N-CSRS 1 primary-document.htm
 
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
SM
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
SM
, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 07/31/2023
 
Date of reporting period: 01/31/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
   
Not Applicable
JANUARY
31,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
SM
BlackRock
Liquid
Environmentally
Aware
Fund
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
January
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
While
we
favor
an
overweight
to
equities
in
the
long-term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
We
believe
that
higher
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
while
the
market’s
concerns
over
excessive
rate
hikes
could
remain
until
the
Fed
indicates
that
its
tightening
cycle
has
ended.
Nevertheless,
we
see
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-
grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
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,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(0.44)%
(8.22)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.25
(3.38)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.52
(2.83)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.92
(12.12)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.58
1.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.60)
(11.62)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.37)
(8.36)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.73
(3.25)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.46
(5.22)
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
...............................................................................................
21
Additional
Information
....................................................................................................
27
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
29
Money
Market
Overview
For
the
Six-Month
Period
Ended
January
31,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
During
the
period,
over
the
course
of
three
meetings,
the
Federal
Open
Market
Committee
(the
“FOMC”
or
the
“Committee”)
increased
the
range
of
the
Federal
Funds
target
rate
from
3.00%
-
3.25%
in
September
2022
to
4.25%
-
4.50%
in
December
2022.
The
Committee
again
noted
it
will
continue
reducing
its
holdings
of
Treasury
securities,
Agency
debt
and
Agency
Mortgage-Backed
securities
as
delineated
in
its
Plans
for
Reducing
the
Size
of
the
Federal
Reserve’s
Balance
Sheet
released
in
conjunction
with
the
May
4,
2022
FOMC
meeting.
The
FOMC’s
Summary
of
Economic
Projections
and
most
recent
“dot
plot”
forecast
shows
a
median
rate
of
5.10%
at
the
end
of
2023,
4.10%
at
the
end
of
2024,
and
3.10%
at
the
end
of
2025.
As
a
tight
labor
market
and
price
pressures
persist,
the
Committee
made
it
clear
that
“ongoing
increases
in
the
target
range
will
be
appropriate”
to
reduce
inflation
to
its
2.00%
objective.
U.S.
macroeconomic
data
showed
signs
of
continued
tightening
as
evidenced
by
the
unemployment
rate
dropping
from
3.7%
as
of
August
2022
to
3.4%
in
January
2023
(the
lowest
rate
since
May
1969).
In
Q3
and
Q4
of
2022,
real
gross
domestic
product
(“GDP”)
increased
3.2%
and
2.9%,
respectively,
largely
due
to
consumer
spending
and
a
strong
labor
market.
Daily
utilization
of
the
Fed’s
overnight
reverse
repurchase
agreement
(“RRP”)
facility
remained
elevated,
averaging
nearly
$2.0
trillion
in
2022
and
$2.13
trillion
for
January
2023.
On
December
30,
2022,
the
RRP
facility
hit
an
all-time
high
with
a
balance
of
over
$2.554
trillion.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities—
ended
January
2023
at
4.31%.
SOFR
had
averaged
1.64%
during
2022.
The
3-month
London
Inter-bank
Offered
Rate
(“LIBOR”),
which
started
August
2022
at
2.80%,
increased
to
4.81%
as
of
January
31,
2023.
The
3-month
LIBOR
averaged
2.40%
in
2022.
The
3-month
LIBOR-Overnight
Indexed
Swap
spread
(“L-OIS”)
–
a
gauge
of
stress
in
the
financial
system
–
ended
January
2023
at
0.107%
and
averaged
0.136%
in
2022.
L-OIS
peaked
in
March
2022
at
0.426%.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
record-high
inflows
throughout
the
period,
averaging
~$4.6
billion
in
assets
daily.
Prime
Money
Market
Fund
assets
saw
the
biggest
increase
at
$249
billion,
while
Government
Money
Market
Fund
assets
saw
outflows
of
over
$25
billion.
Specific
to
LEAF
(or
“the
Fund”),
the
Fund
saw
inflows
of
approximately
$157
million
over
the
period
with
assets
totaling
$1.26
billion
in
January
2023.
We
continue
to
see
an
increase
in
interest
on
the
part
of
issuers
to
bring
sustainability-linked
bonds
or
green
bonds
to
market
in
the
money
market
space.
Portfolio
purchases
over
the
period
were
primarily
focused
on
U.S.
dollar
denominated
certificate
of
deposits
and
commercial
paper
with
floating
rate
coupons
indexed
to
the
SOFR
and
fixed
rate
securities
with
maturities
in-line
with
the
upcoming
FOMC
meeting
date.
The
portfolio’s
allocation
to
U.S.
Treasury
securities
declined
somewhat
over
the
period
in
favor
of
overnight
and
weekly
investments
in
time
deposits,
commercial
paper
and
repurchase
agreements
collateralized
by
U.S.
Treasury
securities
or
U.S.
Government
agency
securities
as
these
alternatives
provided
good
relative
value,
especially
as
the
market
continues
to
price
in
future
rate
hikes
throughout
2023.
Issuer
and
security
selection
were
consistent
with
the
environmental
focus
of
the
portfolio.
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,
2023
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.
Expense
Example
Fund
Information
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
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their 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
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,017.40‌
$
1.02‌
$
1,000.00‌
$
1,024.20‌
$
1.02‌
0.20‌%
Bancroft
Capital
.............................
1,000.00‌
1,017.40‌
1.02‌
1,000.00‌
1,024.20‌
1.02‌
0.20‌
Cabrera
Capital
Markets
......................
1,000.00‌
1,017.40‌
1.02‌
1,000.00‌
1,024.20‌
1.02‌
0.20‌
Direct
...................................
1,000.00‌
1,017.80‌
0.71‌
1,000.00‌
1,024.50‌
0.71‌
0.14‌
Great
Pacific
..............................
1,000.00‌
1,017.50‌
1.02‌
1,000.00‌
1,024.20‌
1.02‌
0.20‌
Mischler
Financial
Group
......................
1,000.00‌
1,017.50‌
1.02‌
1,000.00‌
1,024.20‌
1.02‌
0.20‌
Penserra
................................
1,000.00‌
1,017.50‌
1.02‌
1,000.00‌
1,024.20‌
1.02‌
0.20‌
Investor
A
................................
1,000.00‌
1,016.20‌
2.29‌
1,000.00‌
1,022.94‌
2.29‌
0.45‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
4.31‌
%
4.31‌
%
Bancroft
Capital
...........................
4.31‌
4.31‌
Cabrera
Capital
Markets
.....................
4.32‌
4.31‌
Direct
..................................
4.37‌
4.37‌
Great
Pacific
.............................
4.31‌ 
4.31‌ 
Mischler
Financial
Group
.....................
4.31‌
4.31‌
Penserra
...............................
4.31‌
4.31‌
Investor
A
...............................
4.07‌
4.06‌
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
Repurchase
Agreements
...............................
39.8‌
%
Commercial
Paper
...................................
23.1‌
Certificates
of
Deposit
.................................
20.3‌
Time
Deposits
......................................
11.7‌
U.S.
Treasury
Obligations
..............................
1.9‌
Municipal
Bonds
....................................
1.3‌
U.S.
Government
Sponsored
Agency
Obligations
..............
0.7‌
Other
Assets
Less
Liabilities
............................
1.2‌
2023
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,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
1.1%
Bank
of
America
NA,
5.25%, 01/31/24
.....
USD
6,000
$
6,000,000
Citibank
NA
3.77%, 05/01/23
.................
5,000
4,986,907
3.82%, 07/03/23
.................
3,500
3,481,388
14,468,295
Yankee
—
19.2%
(a)
Bank
of
Montreal,
Chicago,
(SOFR
1
Day
+
0.50%),
4.80%, 05/05/23
(b)
..........
10,000
10,007,833
Bank
of
Nova
Scotia
(The),
Houston
(b)
(SOFR
1
Day
+
0.50%),
4.80%, 05/05/23
.
15,000
15,012,767
(SOFR
1
Day
+
0.74%),
5.04%, 08/07/23
.
4,700
4,709,429
Barclays
Bank
plc,
New
York,
(SOFR
1
Day
+
0.62%),
4.92%, 04/05/23
(b)
..........
5,000
5,003,602
Canadian
Imperial
Bank
of
Commerce,
New
York
(b)
(SOFR
1
Day
+
0.25%),
4.55%, 02/22/23
.
3,500
3,500,226
(SOFR
1
Day
+
0.28%),
4.58%, 03/03/23
.
500
500,063
(SOFR
1
Day
+
0.55%),
4.85%, 05/31/23
.
10,000
10,013,872
(SOFR
1
Day
+
0.75%),
5.05%, 07/21/23
.
9,800
9,828,200
Credit
Industriel
et
Commercial,
New
York,
(SOFR
1
Day
+
0.49%),
4.79%, 07/10/23
(b)
10,000
10,013,011
Mizuho
Bank
Ltd.,
New
York,
(SOFR
1
Day
+
0.57%),
4.87%, 02/01/23
(b)
..........
5,000
5,000,071
MUFG
Bank
Ltd.,
New
York,
(SOFR
1
Day
+
0.56%),
4.86%, 02/01/23
(b)
..........
10,000
10,000,125
Natixis
SA,
New
York
4.29%, 09/08/23
.................
9,070
9,021,288
5.22%, 10/13/23
.................
4,500
4,501,462
Nordea
Bank
Abp,
New
York
(b)
(SOFR
1
Day
+
0.58%),
4.88%, 03/02/23
.
20,000
20,007,455
(SOFR
1
Day
+
0.49%),
4.79%, 05/24/23
.
7,000
7,007,020
Royal
Bank
of
Canada,
New
York,
(SOFR
1
Day
+
0.80%),
5.10%, 10/19/23
(b)
......
3,000
3,010,697
Standard
Chartered
Bank,
New
York
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.52%),
4.85%, 02/09/23
-
05/04/23
(b)
.......
10,000
10,006,000
(SOFR
1
Day
+
0.60%),
4.90%, 03/01/23
(b)
15,000
15,005,640
(SOFR
1
Day
+
0.30%),
4.60%, 03/13/23
(b)
5,000
5,001,407
2.16%, 03/30/23
.................
1,680
1,673,108
5.21%, 10/31/23
.................
8,000
8,000,000
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York,
(SOFR
1
Day
+
0.46%),
4.76%, 02/22/23
(b)
15,000
15,002,886
Svenska
Handelsbanken
AB,
New
York
(b)
(SOFR
1
Day
+
0.45%),
4.75%, 02/06/23
.
10,000
9,998,012
(SOFR
1
Day
+
0.66%),
4.96%, 07/03/23
.
5,000
5,008,046
Swedbank
AB,
New
York,
(SOFR
1
Day
+
0.70%),
5.00%, 07/14/23
(b)
..........
10,000
10,020,932
Toronto-Dominion
Bank,
New
York
2.67%, 04/21/23
.................
3,750
3,733,138
2.69%, 04/28/23
.................
3,000
2,985,379
(SOFR
1
Day
+
0.70%),
5.00%, 05/01/23
(b)
4,000
4,005,930
(SOFR
1
Day
+
0.55%),
4.85%, 06/02/23
(b)
15,000
15,014,815
(SOFR
1
Day
+
0.65%),
4.95%, 07/05/23
(b)
3,795
3,801,896
5.27%, 01/24/24
.................
6,000
6,001,667
242,395,977
Total
Certificates
of
Deposit
—
20.3%
(Cost:
$256,780,948)
.............................
256,864,272
Security
Par
(000)
Pa
r
(
000)
Value
Commercial
Paper
Alinghi
Funding
Co.
LLC,
3.89%
,
02/21/23
(c)
.
USD
2,500
$
2,493,357
Alpine
Securitization
LLC,
(SOFR
1
Day
+
0.53%),
4.83%
,
02/21/23
(b)(d)
.........
5,000
4,999,960
Antalis
SA,
4.45%
,
03/16/23
(c)
..........
15,000
14,915,758
Bank
of
Nova
Scotia
(The)
(b)
(SOFR
1
Day
+
0.55%),
4.85%,
05/24/23
(d)
10,000
10,010,255
(SOFR
1
Day
+
0.66%),
4.96%,
08/18/23
10,000
10,016,927
Barclays
Bank
plc,
New
York,
4.41%
,
02/01/23
(c)
.....................
35,000
34,995,771
BPCE
SA
(SOFR
1
Day
+
0.50%),
4.80%,
02/01/23
(b)
5,000
5,000,000
1.42%,
02/22/23
(c)
................
7,500
7,479,457
(SOFR
1
Day
+
0.60%),
4.90%,
03/03/23
(b)
5,000
5,002,175
Chariot
Funding
LLC,
(SOFR
1
Day
+
0.58%),
4.88%
,
05/31/23
(b)
................
6,000
6,005,150
Columbia
Funding
Co.
LLC,
4.42%
,
02/03/23
(c)
10,000
9,996,366
DZ
BANK
AG
Deutsche
Zentral-
Genossenschaftsbank,
4.31%
,
02/01/23
(c)
9,000
8,998,938
Erste
Finance
Delaware
LLC,
4.36%
,
02/01/23
(c)
.....................
30,000
29,996,417
Fairway
Finance
Co.
LLC
3.56%,
02/13/23
(c)
................
6,300
6,289,783
(SOFR
1
Day
+
0.63%),
4.93%,
05/16/23
(b)
(d)
.........................
5,000
5,005,547
Hydro-Quebec,
4.35%
,
02/02/23
(c)
.......
12,000
11,997,141
ING
US
Funding
LLC
(b)
(SOFR
1
Day
+
0.52%),
4.82%,
02/27/23
7,000
7,002,059
(SOFR
1
Day
+
0.60%),
4.90%,
05/22/23
13,000
13,019,949
Mackinac
Funding
Co.
LLC,
4.41%
,
02/08/23
(c)
10,000
9,990,058
Macquarie
Bank
Ltd.
(SOFR
1
Day
+
0.57%),
4.87%,
02/01/23
(b)
5,000
5,000,000
(SOFR
1
Day
+
0.60%),
4.90%,
06/22/23
(b)
10,000
10,014,825
5.21%,
10/23/23
(c)
................
7,000
6,743,237
Matchpoint
Finance
plc,
3.73%
,
02/21/23
(c)
..
2,500
2,493,401
National
Australia
Bank
Ltd.,
(SOFR
1
Day
+
0.58%),
4.88%
,
06/15/23
(b)
..........
5,000
5,006,301
Old
Line
Funding
LLC
(b)(d)
(SOFR
1
Day
+
0.56%),
4.86%,
03/01/23
10,000
10,002,379
(SOFR
1
Day
+
0.48%),
4.81%,
05/04/23
10,000
10,005,827
PSP
Capital,
Inc.,
4.04%
,
08/17/23
(c)(d)
.....
5,700
5,549,395
Svenska
Handelsbanken
AB,
(SOFR
1
Day
+
0.70%),
5.00%
,
07/13/23
(b)
..........
5,000
5,010,074
Toronto-Dominion
Bank
(The),
(SOFR
1
Day
+
0.50%),
4.80%
,
03/31/23
(b)
..........
5,000
5,003,257
Westpac
Banking
Corp.
(b)
(SOFR
1
Day
+
0.48%),
4.78%,
03/23/23
(d)
6,000
6,002,701
(SOFR
1
Day
+
0.52%),
4.82%,
07/07/23
7,000
7,007,583
Westpac
Securities
NZ
Ltd.,
(SOFR
1
Day
+
0.41%),
4.71%
,
03/27/23
(b)
..........
10,000
10,003,630
Total
Commercial
Paper
—
23.1%
(Cost:
$291,007,638)
.............................
291,057,678
BlackRock
Liquid
Environmentally
Aware
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
(e)
Colorado
—
0.8%
Colorado
Housing
and
Finance
Authority
,
Series
2021C-2,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.35%, 02/01/23
....
USD
4,935
$
4,935,000
Colorado
Housing
and
Finance
Authority
,
Series
2021M-2,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.34%, 02/01/23
.........
5,470
5,470,000
10,405,000
Other
—
0.5%
(d)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
4.57%, 02/07/23
2,070
2,070,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-010,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.70%, 03/07/23
4,000
4,000,000
6,070,000
Total
Municipal
Bonds
—
1.3%
(Cost:
$16,475,000)
..............................
16,475,000
Time
Deposits
Credit
Agricole
Corporate
&
Investment
Bank
SA,
4.30%, 02/01/23
..............
4,607
4,607,000
Erste
Group
Bank
AG,
4.32%, 02/01/23
....
23,000
23,000,000
Mizuho
Bank
Ltd.,
4.32%, 02/01/23
.......
13,000
13,000,000
Royal
Bank
of
Canada,
4.32%, 02/01/23
...
25,000
25,000,000
Skandinaviska
Enskilda
Banken
AB,
4.32%, 02/01/23
.................
42,000
42,000,000
Svenska
Handelsbanken
AB,
4.30%, 02/01/23
40,000
40,000,000
Total
Time
Deposits
—
11.7%
(Cost:
$147,607,000)
.............................
147,607,000
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Agency
Obligations
—
0.7%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes
(3
Month
Treasury
Bill
Rate
+
0.00%),
4.62%
,
 02/07/23
(b)
..............
USD
9,000
$
9,000,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.7%
(Cost:
$9,000,000)
..............................
9,000,000
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(c)
4.26%, 02/21/23
.................
12,000
11,970,650
4.49%, 03/21/23
.................
12,250
12,176,595
Total
U.S.
Treasury
Obligations
—
1.9%
(Cost:
$24,146,487)
..............................
24,147,245
Total
Repurchase
Agreements
—
39.8%
(Cost:
$503,000,000)
.............................
503,000,000
Total
Investments
—
98.8%
(Cost:
$1,248,017,073
)
(g)
..........................
1,248,151,195
Other
Assets
Less
Liabilities
—
1.2%
...................
15,611,805
Net
Assets
—
100.0%
..............................
$
1,263,763,000
(a)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(b)
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.
(c)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(d)
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.
(e)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(f)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Liquid
Environmentally
Aware
Fund
8
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
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.
...
4.30
%
01/31/23
02/01/23
$
180,000
$
180,000
$
180,021,500
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.65%,
due
07/28/23
to
08/20/61
.........
$
5,265,475,688
$
187,823,035
$
–
$
–
BMO
Capital
Markets
Corp.
..........
4.30
01/31/23
02/01/23
120,000
120,000
120,014,333
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
6.30%,
due
07/25/23
to
11/20/72
.........
936,732,861
126,000,000
$
–
$
–
Citigroup
Global
Markets,
Inc.
...........
4.31
01/31/23
02/01/23
120,000
120,000
120,014,367
U.S.
Treasury
Obligation,
3.88%,
due
11/30/29
.........
119,958,900
122,400,097
$
–
$
–
JP
Morgan
Securities
LLC
...........
4.30
01/31/23
02/01/23
83,000
83,000
83,009,914
U.S.
Government
Sponsored
Agency
Obligation,
2.50%,
due
08/20/51
.........
109,407,848
84,660,001
$
–
$
–
$
503,000
$
520,883,133
$
–
$
–
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
256,864,272
$
—
$
256,864,272
Commercial
Paper
.......................................
—
291,057,678
—
291,057,678
Municipal
Bonds
.........................................
—
16,475,000
—
16,475,000
Repurchase
Agreements
...................................
—
503,000,000
—
503,000,000
Time
Deposits
..........................................
—
147,607,000
—
147,607,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
9,000,000
—
9,000,000
U.S.
Treasury
Obligations
...................................
—
24,147,245
—
24,147,245
$
—
$
1,248,151,195
$
—
$
1,248,151,195
Statement
of
Assets
and
Liabilities
(unaudited)

January
31,
2023
9
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
745,151,195‌
Cash
.............................................................................................................
13,048,860‌
Repurchase
agreements,
at
value
(b)
.........................................................................................
503,000,000‌
Receivables:
–‌
Capital
shares
sold
...................................................................................................
1,759,591‌
Interest
—
unaffiliated
.................................................................................................
2,288,521‌
From
the
Manager
...................................................................................................
46,198‌
Prepaid
expenses
.....................................................................................................
92,220‌
Total
assets
.........................................................................................................
1,265,386,585‌
LIABILITIES
Payables:
–‌
Administration
fees
...................................................................................................
65,377‌
Capital
shares
redeemed
...............................................................................................
56,266‌
Income
dividend
distributions
............................................................................................
1,270,499‌
Investment
advisory
fees
..............................................................................................
101,995‌
Trustees'
and
Officer's
fees
.............................................................................................
1,709‌
Professional
fees
....................................................................................................
30,592‌
Service
fees
.......................................................................................................
244‌
Other
accrued
expenses
...............................................................................................
96,903‌
Total
liabilities
........................................................................................................
1,623,585‌
NET
ASSETS
........................................................................................................
$
1,263,763,000‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
1,263,602,349‌
Accumulated
earnings
..................................................................................................
160,651‌
NET
ASSETS
........................................................................................................
$
1,263,763,000‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
745,017,073‌
(b)
  Repurchase
agreements,
at
cost
.........................................................................................
$
503,000,000‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................................
$
505,922,898‌
Shares
outstanding
...................................................................................................
505,747,629‌
Net
asset
value
......................................................................................................
$
1.0003‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Bancroft
Capital
Net
assets
..........................................................................................................
$
50,995‌
Shares
outstanding
...................................................................................................
50,978‌
Net
asset
value
......................................................................................................
$
1.0003‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Cabrera
Capital
Markets
Net
assets
..........................................................................................................
$
176,063‌
Shares
outstanding
...................................................................................................
176,002‌
Net
asset
value
......................................................................................................
$
1.0003‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Direct
Net
assets
..........................................................................................................
$
720,888,302‌
Shares
outstanding
...................................................................................................
720,609,163‌
Net
asset
value
......................................................................................................
$
1.0004‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Great
Pacific
Net
assets
..........................................................................................................
$
438,378‌
Shares
outstanding
...................................................................................................
438,229‌
Net
asset
value
......................................................................................................
$
1.0003‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Mischler
Financial
Group
Net
assets
..........................................................................................................
$
35,030,172‌
Shares
outstanding
...................................................................................................
35,016,498‌
Net
asset
value
......................................................................................................
$
1.0004‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Penserra
Net
assets
..........................................................................................................
$
51,004‌
Shares
outstanding
...................................................................................................
50,986‌
Net
asset
value
......................................................................................................
$
1.0004‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
A
Net
assets
..........................................................................................................
$
1,205,188‌
Shares
outstanding
...................................................................................................
1,204,742‌
Net
asset
value
......................................................................................................
$
1.0004‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2023
11
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
INVESTMENT
INCOME
Interest
—
unaffiliated
.................................................................................................
$
19,969,757‌
Total
investment
income
.................................................................................................
19,969,757‌
EXPENSES
Investment
advisory
..................................................................................................
567,734‌
Administration
—
class
specific
..........................................................................................
333,429‌
Registration
.......................................................................................................
78,463‌
Professional
.......................................................................................................
46,449‌
Printing
and
postage
.................................................................................................
44,069‌
Accounting
services
..................................................................................................
37,256‌
Custodian
.........................................................................................................
16,873‌
Trustees
and
Officer
..................................................................................................
8,130‌
Transfer
agent
—
class
specific
..........................................................................................
1,335‌
Service
—
class
specific
...............................................................................................
839‌
Miscellaneous
......................................................................................................
37,739‌
Total
expenses
.......................................................................................................
1,172,316‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(268,980‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(1,335‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
902,001‌
Net
investment
income
..................................................................................................
19,067,756‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
788,322‌
Net
realized
gain
from
investments
........................................................................................
255‌
Net
change
in
unrealized
appreciation
on
investments
...........................................................................
788,067‌
Net
realized
and
unrea
lized
gain
...........................................................................................
788,322‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
19,856,078‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
19,067,756
‌
$
3,843,473
‌
Net
realized
gain
..................................................................................
255
‌
888
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
788,067
‌
(769,454
)
Net
increase
in
net
assets
resulting
from
operations
.............................................................
19,856,078
‌
3,074,907
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
....................................................................................
(5,914,820
)
(771,564
)
Bancroft
Capital
.................................................................................
(842
)
(156
)
Cabrera
Capital
Markets
...........................................................................
(916
)
(156
)
Direct
........................................................................................
(12,927,297
)
(3,160,019
)
Great
Pacific
...................................................................................
(3,083
)
(132
)
Mischler
Financial
Group
...........................................................................
(208,595
)
(54,426
)
Penserra
......................................................................................
(842
)
(149
)
Investor
A
.....................................................................................
(11,548
)
(696
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(19,067,943
)
(3,987,298
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
161,464,797
‌
(113,517,566
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
162,252,932
‌
(114,429,957
)
Beginning
of
period
..................................................................................
1,101,510,068
‌
1,215,940,025
‌
End
of
period
......................................................................................
$
1,263,763,000
‌
$
1,101,510,068
‌
(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
2
BlackRock
Liquid
Environmentally
Aware
Fund
Institutional
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Period
from
04/08/19
(a)
to
07/31/19
Net
asset
value,
beginning
of
period
..............................
$
0.9997
‌
$
1.0005
‌
$
1.0010
‌
$
1.0001
‌
$
1.0000
‌
Net
investment
income
(b)
......................................
0.0175
‌
0.0032
‌
0.0005
‌
0.0116
‌
0.0072
‌
Net
realized
and
unrealized
gain
(loss)
.............................
(0.0002
)
(c)
(0.0008
)
(0.0003
)
0.0021
‌
0.0002
‌
Net
increase
from
investment
operations
.............................
0.0173
‌
0.0024
‌
0.0002
‌
0.0137
‌
0.0074
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
...................................
(0.0167
)
(0.0032
)
(0.0006
)
(0.0128
)
(0.0073
)
From
net
realized
gain
........................................
—
‌
—
‌
(0.0001
)
(0.0000
)
(e)
—
‌
Total
distributions
............................................
(0.0167
)
(0.0032
)
(0.0007
)
(0.0128
)
(0.0073
)
Net
asset
value,
end
of
period
...................................
$
1.0003
‌
$
0.9997
‌
$
1.0005
‌
$
1.0010
‌
$
1.0001
‌
Total
Return
(f)
—
—
—
—
—
Based
on
net
asset
value
.......................................
1.74
%
(g)
0.24
%
0.02
%
1.38
%
0.75
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
..............................................
0.25
%
(h)
0.26
%
0.24
%
0.28
%
0.30
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.20
%
(h)
0.16
%
0.17
%
0.21
%
0.19
%
(h)
Net
investment
income
........................................
3.46
%
(h)
0.32
%
0.05
%
1.16
%
2.30
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
505,923
‌
$
240,465
‌
$
322,578
‌
$
227,698
‌
$
65,788
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
(i)
Audit
and
offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.37%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
Liquid
Environmentally
Aware
Fund
Bancroft
Capital
Six
Months
Ended
01/31/23
(unaudited)
Period
from
10/29/21
(a)
to
07/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
0.9997
‌
$
1.0004
‌
Net
investment
income
(b)
................................................................................
0.0167
‌
0.0030
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................................
0.0006
‌
(0.0006
)
Net
increase
from
investment
operations
.......................................................................
0.0173
‌
0.0024
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0167
)
(0.0031
)
Net
asset
value,
end
of
period
.............................................................................
$
1.0003
‌
$
0.9997
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
1.74
%
(e)
0.24
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.33
%
(f)
0.32
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.20
%
(f)
0.18
%
(f)
Net
investment
income
..................................................................................
3.31
%
(f)
0.40
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
51
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
BlackRock
Liquid
Environmentally
Aware
Fund
Cabrera
Capital
Markets
Six
Months
Ended
01/31/23
(unaudited)
Period
from
10/29/21
(a)
to
07/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
0.9997
‌
$
1.0004
‌
Net
investment
income
(b)
................................................................................
0.0170
‌
0.0030
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................................
0.0003
‌
(0.0006
)
Net
increase
from
investment
operations
.......................................................................
0.0173
‌
0.0024
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0167
)
(0.0031
)
Net
asset
value,
end
of
period
.............................................................................
$
1.0003
‌
$
0.9997
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
1.74
%
(e)
0.24
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.32
%
(f)
0.32
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.20
%
(f)
0.18
%
(f)
Net
investment
income
..................................................................................
3.37
%
(f)
0.40
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
176
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
Liquid
Environmentally
Aware
Fund
Direct
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Period
from
04/08/19
(a)
to
07/31/19
Net
asset
value,
beginning
of
period
.............................
$
0.9997
‌
$
1.0005
‌
$
1.0010
‌
$
1.0001
‌
$
1.0000
‌
Net
investment
income
(b)
.....................................
0.0167
‌
0.0034
‌
0.0010
‌
0.0125
‌
0.0076
‌
Net
realized
and
unrealized
gain
(loss)
............................
0.0010
‌
(0.0007
)
(0.0005
)
0.0021
‌
0.0001
‌
Net
increase
from
investment
operations
............................
0.0177
‌
0.0027
‌
0.0005
‌
0.0146
‌
0.0077
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
..................................
(0.0170
)
(0.0035
)
(0.0009
)
(0.0137
)
(0.0076
)
From
net
realized
gain
.......................................
—
‌
—
‌
(0.0001
)
(0.0000
)
(d)
—
‌
Total
distributions
...........................................
(0.0170
)
(0.0035
)
(0.0010
)
(0.0137
)
(0.0076
)
Net
asset
value,
end
of
period
..................................
$
1.0004
‌
$
0.9997
‌
$
1.0005
‌
$
1.0010
‌
$
1.0001
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
......................................
1.78
%
(f)
0.27
%
0.06
%
1.47
%
0.78
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.19
%
(g)
0.19
%
0.18
%
0.19
%
0.22
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.14
%
(g)
0.13
%
0.14
%
0.12
%
0.09
%
(g)
Net
investment
income
.......................................
3.31
%
(g)
0.34
%
0.10
%
1.25
%
2.45
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................
$
720,888
‌
$
850,305
‌
$
893,026
‌
$
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)
Not
annualized.
(g)
Annualized.
(h)
Audit
and
offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.29%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
BlackRock
Liquid
Environmentally
Aware
Fund
Great
Pacific
Six
Months
Ended
01/31/23
(unaudited)
Period
from
05/02/22
(a)
to
07/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
0.9996
‌
$
0.9996
‌
Net
investment
income
(b)
................................................................................
0.0198
‌
0.0026
‌
Net
realized
and
unrealized
loss
...........................................................................
(0.0024
)
(c)
0.0000
(d)
Net
increase
from
investment
operations
.......................................................................
0.0174
‌
0.0026
‌
Distributions
from
net
investment
income
(e)
...................................................................
(0.0167
)
(0.0026
)
Net
asset
value,
end
of
period
.............................................................................
$
1.0003
‌
$
0.9996
‌
Total
Return
(f)
—
—
Based
on
net
asset
value
.................................................................................
1.75
%
(g)
0.26
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.26
%
(h)
0.27
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.20
%
(h)
0.20
%
(h)
Net
investment
income
..................................................................................
3.93
%
(h)
1.06
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
438
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Amount
is
less
than
$0.00005
per
share.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
BlackRock
Liquid
Environmentally
Aware
Fund
Mischler
Financial
Group
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Period
from
05/20/21
(a)
to
07/31/21
Net
asset
value,
beginning
of
period
..........................................................
$
0.9997
‌
$
1.0005
‌
$
1.0005
‌
Net
investment
income
(b)
..................................................................
0.0175
‌
0.0027
‌
0.0000
(c)
Net
realized
and
unrealized
loss
.............................................................
(0.0001
)
(d)
(0.0003
)
0.0000
(c)(d)
Net
increase
from
investment
operations
.........................................................
0.0174
‌
0.0024
‌
0.0000
‌
Distributions
from
net
investment
income
(e)
.....................................................
(0.0167
)
(0.0032
)
(0.0000
)
(f)
Net
asset
value,
end
of
period
...............................................................
$
1.0004
‌
$
0.9997
‌
$
1.0005
‌
Total
Return
(g)
—
—
—
Based
on
net
asset
value
...................................................................
1.75
%
(h)
0.24
%
0.00
%
(h)(i)
Ratios
to
Average
Net
Assets
Total
expenses
..........................................................................
0.25
%
(j)
0.25
%
0.26
%
(j)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.20
%
(j)
0.17
%
0.14
%
(j)
Net
investment
income
....................................................................
3.47
%
(j)
0.27
%
0.02
%
(j)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
35,030
‌
$
10,023
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Amount
is
greater
than
$(0.00005)
per
share.
(g)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(h)
Not
annualized.
(i)
Amount
is
less
than
0.005%.
(j)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
BlackRock
Liquid
Environmentally
Aware
Fund
Penserra
Six
Months
Ended
01/31/23
(unaudited)
Period
from
01/21/22
(a)
to
07/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
0.9997
‌
$
1.0001
‌
Net
investment
income
(b)
................................................................................
0.0167
‌
0.0030
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................................
0.0007
‌
(0.0004
)
Net
increase
from
investment
operations
.......................................................................
0.0174
‌
0.0026
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0167
)
(0.0030
)
Net
asset
value,
end
of
period
.............................................................................
$
1.0004
‌
$
0.9997
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
1.75
%
(e)
0.26
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.32
%
(f)
0.32
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.20
%
(f)
0.19
%
(f)
Net
investment
income
..................................................................................
3.31
%
(f)
0.57
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
51
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
BlackRock
Liquid
Environmentally
Aware
Fund
Investor
A
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Period
from
04/08/19
(a)
to
07/31/19
Net
asset
value,
beginning
of
period
.............................
$
0.9997
‌
$
1.0005
‌
$
1.0010
‌
$
1.0001
‌
$
1.0000
‌
Net
investment
income
(b)
.....................................
0.0172
‌
0.0024
‌
0.0004
‌
0.0098
‌
0.0066
‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.0011
)
(c)
(0.0008
)
(0.0004
)
0.0015
‌
0.0001
‌
Net
increase
from
investment
operations
............................
0.0161
‌
0.0016
‌
0.0000
‌
0.0113
‌
0.0067
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
..................................
(0.0154
)
(0.0024
)
(0.0004
)
(0.0104
)
(0.0066
)
From
net
realized
gain
.......................................
—
‌
—
‌
(0.0001
)
(0.0000
)
(e)
—
‌
Total
distributions
...........................................
(0.0154
)
(0.0024
)
(0.0005
)
(0.0104
)
(0.0066
)
Net
asset
value,
end
of
period
..................................
$
1.0004
‌
$
0.9997
‌
$
1.0005
‌
$
1.0010
‌
$
1.0001
‌
Total
Return
(f)
—
—
—
—
—
Based
on
net
asset
value
......................................
1.62
%
(g)
0.16
%
0.00
%
(h)
1.13
%
0.67
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.55
%
(i)
0.63
%
0.61
%
0.56
%
0.58
%
(i)(j)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.45
%
(i)
0.25
%
0.19
%
0.45
%
0.44
%
(i)
Net
investment
income
.......................................
3.44
%
(i)
0.24
%
0.04
%
0.98
%
2.10
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................
$
1,205
‌
$
518
‌
$
286
‌
$
351
‌
$
252
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Amount
is
less
than
0.005%.
(i)
Annualized.
(j)
Audit
and
offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.65%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
21
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
SM
 (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a 
Massachusetts
business
trust.
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.
Bancroft
Capital
Shares
are
only
available
to
clients
of
Bancroft
Capital,
LLC
and
its
affiliates.
Cabrera
Capital
Markets
Shares
are
only
available
to
clients
of
Cabrera
Capital
Markets,
LLC
and
its
affiliates.
Mischler
Financial
Group
Shares
are
only
available
to
clients
of
Mischler
Financial
Group,
Inc.
and
its
affiliates.
Penserra
Shares
are
only
available
to
clients
of
Penserra
Securities
LLC
and
its
affiliates.
Great
Pacific
Shares
are
only
available
to
clients
of
Great
Pacific
Securities
and
its
affiliates.
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)
If
you
are
no
longer
a
client
of
Bancroft
Capital,
LLC,
you
are
not
eligible
to
hold
Bancroft
Capital
Shares
and
any
Bancroft
Capital
Shares
you
hold
will
be
converted
to
Institutional
Shares
of
the
Fund.
(b)
If
you
are
no
longer
a
client
of
Cabrera
Capital
Markets
LLC,
you
are
not
eligible
to
hold
Cabrera
Capital
Markets
Shares
and
any
Cabrera
Capital
Markets
Shares
you
hold
will
be
converted
to
Institutional
Shares
of
the
Fund.
(c)
If
you
are
no
longer
a
client
of
Great
Pacific
Securities
LLC,
you
are
not
eligible
to
hold
Great
Pacific
Shares
and
any
Great
Pacific
Shares
you
hold
will
be
converted
to
Institutional
Shares
of
the
Fund.
(d)
If
you
are
no
longer
a
client
of
Mischler
Financial
Group,
Inc.,
you
are
not
eligible
to
hold
Mischler
Financial
Group
Shares
and
any
Mischler
Financial
Group
Shares
you
hold
will
be
converted
to
Institutional
Shares
of
the
Fund.
(e)
If
you
are
no
longer
a
client
of
Penserra
Securities
LLC,
you
are
not
eligible
to
hold
Penserra
Shares
and
any
Penserra
Shares
you
hold
will
be
converted
to
Institutional
Shares
of
the
Fund.
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
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
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
interest
holders. 
Offering
Costs:
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.  
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
(“CDSC”)
Conversion
Privilege
Institutional
...............................................
No
No
None
Bancroft
Capital
.............................................
No
No
None
(a)
Cabrera
Capital
Markets
.......................................
No
No
None
(b)
Direct
...................................................
No
No
None
Great
Pacific
...............................................
No
No
None
(c)
Mischler
Financial
Group
No
No
None
(d)
Penserra
.................................................
No
No
None
(e)
Investor
A
................................................
No
No
None
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
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.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Investments
are
valued
on
the
basis
of
prices
provided
by
dealers
or
pricing
services.
In
determining
the
value
of
a
particular
investment,
pricing
services
may
use
certain
information
with
respect
to
transactions
in
such
investments,
quotations
from
dealers,
pricing
matrixes,
market
transactions
in
comparable
investments
and
information
with
respect
to
various
relationships
between
investments. 
Fixed-income 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.
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
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for 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,
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
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
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects
the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty. 
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
0.10%
of
the
average
daily
value
of
the
Fund’s
net
assets.
The
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”),
(the
“sub-adviser”),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Service
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
of
0.25%
based
upon
the
average
daily
net
assets
attributable
to
Investor
A
shares.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing to
the
Fund.
The
ongoing
service fee compensates BRIL
and
each
broker-
dealer
for
providing
shareholder
servicing related
services
to
shareholders.
For
the six
months
ended
January
31,
2023,
the
class
specific
service
fees
borne
directly
by Investor
A Shares
were
$839.
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
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,
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
Shares,
Great
Pacific
Shares,
Mischler
Financial
Group
Shares,
Penserra
Shares
and
Investor
A
Shares
and
0.04%
of
the
average
daily
net
assets
for
Direct
Shares.
For
the
six
months
ended
January
31,
2023, 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,
2023,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
For
the
six
months ended
January
31,
2023,
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
(“expense
limitation”)
through
June
30,
2033.
Miscellaneous
other
expenses
include
accounting,
transfer
agency,
custody,
professional
and
registration
fees
and
exclude
dividend
expense,
interest
expense,
and
certain
other
fund
expenses
that
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business.
The
expense
limitation
as
a
percentage
of
average
daily
net
assets is
0.00%
for
the
Institutional
Shares,
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
Shares,
Direct
Shares,
Mischler
Financial
Group
Shares,
Penserra
Shares,
Investor
A
Shares
and
Great
Pacific
Shares.
For
the six
months,
the
Manager
waived
and/or
reimbursed
$268,980,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
The
Manager
and
BRIL
have
also
voluntarily
agreed
to
waive
a
portion
of
their
respective
administration
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
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific.
The
Manager
and
BRIL
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
Institutional
Bancroft
Capital
Cabrera
Capital
Markets
Direct
Great
Pacific
Mischler
Financial
Group
Penserra
Investor
A
Total
Administration
fees
-
class
specific
......
$
170,718‌
$
26‌
$
27‌
$
156,205‌
$
79‌
$
6,013‌
$
26‌
$
335‌
$
333,429‌
Institutional
Bancroft
Capital
Cabrera
Capital
Markets
Direct
Great
Pacific
Mischler
Financial
Group
Penserra
Investor
A
Total
Transfer
agent
fees
-
class
specific
......
$
954‌
$
19‌
$
19‌
$
82‌
$
11‌
$
49‌
$
18‌
$
183‌
$
1,335‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
For
the
six
months ended
January
31,
2023,
class
specific
expense
waivers
and/or
reimbursements are 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,
2023,
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. 
6.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
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
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,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
7.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
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.
Share
Class
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Institutional
.......................................................................................................
$
954‌
Bancroft
Capital
....................................................................................................
19‌
Cabrera
Capital
Markets
..............................................................................................
19‌
Direct
...........................................................................................................
82‌
Great
Pacific
......................................................................................................
11‌
Mischler
Financial
Group
..............................................................................................
49‌
Penserra
........................................................................................................
18‌
Investor
A
........................................................................................................
183‌
$
1,335‌
Notes
to
Financial
Statements
(unaudited)
(continued)
25
Notes
to
Financial
Statements
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.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
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
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the recent
period
of
historically
low
interest rates. The
Federal
Reserve
has
recently
begun
to
raise
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
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
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
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.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states. The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
have
been,
and
may
continue
to
be
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
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. 
8.
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. 
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
Transactions
in
capital
shares
for
each
class
were
as
follows:
(a)
Commenced
operations
on
October
29,
2021.
(b)
Commenced
operations
on
May
2,
2022.
(c)
Commenced
operations
on
May
20,
2021.
(d)
Commenced
operations
on
January
21,
2022.
As
of
January
31,
2023,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
were
as
follows:
9.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
01/31/23
Year
Ended
07/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Liquid
Environmentally
Aware
Fund
Institutional
Shares
sold
.............................................
321,438,908‌
$
321,461,005‌
297,813,139‌
$
297,831,196‌
Shares
issued
in
reinvestment
of
distributions
........................
5,156,276‌
5,156,745‌
676,175‌
675,963‌
Shares
redeemed
.........................................
(61,398,675‌)
(61,399,682‌)
(380,362,815‌)
(380,454,380‌)
265,196,509‌
$
265,218,068‌
(81,873,501‌)
$
(81,947,221‌)
Bancroft
Capital
(a)
Shares
sold
.............................................
—‌
$
—‌
49,980‌
$
50,000‌
Shares
issued
in
reinvestment
of
distributions
........................
842‌
842‌
156‌
156‌
842‌
$
842‌
50,136‌
$
50,156‌
Cabrera
Capital
Markets
(a)
Shares
sold
.............................................
124,950‌
$
124,994‌
49,980‌
$
50,000‌
Shares
issued
in
reinvestment
of
distributions
........................
916‌
916‌
156‌
156‌
125,866‌
$
125,910‌
50,136‌
$
50,156‌
Direct
Shares
sold
.............................................
6,045,096‌
$
6,043,282‌
107,102,532‌
$
107,072,975‌
Shares
issued
in
reinvestment
of
distributions
........................
9,043,061‌
9,044,020‌
2,046,033‌
2,045,505‌
Shares
redeemed
.........................................
(145,055,297‌)
(145,042,582‌)
(151,166,655‌)
(151,114,162‌)
(129,967,140‌)
$
(129,955,280‌)
(42,018,090‌)
$
(41,995,682‌)
Great
Pacific
(b)
Shares
sold
.............................................
384,994‌
$
385,000‌
50,020‌
$
50,000‌
Shares
issued
in
reinvestment
of
distributions
........................
3,083‌
3,083‌
132‌
132‌
388,077‌
$
388,083‌
50,152‌
$
50,132‌
Mischler
Financial
Group
(c)
Shares
sold
.............................................
24,990,004‌
$
24,998,847‌
24,980,017‌
$
24,993,128‌
Shares
issued
in
reinvestment
of
distributions
........................
842‌
842‌
160‌
160‌
Shares
redeemed
.........................................
—‌
—‌
(15,004,502‌)
(15,000,382‌)
24,990,846‌
$
24,999,689‌
9,975,675‌
$
9,992,906‌
Penserra
(d)
Shares
sold
.............................................
—‌
$
—‌
49,995‌
$
50,000‌
Shares
issued
in
reinvestment
of
distributions
........................
842‌
842‌
149‌
149‌
842‌
$
842‌
50,144‌
$
50,149‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
......................
1,233,379‌
$
1,233,198‌
257,071‌
$
256,995‌
Shares
issued
in
reinvestment
of
distributions
........................
7,313‌
7,313‌
98‌
98‌
Shares
redeemed
.........................................
(553,888‌)
(553,868‌)
(25,240‌)
(25,255‌)
686,804‌
$
686,643‌
231,929‌
$
231,838‌
161,422,646‌
$
161,464,797‌
(113,483,419‌)
$
(113,517,566‌)
Institutional
.......................................................................................................
253,456‌
Direct
...........................................................................................................
14,856,422‌
Investor
A
........................................................................................................
253,048‌
Additional
Information
27
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,
Procedures and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
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
without
charge,
upon
request (1)
by
calling
(800)
441-7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock
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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
28
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
BlackRock
International
Limited
Edinburgh,
EH3
8JB
United
Kingdom
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
10001
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
29
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
LOC
Letter
of
Credit
RB
Revenue
Bonds
SBPA
Stand-by-Bond
Purchase
Agreement
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-1/23-SAR
JANUARY
31,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
SM
BlackRock
Short
Obligations
Fund
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
January
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
While
we
favor
an
overweight
to
equities
in
the
long-term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
We
believe
that
higher
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
while
the
market’s
concerns
over
excessive
rate
hikes
could
remain
until
the
Fed
indicates
that
its
tightening
cycle
has
ended.
Nevertheless,
we
see
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-
grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
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,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(0.44)%
(8.22)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.25
(3.38)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.52
(2.83)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.92
(12.12)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.58
1.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.60)
(11.62)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.37)
(8.36)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.73
(3.25)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.46
(5.22)
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
..........................................................................................
14
Statement
of
Operations
................................................................................................
16
Statements
of
Changes
in
Net
Assets
........................................................................................
17
Financial
Highlights
.....................................................................................................
18
Notes
to
Financial
Statements
...............................................................................................
21
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
27
Additional
Information
....................................................................................................
28
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
30
Fund
Summary
as
of
January
31,
2023
2023
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,
2023,
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.
What
factors
influenced
performance?
The
Fund’s
below
benchmark
stance
with
respect
to
overall
portfolio
duration
and
corresponding
interest
rate
sensitivity
proved
additive
to
performance
as
the
Fed
moved
to
aggressively
raise
its
benchmark
overnight
lending
rate.
In
addition,
security
selection
aided
relative
return,
most
notably
an
allocation
to
floating
rate
instruments
with
payments
tied
to
the
Secured
Overnight
Financing
Rate
(“SOFR”).
Investor
outflows
from
the
Fund
in
a
rising
interest
rate
environment
weighed
on
performance
relative
to
the
benchmark.
The
Fund’s
positioning
along
the
yield
curve
also
detracted
from
relative
performance.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance.
Describe
recent
portfolio
activity.
The
Fund
sought
to
capture
higher
reinvestment
rates
by
concentrating
purchases
in
short-term
commercial
paper,
which
experienced
steady
increases
in
yield,
and
by
selectively
adding
duration
with
both
fixed
and
floating
rate
investment
grade
corporate
purchases
at
attractive
yields.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund
was
positioned
with
a
below
benchmark
duration
and
corresponding
interest
rate
sensitivity
in
anticipation
of
further
Fed
interest
rate
increases.
In
this
vein,
more
than
half
of
Fund
assets
were
investing
in
floating
rate
securities,
and
more
than
one-third
of
assets
were
held
in
SOFR-linked
floaters
which
reset
daily
and
allow
the
Fund’s
yield
to
benefit
from
rate
hikes.
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.
Performance
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.
Average
Annual
Total
Returns
(a)(b)
Standardized
30-Day
Yields
(c)
Unsubsidized
30-Day
Yields
(c)
6-Month
Total
Returns
1
Year
5
Years
10
Years
Institutional
.......................................
4.47‌%
4.36‌%
1.67‌%
1.42‌%
1.49‌%
1.14‌%
Investor
A
........................................
4.25‌
4.13‌
1.56‌
1.08‌
1.25‌
0.88‌
Class
K
.........................................
4.55‌
4.41‌
1.71‌
1.39‌
1.54‌
1.21‌
ICE
BofA
6-Month
U.S.
Treasury
Bill
Index
(d)
...............
—‌
—‌
1.59‌
1.70‌
1.43‌
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)
An
unmanaged
index
that
tracks
6-month
U.S.
Treasury
securities.
On
March
1,
2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
ICE
BofA
6-Month
U.S.
Treasury
Bill
Index
(the
“Index”
).
Historical
index
data
prior
to
3/1/2021
is
for
the
3pm
pricing
variant
of
the
Index.
Index
data
on
and
after
March
1,
2021
is
for
the
4pm
pricing
variant
of
the
Index.
Fund
Summary
as
of
January
31,
2023
(continued)
5
Fund
Summary
BlackRock
Short
Obligations
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,016.70‌
$
1.37‌
$
1,000.00‌
$
1,023.84‌
$
1.38‌
0.27‌%
Investor
A
................................
1,000.00‌
1,015.60‌
2.54‌
1,000.00‌
1,022.68‌
2.55‌
0.50‌
Class
K
..................................
1,000.00‌
1,017.10‌
1.02‌
1,000.00‌
1,024.20‌
1.02‌
0.20‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Corporate
Bonds
....................................
55.6‌
%
Commercial
Paper
...................................
18.2‌
Repurchase
Agreements
...............................
10.1‌
Certificates
of
Deposit
.................................
7.8‌
Municipal
Bonds
....................................
4.9‌
Asset-Backed
Securities
...............................
2.6‌
Foreign
Government
Obligations
.........................
0.9‌
Money
Market
Funds
.................................
0.0‌
(a)
Liabilities
in
Excess
of
Other
Assets
.......................
(0.1‌)
MATURITY
BREAKDOWN
Percent
of
Net
Assets
1-7
days
..........................................
6.5‌
%
8-14
days
.........................................
4.7‌
15-30
days
........................................
6.8‌
31-60
days
........................................
9.9‌
61-90
days
........................................
4.3‌
91-120
days
.......................................
6.1‌
121-150
days
......................................
2.4‌
>150
days
........................................
59.3‌
(a)
Represents
less
than
0.1%
of
the
Fund's
net
assets.
About
Fund
Performance
2023
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
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
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,
administration
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their 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.
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
American
Express
Credit
Account
Master
Trust,
Series
2022-4,
Class
A,
4.95%,
10/15/27
.
USD
5,000
$
5,073,284
BMW
Vehicle
Owner
Trust,
Series
2022-A,
Class
A2A,
2.52%,
12/26/24
.........
4,567
4,518,249
Carmax
Auto
Owner
Trust
Series
2022-4,
Class
A2A,
5.34%,
12/15/25
4,509
4,521,212
Series
2023-1,
Class
A2A,
5.23%,
01/15/26
4,800
4,797,753
Chase
Issuance
Trust,
Series
2022-A1,
Class
A,
3.97%,
09/15/27
...............
4,700
4,651,853
Ford
Credit
Auto
Lease
Trust,
Series
2023-A,
Class
A2A,
5.19%,
06/15/25
.........
1,039
1,038,347
Ford
Credit
Auto
Owner
Trust
Series
2022-A,
Class
A2,
0.73%,
09/15/24
2,522
2,495,697
Series
2022-B,
Class
A2A,
3.44%,
02/15/25
3,461
3,434,074
Hyundai
Auto
Lease
Securitization
Trust
(a)
Series
2021-C,
Class
A2,
0.24%,
01/16/24
1,944
1,935,966
Series
2022-B,
Class
A2A,
2.75%,
10/15/24
6,271
6,194,458
Series
2022-C,
Class
A2A,
4.34%,
01/15/25
853
848,082
Series
2023-A,
Class
A2A,
5.20%,
04/15/25
2,775
2,774,806
Nissan
Auto
Receivables
Owner
Trust,
Series
2022-B,
Class
A2,
4.50%,
08/15/25
.....
3,540
3,524,368
Toyota
Auto
Receivables
Owner
Trust,
Series
2022-B,
Class
A2A,
2.35%,
01/15/25
...
3,324
3,287,328
Total
Asset-Backed
Securities
—
2.6%
(Cost:
$49,300,801)
..............................
49,095,477
Corporate
Bonds
Aerospace
&
Defense
—
0.1%
Lockheed
Martin
Corp.,
4.95%,
10/15/25
..
2,220
2,254,333
Automobiles
—
3.7%
(a)
BMW
US
Capital
LLC
0.80%,
04/01/24
.................
2,680
2,559,508
(SOFR
Index
+
0.53%),
4.84%,
04/01/24
(b)
15,615
15,565,403
(SOFR
Index
+
0.38%),
4.72%,
08/12/24
(b)
17,735
17,610,906
Hyundai
Capital
America,
2.38%,
02/10/23
.
12,340
12,330,422
Mercedes-Benz
Finance
North
America
LLC,
0.75%,
03/01/24
................
16,690
15,949,615
Volkswagen
Group
of
America
Finance
LLC,
(SOFR
1
Day
+
0.95%),
5.28%,
06/07/24
(b)
5,140
5,135,256
69,151,110
Banks
—
12.7%
Australia
&
New
Zealand
Banking
Group
Ltd.,
5.09%,
12/08/25
................
3,245
3,280,713
Banco
Santander
SA
3.89%,
05/24/24
.................
6,800
6,699,459
0.70%,
06/30/24
(b)
................
6,800
6,658,424
Bank
of
America
Corp.,
(SOFR
1
Day
+
0.41%),
0.52%,
06/14/24
(b)
...............
15,915
15,627,746
Banque
Federative
du
Credit
Mutuel
SA,
4.94%,
01/26/26
(a)
...............
4,800
4,796,323
Citigroup,
Inc.,
(SOFR
1
Day
+
1.37%),
4.14%,
05/24/25
(b)
....................
2,025
2,002,111
Cooperatieve
Rabobank
UA,
3.88%,
08/22/24
6,100
6,026,991
HSBC
Holdings
plc,
1.16%,
11/22/24
(b)
....
3,785
3,649,344
JPMorgan
Chase
&
Co.
(b)
(SOFR
1
Day
+
0.58%),
0.70%,
03/16/24
5,000
4,970,844
(SOFR
1
Day
+
0.58%),
4.90%,
03/16/24
20,000
20,004,140
(SOFR
1
Day
+
0.98%),
3.85%,
06/14/25
6,600
6,484,500
KeyBank
NA
(SOFR
Index
+
0.32%),
0.43%,
06/14/24
(b)
6,000
5,878,841
(SOFR
Index
+
0.32%),
4.64%,
06/14/24
(b)
14,355
14,318,179
4.15%,
08/08/25
.................
2,050
2,026,443
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Mitsubishi
UFJ
Financial
Group,
Inc.
(b)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%),
4.79%,
07/18/25
...............
USD
9,410
$
9,361,212
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.55%),
5.06%,
09/12/25
...............
5,895
5,887,792
Nordea
Bank
Abp
(a)
1.00%,
06/09/23
.................
4,255
4,197,182
3.60%,
06/06/25
.................
4,425
4,300,874
4.75%,
09/22/25
.................
6,100
6,095,318
PNC
Financial
Services
Group,
Inc.
(The),
(SOFR
Index
+
1.09%),
5.67%,
10/28/25
(b)
5,450
5,522,740
Societe
Generale
SA,
4.35%,
06/13/25
(a)
...
5,000
4,921,022
Sumitomo
Mitsui
Financial
Group,
Inc.
0.51%,
01/12/24
.................
3,380
3,237,419
5.46%,
01/13/26
.................
4,800
4,875,404
Sumitomo
Mitsui
Trust
Bank
Ltd.
(a)
0.80%,
09/12/23
.................
11,306
11,014,637
0.80%,
09/16/24
.................
8,000
7,455,047
(SOFR
1
Day
+
0.44%),
4.76%,
09/16/24
(b)
10,000
9,960,474
Svenska
Handelsbanken
AB,
3.65%,
06/10/25
(a)
6,600
6,427,588
Swedbank
AB,
0.60%,
09/25/23
(a)
.......
4,000
3,883,040
Truist
Bank
1.25%,
03/09/23
.................
10,000
9,964,221
(SOFR
1
Day
+
0.20%),
4.51%,
01/17/24
(b)
20,000
19,948,493
Westpac
Banking
Corp.
5.35%,
10/18/24
.................
5,500
5,569,774
1.02%,
11/18/24
.................
2,395
2,247,322
(SOFR
1
Day
+
0.30%),
4.63%,
11/18/24
(b)
8,985
8,952,563
236,246,180
Beverages
—
1.5%
Coca-Cola
Europacific
Partners
plc,
0.50%,
05/05/23
(a)
....................
28,000
27,682,814
Capital
Markets
—
6.6%
Bank
of
New
York
Mellon
Corp.
(The),
(SOFR
1
Day
+
0.57%),
3.43%,
06/13/25
(b)
......
