		61.2
				1,218,315
Taiwan
Yuanta Financial Holding Co. Ltd.		166		81		0.0
United Arab Emirates
Aldar Properties PJSC		273,141		128,646		6.5
Dubai Islamic Bank PJSC		30,118		43,129		2.2
Emaar Properties PJSC		98,381		136,503		6.8
				308,278
Total Reference Entity — Long				1,992,077
Net Value of Reference Entity — UBS AG			$	1,992,077

7

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

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

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Brazil	$	10,009,952	$	—	$	—	$	10,009,952
Chile		113,577		—		—		113,577
China		9,682,687		27,162,739		—		36,845,426
Czech Republic		—		764,892		—		764,892
Greece		—		48,378		—		48,378
Hong Kong		1,039,648		4,060,100		—		5,099,748
Hungary		—		2,371,331		—		2,371,331
India		801,251		13,283,773		—		14,085,024
Indonesia		—		993,999		—		993,999
Malaysia		—		1,144,446		—		1,144,446
Mexico		5,364,218		—		—		5,364,218
Netherlands		879,736		—		—		879,736
Peru		—		344,684		—		344,684
Philippines		—		1,254,283		—		1,254,283
Poland		—		4,256,493		—		4,256,493
Russia		116,834		5,971,591		—		6,088,425
South Africa		890,539		5,288,484		—		6,179,023
South Korea		354,020		12,870,112		—		13,224,132
Switzerland		—		142,428		—		142,428

8

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Advantage Emerging Markets Fund

	Level 1			Level 2			Level 3		Total
Taiwan		483,527			15,959,538			—		16,443,065
Thailand		—			2,214,220			—		2,214,220
Turkey		—			1,931,021			—		1,931,021
United Arab Emirates		116,725			65,558			—		182,283
United Kingdom		—			2,261,603			—		2,261,603
Preferred Stock		95,139			—			—		95,139
Short-Term Securities		16,033,463			—			—		16,033,463
	$	45,981,316		$	102,389,673		$	—	$	148,370,989
Investments Valued at Net Asset Value (“NAV”)(a)										209,470
									$	148,580,459
Derivative Financial Instruments(b)
Liabilities:
Equity contracts		—			(704,443	)		—		(704,443	)
Interest rate contracts		(100,139	)		—			—		(100,139	)
	$	(100,139	)	$	(704,443	)	$	—	$	(804,582	)

^(a)  As of October 31, 2018, certain investments of the Fund were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

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

During the period ended October 31, 2018, there were no transfers between levels.

9

Schedule of Investments  (unaudited)  October 31, 2018 BlackRock Global Long/Short Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities — 0.6%
Preferred Stocks — 0.6%
United States — 0.6%
AliphCom, Series 6, (Acquired 12/15/15, cost $-), 0.00%(a)(b)		8,264	$	—
AliphCom, Series 8, (Acquired 03/10/15, cost $1,750,010), 0.00%(a)(b)		823,530		8
Illumio Inc., (Acquired 3/10/15, cost $1,500,001), 0.00%(a)(b)		466,730		1,306,844
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $1,999,998) 0.00%(a)(b)		326,264		1,738,987
Uber Technologies, Inc., Series E, (Acquired 12/04/14, cost $415,813), 0.00%(a)(b)		12,480		608,650
Total Preferred Stocks — 0.6% (Cost — $5,665,812)				3,654,489
Total Preferred Securities—0.6% (Cost — $5,665,812)				3,654,489
	Par (000)
U.S. Treasury Obligations — 12.5%
U.S. Treasury Notes(c):
(3 mo.Treasury money market yield + 0.06%), 1.98%, 07/31/19	$	6,135		6,139,466
2.07%, 10/31/19		12,000		12,009,325
2.11%, 01/31/20		60,000		60,007,453
Total U.S. Treasury Obligations — 12.5% (Cost — $78,151,205)				78,156,244
Total Long-Term Investments — 13.1% (Cost — $83,817,017)				81,810,733

Security	Par (000)		Value
Short-Term Securities — 76.2%
U.S. Treasury Obligations — 73.0%
U.S. Treasury Bills(d):
2.05% - 2.17%, 11/08/18	$	207,000	$	206,915,423
2.19%, 11/15/18		45,000		44,962,988
2.07%, 11/23/18		15,000		14,980,257
2.22%, 12/27/18		30,000		29,896,983
2.22%, 01/03/19		80,000		79,689,200
2.26%, 01/10/19		30,000		29,870,063
2.21%, 01/31/19		10,000		9,942,114
2.23%, 02/07/19		9,270		9,212,023
2.17%, 12/20/18		3,400		3,389,981
2.17%, 12/20/18		6,800		6,779,962
2.31%, 01/17/19		1,450		1,443,041
2.32%, 01/17/19		725		721,520
2.35%, 03/21/19		20,000		19,818,389
Total U.S. Treasury Obligations — 73.0% (Cost — $457,640,956)				457,621,944
	Shares
Money Market Funds — 3.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.07%(e)(f)		20,111,538	$	20,111,538
Total Money Market Funds — 3.2% (Cost — $20,111,538)				20,111,538
Total Short-Term Securities — 76.2% (Cost — $477,752,494)				477,733,482
Total Investments — 89.3% (Cost — $561,569,511)				559,544,215
Other Assets Less Liabilities — 10.7%				67,244,107
Net Assets — 100.0%			$	626,788,322

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

^(b)  Restricted security as to resale, excluding 144A securities. As of period end, the Fund held restricted securities with a current value of $3,654,489 and an original cost of $5,665,812, which was 0.6% of its net assets.

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

^(d)  Rates are discount rates or a range of discount rates paid at the time of purchase.

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

1

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

^(f)  During the period ended October 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares Held at 07/31/18		Net Activity			Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		21,000,203		(888,666	)		20,111,537	$	20,111,537	$	80,666	$	2,865	$	—

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

Portfolio Abbreviations

OTC — Over-the-Counter

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts
AMSTERDAM Index		297		11/16/18	$	34,770	$	151,967
OMX Stockholm 30 Index		1,448		11/16/18		24,241		(51,266	)
TOPIX Index		90		12/13/18		13,089		186,480
SPI 200 Index		52		12/20/18		5,338		104,273
FTSE/MIB Index		116		12/21/18		12,472		(300,805	)
DAX Index		30		12/21/18		9,733		96,964
								187,613
Short Contracts
IBEX 35 Index		135		11/16/18		13,588		(22,565	)
CAC 40 Index		287		11/16/18		16,546		(41,091	)
Hang Seng Index		35		11/29/18		5,559		(58,038	)
MSCI Singapore Index		730		11/29/18		18,077		(289,721	)
S&P/TSX 60 Index		51		12/20/18		6,928		(51,290	)
FTSE 100 Index		200		12/21/18		18,179		(371,592	)
S&P 500 E-Mini Index		159		12/21/18		21,553		439,555
								(394,742	)
							$	(207,129	)

2

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

OTC Total Return Swaps

Reference Entity	Fixed Amount Paid/(Received) by the Fund (a)			Counterparty		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Swiss Market IX Future December 2018		CHF	5,420,623		Morgan Stanley & Co. International		12/21/18		CHF	5,421	$	6,063		$	—	$	6,063
Swiss Market IX Future December 2018		CHF	3,540,614		Morgan Stanley & Co. International		12/21/18		CHF	3,541		(55,787	)		—		(55,787	)
Swiss Market IX Future December 2018		CHF	4,422,753		Morgan Stanley & Co. International		12/21/18		CHF	4,423		(72,727	)		—		(72,727	)
Swiss Market IX Future December 2018		CHF	5,311,386		Morgan Stanley & Co. International		12/21/18		CHF	5,311		(153,320	)		—		(153,320	)
Swiss Market IX Future December 2018		CHF	3,624,342		Morgan Stanley & Co. International		12/21/18		CHF	3,624		(61,935	)		—		(61,935	)
											$	(337,706	)	$	—	$	(337,706	)

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

OTC Total Return Swaps^(a)

Reference Entity	Counterparty	Expiration Date	Net Notional			Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Bank of America, N.A.	12/19/18 — 02/17/23	$	(3,676,732	)	$	1,977,032	(b)	$	(2,313,692	)		57.4	%
	Deutsche Bank A.G.	01/30/23 — 02/17/23		2,952,234			(2,790,229	)(c)		407,841			12.3
	UBS AG	05/23/19		603,932			(480,001	)(d)		(646,457	)		31.3
	Goldman Sachs & Co.	12/04/18 — 03/17/23		(11,099,279	)		6,288,028	(e)		(1,826,988	)		118.4
	Bank of America, N.A.	02/17/23		(105,197	)		(42,953	)(f)		(63,390	)		1.1
	Goldman Sachs & Co.	12/10/18 — 02/27/23		(1,859,138	)		1,140,764	(g)		(249,678	)		56.3
			$	(13,184,180	)	$	6,092,641		$	(4,692,364	)

^(a)  The Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 20-1200 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

Association of Banks in Singapore Swap Offer Rate Fixing 1 Day

Association of Banks in Singapore Swap Offer Rate Fixing 1 Month

ASX Australian Bank Bill Short Term Rates 1 Month Mid

Bank of Japan Estimate Unsecured Overnight Call Rate

Canada Bankers Acceptances 1 Month

Canadian Overnight Repo Rate Average CORRA

Copenhagen Interbank Offered Rates 1 Week

Denmark Tomorrow/Next

EMMI EURO Overnight Index Average

Euribor 1 Week ACT/360

HK Association of Banks HKD HIBOR Fixings 2 Week at 11:00am

3

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

ICE LIBOR CHF 1 Week

ICE LIBOR CHF Spot Next

ICE LIBOR EUR 1W

ICE LIBOR GBP 1 Week

ICE LIBOR GBP Overnight

ICE LIBOR JPY 1 Month

ICE LIBOR JPY 1 Week

ICE LIBOR JPY Spot Next

ICE LIBOR USD 1 Week

NOK Overnight Deposit

Norwegian Overnight Weighted Average

Oslo Bors Norway Interbank Offered Rate Fixing 1 Week

RBA Interbank Overnight Cash Rate

SGD 1 Month Deposit

SGD Overnight Deposit

SONIA O/N Deposit Rates Swap

STIBOR Interbank Offered Rate T/N

Stockholm Interbank Offered Rate 1 Week

Stockholm Interbank Offered Rate T/N

United States Overnight Bank Funding Rate

US Federal Funds Effective Rate (continuous series)

^(b)  Amount includes $613,992 of net dividends and financing fees.

^(c)  Amount includes $(245,836) of net dividends and financing fees.

^(d)  Amount includes $770,388 of net dividends and financing fees.

^(e)  Amount includes $(2,984,263) of net dividends and financing fees.

^(f)  Amount includes $(84,761) of net dividends and financing fees.

^(g)  Amount includes $(468,695) of net dividends and financing fees.

4

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America, N.A. as of October 31, 2018 expiration dates 12/19/18 — 02/17/23:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
CSR Ltd.		572,312	$	1,435,660		(62.1	)%
Flight Centre Travel Group Ltd.		5,544		182,880		(7.9	)
Iluka Resources Ltd.		42,991		246,906		(10.7	)
Perpetual Ltd.		1,833		45,085		(1.9	)
Qantas Airways Ltd.		571,294		2,217,623		(95.8	)
				4,128,154
Austria
Vienna Insurance Group AG Wiener Versicherung Gruppe		15,129		401,774		(17.4	)
Wienerberger AG		53,705		1,235,269		(53.4	)
				1,637,043
Belgium
UCB SA		11,015		925,040		(40.0	)
Canada
BRP, Inc.		9,981		401,530		(17.3	)
Great-West Lifeco, Inc.		25,190		578,062		(25.0	)
Quebecor, Inc., Class B		93,089		1,825,787		(78.9	)
TELUS Corp.		10,113		346,306		(15.0	)
TFI International, Inc.		32,117		1,068,818		(46.2	)
				4,220,503
China
Yangzijiang Shipbuilding Holdings Ltd.		415,700		372,748		(16.1	)
Denmark
Carlsberg A/S, Class B		12,450		1,373,442		(59.4	)
GN Store Nord A/S		37,544		1,592,566		(68.8	)
Royal Unibrew A/S		709		50,312		(2.2	)
William Demant Holding A/S		3,303		108,575		(4.7	)
				3,124,895
Finland
Kesko OYJ, Class B		54,407		3,177,509		(137.3	)
Outokumpu OYJ		9,422		39,494		(1.7	)
				3,217,003
France
Christian Dior SE		932		360,561		(15.6	)
Cie de Saint-Gobain		14,660		552,263		(23.9	)
Faurecia SA		64,141		3,109,449		(134.4	)
L’Oreal SA		283		63,755		(2.7	)

Security	Shares		Value		% of Basket Value
France (continued)
Sartorius Stedim Biotech		188	$	23,295		(1.0	)%
				4,109,323
Germany
Continental AG		10,528		1,734,866		(75.0	)
Evonik Industries AG		77,016		2,382,550		(103.0	)
Hochtief AG		1,275		188,940		(8.2	)
Jenoptik AG		3,197		96,770		(4.2	)
Linde AG		174		37,603		(1.6	)
MTU Aero Engines AG		15,375		3,264,605		(141.1	)
Nemetschek SE		911		119,758		(5.2	)
Siltronic AG		4,448		407,369		(17.6	)
Software AG		53,393		2,390,386		(103.3	)
Sartorius AG, Preference Shares		5,098		737,391		(31.9	)
Wirecard AG		7,994		1,495,333		(64.6	)
				12,855,571
Israel
Wix.com Ltd.		76		7,399		(0.3	)
Italy
Amplifon SpA		1,354		23,985		(1.0	)
Ferrari NV		2,932		343,342		(14.9	)
Hera SpA		29,356		81,019		(3.5	)
Moncler SpA		25,197		875,036		(37.8	)
				1,323,382
Japan
Advantest Corp.		2,900		53,484		(2.3	)
Capcom Co. Ltd.		1,700		35,436		(1.5	)
CyberAgent, Inc.		1,500		63,677		(2.8	)
Dentsu, Inc.		2,200		102,036		(4.4	)
DMG Mori Seiki Co. Ltd.		39,500		569,913		(24.6	)
East Japan Railway Co.		15,600		1,362,468		(58.9	)
Gree, Inc.		4,100		17,158		(0.7	)
Iyo Bank Ltd.		3,400		20,166		(0.9	)
Japan Tobacco, Inc.		50,000		1,284,765		(55.5	)
Kakaku.com, Inc.		3,000		54,336		(2.4	)
Kikkoman Corp.		9,400		515,001		(22.3	)
Kirin Holdings Co. Ltd.		9,300		221,922		(9.6	)
Kokuyo Co. Ltd.		2,200		34,731		(1.5	)
Konami Holdings Corp.		25,000		953,755		(41.2	)
Kyushu Financial Group, Inc.		15,700		69,284		(3.0	)
Leopalace21 Corp.		18,100		75,395		(3.3	)
Megmilk Snow Brand Co., Ltd.		900		21,073		(0.9	)
Miraca Holdings, Inc.		10,600		258,047		(11.2	)
Mitsubishi Gas Chemical Co., Inc.		33,300		558,980		(24.2	)
Mixi, Inc.		14,900		325,564		(14.1	)
NTN Corp.		32,300		118,142		(5.1	)
OKUMA Corp.		1,200		59,917		(2.6	)
Otsuka Corp.		9,700		321,738		(13.9	)
Pola Orbis Holdings, Inc.		2,000		53,428		(2.3	)
Rohm Co. Ltd.		1,700		119,517		(5.2	)

5

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
SCSK Corp.		800	$	33,900		(1.5	)%
Shin-Etsu Chemical Co. Ltd.		27,700		2,314,626		(100.0	)
Sumitomo Chemical Co. Ltd.		97,000		485,911		(21.0	)
Sumitomo Heavy Industries Ltd.		2,100		66,047		(2.9	)
Suruga Bank Ltd.		955,600		4,505,384		(194.7	)
Takashimaya Co. Ltd.		8,000		125,901		(5.4	)
Takeda Pharmaceutical Co. Ltd.		181,300		7,516,611		(324.9	)
Teijin Ltd.		9,000		156,030		(6.7	)
Tokai Carbon Co. Ltd.		34,000		532,333		(23.0	)
Tokio Marine Holdings, Inc.		6,600		310,940		(13.4	)
Toppan Printing Co. Ltd.		5,500		77,756		(3.4	)
Ulvac, Inc.		5,500		179,120		(7.7	)
Yahoo! Japan Corp.		170,800		532,861		(23.0	)
Zeon Corp.		49,600		479,029		(20.7	)
				24,586,382
Luxembourg
RTL Group SA		1,060		68,075		(2.9	)
Malta
Kindred Group PLC		67,119		715,569		(30.9	)
Netherlands
Adyen NV		895		578,937		(25.0	)
Koninklijke DSM NV		8,354		729,378		(31.5	)
Koninklijke KPN NV		229,440		605,383		(26.2	)
Wereldhave NV		6,788		232,897		(10.1	)
Wolters Kluwer NV		58,541		3,321,297		(143.5	)
				5,467,892
Norway
TGS Nopec Geophysical Co. ASA		47,038		1,571,289		(67.9	)
Singapore
Genting Singapore Ltd.		9,800		6,236		(0.3	)
Suntec Real Estate Investment Trust		82,000		104,943		(4.5	)
				111,179
Spain
Almirall SA		1,207		21,868		(0.9	)
Mediaset Espana Comunicacion SA		68,212		463,830		(20.1	)
Melia Hotels International SA		44,093		453,110		(19.6	)
				938,808
Sweden
Loomis AB, Class B		4,356		134,686		(5.8	)

Security	Shares		Value		% of Basket Value
Sweden (contined)
Svenska Cellulosa AB SCA, B Shares		6,816	$	64,435		(2.8	)%
				199,121
Switzerland
OC Oerlikon Corp. AG, Registered Shares		20,559		244,677		(10.6	)
United Kingdom
Ashmore Group PLC		52,049		233,921		(10.1	)
Ashtead Group PLC		60,499		1,493,529		(64.6	)
Atlassian Corp. PLC, Class A		9,925		753,407		(32.6	)
Auto Trader Group PLC		173,719		907,744		(39.2	)
Barratt Developments PLC		63,351		415,517		(18.0	)
British Land Co. PLC		184,572		1,393,948		(60.2	)
Burberry Group PLC		2,394		55,417		(2.4	)
Compass Group PLC		17,086		336,061		(14.5	)
Great Portland Estates PLC		167,427		1,489,704		(64.4	)
IG Group Holdings PLC		198,834		1,536,335		(66.4	)
International Game Technology PLC		50,300		933,065		(40.3	)
Michael Page International PLC		15,019		96,271		(4.2	)
Moneysupermarket.com Group PLC		267,802		1,003,979		(43.4	)
Pearson PLC		32,559		374,036		(16.2	)
Quilter PLC		59,502		88,038		(3.8	)
SSP Group PLC		36,195		308,593		(13.3	)
Tate & Lyle PLC		167,392		1,439,250		(62.2	)
TechnipFMC PLC		16,665		438,290		(18.9	)
William Hill PLC		247,492		665,305		(28.8	)
WM Morrison Supermarkets PLC		435,448		1,379,582		(59.6	)
				15,341,992
United States
Affiliated Managers Group, Inc.		9,239		1,050,105		(45.4	)
Agilent Technologies, Inc.		19,549		1,266,580		(54.7	)
Alliance Data Systems Corp.		12,623		2,602,610		(112.5	)
Altice USA, Inc., Class A		37,374		609,570		(26.3	)
American Eagle Outfitters, Inc.		14,289		329,504		(14.2	)
American Financial Group, Inc.		14,388		1,439,232		(62.2	)
AmerisourceBergen Corp.		13,525		1,190,200		(51.4	)
Antero Resources Corp.		15,657		248,790		(10.8	)
Apache Corp.		1,405		53,151		(2.3	)
BancorpSouth Bank		2,029		58,232		(2.5	)
Bank OZK		532		14,556		(0.6	)
Box, Inc., Class A		24,999		449,982		(19.5	)
Boyd Gaming Corp.		21,767		578,132		(25.0	)
Brandywine Realty Trust		60,915		856,465		(37.0	)
Cabot Corp.		2,597		126,422		(5.5	)
Cantel Medical Corp.		3,720		294,438		(12.7	)
Charles Schwab Corp.		3,393		156,892		(6.8	)
Ciena Corp.		734		22,945		(1.0	)

6

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Cinemark Holdings, Inc.		7,586	$	315,350		(13.6	)%
Citizens Financial Group, Inc.		54,850		2,048,648		(88.5	)
Clean Harbors, Inc.		13,419		913,029		(39.5	)
Columbia Sportswear Co.		4,795		432,893		(18.7	)
Cornerstone OnDemand, Inc.		4,749		233,888		(10.1	)
Crane Co.		45,817		3,987,912		(172.4	)
Cullen/Frost Bankers, Inc.		2,822		276,330		(11.9	)
Curtiss-Wright Corp.		3,317		363,079		(15.7	)
Darden Restaurants, Inc.		7,808		831,942		(36.0	)
Domino’s Pizza, Inc.		10,587		2,845,680		(123.0	)
Duke Realty Corp.		3,882		107,027		(4.6	)
Eagle Materials, Inc.		6,597		487,122		(21.1	)
Evercore, Inc., Class A		4,367		356,740		(15.4	)
Extended Stay America, Inc.		22,605		368,009		(15.9	)
First American Financial Corp.		46,953		2,081,427		(90.0	)
Fortune Brands Home & Security, Inc.		45,284		2,030,082		(87.7	)
Garmin Ltd.		712		47,106		(2.0	)
GreenSky, Inc., Class A		4,299		56,661		(2.5	)
Hartford Financial Services Group, Inc.		29,714		1,349,610		(58.3	)
HEICO Corp.		1,340		112,332		(4.9	)
Hormel Foods Corp.		13,323		581,416		(25.1	)
Hubbell, Inc.		424		43,121		(1.9	)
Ingersoll-Rand PLC		24,662		2,366,072		(102.3	)
Insperity, Inc.		1,174		128,964		(5.6	)
Invesco Ltd.		31,175		676,809		(29.3	)
Investors Bancorp, Inc.		1,521		17,005		(0.7	)
Kohl’s Corp.		18,433		1,395,931		(60.3	)
Landstar System, Inc.		2,238		224,001		(9.7	)
Legg Mason, Inc.		2,000		56,440		(2.4	)
Liberty Media Corp. - Liberty SiriusXM, Class A		11,140		459,414		(19.9	)
Liberty Media Corp. - Liberty SiriusXM, Class C		12,666		522,726		(22.6	)
Macquarie Infrastructure Corp.		490		18,106		(0.8	)
Manhattan Associates, Inc.		1,402		66,931		(2.9	)
Masimo Corp.		29,562		3,417,367		(147.7	)
Michael Kors Holdings Ltd.		14,253		789,759		(34.1	)
Morgan Stanley		25,748		1,175,654		(50.8	)
National Instruments Corp.		7,455		365,071		(15.8	)
New Relic, Inc.		22,896		2,043,468		(88.3	)
Nordstrom, Inc.		28,911		1,901,476		(82.2	)
Norwegian Cruise Line Holdings Ltd.		2,663		117,358		(5.1	)
Oshkosh Corp.		22,933		1,287,459		(55.6	)
Packaging Corp. of America		419		38,468		(1.7	)
PacWest Bancorp		20,564		835,310		(36.1	)
Palo Alto Networks, Inc.		3,406		623,434		(26.9	)
Park Hotels & Resorts, Inc.		31,311		910,211		(39.3	)

