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
, 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 07/31/2022
 
Date of reporting period: 01/31/2022
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
   
Not Applicable
JANUARY
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
SM
BlackRock
Liquid
Environmentally
Aware
Fund
Dear
Shareholder,
The
12-month
reporting
period
as
of
January
31,
2022
saw
a
continuation
of
the
resurgent
growth
that
followed
the
initial
coronavirus
(or
“COVID-19”)
pandemic
reopening,
albeit
at
a
slower
pace.
The
global
economy
weathered
the
emergence
of
several
variant
strains
and
the
resulting
peaks
and
troughs
in
infections
amid
optimism
that
increasing
vaccinations
and
economic
adaptation
could
help
contain
the
pandemic’s
disruptions.
Continued
growth
meant
that
the
U.S.
economy
regained
and
then
surpassed
its
pre-pandemic
output.
However,
rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation.
Equity
prices
were
mixed,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
which
particularly
weighed
on
relatively
high
valuation
growth
stocks
and
economically
sensitive
small-
capitalization
stocks.
Overall,
small-capitalization
U.S.
stocks
declined
slightly,
while
large-capitalization
U.S.
stocks
posted
a
strong
advance.
International
equities
from
developed
markets
also
gained,
although
emerging
market
stocks
declined,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
significantly
during
the
reporting
period
as
the
economy
expanded
rapidly
and
inflation
reached
its
highest
annualized
reading
in
decades.
In
the
corporate
bond
market,
the
improving
economy
assuaged
credit
concerns
and
led
to
positive
returns
for
high-
yield
corporate
bonds,
outpacing
the
modest
negative
return
of
investment-grade
corporate
bonds.
The
U.S.
Federal
Reserve
(the
“Fed”)
maintained
accommodative
monetary
policy
during
the
reporting
period
by
keeping
near-zero
interest
rates.
However,
the
Fed’s
tone
shifted
late
in
the
period,
as
it
reduced
its
bond-
buying
program
and
raised
the
prospect
of
higher
rates
in
2022.
Continued
high
inflation
and
the
Fed’s
new
tone
led
many
analysts
to
anticipate
that
the
Fed
will
raise
interest
rates
multiple
times
throughout
the
year.
Looking
ahead,
however,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy.
Sanctions
on
Russia
and
general
wartime
disruption
are
likely
to
drive
already-high
commodity
prices
even
further
upwards,
and
we
have
already
seen
spikes
in
energy
and
metal
markets.
While
this
will
exacerbate
inflationary
pressure,
it
could
also
constrain
economic
growth,
making
the
Fed's
way
forward
less
clear.
Its
challenge
will
be
combating
inflation
without
stifling
a
recovery
that
is
now
facing
additional
supply
shocks.
In
this
environment,
we
favor
an
overweight
to
equities,
as
we
believe
low
interest
rates
and
continued
economic
growth
will
support
further
gains,
albeit
likely
more
modest
than
what
we
saw
in
2021.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
health
care,
are
particularly
attractive
in
the
long
term.
U.S.
and
other
developed-market
equities
have
room
for
further
growth,
while
we
believe
Chinese
equities
stand
to
gain
from
a
more
accommodative
monetary
and
fiscal
environment.
We
are
underweight
long-term
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
3.44%
23.29%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(8.41)
(1.21)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(3.43)
7.03
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.59)
(7.23)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.01
0.04
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(3.87)
(4.43)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(3.17)
(2.97)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
(2.56)
(1.22)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(1.55)
2.05
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
...............................................................................................
20
Additional
Information
....................................................................................................
26
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
28
Money
Market
Overview
For
the
Six-Month
Period
Ended
January
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
4
During
the
period,
the
Federal
Open
Market
Committee
left
the
range
of
0.00%
-
0.25%
for
the
Federal
Funds
target
rate
unchanged
and
continued
its
purchases
of
U.S.
Treasury
and
mortgage-backed
securities.
U.S.
macroeconomic
data
showed
signs
of
improvement
as
evidenced
by
the
unemployment
rate
dropping
from
5.2%
in
August
2021
to
4.0%
as
of
January
2022.
In
addition,
at
the
end
of
the
fourth
quarter
of
2021,
real
gross
domestic
product
expanded
6.9%,
after
the
third
quarter’s
2.3%
increase,
which
was
mainly
due
to
businesses
replenishing
inventories
to
meet
strong
demand.
For
the
full
year,
the
U.S.
economy
grew
5.7%,
the
fastest
pace
since
1984.
Given
improving
economic
conditions
and
the
pressure
on
prices
the
Fed
set
the
stage
for
a
reduction
in
stimulus.
In
the
past,
Fed
Chair
Powell
has
been
clear
in
differentiating
the
timing
and
pace
of
the
reduction
in
asset
purchases
from
the
timing
of
interest
rate
liftoff.
As
a
result,
the
market
reacted
decidedly
when
the
Fed
removed
the
word
“transitory”
in
reference
to
inflation
and
also
signaled
during
the
fourth
quarter
of
2021
that
it
would
wind
down
its
asset
purchase
program
by
March
2022.
While
the
U.S.
Treasury
and
Federal
Funds
futures
market
have
pulled
rate
hikes
forward
to
commence
as
soon
as
March
2022,
the
Fed’s
Summary
of
Economic
Projections
and
most
recent
“dot
plot”
forecast
three
0.25%
increases
in
2022,
followed
by
three
more
0.25%
increases
in
2023
and
two
more
in
2024.
On
December
16,
2021,
President
Biden
signed
legislation
to
raise
the
debt
limit
by
$2.5
trillion,
an
amount
expected
to
provide
the
U.S.
Government
with
borrowing
authority
into
at
least
early
2023.
The
resolution
of
the
debt
ceiling
saga
should
result
in
a
rise
in
U.S.
Treasury
bill
(“T-bill”)
supply
and
a
meaningful
increase
in
the
Treasury
General
Account
at
the
Fed.
Net
T-bill
issuance
for
2021
was
approximately
$1.2
trillion
as
of
December
31,
2021.
Daily
utilization
of
the
Fed’s
overnight
reverse
repurchase
agreement
(“RRP”)
facility
surged
following
the
adjustment
in
the
program’s
offering
rate
in
June
2021,
averaging
$1.23
trillion
per
day
for
the
remainder
of
the
year.
On
December
31,
2021,
the
RRP
facility
hit
an
all-time
high
with
a
balance
of
over
$1.9
trillion.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities
—
had
been
pegged
at
0.01%
from
March
2021
until
the
FOMC’s
“technical”
adjustments
in
June
2021,
when
it
rose
to
0.05%.
SOFR
closed
the
period
at
0.05%
and
averaged
0.04%
for
2021.
The
three-month
London
Inter-bank
Offered
Rate
(“LIBOR”),
which
started
the
year
at
0.24%,
increased
to
0.32%
during
the
week
ended
January
28,
2022.
The
three-month
LIBOR
averaged
0.16%
throughout
2021
and
hit
an
all-time
low
of
0.11%
on
September
9,
2021.
The
three-month
LIBOR-Overnight
Indexed
Swap
spread
(“L-OIS”)
–
a
gauge
of
stress
in
the
financial
system
–
hit
an
all-time
low
of
0.02%
on
June
16,
2021
and
averaged
0.08%
for
the
year.
L-OIS
fell
from
0.16%
at
the
beginning
of
2021
to
0.08%
at
the
end
of
January
2022.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
inflows
of
nearly
$143
billion
during
the
six-month
period.
Of
this,
assets
of
prime
and
municipal
MMFs
fell
$45
billion
and
$6
billion,
respectively,
while
government
MMFs
experienced
$194
billion
of
inflows.
Specific
to
BlackRock
Liquid
Environmentally
Aware
Fund,
the
Fund
saw
seasonal
outflows
of
approximately
$86
million
over
the
period
with
assets
totaling
$1.1
billion
in
January
2022.
We
continue
to
see
an
increased
interest
on
the
part
of
issuers
to
bring
sustainability-linked
bonds
or
green
bonds
to
market
in
the
money
market
space.
At
the
end
of
January
2022,
we
maintained
a
bias
toward
U.S.
dollar-denominated
certificate
of
deposits,
time
deposits,
and
high-quality
issuers
of
commercial
paper
with
three-month
maturities
or
shorter.
We
have
naturally
reduced
our
exposure
to
U.S.
Treasuries
over
the
last
year
and
invested
in
overnight
time
deposits
as
we
believe
they
presented
exceptional
value
especially
as
the
market
begins
to
price
in
future
rate
hikes
throughout
2022.
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,
2022
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.
Bancroft
Capital
Shares
and
Cabrera
Capital
Markets
Shares
commenced
operations
on
October
29,
2021
and
Penserra
Shares
commenced
operations
on
January
21,
2022.
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
(or
from
the
commencement
of
operations
if
less
than
6
months)
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
Hypothetical
Beginning
Account
Value
(08/01/21)
Ending
Account
Value
(01/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/21)
Ending
Account
Value
(01/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
999.70‌
$
0.66‌
$
1,000.00‌
$
1,024.55‌
$
0.66‌
0.13‌%
Bancroft
Capital
Shares
.......................
1,000.00‌
999.70‌
0.38‌
1,000.00‌
1,024.45‌
0.77‌
0.15‌
Cabrera
Capital
Markets
Shares
.................
1,000.00‌
999.70‌
0.38‌
1,000.00‌
1,024.45‌
0.77‌
0.15‌
Direct
...................................
1,000.00‌
999.90‌
0.60‌
1,000.00‌
1,024.60‌
0.61‌
0.12‌
Mischler
Financial
Group
Shares
.................
1,000.00‌
999.80‌
0.76‌
1,000.00‌
1,024.45‌
0.77‌
0.15‌
Penserra
Shares
............................
1,000.00‌
999.90‌
0.04‌
1,000.00‌
1,024.50‌
0.71‌
0.14‌
Investor
A
................................
1,000.00‌
999.70‌
0.76‌
1,000.00‌
1,024.45‌
0.77‌
0.15‌
(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
six-month
period
shown),
except
for
Bancroft
Capital
Shares
and
Cabrera
Capital
Markets
Shares,
which
are
multiplied
by
95/365
and
Penserra
Shares
which
is
multiplied
by
11/365
(to
reflect
the
period
since
inception).
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.03‌
%
0.03‌
%
Bancroft
Capital
Shares
.....................
0.02‌
0.02‌
Cabrera
Capital
Markets
Shares
................
0.02‌
0.02‌
Direct
..................................
0.04‌
0.04‌
Mischler
Financial
Group
Shares
...............
0.03‌
0.03‌
Penserra
Shares
..........................
0.02‌
0.02‌
Investor
A
...............................
0.00‌
0.00‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Commercial
Paper
...................................
40‌
%
Certificates
of
Deposit
.................................
20‌
Repurchase
Agreements
...............................
14‌
Time
Deposits
......................................
12‌
Municipal
Bonds
....................................
11‌
U.S.
Government
Sponsored
Agency
Obligations
..............
1‌
Corporate
Bonds
....................................
1‌
Other
Assets
Less
Liabilities
............................
1‌
2022
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,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
—
20.2%
Domestic
—
0.6%
Goldman
Sachs
Bank,
(SOFR
+
0.17%),
0.21%, 07/26/22
(a)
.................
USD
7,000
$
6,999,282
Euro
—
1.2%
(b)
Bank
of
Montreal,
0.28%, 03/09/22
........
4,000
3,999,453
National
Westminster
Bank
plc,
0.21%, 03/31/22
..................
10,000
9,995,364
13,994,817
Yankee
—
18.4%
(c)
Banco
Santander
SA,
New
York,
0.16%, 03/28/22
..................
35,000
35,000,272
Bank
of
Montreal,
Chicago
(a)
(LIBOR
USD
3
Month
+
0.05%),
0.21%, 02/23/22
................
5,000
5,000,220
(LIBOR
USD
3
Month
+
0.05%),
0.23%, 03/07/22
................
10,000
10,002,773
Bank
of
Nova
Scotia,
Houston
(SOFR
+
0.16%),
0.21%, 02/01/22
(a)
.....
15,000
15,002,971
(SOFR
+
0.20%),
0.25%, 02/01/22
(a)
.....
10,000
10,003,385
0.19%, 07/28/22
..................
17,000
16,966,845
Canadian
Imperial
Bank
of
Commerce,
New
York,
(LIBOR
USD
3
Month
+
0.05%),
0.24%, 06/07/22
(a)
.................
7,500
7,501,609
Credit
Industriel
et
Commercial,
New
York,
(LIBOR
USD
3
Month
+
0.05%),
0.19%, 05/06/22
(a)
.................
5,000
5,000,949
Credit
Suisse
AG,
New
York
(SOFR
+
0.20%),
0.24%, 02/01/22
(a)
.....
7,500
7,498,626
0.30%, 06/01/22
..................
5,000
4,996,606
Kookmin
Bank,
New
York,
(LIBOR
USD
1
Month
+
0.23%),
0.33%, 02/07/22
(a)
.....
5,000
5,000,234
Lloyds
Bank
Corporate
Markets
plc,
New
York,
(SOFR
+
0.27%),
0.32%, 01/24/23
(a)
.....
10,200
10,199,190
Standard
Chartered
Bank,
New
York
0.24%, 02/01/22
..................
20,000
20,000,077
0.21%, 03/15/22
..................
20,000
20,000,548
Svenska
Handelsbanken
AB,
New
York
(SOFR
+
0.19%),
0.24%, 02/28/22
(a)
.....
10,000
9,999,254
0.17%, 03/04/22
..................
20,000
20,001,438
Toronto-Dominion
Bank,
New
York,
0.34%, 10/28/22
..................
5,000
4,983,570
207,158,567
Total
Certificates
of
Deposit
—
20.2%
(Cost:
$228,196,743)
..............................
228,152,666
Commercial
Paper
—
39.6%
Alpine
Securitization
LLC
(d)
0.21%,
06/13/22
..................
5,000
4,997,046
(SOFR
+
0.16%),
0.20%,
07/20/22
(a)
....
7,500
7,500,001
Alpine
Securitization
Ltd.,
0.26%
,
07/08/22
(d)
.
9,500
9,492,631
Antalis
SA,
0.08%
,
02/04/22
(b)
...........
15,000
14,999,867
Atlantic
Asset
Securitization
LLC,
0.10%
,
02/23/22
(b)
......................
30,000
29,998,141
Australia
&
New
Zealand
Banking
Group
Ltd.
(LIBOR
USD
3
Month
+
0.03%),
0.20%,
03/02/22
(a)
....................
6,000
6,000,274
0.09%,
03/18/22
(b)
.................
20,000
19,997,674
0.71%,
10/13/22
(b)
.................
12,500
12,438,464
Banco
Santander
SA,
0.26%
,
04/18/22
(b)
....
5,000
4,997,273
Barclays
Bank
plc,
0.08%
,
02/01/22
(b)
......
25,000
24,999,944
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
BNZ
International
Funding
Ltd.,
0.53%
,
08/18/22
(b)
......................
USD
4,000
$
3,988,524
Britannia
Funding
Co.
LLC,
0.12%
,
02/22/22
(b)(d)
15,000
14,998,955
Crown
Point
Capital
Co.
LLC,
0.37%
,
06/01/22
(b)
......................
7,500
7,490,824
DZ
Bank
AG
Deutsche
Zentral-
Genossenschaftsbank
,
0.09%
,
02/01/22
(b)
.
20,000
19,999,950
Erste
Finance
Delaware
LLC,
0.08%
,
02/01/22
(b)
......................
30,000
29,999,933
HAT
Holdings
I
LLC,
0.23%
,
03/10/22
(b)
.....
3,960
3,959,279
Hydro-Quebec
(b)
0.05%,
02/01/22
..................
15,000
14,999,979
0.08%,
03/01/22
..................
15,000
14,999,058
ING
US
Funding
LLC
(b)
0.09%,
02/18/22
..................
4,000
3,999,832
0.16%,
04/01/22
..................
25,000
24,993,333
0.17%,
04/05/22
..................
5,000
4,998,480
Macquarie
Bank
Ltd.,
0.75%
,
10/17/22
(b)
....
2,200
2,188,335
National
Australia
Bank
Ltd.
(b)
0.11%,
03/14/22
..................
15,000
14,998,075
0.74%,
11/01/22
..................
5,000
4,972,296
National
Bank
of
Canada,
(SOFR
+
0.16%),
0.21%
,
07/28/22
(a)
.................
10,000
10,000,000
Nordea
Bank
Abp
,
0.68%
,
10/21/22
(b)
......
5,000
4,975,673
Skandinaviska
Enskilda
Banken
AB,
0.13%
,
03/29/22
(b)
......................
10,000
9,998,021
Societe
Generale
SA
(b)
0.13%,
03/31/22
..................
5,000
4,998,951
0.31%,
10/21/22
..................
15,000
14,939,445
Swedbank
AB
(b)
0.07%,
02/02/22
..................
10,000
9,999,961
0.10%,
02/28/22
..................
30,000
29,997,737
Toronto-Dominion
Bank,
0.23%
,
05/03/22
(b)
..
17,206
17,196,063
UBS
AG
(SOFR
+
0.20%),
0.24%,
02/08/22
(a)
....
10,000
10,001,073
0.45%,
07/12/22
(b)
.................
5,000
4,990,145
0.56%,
08/18/22
(b)
.................
5,000
4,984,854
Westpac
Banking
Corp.
(LIBOR
USD
3
Month
+
0.01%),
0.16%,
02/04/22
(a)
....................
5,000
5,000,007
0.56%,
08/26/22
(b)
.................
10,000
9,968,547
0.71%,
11/02/22
(b)
.................
7,500
7,460,297
Total
Commercial
Paper
—
39.6%
(Cost:
$446,672,137)
..............................
446,518,942
Corporate
Bonds
—
0.7%
Consumer
Finance
—
0.7%
Toyota
Motor
Credit
Corp.
(a)
(SOFR
+
0.15%),
0.20%,
02/01/22
......
6,132
6,128,995
(SOFR
+
0.28%),
0.33%,
02/01/22
......
1,607
1,607,706
Total
Corporate
Bonds
—
0.7%
(Cost:
$7,739,000)
...............................
7,736,701
BlackRock
Liquid
Environmentally
Aware
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
11.1%
Arizona
—
2.2%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2020-MIZ9031,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 03/07/22
.....
USD
5,000
$
5,000,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2020-MIZ9037,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.49%, 03/07/22
.....
10,000
10,000,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2020-MIZ9045,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 03/07/22
.....
8,750
8,750,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9070,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.49%, 03/02/22
..................
1,300
1,300,000
25,050,000
California
—
0.4%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2020-MIZ9048,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 03/07/22
(d)(e)(f)
..
5,000
5,000,000
Colorado
—
1.0%
(f)
Colorado
Housing
and
Finance
Authority
(GNMA),
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.07%, 02/07/22
.............
5,570
5,570,000
Colorado
Housing
and
Finance
Authority
(GNMA),
Series
2021C-2,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.08%, 02/07/22
..................
5,600
5,600,000
11,170,000
New
York
—
4.6%
Metropolitan
Transportation
Authority,
0.78%, 11/15/22
..................
15,295
15,296,104
Taxable
Series
2021-XFT1210,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2021-XFT1210,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 02/07/22
(d)(e)(f)
36,060
36,060,000
51,356,104
Other
—
1.4%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9043,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.18%, 02/07/22
.
2,070
2,070,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.29%, 03/07/22
.
14,000
14,000,000
16,070,000
Security
Par
(000)
Par
(000)
Value
Rhode
Island
—
1.5%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2020-MIZ9023,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.33%, 03/07/22
.....
USD
8,765
$
8,765,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9056,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.33%, 03/07/22
..................
8,550
8,550,000
17,315,000
Total
Municipal
Bonds
—
11.1%
(Cost:
$125,960,000)
..............................
125,961,104
Time
Deposits
—
12.3%
Canadian
Imperial
Bank
of
Commerce,
0.07%, 02/01/22
..................