6,600
6,487,665
Credit
Suisse
AG
1.00%,
05/05/23
.................
5,000
4,940,273
0.50%,
02/02/24
.................
2,670
2,508,744
(SOFR
Index
+
0.39%),
4.73%,
02/02/24
(b)
15,000
14,665,830
Deutsche
Bank
AG
Series
E,
0.96%,
11/08/23
..........
9,000
8,726,780
Series
E,
(SOFR
1
Day
+
0.50%),
4.84%,
11/08/23
(b)
...................
13,175
13,135,406
4.16%,
05/13/25
.................
3,900
3,849,573
Goldman
Sachs
Group,
Inc.
(The),
1.22%,
12/06/23
.....................
4,000
3,876,618
Macquarie
Bank
Ltd.,
(SOFR
1
Day
+
0.30%),
4.61%,
04/06/23
(a)(b)
..............
5,000
5,000,495
Morgan
Stanley
(b)
(SOFR
1
Day
+
0.47%),
4.82%,
11/10/23
15,000
14,992,650
(SOFR
1
Day
+
0.46%),
4.77%,
01/25/24
8,000
7,992,152
Morgan
Stanley
&
Co.
LLC,
0.73%,
04/05/24
(b)
10,000
9,913,319
UBS
AG
(a)
(SOFR
1
Day
+
0.32%),
4.65%,
06/01/23
(b)
7,525
7,525,075
(SOFR
1
Day
+
0.36%),
4.70%,
02/09/24
(b)
5,000
4,996,472
0.70%,
08/09/24
.................
3,680
3,452,350
(SOFR
1
Day
+
0.45%),
4.79%,
08/09/24
(b)
6,775
6,766,660
1.38%,
01/13/25
.................
4,430
4,154,495
122,984,557
2023
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,
2023
Security
Par
(000)
Par
(000)
Value
Chemicals
—
0.3%
Ecolab,
Inc.,
0.90%,
12/15/23
.........
USD
2,695
$
2,600,559
Sherwin-Williams
Co.
(The),
4.05%,
08/08/24
2,775
2,743,443
5,344,002
Consumer
Finance
—
4.4%
American
Express
Co.,
3.38%,
05/03/24
...
2,695
2,648,615
American
Honda
Finance
Corp.
(LIBOR
USD
3
Month
+
0.15%),
4.81%,
02/22/23
(b)
...................
4,705
4,704,752
0.88%,
07/07/23
.................
838
823,831
(LIBOR
USD
3
Month
+
0.42%),
5.15%,
09/08/23
(b)
...................
5,790
5,798,413
0.75%,
08/09/24
.................
2,040
1,922,600
Capital
One
Financial
Corp.,
(SOFR
1
Day
+
1.37%),
4.17%,
05/09/25
(b)
..........
6,800
6,689,197
Caterpillar
Financial
Services
Corp.
0.60%,
09/13/24
.................
6,730
6,322,547
(SOFR
1
Day
+
0.27%),
4.59%,
09/13/24
(b)
12,325
12,292,338
Hyundai
Capital
Services,
Inc.,
0.75%,
09/15/23
(a)
....................
15,000
14,510,855
John
Deere
Capital
Corp.,
3.40%,
06/06/25
.
4,310
4,207,123
PACCAR
Financial
Corp.,
3.15%,
06/13/24
.
2,955
2,900,511
Toyota
Motor
Credit
Corp.
(SOFR
1
Day
+
0.20%),
4.50%,
02/13/23
(b)
13,366
13,365,432
4.40%,
09/20/24
.................
5,000
4,976,140
81,162,354
Diversified
Financial
Services
—
1.8%
LSEGA
Financing
plc,
0.65%,
04/06/24
(a)
..
3,120
2,954,847
National
Rural
Utilities
Cooperative
Finance
Corp.,
Series
D,
(SOFR
1
Day
+
0.33%),
4.64%,
10/18/24
(b)
...............
5,000
4,941,104
NTT
Finance
Corp.
(a)
0.58%,
03/01/24
.................
6,005
5,727,346
4.14%,
07/26/24
.................
1,120
1,107,451
Siemens
Financieringsmaatschappij
NV,
(SOFR
1
Day
+
0.43%),
4.76%,
03/11/24
(a)(b)
18,980
18,975,837
33,706,585
Diversified
Telecommunication
Services
—
1.5%
Bell
Telephone
Co.
of
Canada,
Series
US-3,
0.75%,
03/17/24
................
8,000
7,636,418
Verizon
Communications,
Inc.
0.75%,
03/22/24
.................
3,325
3,174,365
(SOFR
Index
+
0.50%),
4.82%,
03/22/24
(b)
16,955
16,918,452
27,729,235
Electric
Utilities
—
4.8%
Duke
Energy
Corp.,
(SOFR
1
Day
+
0.25%),
4.58%,
06/10/23
(b)
...............
13,375
13,360,852
Eversource
Energy,
Series
T,
(SOFR
Index
+
0.25%),
4.59%,
08/15/23
(b)
..........
19,015
18,974,311
Florida
Power
&
Light
Co.
(b)
(SOFR
Index
+
0.25%),
4.59%,
05/10/23
5,120
5,114,777
(SOFR
Index
+
0.38%),
4.69%,
01/12/24
2,505
2,499,266
NextEra
Energy
Capital
Holdings,
Inc.
(b)
(SOFR
Index
+
0.54%),
4.87%,
03/01/23
9,305
9,305,265
(SOFR
Index
+
0.40%),
4.74%,
11/03/23
20,000
19,972,000
PPL
Electric
Utilities
Corp.
(b)
(LIBOR
USD
3
Month
+
0.25%),
4.97%,
09/28/23
....................
10,450
10,409,916
(SOFR
1
Day
+
0.33%),
4.65%,
06/24/24
8,080
7,986,298
Wisconsin
Public
Service
Corp.,
5.35%,
11/10/25
.....................
2,720
2,767,403
90,390,088
Food
&
Staples
Retailing
—
0.4%
Walmart,
Inc.,
3.90%,
09/09/25
........
7,000
6,962,828
Security
Par
(000)
Par
(000)
Value
Food
Products
—
1.9%
Cargill,
Inc.,
4.88%,
10/10/25
(a)
.........
USD
5,185
$
5,217,748
Hormel
Foods
Corp.,
0.65%,
06/03/24
....
5,565
5,277,360
Nestle
Holdings,
Inc.
(a)
0.61%,
09/14/24
.................
15,000
14,073,364
4.00%,
09/12/25
.................
6,200
6,133,631
Unilever
Capital
Corp.,
0.63%,
08/12/24
...
4,635
4,366,888
35,068,991
Gas
Utilities
—
1.3%
Atmos
Energy
Corp.,
(LIBOR
USD
3
Month
+
0.38%),
5.10%,
03/09/23
(b)
..........
23,770
23,768,719
Health
Care
Providers
&
Services
—
0.7%
UnitedHealth
Group,
Inc.
0.55%,
05/15/24
.................
8,030
7,622,796
5.00%,
10/15/24
.................
6,000
6,060,617
13,683,413
Hotels,
Restaurants
&
Leisure
—
0.2%
Starbucks
Corp.,
(SOFR
Index
+
0.42%),
4.76%,
02/14/24
(b)
...............
3,490
3,481,483
Insurance
—
4.5%
(a)
Brighthouse
Financial
Global
Funding
(SOFR
1
Day
+
0.31%),
4.64%,
02/24/23
(b)
13,655
13,652,985
1.20%,
12/15/23
.................
5,000
4,820,394
MassMutual
Global
Funding
II,
4.15%,
08/26/25
2,238
2,209,506
Metropolitan
Life
Global
Funding
I,
(SOFR
1
Day
+
0.32%),
4.63%,
01/07/24
(b)
......
20,000
19,954,325
New
York
Life
Global
Funding
3.15%,
06/06/24
.................
3,360
3,289,671
(SOFR
Index
+
0.43%),
4.76%,
06/06/24
(b)
3,655
3,657,693
3.60%,
08/05/25
.................
6,200
6,041,095
Northwestern
Mutual
Global
Funding,
4.00%,
07/01/25
.....................
6,400
6,310,955
Principal
Life
Global
Funding
II
0.75%,
08/23/24
.................
705
660,771
(SOFR
1
Day
+
0.38%),
4.71%,
08/23/24
(b)
680
672,574
Protective
Life
Global
Funding
0.50%,
04/12/23
.................
8,150
8,083,926
0.63%,
10/13/23
.................
5,670
5,500,860
0.47%,
01/12/24
.................
10,000
9,584,934
84,439,689
Internet
&
Direct
Marketing
Retail
—
0.3%
eBay,
Inc.,
5.90%,
11/22/25
...........
5,500
5,681,109
Life
Sciences
Tools
&
Services
—
1.2%
Thermo
Fisher
Scientific,
Inc.
(b)
(SOFR
Index
+
0.35%),
4.66%,
04/18/23
15,000
14,999,406
(SOFR
Index
+
0.53%),
4.84%,
10/18/24
7,495
7,475,804
22,475,210
Machinery
—
0.1%
Daimler
Truck
Finance
North
America
LLC,
5.20%,
01/17/25
(a)
...............
2,545
2,558,147
Media
—
0.0%
Comcast
Corp.,
5.25%,
11/07/25
.......
1,000
1,021,415
Multi-Utilities
—
2.0%
Dominion
Energy,
Inc.,
Series
D,
(LIBOR
USD
3
Month
+
0.53%),
5.30%,
09/15/23
(b)
...
34,725
34,767,678
WEC
Energy
Group,
Inc.,
5.00%,
09/27/25
.
2,560
2,573,391
37,341,069
Oil,
Gas
&
Consumable
Fuels
—
4.0%
Chevron
USA,
Inc.,
(LIBOR
USD
3
Month
+
0.20%),
4.85%,
08/11/23
(b)
..........
35,515
35,508,974
Enbridge,
Inc.
(SOFR
1
Day
+
0.40%),
4.74%,
02/17/23
(b)
9,400
9,399,586
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
0.55%,
10/04/23
.................
USD
1,890
$
1,833,716
(SOFR
Index
+
0.63%),
4.97%,
02/16/24
(b)
5,520
5,500,706
TransCanada
PipeLines
Ltd.,
1.00%,
10/12/24
22,930
21,452,274
73,695,256
Pharmaceuticals
—
0.3%
Roche
Holdings,
Inc.,
(SOFR
1
Day
+
0.24%),
4.57%,
03/05/24
(a)(b)
..............
5,370
5,358,112
Semiconductors
&
Semiconductor
Equipment
—
0.6%
Analog
Devices,
Inc.,
(SOFR
1
Day
+
0.25%),
4.56%,
10/01/24
(b)
...............
7,055
6,968,753
NVIDIA
Corp.,
0.58%,
06/14/24
........
4,000
3,789,862
10,758,615
Specialty
Retail
—
0.3%
Home
Depot,
Inc.
(The),
4.00%,
09/15/25
..
1,910
1,901,122
Lowe's
Cos.,
Inc.,
4.40%,
09/08/25
......
4,150
4,131,775
6,032,897
Thrifts
&
Mortgage
Finance
—
0.1%
Nationwide
Building
Society,
0.55%,
01/22/24
(a)
1,520
1,453,341
Tobacco
—
0.3%
Philip
Morris
International,
Inc.,
5.13%,
11/15/24
.....................
5,000
5,034,989
Total
Corporate
Bonds
—
55.6%
(Cost:
$1,048,795,692)
...........................
1,035,466,541
Foreign
Government
Obligations
South
Korea
—
0.9%
Korea
Development
Bank
(The),
(LIBOR
USD
3
Month
+
0.35%),
5.02%
,
02/18/23
(b)
....
16,690
16,691,410
Total
Foreign
Government
Obligations
—
0.9%
(Cost:
$16,690,000)
..............................
16,691,410
Municipal
Bonds
Alabama
—
0.1%
Alabama
Federal
Aid
Highway
Finance
Authority
,
Series
2021B,
RB,
0.45%, 09/01/23
.................
2,255
2,196,138
Arizona
—
0.2%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9060TX,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
4.59%, 01/31/23
(a)(c)(d)
..............
3,857
3,856,728
California
—
0.0%
Port
of
Oakland
,
Series
2020R,
RB,
0.82%, 05/01/23
.................
400
395,545
Florida
—
0.5%
County
of
Miami-Dade
Series
2020B,
RB,
0.38%, 04/01/23
....
7,500
7,439,628
Series
2021A,
RB,
0.71%, 10/01/23
....
1,000
972,272
8,411,900
New
York
—
0.7%
Long
Island
Power
Authority
Series
2021C,
RB,
0.36%, 03/01/23
....
3,885
3,870,483
Series
2020C,
RB,
0.76%, 03/01/23
....
2,860
2,850,426
New
York
State
Dormitory
Authority
,
Series
2022B,
RB,
2.01%, 03/15/23
.........
705
702,548
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Port
Authority
of
New
York
&
New
Jersey
,
Series
2020AAA,
RB,
1.09%, 07/01/23
..
USD
4,140
$
4,075,902
11,499,359
Other
—
3.4%
Deutsche
Bank
Spears/Lifers
Trust,
Various
States
,
Series
DBE-8901,
VRDN
,
VRDN
(Deutsche
Bank
AG.
LIQ)
,
4.52%, 02/02/23
(a)
(c)
...........................
43,500
43,500,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
(a)(c)(d)
Series
2020-MIZ9030,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
4.59%, 02/01/23
...............
10,520
10,520,000
Series
2020-MIZ9035,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
4.74%, 03/01/31
...............
5,000
5,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
(a)(c)(d)
Series
2020-BTMFT-003,
RB,
VRDN
(Barclays
Bank
plc
LOC),
4.70%, 01/16/25
...............
900
900,000
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
4.70%, 02/02/23
........
4,025
4,025,000
63,945,000
Total
Municipal
Bonds
—
4.9%
(Cost:
$90,544,779)
..............................
90,304,670
Total
Long-Term
Investments
—
64.0%
(Cost:
$1,205,331,272)
...........................
1,191,558,098
Short-Term
Securities
Certificates
of
Deposit
—
7.8%
Yankee
—
7.8%
(e)
Bank
of
Montreal,
Chicago,
5.40%, 10/13/23
5,000
5,008,031
Barclays
Bank
plc,
New
York,
(SOFR
1
Day
+
0.30%),
4.60%, 02/03/23
(b)
..........
10,000
10,000,170
Bayerische
Landesbank
,
New
York,
0.90%, 06/27/23
.................
12,000
11,807,672
Canadian
Imperial
Bank
of
Commerce,
New
York,
4.65%, 09/14/23
.............
5,800
5,782,635
Credit
Suisse
AG
(b)
(SOFR
Index
+
0.42%),
4.73%, 07/10/23
.
7,500
7,491,032
(SOFR
Index
+
0.54%),
4.85%, 01/19/24
.
3,000
2,988,874
Kookmin
Bank,
(SOFR
1
Day
+
0.32%),
4.62%, 02/09/23
(b)
................
15,000
15,000,778
Lloyds
Bank
Corporate
Markets
plc,
New
York,
5.24%, 10/12/23
.................
5,000
5,000,049
Royal
Bank
of
Canada,
New
York,
4.08%, 07/14/23
.................
25,000
24,891,172
Standard
Chartered
Bank,
New
York
(b)
(SOFR
1
Day
+
0.30%),
4.60%, 03/13/23
.
15,000
15,004,222
(SOFR
1
Day
+
0.35%),
4.65%, 05/01/23
.
10,000
10,003,810
(SOFR
1
Day
+
0.42%),
4.72%, 07/28/23
.
5,000
5,004,741
Toronto-Dominion
Bank,
New
York
2.69%, 04/28/23
.................
5,000
4,975,632
2.90%, 06/06/23
.................
10,000
9,931,564
4.35%, 09/13/23
.................
6,100
6,069,640
2023
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,
2023
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Westpac
Banking
Corp.,
New
York,
4.22%, 09/06/23
.................
USD
6,200
$
6,167,536
145,127,558
Total
Certificates
of
Deposit
—
7.8%
(Cost:
$145,599,266)
.............................
145,127,558
Commercial
Paper
—
18.2%
Alinghi
Funding
Co.
LLC,
4.02%
,
04/18/23
(a)(f)
6,500
6,434,657
Amcor
Finance
USA,
Inc.,
5.11%
,
03/03/23
(a)(f)
20,000
19,914,354
Amcor
Flexibles
North
America,
Inc.,
4.82%
,
02/03/23
(f)
......................
3,860
3,858,517
AT&T,
Inc.,
4.75%
,
02/13/23
(f)
...........
3,805
3,798,531
Atlantic
Asset
Securitization
LLC,
5.14%
,
07/12/23
(f)
......................
6,123
5,987,933
Bank
of
Montreal,
2.80%
,
05/12/23
.......
5,000
4,972,707
Barton
Capital
SA,
4.67%
,
03/29/23
(a)(f)
....
5,000
4,963,085
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
(The),
4.72%
,
02/13/23
(a)(f)
...........
5,398
5,389,070
Brookfield
Infrastructure
Holdings
Canada,
Inc.
(a)(f)
5.20%,
03/14/23
.................
5,000
4,971,767
5.09%,
03/21/23
.................
4,086
4,058,954
Brookfield
Renewable
Partners
LP
(f)
5.07%,
02/06/23
.................
2,100
2,098,361
4.97%,
02/13/23
.................
7,460
7,447,269
CenterPoint
Energy
Resources
Corp.,
4.77%
,
02/09/23
(a)(f)
.....................
6,300
6,292,550
E.ON
SE
(a)(f)
4.89%,
02/13/23
.................
2,750
2,745,307
5.11%,
02/24/23
.................
2,875
2,865,886
Enel
Finance
America
LLC,
5.30%
,
03/20/23
(a)(f)
5,000
4,965,840
Fidelity
National
Information
Services,
Inc.
(f)
4.74%,
02/02/23
.................
15,000
14,996,196
4.87%,
02/27/23
.................
5,000
4,982,274
Fiserv,
Inc.
(f)
4.82%,
03/01/23
.................
2,500
2,490,436
4.79%,
03/02/23
(a)
................
10,000
9,960,417
HSBC
USA,
Inc.
(f)
4.46%,
08/14/23
.................
10,000
9,724,021
4.85%,
09/07/23
.................
5,000
4,844,784
Hyundai
Capital
America
(a)(f)
4.96%,
02/27/23
.................
2,965
2,954,410
4.82%,
03/13/23
.................
4,665
4,639,461
Korea
Development
Bank
(The),
4.09%
,
05/26/23
(f)
......................
5,000
4,924,228
LMA-Americas
LLC,
5.00%
,
05/02/23
(f)
....
3,000
2,964,442
Marriott
International,
Inc.
(f)
4.79%,
02/22/23
(a)
................
2,682
2,673,313
4.83%,
03/01/23
.................
1,506
1,499,550
Mercedes-Benz
Finance
North
America
LLC
(a)(f)
4.68%,
02/06/23
.................
10,000
9,992,198
4.82%,
02/27/23
.................
6,000
5,978,571
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Mitsubishi
HC
Capital
America,
Inc.
(f)
4.82%,
02/03/23
.................
USD
15,940
$
15,933,842
4.82%,
02/08/23
.................
3,280
3,276,536
Mohawk
Industries,
Inc.,
4.71%
,
02/02/23
(a)(f)
9,230
9,227,658
Mondelez
International,
Inc.,
4.63%
,
02/07/23
(f)
2,300
2,297,894
National
Australia
Bank
Ltd.,
2.43%
,
02/01/23
(a)
(f)
............................
34,200
34,195,902
National
Rural
Utilities
Cooperative
Finance
Corp.,
4.75%
,
02/16/23
(f)
............
7,000
6,986,044
Nutrien
Ltd.
(f)
4.87%,
02/21/23
(a)
................
2,871
2,863,028
4.88%,
02/23/23
.................
2,129
2,122,523
4.85%,
03/08/23
(a)
................
4,030
4,010,680
4.86%,
03/15/23
.................
20,000
19,884,808
4.92%,
03/20/23
(a)
................
2,330
2,314,982
Raytheon
Technologies
Corp.,
4.08%
,
02/06/23
(f)
......................
4,500
4,496,489
Reckitt
Benckiser
Treasury
Services
plc,
4.79%
,
02/27/23
(f)
................
8,175
8,146,275
Spire,
Inc.,
4.77%
,
02/15/23
(a)(f)
..........
4,500
4,491,129
Telus
Corp.,
4.94%
,
03/08/23
(a)(f)
.........
3,726
3,708,152
Thermo
Fisher
Scientific,
Inc.,
4.71%
,
02/09/23
(a)(f)
.....................
4,900
4,894,239
TransCanada
PipeLines
Ltd.
(a)(f)
5.19%,
02/23/23
.................
4,918
4,903,069
5.21%,
03/06/23
.................
3,000
2,986,448
Union
Electric
Co.,
4.74%
,
02/13/23
(a)(f)
....
2,615
2,610,554
Versailles
Commercial
Paper
LLC,
5.20%
,
07/05/23
(a)(f)
.....................
7,500
7,342,320
Vulcan
Materials
Co.,
4.71%
,
02/13/23
(f)
...
11,600
11,579,575
VW
Credit,
Inc.
(f)
4.80%,
02/03/23
.................
4,014
4,012,463
4.92%,
03/09/23
(a)
................
4,255
4,234,039
Total
Commercial
Paper
—
18.2%
(Cost:
$340,040,506)
.............................
339,907,738
Shares
Shares
Money
Market
Funds
—
0.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.07%
(g)(h)
.................
50,024
50,024
Total
Money
Market
Funds
—
0.0%
(Cost:
$50,024)
................................
50,024
Total
Repurchase
Agreements
—
10.1%
(Cost:
$188,500,000)
.............................
188,500,000
Total
Short-Term
Securities
—
36.1%
(Cost:
$674,189,796)
.............................
673,585,320
Total
Investments
—
100.1%
(Cost:
$1,879,521,068
)
...........................
1,865,143,418
Liabilities
in
Excess
of
Other
Assets
—
(0.1)%
............
(2,556,040)
Net
Assets
—
100.0%
..............................
$
1,862,587,378
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
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.
(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)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
11
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(f)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
Affiliate
of
the
Fund.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
242,996
$
—
$
(192,972)
(a)
$
—
$
—
$
50,024
50,024
$
10,484
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Short
Obligations
Fund
12
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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.
...
4.64
%
(a)
01/31/23
03/08/23
$
32,000
$
32,000
$
32,148,480
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.15%
to
8.76%,
due
11/27/23
to
02/10/48
.........
$
117,817,568
$
38,022,474
4.82
(a)
01/31/23
04/07/23
5,000
5,000
5,044,183
Corporate/Debt
Obligation,
5.00%,
due
04/15/26
.........
5,442,000
5,500,139
$
–
$
–
$
37,000
$
43,522,613
$
–
$
–
BNP
Paribas
SA
....
4.67
(a)
01/31/23
05/07/23
25,000
25,000
25,311,333
Corporate/Debt
Obligations,
4.75%
to
10.50%,
due
01/15/27
to
06/15/29
.......
40,413,000
28,426,884
$
–
$
–
Citigroup
Global
Markets,
Inc.
...........
4.61
(a)
01/31/23
04/04/23
16,000
16,000
16,129,080
Corporate/Debt
Obligations,
0.00%
to
7.50%,
due
02/27/23
to
08/15/60
.........
19,713,000
16,800,819
4.63
(a)
01/31/23
05/04/23
6,000
6,000
6,071,765
Corporate/Debt
Obligations,
1.24%
to
5.66%,
due
12/17/35
to
09/25/66
.........
7,130,404
6,512,631
$
–
$
–
$
22,000
$
23,313,450
$
–
$
–
Credit
Suisse
Securities
(USA)
LLC
......
4.80
(a)
01/31/23
03/08/23
11,000
11,000
11,052,800
Corporate/Debt
Obligations,
0.91%
to
6.39%,
due
07/17/31
to
03/17/53
.........
273,380,045
12,436,717
4.90
(a)
01/31/23
04/07/23
10,000
10,000
10,089,833
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.19%
to
12.82%,
due
07/14/26
to
09/15/62
.......
210,404,638
11,033,608
5.05
(a)
01/31/23
05/07/23
11,000
11,000
11,148,134
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
7.75%,
due
08/10/26
to
07/16/58
.........
2,221,605,453
12,507,093
$
–
$
–
$
32,000
$
35,977,418
$
–
$
–
Goldman
Sachs
&
Co.
LLC
...........
4.82
(a)
01/31/23
09/04/23
50,000
50,000
51,446,000
Corporate/Debt
Obligations,
0.00%
to
13.01%,
due
01/15/25
to
06/05/2115
.....
97,483,789
55,625,716
$
–
$
–
Mizuho
Securities
USA
LLC
...........
4.77
(a)
01/31/23
03/08/23
3,500
3,500
3,516,695
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
09/25/50
.........
8,470,397
3,675,000
4.87
(a)
01/31/23
05/03/23
19,000
19,000
19,236,466
Corporate/Debt
Obligation,
2.31%,
due
11/20/51
.........
23,012,547
20,330,001
$
–
$
–
$
22,500
$
24,005,001
$
–
$
–
$
188,500
$
210,871,082
$
–
$
–
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
13
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
49,095,477
$
—
$
49,095,477
Corporate
Bonds
........................................
—
1,035,466,541
—
1,035,466,541
Foreign
Government
Obligations
..............................
—
16,691,410
—
16,691,410
Municipal
Bonds
.........................................
—
90,304,670
—
90,304,670
Short-Term
Securities
Certificates
of
Deposit
.....................................
—
145,127,558
—
145,127,558
Commercial
Paper
.......................................
—
339,907,738
—
339,907,738
Money
Market
Funds
......................................
50,024
—
—
50,024
Repurchase
Agreements
...................................
—
188,500,000
—
188,500,000
$
50,024
$
1,865,093,394
$
—
$
1,865,143,418
Statement
of
Assets
and
Liabilities
(unaudited)

January
31,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
1,676,593,394‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
50,024‌
Cash
.............................................................................................................
24,957‌
Repurchase
agreements,
at
value
(c)
.........................................................................................
188,500,000‌
Receivables:
–‌
Capital
shares
sold
...................................................................................................
3,353,279‌
Dividends
—
affiliated
.................................................................................................
3,395‌
Interest
—
unaffiliated
.................................................................................................
8,840,244‌
From
the
Manager
...................................................................................................
198‌
Prepaid
expenses
.....................................................................................................
124,328‌
Total
assets
.........................................................................................................
1,877,489,819‌
LIABILITIES
Payables:
–‌
Investments
purchased
................................................................................................
4,174,888‌
Administration
fees
...................................................................................................
91,696‌
Capital
shares
redeemed
...............................................................................................
9,481,125‌
Income
dividend
distributions
............................................................................................
76,803‌
Investment
advisory
fees
..............................................................................................
218,260‌
Trustees'
and
Officer's
fees
.............................................................................................
4,040‌
Other
affiliate
fees
...................................................................................................
16,193‌
Professional
fees
....................................................................................................
62,304‌
Service
fees
.......................................................................................................
160,752‌
Other
accrued
expenses
...............................................................................................
616,380‌
Total
liabilities
........................................................................................................
14,902,441‌
NET
ASSETS
........................................................................................................
$
1,862,587,378‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
1,885,022,381‌
Accumulated
loss
.....................................................................................................
(22,435,003‌)
NET
ASSETS
........................................................................................................
$
1,862,587,378‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
1,690,971,044‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
50,024‌
(c)
  Repurchase
agreements,
at
cost
.........................................................................................
$
188,500,000‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2023
15
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................................
$
1,107,992,772‌
Shares
outstanding
...................................................................................................
111,011,318‌
Net
asset
value
......................................................................................................
$
9.98‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
A
Net
assets
..........................................................................................................
$
714,537,220‌
Shares
outstanding
...................................................................................................
71,635,760‌
Net
asset
value
......................................................................................................
$
9.97‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Class
K
Net
assets
..........................................................................................................
$
40,057,386‌
Shares
outstanding
...................................................................................................
4,008,135‌
Net
asset
value
......................................................................................................
$
9.99‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
10,484‌
Interest
—
unaffiliated
.................................................................................................
32,625,015‌
Total
investment
income
.................................................................................................
32,635,499‌
EXPENSES
Investment
advisory
..................................................................................................
2,742,607‌
Service
—
class
specific
...............................................................................................
1,076,165‌
Transfer
agent
—
class
specific
..........................................................................................
535,139‌
Administration
.....................................................................................................
436,439‌
Administration
—
class
specific
..........................................................................................
224,350‌
Registration
.......................................................................................................
68,512‌
Professional
.......................................................................................................
53,788‌
Accounting
services
..................................................................................................
37,353‌
Custodian
.........................................................................................................
17,670‌
Printing
and
postage
.................................................................................................
17,434‌
Trustees
and
Officer
..................................................................................................
11,839‌
Miscellaneous
......................................................................................................
27,285‌
Total
expenses
.......................................................................................................
5,248,581‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(1,155,092‌)
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(55,950‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(7,043‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
4,030,496‌
Net
investment
income
..................................................................................................
28,605,003‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
5,450,462‌
Net
realized
loss
from
investments
........................................................................................
(4,205,364‌)
Net
change
in
unrealized
appreciation
on
investments
...........................................................................
9,655,826‌
Net
realized
and
unrealized
gain
...........................................................................................
5,450,462‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
34,055,465‌
Statements
of
Changes
in
Net
Assets

17
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
28,605,003
‌
$
11,270,244
‌
Net
realized
loss
..................................................................................
(4,205,364
)
(1,883,102
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
9,655,826
‌
(32,482,928
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
34,055,465
‌
(23,095,786
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
....................................................................................
(17,556,495
)
(7,713,116
)
Investor
A
.....................................................................................
(10,333,319
)
(2,819,166
)
Class
K
.......................................................................................
(713,316
)
(878,624
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(28,603,130
)
(11,410,906
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(608,636,495
)
(2,083,370,727
)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(603,184,160
)
(2,117,877,419
)
Beginning
of
period
..................................................................................
2,465,771,538
‌
4,583,648,957
‌
End
of
period
......................................................................................
$
1,862,587,378
‌
$
2,465,771,538
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
BlackRock
Short
Obligations
Fund
Institutional
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
................
$
9.95
‌
$
10.05
‌
$
10.07
‌
$
10.02
‌
$
9.99
‌
$
10.03
‌
Net
investment
income
(a)
........................
0.13
‌
0.04
‌
0.04
‌
0.17
‌
0.26
‌
0.18
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.04
‌
(0.09
)
(0.02
)
0.06
‌
0.03
‌
(0.05
)
Net
increase
(decrease)
from
investment
operations
.......
0.17
‌
(0.05
)
0.02
‌
0.23
‌
0.29
‌
0.13
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.14
)
(0.05
)
(0.04
)
(0.18
)
(0.26
)
(0.17
)
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
(0.00
)
(c)
(0.00
)
(c)
(0.00
)
(c)
Total
distributions
..............................
(0.14
)
(0.05
)
(0.04
)
(0.18
)
(0.26
)
(0.17
)
Net
asset
value,
end
of
period
.....................
$
9.98
‌
$
9.95
‌
$
10.05
‌
$
10.07
‌
$
10.02
‌
$
9.99
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.67
%
(e)
(0.51
)%
0.20
%
2.28
%
2.96
%
1.34
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.38
%
(g)
0.36
%
0.36
%
0.43
%
0.45
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.27
%
(g)
0.26
%
0.26
%
0.30
%
0.26
%
0.28
%
Net
investment
income
..........................
2.64
%
(g)
0.45
%
0.39
%
1.69
%
2.59
%
1.75
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
1,107,993
‌
$
1,382,186
‌
$
2,037,769
‌
$
1,951,914
‌
$
1,117,218
‌
$
70,512
‌
Portfolio
turnover
rate
............................
9
%
36
%
67
%
40
%
18
%
87
%
(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)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
BlackRock
Short
Obligations
Fund
Investor
A
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Period
from
03/09/18
(a)
to
07/31/18
Net
asset
value,
beginning
of
period
...............
$
9.94
‌
$
10.05
‌
$
10.06
‌
$
10.01
‌
$
9.99
‌
$
9.99
‌
Net
investment
income
(b)
.......................
0.12
‌
0.02
‌
0.02
‌
0.15
‌
0.24
‌
0.07
‌
Net
realized
and
unrealized
gain
(loss)
..............
0.03
‌
(0.11
)
(0.01
)
0.06
‌
0.02
‌
(0.00
)
(c)
Net
increase
(decrease)
from
investment
operations
......
0.15
‌
(0.09
)
0.01
‌
0.21
‌
0.26
‌
0.07
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
....................
(0.12
)
(0.02
)
(0.02
)
(0.16
)
(0.24
)
(0.07
)
From
net
realized
gain
.........................
—
‌
—
‌
—
‌
(0.00
)
(e)
(0.00
)
(e)
—
‌
Total
distributions
.............................
(0.12
)
(0.02
)
(0.02
)
(0.16
)
(0.24
)
(0.07
)
Net
asset
value,
end
of
period
....................
$
9.97
‌
$
9.94
‌
$
10.05
‌
$
10.06
‌
$
10.01
‌
$
9.99
‌
Total
Return
(f)
—
—
—
—
—
—
Based
on
net
asset
value
........................
1.56
%
(g)
(0.85
)%
0.06
%
2.08
%
2.63
%
0.73
%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expenses
...............................
0.61
%
(i)
0.61
%
0.61
%
0.59
%
0.64
%
0.78
%
(i)(j)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.50
%
(i)
0.50
%
0.50
%
0.49
%
0.47
%
0.42
%
(i)
Net
investment
income
.........................
2.40
%
(i)
0.19
%
0.16
%
1.47
%
2.37
%
1.87
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
714,537
‌
$
1,029,382
‌
$
2,008,368
‌
$
2,585,292
‌
$
1,136,936
‌
$
621
‌
Portfolio
turnover
rate
...........................
9
%
36
%
67
%
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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.84%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
BlackRock
Short
Obligations
Fund
Class
K
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
................
$
9.96
‌
$
10.07
‌
$
10.08
‌
$
10.04
‌
$
10.01
‌
$
10.04
‌
Net
investment
income
(a)
........................
0.13
‌
0.04
‌
0.04
‌
0.18
‌
0.26
‌
0.18
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.04
‌
(0.10
)
(0.00
)
(b)
0.05
‌
0.04
‌
(0.03
)
Net
increase
(decrease)
from
investment
operations
.......
0.17
‌
(0.06
)
0.04
‌
0.23
‌
0.30
‌
0.15
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.14
)
(0.05
)
(0.05
)
(0.19
)
(0.27
)
(0.18
)
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
(0.00
)
(b)
(0.00
)
(b)
(0.00
)
(b)
Total
distributions
..............................
(0.14
)
(0.05
)
(0.05
)
(0.19
)
(0.27
)
(0.18
)
Net
asset
value,
end
of
period
.....................
$
9.99
‌
$
9.96
‌
$
10.07
‌
$
10.08
‌
$
10.04
‌
$
10.01
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.71
%
(e)
(0.55
)%
0.36
%
2.28
%
3.02
%
1.52
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.33
%
(g)
0.32
%
0.31
%
0.33
%
0.45
%
0.53
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.20
%
(g)
0.20
%
0.20
%
0.20
%
0.20
%
0.20
%
Net
investment
income
..........................
2.67
%
(g)
0.39
%
0.41
%
1.84
%
2.64
%
1.78
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
40,057
‌
$
54,203
‌
$
537,512
‌
$
123,417
‌
$
132,264
‌
$
82,549
‌
Portfolio
turnover
rate
............................
9
%
36
%
67
%
40
%
18
%
87
%
(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)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
21
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
SM
 (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a 
Massachusetts
business
trust.
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
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
funds referred
to
as
the
BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
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
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
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.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
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.  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
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
(“CDSC”)
Conversion
Privilege
Institutional
Shares
...........................................
No
No
None
Investor
A
Shares
............................................
No
No
(a)
None
Class
K
Shares
.............................................
No
No
None
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
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”).
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
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
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
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
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
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
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects
the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty. 
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”),
(the
“Sub-Adviser”),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Service
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
fee
compensates
BRIL
and
each
broker-
dealer
for
providing
shareholder
servicing
related
services
to
shareholders.
For
the six
months
ended
January
31,
2023,
the
class
specific
service
fees
borne
directly
by Investor
A Shares
of
the
Fund
were
$1,076,165.
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager
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,
2023, 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,
2023,
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,
2023,
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:
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
Share
Class
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
Investor
A
Class
K
Total
Administration
fees
-
class
specific
.......................................................
$
132,914‌
$
86,093‌
$
5,343‌
$
224,350‌
Institutional
Investor
A
Class
K
Total
Reimbursed
amount
.................................................................
$
1,751‌
$
6,280‌
$
564‌
$
8,595‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
For
the
six
months ended
January
31,
2023,
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,
2023
,
affiliates
received
CDSCs
of
$
3,450
for
Investor
A
Shares.
Expense
Limitations,
Waivers,
Reimbursements,
and
Recoupments:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees")
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
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
Statement
of
Operations.
For
the
six
months
ended
January
31,
2023,
the
amount
waived
was
$299.
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
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
January
31,
2023,
there
were
no
fees
waived
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,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$1,154,793 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
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
six
months ended
January
31,
2023,
class
specific
expense
waivers
and/or
reimbursements are 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,
2023,
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. 
6.
PURCHASES
AND
SALES 
For
the six
months
ended
January
31,
2023,
purchases
and
sales
of
investments,
including
paydowns
and
excluding
short-term
investments,
were $145,387,796
and
$648,924,311,
respectively.
Institutional
Investor
A
Class
K
Total
Transfer
agent
fees
-
class
specific
.......................................................
$
359,698‌
$
173,749‌
$
1,692‌
$
535,139‌
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
June
30,
202
4
,
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.
Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Institutional
....................................................................................
$
3,142‌
$
985‌
Investor
A
.....................................................................................
47,465‌
4,366‌
Class
K
......................................................................................
5,343‌
1,692‌
$
55,950‌
$
7,043‌
Notes
to
Financial
Statements
(unaudited)
(continued)
25
Notes
to
Financial
Statements
7.
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
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,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
July
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$3,958,184. 
As
of
January
31,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
8.
BANK
BORROWINGS 
The
Trust, on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), are
a
party
to
a
364-day,
$2.50
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)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2023
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
January
31,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
9.
 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.
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.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
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. 
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Short
Obligations
Fund
......................................
$
1,879,525,902‌
$
914,751‌
$
(15,297,235‌)
$
(14,382,484‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
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
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
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
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the recent
period
of
historically
low
interest rates. The
Federal
Reserve
has
recently
begun
to
raise
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
The
Fund
invests
a
significant
portion
of
its
assets
within
the
financials
sector.
Performance
of
companies
in
the
financials
sector
may
be
adversely
impacted
by
many
factors
including,
among
others,
changes
in
government
regulations,
economic
conditions,
interest
rates,
credit
rating
downgrades,
adverse
public
perception,
exposure
concentration
and
decreased
liquidity
in
credit
markets.
The
impact
of
changes
in
capital
requirements
and
recent
or
future
regulation
of
any
individual
financial
company,
or
of
the
financials
sector
as
a
whole,
cannot
be
predicted,
but
may
negatively
impact
the
Fund.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
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. 
10.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
11.
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
01/31/23
Year
Ended
07/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Short
Obligations
Fund
Institutional
Shares
sold
.............................................
70,485,252‌
$
700,927,728‌
114,224,094‌
$
1,142,376,140‌
Shares
issued
in
reinvestment
of
distributions
........................
1,764,210‌
17,544,352‌
767,621‌
7,659,950‌
Shares
redeemed
.........................................
(100,207,345‌)
(995,936,884‌)
(178,737,510‌)
(1,787,698,175‌)
(27,957,883‌)
$
(277,464,804‌)
(63,745,795‌)
$
(637,662,085‌)
Investor
A
Shares
sold
.............................................
5,261,290‌
$
52,279,874‌
25,742,576‌
$
257,490,025‌
Shares
issued
in
reinvestment
of
distributions
........................
1,034,824‌
10,284,633‌
282,059‌
2,806,502‌
Shares
redeemed
.........................................
(38,214,274‌)
(379,524,324‌)
(122,382,390‌)
(1,224,503,828‌)
(31,918,160‌)
$
(316,959,817‌)
(96,357,755‌)
$
(964,207,301‌)
Class
K
Shares
sold
.............................................
2,428,124‌
$
24,179,762‌
3,694,922‌
$
37,110,163‌
Shares
issued
in
reinvestment
of
distributions
........................
32,432‌
322,838‌
64,966‌
652,160‌
Shares
redeemed
.........................................
(3,894,242‌)
(38,714,474‌)
(51,710,806‌)
(519,263,664‌)
(1,433,686‌)
$
(14,211,874‌)
(47,950,918‌)
$
(481,501,341‌)
(61,309,729‌)
$
(608,636,495‌)
(208,054,468‌)
$
(2,083,370,727‌)
Statement
Regarding
Liquidity
Risk
Management
Program
27
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
SM
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
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
8-9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
the
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
the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
the
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2023
BlackRock
Semi-Annual
Report
to
Shareholders
28
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,
Procedures and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
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
without
charge,
upon
request (1)
by
calling
(800)
441-7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800) 
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
Additional
Information
(continued)
29
Additional
Information
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
8JB
United
Kingdom
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
10001
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
2023
BlackRock
Semi-Annual
Report
to
Shareholders
30
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
LIBOR
London
Interbank
Offered
Rate
LIQ
Liquidity
Agreement
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-1/23-SAR
JANUARY
31,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
SM
BlackRock
Total
Factor
Fund
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
January
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
While
we
favor
an
overweight
to
equities
in
the
long-term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
We
believe
that
higher
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
while
the
market’s
concerns
over
excessive
rate
hikes
could
remain
until
the
Fed
indicates
that
its
tightening
cycle
has
ended.
Nevertheless,
we
see
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-
grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
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,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(0.44)%
(8.22)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.25
(3.38)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.52
(2.83)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.92
(12.12)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.58
1.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.60)
(11.62)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.37)
(8.36)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.73
(3.25)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.46
(5.22)
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
..................................................................................
57
Consolidated
Statement
of
Operations
........................................................................................
59
Consolidated
Statements
of
Changes
in
Net
Assets
................................................................................
60
Consolidated
Financial
Highlights
.............................................................................................
61
Notes
to
Consolidated
Financial
Statements
......................................................................................
65
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
75
Additional
Information
....................................................................................................
76
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
78
Fund
Summary
as
of
January
31,
2023
2023
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,
2023,
all
of
the
Fund’s
share
classes
outperformed
its
reference
benchmark,
a
blend
of
60%
MSCI
World
Index
Hedged
USD
Net/40%
Bloomberg
U.S.
Aggregate
Bond
Index.
For
the
same
period,
the
Fund’s
Class
K,
Investor
A
and
Investor
C
Shares
underperformed
its
secondary
benchmark,
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index,
while
the
Fund’s
Institutional
shares
performed
in-line.
What
factors
influenced
performance?
The
Fund
targets
a
total
return
in
the
form
of
capital
appreciation
and
income
over
the
long
term.
The
Fund
utilizes
a
factor
investing
approach
to
provide
a
diversified
engine
for
growth
by
targeting
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
seeking
to
be
resilient
to
market
shocks
and
drawdowns.
Given
the
heightened
investor
risk
aversion
seen
during
the
period,
positive
contributions
were
driven
by
the
market
neutral
style
factor
allocation,
which
was
able
to
navigate
through
heightened
macro
volatility
and
continued
geopolitical
shocks.
Across
styles,
contribution
was
led
by
value
strategies,
which
were
able
to
take
advantage
of
dislocations
in
developed
market
bonds
and
commodities.
Similarly,
value
strategies
within
single
name
equities
benefited
from
a
prioritization
of
fundamental
anchors
and
normalizing
valuations,
thus
creating
persistent
tailwinds
for
the
factor.
Timing
insights
within
equities
were
also
additive
as
the
models
positioned
towards
value
and
low
volatility
while
underweighting
more
pro-cyclical
and
growth-sensitive
insights
across
momentum
and
quality
buckets.
From
an
asset
class
standpoint,
bonds
were
the
primary
contributors
as
the
models
were
correctly
positioned
to
take
advantage
of
policy
surprises
across
North
America
and
Europe,
while
commodities
gained
on
a
bullish
outlook
for
energy
distillates
relative
to
crude
oil.
The
macro
factor/risk
parity
allocation,
which
provides
risk-balanced
market
exposure,
was
the
primary
detractor
as
directional
exposure
found
little
success
throughout
the
risk-off
environment
induced
by
rising
interest
rates.
In
particular,
the
real
rates
and
inflation
factors
weighed
on
performance
as
both
inflation-linked
bonds
and
nominal
debt
sold
off
following
persistent
surprises
to
the
upside
in
inflation
early
on,
and
corresponding
hikes
in
expectations
around
the
Fed’s
terminal
rate.
The
pro-cyclical
economic
growth
factor,
a
risk-balanced
allocation
across
equity
markets,
commodities
and
corporate
credit,
lagged
modestly
as
recessionary
concerns
weighed
on
the
commodity
allocation.
While
market
neutral
style
factors
were
broadly
resilient,
momentum
detracted
as
relative
trends
struggled
to
take
hold.
Specifically,
markets
found
themselves
oscillating
between
optimism
around
“buying
the
dip”
following
benign
inflation
data
readouts
and
signs
of
China’s
economic
reopening,
while
selling
off
during
periods
of
heightened
concerns
around
a
potential
“hard
landing”
for
the
economy.
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
marginally
contributed
to
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.
While
broad
factor
allocations
tend
to
remain
relatively
stable,
the
Fund
relies
on
the
timing
factor
to
implement
tilts
based
on
a
combination
of
metrics
spanning
market
regime,
relative
trends
and
valuations.
The
allocation
to
individual
equities,
which
has
been
the
lone
asset
class
to
trade
within
the
timing
factor
since
its
inception
in
2020,
saw
incrementally
additive
performance
as
the
model
tilted
into
value
and
low
volatility
insights
and
away
from
momentum
and
quality
in
time
to
benefit
from
rising
interest
rates
and
risk-off
sentiment.
Late
in
the
period,
the
Fund
began
to
incorporate
an
expansion
of
timing
insights
by
featuring
tilts
across
currency
factors.
In
addition,
the
Fund
added
two
new
signals:
analyst
forecasts
for
commodities
within
the
value
factor
that
trade
based
on
discrepancies
in
market
prices
and
analyst
expectations,
and
a
dividend
surprise
measure
within
quality
for
single-name
equities
that
goes
long
companies
that
consistently
grow
their
dividends
while
shorting
companies
that
cut
dividends.
Describe
portfolio
positioning
at
period
end.
The
Fund
sought
to
deliver
positive
absolute
returns
by
balancing
risks
among
equities,
bonds,
commodities,
currencies,
and
diversifying
strategies.
At
the
end
of
the
period,
the
Fund
was
positioned
slightly
overweight
to
value
and
momentum
strategies
and
with
a
marginal
tilt
away
from
carry
(incremental
income).
Within
the
timing
component,
the
single-name
equity
model
was
tilted
towards
value
and
low
volatility
insights
at
the
expense
of
quality
and
momentum,
while
currency
style
timing
favored
carry
strategies
over
momentum,
while
remaining
neutral
with
respect
to
value.
At
the
overall
portfolio
level,
equities
and
fixed
income
remained
the
most
overweight
asset
classes.
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,
2023
(continued)
5
Fund
Summary
BlackRock
Total
Factor
Fund
Performance
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
......................................
1.59‌%
(6.57‌)%
N/A‌
(1.18‌)%
N/A‌
1.51‌%
N/A‌
Investor
A
.......................................
1.38‌
(6.83‌)
(11.73‌)%
(1.44‌)
(2.50‌)%
1.25‌
0.71‌%
Investor
C
.......................................
1.04‌
(7.51‌)
(8.37‌)
(2.16‌)
(2.16‌)
0.64‌
0.64‌
Class
K
........................................
1.51‌
(6.53‌)
N/A‌
(1.12‌)
N/A‌
1.53‌
N/A‌
60%
MSCI
World
Index
Hedged
USD
Net/40%
Bloomberg
U.S.
Aggregate
Bond
Index
(c)
............................
0.29‌
(6.17‌)
N/A‌
5.51‌
N/A‌
7.07‌
N/A‌
MSCI
World
Index
Hedged
USD
Net
(d)
...................
1.85‌
(5.13‌)
N/A‌
8.17‌
N/A‌
10.61‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
(e)
................
(2.37‌)
(8.36‌)
N/A‌
0.86‌
N/A‌
1.43‌
N/A‌
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(f)
..............
1.58‌
1.79‌
N/A‌
1.30‌
N/A‌
0.80‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
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)
This
customized
weighted
index
is
comprised
of
the
returns
of
the
MSCI
World
Index
Hedged
USD
Net
(60%)
and
the
Bloomberg
U.S.
Aggregate
Bond
Index
(40%).
(d)
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
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
a
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(e)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(f)
An
unmanaged
index
that
measures
returns
of
3-month
Treasury
Bills.
On
March
1,
2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(the
“Index”
).
Historical
index
data
prior
to
March
1,
2021
is
for
the
3pm
pricing
variant
of
the
lndex
.
Index
data
on
and
after
March
1,
2021
is
for
the
4pm
pricing
variant
of
the
Index.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,015.90‌
$
2.79‌
$
1,000.00‌
$
1,022.43‌
$
2.80‌
0.55‌%
Investor
A
................................
1,000.00‌
1,013.80‌
4.06‌
1,000.00‌
1,021.17‌
4.08‌
0.80‌
Investor
C
................................
1,000.00‌
1,010.40‌
7.75‌
1,000.00‌
1,017.49‌
7.78‌
1.53‌
Class
K
..................................
1,000.00‌
1,015.10‌
2.54‌
1,000.00‌
1,022.68‌
2.55‌
0.50‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Foreign
Government
Obligations
........................
67.9‌
%
U.S.
Treasury
Obligations
.............................
32.1‌
PORTFOLIO
HOLDINGS
Security
Percent
of
at
Total
Investments
(a)
Commonwealth
of
Australia
............................
22.7‌
%
U.S.
Treasury
Inflation
Linked
Notes
......................
22.6‌
French
Republic
...................................
20.6‌
U.K.
Treasury
Inflation
Linked
Bonds
......................
9.9‌
U.S.
Treasury
Inflation
Linked
Bonds
......................
9.5‌
Canadian
Government
Bond
...........................
8.5‌
Federal
Republic
of
Germany
..........................
6.2‌
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
About
Fund
Performance
2023
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
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
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, administration
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their 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.
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. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
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.
2023
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,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Foreign
Government
Obligations
Australia
—
7.1%
Commonwealth
of
Australia
(a)
4.13%,
09/20/25
............
AUD
3,071
$
3,193,946
0.87%,
11/21/27
............
2,539
2,078,683
3.36%,
09/20/30
............
2,555
2,690,400
0.27%,
11/21/32
............
1,565
1,102,214
2.49%,
08/21/35
............
1,661
1,590,899
1.49%,
08/21/40
............
1,623
1,346,715
1.13%,
02/21/50
............
1,584
1,155,980
13,158,837
Canada
—
2.7%
Canadian
Government
Bond
3.00%,
12/01/36
............
CAD
1,440
1,325,684
2.00%,
12/01/41
............
1,493
1,265,962
1.50%,
12/01/44
............
1,688
1,337,194
1.25%,
12/01/47
............
1,290
980,378
4,909,218
France
—
6.5%
French
Republic
(a)
0.25%,
07/25/24
............
EUR
918
998,778
0.10%,
03/01/25
............
678
739,159
0.10%,
03/01/26
(b)
...........
591
636,427
1.85%,
07/25/27
............
1,325
1,537,991
0.10%,
03/01/28
............
769
836,375
0.10%,
03/01/29
............
452
480,957
3.40%,
07/25/29
............
506
668,470
0.70%,
07/25/30
(b)
...........
931
1,037,766
0.10%,
07/25/31
(b)
...........
749
793,440
0.10%,
03/01/32
............
155
166,495
3.15%,
07/25/32
............
746
1,014,439
0.10%,
03/01/36
(b)
...........
324
335,806
0.10%,
07/25/36
(b)
...........
556
563,944
0.10%,
07/25/38
(b)
...........
248
248,189
1.80%,
07/25/40
(b)
...........
784
1,012,123
0.10%,
07/25/47
(b)
...........
688
672,977
0.10%,
07/25/53
(b)
...........
225
219,249
11,962,585
Germany
—
1.9%
Federal
Republic
of
Germany
(a)
0.10%,
04/15/26
............
999
1,075,797
0.50%,
04/15/30
............
1,186
1,322,796
0.10%,
04/15/33
............
380
412,012
0.10%,
04/15/46
............
689
780,830
3,591,435
United
Kingdom
—
3.1%
U.K.
Treasury
Inflation
Linked
Bonds
9.17%,
01/17/24
(a)
...........
GBP
52
238,040
0.13%,
03/22/24
(a)
...........
174
214,235
0.13%,
03/22/26
(a)
...........
128
157,211
1.25%,
11/22/27
(a)
...........
258
336,909
0.13%,
08/10/28
(a)
...........
127
157,726
0.13%,
03/22/29
(a)
...........
190
235,801
10.94%,
07/22/30
(a)
..........
37
155,317
0.13%,
08/10/31
(a)
...........
129
162,084
1.25%,
11/22/32
(a)
...........
228
315,319
0.75%,
03/22/34
(a)
...........
125
165,061
1.81%,
01/26/35
............
73
222,355
0.13%,
11/22/36
(a)
...........
138
168,307
1.13%,
11/22/37
(a)
...........
179
249,282
0.13%,
03/22/39
(a)
...........
98
117,286
0.63%,
03/22/40
(a)
...........
190
247,375
0.13%,
08/10/41
(a)
...........
136
161,780
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
0.63%,
11/22/42
(a)
...........
GBP
165
$
216,388
0.13%,
03/22/44
(a)
...........
168
197,685
0.13%,
03/22/46
(a)
...........
158
185,025
0.75%,
11/22/47
(a)
...........
185
247,909
0.13%,
08/10/48
(a)
...........
91
106,136
0.50%,
03/22/50
(a)
...........
192
245,762
0.13%,
03/22/51
(a)
...........
29
34,087
0.25%,
03/22/52
(a)
...........
149
180,267
1.25%,
11/22/55
(a)
...........
147
235,744
0.13%,
11/22/56
(a)
...........
97
114,163
0.13%,
03/22/58
(a)
...........
120
140,557
0.38%,
03/22/62
(a)
...........
151
194,592
0.13%,
11/22/65
(a)
...........
67
80,671
0.13%,
03/22/68
(a)
...........
165
198,496
0.13%,
03/22/73
(a)
...........
34
43,965
5,725,535
Total
Foreign
Government
Obligations
—
21.3%
(Cost:
$43,442,643)
..............................
39,347,610
U.S.
Treasury
Obligations
U.S.
Treasury
Inflation
Linked
Bonds
2.38%, 01/15/25
-
01/15/27
.....
USD
468
476,042
2.00%, 01/15/26
............
33
33,198
1.75%, 01/15/28
............
286
290,371
3.63%, 04/15/28
............
175
193,826
2.50%, 01/15/29
............
26
28,026
3.88%, 04/15/29
............
270
309,024
3.38%, 04/15/32
............
344
404,420
2.13%, 02/15/40
-
02/15/41
.....
488
536,468
0.75%, 02/15/42
-
02/15/45
.....
569
490,902
0.63%, 02/15/43
............
241
203,903
1.38%, 02/15/44
............
258
250,260
1.00%, 02/15/46
-
02/15/49
.....
969
859,808
0.88%, 02/15/47
............
271
234,174
0.25%, 02/15/50
............
264
190,465
0.13%, 02/15/51
-
02/15/52
.....
1,376
948,965
U.S.
Treasury
Inflation
Linked
Notes
0.63%, 01/15/24
-
07/15/32
.....
1,749
1,680,603
0.50%, 04/15/24
-
01/15/28
.....
883
853,152
0.13%, 10/15/24
-
01/15/32
.....
7,017
6,572,442
0.25%, 01/15/25
-
07/15/29
.....
1,137
1,078,800
0.38%, 07/15/25
-
07/15/27
.....
1,816
1,744,890
1.63%, 10/15/27
............
392
397,048
0.75%, 07/15/28
............
563
546,701
0.88%, 01/15/29
............
282
274,226
Total
U.S.
Treasury
Obligations
—
10.1%
(Cost:
$20,278,800)
..............................
18,597,714
Total
Long-Term
Investments
—
31.4%
(Cost:
$63,721,443)
..............................
57,945,324
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
19.3%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.07%
(c)(d)
....
35,668,599
$
35,668,599
Total
Money
Market
Funds
—
19.3%
(Cost:
$35,668,599)
..............................
35,668,599
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
24.0%
U.S.
Treasury
Bills,
2.95%
,
 05/18/23
(e)
USD
45,000
44,401,762
Total
U.S.
Treasury
Obligations
—
24.0%
(Cost:
$44,619,327)
..............................