Security	Shares			Value			% of Basket Value
United States (continued)
Patterson Cos., Inc.		9,657		$	218,055			(9.4	)%
Penske Automotive Group, Inc.		7,288			323,441			(14.0	)
Pinnacle Financial Partners, Inc.		1,302			68,095			(2.9	)
Pivotal Software, Inc., Class A		4,507			91,943			(4.0	)
PotlatchDeltic Corp.		11,346			411,293			(17.8	)
Prologis, Inc.		20,483			1,320,539			(57.1	)
Prosperity Bancshares, Inc.		39,826			2,589,885			(111.9	)
Pure Storage, Inc., Class A		3,845			77,592			(3.4	)
Raytheon Co.		2,627			459,830			(19.9	)
Realogy Holdings Corp.		51,014			972,837			(42.1	)
Realty Income Corp.		15,124			911,523			(39.4	)
RingCentral, Inc., Class A		6,863			533,461			(23.1	)
Robert Half International, Inc.		20,763			1,256,784			(54.3	)
Rockwell Automation, Inc.		13,897			2,289,253			(98.9	)
Ryder System, Inc.		9,514			526,219			(22.7	)
Sealed Air Corp.		3,675			118,923			(5.1	)
Service Corp. International		3,673			152,319			(6.6	)
Sirius XM Holdings, Inc.		149,845			902,067			(39.0	)
Snap-on, Inc.		2,640			406,402			(17.6	)
Sotheby’s		349			14,658			(0.6	)
Southwest Airlines Co.		26,901			1,320,839			(57.1	)
Synchrony Financial		1,597			46,121			(2.0	)
Synovus Financial Corp.		45,513			1,709,468			(73.9	)
Target Corp.		17,067			1,427,313			(61.7	)
TD Ameritrade Holding Corp.		1,343			69,460			(3.0	)
Telephone & Data Systems, Inc.		20,791			640,987			(27.7	)
Toll Brothers, Inc.		73,850			2,485,791			(107.4	)
Unum Group		131,838			4,780,446			(206.6	)
Vishay Intertechnology, Inc.		25,560			467,748			(20.2	)
VMware, Inc., Class A		6,252			883,970			(38.2	)
WellCare Health Plans, Inc.		3,194			881,512			(38.1	)
Western Union Co.		41,384			746,567			(32.3	)
WestRock Co.		12,996			558,438			(24.1	)
Whirlpool Corp.		2,315			254,094			(11.0	)
WR Grace & Co.		30,075			1,948,559			(84.2	)
					82,521,076
Total Reference Entity—Long					167,687,121
Reference Entity—Short
Australia
Atlas Arteria, Ltd.		(535,545	)		(2,594,272	)		112.2

7

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Australia (continued)
Newcrest Mining, Ltd.		(1,927	)	$	(28,124	)		1.2	%
Nufarm Ltd.		(247,542	)		(1,001,028	)		43.3
Tabcorp Holdings, Ltd.		(368,181	)		(1,208,255	)		52.2
Woolworths, Ltd.		(15,161	)		(306,000	)		13.2
					(5,137,679	)
Austria
ams AG		(4,944	)		(192,605	)		8.3
Belgium
Cofinimmo SA		(484	)		(57,879	)		2.5
Umicore SA		(343	)		(16,146	)		0.7
					(74,025	)
Bermuda
Marvell Technology Group Ltd.		(131,874	)		(2,164,052	)		93.5
Canada
Cenovus Energy, Inc.		(9,004	)		(76,193	)		3.3
Fairfax Financial Holdings Ltd.		(1,373	)		(667,179	)		28.8
Franco-Nevada Corp.		(27,075	)		(1,690,992	)		73.1
Linamar Corp.		(1,626	)		(67,328	)		2.9
Metro, Inc.		(3,106	)		(97,466	)		4.2
SNC-Lavalin Group, Inc.		(6,390	)		(228,136	)		9.9
Waste Connections, Inc.		(42,365	)		(3,238,381	)		140.0
					(6,065,675	)
Denmark
DONG Energy A/S		(7,835	)		(496,823	)		21.5
ISS A/S		(2,256	)		(74,185	)		3.2
Pandora A/S		(9,383	)		(587,034	)		25.4
Vestas Wind Systems A/S		(751	)		(47,096	)		2.0
					(1,205,138	)
Finland
Fortum OYJ		(109,829	)		(2,311,978	)		99.9
Konecranes OYJ		(2,104	)		(75,346	)		3.3
					(2,387,324	)
France
Alstom SA		(75,499	)		(3,297,242	)		142.5
Altran Technologies SA		(159,482	)		(1,580,723	)		68.3
Carrefour SA		(39,170	)		(759,654	)		32.8
Electricite de France SA		(29,505	)		(488,840	)		21.1
Elis SA		(23,888	)		(481,682	)		20.8
Gecina SA		(7,259	)		(1,064,625	)		46.0
Groupe Eurotunnel SE		(48,270	)		(607,155	)		26.3
Ingenico Group SA		(2,492	)		(176,371	)		7.6
SEB SA		(2,040	)		(292,508	)		12.7
SOITEC		(915	)		(65,198	)		2.8
SPIE SA		(4,994	)		(78,189	)		3.4

Security	Shares			Value			% of Basket Value
France (continued)
Suez		(140,448	)	$	(2,025,864	)		87.6	%
					(10,918,051	)
Germany
Bayer AG		(1,164	)		(89,223	)		3.8
Commerzbank AG		(5,419	)		(51,025	)		2.2
Delivery Hero AG		(9,498	)		(382,438	)		16.5
Deutsche Bank AG		(19,562	)		(191,679	)		8.3
Drillisch AG		(25,931	)		(1,156,687	)		50.0
Jungheinrich AG		(10,381	)		(343,942	)		14.9
ThyssenKrupp AG		(34,086	)		(714,482	)		30.9
					(2,929,476	)
Isle of Man
GVC Holdings PLC		(220,881	)		(2,645,793	)		114.3
Japan
Ain Holdings, Inc.		(1,700	)		(133,327	)		5.8
Ariake Japan Co., Ltd.		(1,200	)		(106,344	)		4.6
Daiichi Sankyo Co., Ltd.		(3,900	)		(149,070	)		6.4
Daiwa House REIT Investment Corp.		(27	)		(59,168	)		2.6
Dowa Holdings Co., Ltd.		(3,600	)		(104,772	)		4.5
Hikari Tsushin, Inc.		(3,100	)		(541,428	)		23.4
Japan Airport Terminal Co., Ltd.		(2,900	)		(111,702	)		4.8
Japan Lifeline Co., Ltd.		(43,700	)		(637,104	)		27.5
Koito Manufacturing Co. Ltd.		(6,700	)		(318,961	)		13.8
Kusuri no Aoki Holdings Co., Ltd.		(4,800	)		(344,991	)		14.9
Makita Corp.		(3,800	)		(131,375	)		5.7
Minebea Co., Ltd.		(122,600	)		(1,875,537	)		81.1
Mitsui Fudosan Co., Ltd.		(2,700	)		(60,810	)		2.6
Nintendo Co. Ltd.		(1,000	)		(312,203	)		13.5
Nippon Electric Glass Co. Ltd.		(600	)		(15,117	)		0.6
Nippon Suisan Kaisha, Ltd.		(14,000	)		(89,427	)		3.9
Nissan Motor Co., Ltd.		(318,600	)		(2,898,546	)		125.3
Outsourcing, Inc.		(28,600	)		(362,497	)		15.7
Rakuten, Inc.		(15,100	)		(102,136	)		4.4
Relo Group, Inc.		(4,000	)		(94,266	)		4.1
SBI Holdings, Inc.		(34,300	)		(895,676	)		38.7
SoftBank Group Corp.		(16,100	)		(1,274,134	)		55.1
Sumitomo Metal Mining Co. Ltd.		(9,300	)		(292,820	)		12.6
Taisho Pharmaceutical Holdings Co. Ltd.		(500	)		(53,313	)		2.3
Taiyo Nippon Sanso Corp.		(7,900	)		(126,971	)		5.5
TechnoPro Holdings, Inc.		(2,100	)		(109,403	)		4.7
Toshiba Corp.		(13,600	)		(407,627	)		17.6
Welcia Holdings Co., Ltd.		(3,300	)		(168,355	)		7.3

8

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Yaoko Co., Ltd.		(300	)	$	(16,378	)		0.7	%
					(11,793,458	)
Luxembourg
Aroundtown SA		(48,493	)		(401,843	)		17.4
Netherlands
AMG Advanced Metallurgical Group NV		(504	)		(24,136	)		1.0
GrandVision NV		(2,732	)		(68,894	)		3.0
ING Groep NV		(6,902	)		(81,658	)		3.5
					(174,688	)
Norway
Norwegian Air Shuttle ASA		(5,593	)		(142,504	)		6.2
Orkla ASA		(64,105	)		(553,182	)		23.9
					(695,686	)
Singapore
City Developments, Ltd.		(7,200	)		(41,147	)		1.8
Singapore Telecommunications Ltd.		(1,268,600	)		(2,897,736	)		125.2
					(2,938,883	)
Spain
Banco Santander SA		(188,314	)		(7,316	)		0.3
Banco Santander SA		(188,314	)		(895,989	)		38.7
Bankia SA		(512,228	)		(1,608,937	)		69.6
					(2,512,242	)
Sweden
Hennes & Mauritz AB, — B Shares		(81,020	)		(1,431,037	)		61.9
Investment AB Latour, -B Shares		(22,400	)		(271,011	)		11.7
Nibe Industrier AB, -B Shares		(41,341	)		(431,475	)		18.6
					(2,133,523	)
Switzerland
Chocoladefabriken Lindt & Spruengli AG		(5	)		(34,471	)		1.5
Credit Suisse Group AG		(138,068	)		(1,805,054	)		78.0
Glencore PLC		(158,839	)		(646,421	)		27.9
Lonza Group AG		(3,756	)		(1,181,034	)		51.1
Vifor Pharma AG		(3,239	)		(468,129	)		20.2
					(4,135,109	)
United Kingdom
Aggreko PLC		(56,110	)		(614,937	)		26.6
Antofagasta PLC		(33,513	)		(335,466	)		14.5
BT Group PLC		(1,009,386	)		(3,090,745	)		133.6
DS Smith PLC		(127,036	)		(637,415	)		27.6
John Wood Group PLC		(38,144	)		(347,654	)		15.0
Kazakhmys PLC		(3,416	)		(22,555	)		1.0
Kingfisher PLC		(303,344	)		(985,007	)		42.6
Melrose Industries PLC		(132,356	)		(284,909	)		12.3
Micro Focus International PLC		(73,831	)		(1,144,544	)		49.5

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Provident Financial PLC		(6,548	)	$	(42,719	)		1.8	%
Prudential PLC		(16,460	)		(329,589	)		14.2
Rio Tinto PLC		(30,293	)		(1,470,748	)		63.6
Royal Bank of Scotland Group PLC		(140,482	)		(422,920	)		18.3
Tesco PLC		(825,843	)		(2,249,120	)		97.2
TP ICAP PLC		(316,137	)		(1,171,205	)		50.6
The Weir Group PLC		(3,700	)		(74,875	)		3.2
					(13,224,408	)
United States
Adtalem Global Education, Inc.		(14,552	)		(736,768	)		31.8
AGNC Investment Corp.		(13,623	)		(243,034	)		10.5
Alcoa Corp.		(10,974	)		(383,980	)		16.6
Allegheny Technologies, Inc.		(9,139	)		(236,609	)		10.2
Amazon.com, Inc.		(12	)		(19,176	)		0.8
Annaly Capital Management, Inc.		(158,668	)		(1,566,053	)		67.7
Arconic, Inc.		(695	)		(14,129	)		0.6
Autodesk, Inc.		(23,116	)		(2,987,743	)		129.1
Becton Dickinson & Co.		(117	)		(26,968	)		1.2
Bio-Techne Corp.		(3,631	)		(608,991	)		26.3
Blackbaud, Inc.		(296	)		(21,229	)		0.9
Booking Holdings, Inc.		(870	)		(1,630,885	)		70.5
BWX Technologies, Inc.		(12,543	)		(733,264	)		31.7
CBOE Holdings, Inc.		(2,376	)		(268,132	)		11.6
CF Industries Holdings, Inc.		(10,540	)		(506,236	)		21.9
Charter Communications, Inc.		(6,285	)		(2,013,525	)		87.0
Chegg, Inc.		(94,722	)		(2,584,016	)		111.7
Cleveland-Cliffs, Inc.		(6,878	)		(74,007	)		3.2
Coherent, Inc.		(5,790	)		(712,981	)		30.8
Cooper Cos., Inc.		(249	)		(64,319	)		2.8
CoreCivic, Inc.		(1,874	)		(42,090	)		1.8
Coty, Inc., Class A		(135,060	)		(1,424,883	)		61.6
Cree, Inc.		(26,046	)		(1,011,106	)		43.7
Crown Holdings, Inc.		(19,891	)		(841,190	)		36.4
Darling International, Inc.		(129,877	)		(2,683,259	)		116.0
DISH Network Corp.		(110,875	)		(3,408,298	)		147.3
Dollar Tree, Inc.		(25,705	)		(2,166,931	)		93.7
Dover Corp.		(6,441	)		(533,572	)		23.1
Dycom Industries, Inc.		(4,387	)		(297,790	)		12.9
Entegris, Inc.		(587	)		(15,579	)		0.7
EPR Properties		(62,768	)		(4,314,672	)		186.5
Equifax, Inc.		(1,496	)		(151,754	)		6.6
Fortive Corp.		(9,094	)		(675,229	)		29.2
General Motors Co.		(1,786	)		(65,350	)		2.8
Genesee & Wyoming, Inc., Class A		(3,069	)		(243,157	)		10.5
Global Payments, Inc.		(18,653	)		(2,130,732	)		92.1
Hasbro, Inc.		(14,749	)		(1,352,631	)		58.5
Healthcare Realty Trust, Inc.		(23,471	)		(653,902	)		28.3
Healthcare Trust of America, Inc., Class A Class A		(9,516	)		(249,890	)		10.8
HollyFrontier Corp.		(13,970	)		(942,137	)		40.7

9

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
The Howard Hughes Corp.		(18,930	)	$	(2,111,074	)		91.2	%
ICU Medical, Inc.		(248	)		(63,173	)		2.7
II-VI, Inc.		(58,821	)		(2,189,906	)		94.6
Ingevity Corp.		(26,180	)		(2,384,474	)		103.1
Invitation Homes, Inc.		(29,514	)		(645,766	)		27.9
IPG Photonics Corp.		(3,306	)		(441,516	)		19.1
Iqvia Holdings, Inc.		(189	)		(23,234	)		1.0
Kansas City Southern		(3,236	)		(329,943	)		14.3
KBR, Inc.		(28,759	)		(568,853	)		24.6
Kirby Corp.		(900	)		(64,746	)		2.8
Kraft Heinz Co.		(14,527	)		(798,549	)		34.5
Laboratory Corp. of America Holdings		(5,426	)		(871,144	)		37.7
Liberty Broadband Corp.		(1,263	)		(104,741	)		4.5
Littelfuse, Inc.		(6,961	)		(1,261,055	)		54.5
LKQ Corp.		(94,689	)		(2,582,169	)		111.6
Marsh & McLennan Cos., Inc.		(30,001	)		(2,542,585	)		109.9
MasTec, Inc.		(22,038	)		(958,873	)		41.4
McDermott International, Inc.		(24,304	)		(187,870	)		8.1
Middleby Corp.		(11,789	)		(1,323,905	)		57.2
Navistar International Corp.		(9,136	)		(305,965	)		13.2
Platform Specialty Products Corp.		(10,412	)		(112,658	)		4.9
Qurate Retail, Inc.		(100,377	)		(2,202,271	)		95.2
Reliance Worldwide Corp., Ltd.		(118,126	)		(420,828	)		18.2
Restoration Hardware		(2,035	)		(235,470	)		10.2
Sabra Health Care REIT, Inc.		(102,308	)		(2,214,968	)		95.7
SiteOne Landscape Supply, Inc.		(279	)		(18,983	)		0.8
Southern Co.		(27,171	)		(1,223,510	)		52.9
Stamps.com, Inc.		(2,824	)		(570,928	)		24.7
Starwood Property Trust, Inc.		(133,205	)		(2,893,213	)		125.0
Symantec Corp.		(122,432	)		(2,222,141	)		96.0
Teleflex, Inc.		(13,738	)		(3,307,286	)		142.9
Tempur Sealy International, Inc.		(1,484	)		(68,576	)		3.0
Trex Co., Inc.		(1,216	)		(74,541	)		3.2
Trimble Navigation, Ltd.		(90,352	)		(3,377,358	)		146.0
Trinity Industries, Inc.		(9,436	)		(269,398	)		11.6
Uniti Group, Inc.		(58,641	)		(1,122,389	)		48.5
US Foods Holding Corp.		(1,481	)		(43,201	)		1.9
Virtu Financial, Inc., Class A		(25,004	)		(593,095	)		25.6
WABCO Holdings, Inc.		(5,395	)		(579,693	)		25.1
Wabtec Corp.		(75,448	)		(6,188,245	)		267.5
Walt Disney Co.		(60,836	)		(6,985,798	)		301.9
Wayfair, Inc., Class A		(727	)		(80,181	)		3.5
West Pharmaceutical Services, Inc.		(2,411	)		(255,373	)		11.0
Worldpay, Inc., Class A		(2,607	)		(239,427	)		10.3
WP Carey, Inc.		(56,114	)		(3,704,085	)		160.1
Xerox Corp.		(31,281	)		(871,801	)		37.7
					(98,271,155	)
Total Reference Entity — Short					(170,000,813	)
Net Value of Reference Entity — Bank of America, N.A.				$	(2,313,692	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Deutsche Bank A.G. as of October 31, 2018 expiration dates 01/30/23 — 02/17/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
CSR Ltd.		403,670	$	1,012,617		248.3	%
Flight Centre Travel Group Ltd.		2,682		88,471		21.7
Qantas Airways Ltd.		253,038		982,231		240.8
				2,083,319
Austria
Vienna Insurance Group AG Wiener Versicherung Gruppe		15,526		412,318		101.1
Wienerberger AG		54,625		1,256,429		308.1
				1,668,747
Belgium
UCB SA		5,571		467,853		114.7
Canada
BRP, Inc.		15,137		608,952		149.3
Canfor Corp.		9,453		135,787		33.3
Cineplex, Inc.		1,548		42,673		10.5
Quebecor, Inc., Class B		80,618		1,581,189		387.7
TELUS Corp.		1,378		47,188		11.6
TFI International, Inc.		16,306		542,646		133.0
				2,958,435
China
Yangzijiang Shipbuilding Holdings Ltd.		454,200		407,270		99.9
Denmark
Royal Unibrew A/S		41		2,909		0.7
William Demant Holding A/S		9,979		328,027		80.4
				330,936
Finland
Huhtamaki OYJ		3,497		98,047		24.0
Kesko OYJ, Class B		2,400		140,166		34.4
Outokumpu OYJ		70,352		294,894		72.3
Valmet OYJ		1,366		31,102		7.6
				564,209
France
Faurecia SA		12,248		593,763		145.6
Ipsen SA		653		90,541		22.2
Kering SA		1,079		479,603		117.6

10

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
France (continued)
Lagardere SCA		14,086	$	385,037		94.4	%
Publicis Groupe SA		1,959		113,400		27.8
Sartorius Stedim Biotech		893		110,652		27.1
				1,772,996
Germany
Bechtle AG		283		25,133		6.2
Continental AG		2,364		389,554		95.5
Evonik Industries AG		22,060		682,443		167.3
Infineon Technologies AG		1,080		21,640		5.3
Jenoptik AG		2,425		73,402		18.0
MTU Aero Engines AG		653		138,653		34.0
Nemetschek SE		1,595		209,675		51.4
Rheinmetall AG		1,442		124,796		30.6
Sartorius AG, Preference Shares		2,449		354,231		86.8
Siltronic AG		1,333		122,082		29.9
Software AG		21,022		941,148		230.8
Solarworld AG		10		1		0.0
				3,082,758
Ireland
Glanbia PLC		3,987		70,492		17.3
Italy
Amplifon SpA		25,938		459,474		112.6
Ferrari NV		1,197		140,171		34.4
Hera SpA		242,639		669,653		164.2
Recordati SpA		1,092		36,968		9.1
Saras SpA		21,131		41,238		10.1
Unipol Gruppo SpA		9,549		38,430		9.4
UnipolSai Assicurazioni SpA		52,822		115,324		28.3
				1,501,258
Japan
Amada Holdings Co. Ltd.		2,000		18,842		4.6
Brother Industries Ltd.		900		16,471		4.0
Casio Computer Co. Ltd.		1,600		24,149		5.9
Chubu Electric Power Co., Inc.		1,200		17,305		4.2
Credit Saison Co. Ltd.		2,500		39,700		9.7
CyberAgent, Inc.		7,800		331,915		81.4
Dentsu, Inc.		4,900		227,261		55.7
DIC Corp.		900		26,559		6.5
Digital Garage, Inc.		600		16,408		4.0
DMG Mori Seiki Co. Ltd.		52,100		751,708		184.3
East Japan Railway Co.		9,600		838,442		205.6
Gree, Inc.		26,900		112,575		27.6
Hachijuni Bank Ltd.		5,000		21,119		5.2
Hitachi High-Technologies Corp.		3,300		123,847		30.4
Horiba Ltd.		500		23,400		5.7
Itochu Techno-Solutions Corp.		6,800		128,956		31.6
Iyo Bank Ltd.		8,800		52,194		12.8
Kakaku.com, Inc.		2,100		38,035		9.3
Kenedix, Inc.		4,800		24,985		6.1
Kikkoman Corp.		100		5,479		1.3
Kirin Holdings Co. Ltd.		34,900		832,802		204.2

