UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund:  BlackRock Funds

BlackRock Liquid Environmentally Aware Fund

BlackRock Short Obligations Fund

BlackRock Total Factor 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: 07/31/2021

Date of reporting period: 01/31/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

January

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

SM

BlackRock

Liquid

Environmentally

Aware

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

January

31,

2021

has

been

a

time

of

sudden

change,

as

the

emergence

and

spread

of

the

coronavirus

(or

“COVID-19”)

led

to

a

vast

disruption

in

the

global

economy

and

financial

markets.

The

threat

from

the

virus

became

increasingly

apparent

throughout

February

and

March

2020,

and

countries

around

the

world

took

economically

disruptive

countermeasures.

Stay-at-home

orders

and

closures

of

non-essential

businesses

became

widespread,

many

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession

and

a

sharp

fall

in

equity

prices.

After

markets

hit

their

lowest

point

of

the

reporting

period

in

late

March

2020,

a

steady

recovery

ensued,

as

businesses

began

to

re-open

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

continued

to

rise

throughout

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

Many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period

following

a

series

of

successful

vaccine

trials

and

passage

of

additional

stimuli.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

from

developed

economies

grew

at

a

more

modest

pace,

lagging

emerging

market

stocks,

which

rebounded

sharply.

During

the

market

downturn,

the

performance

of

different

types

of

fixed-income

securities

initially

diverged

due

to

a

reduced

investor

appetite

for

risk.

U.S.

Treasuries

benefited

from

the

risk-off

environment

and

posted

positive

returns,

as

the

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

dropped

to

historic

lows.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

both

investment-grade

and

high-yield

bonds

recovered

to

post

positive

returns.

Following

the

coronavirus

outbreak,

the

Fed

instituted

two

emergency

interest

rate

cuts,

pushing

short-

term

interest

rates,

already

low

as

the

year

began,

close

to

zero.

To

stabilize

credit

markets,

the

Fed

also

implemented

a

new

bond-buying

program,

as

did

several

other

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

is

likely

to

accelerate

as

vaccination

efforts

continue

to

ramp

up.

Significant

additional

U.S.

stimulus

spending

in

early

2021

is

being

negotiated

in

Congress,

which

would

provide

a

solid

tailwind

for

economic

growth.

Inflation

should

increase

somewhat

as

the

expansion

continues,

but

a

shift

in

central

bank

policy

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

equity

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

both

equities

and

credit.

We

see

U.S.

and

Asian

equities

benefiting

from

structural

growth

trends

in

tech,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

In

credit,

rising

inflation

should

provide

tailwinds

for

inflation-

protected

bonds,

and

Euro

area

peripherals

and

Asian

bonds

also

present

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

January

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

14.47%

17.25%

U.S.

small

cap

equities

(Russell

2000

®

Index)

40.89

30.17

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

17.58

8.94

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

24.07

27.89

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.06

0.54

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.56)

4.91

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(0.91)

4.72

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

2.06

3.85

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.72

7.38

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Money

Market

Overview

..................................................................................................

4

Fund

Information

.......................................................................................................

5

Disclosure

of

Expenses

...................................................................................................

5

Financial

Statements:

Schedule

of

Investments

................................................................................................

6

Statement

of

Assets

and

Liabilities

..........................................................................................

9

Statement

of

Operations

................................................................................................

11

Statements

of

Changes

in

Net

Assets

........................................................................................

12

Financial

Highlights

.....................................................................................................

13

Notes

to

Financial

Statements

...............................................................................................

16

Additional

Information

....................................................................................................

21

Glossary

of

Terms

Used

in

This

Report

.........................................................................................

23

Money

Market

Overview

For

the

Six-Month

Period

Ended

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

In

the

second

half

of

2020

and

onset

of

2021,

the

Federal

Open

Market

Committee

(the

“FOMC”)

left

the

range

for

the

Federal

Funds

target

rate

unchanged

at

0.00%--0.25%.

The

Fed

continued

to

pledge

its

support

to

markets

and,

as

a

result,

front-end

credit

markets

remained

calm.

At

the

(“virtual”)

Jackson

Hole

Symposium

in

August

2020,

Fed

Chair

Jerome

Powell

announced

a

notable

shift

in

the

FOMC’s

approach

to

employment

and

inflation

goals.

The

“Statement

on

Longer

Run

Goals

and

Monetary

Policy

Strategy”

reflected

the

FOMC’s

“appreciation

for

the

benefits

of

a

strong

labor

market,

particularly

for

many

in

low

and

moderate

income

communities,

and

that

a

robust

job

market

can

be

sustained

without

causing

an

unwelcome

increase

in

inflation."

On

its

price

stability

objective,

the

FOMC

stated

that

it

“seeks

to

achieve

inflation

that

averages

2%

over

time,"

whereby

“appropriate

monetary

policy

will

likely

aim

to

achieve

inflation

moderately

above

2%

for

some

time

following

persistent

periods

when

inflation

is

below

that

level.”

The

fourth

quarter

2020

was

highlighted

by

positive

news

about

the

efficacy

of

various

COVID-19

vaccines,

the

conclusion

of

the

U.S.

Presidential

election,

and

a

request

by

U.S.

Treasury

Secretary

Steven

Mnuchin

to

extend

a

limited

number

of

pandemic

support

facilities

that

had

been

scheduled

to

expire

at

the

end

of

December

2020.

During

the

fourth

quarter

2020,

the

three-month

London

Interbank

Offered

Rate

overnight

indexed

swap

spread--a

gauge

of

stress

in

the

financial

system--trended

modestly

above

its

12-month

low

of

0.12%.

A

shift

by

the

U.S.

Treasury

to

focus

on

longer-dated

issuance

is

expected

to

weigh

heavily

on

the

supply

of

outstanding

U.S.

Treasury

bills,

which

anchor

supply

in

the

U.S.

money

markets.

U.S.

Treasury

bill

issuance

in

the

first

half

of

2021

may

be

constrained

unless

the

U.S.

Congress

takes

a

proactive

approach

to

address

the

expiration

of

the

suspension

of

the

debt

ceiling,

in

combination

with

an

eventual

drawdown

of

U.S.

Treasury

cash

balances

held

at

the

Fed.

With

a

new

administration

in

the

White

House

and

a

Democratic

majority

in

the

House

and

Senate

(Vice

President

Harris

as

the

51st

vote),

the

calls

grew

louder

for

additional

relief

in

the

form

of

a

$1-$2

trillion

support

package.

The

January

2021

FOMC

statement

associated

with

its

meeting

was

modified

to

acknowledge

that

“the

pace

of

the

recovery

in

economic

activity

and

employment

has

moderated

in

recent

months,

with

weakness

concentrated

in

the

sectors

most

adversely

affected

by

the

pandemic.”

It

was

also

noted

that

“the

path

of

the

economy

will

depend

significantly

on

the

course

of

the

virus,

including

progress

on

vaccinations.”

While

conditions

stabilized

during

the

second

half

of

2020

and

into

2021,

we

are

mindful

the

economy

is

still

on

the

mend

and

thus

we

maintain

a

bias

toward

higher

quality

issuers

of

commercial

paper,

certificates

of

deposit

and

short

corporate

notes

with

a

particular

bias

to

those

issuers

expected

to

maintain

credit

rating

stability

and

certainly

those

credits

exhibiting

better-than-average

environmental

factors

and

ratings.

Moreover,

our

focus

heading

into

year-end

2020

was

to

build

a

sizeable

liquidity

buffer

in

preparation

for

potential

spread

volatility.

Both

credit

spreads

and

rates

were

approaching

historic

lows

as

the

buildup

of

liquidity

continued

unchecked.

Based

on

recent

communications,

we

believe

the

FOMC

is

likely

to

keep

the

interest

rate

policy

on

hold

for

the

foreseeable

future

and

“the

path

of

the

economy

will

depend

significantly

on

the

course

of

the

virus,

including

progress

on

vaccinations.”

The

market

appears

to

be

largely

taking

a

“wait

and

see”

approach

regarding

additional

U.S.

Treasury

bill

supply,

contributing

to

a

minimal

slope

in

the

U.S.

Treasury

bill

curve.

We

believe

the

ultimate

size

and

timing

of

the

next

round

of

federal

relief

measures

could

be

affected

by

the

extent

of

bipartisan

support

for

additional

spending.

With

respect

to

BlackRock

Liquid

Environmentally

Aware

Fund,

we

continue

to

believe

green

issuance,

including

climate

transition

or

target-based

issuance,

will

increase

in

the

coming

years.

In

our

view,

the

Fed

will

continue

to

monitor

market

conditions

and

provide

liquidity

to

the

banking

system

as

needed

to

ensure

adequate

control

of

short-term

interest

rates.

Past

performance

is

no

guarantee

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Information

as

of

January

31,

2021

5

Fund

Information

BlackRock

Liquid

Environmentally

Aware

Fund

Investment

Objective

BlackRock

Liquid

Environmentally

Aware

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

as

high

a

level

of

current

income

as

is

consistent

with

liquidity

and

preservation

of

capital

while

giving

consideration

to

select

environmental

criteria.

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses

and

(b)

operating

expenses,

including

investment

advisory

fees, administration

fees,

service

and

distribution

fees and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on August

1,

2020 and

held

through

January

31,

2021)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Expense

Example

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

0.01‌

%

0.01‌

%

Direct

..................................

0.06‌

0.06‌

Investor

A

...............................

0.01‌

0.01‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Commercial

Paper

...................................

36‌

%

Repurchase

Agreements

...............................

27‌

U.S.

Treasury

Obligations

..............................

13‌

Certificates

of

Deposit

.................................

11‌

Time

Deposits

......................................

6‌

Municipal

Bonds

....................................

5‌

U.S.

Government

Sponsored

Agency

Obligations

..............

1‌

Other

Assets

Less

Liabilities

............................

1‌

Actual

Hypothetical

(a)

Beginning

Account

Value

(08/01/20)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(08/01/20)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,000.20‌

$

1.01‌

$

1,000.00‌

$

1,024.20‌

$

1.02‌

0.20‌%

Direct

...................................

1,000.00‌

1,000.50‌

0.71‌

1,000.00‌

1,024.50‌

0.71‌

0.14‌

Investor

A

................................

1,000.00‌

1,000.10‌

1.06‌

1,000.00‌

1,024.15‌

1.07‌

0.21‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Liquid

Environmentally

Aware

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

—

5.3%

Arizona

-

1.9%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States:

(a)(b)(c)

Series

2020-MIZ9031,

RB,

VRDN,

0.54%, 03/05/21

................

USD

5,000

$

5,000,000

Series

2020-MIZ9037,

RB,

VRDN,

0.54%, 03/05/21

................

10,000

10,000,000

Series

2020-MIZ9045,

RB,

VRDN,

0.54%, 03/05/21

................

8,750

8,750,000

23,750,000

California

-

1.5%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States:

(a)(b)(c)

Series

2020-MIZ9014,

RB,

VRDN,

0.52%, 03/05/21

................

15,000

15,000,000

Series

2020-MIZ9048,

RB,

VRDN,

0.54%, 03/05/21

................

5,000

5,000,000

20,000,000

Colorado

-

0.4%

Colorado

Housing

and

Finance

Authority,

Series

2020C-2,

RB,

VRDN,

0.11%, 02/05/21

(b)

..

5,600

5,600,000

Massachusetts

-

0.0%

Commonwealth

of

Massachusetts,

Series

2020C,

GO,

0.25%, 06/17/21

..........

1,170

1,170,053

Other

-

0.2%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9043,

RB,

VRDN,

0.33%, 02/05/21

(a)(b)(c)

...............

2,070

2,070,000

Rhode

Island

-

1.3%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States:

(a)(b)(c)

Series

2020-MIZ9023,

RB,

VRDN,

0.52%, 03/05/21

................

8,955

8,955,000

Series

2021-MIZ9056,

RB,

VRDN,

0.52%, 03/05/21

................

8,550

8,550,000

17,505,000

Total

Municipal

Bonds

—

5.3%

(Cost:

$70,095,000)

...............................

70,095,053

U.S.

Government

Sponsored

Agency

Obligations

—

0.8%

Agency

Obligations

—

0.8%

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes

(d)

:

(3

Month

Treasury

Bill

Rate

+

0.00%),

0.11%, 02/05/21

................

2,500

2,500,000

(3

Month

Treasury

Bill

Rate

+

0.00%),

0.12%, 02/05/21

................

7,833

7,833,333

10,333,333

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.8%

(Cost:

$10,333,333)

...............................

10,333,333

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

—

13.1%

U.S.

Treasury

Bills

(e)

:

0.06%, 03/30/21

..................

USD

25,000

$

24,997,526

0.07%, 04/08/21

..................

35,000

34,995,669

0.06%, 04/22/21

..................

75,000

74,990,000

0.08%, 05/20/21

..................

25,000

24,994,281

0.09%, 11/04/21

..................

15,000

14,990,225

Total

U.S.

Treasury

Obligations

—

13.1%

(Cost:

$174,946,587)

..............................

174,967,701

Certificates

of

Deposit

—

11.1%

Domestic

—

2.0%

Bank

of

America

NA

(d)

:

(LIBOR

USD

3

Month

+

0.05%),

0.29%, 10/01/21

................

1,750

1,750,056

(SOFR

+

0.26%),

0.30%, 01/10/22

......

2,600

2,600,074

Citibank

NA:

0.27%, 06/14/21

..................

7,500

7,503,649

0.25%, 09/08/21

..................

10,000

10,003,376

Svenska

Handelsbanken

AB:

1.15%, 03/03/21

..................

2,500

2,502,422

(LIBOR

USD

3

Month

+

0.11%),

0.33%, 06/16/21

(d)

...............

2,500

2,501,374

26,860,951

Euro

—

0.4%

Credit

Industriel

et

Commercial

SA,

1.72%, 02/12/21

(e)

.................

5,000

4,999,747

Yankee

—

8.7%

(f)

Bank

of

Montreal,

Chicago

(d)

:

(LIBOR

USD

3

Month

+

0.12%),

0.36%, 06/24/21

................

2,500

2,501,360

(LIBOR

USD

3

Month

+

0.04%),

0.28%, 10/06/21

................

5,000

5,001,686

(LIBOR

USD

3

Month

+

0.11%),

0.34%, 12/13/21

................

7,500

7,506,472

(LIBOR

USD

3

Month

+

0.05%),

0.27%, 02/23/22

................

5,000

5,000,000

BNP

Paribas

SA,

New

York,

(SOFR

+

0.25%),

0.29%, 02/05/21

(d)

.................

6,200

6,200,253

Canadian

Imperial

Bank

of

Commerce,

New

York

(d)

:

(LIBOR

USD

3

Month

+

0.05%),

0.27%, 09/13/21

................

5,000

5,000,613

(LIBOR

USD

3

Month

+

0.11%),

0.34%, 01/14/22

................

25,000

25,011,821

Credit

Industriel

et

Commercial

SA,

New

York,

(LIBOR

USD

3

Month

+

0.07%),

0.28%, 02/01/21

(d)

.................

5,000

5,000,000

Credit

Suisse

AG,

New

York,

0.34%, 11/09/21

.

7,500

7,506,723

Royal

Bank

of

Canada,

New

York:

0.43%, 07/26/21

..................

2,500

2,504,929

(LIBOR

USD

3

Month

+

0.09%),

0.31%, 12/10/21

(d)

...............

20,000

20,013,582

Standard

Chartered

Bank,

New

York,

(LIBOR

USD

3

Month

+

0.10%),

0.31%, 05/07/21

(d)

15,000

15,003,523

Toronto-Dominion

Bank,

New

York:

1.13%, 04/14/21

..................

5,000

5,010,454

0.43%, 07/28/21

..................

5,000

5,006,495

116,267,911

Total

Certificates

of

Deposit

—

11.1%

(Cost:

$148,048,615)

..............................

148,128,609

BlackRock

Liquid

Environmentally

Aware

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Commercial

Paper

—

35.1%

Alpine

Securitization

LLC,

0.17%

,

03/05/21

(d)

.

USD

18,000

$

17,995,852

Alpine

Securitization

Ltd.

(c)

:

0.25%,

03/05/21

..................

5,000

5,000,791

0.26%,

03/05/21

..................

9,500

9,501,716

0.19%,

04/01/21

(e)

.................

5,000

4,998,355

Antalis

SA,

0.21%

,

06/09/21

(e)

...........

13,000

12,990,350

Atlantic

Asset

Securitization

LLC

(d)

:

(LIBOR

USD

1

Month

+

0.05%),

0.17%,

02/26/21

.....................

2,500

2,500,048

(LIBOR

USD

1

Month

+

0.09%),

0.21%,

03/02/21

.....................

4,000

4,000,559

Australia

&

New

Zealand

Banking

Group

Ltd.

(e)

:

0.11%,

03/09/21

..................

7,500

7,499,106

0.17%,

06/09/21

..................

7,500

7,495,443

BPCE

SA:

0.21%,

12/01/21

(e)

.................

17,500

17,468,296

Canadian

Imperial

Bank

of

Commerce,

(LIBOR

USD

3

Month

+

0.14%),

0.39%

,

06/28/21

(d)

10,000

10,005,673

Cargill

Global

Funding

plc,

0.09%

,

02/01/21

(e)

.

15,000

14,999,888

Commonwealth

Bank

of

Australia,

(LIBOR

USD

3

Month

+

0.09%),

0.31%

,

05/28/21

(d)

....

20,000

20,007,085

DNB

Bank

ASA,

(LIBOR

USD

3

Month

+

0.04%),

0.25%

,

08/11/21

(d)

...........

3,000

3,000,944

Goldman

Sachs

International,

0.14%

,

03/17/21

(e)

......................

10,000

9,998,159

HSBC

Bank

plc,

(LIBOR

USD

3

Month

+

0.14%),

0.37%

,

09/02/21

(d)

...........

17,000

17,010,793

ING

US

Funding

LLC,

0.14%

,

12/14/21

(e)

....

5,000

4,993,797

Kingdom

of

Denmark,

0.08%

,

02/24/21

(e)

....

32,500

32,498,146

Kreditanstalt

fuer

Wiederaufbau

,

0.08%

,

02/02/21

(e)

......................

10,000

9,999,911

Lloyds

Bank

plc,

(SOFR

+

0.20%),

0.29%

,

05/17/21

(d)

......................

7,500

7,501,770

Mackinac

Funding

Co.

LLC,

0.26%

,

04/15/21

(e)

7,500

7,495,883

Manhattan

Asset

Funding

Co.

LLC,

0.19%

,

04/20/21

(e)

......................

7,370

7,366,949

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

0.12%

,

02/22/21

(e)

......................

3,500

3,499,715

National

Australia

Bank

Ltd.:

0.11%,

06/15/21

(e)

.................

15,500

15,493,747

(LIBOR

USD

3

Month

+

0.12%),

0.35%,

07/08/21

(d)

....................

10,000

10,006,206

Natixis

SA,

0.15%

,

05/18/21

(e)

...........

7,500

7,496,753

Old

Line

Funding

LLC

(e)

:

0.15%,

02/22/21

..................

25,000

24,997,517

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

0.19%,

05/18/21

..................

USD

24,000

$

23,986,484

Societe

Generale

SA,

0.19%

,

06/02/21

(e)

....

5,000

4,996,711

Swedbank

AB,

0.14%

,

05/03/21

(e)

.........

15,000

14,994,477

Toronto-Dominion

Bank

(The),

0.12%

,

05/06/21

(e)

......................

30,000

29,990,704

UBS

AG

(d)

:

1.33%,

03/02/21

..................

10,000

9,997,060

(LIBOR

USD

3

Month

+

0.17%),

0.39%,

07/09/21

.....................

17,500

17,504,012

(LIBOR

USD

3

Month

+

0.10%),

0.33%,

11/05/21

.....................

10,000

10,000,000

(LIBOR

USD

3

Month

+

0.17%),

0.40%,

12/02/21

.....................

5,000

5,002,065

Versailles

Commercial

Paper

LLC,

0.18%

,

04/12/21

(c)(e)

.....................

6,800

6,797,532

Westpac

Banking

Corp.:

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.17%),

0.24%,

02/19/21

(d)

....................

5,000

5,000,141

0.15%,

04/05/21

(e)

.................

30,000

29,991,640

(LIBOR

USD

3

Month

+

0.09%),

0.32%,

06/04/21

(d)

....................

5,000

5,001,832

(LIBOR

USD

3

Month

+

0.12%),

0.36%,

07/02/21

(d)

....................

10,000

10,005,791

Total

Commercial

Paper

—

35.1%

(Cost:

$468,975,744)

..............................

469,091,901

Time

Deposits

—

6.2%

Canadian

Imperial

Bank

of

Commerce,

0.07%, 02/01/21

..................

25,000

25,000,000

Credit

Agricole

Corporate

and

Investment

Bank

SA,

0.07%, 02/01/21

...............

19,096

19,096,000

Mizuho

Bank

Ltd.,

0.08%, 02/01/21

........

13,000

13,000,000

Royal

Bank

of

Canada,

0.07%, 02/01/21

....

25,000

25,000,000

Total

Time

Deposits

—

6.2%

(Cost:

$82,096,000)

...............................

82,096,000

Total

Repurchase

Agreements

—

27.4%

(Cost:

$365,000,000)

..............................

365,000,000

Total

Investments

—

99.0%

(Cost:

$1,319,495,279

)

(g)

...........................

1,319,712,597

Other

Assets

Less

Liabilities

—

1.0%

....................

13,196,999

Net

Assets

—

100.0%

...............................

$

1,332,909,596

(a)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(e)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(f)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(g)

Cost

for

U.S.

federal

income

tax

purposes.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Liquid

Environmentally

Aware

Fund

8

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

See

notes

to

financial

statements.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

.....

0.06

%

01/29/21

02/01/21

$

85,000

$

85,000

$

85,000,425

U.S.

Government

Sponsored

Agency

Obligations,

0.38%

to

2.70%,

due

07/21/25

to

12/28/37

.........

$

84,824,000

$

86,700,639

$

–

$

–

BMO

Capital

Markets

Corp.

............

0.06

01/29/21

02/01/21

120,000

120,000

120,000,600

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

19.95%,

due

02/25/22

to

06/20/70

.......

2,999,912,954

125,518,635

$

–

$

–

Citigroup

Global

Markets,

Inc.

.............

0.06

01/29/21

02/01/21

79,000

79,000

79,000,395

U.S.

Treasury

Obligation,

0.63%,

due

07/15/21

.........

68,589,400

80,580,077

$

–

$

–

JP

Morgan

Securities

LLC

0.04

01/29/21

02/01/21

8,000

8,000

8,000,027

U.S.

Treasury

Obligations,

0.00%

to

1.75%,

due

10/31/21

to

02/15/39

.........

7,935,800

8,160,005

0.06

01/29/21

02/01/21

73,000

73,000

73,000,365

U.S.

Government

Sponsored

Agency

Obligation,

2.00%,

due

01/20/51

.........

71,516,691

74,460,000

$

–

$

–

$

81,000

$

82,620,005

$

–

$

–

$

365,000

$

375,419,356

$

–

$

–

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

1,319,712,597

$

—

$

1,319,712,597

Statement

of

Assets

and

Liabilities

(unaudited)

January

31,

2021

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Liquid

Environmentally

Aware

Fund

ASSETS

Investments

at

value

—

unaffiliated

(cost

—

$954,495,279)

..............................................................................

$

954,712,597‌

Cash

.................................................................................................................

13,013,993‌

Repurchase

agreements

at

value

(cost

—

$365,000,000)

..............................................................................

365,000,000‌

Receivables:

–‌

Capital

shares

sold

.......................................................................................................

120‌

Interest

—

unaffiliated

.....................................................................................................

279,185‌

From

the

Manager

.......................................................................................................

39,616‌

Prepaid

expenses

.........................................................................................................

156,871‌

Total

assets

.............................................................................................................

1,333,202,382‌

LIABILITIES

Payables:

–‌

Accounting

services

fees

...................................................................................................

24,200‌

Administration

fees

.......................................................................................................

68,781‌

Income

dividend

distributions

................................................................................................

16,727‌

Investment

advisory

fees

..................................................................................................

120,760‌

Trustees'

and

Officer's

fees

.................................................................................................

5,657‌

Professional

fees

........................................................................................................

17,738‌

Other

accrued

expenses

...................................................................................................

38,923‌

Total

liabilities

............................................................................................................

292,786‌

NET

ASSETS

............................................................................................................

$

1,332,909,596‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

1,332,582,872‌

Accumulated

earnings

......................................................................................................

326,724‌

NET

ASSETS

............................................................................................................

$

1,332,909,596‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Liquid

Environmentally

Aware

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

333,660,425‌

Shares

outstanding

.................................................................................................

333,475,590‌

Net

asset

value

....................................................................................................

$

1.00

06‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Direct

Net

assets

........................................................................................................

$

998,963,030‌

Shares

outstanding

.................................................................................................

998,407,221‌

Net

asset

value

....................................................................................................

$

1.00

06‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Investor

A

Net

assets

........................................................................................................

$

286,141‌

Shares

outstanding

.................................................................................................

285,976‌

Net

asset

value

....................................................................................................

$

1.00

06‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2021

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Liquid

Environmentally

Aware

Fund

INVESTMENT

INCOME

Interest

—

unaffiliated

....................................................................................................

$

1,860,533‌

Total

investment

income

.....................................................................................................

1,860,533‌

EXPENSES

Investment

advisory

......................................................................................................

657,182‌

Administration

—

class

specific

..............................................................................................

353,908‌

Registration

...........................................................................................................

78,799‌

Professional

...........................................................................................................

37,500‌

Accounting

services

......................................................................................................

35,306‌

Custodian

.............................................................................................................

13,612‌

Printing

and

postage

.....................................................................................................

10,197‌

Trustees

and

Officer

......................................................................................................

8,724‌

Transfer

agent

—

class

specific

..............................................................................................

689‌

Service

—

class

specific

...................................................................................................

363‌

Miscellaneous

..........................................................................................................

41,100‌

Total

expenses

...........................................................................................................

1,237,380‌

Less:

–‌

Administration

fees

waived

—

class

specific

......................................................................................

(335‌)

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(225,239‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

...................................................................

(350‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

.........................................................................

(689‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

1,010,767‌

Net

investment

income

......................................................................................................

849,766‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(412,225‌)

Net

realized

gain

from

investments

............................................................................................

6,334‌

Net

change

in

unrealized

depreciation

on

investments

...............................................................................

(418,558‌)

Net

realized

and

unrealized

loss

................................................................................................

(412,224‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

437,542‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Liquid

Environmentally

Aware

Fund

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

07/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

849,766‌

$

10,596,707‌

Net

realized

gain

..................................................................................

6,334‌

126,640‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(418,558‌)

603,140‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

437,542‌

11,326,487‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(161,715‌)

(1,621,385‌)

Direct

........................................................................................

(846,923‌)

(8,974,136‌)

Investor

A

.....................................................................................

(147‌)

(2,638‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(1,008,785‌)

(10,598,159‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

218,550,565‌

714,271,870‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

217,979,322‌

715,000,198‌

Beginning

of

period

..................................................................................

1,114,930,274‌

399,930,076‌

End

of

period

......................................................................................

$

1,332,909,596‌

$

1,114,930,274‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Liquid

Environmentally

Aware

Fund

Institutional

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

07/31/2020

Period

from

04/08/19

(a)

to

07/31/19

Net

asset

value,

beginning

of

period

...........................................................

$

1.0010‌

$

1.0001‌

$

1.0000‌

Net

investment

income

(b)

...................................................................

0.0004‌

0.0116‌

0.0072‌

Net

realized

and

unrealized

gain

(loss)

.........................................................

(0.0003‌

)

0.0021‌

0.0002‌

Net

increase

from

investment

operations

..........................................................

0.000

1‌

0.0137‌

0.0074‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.0004‌)

(0.0128‌)

(0.0073‌)

From

net

realized

gain

.....................................................................

(0.0001‌)

(0.0000‌)

(d)

—‌

Total

distributions

.........................................................................

(0.0005‌)

(0.0128‌)

(0.0073‌)

Net

asset

value,

end

of

period

................................................................

$

1.000

6‌

$

1.0010‌

$

1.0001‌

Total

Return

(e)

0.02%

1.38%

0.75%

Based

on

net

asset

value

....................................................................

0.02%

(f)

1.38%

0.75%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.23%

(g)

0.28%

0.30%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.20%

(g)

0.21%

0.19%

(g)

Net

investment

income

.....................................................................

0.08%

(g)

1.16%

2.30%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

333,660‌

$

227,698‌

$

65,788‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Audit

and

offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.37%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Liquid

Environmentally

Aware

Fund

Direct

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

07/31/2020

Period

from

04/08/19

(a)

to

07/31/19

Net

asset

value,

beginning

of

period

...........................................................

$

1.0010‌

$

1.0001‌

$

1.0000‌

Net

investment

income

(b)

...................................................................

0.0007‌

0.0125‌

0.0076‌

Net

realized

and

unrealized

gain

(loss)

.........................................................

(0.0003‌

)

0.0021‌

0.0001‌

Net

increase

from

investment

operations

..........................................................

0.000

4‌

0.0146‌

0.0077‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.0007‌)

(0.0137‌)

(0.0076‌)

From

net

realized

gain

.....................................................................

(0.0001‌)

(0.0000‌)

(d)

—‌

Total

distributions

.........................................................................

(0.0008‌)

(0.0137‌)

(0.0076‌)

Net

asset

value,

end

of

period

................................................................

$

1.000

6‌

$

1.0010‌

$

1.0001‌

Total

Return

(e)

0.05%

1.47%

0.78%

Based

on

net

asset

value

....................................................................

0.05%

(f)

1.47%

0.78%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.17%

(g)

0.19%

0.22%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.14%

(g)

0.12%

0.09%

(g)

Net

investment

income

.....................................................................

0.14%

(g)

1.25%

2.45%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

998,963‌

$

886,881‌

$

333,890‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Audit

and

offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.29%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

15

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Liquid

Environmentally

Aware

Fund

Investor

A

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

07/31/2020

Period

from

04/08/19

(a)

to

07/31/19

Net

asset

value,

beginning

of

period

...........................................................

$

1.0010‌

$

1.0001‌

$

1.0000‌

Net

investment

income

(b)

...................................................................

0.0004‌

0.0098‌

0.0066‌

Net

realized

and

unrealized

gain

(loss)

.........................................................

(0.0003‌

)

0.0015‌

0.0001‌

Net

increase

from

investment

operations

..........................................................

0.000

1‌

0.0113‌

0.0067‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.0004‌)

(0.0104‌)

(0.0066‌)

From

net

realized

gain

.....................................................................

(0.0001‌)

(0.0000‌)

(d)

—‌

Total

distributions

.........................................................................

(0.0005‌)

(0.0104‌)

(0.0066‌)

Net

asset

value,

end

of

period

................................................................

$

1.000

6‌

$

1.0010‌

$

1.0001‌

Total

Return

(e)

0.01%

1.13%

0.67%

Based

on

net

asset

value

....................................................................

0.01%

(f)

1.13%

0.67%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.55%

(g)

0.56%

0.58%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.21%

(g)

0.45%

0.44%

(g)

Net

investment

income

.....................................................................

0.08%

(g)

0.98%

2.10%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

286‌

$

351‌

$

252‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Audit

and

offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.65%

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

ORGANIZATION 

BlackRock

Funds

SM

 (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a Massachusetts

business

trust.

BlackRock

Liquid

Environmentally

Aware

Fund

(the

"Fund")

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

Shares

are

sold

only

to

certain

eligible

investors.

Direct

Shares

are

generally

only

available

to

investors

on

eligible

electronic

platforms.

Investor

A

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares.

Investor

A

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures.

The

Fund

prices

and

transacts

its

shares

at

a

net

asset

value

("NAV")

per

share

calculated

to

four

decimal

places,

reflecting

market-based

values

of

its

portfolio

holdings

(i.e.,

at

a

“floating”

NAV).

The

Board

of

Trustees

of

the

Trust (the

"Board")

is

permitted

to

impose

a

liquidity

fee

of

up

to

2%

on

the

value

of

shares

redeemed

or

temporarily

restrict

redemptions

from

the

Fund

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

Fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

distributed

at

least

annually

and

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Liquidity

Fees:

Any

liquidity

fees

imposed

on

the

value

of

shares

redeemed

in

the

event

that

the

Fund’s

weekly

liquid

assets

fall

below

certain

thresholds

are

recorded

as

paid-in-capital.

The

liquidity

fees

are

collected

and

retained

by

the

Fund

for

the

benefit

of the

Fund’s

remaining

shareholders. 

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Investments

are

valued

on

the

basis

of

prices

provided

by

dealers

or

pricing

services.

In

determining

the

value

of

a

particular

investment,

pricing

services

may

use

certain

information

with

respect

to

transactions

in

such

investments,

quotations

from

dealers,

pricing

matrixes,

market

transactions

in

comparable

investments

and

Share

Class

Initial

Sales

Charge

CDSC

Conversion

Privilege

Institutional

Shares

...........................................

No

No

None

Direct

Shares

..............................................

No

No

None

Investor

A

Shares

............................................

No

No

None

Notes

to

Financial

Statements

(unaudited)

(continued)

17

Notes

to

Financial

Statements

information

with

respect

to

various

relationships

between

investments. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third

party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

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);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

SECURITIES

AND

OTHER

INVESTMENTS 

Repurchase

Agreements:

Repurchase

agreements

are

commitments

to

purchase

a

security

from

a

counterparty

who

agrees

to

repurchase

the

same

security

at

a

mutually

agreed

upon

date

and

price.

On

a

daily

basis,

the

counterparty

is

required

to

maintain

collateral

subject

to

the

agreement

and

in

value

no

less

than

the

agreed

upon

repurchase

amount.

Repurchase

agreements

may

be

traded

bilaterally,

in

a

tri-party

arrangement

or

may

be

centrally

cleared

through

a

sponsoring

agent.

Subject

to

the

custodial

undertaking

associated

with

a

tri-party

repurchase

arrangement

and

for

centrally

cleared

repurchase

agreements,

a

third

party

custodian

maintains

accounts

to

hold

collateral

for a

fund

and

its

counterparties.

Typically,

a

fund

and

counterparty

are

not

permitted

to

sell,

re-pledge

or

use

the

collateral

absent

a

default

by

the

counterparty

or the

fund,

respectively.

In

the

event

the

counterparty

defaults

and

the

fair

value

of

the

collateral

declines,

a

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”).

The

MRA

permits the

fund,

under

certain

circumstances

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

with

collateral

held

by

and/or

posted

to

the

counterparty.

As

a

result,

one

single

net

payment

is

created.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Based

on

the

terms

of

the

MRA, the

fund

receives

securities

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

the

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects

the

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty. 

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

0.10%

of

the

average

daily

value

of

the

Fund’s

net

assets.

Service

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rate

of

0.25%

based

upon

the

average

daily

net

assets

attributable

to

Investor

A

shares.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

to

the

Fund.

The

ongoing

service

fees

compensates

BRIL

and

each

broker-

dealer

for

providing

shareholder

servicing

related

services

to

shareholders.

For

the six

months

ended

January

31,

2021,

the

class

specific

service

fees

borne

directly

by

Investor

A

Shares

were

$363.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration

–

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.10%

of

the

average

daily

net

assets

for

Institutional

Shares

and

Investor

A

Shares

and

0.04%

of

the

average

daily

net

assets

for

Direct

Shares.

For

the

six

months

ended

January

31,

2021, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended January

31,

2021,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

For

the

six

months ended

January

31,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

miscellaneous

other

expenses,

excluding

interest

expense,

dividend

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

0.00%

for

the

Institutional,

Investor

A

and

Direct

Shares

.

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

November

30,

2031,

unless

approved

by

the

Board,

including

a

majority

of

the trustees who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Trustees”),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

January

31,

2021,

the

Manager

waived

and/or

reimbursed

$225,239,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

$689,

which

is

included

in

transfer

agent

fees

waived

and/or

reimbursed

-

class

specific,

respectively,

in

the

Statement

of

Operations.

The

Manager

and

BRIL

have

also

voluntarily

agreed

to

waive

a

portion

of

their

respective

investment

advisory

and

service

and

distribution

fees

and/or

reimburse

operating

expenses

to

enable

the

Fund

to

maintain

minimum

levels

of

daily

net

investment

income

if

applicable.

These

amounts,

if

any,

are

reported

in

the

Statement

of

Operations

as

administration

fees

waived

—

class

specific

and

service

and

distribution

fees

waived

and/or

reimbursed

-

class

specific.

The

Manager

and

BRIL

may

discontinue

the

waiver

and/or

reimbursement

at

any

time.

In

addition,

these

amounts

are

included

in administration

fees

waived

—

class

specific

and

service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

six

months ended

January

31,

2021,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to

borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

January

31,

2021,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

Institutional

.......................................................................................................

$

151,576‌

Direct

...........................................................................................................

202,187‌

Investor

A

........................................................................................................

145‌

$

353,908‌

Institutional

.......................................................................................................

$

374‌

Direct

...........................................................................................................

213‌

Investor

A

........................................................................................................

102‌

$

689‌

Fund

Name/Share

Class

Administration

Fees

Waived

Service

and

Distribution

Fees

Waived

and/or

Reimbursed

BlackRock

Liquid

Environmentally

Aware

Fund

Institutional

....................................................................................

$

335‌

$

—‌

Investor

A

.....................................................................................

—‌

350‌

$

335‌

$

350‌

Notes

to

Financial

Statements

(unaudited)

(continued)

19

Notes

to

Financial

Statements

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

January

31,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Certain

obligations

held

by

the

Fund

have

a

credit

enhancement

or

liquidity

feature

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

on

the

obligation

when

due. These

enhancements,

which

may

include

letters

of

credit,

stand-by

bond

purchase

agreements

and/or

third

party

insurance,

are

issued

by

financial

institutions. The

value

of

the

obligations

may

be

affected

by

changes

in

creditworthiness

of

the

entities

that

provide

the

credit

enhancements

or

liquidity

features. The

Fund

monitors

its

exposure

by

reviewing

the

creditworthiness

of

the

issuers,

as

well

as

the

financial

institutions

issuing

the

credit

enhancements

and

by

limiting

the

amount

of

holdings

with

credit

enhancements

from

one

financial

institution. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer's

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

fixed-income

securities

and/or

uses

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

CAPITAL

SHARE

TRANSACTIONS 

The

number

of

shares

sold,

reinvested

and

redeemed

for

the

Fund

were

transacted

at

each

class’s

floating

NAV

per

share

calculated

to

four

decimal

places.

Transactions

in

capital

shares

for

each

class

were

as

follows:

As

of

January

31,

2021,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

01/31/21

Year

Ended

07/31/20

Shares

Amount

Shares

Amount

Institutional

Shares

sold

.............................................

524,628,770‌

$

524,950,700‌

410,552,899‌

$

410,794,281‌

Shares

issued

in

reinvestment

of

distributions

........................

132,251‌

132,489‌

1,290,760‌

1,291,293‌

Shares

redeemed

.........................................

(418,758,802‌)

(418,993,157‌)

(250,151,802‌)

(250,259,085‌)

Net

increase

...............................................

106,002,219‌

$

106,090,032‌

161,691,857‌

$

161,826,489‌

Direct

Shares

sold

.............................................

183,940,243‌

$

184,094,166‌

722,335,509‌

$

722,541,326‌

Shares

issued

in

reinvestment

of

distributions

........................

586,031‌

586,462‌

5,035,223‌

5,037,371‌

Shares

redeemed

.........................................

(72,111,705‌)

(72,155,214‌)

(175,230,492‌)

(175,232,603‌)

Net

increase

...............................................

112,414,569‌

$

112,525,414‌

552,140,240‌

$

552,346,094‌

Investor

A

Shares

sold

.............................................

—‌

$

—‌

100,336‌

$

100,449‌

Shares

issued

in

reinvestment

of

distributions

........................

4‌

4‌

1,426‌

1,427‌

Shares

redeemed

.........................................

(64,846‌)

(64,885‌)

(2,587‌)

(2,589‌)

Net

increase

(decrease)

.......................................

(64,842‌)

$

(64,881‌)

99,175‌

$

99,287‌

Total

Net

Increase

218,351,946‌

$

218,550,565‌

713,931,272‌

$

714,271,870‌

Institutional

.......................................................................................................

253,456‌

Direct

...........................................................................................................

249,500,000‌

Investor

A

........................................................................................................

253,048‌

Additional

Information

21

Additional

Information

General

Information

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Transfer

Agent at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Form

N-MFP.

The

Fund’s

reports

on

Form

N-MFP

are

available

on

the

SEC’s

website

at

sec.gov

.

The

Fund

makes

portfolio

holdings

available

to

shareholders

on

its

website

at

blackrock.com

.

Availability

of

Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

upon

request

and

without

charge

(1)

by

calling

(800)

441-

7762

;

(2)

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Availability

of

Proxy

Voting

Record

Information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30

is

available

upon

request

and

without

charge

(1)

at

blackrock.com

;

or

by

calling

(800)

441-

7762

and

(2)

on

the

SEC’s

website

at

sec.gov

.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodians

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

The

Bank

of

New

York

Mellon

New

York,

NY

10286

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

This

Report

23

Glossary

of

Terms

Used

in

This

Report

Currency

Abbreviations

USD

United

States

Dollar

Portfolio

Abbreviations

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bonds

SOFR

Secured

Overnight

Financing

Rate

VRDN

Variable

Rate

Demand

Notes

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

You

could

lose

money

by

investing

in

the

Fund.

Because

the

share

price

of

the

Fund

will

fluctuate,

when

you

sell

your

shares

they

may

be

worth

more

or

less

than

what

you

originally

paid

for

them.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Fund's

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

the

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund

at

any

time.

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Total

return

information

assumes

reinvestment

of

all

distributions.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

For

current

month-end

performance

information,

call

(800)

626-1960.

The

Fund’s

current

7-day

yield

more

closely

reflects

the

current

earnings

of

the

Fund

than

the

total

returns

quoted.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

LEAF-1/21-SAR

January

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

SM

BlackRock

Short

Obligations

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

January

31,

2021

has

been

a

time

of

sudden

change,

as

the

emergence

and

spread

of

the

coronavirus

(or

“COVID-19”)

led

to

a

vast

disruption

in

the

global

economy

and

financial

markets.

The

threat

from

the

virus

became

increasingly

apparent

throughout

February

and

March

2020,

and

countries

around

the

world

took

economically

disruptive

countermeasures.

Stay-at-home

orders

and

closures

of

non-essential

businesses

became

widespread,

many

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession

and

a

sharp

fall

in

equity

prices.

After

markets

hit

their

lowest

point

of

the

reporting

period

in

late

March

2020,

a

steady

recovery

ensued,

as

businesses

began

to

re-open

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

continued

to

rise

throughout

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

Many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period

following

a

series

of

successful

vaccine

trials

and

passage

of

additional

stimuli.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

from

developed

economies

grew

at

a

more

modest

pace,

lagging

emerging

market

stocks,

which

rebounded

sharply.

During

the

market

downturn,

the

performance

of

different

types

of

fixed-income

securities

initially

diverged

due

to

a

reduced

investor

appetite

for

risk.

U.S.

Treasuries

benefited

from

the

risk-off

environment

and

posted

positive

returns,

as

the

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

dropped

to

historic

lows.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

both

investment-grade

and

high-yield

bonds

recovered

to

post

positive

returns.

Following

the

coronavirus

outbreak,

the

Fed

instituted

two

emergency

interest

rate

cuts,

pushing

short-

term

interest

rates,

already

low

as

the

year

began,

close

to

zero.

To

stabilize

credit

markets,

the

Fed

also

implemented

a

new

bond-buying

program,

as

did

several

other

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

is

likely

to

accelerate

as

vaccination

efforts

continue

to

ramp

up.

Significant

additional

U.S.

stimulus

spending

in

early

2021

is

being

negotiated

in

Congress,

which

would

provide

a

solid

tailwind

for

economic

growth.

Inflation

should

increase

somewhat

as

the

expansion

continues,

but

a

shift

in

central

bank

policy

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

equity

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

both

equities

and

credit.

We

see

U.S.

and

Asian

equities

benefiting

from

structural

growth

trends

in

tech,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

In

credit,

rising

inflation

should

provide

tailwinds

for

inflation-

protected

bonds,

and

Euro

area

peripherals

and

Asian

bonds

also

present

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

January

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

14.47%

17.25%

U.S.

small

cap

equities

(Russell

2000

®

Index)

40.89

30.17

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

17.58

8.94

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

24.07

27.89

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.06

0.54

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.56)

4.91

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(0.91)

4.72

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

2.06

3.85

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.72

7.38

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

6

Disclosure

of

Expenses

...................................................................................................

6

Financial

Statements:

Schedule

of

Investments

................................................................................................

7

Statement

of

Assets

and

Liabilities

..........................................................................................

17

Statement

of

Operations

................................................................................................

19

Statements

of

Changes

in

Net

Assets

........................................................................................

20

Financial

Highlights

.....................................................................................................

21

Notes

to

Financial

Statements

...............................................................................................

24

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

31

Additional

Information

....................................................................................................

32

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

34

Fund

Summary

as

of

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Short

Obligations

Fund

Investment

Objective

BlackRock

Short

Obligations

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

current

income

consistent

with

preservation

of

capital.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

January

31,

2021,

the

Fund’s

Institutional

and

Class

K

Shares

outperformed

its

benchmark,

the

ICE

BofA

6-Month

U.S.

Treasury

Bill

Index,

while

the

Fund’s

Investor

A

Shares

performed

in

line

with

the

benchmark.

What

factors

influenced

performance?

During

much

of

the

period,

the

Fund’s

above-benchmark

stance

with

respect

to

returns

was

due

to

the

Fund’s

holdings.

Investment

grade

corporate

bonds

added

to

relative

performance,

with

positive

contributions

led

by

holdings

within

the

financial

sector.

Allocations

to

commercial

paper,

certificates

of

deposit

and

time

deposits

also

contributed

to

performance.

Conversely,

the

low

interest

rate

environment

detracted

from

new

purchase

yields

relative

to

the

Fund’s

yield.

Therefore,

the

short

duration

of

the

Fund

exposed

it

to

reinvestment

risk

as

the

Fed’s

target

rate

is

expected

to

remain

near

the

zero-lower

bound

for

the

foreseeable

future.

Describe

recent

portfolio

activity.

As

of

period

end,

approximately

60%

of

portfolio

assets

were

allocated

to

commercial

paper,

certificates

of

deposit

and

repurchase

agreements.

The

Fund

maintained

exposure

to

shorter-dated

high

quality

liquid

investments

throughout

the

period

as

the

investment

adviser

remained

cautious

regarding

rising

COVID-19

cases

and

possible

market

volatility

leading

up

to

the

U.S.

election.

The

investment

adviser

looked

for

opportunities

within

corporate

bonds

and

Tier

2

commercial

paper,

which

offered

positive

relative

value

and

a

favorable

technical

environment

given

strong

demand

and

limited

supply

at

the

short

end

of

the

yield

curve.

In

addition,

the

Fund's

allocation

to

certificates

of

deposit

was

increased,

as

the

investment

adviser

believed

that

the

yield

and

liquidity

from

this

asset

class

provided

favorable

value

compared

with

repurchase

agreements.

The

Fund’s

floating

rate

note

(“FRN”)

allocation

was

kept

relatively

stable,

at

between

35%

and

40%

of

portfolio

assets.

The

investment

adviser

felt

that

FRNs

offered

attractive

income

per

unit

of

duration

and

corresponding

interest

rate

risk,

while

helping

to

protect

against

any

upward

move

in

interest

rates

as

inflation

expectations

increase.