44,401,762
Total
Short-Term
Securities
—
43.3%
(Cost:
$80,287,926)
..............................
80,070,361
Total
Options
Purchased
—
0.1%
(Cost:
$268,878
)
................................
224,622
Total
Investments
Before
Options
Written
—
74.8%
(Cost:
$144,278,247)
.............................
138,240,307
Total
Options
Written
—
(0.0)%
(Premiums
Received
—
$(130,434))
..................
(77,785)
Total
Investments
Net
of
Options
Written
—
74.8%
(Cost:
$144,147,813)
.............................
138,162,522
Other
Assets
Less
Liabilities
—
25.2%
..................
46,609,212
Net
Assets
—
100.0%
..............................
$
184,771,734
(a)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(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)
Affiliate
of
the
Fund.
(e)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
22,713,038
$
12,955,561
(a)
$
—
$
—
$
—
$
35,668,599
35,668,599
$
384,253
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
10
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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
CAC
40
10
Euro
Index
......................................................
37
02/17/23
$
2,862
$
6,612
IBEX
35
Index
............................................................
67
02/17/23
6,611
100,374
WTI
Crude
Oil
(a)
...........................................................
20
02/21/23
1,577
(15,237)
RBOB
Gasoline
(a)
..........................................................
56
02/28/23
6,037
11,659
TOPIX
Index
.............................................................
80
03/09/23
12,205
397,503
S&P/TSX
60
Index
.........................................................
33
03/16/23
6,220
241,152
SPI
200
Index
............................................................
40
03/16/23
5,273
212,748
FTSE
100
Index
...........................................................
70
03/17/23
6,714
54,337
MSCI
Hong
Kong
Equity
Index
.................................................
61
03/17/23
4,220
105,211
Canada
10
Year
Bonds
......................................................
307
03/22/23
29,132
287,111
U.S.
Treasury
10
Year
Note
...................................................
178
03/22/23
20,437
41,475
Long
Gilt
................................................................
129
03/29/23
16,621
147,606
100
oz
Gold
(a)
............................................................
12
04/26/23
2,334
(10,360)
Brent
Crude
Oil
(a)
..........................................................
83
12/28/23
6,704
104,116
1,684,307
Short
Contracts
Amsterdam
Exchange
Index
...................................................
13
02/17/23
2,117
6,914
OMX
Stockholm
30
Index
....................................................
110
02/17/23
2,325
19,768
SGX
NIFTY
50
Index
.......................................................
245
02/23/23
8,744
177,336
FTSE
China
A50
Index
......................................................
203
02/27/23
2,849
(18,936)
Brent
Crude
Oil
(a)
..........................................................
51
02/28/23
4,358
(11,836)
Euro-Bund
..............................................................
573
03/08/23
85,230
3,392,081
Low
Sulphur
Gasoil
(a)
.......................................................
35
03/10/23
3,149
129,411
Australia
10
Year
Bond
......................................................
20
03/15/23
1,700
(22,725)
DAX
Index
..............................................................
11
03/17/23
4,558
(97,404)
FTSE/MIB
Index
...........................................................
13
03/17/23
1,892
(71,242)
S&P
500
E-Mini
Index
.......................................................
16
03/17/23
3,272
(72,290)
Silver
(a)
.................................................................
16
03/29/23
1,907
4,808
3,435,885
$
5,120,192
(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)
AUD
6,626,000
USD
4,596,933
Barclays
Bank
plc
02/02/23
$
80,029
AUD
4,815,000
USD
3,371,078
Toronto
Dominion
Bank
02/02/23
27,590
AUD
5,435,000
USD
3,800,502
UBS
AG
02/02/23
35,793
AUD
4,809,350
USD
3,364,261
Westpac
Banking
Corp.
02/02/23
30,419
CAD
1,760,000
USD
1,312,309
Barclays
Bank
plc
02/02/23
10,452
CAD
4,336,000
USD
3,248,882
Goldman
Sachs
International
02/02/23
9,921
CAD
2,048,000
USD
1,524,549
Toronto
Dominion
Bank
02/02/23
14,663
CAD
1,720,000
USD
1,280,564
UBS
AG
02/02/23
12,135
CAD
3,600,080
USD
2,667,790
Westpac
Banking
Corp.
02/02/23
37,919
EUR
3,750,000
USD
4,072,500
Barclays
Bank
plc
02/02/23
4,312
EUR
200,000
USD
214,101
Goldman
Sachs
International
02/02/23
3,329
EUR
3,750,000
USD
4,062,412
Toronto
Dominion
Bank
02/02/23
14,400
EUR
4,460,000
USD
4,826,996
UBS
AG
02/02/23
21,693
EUR
5,147,874
USD
5,533,346
Westpac
Banking
Corp.
02/02/23
63,167
GBP
1,135,000
USD
1,396,935
Toronto
Dominion
Bank
02/02/23
2,349
GBP
1,685,000
USD
2,057,014
UBS
AG
02/02/23
20,339
GBP
1,141,499
USD
1,404,443
Westpac
Banking
Corp.
02/02/23
2,854
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
11
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
1,400,302
GBP
1,135,000
Barclays
Bank
plc
03/02/23
$
215
AUD
1,912,000
USD
1,300,571
JPMorgan
Chase
Bank
NA
03/15/23
51,132
BRL
2,983,000
USD
566,810
BNP
Paribas
SA
03/15/23
16,554
BRL
6,995,000
USD
1,298,487
Citibank
NA
03/15/23
69,474
BRL
27,897,000
USD
5,218,099
Goldman
Sachs
International
03/15/23
237,513
BRL
12,859,000
USD
2,419,748
HSBC
Bank
plc
03/15/23
94,992
CAD
11,177,000
USD
8,217,334
JPMorgan
Chase
Bank
NA
03/15/23
185,348
CAD
5,917,000
(a)
USD
4,387,479
Morgan
Stanley
&
Co.
International
plc
03/15/23
60,822
CNY
1,848,000
(a)
USD
266,725
Morgan
Stanley
&
Co.
International
plc
03/15/23
7,518
EUR
3,715,000
(a)
USD
3,969,998
JPMorgan
Chase
Bank
NA
03/15/23
79,071
EUR
14,658,000
USD
15,713,999
JPMorgan
Chase
Bank
NA
03/15/23
262,109
GBP
7,285,000
USD
8,968,682
JPMorgan
Chase
Bank
NA
03/15/23
20,531
INR
2,561,236,000
USD
30,852,854
Deutsche
Bank
AG
03/15/23
382,021
INR
317,073,000
USD
3,811,024
HSBC
Bank
plc
03/15/23
55,756
JPY
278,973,000
USD
2,066,125
JPMorgan
Chase
Bank
NA
03/15/23
88,821
KRW
911,383,700
USD
739,141
Bank
of
America
NA
03/15/23
878
KRW
7,835,356,300
USD
6,183,250
UBS
AG
03/15/23
178,856
MXN
203,824,000
(a)
USD
10,140,780
JPMorgan
Chase
Bank
NA
03/15/23
606,592
MXN
11,448,000
(a)
USD
571,385
Morgan
Stanley
&
Co.
International
plc
03/15/23
32,253
NZD
14,454,000
USD
9,187,867
JPMorgan
Chase
Bank
NA
03/15/23
158,436
TWD
26,924,000
USD
891,671
Barclays
Bank
plc
03/15/23
9,482
TWD
99,991,000
USD
3,305,925
BNP
Paribas
SA
03/15/23
40,798
TWD
8,354,000
USD
274,102
Citibank
NA
03/15/23
5,508
USD
2,277,877
GBP
1,841,000
JPMorgan
Chase
Bank
NA
03/15/23
6,203
USD
376,494
HKD
2,927,000
JPMorgan
Chase
Bank
NA
03/15/23
2,453
USD
1,807,319
JPY
231,439,000
JPMorgan
Chase
Bank
NA
03/15/23
19,552
USD
283,530
NOK
2,822,000
JPMorgan
Chase
Bank
NA
03/15/23
286
USD
823,945
SEK
8,450,000
JPMorgan
Chase
Bank
NA
03/15/23
14,144
3,078,682
GBP
1,135,000
USD
1,399,455
Barclays
Bank
plc
02/02/23
(170)
USD
3,683,595
AUD
5,420,000
Barclays
Bank
plc
02/02/23
(142,112)
USD
3,683,952
AUD
5,420,000
Toronto
Dominion
Bank
02/02/23
(141,755)
USD
3,684,977
AUD
5,420,000
UBS
AG
02/02/23
(140,730)
USD
3,688,598
AUD
5,425,350
Westpac
Banking
Corp.
02/02/23
(140,885)
USD
2,441,186
CAD
3,305,000
Barclays
Bank
plc
02/02/23
(42,749)
USD
2,629,210
CAD
3,555,000
Toronto
Dominion
Bank
02/02/23
(42,618)
USD
2,442,220
CAD
3,305,000
UBS
AG
02/02/23
(41,715)
USD
2,437,552
CAD
3,299,080
Westpac
Banking
Corp.
02/02/23
(41,934)
USD
4,618,827
EUR
4,325,000
Barclays
Bank
plc
02/02/23
(83,096)
USD
4,620,077
EUR
4,325,000
Toronto
Dominion
Bank
02/02/23
(81,846)
USD
4,621,046
EUR
4,325,000
UBS
AG
02/02/23
(80,878)
USD
4,629,646
EUR
4,332,874
Westpac
Banking
Corp.
02/02/23
(80,838)
USD
1,533,085
GBP
1,275,000
Barclays
Bank
plc
02/02/23
(38,798)
USD
1,534,195
GBP
1,275,000
Toronto
Dominion
Bank
02/02/23
(37,689)
USD
1,536,184
GBP
1,275,000
UBS
AG
02/02/23
(35,700)
USD
1,530,872
GBP
1,271,499
Westpac
Banking
Corp.
02/02/23
(36,695)
USD
4,083,427
AUD
5,805,000
Barclays
Bank
plc
03/02/23
(18,343)
USD
3,374,877
AUD
4,815,000
Toronto
Dominion
Bank
03/02/23
(27,366)
USD
3,383,375
AUD
4,815,000
UBS
AG
03/02/23
(18,868)
USD
3,368,094
AUD
4,809,350
Westpac
Banking
Corp.
03/02/23
(30,157)
USD
1,282,572
CAD
1,720,000
Barclays
Bank
plc
03/02/23
(10,353)
USD
1,279,292
CAD
1,720,000
Toronto
Dominion
Bank
03/02/23
(13,634)
USD
1,280,796
CAD
1,720,000
UBS
AG
03/02/23
(12,129)
USD
1,284,953
CAD
1,728,080
Westpac
Banking
Corp.
03/02/23
(14,046)
USD
4,341,000
EUR
3,990,000
Barclays
Bank
plc
03/02/23
(4,108)
USD
4,069,819
EUR
3,750,000
Toronto
Dominion
Bank
03/02/23
(13,929)
USD
4,075,065
EUR
3,750,000
UBS
AG
03/02/23
(8,683)
USD
4,073,423
EUR
3,757,874
Westpac
Banking
Corp.
03/02/23
(18,900)
USD
221,730
GBP
180,000
Barclays
Bank
plc
03/02/23
(310)
USD
1,397,792
GBP
1,135,000
Toronto
Dominion
Bank
03/02/23
(2,294)
USD
1,398,934
GBP
1,135,000
UBS
AG
03/02/23
(1,152)
USD
1,405,288
GBP
1,141,499
Westpac
Banking
Corp.
03/02/23
(2,815)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
12
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
GBP
935,000
(a)
USD
1,161,566
Morgan
Stanley
&
Co.
International
plc
03/15/23
$
(7,838)
INR
49,314,000
USD
605,812
HSBC
Bank
plc
03/15/23
(4,416)
SEK
1,990,000
USD
194,351
JPMorgan
Chase
Bank
NA
03/15/23
(3,641)
USD
15,265,155
AUD
22,263,000
JPMorgan
Chase
Bank
NA
03/15/23
(473,841)
USD
1,489,370
BRL
7,860,000
HSBC
Bank
plc
03/15/23
(47,753)
USD
7,038,519
CAD
9,579,000
JPMorgan
Chase
Bank
NA
03/15/23
(162,813)
USD
987,719
(a)
CAD
1,343,000
Morgan
Stanley
&
Co.
International
plc
03/15/23
(21,926)
USD
131,173
CHF
121,000
JPMorgan
Chase
Bank
NA
03/15/23
(1,564)
USD
16,778,015
(a)
CNY
115,108,000
JPMorgan
Chase
Bank
NA
03/15/23
(303,996)
USD
16,729,783
EUR
15,727,000
JPMorgan
Chase
Bank
NA
03/15/23
(411,454)
USD
1,762,833
(a)
EUR
1,666,000
Morgan
Stanley
&
Co.
International
plc
03/15/23
(52,981)
USD
4,343,429
GBP
3,578,000
JPMorgan
Chase
Bank
NA
03/15/23
(71,591)
USD
578,327
INR
48,015,000
Barclays
Bank
plc
03/15/23
(7,227)
USD
3,970,654
INR
330,420,000
Deutsche
Bank
AG
03/15/23
(58,895)
USD
4,145,234
JPY
553,501,000
JPMorgan
Chase
Bank
NA
03/15/23
(130,324)
USD
17,913,411
KRW
23,227,626,000
BNP
Paribas
SA
03/15/23
(946,817)
USD
2,112,078
KRW
2,746,610,000
JPMorgan
Chase
Bank
NA
03/15/23
(118,098)
USD
1,184,052
(a)
MXN
23,269,000
JPMorgan
Chase
Bank
NA
03/15/23
(42,891)
USD
713,275
(a)
MXN
14,329,000
Morgan
Stanley
&
Co.
International
plc
03/15/23
(42,275)
USD
189,110
NOK
1,912,000
JPMorgan
Chase
Bank
NA
03/15/23
(2,798)
USD
1,969,838
NZD
3,074,000
JPMorgan
Chase
Bank
NA
03/15/23
(17,885)
USD
442,172
SGD
597,000
JPMorgan
Chase
Bank
NA
03/15/23
(12,612)
USD
14,726,920
TWD
444,507,000
BNP
Paribas
SA
03/15/23
(150,836)
USD
2,012,720
TWD
60,700,000
HSBC
Bank
plc
03/15/23
(18,924)
(4,520,691)
$
(1,442,009)
(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)
2.84%
Annual
6
month
EURIBOR
Semi-Annual
JPMorgan
Chase
Bank
NA
03/13/23
2.84
%
EUR
11,641
$
187,282
10-Year
Interest
Rate
Swap
(a)
3.40%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
03/14/23
3.40
USD
6,579
37,340
$
224,622
(a)
Forward
settling
swaption.
OTC
Interest
Rate
Swaptions
Written
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)
6
month
EURIBOR
Semi-Annual
3.14%
Annual
JPMorgan
Chase
Bank
NA
03/13/23
3.14
%
EUR
11,641
$
(67,553)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.70%
Semi-Annual
Bank
of
America
NA
03/14/23
3.70
USD
6,579
(10,232)
$
(77,785)
(a)
Forward
settling
swaption.
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
13
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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)
iTraxx
Europe
Crossover
Index
Series
38.V1
..
5.00
%
Quarterly
12/20/27
B+
EUR
4,618
$
197,968
$
(78,816)
$
276,784
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
...........
5.00
Quarterly
12/20/27
B+
USD
4,967
166,724
(139,993)
306,717
$
364,692
$
(218,809)
$
583,501
(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
-
Future
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
2023
.........
BRL
7,120,835
Merrill
Lynch
International
&
Co.
02/15/23
BRL
7,121
$
34,128
$
—
$
34,128
BOVESPA
Index
Futures
February
2023
.........
BRL
5,341,085
Merrill
Lynch
International
&
Co.
02/15/23
BRL
5,341
70,409
—
70,409
Taiwan
Capitalization
Weighted
Stock
Index
Futures
February
2023
................
TWD
239,079,072
Merrill
Lynch
International
&
Co.
02/15/23
TWD
239,079
173,486
—
173,486
KOSPI
200
Index
Futures
March
2023
................
KRW
(1,605,679,000)
Merrill
Lynch
International
&
Co.
03/09/23
KRW
1,605,679
10,090
—
10,090
KOSPI
200
Index
Futures
March
2023
................
KRW
(314,937,000)
Merrill
Lynch
International
&
Co.
03/09/23
KRW
314,937
(3,014)
—
(3,014)
KOSPI
200
Index
Futures
March
2023
................
KRW
(1,318,097,550)
Merrill
Lynch
International
&
Co.
03/09/23
KRW
1,318,098
(29,359)
—
(29,359)
Swiss
Market
Index
Futures
March
2023
...........
CHF
1,811,253
HSBC
Bank
plc
03/17/23
CHF
1,811
(20,856)
—
(20,856)
Swiss
Market
Index
Futures
March
2023
...........
CHF
2,263,059
HSBC
Bank
plc
03/17/23
CHF
2,263
(24,969)
—
(24,969)
Swiss
Market
Index
Futures
March
2023
...........
CHF
1,109,458
HSBC
Bank
plc
03/17/23
CHF
1,109
11,625
—
11,625
$
221,540
$
—
$
221,540
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
14
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
(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)
06/16/25
$
(107,188)
$
141,115
(c)
$
66,372
47.5
%
Monthly
BNP
Paribas
SA
(d)
11/17/23
(137,126)
52,082
(e)
(54,615)
56.4
Monthly
Citibank
NA
(f)
02/24/23-02/27/23
(93,789)
20,246
(g)
(61,908)
16.7
Monthly
Goldman
Sachs
Bank
USA
(h)
02/27/23-03/01/23
(212,883)
155,921
(i)
(38,546)
33.1
Monthly
JPMorgan
Chase
Bank
NA
(j)
02/08/23
(21,798)
8,238
(k)
(11,561)
2.5
Quarterly
Merrill
Lynch
International
&
Co.
(l)
02/15/23
(38,084)
14,906
(m)
(21,732)
15.7
$
392,508
$
(121,990)
(b)
(d)
(f)
Range:
20-25
basis
points
20-25
basis
points
20-25
basis
points
Benchmarks:
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
Bank
of
Canada
Overnight
Rate
Target
(CABROVER)
CAD
-
1D
Overnight
Bank
of
Canada
Repo
Rate
(CORRA)
DKK
-
1M
Copenhagen
Interbank
Offer
Rate
(CIBOR)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
DKK
-
Annualized
Overnight
Deposit
MID
Rate
DKK
-
1W
Copenhagen
Interbank
Swap
Rate
(CIBOR)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
HKD
-
Overnight
Index
Average
(HONIA)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
HKD
-
Overnight
Index
Average
(HONIA)
HKD
-
Overnight
Index
Average
(HONIA)
NOK
-
1M
Norway
Interbank
Offer
Rate
(NIBOR)
JPY
-
1D
Overnight
Tokyo
Average
Rate
(TONA)
ILS
-
1M
Tel
Aviv
Interbank
Offer
Rate
(TELBOR)
NZD
-
1M
New
Zealand
Bank
Bill
Rate
(BBR)
NOK
-
Norwegian
Overnight
Weighted
Average
(NOWA)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
SEK
-
1M
Stockholm
Interbank
Offer
Rate
(STIBOR)
NZD
-
1D
New
Zealand
Official
Overnight
Deposit
Rate
(NZOCO)
NOK
-
1W
Norway
Interbank
Offer
Rate
(NIBOR)
SGD
-
Overnight
Rate
Average
(SORA)
SEK
-
1W
Stockholm
Interbank
Offer
Rate
(STIBOR)
SEK
-
1W
Stockholm
Interbank
Offer
Rate
(STIBOR)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
SGD
-
Overnight
Rate
Average
(SORA)
SGD
-
Overnight
Rate
Average
(SORA)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(h)
(j)
(l)
Range:
20-25
basis
points
20-25
basis
points
20-25
basis
points
Benchmarks:
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
Bank
of
Canada
Overnight
Rate
Target
(CABROVER)
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
CAD
-
1D
Overnight
Bank
of
Canada
Repo
Rate
(CORRA)
CAD
-
Overnight
Interbank
Rate
Overnight
Bank
of
Canada
Overnight
Rate
Target
(CABROVER)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
DKK
-
Danish
Tom/Next
Reference
Rate
(DETNT/N)
DKK
-
1W
Copenhagen
Interbank
Swap
Rate
(CIBOR)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
HKD
-
Overnight
Index
Average
(HONIA)
HKD
-
Overnight
Index
Average
(HONIA)
ILS
-
1D
Overnight
Tel
Aviv
Interbank
Offer
Rate
(TELBOR)
ILS
-
1M
Tel
Aviv
Interbank
Offer
Rate
(TELBOR)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
NOK
-
Norwegian
Overnight
Weighted
Average
(NOWA)
NOK
-
1W
Norway
Interbank
Offer
Rate
(NIBOR)
NZD
-
1D
New
Zealand
Official
Overnight
Deposit
Rate
(NZOCO)
NZD
-
1M
New
Zealand
Bank
Bill
Rate
(BBR)
SEK
-
1D
Overnight
Stockholm
Interbank
Offer
Rate
(STIBOR)
SEK
-
1W
Stockholm
Interbank
Offer
Rate
(STIBOR)
SGD
-
Overnight
Rate
Average
(SORA)
SGD
-
Overnight
Rate
Average
(SORA)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
15
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Range:
20-25
basis
points
20-25
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$(32,445)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$(30,429)
of
net
dividends
and
financing
fees.
(g)
Amount
includes
$(11,635)
of
net
dividends
and
financing
fees.
(i)
Amount
includes
$(18,416)
of
net
dividends
and
financing
fees.
(k)
Amount
includes
$(1,999)
of
net
dividends
and
financing
fees.
(m)
Amount
includes
$(1,446)
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Barclays
Bank
plc,
as
of
period
end,
termination
date
June
16,
2025:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Australia
Aristocrat
Leisure
Ltd.
......
5,473
$
132,136
199.1
%
Aurizon
Holdings
Ltd.
......
7,481
19,554
29.5
BHP
Group
Ltd.
..........
4,802
168,176
253.4
BlueScope
Steel
Ltd.
.......
10,805
147,342
222.0
Brambles
Ltd.
............
2,528
21,497
32.4
Cochlear
Ltd.
............
132
19,942
30.0
Coles
Group
Ltd.
.........
12,892
162,151
244.3
Fortescue
Metals
Group
Ltd.
..
2,143
33,850
51.0
IDP
Education
Ltd.
........
1,953
43,461
65.5
Lottery
Corp.
Ltd.
(The)
.....
7,918
26,408
39.8
Qantas
Airways
Ltd.
.......
13,549
61,158
92.1
Rio
Tinto
Ltd.
............
264
23,691
35.7
Rio
Tinto
plc
.............
415
32,495
49.0
Sonic
Healthcare
Ltd.
......
3,609
80,833
121.8
Telstra
Group
Ltd.
.........
17,082
49,370
74.4
Wesfarmers
Ltd.
..........
671
23,657
35.6
1,045,721
Austria
Mondi
plc
...............
2,339
44,109
66.5
OMV
AG
...............
191
9,567
14.4
53,676
Belgium
Groupe
Bruxelles
Lambert
NV
.
2,717
232,426
350.2
Umicore
SA
.............
773
29,223
44.0
261,649
Brazil
MercadoLibre,
Inc.
........
37
43,723
65.9
Denmark
AP
Moller
-
Maersk
A/S,
Class
B
48
104,414
157.3
Carlsberg
A/S,
Class
B
.....
283
40,175
60.5
DSV
A/S
...............
718
118,779
179.0
Genmab
A/S
............
498
195,165
294.1
Novo
Nordisk
A/S,
Class
B
...
1,180
163,300
246.0
Pandora
A/S
............
1,862
155,051
233.6
776,884
Finland
Elisa
OYJ
..............
440
25,068
37.8
Kesko
OYJ,
Class
B
.......
623
14,512
21.9
Nokia
OYJ
..............
9,323
44,205
66.6
Nordea
Bank
Abp
.........
5,360
62,661
94.4
Sampo
OYJ,
Class
A
.......
2,300
120,749
181.9
Stora
Enso
OYJ,
Class
R
....
1,345
19,227
29.0
286,422
Shares
Value
%
of
Basket
Value
France
Arkema
SA
.............
1,740
$
176,067
265.3
%
BioMerieux
.............
201
20,491
30.9
BNP
Paribas
SA
..........
2,358
161,952
244.0
Bollore
SE
..............
6,655
37,237
56.1
Bureau
Veritas
SA
.........
5,816
166,288
250.5
Cie
de
Saint-Gobain
.......
885
50,827
76.6
Credit
Agricole
SA
.........
12,317
148,312
223.5
Dassault
Systemes
SE
.....
2,399
89,221
134.4
Eiffage
SA
..............
1,944
207,640
312.8
Engie
SA
...............
6,413
91,064
137.2
Eurazeo
SE
.............
1,235
86,632
130.5
Hermes
International
.......
123
230,196
346.8
Kering
SA
..............
150
93,594
141.0
La
Francaise
des
Jeux
SAEM
.
1,264
54,084
81.5
Legrand
SA
.............
1,308
116,627
175.7
L'Oreal
SA
..............
59
24,362
36.7
Orange
SA
..............
14,192
150,190
226.3
Pernod
Ricard
SA
.........
692
143,265
215.8
Publicis
Groupe
SA
........
3,274
230,947
348.0
Societe
Generale
SA
.......
3,588
106,802
160.9
Vivendi
SE
..............
3,625
38,932
58.7
2,424,730
Germany
Beiersdorf
AG
............
2,067
251,301
378.6
Carl
Zeiss
Meditec
AG
......
297
42,863
64.6
Deutsche
Boerse
AG
.......
50
8,947
13.5
Deutsche
Post
AG
.........
6,775
291,709
439.5
E.ON
SE
...............
2,172
23,681
35.7
Evonik
Industries
AG
.......
2,350
52,237
78.7
GEA
Group
AG
...........
1,142
51,527
77.6
HeidelbergCement
AG
......
2
137
0.2
Henkel
AG
&
Co.
KGaA
(Preference)
..........
943
67,236
101.3
Mercedes-Benz
Group
AG
...
571
42,489
64.0
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
233
84,161
126.8
Rational
AG
.............
28
18,418
27.8
934,706
Hong
Kong
CK
Asset
Holdings
Ltd.
.....
13,000
83,116
125.2
Power
Assets
Holdings
Ltd.
..
8,500
48,095
72.5
Sun
Hung
Kai
Properties
Ltd.
.
8,000
113,453
170.9
244,664
Ireland
CRH
plc
...............
2,240
104,658
157.7
Smurfit
Kappa
Group
plc
....
4,489
188,469
283.9
293,127
Israel
ZIM
Integrated
Shipping
Services
Ltd.
................
1,012
19,177
28.9
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
16
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Italy
Coca-Cola
HBC
AG
........
1,523
$
37,011
55.8
%
Enel
SpA
...............
32,509
191,417
288.4
Eni
SpA
................
4,339
66,769
100.6
Moncler
SpA
............
1,392
87,122
131.3
Poste
Italiane
SpA
.........
2,935
31,358
47.2
Snam
SpA
..............
3,528
17,970
27.1
431,647
Japan
AGC,
Inc.
..............
700
25,792
38.9
Ajinomoto
Co.,
Inc.
........
2,800
92,312
139.1
Asahi
Kasei
Corp.
.........
9,000
68,199
102.8
Astellas
Pharma,
Inc.
.......
7,100
104,513
157.5
Chugai
Pharmaceutical
Co.
Ltd.
1,400
36,295
54.7
Dai
Nippon
Printing
Co.
Ltd.
..
2,300
54,302
81.8
Daiwa
House
Industry
Co.
Ltd.
3,400
81,651
123.0
Denso
Corp.
............
2,000
108,011
162.7
Dentsu
Group,
Inc.
........
800
25,767
38.8
ENEOS
Holdings,
Inc.
......
29,800
106,690
160.7
Fuji
Electric
Co.
Ltd.
.......
800
32,382
48.8
Hamamatsu
Photonics
KK
...
400
21,372
32.2
Hankyu
Hanshin
Holdings,
Inc.
2,800
83,223
125.4
Hirose
Electric
Co.
Ltd.
.....
300
39,055
58.8
Honda
Motor
Co.
Ltd.
......
6,800
168,208
253.4
Hoya
Corp.
.............
800
87,978
132.6
Ibiden
Co.
Ltd.
...........
1,200
46,835
70.6
Isuzu
Motors
Ltd.
.........
9,200
116,337
175.3
Japan
Tobacco,
Inc.
.......
9,300
189,645
285.7
JSR
Corp.
..............
700
15,750
23.7
Kajima
Corp.
............
10,900
133,866
201.7
KDDI
Corp.
.............
9,000
281,191
423.7
Kikkoman
Corp.
..........
900
47,603
71.7
Komatsu
Ltd.
............
2,400
58,979
88.9
Marubeni
Corp.
...........
2,700
33,125
49.9
Mazda
Motor
Corp.
........
18,900
150,444
226.7
MEIJI
Holdings
Co.
Ltd.
.....
1,800
92,831
139.9
Mitsubishi
Electric
Corp.
.....
14,500
159,801
240.8
Mitsubishi
Estate
Co.
Ltd.
....
3,200
41,130
62.0
Mitsubishi
HC
Capital,
Inc.
...
5,100
26,031
39.2
Mitsui
Chemicals,
Inc.
......
5,200
122,400
184.4
Murata
Manufacturing
Co.
Ltd.
1,000
57,141
86.1
NEC
Corp.
..............
800
28,902
43.5
NGK
Insulators
Ltd.
........
13,500
186,857
281.5
Nippon
Express
Holdings,
Inc.
.
1,000
58,033
87.4
Nippon
Steel
Corp.
........
2,800
58,281
87.8
Nippon
Telegraph
&
Telephone
Corp.
...............
8,500
254,877
384.0
Nissan
Chemical
Corp.
.....
2,600
122,745
184.9
Nissin
Foods
Holdings
Co.
Ltd.
900
70,360
106.0
Nitto
Denko
Corp.
.........
2,300
148,666
224.0
Nomura
Real
Estate
Holdings,
Inc.
.................
5,300
116,814
176.0
Olympus
Corp.
...........
1,000
18,800
28.3
Ono
Pharmaceutical
Co.
Ltd.
.
800
17,359
26.2
ORIX
Corp.
.............
4,200
73,849
111.3
Osaka
Gas
Co.
Ltd.
........
12,700
204,939
308.8
Persol
Holdings
Co.
Ltd.
.....
900
19,733
29.7
Recruit
Holdings
Co.
Ltd.
....
4,700
151,153
227.7
Secom
Co.
Ltd.
...........
1,200
71,491
107.7
Seiko
Epson
Corp.
........
2,600
40,321
60.7
Sekisui
Chemical
Co.
Ltd.
....
14,100
197,517
297.6
Sekisui
House
Ltd.
........
3,900
73,707
111.1
Shin-Etsu
Chemical
Co.
Ltd.
..
700
103,196
155.5
Shionogi
&
Co.
Ltd.
........
500
23,827
35.9
SoftBank
Corp.
...........
6,500
74,374
112.1
Shares
Value
%
of
Basket
Value
Japan
(continued)
Subaru
Corp.
............
3,300
$
54,225
81.7
%
Sumitomo
Chemical
Co.
Ltd.
..
31,200
119,765
180.4
Sumitomo
Corp.
..........
2,200
39,490
59.5
Sumitomo
Mitsui
Financial
Group,
Inc.
...........
3,600
156,460
235.7
Suntory
Beverage
&
Food
Ltd.
1,900
64,159
96.7
Taisei
Corp.
.............
1,800
62,140
93.6
Takeda
Pharmaceutical
Co.
Ltd.
1,100
34,581
52.1
Tokio
Marine
Holdings,
Inc.
...
900
18,850
28.4
Tokyo
Gas
Co.
Ltd.
........
13,200
276,404
416.4
TOPPAN,
Inc.
............
3,900
62,838
94.7
Toray
Industries,
Inc.
.......
14,600
89,703
135.2
Tosoh
Corp.
.............
6,900
90,276
136.0
TOTO
Ltd.
..............
2,500
97,157
146.4
Unicharm
Corp.
..........
1,200
45,775
69.0
USS
Co.
Ltd.
............
1,600
26,317
39.7
Yamaha
Motor
Co.
Ltd.
.....
3,000
73,892
111.3
ZOZO,
Inc.
..............
2,600
67,400
101.5
6,204,092
Netherlands
ASML
Holding
NV
.........
336
222,314
334.9
EXOR
NV
..............
2,113
167,959
253.1
Koninklijke
KPN
NV
........
38,686
132,262
199.3
NN
Group
NV
............
830
36,062
54.3
Randstad
NV
............
945
60,573
91.3
Shell
plc
...............
2,980
87,486
131.8
706,656
New
Zealand
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
................
2,252
36,958
55.7
Spark
New
Zealand
Ltd.
.....
29,439
99,261
149.6
136,219
Norway
DNB
Bank
ASA
...........
15,730
294,144
443.2
Portugal
Jeronimo
Martins
SGPS
SA
..
3,484
75,640
114.0
Singapore
Oversea-Chinese
Banking
Corp.
Ltd.
................
2,200
21,737
32.8
Singapore
Airlines
Ltd.
......
21,700
98,124
147.8
Singapore
Telecommunications
Ltd.
................
12,900
24,706
37.2
STMicroelectronics
NV
.....
7,210
339,507
511.5
484,074
Spain
ACS
Actividades
de
Construccion
y
Servicios
SA
.........
1,736
51,375
77.4
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
28,147
198,824
299.6
Iberdrola
SA
.............
12,890
76,928
115.9
Industria
de
Diseno
Textil
SA
..
2,472
77,178
116.3
Repsol
SA
..............
1,521
24,985
37.6
429,290
Sweden
Alfa
Laval
AB
............
3,039
95,503
143.9
Assa
Abloy
AB,
Class
B
.....
792
18,657
28.1
Boliden
AB
..............
277
12,431
18.7
Epiroc
AB,
Class
A
........
4,046
78,722
118.6
Sandvik
AB
.............
3,155
65,206
98.3
Swedbank
AB,
Class
A
......
3,417
65,731
99.0
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
17
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Sweden
(continued)
Tele2
AB,
Class
B
.........
2,170
$
18,741
28.3
%
Volvo
AB,
Class
B
.........
4,576
90,804
136.8
445,795
Switzerland
Baloise
Holding
AG
(Registered)
135
22,204
33.5
Chocoladefabriken
Lindt
&
Spruengli
AG
..........
2
21,965
33.1
Cie
Financiere
Richemont
SA
(Registered)
...........
153
23,586
35.5
Geberit
AG
(Registered)
.....
135
76,813
115.7
Givaudan
SA
(Registered)
...
2
6,484
9.8
Julius
Baer
Group
Ltd.
......
372
23,862
35.9
Kuehne
+
Nagel
International
AG
(Registered)
...........
747
178,127
268.4
Novartis
AG
(Registered)
....
3,749
338,944
510.7
Partners
Group
Holding
AG
..
110
103,213
155.5
SGS
SA
(Registered)
.......
51
124,370
187.4
Sonova
Holding
AG
(Registered)
321
80,273
120.9
Straumann
Holding
AG
(Registered)
...........
291
38,103
57.4
Swiss
Life
Holding
AG
(Registered)
...........
502
297,108
447.6
Swisscom
AG
(Registered)
...
102
60,267
90.8
UBS
Group
AG
(Registered)
..
8,706
185,833
280.0
Zurich
Insurance
Group
AG
..
649
320,949
483.6
1,902,101
United
Kingdom
Associated
British
Foods
plc
..
1,218
27,959
42.1
Auto
Trader
Group
plc
......
9,606
74,528
112.3
Aviva
plc
...............
9,586
54,064
81.5
BP
plc
.................
9,530
57,564
86.7
British
American
Tobacco
plc
.
1,215
46,576
70.2
Burberry
Group
plc
........
756
23,028
34.7
Coca-Cola
Europacific
Partners
plc
.................
699
39,298
59.2
Compass
Group
plc
........
2,534
60,532
91.2
Croda
International
plc
......
405
34,521
52.0
DCC
plc
...............
1,162
66,185
99.7
Entain
plc
..............
1,857
34,244
51.6
Experian
plc
.............
1,269
46,407
69.9
Imperial
Brands
plc
........
4,166
104,509
157.5
Informa
plc
..............
9,482
78,423
118.2
InterContinental
Hotels
Group
plc
.................
530
36,795
55.4
Johnson
Matthey
plc
.......
521
14,553
21.9
Melrose
Industries
plc
......
14,893
26,259
39.6
NatWest
Group
plc
........
4,766
18,183
27.4
Pearson
plc
.............
1,586
18,087
27.2
RELX
plc
...............
1,873
55,645
83.8
Sage
Group
plc
(The)
......
22,930
220,304
331.9
Smiths
Group
plc
.........
17,246
368,151
554.7
SSE
plc
................
5,583
119,167
179.5
Taylor
Wimpey
plc
.........
40,003
58,041
87.4
Tesco
plc
...............
10,591
32,190
48.5
Whitbread
plc
............
2,433
91,632
138.1
WPP
plc
...............
18,116
211,663
318.9
2,018,508
United
States
A
O
Smith
Corp.
..........
166
11,238
16.9
Abbott
Laboratories
........
168
18,572
28.0
Accenture
plc,
Class
A
......
522
145,664
219.5
Adobe,
Inc.
.............
1,482
548,844
826.9
Agilent
Technologies,
Inc.
....
3,343
508,403
766.0
Shares
Value
%
of
Basket
Value
United
States
(continued)
Airbnb,
Inc.,
Class
A
.......
1,279
$
142,110
214.1
%
Allegion
plc
.............
609
71,588
107.9
Altria
Group,
Inc.
..........
3,067
138,138
208.1
American
Express
Co.
......
175
30,613
46.1
American
Financial
Group,
Inc.
134
19,107
28.8
American
International
Group,
Inc.
.................
405
25,604
38.6
Ameriprise
Financial,
Inc.
....
61
21,357
32.2
AmerisourceBergen
Corp.
...
128
21,627
32.6
AMETEK,
Inc.
...........
1,827
264,769
398.9
ANSYS,
Inc.
.............
723
192,578
290.2
APA
Corp.
..............
401
17,776
26.8
Apple,
Inc.
..............
2,620
378,040
569.6
Applied
Materials,
Inc.
......
3,396
378,620
570.5
Archer-Daniels-Midland
Co.
..
703
58,244
87.8
Arista
Networks,
Inc.
.......
1,531
192,937
290.7
Autodesk,
Inc.
...........
900
193,644
291.8
AutoZone,
Inc.
...........
23
56,094
84.5
Avery
Dennison
Corp.
......
255
48,307
72.8
Baker
Hughes
Co.
.........
2,538
80,556
121.4
Bank
of
New
York
Mellon
Corp.
(The)
...............
2,941
148,726
224.1
Bath
&
Body
Works,
Inc.
....
463
21,303
32.1
Biogen,
Inc.
.............
206
59,925
90.3
Booking
Holdings,
Inc.
......
81
197,162
297.1
Booz
Allen
Hamilton
Holding
Corp.
...............
724
68,519
103.2
BorgWarner,
Inc.
..........
463
21,891
33.0
Bristol-Myers
Squibb
Co.
....
1,445
104,979
158.2
Brown-Forman
Corp.,
Class
B
.
1,209
80,495
121.3
Cadence
Design
Systems,
Inc.
5,617
1,026,956
1,547.3
Capital
One
Financial
Corp.
..
149
17,731
26.7
Carlyle
Group,
Inc.
(The)
....
3,319
119,384
179.9
Carrier
Global
Corp.
.......
569
25,907
39.0
CDW
Corp.
.............
231
45,283
68.2
Celanese
Corp.
..........
226
27,843
42.0
CenterPoint
Energy,
Inc.
....
1,142
34,397
51.8
Chipotle
Mexican
Grill,
Inc.
...
20
32,928
49.6
Cigna
Corp.
.............
398
126,035
189.9
Cintas
Corp.
.............
98
43,487
65.5
Citigroup,
Inc.
............
4,056
211,804
319.1
CMS
Energy
Corp.
........
1,743
110,140
165.9
Coca-Cola
Co.
(The)
.......
1,555
95,353
143.7
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
3,720
248,310
374.1
Colgate-Palmolive
Co.
......
1,982
147,718
222.6
Copart,
Inc.
.............
1,042
69,408
104.6
Corteva,
Inc.
............
1,322
85,203
128.4
CSX
Corp.
..............
628
19,418
29.3
Cummins,
Inc.
...........
1,203
300,197
452.3
CVS
Health
Corp.
.........
3,112
274,541
413.6
Darden
Restaurants,
Inc.
....
1,349
199,612
300.7
Dell
Technologies,
Inc.,
Class
C
405
16,451
24.8
Dexcom,
Inc.
............
292
31,270
47.1
Diamondback
Energy,
Inc.
...
316
46,174
69.6
Discover
Financial
Services
..
506
59,065
89.0
DocuSign,
Inc.
...........
229
13,887
20.9
Domino's
Pizza,
Inc.
.......
354
124,962
188.3
Dropbox,
Inc.,
Class
A
......
19,078
443,182
667.7
DTE
Energy
Co.
..........
599
69,706
105.0
Dynatrace,
Inc.
...........
483
18,562
28.0
Eaton
Corp.
plc
...........
690
111,925
168.6
eBay,
Inc.
..............
4,608
228,096
343.7
Edison
International
........
1,338
92,188
138.9
Edwards
Lifesciences
Corp.
..
6,504
498,857
751.6
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
18
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Electronic
Arts,
Inc.
........
493
$
63,439
95.6
%
Eli
Lilly
&
Co.
............
68
23,402
35.3
Entergy
Corp.
............
608
65,834
99.2
EOG
Resources,
Inc.
.......
220
29,095
43.8
EPAM
Systems,
Inc.
.......
53
17,630
26.6
Equitable
Holdings,
Inc.
.....
2,574
82,548
124.4
Evergy,
Inc.
.............
1,079
67,599
101.8
Exelon
Corp.
............
4,949
208,798
314.6
Expedia
Group,
Inc.
........
1,122
128,245
193.2
Expeditors
International
of
Washington,
Inc.
........
1,365
147,625
222.4
FactSet
Research
Systems,
Inc.
265
112,079
168.9
Fair
Isaac
Corp.
..........
335
223,093
336.1
FedEx
Corp.
............
370
71,728
108.1
FMC
Corp.
..............
175
23,298
35.1
Fortinet,
Inc.
.............
1,793
93,846
141.4
Garmin
Ltd.
.............
824
81,477
122.8
Gilead
Sciences,
Inc.
.......
972
81,590
122.9
GSK
plc
...............
1,937
34,023
51.3
Halliburton
Co.
...........
2,248
92,663
139.6
Hartford
Financial
Services
Group,
Inc.
(The)
.......
2,220
172,294
259.6
HCA
Healthcare,
Inc.
.......
376
95,906
144.5
Hershey
Co.
(The)
........
1,235
277,381
417.9
Hewlett
Packard
Enterprise
Co.
5,395
87,021
131.1
HF
Sinclair
Corp.
.........
386
21,963
33.1
Hologic,
Inc.
.............
995
80,963
122.0
Honeywell
International,
Inc.
..
310
64,629
97.4
HP,
Inc.
................
685
19,961
30.1
Hubbell,
Inc.
.............
1,282
293,463
442.1
IDEX
Corp.
.............
109
26,125
39.4
IDEXX
Laboratories,
Inc.
....
172
82,646
124.5
Illinois
Tool
Works,
Inc.
......
1,632
385,217
580.4
Incyte
Corp.
.............
1,944
165,512
249.4
Interpublic
Group
of
Cos.,
Inc.
(The)
...............
4,640
169,174
254.9
Intuit,
Inc.
..............
939
396,887
598.0
Invesco
Ltd.
.............
1,068
19,769
29.8
James
Hardie
Industries
plc,
CDI
................
6,789
152,335
229.5
JB
Hunt
Transport
Services,
Inc.
1,465
276,958
417.3
Johnson
&
Johnson
........
267
43,633
65.7
Juniper
Networks,
Inc.
......
5,173
167,088
251.7
Keysight
Technologies,
Inc.
...
2,028
363,722
548.0
KLA
Corp.
..............
79
31,006
46.7
Knight-Swift
Transportation
Holdings,
Inc.
..........
1,471
86,936
131.0
Kroger
Co.
(The)
..........
914
40,792
61.5
Lam
Research
Corp.
.......
307
153,531
231.3
Lennox
International,
Inc.
....
144
37,529
56.5
LKQ
Corp.
..............
1,501
88,499
133.3
Lowe's
Cos.,
Inc.
.........
644
134,113
202.1
Lululemon
Athletica,
Inc.
....
79
24,244
36.5
Marathon
Oil
Corp.
........
4,367
119,961
180.7
Marathon
Petroleum
Corp.
...
1,287
165,405
249.2
Masco
Corp.
............
1,058
56,286
84.8
Masimo
Corp.
............
245
41,670
62.8
McDonald's
Corp.
.........
137
36,634
55.2
MetLife,
Inc.
.............
14,002
1,022,426
1,540.4
Mettler-Toledo
International,
Inc.
54
82,778
124.7
Microchip
Technology,
Inc.
...
1,788
138,785
209.1
Microsoft
Corp.
...........
876
217,082
327.1
Molina
Healthcare,
Inc.
.....
601
187,410
282.4
Mondelez
International,
Inc.,
Class
A
..............
1,106
72,377
109.0
Shares
Value
%
of
Basket
Value
United
States
(continued)
Monolithic
Power
Systems,
Inc.
144
$
61,425
92.5
%
Monster
Beverage
Corp.
....
209
21,753
32.8
Mosaic
Co.
(The)
.........
397
19,667
29.6
MSCI,
Inc.
..............
48
25,515
38.4
Nestle
SA
(Registered)
.....
739
90,165
135.8
NetApp,
Inc.
.............
3,735
247,369
372.7
News
Corp.,
Class
A
.......
3,213
65,095
98.1
NiSource,
Inc.
...........
1,570
43,568
65.6
Nordson
Corp.
...........
234
56,932
85.8
Norfolk
Southern
Corp.
.....
115
28,268
42.6
Northern
Trust
Corp.
.......
44
4,267
6.4
Nucor
Corp.
.............
286
48,340
72.8
NVR,
Inc.
...............
27
142,290
214.4
Old
Dominion
Freight
Line,
Inc.
233
77,645
117.0
Oracle
Corp.
............
361
31,934
48.1
O'Reilly
Automotive,
Inc.
....
57
45,164
68.0
Otis
Worldwide
Corp.
.......
1,345
110,599
166.6
Ovintiv,
Inc.
.............
1,953
96,146
144.9
Owens
Corning
...........
736
71,134
107.2
PACCAR,
Inc.
...........
831
90,837
136.9
Packaging
Corp.
of
America
..
129
18,408
27.7
Palo
Alto
Networks,
Inc.
.....
886
140,555
211.8
Parker-Hannifin
Corp.
......
81
26,406
39.8
Paychex,
Inc.
............
1,310
151,777
228.7
Paycom
Software,
Inc.
......
207
67,056
101.0
Philip
Morris
International,
Inc.
794
82,767
124.7
Phillips
66
..............
991
99,368
149.7
PPL
Corp.
..............
886
26,226
39.5
Procter
&
Gamble
Co.
(The)
..
2,722
387,558
583.9
Prudential
Financial,
Inc.
....
651
68,316
102.9
QUALCOMM,
Inc.
.........
498
66,339
99.9
Quest
Diagnostics,
Inc.
.....
36
5,345
8.1
Roche
Holding
AG
........
464
144,847
218.2
Schlumberger
Ltd.
.........
8,550
487,179
734.0
Schneider
Electric
SE
......
2,350
381,207
574.3
Sempra
Energy
..........
1,862
298,534
449.8
ServiceNow,
Inc.
..........
818
372,296
560.9
Snap-on,
Inc.
............
461
114,665
172.8
Splunk,
Inc.
.............
235
22,506
33.9
Starbucks
Corp.
..........
1,949
212,714
320.5
State
Street
Corp.
.........
460
42,012
63.3
Steel
Dynamics,
Inc.
.......
2,578
311,010
468.6
Stellantis
NV
............
13,270
208,617
314.3
Stryker
Corp.
............
176
44,671
67.3
Synchrony
Financial
.......
1,158
42,533
64.1
Synopsys,
Inc.
...........
390
137,963
207.9
TE
Connectivity
Ltd.
.......
1,232
156,649
236.0
Texas
Instruments,
Inc.
.....
763
135,211
203.7
Trade
Desk,
Inc.
(The),
Class
A
392
19,874
29.9
Travelers
Cos.,
Inc.
(The)
....
22
4,205
6.3
Trimble,
Inc.
.............
786
45,635
68.8
Truist
Financial
Corp.
.......
468
23,115
34.8
Tyson
Foods,
Inc.,
Class
A
...
935
61,476
92.6
UGI
Corp.
..............
5,098
203,053
305.9
U-Haul
Holding
Co.
(Non-Voting)
1,188
73,407
110.6
Ulta
Beauty,
Inc.
..........
376
193,249
291.2
United
Parcel
Service,
Inc.,
Class
B
..................
766
141,886
213.8
United
Rentals,
Inc.
........
92
40,567
61.1
Veeva
Systems,
Inc.,
Class
A
.
680
115,974
174.7
VeriSign,
Inc.
............
1,165
254,028
382.7
Vertex
Pharmaceuticals,
Inc.
..
691
223,262
336.4
Vistra
Corp.
.............
1,633
37,657
56.7
Waters
Corp.
............
212
69,659
105.0
Webster
Financial
Corp.
.....
473
24,903
37.5
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
19
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Westinghouse
Air
Brake
Technologies
Corp.
......
1,449
$
150,421
226.6
%
Westlake
Corp.
...........
1,385
170,009
256.1
WestRock
Co.
...........
1,918
75,262
113.4
Whirlpool
Corp.
...........
178
27,695
41.7
Willis
Towers
Watson
plc
....
89
22,623
34.1
WW
Grainger,
Inc.
.........
428
252,297
380.1
Yum!
Brands,
Inc.
.........
425
55,467
83.6
Zimmer
Biomet
Holdings,
Inc.
.
467
59,468
89.6
25,007,573
Total
Reference
Entity
—
Long
............
44,520,218
Reference
Entity
—
Short
Common
Stocks
Australia
APA
Group
..............
(14,187)
(106,174)
(160.0)
Commonwealth
Bank
of
Australia
.............
(1,041)
(81,263)
(122.4)
Endeavour
Group
Ltd.
......
(51,961)
(243,986)
(367.6)
Glencore
plc
............
(3,065)
(20,526)
(30.9)
IGO
Ltd.
...............
(7,327)
(76,166)
(114.8)
Mineral
Resources
Ltd.
.....
(630)
(39,885)
(60.1)
National
Australia
Bank
Ltd.
..
(2,438)
(55,011)
(82.9)
Newcrest
Mining
Ltd.
.......
(11,762)
(186,888)
(281.6)
Northern
Star
Resources
Ltd.
.
(9,990)
(89,016)
(134.1)
Origin
Energy
Ltd.
.........
(2,073)
(11,007)
(16.6)
Ramsay
Health
Care
Ltd.
....
(6,461)
(305,307)
(460.0)
Reece
Ltd.
..............
(3,725)
(42,815)
(64.5)
Santos
Ltd.
.............
(3,530)
(18,020)
(27.2)
Transurban
Group
.........
(3,995)
(39,168)
(59.0)
WiseTech
Global
Ltd.
.......
(282)
(12,227)
(18.4)
Woodside
Energy
Group
Ltd.
.
(3,746)
(96,999)
(146.2)
Woolworths
Group
Ltd.
.....
(6,088)
(155,594)
(234.4)
(1,580,052)
Belgium
Anheuser-Busch
InBev
SA
...
(1,082)
(65,311)
(98.4)
KBC
Group
NV
...........
(423)
(31,331)
(47.2)
Sofina
SA
..............
(99)
(23,520)
(35.4)
Solvay
SA
..............
(1,244)
(144,965)
(218.4)
UCB
SA
...............
(231)
(18,966)
(28.6)
(284,093)
China
Budweiser
Brewing
Co.
APAC
Ltd.
................
(58,000)
(183,009)
(275.7)
Denmark
Coloplast
A/S,
Class
B
......
(412)
(49,743)
(74.9)
Danske
Bank
A/S
.........
(1,580)
(32,917)
(49.6)
Demant
A/S
.............
(1,412)
(39,969)
(60.2)
Orsted
A/S
..............
(324)
(28,853)
(43.5)
ROCKWOOL
A/S,
Class
B
...
(85)
(24,371)
(36.7)
Vestas
Wind
Systems
A/S
...
(1,097)
(32,100)
(48.4)
(207,953)
Finland
Fortum
OYJ
.............
(10,356)
(155,674)
(234.5)
Kone
OYJ,
Class
B
........
(1,421)
(77,496)
(116.8)
UPM-Kymmene
OYJ
.......
(1,785)
(64,699)
(97.5)
(297,869)
France
Accor
SA
...............
(10,838)
(351,780)
(530.0)
Adevinta
ASA
............
(5,256)
(45,059)
(67.9)
Shares
Value
%
of
Basket
Value
France
(continued)
Aeroports
de
Paris
........
(1,512)
$
(234,568)
(353.4)
%
Air
Liquide
SA
...........
(1,379)
(219,573)
(330.8)
Airbus
SE
..............
(303)
(37,986)
(57.2)
Alstom
SA
..............
(2,332)
(69,342)
(104.5)
AXA
SA
................
(3,156)
(98,464)
(148.4)
Bouygues
SA
............
(7,447)
(245,334)
(369.6)
Carrefour
SA
............
(2,471)
(47,001)
(70.8)
Cie
Generale
des
Etablissements
Michelin
SCA
..........
(6,596)
(208,564)
(314.2)
Danone
SA
.............
(1,999)
(109,624)
(165.2)
Edenred
...............
(327)
(17,812)
(26.8)
EssilorLuxottica
SA
........
(409)
(75,043)
(113.1)
Renault
SA
.............
(1,207)
(49,076)
(73.9)
Sartorius
Stedim
Biotech
....
(43)
(15,000)
(22.6)
Teleperformance
..........
(95)
(26,409)
(39.8)
Thales
SA
..............
(414)
(54,755)
(82.5)
TotalEnergies
SE
.........
(424)
(26,212)
(39.5)
Ubisoft
Entertainment
SA
....
(1,183)
(24,496)
(36.9)
Valeo
.................
(1,346)
(29,417)
(44.3)
Veolia
Environnement
SA
....
(7,036)
(208,846)
(314.7)
Vinci
SA
...............
(673)
(76,042)
(114.6)
Worldline
SA
............
(1,349)
(61,199)
(92.2)
(2,331,602)
Germany
adidas
AG
..............
(533)
(85,822)
(129.3)
Aroundtown
SA
...........
(4,614)
(12,846)
(19.4)
BASF
SE
...............
(2,006)
(115,015)
(173.3)
Continental
AG
...........
(2,168)
(152,227)
(229.4)
Covestro
AG
............
(3,457)
(159,176)
(239.8)
Deutsche
Lufthansa
AG
(Registered)
...........
(5,316)
(56,321)
(84.9)
Deutsche
Telekom
AG
(Registered)
...........
(4,458)
(99,319)
(149.6)
Dr
Ing
hc
F
Porsche
AG
(Preference)
..........
(383)
(45,538)
(68.6)
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(2,231)
(83,784)
(126.2)
Fresenius
SE
&
Co.
KGaA
...
(2,693)
(78,046)
(117.6)
Hannover
Rueck
SE
.......
(253)
(51,376)
(77.4)
LEG
Immobilien
SE
........
(518)
(40,494)
(61.0)
Porsche
Automobil
Holding
SE
(Preference)
..........
(1,191)
(71,218)
(107.3)
RWE
AG
...............
(4,381)
(195,037)
(293.9)
Siemens
Healthineers
AG
....
(764)
(40,972)
(61.7)
Telefonica
Deutschland
Holding
AG
.................
(53,777)
(158,393)
(238.6)
United
Internet
AG
(Registered)
(1,434)
(33,292)
(50.2)
Vonovia
SE
.............
(5,920)
(167,228)
(252.0)
Zalando
SE
.............
(917)
(42,764)
(64.4)
(1,688,868)
Hong
Kong
CK
Infrastructure
Holdings
Ltd.
(32,500)
(180,816)
(272.4)
Futu
Holdings
Ltd.,
ADR
.....
(910)
(46,192)
(69.6)
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
..
(195,500)
(135,136)
(203.6)
HKT
Trust
&
HKT
Ltd.
......
(104,000)
(136,258)
(205.3)
Prudential
plc
............
(2,170)
(36,055)
(54.3)
(534,457)
Ireland
AerCap
Holdings
NV
.......
(1,523)
(96,269)
(145.1)
AIB
Group
plc
............
(27,863)
(117,041)
(176.3)
Kerry
Group
plc,
Class
A
....
(498)
(46,663)
(70.3)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
20
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Ireland
(continued)
Kingspan
Group
plc
........
(988)
$
(63,544)
(95.7)
%
(323,517)
Italy
Amplifon
SpA
............