Security	Shares		Value		% of Basket Value
Japan (continued)
Kokuyo Co. Ltd.		2,100	$	33,152		8.1	%
Konami Holdings Corp.		15,100		576,068		141.3
Kyushu Financial Group, Inc.		33,300		146,954		36.0
Leopalace21 Corp.		13,100		54,568		13.4
Lintec Corp.		10,300		243,769		59.8
Megmilk Snow Brand Co., Ltd.		6,600		154,391		37.9
Miraca Holdings, Inc.		40,100		976,195		239.4
Mitsubishi Chemical Holdings Corp.		9,900		77,174		18.9
Mitsubishi Gas Chemical Co., Inc.		25,600		429,726		105.4
Mixi, Inc.		19,300		421,704		103.4
NTT DOCOMO, Inc.		5,200		128,954		31.6
Obic Co. Ltd.		2,600		236,704		58.0
Otsuka Corp.		3,700		122,725		30.1
Pola Orbis Holdings, Inc.		1,600		42,743		10.5
Rohm Co. Ltd.		1,900		133,578		32.8
SCSK Corp.		2,300		97,464		23.9
Shizuoka Bank Ltd.		6,600		57,744		14.2
Showa Shell Sekiyu KK		2,600		49,624		12.2
Sumitomo Chemical Co. Ltd.		44,000		220,413		54.0
Sumitomo Heavy Industries Ltd.		1,900		59,756		14.7
Suruga Bank Ltd.		28,000		132,012		32.4
Takashimaya Co. Ltd.		25,300		398,163		97.6
Takeda Pharmaceutical Co. Ltd.		5,400		223,881		54.9
Teijin Ltd.		17,800		308,593		75.7
Tokai Carbon Co. Ltd.		17,500		273,995		67.2
Tokio Marine Holdings, Inc.		4,600		216,716		53.1
Toppan Printing Co. Ltd.		17,700		250,232		61.4
TS Tech Co. Ltd.		3,100		89,218		21.9
Ulvac, Inc.		4,500		146,553		35.9
Unicharm Corp.		4,400		119,366		29.3
Yamada Denki Co. Ltd.		3,900		18,390		4.5
Zeon Corp.		116,900		1,129,001		276.8
				11,241,678
Malta
Kindred Group PLC		30,763		327,970		80.4
Netherlands
Adyen NV		35		22,640		5.6
Koninklijke Ahold Delhaize NV		20,912		478,686		117.4
Koninklijke DSM NV		3,983		347,751		85.3
Wereldhave NV		2,633		90,339		22.1
Wolters Kluwer NV		2,575		146,092		35.8
				1,085,508
Norway
Austevoll Seafood ASA		3,212		51,620		12.7
TGS Nopec Geophysical Co. ASA		20,083		670,866		164.5
				722,486

11

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Spain
Singapore
Suntec Real Estate Investment Trust		37,000	$	47,352		11.6	%
Spain
Acciona SA		211		17,798		4.4
Almirall SA		19,034		344,856		84.5
Mediaset Espana Comunicacion SA		456,108		3,101,460		760.5
Melia Hotels International SA		32,986		338,972		83.1
				3,803,086
Sweden
Getinge AB, Class B		10,885		106,775		26.2
Loomis AB, Class B		3,821		118,144		29.0
SSAB AB, A Shares		59,393		237,113		58.1
				462,032
Switzerland
Logitech International SA, Registered Shares		849		31,433		7.7
OC Oerlikon Corp. AG, Registered Shares		15,517		184,671		45.3
				216,104
United Kingdom
Ashmore Group PLC		4,680		21,033		5.2
Ashtead Group PLC		11,776		290,712		71.3
Auto Trader Group PLC		61,031		318,909		78.2
Barratt Developments PLC		23,755		155,809		38.2
boohoo.com PLC		16,997		46,013		11.3
Electrocomponents PLC		117,246		928,289		227.6
Great Portland Estates PLC		21,568		191,904		47.0
IG Group Holdings PLC		58,391		451,171		110.6
Michael Page International PLC		39,168		251,066		61.6
Moneysupermarket.com Group PLC		36,389		136,421		33.4
Petrofac Ltd.		5,924		43,562		10.7
William Hill PLC		147,508		396,529		97.2
				3,231,418
Total Reference Entity — Long				36,045,907

Security	Shares			Value			% of Basket Value
Reference Entity—Short
Australia
Amcor, Ltd.		(4,720	)	$	(44,539	)		(10.9	)%
Atlas Arteria, Ltd.		(66,831	)		(323,741	)		(79.4	)
Cleanaway Waste Management, Ltd.		(13,107	)		(16,755	)		(4.1	)
Newcrest Mining, Ltd.		(3,007	)		(44,017	)		(10.8	)
Nufarm Ltd.		(6,234	)		(25,210	)		(6.2	)
Tabcorp Holdings, Ltd.		(148,693	)		(487,964	)		(119.6	)
Transurban Group		(38,772	)		(311,857	)		(76.5	)
Westpac Banking Corp.		(12,093	)		(229,715	)		(56.3	)
Woolworths, Ltd.		(7,052	)		(142,333	)		(34.9	)
					(1,626,131	)
Austria
ams AG		(383	)		(14,921	)		(3.7	)
Belgium
Cofinimmo SA		(2,802	)		(335,076	)		(82.1	)
Umicore SA		(3,194	)		(150,351	)		(36.9	)
					(485,427	)
Canada
Cenovus Energy, Inc.		(6,017	)		(50,917	)		(12.5	)
Dollarama, Inc.		(3,887	)		(107,505	)		(26.3	)
Fairfax Financial Holdings Ltd.		(1,882	)		(914,517	)		(224.2	)
Franco-Nevada Corp.		(9,945	)		(621,123	)		(152.3	)
Linamar Corp.		(3,091	)		(127,988	)		(31.4	)
Metro, Inc.		(8,482	)		(266,164	)		(65.3	)
Osisko Gold Royalties, Ltd.		(9,072	)		(69,464	)		(17.0	)
Saputo, Inc.		(2,355	)		(71,753	)		(17.6	)
SNC-Lavalin Group, Inc.		(27,518	)		(982,450	)		(240.9	)
					(3,211,881	)
Denmark
Chr Hansen Holding A/S		(1,981	)		(199,966	)		(49.0	)
DONG Energy A/S		(4,326	)		(274,315	)		(67.3	)
ISS A/S		(2,236	)		(73,433	)		(18.0	)
Pandora A/S		(1,176	)		(73,575	)		(18.0	)
Vestas Wind Systems A/S		(17,715	)		(1,110,914	)		(272.4	)
					(1,732,203	)
Finland
Konecranes OYJ		(18,556	)		(664,508	)		(163.0	)
France
Air France-KLM		(10,163	)		(98,258	)		(24.1	)
Altran Technologies SA		(123,404	)		(1,223,132	)		(299.9	)
Carrefour SA		(34,873	)		(676,319	)		(165.8	)
Electricite de France SA		(70,611	)		(1,169,886	)		(286.9	)
Groupe Eurotunnel SE		(44,350	)		(557,848	)		(136.8	)
Ingenico Group SA		(13,106	)		(927,577	)		(227.4	)

12

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
France
SEB SA		(564	)	$	(80,870	)		(19.8	)%
SOITEC		(8,640	)		(615,639	)		(151.0	)
Suez		(101,961	)		(1,470,716	)		(360.6	)
Unibail-Rodamco-Westfield		(1,014	)		(183,492	)		(45.0	)
					(7,003,737	)
Germany
Delivery Hero AG		(7,257	)		(292,204	)		(71.7	)
Drillisch AG		(2,337	)		(104,245	)		(25.6	)
Gerresheimer AG		(395	)		(27,838	)		(6.8	)
Jungheinrich AG		(9,646	)		(319,590	)		(78.4	)
RWE AG		(15,140	)		(294,537	)		(72.2	)
Volkswagen AG		(1,261	)		(211,851	)		(51.9	)
					(1,250,265	)
Ireland
Ryanair Holdings PLC		(6,201	)		(83,892	)		(20.6	)
Isle of Man
GVC Holdings PLC		(15,033	)		(180,071	)		(44.2	)
Italy
UniCredit SpA		(8,452	)		(108,060	)		(26.5	)
Unione di Banche Italiane SpA		(49,593	)		(151,366	)		(37.1	)
					(259,426	)
Japan
Ain Holdings, Inc.		(3,000	)		(235,283	)		(57.7	)
Ariake Japan Co., Ltd.		(1,800	)		(159,516	)		(39.1	)
Asics Corp.		(2,200	)		(31,842	)		(7.8	)
Daiichi Sankyo Co., Ltd.		(3,900	)		(149,070	)		(36.5	)
Don Quijote Holdings Co., Ltd.		(1,900	)		(113,501	)		(27.8	)
Dowa Holdings Co., Ltd.		(10,600	)		(308,494	)		(75.6	)
Hikari Tsushin, Inc.		(5,700	)		(995,530	)		(244.1	)
Ito En, Ltd.		(8,100	)		(344,788	)		(84.5	)
Japan Airport Terminal Co., Ltd.		(11,200	)		(431,400	)		(105.8	)
Keihan Electric Railway Co., Ltd.		(1,500	)		(56,919	)		(14.0	)
Koito Manufacturing Co. Ltd.		(6,300	)		(299,918	)		(73.5	)
Kusuri no Aoki Holdings Co., Ltd.		(8,800	)		(632,483	)		(155.1	)
Makita Corp.		(12,500	)		(432,154	)		(106.0	)
Minebea Co., Ltd.		(33,800	)		(517,073	)		(126.8	)
Mitsubishi Electric Corp.		(8,300	)		(105,073	)		(25.8	)
Mitsui Fudosan Co., Ltd.		(7,500	)		(168,917	)		(41.4	)
Nidec Corp.		(900	)		(115,600	)		(28.3	)
Nippon Electric Glass Co. Ltd.		(4,000	)		(100,782	)		(24.7	)
Nippon Suisan Kaisha, Ltd.		(22,000	)		(140,529	)		(34.5	)
Nissan Motor Co., Ltd.		(59,400	)		(540,407	)		(132.5	)

Security	Shares			Value			% of Basket Value
Japan (continued)
Outsourcing, Inc.		(7,800	)	$	(98,863	)		(24.2	)%
Rakuten, Inc.		(2,800	)		(18,939	)		(4.6	)
Relo Group, Inc.		(14,500	)		(341,713	)		(83.8	)
SBI Holdings, Inc.		(32,700	)		(853,896	)		(209.4	)
Seibu Holdings, Inc.		(1,300	)		(23,585	)		(5.8	)
SoftBank Group Corp.		(300	)		(23,742	)		(5.8	)
Sony Corp.		(800	)		(43,293	)		(10.6	)
Sumitomo Metal Mining Co. Ltd.		(9,800	)		(308,563	)		(75.7	)
Taisho Pharmaceutical Holdings Co. Ltd.		(2,200	)		(234,578	)		(57.5	)
Taiyo Nippon Sanso Corp.		(2,100	)		(33,752	)		(8.3	)
Toshiba Corp.		(3,600	)		(107,901	)		(26.5	)
Toyo Tire & Rubber Co., Ltd.		(15,400	)		(256,896	)		(63.0	)
Yaoko Co., Ltd.		(1,700	)		(92,978	)		(22.8	)
					(8,317,978	)
Luxembourg
Aroundtown SA		(5,179	)		(42,916	)		(10.5	)
Netherlands
GrandVision NV		(18,471	)		(465,794	)		(114.2	)
ING Groep NV		(35,711	)		(422,496	)		(103.6	)
					(888,290	)
Norway
Norwegian Air Shuttle ASA		(4,931	)		(125,637	)		(30.8	)
Singapore
City Developments, Ltd.		(12,700	)		(72,579	)		(17.8	)
Singapore Telecommunications Ltd.		(487,300	)		(1,113,091	)		(272.9	)
					(1,185,670	)
Spain
Banco Santander SA		(41,448	)		(197,208	)		(48.3	)

13

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Spain (continued)
Bankia SA		(238,594	)	$	(749,437	)		(183.8	)%
					(946,645	)
Sweden
Nibe Industrier AB, -B Shares		(2,238	)		(23,358	)		(5.7	)
Switzerland
Chocoladefabriken Lindt & Spruengli AG		(6	)		(41,366	)		(10.1	)
Glencore PLC		(74,865	)		(304,675	)		(74.7	)
Lonza Group AG		(276	)		(86,785	)		(21.3	)
					(432,826	)
United Kingdom
Antofagasta PLC		(5,176	)		(51,812	)		(12.7	)
BT Group PLC		(128,935	)		(394,800	)		(96.8	)
Cineworld Group PLC		(6,353	)		(23,882	)		(5.9	)
John Wood Group PLC		(70,532	)		(642,846	)		(157.6	)
Kingfisher PLC		(489,703	)		(1,590,146	)		(389.9	)
Melrose Industries PLC		(143,450	)		(308,790	)		(75.7	)
Micro Focus International PLC		(22,618	)		(350,629	)		(86.0	)
Ocado Group PLC		(4,011	)		(43,779	)		(10.7	)
Provident Financial PLC		(155,430	)		(1,014,015	)		(248.6	)
Reckitt Benckiser Group PLC		(4,919	)		(397,770	)		(97.5	)
Rio Tinto PLC		(7,245	)		(351,750	)		(86.3	)
Royal Bank of Scotland Group PLC		(149,708	)		(450,695	)		(110.5	)
Segro PLC		(1,891	)		(14,825	)		(3.6	)
Tesco PLC		(74,569	)		(203,083	)		(49.8	)
TP ICAP PLC		(67,985	)		(251,867	)		(61.8	)
The Weir Group PLC		(28,622	)		(579,210	)		(142.0	)
					(6,669,899	)
United States
Reliance Worldwide Corp., Ltd.		(138,212	)		(492,385	)		(120.7	)
Total Reference Entity — Short					(35,638,066	)
Net Value of Reference Entity — Deutsche Bank A.G.				$	407,841

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 October 31, 2018 expiration dates 05/23/19:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
CSR Ltd.		276,372	$	693,286		(107.3	)%
Flight Centre Travel Group Ltd.		949		31,305		(4.8	)
Iluka Resources Ltd.		55,611		319,386		(49.4	)
Perpetual Ltd.		677		16,652		(2.6	)
Qantas Airways Ltd.		1,080,216		4,193,132		(648.6	)
				5,253,761
Austria
Telekom Austria AG		5,608		41,668		(6.4	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		22,215		589,955		(91.3	)
Wienerberger AG		56,206		1,292,794		(200.0	)
				1,924,417
Belgium
Solvay SA		2,252		256,519		(39.7	)
UCB SA		780		65,505		(10.1	)
				322,024
Canada
BRP, Inc.		15,314		616,073		(95.3	)
Canfor Corp.		17,658		253,646		(39.2	)
Cineplex, Inc.		1,516		41,791		(6.5	)
Enerplus Corp.		52,248		486,185		(75.2	)
Quebecor, Inc., Class B		249,554		4,894,591		(757.1	)
TELUS Corp.		2,992		102,457		(15.9	)
TFI International, Inc.		51,822		1,724,579		(266.8	)
				8,119,322
China
Yangzijiang Shipbuilding Holdings Ltd.		726,500		651,435		(100.8	)
Denmark
GN Store Nord A/S		6,958		295,149		(45.7	)
H Lundbeck A/S		436		20,336		(3.1	)
Royal Unibrew A/S		3,600		255,464		(39.5	)

14

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Denmark (continued)
William Demant Holding A/S		801	$	26,330		(4.1	)%
				597,279
Finland
Huhtamaki OYJ		1,108		31,065		(4.8	)
Kesko OYJ, Class B		16,737		977,484		(151.2	)
Outokumpu OYJ		80,607		337,880		(52.3	)
				1,346,429
France
Christian Dior SE		7,462		2,886,807		(446.6	)
Cie de Saint-Gobain		5,183		195,251		(30.2	)
Dassault Systemes SA		1,963		245,737		(38.0	)
Faurecia SA		5,992		290,482		(44.9	)
Ipsen SA		465		64,474		(10.0	)
L’Oreal SA		3,884		875,089		(135.4	)
Lagardere SCA		7,139		195,143		(30.2	)
Rexel SA		11,635		148,315		(22.9	)
Sartorius Stedim Biotech		128		15,861		(2.4	)
				4,917,159
Germany
Bechtle AG		605		53,728		(8.3	)
Evonik Industries AG		20,656		639,009		(98.9	)
Hochtief AG		40,048		5,934,646		(918.0	)
Infineon Technologies AG		4,994		100,064		(15.5	)
Jenoptik AG		14,211		430,152		(66.5	)
Linde AG		779		168,124		(26.0	)
MTU Aero Engines AG		7,774		1,650,669		(255.3	)
Nemetschek SE		467		61,391		(9.5	)
Rheinmetall AG		5,663		490,097		(75.8	)
Sartorius AG, Preference Shares		2,876		415,994		(64.4	)
Siltronic AG		3,497		320,272		(49.5	)
Software AG		40,862		1,829,378		(283.0	)
Suedzucker AG		971		15,037		(2.3	)
Wacker Chemie AG		242		21,617		(3.4	)
Wirecard AG		2,177		407,223		(63.0	)
				12,537,401
Hong Kong
Techtronic Industries Co. Ltd.		10,000		47,088		(7.3	)
Ireland
Glanbia PLC		16,297		288,137		(44.6	)
Italy
Amplifon SpA		4,139		73,319		(11.3	)
Assicurazioni Generali SpA		983		15,862		(2.5	)
Ferrari NV		2,584		302,591		(46.8	)
Hera SpA		273,022		753,507		(116.6	)

Security	Shares		Value		% of Basket Value
Italy (continued)
Saras SpA		68,646	$	133,967		(20.7	)%
Unipol Gruppo SpA		12,606		50,733		(7.8	)
UnipolSai Assicurazioni SpA		19,478		42,525		(6.6	)
				1,372,504
Japan
Brother Industries Ltd.		900		16,471		(2.5	)
Chubu Electric Power Co., Inc.		8,400		121,134		(18.7	)
Citizen Watch Co. Ltd.		2,400		13,814		(2.1	)
CyberAgent, Inc.		3,900		165,957		(25.7	)
Dentsu, Inc.		7,200		333,935		(51.7	)
Digital Garage, Inc.		1,200		32,816		(5.1	)
DMG Mori Seiki Co. Ltd.		57,600		831,062		(128.6	)
East Japan Railway Co.		19,300		1,685,617		(260.7	)
Glory Ltd.		20,300		472,713		(73.1	)
Gree, Inc.		40,900		171,165		(26.5	)
Hitachi High-Technologies Corp.		1,000		37,529		(5.8	)
Hokuhoku Financial Group, Inc.		1,200		14,866		(2.3	)
Itochu Techno-Solutions Corp.		28,000		530,993		(82.1	)
Iyo Bank Ltd.		17,200		102,016		(15.8	)
Kakaku.com, Inc.		4,700		85,127		(13.2	)
Kikkoman Corp.		15,600		854,682		(132.2	)
Kirin Holdings Co. Ltd.		85,300		2,035,474		(314.9	)
Kokuyo Co. Ltd.		2,300		36,309		(5.6	)
Konami Holdings Corp.		40,000		1,526,008		(236.1	)
Kyushu Financial Group, Inc.		61,900		273,166		(42.2	)
Leopalace21 Corp.		69,400		289,084		(44.7	)
Lintec Corp.		10,600		250,869		(38.8	)
Megmilk Snow Brand Co., Ltd.		6,200		145,034		(22.4	)
Miraca Holdings, Inc.		74,800		1,820,932		(281.7	)
Mitsubishi Chemical Holdings Corp.		22,800		177,735		(27.5	)
Mitsubishi Gas Chemical Co., Inc.		11,700		196,398		(30.4	)
Mixi, Inc.		22,100		482,884		(74.7	)
NTT DOCOMO, Inc.		1,300		32,239		(5.0	)
Obic Co. Ltd.		2,800		254,912		(39.4	)
Oracle Corp. Japan		400		27,076		(4.2	)
Otsuka Corp.		22,200		736,349		(113.9	)
Pigeon Corp.		4,200		177,627		(27.5	)
Pola Orbis Holdings, Inc.		8,500		227,069		(35.1	)
Resona Holdings, Inc.		3,000		15,780		(2.4	)
Rohm Co. Ltd.		6,000		421,826		(65.2	)
SCSK Corp.		7,800		330,529		(51.1	)
Seino Holdings Co Ltd.		1,200		16,618		(2.6	)
Shin-Etsu Chemical Co. Ltd.		5,000		417,803		(64.6	)
Shizuoka Bank Ltd.		15,900		139,109		(21.5	)