Describe

Fund

positioning

at

period

end.

At

period

end,

the

Fund

was

positioned

with

a

neutral

duration

relative

to

the

benchmark.

The

Fund

held

attractively

valued

investment

grade

credits

and

longer-dated

commercial

paper,

while

continuing

to

overweight

FRNs.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Portfolio

Information

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Commercial

Paper

...................................

38‌

%

Corporate

Bonds

....................................

32‌

Certificates

of

Deposit

.................................

22‌

Repurchase

Agreements

...............................

4‌

Municipal

Bonds

....................................

3‌

Investment

Companies

................................

1‌

Asset-Backed

Securities

...............................

1‌

Foreign

Government

Obligations

.........................

1‌

Money

Market

Funds

.................................

—‌

(a)

U.S.

Government

Sponsored

Agency

Obligations

..............

—‌

(a)

Liabilities

in

Excess

of

Other

Assets

.......................

(2‌)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

MATURITY

BREAKDOWN

Percent

of

Net

Assets

1-7

days

..........................................

5‌

%

8-14

days

.........................................

4‌

15-30

days

........................................

4‌

31-60

days

........................................

9‌

61-90

days

........................................

4‌

91-120

days

.......................................

6‌

121-150

days

......................................

6‌

>150

days

........................................

62‌

Fund

Summary

as

of

January

31,

2021

(continued)

5

Fund

Summary

BlackRock

Short

Obligations

Fund

Performance

Summary

for

the

Period

Ended

January

31,

2021

Average

Annual

Total

Returns

(a)(b)

Standardized

30-Day

Yields

(c)

Unsubsidized

30-Day

Yields

(c)

6-Month

Total

Returns

1

Year

5

Years

Since

Inception

(d)

Institutional

.......................................

0.13‌%

0.04‌%

0.16‌%

1.14‌%

1.75‌%

1.25‌%

Investor

A

........................................

(0.10‌)

(0.20‌)

0.03‌

0.92‌

1.50‌

0.99‌

Class

K

.........................................

0.20‌

0.09‌

0.28‌

1.32‌

1.84‌

1.33‌

ICE

BofA

6-Month

U.S.

Treasury

Bill

Index

(e)

—‌

—‌

0.08‌

0.90‌

1.41‌

0.94‌

(a)

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

Under

normal

market

conditions,

the

Fund

will

invest

in

U.S.

dollar-denominated

investment

grade

and

short-term

fixed

and

floating

rate

debt

securities

maturing

in

three

years

or

less

(with

certain

exceptions)

and

will

maintain

a

dollar-weighted

average

maturity

of

180

days

or

less

and

a

dollar-weighted

average

life

of

365

days

or

less.

(c)

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

(d)

The

Fund

commenced

operations

on

November

15,

2012.

(e)

An

unmanaged

index

that

tracks

6-Month

U.S.

Treasury

securities.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

About

Fund

Performance

2021

BlackRock

Semi-Annual

Report

to

Shareholders

6

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Institutional

Shares

performance

shown

prior

to

the

Institutional

Shares

inception

date

of

July

9,

2013

is

that

of

Class

K

Shares

(which

have

no

distribution

or

service

fees)

and

was

restated

to

reflect

Institutional

Shares

fees.

Investor

A

Shares

are

not

subject

to

any

sales

charge

and

bear

no

ongoing

distribution

fee.

These

shares

are

subject

to

an

ongoing

service

fee

of

0.25%

per

year.

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

A

Shares

performance

shown

prior

to

the

Investor

A

Shares

inception

date

of

March

9,

2018

is

that

of

Class

K

Shares

(which

have

no

distribution

or

service

fees)

and

was

restated

to

reflect

Investor

A

Shares

fees.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time,

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

tables

on the

previous

page(s)

assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

the

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund's

performance

would

have

been

lower.

With

respect

to

the

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time.

With

respect

to

the

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such

agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on August

1,

2020 and

held

through

January

31,

2021)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(08/01/20)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(08/01/20)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00

$

1,001.60

$

1.26

$

1,000.00

$

1,023.95

$

1.28

0.25%

Investor

A

................................

1,000.00

1,000.30

2.52

1,000.00

1,022.68

2.55

0.50

Class

K

..................................

1,000.00

1,002.80

1.01

1,000.00

1,024.20

1.02

0.20

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Short

Obligations

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

1.2%

Carmax

Auto

Owner

Trust,

Series

2019-3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.25%),

0.38%,

12/15/22

(a)

.................

USD

1,191

$

1,191,799

CarMax

Auto

Owner

Trust:

Series

2020-1,

Class

A2,

1.87%,

04/17/23

.

4,917

4,949,174

Series

2020-3,

Class

A2A,

0.49%,

06/15/23

7,470

7,480,758

Series

2020-3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.25%),

0.38%,

06/15/23

(a)

...

1,820

1,821,165

Series

2020-4,

Class

A2,

0.31%,

01/16/24

.

16,920

16,932,993

Ford

Credit

Auto

Lease

Trust,

Series

2020-B,

Class

A2A,

0.50%,

12/15/22

..........

24,752

24,786,097

Ford

Credit

Auto

Owner

Trust,

Series

2020-B,

Class

A2,

0.50%,

02/15/23

...........

7,755

7,764,439

Honda

Auto

Receivables

Owner

Trust,

Series

2020-2,

Class

A2,

0.74%,

11/15/22

......

3,848

3,856,711

Total

Asset-Backed

Securities

—

1.2%

(Cost:

$68,671,210)

...............................

68,783,136

Corporate

Bonds

—

32.2%

Aerospace

&

Defense

—

0.1%

Raytheon

Technologies

Corp.,

2.80%,

03/15/22

4,000

4,105,997

Auto

Components

—

0.0%

Toyota

Industries

Corp.,

3.11%,

03/12/22

(b)

..

2,559

2,628,392

Automobiles

—

1.2%

(b)

BMW

US

Capital

LLC:

3.10%,

04/12/21

..................

2,435

2,448,615

(LIBOR

USD

3

Month

+

0.50%),

0.71%,

08/13/21

(a)

....................

11,200

11,226,241

2.70%,

04/06/22

..................

5,000

5,127,286

2.95%,

04/14/22

..................

9,000

9,269,580

Daimler

Finance

North

America

LLC:

2.30%,

02/12/21

..................

2,000

2,001,074

3.00%,

02/22/21

..................

5,000

5,007,555

2.00%,

07/06/21

..................

3,631

3,656,599

Hyundai

Capital

America:

(LIBOR

USD

3

Month

+

0.82%),

1.04%,

03/12/21

(a)

....................

1,000

1,000,950

2.38%,

02/10/23

..................

12,340

12,722,040

Volkswagen

Group

of

America

Finance

LLC:

(LIBOR

USD

3

Month

+

0.86%),

1.10%,

09/24/21

(a)

....................

5,215

5,241,132

2.50%,

09/24/21

..................

665

674,265

0.75%,

11/23/22

..................

11,350

11,394,264

69,769,601

Banks

—

8.0%

ABN

AMRO

Bank

NV,

(LIBOR

USD

3

Month

+

0.57%),

0.80%,

08/27/21

(a)(b)

..........

1,000

1,002,889

Australia

&

New

Zealand

Banking

Group

Ltd.:

(LIBOR

USD

3

Month

+

0.87%),

1.08%,

11/23/21

(a)(b)

...................

8,000

8,051,471

2.63%,

05/19/22

..................

1,000

1,031,108

Bank

of

America

Corp.,

5.00%,

05/13/21

....

10,000

10,133,801

Banque

Federative

du

Credit

Mutuel

SA,

1.96%,

07/21/21

(b)

................

8,000

8,064,147

BNZ

International

Funding

Ltd.

(b)

:

2.75%,

03/02/21

..................

2,085

2,089,388

2.10%,

09/14/21

..................

1,500

1,516,507

2.90%,

02/21/22

..................

5,300

5,443,656

Canadian

Imperial

Bank

of

Commerce:

(LIBOR

USD

3

Month

+

0.32%),

0.53%,

02/02/21

(a)

....................

13,500

13,500,000

2.70%,

02/02/21

..................

2,400

2,400,000

Capital

One

NA,

2.95%,

07/23/21

........

5,673

5,731,925

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Citibank

NA

(a)

:

(LIBOR

USD

3

Month

+

0.57%),

0.79%,

07/23/21

.....................

USD

1,000

$

1,002,079

(LIBOR

USD

3

Month

+

0.53%),

3.16%,

02/19/22

.....................

18,193

18,218,261

3.16%,

02/19/22

..................

2,000

2,002,777

(LIBOR

USD

3

Month

+

0.60%),

2.84%,

05/20/22

.....................

4,380

4,413,726

Citigroup,

Inc.:

2.70%,

03/30/21

..................

1,000

1,004,080

(SOFR

+

0.87%),

0.91%,

11/04/22

(a)

.....

5,000

5,022,398

(SOFR

+

0.87%),

2.31%,

11/04/22

(a)

.....

4,000

4,055,887

Commonwealth

Bank

of

Australia,

2.55%,

03/15/21

......................

6,990

7,009,572

Cooperatieve

Rabobank

UA:

3.13%,

04/26/21

..................

4,800

4,832,703

2.75%,

01/10/22

..................

3,790

3,879,431

Credit

Agricole

Corporate

&

Investment

Bank

SA,

0.40%,

01/15/23

..............

15,000

14,994,450

DNB

Bank

ASA

(b)

:

2.38%,

06/02/21

..................

2,439

2,457,056

(LIBOR

USD

3

Month

+

0.62%),

0.85%,

12/02/22

(a)

....................

7,000

7,065,520

2.15%,

12/02/22

..................

13,000

13,435,842

Fifth

Third

Bank

NA,

1.80%,

01/30/23

.....

6,840

7,032,235

HSBC

Holdings

plc:

(LIBOR

USD

3

Month

+

2.24%),

2.47%,

03/08/21

(a)

....................

2,500

2,505,340

5.10%,

04/05/21

..................

3,000

3,025,251

2.95%,

05/25/21

..................

11,000

11,092,254

2.65%,

01/05/22

..................

4,000

4,085,611

JPMorgan

Chase

&

Co.,

(LIBOR

USD

3

Month

+

0.61%),

3.51%,

06/18/22

(a)

.........

13,500

13,665,539

Kookmin

Bank,

(SOFR

+

0.45%),

0.52%,

08/03/22

(a)(b)

....................

10,535

10,535,934

Lloyds

Bank

plc,

3.30%,

05/07/21

........

1,000

1,008,165

Mitsubishi

UFJ

Financial

Group,

Inc.:

3.54%,

07/26/21

..................

2,946

2,992,155

3.00%,

02/22/22

..................

3,661

3,764,178

MUFG

Bank

Ltd.,

2.85%,

09/08/21

(b)

......

2,000

2,031,465

MUFG

Union

Bank

NA,

3.15%,

04/01/22

....

3,625

3,735,962

National

Australia

Bank

Ltd.:

1.88%,

07/12/21

..................

3,000

3,022,231

3.38%,

09/20/21

..................

2,872

2,926,338

(LIBOR

USD

3

Month

+

0.41%),

0.63%,

12/13/22

(a)(b)

...................

6,000

6,026,141

1.88%,

12/13/22

..................

10,830

11,165,881

Nordea

Bank

Abp,

1.00%,

06/09/23

(b)

......

4,255

4,324,295

Santander

UK

plc:

3.40%,

06/01/21

..................

9,000

9,094,277

2.10%,

01/13/23

..................

3,560

3,676,912

Skandinaviska

Enskilda

Banken

AB:

2.63%,

03/15/21

..................

8,655

8,680,446

(LIBOR

USD

3

Month

+

0.43%),

0.65%,

05/17/21

(a)(b)

...................

2,000

2,002,306

3.25%,

05/17/21

(b)

.................

1,500

1,513,065

3.05%,

03/25/22

(b)

.................

9,275

9,563,852

(LIBOR

USD

3

Month

+

0.65%),

0.86%,

12/12/22

(a)(b)

...................

4,000

4,033,792

2.20%,

12/12/22

(b)

.................

4,740

4,904,353

Societe

Generale

SA

(b)

:

2.50%,

04/08/21

..................

9,725

9,765,396

5.20%,

04/15/21

..................

1,429

1,443,533

Sumitomo

Mitsui

Banking

Corp.,

3.20%,

07/18/22

......................

2,500

2,602,356

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Short

Obligations

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.,

0.51%,

01/12/24

......................

USD

3,380

$

3,387,301

Sumitomo

Mitsui

Trust

Bank

Ltd.,

0.80%,

09/12/23

(b)

.....................

30,306

30,587,487

Svenska

Handelsbanken

AB:

2.45%,

03/30/21

..................

2,283

2,291,351

3.35%,

05/24/21

..................

1,190

1,201,590

0.63%,

06/30/23

(b)

.................

6,425

6,462,473

Swedbank

AB

(b)

:

(LIBOR

USD

3

Month

+

0.70%),

0.92%,

03/14/22

(a)

....................

2,500

2,515,190

1.30%,

06/02/23

..................

10,725

10,935,725

0.60%,

09/25/23

..................

12,000

12,020,400

Toronto-Dominion

Bank

(The):

(LIBOR

USD

3

Month

+

0.43%),

0.65%,

06/11/21

(a)

....................

1,500

1,502,258

3.25%,

06/11/21

..................

10,000

10,111,001

Truist

Bank,

1.25%,

03/09/23

...........

20,000

20,378,915

Truist

Financial

Corp.,

3.95%,

03/22/22

....

1,243

1,290,539

US

Bank

NA,

(LIBOR

USD

3

Month

+

0.44%),

0.65%,

05/23/22

(a)

................

6,080

6,108,061

Wells

Fargo

&

Co.:

(LIBOR

USD

3

Month

+

1.34%),

1.57%,

03/04/21

(a)

....................

2,000

2,002,294

2.50%,

03/04/21

..................

3,157

3,163,155

4.60%,

04/01/21

..................

7,000

7,050,610

(LIBOR

USD

3

Month

+

1.03%),

1.24%,

07/26/21

(a)

....................

2,595

2,607,251

2.10%,

07/26/21

..................

2,435

2,457,118

Wells

Fargo

Bank

NA:

(LIBOR

USD

3

Month

+

0.51%),

0.73%,

10/22/21

(a)

....................

1,500

1,504,567

3.63%,

10/22/21

..................

5,000

5,108,048

(LIBOR

USD

3

Month

+

0.61%),

2.90%,

05/27/22

(a)

....................

3,000

3,024,983

(LIBOR

USD

3

Month

+

0.66%),

0.89%,

09/09/22

(a)

....................

20,000

20,074,918

Westpac

Banking

Corp.:

2.00%,

08/19/21

..................

7,967

8,044,164

2.00%,

01/13/23

..................

5,345

5,523,954

467,931,290

Beverages

—

0.0%

PepsiCo,

Inc.,

0.75%,

05/01/23

.........

2,475

2,506,057

Biotechnology

—

2.0%

AbbVie,

Inc.:

2.30%,

05/14/21

..................

35,106

35,267,433

(LIBOR

USD

3

Month

+

0.35%),

0.56%,

05/21/21

(a)

....................

12,000

12,010,031

2.15%,

11/19/21

..................

25,000

25,359,369

5.00%,

12/15/21

..................

3,000

3,087,071

3.45%,

03/15/22

..................

4,000

4,114,780

Gilead

Sciences,

Inc.:

(LIBOR

USD

3

Month

+

0.15%),

0.38%,

09/17/21

(a)

....................

16,920

16,930,307

0.75%,

09/29/23

..................

11,695

11,720,738

(LIBOR

USD

3

Month

+

0.52%),

0.77%,

09/29/23

(a)

....................

8,024

8,044,274

116,534,003

Capital

Markets

—

4.4%

Credit

Suisse

AG:

2.10%,

11/12/21

..................

9,250

9,386,576

(SOFR

+

0.45%),

0.49%,

02/04/22

(a)

....

16,000

16,052,861

2.80%,

04/08/22

..................

6,000

6,179,428

1.00%,

05/05/23

..................

5,000

5,068,655

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(SOFR

+

0.39%),

0.46%,

02/02/24

(a)

....

USD

15,000

$

15,004,500

0.50%,

02/02/24

..................

2,670

2,669,345

Goldman

Sachs

Group,

Inc.

(The):

2.88%,

02/25/21

..................

13,000

13,005,720

5.25%,

07/27/21

..................

8,820

9,034,154

(SOFR

+

0.41%),

0.44%,

01/27/23

(a)

....

12,000

12,004,550

0.48%,

01/27/23

..................

5,000

5,001,151

(SOFR

+

0.54%),

0.57%,

11/17/23

(a)

.....

7,000

7,019,111

(SOFR

+

0.54%),

0.63%,

11/17/23

(a)

.....

10,000

10,012,215

ING

Bank

NV

(b)

:

2.75%,

03/22/21

..................

1,330

1,334,645

2.05%,

08/15/21

..................

4,684

4,729,690

Macquarie

Bank

Ltd.

(b)

:

(LIBOR

USD

3

Month

+

0.45%),

0.65%,

11/24/21

(a)

....................

26,000

26,082,498

2.10%,

10/17/22

..................

12,850

13,239,271

0.44%,

12/16/22

..................

9,120

9,119,113

Morgan

Stanley:

(LIBOR

USD

3

Month

+

1.40%),

1.62%,

04/21/21

(a)

....................

2,000

2,005,637

2.50%,

04/21/21

..................

7,000

7,035,195

2.63%,

11/17/21

..................

15,000

15,277,623

(SOFR

+

0.83%),

0.87%,

06/10/22

(a)

....

10,000

10,021,440

(SOFR

+

0.70%),

0.74%,

01/20/23

(a)

....

31,308

31,434,819

(SOFR

+

0.47%),

0.56%,

11/10/23

(a)

.....

15,000

15,011,520

Morgan

Stanley

&

Co.

LLC,

0.53%,

01/25/24

(a)

8,000

7,999,160

253,728,877

Chemicals

—

0.1%

Air

Liquide

Finance

SA,

1.75%,

09/27/21

(b)

..

3,197

3,225,189

Consumer

Finance

—

4.8%

American

Express

Co.:

3.00%,

02/22/21

..................

4,267

4,269,639

(LIBOR

USD

3

Month

+

0.60%),

0.82%,

11/05/21

(a)

....................

10,192

10,229,125

American

Express

Credit

Corp.,

2.25%,

05/05/21

......................

12,408

12,451,785

American

Honda

Finance

Corp.:

2.65%,

02/12/21

..................

3,000

3,002,040

(LIBOR

USD

3

Month

+

0.35%),

0.57%,

06/11/21

(a)

....................

6,645

6,653,484

(LIBOR

USD

3

Month

+

0.12%),

0.34%,

01/21/22

(a)

....................

5,000

5,002,244

(LIBOR

USD

3

Month

+

0.45%),

0.67%,

02/15/22

(a)

....................

16,000

16,071,664

2.20%,

06/27/22

..................

10,500

10,779,015

(LIBOR

USD

3

Month

+

0.42%),

0.65%,

09/08/23

(a)

....................

5,790

5,819,398

0.65%,

09/08/23

..................

26,000

26,182,400

Caterpillar

Financial

Services

Corp.:

(LIBOR

USD

3

Month

+

0.30%),

0.53%,

03/08/21

(a)

....................

13,000

13,003,253

(LIBOR

USD

3

Month

+

0.20%),

0.41%,

11/12/21

(a)

....................

10,000

10,013,905

(LIBOR

USD

3

Month

+

0.22%),

0.46%,

01/06/22

(a)

....................

2,145

2,148,809

0.95%,

05/13/22

..................

16,000

16,140,088

(LIBOR

USD

3

Month

+

0.74%),

0.96%,

05/13/22

(a)

....................

5,000

5,044,673

1.95%,

11/18/22

..................

6,645

6,837,530

John

Deere

Capital

Corp.,

0.55%,

07/05/22

..

15,350

15,421,855

PACCAR

Financial

Corp.,

0.80%,

06/08/23

..

3,515

3,552,724

Toyota

Motor

Credit

Corp.:

(LIBOR

USD

3

Month

+

0.13%),

0.35%,

08/13/21

(a)

....................

18,675

18,681,522

BlackRock

Short

Obligations

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

(LIBOR

USD

3

Month

+

0.29%),

0.53%,

10/07/21

(a)

....................

USD

22,000

$

22,046,475

(LIBOR

USD

3

Month

+

0.15%),

0.37%,

02/14/22

(a)

....................

21,790

21,814,512

(SOFR

+

0.30%),

0.33%,

06/13/22

(a)

....

18,000

18,027,562

0.45%,

07/22/22

..................

5,410

5,426,933

(SOFR

+

0.34%),

0.34%,

10/14/22

(a)

....

18,000

18,035,051

276,655,686

Electric

Utilities

—

2.3%

Duke

Energy

Corp.:

3.55%,

09/15/21

..................

3,000

3,036,307

2.40%,

08/15/22

..................

4,619

4,752,948

Duke

Energy

Florida

LLC,

Series

A,

(LIBOR

USD

3

Month

+

0.25%),

0.48%,

11/26/21

(a)

.

2,000

2,003,060

Duke

Energy

Progress

LLC,

Series

A,

(LIBOR

USD

3

Month

+

0.18%),

0.40%,

02/18/22

(a)

.

10,000

10,000,860

Florida

Power

&

Light

Co.,

(LIBOR

USD

3

Month

+

0.38%),

0.60%,

07/28/23

(a)

.....

12,550

12,550,515

NextEra

Energy

Capital

Holdings,

Inc.:

(LIBOR

USD

3

Month

+

0.48%),

0.70%,

05/04/21

(a)

....................

40,250

40,294,696

2.40%,

09/01/21

..................

26,176

26,500,730

(LIBOR

USD

3

Month

+

0.72%),

0.93%,

02/25/22

(a)

....................

3,400

3,423,010

2.90%,

04/01/22

..................

2,225

2,293,272

PPL

Electric

Utilities

Corp.,

(LIBOR

USD

3

Month

+

0.25%),

0.50%,

09/28/23

(a)

.....

10,450

10,460,203

Xcel

Energy,

Inc.:

2.40%,

03/15/21

..................

7,238

7,244,033

0.50%,

10/15/23

..................

9,450

9,466,946

132,026,580

Energy

Equipment

&

Services

—

0.1%

Schlumberger

Finance

Canada

Ltd.,

2.65%,

11/20/22

(b)

.....................

3,500

3,626,822

Entertainment

—

0.1%

Walt

Disney

Co.

(The),

(LIBOR

USD

3

Month

+

0.25%),

0.48%,

09/01/21

(a)

...........

6,000

6,006,887

Food

&

Staples

Retailing

—

0.7%

7-Eleven,

Inc.,

(LIBOR

USD

3

Month

+

0.45%),

0.65%,

08/10/22

(a)(b)

...............

41,320

41,344,835

Food

Products

—

0.2%

Cargill,

Inc.,

0.40%,

02/02/24

(b)

..........

10,165

10,155,648

Health

Care

Equipment

&

Supplies

—

0.0%

Baxter

International,

Inc.,

1.70%,

08/15/21

..

2,845

2,863,149

Industrial

Conglomerates

—

0.8%

Honeywell

International,

Inc.:

(LIBOR

USD

3

Month

+

0.23%),

0.46%,

08/19/22

(a)

....................

13,070

13,085,425

0.48%,

08/19/22

..................

28,000

28,037,565

Roper

Technologies,

Inc.,

0.45%,

08/15/22

..

2,795

2,800,787

43,923,777

Insurance

—

2.8%

(b)

Jackson

National

Life

Global

Funding,

(SOFR

+

0.60%),

0.63%,

01/06/23

(a)

...........

36,000

36,230,158

MassMutual

Global

Funding

II:

2.00%,

04/15/21

..................

9,802

9,837,408

0.85%,

06/09/23

..................

8,472

8,570,235

Met

Tower

Global

Funding,

(SOFR

+

0.55%),

0.58%,

01/17/23

(a)

................

20,060

20,192,082

Metropolitan

Life

Global

Funding

I

(a)

:

(SOFR

+

0.35%),

0.38%,

09/08/22

......

27,000

27,052,804

(SOFR

+

0.57%),

0.61%,

01/13/23

......

24,390

24,566,678

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

(SOFR

+

0.32%),

0.36%,

01/07/24

......

USD

20,000

$

20,019,922

Protective

Life

Global

Funding:

0.63%,

10/13/23

..................

5,670

5,705,559

0.47%,

01/12/24

..................

10,000

9,992,173

162,167,019

IT

Services

—

0.3%

International

Business

Machines

Corp.,

(LIBOR

USD

3

Month

+

0.40%),

0.62%,

05/13/21

(a)

.

17,000

17,020,384

Machinery

—

0.0%

Illinois

Tool

Works,

Inc.,

3.38%,

09/15/21

...

2,250

2,275,775

Multi-Utilities

—

0.9%

Dominion

Energy,

Inc.,

Series

D,

(LIBOR

USD

3

Month

+

0.53%),

0.75%,

09/15/23

(a)

.....

34,725

34,800,152

WEC

Energy

Group,

Inc.,

0.55%,

09/15/23

..

18,610

18,693,369

53,493,521

Oil,

Gas

&

Consumable

Fuels

—

1.4%

Chevron

Corp.,

1.14%,

05/11/23

.........

5,135

5,229,295

Chevron

USA,

Inc.,

(LIBOR

USD

3

Month

+

0.20%),

0.41%,

08/11/23

(a)

...........

40,515

40,567,546

Enterprise

Products

Operating

LLC:

2.80%,

02/15/21

..................

4,415

4,419,002

2.85%,

04/15/21

..................

19,000

19,058,196

3.50%,

02/01/22

..................

11,000

11,337,206

80,611,245

Pharmaceuticals

—

0.3%

Bristol-Myers

Squibb

Co.,

2.55%,

05/14/21

..

8,647

8,703,800

Sanofi,

4.00%,

03/29/21

..............

9,000

9,055,724

17,759,524

Semiconductors

&

Semiconductor

Equipment

—

0.3%

Lam

Research

Corp.,

2.80%,

06/15/21

.....

19,373

19,516,833

Software

—

0.1%

Oracle

Corp.,

1.90%,

09/15/21

..........

5,000

5,044,719

Thrifts

&

Mortgage

Finance

—

0.9%

BPCE

SA:

2.75%,

12/02/21

..................

8,938

9,121,445

(SOFR

+

0.44%),

0.48%,

02/17/22

(a)(b)

...

13,500

13,527,369

Nationwide

Building

Society

(b)

:

2.00%,

01/27/23

..................

14,515

14,971,259

0.55%,

01/22/24

..................

16,520

16,516,004

54,136,077

Wireless

Telecommunication

Services

—

0.4%

Rogers

Communications,

Inc.,

(LIBOR

USD

3

Month

+

0.60%),

0.84%,

03/22/22

(a)

.....

23,755

23,901,939

Total

Corporate

Bonds

—

32.2%

(Cost:

$1,862,580,337)

............................

1,872,959,826

Foreign

Government

Obligations

—

0.5%

South

Korea

—

0.5%

Korea

Development

Bank

(The)

(a)

:

(SOFR

+

0.55%),

0.60%,

03/21/22

(b)

....

12,500

12,526,001

(LIBOR

USD

3

Month

+

0.35%),

0.57%,

02/18/23

.....................

16,690

16,708,384

29,234,385

Total

Foreign

Government

Obligations

—

0.5%

(Cost:

$29,190,000)

...............................

29,234,385

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Short

Obligations

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Shares

Shares

Value

Investment

Companies

—

1.3%

BlackRock

Liquid

Environmentally

Aware

Fund

*

77,284,519

$

77,330,890

Total

Investment

Companies

—

1.3%

(Cost:

$77,306,125)

...............................

77,330,890

Par

(000)

Par

(000)

Municipal

Bonds

—

3.1%

Arizona

-

0.1%

County

of

Pima:

Series

2020C,

COP,

0.38%, 12/01/21

....

USD

2,130

2,128,850

Series

2020C,

COP,

0.48%, 12/01/22

....

1,130

1,128,994

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9052,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.54%, 02/01/21

(b)(c)(d)

...............

4,000

4,000,000

7,257,844

California

-

0.1%

California

Health

Facilities

Financing

Authority,

Series

2020,

RB,

0.42%, 06/01/22

......

2,000

2,004,760

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9042,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.33%, 02/04/21

(b)(c)(d)

...............

3,155

3,155,000

Port

of

Oakland,

Series

2020R,

RB,

0.82%, 05/01/23

..................

480

483,715

5,643,475

Connecticut

-

0.0%

State

of

Connecticut,

Series

2000A,

GO,

3.00%, 07/01/21

..................

2,360

2,388,226

Florida

-

0.1%

County

of

Miami-Dade:

Series

2020B,

RB,

0.38%, 04/01/23

.....

7,500

7,472,925

Series

2021A,

RB,

0.71%, 10/01/23

.....

1,000

1,000,140

8,473,065

Hawaii

-

0.2%

State

of

Hawaii:

Series

2020GB,

GO,

0.43%, 10/01/22

....

4,945

4,963,396

Series

2020GB,

GO,

0.57%, 10/01/23

....

6,300

6,343,848

11,307,244

New

York

-

1.2%

City

of

New

York:

Series

2021,

Sub-Series

A-2,

GO,

0.31%, 08/01/21

................

15,170

15,177,434

Series

2021,

Sub-Series

B-2,

GO,

0.40%, 11/01/21

................

6,300

6,308,442

Series

2021D,

GO,

0.43%, 08/01/22

.....

6,970

6,987,425

Long

Island

Power

Authority:

Series

2020C,

RB,

0.66%, 03/01/22

.....

755

755,778

Series

2020C,

RB,

0.76%, 03/01/23

.....

2,860

2,871,869

Port

Authority

of

New

York

&

New

Jersey,

Series

2020AAA,

RB,

1.09%, 07/01/23

...

14,140

14,375,572

Taxable

Municipal

Funding

Trust,

Series

2020-

003,

RB,

VRDN,

0.42%, 

01/16/25

(c)

......

20,000

20,000,000

66,476,520

Security

Par

(000)

Par

(000)

Value

Other

-

1.3%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States:

(b)(c)(d)

Series

2020-MIZ9030,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.54%, 02/01/21

................

USD

14,855

$

14,855,000

Series

2020-MIZ9029,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.54%, 02/01/21

................

6,360

6,360,000

Series

2020-MIZ9032,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.54%, 02/01/21

................

12,989

12,988,628

Series

2020-MIZ9035,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.54%, 02/01/21

................

11,680

11,680,000

Series

2020-MIZ9036,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.54%, 02/01/21

................

10,500

10,500,000

Taxable

Municipal

Funding

Trust,

Series

2019-

014,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.42%, 02/04/21

(b)(c)

................

5,150

5,150,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-11,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.42%, 02/04/21

(b)(c)(d)

....

10,115

10,115,000

71,648,628

Texas

-

0.1%

City

of

Houston

Airport

System,

Series

2020C,

RB,

0.88%, 07/01/22

...............

810

816,107

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9046,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.54%, 02/01/21

(b)(c)(d)

...............

6,020

6,020,000

6,836,107

Total

Municipal

Bonds

—

3.1%

(Cost:

$179,664,048)

..............................

180,031,109

U.S.

Government

Sponsored

Agency

Securities

—

0.2%

Agency

Obligations

—

0.2%

Federal

Home

Loan

Mortgage

Corp.,

0.40%, 08/18/23

..................

15,000

15,001,579

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.2%

(Cost:

$15,000,000)

...............................

15,001,579

Total

Long-Term

Investments

—

38.5%

(Cost:

$2,232,411,720)

............................

2,243,340,925

Short-Term

Securities

—

63.6%

Certificates

of

Deposit

—

21.7%

Domestic

—

3.3%

Bank

of

America

NA

(a)

:

(LIBOR

USD

3

Month

+

0.05%),

0.29%, 10/01/21

................

10,500

10,500,337

(SOFR

+

0.26%),

0.30%, 01/10/22

......

11,600

11,600,330

DZ

Bank

AG,

(LIBOR

USD

3

Month

+

0.20%),

0.42%, 02/17/22

(a)

.................

32,000

31,999,998

Goldman

Sachs

Bank

USA,

(SOFR

+

0.43%),

0.47%, 02/26/21

(a)

.................

6,000

6,001,782

Landesbank

Hessen-

Thueringen

Girozentrale

,

0.24%, 10/22/21

..................

12,000

11,999,203

BlackRock

Short

Obligations

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Domestic

(continued)

Lloyds

Bank

Corporate

Markets

plc,

New

York:

(LIBOR

USD

3

Month

+

0.52%),

0.74%, 04/26/21

(a)

...............

USD

21,400

$

21,424,162

0.56%, 04/27/21

..................

7,000

7,006,522

(LIBOR

USD

3

Month

+

0.55%),

0.77%, 07/19/21

(a)

...............

15,800

15,837,123

(LIBOR

USD

3

Month

+

0.10%),

0.32%, 09/15/21

(a)

...............

10,000

10,003,066

Mitsubishi

UFJ

Trust

Business

Co.

Ltd.,

0.29%, 03/01/21

(e)

.................

7,000

6,999,253

Morgan

Stanley

Bank

NA

(a)

:

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.55%),

0.62%, 02/19/21

................

6,200

6,201,241

(SOFR

+

0.30%),

0.34%, 08/25/21

......

20,000

20,008,553

Svenska

Handelsbanken

,

0.28%, 11/22/21

...

5,000

5,002,054

Svenska

Handelsbanken

AB,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.11%),

0.33%, 06/16/21

................

2,500

2,501,374

(LIBOR

USD

3

Month

+

0.26%),

0.50%, 01/06/22

................

15,500

15,535,798

Swedbank

AB,

(LIBOR

USD

3

Month

+

0.04%),

0.26%, 08/20/21

(a)

.................

7,500

7,501,665

190,122,461

Euro

—

1.7%

(e)

Mitsubishi

UFJ

Trust

&

Bank,

0.29%, 04/07/21

20,000

19,993,655

Mitsubishi

UFJ

Trust

&

Banking

Corp.:

0.32%, 04/12/21

..................

15,000

14,994,679

0.31%, 04/16/21

..................

7,000

6,997,291

National

Westminster

Bank

plc,

0.31%, 03/26/21

..................

30,000

29,994,728

Standard

Chartered

Bank

Fund

LP,

0.43%, 08/27/21

..................

10,000

9,984,856

Sumitomo

Mitsui

Trust

Bank

Ltd.,

0.31%, 05/17/21

..................

18,000

17,988,667

99,953,876

Yankee

—

16.7%

(f)

Banco

Santander

SA,

New

York,

(LIBOR

USD

3

Month

+

0.16%),

0.37%, 02/11/21

(a)

......

9,000

9,000,462

Bank

of

Montreal,

Chicago

(a)

:

(LIBOR

USD

3

Month

+

0.10%),

0.31%, 02/12/21

................

4,200

4,200,170

(LIBOR

USD

3

Month

+

0.05%),

0.26%, 08/10/21

................

13,000

13,004,070

(LIBOR

USD

3

Month

+

0.04%),

0.28%, 10/06/21

................

27,000

27,009,104

(LIBOR

USD

3

Month

+

0.10%),

0.33%, 11/18/21

................

7,000

7,005,594

(LIBOR

USD

3

Month

+

0.11%),

0.35%, 12/21/21

................

4,000

4,003,528

Bank

of

Nova

Scotia,

Houston:

(LIBOR

USD

3

Month

+

0.10%),

0.31%, 02/08/21

-

08/23/21

(a)

........

20,000

20,005,976

Barclays

Bank

plc,

New

York:

0.70%, 02/01/21

..................

10,000

10,000,535

(LIBOR

USD

1

Month

+

0.42%),

0.55%, 02/19/21

(a)

...............

11,000

11,002,759

1.25%, 03/03/21

..................

10,000

10,010,057

0.45%, 03/15/21

..................

10,000

10,003,683

0.30%, 05/03/21

..................

9,100

9,103,299

0.36%, 12/31/21

..................

13,500

13,511,681

0.33%, 02/01/22

..................

10,000

10,000,000

Bayerische

Landesbank

,

New

York,

(LIBOR

USD

3

Month

+

0.47%),

0.69%, 02/03/22

(a)

25,000

25,080,488

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

BNP

Paribas

SA,

New

York,

(LIBOR

USD

3

Month

+

0.25%),

0.46%, 02/01/21

(a)

.....

USD

20,000

$

20,000,000

Canadian

Imperial

Bank

of

Commerce,

New

York:

(LIBOR

USD

3

Month

+

0.14%),

0.36%, 07/23/21

(a)

...............

10,000

10,006,098

(LIBOR

USD

3

Month

+

0.16%),

0.39%, 08/06/21

(a)

...............

8,000

8,006,195

(LIBOR

USD

3

Month

+

0.05%),

0.26%, 11/08/21

(a)

...............

15,000

15,003,446

0.29%, 12/08/21

..................

7,000

7,005,889

(LIBOR

USD

3

Month

+

0.10%),

0.32%, 12/13/21

(a)

...............

5,000

5,003,010

Cooperatieve

Rabobank

UA,

New

York,

(LIBOR

USD

3

Month

+

0.05%),

0.27%, 10/20/21

(a)

15,000

15,006,419

Credit

Agricole

Corporate

and

Investment

Bank

SA,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.21%),

0.45%, 07/15/21

................

11,000

11,010,882

(LIBOR

USD

3

Month

+

0.48%),

0.71%, 09/09/21

................

12,000

12,034,293

(SOFR

+

0.40%),

0.44%, 11/15/21

......

8,000

8,009,431

Credit

Industriel

et

Commercial

SA,

New

York:

0.40%, 02/26/21

-

06/09/21

...........

17,000

17,006,094

(LIBOR

USD

3

Month

+

0.09%),

0.31%, 04/20/21

(a)

...............

17,000

17,004,361

(LIBOR

USD

3

Month

+

0.18%),

0.42%, 06/18/21

(a)

...............

10,000

10,007,550

(SOFR

+

0.19%),

0.22%, 12/01/21

(a)

.....

14,900

14,901,891

Credit

Suisse

AG,

New

York:

0.50%, 04/01/21

..................

10,000

10,005,637

(SOFR

+

0.35%),

0.41%, 08/03/21

(a)

.....

10,000

10,011,366

0.34%, 11/01/21

-

11/09/21

...........

25,000

25,022,355

(SOFR

+

0.30%),

0.36%, 11/16/21

(a)

.....

10,000

10,011,106

DNB

Bank

ASA,

New

York,

(LIBOR

USD

3

Month

+

0.22%),

0.44%, 07/19/21

(a)

.....

20,000

20,023,041

HSBC

Bank

USA

NA,

New

York:

(LIBOR

USD

3

Month

+

0.11%),

0.33%, 02/04/21

(a)

...............

8,000

8,000,069

0.38%, 11/17/21

-

01/03/22

...........

27,000

27,025,489

Kookmin

Bank,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.37%),

0.59%, 02/17/21

................

42,000

42,007,270

(LIBOR

USD

3

Month

+

0.50%),

0.72%, 07/22/21

................

10,000

10,018,396

(LIBOR

USD

3

Month

+

0.32%),

0.55%, 09/07/21

................

7,000

7,007,931

(LIBOR

USD

3

Month

+

0.30%),

0.52%, 10/22/21

................

9,000

9,010,342

(LIBOR

USD

1

Month

+

0.25%),

0.36%, 02/07/22

................

4,000

3,999,161

Korea

Development

Bank,

New

York,

(LIBOR

USD

3

Month

+

0.37%),

0.60%, 07/14/21

(a)

13,500

13,516,283

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York:

(LIBOR

USD

1

Month

+

0.14%),

0.27%, 02/18/21

(a)

...............

6,000

6,000,146

0.26%, 05/10/21

..................

8,000

8,001,635

Mizuho

Bank

Ltd.,

New

York:

(LIBOR

USD

1

Month

+

0.16%),

0.30%, 02/01/21

(a)

...............

14,000

14,000,225

0.28%, 06/04/21

..................

5,000

5,001,747

MUFG

Bank

Ltd.,

New

York:

(LIBOR

USD

3

Month

+

0.50%),

0.72%, 07/16/21

(a)

...............

5,000

5,009,046

0.34%, 08/16/21

..................

12,500

12,509,110

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Short

Obligations

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

0.33%, 10/29/21

..................

USD

8,000

$

8,005,254

Natixis

SA,

New

York:

0.34%, 11/16/21

..................

15,000

15,013,294

(LIBOR

USD

3

Month

+

0.13%),

0.36%, 12/09/21

(a)

...............

3,000

3,002,538

Nordea

Bank

Abp

,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.29%),

0.51%, 02/05/21

................

8,000

8,000,224

(LIBOR

USD

3

Month

+

0.32%),

0.54%, 05/05/21

................

6,000

6,005,339

(LIBOR

USD

3

Month

+

0.26%),

0.50%, 01/07/22

................

9,000

9,020,848

(LIBOR

USD

3

Month

+

0.23%),

0.45%, 01/28/22

................

9,000

9,018,612

(LIBOR

USD

3

Month

+

0.12%),

0.35%, 02/28/22

................

20,000

20,021,412

Royal

Bank

of

Canada,

New

York:

(LIBOR

USD

3

Month

+

0.45%),

0.67%, 04/23/21

(a)

...............

5,000

5,005,220

0.43%, 07/26/21

..................

8,000

8,015,773

(LIBOR

USD

3

Month

+

0.05%),

0.28%, 10/08/21

(a)

...............

35,000

35,014,278

(LIBOR

USD

3

Month

+

0.09%),

0.31%, 12/10/21

(a)

...............

5,000

5,003,395

(LIBOR

USD

3

Month

+

0.11%),

0.34%, 12/17/21

(a)

...............

10,000

10,008,740

Standard

Chartered

Bank,

New

York:

0.30%, 02/12/21

..................

24,000

24,001,631

(LIBOR

USD

3

Month

+

0.10%),

0.32%, 04/28/21

(a)

...............

10,000

10,002,124

(LIBOR

USD

3

Month

+

0.15%),

0.35%, 08/24/21

(a)

...............

14,250

14,260,385

(SOFR

+

0.32%),

0.36%, 11/23/21

(a)

.....

24,000

24,025,470

Sumitomo

Mitsui

Banking

Corp.,

New

York:

(LIBOR

USD

3

Month

+

0.39%),

0.60%, 02/12/21

-

10/12/21

(a)

........

23,000

23,026,730

(LIBOR

USD

3

Month

+

0.36%),

0.59%, 04/06/21

-

11/05/21

(a)

........

11,350

11,367,140

(LIBOR

USD

3

Month

+

0.36%),

0.58%, 05/13/21

(a)

...............

9,000

9,009,370

(LIBOR

USD

3

Month

+

0.35%),

0.57%, 07/12/21

-

11/05/21

(a)

........

12,300

12,324,354

(LIBOR

USD

3

Month

+

0.44%),

0.67%, 09/10/21

(a)

...............

7,000

7,016,782

(LIBOR

USD

3

Month

+

0.35%),

0.56%, 11/12/21

(a)

...............

5,000

5,010,873

0.70%, 07/15/22

..................

12,000

12,011,918

Toronto-Dominion

Bank,

New

York:

(LIBOR

USD

3

Month

+

0.40%),

0.62%, 04/26/21

(a)

...............

4,000

4,003,871

0.37%, 07/07/21

..................

3,000

3,002,736

0.43%, 07/28/21

-

08/03/21

...........

20,000

20,026,359

0.40%, 08/16/21

..................

8,000

8,009,986

(LIBOR

USD

3

Month

+

0.10%),

0.30%, 08/24/21

-

10/08/21

(a)

........

37,000

37,011,353

UBS

AG,

Stamford,

1.38%, 04/16/21

.......

10,000

10,026,091

974,399,420

Total

Certificates

of

Deposit

—

21.7%

(Cost:

$1,263,498,551)

............................

1,264,475,757

Security

Par

(000)

Pa

r

(

000)

Value

Commercial

Paper

—

37.8%

Alinghi

Funding

Co.

LLC,

0.29%

,

10/08/21

(e)

..

USD

3,000

$

2,994,813

Amcor

Flexibles

North

America,

Inc.,

0.23%

,

02/16/21

(e)

......................

10,346

10,345,017

American

Electric

Power

Co.,

Inc.

(e)

:

0.25%,

02/11/21

..................

13,000

12,999,225

0.30%,

02/16/21

..................

5,000

4,999,550

0.30%,

02/18/21

..................

3,000

2,999,688

0.23%,

03/18/21

..................

2,700

2,699,194

American

Honda

Finance

Corp.

(e)

:

0.32%,

02/16/21

..................

10,000

9,998,770

0.38%,

03/16/21

..................

14,750

14,745,194

ANZ

New

Zealand

International

Ltd.,

(LIBOR

USD

3

Month

+

0.09%),

0.31%

,

07/23/21

(a)

10,000

10,003,303

ASB

Finance

Ltd.,

0.28%

,

07/22/21

(e)

......

20,000

19,984,727

AT&T,

Inc.

(e)

:

0.37%,

10/19/21

..................

3,000

2,992,790

0.38%,

11/16/21

..................

15,000

14,957,805

0.41%,

12/14/21

..................

70,000

69,769,877

0.43%,

12/16/21

..................

10,000

9,966,830

Avangrid

,

Inc.,

0.30%

,

02/04/21

(e)

.........

25,000

24,999,375

Banco

Santander

SA,

(LIBOR

USD

1

Month

+

0.24%),

0.38%

,

02/01/21

(a)

...........

15,000

15,000,345

Barclays

Bank

plc,

0.39%

,

02/09/21

(b)(e)

.....

10,000

9,999,511

Barclays

Capital,

Inc.,

0.38%

,

01/18/22

(e)

....

13,000

12,965,613

Bedford

Row

Funding

Corp.:

1.16%,

04/12/21

(e)

.................

10,000

9,996,573

(LIBOR

USD

3

Month

+

0.07%),

0.30%,

10/14/21

(a)

....................

15,000

15,002,089

Bell

Canada,

0.25%

,

03/22/21

(e)

..........

12,000

11,996,967

BNZ

International

Funding

Ltd.,

0.29%

,

09/10/21

(e)

......................

13,500

13,485,552

BPCE

SA

(e)

:

0.30%,

05/13/21

..................

14,000

13,994,135

0.40%,

06/16/21

..................

4,000

3,997,608

0.47%,

07/01/21

..................

10,000

9,993,200

0.34%,

12/01/21

..................

12,000

11,978,580

0.34%,

12/09/21

..................

15,000

14,972,525

Brookfield

BRP

Canada

Corp.

(e)

:

0.30%,

02/11/21

..................

12,600

12,599,249

0.37%,

03/22/21

..................

8,900

8,897,056

Brookfield

Renewable

Energy

Partners

LP,

0.35%

,

03/26/21

(e)

.................

6,100

6,097,770

Caisse

d'Amortissement

de

la

Dette

Sociale

(b)(e)

:

0.48%,

06/15/21

..................

18,000

17,988,972

0.37%,

07/23/21

..................

6,000

5,989,506

Canadian

Imperial

Bank

of

Commerce,

(LIBOR

USD

3

Month

+

0.07%),

0.29%

,

08/03/21

(a)

20,000

20,006,028

Cancara

Asset

Securitisation

LLC,

0.27%

,

05/24/21

(b)(e)

.....................

3,000

2,998,103

Citigroup

Global

Markets,

Inc.,

0.26%

,

06/04/21

(e)

......................

10,000

9,994,610

Coca-Cola

Co.

(The),

1.63%

,

02/11/21

(e)

....

10,000

9,999,675

Collateralized

Commercial

Paper

FLEX

Co.