(2,295)
(63,372)
(95.5)
Infrastrutture
Wireless
Italiane
SpA
................
(5,248)
(57,512)
(86.7)
Nexi
SpA
...............
(3,140)
(27,655)
(41.7)
(148,539)
Japan
Aeon
Co.
Ltd.
............
(1,700)
(34,853)
(52.5)
Aisin
Corp.
..............
(1,500)
(43,763)
(65.9)
Asahi
Group
Holdings
Ltd.
...
(600)
(19,813)
(29.9)
Bandai
Namco
Holdings,
Inc.
.
(1,300)
(86,936)
(131.0)
Bridgestone
Corp.
.........
(2,200)
(82,133)
(123.7)
Brother
Industries
Ltd.
......
(5,200)
(80,768)
(121.7)
Canon,
Inc.
.............
(3,500)
(77,673)
(117.0)
Central
Japan
Railway
Co.
...
(1,400)
(170,765)
(257.3)
Chubu
Electric
Power
Co.,
Inc.
(11,800)
(127,099)
(191.5)
CyberAgent,
Inc.
..........
(2,200)
(20,574)
(31.0)
Daiichi
Sankyo
Co.
Ltd.
.....
(1,100)
(34,548)
(52.1)
East
Japan
Railway
Co.
.....
(2,300)
(128,244)
(193.2)
GMO
Payment
Gateway,
Inc.
.
(1,600)
(148,051)
(223.1)
Hikari
Tsushin,
Inc.
........
(100)
(14,274)
(21.5)
Iida
Group
Holdings
Co.
Ltd.
..
(3,300)
(55,012)
(82.9)
ITOCHU
Corp.
...........
(3,300)
(106,662)
(160.7)
Itochu
Techno-Solutions
Corp.
.
(2,300)
(56,942)
(85.8)
Japan
Airlines
Co.
Ltd.
......
(5,500)
(116,642)
(175.7)
Japan
Exchange
Group,
Inc.
..
(900)
(13,774)
(20.8)
Japan
Post
Bank
Co.
Ltd.
....
(15,300)
(135,939)
(204.8)
Japan
Post
Insurance
Co.
Ltd.
(5,200)
(92,768)
(139.8)
JFE
Holdings,
Inc.
.........
(7,200)
(94,937)
(143.0)
Kansai
Electric
Power
Co.,
Inc.
(The)
...............
(4,900)
(47,124)
(71.0)
Keio
Corp.
..............
(1,700)
(62,398)
(94.0)
Keisei
Electric
Railway
Co.
Ltd.
(2,200)
(64,172)
(96.7)
Keyence
Corp.
...........
(400)
(184,148)
(277.4)
Kobayashi
Pharmaceutical
Co.
Ltd.
................
(300)
(21,538)
(32.4)
Kobe
Bussan
Co.
Ltd.
......
(7,300)
(210,764)
(317.5)
Koei
Tecmo
Holdings
Co.
Ltd.
.
(15,700)
(285,523)
(430.2)
Koito
Manufacturing
Co.
Ltd.
..
(800)
(13,494)
(20.3)
Kose
Corp.
.............
(1,000)
(110,333)
(166.2)
Kubota
Corp.
............
(15,200)
(228,430)
(344.2)
Kurita
Water
Industries
Ltd.
...
(600)
(27,131)
(40.9)
Lasertec
Corp.
...........
(800)
(151,458)
(228.2)
Makita
Corp.
............
(4,900)
(130,520)
(196.7)
Mitsubishi
Chemical
Group
Corp.
...............
(5,300)
(29,741)
(44.8)
Mitsubishi
Heavy
Industries
Ltd.
(2,800)
(109,788)
(165.4)
Mitsubishi
UFJ
Financial
Group,
Inc.
.................
(7,000)
(51,274)
(77.3)
Mitsui
Fudosan
Co.
Ltd.
.....
(2,500)
(46,859)
(70.6)
Mitsui
OSK
Lines
Ltd.
......
(2,200)
(54,601)
(82.3)
Mizuho
Financial
Group,
Inc.
..
(1,200)
(18,744)
(28.2)
Nexon
Co.
Ltd.
...........
(2,300)
(55,459)
(83.6)
Nidec
Corp.
.............
(1,600)
(88,670)
(133.6)
Nintendo
Co.
Ltd.
.........
(3,000)
(130,073)
(196.0)
Nippon
Paint
Holdings
Co.
Ltd.
(2,600)
(23,737)
(35.8)
Nippon
Sanso
Holdings
Corp.
.
(6,800)
(110,914)
(167.1)
Nippon
Yusen
KK
.........
(900)
(21,410)
(32.3)
Nissan
Motor
Co.
Ltd.
......
(6,100)
(21,917)
(33.0)
Nisshin
Seifun
Group,
Inc.
...
(2,500)
(31,314)
(47.2)
Nomura
Research
Institute
Ltd.
(2,500)
(60,019)
(90.4)
Shares
Value
%
of
Basket
Value
Japan
(continued)
NTT
Data
Corp.
..........
(4,500)
$
(69,801)
(105.2)
%
Odakyu
Electric
Railway
Co.
Ltd.
(10,600)
(139,362)
(210.0)
Open
House
Group
Co.
Ltd.
..
(1,600)
(60,528)
(91.2)
Oracle
Corp.
Japan
........
(500)
(34,253)
(51.6)
Otsuka
Corp.
............
(2,300)
(75,669)
(114.0)
Otsuka
Holdings
Co.
Ltd.
....
(7,100)
(227,771)
(343.2)
Rakuten
Group,
Inc.
.......
(33,500)
(170,798)
(257.3)
Renesas
Electronics
Corp.
...
(13,400)
(137,834)
(207.7)
SBI
Holdings,
Inc.
.........
(3,500)
(74,198)
(111.8)
SCSK
Corp.
.............
(3,600)
(58,635)
(88.3)
Seven
&
i
Holdings
Co.
Ltd.
..
(900)
(42,492)
(64.0)
Sharp
Corp.
.............
(39,500)
(328,327)
(494.7)
Shimizu
Corp.
...........
(8,200)
(45,967)
(69.3)
SoftBank
Group
Corp.
......
(4,600)
(217,774)
(328.1)
Sompo
Holdings,
Inc.
......
(900)
(38,744)
(58.4)
Sony
Group
Corp.
.........
(500)
(44,676)
(67.3)
Square
Enix
Holdings
Co.
Ltd.
.
(2,500)
(118,228)
(178.1)
SUMCO
Corp.
...........
(4,100)
(60,749)
(91.5)
Sumitomo
Electric
Industries
Ltd.
................
(28,500)
(342,461)
(516.0)
T&D
Holdings,
Inc.
........
(2,300)
(36,814)
(55.5)
TIS,
Inc.
...............
(6,300)
(181,663)
(273.7)
Tobu
Railway
Co.
Ltd.
......
(3,500)
(82,121)
(123.7)
Toho
Co.
Ltd.
............
(1,600)
(59,093)
(89.0)
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(18,800)
(70,402)
(106.1)
Tokyu
Corp.
.............
(13,100)
(168,458)
(253.8)
Toshiba
Corp.
............
(1,200)
(41,216)
(62.1)
Toyota
Motor
Corp.
........
(3,400)
(49,931)
(75.2)
Welcia
Holdings
Co.
Ltd.
....
(5,500)
(122,929)
(185.2)
West
Japan
Railway
Co.
....
(6,300)
(263,835)
(397.5)
Yaskawa
Electric
Corp.
.....
(600)
(23,453)
(35.3)
Z
Holdings
Corp.
..........
(56,400)
(164,108)
(247.3)
(7,686,013)
Jordan
Hikma
Pharmaceuticals
plc
...
(2,453)
(51,891)
(78.2)
Netherlands
Akzo
Nobel
NV
...........
(919)
(68,452)
(103.1)
Argenx
SE
..............
(409)
(155,783)
(234.7)
Euronext
NV
............
(1,573)
(127,463)
(192.0)
Heineken
NV
............
(646)
(64,560)
(97.3)
JDE
Peet's
NV
...........
(1,655)
(49,605)
(74.7)
Koninklijke
DSM
NV
.......
(663)
(85,263)
(128.5)
Universal
Music
Group
NV
...
(7,962)
(203,528)
(306.7)
(754,654)
New
Zealand
Xero
Ltd.
...............
(1,064)
(58,644)
(88.4)
Norway
Aker
BP
ASA
............
(5,205)
(158,554)
(238.9)
Gjensidige
Forsikring
ASA
...
(1,266)
(22,754)
(34.3)
Mowi
ASA
..............
(2,470)
(45,674)
(68.8)
Salmar
ASA
.............
(2,793)
(129,874)
(195.7)
Telenor
ASA
.............
(2,947)
(30,851)
(46.5)
(387,707)
Portugal
EDP
-
Energias
de
Portugal
SA
(5,136)
(25,517)
(38.5)
Singapore
Capitaland
Investment
Ltd.
...
(6,700)
(20,299)
(30.6)
Grab
Holdings
Ltd.,
Class
A
..
(9,466)
(35,876)
(54.0)
Sea
Ltd.,
ADR
...........
(1,696)
(109,307)
(164.7)
Singapore
Exchange
Ltd.
....
(12,800)
(90,157)
(135.8)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
21
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Singapore
(continued)
Singapore
Technologies
Engineering
Ltd.
........
(36,400)
$
(102,340)
(154.2)
%
(357,979)
South
Africa
Anglo
American
plc
........
(536)
(23,118)
(34.8)
Spain
Amadeus
IT
Group
SA
......
(1,003)
(63,193)
(95.2)
CaixaBank
SA
...........
(1,533)
(6,802)
(10.3)
Cellnex
Telecom
SA
.......
(5,365)
(210,244)
(316.8)
EDP
Renovaveis
SA
.......
(4,789)
(104,166)
(156.9)
Grifols
SA
..............
(6,485)
(85,849)
(129.3)
Naturgy
Energy
Group
SA
...
(365)
(10,352)
(15.6)
Telefonica
SA
............
(25,444)
(96,662)
(145.6)
(577,268)
Sweden
Atlas
Copco
AB,
Class
A
....
(3,283)
(38,956)
(58.7)
Electrolux
AB,
Class
B
......
(14,310)
(202,685)
(305.4)
Embracer
Group
AB
.......
(3,926)
(18,300)
(27.6)
EQT
AB
................
(2,573)
(58,059)
(87.5)
H
&
M
Hennes
&
Mauritz
AB,
Class
B
..............
(5,200)
(64,045)
(96.5)
Holmen
AB,
Class
B
.......
(1,320)
(54,444)
(82.0)
Nibe
Industrier
AB,
Class
B
...
(8,099)
(87,504)
(131.8)
Securitas
AB,
Class
B
......
(7,626)
(69,805)
(105.2)
Skandinaviska
Enskilda
Banken
AB,
Class
A
...........
(3,700)
(44,791)
(67.5)
Skanska
AB,
Class
B
.......
(2,329)
(41,107)
(61.9)
Swedish
Orphan
Biovitrum
AB
.
(1,167)
(26,025)
(39.2)
(705,721)
Switzerland
ABB
Ltd.
(Registered)
......
(9,037)
(314,629)
(474.0)
Bachem
Holding
AG
.......
(490)
(43,333)
(65.3)
Banque
Cantonale
Vaudoise
(Registered)
...........
(2,123)
(201,806)
(304.1)
Credit
Suisse
Group
AG
(Registered)
...........
(28,816)
(99,268)
(149.6)
EMS-Chemie
Holding
AG
(Registered)
...........
(68)
(50,693)
(76.4)
Logitech
International
SA
(Registered)
...........
(730)
(42,717)
(64.4)
Lonza
Group
AG
(Registered)
.
(362)
(206,500)
(311.1)
Schindler
Holding
AG
......
(242)
(51,579)
(77.7)
SIG
Group
AG
...........
(761)
(18,862)
(28.4)
Swiss
Prime
Site
AG
(Registered)
...........
(1,271)
(113,257)
(170.6)
(1,142,644)
United
Kingdom
abrdn
plc
...............
(37,136)
(97,810)
(147.4)
AstraZeneca
plc
..........
(210)
(27,513)
(41.5)
BAE
Systems
plc
.........
(6,423)
(67,994)
(102.4)
Berkeley
Group
Holdings
plc
..
(750)
(38,406)
(57.9)
BT
Group
plc
............
(81,513)
(125,587)
(189.2)
Bunzl
plc
...............
(780)
(28,635)
(43.1)
CNH
Industrial
NV
.........
(1,466)
(25,936)
(39.1)
Halma
plc
..............
(2,922)
(77,795)
(117.2)
Just
Eat
Takeaway.com
NV
...
(820)
(21,036)
(31.7)
Liberty
Global
plc,
Class
C
...
(4,532)
(101,290)
(152.6)
National
Grid
plc
..........
(8,658)
(110,068)
(165.8)
Phoenix
Group
Holdings
plc
..
(9,089)
(72,038)
(108.5)
Rentokil
Initial
plc
.........
(27,307)
(165,574)
(249.5)
Rolls-Royce
Holdings
plc
....
(126,484)
(165,483)
(249.3)
Schroders
plc
............
(18,471)
(109,234)
(164.6)
Shares
Value
%
of
Basket
Value
United
Kingdom
(continued)
Severn
Trent
plc
..........
(3,695)
$
(128,589)
(193.7)
%
Standard
Chartered
plc
.....
(3,062)
(25,720)
(38.8)
Unilever
plc
.............
(631)
(32,117)
(48.4)
United
Utilities
Group
plc
....
(6,672)
(87,304)
(131.5)
Vodafone
Group
plc
........
(123,698)
(142,725)
(215.0)
(1,650,854)
United
States
AbbVie,
Inc.
.............
(144)
(21,276)
(32.1)
Advance
Auto
Parts,
Inc.
....
(137)
(20,862)
(31.4)
Affirm
Holdings,
Inc.
.......
(8,555)
(138,505)
(208.7)
Aflac,
Inc.
..............
(155)
(11,393)
(17.2)
Air
Products
&
Chemicals,
Inc.
(574)
(183,973)
(277.2)
Albemarle
Corp.
..........
(358)
(100,759)
(151.8)
Alliant
Energy
Corp.
.......
(1,603)
(86,610)
(130.5)
Allstate
Corp.
(The)
........
(1,234)
(158,532)
(238.9)
Amcor
plc
..............
(3,418)
(41,221)
(62.1)
Ameren
Corp.
............
(1,240)
(107,719)
(162.3)
Amphenol
Corp.,
Class
A
....
(4,258)
(339,661)
(511.8)
Analog
Devices,
Inc.
.......
(556)
(95,337)
(143.6)
Apollo
Global
Management,
Inc.
(2,891)
(204,625)
(308.3)
Aptiv
plc
...............
(1,647)
(186,259)
(280.6)
Aramark
...............
(2,253)
(100,326)
(151.2)
Arthur
J
Gallagher
&
Co.
....
(873)
(170,864)
(257.4)
Aspen
Technology,
Inc.
.....
(759)
(150,851)
(227.3)
Assurant,
Inc.
............
(148)
(19,623)
(29.6)
AT&T,
Inc.
..............
(5,267)
(107,289)
(161.6)
Atmos
Energy
Corp.
.......
(336)
(39,493)
(59.5)
Avantor,
Inc.
.............
(952)
(22,753)
(34.3)
Ball
Corp.
..............
(787)
(45,835)
(69.1)
Bank
of
America
Corp.
......
(533)
(18,911)
(28.5)
Baxter
International,
Inc.
....
(2,006)
(91,654)
(138.1)
Becton
Dickinson
and
Co.
...
(277)
(69,865)
(105.3)
Bentley
Systems,
Inc.,
Class
B
(1,809)
(70,641)
(106.4)
Bill.com
Holdings,
Inc.
......
(374)
(43,242)
(65.2)
BioMarin
Pharmaceutical,
Inc.
.
(1,150)
(132,653)
(199.9)
Bio-Rad
Laboratories,
Inc.,
Class
A
..................
(119)
(55,628)
(83.8)
Bio-Techne
Corp.
.........
(370)
(29,474)
(44.4)
Blackstone,
Inc.
..........
(1,295)
(124,268)
(187.2)
Block,
Inc.,
Class
A
........
(1,114)
(91,036)
(137.2)
Boston
Scientific
Corp.
......
(1,332)
(61,605)
(92.8)
Broadcom,
Inc.
...........
(197)
(115,247)
(173.6)
Broadridge
Financial
Solutions,
Inc.
.................
(1,255)
(188,702)
(284.3)
Brown
&
Brown,
Inc.
.......
(2,226)
(130,355)
(196.4)
Bunge
Ltd.
..............
(355)
(35,181)
(53.0)
Burlington
Stores,
Inc.
......
(451)
(103,653)
(156.2)
Caesars
Entertainment,
Inc.
..
(4,562)
(237,498)
(357.8)
Campbell
Soup
Co.
........
(3,182)
(165,241)
(249.0)
CarMax,
Inc.
............
(3,507)
(247,068)
(372.2)
Carnival
Corp.
...........
(26,125)
(282,673)
(425.9)
Catalent,
Inc.
............
(605)
(32,398)
(48.8)
Caterpillar,
Inc.
...........
(81)
(20,435)
(30.8)
Centene
Corp.
...........
(1,020)
(77,765)
(117.2)
Ceridian
HCM
Holding,
Inc.
..
(1,715)
(123,960)
(186.8)
CH
Robinson
Worldwide,
Inc.
.
(1,501)
(150,355)
(226.5)
Charles
Schwab
Corp.
(The)
..
(1,634)
(126,504)
(190.6)
Charter
Communications,
Inc.,
Class
A
..............
(669)
(257,103)
(387.4)
Cheniere
Energy,
Inc.
......
(605)
(92,438)
(139.3)
Chesapeake
Energy
Corp.
...
(192)
(16,650)
(25.1)
Chevron
Corp.
...........
(216)
(37,588)
(56.6)
Chewy,
Inc.,
Class
A
.......
(2,961)
(133,423)
(201.0)
Church
&
Dwight
Co.,
Inc.
...
(4,044)
(326,998)
(492.7)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
22
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Cincinnati
Financial
Corp.
....
(739)
$
(83,618)
(126.0)
%
Cisco
Systems,
Inc.
........
(2,823)
(137,395)
(207.0)
Clarivate
plc
.............
(10,488)
(116,627)
(175.7)
Cleveland-Cliffs,
Inc.
.......
(1,708)
(36,466)
(54.9)
Clorox
Co.
(The)
..........
(695)
(100,560)
(151.5)
Cloudflare,
Inc.,
Class
A
.....
(2,814)
(148,889)
(224.3)
CME
Group,
Inc.
..........
(852)
(150,514)
(226.8)
Coinbase
Global,
Inc.,
Class
A
(316)
(18,480)
(27.8)
Computershare
Ltd.
........
(2,841)
(47,848)
(72.1)
Cooper
Cos.,
Inc.
(The)
.....
(185)
(64,552)
(97.3)
Corning,
Inc.
............
(1,753)
(60,671)
(91.4)
Crown
Holdings,
Inc.
.......
(2,274)
(200,476)
(302.0)
CSL
Ltd.
...............
(611)
(129,013)
(194.4)
Darling
Ingredients,
Inc.
.....
(1,181)
(78,288)
(118.0)
Datadog,
Inc.,
Class
A
......
(528)
(39,500)
(59.5)
DaVita,
Inc.
.............
(2,503)
(206,222)
(310.7)
Deere
&
Co.
.............
(120)
(50,741)
(76.4)
Dentsply
Sirona,
Inc.
.......
(1,532)
(56,424)
(85.0)
DISH
Network
Corp.,
Class
A
.
(8,202)
(118,027)
(177.8)
Dollar
General
Corp.
.......
(532)
(124,275)
(187.2)
Dollar
Tree,
Inc.
..........
(1,021)
(153,334)
(231.0)
Dominion
Energy,
Inc.
......
(346)
(22,019)
(33.2)
DoorDash,
Inc.,
Class
A
.....
(345)
(19,982)
(30.1)
Dover
Corp.
.............
(676)
(102,637)
(154.6)
Dow,
Inc.
...............
(623)
(36,975)
(55.7)
DR
Horton,
Inc.
...........
(1,228)
(121,191)
(182.6)
Duke
Energy
Corp.
........
(1,795)
(183,898)
(277.1)
Ecolab,
Inc.
.............
(118)
(18,270)
(27.5)
Elevance
Health,
Inc.
.......
(46)
(23,000)
(34.7)
Emerson
Electric
Co.
.......
(2,476)
(223,385)
(336.6)
Enphase
Energy,
Inc.
.......
(94)
(20,810)
(31.4)
Entegris,
Inc.
............
(1,704)
(137,530)
(207.2)
EQT
Corp.
..............
(1,971)
(64,393)
(97.0)
Equifax,
Inc.
.............
(441)
(97,990)
(147.6)
Erie
Indemnity
Co.,
Class
A
..
(980)
(239,463)
(360.8)
Essential
Utilities,
Inc.
......
(1,502)
(70,188)
(105.7)
Etsy,
Inc.
...............
(326)
(44,851)
(67.6)
Exact
Sciences
Corp.
......
(521)
(35,178)
(53.0)
F5,
Inc.
................
(395)
(58,326)
(87.9)
Fastenal
Co.
............
(703)
(35,537)
(53.5)
Fidelity
National
Information
Services,
Inc.
..........
(1,066)
(79,993)
(120.5)
Fifth
Third
Bancorp
........
(2,102)
(76,282)
(114.9)
First
Republic
Bank
........
(264)
(37,192)
(56.0)
First
Solar,
Inc.
...........
(136)
(24,154)
(36.4)
Fiserv,
Inc.
..............
(1,855)
(197,891)
(298.2)
FleetCor
Technologies,
Inc.
...
(179)
(37,377)
(56.3)
Ford
Motor
Co.
...........
(1,437)
(19,414)
(29.2)
Fortive
Corp.
............
(669)
(45,512)
(68.6)
Fortune
Brands
Innovations,
Inc.
(1,435)
(92,572)
(139.5)
Freeport-McMoRan,
Inc.
....
(1,209)
(53,946)
(81.3)
GE
HealthCare
Technologies,
Inc.
.................
(496)
(34,482)
(52.0)
Gen
Digital,
Inc.
..........
(8,322)
(191,489)
(288.5)
Generac
Holdings,
Inc.
.....
(117)
(14,110)
(21.3)
General
Electric
Co.
.......
(1,489)
(119,835)
(180.5)
Global
Payments,
Inc.
......
(230)
(25,926)
(39.1)
Globe
Life,
Inc.
...........
(1,789)
(216,201)
(325.7)
Haleon
plc
..............
(27,780)
(111,325)
(167.7)
Hasbro,
Inc.
.............
(1,585)
(93,784)
(141.3)
HEICO
Corp.
............
(697)
(119,152)
(179.5)
Hess
Corp.
.............
(1,291)
(193,857)
(292.1)
Hilton
Worldwide
Holdings,
Inc.
(1,159)
(168,159)
(253.4)
Holcim
AG
(Registered)
.....
(1,098)
(65,644)
(98.9)
Hormel
Foods
Corp.
.......
(8,811)
(399,226)
(601.5)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Howmet
Aerospace,
Inc.
....
(2,276)
$
(92,610)
(139.5)
%
Humana,
Inc.
............
(76)
(38,889)
(58.6)
Huntington
Ingalls
Industries,
Inc.
.................
(595)
(131,221)
(197.7)
Intercontinental
Exchange,
Inc.
(228)
(24,521)
(36.9)
International
Business
Machines
Corp.
...............
(3,668)
(494,190)
(744.6)
International
Flavors
&
Fragrances,
Inc.
........
(160)
(17,994)
(27.1)
International
Paper
Co.
.....
(973)
(40,691)
(61.3)
Intuitive
Surgical,
Inc.
......
(92)
(22,603)
(34.1)
Jack
Henry
&
Associates,
Inc.
.
(835)
(150,375)
(226.6)
Jazz
Pharmaceuticals
plc
....
(228)
(35,718)
(53.8)
Johnson
Controls
International
plc
.................
(385)
(26,784)
(40.4)
JPMorgan
Chase
&
Co.
.....
(239)
(33,450)
(50.4)
Kellogg
Co.
.............
(1,045)
(71,666)
(108.0)
Keurig
Dr
Pepper,
Inc.
......
(725)
(25,578)
(38.5)
Kimberly-Clark
Corp.
.......
(751)
(97,638)
(147.1)
Kinder
Morgan,
Inc.
........
(2,537)
(46,427)
(69.9)
Las
Vegas
Sands
Corp.
.....
(4,382)
(258,538)
(389.5)
Lear
Corp.
..............
(803)
(117,061)
(176.4)
Leidos
Holdings,
Inc.
.......
(871)
(86,090)
(129.7)
Lennar
Corp.,
Class
A
......
(88)
(9,011)
(13.6)
Liberty
Broadband
Corp.
....
(1,970)
(176,867)
(266.5)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(1,370)
(96,996)
(146.1)
Lincoln
National
Corp.
......
(2,423)
(85,847)
(129.3)
Live
Nation
Entertainment,
Inc.
(276)
(22,215)
(33.5)
Loews
Corp.
............
(491)
(30,187)
(45.5)
LPL
Financial
Holdings,
Inc.
..
(87)
(20,629)
(31.1)
Lumen
Technologies,
Inc.
....
(5,550)
(29,137)
(43.9)
M&T
Bank
Corp.
..........
(792)
(123,552)
(186.2)
MarketAxess
Holdings,
Inc.
..
(218)
(79,319)
(119.5)
Marriott
International,
Inc.,
Class
A
..................
(2,065)
(359,682)
(541.9)
Marsh
&
McLennan
Cos.,
Inc.
.
(612)
(107,045)
(161.3)
Martin
Marietta
Materials,
Inc.
.
(362)
(130,190)
(196.2)
Marvell
Technology,
Inc.
.....
(1,312)
(56,613)
(85.3)
McCormick
&
Co.,
Inc.
(Non-
Voting)
..............
(3,808)
(286,057)
(431.0)
McKesson
Corp.
..........
(122)
(46,199)
(69.6)
Medtronic
plc
............
(561)
(46,950)
(70.7)
Micron
Technology,
Inc.
.....
(2,153)
(129,826)
(195.6)
Moderna,
Inc.
............
(156)
(27,465)
(41.4)
Mohawk
Industries,
Inc.
.....
(189)
(22,691)
(34.2)
MongoDB,
Inc.
...........
(345)
(73,902)
(111.3)
Moody's
Corp.
...........
(134)
(43,248)
(65.2)
Morgan
Stanley
..........
(450)
(43,799)
(66.0)
Motorola
Solutions,
Inc.
.....
(245)
(62,967)
(94.9)
Nasdaq,
Inc.
............
(2,783)
(167,509)
(252.4)
Newell
Brands,
Inc.
........
(4,002)
(63,872)
(96.2)
NextEra
Energy,
Inc.
.......
(959)
(71,570)
(107.8)
Novocure
Ltd.
............
(562)
(51,243)
(77.2)
NVIDIA
Corp.
............
(300)
(58,611)
(88.3)
Okta,
Inc.
...............
(590)
(43,430)
(65.4)
ONEOK,
Inc.
............
(776)
(53,140)
(80.1)
Palantir
Technologies,
Inc.,
Class
A
..................
(3,782)
(29,424)
(44.3)
Paramount
Global,
Class
B
...
(6,781)
(157,048)
(236.6)
PerkinElmer,
Inc.
.........
(1,428)
(196,393)
(295.9)
PG&E
Corp.
.............
(2,593)
(41,229)
(62.1)
Plug
Power,
Inc.
..........
(434)
(7,387)
(11.1)
PNC
Financial
Services
Group,
Inc.
(The)
............
(340)
(56,246)
(84.7)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
23
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Pool
Corp.
..............
(52)
$
(20,052)
(30.2)
%
PPG
Industries,
Inc.
.......
(35)
(4,562)
(6.9)
Public
Service
Enterprise
Group,
Inc.
.................
(306)
(18,951)
(28.6)
PulteGroup,
Inc.
..........
(664)
(37,775)
(56.9)
Quanta
Services,
Inc.
......
(228)
(34,699)
(52.3)
Raymond
James
Financial,
Inc.
(154)
(17,367)
(26.2)
Regeneron
Pharmaceuticals,
Inc.
.................
(26)
(19,720)
(29.7)
Republic
Services,
Inc.
.....
(3,268)
(407,912)
(614.6)
Robert
Half
International,
Inc.
.
(356)
(29,890)
(45.0)
ROBLOX
Corp.,
Class
A
.....
(875)
(32,559)
(49.1)
Rockwell
Automation,
Inc.
....
(241)
(67,969)
(102.4)
Ross
Stores,
Inc.
.........
(1,014)
(119,845)
(180.6)
Royal
Caribbean
Cruises
Ltd.
.
(3,162)
(205,340)
(309.4)
Royalty
Pharma
plc,
Class
A
..
(1,883)
(73,795)
(111.2)
RPM
International,
Inc.
.....
(956)
(85,954)
(129.5)
S&P
Global,
Inc.
..........
(178)
(66,739)
(100.6)
Salesforce,
Inc.
...........
(1,777)
(298,483)
(449.7)
Seagate
Technology
Holdings
plc
.................
(337)
(22,842)
(34.4)
Seagen,
Inc.
............
(491)
(68,485)
(103.2)
SEI
Investments
Co.
.......
(1,470)
(91,772)
(138.3)
Sensata
Technologies
Holding
plc
.................
(374)
(19,018)
(28.7)
Snowflake,
Inc.,
Class
A
.....
(512)
(80,097)
(120.7)
SolarEdge
Technologies,
Inc.
.
(275)
(87,761)
(132.2)
Southern
Co.
(The)
........
(3,457)
(233,970)
(352.5)
SS&C
Technologies
Holdings,
Inc.
.................
(1,640)
(98,974)
(149.1)
Stanley
Black
&
Decker,
Inc.
..
(1,992)
(177,906)
(268.0)
STERIS
plc
.............
(5)
(1,033)
(1.6)
SVB
Financial
Group
.......
(166)
(50,205)
(75.6)
Swiss
Re
AG
............
(1,364)
(142,826)
(215.2)
Sysco
Corp.
.............
(1,175)
(91,015)
(137.1)
T
Rowe
Price
Group,
Inc.
....
(666)
(77,569)
(116.9)
Take-Two
Interactive
Software,
Inc.
.................
(1,493)
(169,052)
(254.7)
Targa
Resources
Corp.
.....
(1,168)
(87,623)
(132.0)
Target
Corp.
.............
(816)
(140,466)
(211.6)
Teledyne
Technologies,
Inc.
..
(741)
(314,377)
(473.7)
Teleflex,
Inc.
.............
(255)
(62,072)
(93.5)
Teradyne,
Inc.
...........
(1,182)
(120,209)
(181.1)
Tesla,
Inc.
..............
(712)
(123,333)
(185.8)
Texas
Pacific
Land
Corp.
....
(9)
(17,963)
(27.1)
Thermo
Fisher
Scientific,
Inc.
.
(57)
(32,509)
(49.0)
TJX
Cos.,
Inc.
(The)
.......
(756)
(61,886)
(93.2)
T-Mobile
US,
Inc.
.........
(673)
(100,486)
(151.4)
Tractor
Supply
Co.
........
(164)
(37,390)
(56.3)
Twilio,
Inc.,
Class
A
........
(1,194)
(71,449)
(107.6)
Tyler
Technologies,
Inc.
.....
(78)
(25,176)
(37.9)
UnitedHealth
Group,
Inc.
....
(179)
(89,355)
(134.6)
Unity
Software,
Inc.
........
(1,265)
(44,933)
(67.7)
Vail
Resorts,
Inc.
..........
(111)
(29,120)
(43.9)
Verisk
Analytics,
Inc.
.......
(32)
(5,817)
(8.8)
Verizon
Communications,
Inc.
.
(3,768)
(156,636)
(236.0)
Vimeo,
Inc.
.............
(1)
(5)
(0.0)
(a)
Visa,
Inc.,
Class
A
.........
(182)
(41,898)
(63.1)
Vulcan
Materials
Co.
.......
(191)
(35,016)
(52.8)
Walgreens
Boots
Alliance,
Inc.
(1,023)
(37,708)
(56.8)
Walt
Disney
Co.
(The)
......
(1,212)
(131,490)
(198.1)
Warner
Bros
Discovery,
Inc.
..
(4,462)
(66,127)
(99.6)
Waste
Connections,
Inc.
.....
(1,881)
(249,985)
(376.6)
Waste
Management,
Inc.
....
(2,368)
(366,401)
(552.0)
WEC
Energy
Group,
Inc.
....
(798)
(75,004)
(113.0)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Wells
Fargo
&
Co.
.........
(1,009)
$
(47,292)
(71.3)
%
Western
Digital
Corp.
.......
(1,658)
(72,869)
(109.8)
Western
Union
Co.
(The)
....
(5,918)
(83,858)
(126.3)
Williams
Cos.,
Inc.
(The)
....
(2,457)
(79,214)
(119.3)
Wolfspeed,
Inc.
...........
(808)
(62,224)
(93.8)
Wynn
Resorts
Ltd.
........
(2,433)
(252,156)
(379.9)
Zoom
Video
Communications,
Inc.,
Class
A
...........
(1,002)
(75,150)
(113.2)
ZoomInfo
Technologies,
Inc.
..
(8,571)
(241,959)
(364.6)
(23,451,877)
Total
Reference
Entity
—
Short
............
(44,453,846)
Net
Value
of
Reference
Entity
—
Barclays
Bank
plc
................................
$
66,372
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
BNP
Paribas
SA,
as
of
period
end,
termination
date
November
17,
2023:
Reference
Entity
—
Long
Common
Stocks
Australia
Aristocrat
Leisure
Ltd.
......
11,560
279,096
(511.0)
Aurizon
Holdings
Ltd.
......
52,753
137,884
(252.5)
BHP
Group
Ltd.
..........
3,635
127,306
(233.1)
BlueScope
Steel
Ltd.
.......
11,211
152,879
(279.9)
Brambles
Ltd.
............
47,580
404,599
(740.8)
Coles
Group
Ltd.
.........
10,553
132,732
(243.0)
Lottery
Corp.
Ltd.
(The)
.....
76,981
256,744
(470.1)
REA
Group
Ltd.
..........
1,127
101,060
(185.1)
Rio
Tinto
Ltd.
............
1,358
121,863
(223.1)
Rio
Tinto
plc
.............
2,279
178,449
(326.7)
Sonic
Healthcare
Ltd.
......
1,716
38,434
(70.4)
South32
Ltd.
............
49,805
159,821
(292.6)
Suncorp
Group
Ltd.
........
19,956
177,396
(324.8)
Treasury
Wine
Estates
Ltd.
...
4,026
41,471
(75.9)
Wesfarmers
Ltd.
..........
5,168
182,207
(333.6)
2,491,941
Austria
Mondi
plc
...............
1,280
24,138
(44.2)
OMV
AG
...............
5,711
286,066
(523.8)
voestalpine
AG
...........
3,187
105,893
(193.9)
416,097
Belgium
Ageas
SA
..............
749
36,568
(67.0)
Groupe
Bruxelles
Lambert
NV
.
1,688
144,400
(264.4)
Umicore
SA
.............
581
21,964
(40.2)
202,932
Canada
Alimentation
Couche-Tard,
Inc.
2,623
119,780
(219.3)
Bank
of
Montreal
.........
2,758
277,552
(508.2)
Bank
of
Nova
Scotia
(The)
...
2,350
127,218
(232.9)
Barrick
Gold
Corp.
........
2,528
49,437
(90.5)
Canadian
National
Railway
Co.
2,298
273,539
(500.8)
Canadian
Natural
Resources
Ltd.
................
339
20,808
(38.1)
Canadian
Utilities
Ltd.,
Class
A
3,128
86,937
(159.2)
Cenovus
Energy,
Inc.
.......
1,006
20,097
(36.8)
Constellation
Software,
Inc.
..
270
477,027
(873.4)
Dollarama,
Inc.
...........
1,924
115,060
(210.7)
Franco-Nevada
Corp.
......
2,612
383,138
(701.5)
Gildan
Activewear,
Inc.
......
6,115
191,739
(351.1)
Hydro
One
Ltd.
...........
9,297
254,199
(465.4)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
24
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Canada
(continued)
iA
Financial
Corp.,
Inc.
......
467
$
28,826
(52.8)
%
Loblaw
Cos.
Ltd.
..........
3,643
326,365
(597.6)
Magna
International,
Inc.
....
3,562
231,247
(423.4)
Manulife
Financial
Corp.
.....
27,552
545,221
(998.3)
National
Bank
of
Canada
....
4,771
358,394
(656.2)
Onex
Corp.
.............
886
45,793
(83.8)
Open
Text
Corp.
..........
2,245
75,303
(137.9)
Power
Corp.
of
Canada
.....
766
20,777
(38.0)
Royal
Bank
of
Canada
......
5,068
518,627
(949.6)
Sun
Life
Financial,
Inc.
......
3,615
181,653
(332.6)
Suncor
Energy,
Inc.
........
1,200
41,649
(76.3)
Teck
Resources
Ltd.,
Class
B
.
394
17,045
(31.2)
Toromont
Industries
Ltd.
.....
362
28,918
(52.9)
Tourmaline
Oil
Corp.
.......
1,373
63,988
(117.2)
West
Fraser
Timber
Co.
Ltd.
..
634
55,126
(100.9)
4,935,463
Denmark
AP
Moller
-
Maersk
A/S,
Class
B
41
89,187
(163.3)
Carlsberg
A/S,
Class
B
.....
377
53,520
(98.0)
DSV
A/S
...............
133
22,002
(40.3)
Genmab
A/S
............
335
131,285
(240.4)
Novozymes
A/S,
Class
B
....
3,192
166,101
(304.1)
Pandora
A/S
............
1,850
154,051
(282.1)
616,146
Finland
Elisa
OYJ
..............
2,376
135,368
(247.9)
Kesko
OYJ,
Class
B
.......
5,039
117,376
(214.9)
Neste
OYJ
..............
2,384
113,961
(208.7)
Nokia
OYJ
..............
4,429
21,000
(38.5)
Nordea
Bank
Abp
.........
22,715
265,547
(486.2)
Orion
OYJ,
Class
B
........
370
19,823
(36.3)
Stora
Enso
OYJ,
Class
R
....
11,155
159,465
(292.0)
832,540
Germany
Beiersdorf
AG
............
592
71,974
(131.8)
Brenntag
SE
............
339
25,306
(46.3)
Carl
Zeiss
Meditec
AG
......
128
18,473
(33.8)
Deutsche
Bank
AG
(Registered)
8,104
108,154
(198.0)
Deutsche
Boerse
AG
.......
312
55,830
(102.2)
Deutsche
Post
AG
.........
9,086
391,213
(716.3)
E.ON
SE
...............
29,643
323,195
(591.8)
Evonik
Industries
AG
.......
817
18,161
(33.2)
GEA
Group
AG
...........
3,925
177,096
(324.3)
HeidelbergCement
AG
......
1,395
95,721
(175.3)
HelloFresh
SE
...........
945
22,974
(42.1)
Henkel
AG
&
Co.
KGaA
(Preference)
..........
1,394
99,393
(182.0)
Infineon
Technologies
AG
....
1,601
57,653
(105.6)
Mercedes-Benz
Group
AG
...
1,246
92,717
(169.8)
Nemetschek
SE
..........
250
13,366
(24.5)
Rational
AG
.............
62
40,783
(74.7)
SAP
SE
................
842
99,811
(182.7)
Scout24
SE
.............
1,022
59,499
(108.9)
Siemens
AG
(Registered)
....
627
97,941
(179.3)
Symrise
AG
.............
881
93,659
(171.5)
1,962,919
Hong
Kong
Hongkong
Land
Holdings
Ltd.
.
9,500
46,443
(85.1)
Power
Assets
Holdings
Ltd.
..
12,500
70,727
(129.5)
Sun
Hung
Kai
Properties
Ltd.
.
5,000
70,908
(129.8)
Swire
Pacific
Ltd.,
Class
A
...
5,500
50,402
(92.3)
238,480
Shares
Value
%
of
Basket
Value
Ireland
CRH
plc
...............
2,117
$
98,911
(181.1)
%
Smurfit
Kappa
Group
plc
....
1,370
57,519
(105.3)
156,430
Israel
ZIM
Integrated
Shipping
Services
Ltd.
................
1,004
19,026
(34.8)
Italy
Coca-Cola
HBC
AG
........
3,648
88,651
(162.3)
Enel
SpA
...............
9,284
54,665
(100.1)
Eni
SpA
................
39,068
601,187
(1,100.8)
Ferrari
NV
..............
141
35,234
(64.5)
Moncler
SpA
............
2,618
163,854
(300.0)
Poste
Italiane
SpA
.........
14,838
158,530
(290.3)
Snam
SpA
..............
16,005
81,522
(149.3)
UniCredit
SpA
...........
1,259
24,590
(45.0)
1,208,233
Japan
Advantest
Corp.
..........
1,100
78,849
(144.4)
AGC,
Inc.
..............
1,900
70,007
(128.2)
Ajinomoto
Co.,
Inc.
........
6,600
217,593
(398.4)
Asahi
Kasei
Corp.
.........
32,400
245,515
(449.5)
Astellas
Pharma,
Inc.
.......
15,200
223,746
(409.7)
Capcom
Co.
Ltd.
..........
600
19,442
(35.6)
Chugai
Pharmaceutical
Co.
Ltd.
8,600
222,956
(408.2)
Daiwa
House
Industry
Co.
Ltd.
700
16,811
(30.8)
Dentsu
Group,
Inc.
........
1,600
51,534
(94.4)
ENEOS
Holdings,
Inc.
......
29,900
107,048
(196.0)
Fuji
Electric
Co.
Ltd.
.......
2,700
109,291
(200.1)
Hamamatsu
Photonics
KK
...
1,100
58,773
(107.6)
Hitachi
Ltd.
.............
3,500
183,549
(336.1)
Honda
Motor
Co.
Ltd.
......
6,600
163,261
(298.9)
Hoya
Corp.
.............
300
32,992
(60.4)
Ibiden
Co.
Ltd.
...........
100
3,903
(7.1)
Idemitsu
Kosan
Co.
Ltd.
.....
2,300
57,502
(105.3)
Isuzu
Motors
Ltd.
.........
6,100
77,137
(141.2)
Japan
Post
Holdings
Co.
Ltd.
.
4,100
35,996
(65.9)
Japan
Tobacco,
Inc.
.......
17,200
350,741
(642.2)
JSR
Corp.
..............
5,400
121,501
(222.5)
Kajima
Corp.
............
2,000
24,563
(45.0)
KDDI
Corp.
.............
2,400
74,984
(137.3)
Komatsu
Ltd.
............
3,400
83,553
(153.0)
Kyocera
Corp.
...........
1,200
62,270
(114.0)
Marubeni
Corp.
...........
7,900
96,922
(177.5)
Mazda
Motor
Corp.
........
27,500
218,900
(400.8)
MEIJI
Holdings
Co.
Ltd.
.....
1,500
77,359
(141.6)
MinebeaMitsumi,
Inc.
.......
4,100
71,474
(130.9)
Mitsubishi
Electric
Corp.
.....
27,800
306,377
(561.0)
Mitsubishi
Estate
Co.
Ltd.
....
3,300
42,415
(77.7)
Mitsubishi
HC
Capital,
Inc.
...
12,700
64,823
(118.7)
Mitsui
Chemicals,
Inc.
......
6,500
153,000
(280.1)
NEC
Corp.
..............
2,600
93,932
(172.0)
NGK
Insulators
Ltd.
........
8,600
119,035
(218.0)
Nihon
M&A
Center
Holdings,
Inc.
.................
1,400
14,313
(26.2)
Nippon
Express
Holdings,
Inc.
.
1,100
63,836
(116.9)
Nippon
Steel
Corp.
........
4,100
85,340
(156.3)
Nippon
Telegraph
&
Telephone
Corp.
...............
1,500
44,978
(82.4)
Nissan
Chemical
Corp.
.....
900
42,489
(77.8)
Nissin
Foods
Holdings
Co.
Ltd.
3,700
289,257
(529.6)
Nitto
Denko
Corp.
.........
1,600
103,420
(189.4)
Nomura
Real
Estate
Holdings,
Inc.
.................
4,200
92,570
(169.5)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
25
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Japan
(continued)
Obayashi
Corp.
..........
5,700
$
44,213
(81.0)
%
Ono
Pharmaceutical
Co.
Ltd.
.
13,600
295,102
(540.3)
ORIX
Corp.
.............
1,300
22,858
(41.9)
Osaka
Gas
Co.
Ltd.
........
7,100
114,572
(209.8)
Recruit
Holdings
Co.
Ltd.
....
800
25,728
(47.1)
Secom
Co.
Ltd.
...........
1,300
77,449
(141.8)
Sekisui
Chemical
Co.
Ltd.
....
11,900
166,699
(305.2)
Sekisui
House
Ltd.
........
1,300
24,569
(45.0)
Shimadzu
Corp.
..........
100
3,073
(5.6)
Shin-Etsu
Chemical
Co.
Ltd.
..
1,200
176,908
(323.9)
SMC
Corp.
..............
200
101,582
(186.0)
Subaru
Corp.
............
3,800
62,440
(114.3)
Sumitomo
Chemical
Co.
Ltd.
..
46,600
178,880
(327.5)
Sumitomo
Corp.
..........
2,300
41,285
(75.6)
Sumitomo
Mitsui
Financial
Group,
Inc.
...........
4,900
212,959
(389.9)
Sysmex
Corp.
...........
600
39,831
(72.9)
Taisei
Corp.
.............
500
17,261
(31.6)
Terumo
Corp.
............
4,700
136,819
(250.5)
Tokyo
Gas
Co.
Ltd.
........
18,100
379,009
(694.0)
TOPPAN,
Inc.
............
1,300
20,946
(38.4)
Toray
Industries,
Inc.
.......
48,300
296,758
(543.4)
Tosoh
Corp.
.............
6,700
87,659
(160.5)
TOTO
Ltd.
..............
1,500
58,294
(106.7)
USS
Co.
Ltd.
............
2,400
39,476
(72.3)
Yakult
Honsha
Co.
Ltd.
.....
2,500
178,470
(326.8)
Yamaha
Corp.
...........
400
15,554
(28.5)
Yamaha
Motor
Co.
Ltd.
.....
500
12,315
(22.5)
Yokogawa
Electric
Corp.
....
1,400
24,583
(45.0)
ZOZO,
Inc.
..............
1,800
46,662
(85.4)
7,575,911
Netherlands
ASML
Holding
NV
.........
257
170,043
(311.3)
EXOR
NV
..............
708
56,278
(103.0)
Koninklijke
Ahold
Delhaize
NV
.
14,263
425,707
(779.5)
Koninklijke
KPN
NV
........
21,171
72,380
(132.5)
Koninklijke
Philips
NV
......
2,444
42,197
(77.3)
NN
Group
NV
............
15,214
661,019
(1,210.3)
Randstad
NV
............
2,397
153,644
(281.3)
Wolters
Kluwer
NV
........
3,662
399,242
(731.0)
1,980,510
New
Zealand
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
................
7,909
129,796
(237.7)
Spark
New
Zealand
Ltd.
.....
6,695
22,574
(41.3)
152,370
Norway
DNB
Bank
ASA
...........
2,809
52,527
(96.2)
Equinor
ASA
............
1,706
51,993
(95.2)
Norsk
Hydro
ASA
.........
20,277
164,403
(301.0)
Orkla
ASA
..............
5,483
40,934
(74.9)
309,857
Portugal
Jeronimo
Martins
SGPS
SA
..
748
16,240
(29.7)
Singapore
Oversea-Chinese
Banking
Corp.
Ltd.
................
20,900
206,499
(378.1)
Singapore
Airlines
Ltd.
......
37,500
169,570
(310.5)
376,069
Shares
Value
%
of
Basket
Value
Spain
ACS
Actividades
de
Construccion
y
Servicios
SA
.........
2,931
$
53,086
(97.2)
%
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
22,894
161,718
(296.1)
Banco
Santander
SA
.......
80,931
282,849
(517.9)
Endesa
SA
.............
8,823
175,902
(322.1)
Iberdrola
SA
.............
24,980
149,083
(272.9)
Industria
de
Diseno
Textil
SA
..
5,263
164,315
(300.9)
Repsol
SA
..............
17,582
288,817
(528.8)
1,275,770
Sweden
Alfa
Laval
AB
............
4,206
132,176
(242.0)
Assa
Abloy
AB,
Class
B
.....
1,699
40,022
(73.3)
Boliden
AB
..............
3,202
143,696
(263.1)
Epiroc
AB,
Class
A
........
7,637
148,591
(272.1)
Evolution
AB
............
421
47,317
(86.6)
Husqvarna
AB,
Class
B
.....
12,640
107,540
(196.9)
Industrivarden
AB
.........
1,236
32,562
(59.6)
Investor
AB,
Class
B
.......
11,068
215,073
(393.8)
Swedbank
AB,
Class
A
......
1,451
27,912
(51.1)
Telefonaktiebolaget
LM
Ericsson,
Class
B
..............
11,404
66,148
(121.1)
Volvo
AB,
Class
B
.........
4,391
87,133
(159.5)
1,048,170
Switzerland
Baloise
Holding
AG
(Registered)
144
23,684
(43.4)
Chocoladefabriken
Lindt
&
Spruengli
AG
..........
2
21,965
(40.2)
Cie
Financiere
Richemont
SA
(Registered)
...........
705
108,681
(199.0)
Geberit
AG
(Registered)
.....
33
18,776
(34.4)
Givaudan
SA
(Registered)
...
33
106,994
(195.9)
Julius
Baer
Group
Ltd.
......
3,079
197,501
(361.6)
Kuehne
+
Nagel
International
AG
(Registered)
...........
356
84,891
(155.4)
Novartis
AG
(Registered)
....
61
5,515
(10.1)
SGS
SA
(Registered)
.......
63
153,634
(281.3)
Sonova
Holding
AG
(Registered)
74
18,505
(33.9)
Swiss
Life
Holding
AG
(Registered)
...........
96
56,817
(104.0)
UBS
Group
AG
(Registered)
..
2,843
60,685
(111.1)
Zurich
Insurance
Group
AG
..
641
316,993
(580.4)
1,174,641
United
Kingdom
3i
Group
plc
.............
12,736
248,476
(455.0)
Ashtead
Group
plc
........
988
65,078
(119.2)
Associated
British
Foods
plc
..
3,757
86,243
(157.9)
Auto
Trader
Group
plc
......
8,725
67,693
(123.9)
Aviva
plc
...............
3,457
19,497
(35.7)
Barclays
plc
.............
34,703
79,775
(146.1)
Barratt
Developments
plc
....
7,177
40,792
(74.7)
BP
plc
.................
4,375
26,426
(48.4)
British
American
Tobacco
plc
.
2,023
77,549
(142.0)
Burberry
Group
plc
........
3,094
94,246
(172.6)
Coca-Cola
Europacific
Partners
plc
.................
420
23,612
(43.2)
Compass
Group
plc
........
788
18,824
(34.5)
Croda
International
plc
......
336
28,640
(52.4)
DCC
plc
...............
1,851
105,429
(193.0)
Entain
plc
..............
3,086
56,908
(104.2)
Imperial
Brands
plc
........
1,499
37,604
(68.9)
Informa
plc
..............
11,014
91,094
(166.8)
Intertek
Group
plc
.........
6,281
337,585
(618.1)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
26
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
Kingdom
(continued)
JD
Sports
Fashion
plc
......
10,676
$
21,519
(39.4)
%
Legal
&
General
Group
plc
...
33,520
105,486
(193.1)
London
Stock
Exchange
Group
plc
.................
264
24,168
(44.2)
M&G
plc
...............
8,894
22,211
(40.7)
NatWest
Group
plc
........
14,946
57,020
(104.4)
RELX
plc
...............
6,582
195,544
(358.0)
Sage
Group
plc
(The)
......
9,585
92,090
(168.6)
Smiths
Group
plc
.........
13,606
290,448
(531.8)
SSE
plc
................
3,391
72,380
(132.5)
Taylor
Wimpey
plc
.........
24,099
34,966
(64.0)
Tesco
plc
...............
5,966
18,133
(33.2)
Whitbread
plc
............
2,358
88,808
(162.6)
WPP
plc
...............
573
6,695
(12.3)
2,534,939
United
States
A
O
Smith
Corp.
..........
1,005
68,038
(124.6)
Accenture
plc,
Class
A
......
750
209,287
(383.2)
Adobe,
Inc.
.............
472
174,800
(320.1)
Advanced
Micro
Devices,
Inc.
.
679
51,027
(93.4)
AES
Corp.
(The)
..........
1,262
34,591
(63.3)
Agilent
Technologies,
Inc.
....
129
19,618
(35.9)
Airbnb,
Inc.,
Class
A
.......
577
64,110
(117.4)
Akamai
Technologies,
Inc.
...
197
17,523
(32.1)
Allegion
plc
.............
852
100,153
(183.4)
Altria
Group,
Inc.
..........
3,478
156,649
(286.8)
American
Express
Co.
......
456
79,768
(146.1)
American
Financial
Group,
Inc.
365
52,045
(95.3)
American
International
Group,
Inc.
.................
5,041
318,692
(583.5)
Ameriprise
Financial,
Inc.
....
71
24,859
(45.5)
AMETEK,
Inc.
...........
601
87,097
(159.5)
ANSYS,
Inc.
.............
500
133,180
(243.9)
APA
Corp.
..............
804
35,641
(65.3)
Apple,
Inc.
..............
1,159
167,232
(306.2)
Applied
Materials,
Inc.
......
1,022
113,943
(208.6)
Arista
Networks,
Inc.
.......
452
56,961
(104.3)
Autodesk,
Inc.
...........
1,210
260,344
(476.7)
AutoZone,
Inc.
...........
38
92,676
(169.7)
Avery
Dennison
Corp.
......
442
83,732
(153.3)
Baker
Hughes
Co.
.........
144
4,571
(8.4)
Bank
of
New
York
Mellon
Corp.
(The)
...............
4,276
216,237
(395.9)
Bath
&
Body
Works,
Inc.
....
772
35,520
(65.0)
Best
Buy
Co.,
Inc.
.........
281
24,930
(45.7)
Biogen,
Inc.
.............
809
235,338
(430.9)
Booking
Holdings,
Inc.
......
7
17,039
(31.2)
Booz
Allen
Hamilton
Holding
Corp.
...............
293
27,730
(50.8)
BorgWarner,
Inc.
..........
2,027
95,837
(175.5)
Bristol-Myers
Squibb
Co.
....
1,202
87,325
(159.9)
BRP,
Inc.
...............
266
22,197
(40.6)
Cadence
Design
Systems,
Inc.
1,022
186,852
(342.1)
Capital
One
Financial
Corp.
..
509
60,571
(110.9)
Cardinal
Health,
Inc.
.......
772
59,637
(109.2)
Carlyle
Group,
Inc.
(The)
....
1,235
44,423
(81.3)
Carrier
Global
Corp.
.......
637
29,003
(53.1)
CBRE
Group,
Inc.,
Class
A
...
691
59,087
(108.2)
CDW
Corp.
.............
129
25,288
(46.3)
Celanese
Corp.
..........
279
34,373
(62.9)
CenterPoint
Energy,
Inc.
....
3,676
110,721
(202.7)
Chipotle
Mexican
Grill,
Inc.
...
19
31,281
(57.3)
Cigna
Corp.
.............
604
191,269
(350.2)
Cintas
Corp.
.............
579
256,925
(470.4)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Citigroup,
Inc.
............
638
$
33,316
(61.0)
%
Citizens
Financial
Group,
Inc.
.
1,213
52,547
(96.2)
CMS
Energy
Corp.
........
259
16,366
(30.0)
Coca-Cola
Co.
(The)
.......
792
48,565
(88.9)
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
1,840
122,820
(224.9)
Colgate-Palmolive
Co.
......
3,019
225,006
(412.0)
ConocoPhillips
...........
1,533
186,827
(342.1)
Consolidated
Edison,
Inc.
....
497
47,369
(86.7)
Copart,
Inc.
.............
1,340
89,257
(163.4)
CSX
Corp.
..............
5,956
184,160
(337.2)
Cummins,
Inc.
...........
179
44,668
(81.8)
CVS
Health
Corp.
.........
290
25,584
(46.8)
Darden
Restaurants,
Inc.
....
644
95,293
(174.5)
Delta
Air
Lines,
Inc.
........
786
30,733
(56.3)
Devon
Energy
Corp.
.......
2,152
136,092
(249.2)
Dexcom,
Inc.
............
277
29,664
(54.3)
Diamondback
Energy,
Inc.
...
42
6,137
(11.2)
Discover
Financial
Services
..
263
30,700
(56.2)
DocuSign,
Inc.
...........
830
50,331
(92.2)
Domino's
Pizza,
Inc.
.......
220
77,660
(142.2)
Dropbox,
Inc.,
Class
A
......
27,442
637,478
(1,167.2)
DTE
Energy
Co.
..........
2,106
245,075
(448.7)
Eaton
Corp.
plc
...........