15

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Showa Shell Sekiyu KK		4,100	$	78,253		(12.1	)%
Sumitomo Chemical Co. Ltd.		12,000		60,113		(9.3	)
Sumitomo Heavy Industries Ltd.		1,800		56,611		(8.8	)
Suruga Bank Ltd.		144,500		681,277		(105.4	)
Takashimaya Co. Ltd.		22,500		354,098		(54.8	)
Teijin Ltd.		60,400		1,047,136		(162.0	)
TIS, Inc.		400		17,867		(2.8	)
Tokai Carbon Co. Ltd.		33,800		529,202		(81.9	)
Tokio Marine Holdings, Inc.		6,000		282,673		(43.7	)
Tokyo Tatemono Co. Ltd.		4,500		48,398		(7.5	)
Toppan Forms Co. Ltd.		22,600		205,442		(31.8	)
Toppan Printing Co. Ltd.		35,500		501,879		(77.6	)
TS Tech Co. Ltd.		1,300		37,414		(5.8	)
Ulvac, Inc.		38,400		1,250,586		(193.4	)
Unicharm Corp.		27,000		732,476		(113.3	)
Yahoo! Japan Corp.		8,500		26,518		(4.1	)
Yamada Denki Co. Ltd.		50,300		237,182		(36.7	)
Zeon Corp.		222,600		2,149,834		(332.6	)
				23,797,686
Luxembourg
RTL Group SA		4,118		264,311		(40.9	)
Malta
Kindred Group PLC		64,623		688,958		(106.6	)
Netherlands
Adyen NV		1,072		693,430		(107.3	)
Koninklijke DSM NV		5,258		459,070		(71.0	)
Koninklijke KPN NV		710,697		1,875,193		(290.1	)
QIAGEN NV		3,902		141,638		(21.9	)
Wereldhave NV		13,567		465,486		(72.0	)
Wolters Kluwer NV		21,802		1,236,926		(191.3	)
				4,871,743
Norway
Austevoll Seafood ASA		10,479		168,409		(26.0	)
Subsea 7 SA		2,931		36,788		(5.7	)
TGS Nopec Geophysical Co. ASA		40,401	$	1,349,582		(208.8	)
				1,554,779

Security	Shares		Value		% of Basket Value
Singapore
Suntec Real Estate Investment Trust		102,900	$	131,690		(20.4	)%
Spain
Almirall SA		14,129		255,988		(39.6	)
Endesa SA		19,851		415,066		(64.2	)
Masmovil Ibercom SA		205		26,567		(4.1	)
Mediaset Espana Comunicacion SA		431,368		2,933,232		(453.7	)
Melia Hotels International SA		106,037		1,089,660		(168.6	)
				4,720,513
Sweden
Getinge AB, Class B		11,113		109,011		(16.8	)
Loomis AB, Class B		5,596		173,026		(26.8	)
SSAB AB, A Shares		11,538		46,063		(7.1	)
Svenska Cellulosa AB SCA, B Shares		41,218		389,653		(60.3	)
Volvo AB, Class B		11,693		174,625		(27.0	)
				892,378
Switzerland
Logitech International SA, Registered Shares		2,693		99,706		(15.4	)
OC Oerlikon Corp. AG, Registered Shares		57,113		679,713		(105.2	)
				779,419
United Kingdom
Ashmore Group PLC		129,368		581,413		(89.9	)
Ashtead Group PLC		41,851		1,033,169		(159.8	)
Auto Trader Group PLC		340,178		1,777,553		(275.0	)
Barratt Developments PLC		17,657		115,812		(17.9	)
British Land Co. PLC		182,931		1,381,555		(213.7	)
Compass Group PLC		32,964		648,362		(100.3	)
Electrocomponents PLC		158,480		1,254,757		(194.1	)
Great Portland Estates PLC		128,241		1,141,042		(176.5	)
Hikma Pharmaceuticals PLC		1,123		27,238		(4.2	)
IG Group Holdings PLC		65,337		504,841		(78.1	)
Legal & General Group PLC		21,752		69,800		(10.8	)
Michael Page International PLC		21,221		136,026		(21.0	)
Moneysupermarket.com Group PLC		144,984		543,539		(84.1	)

16

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
National Grid PLC		20,286		$	214,302			(33.2	)%
Petrofac Ltd.		36,104			265,491			(41.1	)
Quilter PLC		53,082			78,539			(12.2	)
SSP Group PLC		151,143			1,288,620			(199.3	)
Tate & Lyle PLC		198,362			1,705,532			(263.8	)
Victrex PLC		972			32,879			(5.1	)
Vodafone Group PLC		209,059			393,143			(60.8	)
William Hill PLC		274,947			739,109			(114.3	)
					13,932,722
Total Reference Entity — Long					89,011,155
Reference Entity — Short
Australia
Atlas Arteria, Ltd.		(1,040,175	)		(5,038,786	)		779.5
Newcrest Mining, Ltd.		(68,140	)		(997,447	)		154.3
Nufarm Ltd.		(231,318	)		(935,420	)		144.7
OceanaGold Corp.		(71,813	)		(206,746	)		32.0
Origin Energy Ltd.		(24,115	)		(124,970	)		19.3
Tabcorp Holdings, Ltd.		(261,767	)		(859,037	)		132.9
Transurban Group		(320,282	)		(2,576,141	)		398.5
Westpac Banking Corp.		(1,029	)		(19,547	)		3.0
Woolworths, Ltd.		(44,842	)		(905,064	)		140.0
					(11,663,158	)
Austria
ams AG		(15,918	)		(620,122	)		95.9
Belgium
Cofinimmo SA		(1,819	)		(217,525	)		33.6
Umicore SA		(5,298	)		(249,392	)		38.6
					(466,917	)
Canada
Agnico Eagle Mines, Ltd.		(956	)		(33,768	)		5.2
Atco Ltd. Class I, Class I		(740	)		(21,574	)		3.3
Cenovus Energy, Inc.		(34,366	)		(290,810	)		45.0
Dollarama, Inc.		(45,002	)		(1,244,652	)		192.5
Fairfax Financial Holdings Ltd.		(7,306	)		(3,550,190	)		549.2
Franco-Nevada Corp.		(19,096	)		(1,192,657	)		184.5
Great Canadian Gaming Corp.		(966	)		(31,113	)		4.8
Linamar Corp.		(10,380	)		(429,803	)		66.5
Metro, Inc.		(15,940	)		(500,195	)		77.4

Security	Shares			Value			% of Basket Value
Canada (continued)
Pretium Resources, Inc.		(56,617	)	$	(454,157	)		70.3	%
Saputo, Inc.		(740	)		(22,547	)		3.5
SNC-Lavalin Group, Inc.		(76,628	)		(2,735,779	)		423.2
					(10,507,245	)
Denmark
Chr Hansen Holding A/S		(2,954	)		(298,183	)		46.1
Danske Bank A/S		(3,717	)		(71,138	)		11.0
DONG Energy A/S		(4,727	)		(299,743	)		46.4
ISS A/S		(2,134	)		(70,083	)		10.9
Pandora A/S		(3,423	)		(214,155	)		33.1
Vestas Wind Systems A/S		(5,433	)		(340,705	)		52.7
					(1,294,007	)
Finland
Konecranes OYJ		(2,490	)		(89,169	)		13.8
France
Air France-KLM		(3,738	)		(36,140	)		5.6
Altran Technologies SA		(175,670	)		(1,741,172	)		269.3
Carrefour SA		(30,897	)		(599,209	)		92.7
Electricite de France SA		(82,631	)		(1,369,034	)		211.8
Elis SA		(98,137	)		(1,978,852	)		306.1
Gecina SA		(1,960	)		(287,459	)		44.5
Groupe Eurotunnel SE		(27,902	)		(350,960	)		54.3
Ingenico Group SA		(5,012	)		(354,724	)		54.9
SEB SA		(6,971	)		(999,546	)		154.6
SOITEC		(4,238	)		(301,977	)		46.7
Suez		(149,344	)		(2,154,182	)		333.2
Unibail-Rodamco-Westfield		(315	)		(57,002	)		8.8
					(10,230,257	)
Germany
Commerzbank AG		(16,386	)		(154,289	)		23.9
Delivery Hero AG		(22,911	)		(922,514	)		142.7
Deutsche Bank AG		(59,284	)		(579,426	)		89.6
Drillisch AG		(22,805	)		(1,017,247	)		157.4
Jungheinrich AG		(7,726	)		(255,977	)		39.6
RWE AG		(1,043	)		(20,291	)		3.1
Volkswagen AG		(5,747	)		(965,513	)		149.3
Volkswagen AG		(262	)		(43,267	)		6.7
					(3,958,524	)
Hong Kong
Dairy Farm International Holdings, Ltd.		(3,400	)		(30,716	)		4.8
Ireland
Ryanair Holdings PLC		(2,536	)		(34,297	)		5.3
Isle of Man
GVC Holdings PLC		(161,681	)		(1,936,674	)		299.6
Italy
Intesa Sanpaolo SpA		(131,185	)		(290,585	)		45.0

17

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Italy (continued)
Unione di Banche Italiane SpA		(97,898	)	$	(298,800	)		46.2	%
					(589,385	)
Japan
Ain Holdings, Inc.		(4,800	)		(376,453	)		58.2
Ariake Japan Co., Ltd.		(4,400	)		(389,928	)		60.3
Daiichi Sankyo Co., Ltd.		(6,900	)		(263,740	)		40.8
Daiwa House REIT Investment Corp.		(104	)		(227,908	)		35.3
Dowa Holdings Co., Ltd.		(29,200	)		(849,814	)		131.5
Fujitsu General, Ltd.		(400	)		(5,992	)		0.9
Hikari Tsushin, Inc.		(5,200	)		(908,203	)		140.5
Ito En, Ltd.		(5,600	)		(238,372	)		36.9
Japan Airport Terminal Co., Ltd.		(13,400	)		(516,139	)		79.8
Japan Lifeline Co., Ltd.		(31,240	)		(455,449	)		70.5
Koito Manufacturing Co. Ltd.		(36,100	)		(1,718,580	)		265.8
Kusuri no Aoki Holdings Co., Ltd.		(6,400	)		(459,988	)		71.2
Makita Corp.		(17,300	)		(598,102	)		92.5
Minebea Co., Ltd.		(109,900	)		(1,681,252	)		260.1
Mitsubishi Electric Corp.		(7,400	)		(93,680	)		14.5
Mitsui Fudosan Co., Ltd.		(17,600	)		(396,391	)		61.3
MonotaRO Co., Ltd.		(25,600	)		(564,393	)		87.3
Nidec Corp.		(500	)		(64,222	)		9.9
Nintendo Co. Ltd.		(300	)		(93,661	)		14.5
Nippon Electric Glass Co. Ltd.		(2,200	)		(55,430	)		8.6
Nippon Suisan Kaisha, Ltd.		(28,200	)		(180,133	)		27.9
Nissan Motor Co., Ltd.		(377,000	)		(3,429,855	)		530.6
Outsourcing, Inc.		(34,500	)		(437,277	)		67.6
Rakuten, Inc.		(55,900	)		(378,107	)		58.5
Relo Group, Inc.		(58,400	)		(1,376,277	)		212.9
SBI Holdings, Inc.		(77,400	)		(2,021,147	)		312.7
Seibu Holdings, Inc.		(2,800	)		(50,799	)		7.9
SoftBank Group Corp.		(8,800	)		(696,421	)		107.7
Sojitz Corp.		(23,100	)		(77,684	)		12.0
Sony Corp.		(4,100	)		(221,879	)		34.3
Sumitomo Metal Mining Co. Ltd.		(8,400	)		(264,483	)		40.9
Taisho Pharmaceutical Holdings Co. Ltd.		(4,200	)		(447,831	)		69.3
Taiyo Nippon Sanso Corp.		(25,200	)		(405,021	)		62.7
TechnoPro Holdings, Inc.		(10,100	)		(526,178	)		81.4
Toshiba Corp.		(2,100	)		(62,942	)		9.7
Toyo Tire & Rubber Co., Ltd.		(11,800	)		(196,842	)		30.4
Welcia Holdings Co., Ltd.		(4,400	)		(224,473	)		34.7
Yaoko Co., Ltd.		(10,700	)		(585,212	)		90.5
					(21,540,258	)
Luxembourg
Aroundtown SA		(128,524	)		(1,065,030	)		164.7

Security	Shares			Value			% of Basket Value
Luxembourg (continued)
B&M European Value Retail SA		(206,758	)	$	(1,100,211	)		170.2	%
					(2,165,241	)
Netherlands
GrandVision NV		(22,583	)		(569,489	)		88.1
Norway
Norwegian Air Shuttle ASA		(18,170	)		(462,954	)		71.6
Singapore
City Developments, Ltd.		(25,100	)		(143,444	)		22.2
Sembcorp Marine Ltd.		(27,800	)		(32,023	)		5.0
Singapore Telecommunications Ltd.		(1,762,400	)		(4,025,673	)		622.7
					(4,201,140	)
Spain
Banco Santander SA		(64,116	)		(2,491	)		0.4
Banco Santander SA		(64,116	)		(305,061	)		47.2
Cellnex Telecom SAU		(1,073	)		(26,692	)		4.1
					(334,244	)
Sweden
Hennes & Mauritz AB, - B Shares		(3,299	)		(58,269	)		9.0
Investment AB Latour, - B Shares		(47,335	)		(572,693	)		88.6
Nibe Industrier AB, -B Shares		(163,548	)		(1,706,945	)		264.0
					(2,337,907	)
Switzerland
Chocoladefabriken Lindt & Spruengli AG		(16	)		(110,308	)		17.1
Credit Suisse Group AG		(30,756	)		(402,093	)		62.2
Ferrexpo PLC		(44,894	)		(119,514	)		18.5
Glencore PLC		(210,719	)		(857,555	)		132.7
Lonza Group AG		(145	)		(45,594	)		7.0
VAT Group AG		(814	)		(81,679	)		12.6
Vifor Pharma AG		(3,099	)		(447,895	)		69.3
					(2,064,638	)
United Kingdom
Antofagasta PLC		(117,085	)		(1,172,023	)		181.3
BT Group PLC		(30,419	)		(93,143	)		14.4
Cineworld Group PLC		(121,416	)		(456,431	)		70.6
DS Smith PLC		(52,614	)		(263,996	)		40.8
John Wood Group PLC		(78,977	)		(719,816	)		111.4
Kingfisher PLC		(396,154	)		(1,286,377	)		199.0
Melrose Industries PLC		(485,266	)		(1,044,582	)		161.6
Micro Focus International PLC		(144,332	)		(2,237,465	)		346.1
Ocado Group PLC		(316,064	)		(3,449,745	)		533.6
Provident Financial PLC		(38,648	)		(252,137	)		39.0
Prudential PLC		(12,802	)		(256,342	)		39.7
Royal Bank of Scotland Group PLC		(288,240	)		(867,745	)		134.2
Segro PLC		(3,251	)		(25,487	)		3.9

18

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
SSE PLC		(1,058	)	$	(15,421	)		2.4	%
Tesco PLC		(214,386	)		(583,864	)		90.3
TP ICAP PLC		(169,139	)		(626,616	)		96.9
The UNITE Group PLC		(6,227	)		(67,801	)		10.5
The Weir Group PLC		(26,150	)		(529,185	)		81.9
					(13,948,176	)
United States
Reliance Worldwide Corp., Ltd.		(172,095	)		(613,094	)		94.8
Total Reference Entity — Short					(89,657,612	)
Net Value of Reference Entity — UBS AG				$	(646,457	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of October 31, 2018 expiration dates 12/04/18 — 03/17/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
CSR Ltd.		617,441	$	1,548,867		(84.8	)%
Iluka Resources Ltd.		20,328		116,748		(6.4	)
Perpetual Ltd.		10,440		256,787		(14.1	)
Qantas Airways Ltd.		724,593		2,812,692		(153.9	)
				4,735,094
Austria
Telekom Austria AG		2,200		16,346		(0.9	)
Verbund AG		9,132		367,583		(20.1	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		16,329		433,643		(23.7	)
Wienerberger AG		50,418		1,159,665		(63.5	)
				1,977,237
Belgium
UCB SA		26,922		2,260,910		(123.7	)
Bermuda
Liberty Latin America Ltd., Class A		2		36		0.0
Canada
BRP, Inc.		4,866		195,756		(10.7	)
Canfor Corp.		3,245		46,612		(2.6	)
Great-West Lifeco, Inc.		4,336		99,503		(5.4	)
Quebecor, Inc., Class B		112,426		2,205,051		(120.7	)
TELUS Corp.		9,437		323,157		(17.7	)

	Shares		Value		% of Basket Value
Canada (continued)
TFI International, Inc.		7,970	$	265,233		(14.5	)%
				3,135,312
China
Yangzijiang Shipbuilding Holdings Ltd.		331,900		297,607		(16.3	)
Denmark
Carlsberg A/S, Class B		32,438		3,578,450		(195.9	)
GN Store Nord A/S		35,414		1,502,214		(82.2	)
Novo Nordisk A/S, Class B		19,170		827,886		(45.3	)
Royal Unibrew A/S		2,966		210,474		(11.5	)
William Demant Holding A/S		7,437		244,467		(13.4	)
				6,363,491
Finland
Kesko OYJ, Class B		14,292		834,689		(45.7	)
Outokumpu OYJ		78,807		330,335		(18.1	)%
				1,165,024
France
Christian Dior SE		12,482		4,828,883		(264.3	)
Cie de Saint-Gobain		86,008		3,240,045		(177.3	)
Faurecia SA		137,504		6,665,965		(364.9	)
Kering SA		336		149,793		(8.2	)
L’Oreal SA		10,620		2,392,752		(131.0	)
				17,277,438
Germany
Continental AG		3,881		639,534		(35.0	)
Evonik Industries AG		122,538		3,790,808		(207.5	)
Jenoptik AG		8,494		257,105		(14.1	)
MTU Aero Engines AG		21,967		4,664,298		(255.3	)
Nemetschek SE		304		39,963		(2.2	)
Rheinmetall AG		691		59,905		(3.3	)
Sartorius AG, Preference Shares		1,955		282,778		(15.5	)
Siltronic AG		7,452		682,490		(37.3	)
Software AG		43,881		1,964,537		(107.5	)
Suedzucker AG		60,539		937,506		(51.3	)
Wirecard AG		30,387		5,684,099		(311.1	)
				19,003,023
Israel
Tower Semiconductor Ltd.		4,588		71,986		(4.0	)
Wix.com Ltd.		12,183		1,186,015		(64.9	)
				1,258,001
Italy
Amplifon SpA		2,799		49,582		(2.7	)
Ferrari NV		2,810		329,056		(18.0	)
Hera SpA		90,834		250,691		(13.7	)
Moncler SpA		52,334		1,817,444		(99.5	)
Saras SpA		18,224		35,565		(1.9	)
Unipol Gruppo SpA		19,368		77,946		(4.3	)

19

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Italy (continued)
UnipolSai Assicurazioni SpA		30,920	$	67,627		(3.7	)%
				2,627,911
Japan
DMG Mori Seiki Co. Ltd.		24,900		359,261		(19.7	)
East Japan Railway Co.		19,700		1,720,552		(94.2	)
Glory Ltd.		4,100		95,474		(5.2	)
Gree, Inc.		12,900		53,986		(2.9	)
Itochu Techno-Solutions Corp.		8,600		163,091		(8.9	)
Japan Tobacco, Inc.		162,200		4,167,778		(228.1	)
Kakaku.com, Inc.		2,800		50,714		(2.8	)
Kikkoman Corp.		12,800		701,277		(38.4	)
Kirin Holdings Co. Ltd.		60,000		1,431,752		(78.4	)
Kokuyo Co. Ltd.		2,100		33,152		(1.8	)
Konami Holdings Corp.		3,000		114,451		(6.3	)
Kyushu Financial Group, Inc.		18,800		82,965		(4.5	)
Leopalace21 Corp.		38,600		160,787		(8.8	)
Lintec Corp.		2,100		49,700		(2.7	)
Miraca Holdings, Inc.		3,500		85,204		(4.7	)
Mitsubishi Gas Chemical Co., Inc.		28,200		473,370		(25.9	)
Mixi, Inc.		6,300		137,655		(7.5	)
Nagase & Co. Ltd.		12,900		202,621		(11.1	)
NTN Corp.		31,800		116,313		(6.4	)
Obic Co. Ltd.		1,100		100,144		(5.5	)
Otsuka Corp.		4,400		145,943		(8.0	)
Pola Orbis Holdings, Inc.		900		24,043		(1.3	)
Shin-Etsu Chemical Co. Ltd.		52,000		4,345,146		(237.8	)
Shizuoka Bank Ltd.		2,400		20,998		(1.1	)
Showa Shell Sekiyu KK		2,700		51,533		(2.8	)
Sumitomo Chemical Co. Ltd.		176,000		881,652		(48.3	)
Sumitomo Heavy Industries Ltd.		700		22,015		(1.2	)
Suruga Bank Ltd.		1,400		6,601		(0.4	)
Teijin Ltd.		39,800		690,000		(37.8	)
Tokai Carbon Co. Ltd.		38,900		609,052		(33.3	)
Tokio Marine Holdings, Inc.		26,100		1,229,626		(67.3	)
Tokyo Tatemono Co. Ltd.		2,000		21,510		(1.2	)
Toppan Forms Co. Ltd.		39,400		358,159		(19.6	)
TS Tech Co. Ltd.		700		20,146		(1.1	)
Ulvac, Inc.		9,200		299,620		(16.4	)
Yahoo! Japan Corp.		146,700		457,674		(25.0	)
Yamada Denki Co. Ltd.		22,800		107,510		(5.9	)
Zeon Corp.		26,400		254,967		(14.0	)
				19,846,442
Malta
Kindred Group PLC		69,241		738,192		(40.4	)
Netherlands
Adyen NV		1,697		1,097,716		(60.1	)
Koninklijke DSM NV		74,663		6,518,737		(356.8	)
Koninklijke KPN NV		1,040,554		2,745,529		(150.3	)
QIAGEN NV		1,879		68,253		(3.7	)
Wereldhave NV		10,913		374,427		(20.5	)