5,000
5,000,000
Credit
Agricole
Corporate
and
Investment
Bank
SA,
0.07%, 02/01/22
...............
24,328
24,328,000
Erste
Group
Bank
AG,
0.07%, 02/01/22
.....
10,000
10,000,000
Mizuho
Bank
Ltd.,
0.07%, 02/01/22
........
13,000
13,000,000
Natixis,
0.07%, 02/01/22
...............
10,000
10,000,000
Royal
Bank
of
Canada,
0.07%, 02/01/22
....
25,000
25,000,000
Skandinaviska
Enskilda
Banken
AB,
0.07%, 02/01/22
..................
37,000
37,000,000
Svenska
Handelsbanken
,
0.06%, 02/01/22
..
15,000
15,000,000
Total
Time
Deposits
—
12.3%
(Cost:
$139,328,000)
..............................
139,328,000
U.S.
Government
Sponsored
Agency
Obligations
—
0.9%
Agency
Obligations
—
0.9%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes
(3
Month
Treasury
Bill
Rate
+
0.00%),
0.11%
,
 02/07/22
(a)
...............
9,667
9,666,667
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.9%
(Cost:
$9,666,667)
...............................
9,666,667
Total
Repurchase
Agreements
—
14.0%
(Cost:
$158,000,000)
..............................
158,000,000
Total
Investments
—
98.8%
(Cost:
$1,115,562,547
)
(g)
...........................
1,115,364,080
Other
Assets
Less
Liabilities
—
1.2%
....................
13,030,001
Net
Assets
—
100.0%
...............................
$
1,128,394,081
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(c)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(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)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Liquid
Environmentally
Aware
Fund
8
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
See
notes
to
financial
statements.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.05
%
01/31/22
02/01/22
$
5,000
$
5,000
$
5,000,007
U.S.
Government
Sponsored
Agency
Obligations,
3.00%,
due
11/20/46
.........
$
19,883,534
$
5,100,000
$
–
$
–
BMO
Capital
Markets
Corp.
............
0.05
01/31/22
02/01/22
140,000
140,000
140,000,194
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.09%,
due
03/10/22
to
07/25/54
1,695,011,910
145,467,042
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.06
01/31/22
02/01/22
10,000
10,000
10,000,017
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
3.50%,
due
05/15/50
to
05/20/50
.........
23,090,292
10,200,688
$
–
$
–
JP
Morgan
Securities
LLC
0.05
01/31/22
02/01/22
3,000
3,000
3,000,004
U.S.
Government
Sponsored
Agency
Obligations,
2.14%
to
7.00%,
due
08/15/23
to
11/20/48
.........
18,995,100
3,060,000
$
–
$
–
$
158,000
$
163,827,730
$
–
$
–
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
1,115,364,080
$
—
$
1,115,364,080
Statement
of
Assets
and
Liabilities
(unaudited)

January
31,
2022
9
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
957,364,080‌
Cash
.............................................................................................................
12,928,941‌
Repurchase
agreements,
at
value
(b)
.........................................................................................
158,000,000‌
Receivables:
–‌
Interest
—
unaffiliated
.................................................................................................
182,928‌
From
the
Manager
...................................................................................................
49,634‌
Deferred
offering
costs
..................................................................................................
35,330‌
Prepaid
expenses
.....................................................................................................
119,252‌
Total
assets
.........................................................................................................
1,128,680,165‌
LIABILITIES
Payables:
–‌
Accounting
services
fees
...............................................................................................
17,166‌
Administration
fees
...................................................................................................
40,439‌
Income
dividend
distributions
............................................................................................
9,833‌
Investment
advisory
fees
..............................................................................................
95,083‌
Trustees'
and
Officer's
fees
.............................................................................................
2,732‌
Printing
and
postage
fees
..............................................................................................
25,998‌
Professional
fees
....................................................................................................
37,061‌
Registration
fees
....................................................................................................
43,208‌
Other
accrued
expenses
...............................................................................................
14,564‌
Total
liabilities
........................................................................................................
286,084‌
NET
ASSETS
........................................................................................................
$
1,128,394,081‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
........................................................................................................
$
1,128,605,237‌
Accumulated
loss
.....................................................................................................
(211,156‌)
NET
ASSETS
........................................................................................................
$
1,128,394,081‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
957,562,547‌
(b)
  Repurchase
agreements,
at
cost
—
unaffiliated
................................................................................
$
158,000,000‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
NET
ASSET
VALUE
Institutional
Net
assets
........................................................................................................
$
211,025,647‌
Shares
outstanding
.................................................................................................
211,016,078‌
Net
asset
value
....................................................................................................
$
1.0000‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001‌
Bancroft
Capital
Shares
Net
assets
........................................................................................................
$
49,989‌
Shares
outstanding
.................................................................................................
49,987‌
Net
asset
value
....................................................................................................
$
1.0000‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001‌
Cabrera
Capital
Markets
Shares
Net
assets
........................................................................................................
$
49,989‌
Shares
outstanding
.................................................................................................
49,987‌
Net
asset
value
....................................................................................................
$
1.0000‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001‌
Direct
Net
assets
........................................................................................................
$
891,919,348‌
Shares
outstanding
.................................................................................................
891,853,049‌
Net
asset
value
....................................................................................................
$
1.0001‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001‌
Mischler
Financial
Group
Shares
Net
assets
........................................................................................................
$
25,032,166‌
Shares
outstanding
.................................................................................................
25,030,003‌
Net
asset
value
....................................................................................................
$
1.0001‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001‌
Penserra
Shares
Net
assets
........................................................................................................
$
49
,9
97‌
Shares
outstanding
.................................................................................................
49
,
995‌
Net
asset
value
....................................................................................................
$
1.0000‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001‌
Investor
A
Net
assets
........................................................................................................
$
266,945‌
Shares
outstanding
.................................................................................................
266,921‌
Net
asset
value
....................................................................................................
$
1.0001‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2022
11
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
INVESTMENT
INCOME
Interest
—
unaffiliated
................................................................................................
$
874,315‌
Total
investment
income
.................................................................................................
874,315‌
EXPENSES
Investment
advisory
..................................................................................................
575,471‌
Administration
—
class
specific
..........................................................................................
305,585‌
Registration
.......................................................................................................
67,079‌
Offering
..........................................................................................................
59,634‌
Professional
.......................................................................................................
48,236‌
Accounting
services
..................................................................................................
34,997‌
Custodian
.........................................................................................................
17,120‌
Trustees
and
Officer
..................................................................................................
4,485‌
Transfer
agent
—
class
specific
..........................................................................................
815‌
Service
—
class
specific
...............................................................................................
346‌
Miscellaneous
......................................................................................................
50,712‌
Total
expenses
.......................................................................................................
1,164,480‌
Less:
–‌
Administration
fees
waived
—
class
specific
..................................................................................
(164,093‌)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(282,264‌)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
...............................................................
(346‌)
Transfer
agent
fees
waived
and/or
reimbursed
—
class
specific
.....................................................................
(815‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
716,962‌
Net
investment
income
..................................................................................................
157,353‌
REALIZED
GAIN
(LOSS)
$
(313,148‌)
Net
realized
gain
from
investments
........................................................................................
828‌
Net
change
in
unrealized
depreciation
on
investments
...........................................................................
(313,976‌)
Net
realized
and
unrealized
loss
............................................................................................
(313,148‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(155,795‌)
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Semi-Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
157,353‌
$
1,082,742‌
Net
realized
gain
..................................................................................
828‌
18,022‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(313,976‌)
(520,367‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
(155,795‌)
580,397‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
....................................................................................
(44,549‌)
(202,225‌)
Bancroft
Capital
Shares
............................................................................
(7‌)
—‌
Cabrera
Capital
Markets
Shares
......................................................................
(7‌)
—‌
Direct
........................................................................................
(252,542‌)
(1,039,414‌)
Mischler
Financial
Group
Shares
......................................................................
(4,070‌)
(2‌)
Investor
A
.....................................................................................
(34‌)
(148‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(301,209‌)
(1,241,789‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(87,088,940‌)
101,671,143‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
(87,545,944‌)
101,009,751‌
Beginning
of
period
..................................................................................
1,215,940,025‌
1,114,930,274‌
End
of
period
......................................................................................
$
1,128,394,081‌
$
1,215,940,025‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Institutional
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
Period
from
04/08/19
(a)
to
07/31/19
2021
2020
Net
asset
value,
beginning
of
period
............................................
$
1.0005‌
$
1.0010‌
$
1.0001‌
$
1.0000‌
Net
investment
income
(b)
....................................................
0.0001‌
0.0005‌
0.0116‌
0.0072‌
Net
realized
and
unrealized
gain
(loss)
...........................................
(0.0004‌)
(0.0003‌)
0.0021‌
0.0002‌
Net
increase
(decrease)
from
investment
operations
...................................
(0.0003‌)
0.0002‌
0.0137‌
0.0074‌
Distributions
(c)
–
–
–
–
From
net
investment
income
.................................................
(0.0002‌)
(0.0006‌)
(0.0128‌)
(0.0073‌)
From
net
realized
gain
......................................................
(0.0000‌)
(d)
(0.0001‌)
(0.0000‌)
(d)
—‌
Total
distributions
..........................................................
(0.0002‌)
(0.0007‌)
(0.0128‌)
(0.0073‌)
Net
asset
value,
end
of
period
.................................................
$
1.0000‌
$
1.0005‌
$
1.0010‌
$
1.0001‌
Total
Return
(e)
(0.03)%
0.02%
1.38%
0.75%
Based
on
net
asset
value
.....................................................
(0.03)%
(f)
0.02%
1.38%
0.75%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.25%
(g)
0.24%
0.28%
0.30%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.13%
(g)
0.17%
0.21%
0.19%
(g)
Net
investment
income
......................................................
0.02%
(g)
0.05%
1.16%
2.30%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
211,026‌
$
322,578‌
$
227,698‌
$
65,788‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
(h)
Audit
and
offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.37%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
14
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Bancroft
Capital
Shares
Period
from
10/29/21
(a)
to
01/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
1.0004‌
Net
investment
income
(b)
................................................................................................
0.0000‌
(c)
Net
realized
and
unrealized
loss
...........................................................................................
(0.0003‌)
Net
(decrease)
from
investment
operations
.....................................................................................
(0.0003‌)
Distributions
(d)
–
From
net
investment
income
.............................................................................................
(0.0001‌)
From
net
realized
gain
..................................................................................................
(0.0000‌)
(e)
Total
distributions
......................................................................................................
(0.0001‌)
Net
asset
value,
end
of
period
.............................................................................................
$
1.0000‌
Total
Return
(f)
(0.03)%
Based
on
net
asset
value
.................................................................................................
(0.03)%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................................
0.25%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.15%
(h)
Net
investment
income
..................................................................................................
0.00%
(h)(
i
)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
50‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
less
than
$0.00005
per
share.
(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)
Aggregate
total
return.
(h)
Annualized.
(i)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Cabrera
Capital
Markets
Shares
Period
from
10/29/21
(a)
to
01/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
1.0004‌
Net
investment
income
(b)
................................................................................................
0.0000‌
(c)
Net
realized
and
unrealized
loss
...........................................................................................
(0.0003‌)
Net
(decrease)
from
investment
operations
.....................................................................................
(0.0003‌)
Distributions
(d)
–
From
net
investment
income
.............................................................................................
(0.0001‌)
From
net
realized
gain
..................................................................................................
(0.0000‌)
(e)
Total
distributions
......................................................................................................
(0.0001‌)
Net
asset
value,
end
of
period
.............................................................................................
$
1.0000‌
Total
Return
(f)
(0.03)%
Based
on
net
asset
value
.................................................................................................
(0.03)%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................................
0.25%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.15%
(h)
Net
investment
income
..................................................................................................
0.00%
(h)(
i
)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
50‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
less
than
$0.00005
per
share.
(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)
Aggregate
total
return.
(h)
Annualized.
(i)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
16
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Direct
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
Period
from
04/08/19
(a)
to
07/31/19
2021
2020
Net
asset
value,
beginning
of
period
............................................
$
1.0005‌
$
1.0010‌
$
1.0001‌
$
1.0000‌
Net
investment
income
(b)
....................................................
0.0002‌
0.0010‌
0.0125‌
0.0076‌
Net
realized
and
unrealized
gain
(loss)
...........................................
(0.0003‌)
(0.0005‌)
0.0021‌
0.0001‌
Net
increase
(decrease)
from
investment
operations
...................................
(0.0001‌)
0.0005‌
0.0146‌
0.0077‌
Distributions
(c)
–
–
–
–
From
net
investment
income
.................................................
(0.0003‌)
(0.0009‌)
(0.0137‌)
(0.0076‌)
From
net
realized
gain
......................................................
(0.0000‌)
(d)
(0.0001‌)
(0.0000‌)
(d)
—‌
Total
distributions
..........................................................
(0.0003‌)
(0.0010‌)
(0.0137‌)
(0.0076‌)
Net
asset
value,
end
of
period
.................................................
$
1.0001‌
$
1.0005‌
$
1.0010‌
$
1.0001‌
Total
Return
(e)
(0.01)%
0.06%
1.47%
0.78%
Based
on
net
asset
value
.....................................................
(0.01)%
(f)
0.06%
1.47%
0.78%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.19%
(g)
0.18%
0.19%
0.22%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.12%
(g)
0.14%
0.12%
0.09%
(g)
Net
investment
income
......................................................
0.03%
(g)
0.10%
1.25%
2.45%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
891,919‌
$
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)
Aggregate
total
return.
(g)
Annualized.
(h)
Audit
and
offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.29%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Mischler
Financial
Group
Shares
Six
Months
Ended
01/31/22
(unaudited)
Period
from
05/20/21
(a)
to
07/31/21
Net
asset
value,
beginning
of
period
.........................................................................
$
1.0005‌
$
1.0005‌
Net
investment
income
(b)
.................................................................................
0.0001‌
0.0000‌
(c)
Net
realized
and
unrealized
loss
............................................................................
(0.0003‌)
0.0000‌
(c)(d)
Net
(decrease)
from
investment
operations
......................................................................
(0.0002‌)
0.0000‌
Distributions
(e)
–
–
From
net
investment
income
..............................................................................
(0.0002‌)
(0.0000‌)
(f)
From
net
realized
gain
...................................................................................
(0.0000‌)
(f)
—‌
Total
distributions
.......................................................................................
(0.0002‌)
(0.0000‌)
Net
asset
value,
end
of
period
..............................................................................
$
1.0001‌
$
1.0005‌
Total
Return
(g)
(0.02)%
—
Based
on
net
asset
value
..................................................................................
(0.02)%
(h)
0.00%
(h)(
i
)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.25%
(j)
0.26%
(j)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.15%
(j)
0.14%
(j)
Net
investment
income
...................................................................................
0.01%
(j)
0.02%
(j)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
25,032‌
$
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)
Aggregate
total
return.
(i)
Amount
is
less
than
0.005%.
(j)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
18
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Penserra
Shares
Period
from
01/21/22
(a)
to
01/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
1.0001‌
Net
investment
income
(b)
................................................................................................
0.0000‌
(c)
Net
realized
and
unrealized
loss
...........................................................................................
(0.0001‌)
Net
(decrease)
from
investment
operations
.....................................................................................
(0.0001‌)
Distributions
from
net
investment
income
(d)
...................................................................................
(0.0000‌)
(e)
Net
asset
value,
end
of
period
.............................................................................................
$
1.0000‌
Total
Return
(f)
(0.01)%
Based
on
net
asset
value
.................................................................................................
(0.01)%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................................
0.26%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.14%
(h)
Net
investment
income
..................................................................................................
0.02%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
50‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
less
than
$0.00005
per
share.
(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)
Aggregate
total
return.
(h)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Liquid
Environmentally
Aware
Fund
Investor
A
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
Period
from
04/08/19
(a)
to
07/31/19
2021
2020
Net
asset
value,
beginning
of
period
............................................
$
1.0005‌
$
1.0010‌
$
1.0001‌
$
1.0000‌
Net
investment
income
(b)
....................................................
0.0000‌
(c)
0.0004‌
0.0098‌
0.0066‌
Net
realized
and
unrealized
gain
(loss)
...........................................
(0.0003‌)
(0.0004‌)
0.0015‌
0.0001‌
Net
increase
(decrease)
from
investment
operations
...................................
(0.0003‌)
0.0000‌
0.0113‌
0.0067‌
Distributions
(d)
–
–
–
–
From
net
investment
income
.................................................
(0.0001‌)
(0.0004‌)
(0.0104‌)
(0.0066‌)
From
net
realized
gain
......................................................
(0.0000‌)
(e)
(0.0001‌)
(0.0000‌)
(e)
—‌
Total
distributions
..........................................................
(0.0001‌)
(0.0005‌)
(0.0104‌)
(0.0066‌)
Net
asset
value,
end
of
period
.................................................
$
1.0001‌
$
1.0005‌
$
1.0010‌
$
1.0001‌
Total
Return
(f)
(0.03)%
—
1.13%
0.67%
Based
on
net
asset
value
.....................................................
(0.03)%
(g)
0.00%
(h)
1.13%
0.67%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.60%
(
i
)
0.61%
0.56%
0.58%
(
i
)(j)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.15%
(
i
)
0.19%
0.45%
0.44%
(
i
)
Net
investment
income
......................................................
0.00%
(h)(
i
)
0.04%
0.98%
2.10%
(
i
)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
267‌
$
286‌
$
351‌
$
252‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
less
than
$0.00005
per
share.
(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)
Aggregate
total
return.
(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%.
Notes
to
Financial
Statements
(unaudited)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
20
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.
Bancroft
Capital
Shares
and
Cabrera
Capital
Markets
Shares
commenced
operations
on
October
29,
2021
and
Penserra
Shares
commenced
operations
on
January
21,
2022.
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.
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
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.
(d)
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
open-end
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
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
Shares
...........................................
No
No
None
Bancroft
Capital
Shares
........................................
No
No
None
(a)
Cabrera
Capital
Markets
Shares
...................................
No
No
None
(b)
Direct
Shares
..............................................
No
No
None
Mischler
Financial
Group
Shares
..................................
No
No
None
(c)
Penserra
Shares
............................................
No
No
None
(d)
Investor
A
Shares
............................................
No
No
None
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
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
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Investments
are
valued
on
the
basis
of
prices
provided
by
dealers
or
pricing
services.
In
determining
the
value
of
a
particular
investment,
pricing
services
may
use
certain
information
with
respect
to
transactions
in
such
investments,
quotations
from
dealers,
pricing
matrixes,
market
transactions
in
comparable
investments
and
information
with
respect
to
various
relationships
between
investments. 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
22
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,
2022,
the
class
specific
service
fees
borne
directly
by
Investor
A
Shares
were
$346.
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration
–
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.10%
of
the
average
daily
net
assets
for
Institutional
Shares,
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
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,
2022, 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,
2022,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
For
the
six
months ended
January
31,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
Miscellaneous
Other
Expenses,
excluding
interest
expense,
dividend
expense,
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
limitation
as
a
percentage
of
average
daily
net
assets
is
0.00%
for
the
Institutional
S
hares,
Bancroft
Capital
Shares
,
Cabrera
Capital
Markets
Shares
,
Direct
S
hares,
Mis
chler
Financial
Group
S
hares,
Penserra
Shares
and
Investor
A
Shares
through
June
30,
2032
.
This
agreement
may
be
terminated
upon
90
days'
notice
by
a
majority
of
the
non-interested
trustees
of
the
Trust
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund
.
For
the
six
months
ended
January
31,
2022,
the
Manager
waived
and/or
reimbursed
$282,264,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
Institutional
.......................................................................................................
$
117,526‌
Bancroft
Capital
Shares
..............................................................................................
13‌
Cabrera
Capital
Markets
Shares
.........................................................................................
13‌
Direct
...........................................................................................................