654
106,085
(194.2)
eBay,
Inc.
..............
8,516
421,542
(771.8)
Edison
International
........
1,545
106,451
(194.9)
Edwards
Lifesciences
Corp.
..
771
59,136
(108.3)
Eli
Lilly
&
Co.
............
186
64,012
(117.2)
Entergy
Corp.
............
201
21,764
(39.9)
EOG
Resources,
Inc.
.......
1,289
170,470
(312.1)
Equitable
Holdings,
Inc.
.....
8,759
280,901
(514.3)
Evergy,
Inc.
.............
37
2,318
(4.2)
Eversource
Energy
........
2,897
238,510
(436.7)
Exelon
Corp.
............
872
36,790
(67.4)
Expedia
Group,
Inc.
........
289
33,033
(60.5)
FactSet
Research
Systems,
Inc.
384
162,409
(297.4)
FedEx
Corp.
............
337
65,331
(119.6)
Ferguson
plc
............
458
65,192
(119.4)
FirstEnergy
Corp.
.........
625
25,594
(46.9)
Fortinet,
Inc.
.............
805
42,134
(77.1)
Franklin
Resources,
Inc.
.....
1,744
54,413
(99.6)
Garmin
Ltd.
.............
1,713
169,381
(310.1)
Genuine
Parts
Co.
........
1,429
239,815
(439.1)
GoDaddy,
Inc.,
Class
A
.....
808
66,361
(121.5)
GSK
plc
...............
6,567
115,350
(211.2)
Halliburton
Co.
...........
3,968
163,561
(299.5)
Hartford
Financial
Services
Group,
Inc.
(The)
.......
2,351
182,461
(334.1)
Hershey
Co.
(The)
........
1,329
298,493
(546.5)
Hewlett
Packard
Enterprise
Co.
2,935
47,342
(86.7)
Hologic,
Inc.
.............
3,031
246,632
(451.6)
Honeywell
International,
Inc.
..
104
21,682
(39.7)
Hubbell,
Inc.
.............
340
77,829
(142.5)
IDEX
Corp.
.............
512
122,716
(224.7)
IDEXX
Laboratories,
Inc.
....
76
36,518
(66.9)
Illinois
Tool
Works,
Inc.
......
1,193
281,596
(515.6)
Incyte
Corp.
.............
2,727
232,177
(425.1)
Intuit,
Inc.
..............
390
164,841
(301.8)
Invesco
Ltd.
.............
5,215
96,530
(176.7)
James
Hardie
Industries
plc,
CDI
................
6,038
135,484
(248.1)
JB
Hunt
Transport
Services,
Inc.
660
124,773
(228.5)
Johnson
&
Johnson
........
1,932
315,727
(578.1)
Juniper
Networks,
Inc.
......
6,720
217,056
(397.4)
KeyCorp
...............
6,977
133,889
(245.2)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
27
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Keysight
Technologies,
Inc.
...
2,806
$
503,256
(921.5)
%
KLA
Corp.
..............
904
354,802
(649.6)
Knight-Swift
Transportation
Holdings,
Inc.
..........
1,710
101,061
(185.0)
Kroger
Co.
(The)
..........
1,088
48,557
(88.9)
Lam
Research
Corp.
.......
123
61,512
(112.6)
Lamb
Weston
Holdings,
Inc.
..
319
31,865
(58.3)
Lennox
International,
Inc.
....
710
185,040
(338.8)
LKQ
Corp.
..............
3,969
234,012
(428.5)
Lowe's
Cos.,
Inc.
.........
586
122,035
(223.4)
Lululemon
Athletica,
Inc.
....
257
78,868
(144.4)
Marathon
Oil
Corp.
........
638
17,526
(32.1)
Marathon
Petroleum
Corp.
...
346
44,468
(81.4)
Masimo
Corp.
............
410
69,733
(127.7)
Meta
Platforms,
Inc.,
Class
A
.
190
28,304
(51.8)
MetLife,
Inc.
.............
887
64,769
(118.6)
Mettler-Toledo
International,
Inc.
80
122,634
(224.5)
Microchip
Technology,
Inc.
...
2,018
156,637
(286.8)
Microsoft
Corp.
...........
2,322
575,415
(1,053.6)
Molina
Healthcare,
Inc.
.....
437
136,270
(249.5)
Mondelez
International,
Inc.,
Class
A
..............
954
62,430
(114.3)
Monolithic
Power
Systems,
Inc.
28
11,944
(21.9)
MSCI,
Inc.
..............
395
209,966
(384.4)
Nestle
SA
(Registered)
.....
349
42,581
(78.0)
NetApp,
Inc.
.............
4,330
286,776
(525.1)
Neurocrine
Biosciences,
Inc.
..
600
66,558
(121.9)
News
Corp.,
Class
A
.......
1,892
38,332
(70.2)
NIKE,
Inc.,
Class
B
........
258
32,851
(60.2)
Nordson
Corp.
...........
719
174,933
(320.3)
Norfolk
Southern
Corp.
.....
75
18,436
(33.8)
Northern
Trust
Corp.
.......
854
82,812
(151.6)
Nucor
Corp.
.............
435
73,524
(134.6)
NVR,
Inc.
...............
38
200,260
(366.7)
Old
Dominion
Freight
Line,
Inc.
11
3,666
(6.7)
O'Reilly
Automotive,
Inc.
....
233
184,618
(338.0)
Otis
Worldwide
Corp.
.......
2,568
211,167
(386.6)
Owens
Corning
...........
310
29,962
(54.9)
PACCAR,
Inc.
...........
188
20,550
(37.6)
Packaging
Corp.
of
America
..
153
21,833
(40.0)
Palo
Alto
Networks,
Inc.
.....
799
126,753
(232.1)
Parker-Hannifin
Corp.
......
206
67,156
(123.0)
Paychex,
Inc.
............
431
49,936
(91.4)
Paycom
Software,
Inc.
......
61
19,760
(36.2)
PayPal
Holdings,
Inc.
......
316
25,751
(47.2)
PepsiCo,
Inc.
............
1,235
211,210
(386.7)
Philip
Morris
International,
Inc.
1,676
174,706
(319.9)
Phillips
66
..............
450
45,121
(82.6)
Pioneer
Natural
Resources
Co.
258
59,430
(108.8)
PPL
Corp.
..............
6,829
202,138
(370.1)
Procter
&
Gamble
Co.
(The)
..
2,162
307,826
(563.6)
Prudential
Financial,
Inc.
....
226
23,716
(43.4)
QUALCOMM,
Inc.
.........
1,157
154,124
(282.2)
Quest
Diagnostics,
Inc.
.....
339
50,335
(92.2)
Regions
Financial
Corp.
.....
8,040
189,262
(346.5)
ResMed,
Inc.
............
177
40,421
(74.0)
Roche
Holding
AG
........
1,005
313,731
(574.4)
Schlumberger
Ltd.
.........
542
30,883
(56.5)
Sealed
Air
Corp.
..........
1,129
61,824
(113.2)
Sempra
Energy
..........
815
130,669
(239.3)
ServiceNow,
Inc.
..........
411
187,058
(342.5)
Southwest
Airlines
Co.
......
561
20,067
(36.7)
Splunk,
Inc.
.............
1,062
101,708
(186.2)
Starbucks
Corp.
..........
712
77,708
(142.3)
Steel
Dynamics,
Inc.
.......
954
115,091
(210.7)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Stellantis
NV
............
12,395
$
194,862
(356.8)
%
Synchrony
Financial
.......
3,054
112,173
(205.4)
Synopsys,
Inc.
...........
1,768
625,430
(1,145.2)
TE
Connectivity
Ltd.
.......
311
39,544
(72.4)
Texas
Instruments,
Inc.
.....
246
43,594
(79.8)
Trane
Technologies
plc
.....
620
111,054
(203.3)
Travelers
Cos.,
Inc.
(The)
....
800
152,896
(280.0)
Trimble,
Inc.
.............
2,433
141,260
(258.6)
Tyson
Foods,
Inc.,
Class
A
...
656
43,132
(79.0)
UGI
Corp.
..............
6,468
257,620
(471.7)
U-Haul
Holding
Co.
(Non-Voting)
819
50,606
(92.7)
Ulta
Beauty,
Inc.
..........
111
57,050
(104.5)
United
Parcel
Service,
Inc.,
Class
B
..................
960
177,821
(325.6)
United
Rentals,
Inc.
........
464
204,601
(374.6)
US
Bancorp
.............
766
38,147
(69.8)
Veeva
Systems,
Inc.,
Class
A
.
187
31,893
(58.4)
VeriSign,
Inc.
............
1,050
228,952
(419.2)
Vertex
Pharmaceuticals,
Inc.
..
301
97,253
(178.1)
Vistra
Corp.
.............
1,047
24,144
(44.2)
Waters
Corp.
............
597
196,162
(359.2)
Westinghouse
Air
Brake
Technologies
Corp.
......
911
94,571
(173.2)
WestRock
Co.
...........
1,362
53,445
(97.9)
Whirlpool
Corp.
...........
412
64,103
(117.4)
Workday,
Inc.,
Class
A
......
2,082
377,737
(691.6)
WW
Grainger,
Inc.
.........
112
66,022
(120.9)
Yum!
Brands,
Inc.
.........
3,183
415,413
(760.6)
Zimmer
Biomet
Holdings,
Inc.
.
325
41,386
(75.8)
Zscaler,
Inc.
.............
327
40,600
(74.3)
23,597,885
Total
Reference
Entity
—
Long
............
53,122,569
Reference
Entity
—
Short
Common
Stocks
Australia
ANZ
Group
Holdings
Ltd.
....
(1,509)
(26,855)
49.2
APA
Group
..............
(18,139)
(135,751)
248.5
Flutter
Entertainment
plc
....
(685)
(106,403)
194.8
Glencore
plc
............
(7,959)
(53,301)
97.6
Insurance
Australia
Group
Ltd.
(78,271)
(271,818)
497.7
Lendlease
Corp.
Ltd.
.......
(3,164)
(19,320)
35.4
Medibank
Pvt
Ltd.
.........
(71,305)
(148,549)
272.0
Mineral
Resources
Ltd.
.....
(2,739)
(173,406)
317.5
Orica
Ltd.
..............
(12,392)
(130,036)
238.1
Origin
Energy
Ltd.
.........
(4,785)
(25,406)
46.5
Pilbara
Minerals
Ltd.
.......
(9,782)
(33,278)
60.9
QBE
Insurance
Group
Ltd.
...
(4,821)
(47,038)
86.1
Ramsay
Health
Care
Ltd.
....
(1,454)
(68,707)
125.8
Reece
Ltd.
..............
(3,699)
(42,516)
77.8
Santos
Ltd.
.............
(56,909)
(290,514)
531.9
Transurban
Group
.........
(85,688)
(840,098)
1,538.2
Westpac
Banking
Corp.
.....
(3,138)
(52,800)
96.7
Woodside
Energy
Group
Ltd.
.
(819)
(21,207)
38.8
Woolworths
Group
Ltd.
.....
(1,803)
(46,080)
84.4
(2,533,083)
Austria
Erste
Group
Bank
AG
......
(2,182)
(82,794)
151.6
Verbund
AG
.............
(2,198)
(187,145)
342.7
(269,939)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
28
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Belgium
Anheuser-Busch
InBev
SA
...
(3,337)
$
(201,427)
368.8
%
KBC
Group
NV
...........
(305)
(22,590)
41.4
Sofina
SA
..............
(363)
(86,239)
157.9
UCB
SA
...............
(264)
(21,676)
39.7
(331,932)
Brazil
Wheaton
Precious
Metals
Corp.
(657)
(30,042)
55.0
Canada
Agnico
Eagle
Mines
Ltd.
.....
(1,264)
(71,382)
130.7
Air
Canada
.............
(6,656)
(112,955)
206.8
Algonquin
Power
&
Utilities
Corp.
...............
(18,687)
(136,232)
249.4
BCE,
Inc.
...............
(2,351)
(111,140)
203.5
CAE,
Inc.
...............
(1,323)
(29,880)
54.7
Cameco
Corp.
...........
(3,210)
(89,819)
164.5
Canadian
Imperial
Bank
of
Commerce
...........
(2,300)
(104,996)
192.2
Canadian
Pacific
Railway
Ltd.
.
(3,573)
(282,016)
516.4
Canadian
Tire
Corp.
Ltd.,
Class
A
..................
(168)
(19,975)
36.6
CGI,
Inc.
...............
(1,953)
(167,390)
306.5
Emera,
Inc.
.............
(3,586)
(142,788)
261.4
Enbridge,
Inc.
............
(5,526)
(226,265)
414.3
Fairfax
Financial
Holdings
Ltd.
(144)
(95,333)
174.6
FirstService
Corp.
.........
(358)
(51,162)
93.7
Fortis,
Inc.
..............
(854)
(35,089)
64.2
GFL
Environmental,
Inc.
.....
(10,921)
(337,016)
617.1
IGM
Financial,
Inc.
........
(2,137)
(66,701)
122.1
Intact
Financial
Corp.
.......
(241)
(34,963)
64.0
Ivanhoe
Mines
Ltd.,
Class
A
..
(2,042)
(19,184)
35.1
Keyera
Corp.
............
(3,231)
(73,700)
134.9
Northland
Power,
Inc.
......
(1,481)
(39,781)
72.8
Nutrien
Ltd.
.............
(692)
(57,282)
104.9
Pan
American
Silver
Corp.
...
(1,899)
(34,610)
63.4
Parkland
Corp.
...........
(2,447)
(57,490)
105.3
Pembina
Pipeline
Corp.
.....
(2,931)
(103,996)
190.4
Quebecor,
Inc.,
Class
B
.....
(3,187)
(75,594)
138.4
Restaurant
Brands
International,
Inc.
.................
(1,132)
(75,745)
138.7
Ritchie
Bros
Auctioneers,
Inc.
.
(1,590)
(96,149)
176.1
Rogers
Communications,
Inc.,
Class
B
..............
(6,138)
(298,423)
546.4
Shaw
Communications,
Inc.,
Class
B
..............
(7,157)
(213,008)
390.0
Shopify,
Inc.,
Class
A
.......
(7,064)
(348,117)
637.4
TC
Energy
Corp.
..........
(3,898)
(167,955)
307.5
TELUS
Corp.
............
(4,485)
(96,640)
176.9
Thomson
Reuters
Corp.
.....
(2,729)
(324,637)
594.4
Toronto-Dominion
Bank
(The)
.
(1,118)
(77,354)
141.6
WSP
Global,
Inc.
.........
(1,604)
(204,552)
374.5
(4,479,319)
Chile
Antofagasta
plc
...........
(13,474)
(289,510)
530.1
China
Prosus
NV
..............
(3,525)
(284,627)
521.1
Xinyi
Glass
Holdings
Ltd.
....
(10,000)
(21,291)
39.0
(305,918)
Denmark
Coloplast
A/S,
Class
B
......
(154)
(18,593)
34.1
Danske
Bank
A/S
.........
(1,725)
(35,938)
65.8
Demant
A/S
.............
(448)
(12,681)
23.2
Orsted
A/S
..............
(1,167)
(103,924)
190.3
Shares
Value
%
of
Basket
Value
Denmark
(continued)
ROCKWOOL
A/S,
Class
B
...
(415)
$
(118,986)
217.9
%
Tryg
A/S
...............
(11,814)
(271,109)
496.4
Vestas
Wind
Systems
A/S
...
(10,822)
(316,669)
579.8
(877,900)
Finland
Fortum
OYJ
.............
(3,399)
(51,095)
93.6
Kone
OYJ,
Class
B
........
(2,668)
(145,502)
266.4
UPM-Kymmene
OYJ
.......
(6,798)
(246,402)
451.2
Wartsila
OYJ
Abp
.........
(7,540)
(71,713)
131.3
(514,712)
France
Adevinta
ASA
............
(9,836)
(84,322)
154.4
Germany
adidas
AG
..............
(1,214)
(195,474)
357.9
BASF
SE
...............
(424)
(24,310)
44.5
Bayerische
Motoren
Werke
AG
(Preference)
..........
(434)
(41,117)
75.3
Bechtle
AG
.............
(487)
(20,523)
37.6
Commerzbank
AG
.........
(6,385)
(72,990)
133.7
Continental
AG
...........
(2,480)
(174,134)
318.8
Covestro
AG
............
(891)
(41,026)
75.1
Daimler
Truck
Holding
AG
...
(4,792)
(161,029)
294.9
Deutsche
Lufthansa
AG
(Registered)
...........
(7,640)
(80,944)
148.2
Deutsche
Telekom
AG
(Registered)
...........
(12,557)
(279,755)
512.2
Dr
Ing
hc
F
Porsche
AG
(Preference)
..........
(2,955)
(351,346)
643.3
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(2,310)
(86,751)
158.8
Knorr-Bremse
AG
.........
(753)
(49,493)
90.6
LEG
Immobilien
SE
........
(962)
(75,204)
137.7
MTU
Aero
Engines
AG
......
(254)
(63,478)
116.2
Porsche
Automobil
Holding
SE
(Preference)
..........
(1,657)
(99,083)
181.4
RWE
AG
...............
(1,558)
(69,360)
127.0
Sartorius
AG
(Preference)
...
(357)
(160,083)
293.1
Siemens
Energy
AG
.......
(3,551)
(74,247)
136.0
Siemens
Healthineers
AG
....
(5,747)
(308,204)
564.3
Vonovia
SE
.............
(4,715)
(133,189)
243.9
Zalando
SE
.............
(1,831)
(85,389)
156.4
(2,647,129)
Hong
Kong
Prudential
plc
............
(3,944)
(65,530)
120.0
Ireland
AIB
Group
plc
............
(5,243)
(22,024)
40.3
Kingspan
Group
plc
........
(1,830)
(117,698)
215.5
(139,722)
Israel
Teva
Pharmaceutical
Industries
Ltd.,
ADR
............
(6,535)
(68,879)
126.1
Wix.com
Ltd.
............
(390)
(33,922)
62.1
(102,801)
Italy
Amplifon
SpA
............
(2,078)
(57,380)
105.1
Davide
Campari-Milano
NV
..
(7,590)
(81,419)
149.1
FinecoBank
Banca
Fineco
SpA
(2,423)
(43,497)
79.6
Infrastrutture
Wireless
Italiane
SpA
................
(46,878)
(513,726)
940.6
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
29
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Italy
(continued)
Mediobanca
Banca
di
Credito
Finanziario
SpA
........
(7,813)
$
(83,989)
153.8
%
Nexi
SpA
...............
(15,278)
(134,559)
246.4
Recordati
Industria
Chimica
e
Farmaceutica
SpA
......
(703)
(30,797)
56.4
(945,367)
Japan
Aeon
Co.
Ltd.
............
(1,200)
(24,602)
45.0
Aisin
Corp.
..............
(1,600)
(46,681)
85.5
Bandai
Namco
Holdings,
Inc.
.
(400)
(26,750)
49.0
Bridgestone
Corp.
.........
(2,800)
(104,533)
191.4
Brother
Industries
Ltd.
......
(1,300)
(20,192)
37.0
Canon,
Inc.
.............
(1,900)
(42,165)
77.2
Central
Japan
Railway
Co.
...
(600)
(73,185)
134.0
Chubu
Electric
Power
Co.,
Inc.
(15,500)
(166,952)
305.7
CyberAgent,
Inc.
..........
(2,300)
(21,509)
39.4
Daiichi
Sankyo
Co.
Ltd.
.....
(1,000)
(31,407)
57.5
East
Japan
Railway
Co.
.....
(2,200)
(122,668)
224.6
FANUC
Corp.
............
(300)
(53,007)
97.1
GMO
Payment
Gateway,
Inc.
.
(500)
(46,266)
84.7
Iida
Group
Holdings
Co.
Ltd.
..
(3,700)
(61,681)
112.9
Inpex
Corp.
.............
(7,900)
(86,810)
159.0
Ito
En
Ltd.
..............
(1,200)
(42,816)
78.4
ITOCHU
Corp.
...........
(900)
(29,090)
53.3
Itochu
Techno-Solutions
Corp.
.
(1,000)
(24,757)
45.3
Japan
Airlines
Co.
Ltd.
......
(6,000)
(127,245)
233.0
Japan
Exchange
Group,
Inc.
..
(1,700)
(26,018)
47.6
Japan
Post
Bank
Co.
Ltd.
....
(22,100)
(196,356)
359.5
Japan
Post
Insurance
Co.
Ltd.
(3,000)
(53,520)
98.0
JFE
Holdings,
Inc.
.........
(3,300)
(43,513)
79.7
Kansai
Electric
Power
Co.,
Inc.
(The)
...............
(15,000)
(144,256)
264.1
Kao
Corp.
..............
(500)
(20,211)
37.0
Keio
Corp.
..............
(400)
(14,682)
26.9
Koei
Tecmo
Holdings
Co.
Ltd.
.
(3,400)
(61,833)
113.2
Koito
Manufacturing
Co.
Ltd.
..
(4,000)
(67,473)
123.5
Konami
Group
Corp.
.......
(500)
(24,587)
45.0
Kose
Corp.
.............
(1,700)
(187,566)
343.4
Kubota
Corp.
............
(8,700)
(130,746)
239.4
Kyowa
Kirin
Co.
Ltd.
.......
(2,900)
(64,673)
118.4
Lixil
Corp.
..............
(1,300)
(22,443)
41.1
M3,
Inc.
................
(2,600)
(71,092)
130.2
Makita
Corp.
............
(2,900)
(77,247)
141.4
McDonald's
Holdings
Co.
Japan
Ltd.
................
(4,600)
(181,734)
332.8
Mitsubishi
Chemical
Group
Corp.
...............
(4,300)
(24,129)
44.2
Mitsui
OSK
Lines
Ltd.
......
(1,000)
(24,819)
45.4
Mizuho
Financial
Group,
Inc.
..
(1,900)
(29,679)
54.3
MonotaRO
Co.
Ltd.
........
(4,700)
(71,197)
130.4
MS&AD
Insurance
Group
Holdings,
Inc.
..........
(1,700)
(54,525)
99.8
Nexon
Co.
Ltd.
...........
(7,400)
(178,433)
326.7
Nidec
Corp.
.............
(1,000)
(55,419)
101.5
Nintendo
Co.
Ltd.
.........
(2,000)
(86,716)
158.8
Nippon
Paint
Holdings
Co.
Ltd.
(6,300)
(57,516)
105.3
Nippon
Sanso
Holdings
Corp.
.
(3,500)
(57,088)
104.5
Nippon
Yusen
KK
.........
(1,900)
(45,199)
82.8
Nissan
Motor
Co.
Ltd.
......
(11,200)
(40,241)
73.7
Nitori
Holdings
Co.
Ltd.
.....
(200)
(26,471)
48.5
Nomura
Holdings,
Inc.
......
(6,100)
(24,344)
44.6
Nomura
Research
Institute
Ltd.
(1,800)
(43,214)
79.1
NTT
Data
Corp.
..........
(5,700)
(88,415)
161.9
Obic
Co.
Ltd.
............
(300)
(48,098)
88.1
Shares
Value
%
of
Basket
Value
Japan
(continued)
Odakyu
Electric
Railway
Co.
Ltd.
(5,400)
$
(70,996)
130.0
%
Open
House
Group
Co.
Ltd.
..
(500)
(18,915)
34.6
Oracle
Corp.
Japan
........
(2,400)
(164,416)
301.0
Oriental
Land
Co.
Ltd.
......
(1,300)
(216,606)
396.6
Otsuka
Corp.
............
(7,300)
(240,167)
439.7
Otsuka
Holdings
Co.
Ltd.
....
(900)
(28,872)
52.9
Pan
Pacific
International
Holdings
Corp.
.........
(3,900)
(72,123)
132.1
Panasonic
Holdings
Corp.
...
(2,100)
(19,474)
35.7
Rakuten
Group,
Inc.
.......
(20,300)
(103,498)
189.5
Renesas
Electronics
Corp.
...
(18,900)
(194,407)
356.0
Resona
Holdings,
Inc.
......
(33,700)
(186,487)
341.5
Rohm
Co.
Ltd.
...........
(800)
(64,105)
117.4
SBI
Holdings,
Inc.
.........
(3,500)
(74,198)
135.9
Sharp
Corp.
.............
(7,700)
(64,003)
117.2
Shimizu
Corp.
...........
(12,400)
(69,511)
127.3
Shiseido
Co.
Ltd.
.........
(3,000)
(155,928)
285.5
SoftBank
Group
Corp.
......
(2,200)
(104,153)
190.7
Sompo
Holdings,
Inc.
......
(400)
(17,220)
31.5
Sony
Group
Corp.
.........
(500)
(44,676)
81.8
Square
Enix
Holdings
Co.
Ltd.
.
(1,400)
(66,208)
121.2
SUMCO
Corp.
...........
(5,100)
(75,566)
138.4
Sumitomo
Electric
Industries
Ltd.
................
(16,500)
(198,267)
363.0
Sumitomo
Metal
Mining
Co.
Ltd.
(2,000)
(81,206)
148.7
T&D
Holdings,
Inc.
........
(3,000)
(48,019)
87.9
Tobu
Railway
Co.
Ltd.
......
(900)
(21,117)
38.7
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(10,200)
(38,197)
69.9
Tokyu
Corp.
.............
(2,800)
(36,006)
65.9
Toyota
Motor
Corp.
........
(12,000)
(176,229)
322.7
Welcia
Holdings
Co.
Ltd.
....
(6,200)
(138,574)
253.7
West
Japan
Railway
Co.
....
(2,000)
(83,757)
153.4
Yamato
Holdings
Co.
Ltd.
....
(6,500)
(113,730)
208.2
Yaskawa
Electric
Corp.
.....
(2,900)
(113,358)
207.6
Z
Holdings
Corp.
..........
(48,600)
(141,412)
258.9
(6,737,170)
Jordan
Hikma
Pharmaceuticals
plc
...
(2,562)
(54,197)
99.2
Luxembourg
ArcelorMittal
SA
..........
(2,883)
(89,439)
163.8
Netherlands
ABN
AMRO
Bank
NV,
CVA
...
(10,314)
(171,187)
313.4
Akzo
Nobel
NV
...........
(2,309)
(171,986)
314.9
Argenx
SE
..............
(189)
(71,987)
131.8
ASM
International
NV
......
(342)
(115,666)
211.8
Heineken
NV
............
(545)
(54,467)
99.7
JDE
Peet's
NV
...........
(3,908)
(117,134)
214.5
Koninklijke
DSM
NV
.......
(272)
(34,980)
64.0
Universal
Music
Group
NV
...
(1,585)
(40,516)
74.2
(777,923)
New
Zealand
Auckland
International
Airport
Ltd.
................
(69,426)
(382,089)
699.6
Xero
Ltd.
...............
(331)
(18,243)
33.4
(400,332)
Norway
Aker
BP
ASA
............
(2,290)
(69,757)
127.7
Gjensidige
Forsikring
ASA
...
(4,792)
(86,129)
157.7
Mowi
ASA
..............
(3,710)
(68,604)
125.6
Salmar
ASA
.............
(677)
(31,480)
57.7
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
30
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Norway
(continued)
Telenor
ASA
.............
(6,779)
$
(70,967)
129.9
%
(326,937)
Portugal
EDP
-
Energias
de
Portugal
SA
(3,893)
(19,342)
35.4
Singapore
Capitaland
Investment
Ltd.
...
(12,200)
(36,961)
67.7
City
Developments
Ltd.
.....
(3,700)
(23,483)
43.0
Sea
Ltd.,
ADR
...........
(3,271)
(210,816)
386.0
Singapore
Technologies
Engineering
Ltd.
........
(56,100)
(157,728)
288.8
UOL
Group
Ltd.
..........
(33,300)
(177,674)
325.3
Venture
Corp.
Ltd.
.........
(30,800)
(434,938)
796.4
(1,041,600)
South
Africa
Anglo
American
plc
........
(405)
(17,468)
32.0
South
Korea
Delivery
Hero
SE
.........
(1,698)
(102,656)
188.0
Spain
Aena
SME
SA
...........
(1,864)
(280,064)
512.8
Amadeus
IT
Group
SA
......
(1,690)
(106,477)
194.9
CaixaBank
SA
...........
(48,769)
(216,386)
396.2
Cellnex
Telecom
SA
.......
(10,225)
(400,697)
733.7
EDP
Renovaveis
SA
.......
(2,076)
(45,155)
82.7
Ferrovial
SA
.............
(27,700)
(817,379)
1,496.6
Grifols
SA
..............
(12,034)
(159,307)
291.7
Naturgy
Energy
Group
SA
...
(5,226)
(148,221)
271.4
Telefonica
SA
............
(23,560)
(89,505)
163.9
(2,263,191)
Sweden
Electrolux
AB,
Class
B
......
(10,293)
(145,789)
266.9
Essity
AB,
Class
B
........
(1,758)
(45,926)
84.1
Fastighets
AB
Balder,
Class
B
.
(9,372)
(48,287)
88.4
Getinge
AB,
Class
B
.......
(1,983)
(44,672)
81.8
H
&
M
Hennes
&
Mauritz
AB,
Class
B
..............
(3,332)
(41,038)
75.1
Hexagon
AB,
Class
B
......
(25,417)
(291,368)
533.5
Holmen
AB,
Class
B
.......
(554)
(22,850)
41.8
Investment
AB
Latour,
Class
B
(7,293)
(153,874)
281.7
L
E
Lundbergforetagen
AB,
Class
B
..................
(3,789)
(175,458)
321.3
Nibe
Industrier
AB,
Class
B
...
(6,778)
(73,231)
134.1
Securitas
AB,
Class
B
......
(5,861)
(53,649)
98.2
Skanska
AB,
Class
B
.......
(1,123)
(19,821)
36.3
Svenska
Cellulosa
AB
SCA,
Class
B
..............
(17,805)
(247,246)
452.7
Swedish
Orphan
Biovitrum
AB
.
(3,606)
(80,416)
147.2
Volvo
Car
AB,
Class
B
......
(9,827)
(49,032)
89.8
(1,492,657)
Switzerland
ABB
Ltd.
(Registered)
......
(8,645)
(300,981)
551.1
Alcon,
Inc.
..............
(903)
(68,139)
124.8
Bachem
Holding
AG
.......
(445)
(39,353)
72.0
Banque
Cantonale
Vaudoise
(Registered)
...........
(1,570)
(149,240)
273.3
Barry
Callebaut
AG
(Registered)
(36)
(75,216)
137.7
Credit
Suisse
Group
AG
(Registered)
...........
(48,265)
(166,267)
304.4
EMS-Chemie
Holding
AG
(Registered)
...........
(228)
(169,970)
311.2
Shares
Value
%
of
Basket
Value
Switzerland
(continued)
Logitech
International
SA
(Registered)
...........
(1,719)
$
(100,590)
184.2
%
Lonza
Group
AG
(Registered)
.
(119)
(67,883)
124.3
Schindler
Holding
AG
......
(366)
(78,008)
142.8
SIG
Group
AG
...........
(1,041)
(25,802)
47.2
Swiss
Prime
Site
AG
(Registered)
...........
(1,395)
(124,306)
227.6
VAT
Group
AG
...........
(106)
(32,998)
60.4
(1,398,753)
United
Kingdom
abrdn
plc
...............
(17,803)
(46,890)
85.9
Admiral
Group
plc
.........
(929)
(25,255)
46.2
AstraZeneca
plc
..........
(258)
(33,801)
61.9
BAE
Systems
plc
.........
(5,608)
(59,367)
108.7
BT
Group
plc
............
(25,861)
(39,844)
73.0
Bunzl
plc
...............
(772)
(28,341)
51.9
Diageo
plc
..............
(967)
(42,283)
77.4
Hargreaves
Lansdown
plc
...
(19,294)
(212,412)
388.9
HSBC
Holdings
plc
........
(32,238)
(237,541)
434.9
Just
Eat
Takeaway.com
NV
...
(1,516)
(38,891)
71.2
Liberty
Global
plc,
Class
C
...
(1,879)
(41,996)
76.9
Linde
plc
...............
(113)
(37,396)
68.5
National
Grid
plc
..........
(18,917)
(240,490)
440.3
Next
plc
................
(384)
(31,440)
57.6
Ocado
Group
plc
.........
(14,018)
(112,178)
205.4
Persimmon
plc
...........
(1,196)
(20,889)
38.3
Reckitt
Benckiser
Group
plc
..
(2,209)
(157,415)
288.2
Rentokil
Initial
plc
.........
(17,252)
(104,606)
191.5
Rolls-Royce
Holdings
plc
....
(140,430)
(183,730)
336.4
Schroders
plc
............
(6,253)
(36,979)
67.7
Severn
Trent
plc
..........
(2,743)
(95,459)
174.8
Smith
&
Nephew
plc
.......
(2,694)
(37,205)
68.1
Standard
Chartered
plc
.....
(10,073)
(84,609)
154.9
Unilever
plc
.............
(4,390)
(223,447)
409.1
United
Utilities
Group
plc
....
(7,794)
(101,985)
186.7
Vodafone
Group
plc
........
(27,252)
(31,444)
57.6
(2,305,893)
United
States
AbbVie,
Inc.
.............
(323)
(47,723)
87.4
Advance
Auto
Parts,
Inc.
....
(377)
(57,410)
105.1
Affirm
Holdings,
Inc.
.......
(3,950)
(63,951)
117.1
Aflac,
Inc.
..............
(616)
(45,276)
82.9
Air
Products
&
Chemicals,
Inc.
(1,019)
(326,600)
598.0
Albemarle
Corp.
..........
(87)
(24,486)
44.8
Alcoa
Corp.
.............
(588)
(30,717)
56.2
Align
Technology,
Inc.
......
(359)
(96,833)
177.3
Alliant
Energy
Corp.
.......
(386)
(20,856)
38.2
Allstate
Corp.
(The)
........
(1,922)
(246,919)
452.1
Ally
Financial,
Inc.
.........
(664)
(21,573)
39.5
Alnylam
Pharmaceuticals,
Inc.
.
(527)
(119,313)
218.5
Amazon.com,
Inc.
.........
(418)
(43,108)
78.9
Ameren
Corp.
............
(3,607)
(313,340)
573.7
American
Electric
Power
Co.,
Inc.
.................
(840)
(78,926)
144.5
Amphenol
Corp.,
Class
A
....
(649)
(51,771)
94.8
Analog
Devices,
Inc.
.......
(1,359)
(233,028)
426.7
Aptiv
plc
...............
(191)
(21,600)
39.5
Arthur
J
Gallagher
&
Co.
....
(1,698)
(332,333)
608.5
Aspen
Technology,
Inc.
.....
(84)
(16,695)
30.6
AT&T,
Inc.
..............
(3,673)
(74,819)
137.0
Atmos
Energy
Corp.
.......
(1,763)
(207,223)
379.4
Automatic
Data
Processing,
Inc.
(199)
(44,936)
82.3
Avantor,
Inc.
.............
(2,356)
(56,308)
103.1
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
31
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Ball
Corp.
..............
(2,204)
$
(128,361)
235.0
%
Bank
of
America
Corp.
......
(2,498)
(88,629)
162.3
Baxter
International,
Inc.
....
(2,257)
(103,122)
188.8
Becton
Dickinson
and
Co.
...
(96)
(24,213)
44.3
Bentley
Systems,
Inc.,
Class
B
(1,289)
(50,335)
92.2
Blackstone,
Inc.
..........
(1,013)
(97,207)
178.0
Boeing
Co.
(The)
.........
(2,033)
(433,029)
792.9
Broadridge
Financial
Solutions,
Inc.
.................
(1,054)
(158,479)
290.2
Brookfield
Renewable
Corp.
..
(492)
(15,497)
28.4
Brown
&
Brown,
Inc.
.......
(2,574)
(150,733)
276.0
Bunge
Ltd.
..............
(447)
(44,298)
81.1
Burlington
Stores,
Inc.
......
(470)
(108,020)
197.8
Caesars
Entertainment,
Inc.
..
(574)
(29,882)
54.7
Campbell
Soup
Co.
........
(3,719)
(193,128)
353.6
CarMax,
Inc.
............
(2,149)
(151,397)
277.2
Carnival
Corp.
...........
(2,721)
(29,441)
53.9
Catalent,
Inc.
............
(2,551)
(136,606)
250.1
Caterpillar,
Inc.
...........
(250)
(63,073)
115.5
Centene
Corp.
...........
(1,427)
(108,794)
199.2
Ceridian
HCM
Holding,
Inc.
..
(2,396)
(173,183)
317.1
CH
Robinson
Worldwide,
Inc.
.
(629)
(63,007)
115.4
Charles
River
Laboratories
International,
Inc.
.......
(263)
(63,975)
117.1
Charles
Schwab
Corp.
(The)
..
(426)
(32,981)
60.4
Charter
Communications,
Inc.,
Class
A
..............
(178)
(68,407)
125.3
Cheniere
Energy,
Inc.
......
(274)
(41,864)
76.7
Chesapeake
Energy
Corp.
...
(889)
(77,094)
141.2
Church
&
Dwight
Co.,
Inc.
...
(858)
(69,378)
127.0
Cincinnati
Financial
Corp.
....
(1,183)
(133,856)
245.1
Cisco
Systems,
Inc.
........
(5,055)
(246,027)
450.5
Clarivate
plc
.............
(994)
(11,053)
20.2
Cleveland-Cliffs,
Inc.
.......
(1,857)
(39,647)
72.6
Clorox
Co.
(The)
..........
(1,005)
(145,413)
266.2
Coinbase
Global,
Inc.,
Class
A
(2,740)
(160,235)
293.4
Computershare
Ltd.
........
(4,706)
(79,258)
145.1
Conagra
Brands,
Inc.
.......
(2,164)
(80,479)
147.4
Constellation
Brands,
Inc.,
Class
A
..................
(373)
(86,357)
158.1
Cooper
Cos.,
Inc.
(The)
.....
(657)
(229,247)
419.7
Corning,
Inc.
............
(1,282)
(44,370)
81.2
CoStar
Group,
Inc.
........
(841)
(65,514)
120.0
Coterra
Energy,
Inc.
.......
(1,346)
(33,690)
61.7
Crowdstrike
Holdings,
Inc.,
Class
A
..................
(179)
(18,956)
34.7
Crown
Holdings,
Inc.
.......
(637)
(56,158)
102.8
CSL
Ltd.
...............
(612)
(129,224)
236.6
Danaher
Corp.
...........
(226)
(59,750)
109.4
Darling
Ingredients,
Inc.
.....
(848)
(56,214)
102.9
Datadog,
Inc.,
Class
A
......
(253)
(18,927)
34.7
DaVita,
Inc.
.............
(1,093)
(90,052)
164.9
Deere
&
Co.
.............
(50)
(21,142)
38.7
Dentsply
Sirona,
Inc.
.......
(924)
(34,031)
62.3
DISH
Network
Corp.,
Class
A
.
(4,609)
(66,324)
121.4
Dollar
General
Corp.
.......
(280)
(65,408)
119.8
Dollar
Tree,
Inc.
..........
(253)
(37,996)
69.6
Dominion
Energy,
Inc.
......
(1,258)
(80,059)
146.6
Dover
Corp.
.............
(725)
(110,077)
201.5
Dow,
Inc.
...............
(2,139)
(126,950)
232.4
Duke
Energy
Corp.
........
(1,907)
(195,372)
357.7
DuPont
de
Nemours,
Inc.
....
(491)
(36,309)
66.5
Ecolab,
Inc.
.............
(248)
(38,398)
70.3
Elanco
Animal
Health,
Inc.
...
(5,344)
(73,373)
134.3
Elevance
Health,
Inc.
.......
(88)
(43,999)
80.6
Shares
Value
%
of
Basket
Value
United
States
(continued)
Emerson
Electric
Co.
.......
(1,459)
$
(131,631)
241.0
%
Entegris,
Inc.
............
(1,732)
(139,790)
256.0
EQT
Corp.
..............
(493)
(16,106)
29.5
Equifax,
Inc.
.............
(127)
(28,219)
51.7
Erie
Indemnity
Co.,
Class
A
..
(514)
(125,596)
230.0
Essential
Utilities,
Inc.
......
(761)
(35,562)
65.1
Everest
Re
Group
Ltd.
......
(201)
(70,288)
128.7
Exact
Sciences
Corp.
......
(1,903)
(128,491)
235.3
F5,
Inc.
................
(403)
(59,507)
109.0
Fidelity
National
Information
Services,
Inc.
..........
(1,841)
(138,149)
252.9
First
Citizens
BancShares,
Inc.,
Class
A
..............
(357)
(277,632)
508.3
First
Republic
Bank
........
(533)
(75,089)
137.5
First
Solar,
Inc.
...........
(127)
(22,555)
41.3
Ford
Motor
Co.
...........
(9,026)
(121,941)
223.3
Fortive
Corp.
............
(939)
(63,880)
117.0
Freeport-McMoRan,
Inc.
....
(584)
(26,058)
47.7
GE
HealthCare
Technologies,
Inc.
.................
(93)
(6,465)
11.8
Gen
Digital,
Inc.
..........
(1,881)
(43,282)
79.2
Generac
Holdings,
Inc.
.....
(252)
(30,391)
55.6
General
Electric
Co.
.......
(704)
(56,658)
103.7
General
Mills,
Inc.
.........
(899)
(70,446)
129.0
Hasbro,
Inc.
.............
(376)
(22,248)
40.7
HEICO
Corp.
............
(566)
(96,758)
177.2
Henry
Schein,
Inc.
.........
(260)
(22,399)
41.0
Hess
Corp.
.............
(1,106)
(166,077)
304.1
Hilton
Worldwide
Holdings,
Inc.
(320)
(46,429)
85.0
Holcim
AG
(Registered)
.....
(434)
(25,947)
47.5
Hormel
Foods
Corp.
.......
(7,082)
(320,885)
587.5
Huntington
Bancshares,
Inc.
..
(9,330)
(141,536)
259.1
Huntington
Ingalls
Industries,
Inc.
.................
(783)
(172,683)
316.2
Intercontinental
Exchange,
Inc.
(473)
(50,871)
93.1
International
Flavors
&
Fragrances,
Inc.
........
(470)
(52,856)
96.8
International
Paper
Co.
.....
(1,934)
(80,880)
148.1
IQVIA
Holdings,
Inc.
.......
(550)
(126,176)
231.0
Jack
Henry
&
Associates,
Inc.
.
(578)
(104,092)
190.6
Jacobs
Solutions,
Inc.
......
(137)
(16,926)
31.0
Johnson
Controls
International
plc
.................
(1,080)
(75,136)
137.6
Kellogg
Co.
.............
(326)
(22,357)
40.9
Kimberly-Clark
Corp.
.......
(266)
(34,583)
63.3
Kinder
Morgan,
Inc.
........
(10,176)
(186,221)
341.0
Las
Vegas
Sands
Corp.
.....
(1,942)
(114,578)
209.8
Lear
Corp.
..............
(838)
(122,164)
223.7
Leidos
Holdings,
Inc.
.......
(1,067)
(105,462)
193.1
Lennar
Corp.,
Class
A
......
(1,399)
(143,258)
262.3
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(1,159)
(82,057)
150.2
Live
Nation
Entertainment,
Inc.
(327)
(26,320)
48.2
Loews
Corp.
............
(399)
(24,531)
44.9
LPL
Financial
Holdings,
Inc.
..
(79)
(18,732)
34.3
Lucid
Group,
Inc.
.........
(2,129)
(24,888)
45.6
Lumen
Technologies,
Inc.
....
(6,081)
(31,925)
58.5
M&T
Bank
Corp.
..........
(142)
(22,152)
40.6
Markel
Corp.
............
(76)
(107,082)
196.1
MarketAxess
Holdings,
Inc.
..
(109)
(39,660)
72.6
Marsh
&
McLennan
Cos.,
Inc.
.
(282)
(49,325)
90.3
Martin
Marietta
Materials,
Inc.
.
(415)
(149,251)
273.3
Marvell
Technology,
Inc.
.....
(3,167)
(136,656)
250.2
Match
Group,
Inc.
.........
(1,968)
(106,508)
195.0
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
32
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
McCormick
&
Co.,
Inc.
(Non-
Voting)
..............
(1,663)
$
(124,925)
228.7
%
Medtronic
plc
............
(283)
(23,684)
43.4
Merck
&
Co.,
Inc.
.........
(146)
(15,682)
28.7
MGM
Resorts
International
...
(1,217)
(50,396)
92.3
Micron
Technology,
Inc.
.....
(211)
(12,723)
23.3
Moderna,
Inc.
............
(153)
(26,937)
49.3
Moody's
Corp.
...........
(253)
(81,656)
149.5
Nasdaq,
Inc.
............
(681)
(40,989)
75.0
Netflix,
Inc.
..............
(158)
(55,910)
102.4
Newell
Brands,
Inc.
........
(1,798)
(28,696)
52.5
Newmont
Corp.
..........
(1,334)
(70,609)
129.3
NextEra
Energy,
Inc.
.......
(914)
(68,212)
124.9
Omnicom
Group,
Inc.
.......
(632)
(54,346)
99.5
Palantir
Technologies,
Inc.,
Class
A
..................
(10,436)
(81,192)
148.7
Paramount
Global,
Class
B
...
(1,838)
(42,568)
77.9
PerkinElmer,
Inc.
.........
(1,308)
(179,889)
329.4
Pfizer,
Inc.
..............
(978)
(43,188)
79.1
PG&E
Corp.
.............
(6,416)
(102,014)
186.8
Plug
Power,
Inc.
..........
(11,071)
(188,428)
345.0
PNC
Financial
Services
Group,
Inc.
(The)
............
(324)
(53,599)
98.1
Pool
Corp.
..............
(147)
(56,685)
103.8
Principal
Financial
Group,
Inc.
.
(1,701)
(157,428)
288.2
Progressive
Corp.
(The)
.....
(4,453)
(607,167)
1,111.7
Public
Service
Enterprise
Group,
Inc.
.................
(444)
(27,497)
50.3
PulteGroup,
Inc.
..........
(2,183)
(124,191)
227.4
QIAGEN
NV
.............
(2,398)
(116,982)
214.2
Qorvo,
Inc.
..............
(1,192)
(129,523)
237.2
Quanta
Services,
Inc.
......
(257)
(39,113)
71.6
Regeneron
Pharmaceuticals,
Inc.
.................
(70)
(53,093)
97.2
Republic
Services,
Inc.
.....
(279)
(34,825)
63.8
Rivian
Automotive,
Inc.,
Class
A
(5,169)
(100,279)
183.6
ROBLOX
Corp.,
Class
A
.....
(1,111)
(41,340)
75.7
Rockwell
Automation,
Inc.
....
(327)
(92,224)
168.9
Rollins,
Inc.
.............
(1,485)
(54,054)
99.0
Roper
Technologies,
Inc.
....
(582)
(248,369)
454.8
Royal
Caribbean
Cruises
Ltd.
.
(2,588)
(168,065)
307.7
Royalty
Pharma
plc,
Class
A
..
(448)
(17,557)
32.1
RPM
International,
Inc.
.....
(4,398)
(395,424)
724.0
S&P
Global,
Inc.
..........
(248)
(92,985)
170.3
Salesforce,
Inc.
...........
(242)
(40,649)
74.4
Seagate
Technology
Holdings
plc
.................
(605)
(41,007)
75.1
Seagen,
Inc.
............
(274)
(38,218)
70.0
SEI
Investments
Co.
.......
(4,047)
(252,654)
462.6
Sensata
Technologies
Holding
plc
.................
(1,585)
(80,597)
147.6
Sherwin-Williams
Co.
(The)
..
(245)
(57,965)
106.1
Sirius
XM
Holdings,
Inc.
.....
(13,285)
(76,920)
140.8
Snap,
Inc.,
Class
A
........
(1,118)
(12,924)
23.7
Snowflake,
Inc.,
Class
A
.....
(276)
(43,177)
79.1
SolarEdge
Technologies,
Inc.
.
(61)
(19,467)
35.6
Southern
Co.
(The)
........
(749)
(50,692)
92.8
SS&C
Technologies
Holdings,
Inc.
.................
(3,292)
(198,672)
363.8
Stanley
Black
&
Decker,
Inc.
..
(1,091)
(97,437)
178.4
STERIS
plc
.............
(1,089)
(224,889)
411.8
SVB
Financial
Group
.......
(163)
(49,298)
90.3
Swiss
Re
AG
............
(1,058)
(110,784)
202.8
Sysco
Corp.
.............
(438)
(33,927)
62.1
T
Rowe
Price
Group,
Inc.
....
(1,380)
(160,729)
294.3
Shares
Value
%
of
Basket
Value
United
States
(continued)
Take-Two
Interactive
Software,
Inc.
.................
(1,117)
$
(126,478)
231.6
%
Targa
Resources
Corp.
.....
(1,933)
(145,014)
265.5
Target
Corp.
.............
(991)
(170,591)
312.3
Teledyne
Technologies,
Inc.
..
(759)
(322,013)
589.6
Tenaris
SA
..............
(17,529)
(310,627)
568.8
Teradyne,
Inc.
...........
(724)
(73,631)
134.8
Tesla,
Inc.
..............
(762)
(131,994)
241.7
Texas
Pacific
Land
Corp.
....
(12)
(23,950)
43.8
Thermo
Fisher
Scientific,
Inc.
.
(276)
(157,411)
288.2
T-Mobile
US,
Inc.
.........
(1,119)
(167,078)
305.9
Toast,
Inc.,
Class
A
........
(945)
(21,083)
38.6
Twilio,
Inc.,
Class
A
........
(737)
(44,102)
80.7
Tyler
Technologies,
Inc.
.....
(711)
(229,489)
420.2
Uber
Technologies,
Inc.
.....
(736)
(22,764)
41.7
Union
Pacific
Corp.
........
(758)
(154,776)
283.4
UnitedHealth
Group,
Inc.
....
(46)
(22,963)
42.0
Unity
Software,
Inc.
........
(935)
(33,211)
60.8
Universal
Health
Services,
Inc.,
Class
B
..............
(508)
(75,291)
137.9
Verisk
Analytics,
Inc.
.......
(165)
(29,995)
54.9
Verizon
Communications,
Inc.
.
(2,357)
(97,980)
179.4
VF
Corp.
...............
(4,722)
(146,099)
267.5
Vimeo,
Inc.
.............
(1)
(5)
(0.0)
(a)
Visa,
Inc.,
Class
A
.........
(198)
(45,582)
83.5
Vulcan
Materials
Co.
.......
(369)
(67,649)
123.9
W
R
Berkley
Corp.
........
(4,259)
(298,726)
547.0
Walt
Disney
Co.
(The)
......
(1,167)
(126,608)
231.8
Warner
Bros
Discovery,
Inc.
..
(6,810)
(100,924)
184.8
Waste
Connections,
Inc.
.....
(1,562)
(207,590)
380.1
Waste
Management,
Inc.
....
(1,219)
(188,616)
345.4
WEC
Energy
Group,
Inc.
....
(428)
(40,228)
73.7
Western
Union
Co.
(The)
....
(5,613)
(79,536)
145.6
Williams
Cos.,
Inc.
(The)
....
(3,844)
(123,931)
226.9
Wolfspeed,
Inc.
...........
(3,347)
(257,752)
471.9
Zebra
Technologies
Corp.,
Class
A
..................
(67)
(21,184)
38.8
Zillow
Group,
Inc.,
Class
C
...
(1,072)
(47,393)
86.8
Zoetis,
Inc.
..............
(600)
(99,294)
181.8
Zoom
Video
Communications,
Inc.,
Class
A
...........
(748)
(56,100)
102.7
ZoomInfo
Technologies,
Inc.
..
(669)
(18,886)
34.6
(22,510,081)
Zambia
First
Quantum
Minerals
Ltd.
..
(962)
(22,319)
40.9
Total
Reference
Entity
—
Short
............
(53,177,184)
Net
Value
of
Reference
Entity
—
BNP
Paribas
SA
$
(54,615)
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
period
end,
termination
dates
02/24/23-02/27/23:
Reference
Entity
—
Long
Common
Stocks
Australia
ASX
Ltd.
...............
957
46,831
(75.6)
Aurizon
Holdings
Ltd.
......
77,811
203,379
(328.5)
BlueScope
Steel
Ltd.
.......
1,905
25,977
(42.0)
Cochlear
Ltd.
............
1,147
173,285
(279.9)
IDP
Education
Ltd.
........
812
18,070
(29.2)
Macquarie
Group
Ltd.
......
152
20,278
(32.8)
Qantas
Airways
Ltd.
.......
14,932
67,400
(108.9)
Sonic
Healthcare
Ltd.
......
1,753
39,263
(63.4)
South32
Ltd.
............
16,609
53,297
(86.1)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
33
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Australia
(continued)
Wesfarmers
Ltd.
..........
1,463
$
51,581
(83.3)
%
699,361
Austria
voestalpine
AG
...........
144
4,784
(7.7)
Belgium
Groupe
Bruxelles
Lambert
NV
.
312
26,690
(43.1)
Umicore
SA
.............
62
2,344
(3.8)
Warehouses
De
Pauw
CVA
..
564
17,886
(28.9)
46,920
Brazil
Yara
International
ASA
......
441
19,594
(31.7)
Canada
Alimentation
Couche-Tard,
Inc.
1,426
65,119
(105.2)
AltaGas
Ltd.
.............
1,440
26,927
(43.5)
ARC
Resources
Ltd.
.......
1,464
17,011
(27.5)
Bank
of
Montreal
.........
440
44,279
(71.5)
Barrick
Gold
Corp.
........
2,178
42,593
(68.8)
Canadian
National
Railway
Co.
558
66,421
(107.3)
Canadian
Natural
Resources
Ltd.
................
1,571
96,429
(155.8)
Dollarama,
Inc.
...........
1,946
116,375
(188.0)
Franco-Nevada
Corp.
......
757
111,040
(179.4)
Gildan
Activewear,
Inc.
......
1,387
43,490
(70.2)
Manulife
Financial
Corp.
.....
1,207
23,885
(38.6)
Onex
Corp.
.............
416
21,501
(34.7)
Open
Text
Corp.
..........
510
17,107
(27.6)
Sun
Life
Financial,
Inc.
......
3,043
152,910
(247.0)
Suncor
Energy,
Inc.
........
1,547
53,692
(86.7)
West
Fraser
Timber
Co.
Ltd.
..
1,052
91,470
(147.7)
990,249
China
BOC
Hong
Kong
Holdings
Ltd.
120,000
419,387
(677.4)
Denmark
AP
Moller
-
Maersk
A/S,
Class
B
8
17,402
(28.1)
DSV
A/S
...............
141
23,326
(37.7)
40,728
Finland
Elisa
OYJ
..............
1,759
100,216
(161.9)
Nordea
Bank
Abp
.........
2,045
23,907
(38.6)
Sampo
OYJ,
Class
A
.......
357
18,742
(30.3)
Stora
Enso
OYJ,
Class
R
....
4,878
69,733
(112.6)
212,598
France
Amundi
SA
.............
1,111
72,737
(117.5)
Arkema
SA
.............
1,852
187,400
(302.7)
BioMerieux
.............
1,265
128,962
(208.3)
Bollore
SE
..............
9,308
52,082
(84.1)
Bureau
Veritas
SA
.........
1,823
52,122
(84.2)
Capgemini
SE
...........
660
125,258
(202.3)
Cie
de
Saint-Gobain
.......
2,787
160,061
(258.5)
Credit
Agricole
SA
.........
10,634
128,046
(206.8)
Dassault
Systemes
SE
.....
1,872
69,621
(112.5)
Eiffage
SA
..............
223
23,819
(38.5)
Engie
SA
...............
6,939
98,533
(159.2)
Eurazeo
SE
.............
3,905
273,925
(442.5)
Hermes
International
.......
89
166,564
(269.0)
Ipsen
SA
...............
2,300
241,580
(390.2)
Kering
SA
..............
52
32,446
(52.4)
La
Francaise
des
Jeux
SAEM
.
8,247
352,873
(570.0)
Legrand
SA
.............
625
55,727
(90.0)
Shares
Value
%
of
Basket
Value
France
(continued)
Orange
SA
..............
27,054
$
286,306
(462.5)
%
Publicis
Groupe
SA
........
3,610
254,648
(411.3)
Wendel
SE
.............
933
98,794
(159.6)
2,861,504
Germany
Beiersdorf
AG
............
151
18,358
(29.7)
E.ON
SE
...............
1,979
21,577
(34.9)
Henkel
AG
&
Co.
KGaA
(Preference)
..........
132
9,412
(15.2)
Infineon
Technologies
AG
....
461
16,601
(26.8)
Mercedes-Benz
Group
AG
...
1,268
94,354
(152.4)
Nemetschek
SE
..........
1,790
95,701
(154.6)
Rational
AG
.............
35
23,022
(37.2)
Scout24
SE
.............
376
21,890
(35.4)
300,915
Hong
Kong
Power
Assets
Holdings
Ltd.
..
3,500
19,804
(32.0)
Sun
Hung
Kai
Properties
Ltd.
.
6,500
92,181
(148.9)
111,985
Ireland
CRH
plc
...............
2,563
119,750
(193.4)
Smurfit
Kappa
Group
plc
....
789
33,126
(53.5)
152,876
Israel
Bank
Hapoalim
BM
........