	Shares		Value		% of Basket Value
Netherlands (continued)
Wolters Kluwer NV		105,368	$	5,978,005		(327.2	)%
				16,782,667
Norway
TGS Nopec Geophysical Co. ASA		114,291		3,817,853		(209.0	)
Singapore
Genting Singapore Ltd.		503,400		320,346		(17.6	)
Suntec Real Estate Investment Trust		13,100		16,765		(0.9	)
				337,111
Spain
Almirall SA		8,416		152,480		(8.3	)
Endesa SA		3,235		67,641		(3.7	)
Mediaset Espana Comunicacion SA		109,650		745,602		(40.8	)
Melia Hotels International SA		94,890		975,111		(53.4	)
				1,940,834
Sweden
Svenska Cellulosa AB SCA, B Shares		30,942		292,509		(16.0	)
Swedish Match AB		76,663		3,905,112		(213.8	)
				4,197,621
United Kingdom
Ashmore Group PLC		64,002		287,641		(15.7	)
Ashtead Group PLC		80,311		1,982,625		(108.5	)
Atlassian Corp. PLC, Class A		24,356		1,848,864		(101.2	)
Auto Trader Group PLC		223,262		1,166,625		(63.9	)
Barratt Developments PLC		159,671		1,047,277		(57.3	)
British Land Co. PLC		187,718		1,417,708		(77.6	)
Carnival PLC		32,053		1,747,064		(95.6	)
Compass Group PLC		325,913		6,410,315		(350.9	)
Electrocomponents PLC		71,274		564,308		(30.9	)
Great Portland Estates PLC		205,169		1,825,519		(99.9	)
IG Group Holdings PLC		218,848		1,690,977		(92.6	)
International Game Technology PLC		54,928		1,018,914		(55.8	)
Michael Page International PLC		15,398		98,701		(5.4	)
Moneysupermarket.com Group PLC		286,244		1,073,118		(58.7	)
National Grid PLC		565,467		5,973,616		(327.0	)
Petrofac Ltd.		42,646		313,598		(17.2	)
SSP Group PLC		208,705		1,779,384		(97.4	)
Tate & Lyle PLC		265,630		2,283,908		(125.0	)
TechnipFMC PLC		14,539		382,376		(20.9	)
William Hill PLC		206,977		556,393		(30.4	)
WM Morrison Supermarkets PLC		279,699		886,139		(48.5	)
				34,355,070

20

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States
ADT, Inc.		5,693	$	44,064		(2.4	)%
Agilent Technologies, Inc.		162,251		10,512,242		(575.4	)
Alliance Data Systems Corp.		4,931		1,016,674		(55.6	)
Allstate Corp.		36,826		3,524,985		(192.9	)
American Eagle Outfitters, Inc.		110,632		2,551,174		(139.6	)
American Financial Group, Inc.		17,695		1,770,031		(96.9	)
AmerisourceBergen Corp.		22,306		1,962,928		(107.4	)
Antero Resources Corp.		5,705		90,652		(5.0	)
Apache Corp.		8,011		303,056		(16.6	)
BancorpSouth Bank		11,870		340,669		(18.6	)
Bank OZK		11,693		319,920		(17.5	)
BorgWarner, Inc.		82,199		3,239,463		(177.3	)
Box, Inc., Class A		31,877		573,786		(31.4	)
Boyd Gaming Corp.		7,570		201,059		(11.0	)
Brandywine Realty Trust		71,554		1,006,049		(55.1	)
Cantel Medical Corp.		3,438		272,118		(14.9	)
Carnival Corp.		26,141		1,464,942		(80.2	)
CenterPoint Energy, Inc.		78,759		2,127,281		(116.4	)
Charles Schwab Corp.		3,260		150,742		(8.3	)
Ciena Corp.		1,433		44,796		(2.5	)
Cinemark Holdings, Inc.		15,446		642,090		(35.1	)
Citizens Financial Group, Inc.		248,326		9,274,976		(507.7	)
Clean Harbors, Inc.		10,508		714,964		(39.1	)
Columbia Sportswear Co.		1,188		107,253		(5.9	)
ConocoPhillips		3,478		243,112		(13.3	)
Cornerstone OnDemand, Inc.		6,600		325,050		(17.8	)
Crane Co.		88,447		7,698,427		(421.4	)
Crimson Wine Group Ltd.		1		9		0.0
Cullen/Frost Bankers, Inc.		3,097		303,258		(16.6	)
Curtiss-Wright Corp.		2,258		247,161		(13.5	)
Dana, Inc.		13,977		217,622		(11.9	)
Darden Restaurants, Inc.		76,538		8,155,124		(446.4	)
Discover Financial Services		2,249		156,688		(8.6	)
Domino’s Pizza, Inc.		16,260		4,370,525		(239.2	)
Dropbox, Inc., Class A		15,121		354,890		(19.4	)
Eagle Materials, Inc.		8,898		657,028		(36.0	)
Evercore, Inc., Class A		10,280		839,773		(46.0	)
Eversource Energy		7,622		482,168		(26.4	)
Extended Stay America, Inc.		14,735		239,886		(13.1	)
First American Financial Corp.		56,973		2,525,613		(138.2	)
First Republic Bank		33,716		3,067,819		(167.9	)
Fortune Brands Home & Security, Inc.		163,125		7,312,894		(400.3	)
Garmin Ltd.		785		51,936		(2.8	)
GreenSky, Inc., Class A		7,461		98,336		(5.4	)
H&R Block, Inc.		86,489		2,295,418		(125.6	)
Hartford Financial Services Group, Inc.		58,574		2,660,431		(145.6	)
HEICO Corp.		1,174		98,416		(5.4	)
Ingersoll-Rand PLC		31,258		2,998,892		(164.1	)
Insperity, Inc.		15,852		1,741,342		(95.3	)

	Shares		Value		% of Basket Value
United States (continued)
Invesco Ltd.		13,856	$	300,814		(16.5	)%
Kohl’s Corp.		54,414		4,120,772		(225.6	)
Landstar System, Inc.		26,122		2,614,551		(143.1	)
Legg Mason, Inc.		4,976		140,423		(7.7	)
Liberty Media Corp. - Liberty SiriusXM, Class A		11,738		484,075		(26.5	)
Liberty Media Corp. - Liberty SiriusXM, Class C		6,085		251,128		(13.7	)
Macquarie Infrastructure Corp.		2,504		92,523		(5.1	)
Masimo Corp.		19,542		2,259,055		(123.7	)
Michael Kors Holdings Ltd.		47,006		2,604,602		(142.6	)
Morgan Stanley		89,404		4,082,187		(223.4	)
Motorola Solutions, Inc.		14,187		1,738,759		(95.2	)
National Instruments Corp.		6,705		328,344		(18.0	)
New Relic, Inc.		25,263		2,254,723		(123.4	)
Nordstrom, Inc.		54,462		3,581,966		(196.1	)
Norwegian Cruise Line Holdings Ltd.		2,567		113,128		(6.2	)
Oshkosh Corp.		64,929		3,645,114		(199.5	)
PacWest Bancorp		139,364		5,660,966		(309.9	)
Palo Alto Networks, Inc.		6,051		1,107,575		(60.6	)
Park Hotels & Resorts, Inc.		32,902		956,461		(52.4	)
Patterson Cos., Inc.		6,221		140,470		(7.7	)
Penske Automotive Group, Inc.		22,614		1,003,609		(54.9	)
Pinnacle Financial Partners, Inc.		9,991		522,529		(28.6	)
Pivotal Software, Inc., Class A		9,080		185,232		(10.1	)
PotlatchDeltic Corp.		4,113		149,096		(8.2	)
Prologis, Inc.		36,463		2,350,770		(128.7	)
Prosperity Bancshares, Inc.		13,100		851,893		(46.6	)
Pure Storage, Inc., Class A		13,264		267,667		(14.7	)
Raytheon Co.		19,467		3,407,504		(186.5	)
Realogy Holdings Corp.		17,695		337,444		(18.5	)
Realty Income Corp.		10,767		648,927		(35.5	)
Reliance Steel & Aluminum Co.		2,523		199,115		(10.9	)
RingCentral, Inc., Class A		12,777		993,156		(54.4	)
Robert Half International, Inc.		36,641		2,217,880		(121.4	)
Rockwell Automation, Inc.		15,451		2,545,243		(139.3	)
Ryder System, Inc.		32,471		1,795,971		(98.3	)
Sealed Air Corp.		4,813		155,749		(8.5	)
Snap-on, Inc.		32,392		4,986,424		(272.9	)
Sotheby’s		4,360		183,120		(10.0	)
Southwest Airlines Co.		11,879		583,259		(31.9	)
Steel Dynamics, Inc.		9,165		362,934		(19.9	)
Synchrony Financial		8,244		238,087		(13.0	)
Synovus Financial Corp.		32,075		1,204,737		(65.9	)
Target Corp.		77,118		6,449,378		(353.0	)
Telephone & Data Systems, Inc.		136,469		4,207,339		(230.3	)
Teradata Corp.		469		17,072		(0.9	)
Terex Corp.		55,154		1,841,592		(100.8	)
Texas Roadhouse, Inc.		379		22,914		(1.3	)
Toll Brothers, Inc.		42,697		1,437,181		(78.7	)
Unum Group		101,894		3,694,676		(202.2	)

21

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Urban Outfitters, Inc.		16,663		$	657,522			(36.0	)%
Veeva Systems, Inc., Class A		15,120			1,381,212			(75.6	)
Visa, Inc., Class A		61,481			8,475,156			(463.9	)
Vishay Intertechnology, Inc.		6,127			112,124			(6.1	)
VMware, Inc., Class A		50,022			7,072,611			(387.1	)
W.W. Grainger, Inc.		2,770			786,597			(43.1	)
WellCare Health Plans, Inc.		24,317			6,711,249			(367.3	)
Wendy’s Co.		10,980			189,295			(10.4	)
Western Union Co.		305,690			5,514,648			(301.8	)
WestRock Co.		17,484			751,287			(41.1	)
Whirlpool Corp.		917			100,650			(5.5	)
Williams-Sonoma, Inc.		2,917			173,211			(9.5	)
WR Grace & Co.		29,054			1,882,409			(103.0	)
Yelp, Inc.		40,448			1,731,983			(94.8	)
					204,275,820
Total Reference Entity — Long					346,392,694
Reference Entity — Short
Argentina
MercadoLibre, Inc.		(546	)		(177,177	)		9.7
Australia
Atlas Arteria, Ltd.		(475,371	)		(2,302,779	)		126.0
Newcrest Mining, Ltd.		(64,260	)		(940,651	)		51.5
Nufarm Ltd.		(2,811	)		(11,367	)		0.6
Origin Energy Ltd.		(13,080	)		(67,784	)		3.7
Transurban Group		(68,347	)		(549,739	)		30.1
Woolworths, Ltd.		(116,733	)		(2,356,069	)		129.0
					(6,228,389	)
Austria
ams AG		(18,485	)		(720,125	)		39.4
Lenzing AG		(3,659	)		(331,905	)		18.2
					(1,052,030	)
Belgium
Cofinimmo SA		(462	)		(55,311	)		3.0
Umicore SA		(17,752	)		(835,639	)		45.8
					(890,950	)
Bermuda
Marvell Technology Group Ltd.		(152,718	)		(2,506,102	)		137.2

	Shares			Value			% of Basket Value
Bermuda (continued)
RenaissanceRe Holdings Ltd.		(572	)	$	(69,876	)		3.8	%
					(2,575,978	)
Canada
Dollarama, Inc.		(13,736	)		(379,906	)		20.8
Fairfax Financial Holdings Ltd.		(3,071	)		(1,492,285	)		81.7
Metro, Inc.		(6,661	)		(209,021	)		11.4
Waste Connections, Inc.		(33,311	)		(2,546,293	)		139.4
					(4,627,505	)
Denmark
Chr Hansen Holding A/S		(3,035	)		(306,359	)		16.8
DONG Energy A/S		(142,027	)		(9,006,036	)		492.9
Pandora A/S		(21,130	)		(1,321,969	)		72.4
Vestas Wind Systems A/S		(936	)		(58,697	)		3.2
					(10,693,061	)
Finland
Fortum OYJ		(144,478	)		(3,041,363	)		166.5
Konecranes OYJ		(84,746	)		(3,034,834	)		166.1
					(6,076,197	)
France
Air France-KLM		(93,411	)		(903,115	)		49.4
Alstom SA		(53,993	)		(2,358,018	)		129.1
Altran Technologies SA		(204,041	)		(2,022,375	)		110.7
Carrefour SA		(14,792	)		(286,873	)		15.7
Electricite de France SA		(35,621	)		(590,170	)		32.3
Elis SA		(202,758	)		(4,088,448	)		223.8
Gecina SA		(9,601	)		(1,408,110	)		77.1
Groupe Eurotunnel SE		(15,034	)		(189,102	)		10.3
Ingenico Group SA		(7,242	)		(512,552	)		28.0
SEB SA		(1,528	)		(219,094	)		12.0
SOITEC		(337	)		(24,013	)		1.3
SPIE SA		(8,132	)		(127,319	)		7.0
Suez		(316,018	)		(4,558,338	)		249.5
					(17,287,527	)
Germany
Delivery Hero AG		(9,034	)		(363,755	)		19.9
Deutsche Bank AG		(234,332	)		(2,290,297	)		125.4
Drillisch AG		(19,212	)		(856,977	)		46.9
Jungheinrich AG		(1,339	)		(44,364	)		2.4
ThyssenKrupp AG		(176,966	)		(3,709,412	)		203.1
Volkswagen AG		(22,033	)		(3,701,608	)		202.6
Zalando SE		(20,572	)		(795,214	)		43.5
					(11,761,627	)
Ireland
Adient PLC		(80,793	)		(2,457,723	)		134.5

22

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Italy
UniCredit SpA		(11,981	)	$	(153,179	)		8.4	%
Unione di Banche Italiane SpA		(437,438	)		(1,335,130	)		73.1
					(1,488,309	)
Japan
Ariake Japan Co., Ltd.		(600	)		(53,172	)		2.9
Bic Camera, Inc.		(11,600	)		(153,147	)		8.4
Daiichi Sankyo Co., Ltd.		(1,300	)		(49,690	)		2.7
Daiwa House REIT Investment Corp.		(10	)		(21,914	)		1.2
Dowa Holdings Co., Ltd.		(14,900	)		(433,638	)		23.7
Fujitsu General, Ltd.		(10,600	)		(158,787	)		8.7
Hikari Tsushin, Inc.		(1,400	)		(244,516	)		13.4
Ito En, Ltd.		(500	)		(21,283	)		1.2
Japan Airport Terminal Co., Ltd.		(1,900	)		(73,184	)		4.0
Koito Manufacturing Co. Ltd.		(6,900	)		(328,482	)		18.0
Kusuri no Aoki Holdings Co., Ltd.		(2,600	)		(186,870	)		10.2
Makita Corp.		(4,500	)		(155,575	)		8.5
Minebea Co., Ltd.		(98,700	)		(1,509,915	)		82.6
Mitsui Fudosan Co., Ltd.		(4,300	)		(96,846	)		5.3
Nidec Corp.		(13,800	)		(1,772,539	)		97.0
Nissan Motor Co., Ltd.		(355,400	)		(3,233,343	)		177.0
SBI Holdings, Inc.		(40,400	)		(1,054,966	)		57.7
SoftBank Group Corp.		(40,400	)		(3,197,207	)		175.0
Sony Corp.		(2,400	)		(129,880	)		7.1
Sumitomo Metal Mining Co. Ltd.		(900	)		(28,337	)		1.6
Taisho Pharmaceutical Holdings Co. Ltd.		(700	)		(74,638	)		4.1
Taiyo Nippon Sanso Corp.		(1,700	)		(27,323	)		1.5
TechnoPro Holdings, Inc.		(2,400	)		(125,032	)		6.8
Toyo Tire & Rubber Co., Ltd.		(3,100	)		(51,713	)		2.8
Welcia Holdings Co., Ltd.		(1,700	)		(86,728	)		4.8
Yaoko Co., Ltd.		(1,300	)		(71,101	)		3.9
					(13,339,826	)
Luxembourg
Aroundtown SA		(118,153	)		(979,089	)		53.6
B&M European Value Retail SA		(935,761	)		(4,979,419	)		272.5
					(5,958,508	)
Netherlands
GrandVision NV		(8,088	)		(203,960	)		11.2
Koninklijke Boskalis Westminster NV		(39,593	)		(1,138,410	)		62.3
					(1,342,370	)
Singapore
Singapore Post Ltd.		(379,300	)		(285,553	)		15.6

Security	Shares			Value			% of Basket Value
Singapore (continued)
Singapore Telecommunications Ltd.		(887,600	)	$	(2,027,456	)		111.0	%
					(2,313,009	)
Spain
Banco Santander SA		(374,805	)		(14,561	)		0.8
Banco Santander SA		(374,805	)		(1,783,305	)		97.6
Bankia SA		(1,755,079	)		(5,512,801	)		301.7
					(7,310,667	)
Sweden
Investment AB Latour, -B Shares		(7,228	)		(87,450	)		4.8
Nibe Industrier AB, -B Shares		(213,261	)		(2,225,797	)		121.8
Telia Co. AB		(1,728,547	)		(7,781,039	)		425.9
					(10,094,286	)
Switzerland
Credit Suisse Group AG		(549,937	)		(7,189,687	)		393.5
Glencore PLC		(343,174	)		(1,396,601	)		76.5
Lonza Group AG		(25,624	)		(8,057,195	)		441.0
Vifor Pharma AG		(16,523	)		(2,388,053	)		130.7
					(19,031,536	)
United Kingdom
Aggreko PLC		(79,971	)		(876,441	)		48.0
BT Group PLC		(1,958,072	)		(5,995,627	)		328.2
DS Smith PLC		(116,056	)		(582,322	)		31.9
IHS Markit, Ltd.		(2,567	)		(134,844	)		7.4
Janus Henderson Group PLC		(176,854	)		(4,345,303	)		237.8
John Wood Group PLC		(64,904	)		(591,551	)		32.4
Kingfisher PLC		(235,892	)		(765,980	)		41.9
Melrose Industries PLC		(589,737	)		(1,269,466	)		69.5
Micro Focus International PLC		(145,810	)		(2,260,378	)		123.7
Ocado Group PLC		(2,221	)		(24,241	)		1.3
Provident Financial PLC		(130,195	)		(849,384	)		46.5
Prudential PLC		(146,044	)		(2,924,331	)		160.1
Reckitt Benckiser Group PLC		(111,095	)		(8,983,594	)		491.7
Rio Tinto PLC		(1,985	)		(96,373	)		5.3
Royal Bank of Scotland Group PLC		(195,452	)		(588,408	)		32.2
SSE PLC		(63,177	)		(920,831	)		50.4
Tesco PLC		(809,909	)		(2,205,725	)		120.7
TP ICAP PLC		(287,736	)		(1,065,987	)		58.3
The UNITE Group PLC		(1,634	)		(17,791	)		1.0
					(34,498,577	)
United States
Adtalem Global Education, Inc.		(12,950	)		(655,658	)		35.9
Advanced Micro Devices, Inc.		(14,884	)		(271,038	)		14.8
AGNC Investment Corp.		(58,065	)		(1,035,880	)		56.7
Alcoa Corp.		(12,852	)		(449,691	)		24.6
Allegheny Technologies, Inc.		(56,921	)		(1,473,685	)		80.7
Amazon.com, Inc.		(1,629	)		(2,603,158	)		142.5

23

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Annaly Capital Management, Inc.		(72,860	)	$	(719,128	)		39.4	%
Arconic, Inc.		(3,571	)		(72,598	)		4.0
Autodesk, Inc.		(13,853	)		(1,790,500	)		98.0
Becton Dickinson & Co.		(29,323	)		(6,758,952	)		369.9
Bio-Techne Corp.		(2,587	)		(433,892	)		23.7
Booking Holdings, Inc.		(1,577	)		(2,956,213	)		161.8
BWX Technologies, Inc.		(26,652	)		(1,558,076	)		85.3
Caesars Entertainment Corp.		(128,196	)		(1,101,204	)		60.3
Callon Petroleum Co.		(242,655	)		(2,419,270	)		132.4
Campbell Soup Co.		(82,744	)		(3,095,453	)		169.4
Carvana Co.		(53,647	)		(2,078,821	)		113.8
Centennial Resource Development, Inc.		(187,560	)		(3,593,650	)		196.7
CenturyLink, Inc.		(70,330	)		(1,451,611	)		79.4
CF Industries Holdings, Inc.		(7,490	)		(359,745	)		19.7
Charter Communications, Inc.		(25,480	)		(8,163,028	)		446.8
Chegg, Inc.		(107,702	)		(2,938,111	)		160.8
Cleveland-Cliffs, Inc.		(25,186	)		(271,001	)		14.8
Coherent, Inc.		(6,299	)		(775,659	)		42.5
Cooper Cos., Inc.		(18,528	)		(4,785,968	)		262.0
CoreCivic, Inc.		(860	)		(19,316	)		1.1
Coty, Inc., Class A		(138,536	)		(1,461,555	)		80.0
Cree, Inc.		(37,678	)		(1,462,660	)		80.1
Crown Holdings, Inc.		(6,982	)		(295,269	)		16.2
Darling International, Inc.		(130,459	)		(2,695,283	)		147.5
Digital Realty Trust, Inc.		(11,694	)		(1,207,522	)		66.1
Dollar Tree, Inc.		(36,551	)		(3,081,249	)		168.6
Dover Corp.		(5,763	)		(477,407	)		26.1
DowDuPont, Inc.		(37,971	)		(2,047,396	)		112.1
DXC Technology Co.		(37,793	)		(2,752,464	)		150.7
Dycom Industries, Inc.		(35,256	)		(2,393,177	)		131.0
EPR Properties		(48,444	)		(3,330,041	)		182.3
Equifax, Inc.		(11,917	)		(1,208,860	)		66.2
Floor & Decor Holdings, Inc.		(18,269	)		(467,321	)		25.6
FMC Corp.		(20,504	)		(1,600,952	)		87.6
Fortive Corp.		(95,794	)		(7,112,705	)		389.3
Gartner, Inc.		(19,594	)		(2,890,507	)		158.2
Genesee & Wyoming, Inc., Class A		(897	)		(71,069	)		3.9
Global Payments, Inc.		(30,320	)		(3,463,454	)		189.6
Hasbro, Inc.		(10,955	)		(1,004,683	)		55.0
Healthcare Realty Trust, Inc.		(16,434	)		(457,851	)		25.1
Healthcare Services Group, Inc.		(17,384	)		(705,617	)		38.6
HollyFrontier Corp.		(43,164	)		(2,910,980	)		159.3
The Howard Hughes Corp.		(25,810	)		(2,878,331	)		157.5
ICU Medical, Inc.		(810	)		(206,331	)		11.3
II-VI, Inc.		(94,152	)		(3,505,279	)		191.9
Ingevity Corp.		(21,103	)		(1,922,061	)		105.2
Invitation Homes, Inc.		(61,871	)		(1,353,737	)		74.1
IPG Photonics Corp.		(2,520	)		(336,546	)		18.4
Iqvia Holdings, Inc.		(2,231	)		(274,257	)		15.0