LLC,

0.34%

,

12/06/21

(e)

.............

12,000

11,972,632

Collateralized

Commercial

Paper

V

Co.

LLC,

0.31%

,

08/19/21

(e)

.................

5,000

4,993,407

Concord

Minutemen

Capital

Co.

LLC,

0.39%

,

06/14/21

(b)(e)

.....................

6,110

6,104,691

Crown

Point

Capital

Co.

LLC

(b)

:

(LIBOR

USD

3

Month

+

0.16%),

0.39%,

12/08/21

(a)

....................

15,000

15,001,263

0.33%,

01/12/22

..................

13,250

13,256,316

BlackRock

Short

Obligations

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Dallas

FT

Worth

Protective

Services

PLLC,

0.38%

,

08/25/21

..................

USD

13,600

$

13,602,327

DBS

Bank

Ltd.,

0.40%

,

04/01/21

(e)

........

10,000

9,997,572

DBS

Group

Holdings

Ltd.,

0.31%

,

09/07/21

(e)

.

22,700

22,682,023

Enbridge

US,

Inc.,

0.18%

,

02/02/21

(e)

......

29,200

29,199,513

Enel

Finance

America

LLC

(e)

:

0.42%,

02/05/21

..................

4,000

3,999,883

0.42%,

02/09/21

..................

13,750

13,749,319

0.42%,

02/11/21

..................

2,350

2,349,857

0.45%,

03/18/21

..................

9,982

9,979,019

0.45%,

03/23/21

..................

9,982

9,978,605

0.30%,

04/08/21

..................

1,250

1,249,404

0.35%,

05/06/21

..................

9,500

9,492,910

0.40%,

07/09/21

..................

18,000

17,973,354

0.40%,

07/21/21

..................

6,050

6,040,028

0.40%,

07/28/21

..................

6,050

6,039,413

Engie

SA

(e)

:

0.26%,

02/10/21

..................

10,000

9,999,523

0.28%,

03/09/21

..................

9,000

8,997,933

Exxon

Mobil

Corp.,

0.27%

,

07/02/21

(e)

......

15,000

14,991,658

Fairway

Finance

Co.

LLC,

0.26%

,

07/07/21

(e)

.

10,000

9,990,593

Fidelity

National

Information

Services,

Inc.

(e)

:

0.25%,

02/10/21

..................

25,000

24,998,625

0.32%,

03/08/21

..................

19,700

19,695,613

0.31%,

03/15/21

..................

20,000

19,994,500

0.31%,

03/17/21

..................

34,000

33,990,101

FMS

Wertmanagement

,

0.25%

,

05/14/21

(e)

..

23,300

23,289,467

Goldman

Sachs

Group

UK

Ltd.,

0.33%

,

01/14/22

(e)

......................

8,400

8,374,847

Goldman

Sachs

International

(e)

:

0.30%,

03/17/21

..................

16,000

15,997,055

0.34%,

09/24/21

..................

2,000

1,996,760

0.32%,

12/06/21

..................

4,000

3,990,463

0.35%,

12/22/21

..................

10,000

9,973,749

Henkel

of

America,

Inc.,

0.45%

,

02/05/21

(e)

...

9,640

9,639,831

Hitachi

Capital

America

Corp.,

0.28%

,

02/10/21

(e)

......................

12,000

11,999,380

HSBC

Bank

plc:

(LIBOR

USD

3

Month

+

0.26%),

0.49%,

06/09/21

(a)

....................

10,000

10,008,327

(LIBOR

USD

3

Month

+

0.22%),

0.44%,

07/20/21

(a)

....................

9,000

9,008,393

0.44%,

08/02/21

(e)

.................

15,000

14,983,658

(LIBOR

USD

3

Month

+

0.21%),

0.44%,

08/06/21

(a)

....................

10,000

10,009,808

(LIBOR

USD

3

Month

+

0.14%),

0.36%,

08/31/21

(a)

....................

10,000

10,006,960

(LIBOR

USD

3

Month

+

0.14%),

0.36%,

09/13/21

(a)

....................

7,000

7,004,722

(LIBOR

USD

3

Month

+

0.14%),

0.37%,

11/05/21

(a)

....................

15,000

15,010,225

0.33%,

01/03/22

(e)

.................

10,000

9,977,023

Hyundai

Capital

America

(e)

:

0.32%,

02/01/21

..................

30,000

29,999,625

0.37%,

02/03/21

..................

10,000

9,999,792

0.40%,

03/22/21

..................

20,000

19,991,073

0.32%,

06/21/21

..................

15,000

14,977,656

0.00%,

07/28/21

-

10/26/21

..........

30,000

29,903,850

ING

US

Funding

LLC,

0.30%

,

12/14/21

(e)

....

5,000

4,993,797

Intercontinental

Exchange,

Inc.

(e)

:

0.32%,

02/16/21

..................

14,045

14,042,795

0.31%,

02/23/21

..................

20,000

19,995,520

0.31%,

03/05/21

..................

10,000

9,996,740

0.36%,

03/08/21

..................

13,500

13,495,167

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Ionic

Capital

II

Trust

(e)

:

0.28%,

02/12/21

..................

USD

20,000

$

19,998,600

0.32%,

03/01/21

..................

4,000

3,999,308

0.27%,

03/05/21

..................

10,000

9,998,026

0.32%,

03/19/21

..................

10,000

9,997,074

Koch

Industries,

Inc.,

0.26%

,

05/28/21

(e)

....

8,700

8,695,427

Landesbank

Baden-Wuerttemberg

(e)

:

0.27%,

02/01/21

..................

18,750

18,749,808

0.26%,

02/16/21

..................

10,000

9,999,250

0.30%,

05/17/21

..................

20,000

19,987,640

0.30%,

06/04/21

..................

10,000

9,992,510

Lime

Funding

LLC,

0.31%

,

06/01/21

(e)

......

12,000

11,991,759

Lloyds

Bank

plc,

(SOFR

+

0.20%),

0.29%

,

05/17/21

(a)

......................

5,000

5,001,180

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(e)

:

0.38%,

07/19/21

..................

10,000

9,991,593

0.38%,

07/27/21

..................

23,400

23,379,057

Macquarie

Bank

Ltd.:

(LIBOR

USD

3

Month

+

0.07%),

0.29%,

02/16/21

(a)

....................

5,000

5,000,225

0.26%,

04/06/21

(e)

.................

15,000

14,995,282

(LIBOR

USD

3

Month

+

0.10%),

0.32%,

11/12/21

(a)

....................

5,000

5,000,000

0.35%,

11/18/21

(e)

.................

10,000

9,984,129

0.35%,

11/19/21

(e)

.................

15,000

14,976,112

Mizuho

Bank

Ltd.,

0.33%

,

02/10/21

(e)

......

7,000

6,999,743

National

Australia

Bank

Ltd.,

(LIBOR

USD

3

Month

+

0.12%),

0.35%

,

07/08/21

(a)

.....

8,000

8,005,071

National

Bank

of

Canada,

(LIBOR

USD

3

Month

+

0.05%),

0.26%

,

08/11/21

(a)

..........

20,000

20,004,196

National

Grid

North

America,

Inc.

(e)

:

0.33%,

02/18/21

..................

11,370

11,368,819

0.28%,

03/29/21

..................

12,163

12,158,236

0.28%,

03/30/21

..................

5,000

4,998,000

NatWest

Markets

plc

(b)(e)

:

0.17%,

02/01/21

..................

9,700

9,699,879

0.40%,

06/22/21

..................

24,300

24,274,922

0.40%,

01/04/22

..................

8,500

8,471,100

NextEra

Energy

Capital

Holdings,

Inc.,

0.19%

,

03/03/21

(e)

......................

8,300

8,298,448

Ontario

Power

Generation,

Inc.,

0.21%

,

02/18/21

(b)(e)

.....................

8,000

7,999,347

PPG

Industries,

Inc.,

0.42%

,

08/02/21

(e)

.....

25,364

25,318,119

Pure

Grove

Funding,

0.28%

,

06/07/21

(b)(e)

...

15,000

14,988,014

Ridgefield

Funding

Co.

LLC,

0.29%

,

06/07/21

(b)

(e)

............................

25,000

24,980,471

Rogers

Communications,

Inc.,

0.55%

,

08/26/21

(e)

......................

7,285

7,269,774

Royal

Bank

of

Canada,

0.65%

,

05/03/21

(e)

...

8,000

7,997,472

Salisbury

Receivables

Co.

LLC:

0.36%,

02/08/21

(e)

.................

10,000

9,999,750

(SOFR

+

0.30%),

0.34%,

02/19/21

(a)

....

13,000

13,000,682

Shell

International

Finance

BV

(e)

:

1.16%,

02/26/21

..................

8,000

7,999,266

0.50%,

06/09/21

..................

21,200

21,186,577

0.52%,

06/22/21

..................

25,000

24,982,200

0.40%,

07/08/21

..................

10,000

9,991,866

Societe

Generale

SA:

0.30%,

06/02/21

(e)

.................

25,000

24,983,552

(LIBOR

USD

3

Month

+

0.33%),

0.56%,

06/08/21

(a)

....................

13,000

13,013,423

0.30%,

07/01/21

(e)

.................

15,000

14,987,250

0.30%,

07/07/21

(e)

.................

25,000

24,977,917

0.37%,

12/13/21

(e)

.................

18,000

17,949,456

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Short

Obligations

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

0.35%,

01/10/22

(e)

.................

USD

15,000

$

14,952,375

Spire,

Inc.,

0.28%

,

03/09/21

(e)

...........

15,000

14,996,555

Suncor

Energy,

Inc.

(e)

:

0.28%,

02/02/21

..................

1,315

1,314,978

0.28%,

02/03/21

..................

2,000

1,999,958

0.30%,

02/09/21

..................

7,750

7,749,621

0.32%,

03/04/21

..................

11,500

11,497,773

0.33%,

03/09/21

..................

17,000

16,996,096

0.35%,

03/10/21

..................

18,179

18,174,698

0.35%,

04/05/21

..................

2,000

1,999,091

0.33%,

04/06/21

..................

6,667

6,663,910

0.29%,

04/29/21

..................

4,902

4,898,569

0.00%,

04/30/21

..................

3,000

2,997,869

0.37%,

05/13/21

..................

11,000

10,990,816

Svenska

Handelsbanken

AB,

0.30%

,

12/08/21

(e)

15,000

14,970,004

Swedbank

AB,

0.30%

,

04/15/21

(e)

.........

10,000

9,997,446

TELUS

Corp.

(e)

:

0.32%,

06/14/21

..................

15,000

14,982,377

0.27%,

07/13/21

..................

4,900

4,892,476

0.27%,

07/20/21

..................

5,100

5,091,667

TransCanada

PipeLines

Ltd.

(e)

:

0.33%,

02/10/21

..................

10,000

9,999,460

0.32%,

02/11/21

..................

14,000

13,999,166

UBS

AG

(a)

:

(LIBOR

USD

3

Month

+

0.18%),

0.42%,

06/23/21

.....................

12,000

12,002,498

(LIBOR

USD

3

Month

+

0.17%),

0.39%,

07/09/21

.....................

8,000

8,001,834

(LIBOR

USD

3

Month

+

0.12%),

0.35%,

10/14/21

.....................

22,000

22,010,724

(LIBOR

USD

3

Month

+

0.12%),

0.34%,

11/12/21

.....................

15,000

15,001,164

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

(LIBOR

USD

3

Month

+

0.15%),

0.38%,

11/18/21

.....................

USD

15,000

$

15,004,758

(LIBOR

USD

3

Month

+

0.17%),

0.40%,

12/02/21

.....................

15,000

15,006,196

(SOFR

+

0.25%),

0.33%,

01/11/22

......

15,000

14,997,047

Volkswagen

Group

of

America

Finance

LLC

(e)

:

0.52%,

10/25/21

..................

35,000

34,856,160

0.52%,

11/08/21

..................

15,000

14,934,792

0.52%,

11/10/21

..................

27,000

26,881,796

Walt

Disney

Co.

(The),

0.48%

,

02/19/21

(e)

...

10,000

9,999,335

Waste

Management,

Inc.

(e)

:

0.40%,

08/09/21

..................

25,000

24,962,133

0.45%,

09/10/21

..................

50,500

50,417,674

Western

Union

Co.

(The),

0.17%

,

02/02/21

(e)

.

6,300

6,299,863

Total

Commercial

Paper

—

37.8%

(Cost:

$2,197,877,194)

............................

2,198,577,999

Shares

Shares

Money

Market

Funds

—

0.3%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.0

1

%

(g)*

...................

18,712,252

18,712,252

Total

Money

Market

Funds

—

0.3%

(Cost:

$18,712,252)

...............................

18,712,252

Total

Repurchase

Agreements

—

3.8%

(Cost:

$218,500,000)

..............................

218,500,000

Total

Short-Term

Securities

—

63.6%

(Cost:

$3,698,587,997)

............................

3,700,266,008

Total

Investments

—

102.1%

(Cost:

$5,930,999,717

)

............................

5,943,606,933

Liabilities

in

Excess

of

Other

Assets

—

(2.1)%

.............

(120,695,490)

Net

Assets

—

100.0%

...............................

$

5,822,911,443

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(d)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(e)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(f)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(g)

Annualized

7-day

yield

as

of

period

end.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/21

Shares

Held

at

01/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

73,350,982

$

—

$

(54,638,730)

$

—

$

—

$

18,712,252

18,712,252

$

14,253

$

—

BlackRock

Liquid

Environmentally

Aware

Fund

............

77,283,705

78,084

—

—

(30,899)

77,330,890

77,284,519

64,996

—

$

—

$

(30,899)

$

96,043,142

$

79,249

$

—

(a)

Represents

net

amount

purchased

(sold).

BlackRock

Short

Obligations

Fund

Schedule

of

Investments

15

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Po

sition

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

.....

0.67

%

(a)

01/29/21

03/18/21

$

1,000

$

1,000

$

1,000,893

Corporate/Debt

Obligation,

0.22%,

due

07/14/21

.........

$

1,049,958

$

1,050,001

0.77

(a)

01/29/21

04/07/21

4,000

4,000

4,005,818

Corporate/Debt

Obligations,

0.22%

to

1.00%,

due

07/14/21

to

01/17/31

.........

4,198,628

4,200,000

$

–

$

–

$

5,000

$

5,250,001

$

–

$

–

BNP

Paribas

SA

......

0.45

12/11/20

02/01/21

27,000

27,000

27,017,550

Corporate/Debt

Obligations,

3.50%

to

7.63%,

due

02/15/23

to

02/15/26

.........

29,606,612

31,047,560

0.46

(a)

01/29/21

05/07/21

25,000

25,000

25,031,306

Corporate/Debt

Obligations,

3.88%

to

12.00%,

due

11/01/23

to

09/30/27

.......

26,862,252

28,714,989

$

–

$

–

$

52,000

$

59,762,549

$

–

$

–

Citigroup

Global

Markets,

Inc.

.............

0.51

(a)

01/29/21

04/04/21

16,000

16,000

16,014,690

Corporate/Debt

Obligations,

0.50%

to

5.70%,

due

03/17/21

to

07/15/50

.........

18,182,543

16,841,087

0.56

(a)

01/29/21

05/04/21

6,000

6,000

6,008,891

Corporate/Debt

Obligations,

2.41%

to

7.49%,

due

11/15/26

to

11/15/41

.........

4,643,331

6,309,380

$

–

$

–

$

22,000

$

23,150,467

$

–

$

–

Credit

Suisse

Securities

USA

LLC

.........

0.75

(a)

01/29/21

05/07/21

27,000

27,000

27,055,263

Corporate/Debt

Obligations,

0.34%

to

6.41%,

due

04/26/23

to

12/17/48

.........

1,603,317,452

30,793,992

$

–

$

–

Goldman

Sachs

&

Co.

LLC

0.54

(a)

01/29/21

08/05/21

32,000

32,000

32,090,240

Corporate/Debt

Obligations,

0.00%

to

7.07%,

due

04/19/21

to

11/01/66

.........

920,040,851

34,545,431

$

–

$

–

Mizuho

Securities

USA

LLC

.............

0.67

(a)

01/29/21

03/08/21

3,500

3,500

3,502,478

U.S.

Treasury

Obligation,

1.50%,

due

09/15/22

.........

3,472,900

3,570,056

0.76

(a)

01/29/21

05/03/21

14,000

14,000

14,027,837

U.S.

Treasury

Obligation,

1.50%,

due

09/15/22

.........

13,891,400

14,280,017

1.12

06/25/20

03/22/21

25,000

25,000

25,210,000

Corporate/Debt

Obligations,

0.58%

to

4.03%,

due

12/10/24

to

10/18/32

.........

32,208,284

26,750,000

$

–

$

–

$

42,500

$

44,600,073

$

–

$

–

Wells

Fargo

Securities

LLC

.............

0.36

11/19/20

02/17/21

12,000

12,000

12,010,800

Corporate/Debt

Obligations,

0.00%,

due

03/01/21

to

12/14/21

12,616,430

12,600,001

0.37

11/13/20

02/11/21

8,000

8,000

8,007,400

Corporate/Debt

Obligations,

1.03%

to

2.95%,

due

10/16/34

to

08/17/57

.........

8,443,423

8,560,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Short

Obligations

Fund

16

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.57

%

12/14/20

03/12/21

$

18,000

$

18,000

$

18,025,080

Corporate/Debt

Obligations,

1.34%

to

4.00%,

due

11/15/23

to

04/28/55

.........

$

20,427,300

$

19,260,000

$

–

$

–

$

38,000

$

40,420,001

$

–

$

–

$

218,500

$

238,522,514

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

...................................

$

—

$

68,783,136

$

—

$

68,783,136

Corporate

Bonds

........................................

—

1,872,959,826

—

1,872,959,826

Foreign

Government

Obligations

..............................

—

29,234,385

—

29,234,385

Investment

Companies

....................................

77,330,890

—

—

77,330,890

Municipal

Bonds

.........................................

—

180,031,109

—

180,031,109

U.S.

Government

Sponsored

Agency

Securities

....................

—

15,001,579

—

15,001,579

Short-Term

Securities:

Certificates

of

Deposit

.....................................

—

1,264,475,757

—

1,264,475,757

Commercial

Paper

.......................................

—

2,198,577,999

—

2,198,577,999

Money

Market

Funds

......................................

18,712,252

—

—

18,712,252

Repurchase

Agreements

...................................

—

218,500,000

—

218,500,000

$

96,043,142

$

5,847,563,791

$

—

$

5,943,606,933

Statement

of

Assets

and

Liabilities

(unaudited)

January

31,

2021

17

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Short

Obligations

Fund

ASSETS

Investments

at

value

—

unaffiliated

(cost

—

$5,616,481,340)

............................................................................

$

5,629,063,791‌

Investments

at

value

—

affiliated

(cost

—

$96,018,377)

................................................................................

96,043,142‌

Cash

.................................................................................................................

2,056‌

Repurchase

agreements

at

value

(cost

—

$218,500,000)

..............................................................................

218,500,000‌

Receivables:

–‌

Capital

shares

sold

.......................................................................................................

27,165,681‌

Dividends

—

affiliated

.....................................................................................................

8,256‌

Interest

—

unaffiliated

.....................................................................................................

7,903,429‌

From

the

Manager

.......................................................................................................

8,129‌

Prepaid

expenses

.........................................................................................................

264,843‌

Total

assets

.............................................................................................................

5,978,959,327‌

LIABILITIES

Payables:

–‌

Investments

purchased

....................................................................................................

116,600,819‌

Administration

fees

.......................................................................................................

255,756‌

Capital

shares

redeemed

...................................................................................................

37,150,473‌

Income

dividend

distributions

................................................................................................

10,623‌

Investment

advisory

fees

..................................................................................................

725,844‌

Trustees'

and

Officer's

fees

.................................................................................................

7,808‌

Other

affiliate

fees

.......................................................................................................

2,171‌

Service

fees

...........................................................................................................

552,640‌

Other

accrued

expenses

...................................................................................................

741,750‌

Total

liabilities

............................................................................................................

156,047,884‌

NET

ASSETS

............................................................................................................

$

5,822,911,443‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

5,812,088,727‌

Accumulated

earnings

......................................................................................................

10,822,716‌

NET

ASSETS

............................................................................................................

$

5,822,911,443‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

See

notes

to

financial

statements.

BlackRock

Short

Obligations

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

2,628,606,326

Shares

outstanding

.................................................................................................

261,297,010

Net

asset

value

....................................................................................................

$

10.06

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001

Investor

A

Net

assets

........................................................................................................

$

2,559,306,612

Shares

outstanding

.................................................................................................

254,547,360

Net

asset

value

....................................................................................................

$

10.05

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001

Class

K

Net

assets

........................................................................................................

$

634,998,505

Shares

outstanding

.................................................................................................

63,023,765

Net

asset

value

....................................................................................................

$

10.08

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001

Statement

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2021

19

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Short

Obligations

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

79,249‌

Interest

—

unaffiliated

....................................................................................................

20,604,496‌

Total

investment

income

.....................................................................................................

20,683,745‌

EXPENSES

Investment

advisory

......................................................................................................

6,622,027‌

Service

—

class

specific

...................................................................................................

3,449,979‌

Transfer

agent

—

class

specific

..............................................................................................

1,319,676‌

Administration

.........................................................................................................

1,005,892‌

Administration

—

class

specific

..............................................................................................

560,813‌

Registration

...........................................................................................................

392,942‌

Accounting

services

......................................................................................................

56,468‌

Custodian

.............................................................................................................

32,343‌

Professional

...........................................................................................................

25,305‌

Trustees

and

Officer

......................................................................................................

20,598‌

Printing

and

postage

.....................................................................................................

17,989‌

Miscellaneous

..........................................................................................................

37,006‌

Total

expenses

...........................................................................................................

13,541,038‌

Less:

–‌

Administration

fees

waived

—

class

specific

......................................................................................

(103,859‌)

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(2,535,431‌)

Service

and

distribution

fees

waived

and/or

reimbursed

-

class

specific

....................................................................

(10,182‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

.........................................................................

(604,881‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

10,286,685‌

Net

investment

income

......................................................................................................

10,397,060‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(3,241,900‌)

Net

realized

gain

from

investments

............................................................................................

213,796‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

(30,899‌)

Investments

—

unaffiliated

...............................................................................................

(3,424,796‌)

A

(3,455,695‌)

Net

realized

and

unrealized

loss

................................................................................................

(3,241,899‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

7,155,161‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

See

notes

to

financial

statements.

BlackRock

Short

Obligations

Fund

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

07/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

10,397,060‌

$

56,322,893‌

Net

realized

gain

(loss)

..............................................................................

213,796‌

(1,427,089‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(3,455,695‌)

12,463,005‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

7,155,161‌

67,358,809‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(6,077,549‌)

(25,084,869‌)

Investor

A

.....................................................................................

(3,658,965‌)

(29,776,484‌)

Class

K

.......................................................................................

(1,048,073‌)

(1,813,673‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(10,784,587‌)

(56,675,026‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

1,165,917,617‌

2,263,522,243‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

1,162,288,191‌

2,274,206,026‌

Beginning

of

period

..................................................................................

4,660,623,252‌

2,386,417,226‌

End

of

period

......................................................................................

$

5,822,911,443‌

$

4,660,623,252‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

21

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Short

Obligations

Fund

Institutional

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

10.07‌

$

10.02‌

$

9.99‌

$

10.03‌

$

10.02‌

$

10.00‌

Net

investment

income

(a)

.......................

0.02‌

0.17‌

0.26‌

0.18‌

0.12‌

0.08‌

Net

realized

and

unrealized

gain

(loss)

.............

0.00‌

0.06‌

0.03‌

(0.05‌)

0.01‌

0.02‌

Net

increase

from

investment

operations

..............

0.02‌

0.23‌

0.29‌

0.13‌

0.13‌

0.10‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.03‌)

(0.18‌)

(0.26‌)

(0.17‌)

(0.12‌)

(0.08‌)

From

net

realized

gain

.........................

—‌

(0.00‌)

(c)

(0.00‌)

(c)

(0.00‌)

(c)

(0.00‌)

(c)

(0.00‌)

(c)

Total

distributions

.............................

(0.03‌)

(0.18‌)

(0.26‌)

(0.17‌)

(0.12‌)

(0.08‌)

Net

asset

value,

end

of

period

....................

$

10.06‌

$

10.07‌

$

10.02‌

$

9.99‌

$

10.03‌

$

10.02‌

Total

Return

(d)

0.16%

2.28%

2.96%

1.34%

1.30%

—

Based

on

net

asset

value

........................

0.16%

(e)

2.28%

2.96%

1.34%

1.30%

0.98%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.36%

(f)

0.43%

0.45%

0.60%

0.54%

(g)

0.58%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.25%

(f)

0.30%

0.26%

0.28%

0.24%

0.13%

Net

investment

income

.........................

0.49%

(f)

1.69%

2.59%

1.75%

1.17%

0.79%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

2,628,606‌

$

1,951,914‌

$

1,117,218‌

$

70,512‌

$

38,160‌

$

16,945‌

Portfolio

turnover

rate

..........................

32%

40%

18%

87%

140%

184%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

See

notes

to

financial

statements.

BlackRock

Short

Obligations

Fund

Investor

A

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

Period

from

03/09/18

(a)

to

07/31/18

2020

2019

Net

asset

value,

beginning

of

period

............................................

$

10.06‌

$

10.01‌

$

9.99‌

$

9.99‌

Net

investment

income

(b)

....................................................

0.01‌

0.15‌

0.24‌

0.07‌

Net

realized

and

unrealized

gain

(loss)

..........................................

(0.01‌)

0.06‌

0.02‌

0.00‌

(c)

Net

increase

from

investment

operations

...........................................

0.00‌

0.21‌

0.26‌

0.07‌

Distributions

(d)

–

–

–

–

From

net

investment

income

.................................................

(0.01‌)

(0.16‌)

(0.24‌)

(0.07‌)

From

net

realized

gain

......................................................

—‌

(0.00‌)

(e)

(0.00‌)

(e)

—‌

Total

distributions

..........................................................

(0.01‌)

(0.16‌)

(0.24‌)

(0.07‌)

Net

asset

value,

end

of

period

.................................................

$

10.05‌

$

10.06‌

$

10.01‌

$

9.99‌

Total

Return

(f)

0.03%

2.08%

2.63%

0.73%

Based

on

net

asset

value

.....................................................

0.03%

(g)

2.08%

2.63%

0.73%

(g)

Ratios

to

Average

Net

Assets

Total

expenses

............................................................

0.62%

(h)

0.59%

0.64%

0.78%

(h)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

...................................

0.50%

(h)

0.49%

0.47%

0.42%

(h)

Net

investment

income

......................................................

0.25%

(h)

1.47%

2.37%

1.87%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.................................................

$

2,559,307‌

$

2,585,292‌

$

1,136,936‌

$

621‌

Portfolio

turnover

rate

.......................................................

32%

40%

18%

87%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

is

less

than

$0.005

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Amount

is

greater

than

$(0.005)

per

share.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Aggregate

total

return.

(h)

Annualized.

(i)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.84%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

23

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Short

Obligations

Fund

Class

K

(a)

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

10.08‌

$

10.04‌

$

10.01‌

$

10.04‌

$

10.03‌

$

10.01‌

Net

investment

income

(b)

.......................

0.02‌

0.18‌

0.26‌

0.18‌

0.12‌

0.08‌

Net

realized

and

unrealized

gain

(loss)

.............

0.01‌

0.05‌

0.04‌

(0.03‌)

0.01‌

0.02‌

Net

increase

from

investment

operations

..............

0.03‌

0.23‌

0.30‌

0.15‌

0.13‌

0.10‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....................

(0.03‌)

(0.19‌)

(0.27‌)

(0.18‌)

(0.12‌)

(0.08‌)

From

net

realized

gain

.........................

—‌

(0.00‌)

(d)

(0.00‌)

(d)

(0.00‌)

(d)

(0.00‌)

(d)

(0.00‌)

(d)

Total

distributions

.............................

(0.03‌)

(0.19‌)

(0.27‌)

(0.18‌)

(0.12‌)

(0.08‌)

Net

asset

value,

end

of

period

....................

$

10.08‌

$

10.08‌

$

10.04‌

$

10.01‌

$

10.04‌

$

10.03‌

Total

Return

(e)

0.28%

2.28%

3.02%

1.52%

1.35%

—

Based

on

net

asset

value

........................

0.28%

(f)

2.28%

3.02%

1.52%

1.35%

1.01%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.31%

(g)

0.33%

0.45%

0.53%

0.50%

(h)

0.55%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.20%

(g)

0.20%

0.20%

0.20%

0.17%

0.10%

Net

investment

income

.........................

0.49%

(g)

1.84%

2.64%

1.78%

1.22%

0.79%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

634,999‌

$

123,417‌

$

132,264‌

$

82,549‌

$

98,882‌

$

31,918‌

Portfolio

turnover

rate

..........................

32%

40%

18%

87%

140%

184%

(a)

On

the

close

of

business

on

September

1,

2015,

the

Fund’s

BlackRock

Shares

were

redesignated

as

Class

K

Shares.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

24

ORGANIZATION 

BlackRock

Funds

SM

 (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a 

Massachusetts

business

trust.

BlackRock

Short

Obligations

Fund

(the

"Fund")

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares.

Investor

A

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures.

(a)

Investor

A

Shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

upon

redemption

of

shares

received

in

an

exchange

transaction

for

Investor A

Shares

of

a

fund

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”)

or

its

affiliates

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase

of

such

fund.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

the

Manager or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly. 

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

date

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.  

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third

party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

Share

Class

Initial

Sales

Charge

CDSC

Conversion

Privilege

Institutional

Shares

...........................................

No

No

None

Investor

A

Shares

............................................

No

No

(a)

None

Investor

K

Shares

...........................................

No

No

None

Notes

to

Financial

Statements

(unaudited)

(continued)

25

Notes

to

Financial

Statements

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published NAV. 

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

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);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Repurchase

Agreements:

Repurchase

agreements

are

commitments

to

purchase

a

security

from

a

counterparty

who

agrees

to

repurchase

the

same

security

at

a

mutually

agreed

upon

date

and

price.

On

a

daily

basis,

the

counterparty

is

required

to

maintain

collateral

subject

to

the

agreement

and

in

value

no

less

than

the

agreed

upon

repurchase

amount.

Repurchase

agreements

may

be

traded

bilaterally,

in

a

tri-party

arrangement

or

may

be

centrally

cleared

through

a

sponsoring

agent.

Subject

to

the

custodial

undertaking

associated

with

a

tri-party

repurchase

arrangement

and

for

centrally

cleared

repurchase

agreements,

a

third

party

custodian

maintains

accounts

to

hold

collateral

for a

fund

and

its

counterparties.

Typically,

a

fund

and

counterparty

are

not

permitted

to

sell,

re-pledge

or

use

the

collateral

absent

a

default

by

the

counterparty

or the

fund,

respectively. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

In

the

event

the

counterparty

defaults

and

the

fair

value

of

the

collateral

declines, a

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”).

The

MRA

permits the

fund,

under

certain

circumstances

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

with

collateral

held

by

and/or

posted

to

the

counterparty.

As

a

result,

one

single

net

payment

is

created.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Based

on

the

terms

of

the

MRA, the

fund

receives

securities

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

the

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects

the

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty. 

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

Service

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

to

the

Fund.

The

ongoing

service fees

compensates

BRIL

and

each

broker-

dealer

for

providing

shareholder

servicing

related

services

to

shareholders.

For

the

six

months

ended

January

31,

2021,

the

class

specific

service

fees

borne

directly

by

Investor

A

Shares

of

the

Fund

were

$3,449,979.

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

January

31,

2021, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended January

31,

2021,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.25%

$1

Billion

-

$3

Billion

.....................................................................................................

0.24

$3

Billion

-

$5

Billion

.....................................................................................................

0.23

$5

Billion

-

$10

Billion

....................................................................................................

0.22

Greater

than

$10

Billion

..................................................................................................

0.21

Service

Fees

Investor

A

..............................................................................................................

0.25‌%

Average

Daily

Net

Assets

Administration

Fees

First

$500

Million

0.0425

%

$500

Million

-

$1

Billion

0.0400

$1

Billion

-

$2

Billion

0.0375

$2

Billion

-

$4

Billion

0.0350

$4

Billion

-

$13

Billion

0.0325

Greater

than

$13

Billion

0.0300

Institutional

.......................................................................................................

$

242,858‌

Investor

A

........................................................................................................

276,232‌

Class

K

.........................................................................................................

41,723‌

$

560,813‌

Notes

to

Financial

Statements

(unaudited)

(continued)

27

Notes

to

Financial

Statements

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

2021,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

six

months ended

January

31,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the 

six

months

ended

January

31,

2021

,

affiliates

received

CDSCs

of $38,819

for

Investor

A

Sh

ares.

Expense

Limitations,

Waivers,

Reimbursements,

and

Recoupments:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

November

30,

202

1

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

trustees

 who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees

"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

January

31,

2021,

the

amount

waived

was

$64,183.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

November

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

six

months

ended

January

31,

2021,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

For

the

six

months

ended

January

31,

2021,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$2

,471

,

248

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

six

months ended

January

31,

2021,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to

borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

Institutional

....................................................................................................

$

1,689‌

Class

K

......................................................................................................

125‌

$

1,814‌

Institutional

.......................................................................................................

$

570,816‌

Investor

A

........................................................................................................

748,105‌

Class

K

.........................................................................................................

755‌

$

1,319,676‌

Contractual

(a)

Voluntary 

(b)

Institutional

................................................................................................

0.35‌%

0.30‌%

Investor

A

.................................................................................................

0.60‌

0.50‌

Class

K

..................................................................................................

0.30‌

0.20‌

(a)

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

waiver

or

reimbursement

through

November

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

(b)

The

voluntary

waiver

or

reimbursement

may

be

reduced

or

discontinued

at

any

time

without

notice.

Fund

Name/Share

Class

Administration

Fees

Waived

Service

and

Distribution

Fees

Waived

and/or

Reimbursed

Transfer

Agent

Fees

Waived

and/or

Reimbursed

BlackRock

Short

Obligations

Fund

Institutional

..................................................................

$

3,551‌

$

—‌

$

235,794‌

Investor

A

...................................................................

59,809‌

10,182‌

368,344‌

Class

K

....................................................................

40,499‌

—‌

743‌

$

103,859‌

$

10,182‌

$

604,881‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

January

31,

2021,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

trustees.

For

the

six

months ended

January

31,

2021,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

PURCHASES

AND

SALES 

For

the six

months

ended

January

31,

2021,

purchases

and

sales

of

investments,

including

paydowns

and

excluding

short-term

investments, were $1,121,103,037

and

$870,443,988,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

January

31,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

As

of

July

31,

2020, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$1,573,281. 

As

of

January

31,

2021, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

BlackRock

Funds,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

January

31,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Purchases

...............................................................................................................

$

—‌

Sales

...................................................................................................................

3,000,236‌

Net

Realized

Gain

..........................................................................................................

—‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Short

Obligations

Fund

......................................

$

5,931,389,446‌

$

12,687,126‌

$

(469,639‌)

$

12,217,487‌

Notes

to

Financial

Statements

(unaudited)

(continued)

29

Notes

to

Financial

Statements

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer's

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates. 

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

Six

Months

Ended

01/31/21

Year

Ended

07/31/20

Shares

Amount

Shares

Amount

Institutional

Shares

sold

.............................................

180,385,542‌

$

1,815,253,365‌

294,261,492‌

$

2,950,805,858‌

Shares

issued

in

reinvestment

of

distributions

........................

603,517‌

6,072,567‌

2,499,344‌

25,062,863‌

Shares

redeemed

.........................................

(113,610,336‌)

(1,143,085,780‌)

(214,371,441‌)

(2,145,901,351‌)

Net

increase

...............................................

67,378,723‌

$

678,240,152‌

82,389,395‌

$

829,967,370‌

Investor

A

Shares

sold

.............................................

119,745,068‌

$

1,204,229,452‌

360,194,829‌

$

3,611,457,406‌

Shares

issued

in

reinvestment

of

distributions

........................

362,386‌

3,644,429‌

2,963,048‌

29,694,251‌

Shares

redeemed

.........................................

(122,539,093‌)

(1,232,027,196‌)

(219,708,613‌)

(2,198,615,512‌)

Net

increase

(decrease)

.......................................

(2,431,639‌)

$

(24,153,315‌)

143,449,264‌

$

1,442,536,145‌

Class

K

Shares

sold

.............................................

84,928,385‌

$

855,949,495‌

15,451,221‌

$

155,548,278‌

Shares

issued

in

reinvestment

of

distributions

........................

90,450‌

911,735‌

133,746‌

1,343,227‌

Shares

redeemed

.........................................

(34,237,316‌)

(345,030,450‌)

(16,522,352‌)

(165,872,777‌)

Net

increase

(decrease)

.......................................

50,781,519‌

$

511,830,780‌

(937,385‌)

$

(8,981,272‌)

Total

Net

Increase

115,728,603‌

$

1,165,917,617‌

224,901,274‌

$

2,263,522,243‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

30

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Statement

Regarding

Liquidity

Risk

Management

Program

31

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),BlackRock

Fund

SM

(the

"Trust")

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Short

Obligations

Fund

(the

“Fund”),

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

the

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust

on

behalf

of

the

Fund

met

on

November

10-11,

2020

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

Funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2019

through

September

30,

2020

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

a

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

a

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

impact

of

the

coronavirus

outbreak

on

the

Funds

and

the

overall

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

a

Fund’s

liquidity

risk,

as

follows:

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

Funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

Fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

Fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

and

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

Fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

net

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

Fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

Fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

Fund’s

short-term

and

long-term

cash

flow

projections.

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Funds,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

Funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Additional

Information

2021

BlackRock

Semi-Annual

Report

to

Shareholders

32

General

Information

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

Availability

of

Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

upon

request

and

without

charge

(1)

by

calling

(800)

441-

7762

;

(2)

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Availability

of

Proxy

Voting

Record

Information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30

is

available

upon

request

and

without

charge

(1)

at

blackrock.com

;

or

by

calling

(800)

441-

7762

and

(2)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

Additional

Information

(continued)

33

Additional

Information

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

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addition,

BlackRock

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designed

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and

disposal

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such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodians

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

The

Bank

of

New

York

Mellon

New

York,

NY

10286

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Semi-Annual

Report

to

Shareholders

34

Currency

Abbreviations

USD

United

States

Do

llar

Portfolio

Abbreviations

COP

Certificates

of

Participation

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

LOC

Letter

of

Credit

RB

Revenue

Bonds

SOFR

Secured

Overnight

Financing

Rate

VRDN

Variable

Rate

Demand

Notes

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

SHORTS-1/21-SAR

January

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(unaudited)

BlackRock

Funds

SM

BlackRock

Total

Factor

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

January

31,

2021

has

been

a

time

of

sudden

change,

as

the

emergence

and

spread

of

the

coronavirus

(or

“COVID-19”)

led

to

a

vast

disruption

in

the

global

economy

and

financial

markets.

The

threat

from

the

virus

became

increasingly

apparent

throughout

February

and

March

2020,

and

countries

around

the

world

took

economically

disruptive

countermeasures.

Stay-at-home

orders

and

closures

of

non-essential

businesses

became

widespread,

many

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession

and

a

sharp

fall

in

equity

prices.

After

markets

hit

their

lowest

point

of

the

reporting

period

in

late

March

2020,

a

steady

recovery

ensued,

as

businesses

began

to

re-open

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

continued

to

rise

throughout

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

Many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period

following

a

series

of

successful

vaccine

trials

and

passage

of

additional

stimuli.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

from

developed

economies

grew

at

a

more

modest

pace,

lagging

emerging

market

stocks,

which

rebounded

sharply.

During

the

market

downturn,

the

performance

of

different

types

of

fixed-income

securities

initially

diverged

due

to

a

reduced

investor

appetite

for

risk.

U.S.

Treasuries

benefited

from

the

risk-off

environment

and

posted

positive

returns,

as

the

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

dropped

to

historic

lows.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

both

investment-grade

and

high-yield

bonds

recovered

to

post

positive

returns.

Following

the

coronavirus

outbreak,

the

Fed

instituted

two

emergency

interest

rate

cuts,

pushing

short-

term

interest

rates,

already

low

as

the

year

began,

close

to

zero.

To

stabilize

credit

markets,

the

Fed

also

implemented

a

new

bond-buying

program,

as

did

several

other

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

is

likely

to

accelerate

as

vaccination

efforts

continue

to

ramp

up.

Significant

additional

U.S.

stimulus

spending

in

early

2021

is

being

negotiated

in

Congress,

which

would

provide

a

solid

tailwind

for

economic

growth.

Inflation

should

increase

somewhat

as

the

expansion

continues,

but

a

shift

in

central

bank

policy

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

equity

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

both

equities

and

credit.

We

see

U.S.

and

Asian

equities

benefiting

from

structural

growth

trends

in

tech,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

In

credit,

rising

inflation

should

provide

tailwinds

for

inflation-

protected

bonds,

and

Euro

area

peripherals

and

Asian

bonds

also

present

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

January

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

14.47%

17.25%

U.S.

small

cap

equities

(Russell

2000

®

Index)

40.89

30.17

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

17.58

8.94

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

24.07

27.89

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.06

0.54

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.56)

4.91

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(0.91)

4.72

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

2.06

3.85

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.72

7.38

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

6

Disclosure

of

Expenses

...................................................................................................

6

Derivative

Financial

Instruments

.............................................................................................

7

Consolidated

Financial

Statements:

Consolidated

Schedule

of

Investments

........................................................................................

8

Consolidated

Statement

of

Assets

and

Liabilities

..................................................................................

44

Consolidated

Statement

of

Operations

........................................................................................

46

Consolidated

Statements

of

Changes

in

Net

Assets

................................................................................

47

Consolidated

Financial

Highlights

.............................................................................................

48

Notes

to

Consolidated

Financial

Statements

......................................................................................

52

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

62

Additional

Information

....................................................................................................

63

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

65

Fund

Summary

as

of

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Total

Factor

Fund

Investment

Objective

BlackRock

Total

Factor

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

January

31,

2021,

the

Fund

underperformed

its

reference

benchmark,

a

blend

of

60%

MSCI

World

Index

Hedged

USD

Net/40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

For

the

same

period,

the

Fund

also

underperformed

its

secondary

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

The

Fund

utilizes

a

factor

investing

approach

in

order

to

provide

a

diversified

engine

for

growth.

The

Fund

targets

multiple

return

drivers,

or

factors,

across

many

asset

classes

and

geographies.

By

leveraging

a

long/short

implementation

framework,

the

strategy

seeks

to

isolate

broad

and

persistent

sources

of

returns,

while

maintaining

a

low

correlation

to

equity

and

fixed-income

markets

in

order

to

be

resilient

to

market

shocks

and

drawdowns.

At

the

portfolio

level,

the

primary

detractors

were

within

single

name

equities

where

underperformance

within

low

volatility

and

momentum

insights

constrained

returns.

Low

volatility,

a

historically

consistent

contributor,

struggled

into

the

end

of

the

period

as

a

flood

of

monetary

stimulus

from

global

central

banks

pushed

up

high

risk

names.

Momentum

strategies

within

single

name

equities

saw

the

steepest

unwind

on

record

on

the

day

of

the

Covid-19

vaccine

announcement

as

a

shift

toward

a

global

economic

reopening

resulted

in

a

sharp

reversal

of

trends.

Outside

of

single

name

equities,

the

market-neutral

bond

portion

of

the

portfolio

weighed

marginally

on

performance

as

security

selection

detracted

within

the

model.

Specifically,

the

Fund

was

positioned

long

in

the

United

States

and

Australia

where

rates

rose,

and

short

in

duration

and

corresponding

interest

rate

sensitivity

in

Europe

where

rates

were

more

resilient

given

additional

central

bank

stimulus

and

shaky

investor

sentiment

surrounding

a

new

U.K.

variant

of

the

virus

and

renewed

Brexit

concerns.

The

Fund’s

macroeconomic

factor

exposure

buoyed

overall

performance

with

a

particularly

strong

run

in

November

and

December

2020.

A

regime-changing

announcement

of

an

effective

vaccine

kicked

off

a

reflation

trade

that

played

to

the

benefit

of

the

real

rates

factor

(basket

of

inflation-linked

bonds)

as

well

as

the

economic

growth

factor’s

risk-balanced

allocation

to

global

equities,

commodities

and

credit.

On

the

market-neutral

style

factor

side,

performance

was

more

mixed

with

emerging

market

security

selection

driving

equity

market

performance

contributions

as

the

model

tilted

into

Asia’s

primary

reflation

beneficiaries.

From

a

factor

perspective,

the

defensively

oriented

quality

insights

were

the

most

additive

to

performance

among

style

factors.

The

Fund

routinely

holds

derivatives

including

futures,

swaps,

and

currency

forwards

to

gain

exposure

to

single

name

stocks,

global

bonds,

currencies,

commodities,

and

equity

market

indices

in

a

cost-efficient

and

capital-efficient

manner.

Additionally,

some

of

the

Fund’s

currency

forwards

are

held

for

hedging

purposes

to

protect

against

unintended

exposure

to

foreign

currency

risk.

Over

the

period,

the

use

of

derivatives

had

a

slightly

negative

impact

on

performance.

The

Fund

holds

large

unencumbered

cash

positions

to

meet

collateral

calls

on

derivative

positions.

The

cash

balance

did

not

have

a

material

impact

on

performance

during

the

period.

Describe

recent

portfolio

activity.

Prior

to

the

start

of

the

period,

the

portfolio

had

been

returned

to

nearly

full

target

risk

after

several

months

in

a

defensive

posture

following

a

spike

in

correlations

across

asset

classes

and

factors

in

the

first

quarter

of

2020.

While

the

majority

of

the

Fund’s

target

exposures

were

restored

prior

to

the

start

of

the

period,

positioning

remained

cautious

with

respect

to

a

handful

of

commodity-sensitive

exposures.

By

the

end

of

the

reporting

period,

all

exposures

were

returned

to

target

levels

after

seeing

a

reasonable

normalization

across

commodity-linked

markets.

Describe

portfolio

positioning

at

period

end.

The

Fund

continued

to

seek

to

deliver

positive

absolute

returns

by

balancing

risks

among

equities,

bonds,

commodities,

currencies

and

diversifying

strategies.

At

the

end

of

the

period,

the

macro

factor

side

of

the

portfolio

retained

a

slight

tilt

toward

the

pro-cyclical

economic

growth

factor,

while

within

derivatives

the

portfolio

took

a

pro-reopening

stance

by

favoring

semiconductor-heavy

Asian

emerging

market

country

futures,

tourism-oriented

countries

in

developed

market

futures,

and

refined

products

relative

to

crude

oil.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

January

31,

2021

(continued)

5

Fund

Summary

BlackRock

Total

Factor

Fund

Portfolio

Information

Performance

Summary

for

the

Period

Ended

January

31,

2021

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Foreign

Government

Obligations

........................

50‌

%

U.S.

Treasury

Obligations

.............................

50‌

Common

Stocks

...................................

—‌

(b)

(a)

Excludes

short-term

securities

and

options

purchased.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

PORTFOLIO

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

U.S.

Treasury

Inflation

Linked

Notes

.....................

32‌

%

U.S.

Treasury

Inflation

Linked

Bonds

.....................

18‌

Canadian

Government

Bond

..........................

15‌

U.K.

Treasury

Inflation

Linked

Bonds

.....................

12‌

Commonwealth

of

Australia

...........................

11‌

French

Republic

..................................

9‌

Federal

Republic

of

Germany

.........................