11,399
102,597
(165.7)
Bezeq
Israeli
Telecommunication
Corp.
Ltd.
............
24,667
40,879
(66.0)
Israel
Discount
Bank
Ltd.,
Class
A
..................
9,702
49,623
(80.2)
ZIM
Integrated
Shipping
Services
Ltd.
................
792
15,008
(24.3)
208,107
Italy
Assicurazioni
Generali
SpA
...
8,720
170,226
(275.0)
Enel
SpA
...............
1,969
11,594
(18.7)
Prysmian
SpA
...........
1,874
76,530
(123.6)
Snam
SpA
..............
8,301
42,281
(68.3)
300,631
Japan
Advantest
Corp.
..........
1,700
121,858
(196.8)
AGC,
Inc.
..............
1,000
36,846
(59.5)
Astellas
Pharma,
Inc.
.......
21,800
320,899
(518.3)
Dai
Nippon
Printing
Co.
Ltd.
..
1,500
35,414
(57.2)
Daifuku
Co.
Ltd.
..........
500
27,532
(44.5)
Daiwa
House
Industry
Co.
Ltd.
1,500
36,023
(58.2)
Dentsu
Group,
Inc.
........
1,400
45,092
(72.8)
Fuji
Electric
Co.
Ltd.
.......
1,500
60,717
(98.1)
Hamamatsu
Photonics
KK
...
800
42,744
(69.0)
Hoya
Corp.
.............
1,300
142,963
(230.9)
Isuzu
Motors
Ltd.
.........
1,800
22,762
(36.8)
Kajima
Corp.
............
3,000
36,844
(59.5)
KDDI
Corp.
.............
2,600
81,233
(131.2)
Komatsu
Ltd.
............
2,400
58,979
(95.3)
Marubeni
Corp.
...........
17,500
214,700
(346.8)
MISUMI
Group,
Inc.
........
800
20,134
(32.5)
Mitsubishi
HC
Capital,
Inc.
...
5,000
25,521
(41.2)
Mitsui
&
Co.
Ltd.
..........
1,100
32,453
(52.4)
Mitsui
Chemicals,
Inc.
......
1,400
32,954
(53.2)
Murata
Manufacturing
Co.
Ltd.
1,200
68,569
(110.8)
NEC
Corp.
..............
100
3,613
(5.8)
NGK
Insulators
Ltd.
........
8,500
117,651
(190.0)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
34
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Japan
(continued)
Nihon
M&A
Center
Holdings,
Inc.
.................
1,400
$
14,313
(23.1)
%
Nippon
Express
Holdings,
Inc.
.
1,300
75,443
(121.9)
Nippon
Steel
Corp.
........
8,100
168,599
(272.3)
Nissin
Foods
Holdings
Co.
Ltd.
300
23,453
(37.9)
Nitto
Denko
Corp.
.........
700
45,246
(73.1)
Nomura
Real
Estate
Holdings,
Inc.
.................
2,100
46,285
(74.8)
ORIX
Corp.
.............
1,300
22,858
(36.9)
Ricoh
Co.
Ltd.
...........
3,800
29,498
(47.6)
Seiko
Epson
Corp.
........
3,900
60,481
(97.7)
Sekisui
Chemical
Co.
Ltd.
....
11,600
162,496
(262.5)
Sekisui
House
Ltd.
........
2,800
52,918
(85.5)
Shimadzu
Corp.
..........
4,900
150,582
(243.2)
Shin-Etsu
Chemical
Co.
Ltd.
..
400
58,969
(95.3)
Subaru
Corp.
............
2,500
41,079
(66.4)
Sumitomo
Chemical
Co.
Ltd.
..
3,100
11,900
(19.2)
Sumitomo
Corp.
..........
2,200
39,490
(63.8)
Suzuki
Motor
Corp.
........
600
22,495
(36.3)
Sysmex
Corp.
...........
200
13,277
(21.4)
Terumo
Corp.
............
200
5,822
(9.4)
TOPPAN,
Inc.
............
6,800
109,563
(177.0)
USS
Co.
Ltd.
............
1,300
21,383
(34.5)
Yamaha
Corp.
...........
3,500
136,094
(219.8)
Yokogawa
Electric
Corp.
....
1,200
21,071
(34.0)
2,918,816
Netherlands
ASML
Holding
NV
.........
39
25,804
(41.7)
Randstad
NV
............
317
20,319
(32.8)
Shell
plc
...............
824
24,191
(39.1)
70,314
Norway
DNB
Bank
ASA
...........
3,559
66,552
(107.5)
Portugal
Galp
Energia
SGPS
SA
.....
1,391
19,040
(30.8)
Jeronimo
Martins
SGPS
SA
..
850
18,454
(29.8)
37,494
Singapore
Oversea-Chinese
Banking
Corp.
Ltd.
................
2,100
20,749
(33.5)
Singapore
Airlines
Ltd.
......
18,500
83,655
(135.1)
104,404
Spain
ACS
Actividades
de
Construccion
y
Servicios
SA
.........
662
19,591
(31.7)
Repsol
SA
..............
4,271
70,159
(113.3)
89,750
Sweden
Assa
Abloy
AB,
Class
B
.....
2,293
54,014
(87.2)
Epiroc
AB,
Class
A
........
4,851
94,385
(152.5)
Evolution
AB
............
174
19,556
(31.6)
Industrivarden
AB,
Class
A
...
2,099
55,449
(89.6)
Investor
AB,
Class
B
.......
6,581
127,882
(206.6)
Volvo
AB,
Class
B
.........
1,168
23,177
(37.4)
374,463
Switzerland
Baloise
Holding
AG
(Registered)
89
14,638
(23.6)
Chocoladefabriken
Lindt
&
Spruengli
AG
..........
2
21,965
(35.5)
Shares
Value
%
of
Basket
Value
Switzerland
(continued)
Cie
Financiere
Richemont
SA
(Registered)
...........
167
$
25,744
(41.6)
%
Julius
Baer
Group
Ltd.
......
997
63,952
(103.3)
Kuehne
+
Nagel
International
AG
(Registered)
...........
257
61,283
(99.0)
Partners
Group
Holding
AG
..
113
106,028
(171.3)
Sonova
Holding
AG
(Registered)
175
43,763
(70.7)
Swiss
Life
Holding
AG
(Registered)
...........
119
70,430
(113.8)
UBS
Group
AG
(Registered)
..
3,688
78,722
(127.2)
486,525
United
Kingdom
Associated
British
Foods
plc
..
1,355
31,104
(50.2)
Auto
Trader
Group
plc
......
2,795
21,685
(35.0)
Aviva
plc
...............
3,665
20,670
(33.4)
Barclays
plc
.............
30,758
70,706
(114.2)
BP
plc
.................
8,970
54,181
(87.5)
CK
Hutchison
Holdings
Ltd.
..
23,500
149,553
(241.6)
Coca-Cola
Europacific
Partners
plc
.................
181
10,176
(16.4)
Informa
plc
..............
3,606
29,824
(48.2)
Melrose
Industries
plc
......
21,465
37,847
(61.1)
NatWest
Group
plc
........
12,439
47,456
(76.7)
Sage
Group
plc
(The)
......
6,208
59,644
(96.4)
Smiths
Group
plc
.........
9,881
210,930
(340.7)
Taylor
Wimpey
plc
.........
28,351
41,135
(66.5)
784,911
United
States
3M
Co.
................
193
22,210
(35.9)
Abbott
Laboratories
........
915
101,153
(163.4)
Adobe,
Inc.
.............
176
65,180
(105.3)
AmerisourceBergen
Corp.
...
129
21,796
(35.2)
AMETEK,
Inc.
...........
479
69,417
(112.1)
Amgen,
Inc.
.............
26
6,562
(10.6)
APA
Corp.
..............
444
19,683
(31.8)
Apple,
Inc.
..............
223
32,177
(52.0)
Autodesk,
Inc.
...........
72
15,492
(25.0)
AutoZone,
Inc.
...........
8
19,511
(31.5)
Berkshire
Hathaway,
Inc.,
Class
B
..................
62
19,314
(31.2)
Best
Buy
Co.,
Inc.
.........
323
28,657
(46.3)
Booking
Holdings,
Inc.
......
9
21,907
(35.4)
Booz
Allen
Hamilton
Holding
Corp.
...............
139
13,155
(21.2)
Cardinal
Health,
Inc.
.......
805
62,186
(100.4)
Carrier
Global
Corp.
.......
501
22,811
(36.8)
CBOE
Global
Markets,
Inc.
...
245
30,106
(48.6)
Chipotle
Mexican
Grill,
Inc.
...
10
16,464
(26.6)
Cintas
Corp.
.............
328
145,547
(235.1)
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
1,404
93,717
(151.4)
Colgate-Palmolive
Co.
......
279
20,794
(33.6)
Comcast
Corp.,
Class
A
.....
463
18,219
(29.4)
CSX
Corp.
..............
1,593
49,256
(79.6)
Darden
Restaurants,
Inc.
....
267
39,508
(63.8)
Diamondback
Energy,
Inc.
...
1,003
146,558
(236.7)
Discover
Financial
Services
..
227
26,498
(42.8)
DocuSign,
Inc.
...........
1,099
66,643
(107.6)
Domino's
Pizza,
Inc.
.......
51
18,003
(29.1)
Dropbox,
Inc.,
Class
A
......
3,031
70,410
(113.7)
Eaton
Corp.
plc
...........
804
130,417
(210.7)
eBay,
Inc.
..............
2,243
111,029
(179.3)
Edison
International
........
738
50,848
(82.1)
Edwards
Lifesciences
Corp.
..
302
23,163
(37.4)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
35
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Eli
Lilly
&
Co.
............
54
$
18,584
(30.0)
%
Entergy
Corp.
............
170
18,408
(29.7)
EOG
Resources,
Inc.
.......
137
18,118
(29.3)
Expedia
Group,
Inc.
........
549
62,751
(101.4)
Expeditors
International
of
Washington,
Inc.
........
1,016
109,880
(177.5)
Exxon
Mobil
Corp.
.........
582
67,518
(109.1)
Fair
Isaac
Corp.
..........
33
21,976
(35.5)
FedEx
Corp.
............
43
8,336
(13.5)
FirstEnergy
Corp.
.........
581
23,792
(38.4)
FMC
Corp.
..............
1,076
143,248
(231.4)
Fortinet,
Inc.
.............
2,463
128,913
(208.2)
Halliburton
Co.
...........
821
33,842
(54.7)
Hartford
Financial
Services
Group,
Inc.
(The)
.......
1,053
81,723
(132.0)
HF
Sinclair
Corp.
.........
812
46,203
(74.6)
Hubbell,
Inc.
.............
87
19,915
(32.2)
IDEX
Corp.
.............
230
55,126
(89.0)
IDEXX
Laboratories,
Inc.
....
180
86,490
(139.7)
Illinois
Tool
Works,
Inc.
......
126
29,741
(48.0)
Johnson
&
Johnson
........
382
62,426
(100.8)
KLA
Corp.
..............
76
29,829
(48.2)
Lam
Research
Corp.
.......
129
64,513
(104.2)
Lennox
International,
Inc.
....
322
83,920
(135.6)
Marathon
Oil
Corp.
........
671
18,432
(29.8)
MetLife,
Inc.
.............
580
42,352
(68.4)
Microchip
Technology,
Inc.
...
691
53,635
(86.6)
Molina
Healthcare,
Inc.
.....
68
21,204
(34.3)
Mondelez
International,
Inc.,
Class
A
..............
251
16,425
(26.5)
Monolithic
Power
Systems,
Inc.
48
20,475
(33.1)
News
Corp.,
Class
A
.......
2,526
51,177
(82.7)
NIKE,
Inc.,
Class
B
........
480
61,118
(98.7)
Nordson
Corp.
...........
513
124,813
(201.6)
Nucor
Corp.
.............
341
57,636
(93.1)
NVR,
Inc.
...............
4
21,080
(34.1)
Oracle
Corp.
............
245
21,673
(35.0)
O'Reilly
Automotive,
Inc.
....
33
26,148
(42.2)
PACCAR,
Inc.
...........
508
55,530
(89.7)
Palo
Alto
Networks,
Inc.
.....
77
12,215
(19.7)
Paychex,
Inc.
............
461
53,411
(86.3)
PayPal
Holdings,
Inc.
......
252
20,536
(33.2)
Philip
Morris
International,
Inc.
191
19,910
(32.2)
PPL
Corp.
..............
604
17,878
(28.9)
Prudential
Financial,
Inc.
....
169
17,735
(28.6)
Regions
Financial
Corp.
.....
1,890
44,491
(71.9)
Roche
Holding
AG
........
167
52,132
(84.2)
Snap-on,
Inc.
............
269
66,908
(108.1)
Splunk,
Inc.
.............
693
66,369
(107.2)
Starbucks
Corp.
..........
279
30,450
(49.2)
State
Street
Corp.
.........
966
88,225
(142.5)
Steel
Dynamics,
Inc.
.......
180
21,715
(35.1)
TE
Connectivity
Ltd.
.......
492
62,558
(101.0)
U-Haul
Holding
Co.
........
13
803
(1.3)
United
Parcel
Service,
Inc.,
Class
B
..................
295
54,643
(88.3)
US
Bancorp
.............
450
22,410
(36.2)
Waters
Corp.
............
25
8,215
(13.3)
WestRock
Co.
...........
1,371
53,798
(86.9)
Yum!
Brands,
Inc.
.........
266
34,716
(56.1)
Zimmer
Biomet
Holdings,
Inc.
.
133
16,936
(27.4)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Zscaler,
Inc.
.............
139
$
17,258
(27.9)
%
4,188,653
Total
Reference
Entity
—
Long
............
15,491,521
Reference
Entity
—
Short
Common
Stocks
Australia
Glencore
plc
............
(2,600)
(17,412)
28.1
IGO
Ltd.
...............
(1,950)
(20,271)
32.7
Pilbara
Minerals
Ltd.
.......
(8,572)
(29,161)
47.1
Transurban
Group
.........
(2,005)
(19,657)
31.8
Woodside
Energy
Group
Ltd.
.
(769)
(19,912)
32.2
(106,413)
Austria
Verbund
AG
.............
(630)
(53,640)
86.6
Belgium
Anheuser-Busch
InBev
SA/NV
(1,286)
(77,625)
125.4
Solvay
SA
..............
(97)
(11,304)
18.2
UCB
SA
...............
(257)
(21,101)
34.1
(110,030)
Canada
Air
Canada
.............
(6,013)
(102,043)
164.8
Algonquin
Power
&
Utilities
Corp.
...............
(5,757)
(41,970)
67.8
Brookfield
Asset
Management
Ltd.,
Class
A
..........
(234)
(7,640)
12.3
Canadian
Tire
Corp.
Ltd.,
Class
A
..................
(230)
(27,347)
44.2
CCL
Industries,
Inc.,
Class
B
..
(1,424)
(66,601)
107.6
CGI,
Inc.
...............
(282)
(24,170)
39.0
Emera,
Inc.
.............
(1,952)
(77,725)
125.6
FirstService
Corp.
.........
(180)
(25,724)
41.6
GFL
Environmental,
Inc.
.....
(801)
(24,718)
39.9
Intact
Financial
Corp.
.......
(138)
(20,020)
32.3
Ivanhoe
Mines
Ltd.,
Class
A
..
(6,057)
(56,903)
91.9
Keyera
Corp.
............
(1,638)
(37,363)
60.4
Metro,
Inc.
..............
(4,201)
(228,023)
368.3
Northland
Power,
Inc.
......
(5,098)
(136,938)
221.2
Parkland
Corp.
...........
(2,640)
(62,024)
100.2
Quebecor,
Inc.,
Class
B
.....
(4,633)
(109,893)
177.5
TELUS
Corp.
............
(10,156)
(218,836)
353.5
WSP
Global,
Inc.
.........
(184)
(23,465)
37.9
(1,291,403)
China
Budweiser
Brewing
Co.
APAC
Ltd.
................
(2,000)
(6,311)
10.2
Denmark
Orsted
A/S
..............
(692)
(61,624)
99.6
Finland
UPM-Kymmene
OYJ
.......
(494)
(17,906)
28.9
France
Alstom
SA
..............
(6,229)
(185,220)
299.2
AXA
SA
................
(2,345)
(73,162)
118.2
Carrefour
SA
............
(3,256)
(61,932)
100.0
Cie
Generale
des
Etablissements
Michelin
SCA
..........
(5,692)
(179,980)
290.7
Danone
SA
.............
(2,494)
(136,769)
220.9
EssilorLuxottica
SA
........
(11)
(2,018)
3.3
Getlink
SE
(Registered)
.....
(30,004)
(507,481)
819.7
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
36
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
France
(continued)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
(50)
$
(43,649)
70.5
%
Remy
Cointreau
SA
........
(1,345)
(253,249)
409.1
Renault
SA
.............
(2,334)
(94,899)
153.3
Safran
SA
..............
(245)
(35,230)
56.9
Sartorius
Stedim
Biotech
....
(255)
(88,951)
143.7
SEB
SA
................
(221)
(23,111)
37.3
TotalEnergies
SE
.........
(607)
(37,525)
60.6
Ubisoft
Entertainment
SA
....
(1,873)
(38,783)
62.6
Veolia
Environnement
SA
....
(3,916)
(116,237)
187.8
Vinci
SA
...............
(395)
(44,631)
72.1
Worldline
SA
............
(2,309)
(104,750)
169.2
(2,027,577)
Germany
Aroundtown
SA
...........
(5,871)
(16,346)
26.4
Covestro
AG
............
(1,332)
(61,331)
99.1
Deutsche
Telekom
AG
(Registered)
...........
(1,012)
(22,546)
36.4
Dr
Ing
hc
F
Porsche
AG
(Preference)
..........
(1,475)
(175,376)
283.3
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(3,008)
(112,964)
182.5
LEG
Immobilien
SE
........
(242)
(18,918)
30.6
United
Internet
AG
(Registered)
(625)
(14,510)
23.4
Zalando
SE
.............
(1,392)
(64,916)
104.9
(486,907)
Hong
Kong
AIA
Group
Ltd.
...........
(11,000)
(124,384)
200.9
Hang
Seng
Bank
Ltd.
......
(1,400)
(23,315)
37.7
Hong
Kong
&
China
Gas
Co.
Ltd.
................
(129,150)
(129,669)
209.4
MTR
Corp.
Ltd.
...........
(119,839)
(641,320)
1,035.9
Techtronic
Industries
Co.
Ltd.
.
(3,500)
(45,121)
72.9
Wharf
Real
Estate
Investment
Co.
Ltd.
..............
(46,000)
(263,335)
425.4
(1,227,144)
Ireland
AerCap
Holdings
NV
.......
(386)
(24,399)
39.4
AIB
Group
plc
............
(8,727)
(36,659)
59.2
(61,058)
Israel
Wix.com
Ltd.
............
(674)
(58,624)
94.7
Italy
Amplifon
SpA
............
(763)
(21,069)
34.0
DiaSorin
SpA
............
(182)
(23,693)
38.3
Infrastrutture
Wireless
Italiane
SpA
................
(8,806)
(96,503)
155.9
Intesa
Sanpaolo
SpA
.......
(13,464)
(35,400)
57.2
Nexi
SpA
...............
(8,536)
(75,180)
121.4
(251,845)
Japan
Aisin
Corp.
..............
(700)
(20,423)
33.0
ANA
Holdings,
Inc.
........
(1,000)
(22,133)
35.7
Asahi
Intecc
Co.
Ltd.
.......
(1,200)
(21,053)
34.0
Bridgestone
Corp.
.........
(600)
(22,400)
36.2
Canon,
Inc.
.............
(2,600)
(57,700)
93.2
Chubu
Electric
Power
Co.,
Inc.
(1,800)
(19,388)
31.3
Concordia
Financial
Group
Ltd.
(6,400)
(28,124)
45.4
CyberAgent,
Inc.
..........
(4,900)
(45,825)
74.0
East
Japan
Railway
Co.
.....
(400)
(22,303)
36.0
FANUC
Corp.
............
(100)
(17,669)
28.5
Shares
Value
%
of
Basket
Value
Japan
(continued)
Fast
Retailing
Co.
Ltd.
......
(100)
$
(60,736)
98.1
%
Hoshizaki
Corp.
..........
(1,300)
(46,730)
75.5
Iida
Group
Holdings
Co.
Ltd.
..
(3,300)
(55,013)
88.9
Itochu
Techno-Solutions
Corp.
.
(2,500)
(61,894)
100.0
Japan
Exchange
Group,
Inc.
..
(1,400)
(21,426)
34.6
Japan
Post
Bank
Co.
Ltd.
....
(13,400)
(119,057)
192.3
Japan
Post
Insurance
Co.
Ltd.
(1,500)
(26,760)
43.2
Kansai
Electric
Power
Co.,
Inc.
(The)
...............
(7,000)
(67,320)
108.7
Keio
Corp.
..............
(400)
(14,682)
23.7
Keisei
Electric
Railway
Co.
Ltd.
(800)
(23,335)
37.7
Kintetsu
Group
Holdings
Co.
Ltd.
................
(3,500)
(113,977)
184.1
Kobayashi
Pharmaceutical
Co.
Ltd.
................
(700)
(50,254)
81.2
Koei
Tecmo
Holdings
Co.
Ltd.
.
(4,400)
(80,019)
129.3
Koito
Manufacturing
Co.
Ltd.
..
(2,000)
(33,736)
54.5
Konami
Group
Corp.
.......
(500)
(24,587)
39.7
McDonald's
Holdings
Co.
Japan
Ltd.
................
(500)
(19,754)
31.9
Mitsui
OSK
Lines
Ltd.
......
(2,700)
(67,011)
108.2
Nippon
Paint
Holdings
Co.
Ltd.
(21,500)
(196,284)
317.1
Nippon
Yusen
KK
.........
(1,500)
(35,683)
57.6
Nissan
Motor
Co.
Ltd.
......
(9,100)
(32,696)
52.8
NTT
Data
Corp.
..........
(3,100)
(48,085)
77.7
Odakyu
Electric
Railway
Co.
Ltd.
(3,200)
(42,072)
68.0
Open
House
Group
Co.
Ltd.
..
(1,700)
(64,312)
103.9
Otsuka
Holdings
Co.
Ltd.
....
(1,000)
(32,080)
51.8
Pan
Pacific
International
Holdings
Corp.
.........
(2,200)
(40,685)
65.7
Panasonic
Holdings
Corp.
...
(2,800)
(25,965)
41.9
Rakuten
Group,
Inc.
.......
(7,000)
(35,689)
57.6
Renesas
Electronics
Corp.
...
(3,900)
(40,116)
64.8
Resona
Holdings,
Inc.
......
(13,400)
(74,152)
119.8
SBI
Holdings,
Inc.
.........
(4,200)
(89,037)
143.8
SG
Holdings
Co.
Ltd.
.......
(2,300)
(35,492)
57.3
Sharp
Corp.
.............
(6,300)
(52,366)
84.6
SoftBank
Group
Corp.
......
(900)
(42,608)
68.8
Sumitomo
Metal
Mining
Co.
Ltd.
(600)
(24,362)
39.3
T&D
Holdings,
Inc.
........
(3,500)
(56,022)
90.5
Tobu
Railway
Co.
Ltd.
......
(900)
(21,117)
34.1
Toho
Co.
Ltd.
............
(1,700)
(62,787)
101.4
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(200)
(749)
1.2
Tokyo
Electron
Ltd.
........
(300)
(104,857)
169.4
Tokyu
Corp.
.............
(3,000)
(38,578)
62.3
Toshiba
Corp.
............
(600)
(20,608)
33.3
Toyota
Motor
Corp.
........
(6,900)
(101,331)
163.7
West
Japan
Railway
Co.
....
(1,100)
(46,066)
74.4
Yamato
Holdings
Co.
Ltd.
....
(2,800)
(48,991)
79.1
Z
Holdings
Corp.
..........
(23,000)
(66,924)
108.1
(2,643,023)
Luxembourg
Eurofins
Scientific
SE
......
(2,980)
(213,755)
345.3
Macau
Galaxy
Entertainment
Group
Ltd.
................
(53,000)
(368,949)
596.0
Netherlands
Akzo
Nobel
NV
...........
(633)
(47,149)
76.2
Argenx
SE
..............
(144)
(54,847)
88.6
Euronext
NV
............
(276)
(22,365)
36.1
Heineken
NV
............
(194)
(19,388)
31.3
IMCD
NV
...............
(243)
(38,523)
62.3
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
37
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Netherlands
(continued)
Koninklijke
DSM
NV
.......
(144)
$
(18,519)
29.9
%
(200,791)
New
Zealand
Xero
Ltd.
...............
(1,735)
(95,627)
154.5
Norway
Aker
BP
ASA
............
(579)
(17,637)
28.5
Salmar
ASA
.............
(991)
(46,081)
74.5
Telenor
ASA
.............
(7,246)
(75,856)
122.5
(139,574)
Singapore
Capitaland
Investment
Ltd.
...
(6,100)
(18,481)
29.8
Singapore
Technologies
Engineering
Ltd.
........
(42,800)
(120,334)
194.4
(138,815)
Spain
Amadeus
IT
Group
SA
......
(404)
(25,454)
41.1
EDP
Renovaveis
SA
.......
(3,283)
(71,409)
115.3
Naturgy
Energy
Group
SA
...
(1,414)
(40,104)
64.8
Telefonica
SA
............
(6,040)
(22,946)
37.1
(159,913)
Sweden
Electrolux
AB,
Class
B
......
(1,213)
(17,181)
27.8
Embracer
Group
AB
.......
(3,282)
(15,298)
24.7
Fastighets
AB
Balder,
Class
B
.
(3,366)
(17,342)
28.0
Holmen
AB,
Class
B
.......
(2,375)
(97,958)
158.2
Lifco
AB,
Class
B
.........
(1,535)
(28,198)
45.6
Sagax
AB,
Class
B
........
(1,412)
(35,124)
56.7
Skandinaviska
Enskilda
Banken
AB,
Class
A
...........
(1,999)
(24,200)
39.1
SKF
AB,
Class
B
..........
(1,132)
(20,034)
32.4
Svenska
Cellulosa
AB
SCA,
Class
B
..............
(1,252)
(17,386)
28.1
(272,721)
Switzerland
Alcon,
Inc.
..............
(138)
(10,413)
16.8
Bachem
Holding
AG
.......
(6)
(531)
0.9
Schindler
Holding
AG
......
(577)
(122,980)
198.7
SIG
Group
AG
...........
(1,539)
(38,146)
61.6
Swiss
Prime
Site
AG
(Registered)
...........
(250)
(22,277)
36.0
Temenos
AG
(Registered)
...
(438)
(31,265)
50.5
(225,612)
United
Arab
Emirates
NMC
Health
plc
..........
(9,400)
—
(0.0)
(a)
United
Kingdom
abrdn
plc
...............
(11,750)
(30,947)
50.0
AstraZeneca
plc
..........
(578)
(75,725)
122.3
BAE
Systems
plc
.........
(4,475)
(47,373)
76.5
BT
Group
plc
............
(23,555)
(36,291)
58.6
Bunzl
plc
...............
(838)
(30,764)
49.7
Persimmon
plc
...........
(1,226)
(21,412)
34.6
Rentokil
Initial
plc
.........
(7,296)
(44,239)
71.5
Schroders
plc
............
(26,893)
(159,040)
256.9
St
James's
Place
plc
.......
(880)
(13,344)
21.5
Unilever
plc
.............
(874)
(44,486)
71.9
(503,621)
United
States
Albemarle
Corp.
..........
(74)
(20,827)
33.6
Ally
Financial,
Inc.
.........
(612)
(19,884)
32.1
Shares
Value
%
of
Basket
Value
United
States
(continued)
American
Electric
Power
Co.,
Inc.
.................
(468)
$
(43,973)
71.0
%
Amphenol
Corp.,
Class
A
....
(575)
(45,868)
74.1
Arch
Capital
Group
Ltd.
.....
(599)
(38,546)
62.3
Aspen
Technology,
Inc.
.....
(176)
(34,980)
56.5
Ball
Corp.
..............
(1,029)
(59,929)
96.8
Bank
of
America
Corp.
......
(2,094)
(74,295)
120.0
Baxter
International,
Inc.
....
(1,000)
(45,690)
73.8
Bentley
Systems,
Inc.,
Class
B
(3,047)
(118,985)
192.2
Bill.com
Holdings,
Inc.
......
(348)
(40,236)
65.0
Block,
Inc.,
Class
A
........
(1,073)
(87,686)
141.6
Broadridge
Financial
Solutions,
Inc.
.................
(198)
(29,771)
48.1
Brookfield
Renewable
Corp.
..
(1,390)
(43,783)
70.7
Brown
&
Brown,
Inc.
.......
(2,554)
(149,562)
241.6
Caesars
Entertainment,
Inc.
..
(823)
(42,845)
69.2
Campbell
Soup
Co.
........
(354)
(18,383)
29.7
CarMax,
Inc.
............
(761)
(53,612)
86.6
Caterpillar,
Inc.
...........
(71)
(17,913)
28.9
Centene
Corp.
...........
(816)
(62,212)
100.5
Ceridian
HCM
Holding,
Inc.
..
(645)
(46,621)
75.3
Charles
River
Laboratories
International,
Inc.
.......
(113)
(27,487)
44.4
Charles
Schwab
Corp.
(The)
..
(332)
(25,703)
41.5
Cheniere
Energy,
Inc.
......
(443)
(67,686)
109.3
Chesapeake
Energy
Corp.
...
(239)
(20,726)
33.5
Cincinnati
Financial
Corp.
....
(981)
(111,000)
179.3
Clarivate
plc
.............
(1,452)
(16,146)
26.1
Cloudflare,
Inc.,
Class
A
.....
(362)
(19,153)
30.9
Cognex
Corp.
............
(140)
(7,664)
12.4
Computershare
Ltd.
........
(2,726)
(45,911)
74.2
Constellation
Brands,
Inc.,
Class
A
..................
(84)
(19,448)
31.4
Cooper
Cos.,
Inc.
(The)
.....
(90)
(31,404)
50.7
Corning,
Inc.
............
(2)
(69)
0.1
Darling
Ingredients,
Inc.
.....
(313)
(20,749)
33.5
Deere
&
Co.
.............
(52)
(21,988)
35.5
Dentsply
Sirona,
Inc.
.......
(1,619)
(59,628)
96.3
Dollar
General
Corp.
.......
(86)
(20,090)
32.5
Dollar
Tree,
Inc.
..........
(303)
(45,505)
73.5
Dominion
Energy,
Inc.
......
(815)
(51,867)
83.8
DR
Horton,
Inc.
...........
(845)
(83,393)
134.7
Duke
Energy
Corp.
........
(196)
(20,080)
32.4
DuPont
de
Nemours,
Inc.
....
(266)
(19,671)
31.8
Elanco
Animal
Health,
Inc.
...
(1,391)
(19,098)
30.9
Emerson
Electric
Co.
.......
(427)
(38,524)
62.2
Entegris,
Inc.
............
(228)
(18,402)
29.7
Equifax,
Inc.
.............
(312)
(69,326)
112.0
Essential
Utilities,
Inc.
......
(735)
(34,347)
55.5
Fidelity
National
Information
Services,
Inc.
..........
(252)
(18,910)
30.5
First
Solar,
Inc.
...........
(146)
(25,930)
41.9
Fiserv,
Inc.
..............
(172)
(18,349)
29.6
Fortune
Brands
Innovations,
Inc.
(577)
(37,222)
60.1
Freeport-McMoRan,
Inc.
....
(2,556)
(114,049)
184.2
Gen
Digital,
Inc.
..........
(9,503)
(218,664)
353.2
Generac
Holdings,
Inc.
.....
(223)
(26,894)
43.4
General
Mills,
Inc.
.........
(2,046)
(160,325)
259.0
Hasbro,
Inc.
.............
(2,317)
(137,097)
221.5
Henry
Schein,
Inc.
.........
(626)
(53,930)
87.1
Hess
Corp.
.............
(219)
(32,885)
53.1
Hormel
Foods
Corp.
.......
(405)
(18,351)
29.6
Huntington
Ingalls
Industries,
Inc.
.................
(77)
(16,982)
27.4
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
38
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
International
Business
Machines
Corp.
...............
(249)
$
(33,548)
54.2
%
International
Flavors
&
Fragrances,
Inc.
........
(336)
(37,787)
61.0
Jacobs
Solutions,
Inc.
......
(598)
(73,883)
119.3
Kellogg
Co.
.............
(851)
(58,362)
94.3
Leidos
Holdings,
Inc.
.......
(561)
(55,449)
89.6
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(140)
(9,912)
16.0
Live
Nation
Entertainment,
Inc.
(753)
(60,609)
97.9
Loews
Corp.
............
(885)
(54,410)
87.9
LPL
Financial
Holdings,
Inc.
..
(77)
(18,258)
29.5
Lumen
Technologies,
Inc.
....
(2,535)
(13,309)
21.5
Marsh
&
McLennan
Cos.,
Inc.
.
(184)
(32,183)
52.0
Martin
Marietta
Materials,
Inc.
.
(105)
(37,762)
61.0
McCormick
&
Co.,
Inc.
(Non-
Voting)
..............
(311)
(23,362)
37.7
Molson
Coors
Beverage
Co.,
Class
B
..............
(407)
(21,400)
34.6
MongoDB,
Inc.
...........
(143)
(30,632)
49.5
Morgan
Stanley
..........
(221)
(21,510)
34.7
Nasdaq,
Inc.
............
(329)
(19,802)
32.0
Newell
Brands,
Inc.
........
(2,498)
(39,868)
64.4
Newmont
Corp.
..........
(535)
(28,318)
45.7
NextEra
Energy,
Inc.
.......
(919)
(68,585)
110.8
Novocure
Ltd.
............
(249)
(22,704)
36.7
NVIDIA
Corp.
............
(126)
(24,617)
39.8
Okta,
Inc.
...............
(416)
(30,622)
49.5
ONEOK,
Inc.
............
(514)
(35,199)
56.9
Palantir
Technologies,
Inc.,
Class
A
..................
(2,809)
(21,854)
35.3
PerkinElmer,
Inc.
.........
(145)
(19,942)
32.2
Plug
Power,
Inc.
..........
(1,688)
(28,730)
46.4
Pool
Corp.
..............
(65)
(25,065)
40.5
Public
Service
Enterprise
Group,
Inc.
.................
(1,835)
(113,642)
183.6
Quanta
Services,
Inc.
......
(316)
(48,092)
77.7
Raymond
James
Financial,
Inc.
(170)
(19,171)
31.0
Repligen
Corp.
...........
(214)
(39,654)
64.1
Rivian
Automotive,
Inc.,
Class
A
(3,750)
(72,750)
117.5
ROBLOX
Corp.,
Class
A
.....
(439)
(16,335)
26.4
Seagate
Technology
Holdings
plc
.................
(1,185)
(80,319)
129.7
Sensata
Technologies
Holding
plc
.................
(804)
(40,883)
66.0
Southern
Co.
(The)
........
(375)
(25,380)
41.0
Swiss
Re
AG
............
(443)
(46,387)
74.9
Tesla,
Inc.
..............
(253)
(43,825)
70.8
Tradeweb
Markets,
Inc.,
Class
A
(219)
(16,324)
26.4
Twilio,
Inc.,
Class
A
........
(742)
(44,401)
71.7
Tyler
Technologies,
Inc.
.....
(61)
(19,689)
31.8
UnitedHealth
Group,
Inc.
....
(155)
(77,374)
125.0
Valero
Energy
Corp.
.......
(147)
(20,584)
33.3
Verizon
Communications,
Inc.
.
(2,757)
(114,608)
185.1
Visa,
Inc.,
Class
A
.........
(78)
(17,956)
29.0
Wolfspeed,
Inc.
...........
(351)
(27,030)
43.7
Zillow
Group,
Inc.,
Class
C
...
(984)
(43,503)
70.3
ZoomInfo
Technologies,
Inc.
..
(2,292)
(64,703)
104.5
(4,830,546)
Total
Reference
Entity
—
Short
............
(15,553,429)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(61,908)
Shares
Value
%
of
Basket
Value
United
States
(continued)
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Goldman
Sachs
Bank
USA,
as
of
period
end,
termination
dates
02/27/23-03/01/23:
Reference
Entity
—
Long
Common
Stocks
Australia
Aristocrat
Leisure
Ltd.
......
788
$
19,025
(49.4)
%
BHP
Group
Ltd.
..........
6,288
220,219
(571.3)
BlueScope
Steel
Ltd.
.......
3,736
50,946
(132.2)
Cochlear
Ltd.
............
450
67,985
(176.4)
Coles
Group
Ltd.
.........
4,359
54,826
(142.2)
Fortescue
Metals
Group
Ltd.
..
3,854
60,876
(157.9)
Qantas
Airways
Ltd.
.......
5,600
25,277
(65.6)
Sonic
Healthcare
Ltd.
......
979
21,927
(56.9)
South32
Ltd.
............
19,399
62,250
(161.5)
Telstra
Group
Ltd.
.........
12,727
36,783
(95.4)
Treasury
Wine
Estates
Ltd.
...
6,361
65,523
(170.0)
Wesfarmers
Ltd.
..........
1,478
52,109
(135.2)
737,746
Austria
voestalpine
AG
...........
616
20,468
(53.1)
Belgium
Groupe
Bruxelles
Lambert
NV
.
3,432
293,591
(761.7)
Umicore
SA
.............
653
24,686
(64.0)
318,277
Canada
AltaGas
Ltd.
.............
5,649
105,631
(274.0)
ARC
Resources
Ltd.
.......
4,753
55,226
(143.3)
Bank
of
Montreal
.........
2,513
252,896
(656.1)
Bank
of
Nova
Scotia
(The)
...
514
27,826
(72.2)
Canadian
Apartment
Properties
REIT
................
536
19,820
(51.4)
Canadian
National
Railway
Co.
1,202
143,078
(371.2)
Canadian
Natural
Resources
Ltd.
................
1,208
74,148
(192.4)
Canadian
Utilities
Ltd.,
Class
A
4,047
112,478
(291.8)
Constellation
Software,
Inc.
..
90
159,009
(412.5)
Dollarama,
Inc.
...........
577
34,506
(89.5)
Empire
Co.
Ltd.,
Class
A
....
2,094
60,260
(156.3)
Franco-Nevada
Corp.
......
1,959
287,353
(745.5)
George
Weston
Ltd.
.......
256
32,933
(85.4)
Gildan
Activewear,
Inc.
......
571
17,904
(46.5)
Hydro
One
Ltd.
...........
16,611
454,179
(1,178.3)
Kinross
Gold
Corp.
........
5,618
26,136
(67.8)
Loblaw
Cos.
Ltd.
..........
757
67,817
(175.9)
Magna
International,
Inc.
....
54
3,506
(9.1)
Manulife
Financial
Corp.
.....
1,562
30,910
(80.2)
National
Bank
of
Canada
....
2,865
215,217
(558.3)
Onex
Corp.
.............
569
29,409
(76.3)
Open
Text
Corp.
..........
1,430
47,966
(124.4)
Power
Corp.
of
Canada
.....
1,335
36,211
(93.9)
Royal
Bank
of
Canada
......
1,152
117,888
(305.8)
Sun
Life
Financial,
Inc.
......
5,148
258,686
(671.1)
Suncor
Energy,
Inc.
........
2,084
72,330
(187.7)
Teck
Resources
Ltd.,
Class
B
.
2,377
102,830
(266.8)
TFI
International,
Inc.
.......
199
22,164
(57.5)
Tourmaline
Oil
Corp.
.......
382
17,803
(46.2)
West
Fraser
Timber
Co.
Ltd.
..
334
29,041
(75.3)
2,915,161
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
39
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
China
SITC
International
Holdings
Co.
Ltd.
................
7,000
$
15,292
(39.7)
%
Denmark
AP
Moller
-
Maersk
A/S,
Class
B
10
21,753
(56.4)
Carlsberg
A/S,
Class
B
.....
695
98,663
(256.0)
DSV
A/S
...............
336
55,585
(144.2)
Genmab
A/S
............
70
27,433
(71.2)
Novo
Nordisk
A/S,
Class
B
...
849
117,493
(304.8)
Pandora
A/S
............
451
37,555
(97.4)
358,482
Finland
Elisa
OYJ
..............
496
28,259
(73.3)
Kesko
OYJ,
Class
B
.......
699
16,282
(42.2)
Nokia
OYJ
..............
6,351
30,113
(78.1)
Nordea
Bank
Abp
.........
284
3,320
(8.6)
Stora
Enso
OYJ,
Class
R
....
2,614
37,368
(97.0)
115,342
France
Amundi
SA
.............
260
17,022
(44.2)
Arkema
SA
.............
345
34,910
(90.6)
BioMerieux
.............
1,077
109,796
(284.8)
Bollore
SE
..............
6,444
36,057
(93.5)
Bureau
Veritas
SA
.........
3,181
90,949
(236.0)
Capgemini
SE
...........
305
57,885
(150.2)
Cie
de
Saint-Gobain
.......
1,819
104,467
(271.0)
Credit
Agricole
SA
.........
6,605
79,532
(206.3)
Dassault
Systemes
SE
.....
3,007
111,833
(290.1)
Eiffage
SA
..............
465
49,667
(128.9)
Engie
SA
...............
14,336
203,569
(528.1)
Eurazeo
SE
.............
291
20,413
(53.0)
Hermes
International
.......
144
269,497
(699.2)
Kering
SA
..............
152
94,841
(246.1)
La
Francaise
des
Jeux
SAEM
.
2,238
95,760
(248.4)
Legrand
SA
.............
935
83,368
(216.3)
L'Oreal
SA
..............
79
32,620
(84.6)
Pernod
Ricard
SA
.........
399
82,605
(214.3)
Publicis
Groupe
SA
........
2,672
188,482
(489.0)
Societe
Generale
SA
.......
6,551
195,001
(505.9)
Sodexo
SA
.............
344
34,102
(88.5)
Vivendi
SE
..............
15,004
161,140
(418.0)
Wendel
SE
.............
200
21,178
(54.9)
2,174,694
Germany
Brenntag
SE
............
1,242
92,713
(240.5)
Deutsche
Post
AG
.........
10,854
467,337
(1,212.4)
E.ON
SE
...............
2,407
26,243
(68.1)
GEA
Group
AG
...........
4,160
187,699
(486.9)
Infineon
Technologies
AG
....
2,332
83,976
(217.9)
Mercedes-Benz
Group
AG
...
247
18,380
(47.7)
Merck
KGaA
............
168
35,066
(91.0)
Puma
SE
...............
812
55,450
(143.9)
Rational
AG
.............
66
43,414
(112.6)
Scout24
SE
.............
393
22,880
(59.4)
Symrise
AG
.............
205
21,794
(56.5)
1,054,952
Hong
Kong
CK
Asset
Holdings
Ltd.
.....
73,500
469,923
(1,219.1)
CLP
Holdings
Ltd.
.........
3,500
26,005
(67.5)
Hongkong
Land
Holdings
Ltd.
.
5,300
25,911
(67.2)
Jardine
Matheson
Holdings
Ltd.
800
42,524
(110.3)
Power
Assets
Holdings
Ltd.
..
8,500
48,094
(124.8)
Shares
Value
%
of
Basket
Value
Hong
Kong
(continued)
Sun
Hung
Kai
Properties
Ltd.
.
9,000
$
127,635
(331.1)
%
740,092
Ireland
CRH
plc
...............
465
21,726
(56.4)
Smurfit
Kappa
Group
plc
....
234
9,824
(25.5)
31,550
Israel
Bank
Hapoalim
BM
........
8,059
72,535
(188.2)
Bank
Leumi
Le-Israel
BM
....
7,006
61,915
(160.6)
Bezeq
Israeli
Telecommunication
Corp.
Ltd.
............
23,719
39,307
(102.0)
Israel
Discount
Bank
Ltd.,
Class
A
..................
4,164
21,298
(55.2)
Nice
Ltd.
...............
106
21,922
(56.9)
ZIM
Integrated
Shipping
Services
Ltd.
................
1,112
21,072
(54.7)
238,049
Italy
Coca-Cola
HBC
AG
........
1,764
42,868
(111.2)
Moncler
SpA
............
2,409
150,773
(391.2)
UniCredit
SpA
...........
1,041
20,332
(52.7)
213,973
Japan
Advantest
Corp.
..........
700
50,177
(130.2)
AGC,
Inc.
..............
800
29,477
(76.5)
Ajinomoto
Co.,
Inc.
........
1,200
39,562
(102.6)
Asahi
Kasei
Corp.
.........
13,300
100,783
(261.5)
Astellas
Pharma,
Inc.
.......
3,600
52,992
(137.5)
Chugai
Pharmaceutical
Co.
Ltd.
6,500
168,513
(437.2)
Dai
Nippon
Printing
Co.
Ltd.
..
2,200
51,941
(134.7)
Denso
Corp.
............
100
5,401
(14.0)
Dentsu
Group,
Inc.
........
4,200
135,277
(350.9)
ENEOS
Holdings,
Inc.
......
53,800
192,615
(499.7)
Fuji
Electric
Co.
Ltd.
.......
4,400
178,103
(462.1)
Hamamatsu
Photonics
KK
...
400
21,372
(55.4)
Honda
Motor
Co.
Ltd.
......
5,000
123,683
(320.9)
Idemitsu
Kosan
Co.
Ltd.
.....
5,700
142,504
(369.7)
Isuzu
Motors
Ltd.
.........
3,800
48,052
(124.7)
JSR
Corp.
..............
3,600
81,001
(210.1)
Kajima
Corp.
............
14,900
182,991
(474.7)
KDDI
Corp.
.............
1,000
31,243
(81.1)
Kirin
Holdings
Co.
Ltd.
......
2,500
38,524
(99.9)
Komatsu
Ltd.
............
2,500
61,436
(159.4)
Marubeni
Corp.
...........
6,500
79,746
(206.9)
Mazda
Motor
Corp.
........
2,800
22,288
(57.8)
MISUMI
Group,
Inc.
........
1,000
25,167
(65.3)
Mitsubishi
Electric
Corp.
.....
26,500
292,050
(757.7)
Mitsubishi
Estate
Co.
Ltd.
....
5,300
68,122
(176.7)
Mitsubishi
HC
Capital,
Inc.
...
13,400
68,396
(177.4)
Mitsui
Chemicals,
Inc.
......
9,800
230,678
(598.4)
NGK
Insulators
Ltd.
........
16,500
228,381
(592.5)
Nippon
Express
Holdings,
Inc.
.
700
40,623
(105.4)
Nippon
Steel
Corp.
........
8,700
181,088
(469.8)
Nippon
Telegraph
&
Telephone
Corp.
...............
13,700
410,802
(1,065.7)
Nissan
Chemical
Corp.
.....
2,700
127,466
(330.7)
Nissin
Foods
Holdings
Co.
Ltd.
600
46,907
(121.7)
Nitto
Denko
Corp.
.........
3,600
232,695
(603.7)
Nomura
Real
Estate
Holdings,
Inc.
.................
2,700
59,509
(154.4)
ORIX
Corp.
.............
3,500
61,540
(159.7)
Osaka
Gas
Co.
Ltd.
........
12,900
208,166
(540.0)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
40
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Japan
(continued)
Recruit
Holdings
Co.
Ltd.
....
2,300
$
73,969
(191.9)
%
Ricoh
Co.
Ltd.
...........
5,900
45,799
(118.8)
Secom
Co.
Ltd.
...........
300
17,873
(46.4)
Sekisui
Chemical
Co.
Ltd.
....
22,100
309,583
(803.1)
Sekisui
House
Ltd.
........
9,200
173,873
(451.1)
Shin-Etsu
Chemical
Co.
Ltd.
..
600
88,454
(229.5)
Shionogi
&
Co.
Ltd.
........
1,300
61,951
(160.7)
SoftBank
Corp.
...........
6,300
72,085
(187.0)
Subaru
Corp.
............
2,400
39,436
(102.3)
Sumitomo
Corp.
..........
2,500
44,875
(116.4)
Sumitomo
Mitsui
Financial
Group,
Inc.
...........
3,600
156,460
(405.9)
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.................
1,300
47,357
(122.9)
Sumitomo
Realty
&
Development
Co.
Ltd.
..............
800
19,502
(50.6)
Sysmex
Corp.
...........
300
19,916
(51.7)
Terumo
Corp.
............
3,100
90,242
(234.1)
Tokyo
Gas
Co.
Ltd.
........
7,400
154,954
(402.0)
TOPPAN,
Inc.
............
2,900
46,725
(121.2)
TOTO
Ltd.
..............
800
31,090
(80.7)
Toyota
Industries
Corp.
.....
400
24,349
(63.2)
Toyota
Tsusho
Corp.
.......
1,000
42,342
(109.8)
USS
Co.
Ltd.
............
4,100
67,438
(175.0)
ZOZO,
Inc.
..............
3,900
101,101
(262.3)
5,848,645
Netherlands
Adyen
NV
..............
13
19,655
(51.0)
ASML
Holding
NV
.........
227
150,194
(389.6)
EXOR
NV
..............
568
45,150
(117.1)
Koninklijke
KPN
NV
........
14,550
49,744
(129.0)
264,743
New
Zealand
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
................
6,104
100,174
(259.9)
Spark
New
Zealand
Ltd.
.....
13,727
46,284
(120.1)
146,458
Norway
DNB
Bank
ASA
...........
4,169
77,958
(202.2)
Equinor
ASA
............
501
15,269
(39.6)
93,227
Portugal
Jeronimo
Martins
SGPS
SA
..
1,919
41,663
(108.1)
Singapore
Oversea-Chinese
Banking
Corp.
Ltd.
................
4,300
42,485
(110.2)
Singapore
Airlines
Ltd.
......
12,900
58,332
(151.3)
Singapore
Telecommunications
Ltd.
................
25,000
47,879
(124.2)
STMicroelectronics
NV
.....
3,024
142,395
(369.4)
291,091
Spain
ACS
Actividades
de
Construccion
y
Servicios
SA
.........
1,456
43,088
(111.8)
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
6,251
44,156
(114.6)
Iberdrola
SA
.............
64,146
382,828
(993.2)
Repsol
SA
..............
2,603
42,759
(110.9)
512,831
Shares
Value
%
of
Basket
Value
Sweden
Alfa
Laval
AB
............
2
$
63
(0.2)
%
Assa
Abloy
AB,
Class
B
.....
1,844
43,438
(112.7)
Epiroc
AB,
Class
A
........
2,023
39,361
(102.1)
Sandvik
AB
.............
1,212
25,049
(65.0)
Volvo
AB,
Class
B
.........
1,911
37,921
(98.4)
145,832
Switzerland
Baloise
Holding
AG
(Registered)
1,116
183,552
(476.2)
Chocoladefabriken
Lindt
&
Spruengli
AG
..........
4
43,931
(114.0)
Cie
Financiere
Richemont
SA
(Registered)
...........
276
42,548
(110.4)
Julius
Baer
Group
Ltd.
......
395
25,337
(65.7)
Kuehne
+
Nagel
International
AG
(Registered)
...........
83
19,792
(51.3)
Novartis
AG
(Registered)
....
3,475
314,172
(815.1)
Partners
Group
Holding
AG
..
88
82,570
(214.2)
Swiss
Life
Holding
AG
(Registered)
...........
35
20,715
(53.7)
UBS
Group
AG
(Registered)
..
3,519
75,114
(194.9)
807,731
United
Kingdom
Auto
Trader
Group
plc
......
5,504
42,703
(110.8)
Aviva
plc
...............
8,052
45,412
(117.8)
Barclays
plc
.............
53,524
123,041
(319.2)
BP
plc
.................
6,822
41,207
(106.9)
British
American
Tobacco
plc
.
811
31,089
(80.7)
Burberry
Group
plc
........
1,491
45,417
(117.8)
Coca-Cola
Europacific
Partners
plc
.................
195
10,963
(28.5)
DCC
plc
...............
499
28,422
(73.7)
Entain
plc
..............
3,399
62,680
(162.6)
Informa
plc
..............
4,601
38,054
(98.7)
London
Stock
Exchange
Group
plc
.................
226
20,689
(53.7)
M&G
plc
...............
13,242
33,070
(85.8)
Melrose
Industries
plc
......
15,550
27,417
(71.1)
NatWest
Group
plc
........
20,312
77,491
(201.0)
Sage
Group
plc
(The)
......
12,429
119,414
(309.8)
Smiths
Group
plc
.........
5,405
115,381
(299.3)
SSE
plc
................
2,802
59,808
(155.2)
Taylor
Wimpey
plc
.........
66,427
96,380
(250.1)
Whitbread
plc
............
643
24,217
(62.8)
1,042,855
United
States
Abbott
Laboratories
........
616
68,099
(176.7)
Accenture
plc,
Class
A
......
209
58,321
(151.3)
Adobe,
Inc.
.............
169
62,587
(162.4)
Advanced
Micro
Devices,
Inc.
.
1,031
77,480
(201.0)
AES
Corp.
(The)
..........
707
19,379
(50.3)
Agilent
Technologies,
Inc.
....
391
59,463
(154.3)
Airbnb,
Inc.,
Class
A
.......
1,778
197,554
(512.5)
Akamai
Technologies,
Inc.
...
474
42,162
(109.4)
Alphabet,
Inc.,
Class
A
......
508
50,211
(130.3)
Altria
Group,
Inc.
..........
2,282
102,781
(266.6)
American
Express
Co.
......
445
77,844
(201.9)
American
Financial
Group,
Inc.
789
112,504
(291.9)
American
International
Group,
Inc.
.................
2,647
167,343
(434.1)
Ameriprise
Financial,
Inc.
....
174
60,921
(158.0)
AmerisourceBergen
Corp.
...
315
53,222
(138.1)
AMETEK,
Inc.
...........
557
80,720
(209.4)
Amgen,
Inc.
.............
330
83,292
(216.1)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
41
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Aon
plc,
Class
A
..........
87
$
27,725
(71.9)
%
Apple,
Inc.
..............
556
80,225
(208.1)
Applied
Materials,
Inc.
......
2,304
256,873
(666.4)
Arista
Networks,
Inc.
.......
2,314
291,610
(756.5)
Autodesk,
Inc.
...........
1,633
351,356
(911.5)
AutoZone,
Inc.
...........
49
119,504
(310.0)
Avery
Dennison
Corp.
......
410
77,670
(201.5)
Bank
of
New
York
Mellon
Corp.
(The)
...............
974
49,255
(127.8)
Bath
&
Body
Works,
Inc.
....
768
35,336
(91.7)
Berkshire
Hathaway,
Inc.,
Class
B
..................
58
18,068
(46.9)
Best
Buy
Co.,
Inc.
.........
265
23,511
(61.0)
Biogen,
Inc.
.............
73
21,236
(55.1)
Booking
Holdings,
Inc.
......
11
26,775
(69.5)
Booz
Allen
Hamilton
Holding
Corp.
...............
513
48,550
(126.0)
Brown-Forman
Corp.,
Class
B
.
427
28,430
(73.8)
BRP,
Inc.
...............
225
18,776
(48.7)
Cadence
Design
Systems,
Inc.
895
163,633
(424.5)
Capital
One
Financial
Corp.
..
324
38,556
(100.0)
Cardinal
Health,
Inc.
.......
242
18,695
(48.5)
CDW
Corp.
.............
697
136,633
(354.5)
Celanese
Corp.
..........
442
54,454
(141.3)
CenterPoint
Energy,
Inc.
....
1,390
41,867
(108.6)
Chipotle
Mexican
Grill,
Inc.
...
35
57,623
(149.5)
Cintas
Corp.
.............
503
223,201
(579.1)
Citigroup,
Inc.
............
1,308
68,304
(177.2)
Coca-Cola
Co.
(The)
.......
964
59,112
(153.4)
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
1,428
95,319
(247.3)
Colgate-Palmolive
Co.
......
789
58,804
(152.6)
Copart,
Inc.
.............
5,007
333,516
(865.2)
CSX
Corp.
..............
3,386
104,695
(271.6)
Cummins,
Inc.
...........
667
166,443
(431.8)
Darden
Restaurants,
Inc.
....
576
85,231
(221.1)
Delta
Air
Lines,
Inc.
........
1,363
53,293
(138.3)
Diamondback
Energy,
Inc.
...
765
111,782
(290.0)
Discover
Financial
Services
..
340
39,688
(103.0)
DocuSign,
Inc.
...........
876
53,121
(137.8)
Domino's
Pizza,
Inc.
.......
123
43,419
(112.6)
Dropbox,
Inc.,
Class
A
......
9,234
214,506
(556.5)
DTE
Energy
Co.
..........
202
23,507
(61.0)
Eastman
Chemical
Co.
.....
236
20,808
(54.0)
Eaton
Corp.
plc
...........
725
117,602
(305.1)
eBay,
Inc.
..............
924
45,738
(118.7)
Edison
International
........
1,000
68,900
(178.7)
Edwards
Lifesciences
Corp.
..
380
29,146
(75.6)
Electronic
Arts,
Inc.
........
507
65,241
(169.3)
Eli
Lilly
&
Co.
............
72
24,779
(64.3)
Entergy
Corp.
............
163
17,650
(45.8)
EOG
Resources,
Inc.
.......