Security	Shares			Value			% of Basket Value
United States (continued)
Kansas City Southern		(874	)	$	(89,113	)		4.9	%
Kirby Corp.		(2,817	)		(202,655	)		11.1
Kraft Heinz Co.		(88,833	)		(4,883,150	)		267.3
Laboratory Corp. of America Holdings		(4,681	)		(751,535	)		41.1
Liberty Broadband Corp.		(3,482	)		(288,762	)		15.8
Liberty Media Corp-Liberty Formula One		(7,124	)		(235,662	)		12.9
Littelfuse, Inc.		(7,104	)		(1,286,961	)		70.4
LKQ Corp.		(246,627	)		(6,725,518	)		368.1
Marsh & McLennan Cos., Inc.		(23,106	)		(1,958,233	)		107.2
MasTec, Inc.		(4,398	)		(191,357	)		10.5
McDermott International, Inc.		(61,619	)		(476,315	)		26.1
Microchip Technology, Inc.		(87,111	)		(5,730,162	)		313.6
Middleby Corp.		(12,343	)		(1,386,119	)		75.9
Navistar International Corp.		(13,663	)		(457,574	)		25.0
Nielsen Holdings PLC		(5,839	)		(151,697	)		8.3
NRG Energy, Inc.		(1,013	)		(36,660	)		2.0
PDC Energy, Inc.		(11,048	)		(468,988	)		25.7
Platform Specialty Products Corp.		(3,039	)		(32,882	)		1.8
Qurate Retail, Inc.		(112,740	)		(2,473,516	)		135.4
Reliance Worldwide Corp., Ltd.		(45,430	)		(161,846	)		8.9
Sabra Health Care REIT, Inc.		(119,448	)		(2,586,049	)		141.5
SiteOne Landscape Supply, Inc.		(5,610	)		(381,704	)		20.9
Southern Co.		(70,232	)		(3,162,547	)		173.1
Stamps.com, Inc.		(1,290	)		(260,799	)		14.3
Starbucks Corp.		(92,929	)		(5,414,973	)		296.4
Starwood Property Trust, Inc.		(47,822	)		(1,038,694	)		56.8
Sterling Bancorp		(210,928	)		(3,792,485	)		207.6
Symantec Corp.		(113,797	)		(2,065,416	)		113.0
Take-Two Interactive Software, Inc.		(13,842	)		(1,783,819	)		97.6
Teleflex, Inc.		(15,075	)		(3,629,156	)		198.6
Tempur Sealy International, Inc.		(13,302	)		(614,685	)		33.6
Tesla Motors, Inc.		(4,731	)		(1,595,861	)		87.3
Trimble Navigation, Ltd.		(68,125	)		(2,546,512	)		139.4
Trinity Industries, Inc.		(20,802	)		(593,897	)		32.5
Under Armour, Inc., Class A		(4,849	)		(107,211	)		5.9
Uniti Group, Inc.		(179,887	)		(3,443,037	)		188.4
Universal Display Corp.		(1,423	)		(175,043	)		9.6
US Foods Holding Corp.		(3,173	)		(92,556	)		5.1
Virtu Financial, Inc., Class A		(28,880	)		(685,034	)		37.5
Visteon Corp.		(208	)		(16,440	)		0.9
Vistra Energy Corp.		(8,302	)		(187,874	)		10.3
WABCO Holdings, Inc.		(2,184	)		(234,671	)		12.8
Walgreens Boots Alliance, Inc.		(76,104	)		(6,070,816	)		332.3
Walt Disney Co.		(28,826	)		(3,310,090	)		181.2
Wayfair, Inc., Class A		(838	)		(92,423	)		5.1
West Pharmaceutical Services, Inc.		(1,326	)		(140,450	)		7.7
Worldpay, Inc., Class A		(4,740	)		(435,322	)		23.8

24

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
WP Carey, Inc.		(64,783	)	$	(4,276,326	)		234.1	%
Xerox Corp.		(65,897	)		(1,836,549	)		100.5
Zimmer Biomet Holdings, Inc.		(44,453	)		(5,049,416	)		276.4
					(189,014,430	)
Total Reference Entity—Short					(348,219,682	)
Net Value of Reference Entity— Goldman Sachs & Co.				$	(1,826,988	)

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 October 31, 2018 expiration dates 02/17/23:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Argentina
Globant SA		1,781	$	91,686		(144.7	)%
Bermuda
Liberty Latin America Ltd., Class C		905		16,299		(25.7	)
Canada
Lions Gate Entertainment Corp., Class B		1,158		20,601		(32.5	)
China
China Biologic Products Holdings, Inc.		623		41,392		(65.3	)
Netherlands
Aegon NV		4,183		25,432		(40.1	)
United Kingdom
Coca-Cola European Partners PLC		453		20,607		(32.5	)
Farfetch, Ltd., Class A		856		17,582		(27.8	)
Ferroglobe PLC		2,270		13,824		(21.8	)
International Game Technology PLC		2,932		54,388		(85.8	)
Nomad Foods Ltd.		767		14,650		(23.1	)
Seadrill, Ltd.		866		17,632		(27.8	)
TechnipFMC PLC		832		21,882		(34.5	)
				160,565
United States
ACCO Brands Corp.		1,393		11,242		(17.7	)
Altice USA, Inc., Class A		22,217		362,359		(571.6	)

Security	Shares		Value		% of Basket Value
United States (continued)
AMC Entertainment Holdings, Inc., Class A		2,246	$	43,258		(68.2	)%
Amkor Technology, Inc.		2,536		18,132		(28.6	)
AMN Healthcare Services, Inc.		376		19,033		(30.0	)
Apache Corp.		452		17,099		(27.0	)
athenahealth, Inc.		121		15,432		(24.3	)
Baker Hughes a GE Co.		652		17,402		(27.5	)
Bank of Hawaii Corp.		189		14,825		(23.4	)
Bank OZK		702		19,207		(30.3	)
Beacon Roofing Supply, Inc.		530		14,792		(23.3	)
BJ’s Wholesale Club Holdings, Inc.		727		16,103		(25.4	)
Bristol-Myers Squibb Co.		526		26,584		(41.9	)
Brixmor Property Group, Inc.		81,991		1,328,254		(2,095.4	)
Cardinal Health, Inc.		403		20,392		(32.2	)
CDK Global, Inc.		370		21,179		(33.4	)
Cloudera, Inc.		1,907		26,240		(41.4	)
CNA Financial Corp.		1,058		45,885		(72.4	)
Coca-Cola Bottling Co. Consolidated		120		20,716		(32.7	)
Cogent Communications Holdings, Inc.		402		20,896		(33.0	)
Cornerstone OnDemand, Inc.		494		24,329		(38.4	)
Diamond Offshore Drilling, Inc.		2,099		29,764		(47.0	)
Dillard’s, Inc., Class A		309		21,760		(34.3	)
Domino’s Pizza, Inc.		67		18,009		(28.4	)
Eagle Materials, Inc.		219		16,171		(25.5	)
Everest Re Group Ltd.		91		19,825		(31.3	)
Extended Stay America, Inc.		1,161		18,901		(29.8	)
First American Financial Corp.		449		19,904		(31.4	)
Fortinet, Inc.		244		20,052		(31.6	)
GreenSky, Inc., Class A		1,944		25,622		(40.4	)
Herc Holdings, Inc.		480		15,389		(24.3	)
Jones Lang LaSalle, Inc.		178		23,542		(37.1	)
MEDIA GEN, Inc. CVR		3,231		—		0.0
Mosaic Co.		717		22,184		(35.0	)
Nevro Corp.		727		35,449		(55.9	)
Newell Brands, Inc.		1,032		16,388		(25.9	)
Nordstrom, Inc.		232		15,259		(24.1	)
Norwegian Cruise Line Holdings Ltd.		504		22,211		(35.0	)
NxStage Medical, Inc.		619		17,567		(27.7	)
Raymond James Financial, Inc.		217		16,642		(26.3	)
Ryman Hospitality Properties, Inc.		395		30,648		(48.4	)
Scientific Games Corp., Class A		653		14,536		(22.9	)
SeaWorld Entertainment, Inc.		747		19,512		(30.8	)
Simon Property Group, Inc.		108		19,820		(31.3	)
SPS Commerce, Inc.		195		18,153		(28.6	)
Syneos Health, Inc.		526		24,001		(37.9	)
Talend SA, ADR		325		20,134		(31.8	)
TD Ameritrade Holding Corp.		1,016		52,548		(82.9	)
Tenable Holdings, Inc.		651		18,540		(29.2	)

25

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Tiffany & Co.		199		$	22,149			(34.9	)%
TJX Cos., Inc.		79			8,681			(13.7	)
Venator Materials PLC		3,930			26,567			(41.9	)
Wabash National Corp.		2,053			31,000			(48.9	)
Wingstop, Inc.		260			16,281			(25.7	)
					2,800,568
Total Reference Entity — Long					3,156,543
Reference Entity — Short
Puerto Rico
Popular, Inc.		(2,340	)		(121,703	)		192.0	%
United States
Americold Realty Trust		(20,513	)		(507,697	)		800.9
Conn’s, Inc.		(1,910	)		(53,060	)		83.7
Cracker Barrel Old Country Store, Inc.		(1,171	)		(185,814	)		293.1
DISH Network Corp.		(23,197	)		(713,076	)		1,124.9
Domtar Corp.		(873	)		(40,429	)		63.8
First Midwest Bancorp, Inc.		(5,349	)		(122,813	)		193.7
Gardner Denver Holdings, Inc.		(569	)		(15,397	)		24.3
The Goldman Sachs Group, Inc.		(1,477	)		(332,871	)		525.1
Houlihan Lokey, Inc.		(449	)		(18,490	)		29.2
IAC/InterActiveCorp		(439	)		(86,303	)		136.1
Independent Bank Corp.		(1,006	)		(78,921	)		124.5
iRobot Corp.		(266	)		(23,453	)		37.0
Keane Group, Inc.		(6,614	)		(83,138	)		131.2
MGIC Investment Corp.		(14,524	)		(177,338	)		279.8
Papa John’s International, Inc.		(133	)		(7,254	)		11.4
ProPetro Holding Corp.		(6,599	)		(116,472	)		183.7
Reata Pharmaceuticals, Inc.		(941	)		(55,453	)		87.5
Restoration Hardware		(1,622	)		(187,682	)		296.1
SLM Corp.		(4,087	)		(41,442	)		65.4
Stitch Fix, Inc., Class A		(1,258	)		(33,161	)		52.3
Tellurian, Inc.		(9,815	)		(78,520	)		123.9
Uniti Group, Inc.		(6,484	)		(124,104	)		195.8
Varex Imaging Corp.		(591	)		(15,342	)		24.2
				(3,098,230)
Total Reference Entity — Short					(3,219,933	)
Net Value of Reference Entity — Bank of America, N.A.				$	(63,390	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of October 31, 2018 expiration dates 12/10/18 — 02/27/23:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Argentina
Despegar.com Corp.		21,854	$	351,194		1.9	%
Globant SA		5,974		307,541		1.6
				658,735
Bermuda
Assured Guaranty Ltd.		8,294		331,594		1.8
Golar LNG Ltd.		5,804		155,431		0.8
Liberty Latin America Ltd., Class C		21,348		384,478		2.1
				871,503
Brazil
Cosan Ltd., Class A		26,668		222,678		1.2
Canada
Lions Gate Entertainment Corp., Class B		10,902		193,946		1.0
Israel
Mellanox Technologies Ltd.		6,359		538,544		2.9
Orbotech Ltd.		5,130		286,972		1.5
Taro Pharmaceutical Industries Ltd.		3,652		363,410		1.9
Tower Semiconductor Ltd.		18,817		295,239		1.6
				1,484,165
Monaco
GasLog Ltd.		3,639		74,454		0.4
Netherlands
Aegon NV		56,811		345,411		1.8
Constellium NV, Class A		13,057		118,296		0.6
Koninklijke Philips NV		4,016		149,516		0.8
Wright Medical Group NV		2,616		70,580		0.4
				683,803
Peru
Southern Copper Corp.		20,141		772,206		4.1
Sweden
Spotify Technology SA		3,588		537,088		2.9
United Kingdom
Cardtronics PLC, Class A		5,353		145,387		0.8
Coca-Cola European Partners PLC		2,390		108,721		0.6
Delphi Technologies PLC		3,773		80,893		0.4

26

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Ferroglobe PLC		8,248	$	50,230		0.3	%
International Game Technology PLC		3,725		69,099		0.4
Nomad Foods Ltd.		10,287		196,482		1.0
Seadrill, Ltd.		11,260		229,254		1.2
				880,066
United States
Aaron’s, Inc.		2,862		134,886		0.7
ABIOMED, Inc.		420		143,304		0.8
ACCO Brands Corp.		32,279		260,492		1.4
ADT, Inc.		26,676		206,472		1.1
Advance Auto Parts, Inc.		6,169		985,559		5.3
Advanced Drainage Systems, Inc.		3,336		92,707		0.5
Agilent Technologies, Inc.		16,731		1,084,002		5.8
Air Transport Services Group, Inc.		4,296		84,202		0.5
Alliance Data Systems Corp.		1,708		352,155		1.9
Allstate Corp.		235		22,494		0.1
Alta Mesa Resources, Inc., Class A		5,138		16,185		0.1
Altice USA, Inc., Class A		7,276		118,672		0.6
AMC Entertainment Holdings, Inc., Class A		23,961		461,489		2.5
AMC Networks, Inc., Class A		3,494		204,679		1.1
Ameren Corp.		43,304		2,796,572		14.9
American Financial Group, Inc.		27,333		2,734,120		14.6
Ameriprise Financial, Inc.		3,661		465,826		2.5
AmerisourceBergen Corp.		12,858		1,131,504		6.0
Amkor Technology, Inc.		6,103		43,636		0.2
AMN Healthcare Services, Inc.		914		46,267		0.2
Analog Devices, Inc.		8,446		707,015		3.8
AO Smith Corp.		4,508		205,249		1.1
Applied Materials, Inc.		11,758		386,603		2.1
Arlo Technologies, Inc.		8,786		119,402		0.6
Asbury Automotive Group, Inc.		754		49,085		0.3
ASGN, Inc.		2,111		141,606		0.8
Assurant, Inc.		2,463		239,428		1.3
athenahealth, Inc.		355		45,277		0.2
Atkore International Group, Inc.		2,726		52,503		0.3
Atmos Energy Corp.		23,216		2,160,945		11.5
Automatic Data Processing, Inc.		19,687		2,836,503		15.1
AutoNation, Inc.		3,630		146,942		0.8
Avalara, Inc.		2,547		85,375		0.5
Avanos Medical, Inc.		3,973		224,872		1.2
AXA Equitable Holdings, Inc.		1,616		32,789		0.2
Axalta Coating Systems Ltd.		15,326		378,246		2.0
B&G Foods, Inc.		13,694		356,592		1.9
Baker Hughes a GE Co.		18,334		489,334		2.6
Bank of Hawaii Corp.		816		64,007		0.3
Bank OZK		25,449		696,285		3.7
Beacon Roofing Supply, Inc.		6,346		177,117		0.9

Security	Shares		Value		% of Basket Value
United States (continued)
Bio-Rad Laboratories, Inc., Class A		1,168	$	318,689		1.7	%
Black Hills Corp.		15,715		935,043		5.0
Bloomin’ Brands, Inc.		6,287		125,426		0.7
BorgWarner, Inc.		11,659		459,481		2.5
Boston Properties, Inc.		23,252		2,807,912		15.0
Boyd Gaming Corp.		5,528		146,824		0.8
Brandywine Realty Trust		2,782		39,115		0.2
BrightView Holdings, Inc.		10,317		151,866		0.8
Brink’s Co.		817		54,183		0.3
Brinker International, Inc.		2,126		92,162		0.5
Bristol-Myers Squibb Co.		2,375		120,033		0.6
Brookdale Senior Living, Inc.		6,481		57,875		0.3
Brown & Brown, Inc.		46,490		1,310,088		7.0
Brown-Forman Corp., Class B		14,093		653,070		3.5
Bruker Corp.		8,207		257,125		1.4
Brunswick Corp.		11,917		619,565		3.3
Cabot Corp.		11,209		545,654		2.9
Calavo Growers, Inc.		323		31,331		0.2
Cantel Medical Corp.		5,891		466,273		2.5
Carbon Black, Inc.		2,397		39,479		0.2
Cardinal Health, Inc.		4,774		241,564		1.3
Cardiovascular Systems, Inc.		4,489		125,916		0.7
Carpenter Technology Corp.		4,334		189,006		1.0
CBS Corp., Class B		1,315		75,415		0.4
CDK Global, Inc.		9,602		549,618		2.9
CDW Corp.		14,720		1,324,947		7.1
Charles Schwab Corp.		14,002		647,452		3.5
Chemed Corp.		1,920		584,314		3.1
Cintas Corp.		4,606		837,693		4.5
CIT Group, Inc.		5,195		246,139		1.3
Clean Harbors, Inc.		3,876		263,723		1.4
Cloudera, Inc.		8,817		121,322		0.6
CNA Financial Corp.		9,166		397,529		2.1
Coca-Cola Bottling Co. Consolidated		518		89,422		0.5
Coeur Mining, Inc.		5,751		27,490		0.1
Cogent Communications Holdings, Inc.		18,228		947,491		5.1
Cognex Corp.		2,360		101,102		0.5
Columbia Sportswear Co.		17,559		1,585,227		8.5
Comfort Systems USA, Inc.		30,627		1,637,932		8.7
CommScope Holding Co., Inc.		1,119		26,923		0.1
Conagra Brands, Inc.		3,163		112,603		0.6
CONMED Corp.		622		41,941		0.2
ConocoPhillips		20,678		1,445,392		7.7
Consolidated Communications Holdings, Inc.		8,099		101,399		0.5
Constellation Brands, Inc., Class A		849		169,146		0.9
Continental Resources, Inc.		6,822		359,383		1.9
Core-Mark Holding Co., Inc.		2,511		96,448		0.5

27

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
CoreLogic, Inc.		2,441	$	99,153		0.5	%
CorePoint Lodging, Inc.		26,938		440,975		2.4
Cornerstone OnDemand, Inc.		3,348		164,889		0.9
Crane Co.		13,260		1,154,150		6.2
Crown Castle International Corp.		25,750		2,800,055		14.9
Curtiss-Wright Corp.		3,502		383,329		2.0
D.R. Horton, Inc.		67,340		2,421,546		12.9
Dana, Inc.		26,775		416,887		2.2
Danaher Corp.		1,591		158,145		0.8
Deluxe Corp.		13,525		638,515		3.4
Devon Energy Corp.		11,531		373,604		2.0
DexCom, Inc.		5,739		761,967		4.1
Diamond Offshore Drilling, Inc.		11,484		162,843		0.9
Dillard’s, Inc., Class A		3,950		278,159		1.5
Dolby Laboratories, Inc., Class A		17,771		1,222,823		6.5
Domino’s Pizza, Inc.		860		231,159		1.2
DTE Energy Co.		544		61,146		0.3
Duke Realty Corp.		99,688		2,748,398		14.7
Eagle Materials, Inc.		7,990		589,982		3.2
Eaton Vance Corp.		22,554		1,016,058		5.4
Elanco Animal Health, Inc.		753		22,951		0.1
Energizer Holdings, Inc.		8,439		495,960		2.6
Estee Lauder Cos., Inc., Class A		14,729		2,024,354		10.8
Evercore, Inc., Class A		6,128		500,596		2.7
Everest Re Group Ltd.		796		173,417		0.9
EW Scripps Co., Class A		7,690		129,346		0.7
First American Financial Corp.		15,974		708,127		3.8
First Citizens BancShares, Inc., Class A		74		31,571		0.2
FirstCash, Inc.		6,723		540,529		2.9
Five Below, Inc.		2,846		323,932		1.7
FleetCor Technologies, Inc.		490		98,015		0.5
FLIR Systems, Inc.		1,043		48,301		0.3
FNF Group		11,804		394,844		2.1
Fortinet, Inc.		11,483		943,673		5.0
Four Corners Property Trust, Inc.		26,086		680,323		3.6
Fresh Del Monte Produce, Inc.		8,223		271,606		1.5
frontdoor, Inc.		6,435		219,112		1.2
FTI Consulting, Inc.		2,212		152,871		0.8
GATX Corp.		983		73,656		0.4
Goodyear Tire & Rubber Co.		23,903		503,397		2.7
Gray Television, Inc.		1,419		24,563		0.1
GreenSky, Inc., Class A		13,196		173,923		0.9
Group 1 Automotive, Inc.		13,451		776,661		4.1
GrubHub, Inc.		6,565		608,838		3.3
Haemonetics Corp.		3,674		383,823		2.0
Hanover Insurance Group, Inc.		3,777		420,682		2.2
Harris Corp.		3,515		522,716		2.8
Hawaiian Holdings, Inc.		1,451		50,219		0.3
Hecla Mining Co.		31,925		76,620		0.4
HEICO Corp.		3,747		314,111		1.7