179,929‌
Mischler
Financial
Group
Shares
........................................................................................
7,964‌
Penserra
Shares
...................................................................................................
2‌
Investor
A
........................................................................................................
138‌
$
305,585‌
Institutional
.......................................................................................................
$
573‌
Direct
...........................................................................................................
98‌
Mischler
Financial
Group
Shares
........................................................................................
1‌
Investor
A
........................................................................................................
143‌
$
815‌
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
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
administration
fees
waived
—
class
specific,
service
and
distribution
fees
waived
and/or
reimbursed —
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific.
The
Manager
and
BRIL
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
six
months ended
January
31,
2022,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
January
31,
2022,
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
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
January
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
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
Share
Class
Administration
Fees
Waived
-
Class
Specific
Service
and
Distribution
Fees
Waived
and/or
Reimbursed
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
-
Class
Specific
Institutional
..................................................................
$
77,426‌
$
—‌
$
573‌
Bancroft
Capital
Shares
.........................................................
7‌
—‌
—‌
Cabrera
Capital
Markets
Shares
....................................................
7‌
—‌
—‌
Direct
......................................................................
82,21
4‌
—‌
98‌
Mischler
Financial
Group
Shares
...................................................
4,372‌
—‌
1‌
Penserra
Shares
..............................................................
1‌
—‌
—‌
Investor
A
...................................................................
66‌
346‌
143‌
$
164,09
3‌
$
346‌
$
815‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
24
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
fixed-income
securities
and/or
uses
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Fund’s
investments. 
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
In
addition,
the
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching. 
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
Financial
Statements
(unaudited)
(continued)
25
Notes
to
Financial
Statements
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.
Transactions
in
capital
shares
for
each
class
were
as
follows:
(a)
Commenced
operations
on
October
29,
2021.
(b)
Commenced
operations
on
May
20,
2021.
(c)
Commenced
operations
on
January
21,
2022.
As
of
January
31,
2022,
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
01/31/22
Year
Ended
07/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Liquid
Environmentally
Aware
Fund
Institutional
Shares
sold
.............................................
201,620,836‌
$
201,670,611‌
693,934,316‌
$
694,340,786‌
Shares
issued
in
reinvestment
of
distributions
........................
34,277‌
34,277‌
165,262‌
165,583‌
Shares
redeemed
.........................................
(313,063,656‌)
(313,175,536‌)
(599,148,328‌)
(599,477,560‌)
(111,408,543‌)
$
(111,470,648‌)
94,951,250‌
$
95,028,809‌
Bancroft
Capital
Shares
(a)
Shares
sold
.............................................
49,980‌
$
50,000‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
........................
7‌
7‌
—‌
—‌
49,987‌
$
50,007‌
—‌
$
—‌
Cabrera
Capital
Markets
Shares
(a)
Shares
sold
.............................................
49,980‌
$
50,000‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
........................
7‌
7‌
—‌
—‌
49,987‌
$
50,007‌
—‌
$
—‌
Direct
Shares
sold
.............................................
73,423‌
$
73,460‌
211,623,833‌
$
211,794,207‌
Shares
issued
in
reinvestment
of
distributions
........................
167,721‌
167,768‌
714,363‌
714,861‌
Shares
redeemed
.........................................
(982,488‌)
(982,571‌)
(205,736,455‌)
(205,851,843‌)
(741,344‌)
$
(741,343‌)
6,601,741‌
$
6,657,225‌
Mischler
Financial
Group
Shares
(b)
Shares
sold
.............................................
24,980,016‌
$
24,992,124‌
49,975‌
$
50,000‌
Shares
issued
in
reinvestment
of
distributions
........................
10‌
10‌
2‌
2‌
24,980,026‌
$
24,992,134‌
49,977‌
$
50,002‌
Penserra
Shares
(c)
Shares
sold
.............................................
49,995‌
$
50,000‌
—‌
$
—‌
49,995‌
$
50,000‌
—‌
$
—‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
......................
100‌
$
100‌
1,295‌
$
1,296‌
Shares
issued
in
reinvestment
of
distributions
........................
2‌
2‌
4‌
4‌
Shares
redeemed
.........................................
(19,190‌)
(19,199‌)
(66,108‌)
(66,193‌)
(19,088‌)
$
(19,097‌)
(64,809‌)
$
(64,893‌)
(87,038,980‌)
$
(87,088,940‌)
101,538,159‌
$
101,671,143‌
Institutional
.......................................................................................................
253,456‌
Direct
...........................................................................................................
249,500,000‌
Investor
A
........................................................................................................
253,048‌
Additional
Information
2022
BlackRock
Semi-Annual
Report
to
Shareholders
26
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)
27
Additional
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
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
2022
BlackRock
Semi-Annual
Report
to
Shareholders
28
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
LIBOR
London
Interbank
Offered
Rate
LIQ
Liquidity
Agreement
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-1/22-SAR
JANUARY
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
SM
BlackRock
Short
Obligations
Fund
Dear
Shareholder,
The
12-month
reporting
period
as
of
January
31,
2022
saw
a
continuation
of
the
resurgent
growth
that
followed
the
initial
coronavirus
(or
“COVID-19”)
pandemic
reopening,
albeit
at
a
slower
pace.
The
global
economy
weathered
the
emergence
of
several
variant
strains
and
the
resulting
peaks
and
troughs
in
infections
amid
optimism
that
increasing
vaccinations
and
economic
adaptation
could
help
contain
the
pandemic’s
disruptions.
Continued
growth
meant
that
the
U.S.
economy
regained
and
then
surpassed
its
pre-pandemic
output.
However,
rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation.
Equity
prices
were
mixed,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
which
particularly
weighed
on
relatively
high
valuation
growth
stocks
and
economically
sensitive
small-
capitalization
stocks.
Overall,
small-capitalization
U.S.
stocks
declined
slightly,
while
large-capitalization
U.S.
stocks
posted
a
strong
advance.
International
equities
from
developed
markets
also
gained,
although
emerging
market
stocks
declined,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
significantly
during
the
reporting
period
as
the
economy
expanded
rapidly
and
inflation
reached
its
highest
annualized
reading
in
decades.
In
the
corporate
bond
market,
the
improving
economy
assuaged
credit
concerns
and
led
to
positive
returns
for
high-
yield
corporate
bonds,
outpacing
the
modest
negative
return
of
investment-grade
corporate
bonds.
The
U.S.
Federal
Reserve
(the
“Fed”)
maintained
accommodative
monetary
policy
during
the
reporting
period
by
keeping
near-zero
interest
rates.
However,
the
Fed’s
tone
shifted
late
in
the
period,
as
it
reduced
its
bond-
buying
program
and
raised
the
prospect
of
higher
rates
in
2022.
Continued
high
inflation
and
the
Fed’s
new
tone
led
many
analysts
to
anticipate
that
the
Fed
will
raise
interest
rates
multiple
times
throughout
the
year.
Looking
ahead,
however,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy.
Sanctions
on
Russia
and
general
wartime
disruption
are
likely
to
drive
already-high
commodity
prices
even
further
upwards,
and
we
have
already
seen
spikes
in
energy
and
metal
markets.
While
this
will
exacerbate
inflationary
pressure,
it
could
also
constrain
economic
growth,
making
the
Fed's
way
forward
less
clear.
Its
challenge
will
be
combating
inflation
without
stifling
a
recovery
that
is
now
facing
additional
supply
shocks.
In
this
environment,
we
favor
an
overweight
to
equities,
as
we
believe
low
interest
rates
and
continued
economic
growth
will
support
further
gains,
albeit
likely
more
modest
than
what
we
saw
in
2021.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
health
care,
are
particularly
attractive
in
the
long
term.
U.S.
and
other
developed-market
equities
have
room
for
further
growth,
while
we
believe
Chinese
equities
stand
to
gain
from
a
more
accommodative
monetary
and
fiscal
environment.
We
are
underweight
long-term
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
3.44%
23.29%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(8.41)
(1.21)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(3.43)
7.03
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.59)
(7.23)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.01
0.04
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(3.87)
(4.43)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(3.17)
(2.97)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
(2.56)
(1.22)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(1.55)
2.05
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
..........................................................................................
15
Statement
of
Operations
................................................................................................
17
Statements
of
Changes
in
Net
Assets
........................................................................................
18
Financial
Highlights
.....................................................................................................
19
Notes
to
Financial
Statements
...............................................................................................
22
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
29
Additional
Information
....................................................................................................
30
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
32
Fund
Summary
as
of
January
31,
2022
2022
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,
2022,
the
Fund
underperformed
its
benchmark,
the
ICE
BofA
6-Month
U.S.
Treasury
Bill
Index.
What
factors
influenced
performance?
The
Fund’s
positioning
with
respect
to
interest
rates
weighed
on
performance
relative
to
the
benchmark.
The
Fund’s
performance
relative
to
the
benchmark
benefited
from
the
outperformance
of
credit-sensitive
assets
relative
to
U.S.
Treasuries
during
the
period.
In
this
vein,
Tier
2
commercial
paper,
certificates
of
deposits
(“CDs”)
and
repurchase
agreements
proved
additive.
The
Fund’s
allocations
to
investment
grade
corporate
bonds
also
led
to
positive
contributions,
most
notably
holdings
within
the
financial
sector.
Industrial
and
utility
holdings
within
investment
grade
corporate
bonds
aided
returns
as
well.
Describe
recent
portfolio
activity.
The
Fund
maintained
exposure
to
shorter-dated
high
quality
liquid
investments
throughout
the
period
given
the
potential
for
market
volatility
coupled
with
increasingly
hawkish
Fed
rhetoric.
The
Fund
found
opportunities
in
corporate
bonds
and
Tier
2
commercial
paper,
which
offered
positive
relative
value
and
good
technical
support
given
the
strong
demand
in
the
short
end
of
the
yield
curve.
Over
the
period,
the
Fund
increased
its
allocation
to
investment
grade
corporate
credit
based
on
favorable
yields
relative
to
CDs
and
commercial
paper.
The
Fund
maintained
a
substantial
allocation
of
more
than
40%
of
net
assets
in
floating
rate
notes
in
order
to
protect
against
an
upward
move
in
interest
rates
given
rising
expectations
for
inflation
and
tighter
Fed
policy.
Describe
Fund
positioning
at
period
end.
At
period
end,
the
Fund
was
positioned
with
a
neutral
duration
and
corresponding
interest
rate
sensitivity
relative
to
the
benchmark.
The
Fund’s
largest
exposure
was
to
investment
grade
corporate
credit
followed
by
commercial
paper.
The
Fund
held
smaller
allocations
to
CDs,
repurchase
agreements
and
municipal
obligations.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Corporate
Bonds
....................................
51‌
%
Commercial
Paper
...................................
24‌
Certificates
of
Deposit
.................................
11‌
Repurchase
Agreements
...............................
7‌
Municipal
Bonds
....................................
5‌
Foreign
Government
Obligations
.........................
1‌
Asset-Backed
Securities
...............................
1‌
Money
Market
Funds
.................................
—‌
(a)
Other
Assets
Less
Liabilities
............................
—‌
(a)
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
MATURITY
BREAKDOWN
Percent
of
Net
Assets
1-7
days
..........................................
5‌
%
8-14
days
.........................................
5‌
15-30
days
........................................
7‌
31-60
days
........................................
6‌
61-90
days
........................................
4‌
91-120
days
.......................................
3‌
121-150
days
......................................
2‌
>150
days
........................................
68‌
Fund
Summary
as
of
January
31,
2022
(continued)
5
Fund
Summary
BlackRock
Short
Obligations
Fund
Performance
Summary
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)(b)
Standardized
30-Day
Yields
(c)
Unsubsidized
30-Day
Yields
(c)
6-Month
Total
Returns
1
Year
5
Years
Since
Inception
(d)
Institutional
......................................
0.32‌%
0.23‌%
(0.27‌)%
(0.22‌)%
1.44‌%
1.09‌%
Investor
A
.......................................
0.09‌
(0.02‌)
(0.38‌)
(0.36‌)
1.23‌
0.84‌
Class
K
.........................................
0.38‌
0.27‌
(0.23‌)
(0.16‌)
1.53‌
1.17‌
ICE
BofA
6-Month
U.S.
Treasury
Bill
Index
(e)
...............
—‌
—‌
(0.02‌)
0.03‌
1.29‌
0.84‌
(a)
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
Under
normal
market
conditions,
the
Fund
will
invest
in
U.S.
dollar-denominated
investment
grade
and
short-term
fixed
and
floating
rate
debt
securities
maturing
in
three
years
or
less
(with
certain
exceptions)
and
will
maintain
a
dollar-weighted
average
maturity
of
180
days
or
less
and
a
dollar-weighted
average
life
of
365
days
or
less.
(c)
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements.
(d)
The
Fund
commenced
operations
on
November
15,
2012.
(e)
An
unmanaged
index
that
tracks
6-month
U.S.
Treasury
securities.
On
March
1,
2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
the
ICE
BofA
6-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
Hypothetical
Beginning
Account
Value
(08/01/21)
Ending
Account
Value
(01/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/21)
Ending
Account
Value
(01/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
997.30‌
$
1.31‌
$
1,000.00‌
$
1,023.89‌
$
1.33‌
0.26‌%
Investor
A
................................
1,000.00‌
996.20‌
2.52‌
1,000.00‌
1,022.68‌
2.55‌
0.50‌
Class
K
..................................
1,000.00‌
997.70‌
1.01‌
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
six-month
period
shown).
About
Fund
Performance
2022
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, 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
(or
from
the
commencement
of
operations
if
less
than
6
months)
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,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
0.6%
CarMax
Auto
Owner
Trust,
Series
2020-4,
Class
A2,
0.31%,
01/16/24
...........
USD
5,150
$
5,148,070
Ford
Credit
Auto
Owner
Trust,
Series
2022-A,
Class
A2,
0.73%,
09/15/24
...........
6,083
6,074,555
Hyundai
Auto
Lease
Securitization
Trust,
Series
2021-C,
Class
A2,
0.24%,
01/16/24
(a)
....
8,570
8,528,688
Total
Asset-Backed
Securities
—
0.6%
(Cost:
$19,801,806)
...............................
19,751,313
Corporate
Bonds
—
50.6%
Automobiles
—
3.6%
(a)
BMW
US
Capital
LLC
2.95%,
04/14/22
..................
9,000
9,044,854
(SOFRINDX
+
0.53%),
0.58%,
04/01/24
(b)
.
15,615
15,683,119
0.80%,
04/01/24
..................
2,680
2,635,816
(SOFRINDX
+
0.38%),
0.43%,
08/12/24
(b)
.
17,735
17,771,889
Daimler
Finance
North
America
LLC
2.55%,
08/15/22
..................
2,095
2,114,746
0.75%,
03/01/24
..................
26,690
26,193,867
Hyundai
Capital
America
2.85%,
11/01/22
..................
2,827
2,852,481
2.38%,
02/10/23
..................
12,340
12,466,124
0.80%,
04/03/23
..................
18,500
18,352,674
Volkswagen
Group
of
America
Finance
LLC,
0.75%,
11/23/22
.................
11,350
11,312,894
118,428,464
Banks
—
10.3%
Australia
&
New
Zealand
Banking
Group
Ltd.,
2.63%,
05/19/22
.................
1,000
1,006,434
Banco
Santander
SA,
0.70%,
06/30/24
(b)
....
6,800
6,722,021
Bank
of
America
Corp.
(b)
2.82%,
07/21/23
..................
10,000
10,078,574
3.00%,
12/20/23
..................
5,000
5,075,923
0.52%,
06/14/24
..................
15,915
15,699,661
BNZ
International
Funding
Ltd.,
2.90%,
02/21/22
(a)
.....................
5,300
5,307,123
Citigroup,
Inc.,
2.88%,
07/24/23
(b)
........
13,000
13,105,259
Credit
Agricole
Corporate
&
Investment
Bank
SA,
0.40%,
01/15/23
..............
15,000
14,945,004
DNB
Bank
ASA
(a)
(LIBOR
USD
3
Month
+
0.62%),
0.79%,
12/02/22
(b)
....................
7,000
7,031,934
2.15%,
12/02/22
..................
13,000
13,138,840
Fifth
Third
Bank
NA,
1.80%,
01/30/23
.....
6,840
6,891,592
HSBC
Holdings
plc,
1.16%,
11/22/24
(b)
.....
3,785
3,734,123
JPMorgan
Chase
&
Co.
(b)
(SOFR
+
0.58%),
0.63%,
03/16/24
......
20,000
20,039,735
(SOFR
+
0.58%),
0.70%,
03/16/24
......
5,000
4,963,133
Keybank
Foundation,
0.43%,
06/14/24
(b)
....
6,000
5,914,159
KeyBank
NA,
(SOFR
+
0.32%),
0.37%,
06/14/24
(b)
.....................
14,355
14,340,501
Kookmin
Bank
(a)(b)
(SOFR
+
0.45%),
0.50%,
08/03/22
......
10,535
10,546,509
(SOFR
+
0.32%),
0.37%,
11/03/22
......
7,000
7,001,076
Mitsubishi
UFJ
Financial
Group,
Inc.
3.00%,
02/22/22
..................
3,661
3,666,155
3.22%,
03/07/22
..................
5,236
5,250,875
2.62%,
07/18/22
..................
3,250
3,277,073
2.67%,
07/25/22
..................
7,000
7,064,081
MUFG
Union
Bank
NA,
3.15%,
04/01/22
....
3,625
3,633,170
National
Australia
Bank
Ltd.
(LIBOR
USD
3
Month
+
0.41%),
0.61%,
12/13/22
(a)(b)
...................
6,000
6,019,313
1.88%,
12/13/22
..................
10,830
10,925,919
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Nordea
Bank
Abp,
1.00%,
06/09/23
(a)
......
USD
4,255
$
4,238,410
Santander
UK
plc,
2.10%,
01/13/23
.......
2,807
2,833,430
Skandinaviska
Enskilda
Banken
AB
(a)
3.05%,
03/25/22
..................
9,275
9,301,156
(LIBOR
USD
3
Month
+
0.65%),
0.85%,
12/12/22
(b)
....................
4,000
4,016,970
2.20%,
12/12/22
..................
4,740
4,794,278
Sumitomo
Mitsui
Banking
Corp.,
3.20%,
07/18/22
......................
2,500
2,529,762
Sumitomo
Mitsui
Financial
Group,
Inc.,
0.51%,
01/12/24
......................
3,380
3,308,045
Sumitomo
Mitsui
Trust
Bank
Ltd.
(a)
0.80%,
09/12/23
..................
16,306
16,129,319
(SOFR
+
0.44%),
0.49%,
09/16/24
(b)
....
10,000
9,992,629
0.80%,
09/16/24
..................
8,000
7,769,223
Swedbank
AB
(a)
(LIBOR
USD
3
Month
+
0.70%),
0.90%,
03/14/22
(b)
....................
2,500
2,501,825
0.60%,
09/25/23
..................
14,000
13,809,759
Truist
Bank
1.25%,
03/09/23
..................
10,000
10,016,274
(SOFR
+
0.20%),
0.25%,
01/17/24
(b)
....
20,000
19,967,200
Truist
Financial
Corp.,
3.95%,
03/22/22
....
1,243
1,245,444
US
Bank
NA,
(LIBOR
USD
3
Month
+
0.44%),
0.60%,
05/23/22
(b)
................
6,080
6,083,654
Westpac
Banking
Corp.
2.00%,
01/13/23
..................
5,345
5,396,941
(SOFR
+
0.30%),
0.35%,
11/18/24
(b)
.....
8,985
8,982,215
1.02%,
11/18/24
..................
2,395
2,353,954
340,648,675
Beverages
—
1.4%
Coca-Cola
Europacific
Partners
plc,
0.50%,
05/05/23
(a)
.....................
43,000
42,489,431
PepsiCo,
Inc.,
0.75%,
05/01/23
.........