3‌

(a)

Excludes

short-term

securities

and

options

purchased.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

Since

Inception

(c)

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

Institutional

..............................................

(0.57‌)%

(14.66‌)%

N/A‌

2.02‌%

N/A‌

1.32‌%

N/A‌

Investor

A

...............................................

(0.69‌)

(14.82‌)

(19.29‌)%

1.79‌

0.69‌%

1.08‌

0.41‌%

Investor

C

...............................................

(1.15‌)

(15.50‌)

(16.34‌)

1.01‌

1.01‌

0.33‌

0.33‌

Class

K

................................................

(0.57‌)

(14.57‌)

N/A‌

2.06‌

N/A‌

1.34‌

N/A‌

60%

MSCI

World

Index

Hedged

USD

Net/40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(d)

.................................

8.76‌

10.70‌

N/A‌

9.80‌

N/A‌

8.79‌

N/A‌

MSCI

World

Index

Hedged

USD

Net

(e)

..........................

15.31‌

13.64‌

N/A‌

13.37‌

N/A‌

12.31‌

N/A‌

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(f)

.................

(0.91‌)

4.72‌

N/A‌

4.00‌

N/A‌

3.16‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(g)

.....................

0.06‌

0.54‌

N/A‌

1.20‌

N/A‌

0.76‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

seeks

to

achieve

its

investment

objective

by

investing

in

a

broad

range

of

global

asset

classes,

such

as

equity

securities

(which

may

include

derivative

instruments

that

are

tied

economically

to

equity

securities),

fixed

and

floating

rate

debt

instruments,

derivatives,

other

investment

companies,

including

exchange-traded

funds

(“ETFs”),

real

estate

investment

trusts

(“REITs”)

and

commodity-related

instruments.

The

Fund’s

total

returns

prior

to

February

3,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Strategic

Risk

Allocation

Fund”.

(c)

The

Fund

commenced

operations

on

December

27,

2012.

(d)

This

customized

weighted

index

is

comprised

of

the

returns

of

the

MSCI

World

Index

Hedged

USD

Net

(60%)

and

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(40%).

(e)

Represents

a

close

estimation

of

the

performance

that

can

be

achieved

by

hedging

the

currency

exposures

of

its

parent

index,

the

MSCI

World

Index,

to

the

U.S.

Dollar

("USD"),

the

"home"

currency

for

the

hedged

index.

The

index

is

100%

hedged

to

the

USD

by

selling

each

foreign

currency

forward

at

the

one-month

forward

weight.

The

parent

index

is

composed

of

large

and

mid

cap

stocks

across

23

developed

market

countries

and

its

local

performance

is

calculated

in

13

different

currencies,

including

the

Euro.

(f)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

The

index

includes

U.S.

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

pass-

throughs

),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

non-agency).

(g)

An

unmanaged

index

that

tracks

3-month

U.S.

Treasury

securities.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

About

Fund

Performance

2021

BlackRock

Semi-Annual

Report

to

Shareholders

6

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Class

K

Shares

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

February

3,

2017

is

that

of

Institutional

Shares.

The

performance

of

the

Fund’s

Class

K

Shares

would

be

substantially

similar

to

Institutional

Shares

because

Class

K

Shares

and

Institutional

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Institutional

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Institutional

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Institutional

Shares.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of

5.25%

and

a

service

fee

of 

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75

%

per

year

and

a

service

fee

of 

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time,

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxe

s

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

tables

on the

previous

page(s)

assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

the

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund's

performance

would

have

been

lower.

With

respect

to

the

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time.

With

respect

to

the

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such

agreement.

See

the

Notes

to

Consolidated

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on August

1,

2020 and

held

through

January

31,

2021)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(08/01/20)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(08/01/20)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00

$

994.30

$

2.76

$

1,000.00

$

1,022.43

$

2.80

0.55%

Investor

A

................................

1,000.00

993.10

4.02

1,000.00

1,021.17

4.08

0.80

Investor

C

................................

1,000.00

988.50

7.72

1,000.00

1,017.44

7.83

1.54

Class

K

..................................

1,000.00

994.30

2.51

1,000.00

1,022.68

2.55

0.50

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Derivative

Financial

Instruments

7

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Consolidated

Financial

Statements.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

January

31,

2021

Security

Shares

Shares

Value

Common

Stocks

—

0.0%

United

States

—

0.0%

Avaya

Holdings

Corp.

(a)

..........

15

$

334

Total

Common

Stocks

—

0.0%

(Cost:

$208)

...................................

334

Par

(000)

Pa

r

(

000)

Foreign

Government

Obligations

—

6.0%

Australia

—

1.4%

Commonwealth

of

Australia:

1.25%,

02/21/22

............

AUD

407

321,735

3.00%,

09/20/25

............

574

532,769

0.75%,

11/21/27

............

346

299,192

2.50%,

09/20/30

............

399

402,214

2.00%,

08/21/35

............

288

295,935

1.25%,

08/21/40

............

235

224,200

1.00%,

02/21/50

............

235

220,076

2,296,121

Canada

—

1.8%

Canadian

Government

Bond:

6.63%,

12/01/26

............

CAD

379

394,966

4.00%,

12/01/31

............

399

477,969

3.99%,

12/01/36

............

357

430,224

2.46%,

12/01/41

............

374

425,311

1.78%,

12/01/44

............

420

452,246

1.39%,

12/01/47

............

396

423,428

0.53%,

12/01/50

............

355

327,973

2,932,117

France

—

1.1%

French

Republic:

1.25%,

07/25/22

............

EUR

121

154,132

2.40%,

07/25/23

(b)

...........

149

197,609

0.27%,

07/25/24

............

79

103,489

0.10%,

03/01/25

............

93

119,069

0.10%,

03/01/26

(b)

...........

30

39,724

2.07%,

07/25/27

............

146

219,333

0.10%,

03/01/28

............

77

102,600

0.10%,

03/01/29

............

54

74,081

4.43%,

07/25/29

............

70

121,681

0.74%,

07/25/30

(b)

...........

95

140,959

4.07%,

07/25/32

............

13

24,636

4.08%,

07/25/32

............

82

157,669

0.10%,

03/01/36

(b)

...........

22

32,011

0.10%,

07/25/36

(b)

...........

42

62,759

2.16%,

07/25/40

(b)

...........

86

173,119

0.10%,

07/25/47

(b)

...........

65

108,672

1,831,543

Germany

—

0.3%

Federal

Republic

of

Germany:

0.11%,

04/15/23

............

115

145,137

0.10%,

04/15/26

............

100

132,764

0.53%,

04/15/30

............

121

177,983

0.11%,

04/15/46

............

62

111,922

567,806

United

Kingdom

—

1.4%

U.K.

Treasury

Inflation

Linked

Bonds:

1.88%,

11/22/22

............

GBP

56

83,743

0.13%,

03/22/24

............

39

58,625

2.50%,

07/17/24

............

36

58,784

0.13%,

03/22/26

............

34

54,874

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

1.25%,

11/22/27

............

GBP

50

$

90,526

0.13%,

08/10/28

............

35

59,964

0.13%,

03/22/29

............

47

82,371

4.13%,

07/22/30

............

24

57,204

1.25%,

11/22/32

............

41

87,248

0.75%,

03/22/34

............

40

85,570

2.00%,

01/26/35

............

37

90,347

0.13%,

11/22/36

............

34

71,120

1.13%,

11/22/37

............

41

99,592

0.63%,

03/22/40

............

38

90,835

0.13%,

08/10/41

............

26

59,675

0.63%,

11/22/42

............

47

118,605

0.13%,

03/22/44

............

40

94,519

0.13%,

03/22/46

............

32

77,945

0.75%,

11/22/47

............

37

104,787

0.13%,

08/10/48

............

26

65,514

0.50%,

03/22/50

............

37

105,195

0.25%,

03/22/52

............

33

91,655

1.25%,

11/22/55

............

38

141,651

0.13%,

11/22/56

............

14

42,717

0.13%,

03/22/58

............

23

69,427

0.38%,

03/22/62

............

36

125,147

0.13%,

11/22/65

............

18

63,862

0.13%,

03/22/68

............

32

120,914

2,352,416

Total

Foreign

Government

Obligations

—

6.0%

(Cost:

$8,777,829)

..............................

9,980,003

U.S.

Treasury

Obligations

—

5.9%

U.S.

Treasury

Inflation

Linked

Bonds:

2.38%, 01/15/25

-

01/15/27

.....

USD

396

479,507

2.00%, 01/15/26

............

216

259,164

1.75%, 01/15/28

............

109

135,061

3.63%, 04/15/28

............

153

211,524

2.50%, 01/15/29

............

97

127,909

3.88%, 04/15/29

............

174

251,912

3.38%, 04/15/32

............

49

73,982

2.13%, 02/15/40

-

02/15/41

.....

277

429,167

0.75%, 02/15/42

-

02/15/45

.....

304

385,363

0.63%, 02/15/43

............

145

178,941

1.38%, 02/15/44

............

142

202,260

1.00%, 02/15/46

-

02/15/49

.....

355

484,947

0.88%, 02/15/47

............

128

170,080

0.25%, 02/15/50

............

86

100,131

U.S.

Treasury

Inflation

Linked

Notes:

0.13%, 01/15/22

-

07/15/30

.....

2,447

2,625,461

0.63%, 04/15/23

-

01/15/26

.....

845

918,099

0.38%, 07/15/23

-

07/15/27

.....

1,187

1,308,489

0.50%, 04/15/24

-

01/15/28

.....

423

471,267

0.25%, 01/15/25

-

07/15/29

.....

496

551,434

0.75%, 07/15/28

............

215

251,562

0.88%, 01/15/29

............

210

248,382

Total

U.S.

Treasury

Obligations

—

5.9%

(Cost:

$9,127,187)

..............................

9,864,642

Total

Long-Term

Investments

—

11.9%

(Cost:

$17,905,224)

..............................

19,844,979

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

61.7%

Money

Market

Funds

—

9.1%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(c)*

.....

15,017,613

$

15,017,613

Total

Money

Market

Funds

—

9.1%

(Cost:

$15,017,613)

..............................

15,017,613

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

52.6%

U.S.

Treasury

Bills

(d)

:

0.13%, 08/12/21

............

USD

20,000

19,993,067

0.14%, 07/15/21

............

22,000

21,993,110

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.14%, 04/22/21

............

USD

25,000

$

24,996,944

0.18%, 05/20/21

............

20,295

20,290,510

Total

U.S.

Treasury

Obligations

—

52.6%

(Cost:

$87,249,046)

..............................

87,273,631

Total

Short-Term

Securities

—

61.7%

(Cost:

$102,266,659)

.............................

102,291,244

Total

Options

Purchased

—

0.1%

(Cost:

$141,376)

................................

132,661

Total

Investments

—

73.7%

(Cost:

$120,313,259)

.............................

122,268,884

Other

Assets

Less

Liabilities

—

26.3%

..................

43,536,778

Net

Assets

—

100.0%

..............................

$

165,805,662

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/21

Shares

Held

at

01/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

50,698,955

$

—

$

(35,681,342)

$

—

$

—

$

15,017,613

15,017,613

$

2,003

$

—

(a)

Represents

net

amount

purchased

(sold).

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

10

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

AEX

Index

..............................................................

32

02/19/21

$

4,943

$

(53,008)

IBEX

35

Index

............................................................

55

02/19/21

5,173

(324,503)

OMXS30

Index

...........................................................

169

02/19/21

3,932

(15,296)

FTSE

China

A50

Index

......................................................

346

02/25/21

6,270

(225,769)

Brent

Crude

Oil

(a)

..........................................................

13

02/26/21

716

2,178

RBOB

Gasoline

(a)

.........................................................

150

02/26/21

9,782

77,634

Euro-Bund

..............................................................

192

03/08/21

41,300

(228,345)

TOPIX

Index

.............................................................

38

03/11/21

6,545

68,133

Australia

10

Year

Bond

......................................................

456

03/15/21

50,835

(338,428)

S&P/TSX

60

Index

.........................................................

9

03/18/21

1,440

(20,328)

DAX

Index

..............................................................

3

03/19/21

1,223

(36,719)

FTSE/MIB

Index

..........................................................

60

03/19/21

7,841

(119,363)

S&P

500

E-Mini

Index

......................................................

34

03/19/21

6,299

12,151

U.S.

Treasury

10

Year

Note

...................................................

83

03/22/21

11,379

71,214

Long

Gilt

...............................................................

360

03/29/21

66,131

(173,137)

Silver

(a)

................................................................

11

03/29/21

1,480

162,598

100

oz

Gold

(a)

............................................................

36

04/28/21

6,661

(32,880)

(1,173,868)

Short

Contracts

CAC

40

10

Euro

Index

......................................................

104

02/19/21

6,810

329,562

WTI

Crude

Oil

(a)

...........................................................

3

02/22/21

157

2,092

Natural

Gas

(a)

............................................................

108

02/24/21

2,769

14,234

SGX

NIFTY

50

Index

.......................................................

352

02/25/21

9,659

336,773

Low

Sulphur

Gasoil

(a)

.......................................................

21

03/11/21

950

8,882

SPI

200

Index

............................................................

72

03/18/21

8,998

39,866

FTSE

100

Index

..........................................................

74

03/19/21

6,449

222,081

Canada

10

Year

Bond

......................................................

436

03/22/21

50,329

446,024

1,399,514

$

225,646

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

25,000

USD

33,954

UBS

AG

02/02/21

$

299

USD

16,310

AUD

21,000

Barclays

Bank

plc

02/02/21

261

USD

630,308

AUD

815,000

Barclays

Bank

plc

02/02/21

7,444

USD

656,767

AUD

849,000

Goldman

Sachs

International

02/02/21

7,919

USD

627,902

AUD

812,150

Toronto

Dominion

Bank

02/02/21

7,216

USD

630,790

AUD

815,000

UBS

AG

02/02/21

7,926

USD

11,780

CAD

15,000

Barclays

Bank

plc

02/02/21

50

USD

758,958

CAD

965,000

Barclays

Bank

plc

02/02/21

4,315

USD

758,719

CAD

965,000

Goldman

Sachs

International

02/02/21

4,076

USD

763,756

CAD

972,480

Toronto

Dominion

Bank

02/02/21

3,263

USD

758,922

CAD

965,000

UBS

AG

02/02/21

4,279

USD

614,206

EUR

500,000

Barclays

Bank

plc

02/02/21

7,431

USD

622,863

EUR

507,000

Goldman

Sachs

International

02/02/21

7,594

USD

616,903

EUR

501,874

Toronto

Dominion

Bank

02/02/21

7,854

USD

623,787

EUR

508,000

UBS

AG

02/02/21

7,305

USD

587,755

AUD

765,000

Barclays

Bank

plc

03/02/21

3,018

USD

588,834

AUD

765,000

Goldman

Sachs

International

03/02/21

4,096

USD

587,952

AUD

764,150

Toronto

Dominion

Bank

03/02/21

3,864

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

11

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

589,061

AUD

765,000

UBS

AG

03/02/21

$

4,324

USD

756,022

CAD

965,000

Barclays

Bank

plc

03/02/21

1,318

USD

756,192

CAD

965,000

Goldman

Sachs

International

03/02/21

1,488

USD

757,855

CAD

967,480

Toronto

Dominion

Bank

03/02/21

1,211

USD

756,433

CAD

965,000

UBS

AG

03/02/21

1,729

USD

601,741

EUR

495,000

Barclays

Bank

plc

03/02/21

691

USD

601,743

EUR

495,000

Goldman

Sachs

International

03/02/21

693

USD

602,676

EUR

495,874

Toronto

Dominion

Bank

03/02/21

565

USD

601,992

EUR

495,000

UBS

AG

03/02/21

943

USD

611,560

GBP

445,000

Barclays

Bank

plc

03/02/21

1,764

USD

611,645

GBP

445,000

Goldman

Sachs

International

03/02/21

1,849

USD

605,782

GBP

440,799

Toronto

Dominion

Bank

03/02/21

1,743

USD

611,811

GBP

445,000

UBS

AG

03/02/21

2,015

AUD

8,228,000

(a)

USD

6,209,473

Morgan

Stanley

&

Co.

International

plc

03/17/21

80,334

CAD

35,943,276

(a)

USD

28,084,384

Morgan

Stanley

&

Co.

International

plc

03/17/21

26,835

GBP

5,076,000

(a)

USD

6,871,786

Morgan

Stanley

&

Co.

International

plc

03/17/21

84,719

INR

1,768,127,000

(a)

USD

23,719,240

HSBC

Bank

plc

03/17/21

377,463

NZD

37,386,000

(a)

USD

26,326,249

Morgan

Stanley

&

Co.

International

plc

03/17/21

539,542

USD

23,878,961

(a)

BRL

122,000,000

Bank

of

America

NA

03/17/21

1,607,540

USD

358,117

(a)

BRL

1,845,000

Deutsche

Bank

AG

03/17/21

21,307

USD

2,305,253

(a)

BRL

11,902,000

Goldman

Sachs

International

03/17/21

132,512

USD

1,366,843

(a)

BRL

7,304,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

33,479

USD

10,298,554

(a)

CAD

13,130,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

29,588

USD

1,004,602

(a)

CHF

890,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

4,192

USD

17,608,034

(a)

EUR

14,449,335

Morgan

Stanley

&

Co.

International

plc

03/17/21

56,213

USD

1,565,719

(a)

GBP

1,139,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

4,754

USD

2,130,758

(a)

HKD

16,514,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

699

USD

1,018,370

(a)

JPY

105,544,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

10,329

USD

25,589,864

(a)

KRW

27,723,335,000

HSBC

Bank

plc

03/17/21

799,463

USD

6,989,954

(a)

KRW

7,807,779,000

JPMorgan

Chase

Bank

NA

03/17/21

8,184

USD

9,067,658

(a)

MXN

183,324,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

165,632

USD

12,980,551

(a)

NZD

17,979,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

60,739

USD

2,449,554

(a)

RUB

182,068,000

Barclays

Bank

plc

03/17/21

52,401

USD

617,123

(a)

SEK

5,098,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

6,757

USD

1,934,416

(a)

TWD

53,868,400

Barclays

Bank

plc

03/17/21

2,881

USD

6,483,166

(a)

TWD

179,279,000

BNP

Paribas

SA

03/17/21

54,839

USD

2,000,000

(a)

TWD

55,357,600

Morgan

Stanley

&

Co.

International

plc

03/17/21

15,067

4,284,012

AUD

16,000

USD

12,497

Barclays

Bank

plc

02/02/21

(269)

AUD

765,000

USD

587,673

Barclays

Bank

plc

02/02/21

(3,022)

AUD

765,000

USD

588,744

Goldman

Sachs

International

02/02/21

(4,093)

AUD

844,150

USD

649,438

Toronto

Dominion

Bank

02/02/21

(4,296)

AUD

922,000

USD

709,614

UBS

AG

02/02/21

(4,976)

CAD

965,000

USD

755,976

Barclays

Bank

plc

02/02/21

(1,333)

CAD

985,000

USD

771,854

Goldman

Sachs

International

02/02/21

(1,571)

CAD

967,480

USD

757,806

Toronto

Dominion

Bank

02/02/21

(1,223)

CAD

965,000

USD

756,380

UBS

AG

02/02/21

(1,737)

EUR

495,000

USD

601,375

Barclays

Bank

plc

02/02/21

(668)

EUR

495,000

USD

601,375

Goldman

Sachs

International

02/02/21

(668)

EUR

495,874

USD

602,308

Toronto

Dominion

Bank

02/02/21

(541)

EUR

531,000

USD

645,833

UBS

AG

02/02/21

(1,439)

GBP

445,000

USD

611,475

Barclays

Bank

plc

02/02/21

(1,758)

GBP

445,000

USD

611,564

Goldman

Sachs

International

02/02/21

(1,847)

GBP

440,799

USD

605,702

Toronto

Dominion

Bank

02/02/21

(1,741)

GBP

445,000

USD

611,733

UBS

AG

02/02/21

(2,016)

USD

614,446

GBP

450,000

Barclays

Bank

plc

02/02/21

(2,121)

USD

614,416

GBP

450,000

Goldman

Sachs

International

02/02/21

(2,151)

USD

606,867

GBP

444,799

Toronto

Dominion

Bank

02/02/21

(2,575)

USD

614,690

GBP

450,000

UBS

AG

02/02/21

(1,878)

USD

8,160

GBP

6,000

Westpac

Banking

Corp.

02/02/21

(61)

AUD

29,000

USD

22,254

Barclays

Bank

plc

03/02/21

(88)

CAD

92,000

USD

72,027

Barclays

Bank

plc

03/02/21

(76)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

12

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

38,000

USD

52,189

Barclays

Bank

plc

03/02/21

$

(117)

AUD

15,555,000

(a)

USD

12,023,449

Morgan

Stanley

&

Co.

International

plc

03/17/21

(132,596)

BRL

12,827,000

(a)

USD

2,508,306

BNP

Paribas

SA

03/17/21

(166,703)

CAD

3,966,000

(a)

USD

3,123,171

Morgan

Stanley

&

Co.

International

plc

03/17/21

(21,365)

CHF

557,000

(a)

USD

629,280

Morgan

Stanley

&

Co.

International

plc

03/17/21

(3,179)

EUR

2,146,000

(a)

USD

2,611,710

Morgan

Stanley

&

Co.

International

plc

03/17/21

(4,933)

HKD

12,825,000

(a)

USD

1,654,728

JPMorgan

Chase

Bank

NA

03/17/21

(489)

INR

21,118,000

(a)

USD

288,273

Barclays

Bank

plc

03/17/21

(469)

INR

659,482,000

(a)

USD

8,998,254

Morgan

Stanley

&

Co.

International

plc

03/17/21

(10,584)

JPY

1,031,162,367

(a)

USD

9,952,775

Morgan

Stanley

&

Co.

International

plc

03/17/21

(104,238)

KRW

8,052,739,000

(a)

USD

7,343,656

BNP

Paribas

SA

03/17/21

(142,840)

KRW

6,360,992,000

(a)

USD

5,830,755

HSBC

Bank

plc

03/17/21

(142,711)

MXN

628,665,000

(a)

USD

31,397,143

Morgan

Stanley

&

Co.

International

plc

03/17/21

(869,817)

NOK

1,449,000

(a)

USD

170,273

Morgan

Stanley

&

Co.

International

plc

03/17/21

(1,115)

RUB

184,723,000

(a)

USD

2,489,877

Barclays

Bank

plc

03/17/21

(57,768)

RUB

203,753,000

(a)

USD

2,756,000

Deutsche

Bank

AG

03/17/21

(73,337)

RUB

112,580,000

(a)

USD

1,528,320

Goldman

Sachs

International

03/17/21

(46,063)

RUB

160,854,000

(a)

USD

2,132,940

HSBC

Bank

plc

03/17/21

(15,096)

SGD

61,000

(a)

USD

46,028

Morgan

Stanley

&

Co.

International

plc

03/17/21

(110)

TWD

40,407,000

(a)

USD

1,460,899

Barclays

Bank

plc

03/17/21

(12,043)

TWD

123,545,000

(a)

USD

4,476,917

JPMorgan

Chase

Bank

NA

03/17/21

(47,019)

USD

38,320,247

(a)

AUD

51,551,062

Morgan

Stanley

&

Co.

International

plc

03/17/21

(1,087,412)

USD

10,374,550

(a)

GBP

7,794,006

Morgan

Stanley

&

Co.

International

plc

03/17/21

(306,902)

USD

4,456,703

(a)

INR

330,086,000

Barclays

Bank

plc

03/17/21

(41,834)

USD

3,996,008

(a)

INR

297,074,000

BNP

Paribas

SA

03/17/21

(52,629)

USD

1,426,823

(a)

INR

104,900,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

(2,794)

USD

418,784

(a)

NOK

3,662,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

(8,721)

USD

9,402,354

(a)

NZD

13,251,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

(119,889)

USD

608,973

(a)

SEK

5,105,468

Morgan

Stanley

&

Co.

International

plc

03/17/21

(2,286)

USD

196,866

(a)

SGD

263,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

(1,111)

(3,518,318)

$

765,694

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

10-Year

Interest

Rate

Swap

(a)

(0.10)%

Annual

6

month

EURIBOR

Semi-Annual

BNP

Paribas

SA

02/18/21

(0.10)

%

EUR

19,236

$

18,734

10-Year

Interest

Rate

Swap

(a)

1.10%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

02/18/21

1.10

USD

16,214

113,927

$

132,661

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.35.V1

.....

5.00

%

Quarterly

12/20/25

CCC+

USD

7,462

$

646,445

$

405,177

$

241,268

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

13

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Centrally

Cleared

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.

CROSSOVER.34.V2

.

5.00

%

Quarterly

12/20/25

B+

EUR

5,625

$

747,736

$

440,425

$

307,311

$

1,394,181

$

845,602

$

548,579

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swap

s

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

BOVESPA

Index

Futures

February

2021

.........

BRL

(3,304,727)

Merrill

Lynch

International

&

Co.

02/17/21

BRL

3,305

$

15,741

$

—

$

15,741

BOVESPA

Index

Futures

February

2021

.........

BRL

(1,676,885)

Merrill

Lynch

International

&

Co.

02/17/21

BRL

1,677

12,352

—

12,352

BOVESPA

Index

Futures

February

2021

.........

BRL

(5,407,267)

Merrill

Lynch

International

&

Co.

02/17/21

BRL

5,407

844

—

844

BOVESPA

Index

Futures

February

2021

.........

BRL

(822,683)

Merrill

Lynch

International

&

Co.

02/17/21

BRL

823

3,296

—

3,296

Taiwan

Capitalization

Weighted

Stock

Index

Futures

February

2021

................

TWD

505,467,518

Merrill

Lynch

International

&

Co.

02/17/21

TWD

505,468

(506,580)

—

(506,580)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

February

2021

................

TWD

25,365,540

Merrill

Lynch

International

&

Co.

02/17/21

TWD

25,366

(44,765)

—

(44,765)

KOSPI

200

Index

Futures

March

2021

................

KRW

364,823,000

Merrill

Lynch

International

&

Co.

03/11/21

KRW

364,823

35,426

—

35,426

KOSPI

200

Index

Futures

March

2021

................

KRW

1,946,163,500

Merrill

Lynch

International

&

Co.

03/11/21

KRW

1,946,164

68,019

—

68,019

Swiss

Market

Index

Futures

March

2021

...........

CHF

2,876,160

HSBC

Bank

plc

03/19/21

CHF

2,876

78,900

—

78,900

Swiss

Market

Index

Futures

March

2021

...........

CHF

2,469,672

HSBC

Bank

plc

03/19/21

CHF

2,470

(55,439)

—

(55,439)

Swiss

Market

Index

Futures

March

2021

...........

CHF

5,282,324

HSBC

Bank

plc

03/19/21

CHF

5,282

(141,515)

—

(141,515)

Swiss

Market

Index

Futures

March

2021

...........

CHF

215,585

HSBC

Bank

plc

03/19/21

CHF

216

(5,753)

—

(5,753)

Swiss

Market

Index

Futures

March

2021

...........

CHF

216,645

HSBC

Bank

plc

03/19/21

CHF

217

(6,944)

—

(6,944)

MSCI

Hong

Kong

Net

Return

Index

................

USD

(301,002)

Citibank

NA

06/08/21

USD

301

3,715

—

3,715

MSCI

Hong

Kong

Net

Return

Index

................

USD

(446,384)

Goldman

Sachs

International

06/08/21

USD

446

419

—

419

$

(542,284)

$

—

$

(542,284)

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

14

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Barclays

Bank

plc

(b)

03/26/21-11/11/21

$

(146,707)

$

(18,519)

(c)

$

(171,608)

20.7

%

Monthly

Citibank

NA

(d)

02/24/23-02/27/23

(35,780)

(98,640)

(e)

(137,442)

17.3

Monthly

Credit

Suisse

International

(f)

02/08/23

(121,651)

94,531

(g)

(36,999)

19.3

Monthly

Deutsche

Bank

AG

(h)

03/29/21-02/17/23

(33,413)

(4,510)

(

i

)

(32,590)

12.7

Monthly

Goldman

Sachs

International

(j)

02/27/23-03/01/23

(106,378)

4,454

(k)

(101,701)

20.7

Monthly

JPMorgan

Chase

Bank

NA

(l)

02/08/23

6,356

(24,344)

(m)

(27,715)

2.8

Monthly

Merrill

Lynch

International

&

Co.

(n)

02/15/23

(79,322)

(1,843)

(o)

(85,825)

19.0

$

(48,871)

$

(593,880)

(b)

(d)

(f)

Range:

20-125

basis

points

18-558

basis

points

20-80

basis

points

Benchmarks:

Association

of

Banks

in

Singapore

Swap

Offer

Rate

Fixing

1

Month

Association

of

Banks

in

Singapore

Swap

Offer

Rate

Fixing

1

Month

Association

of

Banks

in

Singapore

SGD

1

Month

ASX

Australian

Bank

Bill

Short

Term

Rates

1

Month

ASX

Australian

Bank

Bill

Short

Term

Rates

1

Month

ASX

Australian

Bank

Bill

Short

Term

Rates

1

Month

Copenhagen

Interbank

Swap

Rate

1

Month

Bank

of

Canada

Overnight

Repo

Rate

Canada

Bankers

Acceptances

1

Month

Hong

Kong

Interbank

Offer

Rate

1

Month

Copenhagen

Interbank

Swap

Rate

1

Week

Copenhagen

Interbank

Swap

Rate

1

Month

Intercontinental

Exchange

LIBOR:

Euro

Overnight

Index

Average

Hong

Kong

Interbank

Offer

Rate

1

Month

CHF

1

Month

Hong

Kong

Interbank

Offer

Rate

1

Week

Intercontinental

Exchange

LIBOR:

EUR

1

Month

Intercontinental

Exchange

LIBOR:

CHF

1

Month

GBP

1

Month

CHF

1

Week

EUR

1

Month

JPY

1

Month

EUR

1

Week

GBP

1

Month

USD

1

Month

GBP

1

Week

JPY

1

Month

Norway

Interbank

Offer

Rate

1

Month

JPY

1

Month

Norway

Interbank

Offer

Rate

1

Month

Stockholm

Interbank

Offer

Rate

1

Month

USD

1

Month

Stockholm

Interbank

Offer

Rate

1

Month

USD

Overnight

Bank

Funding

Rate

Norway

Interbank

Offer

Rate

1

Week

USD

Overnight

Bank

Funding

Rate

Stockholm

Interbank

Offer

Rate

1

Week

Range:

(h)

(j)

(l)

Benchmarks:

0

basis

points

15-150

basis

points

18-45

basis

points

Association

of

Banks

in

Singapore

Swap

Offer

Rate

Fixing

1

Month

Association

of

Banks

in

Singapore

Swap

Offer

Rate

Overnight

Bank

of

Canada

Overnight

Lending

Rate

ASX

Australian

Bank

Bill

Short

Term

Rates

1

Month

Bank

of

Canada

Overnight

Repo

Rate

Canada

Overnight

Interbank

Rate

Copenhagen

Interbank

Overnight

Deposit

MID

Rate

Danish

Tomorrow/Next

Reference

Rate

Intercontinental

Exchange

LIBOR

USD

1

Month

Intercontinental

Exchange

LIBOR:

Euro

Overnight

Index

Average

USD

Overnight

Bank

Funding

Rate

EUR

1

Week

Hong

Kong

Overnight

Index

Swap

Rate

GBP

1

Week

Intercontinental

Exchange

LIBOR

CHF

1

Day

Norwegian

Overnight

Weighted

Average

Israel

Tel

Aviv

Interbank

Offer

Rate

Overnight

New

Zealand

Overnight

Deposit

Rate

Norwegian

Overnight

Weighted

Average

Stockholm

Interbank

Offer

Rate

1

Week

New

Zealand

Overnight

Deposit

Rate

USD

Overnight

Bank

Funding

Rate

Reserve

Bank

of

Australia

Overnight

Cash

Rate

Sterling

Overnight

Index

Average

Stockholm

Interbank

Offer

Rate

Overnight

Tokyo

Overnight

Average

Rate

U.S.

Federal

Reserve

Overnight

Effective

Federal

Funds

Rate

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

15

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

(c)

Amount

includes

$6,382

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$3,022

of

net

dividends

and

financing

fees.

(g)

Amount

includes

$9,879

of

net

dividends

and

financing

fees.

(i)

Amount

includes

$(5,333)

of

net

dividends

and

financing

fees.

(k)

Amount

includes

$(223)

of

net

dividends

and

financing

fees.

(m)

Amount

includes

$9,727

of

net

dividends

and

financing

fees.

(o)

Amount

includes

$4,660

of

net

dividends

and

financing

fees.

I

Range:

(n)

Benchmarks:

0-75

basis

points

ASX

Australian

Bank

Bill

Short

Term

Rates

1

Month

Bank

of

Canada

Overnight

Lending

Rate

Copenhagen

Interbank

Swap

Rate

1

Week

Intercontinental

Exchange

LIBOR:

CHF

1

Week

EUR

1

Week

GBP

1

Week

JPY

1

Week

USD

1

Month

Israel

Tel

Aviv

Interbank

Offer

Rate

1

Month

Norway

Interbank

Offer

Rate

1

Week

Stockholm

Interbank

Offer

Rate

1

Week

USD

Overnight

Bank

Funding

Rate

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Barclays

Bank

plc,

as

of

January

31,

2021,

expiration

dates

03/26/21-11/11/21:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Australia

BHP

Group

Ltd.

..........

594

$

19,809

(11.5)

%

South32

Ltd.

............

41,887

80,786

(47.1)

Tabcorp

Holdings

Ltd.

......

12,434

37,680

(22.0)

Wesfarmers

Ltd.

..........

1,090

45,245

(26.4)

183,520

Austria

Raiffeisen

Bank

International

AG

1,198

23,419

(13.6)

Denmark

AP

Moller

-

Maersk

A/S,

Class

B

14

28,758

(16.8)

Coloplast

A/S,

Class

B

......

362

54,035

(31.5)

Novo

Nordisk

A/S,

Class

B

...

315

21,945

(12.8)

104,738

France

Bollore

SA

..............

10,144

41,080

(23.9)

Cie

Generale

des

Etablissements

Michelin

SCA

..........

1,042

143,595

(83.7)

CNP

Assurances

..........

1,432

21,704

(12.6)

Credit

Agricole

SA

.........

3,101

35,098

(20.5)

Edenred

...............

326

17,657

(10.3)

Eurazeo

SE

.............

354

24,792

(14.4)

Hermes

International

.......

15

15,305

(8.9)

L'Oreal

SA

..............

159

55,936

(32.6)

TOTAL

SE

..............

925

38,987

(22.7)

394,154

Germany

Allianz

SE

(Registered)

.....

608

137,414

(80.1)

BASF

SE

...............

1,076

83,160

(48.5)

Continental

AG

...........

123

17,214

(10.0)

Covestro

AG

............

755

51,289

(29.9)

GEA

Group

AG

...........

2,004

69,242

(40.3)

Shares

Value

%

of

Basket

Value

Germany

(continued)

Henkel

AG

&

Co.

KGaA

(Preference)

..........

929

$

96,218

(56.1)

%

Scout24

AG

.............

886

68,410

(39.9)

Siemens

AG

(Registered)

....

112

17,353

(10.1)

540,300

Hong

Kong

CK

Asset

Holdings

Ltd.

.....

16,500

82,327

(48.0)

New

World

Development

Co.

Ltd.

................

16,000

74,081

(43.2)

Sun

Hung

Kai

Properties

Ltd.

.

8,000

109,282

(63.7)

265,690

Ireland

CRH

plc

...............

2,705

110,999

(64.7)

Israel

Check

Point

Software

Technologies

Ltd.

.......

344

43,942

(25.6)

Japan

ABC-Mart,

Inc.

...........

600

34,128

(19.9)

Amada

Holdings

Co.

Ltd.

....

8,600

96,826

(56.4)

Brother

Industries

Ltd.

......

9,000

200,687

(116.9)

Calbee

,

Inc.

.............

2,700

79,848

(46.5)

Chugai

Pharmaceutical

Co.

Ltd.

1,500

78,494

(45.7)

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

..........

7,200

109,303

(63.7)

FUJIFILM

Holdings

Corp.

....

400

22,913

(13.4)

Hankyu

Hanshin

Holdings,

Inc.

800

25,884

(15.1)

Hirose

Electric

Co.

Ltd.

.....

300

47,102

(27.5)

Isuzu

Motors

Ltd.

.........

2,100

20,082

(11.7)

Ito

En

Ltd.

..............

400

24,959

(14.5)

Kajima

Corp.

............

7,000

93,790

(54.7)

KDDI

Corp.

.............

5,000

146,964

(85.6)

Kyushu

Railway

Co.

.......

1,300

27,301

(15.9)

Lawson,

Inc.

............

1,100

53,425

(31.1)

Lixil

Corp.

..............

7,000

163,242

(95.1)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

16

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Japan

(continued)

McDonald's

Holdings

Co.

Japan

Ltd.

................

900

$

43,888

(25.6)

%

Mitsubishi

Electric

Corp.

.....

14,200

216,618

(126.2)

Mitsubishi

UFJ

Financial

Group,

Inc.

.................

5,700

25,740

(15.0)

Mitsui

Chemicals,

Inc.

......

1,800

51,578

(30.1)

Mizuho

Financial

Group,

Inc.

..

16,600

218,827

(127.5)

Nippon

Yusen

KK

.........

2,500

57,584

(33.6)

NSK

Ltd.

...............

17,400

157,761

(91.9)

Osaka

Gas

Co.

Ltd.

........

2,600

48,081

(28.0)

Pola

Orbis

Holdings,

Inc.

....

1,200

24,023

(14.0)

Recruit

Holdings

Co.

Ltd.

....

1,200

52,197

(30.4)

Santen

Pharmaceutical

Co.

Ltd.

1,600

26,462

(15.4)

Secom

Co.

Ltd.

...........

500

45,305

(26.4)

Sega

Sammy

Holdings,

Inc.

..

4,900

78,042

(45.5)

Seiko

Epson

Corp.

........

2,600

44,291

(25.8)

Sekisui

Chemical

Co.

Ltd.

....

3,300

59,519

(34.7)

Sumitomo

Mitsui

Financial

Group,

Inc.

...........

1,000

31,068

(18.1)

Suntory

Beverage

&

Food

Ltd.

5,500

192,128

(112.0)

Taisei

Corp.

.............

1,200

38,877

(22.7)

Teijin

Ltd.

...............

16,100

294,541

(171.6)

Tokyo

Electron

Ltd.

........

200

76,051

(44.3)

Tokyo

Gas

Co.

Ltd.

........

5,200

113,946

(66.4)

Toshiba

Corp.

............

2,100

68,578

(40.0)

Tosoh

Corp.

.............

1,800

30,866

(18.0)

TOTO

Ltd.

..............

2,800

155,081

(90.4)

Toyo

Suisan

Kaisha

Ltd.

.....

1,100

54,136

(31.5)

Toyota

Motor

Corp.

........

500

35,068

(20.4)

Yamaha

Motor

Co.

Ltd.

.....

1,900

41,916

(24.4)

3,507,120

Netherlands

Adyen

NV

..............

14

29,246

(17.1)

EXOR

NV

..............

1,331

98,656

(57.5)

NN

Group

NV

............

767

31,947

(18.6)

Wolters

Kluwer

NV

........

449

37,308

(21.7)

197,157

Norway

Gjensidige

Forsikring

ASA

...

66

1,518

(0.9)

Orkla

ASA

..............

3,621

35,198

(20.5)

36,716

Singapore

DBS

Group

Holdings

Ltd.

....

1,500

28,286

(16.5)

Oversea-Chinese

Banking

Corp.

Ltd.

................

5,900

45,727

(26.7)

United

Overseas

Bank

Ltd.

...

9,300

163,399

(95.2)

237,412

Spain

Iberdrola

SA

.............

510

3,505

(2.0)

Industria

de

Diseno

Textil

SA

..

1,080

32,031

(18.7)

35,536

Sweden

Autoliv

,

Inc.

.............

317

28,121

(16.4)

Boliden

AB

..............

3,392

111,145

(64.8)

Epiroc

AB,

Class

A

........

2,127

40,751

(23.7)

Evolution

Gaming

Group

AB

..

298

28,999

(16.9)

Skanska

AB,

Class

B

.......

1,682

43,463

(25.3)

Swedish

Match

AB

........

1,220

94,078

(54.8)

Telefonaktiebolaget

LM

Ericsson,

Class

B

..............

5,954

74,970

(43.7)

Shares

Value

%

of

Basket

Value

Sweden

(continued)

Volvo

AB,

Class

B

.........

3,209

$

79,065

(46.1)

%

500,592

Switzerland

Adecco

Group

AG

(Registered)

1,960

122,432

(71.3)

Cie

Financiere

Richemont

SA

.

174

16,162

(9.4)

Geberit

AG

(Registered)

.....

22

13,465

(7.8)

Kuehne

+

Nagel

International

AG

(Registered)

...........

1,007

229,149

(133.5)

LafargeHolcim

Ltd.

(Registered)

537

29,039

(16.9)

Logitech

International

SA

(Registered)

...........

545

56,603

(33.0)

Novartis

AG

(Registered)

....

2,820

255,337

(148.8)

SGS

SA

(Registered)

.......

33

100,089

(58.3)

Swiss

Life

Holding

AG

(Registered)

...........

226

103,046

(60.1)

Swisscom

AG

(Registered)

...

816

444,131

(258.8)

Zurich

Insurance

Group

AG

..

506

202,323

(117.9)

1,571,776

United

Kingdom

Auto

Trader

Group

plc

......

7,292

56,218

(32.8)

Coca-Cola

European

Partners

plc

.................

1,584

73,609

(42.9)

Croda

International

plc

......

801

68,821

(40.1)

GlaxoSmithKline

plc

.......

2,400

44,571

(26.0)

Intertek

Group

plc

.........

537

40,443

(23.6)

Kingfisher

plc

............

49,534

188,041

(109.6)

National

Grid

plc

..........

3,330

38,680

(22.5)

Phoenix

Group

Holdings

plc

..

3,115

28,707

(16.7)

Rentokil

Initial

plc

.........

4,103

27,847

(16.2)

Sage

Group

plc

(The)

......

2,800

22,546

(13.1)

WPP

plc

...............

23,637

246,998

(143.9)

836,481

United

States

Accenture

plc,

Class

A

......

701

169,586

(98.8)

Activision

Blizzard,

Inc.

.....

233

21,203

(12.4)

Adobe,

Inc.

.............

613

281,226

(163.9)

Advanced

Micro

Devices,

Inc.

.

320

27,405

(16.0)

Aflac,

Inc.

..............

3,746

169,244

(98.6)

Amazon.com,

Inc.

.........

33

105,805

(61.7)

Applied

Materials,

Inc.

......

1,225

118,433

(69.0)

Archer-Daniels-Midland

Co.

..

328

16,403

(9.6)

Arrow

Electronics,

Inc.

......

1,596

155,817

(90.8)

AutoZone,

Inc.

...........

71

79,404

(46.3)

Axalta

Coating

Systems

Ltd.

..

3,495

94,330

(55.0)

Biogen,

Inc.

.............

173

48,892

(28.5)

Cadence

Design

Systems,

Inc.

18

2,347

(1.4)

Cardinal

Health,

Inc.

.......

469

25,199

(14.7)

Cerner

Corp.

............

1,054

84,436

(49.2)

Chipotle

Mexican

Grill,

Inc.

...

7

10,360

(6.0)

Citigroup,

Inc.

............

829

48,074

(28.0)

Cognizant

Technology

Solutions

Corp.,

Class

A

.........

418

32,583

(19.0)

Conagra

Brands,

Inc.

.......

1,021

35,327

(20.6)

ConocoPhillips

...........

154

6,165

(3.6)

Constellation

Brands,

Inc.,

Class

A

..................

86

18,140

(10.6)

CSX

Corp.

..............

1,039

89,099

(51.9)

Cummins,

Inc.

...........

1,473

345,301

(201.2)

DaVita,

Inc.

.............

371

43,544

(25.4)

Devon

Energy

Corp.

.......

1,298

21,365

(12.4)

Dropbox,

Inc.,

Class

A

......

5,356

121,206

(70.6)

eBay,

Inc.

..............

495

27,972

(16.3)

Ecolab,

Inc.

.............

310

63,398

(36.9)

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

17

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

States

(continued)

Emerson

Electric

Co.

.......

979

$

77,684

(45.3)

%

Etsy,

Inc.

...............

160

31,854

(18.6)

Exelon

Corp.

............

8,759

364,024

(212.1)

Facebook,

Inc.,

Class

A

.....

78

20,150

(11.7)

FactSet

Research

Systems,

Inc.

206

62,282

(36.3)

Fastenal

Co.

............

31

1,413

(0.8)

FedEx

Corp.

............

338

79,545

(46.4)

Ferguson

plc

............

1,873

217,472

(126.7)

Hartford

Financial

Services

Group,

Inc.

(The)

.......

1,743

83,699

(48.8)

Henry

Schein,

Inc.

.........

464

30,554

(17.8)

Hershey

Co.

(The)

........

636

92,500

(53.9)

HP,

Inc.

................

731

17,793

(10.4)

Humana,

Inc.

............

41

15,707

(9.2)

IDEX

Corp.

.............

188

35,004

(20.4)

IDEXX

Laboratories,

Inc.

....

45

21,541

(12.6)

Illinois

Tool

Works,

Inc.

......

1,666

323,554

(188.5)

Intel

Corp.

..............

477

26,478

(15.4)

Intuit,

Inc.

..............

91

32,872

(19.2)

Jack

Henry

&

Associates,

Inc.

.

276

39,962

(23.3)

Jazz

Pharmaceuticals

plc

....

103

16,016

(9.3)

JB

Hunt

Transport

Services,

Inc.

1,285

173,038

(100.8)

Johnson

Controls

International

plc

.................

834

41,550

(24.2)

Kinder

Morgan,

Inc.

........

5,518

77,693

(45.3)

Knight-Swift

Transportation

Holdings,

Inc.

..........

2,034

81,360

(47.4)

Lam

Research

Corp.

.......

369

178,578

(104.1)

Lear

Corp.

..............

159

23,971

(14.0)

Masco

Corp.

............

1,883

102,266

(59.6)

McDonald's

Corp.

.........

63

13,094

(7.6)

McKesson

Corp.

..........

94

16,400

(9.6)

MetLife,

Inc.

.............

6,283

302,526

(176.3)

Microsoft

Corp.

...........

1,600

371,136

(216.3)

Morgan

Stanley

..........

523

35,067

(20.4)

News

Corp.,

Class

A

.......

2,923

56,706

(33.0)

NIKE,

Inc.,

Class

B

........

126

16,832

(9.8)

NVIDIA

Corp.

............

162

84,174

(49.0)

NVR,

Inc.

...............

24

106,716

(62.2)

Old

Dominion

Freight

Line,

Inc.

411

79,734

(46.5)

Otis

Worldwide

Corp.

.......

286

18,490

(10.8)

Paychex,

Inc.

............

1,699

148,357

(86.4)

Philip

Morris

International,

Inc.

1,418

112,944

(65.8)

PNC

Financial

Services

Group,

Inc.

(The)

............

84

12,056

(7.0)

Pool

Corp.

..............

328

116,171

(67.7)

Procter

&

Gamble

Co.

(The)

..

1,527

195,777

(114.1)

Prudential

Financial,

Inc.

....

1,749

136,912

(79.8)

PTC,

Inc.

...............

318

42,265

(24.6)

Seagate

Technology

plc

.....

396

26,184

(15.3)

Sensata

Technologies

Holding

plc

.................