Security	Shares		Value		% of Basket Value
United States (continued)
Henry Schein, Inc.		387	$	32,121		0.2	%
Herc Holdings, Inc.		11,268		361,252		1.9
HMS Holdings Corp.		813		23,431		0.1
Honeywell International, Inc.		6,560		950,019		5.1
Hormel Foods Corp.		65,503		2,858,551		15.3
HP, Inc.		34,880		842,003		4.5
Hubbell, Inc.		10,090		1,026,153		5.5
Huntington Ingalls Industries, Inc.		1,901		415,330		2.2
ICF International, Inc.		2,085		153,539		0.8
IDACORP, Inc.		15,372		1,433,593		7.7
IDEXX Laboratories, Inc.		1,031		218,696		1.2
Ingersoll-Rand PLC		6,015		577,079		3.1
Insperity, Inc.		3,470		381,180		2.0
Insulet Corp.		5,147		454,017		2.4
Integra LifeSciences Holdings Corp.		1,270		68,034		0.4
International Paper Co.		24,056		1,091,180		5.8
Intersect ENT, Inc.		1,948		54,661		0.3
Investors Bancorp, Inc.		221,874		2,480,551		13.2
ITT, Inc.		3,929		198,415		1.1
Jazz Pharmaceuticals PLC		3,767		598,275		3.2
Jones Lang LaSalle, Inc.		4,515		597,154		3.2
KAR Auction Services, Inc.		19,676		1,120,351		6.0
Kellogg Co.		5,148		337,091		1.8
KeyCorp		102,291		1,857,605		9.9
Kimco Realty Corp.		27,603		444,132		2.4
Kohl’s Corp.		11,418		864,685		4.6
Landstar System, Inc.		2,357		235,912		1.3
LCI Industries		1,167		80,931		0.4
Lincoln National Corp.		46,673		2,809,248		15.0
Macerich Co.		16,170		834,695		4.5
Mallinckrodt PLC		7,791		195,242		1.0
Manhattan Associates, Inc.		4,815		229,868		1.2
Marriott Vacations Worldwide Corp.		2,302		203,704		1.1
Masco Corp.		45,620		1,368,600		7.3
Masimo Corp.		1,985		229,466		1.2
MAXIMUS, Inc.		1,606		104,342		0.6
McKesson Corp.		1,868		233,052		1.2
MEDNAX, Inc.		4,537		187,333		1.0
Meritor, Inc.		2,232		37,922		0.2
Michael Kors Holdings Ltd.		9,190		509,218		2.7
Microchip Technology, Inc.		1,542		101,433		0.5
Monster Beverage Corp.		24,101		1,273,738		6.8
Mosaic Co.		15,176		469,545		2.5
Motorola Solutions, Inc.		21,106		2,586,751		13.8
MRC Global, Inc.		15,013		237,656		1.3
MSG Networks, Inc., Class A		6,212		158,717		0.8
National Beverage Corp.		330		30,509		0.2
NCI Building Systems, Inc.		6,189		75,815		0.4

28

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
New Relic, Inc.		3,395	$	303,004		1.6	%
Newell Brands, Inc.		24,560		390,013		2.1
Nexstar Media Group, Inc., Class A		281		21,044		0.1
NIKE, Inc., Class B		10,475		786,044		4.2
Nordstrom, Inc.		10,276		675,853		3.6
Norfolk Southern Corp.		2,912		488,721		2.6
Norwegian Cruise Line Holdings Ltd.		30,649		1,350,701		7.2
NVIDIA Corp.		3,823		806,003		4.3
NxStage Medical, Inc.		10,675		302,957		1.6
Omnicom Group, Inc.		1,857		138,012		0.7
ONE Gas, Inc.		523		41,270		0.2
Oshkosh Corp.		51,041		2,865,442		15.3
PacWest Bancorp		6,876		279,303		1.5
Palo Alto Networks, Inc.		1,194		218,550		1.2
Paramount Group, Inc.		27,390		391,403		2.1
Parker-Hannifin Corp.		2,671		405,004		2.2
Penske Automotive Group, Inc.		3,145		139,575		0.7
Pilgrim’s Pride Corp.		3,553		62,746		0.3
Pinnacle Financial Partners, Inc.		15,380		804,374		4.3
Pinnacle West Capital Corp.		30,918		2,543,006		13.6
Plantronics, Inc.		568		33,495		0.2
PNM Resources, Inc.		8,299		318,765		1.7
Post Holdings, Inc.		970		85,767		0.5
PotlatchDeltic Corp.		24,012		870,435		4.6
PRA Health Sciences, Inc.		747		72,362		0.4
Principal Financial Group, Inc.		9,679		455,591		2.4
Progress Software Corp.		2,964		95,263		0.5
Prosperity Bancshares, Inc.		8,171		531,360		2.8
Pure Storage, Inc., Class A		6,204		125,197		0.7
QUALCOMM, Inc.		5,730		360,360		1.9
Quanta Services, Inc.		1,470		45,864		0.2
Raytheon Co.		2,853		499,389		2.7
Reliance Steel & Aluminum Co.		413		32,594		0.2
Republic Services, Inc.		1,500		109,020		0.6
Resideo Technologies, Inc.		1,686		35,490		0.2
Revance Therapeutics, Inc.		3,088		67,226		0.4
RingCentral, Inc., Class A		16,376		1,272,907		6.8
Rockwell Automation, Inc.		16,894		2,782,949		14.9
Ryman Hospitality Properties, Inc.		709		55,011		0.3
Schneider National, Inc., Class B		5,823		127,349		0.7
Scotts Miracle-Gro Co., Class A		4,256		284,045		1.5
SEACOR Marine Holdings, Inc.		1		18		0.0
SeaWorld Entertainment, Inc.		23,588		616,119		3.3
Selective Insurance Group, Inc.		8,920		578,462		3.1
ServiceNow, Inc.		2,060		372,942		2.0
Sinclair Broadcast Group, Inc., Class A		7,720		221,101		1.2
Sirius XM Holdings, Inc.		239,039		1,439,015		7.7
Snap, Inc., Class A		4,087		27,015		0.1
Snap-on, Inc.		11,531		1,775,082		9.5

Security	Shares		Value		% of Basket Value
United States (continued)
Sonos, Inc.		31,558	$	401,102		2.1	%
Sotheby’s		3,096		130,032		0.7
Southwest Airlines Co.		6,194		304,125		1.6
Spectrum Brands Holdings, Inc.		4,282		278,116		1.5
Splunk, Inc.		7,726		771,364		4.1
Sprint Corp.		51,849		317,316		1.7
SPS Commerce, Inc.		2,502		232,911		1.2
State Street Corp.		1,627		111,856		0.6
Steel Dynamics, Inc.		2,138		84,665		0.5
STORE Capital Corp.		57,301		1,663,448		8.9
Stryker Corp.		704		114,203		0.6
Synaptics, Inc.		1,381		51,843		0.3
Syneos Health, Inc.		1,062		48,459		0.3
Sysco Corp.		5,355		381,972		2.0
Talend SA, ADR		3,597		222,834		1.2
Talos Energy, Inc.		8,225		214,344		1.1
Tanger Factory Outlet Centers, Inc.		4,121		91,733		0.5
Target Corp.		12,765		1,067,537		5.7
TD Ameritrade Holding Corp.		42,221		2,183,670		11.7
TEGNA, Inc.		18,899		218,094		1.2
Telephone & Data Systems, Inc.		3,553		109,539		0.6
Tenable Holdings, Inc.		4,051		115,372		0.6
Teradata Corp.		3,376		122,886		0.7
TerraForm Power, Inc., Class A		50,185		565,585		3.0
Thor Industries, Inc.		6,571		457,604		2.4
Tiffany & Co.		3,174		353,266		1.9
Timken Co.		10,629		420,377		2.2
TJX Cos., Inc.		7,003		769,490		4.1
TopBuild Corp.		1,648		75,182		0.4
Toro Co.		2,783		156,766		0.8
Total System Services, Inc.		5,191		473,160		2.5
Tribune Media Co., Class A		6,431		244,442		1.3
TTM Technologies, Inc.		5,371		62,841		0.3
Tutor Perini Corp.		3,931		60,931		0.3
Twilio, Inc., Class A		1,968		148,033		0.8
Two Harbors Investment Corp.		15,852		232,866		1.2
Union Bankshares Corp.		4,560		155,678		0.8
Union Pacific Corp.		15,626		2,284,834		12.2
United Bankshares, Inc.		2,152		71,382		0.4
United Natural Foods, Inc.		18,780		408,089		2.2
United Technologies Corp.		13,658		1,696,460		9.1
Unum Group		9,979		361,839		1.9
Valvoline, Inc.		1,144		22,788		0.1
Vectren Corp.		3,559		254,575		1.4
Veeva Systems, Inc., Class A		371		33,891		0.2
Venator Materials PLC		9,553		64,578		0.3
VF Corp.		13,688		1,134,461		6.1
Viacom, Inc., Class B		11,430		365,531		2.0
Visa, Inc., Class A		20,553		2,833,231		15.1
Vishay Intertechnology, Inc.		52,503		960,805		5.1
Voya Financial, Inc.		9,816		429,548		2.3

29

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Vulcan Materials Co.		329		$	33,275			0.2	%
W.W. Grainger, Inc.		1,443			409,769			2.2
Wabash National Corp.		11,749			177,410			0.9
Watsco, Inc.		127			18,819			0.1
Weingarten Realty Investors		4,800			134,976			0.7
WellCare Health Plans, Inc.		3,023			834,318			4.5
Wendy’s Co.		15,803			272,444			1.5
WESCO International, Inc.		11,845			594,382			3.2
WestRock Co.		65,021			2,793,952			14.9
Weyerhaeuser Co.		85,778			2,284,268			12.2
Whirlpool Corp.		5,215			572,398			3.1
Whiting Petroleum Corp.		2,339			87,245			0.5
Williams Cos., Inc.		18,602			452,587			2.4
Wingstop, Inc.		2,758			172,706			0.9
WR Grace & Co.		1,243			80,534			0.4
Wyndham Destinations, Inc.		1,518			54,466			0.3
Xperi Corp.		1,783			23,179			0.1
Zoetis, Inc.		5,584			503,398			2.7
					162,142,442
Total Reference Entity — Long					168,521,086
Reference Entity - Short
Bermuda
Enstar Group Ltd.		(4,151	)		(753,822	)		(4.0	)
Marvell Technology Group Ltd.		(10,664	)		(174,996	)		(0.9	)
RenaissanceRe Holdings Ltd.		(3,183	)		(388,835	)		(2.1	)
Signet Jewelers Ltd.		(517	)		(28,978	)		(0.2	)
Triton International, Ltd.		(5,676	)		(182,597	)		(1.0	)
					(1,529,228	)

Security	Shares			Value			% of Basket Value
Brazil
Pagseguro Digital, Ltd., Class A Class A		(3,005	)	$	(81,105	)		(0.4	)%
China
SINA Corp.		(7,106	)		(449,881	)		(2.4	)
Germany
Deutsche Bank AG		(7,989	)		(78,053	)		(0.4	)
Ireland
Adient PLC		(675	)		(20,534	)		(0.1	)
AerCap Holdings NV		(31,204	)		(1,562,696	)		(8.3	)
Allegion PLC		(6,441	)		(552,187	)		(3.0	)
					(2,135,417	)
Israel
Check Point Software Technologies, Ltd.		(1,997	)		(221,667	)		(1.2	)
SodaStream International, Ltd.		(647	)		(92,773	)		(0.5	)
					(314,440	)
Jersey
Novocure, Ltd.		(532	)		(17,630	)		(0.1	)
Netherlands
Cimpress NV		(1,206	)		(150,738	)		(0.8	)
Peru
Credicorp, Ltd.		(1,097	)		(247,604	)		(1.3	)
Puerto Rico
Popular, Inc.		(9,399	)		(488,842	)		(2.6	)
Sweden
Autoliv, Inc.		(250	)		(20,835	)		(0.1	)
United Kingdom
Aon PLC		(9,568	)		(1,494,330	)		(8.0	)
CNH Industrial NV		(45,699	)		(474,813	)		(2.5	)
Fiat Chrysler Automobiles NV		(1,129	)		(17,059	)		(0.1	)
IHS Markit, Ltd.		(43,091	)		(2,263,570	)		(12.1	)
					(4,249,772	)
United States
AAON, Inc.		(1,842	)		(63,531	)		(0.3	)
AAR Corp.		(2,389	)		(113,669	)		(0.6	)
Abbott Laboratories		(18,723	)		(1,290,764	)		(6.9	)
Abercrombie & Fitch Co., Class A		(31,589	)		(622,303	)		(3.3	)
ABM Industries, Inc.		(8,248	)		(253,626	)		(1.4	)

30

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Acacia Communications, Inc.		(4,965	)	$	(171,144	)		(0.9	)%
ACI Worldwide, Inc.		(2,446	)		(61,370	)		(0.3	)
Activision Blizzard, Inc.		(9,560	)		(660,118	)		(3.5	)
Actuant Corp.		(24,176	)		(576,598	)		(3.1	)
Adtalem Global Education, Inc.		(4,161	)		(210,671	)		(1.1	)
Advanced Disposal Services, Inc.		(5,879	)		(159,262	)		(0.9	)
Advanced Energy Industries, Inc.		(7,320	)		(314,980	)		(1.7	)
Advanced Micro Devices, Inc.		(1,167	)		(21,251	)		(0.1	)
AECOM		(2,284	)		(66,556	)		(0.4	)
Aerie Pharmaceuticals, Inc.		(381	)		(20,262	)		(0.1	)
Aerovironment, Inc.		(3,961	)		(356,371	)		(1.9	)
AES Corp.		(42,870	)		(625,045	)		(3.3	)
Aflac, Inc.		(11,827	)		(509,389	)		(2.7	)
AGNC Investment Corp.		(4,053	)		(72,306	)		(0.4	)
Agree Realty Corp.		(5,086	)		(291,275	)		(1.6	)
Alcoa Corp.		(1,227	)		(42,933	)		(0.2	)
Alleghany Corp.		(1,161	)		(697,389	)		(3.7	)
ALLETE, Inc.		(16,261	)		(1,203,314	)		(6.4	)
Alphabet, Inc., Class A Class A		(1,730	)		(1,886,703	)		(10.1	)
Amdocs, Ltd.		(12,792	)		(809,350	)		(4.3	)
Amedisys, Inc.		(1,463	)		(160,930	)		(0.9	)
AMERCO		(759	)		(247,798	)		(1.3	)
American Axle & Manufacturing Holdings, Inc.		(4,404	)		(66,809	)		(0.4	)
American International Group, Inc.		(16,468	)		(679,964	)		(3.6	)
American States Water Co.		(8,048	)		(492,699	)		(2.6	)
Ameris Bancorp		(3,223	)		(138,234	)		(0.7	)
AnaptysBio, Inc.		(2,170	)		(162,142	)		(0.9	)
ANGI Homeservices, Inc.		(4,511	)		(86,341	)		(0.5	)
Apollo Commercial Real Estate Finance, Inc.		(15,056	)		(281,698	)		(1.5	)
Apple, Inc.		(5,137	)		(1,124,284	)		(6.0	)
AptarGroup, Inc.		(5,923	)		(603,909	)		(3.2	)
Aqua America, Inc.		(1,787	)		(58,131	)		(0.3	)
Arconic, Inc.		(21,673	)		(440,612	)		(2.4	)
Arista Networks, Inc.		(247	)		(56,896	)		(0.3	)
At Home Group, Inc.		(8,007	)		(218,911	)		(1.2	)
AT&T, Inc.		(70,485	)		(2,162,480	)		(11.5	)
Athene Holding Ltd., Class A		(7,507	)		(343,220	)		(1.8	)
Autodesk, Inc.		(8,076	)		(1,043,823	)		(5.6	)
Avis Budget Group, Inc.		(3,443	)		(96,817	)		(0.5	)
AxoGen, Inc.		(2,367	)		(88,265	)		(0.5	)
Axon Enterprise, Inc.		(2,354	)		(145,289	)		(0.8	)
AZZ, Inc.		(397	)		(17,607	)		(0.1	)
Balchem Corp.		(851	)		(79,696	)		(0.4	)
Ball Corp.		(11,078	)		(496,294	)		(2.6	)
Barnes Group, Inc.		(10,371	)		(586,999	)		(3.1	)
Best Buy Co., Inc.		(3,396	)		(238,263	)		(1.3	)
BGC Partners, Inc., Class A Class A		(45,366	)		(480,426	)		(2.6	)
Big Lots, Inc.		(4,657	)		(193,359	)		(1.0	)
Bio-Techne Corp.		(1,816	)		(304,580	)		(1.6	)

Security	Shares			Value			% of Basket Value
United States (continued)
Booking Holdings, Inc.		(204	)	$	(382,414	)		(2.0	)%
Brighthouse Financial, Inc.		(21,536	)		(853,472	)		(4.6	)
The Buckle, Inc.		(3,679	)		(75,052	)		(0.4	)
Builders FirstSource, Inc.		(9,439	)		(116,855	)		(0.6	)
Cable One, Inc.		(217	)		(194,376	)		(1.0	)
Cabot Oil & Gas Corp.		(3,577	)		(86,671	)		(0.5	)
CACI International, Inc., Class A Class A		(78	)		(13,920	)		(0.1	)
Cadence Design Systems, Inc.		(902	)		(40,202	)		(0.2	)
Caesars Entertainment Corp.		(28,824	)		(247,598	)		(1.3	)
California Resources Corp.		(1,631	)		(51,116	)		(0.3	)
Callon Petroleum Co.		(23,238	)		(231,683	)		(1.2	)
CarMax, Inc.		(3,630	)		(246,513	)		(1.3	)
Carter’s, Inc.		(2,067	)		(198,391	)		(1.1	)
Carvana Co.		(12,108	)		(469,185	)		(2.5	)
Casa Systems, Inc.		(2,751	)		(39,614	)		(0.2	)
Cavco Industries, Inc.		(3,025	)		(606,845	)		(3.2	)
CBOE Holdings, Inc.		(2,491	)		(281,109	)		(1.5	)
Centennial Resource Development, Inc.		(31,607	)		(605,590	)		(3.2	)
CenterPoint Energy, Inc.		(1,658	)		(44,783	)		(0.2	)
Cerner Corp.		(3,668	)		(210,103	)		(1.1	)
Chart Industries, Inc.		(1,824	)		(124,123	)		(0.7	)
Charter Communications, Inc.		(7,033	)		(2,253,162	)		(12.0	)
Chegg, Inc.		(2,124	)		(57,943	)		(0.3	)
The Children’s Place, Inc.		(332	)		(49,601	)		(0.3	)
Choice Hotels International, Inc.		(1,963	)		(144,084	)		(0.8	)
Cimarex Energy Co.		(3,668	)		(291,496	)		(1.6	)
Cirrus Logic, Inc.		(3,134	)		(117,337	)		(0.6	)
Cisco Systems, Inc.		(17,640	)		(807,030	)		(4.3	)
Cleveland-Cliffs, Inc.		(8,296	)		(89,265	)		(0.5	)
Coherent, Inc.		(2,205	)		(271,524	)		(1.4	)
Colfax Corp.		(1,061	)		(29,740	)		(0.2	)
Columbia Banking System, Inc.		(10,150	)		(376,464	)		(2.0	)
Commerce Bancshares, Inc.		(8,406	)		(534,622	)		(2.9	)
Compass Minerals International, Inc.		(1,516	)		(73,541	)		(0.4	)
Conn’s, Inc.		(2,366	)		(65,727	)		(0.4	)
Cooper Cos., Inc.		(7,229	)		(1,867,323	)		(10.0	)
CoreCivic, Inc.		(10,427	)		(234,190	)		(1.3	)
Coupa Software, Inc.		(1,154	)		(74,814	)		(0.4	)
Cousins Properties, Inc.		(10,253	)		(85,202	)		(0.5	)
Cracker Barrel Old Country Store, Inc.		(2,411	)		(382,577	)		(2.0	)
Credit Acceptance Corp.		(1,399	)		(593,764	)		(3.2	)
Cree, Inc.		(8,035	)		(311,919	)		(1.7	)
Crown Holdings, Inc.		(34,989	)		(1,479,685	)		(7.9	)
CSX Corp.		(12,045	)		(829,419	)		(4.4	)
Cummins, Inc.		(203	)		(27,283	)		(0.1	)
Darling International, Inc.		(49,732	)		(1,027,463	)		(5.5	)
Digital Realty Trust, Inc.		(8,757	)		(904,248	)		(4.8	)
Diplomat Pharmacy, Inc.		(1,416	)		(28,093	)		(0.2	)

31

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
DISH Network Corp.		(557	)	$	(17,122	)		(0.1	)%
Dollar Tree, Inc.		(11,038	)		(930,503	)		(5.0	)
Dover Corp.		(3,779	)		(313,052	)		(1.7	)
DowDuPont, Inc.		(31,760	)		(1,712,499	)		(9.1	)
Duke Energy Corp.		(1,864	)		(154,022	)		(0.8	)
DXC Technology Co.		(9,828	)		(715,773	)		(3.8	)
Dycom Industries, Inc.		(2,073	)		(140,715	)		(0.8	)
EastGroup Properties, Inc.		(9,010	)		(863,068	)		(4.6	)
Edison International		(26,528	)		(1,840,778	)		(9.8	)
Electronics for Imaging, Inc.		(2,575	)		(78,409	)		(0.4	)
EnerSys		(543	)		(43,207	)		(0.2	)
EnPro Industries, Inc.		(10,933	)		(680,033	)		(3.6	)
Entegris, Inc.		(10,087	)		(267,709	)		(1.4	)
EPR Properties		(30,379	)		(2,088,252	)		(11.1	)
Equity Commonwealth		(26,892	)		(800,844	)		(4.3	)
Esterline Technologies Corp.		(3,311	)		(388,579	)		(2.1	)
Euronet Worldwide, Inc.		(588	)		(65,374	)		(0.3	)
Exelon Corp.		(51,019	)		(2,235,142	)		(11.9	)
Expedia, Inc.		(2,057	)		(258,010	)		(1.4	)
Expeditors International of Washington, Inc.		(3,293	)		(221,224	)		(1.2	)
Exponent, Inc.		(8,653	)		(436,630	)		(2.3	)
Exxon Mobil Corp.		(8,196	)		(653,057	)		(3.5	)
F5 Networks, Inc.		(1,166	)		(204,376	)		(1.1	)
Facebook, Inc.		(2,143	)		(325,286	)		(1.7	)
FactSet Research Systems, Inc.		(4,807	)		(1,075,614	)		(5.7	)
First Financial Bancorp		(15,463	)		(404,667	)		(2.2	)
First Financial Bankshares, Inc.		(8,042	)		(474,398	)		(2.5	)
First Solar, Inc.		(2,867	)		(119,841	)		(0.6	)
FirstEnergy Corp.		(3,204	)		(119,445	)		(0.6	)
First Industrial Realty Trust, Inc.		(6,786	)		(208,330	)		(1.0	)
Floor & Decor Holdings, Inc.		(1,357	)		(34,712	)		(0.2	)
Flowserve Corp.		(886	)		(40,667	)		(0.2	)
Foot Locker, Inc.		(1,644	)		(77,498	)		(0.4	)
FormFactor, Inc.		(19,068	)		(233,392	)		(1.2	)
Fortive Corp.		(3,316	)		(246,213	)		(1.3	)
Fossil Group, Inc.		(2,357	)		(51,170	)		(0.3	)
Freeport-McMoRan, Inc.		(8,002	)		(93,223	)		(0.5	)
G1 Therapeutics, Inc.		(1,334	)		(53,373	)		(0.3	)
GameStop Corp., Class A		(17,514	)		(255,704	)		(1.4	)
Gardner Denver Holdings, Inc.		(8,930	)		(241,646	)		(1.3	)
General Dynamics Corp.		(2,928	)		(505,314	)		(2.7	)
Genesee & Wyoming, Inc., Class A		(9,524	)		(754,587	)		(4.0	)
Gentex Corp.		(18,943	)		(398,750	)		(2.1	)
Gentherm, Inc.		(13,665	)		(596,341	)		(3.2	)
Glacier Bancorp, Inc.		(472	)		(20,013	)		(0.1	)
Global Payments, Inc.		(1,821	)		(208,013	)		(1.1	)
Graco, Inc.		(2,230	)		(90,605	)		(0.5	)
Greif, Inc., Class A		(6,014	)		(284,462	)		(1.5	)
Groupon, Inc.		(88,878	)		(290,631	)		(1.6	)
Guess?, Inc.		(18,976	)		(403,050	)		(2.2	)