2,475
2,466,021
44,955,452
Biotechnology
—
0.5%
AbbVie,
Inc.,
3.25%,
10/01/22
..........
5,000
5,050,564
Gilead
Sciences,
Inc.,
0.75%,
09/29/23
....
12,521
12,383,028
17,433,592
Capital
Markets
—
5.5%
Credit
Suisse
AG
2.80%,
04/08/22
..................
6,000
6,026,688
1.00%,
05/05/23
..................
5,000
4,981,700
(SOFRINDX
+
0.39%),
0.44%,
02/02/24
(b)
.
15,000
15,003,615
0.50%,
02/02/24
..................
2,670
2,609,509
Deutsche
Bank
AG
Series
E,
(SOFR
+
0.50%),
0.55%,
11/08/23
(b)
....................
13,175
13,163,312
Series
E,
0.96%,
11/08/23
...........
9,000
8,900,616
Goldman
Sachs
Group,
Inc.
(The)
0.52%,
03/08/23
..................
20,000
19,840,605
(SOFR
+
0.54%),
0.59%,
11/17/23
(b)
.....
7,000
7,001,969
(SOFR
+
0.54%),
0.63%,
11/17/23
(b)
.....
10,000
9,936,716
1.22%,
12/06/23
..................
4,000
3,979,127
Macquarie
Bank
Ltd.
(a)
2.10%,
10/17/22
..................
12,850
12,960,532
0.44%,
12/16/22
..................
9,120
9,080,154
(SOFR
+
0.30%),
0.35%,
04/06/23
(b)
....
5,000
4,996,886
Morgan
Stanley
(b)
(SOFR
+
0.47%),
0.56%,
11/10/23
......
15,000
14,916,917
(SOFR
+
0.46%),
0.53%,
01/25/24
......
8,000
7,932,032
Morgan
Stanley
&
Co.
LLC,
0.73%,
04/05/24
(b)
10,000
9,917,526
UBS
AG
(a)
(SOFR
+
0.32%),
0.37%,
06/01/23
(b)
....
7,525
7,526,957
2022
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,
2022
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
0.38%,
06/01/23
..................
USD
3,780
$
3,734,542
(SOFR
+
0.36%),
0.41%,
02/09/24
(b)
....
5,000
4,993,065
(SOFR
+
0.45%),
0.50%,
08/09/24
(b)
....
6,775
6,769,309
0.70%,
08/09/24
..................
3,680
3,590,067
1.38%,
01/13/25
..................
4,430
4,374,403
182,236,247
Chemicals
—
0.1%
Ecolab,
Inc.,
0.90%,
12/15/23
..........
2,695
2,672,708
Consumer
Finance
—
5.4%
American
Honda
Finance
Corp.
(LIBOR
USD
3
Month
+
0.45%),
0.61%,
02/15/22
(b)
....................
16,000
16,002,080
2.20%,
06/27/22
..................
10,500
10,569,690
(LIBOR
USD
3
Month
+
0.15%),
0.31%,
02/22/23
(b)
....................
4,705
4,707,659
0.88%,
07/07/23
..................
838
832,606
(LIBOR
USD
3
Month
+
0.42%),
0.61%,
09/08/23
(b)
....................
5,790
5,806,072
0.75%,
08/09/24
..................
2,040
1,992,539
Caterpillar
Financial
Services
Corp.
(LIBOR
USD
3
Month
+
0.74%),
0.89%,
05/13/22
(b)
....................
5,000
5,009,468
0.95%,
05/13/22
..................
16,000
16,019,446
1.95%,
11/18/22
..................
2,645
2,669,185
(SOFR
+
0.27%),
0.32%,
09/13/24
(b)
....
12,325
12,347,801
0.60%,
09/13/24
..................
6,730
6,556,347
Hyundai
Capital
Services,
Inc.,
0.75%,
09/15/23
(a)
.....................
15,000
14,727,862
John
Deere
Capital
Corp.
0.55%,
07/05/22
..................
350
349,965
(SOFR
+
0.20%),
0.25%,
10/11/24
(b)
.....
11,080
11,062,523
PACCAR
Financial
Corp.,
0.80%,
06/08/23
..
3,515
3,495,251
Toyota
Motor
Credit
Corp.
(LIBOR
USD
3
Month
+
0.15%),
0.31%,
02/14/22
(b)
....................
8,790
8,790,176
(SOFR
+
0.30%),
0.35%,
06/13/22
(b)
....
18,000
17,997,264
(SOFR
+
0.34%),
0.39%,
10/14/22
(b)
....
18,000
18,005,040
(SOFR
+
0.20%),
0.25%,
02/13/23
(b)
....
13,366
13,359,030
2.90%,
03/30/23
..................
7,000
7,144,267
177,444,271
Diversified
Financial
Services
—
1.0%
LSEGA
Financing
plc,
0.65%,
04/06/24
(a)
...
3,120
3,047,681
National
Rural
Utilities
Cooperative
Finance
Corp.,
Series
D,
(SOFR
+
0.33%),
0.38%,
10/18/24
(b)
.....................
5,000
4,997,264
NTT
Finance
Corp.,
0.58%,
03/01/24
(a)
.....
6,005
5,875,832
Siemens
Financieringsmaatschappij
NV,
(SOFR
+
0.43%),
0.48%,
03/11/24
(a)(b)
.........
18,980
19,053,348
32,974,125
Diversified
Telecommunication
Services
—
1.0%
Bell
Canada,
Series
US-3,
0.75%,
03/17/24
..
13,000
12,747,193
Verizon
Communications,
Inc.
(SOFRINDX
+
0.50%),
0.55%,
03/22/24
(b)
.
16,955
17,002,469
0.75%,
03/22/24
..................
3,325
3,272,418
33,022,080
Electric
Utilities
—
4.2%
Duke
Energy
Corp.
2.40%,
08/15/22
..................
4,619
4,651,246
(SOFR
+
0.25%),
0.30%,
06/10/23
(b)
....
13,375
13,351,166
Eversource
Energy
Series
K,
2.75%,
03/15/22
...........
5,000
5,003,130
Series
T,
(SOFRINDX
+
0.25%),
0.30%,
08/15/23
(b)
....................
19,015
19,009,105
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Florida
Power
&
Light
Co.
(b)
(SOFRINDX
+
0.25%),
0.30%,
05/10/23
..
USD
5,120
$
5,120,102
(SOFRINDX
+
0.38%),
0.43%,
01/12/24
..
2,505
2,506,228
NextEra
Energy
Capital
Holdings,
Inc.
(b)
(LIBOR
USD
3
Month
+
0.72%),
0.90%,
02/25/22
.....................
3,400
3,401,407
(LIBOR
USD
3
Month
+
0.27%),
0.43%,
02/22/23
.....................
30,000
29,997,451
(SOFRINDX
+
0.54%),
0.59%,
03/01/23
..
9,305
9,320,128
(SOFR
+
0.40%),
0.45%,
11/03/23
......
20,000
20,004,000
PPL
Electric
Utilities
Corp.
(b)
(LIBOR
USD
3
Month
+
0.25%),
0.47%,
09/28/23
.....................
10,450
10,426,716
(SOFR
+
0.33%),
0.38%,
06/24/24
......
8,080
8,077,565
Xcel
Energy,
Inc.,
0.50%,
10/15/23
.......
9,450
9,319,778
140,188,022
Electrical
Equipment
—
0.1%
Rockwell
Automation,
Inc.,
0.35%,
08/15/23
..
2,860
2,820,931
Energy
Equipment
&
Services
—
0.1%
Schlumberger
Finance
Canada
Ltd.,
2.65%,
11/20/22
(a)
.....................
3,500
3,548,161
Food
Products
—
1.0%
Hormel
Foods
Corp.,
0.65%,
06/03/24
.....
5,565
5,446,379
Nestle
Holdings,
Inc.,
0.61%,
09/14/24
(a)
....
25,000
24,323,080
Unilever
Capital
Corp.,
0.63%,
08/12/24
....
4,635
4,511,139
34,280,598
Gas
Utilities
—
1.4%
Atmos
Energy
Corp.
(LIBOR
USD
3
Month
+
0.38%),
0.58%,
03/09/23
(b)
....................
23,770
23,765,728
0.63%,
03/09/23
..................
8,175
8,126,438
CenterPoint
Energy
Resources
Corp.,
0.70%,
03/02/23
......................
15,935
15,820,025
47,712,191
Health
Care
Providers
&
Services
—
0.2%
UnitedHealth
Group,
Inc.,
0.55%,
05/15/24
..
8,030
7,857,211
Household
Products
—
0.1%
Reckitt
Benckiser
Treasury
Services
plc,
2.38%,
06/24/22
(a)
.....................
4,000
4,021,787
Industrial
Conglomerates
—
0.2%
Honeywell
International,
Inc.,
0.48%,
08/19/22
3,600
3,600,288
Roper
Technologies,
Inc.,
0.45%,
08/15/22
..
2,795
2,790,430
6,390,718
Insurance
—
5.3%
(a)
Brighthouse
Financial
Global
Funding
(SOFR
+
0.31%),
0.36%,
02/24/23
(b)
....
17,015
17,012,715
1.20%,
12/15/23
..................
5,000
4,940,216
Jackson
National
Life
Global
Funding,
(SOFR
+
0.60%),
0.65%,
01/06/23
(b)
...........
36,000
36,110,880
Met
Tower
Global
Funding,
(SOFR
+
0.55%),
0.60%,
01/17/23
(b)
................
20,060
20,127,943
Metropolitan
Life
Global
Funding
I
(b)
(SOFR
+
0.35%),
0.40%,
09/08/22
......
27,000
27,030,849
(SOFR
+
0.57%),
0.62%,
01/13/23
......
24,390
24,472,220
(SOFR
+
0.32%),
0.37%,
01/07/24
......
20,000
19,989,120
Principal
Life
Global
Funding
II
(SOFR
+
0.38%),
0.43%,
08/23/24
(b)
....
680
680,698
0.75%,
08/23/24
..................
705
686,416
Protective
Life
Global
Funding
0.50%,
04/12/23
..................
8,150
8,083,049
0.63%,
10/13/23
..................
5,670
5,595,149
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
0.47%,
01/12/24
..................
USD
10,000
$
9,797,076
174,526,331
Internet
&
Direct
Marketing
Retail
—
0.3%
Amazon.com,
Inc.
0.25%,
05/12/23
..................
4,705
4,659,932
0.45%,
05/12/24
..................
4,340
4,246,241
8,906,173
Life
Sciences
Tools
&
Services
—
1.1%
Thermo
Fisher
Scientific,
Inc.
(SOFR
+
0.35%),
0.40%,
04/18/23
(b)
....
15,000
15,000,000
0.80%,
10/18/23
..................
15,000
14,847,002
(SOFR
+
0.53%),
0.58%,
10/18/24
(b)
....
7,495
7,498,698
37,345,700
Machinery
—
0.1%
Toyota
Industries
Corp.,
3.11%,
03/12/22
(a)
..
2,559
2,565,031
Multi-Utilities
—
1.6%
Dominion
Energy,
Inc.,
Series
D,
(LIBOR
USD
3
Month
+
0.53%),
0.73%,
09/15/23
(b)
.....
34,725
34,730,209
WEC
Energy
Group,
Inc.,
0.55%,
09/15/23
..
18,610
18,306,207
53,036,416
Oil,
Gas
&
Consumable
Fuels
—
2.8%
Chevron
Corp.,
1.14%,
05/11/23
.........
5,135
5,138,319
Chevron
USA,
Inc.,
(LIBOR
USD
3
Month
+
0.20%),
0.35%,
08/11/23
(b)
...........
40,515
40,534,295
Enbridge,
Inc.
2.90%,
07/15/22
..................
2,500
2,517,835
(SOFR
+
0.40%),
0.45%,
02/17/23
(b)
....
9,400
9,394,803
0.55%,
10/04/23
..................
1,890
1,858,154
Enterprise
Products
Operating
LLC,
3.50%,
02/01/22
......................
11,000
11,000,000
TransCanada
PipeLines
Ltd.,
1.00%,
10/12/24
22,930
22,410,468
92,853,874
Pharmaceuticals
—
0.7%
AstraZeneca
plc,
0.30%,
05/26/23
........
16,775
16,604,982
Roche
Holdings,
Inc.,
(SOFR
+
0.24%),
0.29%,
03/05/24
(a)(b)
....................
5,370
5,365,448
21,970,430
Semiconductors
&
Semiconductor
Equipment
—
0.8%
Analog
Devices,
Inc.,
(SOFR
+
0.25%),
0.30%,
10/01/24
(b)
.....................
7,055
7,054,153
NVIDIA
Corp.
0.31%,
06/15/23
..................
15,000
14,850,279
0.58%,
06/14/24
..................
4,000
3,907,725
25,812,157
Thrifts
&
Mortgage
Finance
—
1.1%
BPCE
SA
(b)
(SOFR
+
0.44%),
0.49%,
02/17/22
(a)
....
13,500
13,502,025
(LIBOR
USD
3
Month
+
0.88%),
1.05%,
05/31/22
.....................
5,605
5,616,375
Nationwide
Building
Society
(a)
2.00%,
01/27/23
..................
17,515
17,670,276
0.55%,
01/22/24
..................
1,520
1,484,692
38,273,368
Wireless
Telecommunication
Services
—
0.7%
Rogers
Communications,
Inc.,
(LIBOR
USD
3
Month
+
0.60%),
0.81%,
03/22/22
(b)
.....
23,755
23,770,680
Total
Corporate
Bonds
—
50.6%
(Cost:
$1,682,228,398)
............................
1,675,695,393
Security
Par
(000)
Par
(000)
Value
Foreign
Government
Obligations
—
0.9%
South
Korea
—
0.9%
Korea
Development
Bank
(The)
(b)
(SOFR
+
0.55%),
0.60%,
03/21/22
(a)
....
USD
12,500
$
12,504,097
(LIBOR
USD
3
Month
+
0.35%),
0.51%,
02/18/23
.....................
16,690
16,716,547
29,220,644
Total
Foreign
Government
Obligations
—
0.9%
(Cost:
$29,190,000)
...............................
29,220,644
Municipal
Bonds
—
5.4%
Alabama
-
0.2%
Alabama
Federal
Aid
Highway
Finance
Authority
Series
2021B,
RB,
0.23%, 09/01/22
.....
1,970
1,965,301
Series
2021B,
RB,
0.45%, 09/01/23
.....
2,255
2,228,767
4,194,068
Arizona
-
0.4%
County
of
Pima,
Series
2020C,
COP,
0.48%, 12/01/22
..................
1,130
1,125,370
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States
(a)(c)(d)
Series
2021-MIZ9070,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.49%, 02/01/22
................
5,000
5,000,000
Series
2021-MIZ9060TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 02/01/22
................
4,357
4,356,746
Series
2020-MIZ9052,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 02/01/22
................
4,000
4,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-004,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.29%, 02/03/22
(a)
(c)(d)
...........................
1,050
1,050,000
15,532,116
California
-
0.6%
California
Health
Facilities
Financing
Authority,
Series
2020,
RB,
0.42%, 06/01/22
......
2,000
1,998,831
County
of
Fresno,
Series
2021-22,
TAN,
0.25%, 06/30/22
..................
16,500
16,492,106
Port
of
Oakland,
Series
2020R,
RB,
0.82%, 05/01/23
..................
400
397,864
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-001,
VRDP
(Barclays
Bank
plc
LOC),
0.29%, 12/01/40
(a)(c)(d)
....
500
500,000
19,388,801
Connecticut
-
0.0%
Connecticut
Housing
Finance
Authority,
Series
2021A,
Sub-Series
A-4,
RB,
0.30%, 11/15/22
440
438,204
Florida
-
0.2%
County
of
Miami-Dade
Series
2020B,
RB,
0.38%, 04/01/23
.....
7,500
7,436,798
Series
2021A,
RB,
0.71%, 10/01/23
.....
1,000
987,721
8,424,519
2022
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,
2022
Security
Par
(000)
Par
(000)
Value
Hawaii
-
0.1%
State
of
Hawaii,
Series
2020GB,
GO,
0.43%, 10/01/22
..................
USD
4,945
$
4,938,490
New
York
-
1.1%
City
of
New
York,
Series
2021D,
GO,
0.43%, 08/01/22
..................
6,970
6,960,297
Long
Island
Power
Authority
Series
2021C,
RB,
0.36%, 03/01/23
.....
3,885
3,851,371
Series
2020C,
RB,
0.76%, 03/01/23
.....
2,860
2,851,121
Metropolitan
Transportation
Authority,
0.78%, 11/15/22
..................
19,120
19,121,759
Port
Authority
of
New
York
&
New
Jersey,
Series
2020AAA,
RB,
1.09%, 07/01/23
...
4,140
4,126,610
36,911,158
Other
-
2.8%
Deutsche
Bank
Spears/Lifers
Trust,
Series
2021DBE-8901,
VRDP
(Deutsche
Bank
AG
LIQ),
0.27%, 04/01/31
(d)
.............
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),
0.34%, 02/01/22
................
14,855
14,855,000
Series
2020-MIZ9029,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 01/31/22
................
4,970
4,970,000
Series
2020-MIZ9032,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.49%, 02/01/22
................
5,000
5,000,000
Series
2020-MIZ9035,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.49%, 01/31/22
................
5,000
5,000,000
Series
2020-MIZ9036,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.49%, 01/31/22
................
5,000
5,000,000
Taxable
Municipal
Funding
Trust,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.29%, 02/03/22
(a)
(d)
............................
1,700
1,700,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.29%, 02/03/22
(a)(c)(d)
....
6,630
6,630,000
86,655,000
Texas
-
0.0%
City
of
Houston
Airport
System,
Series
2020C,
RB,
0.88%, 07/01/22
...............
810
810,664
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9064,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 01/31/22
(a)(c)(d)
...............
250
250,000
1,060,664
Total
Municipal
Bonds
—
5.4%
(Cost:
$177,724,570)
..............................
177,543,020
Total
Long-Term
Investments
—
57.5%
(Cost:
$1,908,944,774)
............................
1,902,210,370
Security
Par
(000)
Pa
r
(
000)
Value
Short-Term
Securities
—
42.0%
Certificates
of
Deposit
—
10.8%
Domestic
—
1.0%
DZ
Bank
AG,
(LIBOR
USD
3
Month
+
0.20%),
0.36%, 02/17/22
(b)
.................
USD
32,000
$
32,002,708
Euro
—
0.7%
(e)
Credit
Industriel
et
Commercial
SA,
0.27%, 02/22/22
..................
10,000
9,999,450
National
Westminster
Bank
plc,
0.21%, 03/31/22
..................
12,000
11,994,437
21,993,887
Yankee
—
9.1%
(f)
Bank
of
Montreal,
Chicago,
0.50%, 11/28/22
.
3,000
2,994,797
Barclays
Bank
plc,
New
York
0.33%, 02/01/22
..................
10,000
10,000,067
0.27%, 03/03/22
..................
10,000
10,001,358
0.24%, 04/08/22
..................
10,000
10,000,757
0.31%, 04/19/22
..................
10,000
10,001,764
Bayerische
Landesbank
,
New
York
(LIBOR
USD
3
Month
+
0.47%),
0.61%, 02/03/22
(b)
...............
25,000
25,000,320
(LIBOR
USD
3
Month
+
0.16%),
0.43%, 01/27/23
(b)
...............
10,750
10,749,285
0.90%, 06/27/23
..................
12,000
12,033,342
BNP
Paribas
VPG
RHI
Holdings
LLC,
New
York,
0.20%, 09/08/22
..............
7,000
6,981,115
Canadian
Imperial
Bank
of
Commerce,
New
York
(b)
(SOFR
+
0.22%),
0.27%, 08/24/22
......
10,000
10,005,861
(SOFR
+
0.30%),
0.35%, 01/06/23
......
3,000
3,001,612
Credit
Suisse
AG,
New
York
0.24%, 02/15/22
..................