1,504

81,968

(47.8)

ServiceNow

,

Inc.

..........

119

64,636

(37.7)

Sirius

XM

Holdings,

Inc.

.....

222

1,390

(0.8)

Skyworks

Solutions,

Inc.

....

230

38,927

(22.7)

Starbucks

Corp.

..........

2,484

240,476

(140.1)

T.

Rowe

Price

Group,

Inc.

....

106

16,587

(9.7)

Take-Two

Interactive

Software,

Inc.

.................

369

73,966

(43.1)

Target

Corp.

.............

107

19,385

(11.3)

Texas

Instruments,

Inc.

.....

346

57,329

(33.4)

Tractor

Supply

Co.

........

504

71,437

(41.6)

UGI

Corp.

..............

5,463

196,613

(114.6)

Verizon

Communications,

Inc.

.

3,350

183,412

(106.9)

Vertex

Pharmaceuticals,

Inc.

..

879

201,361

(117.3)

Shares

Value

%

of

Basket

Value

United

States

(continued)

Walmart,

Inc.

............

220

$

30,908

(18.0)

%

West

Pharmaceutical

Services,

Inc.

.................

93

27,853

(16.2)

Whirlpool

Corp.

...........

550

101,799

(59.3)

WW

Grainger,

Inc.

.........

211

76,886

(44.8)

Yum!

Brands,

Inc.

.........

386

39,175

(22.8)

Zimmer

Biomet

Holdings,

Inc.

.

172

26,431

(15.4)

7,972,904

Total

Reference

Entity

—

Long

............

16,562,456

Reference

Entity

—

Short

Argentina

MercadoLibre

,

Inc.

........

(26)

(46,267)

27.0

Australia

Afterpay

Ltd.

............

(625)

(63,803)

37.2

Australia

&

New

Zealand

Banking

Group

Ltd.

............

(2,130)

(38,349)

22.3

CIMIC

Group

Ltd.

.........

(4,376)

(82,070)

47.8

Fortescue

Metals

Group

Ltd.

..

(6,489)

(106,885)

62.3

National

Australia

Bank

Ltd.

..

(1,232)

(22,084)

12.9

Newcrest

Mining

Ltd.

.......

(4,677)

(88,893)

51.8

Northern

Star

Resources

Ltd.

.

(2,084)

(20,167)

11.8

WiseTech

Global

Ltd.

.......

(282)

(6,682)

3.9

(428,933)

Belgium

Galapagos

NV

...........

(585)

(61,175)

35.6

Sofina

SA

..............

(99)

(32,003)

18.7

(93,178)

Brazil

Yara

International

ASA

......

(2,463)

(114,530)

66.7

Chile

Antofagasta

plc

...........

(990)

(19,307)

11.2

China

Budweiser

Brewing

Co.

APAC

Ltd.

................

(58,000)

(193,917)

113.0

Denmark

Chr

Hansen

Holding

A/S

....

(53)

(4,795)

2.8

Danske

Bank

A/S

.........

(1,888)

(32,141)

18.7

Demant

A/S

.............

(914)

(32,760)

19.1

Orsted

A/S

..............

(119)

(22,601)

13.2

ROCKWOOL

International

A/S,

Class

B

..............

(85)

(32,066)

18.7

(124,363)

Finland

UPM-

Kymmene

OYJ

.......

(620)

(22,154)

12.9

France

Adevinta

ASA

............

(5,256)

(77,985)

45.4

Air

Liquide

SA

...........

(189)

(30,910)

18.0

Faurecia

SE

.............

(370)

(19,363)

11.3

(128,258)

Germany

Beiersdorf

AG

............

(506)

(55,232)

32.2

Daimler

AG

(Registered)

....

(447)

(31,395)

18.3

Deutsche

Lufthansa

AG

(Registered)

...........

(3,297)

(42,474)

24.8

Deutsche

Telekom

AG

(Registered)

...........

(2,879)

(51,196)

29.8

Infineon

Technologies

AG

....

(3,102)

(124,277)

72.4

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

18

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Germany

(continued)

Just

Eat

Takeaway.com

NV

...

(216)

$

(24,772)

14.4

%

SAP

SE

................

(262)

(33,245)

19.4

Vonovia

SE

.............

(570)

(38,059)

22.2

(400,650)

Hong

Kong

ASM

Pacific

Technology

Ltd.

..

(5,000)

(72,607)

42.3

Bank

of

East

Asia

Ltd.

(The)

..

(25,000)

(54,104)

31.5

CK

Infrastructure

Holdings

Ltd.

(32,500)

(172,554)

100.6

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

..

(195,500)

(192,977)

112.5

HKT

Trust

&

HKT

Ltd.

......

(104,000)

(136,882)

79.8

Jardine

Matheson

Holdings

Ltd.

(2,600)

(149,857)

87.3

(778,981)

Ireland

Kerry

Group

plc,

Class

A

....

(1,448)

(196,504)

114.5

Smurfit

Kappa

Group

plc

....

(1,172)

(56,436)

32.9

(252,940)

Israel

Teva

Pharmaceutical

Industries

Ltd.,

ADR

............

(468)

(5,513)

3.2

Italy

Moncler

SpA

............

(1,426)

(80,358)

46.8

Japan

Acom

Co.

Ltd.

...........

(10,000)

(43,959)

25.6

Aeon

Co.

Ltd.

............

(800)

(25,063)

14.6

Asahi

Group

Holdings

Ltd.

...

(900)

(36,335)

21.2

Bank

of

Kyoto

Ltd.

(The)

....

(1,700)

(89,208)

52.0

Central

Japan

Railway

Co.

...

(400)

(57,277)

33.4

Dai

Nippon

Printing

Co.

Ltd.

..

(1,800)

(31,027)

18.1

Daiichi

Sankyo

Co.

Ltd.

.....

(1,100)

(35,410)

20.6

Daiwa

Securities

Group,

Inc.

..

(6,100)

(29,033)

16.9

East

Japan

Railway

Co.

.....

(700)

(46,173)

26.9

GMO

Payment

Gateway,

Inc.

.

(700)

(99,728)

58.1

Hamamatsu

Photonics

KK

...

(400)

(23,201)

13.5

Hikari

Tsushin,

Inc.

........

(100)

(20,972)

12.2

Hitachi

Metals

Ltd.

........

(2,600)

(41,482)

24.2

Inpex

Corp.

.............

(11,200)

(64,832)

37.8

Japan

Airport

Terminal

Co.

Ltd.

(300)

(15,783)

9.2

Japan

Post

Insurance

Co.

Ltd.

(1,700)

(33,390)

19.5

Keio

Corp.

..............

(1,100)

(80,504)

46.9

Keisei

Electric

Railway

Co.

Ltd.

(600)

(20,372)

11.9

Kobayashi

Pharmaceutical

Co.

Ltd.

................

(300)

(33,783)

19.7

Kobe

Bussan

Co.

Ltd.

......

(5,700)

(157,889)

92.0

Koei

Tecmo

Holdings

Co.

Ltd.

.

(500)

(28,644)

16.7

Koito

Manufacturing

Co.

Ltd.

..

(600)

(38,712)

22.6

Kose

Corp.

.............

(400)

(64,288)

37.5

Kyushu

Electric

Power

Co.,

Inc.

(10,300)

(95,554)

55.7

Makita

Corp.

............

(2,400)

(114,528)

66.7

Marui

Group

Co.

Ltd.

.......

(3,700)

(66,308)

38.6

Mercari

,

Inc.

.............

(1,000)

(48,180)

28.1

Mitsubishi

Corp.

..........

(7,000)

(177,325)

103.3

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

..............

(5,300)

(25,934)

15.1

Nihon

M&A

Center,

Inc.

.....

(1,800)

(104,236)

60.7

Nippon

Sanso

Holdings

Corp.

.

(1,000)

(19,277)

11.2

Nippon

Shinyaku

Co.

Ltd.

....

(500)

(36,809)

21.4

Nippon

Steel

Corp.

........

(3,300)

(38,120)

22.2

Nissan

Chemical

Corp.

.....

(500)

(28,480)

16.6

Nissan

Motor

Co.

Ltd.

......

(5,300)

(27,325)

15.9

Obayashi

Corp.

..........

(2,600)

(21,778)

12.7

Odakyu

Electric

Railway

Co.

Ltd.

(5,400)

(156,964)

91.5

Shares

Value

%

of

Basket

Value

Japan

(continued)

Oji

Holdings

Corp.

.........

(3,600)

$

(21,764)

12.7

%

PeptiDream

,

Inc.

..........

(2,600)

(151,788)

88.4

Pigeon

Corp.

............

(3,300)

(148,483)

86.5

Rakuten

,

Inc.

............

(5,200)

(51,182)

29.8

SCSK

Corp.

.............

(1,200)

(66,741)

38.9

Shimamura

Co.

Ltd.

.......

(300)

(33,318)

19.4

Shin-Etsu

Chemical

Co.

Ltd.

..

(800)

(139,263)

81.1

Shinsei

Bank

Ltd.

.........

(3,200)

(39,226)

22.9

Sumitomo

Dainippon

Pharma

Co.

Ltd.

................

(1,700)

(27,635)

16.1

Sumitomo

Electric

Industries

Ltd.

................

(3,300)

(44,050)

25.7

Suzuken

Co.

Ltd.

.........

(3,300)

(127,805)

74.5

TIS,

Inc.

...............

(4,900)

(108,960)

63.5

Tobu

Railway

Co.

Ltd.

......

(700)

(19,753)

11.5

Toho

Co.

Ltd.

............

(1,600)

(61,976)

36.1

Tokyo

Century

Corp.

.......

(600)

(48,705)

28.4

Tokyu

Corp.

.............

(3,000)

(35,275)

20.6

Tokyu

Fudosan

Holdings

Corp.

(4,600)

(25,993)

15.1

USS

Co.

Ltd.

............

(1,400)

(27,568)

16.1

(3,257,368)

Macau

SJM

Holdings

Ltd.

.........

(25,000)

(26,805)

15.6

Mexico

Fresnillo

plc

.............

(1,408)

(18,972)

11.1

Netherlands

Aegon

NV

..............

(8,815)

(36,549)

21.3

JDE

Peet's

NV

...........

(863)

(33,294)

19.4

(69,843)

Norway

Schibsted

ASA,

Class

A

.....

(425)

(15,989)

9.3

Singapore

CapitaLand

Ltd.

..........

(15,200)

(36,536)

21.3

Keppel

Corp.

Ltd.

.........

(43,600)

(163,877)

95.5

Venture

Corp.

Ltd.

.........

(11,000)

(163,482)

95.3

(363,895)

Spain

Banco

Santander

SA

.......

(25,775)

(75,235)

43.8

Cellnex

Telecom

SA

.......

(3,180)

(186,296)

108.6

(261,531)

Sweden

Alfa

Laval

AB

............

(909)

(23,822)

13.9

EQT

AB

................

(2,573)

(80,203)

46.7

Essity

AB,

Class

B

........

(181)

(5,781)

3.4

Hennes

&

Mauritz

AB,

Class

B

(1,291)

(27,601)

16.1

(137,407)

Switzerland

ABB

Ltd.

(Registered)

......

(852)

(25,131)

14.6

Banque

Cantonale

Vaudoise

(Registered)

...........

(2,836)

(300,083)

174.9

EMS-

Chemie

Holding

AG

(Registered)

...........

(47)

(44,330)

25.8

Lonza

Group

AG

(Registered)

.

(90)

(57,483)

33.5

Sika

AG

(Registered)

.......

(747)

(203,268)

118.4

(630,295)

United

Kingdom

Associated

British

Foods

plc

..

(740)

(21,376)

12.5

Halma

plc

..............

(3,850)

(129,769)

75.6

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

19

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

Kingdom

(continued)

InterContinental

Hotels

Group

plc

.................

(512)

$

(31,543)

18.4

%

Liberty

Global

plc,

Class

C

...

(3,086)

(74,558)

43.4

Linde

plc

...............

(377)

(92,516)

53.9

(349,762)

United

States

Abbott

Laboratories

........

(213)

(26,325)

15.3

AbbVie,

Inc.

.............

(179)

(18,344)

10.7

Air

Products

and

Chemicals,

Inc.

(887)

(236,616)

137.9

Akamai

Technologies,

Inc.

...

(244)

(27,091)

15.8

Alexion

Pharmaceuticals,

Inc.

.

(115)

(17,633)

10.3

Amcor

plc

..............

(13,765)

(150,589)

87.8

AMERCO

..............

(68)

(31,446)

18.3

American

Financial

Group,

Inc.

(257)

(24,194)

14.1

Amphenol

Corp.,

Class

A

....

(491)

(61,316)

35.7

Anthem,

Inc.

............

(297)

(88,203)

51.4

Apollo

Global

Management,

Inc.

(2,721)

(125,003)

72.8

Aramark

...............

(3,233)

(110,860)

64.6

Baker

Hughes

Co.

.........

(1,314)

(26,398)

15.4

Blackstone

Group,

Inc.

(The),

Class

A

..............

(1,864)

(125,242)

73.0

Booking

Holdings,

Inc.

......

(77)

(149,713)

87.2

Boston

Scientific

Corp.

......

(1,815)

(64,324)

37.5

Broadcom,

Inc.

...........

(112)

(50,456)

29.4

Brown

&

Brown,

Inc.

.......

(389)

(16,762)

9.8

Brown-Forman

Corp.,

Class

B

.

(254)

(18,204)

10.6

Burlington

Stores,

Inc.

......

(471)

(117,232)

68.3

Campbell

Soup

Co.

........

(1,635)

(78,660)

45.8

Carlyle

Group,

Inc.

(The)

....

(2,293)

(73,995)

43.1

Carnival

Corp.

...........

(3,316)

(61,910)

36.1

Carvana

Co.

............

(455)

(118,841)

69.3

CBRE

Group,

Inc.,

Class

A

...

(860)

(52,443)

30.6

CDW

Corp.

.............

(492)

(64,777)

37.7

Centene

Corp.

...........

(664)

(40,039)

23.3

Charter

Communications,

Inc.,

Class

A

..............

(52)

(31,593)

18.4

Chevron

Corp.

...........

(2,580)

(219,816)

128.1

Cisco

Systems,

Inc.

........

(1,916)

(85,415)

49.8

Clorox

Co.

(The)

..........

(88)

(18,433)

10.7

Cloudflare

,

Inc.,

Class

A

.....

(1,242)

(95,212)

55.5

CME

Group,

Inc.

..........

(1,123)

(204,094)

118.9

Cooper

Cos.,

Inc.

(The)

.....

(223)

(81,181)

47.3

Crowdstrike

Holdings,

Inc.,

Class

A

..................

(398)

(85,888)

50.1

Crown

Holdings,

Inc.

.......

(785)

(70,768)

41.2

CyberArk

Software

Ltd.

.....

(756)

(121,149)

70.6

Danaher

Corp.

...........

(746)

(177,429)

103.4

Datadog

,

Inc.,

Class

A

......

(1,365)

(140,254)

81.7

Discover

Financial

Services

..

(813)

(67,918)

39.6

DISH

Network

Corp.,

Class

A

.

(736)

(21,359)

12.4

DocuSign,

Inc.

...........

(108)

(25,152)

14.7

DR

Horton,

Inc.

...........

(257)

(19,738)

11.5

DraftKings

,

Inc.,

Class

A

.....

(690)

(37,336)

21.8

Duke

Energy

Corp.

........

(941)

(88,454)

51.5

Erie

Indemnity

Co.,

Class

A

..

(742)

(180,380)

105.1

Essential

Utilities,

Inc.

......

(117)

(5,417)

3.2

Expedia

Group,

Inc.

........

(905)

(112,311)

65.4

Exxon

Mobil

Corp.

.........

(2,163)

(96,989)

56.5

FirstEnergy

Corp.

.........

(4,750)

(146,110)

85.1

Fiserv,

Inc.

..............

(1,808)

(185,664)

108.2

Fortive

Corp.

............

(2,318)

(153,173)

89.3

Fox

Corp.,

Class

A

........

(1,502)

(46,832)

27.3

Franklin

Resources,

Inc.

.....

(2,299)

(60,441)

35.2

Garmin

Ltd.

.............

(1,589)

(182,513)

106.4

Shares

Value

%

of

Basket

Value

United

States

(continued)

General

Electric

Co.

.......

(5,677)

$

(60,630)

35.3

%

General

Mills,

Inc.

.........

(1,919)

(111,494)

65.0

General

Motors

Co.

........

(462)

(23,414)

13.6

Halliburton

Co.

...........

(1,977)

(34,855)

20.3

HEICO

Corp.

............

(645)

(75,942)

44.3

Hewlett

Packard

Enterprise

Co.

(3,441)

(42,462)

24.7

Horizon

Therapeutics

plc

....

(1,648)

(119,447)

69.6

IAC/InterActiveCorp

........

(134)

(28,133)

16.4

Illumina,

Inc.

............

(101)

(43,070)

25.1

Incyte

Corp.

.............

(240)

(21,540)

12.6

Insulet

Corp.

............

(151)

(40,344)

23.5

Intuitive

Surgical,

Inc.

......

(88)

(65,792)

38.3

Invesco

Ltd.

.............

(3,425)

(70,521)

41.1

JPMorgan

Chase

&

Co.

.....

(423)

(54,427)

31.7

Keurig

Dr

Pepper,

Inc.

......

(1,402)

(44,584)

26.0

Lamb

Weston

Holdings,

Inc.

..

(340)

(25,398)

14.8

Leidos

Holdings,

Inc.

.......

(336)

(35,636)

20.8

Liberty

Broadband

Corp.,

Class

A

..................

(466)

(67,649)

39.4

Marriott

International,

Inc.,

Class

A

..................

(1,425)

(165,742)

96.6

Match

Group,

Inc.

.........

(343)

(47,972)

28.0

Medtronic

plc

............

(1,205)

(134,153)

78.2

Micron

Technology,

Inc.

.....

(435)

(34,047)

19.8

Moderna

,

Inc.

............

(269)

(46,580)

27.1

Netflix,

Inc.

..............

(95)

(50,577)

29.5

Newmont

Corp.

..........

(1,874)

(111,690)

65.1

Oracle

Corp.

............

(1,241)

(74,994)

43.7

Palo

Alto

Networks,

Inc.

.....

(115)

(40,336)

23.5

Peloton

Interactive,

Inc.,

Class

A

(419)

(61,228)

35.7

PerkinElmer,

Inc.

.........

(340)

(50,004)

29.1

Pinnacle

West

Capital

Corp.

..

(513)

(38,603)

22.5

Reinsurance

Group

of

America,

Inc.

.................

(541)

(56,832)

33.1

Republic

Services,

Inc.

.....

(2,252)

(203,851)

118.8

RingCentral,

Inc.,

Class

A

....

(73)

(27,223)

15.9

Royalty

Pharma

plc,

Class

A

..

(755)

(35,493)

20.7

S&P

Global,

Inc.

..........

(52)

(16,484)

9.6

salesforce.com,

Inc.

.......

(165)

(37,217)

21.7

Sarepta

Therapeutics,

Inc.

...

(191)

(17,075)

10.0

Schlumberger

NV

.........

(3,099)

(68,829)

40.1

Snap-on,

Inc.

............

(91)

(16,379)

9.5

Snowflake,

Inc.,

Class

A

.....

(249)

(67,840)

39.5

Southwest

Airlines

Co.

......

(476)

(20,915)

12.2

Splunk

,

Inc.

.............

(540)

(89,116)

51.9

Sunrun

,

Inc.

.............

(1,033)

(71,556)

41.7

Teleflex,

Inc.

.............

(89)

(33,609)

19.6

Tenaris

SA

..............

(5,196)

(40,121)

23.4

T-Mobile

US,

Inc.

.........

(997)

(125,702)

73.3

TransUnion

.............

(291)

(25,329)

14.8

Travelers

Cos.,

Inc.

(The)

....

(639)

(87,096)

50.8

Viatris

,

Inc.

..............

(2,204)

(37,446)

21.8

Visa,

Inc.,

Class

A

.........

(2,994)

(578,591)

337.2

Waste

Connections,

Inc.

.....

(2,250)

(221,648)

129.2

Waste

Management,

Inc.

....

(245)

(27,273)

15.9

Wayfair,

Inc.,

Class

A

.......

(207)

(56,370)

32.9

Westinghouse

Air

Brake

Technologies

Corp.

......

(986)

(73,171)

42.6

Willis

Towers

Watson

plc

....

(209)

(42,414)

24.7

Wynn

Resorts

Ltd.

........

(548)

(54,542)

31.8

Xcel

Energy,

Inc.

..........

(446)

(28,540)

16.6

Zendesk

,

Inc.

............

(557)

(80,342)

46.8

Zoom

Video

Communications,

Inc.,

Class

A

...........

(120)

(44,648)

26.0

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

20

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

States

(continued)

Zscaler

,

Inc.

.............

(342)

$

(68,297)

39.8

%

(8,912,848)

Total

Reference

Entity

—

Short

............

(16,734,064)

Net

Value

of

Reference

Entity

—

Barclays

Bank

plc

................................

$

(171,608)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

January

31,

2021,

expiration

dates

02/24/23-02/27/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Australia

Aristocrat

Leisure

Ltd.

......

3,808

$

89,708

(65.3)

%

ASX

Ltd.

...............

2,498

136,496

(99.3)

Aurizon

Holdings

Ltd.

......

67,941

191,640

(139.4)

BHP

Group

Ltd.

..........

1,638

54,626

(39.8)

Brambles

Ltd.

............

6,670

53,668

(39.1)

Cochlear

Ltd.

............

10

1,503

(1.1)

Glencore

plc

............

6,686

22,319

(16.2)

South32

Ltd.

............

36,147

69,715

(50.7)

619,675

Austria

Raiffeisen

Bank

International

AG

1,274

24,905

(18.1)

Belgium

Etablissements

Franz

Colruyt

NV

.................

1,982

122,263

(89.0)

Proximus

SADP

..........

2,792

58,836

(42.8)

181,099

Brazil

Wheaton

Precious

Metals

Corp.

1,095

44,973

(32.7)

Canada

Alimentation

Couche-Tard,

Inc.,

Class

B

..............

938

28,608

(20.8)

Bank

of

Montreal

.........

530

39,424

(28.7)

Canadian

Pacific

Railway

Ltd.

.

211

70,893

(51.6)

Cenovus

Energy,

Inc.

.......

7,256

42,841

(31.2)

Franco-Nevada

Corp.

......

34

4,050

(2.9)

National

Bank

of

Canada

....

695

39,061

(28.4)

Power

Corp.

of

Canada

.....

2,245

52,265

(38.0)

Thomson

Reuters

Corp.

.....

659

53,735

(39.1)

330,877

China

BOC

Hong

Kong

Holdings

Ltd.

120,000

357,840

(260.4)

Denmark

Coloplast

A/S,

Class

B

......

1,023

152,701

(111.1)

GN

Store

Nord

A/S

........

777

59,194

(43.1)

211,895

Finland

Fortum

OYJ

.............

736

17,802

(12.9)

Nordea

Bank

Abp

.........

2,045

16,574

(12.1)

34,376

France

BNP

Paribas

SA

..........

1,077

51,648

(37.6)

Engie

SA

...............

2,643

41,017

(29.8)

Shares

Value

%

of

Basket

Value

France

(continued)

Eurazeo

SE

.............

709

$

49,655

(36.1)

%

Wendel

SE

.............

301

34,750

(25.3)

177,070

Germany

Bechtle

AG

.............

61

12,962

(9.4)

Brenntag

AG

............

1,679

131,521

(95.7)

Continental

AG

...........

53

7,417

(5.4)

Hannover

Rueck

SE

.......

33

5,114

(3.7)

Nemetschek

SE

..........

1,790

126,020

(91.7)

Scout24

AG

.............

207

15,983

(11.6)

Symrise

AG

.............

126

15,680

(11.4)

314,697

Hong

Kong

Sun

Hung

Kai

Properties

Ltd.

.

5,000

68,301

(49.7)

Italy

Assicurazioni

Generali

SpA

...

9,330

159,234

(115.9)

Enel

SpA

...............

1,969

19,529

(14.2)

Intesa

Sanpaolo

SpA

.......

10,118

22,058

(16.1)

Prysmian

SpA

...........

1,874

60,369

(43.9)

261,190

Japan

Aisin

Seiki

Co.

Ltd.

........

6,200

190,563

(138.7)

Astellas

Pharma,

Inc.

.......

11,900

193,161

(140.5)

Capcom

Co.

Ltd.

..........

500

31,370

(22.8)

Dentsu

Group,

Inc.

........

1,100

35,085

(25.5)

Honda

Motor

Co.

Ltd.

......

400

10,563

(7.7)

Hoya

Corp.

.............

1,100

140,749

(102.4)

Japan

Tobacco,

Inc.

.......

2,900

57,606

(41.9)

KDDI

Corp.

.............

700

20,575

(15.0)

Kikkoman

Corp.

..........

600

42,338

(30.8)

Kyocera

Corp.

...........

400

25,637

(18.7)

Kyowa

Kirin

Co.

Ltd.

.......

4,700

139,313

(101.4)

Lawson,

Inc.

............

1,700

82,565

(60.1)

Lixil

Corp.

..............

500

11,660

(8.5)

Marubeni

Corp.

...........

30,800

204,645

(148.9)

Mitsubishi

Gas

Chemical

Co.,

Inc.

.................

1,200

27,457

(20.0)

NEC

Corp.

..............

900

48,968

(35.6)

Nintendo

Co.

Ltd.

.........

100

57,564

(41.9)

Nippon

Express

Co.

Ltd.

....

300

20,382

(14.8)

Nippon

Telegraph

&

Telephone

Corp.

...............

5,600

139,965

(101.8)

NTT

Data

Corp.

..........

4,500

64,625

(47.0)

Olympus

Corp.

...........

4,600

83,172

(60.5)

Ono

Pharmaceutical

Co.

Ltd.

.

900

26,864

(19.5)

Panasonic

Corp.

..........

2,500

32,456

(23.6)

Recruit

Holdings

Co.

Ltd.

....

1,200

52,197

(38.0)

Ricoh

Co.

Ltd.

...........

15,800

119,795

(87.2)

Rohm

Co.

Ltd.

...........

1,100

111,609

(81.2)

Seiko

Epson

Corp.

........

3,900

66,436

(48.3)

Sekisui

House

Ltd.

........

20,200

390,273

(284.0)

Seven

&

i

Holdings

Co.

Ltd.

..

2,100

80,195

(58.4)

Shimadzu

Corp.

..........

4,900

187,333

(136.3)

Stanley

Electric

Co.

Ltd.

.....

600

18,770

(13.7)

Subaru

Corp.

............

4,200

80,683

(58.7)

Terumo

Corp.

............

800

31,093

(22.6)

Toray

Industries,

Inc.

.......

8,300

54,155

(39.4)

Toyo

Suisan

Kaisha

Ltd.

.....

500

24,607

(17.9)

Tsuruha

Holdings,

Inc.

......

300

39,837

(29.0)

Yamaha

Corp.

...........

3,500

197,247

(143.5)

3,141,513

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

21

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Macau

Sands

China

Ltd.

.........

9,200

$

36,536

(26.6)

%

Portugal

Galp

Energia

SGPS

SA

.....

5,612

56,328

(41.0)

Singapore

Oversea-Chinese

Banking

Corp.

Ltd.

................

6,400

49,602

(36.1)

Spain

ACS

Actividades

de

Construccion

y

Servicios

SA

.........

2,142

33,904

(24.7)

Repsol

SA

..............

5,725

56,241

(40.9)

90,145

Sweden

Boliden

AB

..............

934

30,604

(22.3)

Industrivarden

AB,

Class

C

...

1,060

33,711

(24.5)

Investor

AB,

Class

B

.......

2,149

157,628

(114.7)

Kinnevik

AB,

Class

B

.......

976

47,882

(34.8)

Lundin

Energy

AB

.........

4,777

129,758

(94.4)

Telia

Co.

AB

.............

12,726

55,769

(40.6)

455,352

Switzerland

Adecco

Group

AG

(Registered)

1,103

68,899

(50.1)

Baloise

Holding

AG

(Registered)

447

74,855

(54.5)

Coca-Cola

HBC

AG,

Class

DI

.

4,142

122,283

(89.0)

Kuehne

+

Nagel

International

AG

(Registered)

...........

185

42,098

(30.6)

Roche

Holding

AG

........

1,243

428,975

(312.1)

STMicroelectronics

NV

.....

778

31,175

(22.7)

Swiss

Life

Holding

AG

(Registered)

...........

110

50,155

(36.5)

Swiss

Prime

Site

AG

(Registered)

...........

460

44,708

(32.5)

863,148

United

Kingdom

CK

Hutchison

Holdings

Ltd.

..

29,000

200,130

(145.6)

M&G

plc

...............

6,662

15,982

(11.6)

Severn

Trent

plc

..........

1,158

36,608

(26.6)

SSE

plc

................

2,074

42,013

(30.6)

294,733

United

States

ABIOMED,

Inc.

...........

72

25,074

(18.2)

Accenture

plc,

Class

A

......

48

11,612

(8.4)

Advanced

Micro

Devices,

Inc.

.

187

16,015

(11.7)

Agilent

Technologies,

Inc.

....

714

85,801

(62.4)

Ally

Financial,

Inc.

.........

3,416

129,261

(94.0)

Amgen,

Inc.

.............

116

28,006

(20.4)

Archer-Daniels-Midland

Co.

..

842

42,108

(30.6)

Bank

of

America

Corp.

......

2,565

76,052

(55.3)

Booz

Allen

Hamilton

Holding

Corp.

...............

2,384

203,045

(147.7)

Cadence

Design

Systems,

Inc.

2,732

356,225

(259.2)

Cardinal

Health,

Inc.

.......

2,381

127,931

(93.1)

Chipotle

Mexican

Grill,

Inc.

...

75

111,000

(80.8)

Cognex

Corp.

............

399

32,770

(23.8)

Cognizant

Technology

Solutions

Corp.,

Class

A

.........

722

56,280

(40.9)

Copart

,

Inc.

.............

806

88,459

(64.4)

CSX

Corp.

..............

107

9,176

(6.7)

Dentsply

Sirona,

Inc.

.......

3,507

187,589

(136.5)

Domino's

Pizza,

Inc.

.......

17

6,303

(4.6)

Dover

Corp.

.............

1,087

126,625

(92.1)

Shares

Value

%

of

Basket

Value

United

States

(continued)

eBay,

Inc.

..............

4,510

$

254,860

(185.4)

%

Edwards

Lifesciences

Corp.

..

1,921

158,636

(115.4)

Electronic

Arts,

Inc.

........

980

140,336

(102.1)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

..............

260

61,529

(44.8)

Expeditors

International

of

Washington,

Inc.

........

6,534

584,924

(425.6)

Fair

Isaac

Corp.

..........

465

209,301

(152.3)

FedEx

Corp.

............

105

24,711

(18.0)

FMC

Corp.

..............

1,746

189,074

(137.6)

Fortinet,

Inc.

.............

1,571

227,402

(165.5)

Gilead

Sciences,

Inc.

.......

384

25,190

(18.3)

HCA

Healthcare,

Inc.

.......

819

133,071

(96.8)

IDEXX

Laboratories,

Inc.

....

53

25,370

(18.5)

Intel

Corp.

..............

665

36,914

(26.9)

Intercontinental

Exchange,

Inc.

614

67,755

(49.3)

Intuit,

Inc.

..............

1,240

447,925

(325.9)

James

Hardie

Industries

plc,

CDI

................

2,799

78,234

(56.9)

JB

Hunt

Transport

Services,

Inc.

6

808

(0.6)

Johnson

Controls

International

plc

.................

395

19,679

(14.3)

Keysight

Technologies,

Inc.

...

698

98,830

(71.9)

Lennox

International,

Inc.

....

57

15,703

(11.4)

Liberty

Media

Corp-Liberty

SiriusXM

,

Class

C

.......

727

29,487

(21.5)

LKQ

Corp.

..............

684

24,002

(17.5)

Lowe's

Cos.,

Inc.

.........

1,154

192,545

(140.1)

Molson

Coors

Beverage

Co.,

Class

B

..............

380

19,061

(13.9)

Motorola

Solutions,

Inc.

.....

128

21,446

(15.6)

Neurocrine

Biosciences,

Inc.

..

585

64,204

(46.7)

NIKE,

Inc.,

Class

B

........

770

102,864

(74.8)

NRG

Energy,

Inc.

.........

714

29,567

(21.5)

Old

Dominion

Freight

Line,

Inc.

856

166,064

(120.8)

Pentair

plc

..............

3,303

179,881

(130.9)

PPG

Industries,

Inc.

.......

319

42,972

(31.3)

PulteGroup,

Inc.

..........

281

12,224

(8.9)

Robert

Half

International,

Inc.

.

921

62,168

(45.2)

ServiceNow

,

Inc.

..........

301

163,491

(119.0)

STERIS

plc

.............

314

58,753

(42.7)

Stryker

Corp.

............

271

59,894

(43.6)

Teradyne,

Inc.

...........

270

30,640

(22.3)

UGI

Corp.

..............

1,091

39,265

(28.6)

Veeva

Systems,

Inc.,

Class

A

.

332

91,778

(66.8)

Vertex

Pharmaceuticals,

Inc.

..

135

30,926

(22.5)

Vistra

Corp.

.............

2,377

47,469

(34.5)

Waters

Corp.

............

510

134,982

(98.2)

Workday,

Inc.,

Class

A

......

166

37,770

(27.5)

Xilinx,

Inc.

..............

541

70,638

(51.4)

6,231,675

Total

Reference

Entity

—

Long

............

13,845,930

Reference

Entity

—

Short

Australia

Ramsay

Health

Care

Ltd.

....

(7,419)

(355,995)

259.0

Canada

Dollarama,

Inc.

...........

(2,199)

(85,965)

62.5

Enbridge,

Inc.

............

(1,387)

(46,597)

33.9

Great-West

Lifeco

,

Inc.

.....

(8,712)

(198,937)

144.7

Imperial

Oil

Ltd.

..........

(1,830)

(34,818)

25.3

Metro,

Inc.

..............

(4,758)

(205,687)

149.7

Shopify,

Inc.,

Class

A

.......

(31)

(33,801)

24.6

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

22

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Canada

(continued)

TELUS

Corp.

............

(11,200)

$

(231,138)

168.2

%

(836,943)

China

Prosus

NV

..............

(2,476)

(289,273)

210.5

Denmark

DSV

Panalpina

A/S

........

(1,505)

(234,818)

170.8

Vestas

Wind

Systems

A/S

...

(451)

(96,837)

70.5

(331,655)

France

Bollore

SA

..............

(1)

(4)

(0.0)

Bouygues

SA

............

(1,899)

(74,501)

54.2

Kering

SA

..............

(138)

(90,574)

65.9

Natixis

SA

..............

(12,435)

(46,809)

34.1

Safran

SA

..............

(160)

(20,113)

14.6

(232,001)

Germany

Bayer

AG

(Registered)

......

(1,366)

(82,674)

60.1

KION

Group

AG

..........

(506)

(43,688)

31.8

(126,362)

Hong

Kong

AIA

Group

Ltd.

...........

(16,200)

(195,319)

142.1

Hong

Kong

&

China

Gas

Co.

Ltd.

................

(123,000)

(176,657)

128.6

MTR

Corp.

Ltd.

...........

(133,839)

(776,707)

565.1

Wharf

Real

Estate

Investment

Co.

Ltd.

..............

(54,000)

(285,207)

207.5

(1,433,890)

Italy

Atlantia

SpA

.............

(3,141)

(49,760)

36.2

Nexi

SpA

...............

(3,950)

(70,078)

51.0

(119,838)

Japan

ANA

Holdings,

Inc.

........

(6,900)

(146,735)

106.8

ITOCHU

Corp.

...........

(6,200)

(177,562)

129.2

Japan

Post

Bank

Co.

Ltd.

....

(42,000)

(363,174)

264.2

Japan

Post

Holdings

Co.

Ltd.

.

(10,100)

(80,321)

58.4

Kansai

Electric

Power

Co.,

Inc.

(The)

...............

(4,400)

(43,139)

31.4

Kintetsu

Group

Holdings

Co.

Ltd.

................

(2,200)

(92,595)

67.4

Kubota

Corp.

............

(7,500)

(164,784)

119.9

M3,

Inc.

................

(900)

(75,757)

55.1

Mitsui

Fudosan

Co.

Ltd.

.....

(900)

(18,268)

13.3

Murata

Manufacturing

Co.

Ltd.

(3,900)

(374,587)

272.5

Nexon

Co.

Ltd.

...........

(2,400)

(72,824)

53.0

Nippon

Paint

Holdings

Co.

Ltd.

(1,900)

(170,857)

124.3

Obic

Co.

Ltd.

............

(100)

(18,710)

13.6

Pan

Pacific

International

Holdings

Corp.

.........

(9,900)

(222,313)

161.7

Resona

Holdings,

Inc.

......

(24,900)

(86,437)

62.9

SG

Holdings

Co.

Ltd.

.......

(4,200)

(107,657)

78.3

Shimano,

Inc.

............

(500)

(117,237)

85.3

Sompo

Holdings,

Inc.

......

(1,300)

(51,912)

37.8

Square

Enix

Holdings

Co.

Ltd.

.

(200)

(11,501)

8.4

Sumitomo

Chemical

Co.

Ltd.

..

(61,800)

(290,917)

211.7

Sumitomo

Corp.

..........

(2,600)

(34,514)

25.1

Sumitomo

Metal

Mining

Co.

Ltd.

(2,000)

(86,716)

63.1

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.................

(4,400)

(131,638)

95.8

Suzuki

Motor

Corp.

........

(800)

(36,102)

26.3

Shares

Value

%

of

Basket

Value

Japan

(continued)

T&D

Holdings,

Inc.

........

(3,500)

$

(40,788)

29.7

%

Takeda

Pharmaceutical

Co.

Ltd.

(15,900)

(559,197)

406.9

Tokio

Marine

Holdings,

Inc.

...

(900)

(44,209)

32.2

Tokyo

Electric

Power

Co.

Holdings,

Inc.

..........

(30,100)

(115,461)

84.0

Toyota

Industries

Corp.

.....

(1,500)

(118,156)

86.0

Unicharm

Corp.

..........

(2,400)

(107,639)

78.3

(3,961,707)

Netherlands

Heineken

NV

............

(2,082)

(217,137)

158.0

Norway

Mowi

ASA

..............

(4,848)

(107,566)

78.3

Spain

Amadeus

IT

Group

SA

......

(1,184)

(75,590)

55.0

CaixaBank

SA

...........

(1,685)

(4,252)

3.1

Cellnex

Telecom

SA

.......

(1,387)

(81,256)

59.1

Naturgy

Energy

Group

SA

...

(1,036)

(26,765)

19.5

(187,863)

Switzerland

Temenos

AG

(Registered)

...

(886)

(111,877)

81.4

UBS

Group

AG

(Registered)

..

(2,608)

(37,591)

27.3

(149,468)

United

Arab

Emirates

NMC

Health

plc

..........

(9,400)

—

—

United

Kingdom

Informa

plc

..............

(4,731)

(32,191)

23.4

United

States

Albemarle

Corp.

..........

(339)

(55,142)

40.1

American

International

Group,

Inc.

.................

(1,323)

(49,533)

36.0

Analog

Devices,

Inc.

.......

(1,494)

(220,111)

160.1

Becton

Dickinson

and

Co.

...

(650)

(170,163)

123.8

Black

Knight,

Inc.

.........

(3,176)

(259,447)

188.8

Boston

Scientific

Corp.

......

(2,384)

(84,489)

61.5

Brown-Forman

Corp.,

Class

B

.

(1,353)

(96,969)

70.6

Cable

One,

Inc.

..........

(52)

(104,000)

75.7

CenterPoint

Energy,

Inc.

....

(1,858)

(39,185)

28.5

CF

Industries

Holdings,

Inc.

..

(1,990)

(82,346)

59.9

Church

&

Dwight

Co.,

Inc.

...

(1,946)

(164,301)

119.5

Cincinnati

Financial

Corp.

....

(1,416)

(119,071)

86.6

Comcast

Corp.,

Class

A

.....

(1,972)

(97,752)

71.1

Dell

Technologies,

Inc.,

Class

C

(555)

(40,454)

29.4

DR

Horton,

Inc.

...........

(639)

(49,075)

35.7

Edison

International

........

(2,756)

(160,289)

116.6

Everest

Re

Group

Ltd.

......

(517)

(109,128)

79.4

Fiserv,

Inc.

..............

(1,804)

(185,253)

134.8

Ford

Motor

Co.

...........

(10,892)

(114,693)

83.4

Freeport-McMoRan,

Inc.

....

(6,842)

(184,118)

134.0

Global

Payments,

Inc.

......

(1,137)

(200,703)

146.0

Hasbro,

Inc.

.............

(1,797)

(168,595)

122.7

Howmet

Aerospace,

Inc.

....

(2,632)

(64,695)

47.1

Huntington

Ingalls

Industries,

Inc.

.................

(402)

(63,247)

46.0

International

Flavors

&

Fragrances,

Inc.

........

(1,235)

(138,789)

101.0

Kellogg

Co.

.............

(1,160)

(68,370)

49.7

Keurig

Dr

Pepper,

Inc.

......

(9,179)

(291,892)

212.4

L3Harris

Technologies,

Inc.

...

(619)

(106,165)

77.2

Live

Nation

Entertainment,

Inc.

(1,019)

(67,713)

49.3

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

23

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

States

(continued)

LyondellBasell

Industries

NV,

Class

A

..............

(1,904)

$

(163,287)

118.8

%

Marvell

Technology

Group

Ltd.

(1,458)

(75,029)

54.6

Packaging

Corp.

of

America

..

(1,252)

(168,344)

122.5

Paycom

Software,

Inc.

......

(255)

(96,834)

70.5

Perrigo

Co.

plc

...........

(2,610)

(111,447)

81.1

Principal

Financial

Group,

Inc.

.

(2,525)

(124,407)

90.5

Sarepta

Therapeutics,

Inc.

...

(874)

(78,136)

56.9

Seagen

,

Inc.

............

(286)

(46,981)

34.2

Stellantis

NV

............

(6,691)

(101,742)

74.0

Teleflex,

Inc.

.............

(108)

(40,784)

29.7

Tesla,

Inc.

..............

(68)

(53,960)

39.3

Trade

Desk,

Inc.

(The),

Class

A

(186)

(142,474)

103.7

Truist

Financial

Corp.

.......

(1,955)

(93,801)

68.2

Twilio

,

Inc.,

Class

A

........

(395)

(141,975)

103.3

Twitter,

Inc.

.............

(2,679)

(135,370)

98.5

UnitedHealth

Group,

Inc.

....

(303)

(101,075)

73.5

Walt

Disney

Co.

(The)

......

(1,443)

(242,669)

176.6

WestRock

Co.

...........

(3,077)

(127,480)

92.8

(5,601,483)

Total

Reference

Entity

—

Short

............

(13,983,372)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(137,442)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Credit

Suisse

International,

as

of

January

31,

2021,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Australia

AGL

Energy

Ltd.

..........

4,261

$

37,248

(100.7)

%

Aristocrat

Leisure

Ltd.

......

1,340

31,567

(85.3)

BHP

Group

Ltd.

..........

649

21,643

(58.5)

Coca-Cola

Amatil

Ltd.

......

3,954

39,358

(106.4)

Macquarie

Group

Ltd.

......

615

61,333

(165.8)

Rio

Tinto

Ltd.

............

320

26,784

(72.4)

Telstra

Corp.

Ltd.

.........

8,283

19,671

(53.1)

Wesfarmers

Ltd.

..........

6,915

287,037

(775.8)

524,641

Austria

OMV

AG

...............

5,956

249,925

(675.5)

Belgium

Etablissements

Franz

Colruyt

NV

.................

624

38,493

(104.1)

Canada

Canadian

Imperial

Bank

of

Commerce

...........

884

75,338

(203.6)

Canadian

Pacific

Railway

Ltd.

.

46

15,455

(41.8)

Canadian

Tire

Corp.

Ltd.,

Class

A

..................

141

18,283

(49.4)

Franco-Nevada

Corp.

......

167

19,894

(53.8)

Magna

International,

Inc.

....

731

51,483

(139.1)

Manulife

Financial

Corp.

.....

19,847

358,682

(969.4)

Royal

Bank

of

Canada

......

228

18,454

(49.9)

Sun

Life

Financial,

Inc.

......

4,969

229,652

(620.7)

Thomson

Reuters

Corp.

.....

552

45,010

(121.7)

832,251

Shares

Value

%

of

Basket

Value

Denmark

Carlsberg

A/S,

Class

B

.....

1,877

$

274,215

(741.1)

%

Novozymes

A/S,

Class

B

....

1,977

118,657

(320.7)

392,872

Finland

Nordea

Bank

Abp

.........

4,653

37,711

(101.9)

France

BNP

Paribas

SA

..........

354

16,976

(45.9)

Carrefour

SA

............

4,287

72,697

(196.5)

Cie

de

Saint-Gobain

.......

1,209

60,101

(162.4)

Engie

SA

...............

8,090

125,551

(339.3)

Ipsen

SA

...............

480

41,876

(113.2)

Orange

SA

..............

3,265

38,319

(103.6)

Suez

SA

...............

1,147

23,541

(63.6)

Veolia

Environnement

SA

....

6,463

172,227

(465.5)

551,288

Germany

Bechtle

AG

.............

438

93,072

(251.6)

Deutsche

Boerse

AG

.......

501

80,437

(217.4)

HeidelbergCement

AG

......

1,376

101,713

(274.9)

Siemens

AG

(Registered)

....

119

18,438

(49.8)

Symrise

AG

.............

915

113,866

(307.8)

Telefonica

Deutschland

Holding

AG

.................

33,865

92,805

(250.8)

500,331

Hong

Kong

Hang

Seng

Bank

Ltd.

......

2,100

37,872

(102.4)

Hong

Kong

Exchanges

&

Clearing

Ltd.

..........

700

44,752

(120.9)

Sun

Hung

Kai

Properties

Ltd.

.

3,500

47,811

(129.2)

Swire

Pacific

Ltd.,

Class

A

...

5,500

34,373

(92.9)

Techtronic

Industries

Co.

Ltd.

.

13,500

201,668

(545.1)

366,476

Japan

Advantest

Corp.

..........

200

15,805

(42.7)

Ajinomoto

Co.,

Inc.

........

9,500

224,638

(607.2)

Azbil

Corp.

..............

500

25,465

(68.8)

Denso

Corp.

............

6,600

366,862

(991.6)

ENEOS

Holdings,

Inc.

......

67,000

271,534

(733.9)

Hitachi

Ltd.

.............

3,800

156,542

(423.1)

Hoshizaki

Corp.

..........

300

26,628

(72.0)

Kyocera

Corp.

...........

2,700

173,049

(467.7)

Lawson,

Inc.

............

500

24,284

(65.6)

Mazda

Motor

Corp.

........

8,100

57,745

(156.1)

McDonald's

Holdings

Co.

Japan

Ltd.

................

400

19,506

(52.7)

MEIJI

Holdings

Co.

Ltd.

.....

3,800

259,388

(701.1)

MINEBEA

MITSUMI,

Inc.

....

10,100

224,155

(605.8)

MISUMI

Group,

Inc.

........

900

29,304

(79.2)

Mitsubishi

Heavy

Industries

Ltd.

3,400

97,659

(264.0)

Mitsui

Chemicals,

Inc.

......

700

20,058

(54.2)

NEC

Corp.

..............

2,000

108,818

(294.1)

Nippon

Telegraph

&

Telephone

Corp.