1,283
169,677
(440.2)
Equitable
Holdings,
Inc.
.....
370
11,866
(30.8)
Evergy,
Inc.
.............
701
43,918
(113.9)
Eversource
Energy
........
541
44,541
(115.6)
Exelon
Corp.
............
762
32,149
(83.4)
Expedia
Group,
Inc.
........
628
71,780
(186.2)
Exxon
Mobil
Corp.
.........
818
94,896
(246.2)
FedEx
Corp.
............
285
55,250
(143.3)
FirstEnergy
Corp.
.........
647
26,495
(68.7)
Fortinet,
Inc.
.............
3,120
163,301
(423.7)
Gartner,
Inc.
.............
52
17,583
(45.6)
GSK
plc
...............
1,753
30,792
(79.9)
Halliburton
Co.
...........
1,100
45,342
(117.6)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Hartford
Financial
Services
Group,
Inc.
(The)
.......
405
$
31,432
(81.5)
%
Hologic,
Inc.
.............
260
21,156
(54.9)
Honeywell
International,
Inc.
..
237
49,410
(128.2)
Hubbell,
Inc.
.............
576
131,852
(342.1)
HubSpot,
Inc.
............
70
24,291
(63.0)
IDEX
Corp.
.............
260
62,317
(161.7)
IDEXX
Laboratories,
Inc.
....
130
62,465
(162.1)
Incyte
Corp.
.............
96
8,173
(21.2)
Interpublic
Group
of
Cos.,
Inc.
(The)
...............
5,634
205,416
(532.9)
J
M
Smucker
Co.
(The)
.....
149
22,767
(59.1)
Johnson
&
Johnson
........
541
88,410
(229.4)
Juniper
Networks,
Inc.
......
967
31,234
(81.0)
Knight-Swift
Transportation
Holdings,
Inc.
..........
775
45,802
(118.8)
Kroger
Co.
(The)
..........
1,484
66,231
(171.8)
Lamb
Weston
Holdings,
Inc.
..
248
24,773
(64.3)
Lennox
International,
Inc.
....
266
69,325
(179.8)
Lowe's
Cos.,
Inc.
.........
574
119,536
(310.1)
Lululemon
Athletica,
Inc.
....
329
100,964
(261.9)
LyondellBasell
Industries
NV,
Class
A
..............
196
18,951
(49.2)
Marathon
Oil
Corp.
........
2,772
76,147
(197.5)
Mettler-Toledo
International,
Inc.
90
137,963
(357.9)
Mondelez
International,
Inc.,
Class
A
..............
471
30,822
(80.0)
Monolithic
Power
Systems,
Inc.
277
118,157
(306.5)
MSCI,
Inc.
..............
112
59,535
(154.4)
Nestle
SA
(Registered)
.....
1,910
233,037
(604.6)
News
Corp.,
Class
A
.......
1,379
27,939
(72.5)
NIKE,
Inc.,
Class
B
........
221
28,140
(73.0)
Nordson
Corp.
...........
1,073
261,061
(677.3)
NRG
Energy,
Inc.
.........
1,186
40,585
(105.3)
Nucor
Corp.
.............
175
29,579
(76.7)
NVR,
Inc.
...............
41
216,070
(560.5)
Old
Dominion
Freight
Line,
Inc.
721
240,266
(623.3)
Oracle
Corp.
............
980
86,691
(224.9)
O'Reilly
Automotive,
Inc.
....
60
47,541
(123.3)
Ovintiv,
Inc.
.............
988
48,639
(126.2)
Owens
Corning
...........
989
95,587
(248.0)
PACCAR,
Inc.
...........
347
37,931
(98.4)
Packaging
Corp.
of
America
..
482
68,781
(178.4)
Palo
Alto
Networks,
Inc.
.....
137
21,734
(56.4)
Parker-Hannifin
Corp.
......
160
52,160
(135.3)
Paychex,
Inc.
............
785
90,950
(236.0)
Paycom
Software,
Inc.
......
80
25,915
(67.2)
PepsiCo,
Inc.
............
2,060
352,301
(914.0)
Philip
Morris
International,
Inc.
2,442
254,554
(660.4)
Pinterest,
Inc.,
Class
A
......
879
23,109
(59.9)
PPL
Corp.
..............
2,779
82,258
(213.4)
Procter
&
Gamble
Co.
(The)
..
333
47,413
(123.0)
Regions
Financial
Corp.
.....
1,054
24,811
(64.4)
Roche
Holding
AG
........
149
46,513
(120.7)
Schneider
Electric
SE
......
30
4,866
(12.6)
Sempra
Energy
..........
1,556
249,473
(647.2)
Snap-on,
Inc.
............
233
57,954
(150.3)
Starbucks
Corp.
..........
771
84,147
(218.3)
State
Street
Corp.
.........
289
26,394
(68.5)
Steel
Dynamics,
Inc.
.......
164
19,785
(51.3)
Stellantis
NV
............
2,465
38,752
(100.5)
Synopsys,
Inc.
...........
148
52,355
(135.8)
TE
Connectivity
Ltd.
.......
156
19,835
(51.5)
Texas
Instruments,
Inc.
.....
256
45,366
(117.7)
Trade
Desk,
Inc.
(The),
Class
A
405
20,533
(53.3)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
42
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Trane
Technologies
plc
.....
127
$
22,748
(59.0)
%
Travelers
Cos.,
Inc.
(The)
....
38
7,263
(18.8)
Truist
Financial
Corp.
.......
758
37,438
(97.1)
UGI
Corp.
..............
546
21,747
(56.4)
Ulta
Beauty,
Inc.
..........
245
125,920
(326.7)
United
Parcel
Service,
Inc.,
Class
B
..................
892
165,225
(428.6)
United
Rentals,
Inc.
........
607
267,657
(694.4)
Veeva
Systems,
Inc.,
Class
A
.
303
51,677
(134.1)
VeriSign,
Inc.
............
1,453
316,827
(821.9)
Vertex
Pharmaceuticals,
Inc.
..
811
262,034
(679.8)
Vistra
Corp.
.............
2,402
55,390
(143.7)
Waters
Corp.
............
313
102,846
(266.8)
West
Pharmaceutical
Services,
Inc.
.................
76
20,186
(52.4)
Westinghouse
Air
Brake
Technologies
Corp.
......
422
43,808
(113.6)
WestRock
Co.
...........
1,909
74,909
(194.3)
Whirlpool
Corp.
...........
567
88,220
(228.9)
Workday,
Inc.,
Class
A
......
306
55,518
(144.0)
WW
Grainger,
Inc.
.........
10
5,895
(15.3)
Yum!
Brands,
Inc.
.........
2,171
283,337
(735.1)
Zimmer
Biomet
Holdings,
Inc.
.
281
35,783
(92.8)
13,046,221
Total
Reference
Entity
—
Long
............
31,175,375
Reference
Entity
—
Short
Common
Stocks
Australia
APA
Group
..............
(1,695)
(12,685)
32.9
Endeavour
Group
Ltd.
......
(31,393)
(147,408)
382.4
Flutter
Entertainment
plc
....
(557)
(86,520)
224.4
Glencore
plc
............
(5,259)
(35,219)
91.4
IGO
Ltd.
...............
(2,424)
(25,198)
65.4
Lendlease
Corp.
Ltd.
.......
(1,850)
(11,297)
29.3
Medibank
Pvt
Ltd.
.........
(9,429)
(19,643)
50.9
Newcrest
Mining
Ltd.
.......
(2,152)
(34,193)
88.7
Northern
Star
Resources
Ltd.
.
(7,972)
(71,035)
184.3
Pilbara
Minerals
Ltd.
.......
(22,827)
(77,656)
201.5
Ramsay
Health
Care
Ltd.
....
(2,440)
(115,299)
299.1
Reece
Ltd.
..............
(2,333)
(26,815)
69.6
Santos
Ltd.
.............
(5,296)
(27,035)
70.1
SEEK
Ltd.
..............
(5,562)
(96,328)
249.9
Transurban
Group
.........
(13,130)
(128,728)
334.0
WiseTech
Global
Ltd.
.......
(2,616)
(113,429)
294.3
Woodside
Energy
Group
Ltd.
.
(6,271)
(162,381)
421.3
Woolworths
Group
Ltd.
.....
(1,007)
(25,736)
66.8
(1,216,605)
Belgium
Anheuser-Busch
InBev
SA
...
(361)
(21,790)
56.5
D'ieteren
Group
..........
(166)
(31,725)
82.3
KBC
Group
NV
...........
(361)
(26,738)
69.4
Solvay
SA
..............
(231)
(26,919)
69.8
UCB
SA
...............
(237)
(19,459)
50.5
(126,631)
Brazil
Wheaton
Precious
Metals
Corp.
(1,438)
(65,753)
170.6
Canada
Air
Canada
.............
(10,903)
(185,029)
480.0
Algonquin
Power
&
Utilities
Corp.
...............
(10,966)
(79,945)
207.4
CAE,
Inc.
...............
(3,435)
(77,578)
201.3
Shares
Value
%
of
Basket
Value
Canada
(continued)
Cameco
Corp.
...........
(1,398)
$
(39,117)
101.5
%
Canadian
Imperial
Bank
of
Commerce
...........
(4,110)
(187,623)
486.7
Canadian
Pacific
Railway
Ltd.
.
(1,391)
(109,791)
284.8
CGI,
Inc.
...............
(1,519)
(130,192)
337.8
Emera,
Inc.
.............
(681)
(27,116)
70.3
Enbridge,
Inc.
............
(1,431)
(58,593)
152.0
Fortis,
Inc.
..............
(6,319)
(259,637)
673.6
IGM
Financial,
Inc.
........
(2,807)
(87,614)
227.3
Intact
Financial
Corp.
.......
(246)
(35,688)
92.6
Ivanhoe
Mines
Ltd.,
Class
A
..
(3,337)
(31,350)
81.3
Keyera
Corp.
............
(4,497)
(102,577)
266.1
Northland
Power,
Inc.
......
(1,087)
(29,198)
75.7
Pan
American
Silver
Corp.
...
(374)
(6,816)
17.7
Parkland
Corp.
...........
(822)
(19,312)
50.1
Quebecor,
Inc.,
Class
B
.....
(4,014)
(95,210)
247.0
Restaurant
Brands
International,
Inc.
.................
(1,521)
(101,773)
264.0
Ritchie
Bros
Auctioneers,
Inc.
.
(672)
(40,637)
105.4
Rogers
Communications,
Inc.,
Class
B
..............
(10,256)
(498,636)
1,293.6
Shaw
Communications,
Inc.,
Class
B
..............
(4,068)
(121,072)
314.1
TELUS
Corp.
............
(3,230)
(69,598)
180.6
Thomson
Reuters
Corp.
.....
(2,272)
(270,273)
701.2
WSP
Global,
Inc.
.........
(1,269)
(161,831)
419.8
(2,826,206)
Chile
Antofagasta
plc
...........
(3,409)
(73,248)
190.0
Lundin
Mining
Corp.
.......
(3,840)
(29,062)
75.4
(102,310)
China
Budweiser
Brewing
Co.
APAC
Ltd.
................
(6,800)
(21,456)
55.7
ESR
Group
Ltd.
..........
(6,200)
(12,413)
32.2
Prosus
NV
..............
(667)
(53,857)
139.7
Wilmar
International
Ltd.
....
(15,300)
(47,568)
123.4
Xinyi
Glass
Holdings
Ltd.
....
(12,000)
(25,550)
66.3
(160,844)
Denmark
Coloplast
A/S,
Class
B
......
(170)
(20,525)
53.3
Danske
Bank
A/S
.........
(3,818)
(79,543)
206.4
Demant
A/S
.............
(1,094)
(30,967)
80.3
Orsted
A/S
..............
(56)
(4,987)
12.9
Tryg
A/S
...............
(1,564)
(35,891)
93.1
(171,913)
Finland
Kone
OYJ,
Class
B
........
(555)
(30,268)
78.5
UPM-Kymmene
OYJ
.......
(2,983)
(108,122)
280.5
(138,390)
France
Accor
SA
...............
(1,164)
(37,781)
98.0
Adevinta
ASA
............
(1,183)
(10,142)
26.3
Air
Liquide
SA
...........
(3,074)
(489,461)
1,269.8
Airbus
SE
..............
(652)
(81,739)
212.1
Alstom
SA
..............
(3,287)
(97,740)
253.6
Bouygues
SA
............
(7,811)
(257,325)
667.6
Cie
Generale
des
Etablissements
Michelin
SCA
..........
(8,090)
(255,804)
663.6
Danone
SA
.............
(2,798)
(153,440)
398.1
Edenred
...............
(361)
(19,663)
51.0
EssilorLuxottica
SA
........
(1,032)
(189,351)
491.2
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
43
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
France
(continued)
Getlink
SE
(Registered)
.....
(11,265)
$
(190,534)
494.3
%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
(121)
(105,630)
274.0
Sanofi
.................
(172)
(16,843)
43.7
Sartorius
Stedim
Biotech
....
(185)
(64,533)
167.4
SEB
SA
................
(175)
(18,301)
47.5
TotalEnergies
SE
.........
(710)
(43,893)
113.9
Veolia
Environnement
SA
....
(11,857)
(351,945)
913.1
Vinci
SA
...............
(189)
(21,355)
55.4
Worldline
SA
............
(2,305)
(104,568)
271.3
(2,510,048)
Germany
adidas
AG
..............
(152)
(24,474)
63.5
Allianz
SE
..............
(141)
(33,715)
87.5
Continental
AG
...........
(284)
(19,941)
51.7
Covestro
AG
............
(1,968)
(90,616)
235.1
Deutsche
Telekom
AG
(Registered)
...........
(2,976)
(66,302)
172.0
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(2,127)
(79,879)
207.2
Fresenius
SE
&
Co.
KGaA
...
(1,065)
(30,865)
80.1
Porsche
Automobil
Holding
SE
(Preference)
..........
(94)
(5,621)
14.6
Sartorius
AG
(Preference)
...
(98)
(43,944)
114.0
Siemens
Energy
AG
.......
(4,520)
(94,508)
245.2
Telefonica
Deutschland
Holding
AG
.................
(5,930)
(17,466)
45.3
United
Internet
AG
(Registered)
(594)
(13,790)
35.8
Vonovia
SE
.............
(6,623)
(187,086)
485.4
(708,207)
Hong
Kong
Hang
Seng
Bank
Ltd.
......
(1,400)
(23,315)
60.5
Hong
Kong
Exchanges
&
Clearing
Ltd.
..........
(500)
(22,489)
58.3
New
World
Development
Co.
Ltd.
................
(8,000)
(23,911)
62.0
(69,715)
Ireland
AerCap
Holdings
NV
.......
(346)
(21,871)
56.7
AIB
Group
plc
............
(17,700)
(74,350)
192.9
Kingspan
Group
plc
........
(629)
(40,455)
105.0
(136,676)
Italy
Amplifon
SpA
............
(731)
(20,185)
52.4
DiaSorin
SpA
............
(119)
(15,491)
40.2
Infrastrutture
Wireless
Italiane
SpA
................
(11,524)
(126,289)
327.6
Nexi
SpA
...............
(4,979)
(43,852)
113.8
(205,817)
Japan
Aeon
Co.
Ltd.
............
(5,800)
(118,910)
308.5
ANA
Holdings,
Inc.
........
(6,800)
(150,503)
390.5
Asahi
Group
Holdings
Ltd.
...
(1,800)
(59,440)
154.2
Azbil
Corp.
..............
(700)
(19,739)
51.2
Bridgestone
Corp.
.........
(500)
(18,667)
48.4
Canon,
Inc.
.............
(7,600)
(168,662)
437.6
Chiba
Bank
Ltd.
(The)
......
(4,800)
(36,319)
94.2
Chubu
Electric
Power
Co.,
Inc.
(8,600)
(92,631)
240.3
CyberAgent,
Inc.
..........
(2,600)
(24,315)
63.1
Dai-ichi
Life
Holdings,
Inc.
...
(800)
(18,770)
48.7
Daito
Trust
Construction
Co.
Ltd.
(300)
(29,646)
76.9
Disco
Corp.
.............
(100)
(30,043)
77.9
Shares
Value
%
of
Basket
Value
Japan
(continued)
East
Japan
Railway
Co.
.....
(2,700)
$
(150,547)
390.6
%
Eisai
Co.
Ltd.
............
(1,700)
(105,179)
272.9
FUJIFILM
Holdings
Corp.
....
(1,400)
(74,090)
192.2
GMO
Payment
Gateway,
Inc.
.
(500)
(46,266)
120.0
Hikari
Tsushin,
Inc.
........
(600)
(85,643)
222.2
Hitachi
Construction
Machinery
Co.
Ltd.
..............
(2,300)
(54,242)
140.7
Iida
Group
Holdings
Co.
Ltd.
..
(1,500)
(25,006)
64.9
Ito
En
Ltd.
..............
(600)
(21,408)
55.5
Itochu
Techno-Solutions
Corp.
.
(1,700)
(42,088)
109.2
Japan
Exchange
Group,
Inc.
..
(5,900)
(90,297)
234.3
Japan
Post
Bank
Co.
Ltd.
....
(6,500)
(57,752)
149.8
Japan
Post
Insurance
Co.
Ltd.
(2,900)
(51,736)
134.2
Kansai
Electric
Power
Co.,
Inc.
(The)
...............
(7,000)
(67,320)
174.7
Keio
Corp.
..............
(1,600)
(58,727)
152.4
Kintetsu
Group
Holdings
Co.
Ltd.
................
(1,400)
(45,591)
118.3
Kobayashi
Pharmaceutical
Co.
Ltd.
................
(300)
(21,538)
55.9
Kobe
Bussan
Co.
Ltd.
......
(2,000)
(57,744)
149.8
Koei
Tecmo
Holdings
Co.
Ltd.
.
(9,400)
(170,950)
443.5
Kubota
Corp.
............
(3,800)
(57,108)
148.2
Lasertec
Corp.
...........
(300)
(56,797)
147.4
M3,
Inc.
................
(1,100)
(30,077)
78.0
Makita
Corp.
............
(1,100)
(29,301)
76.0
McDonald's
Holdings
Co.
Japan
Ltd.
................
(4,200)
(165,931)
430.5
Mitsubishi
Chemical
Group
Corp.
...............
(3,300)
(18,518)
48.0
Mitsubishi
Corp.
..........
(6,900)
(231,053)
599.4
Mizuho
Financial
Group,
Inc.
..
(5,900)
(92,161)
239.1
MS&AD
Insurance
Group
Holdings,
Inc.
..........
(4,400)
(141,124)
366.1
Nidec
Corp.
.............
(700)
(38,793)
100.6
Nintendo
Co.
Ltd.
.........
(2,500)
(108,394)
281.2
Nippon
Paint
Holdings
Co.
Ltd.
(8,600)
(78,514)
203.7
Nippon
Sanso
Holdings
Corp.
.
(3,900)
(63,612)
165.0
Nippon
Yusen
KK
.........
(3,000)
(71,367)
185.2
Nissan
Motor
Co.
Ltd.
......
(57,500)
(206,594)
536.0
Nisshin
Seifun
Group,
Inc.
...
(1,600)
(20,041)
52.0
Nitori
Holdings
Co.
Ltd.
.....
(700)
(92,649)
240.4
Nomura
Holdings,
Inc.
......
(18,700)
(74,629)
193.6
Nomura
Research
Institute
Ltd.
(1,200)
(28,809)
74.7
NTT
Data
Corp.
..........
(5,400)
(83,761)
217.3
Odakyu
Electric
Railway
Co.
Ltd.
(8,000)
(105,179)
272.9
Oracle
Corp.
Japan
........
(800)
(54,805)
142.2
Otsuka
Holdings
Co.
Ltd.
....
(3,700)
(118,698)
307.9
Pan
Pacific
International
Holdings
Corp.
.........
(4,100)
(75,822)
196.7
Rakuten
Group,
Inc.
.......
(37,000)
(188,643)
489.4
Renesas
Electronics
Corp.
...
(4,500)
(46,287)
120.1
Resona
Holdings,
Inc.
......
(6,900)
(38,183)
99.1
SBI
Holdings,
Inc.
.........
(6,900)
(146,275)
379.5
SCSK
Corp.
.............
(1,800)
(29,317)
76.1
Sharp
Corp.
.............
(9,800)
(81,458)
211.3
Shimano,
Inc.
............
(400)
(71,334)
185.1
Shimizu
Corp.
...........
(5,500)
(30,831)
80.0
Shiseido
Co.
Ltd.
.........
(2,400)
(124,742)
323.6
SoftBank
Group
Corp.
......
(2,200)
(104,153)
270.2
Sompo
Holdings,
Inc.
......
(500)
(21,524)
55.8
Sony
Group
Corp.
.........
(1,400)
(125,092)
324.5
Square
Enix
Holdings
Co.
Ltd.
.
(1,500)
(70,937)
184.0
SUMCO
Corp.
...........
(9,800)
(145,204)
376.7
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
44
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Japan
(continued)
Sumitomo
Electric
Industries
Ltd.
................
(10,400)
$
(124,968)
324.2
%
T&D
Holdings,
Inc.
........
(2,300)
(36,814)
95.5
TIS,
Inc.
...............
(800)
(23,068)
59.8
Tobu
Railway
Co.
Ltd.
......
(1,700)
(39,887)
103.5
Toho
Co.
Ltd.
............
(900)
(33,240)
86.2
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(18,800)
(70,402)
182.6
Tokyu
Corp.
.............
(13,900)
(178,746)
463.7
Toyota
Motor
Corp.
........
(3,300)
(48,463)
125.7
Welcia
Holdings
Co.
Ltd.
....
(200)
(4,470)
11.6
West
Japan
Railway
Co.
....
(4,500)
(188,453)
488.9
Yamato
Holdings
Co.
Ltd.
....
(7,300)
(127,728)
331.4
Z
Holdings
Corp.
..........
(14,800)
(43,064)
111.7
(6,180,789)
Jordan
Hikma
Pharmaceuticals
plc
...
(2,824)
(59,739)
155.0
Luxembourg
Eurofins
Scientific
SE
......
(610)
(43,755)
113.5
Macau
Galaxy
Entertainment
Group
Ltd.
................
(15,000)
(104,419)
270.9
Sands
China
Ltd.
.........
(33,200)
(124,503)
323.0
(228,922)
Netherlands
Akzo
Nobel
NV
...........
(1,152)
(85,807)
222.6
Argenx
SE
..............
(429)
(163,400)
423.9
Euronext
NV
............
(243)
(19,691)
51.1
Heineken
NV
............
(827)
(82,650)
214.4
JDE
Peet's
NV
...........
(201)
(6,025)
15.6
Universal
Music
Group
NV
...
(2,449)
(62,602)
162.4
(420,175)
New
Zealand
Xero
Ltd.
...............
(1,293)
(71,266)
184.9
Norway
Aker
BP
ASA
............
(2,955)
(90,014)
233.5
Salmar
ASA
.............
(1,325)
(61,612)
159.8
Telenor
ASA
.............
(6,672)
(69,847)
181.2
(221,473)
Singapore
Singapore
Technologies
Engineering
Ltd.
........
(35,900)
(100,934)
261.8
Spain
Amadeus
IT
Group
SA
......
(379)
(23,879)
61.9
EDP
Renovaveis
SA
.......
(1,876)
(40,805)
105.9
Ferrovial
SA
.............
(1,435)
(42,344)
109.9
(107,028)
Sweden
Atlas
Copco
AB,
Class
A
....
(10,294)
(122,149)
316.9
Electrolux
AB,
Class
B
......
(7,205)
(102,051)
264.7
Embracer
Group
AB
.......
(38,743)
(180,586)
468.5
EQT
AB
................
(750)
(16,924)
43.9
Essity
AB,
Class
B
........
(632)
(16,510)
42.8
Hexagon
AB,
Class
B
......
(3,449)
(39,538)
102.6
Holmen
AB,
Class
B
.......
(963)
(39,719)
103.0
Investment
AB
Latour,
Class
B
(16,732)
(353,027)
915.9
Skanska
AB,
Class
B
.......
(1,278)
(22,557)
58.5
SKF
AB,
Class
B
..........
(1,054)
(18,654)
48.4
Shares
Value
%
of
Basket
Value
Sweden
(continued)
Svenska
Cellulosa
AB
SCA,
Class
B
..............
(1,480)
$
(20,552)
53.3
%
Svenska
Handelsbanken
AB,
Class
A
..............
(7,938)
(82,778)
214.8
Swedish
Orphan
Biovitrum
AB
.
(936)
(20,873)
54.2
Telia
Co.
AB
.............
(7,667)
(19,801)
51.4
(1,055,719)
Switzerland
ABB
Ltd.
(Registered)
......
(1,194)
(41,570)
107.9
Alcon,
Inc.
..............
(1,617)
(122,016)
316.6
Bachem
Holding
AG
.......
(2,392)
(211,534)
548.8
Banque
Cantonale
Vaudoise
(Registered)
...........
(730)
(69,392)
180.0
Barry
Callebaut
AG
(Registered)
(29)
(60,591)
157.2
Credit
Suisse
Group
AG
(Registered)
...........
(5,495)
(18,930)
49.1
Lonza
Group
AG
(Registered)
.
(214)
(122,074)
316.7
SIG
Group
AG
...........
(1,876)
(46,498)
120.6
Sika
AG
(Registered)
.......
(324)
(92,064)
238.8
Swatch
Group
AG
(The)
.....
(202)
(73,138)
189.7
Swiss
Prime
Site
AG
(Registered)
...........
(1,197)
(106,663)
276.7
(964,470)
United
Kingdom
abrdn
plc
...............
(23,022)
(60,636)
157.3
Admiral
Group
plc
.........
(518)
(14,082)
36.5
AstraZeneca
plc
..........
(640)
(83,848)
217.5
BAE
Systems
plc
.........
(2,122)
(22,464)
58.3
Bunzl
plc
...............
(1,962)
(72,027)
186.9
Halma
plc
..............
(1,566)
(41,693)
108.2
HSBC
Holdings
plc
........
(7,252)
(53,435)
138.6
Liberty
Global
plc,
Class
C
...
(3,925)
(85,527)
221.9
National
Grid
plc
..........
(6,494)
(82,558)
214.2
Ocado
Group
plc
.........
(6,126)
(49,023)
127.2
Rentokil
Initial
plc
.........
(6,806)
(41,268)
107.1
Severn
Trent
plc
..........
(2,042)
(71,064)
184.4
St
James's
Place
plc
.......
(3,077)
(46,659)
121.0
Unilever
plc
.............
(391)
(19,902)
51.6
United
Utilities
Group
plc
....
(11,683)
(152,873)
396.6
(897,059)
United
States
Advance
Auto
Parts,
Inc.
....
(125)
(19,035)
49.4
Albemarle
Corp.
..........
(287)
(80,776)
209.6
Align
Technology,
Inc.
......
(113)
(30,479)
79.1
Ally
Financial,
Inc.
.........
(755)
(24,530)
63.6
American
Water
Works
Co.,
Inc.
(231)
(36,149)
93.8
Amphenol
Corp.,
Class
A
....
(405)
(32,307)
83.8
Aptiv
plc
...............
(444)
(50,212)
130.3
Arch
Capital
Group
Ltd.
.....
(274)
(17,632)
45.7
Arthur
J
Gallagher
&
Co.
....
(489)
(95,707)
248.3
Aspen
Technology,
Inc.
.....
(408)
(81,090)
210.4
Atmos
Energy
Corp.
.......
(1,849)
(217,331)
563.8
Avantor,
Inc.
.............
(1,451)
(34,679)
90.0
Ball
Corp.
..............
(2,576)
(150,026)
389.2
Baxter
International,
Inc.
....
(5,219)
(238,456)
618.6
Bentley
Systems,
Inc.,
Class
B
(1,900)
(74,195)
192.5
BioMarin
Pharmaceutical,
Inc.
.
(912)
(105,199)
272.9
Boeing
Co.
(The)
.........
(305)
(64,965)
168.5
Broadridge
Financial
Solutions,
Inc.
.................
(711)
(106,906)
277.3
Brookfield
Renewable
Corp.
..
(1,056)
(33,262)
86.3
Brown
&
Brown,
Inc.
.......
(1,157)
(67,754)
175.8
Bunge
Ltd.
..............
(556)
(55,100)
142.9
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
45
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
CarMax,
Inc.
............
(2,125)
$
(149,706)
388.4
%
Centene
Corp.
...........
(1,171)
(89,277)
231.6
CH
Robinson
Worldwide,
Inc.
.
(449)
(44,976)
116.7
Charles
River
Laboratories
International,
Inc.
.......
(167)
(40,623)
105.4
Charter
Communications,
Inc.,
Class
A
..............
(237)
(91,081)
236.3
Cheniere
Energy,
Inc.
......
(153)
(23,377)
60.6
Chevron
Corp.
...........
(209)
(36,370)
94.4
Clarivate
plc
.............
(1,030)
(11,454)
29.7
Cleveland-Cliffs,
Inc.
.......
(5,168)
(110,337)
286.2
Clorox
Co.
(The)
..........
(832)
(120,382)
312.3
Cloudflare,
Inc.,
Class
A
.....
(453)
(23,968)
62.2
Cognex
Corp.
............
(1,213)
(66,400)
172.3
Computershare
Ltd.
........
(11,555)
(194,608)
504.9
Constellation
Brands,
Inc.,
Class
A
..................
(86)
(19,911)
51.7
CoStar
Group,
Inc.
........
(973)
(75,797)
196.6
CSL
Ltd.
...............
(615)
(129,858)
336.9
CyberArk
Software
Ltd.
.....
(942)
(132,709)
344.3
Danaher
Corp.
...........
(222)
(58,692)
152.3
Darling
Ingredients,
Inc.
.....
(277)
(18,362)
47.6
Datadog,
Inc.,
Class
A
......
(262)
(19,600)
50.9
DaVita,
Inc.
.............
(1,610)
(132,648)
344.1
Dollar
General
Corp.
.......
(159)
(37,142)
96.4
Dollar
Tree,
Inc.
..........
(268)
(40,248)
104.4
Dominion
Energy,
Inc.
......
(420)
(26,729)
69.3
Dover
Corp.
.............
(892)
(135,432)
351.4
Dow,
Inc.
...............
(509)
(30,209)
78.4
DR
Horton,
Inc.
...........
(826)
(81,518)
211.5
Duke
Energy
Corp.
........
(191)
(19,568)
50.8
Ecolab,
Inc.
.............
(124)
(19,199)
49.8
Elanco
Animal
Health,
Inc.
...
(1,393)
(19,126)
49.6
Emerson
Electric
Co.
.......
(364)
(32,840)
85.2
EQT
Corp.
..............
(2,483)
(81,120)
210.5
Equifax,
Inc.
.............
(80)
(17,776)
46.1
Erie
Indemnity
Co.,
Class
A
..
(378)
(92,364)
239.6
Essential
Utilities,
Inc.
......
(457)
(21,356)
55.4
Exact
Sciences
Corp.
......
(619)
(41,795)
108.4
First
Republic
Bank
........
(380)
(53,534)
138.9
First
Solar,
Inc.
...........
(1,913)
(339,749)
881.4
Ford
Motor
Co.
...........
(2,987)
(40,354)
104.7
Freeport-McMoRan,
Inc.
....
(1,956)
(87,277)
226.4
GE
HealthCare
Technologies,
Inc.
.................
(328)
(22,803)
59.2
Gen
Digital,
Inc.
..........
(8,927)
(205,410)
532.9
General
Electric
Co.
.......
(939)
(75,571)
196.1
General
Mills,
Inc.
.........
(271)
(21,236)
55.1
Global
Payments,
Inc.
......
(346)
(39,001)
101.2
Hasbro,
Inc.
.............
(1,687)
(99,820)
259.0
Henry
Schein,
Inc.
.........
(1,032)
(88,907)
230.7
Hess
Corp.
.............
(1,073)
(161,122)
418.0
Hormel
Foods
Corp.
.......
(5,034)
(228,091)
591.7
Howmet
Aerospace,
Inc.
....
(440)
(17,904)
46.4
Huntington
Ingalls
Industries,
Inc.
.................
(295)
(65,059)
168.8
Illumina,
Inc.
............
(139)
(29,774)
77.2
Ingersoll
Rand,
Inc.
........
(258)
(14,448)
37.5
Insulet
Corp.
............
(248)
(71,255)
184.9
Intercontinental
Exchange,
Inc.
(285)
(30,652)
79.5
International
Business
Machines
Corp.
...............
(1,502)
(202,364)
525.0
International
Flavors
&
Fragrances,
Inc.
........
(894)
(100,539)
260.8
International
Paper
Co.
.....
(484)
(20,241)
52.5
Shares
Value
%
of
Basket
Value
United
States
(continued)
Jazz
Pharmaceuticals
plc
....
(115)
$
(18,016)
46.7
%
Johnson
Controls
International
plc
.................
(334)
(23,236)
60.3
Kellogg
Co.
.............
(504)
(34,564)
89.7
Keurig
Dr
Pepper,
Inc.
......
(1,949)
(68,761)
178.4
Kimberly-Clark
Corp.
.......
(522)
(67,865)
176.1
Kraft
Heinz
Co.
(The)
.......
(575)
(23,305)
60.5
Lear
Corp.
..............
(363)
(52,918)
137.3
Leidos
Holdings,
Inc.
.......
(393)
(38,844)
100.8
Lennar
Corp.,
Class
A
......
(1,186)
(121,446)
315.1
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(1,556)
(110,165)
285.8
Lincoln
National
Corp.
......
(1,164)
(41,241)
107.0
Live
Nation
Entertainment,
Inc.
(970)
(78,075)
202.6
Loews
Corp.
............
(294)
(18,075)
46.9
LPL
Financial
Holdings,
Inc.
..
(94)
(22,289)
57.8
Lumen
Technologies,
Inc.
....
(5,774)
(30,314)
78.6
M&T
Bank
Corp.
..........
(137)
(21,372)
55.4
Markel
Corp.
............
(67)
(94,402)
244.9
MarketAxess
Holdings,
Inc.
..
(249)
(90,599)
235.0
Marsh
&
McLennan
Cos.,
Inc.
.
(258)
(45,127)
117.1
Martin
Marietta
Materials,
Inc.
.
(231)
(83,077)
215.5
Marvell
Technology,
Inc.
.....
(4,544)
(196,074)
508.7
McCormick
&
Co.,
Inc.
(Non-
Voting)
..............
(1,492)
(112,079)
290.8
Merck
&
Co.,
Inc.
.........
(206)
(22,126)
57.4
Moderna,
Inc.
............
(96)
(16,902)
43.9
Mohawk
Industries,
Inc.
.....
(394)
(47,304)
122.7
Molson
Coors
Beverage
Co.,
Class
B
..............
(854)
(44,903)
116.5
Moody's
Corp.
...........
(57)
(18,397)
47.7
Motorola
Solutions,
Inc.
.....
(380)
(97,664)
253.4
Newell
Brands,
Inc.
........
(5,549)
(88,562)
229.8
NextEra
Energy,
Inc.
.......
(739)
(55,152)
143.1
Novocure
Ltd.
............
(448)
(40,849)
106.0
Okta,
Inc.
...............
(356)
(26,205)
68.0
ONEOK,
Inc.
............
(339)
(23,215)
60.2
Palantir
Technologies,
Inc.,
Class
A
..................
(5,496)
(42,759)
110.9
Paramount
Global,
Class
B
...
(1,103)
(25,545)
66.3
Pentair
plc
..............
(1,240)
(68,671)
178.2
PerkinElmer,
Inc.
.........
(1,083)
(148,945)
386.4
Plug
Power,
Inc.
..........
(1,337)
(22,756)
59.0
PPG
Industries,
Inc.
.......
(770)
(100,362)
260.4
Progressive
Corp.
(The)
.....
(177)
(24,134)
62.6
Public
Service
Enterprise
Group,
Inc.
.................
(798)
(49,420)
128.2
Qorvo,
Inc.
..............
(414)
(44,985)
116.7
Quanta
Services,
Inc.
......
(519)
(78,987)
204.9
Regeneron
Pharmaceuticals,
Inc.
.................
(55)
(41,716)
108.2
Repligen
Corp.
...........
(222)
(41,137)
106.7
Republic
Services,
Inc.
.....
(216)
(26,961)
69.9
Royalty
Pharma
plc,
Class
A
..
(3,539)
(138,693)
359.8
S&P
Global,
Inc.
..........
(390)
(146,227)
379.4
Seagen,
Inc.
............
(350)
(48,818)
126.7
SEI
Investments
Co.
.......
(1,332)
(83,157)
215.7
Sensata
Technologies
Holding
plc
.................
(1,620)
(82,377)
213.7
Sherwin-Williams
Co.
(The)
..
(100)
(23,659)
61.4
Skyworks
Solutions,
Inc.
....
(218)
(23,908)
62.0
Snap,
Inc.,
Class
A
........
(4,279)
(49,465)
128.3
Snowflake,
Inc.,
Class
A
.....
(486)
(76,030)
197.2
SolarEdge
Technologies,
Inc.
.
(481)
(153,502)
398.2
Southern
Co.
(The)
........
(635)
(42,977)
111.5
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
46
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
SS&C
Technologies
Holdings,
Inc.
.................
(3,046)
$
(183,826)
476.9
%
Stanley
Black
&
Decker,
Inc.
..
(1,667)
(148,880)
386.2
STERIS
plc
.............
(231)
(47,704)
123.8
Swiss
Re
AG
............
(203)
(21,256)
55.1
Sysco
Corp.
.............
(550)
(42,603)
110.5
Take-Two
Interactive
Software,
Inc.
.................
(1,598)
(180,942)
469.4
Target
Corp.
.............
(301)
(51,814)
134.4
Teledyne
Technologies,
Inc.
..
(193)
(81,882)
212.4
Teleflex,
Inc.
.............
(132)
(32,131)
83.4
Teradyne,
Inc.
...........
(389)
(39,561)
102.6
Texas
Pacific
Land
Corp.
....
(9)
(17,963)
46.6
Thermo
Fisher
Scientific,
Inc.
.
(303)
(172,810)
448.3
T-Mobile
US,
Inc.
.........
(3,035)
(453,156)
1,175.6
Toast,
Inc.,
Class
A
........
(3,043)
(67,889)
176.1
Tractor
Supply
Co.
........
(84)
(19,151)
49.7
Tradeweb
Markets,
Inc.,
Class
A
(921)
(68,651)
178.1
TransUnion
.............
(1,172)
(84,091)
218.2
Twilio,
Inc.,
Class
A
........
(342)
(20,465)
53.1
Tyler
Technologies,
Inc.
.....
(421)
(135,886)
352.5
UnitedHealth
Group,
Inc.
....
(175)
(87,358)
226.6
Unity
Software,
Inc.
........
(599)
(21,276)
55.2
Verisk
Analytics,
Inc.
.......
(626)
(113,801)
295.2
Verizon
Communications,
Inc.
.
(4,709)
(195,753)
507.8
VF
Corp.
...............
(3,037)
(93,965)
243.8
Visa,
Inc.,
Class
A
.........
(98)
(22,561)
58.5
Walgreens
Boots
Alliance,
Inc.
(2,324)
(85,663)
222.2
Walmart,
Inc.
............
(482)
(69,345)
179.9
Walt
Disney
Co.
(The)
......
(741)
(80,391)
208.6
Warner
Bros
Discovery,
Inc.
..
(2,201)
(32,619)
84.6
Waste
Management,
Inc.
....
(127)
(19,651)
51.0
Wells
Fargo
&
Co.
.........
(904)
(42,370)
109.9
Western
Digital
Corp.
.......
(922)
(40,522)
105.1
Williams
Cos.,
Inc.
(The)
....
(6,112)
(197,051)
511.2
Wolfspeed,
Inc.
...........
(303)
(23,334)
60.5
Zebra
Technologies
Corp.,
Class
A
..................
(68)
(21,500)
55.8
(12,393,594)
Zambia
First
Quantum
Minerals
Ltd.
..
(1,288)
(29,883)
77.5
Total
Reference
Entity
—
Short
............
(31,213,921)
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
...........................
$
(38,546)
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
period
end,
termination
date
February
8,
2023:
Reference
Entity
—
Long
Common
Stocks
Canada
Alimentation
Couche-Tard,
Inc.
745
34,021
(294.3)
AltaGas
Ltd.
.............
6,034
112,830
(975.9)
ARC
Resources
Ltd.
.......
4,891
56,830
(491.6)
Canadian
Apartment
Properties
REIT
................
3,260
120,546
(1,042.7)
Canadian
National
Railway
Co.
322
38,329
(331.5)
Canadian
Natural
Resources
Ltd.
................
315
19,335
(167.2)
Canadian
Utilities
Ltd.,
Class
A
1,244
34,575
(299.1)
Constellation
Software,
Inc.
..
85
150,175
(1,298.9)
Dollarama,
Inc.
...........
1,960
117,213
(1,013.8)
Empire
Co.
Ltd.,
Class
A
....
8,920
256,696
(2,220.3)
Shares
Value
%
of
Basket
Value
Canada
(continued)
Franco-Nevada
Corp.
......
339
$
49,726
(430.1)
%
George
Weston
Ltd.
.......
1,468
188,852
(1,633.5)
Gildan
Activewear,
Inc.
......
4,004
125,547
(1,085.9)
Hydro
One
Ltd.
...........
2,066
56,489
(488.6)
iA
Financial
Corp.,
Inc.
......
1,552
95,799
(828.6)
Kinross
Gold
Corp.
........
19,810
92,160
(797.1)
Manulife
Financial
Corp.
.....
8,399
166,206
(1,437.6)
Onex
Corp.
.............
1,405
72,618
(628.1)
Open
Text
Corp.
..........
8,519
285,749
(2,471.6)
Sun
Life
Financial,
Inc.
......
760
38,190
(330.3)
Suncor
Energy,
Inc.
........
1,818
63,098
(545.8)
TFI
International,
Inc.
.......
164
18,265
(158.0)
Toromont
Industries
Ltd.
.....
1,869
149,304
(1,291.4)
Tourmaline
Oil
Corp.
.......
341
15,892
(137.5)
2,358,445
South
Korea
HDC
Holdings
Co.
Ltd.
......
1
5
(0.1)
United
States
Fortive
Corp.
............
1
68
(0.6)
Total
Reference
Entity
—
Long
............
2,358,518
Reference
Entity
—
Short
Common
Stocks
Canada
Air
Canada
.............
(3,965)
(67,288)
582.0
Algonquin
Power
&
Utilities
Corp.
...............
(5,576)
(40,650)
351.6
Brookfield
Asset
Management
Ltd.,
Class
A
..........
(491)
(16,030)
138.7
Brookfield
Corp.,
Class
A
....
(1,389)
(51,675)
447.0
CAE,
Inc.
...............
(1,785)
(40,314)
348.7
Cameco
Corp.
...........
(2,341)
(65,503)
566.6
CCL
Industries,
Inc.,
Class
B
..
(2,707)
(126,607)
1,095.1
Emera,
Inc.
.............
(9,974)
(397,146)
3,435.1
GFL
Environmental,
Inc.
.....
(14,838)
(457,892)
3,960.5
Ivanhoe
Mines
Ltd.,
Class
A
..
(9,312)
(87,483)
756.7
Keyera
Corp.
............
(972)
(22,171)
191.8
Pan
American
Silver
Corp.
...
(18,848)
(343,515)
2,971.2
Restaurant
Brands
International,
Inc.
.................
(692)
(46,303)
400.5
Saputo,
Inc.
.............
(4,301)
(118,568)
1,025.5
TC
Energy
Corp.
..........
(7,886)
(339,788)
2,939.0
(2,220,933)
United
States
Brookfield
Renewable
Corp.
..
(1,059)
(33,357)
288.5
Lennar
Corp.,
Class
B
......
(1)
(86)
0.8
(33,443)
Zambia
First
Quantum
Minerals
Ltd.
..
(4,987)
(115,703)
1,000.8
Total
Reference
Entity
—
Short
............
(2,370,079)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(11,561)
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
period
end,
termination
date
February
15,
2023:
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
47
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Australia
Aurizon
Holdings
Ltd.
......
8,019
$
20,960
(96.4)
%
BHP
Group
Ltd.
..........
623
21,819
(100.4)
BlueScope
Steel
Ltd.
.......
6,052
82,528
(379.8)
Cochlear
Ltd.
............
1,545
233,414
(1,074.1)
Qantas
Airways
Ltd.
.......
8,256
37,266
(171.5)
Rio
Tinto
Ltd.
............
303
27,190
(125.1)
South32
Ltd.
............
33,485
107,451
(494.4)
Telstra
Group
Ltd.
.........
13,443
38,853
(178.8)
569,481
Austria
voestalpine
AG
...........
911
30,269
(139.3)
Belgium
Groupe
Bruxelles
Lambert
NV
.
837
71,601
(329.5)
Warehouses
De
Pauw
CVA
..
958
30,380
(139.8)
101,981
Canada
Alimentation
Couche-Tard,
Inc.
787
35,939
(165.4)
Bank
of
Montreal
.........
205
20,630
(94.9)
Barrick
Gold
Corp.
........
2,386
46,660
(214.7)
Canadian
National
Railway
Co.
743
88,442
(407.0)
Canadian
Natural
Resources
Ltd.
................
1,086
66,659
(306.7)
Canadian
Utilities
Ltd.,
Class
A
626
17,398
(80.1)
Constellation
Software,
Inc.
..
167
295,050
(1,357.7)
Dollarama,
Inc.
...........
1,597
95,504
(439.5)
Franco-Nevada
Corp.
......
685
100,478
(462.4)
Gildan
Activewear,
Inc.
......
4,065
127,460
(586.5)
Hydro
One
Ltd.
...........
13,560
370,759
(1,706.1)
iA
Financial
Corp.,
Inc.
......
938
57,899
(266.4)
Manulife
Financial
Corp.
.....
1,274
25,211
(116.0)
Open
Text
Corp.
..........
2,097
70,339
(323.7)
Power
Corp.
of
Canada
.....
791
21,455
(98.7)
Sun
Life
Financial,
Inc.
......
2,187
109,897
(505.7)
Suncor
Energy,
Inc.
........
534
18,534
(85.3)
Tourmaline
Oil
Corp.
.......
414
19,294
(88.8)
West
Fraser
Timber
Co.
Ltd.
..
407
35,388
(162.8)
1,622,996
Denmark
Carlsberg
A/S,
Class
B
.....
308
43,724
(201.2)
DSV
A/S
...............
268
44,335
(204.0)
Genmab
A/S
............
217
85,042
(391.3)
173,101
Finland
Elisa
OYJ
..............
1,840
104,831
(482.4)
Kesko
OYJ,
Class
B
.......
3,429
79,873
(367.5)
Nordea
Bank
Abp
.........
2,065
24,141
(111.1)
Orion
OYJ,
Class
B
........
346
18,537
(85.3)
Sampo
OYJ,
Class
A
.......
807
42,367
(195.0)
Stora
Enso
OYJ,
Class
R
....
3,158
45,145
(207.7)
314,894
France
Arkema
SA
.............
504
50,999
(234.7)
Bureau
Veritas
SA
.........
3,310
94,638
(435.5)
Capgemini
SE
...........
198
37,577
(172.9)
Cie
de
Saint-Gobain
.......
3,000
172,293
(792.8)
Credit
Agricole
SA
.........
6,867
82,687
(380.5)
Dassault
Aviation
SA
.......
109
18,613
(85.7)
Dassault
Systemes
SE
.....
1,813
67,427
(310.3)
Eiffage
SA
..............
631
67,397
(310.1)
Shares
Value
%
of
Basket
Value
France
(continued)
Engie
SA
...............
6,633
$
94,188
(433.4)
%
Eurazeo
SE
.............
1,283
89,999
(414.1)
Hermes
International
.......
131
245,168
(1,128.2)
La
Francaise
des
Jeux
SAEM
.
901
38,552
(177.4)
Legrand
SA
.............
904
80,604
(370.9)
L'Oreal
SA
..............
48
19,820
(91.2)
Pernod
Ricard
SA
.........
45
9,316
(42.9)
1,169,278
Germany
Beiersdorf
AG
............
92
11,185
(51.5)
Carl
Zeiss
Meditec
AG
......
667
96,260
(443.0)
Deutsche
Post
AG
.........
2,445
105,274
(484.4)
Mercedes-Benz
Group
AG
...
295
21,952
(101.0)
Rational
AG
.............
44
28,942
(133.2)
Scout24
SE
.............
479
27,886
(128.3)
291,499
Ireland
CRH
plc
...............
1,909
89,193
(410.4)
Israel
Bank
Hapoalim
BM
........
1,142
10,279
(47.3)
Israel
Discount
Bank
Ltd.,
Class
A
..................
10,213
52,236
(240.4)
62,515
Italy
Enel
SpA
...............
22,190
130,657
(601.2)
Snam
SpA
..............
8,083
41,171
(189.5)
171,828
Japan
Advantest
Corp.
..........
900
64,513
(296.9)
Ajinomoto
Co.,
Inc.
........
2,000
65,937
(303.4)
Dai
Nippon
Printing
Co.
Ltd.
..
2,500
59,024
(271.6)
ENEOS
Holdings,
Inc.
......
3,400
12,173
(56.0)
Hamamatsu
Photonics
KK
...
400
21,372
(98.3)
Hankyu
Hanshin
Holdings,
Inc.
4,900
145,640
(670.2)
Hoya
Corp.
.............
300
32,992
(151.8)
Isuzu
Motors
Ltd.
.........
3,700
46,788
(215.3)
Kajima
Corp.
............
8,600
105,619
(486.0)
KDDI
Corp.
.............
1,700
53,114
(244.4)
Komatsu
Ltd.
............
1,800
44,234
(203.5)
MEIJI
Holdings
Co.
Ltd.
.....
400
20,629
(94.9)
Mitsubishi
HC
Capital,
Inc.
...
12,000
61,250
(281.8)
Mitsui
Chemicals,
Inc.
......
2,500
58,846
(270.8)
NEC
Corp.
..............
500
18,064
(83.1)
NGK
Insulators
Ltd.
........
7,700
106,578
(490.4)
Nippon
Express
Holdings,
Inc.
.
1,000
58,033
(267.0)
Nippon
Telegraph
&
Telephone
Corp.
...............
1,700
50,975
(234.6)
Nissan
Chemical
Corp.
.....
1,200
56,652
(260.7)
Nitto
Denko
Corp.
.........
6,600
426,607
(1,963.1)
ORIX
Corp.
.............
1,400
24,616
(113.3)
Osaka
Gas
Co.
Ltd.
........
10,400
167,824
(772.3)
Recruit
Holdings
Co.
Ltd.
....
300
9,648
(44.4)
Secom
Co.
Ltd.
...........
400
23,830
(109.7)
Seiko
Epson
Corp.
........
1,800
27,914
(128.4)
Sekisui
Chemical
Co.
Ltd.
....
3,400
47,628
(219.2)
Sekisui
House
Ltd.
........
2,800
52,918
(243.5)
Shin-Etsu
Chemical
Co.
Ltd.
..
500
73,712
(339.2)
Shionogi
&
Co.
Ltd.
........
800
38,124
(175.4)
Subaru
Corp.
............
1,400
23,004
(105.9)
Sumitomo
Chemical
Co.
Ltd.
..
9,800
37,619
(173.1)
Sumitomo
Corp.
..........
2,300
41,285
(190.0)
Sysmex
Corp.
...........
900
59,747
(274.9)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
48
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Japan
(continued)
TDK
Corp.
..............
4,400
$
157,196
(723.3)
%
Terumo
Corp.
............
800
23,288
(107.2)
Tokyo
Gas
Co.
Ltd.
........
2,600
54,443
(250.5)
TOPPAN,
Inc.
............
5,300
85,394
(392.9)
Tosoh
Corp.
.............
2,300
30,092
(138.5)
Trend
Micro,
Inc.
..........
400
19,806
(91.1)
USS
Co.
Ltd.
............
2,500
41,120
(189.2)
ZOZO,
Inc.
..............
900
23,331
(107.4)
2,571,579
Netherlands
Randstad
NV
............
281
18,011
(82.9)
New
Zealand
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
................
2,921
47,937
(220.6)
Spark
New
Zealand
Ltd.
.....
8,384
28,269
(130.1)
76,206
Portugal
Galp
Energia
SGPS
SA
.....
1,845
25,254
(116.2)
Jeronimo
Martins
SGPS
SA
..
2,233
48,480
(223.1)
73,734
Singapore
Oversea-Chinese
Banking
Corp.
Ltd.
................
3,900
38,533
(177.3)
Singapore
Airlines
Ltd.
......
12,400
56,071
(258.0)
STMicroelectronics
NV
.....
50
2,355
(10.8)
96,959
Spain
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
26,593
187,847
(864.4)
Repsol
SA
..............
2,804
46,061
(212.0)
233,908
Sweden
Assa
Abloy
AB,
Class
B
.....
2,465
58,066
(267.2)
Epiroc
AB,
Class
A
........
1,836
35,723
(164.4)
Investor
AB,
Class
B
.......
6,662
129,456
(595.7)
Sandvik
AB
.............
985
20,357
(93.7)
243,602
Switzerland
Baloise
Holding
AG
(Registered)
396
65,131
(299.7)
Chocoladefabriken
Lindt
&
Spruengli
AG
..........
2
21,965
(101.1)
Cie
Financiere
Richemont
SA
(Registered)
...........
153
23,586
(108.5)
Julius
Baer
Group
Ltd.
......
903
57,922
(266.5)
Kuehne
+
Nagel
International
AG
(Registered)
...........
267
63,668
(293.0)
Novartis
AG
(Registered)
....
2,128
192,391
(885.3)
Partners
Group
Holding
AG
..
19
17,828
(82.0)
Sonova
Holding
AG
(Registered)
77
19,256
(88.6)
Swiss
Life
Holding
AG
(Registered)
...........
35
20,715
(95.3)
UBS
Group
AG
(Registered)
..
2,108
44,996
(207.1)
527,458
United
Kingdom
Associated
British
Foods
plc
..
1,115
25,595
(117.8)
Auto
Trader
Group
plc
......
2,780
21,569
(99.3)
Barclays
plc
.............
63,292
145,495
(669.5)
BP
plc
.................
14,684
88,695
(408.1)
British
American
Tobacco
plc
.
235
9,008
(41.5)
Entain
plc
..............
2,887
53,238
(245.0)
Shares
Value
%
of
Basket
Value
United
Kingdom
(continued)
Experian
plc
.............
402
$
14,701
(67.6)
%
London
Stock
Exchange
Group
plc
.................
212
19,408
(89.3)
M&G
plc
...............
1,598
3,991
(18.4)
Sage
Group
plc
(The)
......
5,442
52,285
(240.6)
Smiths
Group
plc
.........
5,648
120,568
(554.8)
Taylor
Wimpey
plc
.........
17,668
25,635
(118.0)
580,188
United
States
Abbott
Laboratories
........
389
43,004
(197.9)
Accenture
plc,
Class
A
......
85
23,719
(109.1)
Akamai
Technologies,
Inc.
...
508
45,187
(207.9)
Altria
Group,
Inc.
..........
1,706
76,838
(353.6)
American
Financial
Group,
Inc.
320
45,629
(210.0)
American
International
Group,
Inc.
.................
2,123
134,216
(617.6)
AMETEK,
Inc.
...........
939
136,080
(626.2)
Amgen,
Inc.
.............
153
38,617
(177.7)
Apple,
Inc.
..............
144
20,778
(95.6)
Applied
Materials,
Inc.
......
168
18,730
(86.2)
AutoZone,
Inc.
...........
37
90,237
(415.2)
Bath
&
Body
Works,
Inc.
....
672
30,919
(142.3)
Berkshire
Hathaway,
Inc.,
Class
B
..................
143
44,547
(205.0)
Biogen,
Inc.
.............
439
127,705
(587.6)
Booking
Holdings,
Inc.
......
29
70,589
(324.8)
Bristol-Myers
Squibb
Co.
....
248
18,017
(82.9)
Cadence
Design
Systems,
Inc.
258
47,170
(217.1)
Carlyle
Group,
Inc.
(The)
....
404
14,532
(66.9)
Carrier
Global
Corp.
.......
2,133
97,116
(446.9)
CenterPoint
Energy,
Inc.
....
592
17,831
(82.1)
Chipotle
Mexican
Grill,
Inc.
...
42
69,148
(318.2)
Cigna
Corp.
.............
67
21,217
(97.6)
Cintas
Corp.
.............
81
35,943
(165.4)
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
310
20,693
(95.2)
Colgate-Palmolive
Co.
......
388
28,918
(133.1)
Copart,
Inc.
.............
2,033
135,418
(623.1)
Cummins,
Inc.
...........
110
27,449
(126.3)
Discover
Financial
Services
..
1,059
123,617
(568.8)
Domino's
Pizza,
Inc.
.......
131
46,243
(212.8)
Dropbox,
Inc.,
Class
A
......
7,933
184,284
(848.0)
Eaton
Corp.
plc
...........
438
71,048
(326.9)
eBay,
Inc.
..............
1,993
98,654
(454.0)
Edison
International
........
357
24,597
(113.2)
Edwards
Lifesciences
Corp.
..
241
18,485
(85.1)
Electronic
Arts,
Inc.
........