5,000
5,000,235
(SOFRINDX
+
0.22%),
0.27%, 04/08/22
(b)
.
5,000
5,001,125
(SOFR
+
0.42%),
0.47%, 07/10/23
(b)
.....
7,500
7,500,009
(SOFR
+
0.54%),
0.59%, 01/19/24
(b)
.....
3,000
3,000,025
Kookmin
Bank,
New
york
,
(LIBOR
USD
3
Month
+
0.17%),
0.43%, 10/24/22
(b)
.....
5,000
5,001,478
Kookmin
Bank,
New
York
(b)
(LIBOR
USD
1
Month
+
0.23%),
0.33%, 02/07/22
................
5,000
5,000,234
(LIBOR
USD
1
Month
+
0.25%),
0.35%, 02/07/22
-
01/30/23
.........
14,000
13,998,186
Lloyds
Bank
Corporate
Markets
plc,
0.40%, 12/01/22
..................
10,000
9,960,696
MUFG
Bank
Ltd.,
New
York
0.23%, 07/15/22
..................
11,000
10,986,135
0.30%, 10/31/22
..................
7,500
7,472,427
(SOFR
+
0.28%),
0.33%, 01/24/23
(b)
.....
5,000
4,999,107
Natixis
SA,
New
York,
(SOFR
+
0.18%),
0.23%, 06/17/22
(b)
.................
3,000
3,000,719
Nordea
Bank
Abp
,
New
York,
(LIBOR
USD
3
Month
+
0.12%),
0.30%, 02/28/22
(b)
.....
2,000
2,000,225
Oversea-Chinese
Banking
Corp
Ltd.,
New
York,
0.17%, 06/03/22
..................
4,050
4,047,495
Royal
Bank
of
Canada
0.40%, 11/15/22
..................
10,000
9,965,771
(SOFR
+
0.25%),
0.30%, 01/11/23
(b)
.....
12,000
11,999,655
Shinhan
Bank
0.33%, 02/10/22
-
02/11/22
...........
10,750
10,750,723
Standard
Chartered
Bank,
New
York
(b)
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.20%),
0.28%, 04/14/22
................
8,000
8,001,457
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(LIBOR
USD
3
Month
+
0.09%),
0.31%, 04/25/22
................
USD
15,000
$
15,004,044
(SOFR
+
0.35%),
0.39%, 05/01/23
......
10,000
10,000,023
(SOFR
+
0.42%),
0.46%, 07/28/23
......
5,000
5,000,001
Sumitomo
Mitsui
Banking
Corp.,
New
York,
0.70%, 07/15/22
..................
12,000
12,018,067
Svenska
Handelsbanken
AB,
New
York,
(SOFR
+
0.19%),
0.23%, 10/27/22
(b)
..........
10,000
9,999,254
Toronto-Dominion
Bank,
New
York
0.05%, 07/26/22
..................
5,000
4,988,225
0.34%, 10/28/22
..................
3,000
2,990,142
0.73%, 12/30/22
..................
4,000
3,993,749
302,449,485
Total
Certificates
of
Deposit
—
10.8%
(Cost:
$356,541,615)
..............................
356,446,080
Commercial
Paper
—
24.4%
Amcor
Finance
USA,
Inc.
(e)
0.31%,
02/02/22
..................
2,782
2,781,977
0.23%,
02/22/22
..................
5,000
4,999,300
American
Electric
Power
Co.,
Inc.,
0.25%
,
02/28/22
(e)
......................
10,000
9,998,094
AT&T,
Inc.
(e)
0.32%,
03/15/22
..................
10,000
9,996,751
0.47%,
05/17/22
..................
35,300
35,251,773
AutoZone,
Inc.,
0.14%
,
02/01/22
(e)
........
5,000
4,999,979
Banco
Santander
SA,
0.25%
,
04/18/22
(e)
....
4,000
3,997,818
Barclays
Bank
plc,
(SOFR
+
0.23%),
0.28%
,
07/22/22
(a)(b)
.....................
10,000
10,001,430
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
(The)
(e)
0.22%,
02/11/22
..................
10,000
9,999,603
0.24%,
02/22/22
..................
10,000
9,998,845
BNZ
International
Funding
Ltd.,
0.30%
,
07/01/22
(e)
......................
6,000
5,990,336
Brighthouse
Financial
Short
Term
Funding
LLC,
0.21%
,
04/27/22
(e)
.................
6,500
6,495,994
Brookfield
Infrastructure
Corp.
(e)
0.33%,
02/02/22
..................
6,250
6,249,947
0.35%,
02/15/22
..................
11,250
11,248,828
Citigroup
Global
Markets,
Inc.,
0.45%
,
08/01/22
(e)
......................
5,000
4,986,552
Collateralized
Commercial
Paper
FLEX
Co.
LLC,
0.27%
,
08/18/22
...............
12,000
11,978,812
Commonwealth
Bank
of
Australia,
0.31%
,
10/21/22
(e)
......................
5,000
4,974,175
Concord
Minutemen
Capital
Co.
LLC,
0.32%
,
03/01/22
(a)(e)
.....................
20,000
19,998,115
Enbridge
US,
Inc.
(e)
0.28%,
02/28/22
..................
7,000
6,997,888
0.50%,
03/16/22
..................
6,750
6,746,708
0.38%,
04/05/22
..................
5,000
4,996,044
0.31%,
04/18/22
..................
2,500
2,497,369
Enel
Finance
America
LLC
(e)
0.41%,
04/20/22
..................
15,000
14,987,788
0.34%,
06/08/22
..................
7,680
7,666,265
0.34%,
06/10/22
..................
10,000
9,981,692
0.36%,
07/08/22
..................
12,800
12,768,484
0.40%,
08/03/22
..................
10,000
9,967,902
0.36%,
09/07/22
..................
10,000
9,957,660
0.40%,
09/13/22
..................
16,000
15,929,200
0.40%,
09/15/22
..................
2,000
1,991,034
0.52%,
10/21/22
..................
13,800
13,721,665
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Eversource
Energy
(e)
0.20%,
02/16/22
..................
USD
8,000
$
7,999,502
0.21%,
02/17/22
..................
8,250
8,249,420
Fidelity
National
Information
Services,
Inc.
(e)
0.24%,
02/11/22
..................
10,250
10,249,421
0.53%,
03/01/22
..................
13,000
12,997,413
0.30%,
03/16/22
..................
13,991
13,986,332
Fiserv,
Inc.,
0.32%
,
02/14/22
(e)
...........
18,000
17,998,432
Goldman
Sachs
Int
Corporate
Commercial
Paper,
0.48%
,
11/10/22
(e)
............
10,000
9,937,504
Hitachi
America
Capital
Ltd.,
0.14%
,
02/02/22
(e)
15,000
14,999,872
HSBC
Bank
plc,
0.27%
,
02/02/22
(e)
........
8,000
7,999,951
Hyundai
Capital
America,
0.26%
,
02/22/22
(e)
..
5,000
4,999,392
ING
US
Funding
LLC,
0.36%
,
05/12/22
(e)
....
15,000
14,988,680
Intercontinental
Exchange,
Inc.,
0.20%
,
02/08/22
(e)
......................
8,250
8,249,381
Ionic
Capital
II
Trust
(e)
0.23%,
03/15/22
..................
10,000
9,998,053
0.23%,
03/25/22
..................
4,000
3,998,840
Kookmin
Bank,
0.21%
,
04/14/22
(e)
........
15,000
14,992,426
Macquarie
Bank
Ltd.
(b)
(SOFR
+
0.18%),
0.22%,
09/20/22
......
5,000
5,000,321
(SOFR
+
0.35%),
0.39%,
01/10/23
......
10,000
10,007,605
Mitsubishi
HC
Capital
America,
Inc.,
0.43%
,
02/10/22
(e)
......................
35,235
35,232,857
Mitsubishi
HC
Finance
America
LLC,
0.36%
,
02/28/22
(e)
......................
5,000
4,999,047
National
Bank
of
Canada,
0.34%
,
10/31/22
(e)
.
5,000
4,971,752
National
Grid
North
America,
Inc.,
0.31%
,
02/01/22
(e)
......................
10,000
9,999,958
NatWest
Markets
plc
(a)(e)
0.40%,
07/18/22
..................
10,250
10,226,466
0.63%,
07/26/22
..................
5,000
4,987,509
Nordea
Bank
Abp
,
0.31%
,
10/21/22
(e)
......
7,000
6,965,941
Nutrien
Ltd.
(e)
0.22%,
02/18/22
..................
5,250
5,249,323
0.40%,
03/14/22
..................
6,000
5,997,830
0.28%,
03/25/22
..................
5,000
4,997,504
Ontario
Power
Generation,
Inc.,
0.29%
,
02/09/22
(a)(e)
.....................
5,000
4,999,800
PPG
Industries,
Inc.
(e)
0.27%,
02/16/22
..................
13,750
13,748,698
0.24%,
02/18/22
..................
6,995
6,994,238
Salisbury
Receivables
Co.
LLC,
(SOFR
+
0.25%),
0.30%
,
02/18/22
(b)
...........
10,000
10,000,275
Skandinaviska
Enskilda
Banken
AB,
0.24%
,
06/21/22
(e)
......................
5,000
4,991,403
Societe
Generale
SA
(e)
0.33%,
08/31/22
..................
7,000
6,974,731
0.24%,
09/19/22
..................
5,000
4,983,975
Spire,
Inc.
(e)
0.40%,
02/04/22
..................
5,000
4,999,913
0.40%,
02/10/22
..................
6,745
6,744,665
0.30%,
03/18/22
..................
7,094
7,091,398
Suncor
Energy,
Inc.,
0.24%
,
02/03/22
(e)
.....
1,200
1,199,985
Telstra
Corp.
Ltd.,
0.31%
,
02/10/22
(e)
.......
17,200
17,199,379
TELUS
Corp.,
0.22%
,
03/03/22
(e)
.........
15,000
14,996,745
Thermo
Fisher
Scientific,
Inc.,
0.37%
,
03/03/22
(e)
......................
2,000
1,999,566
Toronto-Dominion
Bank,
0.20%
,
08/03/22
(e)
..
9,000
8,973,366
TransCanada
PipeLines
Ltd.
(e)
0.34%,
02/01/22
..................
2,380
2,379,990
0.25%,
02/10/22
..................
8,000
7,999,602
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Short
Obligations
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
0.40%,
04/18/22
..................
USD
4,000
$
3,996,877
0.46%,
05/05/22
..................
7,000
6,992,525
UBS
AG
0.25%,
08/18/22
(e)
.................
10,000
9,969,708
0.42%,
09/01/22
(e)
.................
5,000
4,982,841
(SOFR
+
0.30%),
0.35%,
12/02/22
(b)
....
3,000
3,001,235
Verizon
Communications,
Inc.
(e)
0.27%,
03/21/22
..................
7,250
7,247,099
0.31%,
04/04/22
..................
1,000
999,426
0.31%,
04/05/22
..................
1,750
1,748,970
VW
Credit,
Inc.
(e)
0.14%,
02/02/22
..................
15,000
14,999,872
0.35%,
08/23/22
..................
8,000
7,972,256
Walt
Disney
Co.
(The),
0.24%
,
06/15/22
(e)
...
8,765
8,752,510
Walt
Disney
World
Co.,
0.25%
,
07/15/22
(e)
...
5,660
5,647,029
Waste
Management,
Inc.
(e)
0.31%,
08/02/22
..................
3,845
3,833,977
0.31%,
09/08/22
..................
8,335
8,303,674
Western
Union
Co.
(The)
(e)
0.15%,
02/01/22
..................
22,000
21,999,905
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
0.18%,
02/02/22
..................
USD
10,000
$
9,999,910
Total
Commercial
Paper
—
24.4%
(Cost:
$809,462,242)
..............................
809,164,303
Shares
Shares
Money
Market
Funds
—
0.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(g)(h)
..................
189,972
189,972
Total
Money
Market
Funds
—
0.0%
(Cost:
$189,972)
.................................
189,972
Total
Repurchase
Agreements
—
6.8%
(Cost:
$223,500,000)
..............................
223,500,000
Total
Short-Term
Securities
—
42.0%
(Cost:
$1,389,693,829)
............................
1,389,300,355
Total
Investments
—
99.5%
(Cost:
$3,298,638,603
)
............................
3,291,510,725
Other
Assets
Less
Liabilities
—
0.5%
....................
15,849,193
Net
Assets
—
100.0%
...............................
$
3,307,359,918
(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)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(d)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(e)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(f)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
January
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/22
Shares
Held
at
01/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
541,627
$
—
$
(351,655)
$
—
$
—
$
189,972
189,972
$
230
$
—
—
—
(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.
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
13
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.39
%
(a)
01/31/22
03/08/22
$
32,000
$
32,000
$
32,012,480
Corporate/Debt
Obligations,
3.24%
to
6.05%,
due
02/08/22
to
01/15/72
.........
$
32,167,000
$
33,600,064
0.67
(a)
01/31/22
04/07/22
5,000
5,000
5,006,142
U.S.
Treasury
Obligation,
0.25%,
due
06/15/23
.........
5,148,300
5,100,049
$
–
$
–
$
37,000
$
38,700,113
$
–
$
–
BNP
Paribas
SA
......
0.42
(a)
01/31/22
05/07/22
25,000
25,000
25,028,000
Corporate/Debt
Obligations,
5.88%
to
12.00%,
due
04/15/25
to
09/01/31
.......
27,554,000
28,750,441
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.36
(a)
01/31/22
04/04/22
16,000
16,000
16,010,080
U.S.
Government
Sponsored
Agency
Obligations,
1.15%
to
5.99%,
due
04/25/49
to
02/25/50
.........
87,944,137
17,198,165
0.38
(a)
01/31/22
05/04/22
6,000
6,000
6,005,890
U.S.
Government
Sponsored
Agency
Obligations,
1.15%
to
5.99%,
due
10/25/49
to
02/25/50
.........
9,786,914
6,440,360
$
–
$
–
$
22,000
$
23,638,525
$
–
$
–
Credit
Suisse
Securities
(USA)
LLC
........
0.66
(a)
01/31/22
05/07/22
27,000
27,000
27,047,520
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.69%
to
10.61%,
due
07/25/30
to
03/25/50
.......
659,430,836
32,209,583
$
–
$
–
Goldman
Sachs
&
Co.
LLC
0.57
(a)
01/31/22
09/04/22
50,000
50,000
50,171,000
Corporate/Debt
Obligations,
0.75%
to
8.18%,
due
03/15/23
to
10/01/96
.........
48,034,000
52,500,877
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.52
(a)
01/31/22
03/08/22
3,500
3,500
3,501,820
Corporate/Debt
Obligations,
4.00%
to
5.00%,
due
07/15/38
to
06/01/51
.........
3,195,000
3,745,043
0.62
(a)
01/31/22
05/03/22
14,000
14,000
14,022,182
Corporate/Debt
Obligations,
4.00%
to
5.00%,
due
07/01/35
to
01/01/51
.........
12,080,000
14,984,651
$
–
$
–
$
17,500
$
18,729,694
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.30
11/09/21
02/01/22
18,000
18,000
18,012,600
Corporate/Debt
Obligations,
2.50%
to
3.36%,
due
09/16/50
to
05/25/51
.........
20,466,163
19,260,000
0.31
11/12/21
02/10/22
12,000
12,000
12,009,300
Corporate/Debt
Obligations,
0.00%
to
3.55%,
due
02/25/22
to
04/09/25
.........
12,581,000
12,600,709
0.53
11/23/21
02/23/22
3,000
3,000
3,004,063
Corporate/Debt
Obligations,
5.88%
to
7.00%,
due
10/15/24
to
01/15/28
.........
3,778,000
3,450,820
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Short
Obligations
Fund
14
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds  
Including
Interest
Position
Original
Par
Position
Received,
At
Value
0.54
%
12/06/21
03/07/22
$
12,000
$
12,000
$
12,016,380
Corporate/Debt
Obligations,
3.50%
to
4.21%,
due
12/16/30
to
04/17/48
.........
$
14,671,451
$
13,800,001
$
–
$
–
$
45,000
$
49,111,530
$
–
$
–
$
223,500
$
243,640,763
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
......................................
$
—
$
1,902,210,370
$
—
$
1,902,210,370
Short-Term
Securities
Certificates
of
Deposit
.....................................
—
356,446,080
—
356,446,080
Commercial
Paper
.......................................
—
809,164,303
—
809,164,303
Money
Market
Funds
......................................
189,972
—
—
189,972
Repurchase
Agreements
...................................
—
223,500,000
—
223,500,000
$
189,972
$
3,291,320,753
$
—
$
3,291,510,725
Statement
of
Assets
and
Liabilities
(unaudited)

January
31,
2022
15
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
3,067,820,753‌
Investments,
at
value
—
affiliated
(b)
.........................................................................................
189,972‌
Cash
.............................................................................................................
18,034‌
Repurchase
agreements,
at
value
(c)
.........................................................................................
223,500,000‌
Receivables:
–‌
Capital
shares
sold
...................................................................................................
47,587,701‌
Dividends
—
affiliated
.................................................................................................
47‌
Interest
—
unaffiliated
.................................................................................................
3,722,521‌
Prepaid
expenses
.....................................................................................................
115,797‌
Total
assets
.........................................................................................................
3,342,954,825‌
LIABILITIES
Payables:
–‌
Investments
purchased
................................................................................................
9,998,125‌
Administration
fees
...................................................................................................
144,956‌
Capital
shares
redeemed
...............................................................................................
23,803,004‌
Income
dividend
distributions
............................................................................................
8,484‌
Investment
advisory
fees
..............................................................................................
417,655‌
Trustees'
and
Officer's
fees
.............................................................................................
19,193‌
Other
affiliate
fees
...................................................................................................
4,457‌
Service
fees
.......................................................................................................
313,523‌
Other
accrued
expenses
...............................................................................................
885,510‌
Total
liabilities
........................................................................................................
35,594,907‌
NET
ASSETS
........................................................................................................
$
3,307,359,918‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
........................................................................................................
$
3,316,128,066‌
Accumulated
loss
.....................................................................................................
(8,768,148‌)
NET
ASSETS
........................................................................................................
$
3,307,359,918‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
3,074,948,631‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
189,972‌
(c)
  Repurchase
ag
reements,
at
cos
t
.........................................................................................
$
223,500,000‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
16
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
NET
ASSET
VALUE
Institutional
Net
assets
........................................................................................................
$
1,801,377,086‌
Shares
outstanding
.................................................................................................
179,949,439‌
Net
asset
value
....................................................................................................
$
10.01‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.00
1‌
Investor
A
Net
assets
........................................................................................................
$
1,386,253,250‌
Shares
outstanding
.................................................................................................
138,554,791‌
Net
asset
value
....................................................................................................
$
10.01‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.00
1‌
Class
K
Net
assets
........................................................................................................
$
119,729,582‌
Shares
outstanding
.................................................................................................
11,942,254‌
Net
asset
value
....................................................................................................
$
10.03‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.00
1‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2022
17
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
230‌
Interest
—
unaffiliated
................................................................................................
10,308,179‌
Total
investment
income
.................................................................................................
10,308,409‌
EXPENSES
Investment
advisory
..................................................................................................
4,792,531‌
Service
—
class
specific
...............................................................................................
2,126,488‌
Administration
.....................................................................................................
740,580‌
Transfer
agent
—
class
specific
..........................................................................................
723,438‌
Administration
—
class
specific
..........................................................................................
399,176‌
Registration
.......................................................................................................
206,010‌
Professional
.......................................................................................................
57,699‌
Accounting
services
..................................................................................................
50,964‌
Custodian
.........................................................................................................
31,717‌
Trustees
and
Officer
..................................................................................................
17,381‌
Miscellaneous
......................................................................................................
50,526‌
Total
expenses
.......................................................................................................
9,196,510‌
Less:
–‌
Administration
fees
waived
—
class
specific
..................................................................................