...............

1,700

42,489

(114.8)

Nissin

Foods

Holdings

Co.

Ltd.

3,400

293,876

(794.3)

Nitori

Holdings

Co.

Ltd.

.....

700

138,924

(375.5)

Nitto

Denko

Corp.

.........

900

81,578

(220.5)

Nomura

Holdings,

Inc.

......

6,700

35,450

(95.8)

Olympus

Corp.

...........

1,000

18,081

(48.9)

Ono

Pharmaceutical

Co.

Ltd.

.

11,200

334,310

(903.6)

Otsuka

Holdings

Co.

Ltd.

....

4,700

200,697

(542.4)

Sega

Sammy

Holdings,

Inc.

..

1,800

28,669

(77.5)

Sekisui

House

Ltd.

........

400

7,728

(20.9)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

24

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Japan

(continued)

Shimadzu

Corp.

..........

600

$

22,939

(62.0)

%

Shimizu

Corp.

...........

3,500

24,655

(66.6)

Subaru

Corp.

............

5,800

111,419

(301.1)

Sumitomo

Mitsui

Financial

Group,

Inc.

...........

2,400

74,564

(201.5)

Taisei

Corp.

.............

500

16,199

(43.8)

Terumo

Corp.

............

2,300

89,391

(241.6)

Tokyo

Gas

Co.

Ltd.

........

2,100

46,017

(124.4)

Toray

Industries,

Inc.

.......

44,300

289,045

(781.2)

Trend

Micro,

Inc.

..........

600

33,021

(89.2)

Yakult

Honsha

Co.

Ltd.

.....

2,500

127,692

(345.1)

ZOZO,

Inc.

..............

1,000

28,003

(75.7)

4,146,187

Netherlands

Adyen

NV

..............

9

18,801

(50.8)

Akzo

Nobel

NV

...........

1,746

177,742

(480.4)

NN

Group

NV

............

672

27,990

(75.7)

Royal

Dutch

Shell

plc,

Class

A

.

4,161

76,996

(208.1)

301,529

Norway

Orkla

ASA

..............

21,994

213,796

(577.9)

Singapore

Oversea-Chinese

Banking

Corp.

Ltd.

................

7,400

57,352

(155.0)

United

Overseas

Bank

Ltd.

...

4,700

82,578

(223.2)

139,930

Spain

Banco

Bilbao

Vizcaya

Argentaria

SA

.................

10,458

47,717

(129.0)

Industria

de

Diseno

Textil

SA

..

2,290

67,917

(183.6)

115,634

Sweden

SKF

AB,

Class

B

..........

2,298

62,895

(170.0)

Swedish

Match

AB

........

1,515

116,826

(315.8)

179,721

Switzerland

Adecco

Group

AG

(Registered)

391

24,424

(66.0)

Givaudan

SA

(Registered)

...

31

124,892

(337.6)

Kuehne

+

Nagel

International

AG

(Registered)

...........

174

39,595

(107.0)

STMicroelectronics

NV

.....

1,892

75,814

(204.9)

Swiss

Life

Holding

AG

(Registered)

...........

49

22,342

(60.4)

287,067

United

Kingdom

Auto

Trader

Group

plc

......

7,699

59,356

(160.4)

Aviva

plc

...............

59,062

270,155

(730.2)

Berkeley

Group

Holdings

plc

..

1,631

93,276

(252.1)

DCC

plc

...............

792

59,582

(161.0)

Experian

plc

.............

988

34,533

(93.3)

Legal

&

General

Group

plc

...

15,302

50,892

(137.6)

Phoenix

Group

Holdings

plc

..

2,665

24,560

(66.4)

SSE

plc

................

2,059

41,709

(112.7)

634,063

United

States

ABIOMED,

Inc.

...........

400

139,300

(376.5)

Accenture

plc,

Class

A

......

259

62,657

(169.3)

Agilent

Technologies,

Inc.

....

1,502

180,495

(487.8)

Align

Technology,

Inc.

......

34

17,863

(48.3)

Alliant

Energy

Corp.

.......

2,954

143,712

(388.4)

Shares

Value

%

of

Basket

Value

United

States

(continued)

Allstate

Corp.

(The)

........

2,579

$

276,417

(747.1)

%

American

Express

Co.

......

301

34,994

(94.6)

Amgen,

Inc.

.............

570

137,615

(371.9)

AO

Smith

Corp.

..........

342

18,571

(50.2)

Applied

Materials,

Inc.

......

2,596

250,981

(678.4)

Archer-Daniels-Midland

Co.

..

333

16,653

(45.0)

Athene

Holding

Ltd.,

Class

A

..

1,049

42,894

(115.9)

Autodesk,

Inc.

...........

1,046

290,192

(784.3)

Avery

Dennison

Corp.

......

465

70,155

(189.6)

Berkshire

Hathaway,

Inc.,

Class

B

..................

507

115,530

(312.3)

Best

Buy

Co.,

Inc.

.........

1,853

201,644

(545.0)

Biogen,

Inc.

.............

156

44,087

(119.2)

Capital

One

Financial

Corp.

..

787

82,053

(221.8)

Carrier

Global

Corp.

.......

407

15,670

(42.4)

Cerner

Corp.

............

2,974

238,247

(643.9)

Cintas

Corp.

.............

188

59,807

(161.6)

Citrix

Systems,

Inc.

........

68

9,065

(24.5)

Cognizant

Technology

Solutions

Corp.,

Class

A

.........

820

63,919

(172.8)

DaVita,

Inc.

.............

275

32,277

(87.2)

Dollar

General

Corp.

.......

150

29,192

(78.9)

Dominion

Energy,

Inc.

......

303

22,086

(59.7)

Domino's

Pizza,

Inc.

.......

146

54,131

(146.3)

Edwards

Lifesciences

Corp.

..

160

13,213

(35.7)

Electronic

Arts,

Inc.

........

1,006

144,059

(389.4)

Eli

Lilly

&

Co.

............

227

47,209

(127.6)

EPAM

Systems,

Inc.

.......

29

9,989

(27.0)

Evergy

,

Inc.

.............

926

49,754

(134.5)

F5

Networks,

Inc.

.........

490

96,016

(259.5)

Facebook,

Inc.,

Class

A

.....

264

68,199

(184.3)

Fair

Isaac

Corp.

..........

58

26,106

(70.6)

Fortune

Brands

Home

&

Security,

Inc.

.................

649

55,976

(151.3)

Gilead

Sciences,

Inc.

.......

603

39,557

(106.9)

GoDaddy

,

Inc.,

Class

A

.....

1,171

92,017

(248.7)

Hershey

Co.

(The)

........

73

10,617

(28.7)

HP,

Inc.

................

644

15,675

(42.4)

IDEX

Corp.

.............

343

63,863

(172.6)

IDEXX

Laboratories,

Inc.

....

146

69,887

(188.9)

Jazz

Pharmaceuticals

plc

....

445

69,198

(187.0)

Johnson

Controls

International

plc

.................

923

45,984

(124.3)

KeyCorp

...............

6,977

117,632

(317.9)

Keysight

Technologies,

Inc.

...

144

20,389

(55.1)

Knight-Swift

Transportation

Holdings,

Inc.

..........

573

22,920

(61.9)

Lam

Research

Corp.

.......

71

34,360

(92.9)

Lennox

International,

Inc.

....

93

25,621

(69.2)

Lowe's

Cos.,

Inc.

.........

314

52,391

(141.6)

Lululemon

Athletica,

Inc.

....

215

70,666

(191.0)

Markel

Corp.

............

60

58,169

(157.2)

Molson

Coors

Beverage

Co.,

Class

B

..............

20

1,003

(2.7)

Nordson

Corp.

...........

299

53,518

(144.6)

Norfolk

Southern

Corp.

.....

94

22,242

(60.1)

Northern

Trust

Corp.

.......

270

24,081

(65.1)

Norwegian

Cruise

Line

Holdings

Ltd.

................

3,340

75,651

(204.5)

Novocure

Ltd.

............

171

27,524

(74.4)

Omnicom

Group,

Inc.

.......

386

24,079

(65.1)

O'Reilly

Automotive,

Inc.

....

209

88,923

(240.3)

PACCAR,

Inc.

...........

221

20,160

(54.5)

PepsiCo,

Inc.

............

90

12,291

(33.2)

Pioneer

Natural

Resources

Co.

197

23,817

(64.4)

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

25

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

States

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

............

96

$

13,778

(37.2)

%

Pool

Corp.

..............

74

26,209

(70.8)

PulteGroup,

Inc.

..........

2,091

90,959

(245.8)

Qorvo

,

Inc.

..............

203

34,689

(93.8)

QUALCOMM,

Inc.

.........

712

111,271

(300.7)

Regions

Financial

Corp.

.....

8,040

136,760

(369.6)

Robert

Half

International,

Inc.

.

314

21,195

(57.3)

Synopsys,

Inc.

...........

1,724

440,396

(1,190.3)

Teradyne,

Inc.

...........

1,845

209,371

(565.9)

Trane

Technologies

plc

.....

315

45,155

(122.0)

Universal

Health

Services,

Inc.,

Class

B

..............

201

25,061

(67.7)

Vertex

Pharmaceuticals,

Inc.

..

97

22,221

(60.1)

Vistra

Corp.

.............

2,588

51,682

(139.7)

West

Pharmaceutical

Services,

Inc.

.................

1,143

342,317

(925.2)

Zebra

Technologies

Corp.,

Class

A

..................

221

85,710

(231.7)

5,999,737

Total

Reference

Entity

—

Long

............

15,511,652

Reference

Entity

—

Short

Australia

Insurance

Australia

Group

Ltd.

(95,205)

(350,934)

948.5

Transurban

Group

.........

(27,740)

(279,511)

755.5

(630,445)

Belgium

Anheuser-Busch

InBev

SA/NV

(845)

(53,043)

143.4

Umicore

SA

.............

(2,581)

(146,187)

395.1

(199,230)

Canada

Imperial

Oil

Ltd.

..........

(800)

(15,221)

41.1

Denmark

Chr

Hansen

Holding

A/S

....

(1,910)

(172,796)

467.0

Demant

A/S

.............

(1,042)

(37,348)

100.9

H

Lundbeck

A/S

..........

(657)

(23,376)

63.2

(233,520)

France

Danone

SA

.............

(3,526)

(234,474)

633.7

Iliad

SA

................

(716)

(132,412)

357.9

Legrand

SA

.............

(321)

(29,496)

79.7

LVMH

Moet

Hennessy

Louis

Vuitton

SE

............

(687)

(415,357)

1,122.6

Orpea

SA

..............

(1,324)

(183,190)

495.1

Pernod

Ricard

SA

.........

(228)

(42,969)

116.2

Safran

SA

..............

(442)

(55,563)

150.2

Ubisoft

Entertainment

SA

....

(555)

(55,491)

150.0

(1,148,952)

Germany

Commerzbank

AG

.........

(14,348)

(94,797)

256.2

Delivery

Hero

SE

.........

(1,231)

(186,970)

505.3

Deutsche

Bank

AG

(Registered)

(8,172)

(82,401)

222.7

Fresenius

Medical

Care

AG

&

Co.

KGaA

............

(3,702)

(299,488)

809.5

Fresenius

SE

&

Co.

KGaA

...

(876)

(39,011)

105.4

Just

Eat

Takeaway.com

NV

...

(2,515)

(288,435)

779.6

KION

Group

AG

..........

(1,011)

(87,290)

235.9

Knorr-

Bremse

AG

.........

(605)

(80,160)

216.7

Sartorius

AG

(Preference)

...

(37)

(18,392)

49.7

Shares

Value

%

of

Basket

Value

Germany

(continued)

United

Internet

AG

(Registered)

(1,884)

$

(81,757)

221.0

%

(1,258,701)

Ireland

Smurfit

Kappa

Group

plc

....

(718)

(34,574)

93.4

Italy

Atlantia

SpA

.............

(5,371)

(85,087)

230.0

Davide

Campari-Milano

NV

..

(7,590)

(81,580)

220.5

Infrastrutture

Wireless

Italiane

SpA

................

(27,395)

(294,201)

795.1

(460,868)

Japan

Canon,

Inc.

.............

(1,000)

(22,122)

59.8

Central

Japan

Railway

Co.

...

(700)

(100,235)

270.9

Chubu

Electric

Power

Co.,

Inc.

(5,500)

(67,363)

182.1

Daifuku

Co.

Ltd.

..........

(2,100)

(239,668)

647.8

Dai-ichi

Life

Holdings,

Inc.

...

(10,300)

(156,939)

424.2

Daiichi

Sankyo

Co.

Ltd.

.....

(1,800)

(57,944)

156.6

Daiwa

House

Industry

Co.

Ltd.

(1,200)

(34,021)

92.0

Eisai

Co.

Ltd.

............

(400)

(29,193)

78.9

FANUC

Corp.

............

(100)

(26,107)

70.6

Harmonic

Drive

Systems,

Inc.

.

(200)

(14,943)

40.4

ITOCHU

Corp.

...........

(2,400)

(68,734)

185.8

Japan

Airlines

Co.

Ltd.

......

(2,900)

(51,764)

139.9

Kansai

Electric

Power

Co.,

Inc.

(The)

...............

(12,600)

(123,535)

333.9

Keyence

Corp.

...........

(600)

(322,129)

870.6

Kintetsu

Group

Holdings

Co.

Ltd.

................

(500)

(21,044)

56.9

Kirin

Holdings

Co.

Ltd.

......

(2,000)

(42,988)

116.2

Mitsui

Fudosan

Co.

Ltd.

.....

(6,700)

(135,994)

367.6

MonotaRO

Co.

Ltd.

........

(2,100)

(105,228)

284.4

Nidec

Corp.

.............

(200)

(26,616)

71.9

Nissan

Motor

Co.

Ltd.

......

(3,500)

(18,045)

48.8

Obic

Co.

Ltd.

............

(900)

(168,394)

455.1

Oji

Holdings

Corp.

.........

(6,000)

(36,273)

98.0

Oracle

Corp.

Japan

........

(300)

(35,345)

95.5

Oriental

Land

Co.

Ltd.

......

(1,400)

(219,116)

592.2

Otsuka

Corp.

............

(6,600)

(332,316)

898.2

Resona

Holdings,

Inc.

......

(15,900)

(55,195)

149.2

Sharp

Corp.

.............

(4,900)

(101,782)

275.1

Shiseido

Co.

Ltd.

.........

(1,500)

(97,379)

263.2

SMC

Corp.

..............

(400)

(242,065)

654.3

SoftBank

Group

Corp.

......

(1,000)

(77,473)

209.4

Square

Enix

Holdings

Co.

Ltd.

.

(1,000)

(57,504)

155.4

Sumitomo

Corp.

..........

(12,900)

(171,242)

462.8

Sumitomo

Realty

&

Development

Co.

Ltd.

..............

(2,800)

(84,520)

228.4

Tokio

Marine

Holdings,

Inc.

...

(4,100)

(201,396)

544.3

Tokyu

Corp.

.............

(1,400)

(16,461)

44.5

Unicharm

Corp.

..........

(400)

(17,940)

48.5

Welcia

Holdings

Co.

Ltd.

....

(600)

(20,327)

54.9

West

Japan

Railway

Co.

....

(500)

(26,655)

72.0

Yaskawa

Electric

Corp.

.....

(2,900)

(148,736)

402.0

Z

Holdings

Corp.

..........

(23,200)

(144,126)

389.5

(3,918,857)

Luxembourg

Eurofins

Scientific

SE

......

(1,600)

(153,579)

415.1

Netherlands

ABN

AMRO

Bank

NV,

CVA

...

(190)

(1,984)

5.4

Argenx

SE

..............

(126)

(36,741)

99.3

(38,725)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

26

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Norway

Mowi

ASA

..............

(7,705)

$

(170,956)

462.1

%

Spain

CaixaBank

SA

...........

(58,550)

(147,751)

399.4

Cellnex

Telecom

SA

.......

(3,748)

(219,572)

593.5

Grifols

SA

..............

(8,733)

(257,079)

694.8

Siemens

Gamesa

Renewable

Energy

SA

............

(1,455)

(59,690)

161.3

Telefonica

SA

............

(13,417)

(57,893)

156.5

(741,985)

Sweden

Hexagon

AB,

Class

B

......

(2,017)

(175,774)

475.1

ICA

Gruppen

AB

..........

(5,795)

(290,471)

785.1

(466,245)

Switzerland

Barry

Callebaut

AG

(Registered)

(91)

(201,809)

545.4

Clariant

AG

(Registered)

....

(3,510)

(74,574)

201.6

EMS-

Chemie

Holding

AG

(Registered)

...........

(99)

(93,377)

252.4

Vifor

Pharma

AG

..........

(610)

(82,837)

223.9

(452,597)

United

Arab

Emirates

NMC

Health

plc

..........

(6,160)

—

—

United

Kingdom

Admiral

Group

plc

.........

(3,678)

(144,953)

391.8

Associated

British

Foods

plc

..

(533)

(15,396)

41.6

AstraZeneca

plc

..........

(1,088)

(110,988)

300.0

British

American

Tobacco

plc

.

(7,405)

(269,082)

727.3

Halma

plc

..............

(593)

(19,988)

54.0

Hargreaves

Lansdown

plc

...

(6,028)

(140,442)

379.6

InterContinental

Hotels

Group

plc

.................

(503)

(30,988)

83.8

London

Stock

Exchange

Group

plc

.................

(251)

(29,798)

80.5

Melrose

Industries

plc

......

(34,672)

(79,300)

214.3

Mondi

plc

...............

(1,597)

(37,609)

101.7

Ocado

Group

plc

.........

(2,902)

(110,162)

297.7

Reckitt

Benckiser

Group

plc

..

(1,585)

(134,374)

363.2

Royal

Bank

of

Scotland

Group

plc

.................

(22,748)

(45,670)

123.4

Spirax-Sarco

Engineering

plc

.

(1,337)

(202,142)

546.3

Taylor

Wimpey

plc

.........

(52,833)

(105,445)

285.0

(1,476,337)

United

States

Akamai

Technologies,

Inc.

...

(329)

(36,529)

98.7

Alnylam

Pharmaceuticals,

Inc.

.

(343)

(51,615)

139.5

ANSYS,

Inc.

.............

(383)

(135,724)

366.8

Arthur

J

Gallagher

&

Co.

....

(303)

(34,969)

94.5

Atmos

Energy

Corp.

.......

(360)

(32,040)

86.6

Catalent

,

Inc.

............

(2,158)

(248,278)

671.0

Centene

Corp.

...........

(2,261)

(136,338)

368.5

Charles

Schwab

Corp.

(The)

..

(2,092)

(107,822)

291.4

Cheniere

Energy,

Inc.

......

(1,048)

(66,370)

179.4

Cisco

Systems,

Inc.

........

(490)

(21,844)

59.0

Dell

Technologies,

Inc.,

Class

C

(427)

(31,124)

84.1

Eastman

Chemical

Co.

.....

(426)

(41,897)

113.2

Elanco

Animal

Health,

Inc.

...

(6,333)

(183,847)

496.9

Exact

Sciences

Corp.

......

(854)

(117,135)

316.6

Exxon

Mobil

Corp.

.........

(382)

(17,129)

46.3

Globe

Life,

Inc.

...........

(364)

(32,902)

88.9

Hess

Corp.

.............

(3,800)

(205,124)

554.4

Huntington

Bancshares,

Inc.

..

(9,330)

(123,389)

333.5

Shares

Value

%

of

Basket

Value

United

States

(continued)

International

Paper

Co.

.....

(1,405)

$

(70,686)

191.0

%

IPG

Photonics

Corp.

.......

(374)

(83,563)

225.9

JPMorgan

Chase

&

Co.

.....

(211)

(27,149)

73.4

Kellogg

Co.

.............

(55)

(3,242)

8.8

Leidos

Holdings,

Inc.

.......

(779)

(82,621)

223.3

Liberty

Broadband

Corp.,

Class

C

..................

(155)

(22,638)

61.2

Marathon

Petroleum

Corp.

...

(2,168)

(93,571)

252.9

McCormick

&

Co.,

Inc.

(Non-

Voting)

..............

(708)

(63,394)

171.3

Microchip

Technology,

Inc.

...

(409)

(55,669)

150.5

Mohawk

Industries,

Inc.

.....

(266)

(38,198)

103.2

Mondelez

International,

Inc.,

Class

A

..............

(295)

(16,355)

44.2

Moody's

Corp.

...........

(64)

(17,041)

46.1

Newell

Brands,

Inc.

........

(4,251)

(102,109)

276.0

Norwegian

Cruise

Line

Holdings

Ltd.

................

(3,340)

(75,651)

204.5

Occidental

Petroleum

Corp.

..

(3,495)

(70,110)

189.5

ON

Semiconductor

Corp.

....

(3,031)

(104,539)

282.5

QIAGEN

NV

.............

(2,398)

(129,994)

351.3

Rollins,

Inc.

.............

(3,056)

(110,077)

297.5

Roper

Technologies,

Inc.

....

(928)

(364,620)

985.5

Royal

Caribbean

Cruises

Ltd.

.

(1,378)

(89,570)

242.1

salesforce.com,

Inc.

.......

(77)

(17,368)

46.9

Splunk

,

Inc.

.............

(376)

(62,051)

167.7

Tenaris

SA

..............

(6,591)

(50,893)

137.6

Trimble,

Inc.

.............

(766)

(50,487)

136.5

Tyler

Technologies,

Inc.

.....

(405)

(171,230)

462.8

Valero

Energy

Corp.

.......

(1,650)

(93,109)

251.7

Viatris

,

Inc.

..............

(1,417)

(24,075)

65.1

W

R

Berkley

Corp.

........

(1,966)

(122,167)

330.2

Western

Digital

Corp.

.......

(3,234)

(182,495)

493.2

Xylem,

Inc.

..............

(331)

(31,971)

86.4

Zillow

Group,

Inc.,

Class

C

...

(624)

(81,407)

220.0

Zoetis,

Inc.

..............

(102)

(15,733)

42.5

(4,147,859)

Total

Reference

Entity

—

Short

............

(15,548,651)

Net

Value

of

Reference

Entity

—

Credit

Suisse

International

.........................

$

(36,999)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Deutsche

Bank

AG,

as

of

January

31,

2021,

expiration

dates

03/29/21-02/17/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Australia

Aristocrat

Leisure

Ltd.

......

1,522

$

35,855

(110.0)

%

BHP

Group

Ltd.

..........

1,066

35,550

(109.1)

BHP

Group

plc

...........

2,593

71,062

(218.1)

Brambles

Ltd.

............

2,693

21,668

(66.5)

Coca-Cola

Amatil

Ltd.

......

1,035

10,302

(31.6)

Coles

Group

Ltd.

.........

1,689

23,381

(71.7)

CSL

Ltd.

...............

157

32,549

(99.9)

Glencore

plc

............

4,323

14,431

(44.3)

Magellan

Financial

Group

Ltd.

.

653

23,725

(72.8)

REA

Group

Ltd.

..........

2,318

257,655

(790.6)

Rio

Tinto

Ltd.

............

659

55,158

(169.3)

Suncorp

Group

Ltd.

........

22,587

173,051

(531.0)

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

27

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Australia

(continued)

Tabcorp

Holdings

Ltd.

......

18,716

$

56,717

(174.0)

%

811,104

Austria

Raiffeisen

Bank

International

AG

8,460

165,380

(507.4)

Belgium

Ageas

SA

..............

364

18,636

(57.2)

KBC

Group

NV

...........

1,177

82,077

(251.8)

Proximus

SADP

..........

15,811

333,188

(1,022.4)

Solvay

SA

..............

770

87,580

(268.7)

UCB

SA

...............

157

16,258

(49.9)

537,739

Denmark

AP

Moller

-

Maersk

A/S,

Class

A

20

37,724

(115.8)

Novo

Nordisk

A/S,

Class

B

...

4,445

309,675

(950.2)

Novozymes

A/S,

Class

B

....

1,235

74,123

(227.4)

Pandora

A/S

............

433

41,666

(127.8)

463,188

Finland

Kesko

OYJ,

Class

B

.......

941

24,434

(75.0)

Neste

OYJ

..............

511

35,995

(110.4)

Nokia

OYJ

..............

3,648

17,531

(53.8)

Nordea

Bank

Abp

.........

13,320

107,955

(331.3)

Orion

OYJ,

Class

B

........

594

27,254

(83.6)

Sampo

OYJ,

Class

A

.......

1,409

59,237

(181.8)

272,406

France

Arkema

SA

.............

156

17,263

(53.0)

Atos

SE

................

541

41,516

(127.4)

BioMerieux

.............

408

63,071

(193.5)

Bollore

SA

..............

43,325

175,452

(538.4)

Capgemini

SE

...........

344

49,712

(152.5)

Cie

de

Saint-Gobain

.......

608

30,224

(92.7)

Cie

Generale

des

Etablissements

Michelin

SCA

..........

209

28,802

(88.4)

CNP

Assurances

..........

1,567

23,749

(72.9)

Engie

SA

...............

8,014

124,371

(381.6)

Eurazeo

SE

.............

1,908

133,627

(410.0)

Hermes

International

.......

24

24,488

(75.1)

Ipsen

SA

...............

385

33,588

(103.1)

La

Francaise

des

Jeux

SAEM

.

1,541

66,188

(203.1)

L'Oreal

SA

..............

167

58,751

(180.3)

Orange

SA

..............

4,343

50,971

(156.4)

Publicis

Groupe

SA

........

454

23,497

(72.1)

Sanofi

.................

1,449

136,276

(418.2)

Schneider

Electric

SE

......

1,157

169,339

(519.6)

SCOR

SE

..............

1,135

34,514

(105.9)

Societe

Generale

SA

.......

1,415

26,380

(80.9)

Sodexo

SA

.............

473

42,086

(129.1)

Suez

SA

...............

1,940

39,816

(122.2)

Teleperformance

..........

174

56,912

(174.6)

Wendel

SE

.............

632

72,963

(223.9)

1,523,556

Germany

Brenntag

AG

............

1,011

79,195

(243.0)

Continental

AG

...........

389

54,442

(167.1)

Deutsche

Post

AG

(Registered)

673

33,243

(102.0)

GEA

Group

AG

...........

4,456

153,963

(472.4)

Hannover

Rueck

SE

.......

592

91,738

(281.5)

HelloFresh

SE

...........

542

45,768

(140.4)

LANXESS

AG

...........

485

36,538

(112.1)

LEG

Immobilien

AG

........

827

118,552

(363.8)

Shares

Value

%

of

Basket

Value

Germany

(continued)

Nemetschek

SE

..........

250

$

17,600

(54.0)

%

Puma

SE

...............

1,189

116,348

(357.0)

Scout24

AG

.............

547

42,235

(129.6)

Siemens

AG

(Registered)

....

1,510

233,960

(717.9)

Volkswagen

AG

..........

212

44,739

(137.3)

1,068,321

Hong

Kong

Hongkong

Land

Holdings

Ltd.

.

22,200

102,349

(314.0)

Italy

Eni

SpA

................

37,687

380,668

(1,168.0)

Intesa

Sanpaolo

SpA

.......

165,730

361,309

(1,108.6)

Terna

Rete

Elettrica

Nazionale

SpA

................

19,732

143,100

(439.1)

885,077

Japan

Yamaha

Corp.

...........

100

5,636

(17.3)

Luxembourg

SES

SA

................

1,804

15,378

(47.2)

Netherlands

Adyen

NV

..............

6

12,534

(38.5)

Koninklijke

Ahold

Delhaize

NV

.

14,206

407,777

(1,251.2)

Koninklijke

Philips

NV

......

7,820

426,262

(1,307.9)

NN

Group

NV

............

1,842

76,722

(235.4)

Randstad

NV

............

4,899

306,079

(939.2)

Wolters

Kluwer

NV

........

1,665

138,345

(424.5)

1,367,719

New

Zealand

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

................

6,666

165,208

(506.9)

Norway

DNB

ASA

...............

370

7,203

(22.1)

Norsk

Hydro

ASA

.........

13,941

61,566

(188.9)

68,769

Portugal

EDP

-

Energias

de

Portugal

SA

13,508

84,783

(260.1)

Singapore

DBS

Group

Holdings

Ltd.

....

6,200

116,915

(358.7)

Oversea-Chinese

Banking

Corp.

Ltd.

................

15,000

116,254

(356.7)

Singapore

Technologies

Engineering

Ltd.

........

5,700

15,892

(48.8)

United

Overseas

Bank

Ltd.

...

4,700

82,578

(253.4)

331,639

Spain

ACS

Actividades

de

Construccion

y

Servicios

SA

.........

504

7,978

(24.5)

Endesa

SA

.............

14,678

375,129

(1,151.0)

Industria

de

Diseno

Textil

SA

..

1,096

32,505

(99.7)

415,612

Sweden

Boliden

AB

..............

3,139

102,855

(315.6)

Electrolux

AB

............

8,467

206,856

(634.7)

Evolution

Gaming

Group

AB

..

692

67,341

(206.6)

Husqvarna

AB,

Class

B

.....

17,839

220,715

(677.2)

Industrivarden

AB,

Class

C

...

1,236

39,309

(120.6)

Investor

AB,

Class

B

.......

1,409

103,349

(317.1)

Skanska

AB,

Class

B

.......

598

15,452

(47.4)

Swedish

Match

AB

........

1,503

115,900

(355.6)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

28

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Sweden

(continued)

Tele2

AB,

Class

B

.........

2,315

$

31,949

(98.0)

%

Volvo

AB,

Class

B

.........

1,616

39,816

(122.2)

943,542

Switzerland

STMicroelectronics

NV

.....

260

10,418

(32.0)

United

Kingdom

Berkeley

Group

Holdings

plc

..

1,254

71,715

(220.1)

BP

plc

.................

15,402

57,233

(175.6)

Burberry

Group

plc

........

5,244

122,902

(377.1)

Direct

Line

Insurance

Group

plc

7,536

30,931

(94.9)

easyJet

plc

.............

149

1,476

(4.5)

Intertek

Group

plc

.........

467

35,171

(107.9)

Next

plc

................

666

70,312

(215.8)

Persimmon

plc

...........

1,191

41,457

(127.2)

Phoenix

Group

Holdings

plc

..

3,784

34,872

(107.0)

Schroders

plc

............

3,356

156,502

(480.2)

Vodafone

Group

plc

........

129,244

220,716

(677.2)

WPP

plc

...............

8,201

85,697

(263.0)

928,984

Total

Reference

Entity

—

Long

............

10,166,808

Reference

Entity

—

Short

Australia

AMP

Ltd.

...............

(95,627)

(107,862)

331.0

Ampol

Ltd.

..............

(2,231)

(44,419)

136.3

AusNet

Services

..........

(101,672)

(133,840)

410.7

BlueScope

Steel

Ltd.

.......

(2,880)

(36,158)

110.9

Commonwealth

Bank

of

Australia

.............

(1,377)

(87,428)

268.3

Lendlease

Corp.

Ltd.

.......

(3,164)

(28,847)

88.5

Medibank

Pvt

Ltd.

.........

(74,176)

(164,767)

505.6

National

Australia

Bank

Ltd.

..

(1,152)

(20,650)

63.4

Newcrest

Mining

Ltd.

.......

(3,533)

(67,150)

206.0

Oil

Search

Ltd.

...........

(50,809)

(149,375)

458.3

Orica

Ltd.

..............

(10,621)

(123,285)

378.3

QBE

Insurance

Group

Ltd.

...

(2,576)

(15,800)

48.5

Treasury

Wine

Estates

Ltd.

...

(9,426)

(72,116)

221.3

Westpac

Banking

Corp.

.....

(5,802)

(93,013)

285.4

(1,144,710)

Austria

Verbund

AG

.............

(1,052)

(94,819)

290.9

voestalpine

AG

...........

(3,350)

(122,266)

375.2

(217,085)

Belgium

Elia

System

Operator

SA/NV

.

(2,850)

(342,988)

1,052.4

Galapagos

NV

...........

(683)

(71,423)

219.2

Groupe

Bruxelles

Lambert

SA

.

(298)

(29,478)

90.5

Sofina

SA

..............

(413)

(133,506)

409.6

(577,395)

Brazil

Yara

International

ASA

......

(273)

(12,695)

39.0

Chile

Antofagasta

plc

...........

(2,386)

(46,533)

142.8

Denmark

Ambu

A/S,

Class

B

........

(1,873)

(88,204)

270.6

H

Lundbeck

A/S

..........

(2,141)

(76,176)

233.7

Orsted

A/S

..............

(187)

(35,516)

109.0

ROCKWOOL

International

A/S,

Class

B

..............

(183)

(69,037)

211.8

Shares

Value

%

of

Basket

Value

Denmark

(continued)

Tryg

A/S

...............

(4,497)

$

(139,903)

429.3

%

(408,836)

Finland

Elisa

OYJ

..............

(291)

(17,325)

53.2

Stora

Enso

OYJ,

Class

R

....

(2,849)

(51,703)

158.6

UPM-

Kymmene

OYJ

.......

(3,981)

(142,249)

436.5

Wartsila

OYJ

Abp

.........

(19,078)

(187,006)

573.8

(398,283)

France

Adevinta

ASA

............

(2,243)

(33,280)

102.1

Amundi

SA

.............

(559)

(41,602)

127.6

AXA

SA

................

(1,602)

(35,491)

108.9

Bureau

Veritas

SA

.........

(3,808)

(99,921)

306.6

Danone

SA

.............

(823)

(54,728)

167.9

Dassault

Aviation

SA

.......

(236)

(246,062)

755.0

Eiffage

SA

..............

(1,243)

(112,824)

346.2

Electricite

de

France

SA

.....

(3,404)

(42,327)

129.9

EssilorLuxottica

SA

........

(1,947)

(275,418)

845.1

Getlink

SE

..............

(15,448)

(238,064)

730.5

Remy

Cointreau

SA

........

(882)

(163,592)

502.0

Renault

SA

.............

(2,538)

(107,938)

331.2

Ubisoft

Entertainment

SA

....

(259)

(25,896)

79.5

Vinci

SA

...............

(2,520)

(233,675)

717.0

(1,710,818)

Germany

Bayerische

Motoren

Werke

AG

(Preference)

..........

(434)

(28,325)

86.9

Daimler

AG

(Registered)

....

(254)

(17,840)

54.7

Deutsche

Wohnen

SE

......

(528)

(26,129)

80.2

E.ON

SE

...............

(3,990)

(42,208)

129.5

Evonik

Industries

AG

.......

(3,502)

(115,160)

353.4

Fresenius

Medical

Care

AG

&

Co.

KGaA

............

(347)

(28,072)

86.1

FUCHS

PETROLUB

SE

(Preference)

..........

(1,622)

(92,288)

283.2

HOCHTIEF

AG

...........

(1,240)

(115,294)

353.8

Infineon

Technologies

AG

....

(1,304)

(52,243)

160.3

Knorr-

Bremse

AG

.........

(575)

(76,185)

233.8

Muenchener

Rueckversicherungs-

Gesellschaft

AG

(Registered)

(224)

(59,395)

182.2

Porsche

Automobil

Holding

SE

(Preference)

..........

(2,700)

(187,528)

575.4

Sartorius

AG

(Preference)

...

(225)

(111,847)

343.2

Siemens

Energy

AG

.......

(892)

(33,103)

101.6

Siemens

Healthineers

AG

....

(2,411)

(135,212)

414.9

TeamViewer

AG

..........

(1,827)

(94,483)

289.9

Vonovia

SE

.............

(1,249)

(83,396)

255.9

(1,298,708)

Italy

Amplifon

SpA

............

(1,420)

(56,287)

172.7

Atlantia

SpA

.............

(1,345)

(21,308)

65.4

Ferrari

NV

..............

(631)

(131,304)

402.9

FinecoBank

Banca

Fineco

SpA

(3,616)

(56,228)

172.5

Mediobanca

Banca

di

Credito

Finanziario

SpA

........

(22,091)

(196,594)

603.2

Poste

Italiane

SpA

.........

(8,578)

(83,823)

257.2

(545,544)

Japan

Yamaha

Corp.

...........

(100)

(5,636)

17.3

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

29

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Luxembourg

ArcelorMittal

SA

..........

(6,105)

$

(133,696)

410.3

%

Netherlands

ABN

AMRO

Bank

NV,

CVA

...

(1,860)

(19,426)

59.6

Argenx

SE

..............

(248)

(72,316)

221.9

ING

Groep

NV

...........

(1,881)

(16,725)

51.3

JDE

Peet's

NV

...........

(970)

(37,421)

114.8

Koninklijke

Vopak

NV

......

(1,383)

(69,997)

214.8

NN

Group

NV

............

(1,186)

(49,399)

151.6

(265,284)

New

Zealand

a2

Milk

Co.

Ltd.

(The)

......

(2,327)

(19,191)

58.9

Auckland

International

Airport

Ltd.

................

(36,267)

(192,937)

592.0

Ryman

Healthcare

Ltd.

.....

(13,121)

(145,761)

447.2

(357,889)

Norway

Schibsted

ASA,

Class

A

.....

(960)

(36,116)

110.8

Portugal

Jeronimo

Martins

SGPS

SA

..

(9,836)

(160,844)

493.5

Singapore

CapitaLand

Ltd.

..........

(22,900)

(55,044)

168.9

Singapore

Airlines

Ltd.

......

(20,500)

(63,234)

194.0

UOL

Group

Ltd.

..........

(33,300)

(182,800)

560.9

Venture

Corp.

Ltd.

.........

(1,500)

(22,293)

68.4

(323,371)

South

Africa

Anglo

American

plc

........

(1,859)

(61,149)

187.6

Spain

Aena

SME

SA

...........

(1,110)

(171,181)

525.2

Amadeus

IT

Group

SA

......

(1,111)

(70,930)

217.6

Banco

Santander

SA

.......

(4,815)

(14,054)

43.1

Cellnex

Telecom

SA

.......

(1,183)

(69,305)

212.7

Ferrovial

SA

.............

(8,858)

(212,357)

651.6

(537,827)

Sweden

Alfa

Laval

AB

............

(1,065)

(27,910)

85.6

Assa

Abloy

AB,

Class

B

.....

(2,998)

(74,146)

227.5

Fastighets

AB

Balder,

Class

B

.

(1,056)

(52,773)

161.9

Hennes

&

Mauritz

AB,

Class

B

(2,910)

(62,214)

190.9

Hexagon

AB,

Class

B

......

(209)

(18,214)

55.9

Investment

AB

Latour

,

Class

B

(2,246)

(50,337)

154.4

L

E

Lundbergforetagen

AB,

Class

B

..................

(3,789)

(199,009)

610.6

Securitas

AB,

Class

B

......

(2,969)

(45,748)

140.4

Svenska

Cellulosa

AB

SCA,

Class

B

..............

(24,654)

(434,277)

1,332.5

(964,628)

United

Kingdom

Associated

British

Foods

plc

..

(1,387)

(40,065)

122.9

AVEVA

Group

plc

.........

(3,444)

(170,923)

524.5

Barclays

plc

.............

(13,598)

(24,805)

76.1

BT

Group

plc

............

(40,839)

(70,025)

214.9

Diageo

plc

..............

(415)

(16,661)

51.1

easyJet

plc

.............

(149)

(1,476)

4.5

InterContinental

Hotels

Group

plc

.................

(614)

(37,827)

116.1

J

Sainsbury

plc

...........

(14,624)

(48,840)

149.9

London

Stock

Exchange

Group

plc

.................

(266)

(31,578)

96.9

Shares

Value

%

of

Basket

Value

United

Kingdom

(continued)

Ocado

Group

plc

.........

(2,038)

$

(77,364)

237.4

%

Prudential

plc

............

(852)

(13,631)

41.8

Rolls-Royce

Holdings

plc

....

(15,954)

(19,910)

61.1

RSA

Insurance

Group

plc

....

(5,007)

(46,160)

141.6

St

James's

Place

plc

.......

(5,824)

(93,207)

286.0

Standard

Chartered

plc

.....

(3,603)

(21,801)

66.9

Standard

Life

Aberdeen

plc

...

(3,105)

(12,782)

39.2

Wm

Morrison

Supermarkets

plc

(84,425)

(207,044)

635.3

(934,099)

United

States

Tenaris

SA

..............

(7,544)

(58,252)

178.7

Total

Reference

Entity

—

Short

............

(10,199,398)

Net

Value

of

Reference

Entity

—

Deutsche

Bank

AG

................................

$

(32,590)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

International,

as

of

January

31,

2021,

expiration

dates

02/27/23-03/01/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Australia

BHP

Group

Ltd.

..........

703

$

23,444

(23.0)

%

BHP

Group

plc

...........

919

25,185

(24.8)

Coca-Cola

Amatil

Ltd.

......

6,605

65,747

(64.6)

Qantas

Airways

Ltd.

.......

10,872

37,199

(36.6)

REA

Group

Ltd.

..........

283

31,457

(30.9)

South32

Ltd.

............

15,254

29,420

(28.9)

Wesfarmers

Ltd.

..........

4,935

204,849

(201.4)

417,301

Canada

B2Gold

Corp.

............

30,720

151,828

(149.3)

Bank

of

Montreal

.........

642

47,755

(47.0)

BCE,

Inc.

...............

233

9,883

(9.7)

Canadian

National

Railway

Co.

210

21,270

(20.9)

Canadian

Pacific

Railway

Ltd.

.

50

16,799

(16.5)

Empire

Co.

Ltd.,

Class

A

....

2,094

57,854

(56.9)

Franco-Nevada

Corp.

......

174

20,728

(20.4)

George

Weston

Ltd.

.......

577

41,765

(41.1)

Intact

Financial

Corp.

.......

200

22,053

(21.7)

Kinross

Gold

Corp.

........

5,618

39,233

(38.6)

Magna

International,

Inc.

....

1,633

115,009

(113.1)

Onex

Corp.

.............

569

30,133

(29.6)

Open

Text

Corp.

..........

293

13,124

(12.9)

Quebecor,

Inc.,

Class

B

.....

1,200

28,715

(28.2)

Ritchie

Bros

Auctioneers,

Inc.

.

238

14,054

(13.8)

TMX

Group

Ltd.

..........

216

20,834

(20.5)

651,037

Denmark

AP

Moller

-

Maersk

A/S,

Class

B

9

18,488

(18.2)

Novo

Nordisk

A/S,

Class

B

...

587

40,895

(40.2)

59,383

Finland

Orion

OYJ,

Class

B

........

507

23,262

(22.9)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

30

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

France

BNP

Paribas

SA

..........

1,037

$

49,730

(48.9)

%

Cie

Generale

des

Etablissements

Michelin

SCA

..........

588

81,031

(79.7)

Credit

Agricole

SA

.........

7,887

89,266

(87.8)

Hermes

International

.......

33

33,671

(33.1)

La

Francaise

des

Jeux

SAEM

.

1,797

77,184

(75.9)

L'Oreal

SA

..............

206

72,471

(71.3)

Schneider

Electric

SE

......

1,190

174,169

(171.2)

Wendel

SE

.............

200

23,090

(22.7)

600,612

Germany

Allianz

SE

(Registered)

.....

100

22,601

(22.2)

BASF

SE

...............

380

29,369

(28.9)

Brenntag

AG

............

124

9,713

(9.5)

GEA

Group

AG

...........

4,160

143,736

(141.3)

Henkel

AG

&

Co.

KGaA

(Preference)

..........

210

21,750

(21.4)

Siemens

AG

(Registered)

....

137

21,227

(20.9)

Uniper

SE

..............

916

32,077

(31.5)

280,473

Hong

Kong

CK

Asset

Holdings

Ltd.

.....

77,000

384,193

(377.7)

CLP

Holdings

Ltd.

.........

3,500

32,846

(32.3)

Hongkong

Land

Holdings

Ltd.

.

5,300

24,435

(24.0)

New

World

Development

Co.

Ltd.

................

28,000

129,642

(127.5)

Sun

Hung

Kai

Properties

Ltd.

.

9,000

122,942

(120.9)

694,058

Israel

Bank

Leumi

Le-Israel

BM

....

2,606

16,059

(15.8)

Check

Point

Software

Technologies

Ltd.

.......

684

87,374

(85.9)

103,433

Italy

Eni

SpA

................

907

9,161

(9.0)

Intesa

Sanpaolo

SpA

.......

18,886

41,174

(40.5)

Terna

Rete

Elettrica

Nazionale

SpA

................

14,143

102,567

(100.8)

152,902

Japan

ABC-Mart,

Inc.

...........

1,200

68,256

(67.1)

Amada

Holdings

Co.

Ltd.

....

13,900

156,498

(153.9)

Asahi

Kasei

Corp.

.........

3,100

34,471

(33.9)

Bridgestone

Corp.

.........

2,000

74,515

(73.3)

Brother

Industries

Ltd.

......

12,300

274,272

(269.7)

Calbee

,

Inc.

.............

1,700

50,275

(49.4)

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

..........

4,900

74,387

(73.1)

Fuji

Electric

Co.

Ltd.

.......

900

35,861

(35.3)

Hino

Motors

Ltd.

..........

11,500

99,121

(97.5)

Honda

Motor

Co.

Ltd.

......

100

2,641

(2.6)

Ito

En

Ltd.

..............

1,300

81,117

(79.8)

JFE

Holdings,

Inc.

.........

3,300

28,632

(28.2)

JSR

Corp.

..............

900

27,464

(27.0)

Kajima

Corp.

............

4,200

56,274

(55.3)

Kao

Corp.

..............

500

36,278

(35.7)

Kurita

Water

Industries

Ltd.

...

900

36,531

(35.9)

Kyushu

Railway

Co.

.......

1,800

37,802

(37.2)

Lawson,

Inc.

............

600

29,141

(28.7)

Lixil

Corp.

..............

3,700

86,285

(84.8)

Shares

Value

%

of

Basket

Value

Japan

(continued)

McDonald's

Holdings

Co.

Japan

Ltd.

................

400

$

19,506

(19.2)

%

Mitsubishi

Electric

Corp.

.....

30,500

465,272

(457.5)

Mitsubishi

Estate

Co.

Ltd.

....

5,300

83,846

(82.4)

Mitsubishi

Gas

Chemical

Co.,

Inc.

.................

900

20,593

(20.2)

Mitsui

Chemicals,

Inc.

......

1,900

54,444

(53.5)

NGK

Insulators

Ltd.

........

1,900

33,274

(32.7)

NSK

Ltd.

...............

11,000

99,734

(98.1)

ORIX

Corp.

.............

3,500

56,161

(55.2)

Osaka

Gas

Co.

Ltd.

........

3,300

61,026

(60.0)

Pola

Orbis

Holdings,

Inc.

....

400

8,008

(7.9)

Ricoh

Co.

Ltd.

...........

5,900

44,734

(44.0)

Sega

Sammy

Holdings,

Inc.

..

2,700

43,003

(42.3)

Seibu

Holdings,

Inc.

.......

6,200

56,936

(56.0)

Sekisui

Chemical

Co.

Ltd.

....

18,100

326,455

(321.0)

Sekisui

House

Ltd.

........

3,500

67,622

(66.5)

Sony

Corp.

.............

1,300

124,426

(122.3)

Suntory

Beverage

&

Food

Ltd.

1,600

55,892

(55.0)

Taiheiyo

Cement

Corp.

.....

1,000

24,897

(24.5)

Teijin

Ltd.

...............

22,000

402,478

(395.7)

TOTO

Ltd.

..............

1,200

66,463

(65.3)

Toyo

Suisan

Kaisha

Ltd.

.....

2,200

108,272

(106.5)

3,512,863

Netherlands

Adyen

NV

..............

16

33,424

(32.9)

ASML

Holding

NV

.........