Security	Shares			Value			% of Basket Value
United States (continued)
Guidewire Software, Inc.		(10,512	)	$	(935,253	)		(5.0	)%
Hamilton Lane, Inc., Class A		(6,497	)		(249,355	)		(1.3	)
Harsco Corp.		(3,883	)		(106,666	)		(0.6	)
The Hartford Financial Services Group, Inc.		(431	)		(19,576	)		(0.1	)
Hasbro, Inc.		(15,670	)		(1,437,096	)		(7.7	)
Hawaiian Electric Industries, Inc.		(701	)		(26,147	)		(0.1	)
HB Fuller Co.		(17,775	)		(790,277	)		(4.2	)
HCA Holdings, Inc.		(1,053	)		(140,607	)		(0.8	)
HCP, Inc.		(12,458	)		(343,218	)		(1.8	)
HD Supply Holdings, Inc.		(1,286	)		(48,315	)		(0.3	)
Healthcare Realty Trust, Inc.		(10,519	)		(293,059	)		(1.6	)
Healthcare Services Group, Inc.		(7,665	)		(311,122	)		(1.7	)
HealthEquity, Inc.		(1,089	)		(99,970	)		(0.5	)
Heartland Express, Inc.		(10,776	)		(209,809	)		(1.1	)
HFF, Inc., Class A		(7,938	)		(291,722	)		(1.6	)
Hillenbrand, Inc.		(11,940	)		(571,926	)		(3.1	)
Hilton Grand Vacations, Inc.		(10,207	)		(274,262	)		(1.5	)
Hilton Worldwide Holdings, Inc.		(13,486	)		(959,799	)		(5.1	)
HollyFrontier Corp.		(7,675	)		(517,602	)		(2.8	)
Hologic, Inc.		(2,181	)		(85,037	)		(0.5	)
Houlihan Lokey, Inc.		(476	)		(19,602	)		(0.1	)
The Howard Hughes Corp.		(7,485	)		(834,727	)		(4.5	)
II-VI, Inc.		(5,984	)		(222,784	)		(1.2	)
Illinois Tool Works, Inc.		(1,711	)		(218,272	)		(1.2	)
Imperva, Inc.		(2,678	)		(148,227	)		(0.8	)
Independent Bank Group, Inc.		(6,101	)		(353,309	)		(1.9	)
Ingevity Corp.		(1,899	)		(172,961	)		(0.9	)
Ingredion, Inc.		(4,114	)		(416,255	)		(2.2	)
Interactive Brokers Group, Inc., Class A		(3,763	)		(185,930	)		(1.0	)
International Business Machines Corp.		(5,333	)		(615,588	)		(3.3	)
Invitation Homes, Inc.		(1,167	)		(25,534	)		(0.1	)
IPG Photonics Corp.		(2,854	)		(381,152	)		(2.0	)
Iqvia Holdings, Inc.		(12,223	)		(1,502,573	)		(8.0	)
JELD-WEN Holding, Inc.		(43,407	)		(705,798	)		(3.8	)
Johnson & Johnson		(8,672	)		(1,213,993	)		(6.5	)
Johnson Controls International PLC		(11,723	)		(374,784	)		(2.0	)
Kansas City Southern		(8,735	)		(890,621	)		(4.8	)
KB Home		(20,143	)		(402,256	)		(2.1	)
KBR, Inc.		(2,675	)		(52,911	)		(0.3	)
Kimberly-Clark Corp.		(3,327	)		(347,006	)		(1.9	)
Knowles Corp.		(10,221	)		(165,376	)		(0.9	)
Korn/Ferry International		(1,767	)		(79,762	)		(0.4	)
Kraft Heinz Co.		(14,664	)		(806,080	)		(4.3	)
Kratos Defense & Security Solutions, Inc.		(23,336	)		(292,400	)		(1.6	)
L Brands, Inc.		(10,837	)		(351,336	)		(1.9	)
La-Z-Boy, Inc.		(13,299	)		(369,712	)		(2.0	)

32

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Laboratory Corp. of America Holdings		(2,521	)	$	(404,747	)		(2.2	)%
Lamb Weston Holdings, Inc.		(2,882	)		(225,257	)		(1.2	)
Las Vegas Sands Corp.		(2,384	)		(121,656	)		(0.6	)
Laureate Education, Inc.		(8,792	)		(130,913	)		(0.7	)
Lear Corp.		(3,158	)		(419,698	)		(2.2	)
Leggett & Platt, Inc.		(7,705	)		(279,769	)		(1.5	)
LendingTree, Inc.		(871	)		(175,672	)		(0.9	)
Lennar Corp.		(15,800	)		(679,084	)		(3.6	)
LHC Group, Inc.		(974	)		(89,053	)		(0.5	)
Liberty Broadband Corp.		(1,032	)		(85,439	)		(0.5	)
Liberty TripAdvisor Holdings, Inc.		(6,229	)		(89,822	)		(0.5	)
Littelfuse, Inc.		(1,552	)		(281,160	)		(1.5	)
Live Nation Entertainment, Inc.		(7,339	)		(383,830	)		(2.0	)
LTC Properties, Inc.		(1,630	)		(69,715	)		(0.4	)
Luminex Corp.		(2,749	)		(79,089	)		(0.4	)
LyondellBasell Industries NV, Class A		(1,881	)		(167,917	)		(0.9	)
Mack-Cali Realty Corp.		(796	)		(16,159	)		(0.1	)
Markel Corp.		(1,070	)		(1,169,767	)		(6.2	)
MarketAxess Holdings, Inc.		(578	)		(121,189	)		(0.6	)
Marriott International, Inc., Class A		(235	)		(27,469	)		(0.1	)
Marsh & McLennan Cos., Inc.		(25,352	)		(2,148,582	)		(11.5	)
Masonite International Corp.		(506	)		(28,027	)		(0.2	)
Matador Resources Co.		(2,038	)		(58,776	)		(0.3	)
MaxLinear, Inc., Class A		(1,612	)		(31,289	)		(0.2	)
McDonald’s Corp.		(3,333	)		(589,608	)		(3.1	)
Medical Properties Trust, Inc.		(32,961	)		(489,800	)		(2.6	)
Medidata Solutions, Inc.		(601	)		(42,250	)		(0.2	)
Medifast, Inc.		(1,989	)		(421,032	)		(2.2	)
Mercury General Corp.		(1,713	)		(101,598	)		(0.5	)
Mercury Systems, Inc.		(1,966	)		(92,127	)		(0.5	)
MGM Growth Properties LLC		(15,753	)		(445,652	)		(2.4	)
MGM Resorts International		(34,422	)		(918,379	)		(4.9	)
Microsoft Corp.		(2,982	)		(318,507	)		(1.7	)
Molina Healthcare, Inc.		(923	)		(117,009	)		(0.6	)
Mondelez International, Inc.		(22,974	)		(964,449	)		(5.1	)
MongoDB, Inc.		(691	)		(56,316	)		(0.3	)
Monolithic Power Systems, Inc.		(7,772	)		(918,029	)		(4.9	)
Monro Muffler Brake, Inc.		(2,454	)		(182,578	)		(1.0	)
Moog, Inc., Class A		(9,965	)		(712,996	)		(3.8	)
MSA Safety, Inc.		(6,822	)		(712,490	)		(3.8	)
MyoKardia, Inc.		(2,439	)		(129,121	)		(0.7	)
National Fuel Gas Co.		(422	)		(22,910	)		(0.1	)
National Vision Holdings, Inc.		(15,192	)		(629,405	)		(3.4	)
Natus Medical, Inc.		(2,842	)		(84,919	)		(0.5	)
Navistar International Corp.		(1,408	)		(47,154	)		(0.3	)
NCR Corp.		(11,016	)		(295,780	)		(1.6	)
Neenah Paper, Inc.		(3,940	)		(317,012	)		(1.7	)
Neogen Corp.		(1,346	)		(81,729	)		(0.4	)
Netflix, Inc.		(1,318	)		(397,746	)		(2.1	)

Security	Shares			Value			% of Basket Value
United States (continued)
New Jersey Resources Corp.		(3,041	)	$	(137,149	)		(0.7	)%
NewMarket Corp.		(3,150	)		(1,215,774	)		(6.5	)
News Corp., Class A Class A		(5,963	)		(78,652	)		(0.4	)
Nielsen Holdings PLC		(21,646	)		(562,363	)		(3.0	)
NMI Holdings, Inc., Class A		(7,745	)		(163,729	)		(0.9	)
Nordson Corp.		(4,933	)		(605,131	)		(3.2	)
Northwest Natural Holding Co.		(9,119	)		(590,820	)		(3.2	)
NRG Energy, Inc.		(6,145	)		(222,388	)		(1.2	)
Office Depot, Inc.		(22,242	)		(56,940	)		(0.3	)
Okta, Inc.		(3,037	)		(177,239	)		(0.9	)
Old Dominion Freight Line, Inc.		(1,888	)		(246,233	)		(1.3	)
Old National Bancorp		(1,250	)		(22,312	)		(0.1	)
Ollie’s Bargain Outlet Holdings, Inc.		(6,128	)		(569,291	)		(3.0	)
Oracle Corp.		(13,494	)		(659,047	)		(3.5	)
Ormat Technologies, Inc.		(4,787	)		(244,951	)		(1.3	)
Oxford Industries, Inc.		(9,041	)		(804,468	)		(4.3	)
Pacific Premier Bancorp, Inc.		(1,532	)		(44,780	)		(0.2	)
Papa John’s International, Inc.		(2,728	)		(148,785	)		(0.8	)
PDC Energy, Inc.		(5,561	)		(236,064	)		(1.3	)
Peabody Energy Corp.		(21,061	)		(746,612	)		(4.0	)
Pegasystems, Inc.		(5,271	)		(282,104	)		(1.5	)
PepsiCo, Inc.		(13,470	)		(1,513,759	)		(8.1	)
Pfizer, Inc.		(2,744	)		(118,157	)		(0.6	)
Philip Morris International, Inc.		(17,527	)		(1,543,603	)		(8.2	)
Piper Jaffray Cos.		(398	)		(27,613	)		(0.1	)
Platform Specialty Products Corp.		(6,408	)		(69,335	)		(0.4	)
Plexus Corp.		(7,706	)		(450,030	)		(2.4	)
Polaris Industries, Inc.		(1,507	)		(134,093	)		(0.7	)
Pool Corp.		(1,833	)		(267,160	)		(1.4	)
Portland General Electric Co.		(1,275	)		(57,477	)		(0.3	)
Power Integrations, Inc.		(7,015	)		(395,085	)		(2.1	)
PPG Industries, Inc.		(6,418	)		(674,468	)		(3.6	)
PPL Corp.		(3,587	)		(109,045	)		(0.6	)
PRA Group, Inc.		(18,930	)		(583,801	)		(3.1	)
Procter & Gamble Co.		(25,725	)		(2,281,293	)		(12.2	)
Proofpoint, Inc.		(257	)		(23,374	)		(0.1	)
ProPetro Holding Corp.		(16,211	)		(286,124	)		(1.5	)
Proto Labs, Inc.		(909	)		(108,580	)		(0.6	)
PS Business Parks, Inc.		(7,045	)		(920,077	)		(4.9	)
PVH Corp.		(4,699	)		(567,592	)		(3.0	)
Qorvo, Inc.		(878	)		(64,542	)		(0.3	)
Quaker Chemical Corp.		(122	)		(21,948	)		(0.1	)
Qurate Retail, Inc.		(1,462	)		(32,076	)		(0.2	)
Ralph Lauren Corp.		(3,254	)		(421,751	)		(2.3	)
Rapid7, Inc.		(447	)		(16,199	)		(0.1	)
RBC Bearings, Inc.		(2,574	)		(380,128	)		(2.0	)
Reata Pharmaceuticals, Inc.		(737	)		(43,431	)		(0.2	)
Retail Opportunity Investments Corp.		(27,666	)		(486,645	)		(2.6	)
Retail Properties of America, Inc		(55,961	)		(686,641	)		(3.7	)
RLI Corp.		(1,131	)		(83,615	)		(0.4	)
Rogers Corp.		(4,235	)		(521,159	)		(2.8	)

33

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Roper Industries, Inc.		(325	)	$	(91,943	)		(0.5	)%
RPC, Inc.		(14,632	)		(217,724	)		(1.2	)
Sabre Corp.		(15,484	)		(381,681	)		(2.0	)
Seacoast Banking Corp. of Florida		(2,762	)		(72,668	)		(0.4	)
Semtech Corp.		(569	)		(25,571	)		(0.1	)
Sensata Technologies Holding PLC		(7,214	)		(338,337	)		(1.8	)
Seritage Growth Properties		(6,451	)		(245,267	)		(1.3	)
Service Corp. International		(5,074	)		(210,419	)		(1.1	)
Shake Shack, Inc., Class A Class A		(2,012	)		(106,415	)		(0.6	)
Silgan Holdings, Inc.		(5,964	)		(143,315	)		(0.8	)
Simmons First National Corp., Class A Class A		(10,389	)		(278,217	)		(1.5	)
SiteOne Landscape Supply, Inc.		(2,780	)		(189,151	)		(1.0	)
Skechers U.S.A., Inc., Class A		(24,637	)		(703,879	)		(3.8	)
Skyline Champion Corp.		(3,578	)		(85,264	)		(0.5	)
Skyworks Solutions, Inc.		(13,840	)		(1,200,758	)		(6.4	)
South Jersey Industries, Inc.		(12,391	)		(366,030	)		(2.0	)
South State Corp.		(5,324	)		(360,275	)		(1.9	)
Southern Co.		(14,040	)		(632,221	)		(3.4	)
Southwestern Energy Co.		(11,248	)		(60,064	)		(0.3	)
SRC Energy, Inc.		(27,652	)		(195,776	)		(1.0	)
Starwood Property Trust, Inc.		(103,617	)		(2,250,561	)		(12.0	)
Sterling Bancorp		(82,628	)		(1,485,651	)		(7.9	)
Stitch Fix, Inc., Class A		(1,543	)		(40,673	)		(0.2	)
Stratasys, Ltd.		(9,064	)		(172,760	)		(0.9	)
Sun Communities, Inc.		(15,312	)		(1,538,397	)		(8.2	)
Sun Hydraulics Corp.		(14,498	)		(672,707	)		(3.6	)
Sunrun, Inc.		(28,517	)		(349,618	)		(1.9	)
Symantec Corp.		(25,500	)		(462,825	)		(2.5	)
Synopsys, Inc.		(12,038	)		(1,077,762	)		(5.8	)
Tabula Rasa HealthCare, Inc.		(2,644	)		(195,339	)		(1.0	)
Tactile Systems Technology, Inc.		(1,620	)		(106,078	)		(0.6	)
Targa Resources Corp.		(917	)		(47,381	)		(0.3	)
Taylor Morrison Home Corp.		(3,243	)		(53,639	)		(0.3	)
Tech Data Corp.		(1,801	)		(127,259	)		(0.7	)
Teledyne Technologies, Inc.		(1,212	)		(268,191	)		(1.4	)
Teleflex, Inc.		(1,040	)		(250,370	)		(1.3	)
Tellurian, Inc.		(11,827	)		(94,616	)		(0.5	)
Tesla Motors, Inc.		(3,059	)		(1,031,862	)		(5.5	)
Torchmark Corp.		(26,412	)		(2,236,040	)		(11.9	)
TransDigm Group, Inc.		(268	)		(88,507	)		(0.5	)
Trex Co., Inc.		(827	)		(50,695	)		(0.3	)
TRI Pointe Group, Inc.		(2,917	)		(34,712	)		(0.2	)
Trimble Navigation, Ltd.		(13,987	)		(522,834	)		(2.8	)
Trinity Industries, Inc.		(16,582	)		(473,416	)		(2.5	)
Trinseo SA		(10,541	)		(567,949	)		(3.0	)
TripAdvisor, Inc.		(6,925	)		(361,070	)		(1.9	)
Tronox, Ltd., Class A Class A		(1,750	)		(20,037	)		(0.1	)
Tupperware Brands Corp.		(941	)		(33,029	)		(0.2	)
Twitter, Inc.		(991	)		(34,437	)		(0.2	)
US Foods Holding Corp.		(13,630	)		(397,587	)		(2.1	)
Vail Resorts, Inc.		(904	)		(227,193	)		(1.2	)
Valero Energy Corp.		(734	)		(66,860	)		(0.4	)
Valmont Industries, Inc.		(11,334	)		(1,408,930	)		(7.5	)
Varex Imaging Corp.		(5,472	)		(142,053	)		(0.8	)
Vector Group, Ltd.		(32,518	)		(439,643	)		(2.3	)

Security	Shares			Value			% of Basket Value
United States (continued)
UDR, Inc.		(19,677	)	$	(771,142	)		(4.1	)%
Under Armour, Inc., Class A		(14,128	)		(312,370	)		(1.7	)
Uniti Group, Inc.		(48,091	)		(920,462	)		(4.9	)
Universal Display Corp.		(5,439	)		(669,051	)		(3.6	)
Universal Forest Products, Inc.		(11,593	)		(327,734	)		(1.7	)
Universal Health Services, Inc.		(7,691	)		(934,918	)		(5.0	)
VEREIT, Inc.		(198,024	)		(1,451,516	)		(7.7	)
Verint Systems, Inc.		(2,075	)		(94,765	)		(0.5	)
ViaSat, Inc.		(5,141	)		(327,790	)		(1.8	)
Vicor Corp.		(2,476	)		(99,288	)		(0.5	)
Visteon Corp.		(1,967	)		(155,472	)		(0.8	)
W&T Offshore, Inc.		(14,415	)		(97,157	)		(0.5	)
WABCO Holdings, Inc.		(9,932	)		(1,067,193	)		(5.7	)
Wabtec Corp.		(2,812	)		(230,640	)		(1.2	)
Waddell & Reed Financial, Inc.		(10,648	)		(203,057	)		(1.1	)
Walgreens Boots Alliance, Inc.		(15,890	)		(1,267,545	)		(6.8	)
Warrior Met Coal, Inc.		(17,132	)		(479,696	)		(2.6	)
Washington Real Estate Investment Trust		(17,553	)		(489,202	)		(2.6	)
Waters Corp.		(4,511	)		(855,692	)		(4.6	)
WD-40 Co.		(947	)		(158,225	)		(0.8	)
Weight Watchers International, Inc.		(2,975	)		(196,648	)		(1.1	)
West Pharmaceutical Services, Inc.		(1,326	)		(140,450	)		(0.8	)
Western Digital Corp.		(5,147	)		(221,681	)		(1.2	)
WisdomTree Investments, Inc.		(17,580	)		(136,597	)		(0.7	)
Worldpay, Inc., Class A		(18,508	)		(1,699,775	)		(9.1	)
Worthington Industries, Inc.		(2,741	)		(114,793	)		(0.6	)
WP Carey, Inc.		(17,225	)		(1,137,022	)		(6.1	)
WR Berkley Corp.		(23,734	)		(1,801,411	)		(9.6	)
Xerox Corp.		(9,493	)		(264,570	)		(1.4	)
Yum China Holdings, Inc.		(3,621	)		(130,646	)		(0.7	)
Zimmer Biomet Holdings, Inc.		(351	)		(39,870	)		(0.2	)
					(159,007,219	)
Total Reference Entity — Short					(168,770,764	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	(249,678	)

34

Schedule of Investments  (unaudited) (continued) October 31, 2018 BlackRock Global Long/Short Equity Fund

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments and derivative financial instruments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements as contained in its annual report.

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

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Preferred Securities	$	—		$	—		$	3,654,489	$	3,654,489
U.S. Treasury Obligations		—			78,156,244			—		78,156,244
Short-Term Securities:
U.S. Treasury Obligations		—			457,621,944			—		457,621,944
Money Market Funds		20,111,538			—			—		20,111,538
	$	20,111,538		$	535,778,188		$	3,654,489	$	559,544,215
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	979,240		$	9,411,887		$	—	$	10,391,127
Liabilities:
Equity contracts		(1,186,369	)		(3,656,952	)		—		(4,843,321	)
	$	(207,129	)	$	5,754,935		$	—	$	5,547,806

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

During the period ended October 31, 2018, there were no transfers between levels.

35

Item 2 – Controls and Procedures

2(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.

2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

               Certifications – Attached hereto

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: December 19, 2018

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: December 19, 2018
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds
Date: December 19, 2018