(111,255‌)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(1,963,162‌)
Transfer
agent
fees
waived
and/or
reimbursed
—
class
specific
.....................................................................
(954‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
7,121,139‌
Net
investment
income
..................................................................................................
3,187,270‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(15,240,199‌)
Net
realized
gain
from
investments
........................................................................................
337,131‌
Net
change
in
unrealized
depreciation
on
investments
...........................................................................
(15,577,330‌)
Net
realized
and
unrealized
loss
............................................................................................
(15,240,199‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(12,052,929‌)
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Semi-Annual
Report
to
Shareholders
18
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
3,187,270‌
$
15,263,084‌
Net
realized
gain
..................................................................................
337,131‌
340,828‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(15,577,330‌)
(7,613,459‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
(12,052,929‌)
7,990,453‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
....................................................................................
(2,532,492‌)
(9,436,714‌)
Investor
A
.....................................................................................
(213,575‌)
(4,338,985‌)
Class
K
.......................................................................................
(588,506‌)
(2,047,542‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(3,334,573‌)
(15,823,241‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(1,260,901,537‌)
(69,141,507‌)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(1,276,289,039‌)
(76,974,295‌)
Beginning
of
period
..................................................................................
4,583,648,957‌
4,660,623,252‌
End
of
period
......................................................................................
$
3,307,359,918‌
$
4,583,648,957‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
Institutional
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.05‌
$
10.07‌
$
10.02‌
$
9.99‌
$
10.03‌
$
10.02‌
Net
investment
income
(a)
.......................
0.01‌
0.04‌
0.17‌
0.26‌
0.18‌
0.12‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.04‌)
(0.02‌)
0.06‌
0.03‌
(0.05‌)
0.01‌
Net
increase
(decrease)
from
investment
operations
......
(0.03‌)
0.02‌
0.23‌
0.29‌
0.13‌
0.13‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.01‌)
(0.04‌)
(0.18‌)
(0.26‌)
(0.17‌)
(0.12‌)
From
net
realized
gain
.........................
(0.00‌)
(c)
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.00‌)
(c)
(0.00‌)
(c)
Total
distributions
.............................
(0.01‌)
(0.04‌)
(0.18‌)
(0.26‌)
(0.17‌)
(0.12‌)
Net
asset
value,
end
of
period
....................
$
10.01‌
$
10.05‌
$
10.07‌
$
10.02‌
$
9.99‌
$
10.03‌
Total
Return
(d)
(0.27)%
0.20%
2.28%
2.96%
1.34%
1.30%
Based
on
net
asset
value
........................
(0.27)%
(e)
0.20%
2.28%
2.96%
1.34%
1.30%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.36%
(g)
0.36%
0.43%
0.45%
0.60%
0.54%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.26%
(g)
0.26%
0.30%
0.26%
0.28%
0.24%
Net
investment
income
.........................
0.26%
(g)
0.39%
1.69%
2.59%
1.75%
1.17%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
1,801,377‌
$
2,037,769‌
$
1,951,914‌
$
1,117,218‌
$
70,512‌
$
38,160‌
Portfolio
turnover
rate
..........................
25%
67%
40%
18%
87%
140%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
20
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
Investor
A
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
Period
from
03/09/18
(a)
to
07/31/18
2021
2020
2019
Net
asset
value,
beginning
of
period
.............................
$
10.05‌
$
10.06‌
$
10.01‌
$
9.99‌
$
9.99‌
Net
investment
income
(b)
.....................................
0.00‌
(c)
0.02‌
0.15‌
0.24‌
0.07‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.04‌)
(0.01‌)
0.06‌
0.02‌
(0.00‌)
(c
)
Net
increase
(decrease)
from
investment
operations
....................
(0.04‌)
0.01‌
0.21‌
0.26‌
0.07‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
..................................
(0.00‌)
(e)
(0.02‌)
(0.16‌)
(0.24‌)
(0.07‌)
From
net
realized
gain
.......................................
(0.00‌)
(e)
—‌
(0.00‌)
(e)
(0.00‌)
(e)
—‌
Total
distributions
...........................................
(0.00‌)
(0.02‌)
(0.16‌)
(0.24‌)
(0.07‌)
Net
asset
value,
end
of
period
..................................
$
10.01‌
$
10.05‌
$
10.06‌
$
10.01‌
$
9.99‌
Total
Return
(f)
(0.38)%
0.06%
2.08%
2.63%
0.73%
Based
on
net
asset
value
......................................
(0.38)%
(g)
0.06%
2.08%
2.63%
0.73%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expenses
.............................................
0.61%
(i)
0.61%
0.59%
0.64%
0.78%
(i)(j)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.50%
(i)
0.50%
0.49%
0.47%
0.42%
(i)
Net
investment
income
.......................................
0.02%
(i)
0.16%
1.47%
2.37%
1.87%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................
$
1,386,253‌
$
2,008,368‌
$
2,585,292‌
$
1,136,936‌
$
621‌
Portfolio
turnover
rate
........................................
25%
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,
assumes
the
reinvestment
of
distributions.
(g)
Aggregate
total
return.
(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%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
21
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
Class
K
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.07‌
$
10.08‌
$
10.04‌
$
10.01‌
$
10.04‌
$
10.03‌
Net
investment
income
(a)
.......................
0.02‌
0.04‌
0.18‌
0.26‌
0.18‌
0.12‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.04‌)
(0.00‌)
(b)
0.05‌
0.04‌
(0.03‌)
0.01‌
Net
increase
(decrease)
from
investment
operations
......
(0.02‌)
0.04‌
0.23‌
0.30‌
0.15‌
0.13‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
(0.02‌)
(0.05‌)
(0.19‌)
(0.27‌)
(0.18‌)
(0.12‌)
From
net
realized
gain
.........................
(0.00‌)
(b)
—‌
(0.00‌)
(b)
(0.00‌)
(b)
(0.00‌)
(b)
(0.00‌)
(b)
Total
distributions
.............................
(0.02‌)
(0.05‌)
(0.19‌)
(0.27‌)
(0.18‌)
(0.12‌)
Net
asset
value,
end
of
period
....................
$
10.03‌
$
10.07‌
$
10.08‌
$
10.04‌
$
10.01‌
$
10.04‌
Total
Return
(d)
(0.23)%
0.36%
2.28%
3.02%
1.52%
1.35%
Based
on
net
asset
value
........................
(0.23)%
(e)
0.36%
2.28%
3.02%
1.52%
1.35%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.32%
(g)
0.31%
0.33%
0.45%
0.53%
0.50%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.20%
(g)
0.20%
0.20%
0.20%
0.20%
0.17%
Net
investment
income
.........................
0.31%
(g)
0.41%
1.84%
2.64%
1.78%
1.22%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
119,730‌
$
537,512‌
$
123,417‌
$
132,264‌
$
82,549‌
$
98,882‌
Portfolio
turnover
rate
..........................
25%
67%
40%
18%
87%
140%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
greater
than
$(0.005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
Notes
to
Financial
Statements
(unaudited)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
22
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
open-end
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
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
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
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)
23
Notes
to
Financial
Statements
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
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
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. 
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
24
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
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,
2022,
the
class
specific
service
fees
borne
directly
by
Investor
A
Shares
of
the
Fund
were
$2,126,488.
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly
-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
January
31,
2022, 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
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
.......................................................................................................
$
192,121‌
Investor
A
........................................................................................................
170,105‌
Class
K
.........................................................................................................
36,950‌
$
399,176‌
Notes
to
Financial
Statements
(unaudited)
(continued)
25
Notes
to
Financial
Statements
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,
2022,
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,
2022,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
six
months ended
January
31,
2022,
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,
2022
,
affiliates
received
CDSCs
of 
$
24,882
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,
2023.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitations
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
January
31,
2022,
the
amount
waived
was
$1,078
.
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,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
January
31,
2022,
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,
2022,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$1,962,084
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
six
months ended
January
31,
2022,
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. 
Institutional
....................................................................................................
$
1,401‌
Investor
A
.....................................................................................................
2,965‌
Class
K
......................................................................................................
163‌
$
4,529‌
Institutional
.......................................................................................................
$
396,441‌
Investor
A
........................................................................................................
326,043‌
Class
K
.........................................................................................................
954‌
$
723,438‌
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,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
(b)
The
voluntary
waiver
or
reimbursement
may
be
reduced
or
discontinued
at
any
time
without
notice.
Fund
Name/Share
Class
Administration
Fees
Waived
Transfer
Agent
Fees
Waived
and/or
Reimbursed
BlackRock
Short
Obligations
Fund
Investor
A
.....................................................................................
$
74,306‌
$
—‌
Class
K
......................................................................................
36,949‌
954‌
$
111,255‌
$
954‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
26
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,
2022,
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. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
trustees.
For
the
six
months ended
January
31
,
2022,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
6.
PURCHASES
AND
SALES 
For
the six
months
ended
January
31,
2022,
purchases
and
sales
of
investments,
including
paydowns
and
excluding
short-term
investments, were $576,849,924
and
$957,795,619,
respectively.
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
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
January
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund's
financial
statements.
As
of
July
31,
2021, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$1,914,850. 
As
of
January
31,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
8.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.25
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
one-month
London
Interbank
Offered
Rate
("LIBOR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed.
The
agreement
expires
in
April
2022
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,
2022,
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,
Purchases
...............................................................................................................
$
—‌
Sales
...................................................................................................................
6,070,386‌
Net
Realized
Gain
..........................................................................................................
—‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Short
Obligations
Fund
......................................
$
3,298,668,292‌
$
1,933,521‌
$
(9,091,088‌)
$
(7,157,567‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
27
Notes
to
Financial
Statements
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.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
fixed-income
securities
and/or
uses
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
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
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
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
28
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
01/31/22
Year
Ended
07/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Short
Obligations
Fund
Institutional
Shares
sold
.............................................
63,598,752‌
$
638,056,951‌
247,485,820‌
$
2,489,815,066‌
Shares
issued
in
reinvestment
of
distributions
........................
252,018‌
2,528,969‌
937,297‌
9,428,257‌
Shares
redeemed
.........................................
(86,616,327‌)
(869,277,568‌)
(239,626,408‌)
(2,409,957,835‌)
(22,765,557‌)
$
(228,691,648‌)
8,796,709‌
$
89,285,488‌
Investor
A
Shares
sold
.............................................
16,807,537‌
$
168,585,242‌
165,508,079‌
$
1,664,147,730‌
Shares
issued
in
reinvestment
of
distributions
........................
21,227‌
212,772‌
429,816‌
4,322,097‌
Shares
redeemed
.........................................
(78,185,648‌)
(784,387,695‌)
(223,005,219‌)
(2,241,711,772‌)
(61,356,884‌)
$
(615,589,681‌)
(57,067,324‌)
$
(573,241,945‌)
Class
K
Shares
sold
.............................................
2,800,524‌
$
28,165,264‌
95,119,414‌
$
958,591,149‌
Shares
issued
in
reinvestment
of
distributions
........................
50,519‌
508,130‌
182,522‌
1,838,893‌
Shares
redeemed
.........................................
(44,301,528‌)
(445,293,602‌)
(54,151,443‌)
(545,615,092‌)
(41,450,485‌)
$
(416,620,208‌)
41,150,493‌
$
414,814,950‌
(125,572,926‌)
$
(1,260,901,537‌)
(7,120,122‌)
$
(69,141,507‌)
Statement
Regarding
Liquidity
Risk
Management
Program
29
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
9-10,
2021
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
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,
2020
through
September
30,
2021
(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.
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
(“RATS”).
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).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
Fund,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2022
BlackRock
Semi-Annual
Report
to
Shareholders
30
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
i
ts
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,
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financial
intermediary,
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applications,
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our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
Additional
Information
(continued)
31
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
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respond
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requests
or
to
service
Client
accounts.
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parties
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intended
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We
may
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affiliates
to
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account
or
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you
with
information
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other
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products
or
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may
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of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
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employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
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and
procedural
safeguards
that
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designed
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the
non-public
personal
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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
10022
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
2022
BlackRock
Semi-Annual
Report
to
Shareholders
32
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
COP
Certificates
of
Participation
GO
General
Obligation
Bonds
LIBOR
London
Interbank
Offered
Rate
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
RB
Revenue
Bonds
SOFR
Secured
Overnight
Financing
Rate
TAN
Tax
Anticipation
Notes
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
Want
to
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blackrock.com
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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-1/22-SAR
JANUARY
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(unaudited)
BlackRock
Funds
SM
BlackRock
Total
Factor
Fund
Dear
Shareholder,
The
12-month
reporting
period
as
of
January
31,
2022
saw
a
continuation
of
the
resurgent
growth
that
followed
the
initial
coronavirus
(or
“COVID-19”)
pandemic
reopening,
albeit
at
a
slower
pace.
The
global
economy
weathered
the
emergence
of
several
variant
strains
and
the
resulting
peaks
and
troughs
in
infections
amid
optimism
that
increasing
vaccinations
and
economic
adaptation
could
help
contain
the
pandemic’s
disruptions.
Continued
growth
meant
that
the
U.S.
economy
regained
and
then
surpassed
its
pre-pandemic
output.
However,
rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation.
Equity
prices
were
mixed,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
which
particularly
weighed
on
relatively
high
valuation
growth
stocks
and
economically
sensitive
small-
capitalization
stocks.
Overall,
small-capitalization
U.S.
stocks
declined
slightly,
while
large-capitalization
U.S.
stocks
posted
a
strong
advance.
International
equities
from
developed
markets
also
gained,
although
emerging
market
stocks
declined,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
significantly
during
the
reporting
period
as
the
economy
expanded
rapidly
and
inflation
reached
its
highest
annualized
reading
in
decades.
In
the
corporate
bond
market,
the
improving
economy
assuaged
credit
concerns
and
led
to
positive
returns
for
high-
yield
corporate
bonds,
outpacing
the
modest
negative
return
of
investment-grade
corporate
bonds.
The
U.S.
Federal
Reserve
(the
“Fed”)
maintained
accommodative
monetary
policy
during
the
reporting
period
by
keeping
near-zero
interest
rates.
However,
the
Fed’s
tone
shifted
late
in
the
period,
as
it
reduced
its
bond-
buying
program
and
raised
the
prospect
of
higher
rates
in
2022.
Continued
high
inflation
and
the
Fed’s
new
tone
led
many
analysts
to
anticipate
that
the
Fed
will
raise
interest
rates
multiple
times
throughout
the
year.
Looking
ahead,
however,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy.
Sanctions
on
Russia
and
general
wartime
disruption
are
likely
to
drive
already-high
commodity
prices
even
further
upwards,
and
we
have
already
seen
spikes
in
energy
and
metal
markets.
While
this
will
exacerbate
inflationary
pressure,
it
could
also
constrain
economic
growth,
making
the
Fed's
way
forward
less
clear.
Its
challenge
will
be
combating
inflation
without
stifling
a
recovery
that
is
now
facing
additional
supply
shocks.
In
this
environment,
we
favor
an
overweight
to
equities,
as
we
believe
low
interest
rates
and
continued
economic
growth
will
support
further
gains,
albeit
likely
more
modest
than
what
we
saw
in
2021.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
health
care,
are
particularly
attractive
in
the
long
term.
U.S.
and
other
developed-market
equities
have
room
for
further
growth,
while
we
believe
Chinese
equities
stand
to
gain
from
a
more
accommodative
monetary
and
fiscal
environment.
We
are
underweight
long-term
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
3.44%
23.29%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(8.41)
(1.21)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(3.43)
7.03
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.59)
(7.23)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.01
0.04
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(3.87)
(4.43)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(3.17)
(2.97)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
(2.56)
(1.22)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(1.55)
2.05
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
..................................................................................................
7
Disclosure
of
Expenses
...................................................................................................
7
Derivative
Financial
Instruments
.............................................................................................
8
Consolidated
Financial
Statements:
Consolidated
Schedule
of
Investments
........................................................................................
9
Consolidated
Statement
of
Assets
and
Liabilities
..................................................................................
63
Consolidated
Statement
of
Operations
........................................................................................
65
Consolidated
Statements
of
Changes
in
Net
Assets
................................................................................
66
Consolidated
Financial
Highlights
.............................................................................................
67
Notes
to
Consolidated
Financial
Statements
......................................................................................
71
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
81
Additional
Information
....................................................................................................
82
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
84
Fund
Summary
as
of
January
31,
2022
2022
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,
2022,
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,
all
of
the
Fund's
share
classes
outperformed
its
secondary
benchmark,
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index.
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.
The
Fund
targets
multiple
return
drivers,
or
factors,
across
many
asset
classes
and
geographies.
By
leveraging
a
long/short
implementation
framework,
the
strategy
seeks
to
isolate
broad
and
persistent
sources
of
returns,
while
maintaining
a
low
correlation
to
equity
and
fixed-income
markets
in
seeking
to
be
resilient
to
market
shocks
and
drawdowns.
Positive
relative
performance
was
driven
by
the
Fund’s
long/short
market-neutral
style
factor
area,
which
receives
roughly
two-thirds
of
the
allocation,
as
a
hawkish
shift
toward
the
tightening
of
monetary
policy
from
global
central
banks
acted
as
a
tailwind
for
most
style
factors.
Within
the
style
factor
allocation,
four
out
of
five
headline
buckets
–
carry
(income),
value,
quality,
and
low
volatility
–
finished
firmly
in
positive
territory
as
a
continuation
of
the
reflation
trade
and
a
strong
tilt
toward
durable,
profitable
companies
relative
to
high
risk,
unprofitable
firms
underpinned
performance.
Across
style
factors,
single
name
equities,
currencies,
and
equity
markets
(country
futures)
were
the
best-performing
asset
classes.
Single
name
equities
contributed
positively
in
five
out
of
six
months
over
the
period,
and
both
currencies
and
equity
markets
benefited
from
strong
security
selection
across
emerging
markets.
Within
the
risk
parity/macro
factor
allocation,
only
the
pro-cyclical
economic
growth
factor
finished
in
positive
territory
as
exposure
to
commodities
supported
performance
following
continued
imbalances
between
energy
supply
and
demand
along
with
inflationary
pressures.
The
risk
parity/macro
factor
allocation,
which
receives
roughly
one-third
of
the
Fund’s
total
risk
budget,
ended
the
period
slightly
lower
as
the
defensive
exposures
–
real
rates
(inflation-linked
bonds)
and
inflation
(nominal
debt)
–
were
hindered
by
the
probabilities
of
further
rate
hikes
being
priced
in
following
persistent
inflation
overshoots
and
mixed
macro
data.
Within
the
market-neutral
style
factor
portion
of
the
portfolio,
only
bonds
and
commodities
trekked
modestly
lower.
From
a
factor
standpoint,
momentum
was
the
lone
style
factor
that
underperformed,
albeit
marginally,
with
relative
trends
experiencing
mixed
results
as
positive
performance
from
single
name
equities
was
offset
by
some
rotation
across
both
bonds
and
commodities.
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
contributed
positively
to
performance.
The
Fund
holds
large,
unencumbered
cash
positions
to
meet
collateral
calls
on
its
derivative
positions.
The
cash
balance
did
not
have
a
material
impact
on
performance
during
the
period.
Describe
recent
portfolio
activity.
While
the
overall
allocations
to
the
factor
groupings
remained
stable
throughout
the
period,
the
timing
model
within
single
name
equities
was
tilted
toward
quality
and
momentum
insights
early
in
the
period,
taking
advantage
of
positive
sentiment
behind
companies
with
robust
cash
flows
and
earnings
able
to
weather
a
rising
rate
regime.
At
the
tail
end
of
the
period,
the
timing
model
began
to
pare
back
its
underweight
to
value,
which
experienced
a
strong,
positive
rotation
following
persistently
higher-than-
expected
levels
of
inflation
across
the
globe
and
a
moving
forward
of
the
expected
timetables
for
global
central
banks
to
end
quantitative
easing
and
hike
policy
rates.