32

17,083

(16.8)

Koninklijke

KPN

NV

........

26,428

82,561

(81.2)

NN

Group

NV

............

429

17,869

(17.6)

NXP

Semiconductors

NV

....

807

129,499

(127.3)

Randstad

NV

............

2,276

142,200

(139.8)

Wolters

Kluwer

NV

........

565

46,946

(46.1)

469,582

New

Zealand

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

................

2,463

61,042

(60.0)

Norway

Gjensidige

Forsikring

ASA

...

1,813

41,692

(41.0)

Portugal

EDP

-

Energias

de

Portugal

SA

5,425

34,050

(33.5)

Singapore

Oversea-Chinese

Banking

Corp.

Ltd.

................

17,900

138,729

(136.4)

United

Overseas

Bank

Ltd.

...

3,100

54,466

(53.6)

193,195

Spain

Iberdrola

SA

.............

34,320

235,889

(231.9)

Industria

de

Diseno

Textil

SA

..

573

16,994

(16.7)

252,883

Sweden

Husqvarna

AB,

Class

B

.....

3,316

41,028

(40.3)

Skandinaviska

Enskilda

Banken

AB,

Class

A

...........

3,350

36,446

(35.8)

Skanska

AB,

Class

B

.......

679

17,545

(17.3)

Swedish

Match

AB

........

465

35,857

(35.3)

Tele2

AB,

Class

B

.........

5,287

72,965

(71.7)

203,841

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

31

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Switzerland

Adecco

Group

AG

(Registered)

1,272

$

79,456

(78.1)

%

Baloise

Holding

AG

(Registered)

191

31,985

(31.5)

Credit

Suisse

Group

AG

(Registered)

...........

2,453

32,177

(31.6)

Geberit

AG

(Registered)

.....

135

82,629

(81.3)

Kuehne

+

Nagel

International

AG

(Registered)

...........

117

26,624

(26.2)

LafargeHolcim

Ltd.

(Registered)

2,368

128,051

(125.9)

Nestle

SA

(Registered)

.....

2,121

237,757

(233.8)

Novartis

AG

(Registered)

....

3,045

275,710

(271.1)

SGS

SA

(Registered)

.......

6

18,198

(17.9)

912,587

United

Kingdom

Barratt

Developments

plc

....

2,375

20,684

(20.3)

BP

plc

.................

3,478

12,924

(12.7)

Entain

plc

..............

3,282

55,543

(54.6)

Imperial

Brands

plc

........

869

17,442

(17.2)

Kingfisher

plc

............

2,986

11,335

(11.1)

National

Grid

plc

..........

859

9,978

(9.8)

Rentokil

Initial

plc

.........

2,348

15,936

(15.7)

Sage

Group

plc

(The)

......

4,937

39,753

(39.1)

SSE

plc

................

632

12,802

(12.6)

Standard

Life

Aberdeen

plc

...

4,926

20,279

(19.9)

216,676

United

States

Accenture

plc,

Class

A

......

189

45,723

(45.0)

Activision

Blizzard,

Inc.

.....

523

47,593

(46.8)

Adobe,

Inc.

.............

85

38,995

(38.3)

Aflac,

Inc.

..............

3,794

171,413

(168.5)

Allegion

plc

.............

431

46,121

(45.4)

Alphabet,

Inc.,

Class

A

......

98

179,081

(176.1)

AmerisourceBergen

Corp.

...

1,053

109,723

(107.9)

AMETEK,

Inc.

...........

828

93,779

(92.2)

Amgen,

Inc.

.............

501

120,956

(118.9)

Apple,

Inc.

..............

568

74,953

(73.7)

Aptiv

plc

...............

192

25,651

(25.2)

Arista

Networks,

Inc.

.......

64

19,684

(19.4)

Arrow

Electronics,

Inc.

......

1,054

102,902

(101.2)

Assurant,

Inc.

............

644

87,243

(85.8)

Automatic

Data

Processing,

Inc.

219

36,161

(35.6)

Axalta

Coating

Systems

Ltd.

..

2,364

63,804

(62.7)

Cadence

Design

Systems,

Inc.

1,938

252,696

(248.5)

Celanese

Corp.

..........

166

20,277

(19.9)

Cerner

Corp.

............

790

63,287

(62.2)

Cintas

Corp.

.............

168

53,444

(52.6)

Citrix

Systems,

Inc.

........

125

16,664

(16.4)

Colgate-Palmolive

Co.

......

1,892

147,576

(145.1)

ConocoPhillips

...........

754

30,183

(29.7)

Constellation

Brands,

Inc.,

Class

A

..................

111

23,413

(23.0)

Corteva

,

Inc.

............

638

25,431

(25.0)

Cummins,

Inc.

...........

552

129,400

(127.2)

Dominion

Energy,

Inc.

......

602

43,880

(43.1)

Domino's

Pizza,

Inc.

.......

299

110,857

(109.0)

DTE

Energy

Co.

..........

882

104,711

(103.0)

Eaton

Corp.

plc

...........

1,773

208,682

(205.2)

eBay,

Inc.

..............

315

17,801

(17.5)

Emerson

Electric

Co.

.......

659

52,292

(51.4)

EOG

Resources,

Inc.

.......

1,368

69,713

(68.5)

EPAM

Systems,

Inc.

.......

330

113,662

(111.8)

Exelon

Corp.

............

679

28,219

(27.8)

Facebook,

Inc.,

Class

A

.....

319

82,407

(81.0)

FactSet

Research

Systems,

Inc.

36

10,884

(10.7)

Shares

Value

%

of

Basket

Value

United

States

(continued)

Fastenal

Co.

............

1,337

$

60,954

(59.9)

%

Ferguson

plc

............

631

73,265

(72.0)

FMC

Corp.

..............

314

34,003

(33.4)

Fortune

Brands

Home

&

Security,

Inc.

.................

85

7,331

(7.2)

Genuine

Parts

Co.

........

372

34,923

(34.3)

Gilead

Sciences,

Inc.

.......

3,221

211,298

(207.8)

HCA

Healthcare,

Inc.

.......

376

61,092

(60.1)

Henry

Schein,

Inc.

.........

286

18,833

(18.5)

Hologic

,

Inc.

.............

395

31,493

(31.0)

Home

Depot,

Inc.

(The)

.....

1,215

329,046

(323.5)

IDEXX

Laboratories,

Inc.

....

291

139,296

(137.0)

IHS

Markit

Ltd.

...........

296

25,776

(25.3)

Illinois

Tool

Works,

Inc.

......

541

105,068

(103.3)

Intel

Corp.

..............

1,445

80,212

(78.9)

Interpublic

Group

of

Cos.,

Inc.

(The)

...............

5,231

125,910

(123.8)

Jazz

Pharmaceuticals

plc

....

197

30,634

(30.1)

JB

Hunt

Transport

Services,

Inc.

50

6,733

(6.6)

Johnson

Controls

International

plc

.................

722

35,970

(35.4)

Kansas

City

Southern

......

247

50,059

(49.2)

Kimberly-Clark

Corp.

.......

351

46,367

(45.6)

Knight-Swift

Transportation

Holdings,

Inc.

..........

1,878

75,120

(73.9)

Kroger

Co.

(The)

..........

1,558

53,751

(52.9)

Lennox

International,

Inc.

....

284

78,239

(76.9)

Lululemon

Athletica,

Inc.

....

25

8,217

(8.1)

Marsh

&

McLennan

Cos.,

Inc.

.

2

220

(0.2)

Masco

Corp.

............

2,043

110,955

(109.1)

Masimo

Corp.

............

190

48,625

(47.8)

Maxim

Integrated

Products,

Inc.

2,072

181,735

(178.7)

McKesson

Corp.

..........

252

43,966

(43.2)

Merck

&

Co.,

Inc.

.........

1,728

133,177

(131.0)

Microsoft

Corp.

...........

332

77,011

(75.7)

Molson

Coors

Beverage

Co.,

Class

B

..............

327

16,402

(16.1)

Monolithic

Power

Systems,

Inc.

417

148,156

(145.7)

Monster

Beverage

Corp.

....

1,069

92,821

(91.3)

Morgan

Stanley

..........

460

30,843

(30.3)

Mosaic

Co.

(The)

.........

575

14,927

(14.7)

NetApp,

Inc.

.............

1,531

101,720

(100.0)

NIKE,

Inc.,

Class

B

........

256

34,199

(33.6)

Nordson

Corp.

...........

97

17,362

(17.1)

NVIDIA

Corp.

............

40

20,784

(20.4)

Old

Dominion

Freight

Line,

Inc.

342

66,348

(65.2)

PACCAR,

Inc.

...........

1,375

125,428

(123.3)

PepsiCo,

Inc.

............

2,617

357,404

(351.4)

PPG

Industries,

Inc.

.......

134

18,051

(17.8)

Prudential

Financial,

Inc.

....

1,477

115,620

(113.7)

QUALCOMM,

Inc.

.........

430

67,200

(66.1)

Ross

Stores,

Inc.

.........

156

17,361

(17.1)

Seagate

Technology

plc

.....

247

16,332

(16.1)

Sealed

Air

Corp.

..........

1,037

43,834

(43.1)

Sempra

Energy

..........

281

34,777

(34.2)

Sensata

Technologies

Holding

plc

.................

1,085

59,133

(58.1)

ServiceNow

,

Inc.

..........

32

17,381

(17.1)

Sirius

XM

Holdings,

Inc.

.....

26,548

166,190

(163.4)

Skyworks

Solutions,

Inc.

....

920

155,710

(153.1)

Southern

Co.

(The)

........

2,506

147,654

(145.2)

Steel

Dynamics,

Inc.

.......

828

28,376

(27.9)

Target

Corp.

.............

83

15,037

(14.8)

Texas

Instruments,

Inc.

.....

1,533

254,003

(249.8)

UGI

Corp.

..............

859

30,915

(30.4)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

32

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

States

(continued)

United

Parcel

Service,

Inc.,

Class

B

..................

444

$

68,820

(67.7)

%

Varian

Medical

Systems,

Inc.

.

115

20,191

(19.9)

VeriSign,

Inc.

............

333

64,625

(63.5)

Verisk

Analytics,

Inc.

.......

189

34,682

(34.1)

Verizon

Communications,

Inc.

.

369

20,203

(19.9)

VMware,

Inc.,

Class

A

......

326

44,939

(44.2)

Walmart,

Inc.

............

232

32,594

(32.1)

Waters

Corp.

............

167

44,200

(43.5)

Zimmer

Biomet

Holdings,

Inc.

.

198

30,427

(29.9)

7,763,189

Total

Reference

Entity

—

Long

............

16,644,061

Reference

Entity

—

Short

Argentina

MercadoLibre

,

Inc.

........

(51)

(90,755)

89.2

Australia

Afterpay

Ltd.

............

(830)

(84,730)

83.3

AusNet

Services

..........

(32,697)

(43,042)

42.3

CIMIC

Group

Ltd.

.........

(2,996)

(56,189)

55.3

Crown

Resorts

Ltd.

........

(4,323)

(31,571)

31.0

Fortescue

Metals

Group

Ltd.

..

(1,536)

(25,301)

24.9

Lendlease

Corp.

Ltd.

.......

(1,850)

(16,867)

16.6

National

Australia

Bank

Ltd.

..

(1,736)

(31,118)

30.6

Northern

Star

Resources

Ltd.

.

(1,979)

(19,151)

18.8

SEEK

Ltd.

..............

(6,276)

(133,722)

131.5

Westpac

Banking

Corp.

.....

(4,361)

(69,912)

68.7

WiseTech

Global

Ltd.

.......

(2,616)

(61,985)

60.9

(573,588)

Bermuda

RenaissanceRe

Holdings

Ltd.

.

(226)

(33,999)

33.4

Canada

Bank

of

Nova

Scotia

(The)

...

(2,056)

(109,653)

107.8

CAE,

Inc.

...............

(1,741)

(39,333)

38.7

Cameco

Corp.

...........

(2,492)

(31,005)

30.5

Canadian

Natural

Resources

Ltd.

................

(4,486)

(101,349)

99.7

Canadian

Utilities

Ltd.,

Class

A

(6,032)

(149,108)

146.6

Enbridge,

Inc.

............

(1,672)

(56,171)

55.2

Fairfax

Financial

Holdings

Ltd.

(459)

(166,521)

163.7

Fortis,

Inc.

..............

(4,344)

(175,696)

172.8

Inter

Pipeline

Ltd.

.........

(2,520)

(25,284)

24.9

Keyera

Corp.

............

(2,210)

(41,513)

40.8

Metro,

Inc.

..............

(895)

(38,691)

38.0

Pembina

Pipeline

Corp.

.....

(624)

(16,425)

16.1

Rogers

Communications,

Inc.,

Class

B

..............

(815)

(36,781)

36.2

SSR

Mining,

Inc.

..........

(5,917)

(104,019)

102.3

WSP

Global,

Inc.

.........

(334)

(31,108)

30.6

(1,122,657)

China

Budweiser

Brewing

Co.

APAC

Ltd.

................

(4,900)

(16,383)

16.1

ESR

Cayman

Ltd.

.........

(6,200)

(22,095)

21.7

Wilmar

International

Ltd.

....

(4,300)

(17,019)

16.8

(55,497)

France

Air

Liquide

SA

...........

(848)

(138,688)

136.4

Alstom

SA

..............

(354)

(19,194)

18.9

(157,882)

Shares

Value

%

of

Basket

Value

Germany

adidas

AG

..............

(46)

$

(14,586)

14.3

%

Infineon

Technologies

AG

....

(2,184)

(87,499)

86.0

Knorr-

Bremse

AG

.........

(262)

(34,714)

34.1

Sartorius

AG

(Preference)

...

(57)

(28,334)

27.9

Siemens

Healthineers

AG

....

(1,727)

(96,853)

95.2

Zalando

SE

.............

(420)

(48,157)

47.4

(310,143)

Ireland

Flutter

Entertainment

plc

....

(556)

(103,524)

101.8

Kingspan

Group

plc

........

(235)

(15,970)

15.7

Smurfit

Kappa

Group

plc

....

(414)

(19,936)

19.6

(139,430)

Israel

Teva

Pharmaceutical

Industries

Ltd.,

ADR

............

(5,644)

(66,486)

65.4

Japan

Aeon

Co.

Ltd.

............

(800)

(25,063)

24.6

Bandai

Namco

Holdings,

Inc.

.

(700)

(59,690)

58.7

Bank

of

Kyoto

Ltd.

(The)

....

(1,200)

(62,971)

61.9

Casio

Computer

Co.

Ltd.

....

(1,800)

(31,801)

31.3

Central

Japan

Railway

Co.

...

(100)

(14,319)

14.1

Chiba

Bank

Ltd.

(The)

......

(4,800)

(26,108)

25.7

CyberAgent

,

Inc.

..........

(300)

(18,781)

18.5

Dai

Nippon

Printing

Co.

Ltd.

..

(6,300)

(108,594)

106.8

Daiwa

Securities

Group,

Inc.

..

(32,900)

(156,586)

154.0

Disco

Corp.

.............

(200)

(65,064)

64.0

East

Japan

Railway

Co.

.....

(300)

(19,789)

19.5

Fukuoka

Financial

Group,

Inc.

.

(3,100)

(55,454)

54.5

Harmonic

Drive

Systems,

Inc.

.

(300)

(22,415)

22.0

Hikari

Tsushin,

Inc.

........

(600)

(125,829)

123.7

Hitachi

Construction

Machinery

Co.

Ltd.

..............

(2,300)

(67,044)

65.9

Hitachi

Metals

Ltd.

........

(4,200)

(67,010)

65.9

Ibiden

Co.

Ltd.

...........

(600)

(27,842)

27.4

Iida

Group

Holdings

Co.

Ltd.

..

(1,200)

(26,471)

26.0

Japan

Airport

Terminal

Co.

Ltd.

(1,600)

(84,175)

82.8

Japan

Exchange

Group,

Inc.

..

(1,700)

(39,687)

39.0

Kakaku.com,

Inc.

.........

(1,300)

(37,651)

37.0

Keihan

Holdings

Co.

Ltd.

....

(600)

(27,353)

26.9

Keio

Corp.

..............

(700)

(51,230)

50.4

Kobayashi

Pharmaceutical

Co.

Ltd.

................

(300)

(33,783)

33.2

Koei

Tecmo

Holdings

Co.

Ltd.

.

(1,500)

(85,931)

84.5

Kyushu

Electric

Power

Co.,

Inc.

(6,800)

(63,084)

62.0

Lasertec

Corp.

...........

(400)

(53,579)

52.7

Marui

Group

Co.

Ltd.

.......

(5,400)

(96,774)

95.2

Mitsubishi

Corp.

..........

(6,500)

(164,659)

161.9

Miura

Co.

Ltd.

...........

(600)

(34,162)

33.6

MS&AD

Insurance

Group

Holdings,

Inc.

..........

(1,100)

(31,648)

31.1

Nippon

Sanso

Holdings

Corp.

.

(3,800)

(73,253)

72.0

Obayashi

Corp.

..........

(6,000)

(50,257)

49.4

Odakyu

Electric

Railway

Co.

Ltd.

(3,700)

(107,550)

105.8

Oji

Holdings

Corp.

.........

(5,400)

(32,646)

32.1

PeptiDream

,

Inc.

..........

(2,100)

(122,598)

120.5

Pigeon

Corp.

............

(1,200)

(53,994)

53.1

Rakuten

,

Inc.

............

(9,600)

(94,490)

92.9

Ryohin

Keikaku

Co.

Ltd.

.....

(2,300)

(54,995)

54.1

SBI

Holdings,

Inc.

.........

(4,700)

(117,332)

115.4

SCSK

Corp.

.............

(1,400)

(77,865)

76.6

Shiseido

Co.

Ltd.

.........

(300)

(19,476)

19.2

Shizuoka

Bank

Ltd.

(The)

....

(3,700)

(26,897)

26.4

SoftBank

Corp.

...........

(2,300)

(30,214)

29.7

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

33

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Japan

(continued)

SUMCO

Corp.

...........

(4,800)

$

(101,223)

99.5

%

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.................

(300)

(8,975)

8.8

Suzuken

Co.

Ltd.

.........

(200)

(7,746)

7.6

TIS,

Inc.

...............

(2,800)

(62,263)

61.2

Tobu

Railway

Co.

Ltd.

......

(800)

(22,575)

22.2

Tokyo

Century

Corp.

.......

(1,300)

(105,527)

103.8

Tokyu

Corp.

.............

(4,700)

(55,264)

54.3

West

Japan

Railway

Co.

....

(400)

(21,324)

21.0

(3,031,011)

Luxembourg

ArcelorMittal

SA

..........

(3,169)

(69,399)

68.2

Netherlands

Argenx

SE

..............

(261)

(76,107)

74.8

Singapore

City

Developments

Ltd.

.....

(3,100)

(16,744)

16.5

Keppel

Corp.

Ltd.

.........

(10,000)

(37,586)

37.0

Singapore

Airlines

Ltd.

......

(7,000)

(21,592)

21.2

Singapore

Exchange

Ltd.

....

(4,900)

(36,402)

35.8

Singapore

Telecommunications

Ltd.

................

(110,600)

(195,933)

192.6

Venture

Corp.

Ltd.

.........

(3,900)

(57,962)

57.0

(366,219)

Spain

Cellnex

Telecom

SA

.......

(471)

(27,593)

27.1

Telefonica

SA

............

(7,623)

(32,892)

32.3

(60,485)

Sweden

Assa

Abloy

AB,

Class

B

.....

(1,353)

(33,462)

32.9

Atlas

Copco

AB,

Class

A

....

(4,689)

(254,394)

250.1

Essity

AB,

Class

B

........

(4,357)

(139,166)

136.8

Hennes

&

Mauritz

AB,

Class

B

(3,467)

(74,122)

72.9

Investment

AB

Latour

,

Class

B

(15,172)

(340,034)

334.3

Sandvik

AB

.............

(1,999)

(49,785)

49.0

Svenska

Cellulosa

AB

SCA,

Class

B

..............

(1,643)

(28,941)

28.5

(919,904)

Switzerland

Alcon,

Inc.

..............

(2,351)

(168,725)

165.9

Banque

Cantonale

Vaudoise

(Registered)

...........

(1,456)

(154,063)

151.5

Barry

Callebaut

AG

(Registered)

(119)

(263,904)

259.5

EMS-

Chemie

Holding

AG

(Registered)

...........

(22)

(20,750)

20.4

Partners

Group

Holding

AG

..

(147)

(173,576)

170.7

Schindler

Holding

AG

......

(474)

(125,100)

123.0

Vifor

Pharma

AG

..........

(1,187)

(161,192)

158.5

(1,067,310)

United

Kingdom

Barclays

plc

.............

(31,243)

(56,993)

56.0

Compass

Group

plc

........

(1,213)

(21,668)

21.3

InterContinental

Hotels

Group

plc

.................

(655)

(40,353)

39.7

Liberty

Global

plc,

Class

A

...

(3,328)

(80,338)

79.0

Linde

plc

...............

(1,056)

(259,142)

254.8

London

Stock

Exchange

Group

plc

.................

(801)

(95,091)

93.5

RELX

plc

...............

(2,273)

(56,276)

55.3

(609,861)

Shares

Value

%

of

Basket

Value

United

States

Air

Products

and

Chemicals,

Inc.

(456)

$

(121,643)

119.6

%

Albemarle

Corp.

..........

(183)

(29,767)

29.3

Alexion

Pharmaceuticals,

Inc.

.

(181)

(27,753)

27.3

Alleghany

Corp.

..........

(168)

(95,231)

93.6

Alnylam

Pharmaceuticals,

Inc.

.

(76)

(11,436)

11.2

Amcor

plc

..............

(11,487)

(125,668)

123.6

American

Electric

Power

Co.,

Inc.

.................

(1,340)

(108,419)

106.6

Aon

plc,

Class

A

..........

(698)

(141,764)

139.4

Baker

Hughes

Co.

.........

(7,951)

(159,736)

157.1

Bank

of

New

York

Mellon

Corp.

(The)

...............

(931)

(37,082)

36.5

Bausch

Health

Cos.,

Inc.

....

(6,309)

(160,987)

158.3

Baxter

International,

Inc.

....

(1,533)

(117,780)

115.8

Bio-Rad

Laboratories,

Inc.,

Class

A

..................

(319)

(183,033)

180.0

Carnival

Corp.

...........

(818)

(15,272)

15.0

Carvana

Co.

............

(74)

(19,328)

19.0

CF

Industries

Holdings,

Inc.

..

(31)

(1,283)

1.3

Charter

Communications,

Inc.,

Class

A

..............

(50)

(30,378)

29.9

Cisco

Systems,

Inc.

........

(376)

(16,762)

16.5

Comcast

Corp.,

Class

A

.....

(250)

(12,393)

12.2

Consolidated

Edison,

Inc.

....

(566)

(40,061)

39.4

Cooper

Cos.,

Inc.

(The)

.....

(314)

(114,309)

112.4

Costco

Wholesale

Corp.

.....

(55)

(19,384)

19.1

Crown

Holdings,

Inc.

.......

(1,579)

(142,347)

140.0

CyberArk

Software

Ltd.

.....

(113)

(18,108)

17.8

Danaher

Corp.

...........

(2,126)

(505,648)

497.2

Delta

Air

Lines,

Inc.

........

(633)

(24,029)

23.6

Discovery,

Inc.,

Class

A

.....

(2,408)

(99,739)

98.1

DocuSign,

Inc.

...........

(565)

(131,583)

129.4

Dow,

Inc.

...............

(1,047)

(54,339)

53.4

DuPont

de

Nemours,

Inc.

....

(253)

(20,101)

19.8

Dynatrace

,

Inc.

...........

(1,757)

(72,933)

71.7

Enphase

Energy,

Inc.

.......

(227)

(41,393)

40.7

Exact

Sciences

Corp.

......

(51)

(6,995)

6.9

Exxon

Mobil

Corp.

.........

(1,997)

(89,545)

88.0

Fidelity

National

Information

Services,

Inc.

..........

(1,995)

(246,303)

242.2

FirstEnergy

Corp.

.........

(3,041)

(93,541)

92.0

FleetCor

Technologies,

Inc.

...

(394)

(95,644)

94.0

Fox

Corp.,

Class

A

........

(854)

(26,628)

26.2

Garmin

Ltd.

.............

(7)

(804)

0.8

General

Mills,

Inc.

.........

(679)

(39,450)

38.8

Global

Payments,

Inc.

......

(501)

(88,437)

87.0

Halliburton

Co.

...........

(4,650)

(81,980)

80.6

HEICO

Corp.

............

(46)

(5,416)

5.3

Hilton

Worldwide

Holdings,

Inc.

(654)

(66,309)

65.2

Horizon

Therapeutics

plc

....

(261)

(18,917)

18.6

HubSpot

,

Inc.

............

(191)

(71,090)

69.9

Huntington

Ingalls

Industries,

Inc.

.................

(661)

(103,995)

102.3

International

Paper

Co.

.....

(336)

(16,904)

16.6

Jacobs

Engineering

Group,

Inc.

(438)

(44,220)

43.5

JPMorgan

Chase

&

Co.

.....

(662)

(85,180)

83.8

Juniper

Networks,

Inc.

......

(2,249)

(54,921)

54.0

Keurig

Dr

Pepper,

Inc.

......

(958)

(30,464)

30.0

KKR

&

Co.,

Inc.

..........

(2,332)

(90,831)

89.3

KLA

Corp.

..............

(62)

(17,364)

17.1

Lamb

Weston

Holdings,

Inc.

..

(921)

(68,799)

67.6

Liberty

Broadband

Corp.,

Class

C

..................

(910)

(132,905)

130.7

Live

Nation

Entertainment,

Inc.

(345)

(22,925)

22.5

Lumen

Technologies,

Inc.

....

(5,774)

(71,482)

70.3

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

34

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

States

(continued)

LyondellBasell

Industries

NV,

Class

A

..............

(234)

$

(20,068)

19.7

%

M&T

Bank

Corp.

..........

(647)

(85,708)

84.3

Martin

Marietta

Materials,

Inc.

.

(46)

(13,221)

13.0

Match

Group,

Inc.

.........

(103)

(14,406)

14.2

Medtronic

plc

............

(602)

(67,021)

65.9

Moderna

,

Inc.

............

(188)

(32,554)

32.0

Molina

Healthcare,

Inc.

.....

(119)

(25,420)

25.0

MSCI,

Inc.

..............

(113)

(44,669)

43.9

Netflix,

Inc.

..............

(202)

(107,543)

105.7

NextEra

Energy,

Inc.

.......

(793)

(64,130)

63.1

NiSource,

Inc.

...........

(2,346)

(51,964)

51.1

Nucor

Corp.

.............

(1,032)

(50,289)

49.4

Palo

Alto

Networks,

Inc.

.....

(160)

(56,120)

55.2

PayPal

Holdings,

Inc.

......

(448)

(104,971)

103.2

Peloton

Interactive,

Inc.,

Class

A

(39)

(5,699)

5.6

PerkinElmer,

Inc.

.........

(1,090)

(160,306)

157.6

Pfizer,

Inc.

..............

(4,785)

(171,782)

168.9

Phillips

66

..............

(1,318)

(89,360)

87.9

Pinterest,

Inc.,

Class

A

......

(1,158)

(79,335)

78.0

Reinsurance

Group

of

America,

Inc.

.................

(347)

(36,452)

35.8

RingCentral,

Inc.,

Class

A

....

(137)

(51,090)

50.2

Roku,

Inc.

..............

(135)

(52,519)

51.6

Rollins,

Inc.

.............

(457)

(16,461)

16.2

S&P

Global,

Inc.

..........

(142)

(45,014)

44.3

salesforce.com,

Inc.

.......

(611)

(137,817)

135.5

Sarepta

Therapeutics,

Inc.

...

(382)

(34,151)

33.6

Schlumberger

NV

.........

(846)

(18,790)

18.5

Seagen

,

Inc.

............

(117)

(19,220)

18.9

Slack

Technologies,

Inc.,

Class

A

(1,707)

(71,984)

70.8

Snap,

Inc.,

Class

A

........

(3,121)

(165,226)

162.5

Snap-on,

Inc.

............

(480)

(86,395)

84.9

SolarEdge

Technologies,

Inc.

.

(146)

(42,096)

41.4

Splunk

,

Inc.

.............

(95)

(15,678)

15.4

Square,

Inc.,

Class

A

.......

(88)

(19,004)

18.7

SS&C

Technologies

Holdings,

Inc.

.................

(1,182)

(74,324)

73.1

Stanley

Black

&

Decker,

Inc.

..

(97)

(16,829)

16.5

Synchrony

Financial

.......

(970)

(32,640)

32.1

Sysco

Corp.

.............

(208)

(14,874)

14.6

Teladoc

,

Inc.

............

(101)

(26,647)

26.2

Teledyne

Technologies,

Inc.

..

(104)

(37,129)

36.5

Tenaris

SA

..............

(1,921)

(14,833)

14.6

Thermo

Fisher

Scientific,

Inc.

.

(518)

(264,025)

259.6

T-Mobile

US,

Inc.

.........

(2,306)

(290,740)

285.9

TransUnion

.............

(203)

(17,669)

17.4

Travelers

Cos.,

Inc.

(The)

....

(417)

(56,837)

55.9

Twitter,

Inc.

.............

(49)

(2,476)

2.4

Tyler

Technologies,

Inc.

.....

(115)

(48,621)

47.8

Union

Pacific

Corp.

........

(258)

(50,947)

50.1

United

Rentals,

Inc.

........

(123)

(29,890)

29.4

UnitedHealth

Group,

Inc.

....

(66)

(22,016)

21.6

Viatris

,

Inc.

..............

(946)

(16,073)

15.8

Visa,

Inc.,

Class

A

.........

(395)

(76,334)

75.1

Walgreens

Boots

Alliance,

Inc.

(1,229)

(61,757)

60.7

Waste

Connections,

Inc.

.....

(311)

(30,637)

30.1

Waste

Management,

Inc.

....

(330)

(36,736)

36.1

Wells

Fargo

&

Co.

.........

(2,911)

(86,981)

85.5

Westinghouse

Air

Brake

Technologies

Corp.

......

(1,248)

(92,614)

91.1

WestRock

Co.

...........

(399)

(16,531)

16.3

Williams

Cos.,

Inc.

(The)

....

(1,193)

(25,327)

24.9

Zoetis,

Inc.

..............

(237)

(36,557)

35.9

Shares

Value

%

of

Basket

Value

United

States

(continued)

Zoom

Video

Communications,

Inc.,

Class

A

...........

(72)

$

(26,789)

26.3

%

Zscaler

,

Inc.

.............

(198)

(39,541)

38.9

(7,973,575)

Zambia

First

Quantum

Minerals

Ltd.

..

(1,288)

(21,454)

21.1

Total

Reference

Entity

—

Short

............

(16,745,762)

Net

Value

of

Reference

Entity

—

Goldman

Sachs

International

.........................

$

(101,701)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

January

31,

2021,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Canada

AltaGas

Ltd.

.............

2,413

$

35,834

(129.3)

%

B2Gold

Corp.

............

49,835

246,301

(888.7)

BCE,

Inc.

...............

1,993

84,536

(305.0)

BlackBerry

Ltd.

...........

825

11,587

(41.8)

Canadian

Pacific

Railway

Ltd.

.

47

15,791

(57.0)

CCL

Industries,

Inc.,

Class

B

..

2,075

95,203

(343.5)

CI

Financial

Corp.

.........

10,318

128,133

(462.3)

Empire

Co.

Ltd.,

Class

A

....

5,655

156,239

(563.7)

George

Weston

Ltd.

.......

4,086

295,758

(1,067.1)

Hydro

One

Ltd.

...........

6,407

148,457

(535.7)

iA

Financial

Corp.,

Inc.

......

708

31,548

(113.8)

Kinross

Gold

Corp.

........

19,810

138,341

(499.2)

Loblaw

Cos.

Ltd.

..........

5,369

259,266

(935.5)

Magna

International,

Inc.

....

1,330

93,669

(338.0)

Open

Text

Corp.

..........

4,815

215,682

(778.2)

Parkland

Corp.

...........

3,072

92,178

(332.6)

Quebecor,

Inc.,

Class

B

.....

7,632

182,631

(659.0)

2,231,154

South

Korea

HDC

Holdings

Co.

Ltd.

......

1

10

0.0

United

States

Fortive

Corp.

............

1

66

(0.2)

Total

Reference

Entity

—

Long

............

2,231,230

Reference

Entity

—

Short

Canada

Agnico

Eagle

Mines

Ltd.

.....

(1,532)

(106,949)

385.9

Algonquin

Power

&

Utilities

Corp.

...............

(4,171)

(69,508)

250.8

Atco

Ltd.,

Class

I

.........

(843)

(24,135)

87.1

Barrick

Gold

Corp.

........

(9,021)

(201,478)

727.0

Brookfield

Asset

Management,

Inc.,

Class

A

...........

(2,258)

(87,495)

315.7

Canadian

Utilities

Ltd.,

Class

A

(3,632)

(89,781)

323.9

Emera,

Inc.

.............

(7,841)

(327,866)

1,183.0

Enbridge,

Inc.

............

(2,866)

(96,284)

347.4

FirstService

Corp.

.........

(350)

(47,811)

172.5

Fortis,

Inc.

..............

(3,756)

(151,914)

548.1

GFL

Environmental,

Inc.

.....

(4,025)

(113,629)

410.0

Kirkland

Lake

Gold

Ltd.

.....

(854)

(32,818)

118.4

Northland

Power,

Inc.

......

(627)

(22,972)

82.9

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

35

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Canada

(continued)

Nutrien

Ltd.

.............

(2,526)

$

(124,409)

448.9

%

Pan

American

Silver

Corp.

...

(1,190)

(38,499)

138.9

Restaurant

Brands

International,

Inc.

.................

(1,723)

(99,385)

358.6

Saputo,

Inc.

.............

(4,301)

(112,776)

406.9

Shopify,

Inc.,

Class

A

.......

(91)

(99,222)

358.0

SSR

Mining,

Inc.

..........

(3,738)

(65,713)

237.1

TC

Energy

Corp.

..........

(6,159)

(263,988)

952.5

WSP

Global,

Inc.

.........

(532)

(49,549)

178.8

(2,226,181)

United

States

Lennar

Corp.,

Class

B

......

(1)

(67)

0.2

Zambia

First

Quantum

Minerals

Ltd.

..

(1,963)

(32,697)

118.0

Total

Reference

Entity

—

Short

............

(2,258,945)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(27,715)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

January

31,

2021,

expiration

date

02/15/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Australia

AGL

Energy

Ltd.

..........

21,192

$

185,251

(215.9)

%

Aristocrat

Leisure

Ltd.

......

902

21,249

(24.8)

BHP

Group

Ltd.

..........

989

32,982

(38.4)

BHP

Group

plc

...........

1,554

42,588

(49.6)

Cochlear

Ltd.

............

1,089

163,741

(190.8)

Glencore

plc

............

4,422

14,761

(17.2)

Rio

Tinto

Ltd.

............

890

74,492

(86.8)

Rio

Tinto

plc

.............

2,247

170,474

(198.6)

Woodside

Petroleum

Ltd.

....

4,300

79,815

(93.0)

Woolworths

Group

Ltd.

.....

2,017

62,736

(73.1)

848,089

Austria

Raiffeisen

Bank

International

AG

1,200

23,458

(27.3)

Belgium

Etablissements

Franz

Colruyt

NV

.................

175

10,795

(12.6)

Solvay

SA

..............

68

7,735

(9.0)

18,530

Canada

Bank

of

Montreal

.........

437

32,506

(37.9)

Canadian

Imperial

Bank

of

Commerce

...........

194

16,533

(19.3)

Canadian

Tire

Corp.

Ltd.,

Class

A

..................

243

31,509

(36.7)

Constellation

Software,

Inc.

..

299

364,243

(424.4)

Gildan

Activewear

,

Inc.

......

1,085

27,109

(31.6)

Hydro

One

Ltd.

...........

21,996

509,671

(593.9)

Intact

Financial

Corp.

.......

949

104,641

(121.9)

Thomson

Reuters

Corp.

.....

2,085

170,012

(198.1)

Topicus.com,

Inc.

.........

689

25,863

(30.1)

1,282,087

Shares

Value

%

of

Basket

Value

Denmark

Genmab

A/S

............

443

$

176,378

(205.5)

%

Novo

Nordisk

A/S,

Class

B

...

6,438

448,524

(522.6)

624,902

Finland

Fortum

OYJ

.............

810

19,592

(22.8)

Kesko

OYJ,

Class

B

.......

3,453

89,663

(104.5)

Nordea

Bank

Abp

.........

5,246

42,517

(49.5)

151,772

France

Cie

de

Saint-Gobain

.......

1,928

95,843

(111.7)

Eurazeo

SE

.............

617

43,212

(50.3)

Ipsen

SA

...............

275

23,992

(27.9)

La

Francaise

des

Jeux

SAEM

.

901

38,700

(45.1)

Orange

SA

..............

7,499

88,012

(102.5)

Sanofi

.................

199

18,716

(21.8)

Sartorius

Stedim

Biotech

....

188

78,711

(91.7)

Schneider

Electric

SE

......

242

35,419

(41.3)

SEB

SA

................

115

21,854

(25.5)

Teleperformance

..........

66

21,587

(25.1)

Thales

SA

..............

384

34,455

(40.1)

Valeo

SA

...............

537

19,991

(23.3)

Vivendi

SA

..............

8,552

262,790

(306.2)

783,282

Germany

Deutsche

Post

AG

(Registered)

12,198

602,521

(702.0)

LEG

Immobilien

AG

........

272

38,992

(45.4)

Scout24

AG

.............

224

17,295

(20.2)

658,808

Israel

Israel

Discount

Bank

Ltd.,

Class

A

..................

10,213

39,455

(46.0)

Italy

Assicurazioni

Generali

SpA

...

812

13,858

(16.1)

Enel

SpA

...............

25,749

255,378

(297.6)

Terna

Rete

Elettrica

Nazionale

SpA

................

820

5,947

(6.9)

275,183

Japan

AGC,

Inc.

..............

6,600

229,275

(267.1)

Asahi

Intecc

Co.

Ltd.

.......

1,700

55,815

(65.0)

Astellas

Pharma,

Inc.

.......

400

6,493

(7.6)

Cosmos

Pharmaceutical

Corp.

200

30,494

(35.5)

Daito

Trust

Construction

Co.

Ltd.

1,600

166,742

(194.3)

ENEOS

Holdings,

Inc.

......

39,000

158,057

(184.2)

Fujitsu

Ltd.

..............

2,200

335,720

(391.2)

Honda

Motor

Co.

Ltd.

......

7,900

208,613

(243.1)

Hoshizaki

Corp.

..........

1,500

133,140

(155.1)

Kyocera

Corp.

...........

1,100

70,501

(82.2)

Marubeni

Corp.

...........

1,700

11,295

(13.2)

Mitsubishi

Electric

Corp.

.....

9,300

141,870

(165.3)

Mitsubishi

UFJ

Financial

Group,

Inc.

.................

35,300

159,407

(185.7)

Nippon

Telegraph

&

Telephone

Corp.

...............

1,000

24,994

(29.1)

Nitto

Denko

Corp.

.........

5,600

507,598

(591.4)

NSK

Ltd.

...............

2,800

25,387

(29.6)

Osaka

Gas

Co.

Ltd.

........

1,000

18,493

(21.6)

Panasonic

Corp.

..........

6,700

86,981

(101.4)

Pola

Orbis

Holdings,

Inc.

....

300

6,006

(7.0)

Recruit

Holdings

Co.

Ltd.

....

900

39,148

(45.6)

Seiko

Epson

Corp.

........

1,800

30,663

(35.7)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

36

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Japan

(continued)

Shionogi

&

Co.

Ltd.

........

400

$

21,716

(25.3)

%

Sony

Corp.

.............

200

19,143

(22.3)

Subaru

Corp.

............

4,700

90,288

(105.2)

Sumitomo

Mitsui

Financial

Group,

Inc.

...........

5,600

173,983

(202.7)

Sysmex

Corp.

...........

500

58,331

(68.0)

Taisei

Corp.

.............

1,000

32,397

(37.8)

TDK

Corp.

..............

1,500

242,538

(282.6)

Terumo

Corp.

............

2,100

81,618

(95.1)

Toppan

Printing

Co.

Ltd.

.....

1,600

22,755

(26.5)

Yamato

Holdings

Co.

Ltd.

....

800

19,849

(23.1)

3,209,310

Netherlands

Koninklijke

KPN

NV

........

5,231

16,342

(19.1)

Koninklijke

Philips

NV

......

1,249

68,082

(79.3)

NN

Group

NV

............

800

33,321

(38.8)

117,745

New

Zealand

Xero

Ltd.

...............

1,079

106,442

(124.0)

Norway

Telenor

ASA

.............

3,070

50,644

(59.0)

Portugal

Galp

Energia

SGPS

SA

.....

11,654

116,973

(136.3)

Spain

Cia

de

Distribucion

Integral

Logista

Holdings

SA

.....

54

1,016

(1.2)

Iberdrola

SA

.............

17,876

122,866

(143.1)

Repsol

SA

..............

13,358

131,225

(152.9)

255,107

Sweden

Investor

AB,

Class

B

.......

1,846

135,403

(157.8)

Lundin

Energy

AB

.........

2,449

66,522

(77.5)

201,925

Switzerland

Baloise

Holding

AG

(Registered)

304

50,908

(59.3)

Julius

Baer

Group

Ltd.

......

590

35,698

(41.6)

Kuehne

+

Nagel

International

AG

(Registered)

...........

204

46,421

(54.1)

Novartis

AG

(Registered)

....

274

24,809

(28.9)

Sonova

Holding

AG

(Registered)

782

188,649

(219.8)

STMicroelectronics

NV

.....

8

321

(0.4)

Swiss

Re

AG

............

193

17,015

(19.8)

363,821

United

Kingdom

3i

Group

plc

.............

4,973

75,358

(87.8)

Ashtead

Group

plc

........

331

16,612

(19.4)

BAE

Systems

plc

.........

17,884

112,843

(131.5)

BP

plc

.................

13,084

48,620

(56.7)

Bunzl

plc

...............

3,680

118,127

(137.6)

Imperial

Brands

plc

........

4,542

91,165

(106.2)

JD

Sports

Fashion

plc

......

7,783

79,227

(92.3)

National

Grid

plc

..........

1,474

17,122

(19.9)

559,074

United

States

3M

Co.

................

139

24,417

(28.4)

Accenture

plc,

Class

A

......

434

104,993

(122.3)

Align

Technology,

Inc.

......

337

177,053

(206.3)

American

Water

Works

Co.,

Inc.

674

107,179

(124.9)

Ameriprise

Financial,

Inc.

....

520

102,892

(119.9)

Shares

Value

%

of

Basket

Value

United

States

(continued)

Best

Buy

Co.,

Inc.

.........

959

$

104,358

(121.6)

%

Booz

Allen

Hamilton

Holding

Corp.

...............

15

1,278

(1.5)

BorgWarner,

Inc.

..........

1,937

81,335

(94.8)

Cintas

Corp.

.............

298

94,800

(110.5)

Citizens

Financial

Group,

Inc.

.

3,364

122,584

(142.8)

Citrix

Systems,

Inc.

........

731

97,450

(113.5)

Corning,

Inc.

............

562

20,159

(23.5)

Darden

Restaurants,

Inc.

....

711

83,109

(96.8)

Deere

&

Co.

.............

240

69,312

(80.8)

DexCom

,

Inc.

............

299

112,080

(130.6)

Dollar

Tree,

Inc.

..........

150

15,249

(17.8)

Dover

Corp.

.............

1,631

189,995

(221.4)

Edwards

Lifesciences

Corp.

..

2,262

186,796

(217.6)

Electronic

Arts,

Inc.

........

153

21,910

(25.5)

Entergy

Corp.

............

1,842

175,598

(204.6)

Equifax,

Inc.

.............

126

22,316

(26.0)

Equitable

Holdings,

Inc.

.....

1,439

35,658

(41.5)

Fair

Isaac

Corp.

..........

95

42,760

(49.8)

Fastenal

Co.

............

464

21,154

(24.6)

Fifth

Third

Bancorp

........

1,694

49,007

(57.1)

FMC

Corp.

..............

214

23,174

(27.0)

Fortune

Brands

Home

&

Security,

Inc.

.................

733

63,221

(73.7)

Hershey

Co.

(The)

........

93

13,526

(15.8)

HP,

Inc.

................

3,211

78,156

(91.1)

Humana,

Inc.

............

107

40,993

(47.8)

James

Hardie

Industries

plc,

CDI

................

1,342

37,510

(43.7)

Jazz

Pharmaceuticals

plc

....

135

20,993

(24.5)

Johnson

Controls

International

plc

.................

991

49,372

(57.5)

KeyCorp

...............

2,195

37,008

(43.1)

Knight-Swift

Transportation

Holdings,

Inc.

..........

993

39,720

(46.3)

Lam

Research

Corp.

.......

30

14,519

(16.9)

Lennox

International,

Inc.

....

103

28,375

(33.1)

Loews

Corp.

............

3,220

145,834

(169.9)

Marsh

&

McLennan

Cos.,

Inc.

.

442

48,580

(56.6)

Maxim

Integrated

Products,

Inc.

490

42,978

(50.1)

McDonald's

Corp.

.........

452

93,944

(109.5)

Mettler

-Toledo

International,

Inc.

103

120,314

(140.2)

Molson

Coors

Beverage

Co.,

Class

B

..............

494

24,779

(28.9)

Morgan

Stanley

..........

484

32,452

(37.8)

Nasdaq,

Inc.

............

1,126

152,314

(177.5)

Nordson

Corp.

...........

172

30,786

(35.9)

Norfolk

Southern

Corp.

.....

74

17,510

(20.4)

NRG

Energy,

Inc.

.........

1,850

76,609

(89.3)

Omnicom

Group,

Inc.

.......

1,913

119,333

(139.0)

Owens

Corning

...........

1,105

85,748

(99.9)

Parker-Hannifin

Corp.

......

484

128,071

(149.2)

Qorvo

,

Inc.

..............

126

21,531

(25.1)

QUALCOMM,

Inc.

.........

367

57,355

(66.8)

Quest

Diagnostics,

Inc.

.....

133

17,177

(20.0)

Raymond

James

Financial,

Inc.

252

25,182

(29.3)

Robert

Half

International,

Inc.

.

1,862

125,685

(146.4)

Rockwell

Automation,

Inc.

....

1,043

259,217

(302.0)

SEI

Investments

Co.

.......

1,211

64,001

(74.6)

Sherwin-Williams

Co.

(The)

..

52

35,974

(41.9)

Starbucks

Corp.

..........

938

90,808

(105.8)

State

Street

Corp.

.........

516

36,120

(42.1)

Take-Two

Interactive

Software,

Inc.

.................

423

84,790

(98.8)

Target

Corp.

.............

116

21,016

(24.5)

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

37

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

States

(continued)

Teradyne,

Inc.

...........

294

$

33,363

(38.9)

%

TJX

Cos.,

Inc.

(The)

.......

1,544

98,878

(115.2)

Tractor

Supply

Co.

........

829

117,502

(136.9)

Universal

Health

Services,

Inc.,

Class

B

..............

703

87,650

(102.1)

Vertex

Pharmaceuticals,

Inc.

..

877

200,903

(234.1)

WW

Grainger,

Inc.

.........

587

213,897

(249.2)

Yum!

Brands,

Inc.

.........

3,152

319,896

(372.7)

5,540,206

Total

Reference

Entity

—

Long

............