527
67,814
(312.1)
Entergy
Corp.
............
171
18,516
(85.2)
EOG
Resources,
Inc.
.......
191
25,260
(116.2)
Evergy,
Inc.
.............
293
18,356
(84.5)
Expedia
Group,
Inc.
........
693
79,210
(364.5)
Exxon
Mobil
Corp.
.........
194
22,506
(103.6)
Fair
Isaac
Corp.
..........
32
21,310
(98.1)
FirstEnergy
Corp.
.........
1,784
73,055
(336.2)
Fortinet,
Inc.
.............
500
26,170
(120.4)
Halliburton
Co.
...........
1,289
53,133
(244.5)
Hartford
Financial
Services
Group,
Inc.
(The)
.......
943
73,186
(336.8)
Hewlett
Packard
Enterprise
Co.
1,517
24,469
(112.6)
Hologic,
Inc.
.............
711
57,854
(266.2)
Honeywell
International,
Inc.
..
111
23,141
(106.5)
HP,
Inc.
................
664
19,349
(89.0)
Hubbell,
Inc.
.............
242
55,396
(254.9)
Illinois
Tool
Works,
Inc.
......
176
41,543
(191.2)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
49
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Invesco
Ltd.
.............
1,805
$
33,411
(153.7)
%
Johnson
&
Johnson
........
374
61,119
(281.2)
KeyCorp
...............
2,195
42,122
(193.8)
KLA
Corp.
..............
109
42,780
(196.9)
Lam
Research
Corp.
.......
56
28,006
(128.9)
Lamb
Weston
Holdings,
Inc.
..
179
17,880
(82.3)
Lennox
International,
Inc.
....
159
41,439
(190.7)
Lowe's
Cos.,
Inc.
.........
213
44,357
(204.1)
Lululemon
Athletica,
Inc.
....
143
43,884
(201.9)
Marathon
Oil
Corp.
........
2,256
61,972
(285.2)
Marathon
Petroleum
Corp.
...
67
8,611
(39.6)
Meta
Platforms,
Inc.,
Class
A
.
173
25,772
(118.6)
MetLife,
Inc.
.............
711
51,917
(238.9)
Mettler-Toledo
International,
Inc.
100
153,292
(705.4)
Microchip
Technology,
Inc.
...
341
26,468
(121.8)
Molina
Healthcare,
Inc.
.....
51
15,903
(73.2)
Mondelez
International,
Inc.,
Class
A
..............
264
17,276
(79.5)
Mosaic
Co.
(The)
.........
856
42,406
(195.1)
MSCI,
Inc.
..............
90
47,840
(220.1)
Nestle
SA
(Registered)
.....
393
47,950
(220.6)
NIKE,
Inc.,
Class
B
........
651
82,892
(381.4)
Nordson
Corp.
...........
1,048
254,978
(1,173.3)
Nucor
Corp.
.............
72
12,169
(56.0)
O'Reilly
Automotive,
Inc.
....
46
36,448
(167.7)
Owens
Corning
...........
1,105
106,798
(491.4)
PACCAR,
Inc.
...........
218
23,830
(109.7)
Packaging
Corp.
of
America
..
137
19,550
(90.0)
Palo
Alto
Networks,
Inc.
.....
179
28,397
(130.7)
Parker-Hannifin
Corp.
......
142
46,292
(213.0)
Paycom
Software,
Inc.
......
129
41,788
(192.3)
Philip
Morris
International,
Inc.
1,726
179,918
(827.9)
PPL
Corp.
..............
1,382
40,907
(188.2)
Procter
&
Gamble
Co.
(The)
..
308
43,853
(201.8)
Prudential
Financial,
Inc.
....
395
41,451
(190.7)
Regions
Financial
Corp.
.....
2,461
57,932
(266.6)
Splunk,
Inc.
.............
560
53,631
(246.8)
Starbucks
Corp.
..........
177
19,318
(88.9)
State
Street
Corp.
.........
425
38,815
(178.6)
Steel
Dynamics,
Inc.
.......
170
20,509
(94.4)
Synchrony
Financial
.......
913
33,535
(154.3)
Synopsys,
Inc.
...........
90
31,838
(146.5)
TE
Connectivity
Ltd.
.......
145
18,437
(84.8)
Trade
Desk,
Inc.
(The),
Class
A
747
37,873
(174.3)
United
Parcel
Service,
Inc.,
Class
B
..................
428
79,278
(364.8)
US
Bancorp
.............
718
35,756
(164.5)
Veeva
Systems,
Inc.,
Class
A
.
164
27,970
(128.7)
VeriSign,
Inc.
............
183
39,903
(183.6)
Vertex
Pharmaceuticals,
Inc.
..
160
51,696
(237.9)
Westinghouse
Air
Brake
Technologies
Corp.
......
261
27,094
(124.7)
WestRock
Co.
...........
1,751
68,709
(316.2)
WW
Grainger,
Inc.
.........
424
249,940
(1,150.1)
Yum!
Brands,
Inc.
.........
1,940
253,189
(1,165.1)
Zimmer
Biomet
Holdings,
Inc.
.
359
45,715
(210.4)
Zscaler,
Inc.
.............
153
18,996
(87.4)
5,771,253
Total
Reference
Entity
—
Long
............
14,789,933
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
Australia
ANZ
Group
Holdings
Ltd.
....
(997)
$
(17,743)
81.6
%
IGO
Ltd.
...............
(4,654)
(48,380)
222.6
Westpac
Banking
Corp.
.....
(1)
(17)
0.1
Woodside
Energy
Group
Ltd.
.
(2,898)
(75,040)
345.3
(141,180)
Austria
Erste
Group
Bank
AG
......
(1,594)
(60,483)
278.3
Verbund
AG
.............
(926)
(78,842)
362.8
(139,325)
Belgium
Elia
Group
SA
...........
(208)
(29,207)
134.4
Brazil
Wheaton
Precious
Metals
Corp.
(392)
(17,924)
82.5
Canada
Algonquin
Power
&
Utilities
Corp.
...............
(5,383)
(39,243)
180.6
Cameco
Corp.
...........
(858)
(24,008)
110.5
Canadian
Pacific
Railway
Ltd.
.
(1,130)
(89,191)
410.4
CGI,
Inc.
...............
(1,637)
(140,306)
645.6
Emera,
Inc.
.............
(1,592)
(63,390)
291.7
GFL
Environmental,
Inc.
.....
(2,352)
(72,581)
334.0
IGM
Financial,
Inc.
........
(2,837)
(88,550)
407.5
Intact
Financial
Corp.
.......
(230)
(33,367)
153.5
Ivanhoe
Mines
Ltd.,
Class
A
..
(25,919)
(243,499)
1,120.5
Keyera
Corp.
............
(2,554)
(58,257)
268.1
Northland
Power,
Inc.
......
(2,201)
(59,121)
272.0
Nutrien
Ltd.
.............
(339)
(28,062)
129.1
Pan
American
Silver
Corp.
...
(3,048)
(55,551)
255.6
Parkland
Corp.
...........
(2,476)
(58,171)
267.7
Restaurant
Brands
International,
Inc.
.................
(265)
(17,732)
81.6
Ritchie
Bros
Auctioneers,
Inc.
.
(1,525)
(92,219)
424.4
Rogers
Communications,
Inc.,
Class
B
..............
(1,729)
(84,062)
386.8
Shaw
Communications,
Inc.,
Class
B
..............
(1,563)
(46,518)
214.1
Shopify,
Inc.,
Class
A
.......
(854)
(42,085)
193.7
TC
Energy
Corp.
..........
(1,054)
(45,414)
209.0
Thomson
Reuters
Corp.
.....
(1,875)
(223,047)
1,026.4
TMX
Group
Ltd.
..........
(180)
(17,741)
81.6
WSP
Global,
Inc.
.........
(150)
(19,129)
88.0
(1,641,244)
Denmark
Coloplast
A/S,
Class
B
......
(151)
(18,231)
83.9
Danske
Bank
A/S
.........
(2,637)
(54,938)
252.8
Demant
A/S
.............
(926)
(26,212)
120.6
ROCKWOOL
A/S,
Class
B
...
(58)
(16,629)
76.5
(116,010)
Finland
Kone
OYJ,
Class
B
........
(1,520)
(82,895)
381.5
UPM-Kymmene
OYJ
.......
(905)
(32,803)
150.9
(115,698)
France
Aeroports
de
Paris
........
(577)
(89,514)
411.9
Alstom
SA
..............
(2,095)
(62,295)
286.7
AXA
SA
................
(3,863)
(120,522)
554.6
Bouygues
SA
............
(6,796)
(223,887)
1,030.2
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
50
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
France
(continued)
Cie
Generale
des
Etablissements
Michelin
SCA
..........
(1,411)
$
(44,616)
205.3
%
Danone
SA
.............
(2,117)
(116,095)
534.2
EssilorLuxottica
SA
........
(293)
(53,759)
247.4
SEB
SA
................
(398)
(41,621)
191.5
Thales
SA
..............
(174)
(23,013)
105.9
TotalEnergies
SE
.........
(318)
(19,659)
90.5
Vinci
SA
...............
(1,227)
(138,638)
638.0
Worldline
SA
............
(972)
(44,096)
202.9
(977,715)
Germany
Aroundtown
SA
...........
(15,647)
(43,564)
200.5
Deutsche
Telekom
AG
(Registered)
...........
(1,058)
(23,571)
108.5
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(2,558)
(96,065)
442.1
Fresenius
SE
&
Co.
KGaA
...
(702)
(20,345)
93.6
Hannover
Rueck
SE
.......
(239)
(48,533)
223.3
RWE
AG
...............
(1,764)
(78,531)
361.4
Telefonica
Deutschland
Holding
AG
.................
(26,189)
(77,136)
354.9
United
Internet
AG
(Registered)
(1,214)
(28,185)
129.7
Vonovia
SE
.............
(3,278)
(92,597)
426.1
(508,527)
Hong
Kong
Hang
Seng
Bank
Ltd.
......
(1,400)
(23,315)
107.3
Ireland
AIB
Group
plc
............
(4,402)
(18,491)
85.1
Italy
Davide
Campari-Milano
NV
..
(4,090)
(43,874)
201.9
DiaSorin
SpA
............
(184)
(23,953)
110.2
Infrastrutture
Wireless
Italiane
SpA
................
(12,120)
(132,820)
611.2
Nexi
SpA
...............
(9,431)
(83,062)
382.2
Terna
-
Rete
Elettrica
Nazionale
(7,918)
(62,646)
288.3
(346,355)
Japan
Aisin
Corp.
..............
(900)
(26,258)
120.8
Asahi
Group
Holdings
Ltd.
...
(2,400)
(79,253)
364.7
Asahi
Intecc
Co.
Ltd.
.......
(2,400)
(42,106)
193.8
Canon,
Inc.
.............
(1,400)
(31,069)
143.0
Daikin
Industries
Ltd.
.......
(200)
(34,739)
159.9
East
Japan
Railway
Co.
.....
(800)
(44,607)
205.3
Eisai
Co.
Ltd.
............
(300)
(18,561)
85.4
FANUC
Corp.
............
(300)
(53,007)
243.9
Fujitsu
Ltd.
..............
(300)
(42,714)
196.6
GMO
Payment
Gateway,
Inc.
.
(700)
(64,772)
298.1
Hitachi
Construction
Machinery
Co.
Ltd.
..............
(300)
(7,075)
32.6
Iida
Group
Holdings
Co.
Ltd.
..
(3,300)
(55,013)
253.1
ITOCHU
Corp.
...........
(2,300)
(74,340)
342.1
Itochu
Techno-Solutions
Corp.
.
(1,100)
(27,233)
125.3
Japan
Exchange
Group,
Inc.
..
(3,000)
(45,914)
211.3
Kansai
Electric
Power
Co.,
Inc.
(The)
...............
(7,200)
(69,243)
318.6
Keisei
Electric
Railway
Co.
Ltd.
(700)
(20,418)
94.0
Kintetsu
Group
Holdings
Co.
Ltd.
................
(4,800)
(156,312)
719.3
Koei
Tecmo
Holdings
Co.
Ltd.
.
(5,000)
(90,931)
418.4
Konami
Group
Corp.
.......
(1,000)
(49,174)
226.3
Kyowa
Kirin
Co.
Ltd.
.......
(700)
(15,611)
71.8
Makita
Corp.
............
(700)
(18,646)
85.8
Shares
Value
%
of
Basket
Value
Japan
(continued)
Mitsubishi
Chemical
Group
Corp.
...............
(12,000)
$
(67,337)
309.9
%
Mizuho
Financial
Group,
Inc.
..
(1,200)
(18,745)
86.3
MS&AD
Insurance
Group
Holdings,
Inc.
..........
(900)
(28,866)
132.8
Nidec
Corp.
.............
(600)
(33,251)
153.0
Nintendo
Co.
Ltd.
.........
(1,000)
(43,358)
199.5
Nippon
Paint
Holdings
Co.
Ltd.
(3,000)
(27,388)
126.0
Nissan
Motor
Co.
Ltd.
......
(34,600)
(124,316)
572.1
Nisshin
Seifun
Group,
Inc.
...
(2,000)
(25,051)
115.3
Nitori
Holdings
Co.
Ltd.
.....
(900)
(119,120)
548.1
Nomura
Research
Institute
Ltd.
(800)
(19,206)
88.4
NTT
Data
Corp.
..........
(4,900)
(76,006)
349.7
Odakyu
Electric
Railway
Co.
Ltd.
(5,000)
(65,737)
302.5
Omron
Corp.
............
(800)
(46,288)
213.0
Oriental
Land
Co.
Ltd.
......
(200)
(33,324)
153.3
Otsuka
Holdings
Co.
Ltd.
....
(2,000)
(64,161)
295.2
Rakuten
Group,
Inc.
.......
(18,200)
(92,792)
427.0
Renesas
Electronics
Corp.
...
(9,000)
(92,575)
426.0
Resona
Holdings,
Inc.
......
(7,000)
(38,736)
178.2
Seven
&
i
Holdings
Co.
Ltd.
..
(500)
(23,606)
108.6
Sharp
Corp.
.............
(13,900)
(115,538)
531.7
Shizuoka
Financial
Group,
Inc.
(3,700)
(31,345)
144.2
Sompo
Holdings,
Inc.
......
(500)
(21,524)
99.0
Square
Enix
Holdings
Co.
Ltd.
.
(600)
(28,375)
130.6
Sumitomo
Metal
Mining
Co.
Ltd.
(2,400)
(97,448)
448.4
T&D
Holdings,
Inc.
........
(2,200)
(35,214)
162.0
Tobu
Railway
Co.
Ltd.
......
(1,800)
(42,234)
194.3
Toho
Co.
Ltd.
............
(1,200)
(44,320)
203.9
Tokyu
Corp.
.............
(8,200)
(105,447)
485.2
Toshiba
Corp.
............
(800)
(27,477)
126.4
Toyota
Motor
Corp.
........
(1,500)
(22,029)
101.4
West
Japan
Railway
Co.
....
(900)
(37,691)
173.4
Yamato
Holdings
Co.
Ltd.
....
(2,800)
(48,991)
225.4
Yaskawa
Electric
Corp.
.....
(500)
(19,545)
89.9
Z
Holdings
Corp.
..........
(15,600)
(45,392)
208.9
(2,829,429)
Luxembourg
Eurofins
Scientific
SE
......
(1,074)
(77,038)
354.5
Netherlands
Aegon
NV
..............
(21,408)
(118,082)
543.3
Akzo
Nobel
NV
...........
(320)
(23,835)
109.7
Argenx
SE
..............
(226)
(86,080)
396.1
Heineken
NV
............
(180)
(17,989)
82.8
(245,986)
New
Zealand
Auckland
International
Airport
Ltd.
................
(4,278)
(23,544)
108.4
Norway
Aker
BP
ASA
............
(1,233)
(37,559)
172.8
Gjensidige
Forsikring
ASA
...
(3,017)
(54,226)
249.5
Kongsberg
Gruppen
ASA
....
(630)
(25,081)
115.4
Salmar
ASA
.............
(1,199)
(55,753)
256.6
Telenor
ASA
.............
(2,709)
(28,360)
130.5
(200,979)
Singapore
Singapore
Technologies
Engineering
Ltd.
........
(39,300)
(110,494)
508.4
United
Overseas
Bank
Ltd.
...
(1,300)
(29,550)
136.0
(140,044)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
51
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
Spain
Acciona
SA
.............
(119)
$
(23,217)
106.8
%
Amadeus
IT
Group
SA
......
(368)
(23,185)
106.7
EDP
Renovaveis
SA
.......
(1,881)
(40,914)
188.3
Ferrovial
SA
.............
(3,006)
(88,702)
408.2
(176,018)
Sweden
Embracer
Group
AB
.......
(1,408)
(6,563)
30.2
EQT
AB
................
(839)
(18,932)
87.1
H
&
M
Hennes
&
Mauritz
AB,
Class
B
..............
(2,209)
(27,207)
125.2
Hexagon
AB,
Class
B
......
(20)
(229)
1.1
Holmen
AB,
Class
B
.......
(2,041)
(84,182)
387.4
SKF
AB,
Class
B
..........
(1,004)
(17,769)
81.8
Svenska
Cellulosa
AB
SCA,
Class
B
..............
(1,301)
(18,066)
83.1
(172,948)
Switzerland
Adecco
Group
AG
(Registered)
(1,028)
(38,181)
175.7
Alcon,
Inc.
..............
(589)
(44,445)
204.5
Banque
Cantonale
Vaudoise
(Registered)
...........
(855)
(81,274)
374.0
Credit
Suisse
Group
AG
(Registered)
...........
(17,642)
(60,775)
279.6
EMS-Chemie
Holding
AG
(Registered)
...........
(81)
(60,384)
277.9
Swiss
Prime
Site
AG
(Registered)
...........
(242)
(21,564)
99.2
(306,623)
United
Kingdom
abrdn
plc
...............
(10,430)
(27,471)
126.4
AstraZeneca
plc
..........
(197)
(25,809)
118.8
Berkeley
Group
Holdings
plc
..
(396)
(20,278)
93.3
HSBC
Holdings
plc
........
(14,639)
(107,865)
496.4
Kingfisher
plc
............
(8,485)
(29,273)
134.7
National
Grid
plc
..........
(1,902)
(24,180)
111.3
Next
plc
................
(599)
(49,043)
225.7
Rentokil
Initial
plc
.........
(6,860)
(41,595)
191.4
Rolls-Royce
Holdings
plc
....
(1,368)
(1,790)
8.2
Schroders
plc
............
(6,196)
(36,642)
168.6
Severn
Trent
plc
..........
(2,307)
(80,286)
369.4
Smith
&
Nephew
plc
.......
(1,403)
(19,376)
89.2
Standard
Chartered
plc
.....
(3,384)
(28,424)
130.8
Vodafone
Group
plc
........
(111,068)
(128,152)
589.7
(620,184)
United
States
Albemarle
Corp.
..........
(95)
(26,738)
123.0
Alcoa
Corp.
.............
(501)
(26,172)
120.4
Amphenol
Corp.,
Class
A
....
(840)
(67,007)
308.3
Apollo
Global
Management,
Inc.
(995)
(70,426)
324.1
Aptiv
plc
...............
(615)
(69,550)
320.0
Aspen
Technology,
Inc.
.....
(192)
(38,160)
175.6
Assurant,
Inc.
............
(212)
(28,109)
129.3
Atmos
Energy
Corp.
.......
(354)
(41,609)
191.5
Automatic
Data
Processing,
Inc.
(145)
(32,742)
150.7
Avantor,
Inc.
.............
(335)
(8,006)
36.8
Ball
Corp.
..............
(833)
(48,514)
223.2
Bentley
Systems,
Inc.,
Class
B
(3,256)
(127,147)
585.1
Bill.com
Holdings,
Inc.
......
(160)
(18,499)
85.1
BioMarin
Pharmaceutical,
Inc.
.
(1,442)
(166,335)
765.4
Block,
Inc.,
Class
A
........
(734)
(59,982)
276.0
Broadridge
Financial
Solutions,
Inc.
.................
(146)
(21,953)
101.0
Shares
Value
%
of
Basket
Value
United
States
(continued)
Brookfield
Renewable
Corp.
..
(4,633)
$
(145,931)
671.5
%
Brown
&
Brown,
Inc.
.......
(292)
(17,100)
78.7
Bunge
Ltd.
..............
(175)
(17,342)
79.8
Caesars
Entertainment,
Inc.
..
(369)
(19,210)
88.4
Campbell
Soup
Co.
........
(1,007)
(52,293)
240.6
Carlisle
Cos.,
Inc.
.........
(75)
(18,814)
86.6
CarMax,
Inc.
............
(2,124)
(149,636)
688.6
Carnival
Corp.
...........
(2,105)
(22,776)
104.8
Catalent,
Inc.
............
(38)
(2,035)
9.4
Caterpillar,
Inc.
...........
(84)
(21,192)
97.5
Centene
Corp.
...........
(1,729)
(131,819)
606.6
Ceridian
HCM
Holding,
Inc.
..
(285)
(20,600)
94.8
CH
Robinson
Worldwide,
Inc.
.
(212)
(21,236)
97.7
Charles
River
Laboratories
International,
Inc.
.......
(355)
(86,354)
397.4
Cheniere
Energy,
Inc.
......
(579)
(88,465)
407.1
Chesapeake
Energy
Corp.
...
(225)
(19,512)
89.8
Chewy,
Inc.,
Class
A
.......
(165)
(7,435)
34.2
Church
&
Dwight
Co.,
Inc.
...
(1,007)
(81,426)
374.7
Cincinnati
Financial
Corp.
....
(765)
(86,560)
398.3
Computershare
Ltd.
........
(1,313)
(22,113)
101.8
Constellation
Energy
Corp.
...
(880)
(75,117)
345.7
Cooper
Cos.,
Inc.
(The)
.....
(109)
(38,033)
175.0
Costco
Wholesale
Corp.
.....
(36)
(18,401)
84.7
Coterra
Energy,
Inc.
.......
(1,626)
(40,699)
187.3
CSL
Ltd.
...............
(77)
(16,259)
74.8
Danaher
Corp.
...........
(82)
(21,679)
99.8
Datadog,
Inc.,
Class
A
......
(288)
(21,545)
99.1
DaVita,
Inc.
.............
(868)
(71,514)
329.1
Dentsply
Sirona,
Inc.
.......
(524)
(19,299)
88.8
Dollar
General
Corp.
.......
(115)
(26,864)
123.6
Dover
Corp.
.............
(141)
(21,408)
98.5
Dow,
Inc.
...............
(898)
(53,296)
245.2
DR
Horton,
Inc.
...........
(632)
(62,372)
287.0
Duke
Energy
Corp.
........
(894)
(91,590)
421.5
Ecolab,
Inc.
.............
(228)
(35,301)
162.4
Emerson
Electric
Co.
.......
(192)
(17,322)
79.7
Entegris,
Inc.
............
(321)
(25,908)
119.2
Equifax,
Inc.
.............
(84)
(18,665)
85.9
Erie
Indemnity
Co.,
Class
A
..
(128)
(31,277)
143.9
Essential
Utilities,
Inc.
......
(4,551)
(212,668)
978.6
First
Republic
Bank
........
(334)
(47,054)
216.5
Ford
Motor
Co.
...........
(1,505)
(20,333)
93.6
Fortune
Brands
Innovations,
Inc.
(705)
(45,480)
209.3
GE
HealthCare
Technologies,
Inc.
.................
(319)
(22,177)
102.0
Gen
Digital,
Inc.
..........
(1,454)
(33,457)
154.0
Hasbro,
Inc.
.............
(408)
(24,141)
111.1
Hess
Corp.
.............
(901)
(135,294)
622.6
Hilton
Worldwide
Holdings,
Inc.
(16)
(2,321)
10.7
Hormel
Foods
Corp.
.......
(2,171)
(98,368)
452.7
Huntington
Ingalls
Industries,
Inc.
.................
(190)
(41,903)
192.8
Illumina,
Inc.
............
(98)
(20,992)
96.6
Ingersoll
Rand,
Inc.
........
(1,706)
(95,536)
439.6
Insulet
Corp.
............
(82)
(23,560)
108.4
Intercontinental
Exchange,
Inc.
(629)
(67,649)
311.3
International
Business
Machines
Corp.
...............
(132)
(17,784)
81.8
International
Paper
Co.
.....
(503)
(21,035)
96.8
Kellogg
Co.
.............
(291)
(19,957)
91.8
Keurig
Dr
Pepper,
Inc.
......
(6,095)
(215,032)
989.5
KKR
&
Co.,
Inc.
..........
(424)
(23,663)
108.9
Leidos
Holdings,
Inc.
.......
(653)
(64,543)
297.0
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
52
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Shares
Value
%
of
Basket
Value
United
States
(continued)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(5,702)
$
(403,702)
1,857.7
%
Live
Nation
Entertainment,
Inc.
(240)
(19,318)
88.9
Loews
Corp.
............
(536)
(32,953)
151.6
M&T
Bank
Corp.
..........
(265)
(41,340)
190.2
Marsh
&
McLennan
Cos.,
Inc.
.
(167)
(29,210)
134.4
Martin
Marietta
Materials,
Inc.
.
(51)
(18,342)
84.4
Marvell
Technology,
Inc.
.....
(1,419)
(61,230)
281.8
Mohawk
Industries,
Inc.
.....
(207)
(24,852)
114.4
Moody's
Corp.
...........
(80)
(25,820)
118.8
Nasdaq,
Inc.
............
(768)
(46,226)
212.7
Newmont
Corp.
..........
(742)
(39,274)
180.7
NextEra
Energy,
Inc.
.......
(560)
(41,793)
192.3
Okta,
Inc.
...............
(2,087)
(153,624)
706.9
Palantir
Technologies,
Inc.,
Class
A
..................
(7,736)
(60,186)
277.0
Paylocity
Holding
Corp.
.....
(181)
(37,700)
173.5
Pfizer,
Inc.
..............
(454)
(20,049)
92.3
Plug
Power,
Inc.
..........
(1,173)
(19,964)
91.9
Progressive
Corp.
(The)
.....
(252)
(34,360)
158.1
Public
Service
Enterprise
Group,
Inc.
.................
(291)
(18,022)
82.9
Regeneron
Pharmaceuticals,
Inc.
.................
(25)
(18,962)
87.3
Rivian
Automotive,
Inc.,
Class
A
(1,316)
(25,530)
117.5
S&P
Global,
Inc.
..........
(168)
(62,990)
289.9
Seagate
Technology
Holdings
plc
.................
(840)
(56,935)
262.0
Snowflake,
Inc.,
Class
A
.....
(128)
(20,024)
92.1
Shares
Value
%
of
Basket
Value
United
States
(continued)
Southern
Co.
(The)
........
(240)
$
(16,243)
74.7
%
Stanley
Black
&
Decker,
Inc.
..
(1,054)
(94,133)
433.2
Swiss
Re
AG
............
(422)
(44,188)
203.3
Take-Two
Interactive
Software,
Inc.
.................
(174)
(19,702)
90.7
Targa
Resources
Corp.
.....
(293)
(21,981)
101.1
Target
Corp.
.............
(209)
(35,977)
165.6
Teledyne
Technologies,
Inc.
..
(54)
(22,910)
105.4
Teleflex,
Inc.
.............
(358)
(87,144)
401.0
Teradyne,
Inc.
...........
(178)
(18,103)
83.3
Thermo
Fisher
Scientific,
Inc.
.
(47)
(26,805)
123.3
Tractor
Supply
Co.
........
(91)
(20,747)
95.5
Tradeweb
Markets,
Inc.,
Class
A
(213)
(15,877)
73.1
TransUnion
.............
(615)
(44,126)
203.1
Tyler
Technologies,
Inc.
.....
(113)
(36,473)
167.8
UnitedHealth
Group,
Inc.
....
(125)
(62,399)
287.1
Verizon
Communications,
Inc.
.
(589)
(24,485)
112.7
W
R
Berkley
Corp.
........
(250)
(17,535)
80.7
Warner
Bros
Discovery,
Inc.
..
(1,868)
(27,684)
127.4
Waste
Management,
Inc.
....
(118)
(18,258)
84.0
WEC
Energy
Group,
Inc.
....
(320)
(30,077)
138.4
Zillow
Group,
Inc.,
Class
C
...
(1,641)
(72,549)
333.8
(5,912,096)
Zambia
First
Quantum
Minerals
Ltd.
..
(1,370)
(31,785)
146.3
Total
Reference
Entity
—
Short
............
(14,811,665)
Net
Value
of
Reference
Entity
—
Merrill
Lynch
International
&
Co.
.....................
$
(21,732)
(a)
Amount
is
greater
than
(0.1)%.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4.31
%
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
2.99
Balances
Reported
in
the
Consolidated
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
............................................
$
—
$
(218,809)
$
583,501
$
—
$
—
OTC
Swaps
.....................................................
—
—
692,246
(78,198)
—
Options
Written
...................................................
N/A
N/A
52,649
—
(77,785)
(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.
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
53
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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)
......
$
249,994
$
—
$
1,321,955
$
—
$
3,868,273
$
—
$
5,440,222
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
3,078,682
—
—
3,078,682
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
............
—
—
—
—
224,622
—
224,622
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
583,501
—
—
—
—
583,501
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
692,246
—
—
—
692,246
$
249,994
$
583,501
$
2,014,201
$
3,078,682
$
4,092,895
$
—
$
10,019,273
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
37,433
—
259,872
—
22,725
—
320,030
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
4,520,691
—
—
4,520,691
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
77,785
—
77,785
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
78,198
—
—
—
78,198
$
37,433
$
—
$
338,070
$
4,520,691
$
100,510
$
—
$
4,996,704
(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
period
ended
January
31,
2023,
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
.......................
$
2,390,819
$
—
$
2,592,758
$
—
$
(3,234,014)
$
—
$
1,749,563
Forward
foreign
currency
exchange
contracts
....
—
—
—
3,502,531
—
—
3,502,531
Options
purchased
(a)
.....................
—
—
—
—
(415,024)
—
(415,024)
Swaps
..............................
—
(610,450)
1,311,588
—
709,077
—
1,410,215
$
2,390,819
$
(610,450)
$
3,904,346
$
3,502,531
$
(2,939,961)
$
—
$
6,247,285
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
(341,077)
$
—
$
(1,034,147)
$
—
$
3,895,875
$
—
$
2,520,651
Forward
foreign
currency
exchange
contracts
....
—
—
—
(2,380,358)
—
—
(2,380,358)
Options
purchased
(b)
.....................
—
—
—
—
71,515
—
71,515
Options
written
........................
—
—
—
—
52,649
—
52,649
Swaps
..............................
—
1,490,020
(2,679,963)
—
—
—
(1,189,943)
$
(341,077)
$
1,490,020
$
(3,714,110)
$
(2,380,358)
$
4,020,039
$
—
$
(925,486)
(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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
54
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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
..................................................................................
$
180,382,208
Average
notional
value
of
contracts
—
short
.................................................................................
$
152,716,262
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
271,855,169
Average
amounts
sold
—
in
USD
........................................................................................
$
212,753,573
Options
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
15,937,265
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
9,617,257
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
11,994,769
Interest
rate
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
—
(a)
Total
return
swaps
Average
notional
value
...............................................................................................
$
16,730,964
(a)
Derivative
financial
instrument
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
2,390,819
Futures
contracts
....................................................................................
$
400,348
$
339,006
Forward
foreign
currency
exchange
contracts
.................................................................
3,078,682
4,520,691
Options
(a)(b)
........................................................................................
224,622
77,785
Swaps
—
centrally
cleared
..............................................................................
—
2,085
Swaps
—
OTC
(c)
.....................................................................................
692,246
78,198
Total
derivative
assets
and
liabilities
in
the
Consolidated
Statement
of
Assets
and
Liabilities
....................................
$
4,395,898
$
5,017,765
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(400,348)
(341,091)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
3,995,550
$
4,676,674
(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.
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
55
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
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
..............................
$
38,218
$
(10,232)
$
—
$
—
$
27,986
Barclays
Bank
plc
................................
245,605
(245,605)
—
—
—
BNP
Paribas
SA
.................................
109,434
(109,434)
—
—
—
Citibank
NA
....................................
95,228
—
—
—
95,228
Deutsche
Bank
AG
...............................
382,021
(58,895)
—
(323,126)
—
Goldman
Sachs
Bank
USA
..........................
155,921
—
—
—
155,921
Goldman
Sachs
International
........................
250,763
—
—
(250,763)
—
HSBC
Bank
plc
..................................
162,373
(116,918)
—
—
45,455
JPMorgan
Chase
Bank
NA
..........................
1,004,535
(1,004,535)
—
—
—
JPMorgan
Chase
Bank
NA
(e)
.........................
685,663
(346,88
7
)
—
(260,000)
78,77
6
Merrill
Lynch
International
&
Co.
......................
303,019
(32,373)
—
—
270,646
Morgan
Stanley
&
Co.
International
plc
(e)
.................
100,593
(100,593)
—
—
—
Toronto
Dominion
Bank
............................
59,002
(59,002)
—
—
—
UBS
AG
......................................
268,816
(268,816)
—
—
—
Westpac
Banking
Corp.
............................
134,359
(134,359)
—
—
—
$
3,995,550
$
(2,487,6
49
)
$
—
$
(833,889)
$
674,01
2
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(d)(f)
Bank
of
America
NA
..............................
$
10,232
$
(10,232)
$
—
$
—
$
—
Barclays
Bank
plc
................................
347,266
(245,605)
—
(101,661)
—
BNP
Paribas
SA
.................................
1,097,653
(109,434)
—
(988,219)
—
Deutsche
Bank
AG
...............................
58,895
(58,895)
—
—
—
HSBC
Bank
plc
..................................
116,918
(116,918)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
1,474,174
(1,004,53
5
)
—
(469,63
9
)
—
JPMorgan
Chase
Bank
NA
(
e
)
.........................
346,887
(346,887)
—
—
—
Merrill
Lynch
International
&
Co.
......................
32,373
(32,373)
—
—
—
Morgan
Stanley
&
Co.
International
plc
(
e
)
.................
125,020
(100,59
3
)
—
—
24,42
7
Toronto
Dominion
Bank
............................
361,131
(59,00
2
)
—
—
302,12
9
UBS
AG
......................................
339,855
(268,81
6
)
—
—
71,0
39
Westpac
Banking
Corp.
............................
366,270
(134,35
9
)
—
—
231,91
1
$
4,676,674
$
(2,487,6
49
)
$
—
$
(1,559,51
9
)
$
629,50
6
(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/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
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)
Net
amount
represents
the
net
amount
payable
from
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
written
receivable/payable
on
the
Consolidated
Statement
of
Assets
and
Liabilities.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
56
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
See
notes
to
consolidated
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Foreign
Government
Obligations
..............................
$
—
$
39,347,610
$
—
$
39,347,610
U.S.
Treasury
Obligations
...................................
—
18,597,714
—
18,597,714
Short-Term
Securities
Money
Market
Funds
......................................
35,668,599
—
—
35,668,599
U.S.
Treasury
Obligations
...................................
—
44,401,762
—
44,401,762
Options
Purchased
Interest
rate
contracts
......................................
—
224,622
—
224,622
$
35,668,599
$
102,571,708
$
—
$
138,240,307
Derivative
Financial
Instruments
(a)
Assets
Commodity
contracts
.......................................
$
249,994
$
—
$
—
$
249,994
Credit
contracts
...........................................
—
583,501
—
583,501
Equity
contracts
...........................................
241,152
1,773,049
—
2,014,201
Foreign
currency
exchange
contracts
............................
—
3,078,682
—
3,078,682
Interest
rate
contracts
.......................................
3,868,273
—
—
3,868,273
Liabilities
Commodity
contracts
.......................................
(37,433)
—
—
(37,433)
Equity
contracts
...........................................
(72,290)
(265,780)
—
(338,070)
Foreign
currency
exchange
contracts
............................
—
(4,520,691)
—
(4,520,691)
Interest
rate
contracts
.......................................
(22,725)
(77,785)
—
(100,510)
$
4,226,971
$
570,976
$
—
$
4,797,947
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Consolidated
Statement
of
Assets
and
Liabilities
(unaudited)

January
31,
2023
57
Consolidated
Financial
Statements
See
notes
to
consolidated
financial
statements.
BlackRock
Total
Factor
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
102,571,708‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
35,668,599‌
Cash
.............................................................................................................
16,856,930‌
Cash
pledged:
–‌
Collateral
—
OTC
derivatives
............................................................................................
5,116,000‌
Futures
contracts
....................................................................................................
10,748,000‌
Centrally
cleared
swaps
................................................................................................
867,000‌
Foreign
currency,
at
value
(c)
...............................................................................................
11,286,486‌
Receivables:
–‌
Investments
sold
....................................................................................................
1,926,358‌
Capital
shares
sold
...................................................................................................
2,405,333‌
Dividends
—
affiliated
.................................................................................................
97,385‌
Interest
—
unaffiliated
.................................................................................................
152,852‌
From
the
Manager
...................................................................................................
7,673‌
Variation
margin
on
futures
contracts
.......................................................................................
400,348‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
3,078,682‌
OTC
swaps
........................................................................................................
692,246‌
Prepaid
expenses
.....................................................................................................
157,218‌
Total
assets
.........................................................................................................
192,032,818‌
LIABILITIES
Due
to
broker
........................................................................................................
80,000‌
Cash
received:
–‌
Collateral
—
OTC
derivatives
............................................................................................
830,090‌
Options
written,
at
value
(d)
................................................................................................
77,785‌
Payables:
–‌
Swaps  
..........................................................................................................
903,230‌
Accounting
services
fees
...............................................................................................
85,810‌
Administration
fees
...................................................................................................
5,883‌
Capital
shares
redeemed
...............................................................................................
157,758‌
Investment
advisory
fees
..............................................................................................
1,288‌
Trustees'
and
Officer's
fees
.............................................................................................
2,468‌
Other
affiliate
fees
...................................................................................................
374‌
Professional
fees
....................................................................................................
82,225‌
Service
and
distribution
fees
.............................................................................................
933‌
Variation
margin
on
futures
contracts
.......................................................................................
339,006‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
2,085‌
Other
accrued
expenses
...............................................................................................
93,260‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
4,520,691‌
OTC
swaps
........................................................................................................
78,198‌
Total
liabilities
........................................................................................................
7,261,084‌
NET
ASSETS
........................................................................................................
$
184,771,734‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
217,769,504‌
Accumulated
loss
.....................................................................................................
(32,997,770‌)
NET
ASSETS
........................................................................................................
$
184,771,734‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
108,609,648‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
35,668,599‌
(c)
  Foreign
currency,
at
cost
...............................................................................................
$
11,200,061‌
(d)
  Premiums
received
..................................................................................................
$
130,434‌
Consolidated
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
58
See
notes
to
consolidated
financial
statements.
BlackRock
Total
Factor
Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................................
$
169,381,917‌
Shares
outstanding
...................................................................................................
20,895,756‌
Net
asset
value
......................................................................................................
$
8.11‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
A
Net
assets
..........................................................................................................
$
3,780,150‌
Shares
outstanding
...................................................................................................
470,143‌
Net
asset
value
......................................................................................................
$
8.04‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
C
Net
assets
..........................................................................................................
$
154,373‌
Shares
outstanding
...................................................................................................
19,571‌
Net
asset
value
......................................................................................................
$
7.89‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Class
K
Net
assets
..........................................................................................................
$
11,455,294‌
Shares
outstanding
...................................................................................................
1,410,539‌
Net
asset
value
......................................................................................................
$
8.12‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Consolidated
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2023
59
Consolidated
Financial
Statements
See
notes
to
consolidated
financial
statements.
BlackRock
Total
Factor
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
384,253‌
Interest
—
unaffiliated
.................................................................................................
2,899,647‌
Total
investment
income
.................................................................................................
3,283,900‌
EXPENSES
Investment
advisory
..................................................................................................
495,254‌
Accounting
services
..................................................................................................
157,400‌
Transfer
agent
—
class
specific
..........................................................................................
98,461‌
Registration
.......................................................................................................
96,470‌
Professional
.......................................................................................................
86,266‌
Administration
.....................................................................................................
42,097‌
Printing
and
postage
.................................................................................................
19,820‌
Administration
—
class
specific
..........................................................................................
19,810‌
Custodian
.........................................................................................................
18,930‌
Service
and
distribution
—
class
specific
....................................................................................
6,448‌
Trustees
and
Officer
..................................................................................................
4,723‌
Miscellaneous
......................................................................................................
11,153‌
Total
expenses
.......................................................................................................
1,056,832‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(438,054‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(52,898‌)
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(19,572‌)
Administration
fees
waived
.............................................................................................
(787‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
545,521‌
Net
investment
income
..................................................................................................
2,738,379‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(767,917‌)
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(8,015,664‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
3,502,531‌
Foreign
currency
transactions
.........................................................................................
(41,300‌)
Futures
contracts
..................................................................................................
1,749,563‌
Swaps
.........................................................................................................
1,410,215‌
A
(1,394,655‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
1,500,653‌
Forward
foreign
currency
exchange
contracts
...............................................................................
(2,380,358‌)
Foreign
currency
translations
..........................................................................................
123,087‌
Futures
contracts
..................................................................................................
2,520,651‌
Options
written
...................................................................................................
52,649‌
Swaps
.........................................................................................................
(1,189,943‌)
A
626,739‌
Net
realized
and
unrealized
loss
............................................................................................
(767,916‌)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
1,970,463‌
Consolidated
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
60
See
notes
to
consolidated
financial
statements.
BlackRock
Total
Factor
Fund
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
2,738,379
‌
$
2,067,511
‌
Net
realized
lo
ss
..................................................................................
(1,394,655
)
(3,031,084
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
626,739
‌
(11,016,537
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
1,970,463
‌
(11,980,110
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
....................................................................................
(14,262,774
)
(7,362,432
)
Investor
A
.....................................................................................
(324,840
)
(245,216
)
Investor
C
.....................................................................................
(11,536
)
(6,344
)
Class
K
.......................................................................................
(1,105,293
)
(1,467,551
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(15,704,443
)
(9,081,543
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(21,831,236
)
27,256,860
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
(35,565,216
)
6,195,207
‌
Beginning
of
period
..................................................................................
220,336,950
‌
214,141,743
‌
End
of
period
......................................................................................
$
184,771,734
‌
$
220,336,950
‌
(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)
61
Consolidated
Financial
Highlights
BlackRock
Total
Factor
Fund
Institutional
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
................
$
8.71
‌
$
9.51
‌
$
8.78
‌
$
10.50
‌
$
10.18
‌
$
10.18
‌
Net
investment
income
(loss)
(a)
....................
0.12
‌
0.08
‌
(0.02
)
0.09
‌
0.16
‌
0.08
‌
Net
realized
and
unrealized
gain
(loss)
...............
(0.01
)
(0.51
)
0.75
‌
(1.51
)
0.44
‌
0.39
‌
Net
increase
(decrease)
from
investment
operations
.......
0.11
‌
(0.43
)
0.73
‌
(1.42
)
0.60
‌
0.47
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.71
)
(0.37
)
—
‌
(0.01
)
(0.24
)
—
‌
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
(0.29
)
(0.04
)
(0.47
)
Total
distributions
..............................
(0.71
)
(0.37
)
—
‌
(0.30
)
(0.28
)
(0.47
)
Net
asset
value,
end
of
period
.....................
$
8.11
‌
$
8.71
‌
$
9.51
‌
$
8.78
‌
$
10.50
‌
$
10.18
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.59
%
(d)
(4.85
)%
8.31
%
(13.93
)%
6.10
%
4.59
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
1.07
%
(f)
1.02
%
0.96
%
0.84
%
1.29
%
1.82
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.55
%
(f)
0.55
%
0.55
%
0.55
%
0.55
%
0.54
%
Net
investment
income
(loss)
......................
2.76
%
(f)
0.90
%
(0.19
)%
0.97
%
1.55
%
0.76
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
169,382
‌
$
178,571
‌
$
176,703
‌
$
265,507
‌
$
206,351
‌
$
122,627
‌
Portfolio
turnover
rate
............................
24
%
101
%
49
%
166
%
74
%
64
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
consolidated
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
62
BlackRock
Total
Factor
Fund
Investor
A
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
.................
$
8.62
‌
$
9.44
‌
$
8.74
‌
$
10.46
‌
$
10.15
‌
$
10.15
‌
Net
investment
income
(loss)
(a)
.....................
0.11
‌
0.05
‌
(0.04
)
0.07
‌
0.13
‌
0.02
‌
Net
realized
and
unrealized
gain
(loss)
................
(0.01
)
(0.51
)
0.74
‌
(1.50
)
0.44
‌
0.42
‌
Net
increase
(decrease)
from
investment
operations
........
0.10
‌
(0.46
)
0.70
‌
(1.43
)
0.57
‌
0.44
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
(0.68
)
(0.36
)
—
‌
(0.00
)
(c)
(0.22
)
—
‌
From
net
realized
gain
...........................
—
‌
—
‌
—
‌
(0.29
)
(0.04
)
(0.44
)
Total
distributions
...............................
(0.68
)
(0.36
)
—
‌
(0.29
)
(0.26
)
(0.44
)
Net
asset
value,
end
of
period
......................
$
8.04
‌
$
8.62
‌
$
9.44
‌
$
8.74
‌
$
10.46
‌
$
10.15
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.38
%
(e)
(5.20
)%
8.01
%
(14.07
)%
5.80
%
4.35
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
1.42
%
(g)
1.35
%
1.31
%
1.22
%
1.65
%
2.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.80
%
(g)
0.80
%
0.80
%
0.80
%
0.80
%
0.80
%
Net
investment
income
(loss)
.......................
2.50
%
(g)
0.59
%
(0.46
)%
0.73
%
1.28
%
0.18
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
3,780
‌
$
5,144
‌
$
5,892
‌
$
6,916
‌
$
7,423
‌
$
4,936
‌
Portfolio
turnover
rate
.............................
24
%
101
%
49
%
166
%
74
%
64
%
(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)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
consolidated
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
63
Consolidated
Financial
Highlights
BlackRock
Total
Factor
Fund
Investor
C
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
.................
$
8.44
‌
$
9.28
‌
$
8.66
‌
$
10.40
‌
$
10.08
‌
$
10.07
‌
Net
investment
income
(loss)
(a)
.....................
0.07
‌
(0.01
)
(0.10
)
(0.01
)
0.04
‌
(0.11
)
Net
realized
and
unrealized
gain
(loss)
................
(
0.00
)
(b)
(0.50
)
0.72
‌
(1.48
)
0.44
‌
0.48
‌
Net
increase
(decrease)
from
investment
operations
........
0.07
‌
(0.51
)
0.62
‌
(1.49
)
0.48
‌
0.37
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.62
)
(0.33
)
—
‌
(0.00
)
(b)
(0.12
)
—
‌
From
net
realized
gain
...........................
—
‌
—
‌
—
‌
(0.25
)
(0.04
)
(0.36
)
Total
distributions
...............................
(0.62
)
(0.33
)
—
‌
(0.25
)
(0.16
)
(0.36
)
Net
asset
value,
end
of
period
......................
$
7.89
‌
$
8.44
‌
$
9.28
‌
$
8.66
‌
$
10.40
‌
$
10.08
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
1.04
%
(e)
(5.88
)%
7.16
%
(14.68
)%
4.95
%
3.62
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
2.25
%
(g)
2.22
%
2.08
%
1.92
%
2.47
%
2.98
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
1.53
%
(g)
1.54
%
1.54
%
1.55
%
1.55
%
1.55
%
Net
investment
income
(loss)
.......................
1.78
%
(g)
(0.16
)%
(1.19
)%
(0.06
)%
0.41
%
(1.08
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
154
‌
$
154
‌
$
221
‌
$
304
‌
$
608
‌
$
755
‌
Portfolio
turnover
rate
.............................
24
%
101
%
49
%
166
%
74
%
64
%
(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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
consolidated
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
64
BlackRock
Total
Factor
Fund
Class
K
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
................
$
8.72
‌
$
9.52
‌
$
8.79
‌
$
10.51
‌
$
10.18
‌
$
10.18
‌
Net
investment
income
(loss)
(a)
....................
0.12
‌
0.09
‌
(0.02
)
0.10
‌
0.14
‌
0.28
‌
Net
realized
and
unrealized
gain
(loss)
...............
(
0.00
)
(b)
(0.52
)
0.75
‌
(1.52
)
0.47
‌
0.19
‌
Net
increase
(decrease)
from
investment
operations
.......
0.12
‌
(0.43
)
0.73
‌
(1.42
)
0.61
‌
0.47
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.72
)
(0.37
)
—
‌
(0.01
)
(0.24
)
—
‌
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
(0.29
)
(0.04
)
(0.47
)
Total
distributions
..............................
(0.72
)
(0.37
)
—
‌
(0.30
)
(0.28
)
(0.47
)
Net
asset
value,
end
of
period
.....................
$
8.12
‌
$
8.72
‌
$
9.52
‌
$
8.79
‌
$
10.51
‌
$
10.18
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.51
%
(e)
(4.83
)%
8.30
%
(13.89
)%
6.23
%
4.61
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.97
%
(g)
0.92
%
0.87
%
0.77
%
1.29
%
1.81
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.50
%
(g)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
(loss)
......................
2.84
%
(g)
0.98
%
(0.18
)%
1.08
%
1.43
%
2.79
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
11,455
‌
$
36,468
‌
$
31,325
‌
$
29,458
‌
$
18,383
‌
$
28,440
‌
Portfolio
turnover
rate
............................
24
%
101
%
49
%
166
%
74
%
64
%
(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)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
consolidated
financial
statements.
Notes
to
Consolidated
Financial
Statements
(unaudited)
65
Notes
to
Consolidated
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
SM
 (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a 
Massachusetts
business
trust.
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
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
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
“Cayman
Subsidiary”),
which
is
a
wholly-owned
subsidiary
of
the
Fund
 and
primarily
invests
in
commodity-related
instruments
and
other
derivatives.
The
Cayman
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
Cayman
Subsidiary.
The
net
assets
of
the
Cayman
Subsidiary
as
of
period
end
were
$17,984,412
,
which
is
9.7%
 of
the
Fund's
 consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated. The
Cayman
Subsidiary
is
subject
to
the
same
investment
policies
and
restrictions
that
apply
to 
the
Fund
,
except
that
the
Cayman
Subsidiary
may
invest
without
limitation
in
commodity-related
instruments. 
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
consolidated
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
consolidated
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
consolidated
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
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.
Collateralization:
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.  
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Net
income
and
realized
gains
from
investments
held
by
the
Cayman
Subsidiary
are
treated
as
ordinary
income
for
tax
purposes. If
a
net
loss
is
realized
by
the  Cayman
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
Contingent
Deferred
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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
66
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.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
consolidated
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
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.  
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.
Over-the-counter
("OTC")
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
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
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
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 
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
67
Notes
to
Consolidated
Financial
Statements
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Inflation-Indexed
Bonds:
Inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
are
fixed-income
securities
whose
principal
value
is
periodically
adjusted
according
to
the
rate
of
inflation.
If
the
index
measuring
inflation
rises
or
falls,
the
principal
value
of
inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
will
be
adjusted
upward
or
downward,
and
consequently
the
interest
payable
on
these
securities
(calculated
with
respect
to
a
larger
or
smaller
principal
amount)
will
be
increased
or
reduced,
respectively.
Any
upward
or
downward
adjustment
in
the
principal
amount
of
an
inflation-indexed
bond
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.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Consolidated
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
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.
Options:
The
Fund
may purchase
and
write
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.
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
68
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
may purchase
and
write
options
on
swaps
(“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
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.
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,
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
69
Notes
to
Consolidated
Financial
Statements
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
risks
in
excess
of
the
amounts
recognized
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between 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(s)
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.
6.
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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
70
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,
2023,
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,
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,
2023,
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,
2023,
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,
2023,
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,
2023,
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,
2023
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$64
.
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
June
30,
202
4
.
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,
2023,
the
amount
waived
was
$9,236.
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
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
January
31,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌%
—‌%
Investor
C
.................................................................................................
0.25‌
0.75‌
Share
Class
Service
and
Distribution
Fees
Investor
A
........................................................................................................
$
5,684‌
Investor
C
........................................................................................................
764‌
$
6,448‌
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
Investor
A
Investor
C
Class
K
Total
Administration
fees
-
class
specific
..........................................
$
17,093‌
$
455‌
$
15‌
$
2,247‌
$
19,810‌
Institutional
Investor
A
Investor
C
Class
K
Total
Reimbursed
amount
....................................................
$
126‌
$
115‌
$
1‌
$
48‌
$
290‌
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
92,367‌
$
4,675‌
$
220‌
$
1,199‌
$
98,461‌
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
71
Notes
to
Consolidated
Financial
Statements
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
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
January
31,
2023,
the
Manager
waived
and/
or
reimbursed
investment
advisory
fees
of
$429,605 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
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Consolidated
Statement
of
Operations.
For
the
six
months ended
January
31,
2023,
class
specific
expense
waivers
and/or
reimbursements are 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,
2023,
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. 
7.
PURCHASES
AND
SALES 
For
the
six
months ended
January
31,
2023,
purchases
and
sales
of
investments, excluding
short-term
securities,
were
as
follows:
8.
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
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,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
consolidated
financial
statements.
As
of
July
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$1,196,770. 
Institutional
Investor
A
Investor
C
Class
K
Expense
Limitations
................................................
0.55‌%
0.80‌%
1.55‌%
0.50‌%
Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Institutional
....................................................................................
$
16,855‌
$
47,912‌
Investor
A
.....................................................................................
455‌
3,596‌
Investor
C
.....................................................................................
15‌
192‌
Class
K
......................................................................................
2,247‌
1,198‌
$
19,572‌
$
52,898‌
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
BlackRock
Total
Factor
Fund
..............................................
$
14,242,550‌
$
29,883,621‌
$
2,678,989‌
$
6,709,297‌
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
72
As
of
January
31,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), are
a
party
to
a
364-day,
$2.50
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)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2023
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
January
31,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 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.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
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
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Total
Factor
Fund
.........................................
$
146,059,043‌
$
8,078,997‌
$
(10,969,353‌)
$
(2,890,356‌)
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
73
Notes
to
Consolidated
Financial
Statements
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
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the recent
period
of
historically
low
interest rates. The
Federal
Reserve
has
recently
begun
to
raise
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
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
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
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.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states. The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
could
be
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
74
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
consolidated
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
consolidated
financial
statements.
Six
Months
Ended
01/31/23
Year
Ended
07/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Total
Factor
Fund
Institutional
Shares
sold
.............................................
6,694,546‌
$
55,990,792‌
5,265,156‌
$
49,078,579‌
Shares
issued
in
reinvestment
of
distributions
........................
1,780,609‌
14,253,035‌
764,492‌
7,323,832‌
Shares
redeemed
.........................................
(8,090,695‌)
(67,412,055‌)
(4,099,381‌)
(37,425,622‌)
384,460‌
$
2,831,772‌
1,930,267‌
$
18,976,789‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
......................
61,256‌
$
518,916‌
147,294‌
$
1,375,036‌
Shares
issued
in
reinvestment
of
distributions
........................
40,568‌
322,212‌
25,609‌
243,546‌
Shares
redeemed
.........................................
(228,139‌)
(1,910,600‌)
(200,729‌)
(1,826,725‌)
(126,315‌)
$
(1,069,472‌)
(27,826‌)
$
(208,143‌)
Investor
C
Shares
sold
.............................................
120‌
$
1,002‌
1,080‌
$
10,000‌
Shares
issued
in
reinvestment
of
distributions
........................
1,479‌
11,536‌
679‌
6,344‌
Shares
redeemed
and
automatic
conversion
of
shares
..................
(231‌)
(1,800‌)
(7,355‌)
(67,843‌)
1,368‌
$
10,738‌
(5,596‌)
$
(51,499‌)
Class
K
Shares
sold
.............................................
118,074‌
$
971,732‌
1,491,397‌
$
14,103,314‌
Shares
issued
in
reinvestment
of
distributions
........................
24,990‌
200,492‌
42,109‌
404,248‌
Shares
redeemed
.........................................
(2,914,862‌)
(24,776,498‌)
(641,135‌)
(5,967,849‌)
(2,771,798‌)
$
(23,604,274‌)
892,371‌
$
8,539,713‌
(2,512,285‌)
$
(21,831,236‌)
2,789,216‌
$
27,256,860‌
Statement
Regarding
Liquidity
Risk
Management
Program
75
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
SM
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
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
8-9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
the
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
the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
the
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2023
BlackRock
Semi-Annual
Report
to
Shareholders
76
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,
Procedures and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
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
without
charge,
upon
request (1)
by
calling
(800)
441-7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800) 
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
77
Additional
Information
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
10001
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
2023
BlackRock
Semi-Annual
Report
to
Shareholders
78
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
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
SEK
Swedish
Krona
SGD
Singapore
Dollar
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
EURIBOR
Euro
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
OTC
Over-the-counter
RBOB
Reformulated
Gasoline
Blend
Stock
for
Oxygen
Blending
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
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-1/23-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(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable                  
 
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds
SM
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
 
Date: March 23, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
SM
 
Date: March 23, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
SM
 
Date: March 23, 2023