Describe
portfolio
positioning
at
period
end.
The
Fund
continued
to
seek
to
deliver
positive
absolute
returns
by
balancing
risks
among
equities,
bonds,
commodities,
currencies
and
diversifying
strategies.
At
the
end
of
the
period,
the
Fund
was
positioned
slightly
overweight
to
value
and
momentum
strategies
and
with
a
marginal
tilt
away
from
carry.
Within
single
name
equities,
the
timing
model
was
modestly
tilted
toward
momentum
and
quality
insights,
and
slightly
underweight
to
value
and
low
volatility.
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,
2022
(continued)
5
Fund
Summary
BlackRock
Total
Factor
Fund
Portfolio
Information
Performance
Summary
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Foreign
Government
Obligations
........................
75‌
%
U.S.
Treasury
Obligations
.............................
25‌
Common
Stocks
...................................
—‌
(b)
(a)
Excludes
short-term
securities
and
options
purchased.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
PORTFOLIO
HOLDINGS
Security
Percent
of
at
Total
Investments
(a)
French
Republic
...................................
24‌
%
Commonwealth
of
Australia
............................
20‌
U.S.
Treasury
Inflation
Linked
Notes
......................
14‌
Canadian
Government
Bond
...........................
13‌
U.S.
Treasury
Inflation
Linked
Bonds
......................
11‌
U.K.
Treasury
Inflation
Linked
Bonds
......................
9‌
Federal
Republic
of
Germany
..........................
9‌
(a)
Excludes
short-term
securities
and
options
purchased.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
Since
Inception
(c)
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
......................................
3.46‌%
12.70‌%
N/A‌
2.27‌%
N/A‌
2.51‌%
N/A‌
Investor
A
.......................................
3.27‌
12.32‌
6.42‌%
2.02‌
0.92‌%
2.25‌
1.65‌%
Investor
C
.......................................
2.93‌
11.59‌
10.59‌
1.26‌
1.26‌
1.58‌
1.58‌
Class
K
........................................
3.47‌
12.70‌
N/A‌
2.31‌
N/A‌
2.53‌
N/A‌
60%
MSCI
World
Index
Hedged
USD
Net/40%
Bloomberg
U.S.
Aggregate
Bond
Index
(d)
..........................
(0.14‌)
9.94‌
N/A‌
9.65‌
N/A‌
8.91‌
N/A‌
MSCI
World
Index
Hedged
USD
Net
(e
)
...................
1.78‌
19.18‌
N/A‌
13.77‌
N/A‌
13.05‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
(f)
................
(3.17‌)
(2.97‌)
N/A‌
3.08‌
N/A‌
2.47‌
N/A‌
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(g)
..............
0.02‌
0.04‌
N/A‌
1.13‌
N/A‌
0.68‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
The
Fund
seeks
to
achieve
its
investment
objective
by
investing
in
a
broad
range
of
global
asset
classes,
such
as
equity
securities
(which
may
include
derivative
instruments
that
are
tied
economically
to
equity
securities),
fixed
and
floating
rate
debt
instruments,
derivatives,
other
investment
companies,
including
exchange-traded
funds
(“ETFs”),
real
estate
investment
trusts
(“REITs”)
and
commodity-related
instruments.
The
Fund’s
total
returns
prior
to
February
3,
2017
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
“BlackRock
Strategic
Risk
Allocation
Fund”.
(c)
The
Fund
commenced
operations
on
December
27,
2012.
(d)
This
customized
weighted
index
is
comprised
of
the
returns
of
the
MSCI
World
Index
Hedged
USD
Net
(60%)
and
the
Bloomberg
U.S.
Aggregate
Bond
Index
(40%).
(e)
Represents
a
close
estimation
of
the
performance
that
can
be
achieved
by
hedging
the
currency
exposures
of
its
parent
index,
the
MSCI
World
Index,
to
the
U.S.
Dollar
("USD"),
the
"home"
currency
for
the
hedged
index.
The
index
is
100%
hedged
to
the
USD
by
selling
each
foreign
currency
forward
at
the
one-month
forward
weight.
The
parent
index
is
composed
of
large
and
midcap
stocks
across
23
developed
market
countries
and
its
local
performance
is
calculated
in
13
different
currencies,
including
the
Euro.
(f)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
The
index
includes
U.S.
Treasuries,
government-related
and
corporate
securities,
mortgage-backed
securities
(agency
fixed-rate
pass-
throughs
),
asset-backed
securities
and
commercial
mortgage-backed
securities
(agency
and
non-agency).
(g)
An
unmanaged
index
that
tracks
3-month
U.S.
Treasury
securities.
On
3/1/2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(the
"Index").
Historical
index
data
prior
to
3/1/2021
is
for
the
3pm
pricing
variant
of
the
lndex
.
Index
data
on
and
after
3/1/2021
is
for
the
4pm
pricing
variant
of
the
Index.
Fund
Summary
as
of
January
31,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Total
Factor
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Actual
Hypothetical
Beginning
Account
Value
(08/01/21)
Ending
Account
Value
(01/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/21)
Ending
Account
Value
(01/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,034.60‌
$
2.82‌
$
1,000.00‌
$
1,022.43‌
$
2.80‌
0.55‌%
Investor
A
................................
1,000.00‌
1,032.70‌
4.10‌
1,000.00‌
1,021.17‌
4.08‌
0.80‌
Investor
C
................................
1,000.00‌
1,029.30‌
7.88‌
1,000.00‌
1,017.44‌
7.83‌
1.54‌
Class
K
..................................
1,000.00‌
1,034.70‌
2.56‌
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
six-month
period
shown).
About
Fund
Performance
7
About
Fund
Performance
/
Disclosure
of
Expenses
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
(or
from
the
commencement
of
operations
if
less
than
6
months)
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
2022
BlackRock
Semi-Annual
Report
to
Shareholders
8
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Consolidated
Financial
Statements.
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
January
31,
2022
Security
Shares
Shares
Value
Common
Stocks
—
0.0%
United
States
—
0.0%
Avaya
Holdings
Corp.
(a)
..........
15
$
273
Total
Common
Stocks
—
0.0%
(Cost:
$208)
...................................
273
Par
(000)
Pa
r
(
000)
Foreign
Government
Obligations
—
6.3%
Australia
—
1.7%
Commonwealth
of
Australia
(b)
3.00%,
09/20/25
............
AUD
1,172
956,635
0.75%,
11/21/27
............
840
646,203
2.50%,
09/20/30
............
946
847,415
0.25%,
11/21/32
............
412
313,717
2.00%,
08/21/35
............
600
554,760
1.25%,
08/21/40
............
508
437,948
1.00%,
02/21/50
............
497
425,119
4,181,797
Canada
—
1.1%
Canadian
Government
Bond
6.92%,
12/01/26
............
CAD
358
347,947
4.00%,
12/01/31
............
387
429,191
4.16%,
12/01/36
............
350
388,694
2.57%,
12/01/41
............
360
378,655
1.86%,
12/01/44
............
410
406,721
1.45%,
12/01/47
............
387
373,538
0.55%,
12/01/50
............
356
295,194
0.26%,
12/01/54
............
51
38,999
2,658,939
France
—
2.0%
French
Republic
(b)
2.43%,
07/25/23
(c)
...........
EUR
364
441,774
0.27%,
07/25/24
............
330
400,150
0.10%,
03/01/25
............
213
257,503
0.10%,
03/01/26
(c)
...........
189
232,844
2.11%,
07/25/27
............
407
562,658
0.10%,
03/01/28
............
242
306,186
0.10%,
03/01/29
............
171
219,017
4.48%,
07/25/29
............
203
324,353
0.75%,
07/25/30
(c)
...........
313
428,703
0.10%,
07/25/31
(c)
...........
83
109,587
0.10%,
03/01/32
............
50
65,978
4.16%,
07/25/32
............
242
417,599
0.10%,
03/01/36
(c)
...........
80
108,186
0.10%,
07/25/36
(c)
...........
171
232,906
2.20%,
07/25/40
(c)
...........
254
463,118
0.11%,
07/25/47
(c)
...........
230
347,695
4,918,257
Germany
—
0.7%
Federal
Republic
of
Germany
(b)
0.11%,
04/15/23
............
317
369,411
0.11%,
04/15/26
............
311
386,184
0.53%,
04/15/30
............
389
533,312
0.10%,
04/15/33
............
68
94,956
0.11%,
04/15/46
............
200
353,653
1,737,516
United
Kingdom
—
0.8%
U.K.
Treasury
Inflation
Linked
Bonds
(b)
2.50%,
07/17/24
............
GBP
58
92,030
0.13%,
03/22/26
............
40
62,167
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
1.25%,
11/22/27
............
GBP
31
$
53,116
0.13%,
08/10/28
............
6
9,339
0.13%,
03/22/29
............
57
95,571
4.13%,
07/22/30
............
26
58,816
0.13%,
08/10/31
............
14
24,837
1.25%,
11/22/32
............
35
70,451
0.75%,
03/22/34
............
26
51,479
2.00%,
01/26/35
............
27
63,854
0.13%,
11/22/36
............
35
69,929
1.13%,
11/22/37
............
28
64,506
0.13%,
03/22/39
............
8
17,559
0.63%,
03/22/40
............
35
79,198
0.13%,
08/10/41
............
22
49,045
0.63%,
11/22/42
............
37
89,167
0.13%,
03/22/44
............
27
61,476
0.13%,
03/22/46
............
29
68,376
0.75%,
11/22/47
............
29
78,087
0.13%,
08/10/48
............
23
56,116
0.50%,
03/22/50
............
31
85,111
0.13%,
03/22/51
............
7
19,166
0.25%,
03/22/52
............
27
71,421
1.25%,
11/22/55
............
27
97,407
0.13%,
11/22/56
............
14
40,383
0.13%,
03/22/58
............
22
64,382
0.38%,
03/22/62
............
27
89,080
0.13%,
11/22/65
............
17
57,828
0.13%,
03/22/68
............
27
101,302
0.13%,
03/22/73
............
1
4,337
1,845,536
Total
Foreign
Government
Obligations
—
6.3%
(Cost:
$14,905,660)
..............................
15,342,045
U.S.
Treasury
Obligations
—
2.1%
U.S.
Treasury
Inflation
Linked
Bonds
2.38%, 01/15/25
-
01/15/27
.....
USD
353
403,898
2.00%, 01/15/26
............
31
35,014
1.75%, 01/15/28
............
117
136,756
3.63%, 04/15/28
............
163
211,880
2.50%, 01/15/29
............
98
122,716
3.88%, 04/15/29
............
189
257,007
3.38%, 04/15/32
............
41
58,973
2.13%, 02/15/40
-
02/15/41
.....
145
212,108
0.75%, 02/15/42
-
02/15/45
.....
164
195,213
0.63%, 02/15/43
............
81
94,340
1.38%, 02/15/44
............
80
107,068
1.00%, 02/15/46
-
02/15/49
.....
178
230,053
0.88%, 02/15/47
............
63
79,374
0.25%, 02/15/50
............
50
55,146
0.13%, 02/15/51
............
57
61,041
U.S.
Treasury
Inflation
Linked
Notes
0.13%, 01/15/23
-
07/15/31
.....
1,425
1,521,966
0.63%, 04/15/23
-
01/15/26
.....
432
454,312
0.38%, 07/15/23
-
07/15/27
.....
540
575,379
0.50%, 04/15/24
............
78
82,527
0.25%, 01/15/25
-
07/15/29
.....
179
192,973
0.75%, 07/15/28
............
74
82,891
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
0.88%, 01/15/29
............
USD
12
$
13,671
Total
U.S.
Treasury
Obligations
—
2.1%
(Cost:
$4,851,407)
..............................
5,184,306
Total
Long-Term
Investments
—
8.4%
(Cost:
$19,757,275)
..............................
20,526,624
Shares
Shares
Short-Term
Securities
—
67.2%
Money
Market
Funds
—
21.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(d)(e)
....
51,331,913
51,331,913
Total
Money
Market
Funds
—
21.0%
(Cost:
$51,331,913)
..............................
51,331,913
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
46.2%
U.S.
Treasury
Bills
(f)
0.04%, 04/21/22
............
USD
22,000
$
21,991,974
0.05%, 03/24/22
............
18,000
17,998,024
0.06%, 05/19/22
............
35,000
34,972,147
0.06%, 06/16/22
............
38,000
37,952,618
Total
U.S.
Treasury
Obligations
—
46.2%
(Cost:
$112,982,467)
.............................
112,914,763
Total
Short-Term
Securities
—
67.2%
(Cost:
$164,314,380)
.............................
164,246,676
Total
Options
Purchased
—
0.2%
(Cost:
$334,922
)
................................
398,741
Total
Investments
—
75.8%
(Cost:
$184,406,577)
.............................
185,172,041
Other
Assets
Less
Liabilities
—
24.2%
..................
59,100,224
Net
Assets
—
100.0%
..............................
$
244,272,265
(a)
Non-income
producing
security.
(b)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
Affiliate
of
the
Fund.
(f)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
January
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/22
Shares
Held
at
01/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
22,001,744
$
29,330,169
$
—
$
—
$
—
$
51,331,913
51,331,913
$
669
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
11
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Amsterdam
Index
.........................................................
142
02/18/22
$
24,249
$
(82,439)
CAC
40
10
Euro
Index
......................................................
261
02/18/22
20,702
(174,753)
IBEX
35
Index
............................................................
140
02/18/22
13,583
(255,021)
Brent
Crude
Oil
(a)
..........................................................
140
02/28/22
12,496
252,474
RBOB
Gasoline
(a)
.........................................................
95
02/28/22
10,192
466,513
Euro-Bund
..............................................................
586
03/08/22
111,332
(2,511,752)
TOPIX
Index
.............................................................
46
03/10/22
7,666
(357,957)
Australia
10
Year
Bond
......................................................
1,391
03/15/22
134,756
(1,944,043)
DAX
Index
..............................................................
11
03/18/22
4,804
(81,385)
FTSE/MIB
Index
..........................................................
88
03/18/22
13,356
94,310
MSCI
Hong
Kong
Equity
Index
.................................................
172
03/18/22
12,238
203,574
Canada
10
Year
Bond
......................................................
384
03/22/22
42,021
(271,166)
Silver
(a)
................................................................
106
03/29/22
11,868
(680,903)
(5,342,548)
Short
Contracts
OMXS30
Index
...........................................................
645
02/18/22
16,027
62,652
WTI
Crude
Oil
(a)
...........................................................
53
02/22/22
4,672
(418,445)
Natural
Gas
(a)
............................................................
205
02/24/22
9,992
(2,181,860)
SGX
NIFTY
50
Index
.......................................................
478
02/24/22
16,745
(271,419)
FTSE
China
A50
Index
......................................................
179
02/25/22
2,674
26,171
Low
Sulphur
Gasoil
(a)
.......................................................
18
03/10/22
1,409
(19,396)
S&P/TSX
60
Index
.........................................................
36
03/17/22
7,233
(137,506)
SPI
200
Index
............................................................
32
03/17/22
3,901
218,153
FTSE
100
Index
..........................................................
106
03/18/22
10,624
23,822
S&P
500
E-Mini
Index
......................................................
44
03/18/22
9,909
290,278
U.S.
Treasury
10
Year
Note
...................................................
590
03/22/22
75,520
904,772
Long
Gilt
...............................................................
350
03/29/22
57,408
882,650
100
oz
Gold
(a)
............................................................
14
04/27/22
2,515
63,794
(556,334)
$
(5,898,882)
(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
1,505,000
USD
1,063,283
Barclays
Bank
plc
02/02/22
$
827
AUD
1,505,000
USD
1,063,734
Goldman
Sachs
International
02/02/22
376
AUD
1,505,000
USD
1,063,900
Toronto
Dominion
Bank
02/02/22
210
AUD
1,498,350
USD
1,058,697
Westpac
Banking
Corp.
02/02/22
711
CAD
910,000
USD
714,172
Barclays
Bank
plc
02/02/22
1,715
CAD
910,000
USD
714,342
Goldman
Sachs
International
02/02/22
1,545
CAD
910,000
USD
714,292
Toronto
Dominion
Bank
02/02/22
1,595
CAD
911,080
USD
715,133
Westpac
Banking
Corp.
02/02/22
1,604
EUR
1,495,000
USD
1,671,111
Barclays
Bank
plc
02/02/22
8,447
EUR
1,495,000
USD
1,673,503
Goldman
Sachs
International
02/02/22
6,055
EUR
1,495,000
USD
1,673,952
Toronto
Dominion
Bank
02/02/22
5,606
EUR
1,500,874
USD
1,679,628
Westpac
Banking
Corp.
02/02/22
6,529
GBP
355,000
USD
476,694
Barclays
Bank
plc
02/02/22
746
GBP
355,000
USD
477,227
Goldman
Sachs
International
02/02/22
213
GBP
355,000
USD
477,074
Toronto
Dominion
Bank
02/02/22
366
GBP
348,499
USD
468,086
Westpac
Banking
Corp.
02/02/22
610
USD
2,463,946
AUD
3,395,000
Barclays
Bank
plc
02/02/22
63,511
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
12
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
2,182,201
AUD
3,005,000
Goldman
Sachs
International
02/02/22
$
57,516
USD
2,181,906
AUD
3,005,000
Toronto
Dominion
Bank
02/02/22
57,221
USD
2,179,424
AUD
3,001,350
UBS
AG
02/02/22
57,319
USD
1,591,015
CAD
2,020,000
Barclays
Bank
plc
02/02/22
1,903
USD
1,406,318
CAD
1,785,000
Goldman
Sachs
International
02/02/22
2,078
USD
1,406,168
CAD
1,785,000
Toronto
Dominion
Bank
02/02/22
1,928
USD
1,404,647
CAD
1,783,080
UBS
AG
02/02/22
1,917
USD
3,298,394
EUR
2,910,000
Barclays
Bank
plc
02/02/22
29,154
USD
3,304,334
EUR
2,910,000
Goldman
Sachs
International
02/02/22
35,094
USD
3,302,472
EUR
2,910,000
Toronto
Dominion
Bank
02/02/22
33,232
USD
3,349,845
EUR
2,951,874
UBS
AG
02/02/22
33,562
USD
1,102,891
GBP
818,000
Barclays
Bank
plc
02/02/22
2,762
USD
938,955
GBP
695,000
Goldman
Sachs
International
02/02/22
4,249
USD
938,524
GBP
695,000
Toronto
Dominion
Bank
02/02/22
3,818
USD
940,549
GBP
696,499
UBS
AG
02/02/22
3,827
AUD
131,000
USD
92,307
Barclays
Bank
plc
03/02/22
325
CAD
237,000
USD
186,351
Barclays
Bank
plc
03/02/22
92
EUR
37,000
USD
41,501
Barclays
Bank
plc
03/02/22
88
GBP
16,000
USD
21,463
Barclays
Bank
plc
03/02/22
52
AUD
2,856,000
(a)
USD
2,009,384
Morgan
Stanley
&
Co.
International
plc
03/16/22
10,320
BRL
11,041,000
(a)
USD
1,977,921
Bank
of
America
NA
03/16/22
79,464
BRL
12,229,000
(a)
USD
2,238,928
Citibank
NA
03/16/22
39,830
BRL
7,582,000
(a)
USD
1,323,920
Goldman
Sachs
International
03/16/22
88,913
BRL
17,605,000
(a)
USD
3,242,616
Morgan
Stanley
&
Co.
International
plc
03/16/22
37,908
CAD
7,056,000
(a)
USD
5,515,487
Morgan
Stanley
&
Co.
International
plc
03/16/22
35,112
CHF
539,000
(a)
USD
582,276
Morgan
Stanley
&
Co.
International
plc
03/16/22
50
CNY
48,757,000
(a)
USD
7,621,978
Morgan
Stanley
&
Co.
International
plc
03/16/22
9,198
EUR
2,884,000
(a)
USD
3,232,963
Morgan
Stanley
&
Co.