15,226,813

Reference

Entity

—

Short

Australia

Newcrest

Mining

Ltd.

.......

(1,350)

(25,659)

29.9

Sydney

Airport

...........

(28,437)

(123,567)

144.0

Westpac

Banking

Corp.

.....

(4,662)

(74,737)

87.1

(223,963)

Austria

Erste

Group

Bank

AG

......

(2,112)

(64,499)

75.1

Belgium

Umicore

SA

.............

(744)

(42,140)

49.1

Bermuda

RenaissanceRe

Holdings

Ltd.

.

(902)

(135,697)

158.1

Brazil

Yara

International

ASA

......

(627)

(29,156)

34.0

Canada

Bank

of

Nova

Scotia

(The)

...

(1,315)

(70,133)

81.7

Barrick

Gold

Corp.

........

(2,720)

(60,749)

70.8

Canadian

Utilities

Ltd.,

Class

A

(5,384)

(133,090)

155.1

CGI,

Inc.

...............

(1,411)

(113,101)

131.8

Dollarama,

Inc.

...........

(1,130)

(44,175)

51.5

FirstService

Corp.

.........

(165)

(22,539)

26.3

Fortis,

Inc.

..............

(1,040)

(42,064)

49.0

Metro,

Inc.

..............

(1,178)

(50,925)

59.3

Pembina

Pipeline

Corp.

.....

(1,700)

(44,748)

52.1

Shaw

Communications,

Inc.,

Class

B

..............

(3,304)

(56,688)

66.1

SSR

Mining,

Inc.

..........

(982)

(17,263)

20.1

Toronto-Dominion

Bank

(The)

.

(3,245)

(183,877)

214.2

(839,352)

Denmark

Demant

A/S

.............

(1,155)

(41,398)

48.2

H

Lundbeck

A/S

..........

(1,910)

(67,957)

79.2

(109,355)

Finland

Kone

OYJ,

Class

B

........

(966)

(75,971)

88.5

Stora

Enso

OYJ,

Class

R

....

(1,956)

(35,497)

41.3

UPM-

Kymmene

OYJ

.......

(696)

(24,870)

29.0

(136,338)

France

Accor

SA

...............

(486)

(16,342)

19.0

Aeroports

de

Paris

........

(928)

(106,503)

124.1

AXA

SA

................

(5,696)

(126,191)

147.0

Dassault

Systemes

SE

.....

(482)

(96,219)

112.1

Eiffage

SA

..............

(840)

(76,245)

88.8

Faurecia

SE

.............

(353)

(18,473)

21.5

Orpea

SA

..............

(791)

(109,444)

127.5

Renault

SA

.............

(706)

(30,025)

35.0

Shares

Value

%

of

Basket

Value

France

(continued)

Worldline

SA

............

(2,427)

$

(205,154)

239.0

%

(784,596)

Germany

adidas

AG

..............

(560)

(177,564)

206.9

Beiersdorf

AG

............

(827)

(90,271)

105.2

Carl

Zeiss

Meditec

AG,

Class

BR

.................

(519)

(81,112)

94.5

SAP

SE

................

(506)

(64,205)

74.8

Siemens

Energy

AG

.......

(540)

(20,040)

23.3

Siemens

Healthineers

AG

....

(1,558)

(87,375)

101.8

(520,567)

Hong

Kong

Melco

Resorts

&

Entertainment

Ltd.,

ADR

............

(1,001)

(16,006)

18.7

Ireland

Smurfit

Kappa

Group

plc

....

(427)

(20,562)

24.0

Italy

Davide

Campari-Milano

NV

..

(4,090)

(43,961)

51.2

Nexi

SpA

...............

(2,332)

(41,372)

48.2

UniCredit

SpA

...........

(1,762)

(16,057)

18.7

(101,390)

Japan

Acom

Co.

Ltd.

...........

(9,400)

(41,322)

48.1

Aeon

Co.

Ltd.

............

(1,900)

(59,525)

69.4

Air

Water,

Inc.

............

(1,400)

(22,634)

26.4

Asahi

Group

Holdings

Ltd.

...

(1,200)

(48,447)

56.4

Central

Japan

Railway

Co.

...

(100)

(14,319)

16.7

Daikin

Industries

Ltd.

.......

(1,500)

(316,699)

369.0

Daiwa

House

Industry

Co.

Ltd.

(4,800)

(136,084)

158.6

East

Japan

Railway

Co.

.....

(300)

(19,789)

23.1

Harmonic

Drive

Systems,

Inc.

.

(400)

(29,886)

34.8

Hitachi

Construction

Machinery

Co.

Ltd.

..............

(300)

(8,745)

10.2

Idemitsu

Kosan

Co.

Ltd.

.....

(7,900)

(185,523)

216.2

Japan

Airport

Terminal

Co.

Ltd.

(500)

(26,305)

30.6

Keikyu

Corp.

............

(1,100)

(17,644)

20.6

Kintetsu

Group

Holdings

Co.

Ltd.

................

(4,800)

(202,026)

235.4

Kirin

Holdings

Co.

Ltd.

......

(4,800)

(103,171)

120.2

Komatsu

Ltd.

............

(8,000)

(219,196)

255.4

Konami

Holdings

Corp.

.....

(500)

(30,641)

35.7

Lion

Corp.

..............

(1,000)

(22,856)

26.6

Mitsubishi

Chemical

Holdings

Corp.

...............

(5,600)

(38,304)

44.6

Mitsui

&

Co.

Ltd.

..........

(1,900)

(35,254)

41.1

Mitsui

Fudosan

Co.

Ltd.

.....

(2,300)

(46,685)

54.4

Nippon

Sanso

Holdings

Corp.

.

(900)

(17,349)

20.2

Nissan

Motor

Co.

Ltd.

......

(41,100)

(211,900)

246.9

Nomura

Research

Institute

Ltd.

(1,700)

(57,263)

66.7

Odakyu

Electric

Railway

Co.

Ltd.

(1,000)

(29,067)

33.9

Omron

Corp.

............

(800)

(70,877)

82.6

Rakuten

,

Inc.

............

(1,800)

(17,717)

20.6

Rinnai

Corp.

.............

(300)

(31,335)

36.5

Shiseido

Co.

Ltd.

.........

(2,100)

(136,331)

158.8

SoftBank

Group

Corp.

......

(400)

(30,989)

36.1

Sompo

Holdings,

Inc.

......

(1,700)

(67,885)

79.1

Sumitomo

Corp.

..........

(8,900)

(118,143)

137.7

Sumitomo

Electric

Industries

Ltd.

................

(4,900)

(65,408)

76.2

Sumitomo

Realty

&

Development

Co.

Ltd.

..............

(1,500)

(45,279)

52.8

Suzuken

Co.

Ltd.

.........

(700)

(27,110)

31.6

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

38

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

Japan

(continued)

Takeda

Pharmaceutical

Co.

Ltd.

(1,000)

$

(35,170)

41.0

%

Toho

Co.

Ltd.

............

(1,200)

(46,482)

54.2

Tokyo

Electric

Power

Co.

Holdings,

Inc.

..........

(4,700)

(18,029)

21.0

Toyota

Tsusho

Corp.

.......

(1,000)

(39,060)

45.5

(2,690,449)

Netherlands

ABN

AMRO

Bank

NV,

CVA

...

(8,228)

(85,934)

100.1

Aegon

NV

..............

(26,756)

(110,937)

129.3

Argenx

SE

..............

(198)

(57,736)

67.3

(254,607)

Norway

DNB

ASA

...............

(2,528)

(49,216)

57.3

Spain

Banco

Santander

SA

.......

(6,597)

(19,256)

22.4

Cellnex

Telecom

SA

.......

(441)

(25,835)

30.1

Cia

de

Distribucion

Integral

Logista

Holdings

SA

.....

(54)

(1,016)

1.2

Ferrovial

SA

.............

(1,980)

(47,468)

55.3

(93,575)

Sweden

Hexagon

AB,

Class

B

......

(596)

(51,939)

60.5

Securitas

AB,

Class

B

......

(4,683)

(72,158)

84.1

Svenska

Handelsbanken

AB,

Class

A

..............

(1,903)

(18,971)

22.1

Swedbank

AB,

Class

A

......

(2,525)

(47,510)

55.4

(190,578)

Switzerland

ABB

Ltd.

(Registered)

......

(2,211)

(65,216)

76.0

Chocoladefabriken

Lindt

&

Spruengli

AG

..........

(32)

(277,253)

323.0

Clariant

AG

(Registered)

....

(9,641)

(204,833)

238.7

EMS-

Chemie

Holding

AG

(Registered)

...........

(39)

(36,785)

42.9

Lonza

Group

AG

(Registered)

.

(116)

(74,089)

86.3

Schindler

Holding

AG

......

(1,085)

(286,358)

333.6

Sika

AG

(Registered)

.......

(168)

(45,715)

53.3

Swatch

Group

AG

(The),

Class

BR

.................

(243)

(69,996)

81.5

Temenos

AG

(Registered)

...

(689)

(87,001)

101.4

Vifor

Pharma

AG

..........

(714)

(96,960)

113.0

(1,244,206)

United

Kingdom

CNH

Industrial

NV

.........

(9,457)

(120,505)

140.4

Compass

Group

plc

........

(956)

(17,077)

19.9

HSBC

Holdings

plc

........

(28,149)

(147,293)

171.6

Informa

plc

..............

(5,841)

(39,744)

46.3

InterContinental

Hotels

Group

plc

.................

(345)

(21,254)

24.8

Smiths

Group

plc

.........

(6,392)

(123,455)

143.8

Tesco

plc

...............

(87,416)

(286,060)

333.3

Unilever

plc

.............

(3,083)

(179,601)

209.3

Whitbread

plc

............

(3,819)

(145,134)

169.1

(1,080,123)

United

States

AbbVie,

Inc.

.............

(427)

(43,759)

51.0

American

Financial

Group,

Inc.

(416)

(39,162)

45.6

Arch

Capital

Group

Ltd.

.....

(1,180)

(37,064)

43.2

Avantor

,

Inc.

.............

(3,612)

(106,518)

124.1

Ball

Corp.

..............

(399)

(35,120)

40.9

Shares

Value

%

of

Basket

Value

United

States

(continued)

BioMarin

Pharmaceutical,

Inc.

.

(1,391)

$

(115,147)

134.2

%

Boeing

Co.

(The)

.........

(316)

(61,364)

71.5

Boston

Scientific

Corp.

......

(3,716)

(131,695)

153.4

Bristol-Myers

Squibb

Co.

....

(374)

(22,975)

26.8

Broadcom,

Inc.

...........

(763)

(343,731)

400.5

Broadridge

Financial

Solutions,

Inc.

.................

(444)

(62,742)

73.1

Brookfield

Renewable

Corp.

..

(1,746)

(97,885)

114.1

Cabot

Oil

&

Gas

Corp.

......

(2,343)

(42,947)

50.0

CarMax,

Inc.

............

(1,496)

(176,199)

205.3

Ceridian

HCM

Holding,

Inc.

..

(2,400)

(222,984)

259.8

Cheniere

Energy,

Inc.

......

(2,045)

(129,510)

150.9

Church

&

Dwight

Co.,

Inc.

...

(128)

(10,807)

12.6

Cisco

Systems,

Inc.

........

(378)

(16,851)

19.6

CMS

Energy

Corp.

........

(2,035)

(115,751)

134.9

Coca-Cola

Co.

(The)

.......

(761)

(36,642)

42.7

ConocoPhillips

...........

(2,210)

(88,466)

103.1

CoStar

Group,

Inc.

........

(106)

(95,369)

111.1

Coupa

Software,

Inc.

.......

(337)

(104,426)

121.7

Danaher

Corp.

...........

(368)

(87,525)

102.0

Essential

Utilities,

Inc.

......

(7,301)

(338,036)

393.9

Gartner,

Inc.

.............

(478)

(72,613)

84.6

Guidewire

Software,

Inc.

....

(848)

(97,300)

113.4

Halliburton

Co.

...........

(4,700)

(82,861)

96.5

Hilton

Worldwide

Holdings,

Inc.

(266)

(26,970)

31.4

Honeywell

International,

Inc.

..

(502)

(98,076)

114.3

Hormel

Foods

Corp.

.......

(7,834)

(367,101)

427.7

IAC/InterActiveCorp

........

(85)

(17,846)

20.8

Ingersoll

Rand,

Inc.

........

(5,528)

(231,292)

269.5

International

Business

Machines

Corp.

...............

(556)

(66,225)

77.2

IQVIA

Holdings,

Inc.

.......

(546)

(97,079)

113.1

J

M

Smucker

Co.

(The)

.....

(1,172)

(136,433)

159.0

KLA

Corp.

..............

(130)

(36,409)

42.4

Kraft

Heinz

Co.

(The)

.......

(3,113)

(104,317)

121.5

Las

Vegas

Sands

Corp.

.....

(4,589)

(220,685)

257.1

Lincoln

National

Corp.

......

(1,417)

(64,459)

75.1

Marriott

International,

Inc.,

Class

A

..................

(887)

(103,167)

120.2

Martin

Marietta

Materials,

Inc.

.

(455)

(130,772)

152.4

McCormick

&

Co.,

Inc.

(Non-

Voting)

..............

(1,136)

(101,717)

118.5

Microchip

Technology,

Inc.

...

(939)

(127,807)

148.9

Molina

Healthcare,

Inc.

.....

(103)

(22,002)

25.6

NiSource,

Inc.

...........

(2,890)

(64,013)

74.6

NortonLifeLock

,

Inc.

.......

(3,766)

(79,350)

92.5

ONEOK,

Inc.

............

(1,756)

(69,941)

81.5

PerkinElmer,

Inc.

.........

(367)

(53,975)

62.9

PG&E

Corp.

.............

(2,937)

(33,570)

39.1

Pinnacle

West

Capital

Corp.

..

(1,197)

(90,074)

105.0

Progressive

Corp.

(The)

.....

(1,479)

(128,954)

150.3

Public

Service

Enterprise

Group,

Inc.

.................

(648)

(36,567)

42.6

Republic

Services,

Inc.

.....

(299)

(27,065)

31.5

ResMed

,

Inc.

............

(223)

(44,950)

52.4

S&P

Global,

Inc.

..........

(54)

(17,118)

19.9

salesforce.com,

Inc.

.......

(677)

(152,704)

177.9

Schlumberger

NV

.........

(788)

(17,501)

20.4

Seagen

,

Inc.

............

(91)

(14,949)

17.4

Splunk

,

Inc.

.............

(238)

(39,277)

45.8

Square,

Inc.,

Class

A

.......

(325)

(70,187)

81.8

Teladoc

,

Inc.

............

(340)

(89,702)

104.5

Teledyne

Technologies,

Inc.

..

(106)

(37,843)

44.1

Teleflex,

Inc.

.............

(275)

(103,848)

121.0

Tenaris

SA

..............

(16,915)

(130,611)

152.2

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

39

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Shares

Value

%

of

Basket

Value

United

States

(continued)

T-Mobile

US,

Inc.

.........

(283)

$

(35,681)

41.6

%

TransUnion

.............

(231)

(20,106)

23.4

Tyson

Foods,

Inc.,

Class

A

...

(1,362)

(87,590)

102.1

United

Rentals,

Inc.

........

(48)

(11,664)

13.6

US

Bancorp

.............

(603)

(25,839)

30.1

Vail

Resorts,

Inc.

..........

(177)

(47,075)

54.8

VF

Corp.

...............

(609)

(46,814)

54.5

Voya

Financial,

Inc.

........

(573)

(31,779)

37.0

Shares

Value

%

of

Basket

Value

United

States

(continued)

Vulcan

Materials

Co.

.......

(633)

$

(94,406)

110.0

%

Waste

Management,

Inc.

....

(603)

(67,126)

78.2

Wells

Fargo

&

Co.

.........

(2,110)

(63,047)

73.5

Wynn

Resorts

Ltd.

........

(705)

(70,169)

81.8

Zoetis,

Inc.

..............

(97)

(14,962)

17.4

(6,686,263)

Total

Reference

Entity

—

Short

............

(15,312,638)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

.....................

$

(85,825)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.20

%

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.53)

Balances

Reported

in

the

Consolidated

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

$

845,602

$

—

$

548,579

$

—

OTC

Swaps

...................................................................

—

—

317,697

(908,852)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

40

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Consolidated

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

267,618

$

—

$

1,008,566

$

—

$

517,238

$

—

$

1,793,422

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

4,284,012

—

—

4,284,012

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

—

—

—

132,661

—

132,661

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

548,579

—

—

—

—

548,579

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

317,697

—

—

—

317,697

$

267,618

$

548,579

$

1,326,263

$

4,284,012

$

649,899

$

—

$

7,076,371

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

32,880

—

794,986

—

739,910

—

1,567,776

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

3,518,318

—

—

3,518,318

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

908,852

—

—

—

908,852

$

32,880

$

—

$

1,703,838

$

3,518,318

$

739,910

$

—

$

5,994,946

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Consolidated

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

For

the

six

months

ended

January

31,

2021,

the

effect

of

derivative

financial

instruments

in

the

Consolidated

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

(936,284)

$

—

$

275,258

$

—

$

(1,455,098)

$

—

$

(2,116,124)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(2,161,149)

—

—

(2,161,149)

Options

purchased

(a)

....................

—

—

—

—

(80,440)

—

(80,440)

Swaps

..............................

—

757,170

(1,872,788)

—

—

—

(1,115,618)

$

(936,284)

$

757,170

$

(1,597,530)

$

(2,161,149)

$

(1,535,538)

$

—

$

(5,473,331)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

(132,508)

—

2,268,146

—

(827,337)

—

1,308,301

Forward

foreign

currency

exchange

contracts

....

—

—

—

2,116,392

—

—

2,116,392

Options

purchased

(b)

....................

—

—

—

—

(8,715)

—

(8,715)

Swaps

..............................

—

251,941

(2,657,584)

—

—

—

(2,405,643)

$

(132,508)

$

251,941

$

(389,438)

$

2,116,392

$

(836,052)

$

—

$

1,010,335

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

41

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

293,068,180

Average

notional

value

of

contracts

—

short

.................................................................................

141,131,243

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

263,975,726

Average

amounts

sold

—

in

USD

........................................................................................

235,122,017

Options:

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

34,428,599

Credit

default

swaps:

Average

notional

value

—

sell

protection

...................................................................................

13,809,078

Total

return

swaps:

Average

notional

value

...............................................................................................

44,404,495

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

(936,284)

Futures

contracts

....................................................................................

$

907,165

$

1,488,464

Forward

foreign

currency

exchange

contracts

.................................................................

4,284,012

3,518,318

Options

(a)(b)

........................................................................................

132,661

—

Swaps

—

Centrally

cleared

.............................................................................

907

—

Swaps

—

OTC

(c)

....................................................................................

317,697

908,852

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

5,642,442

$

5,915,634

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(908,072)

(1,488,464)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

4,734,370

$

4,427,170

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

(e)

.............................

$

1,607,540

$

—

$

—

$

(1,120,000)

$

487,540

Barclays

Bank

plc

................................

26,292

(26,292)

—

—

—

Barclays

Bank

plc

(e)

...............................

55,282

(55,282)

—

—

—

BNP

Paribas

SA

.................................

18,734

—

—

—

18,734

BNP

Paribas

SA

(e)

................................

54,839

(54,839)

—

—

—

Citibank

NA

....................................

3,715

(3,715)

—

—

—

Credit

Suisse

International

..........................

94,531

—

—

—

94,531

Deutsche

Bank

AG

(e)

..............................

21,307

(21,307)

—

—

—

Goldman

Sachs

International

........................

146,515

(10,330)

—

—

136,185

Goldman

Sachs

International

(e)

.......................

132,512

(46,063)

—

—

86,449

HSBC

Bank

plc

..................................

78,900

(78,900)

—

—

—

HSBC

Bank

plc

(e)

................................

1,176,926

(157,807)

—

(440,000)

579,119

JPMorgan

Chase

Bank

NA

(e)

.........................

8,184

(8,184)

—

—

—

Merrill

Lynch

International

&

Co.

......................

135,678

(135,678)

—

—

—

Morgan

Stanley

&

Co.

International

plc

(e)

.................

1,118,879

(1,118,879)

—

—

—

Toronto

Dominion

Bank

............................

25,716

(10,376)

—

—

15,340

UBS

AG

......................................

28,820

(12,046)

—

—

16,774

$

4,734,370

$

(1,739,698)

$

—

$

(1,560,000)

$

1,434,672

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Total

Factor

Fund

42

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(f)

Net

Amount

of

Derivative

Liabilities

(d)(g)

Barclays

Bank

plc

................................

$

27,971

$

(26,292)

$

—

$

—

$

1,679

Barclays

Bank

plc

(e)

...............................

112,114

(55,282)

—

—

56,832

BNP

Paribas

SA

(e)

................................

362,172

(54,839)

—

—

307,333

Citibank

NA

....................................

98,640

(3,715)

—

—

94,925

Deutsche

Bank

AG

...............................

4,510

—

—

—

4,510

Deutsche

Bank

AG

(e)

..............................

73,337

(21,307)

—

—

52,030

Goldman

Sachs

International

........................

10,330

(10,330)

—

—

—

Goldman

Sachs

International

(e)

.......................

46,063

(46,063)

—

—

—

HSBC

Bank

plc

..................................

209,651

(78,900)

—

—

130,751

HSBC

Bank

plc

(e)

................................

157,807

(157,807)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

24,344

—

—

—

24,344

JPMorgan

Chase

Bank

NA

(e)

.........................

47,508

(8,184)

—

—

39,324

Merrill

Lynch

International

&

Co.

......................

553,188

(135,678)

—

(417,510)

—

Morgan

Stanley

&

Co.

International

plc

(e)

.................

2,677,052

(1,118,879)

—

(1,220,000)

338,173

Toronto

Dominion

Bank

............................

10,376

(10,376)

—

—

—

UBS

AG

......................................

12,046

(12,046)

—

—

—

Westpac

Banking

Corp.

............................

61

—

—

—

61

$

4,427,170

$

(1,739,698)

$

—

$

(1,637,510)

$

1,049,962

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Represents

derivatives

owned

by

the

BlackRock

Cayman

Strategic

Risk

Allocation

Fund,

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements.

(f)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(g)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Total

Factor

Fund

Consolidated

Schedule

of

Investments

43

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

See

notes

to

consolidated

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks

.........................................

$

334

$

—

$

—

$

334

Foreign

Government

Obligations

..............................

—

9,980,003

—

9,980,003

U.S.

Treasury

Obligations

...................................

—

9,864,642

—

9,864,642

Short-Term

Securities:

Money

Market

Funds

......................................

15,017,613

—

—

15,017,613

U.S.

Treasury

Obligations

...................................

—

87,273,631

—

87,273,631

Options

Purchased:

Interest

rate

contracts

......................................

—

132,661

—

132,661

$

15,017,947

$

107,250,937

$

—

$

122,268,884

Derivative

Financial

Instruments

(a)

Assets:

Commodity

contracts

.......................................

$

267,618

$

—

$

—

$

267,618

Credit

contracts

...........................................

—

548,579

—

548,579

Equity

contracts

...........................................

1,008,566

317,697

—

1,326,263

Foreign

currency

exchange

contracts

............................

—

4,284,012

—

4,284,012

Interest

rate

contracts

.......................................

517,238

—

—

517,238

Liabilities:

Commodity

contracts

.......................................

(32,880)

—

—

(32,880)

Equity

contracts

...........................................

(794,986)

(908,852)

—

(1,703,838)

Foreign

currency

exchange

contracts

............................

—

(3,518,318)

—

(3,518,318)

Interest

rate

contracts

.......................................

(739,910)

—

—

(739,910)

$

225,646

$

723,118

$

—

$

948,764

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Consolidated

Statement

of

Assets

and

Liabilities

(unaudited)

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

44

+

+

See

notes

to

consolidated

financial

statements.

BlackRock

Total

Factor

Fund

ASSETS

Investments

at

value

—

unaffiliated

(cost

—

$105,295,646)

..............................................................................

$

107,251,271‌

Investments

at

value

—

affiliated

(cost

—

$15,017,613)

................................................................................

15,017,613‌

Cash

.................................................................................................................

8,774,297‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

................................................................................................

11,090,000‌

Futures

contracts

........................................................................................................

11,709,000‌

Centrally

cleared

swaps

....................................................................................................

1,345,000‌

Foreign

currency

at

value

(cost

—

$12,419,767)

.....................................................................................

12,990,000‌

Receivables:

–‌

Swaps  

..............................................................................................................

363,455‌

Capital

shares

sold

.......................................................................................................

147,529‌

Dividends

—

affiliated

.....................................................................................................

175‌

From

the

Manager

.......................................................................................................

8,593‌

Variation

margin

on

futures

contracts

...........................................................................................

907,165‌

Variation

margin

on

centrally

cleared

swaps

......................................................................................

907‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.....................................................................................

4,284,012‌

OTC

swaps

............................................................................................................

317,697‌

Prepaid

expenses

.........................................................................................................

112,557‌

Total

assets

.............................................................................................................

174,319,271‌

LIABILITIES

Cash

received

as

collateral

for

OTC

derivatives

.....................................................................................

2,060,000‌

Payables:

–‌

Accounting

services

fees

...................................................................................................

103,876‌

Administration

fees

.......................................................................................................

6,018‌

Capital

shares

redeemed

...................................................................................................

172,093‌

Investment

advisory

fees

..................................................................................................

9,056‌

Trustees'

and

Officer's

fees

.................................................................................................

3,436‌

Other

affiliate

fees

.......................................................................................................

106‌

Service

and

distribution

fees

.................................................................................................

1,332‌

Variation

margin

on

futures

contracts

...........................................................................................

1,488,464‌

Other

accrued

expenses

...................................................................................................

242,058‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.....................................................................................

3,518,318‌

OTC

swaps

............................................................................................................

908,852‌

Total

liabilities

............................................................................................................

8,513,609‌

NET

ASSETS

............................................................................................................

$

165,805,662‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

224,564,295‌

Accumulated

loss

.........................................................................................................

(58,758,633‌)

NET

ASSETS

............................................................................................................

$

165,805,662‌

Consolidated

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2021

45

Consolidated

Financial

Statements

See

notes

to

consolidated

financial

statements.

BlackRock

Total

Factor

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

134,031,389

Shares

outstanding

.................................................................................................

15,348,703

Net

asset

value

....................................................................................................

$

8.73

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001

Investor

A

Net

assets

........................................................................................................

$

5,360,543

Shares

outstanding

.................................................................................................

617,809

Net

asset

value

....................................................................................................

$

8.68

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001

Investor

C

Net

assets

........................................................................................................

$

235,202

Shares

outstanding

.................................................................................................

27,472

Net

asset

value

....................................................................................................

$

8.56

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001

Class

K

Net

assets

........................................................................................................

$

26,178,528

Shares

outstanding

.................................................................................................

2,995,111

Net

asset

value

....................................................................................................

$

8.74

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001

Consolidated

Statement

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

46

(a)

Includes

net

inflationary

and

deflationary

adjustments.

See

Note

4

of

the

Notes

to

Consolidated

Financial

Statements.

See

notes

to

consolidated

financial

statements.

BlackRock

Total

Factor

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

2,003‌

Interest

—

unaffiliated

(a)

...................................................................................................

243,067‌

Total

investment

income

.....................................................................................................

245,070‌

EXPENSES

Investment

advisory

......................................................................................................

570,223‌

Accounting

services

......................................................................................................

119,451‌

Transfer

agent

—

class

specific

..............................................................................................

106,506‌

Registration

...........................................................................................................

83,067‌

Professional

...........................................................................................................

71,125‌

Administration

.........................................................................................................

48,469‌

Administration

—

class

specific

..............................................................................................

22,808‌

Custodian

.............................................................................................................

19,863‌

Printing

and

postage

.....................................................................................................

15,929‌

Service

and

distribution

—

class

specific

........................................................................................

9,301‌

Trustees

and

Officer

......................................................................................................

6,978‌

Miscellaneous

..........................................................................................................

322‌

Total

expenses

...........................................................................................................

1,074,042‌

Less:

–‌

Administration

fees

waived

—

class

specific

......................................................................................

(22,767‌)

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(362,265‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

.........................................................................

(58,886‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

630,124‌

Net

investment

loss

........................................................................................................

(385,054‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(3,901,034‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...............................................................................................

(242,823‌)

Forward

foreign

currency

exchange

contracts

...................................................................................

(2,161,149‌)

Foreign

currency

transactions

.............................................................................................

313,232‌

Futures

contracts

......................................................................................................

(2,116,124‌)

Swaps

.............................................................................................................

(1,115,618‌)

A

(5,322,482‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...............................................................................................

134,697‌

Forward

foreign

currency

exchange

contracts

...................................................................................

2,116,392‌

Foreign

currency

translations

..............................................................................................

267,700‌

Futures

contracts

......................................................................................................

1,308,301‌

Swaps

.............................................................................................................

(2,405,643‌)

A

1,421,447‌

Net

realized

and

unrealized

loss

................................................................................................

(3,901,035‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....................................................................

$

(4,286,089‌)

Consolidated

Statements

of

Changes

in

Net

Assets

47

Consolidated

Financial

Statements

See

notes

to

consolidated

financial

statements.

BlackRock

Total

Factor

Fund

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

07/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

(385,054‌)

$

3,093,443‌

Net

realized

loss

..................................................................................

(5,322,482‌)

(56,389,744‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

1,421,447‌

(6,604,347‌)

Net

decrease

in

net

assets

resulting

from

operations

............................................................

(4,286,089‌)

(59,900,648‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

—‌

(7,545,741‌)

Investor

A

.....................................................................................

—‌

(251,603‌)

Investor

C

.....................................................................................

—‌

(16,900‌)

Class

K

.......................................................................................

—‌

(567,568‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(8,381,812‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(132,093,572‌)

137,702,357‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

(136,379,661‌)

69,419,897‌

Beginning

of

period

..................................................................................

302,185,323‌

232,765,426‌

End

of

period

......................................................................................

$

165,805,662‌

$

302,185,323‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Consolidated

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

48

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

greater

than

$(0.005)

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

BlackRock

Total

Factor

Fund

Institutional

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

8.78‌

$

10.50‌

$

10.18‌

$

10.18‌

$

9.79‌

$

9.96‌

Net

investment

income

(loss)

(a)

...................

(0.01‌)

0.09‌

0.16‌

0.08‌

0.00‌

(b)

(0.04‌)

Net

realized

and

unrealized

gain

(loss)

.............

(0.04‌)

(1.51‌)

0.44‌

0.39‌

0.53‌

0.29‌

Net

increase

(decrease)

from

investment

operations

......

(0.05‌)

(1.42‌)

0.60‌

0.47‌

0.53‌

0.25‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....................

—‌

(0.01‌)

(0.24‌)

—‌

(0.04‌)

(0.42‌)

From

net

realized

gain

.........................

—‌

(0.29‌)

(0.04‌)

(0.47‌)

(0.10‌)

—‌

Total

distributions

.............................

—‌

(0.30‌)

(0.28‌)

(0.47‌)

(0.14‌)

(0.42‌)

Net

asset

value,

end

of

period

....................

$

8.73‌

$

8.78‌

$

10.50‌

$

10.18‌

$

10.18‌

$

9.79‌

Total

Return

(d)

(0.57)%

(13.93)%

6.10%

4.59%

—

—

Based

on

net

asset

value

........................

(0.57)%

(e)

(13.93)%

6.10%

4.59%

5.46%

2.86%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.94%

(g)

0.84%

1.29%

1.82%

1.65%

1.61%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.55%

(g)

0.55%

0.55%

0.54%

0.68%

1.00%

Net

investment

income

(loss)

.....................

(0.33)%

(g)

0.97%

1.55%

0.76%

(0.03)%

(0.45)%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

134,031‌

$

265,507‌

$

206,351‌

$

122,627‌

$

31,334‌

$

27,712‌

Portfolio

turnover

rate

..........................

16%

166%

74%

64%

73%

11%

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.05%

0.11%

0.08%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

49

Consolidated

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

BlackRock

Total

Factor

Fund

Investor

A

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

8.74‌

$

10.46‌

$

10.15‌

$

10.15‌

$

9.77‌

$

9.93‌

Net

investment

income

(loss)

(a)

...................

(0.03‌)

0.07‌

0.13‌

0.02‌

(0.02‌)

(0.07‌)

Net

realized

and

unrealized

gain

(loss)

.............

(0.03‌)

(1.50‌)

0.44‌

0.42‌

0.52‌

0.30‌

Net

increase

(decrease)

from

investment

operations

......

(0.06‌)

(1.43‌)

0.57‌

0.44‌

0.50‌

0.23‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

—‌

(0.00‌)

(c)

(0.22‌)

—‌

(0.02‌)

(0.39‌)

From

net

realized

gain

.........................

—‌

(0.29‌)

(0.04‌)

(0.44‌)

(0.10‌)

—‌

Total

distributions

.............................

—‌

(0.29‌)

(0.26‌)

(0.44‌)

(0.12‌)

(0.39‌)

Net

asset

value,

end

of

period

....................

$

8.68‌

$

8.74‌

$

10.46‌

$

10.15‌

$

10.15‌

$

9.77‌

Total

Return

(d)

(0.69)%

(14.07)%

5.80%

4.35%

—

—

Based

on

net

asset

value

........................

(0.69)%

(e)

(14.07)%

5.80%

4.35%

5.16%

2.68%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.31%

(g)

1.22%

1.65%

2.20%

2.09%

2.03%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.80%

(g)

0.80%

0.80%

0.80%

0.91%

1.25%

Net

investment

income

(loss)

.....................

(0.60)%

(g)

0.73%

1.28%

0.18%

(0.21)%

(0.70)%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

5,361‌

$

6,916‌

$

7,423‌

$

4,936‌

$

2,327‌

$

1,448‌

Portfolio

turnover

rate

..........................

16%

166%

74%

64%

73%

11%

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.05%

0.11%

0.08%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

50

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

BlackRock

Total

Factor

Fund

Investor

C

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

8.66‌

$

10.40‌

$

10.08‌

$

10.07‌

$

9.71‌

$

9.84‌

Net

investment

income

(loss)

(a)

...................

(0.06‌)

(0.01‌)

0.04‌

(0.11‌)

(0.10‌)

(0.13‌)

Net

realized

and

unrealized

gain

(loss)

.............

(0.04‌)

(1.48‌)

0.44‌

0.48‌

0.52‌

0.29‌

Net

increase

(decrease)

from

investment

operations

......

(0.10‌)

(1.49‌)

0.48‌

0.37‌

0.42‌

0.16‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

—‌

(0.00‌)

(c)

(0.12‌)

—‌

—‌

(0.29‌)

From

net

realized

gain

.........................

—‌

(0.25‌)

(0.04‌)

(0.36‌)

(0.06‌)

—‌

Total

distributions

.............................

—‌

(0.25‌)

(0.16‌)

(0.36‌)

(0.06‌)

(0.29‌)

Net

asset

value,

end

of

period

....................

$

8.56‌

$

8.66‌

$

10.40‌

$

10.08‌

$

10.07‌

$

9.71‌

Total

Return

(d)

(1.15)%

(14.68)%

4.95%

3.62%

—

—

Based

on

net

asset

value

........................

(1.15)%

(e)

(14.68)%

4.95%

3.62%

4.40%

1.82%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

2.07%

(g)

1.92%

2.47%

2.98%

2.80%

2.72%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.54%

(g)

1.55%

1.55%

1.55%

1.68%

2.00%

Net

investment

income

(loss)

.....................

(1.35

)%

(g)

(0.06)%

0.41%

(1.08)%

(1.01)%

(1.45)%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

235‌

$

304‌

$

608‌

$

755‌

$

908‌

$

659‌

Portfolio

turnover

rate

..........................

16%

166%

74%

64%

73%

11%

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.05%

0.11%

0.08%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

51

Consolidated

Financial

Highlights

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Portfolio

turnover

rate

is

representative

of

the

Fund

for

the

entire

year.

BlackRock

Total

Factor

Fund

Class

K

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

Period

from

02/03/17

(a)

to

07/31/17

2020

2019

2018

Net

asset

value,

beginning

of

period

.............................

$

8.79‌

$

10.51‌

$

10.18‌

$

10.18‌

$

9.76‌

Net

investment

income

(loss)

(b)

.................................

(0.01‌)

0.10‌

0.14‌

0.28‌

0.01‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.04‌)

(1.52‌)

0.47‌

0.19‌

0.41‌

Net

increase

(decrease)

from

investment

operations

....................

(0.05‌)

(1.42‌)

0.61‌

0.47‌

0.42‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

—‌

(0.01‌)

(0.24‌)

—‌

—‌

From

net

realized

gain

.......................................

—‌

(0.29‌)

(0.04‌)

(0.47‌)

—‌

Total

distributions

...........................................

—‌

(0.30‌)

(0.28‌)

(0.47‌)

—‌

Net

asset

value,

end

of

period

..................................

$

8.74‌

$

8.79‌

$

10.51‌

$

10.18‌

$

10.18‌

Total

Return

(d)

(0.57)%

(13.89)%

6.23%

4.61%

—

Based

on

net

asset

value

......................................

(0.57)%

(e)

(13.89)%

6.23%

4.61%

4.30%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.............................................

0.86%

(g)

0.77%

1.29%

1.81%

1.84%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.50%

(g)

0.50%

0.50%

0.50%

0.49%

(g)

Net

investment

income

(loss)

...................................

(0.30)%

(g)

1.08%

1.43%

2.79%

0.28%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..................................

$

26,179‌

$

29,458‌

$

18,383‌

$

28,440‌

$

230‌

Portfolio

turnover

rate

........................................

16%

166%

74%

64%

73%

(h)

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

Period

from

02/03/17

(a)

to

07/31/17

2020

2019

2018

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.01%

0.05%

0.11%

See

notes

to

consolidated

financial

statements.

Notes

to

Consolidated

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

52

ORGANIZATION 

BlackRock

Funds

SM

 (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a 

Massachusetts

business

trust.

BlackRock

Total

Factor

Fund

(the

"Fund")

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

Basis

of

Consolidation:

The

accompanying

consolidated

financial

statements

of

the

Fund

 include

the

accounts

of

BlackRock

Cayman

Strategic

Risk

Allocation

Fund,

Ltd.

(the

“Subsidiary”),

which

is

a

wholly-owned

subsidiary

of

the

Fund

 and

primarily

invests

in

commodity-related

instruments

and

other

derivatives.

The

Subsidiary

enables 

the

Fund

to

hold

these

commodity-related

instruments

and

satisfy

regulated

investment

company

tax

requirements.

The

Fund

 may

invest

up

to

25%

of

its

total

assets

in

the

Subsidiary.

The

net

assets

of

the

Subsidiary

as

of

period

end

were

$10,479,776

,

which

is

6.3%

 of

the

Fund's

 consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to 

the

Fund

,

except

that

the

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments. 

SIGNIFICANT

ACCOUNTING

POLICIES

The

consolidated

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

consolidated

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

consolidated

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Consolidated

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

swaps)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly. 

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

date

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Net

income

and

realized

gains

from

investments

held

by

the

Subsidiary

are

treated

as

ordinary

income

for

tax

purposes.

If

a

net

loss

is

realized

by

the

Subsidiary

in

any

taxable

year,

the

loss

will

generally

not

be

available

to

offset

the

Fund’s

ordinary

income

and/or

capital

gains

for

that

year.

Share

Class

Initial

Sales

Charge

CDSC

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

53

Notes

to

Consolidated

Financial

Statements

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

consolidated

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

OTC

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

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;

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

54

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

SECURITIES

AND

OTHER

INVESTMENTS 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Consolidated

Statement

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Consolidated

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Consolidated

Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Consolidated

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

55

Notes

to

Consolidated

Financial

Statements

Options:

The

Fund

purchases

and

writes

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Swaptions

–

The

Fund

purchases

and

writes

swaptions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Fund’s

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Consolidated

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Consolidated

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Consolidated

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Consolidated

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

56

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Consolidated

Statement

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Consolidated

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Consolidated

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

provides

investment

management

and

other

services

to

the

Subsidiary.

The

Manager

does

not

receive

separate

compensation

from

the

Subsidiary

for

providing

investment

management

or

administrative

services.

However,

the

Fund

pays

the

Manager

based

on

the

Fund's

net

assets,

which

includes

the

assets

of

the

Subsidiary.

The

Manager

entered

into a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager. The

Manager

pays

BIL for

services

it provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.50%

$1

Billion

-

$3

Billion

.....................................................................................................

0.47

$3

Billion

-

$5

Billion

.....................................................................................................

0.45

$5

Billion

-

$10

Billion

....................................................................................................

0.44

Greater

than

$10

Billion

..................................................................................................

0.43

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

57

Notes

to

Consolidated

Financial

Statements

Service

and

Distribution

Fees:

The

Trust,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six

months

ended

January

31,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Consolidated

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Consolidated

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

January

31,

2021,

the

Fund

paid

the

following

to

the

Manager

in

return

for

these

services,

which

are

included

in

administration

—

class

specific

in

the

Consolidated

Statement

of

Operations:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended January

31,

2021,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

2021,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Consolidated

Statement

of

Operations:

For

the

six

months ended

January

31,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Service

and

Distribution

Fees

Investor

A

........................................................................................................

$

7,887‌

Investor

C

........................................................................................................

1,414‌

$

9,301‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

Million

0.0425

%

$500

Million

-

$1

Billion

0.0400

$1

Billion

-

$2

Billion

0.0375

$2

Billion

-

$4

Billion

0.0350

$4

Billion

-

$13

Billion

0.0325

Greater

than

$13

Billion

0.0300

Institutional

.......................................................................................................

$

19,601‌

Investor

A

........................................................................................................

632‌

Investor

C

........................................................................................................

28‌

Class

K

.........................................................................................................

2,547‌

$

22,808‌

Institutional

....................................................................................................

$

381‌

Investor

A

.....................................................................................................

102‌

Class

K

......................................................................................................

49‌

$

532‌

Institutional

.......................................................................................................

$

98,788‌

Investor

A

........................................................................................................

6,723‌

Investor

C

........................................................................................................

316‌

Class

K

.........................................................................................................

679‌

$

106,506‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

58

Other

Fees:

For

the 

six

months

ended 

January

31,

2021

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares of

$4

.

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

November

30,

202

1

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust

,

as

defined

in

the

1940

Act

("Independent

Trustees

"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statement

of

Operations.

For

the

six

months

ended

January

31,

2021,

the

amount

waived

was

$3,770.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

November

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

six

months

ended

January

31,

2021,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

November

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

January

31,

2021,

the

Manager

waived

and/

or

reimbursed

$358,495

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statement

of

Operations.

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Consolidated

Statement

of

Operations.

For

the

six

months ended

January

31,

2021,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“

Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

January

31,

2021,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Consolidated

Statement

of

Operations. 

Institutional

..........................................................................................................

0.55‌%

Investor

A

...........................................................................................................

0.80‌

Investor

C

...........................................................................................................

1.55‌

Class

K

............................................................................................................

0.50‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

BlackRock

Total

Factor

Fund

Institutional

....................................................................................

$

19,60

1‌

$

52,70

1‌

Investor

A

.....................................................................................

632‌

5,265‌

Investor

C

.....................................................................................

28‌

258‌

Class

K

......................................................................................

2,506‌

662‌

$

22,76

7‌

$

58,88

6‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

59

Notes

to

Consolidated

Financial

Statements

PURCHASES

AND

SALES 

For

the

six

months ended

January

31,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments,

were

as

follows:

RULE

ABOVE

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

January

31,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

consolidated

financial

statements.

As

of

July

31,

2020, the Fund

had

non-expiring

capital

loss

carryforward

available

to

offset

future

realized

capital

gains

of

$3,865,479. 

As

of

January

31,

2021, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

BlackRock

Funds

SM

,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

January

31,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

BlackRock

Total

Factor

Fund

............................................

$

1,614,518‌

$

3,913,629‌

$

1,699,162‌

$

5,003,409‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Total

Factor

Fund

.........................................

$

120,491,071‌

$

8,795,250‌

$

(6,068,673‌)

$

2,726,577‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

60

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Consolidated

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Consolidated

Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates. 

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

In

addition,

the

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. 

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

61

Notes

to

Consolidated

Financial

Statements

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

consolidated

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

consolidated

financial

statements.

Six

Months

Ended

01/31/21

Year

Ended

07/31/20

Shares

Amount

Shares

Amount

Institutional

Shares

sold

.............................................

3,100,094‌

$

26,752,991‌

25,158,025‌

$

253,451,052‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

659,597‌

6,741,082‌

Shares

redeemed

.........................................

(17,979,612‌)

(154,183,819‌)

(15,239,548‌)

(138,351,670‌)

Net

increase

(decrease)

.......................................

(14,879,518‌)

$

(127,430,828‌)

10,578,074‌

$

121,840,464‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

45,343‌

$

388,563‌

555,698‌

$

5,622,773‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

24,603‌

250,453‌

Shares

redeemed

.........................................

(219,024‌)

(1,854,013‌)

(498,310‌)

(4,740,113‌)

Net

increase

(decrease)

.......................................

(173,681‌)

$

(1,465,450‌)

81,991‌

$

1,133,113‌

Investor

C

Shares

sold

.............................................

35‌

$

302‌

18,610‌

$

192,871‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

1,668‌

16,900‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(7,701‌)

(64,208‌)

(43,586‌)

(387,232‌)

Net

decrease

..............................................

(7,666‌)

$

(63,906‌)

(23,308‌)

$

(177,461‌)

Class

K

Shares

sold

.............................................

696,896‌

$

6,014,210‌

3,277,222‌

$

30,256,148‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

55,535‌

571,969‌

Shares

redeemed

.........................................

(1,052,487‌)

(9,147,598‌)

(1,731,696‌)

(15,921,876‌)

Net

increase

(decrease)

.......................................

(355,591‌)

$

(3,133,388‌)

1,601,061‌

$

14,906,241‌

Total

Net

Increase

(Decrease)

(15,416,456‌)

$

(132,093,572‌)

12,237,818‌

$

137,702,357‌

Statement

Regarding

Liquidity

Risk

Management

Program

2021

BlackRock

Semi-Annual

Report

to

Shareholders

62

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

SM

(“the

Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Total

Factor

Fund

(the

“Fund”),

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

the

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Fund,

met

on

November

10-11,

2020

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

Funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2019

through

September

30,

2020

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

a

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

a

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

impact

of

the

coronavirus

outbreak

on

the

Funds

and

the

overall

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

a

Fund’s

liquidity

risk,

as

follows:

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

Funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

Fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

Fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

and

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

Fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

net

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

Fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

Fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

Fund’s

short-term

and

long-term

cash

flow

projections.

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Funds,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

Funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Additional

Information

63

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Fund

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

the

third

quarter

of

2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

so

that

a

failure

to

comply

with

the

limits

would

result

in

a

statutory

violation

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

Availability

of

Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

upon

request

and

without

charge

(1)

by

calling

(800)

441-

7762

;

(2)

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Availability

of

Proxy

Voting

Record

Information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30

is

available

upon

request

and

without

charge

(1)

at

blackrock.com

;

or

by

calling

(800)

441-

7762

and

(2)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

64

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Adviser

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

65

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

RUB

New

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

Portfolio

A

bbreviations

ADR

American

Depositary

Receipts

CDI

Crest

Depository

Interests

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

OTC

Over-the-counter

RBOB

Reformulated

Gasoline

Blend

Stock

for

Oxygen

Blending

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

WTI

West

Texas

Intermediate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

SRA-1/21-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 –           Investments

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

            section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

Date: April 5, 2021

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

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

Date: April 5, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

Date: April 5, 2021