International
plc
03/16/22
10,002
GBP
5,732,000
(a)
USD
7,590,250
Morgan
Stanley
&
Co.
International
plc
03/16/22
116,801
INR
73,203,000
(a)
USD
967,446
BNP
Paribas
SA
03/16/22
8,997
INR
416,892,000
(a)
USD
5,548,994
Citibank
NA
03/16/22
11,868
INR
20,344,000
(a)
USD
264,651
Goldman
Sachs
International
03/16/22
6,715
INR
3,227,983,000
(a)
USD
42,347,532
Morgan
Stanley
&
Co.
International
plc
03/16/22
710,065
JPY
687,440,000
(a)
USD
5,937,969
Morgan
Stanley
&
Co.
International
plc
03/16/22
37,950
MXN
322,367,000
(a)
USD
15,398,271
Morgan
Stanley
&
Co.
International
plc
03/16/22
120,646
RUB
439,138,000
(a)
USD
5,513,935
Goldman
Sachs
International
03/16/22
99,671
TWD
310,311,000
(a)
USD
11,176,337
Barclays
Bank
plc
03/16/22
17,267
TWD
84,748,000
(a)
USD
3,053,872
Societe
Generale
SA
03/16/22
3,176
USD
49,890,044
(a)
AUD
70,018,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
374,756
USD
712,528
(a)
CAD
901,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
3,757
USD
1,106,842
(a)
CHF
1,023,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
1,611
USD
4,600,274
(a)
CNY
29,227,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
25,825
USD
42,623,644
(a)
EUR
37,759,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
164,871
USD
690,401
(a)
GBP
512,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
1,984
USD
838,590
(a)
HKD
6,531,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
958
USD
4,652,339
(a)
INR
346,094,000
BNP
Paribas
SA
03/16/22
35,841
USD
3,802,609
(a)
JPY
432,155,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
45,883
USD
4,689,406
(a)
KRW
5,623,442,000
Barclays
Bank
plc
03/16/22
30,148
USD
2,204,579
(a)
KRW
2,643,687,000
BNP
Paribas
SA
03/16/22
14,173
USD
39,674,019
(a)
KRW
46,824,269,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
878,146
USD
5,703,971
(a)
NZD
8,436,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
156,893
USD
3,868,291
(a)
RUB
293,777,000
Goldman
Sachs
International
03/16/22
112,869
USD
1,729,958
(a)
RUB
130,060,000
HSBC
Bank
plc
03/16/22
67,370
USD
3,267,828
(a)
SEK
30,075,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
41,216
USD
26,294,151
(a)
TWD
724,864,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
146,702
3,973,759
AUD
179,000
USD
128,683
Barclays
Bank
plc
02/02/22
(2,121)
AUD
5,543,000
USD
3,984,752
Goldman
Sachs
International
02/02/22
(65,574)
AUD
52,000
USD
37,434
UBS
AG
02/02/22
(667)
AUD
619,000
USD
448,958
Westpac
Banking
Corp.
02/02/22
(11,294)
CAD
233,000
USD
185,976
Barclays
Bank
plc
02/02/22
(2,677)
CAD
3,254,000
USD
2,597,216
Goldman
Sachs
International
02/02/22
(37,329)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
13
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
CAD
237,000
USD
186,911
Toronto
Dominion
Bank
02/02/22
$
(466)
CAD
8,000
USD
6,408
UBS
AG
02/02/22
(114)
EUR
74,000
USD
84,021
Barclays
Bank
plc
02/02/22
(886)
EUR
5,613,000
USD
6,368,554
Goldman
Sachs
International
02/02/22
(62,629)
EUR
9,000
USD
10,212
UBS
AG
02/02/22
(101)
GBP
175,000
USD
237,068
Barclays
Bank
plc
02/02/22
(1,710)
GBP
1,316,000
USD
1,787,444
Goldman
Sachs
International
02/02/22
(17,556)
USD
1,063,373
AUD
1,505,000
Barclays
Bank
plc
03/02/22
(831)
USD
1,063,854
AUD
1,505,000
Goldman
Sachs
International
03/02/22
(350)
USD
1,063,997
AUD
1,505,000
Toronto
Dominion
Bank
03/02/22
(207)
USD
1,058,808
AUD
1,498,350
Westpac
Banking
Corp.
03/02/22
(694)
USD
714,156
CAD
910,000
Barclays
Bank
plc
03/02/22
(1,723)
USD
714,320
CAD
910,000
Goldman
Sachs
International
03/02/22
(1,559)
USD
714,280
CAD
910,000
Toronto
Dominion
Bank
03/02/22
(1,599)
USD
715,117
CAD
911,080
Westpac
Banking
Corp.
03/02/22
(1,612)
USD
1,672,042
EUR
1,495,000
Barclays
Bank
plc
03/02/22
(8,393)
USD
1,674,452
EUR
1,495,000
Goldman
Sachs
International
03/02/22
(5,983)
USD
1,674,889
EUR
1,495,000
Toronto
Dominion
Bank
03/02/22
(5,546)
USD
1,680,557
EUR
1,500,874
Westpac
Banking
Corp.
03/02/22
(6,481)
USD
476,600
GBP
355,000
Barclays
Bank
plc
03/02/22
(758)
USD
477,131
GBP
355,000
Goldman
Sachs
International
03/02/22
(227)
USD
476,981
GBP
355,000
Toronto
Dominion
Bank
03/02/22
(377)
USD
467,992
GBP
348,499
Westpac
Banking
Corp.
03/02/22
(624)
AUD
12,223,000
(a)
USD
8,819,098
Morgan
Stanley
&
Co.
International
plc
03/16/22
(175,244)
CAD
20,713,000
(a)
USD
16,351,366
Morgan
Stanley
&
Co.
International
plc
03/16/22
(57,495)
CHF
1,130,000
(a)
USD
1,234,359
Morgan
Stanley
&
Co.
International
plc
03/16/22
(13,527)
EUR
9,064,000
(a)
USD
10,292,009
Morgan
Stanley
&
Co.
International
plc
03/16/22
(99,835)
GBP
6,700,000
(a)
USD
9,070,206
Morgan
Stanley
&
Co.
International
plc
03/16/22
(61,627)
HKD
4,071,000
(a)
USD
522,179
Morgan
Stanley
&
Co.
International
plc
03/16/22
(54)
JPY
3,595,812,000
(a)
USD
31,670,712
Morgan
Stanley
&
Co.
International
plc
03/16/22
(412,305)
KRW
2,582,389,000
(a)
USD
2,142,777
BNP
Paribas
SA
03/16/22
(3,159)
KRW
5,871,132,000
(a)
USD
4,910,225
Morgan
Stanley
&
Co.
International
plc
03/16/22
(45,746)
MXN
20,780,000
(a)
USD
1,008,850
Morgan
Stanley
&
Co.
International
plc
03/16/22
(8,491)
NOK
4,633,000
(a)
USD
523,405
Morgan
Stanley
&
Co.
International
plc
03/16/22
(2,871)
NZD
36,697,000
(a)
USD
24,738,935
Morgan
Stanley
&
Co.
International
plc
03/16/22
(608,880)
RUB
2,435,496,000
(a)
USD
32,002,838
Bank
of
America
NA
03/16/22
(869,308)
RUB
271,004,000
(a)
USD
3,525,246
Citibank
NA
03/16/22
(60,937)
SEK
6,905,000
(a)
USD
757,407
JPMorgan
Chase
Bank
NA
03/16/22
(16,601)
SEK
11,003,000
(a)
USD
1,212,068
Morgan
Stanley
&
Co.
International
plc
03/16/22
(31,605)
TWD
133,715,000
(a)
USD
4,844,571
Barclays
Bank
plc
03/16/22
(21,175)
TWD
118,830,000
(a)
USD
4,302,379
Deutsche
Bank
AG
03/16/22
(15,918)
TWD
117,634,000
(a)
USD
4,293,133
HSBC
Bank
plc
03/16/22
(49,814)
TWD
148,053,000
(a)
USD
5,373,584
Societe
Generale
SA
03/16/22
(32,985)
USD
2,165,879
(a)
BRL
12,524,000
Citibank
NA
03/16/22
(167,849)
USD
11,403,582
(a)
BRL
65,867,000
JPMorgan
Chase
Bank
NA
03/16/22
(870,106)
USD
782,935
(a)
CAD
997,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(1,355)
USD
6,375,710
(a)
CNY
40,811,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(11,803)
USD
921,532
(a)
EUR
825,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(6,154)
USD
2,198,780
(a)
GBP
1,639,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(4,960)
USD
825,995
(a)
JPY
95,132,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(988)
USD
3,412,629
(a)
KRW
4,139,963,000
Barclays
Bank
plc
03/16/22
(17,504)
USD
14,478,446
(a)
MXN
313,550,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(616,017)
USD
825,035
(a)
NOK
7,455,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(12,562)
USD
281,709
(a)
NZD
429,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(379)
USD
16,806,012
(a)
RUB
1,333,401,016
Barclays
Bank
plc
03/16/22
(239,174)
USD
12,677,442
(a)
RUB
998,095,000
BNP
Paribas
SA
03/16/22
(81,446)
USD
351,456
(a)
RUB
27,773,984
Goldman
Sachs
International
03/16/22
(3,586)
USD
4,550,533
(a)
RUB
363,087,000
JPMorgan
Chase
Bank
NA
03/16/22
(90,895)
USD
549,866
(a)
SEK
5,143,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(1,903)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
14
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
439,205
(a)
SGD
597,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
$
(2,636)
(4,956,982)
$
(983,223)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Consolidated
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
10-Year
Interest
Rate
Swap
(a)
0.46%
Annual
6
month
EURIBOR
Semi-Annual
Citibank
NA
04/07/22
0.46
%
EUR
16,816
$
219,304
10-Year
Interest
Rate
Swap
(a)
1.67%
Semi-Annual
1
day
SOFR
Annual
JPMorgan
Chase
Bank
NA
04/07/22
1.67
USD
14,833
179,437
$
398,741
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.37.V1
.....
5.00
%
Quarterly
12/20/26
BB+
USD
13,680
$
1,026,246
$
1,106,167
$
(79,921)
ITRAXX.EUR.
CROSSOVER.36.V1
.
5.00
Quarterly
12/20/26
BB+
EUR
12,270
1,376,337
1,606,540
(230,203)
$
2,402,583
$
2,712,707
$
(310,124)
(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
2022
.........
BRL
(10,713,644)
Merrill
Lynch
International
&
Co.
02/16/22
BRL
10,714
$
(123,239)
$
—
$
(123,239)
BOVESPA
Index
Futures
February
2022
.........
BRL
(10,862,517)
Merrill
Lynch
International
&
Co.
02/16/22
BRL
10,863
(158,792)
—
(158,792)
BOVESPA
Index
Futures
February
2022
.........
BRL
(91,467,847)
Merrill
Lynch
International
&
Co.
02/16/22
BRL
91,468
(749,288)
—
(749,288)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
February
2022
................
TWD
649,545,445
Merrill
Lynch
International
&
Co.
02/16/22
TWD
649,545
(1,049,135)
—
(1,049,135)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
February
2022
................
TWD
102,154,284
Merrill
Lynch
International
&
Co.
02/16/22
TWD
102,154
(124,394)
—
(124,394)
KOSPI
200
Index
Futures
March
2022
................
KRW
486,624,500
Merrill
Lynch
International
&
Co.
03/10/22
KRW
486,625
(33,907)
—
(33,907)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
15
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
(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
-
Future
(continued)
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
KOSPI
200
Index
Futures
March
2022
................
KRW
1,676,551,475
Merrill
Lynch
International
&
Co.
03/10/22
KRW
1,676,551
$
(133,556)
$
—
$
(133,556)
KOSPI
200
Index
Futures
March
2022
................
KRW
2,834,512,925
Merrill
Lynch
International
&
Co.
03/10/22
KRW
2,834,513
(206,688)
—
(206,688)
Swiss
Market
Index
Futures
March
2022
...........
CHF
3,383,795
HSBC
Bank
plc
03/18/22
CHF
3,384
(100,108)
—
(100,108)
Swiss
Market
Index
Futures
March
2022
...........
CHF
2,770,631
HSBC
Bank
plc
03/18/22
CHF
2,771
(96,100)
—
(96,100)
Swiss
Market
Index
Futures
March
2022
...........
CHF
2,676,442
HSBC
Bank
plc
03/18/22
CHF
2,676
(125,993)
—
(125,993)
Swiss
Market
Index
Futures
March
2022
...........
CHF
5,783,695
HSBC
Bank
plc
03/18/22
CHF
5,784
72,331
—
72,331
Swiss
Market
Index
Futures
March
2022
...........
CHF
6,810,282
HSBC
Bank
plc
03/18/22
CHF
6,810
(114,749)
—
(114,749)
$
(2,943,618)
$
—
$
(2,943,618)
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
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
$
(295,561)
$
(229)
(c)
$
(236,237)
47.7
%
BNP
Paribas
SA
(d)
12/31/49
(462,301)
254,643
(e)
(195,941)
57.3
Monthly
Citibank
NA
(f)
02/24/23-02/27/23
(29,133)
52,303
(g)
42,222
25.0
Monthly
Credit
Suisse
International
(h)
02/08/23
17,762
9,211
(i)
20,304
0.4
Monthly
Goldman
Sachs
International
(j)
02/27/23-03/01/23
(226,454)
199,567
(k)
11,774
42.3
Monthly
JPMorgan
Chase
Bank
NA
(l)
02/08/23
106,074
105,814
(m)
216,997
4.8
Monthly
Merrill
Lynch
International
&
Co.
(n)
02/15/23
(80,427)
45,484
(o)
4,703
30.9
$
666,793
$
(136,178)
(b)
(d)
(f)
Range:
15-175
basis
points
18-2,883
basis
points
0-40
basis
points
Benchmarks:
Copenhagen
Interbank
Swap
Rate
1
Month
Bank
of
Canada
Overnight
Lending
Rate
Bank
of
Canada
Overnight
Repo
Rate
Euro
Overnight
Short
Term
Rate
Danish
annualized
Overnight
Deposit
MID
Rate
Copenhagen
Interbank
Swap
Rate
1
Week
Hong
Kong
Overnight
Index
Swap
Rate
Euro
Overnight
Short
Term
Rate
Euro
Overnight
Short
Term
Rate
New
Zealand
Bank
Bill
Rates
1
Month
Hong
Kong
Overnight
Index
Swap
Rate
Hong
Kong
Overnight
Index
Swap
Rate
Norway
Interbank
Offer
Rate
1
Month
New
Zealand
Overnight
Deposit
Rate
Israel
Tel
Aviv
Interbank
Offer
Rate
1
Month
Reserve
Bank
of
Australia
Overnight
Cash
Rate
Norwegian
Overnight
Weighted
Average
Norway
Interbank
Offer
Rate
1
Week
Singapore
Overnight
Rate
Average
Reserve
Bank
of
Australia
Overnight
Cash
Rate
Reserve
Bank
of
Australia
Overnight
Cash
Rate
Sterling
Overnight
Index
Average
Sterling
Overnight
Index
Average
Singapore
Overnight
Rate
Average
Stockholm
Interbank
Offer
Rate
1
Month
Stockholm
Interbank
Offer
Rate
1
Week
Sterling
Overnight
Index
Average
Swiss
Average
Rate
Overnight
Swiss
Average
Rate
Overnight
Stockholm
Interbank
Offer
Rate
1
Week
Tokyo
Overnight
Average
Rate
Tokyo
Overnight
Average
Rate
Swiss
Average
Rate
Overnight
USD
Overnight
Bank
Funding
Rate
USD
Overnight
Bank
Funding
Rate
Tokyo
Overnight
Average
Rate
USD
Overnight
Bank
Funding
Rate
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
16
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
(c)
Amount
includes
$(59,553)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$(11,717)
of
net
dividends
and
financing
fees.
(g)
Amount
includes
$(19,052)
of
net
dividends
and
financing
fees.
(i)
Amount
includes
$6,669
of
net
dividends
and
financing
fees.
(k)
Amount
includes
$(38,661)
of
net
dividends
and
financing
fees.
(m)
Amount
includes
$(5,109)
of
net
dividends
and
financing
fees.
(o)
Amount
includes
$(39,646)
of
net
dividends
and
financing
fees.
(h)
(j)
(l)
Range:
25-30
basis
points
15-200
basis
points
15-35
basis
points
Benchmarks:
Euro
Overnight
Short
Term
Rate
Bank
of
Canada
Overnight
Repo
Rate
Bank
of
Canada
Overnight
Lending
Rate
Sterling
Overnight
Index
Average
Danish
Tomorrow/Next
Reference
Rate
Canada
Overnight
Interbank
Rate
Stockholm
Interbank
Offer
Rate
1
Month
Euro
Overnight
Short
Term
Rate
USD
Overnight
Bank
Funding
Rate
Hong
Kong
Overnight
Index
Swap
Rate
Israel
Tel
Aviv
Interbank
Offer
Rate
Overnight
New
Zealand
Overnight
Deposit
Rate
Norwegian
Overnight
Weighted
Average
Reserve
Bank
of
Australia
Overnight
Cash
Rate
Singapore
Overnight
Rate
Average
Sterling
Overnight
Index
Average
Stockholm
Interbank
Offer
Rate
Overnight
Swiss
Average
Rate
Overnight
Tokyo
Overnight
Average
Rate
U.S.
Federal
Reserve
Overnight
Effective
Federal
Funds
Rate
(n)
Range:
0-150
basis
points
Benchmarks:
Bank
of
Canada
Overnight
Lending
Rate
Copenhagen
Interbank
Swap
Rate
1
Week
Euro
Overnight
Short
Term
Rate
Israel
Tel
Aviv
Interbank
Offer
Rate
1
Month
New
Zealand
Bank
Bill
Rates
1
Month
Norway
Interbank
Offer
Rate
1
Week
Reserve
Bank
of
Australia
Overnight
Cash
Rate
Sterling
Overnight
Index
Average
Stockholm
Interbank
Offer
Rate
1
Week
Swiss
Average
Rate
Overnight
Tokyo
Overnight
Average
Rate
USD
Overnight
Bank
Funding
Rate
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Barclays
Bank
plc,
as
of
January
31,
2022,
expiration
date
06/16/25:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Australia
Aristocrat
Leisure
Ltd.
......
2,638
$
76,470
(32.4)
%
Aurizon
Holdings
Ltd.
......
7,481
18,716
(7.9)
Brambles
Ltd.
............
38,022
261,213
(110.6)
Cochlear
Ltd.
............
132
18,102
(7.7)
Coles
Group
Ltd.
.........
14,727
169,194
(71.6)
IDP
Education
Ltd.
........
1,953
40,822
(17.3)
REA
Group
Ltd.
..........
205
21,237
(9.0)
Rio
Tinto
Ltd.
............
616
48,976
(20.7)
Rio
Tinto
plc
.............
3,065
216,038
(91.5)
Tabcorp
Holdings
Ltd.
......
22,879
80,387
(34.0)
951,155
Austria
OMV
AG
...............
1,795
109,862
(46.5)
Raiffeisen
Bank
International
AG
1,198
33,672
(14.2)
143,534
Shares
Value
%
of
Basket
Value
Belgium
Groupe
Bruxelles
Lambert
SA
.
2,401
$
257,634
(109.1)
%
KBC
Group
NV
...........
400
34,788
(14.7)
Proximus
SADP
..........
1,532
31,284
(13.2)
UCB
SA
...............
1,866
185,677
(78.6)
Umicore
SA
.............
773
29,263
(12.4)
538,646
China
NXP
Semiconductors
NV
....
240
49,306
(20.9)
Denmark
AP
Moller
-
Maersk
A/S,
Class
B
23
82,619
(35.0)
Coloplast
A/S,
Class
B
......
1,232
179,160
(75.8)
Genmab
A/S
............
153
52,101
(22.0)
Novo
Nordisk
A/S,
Class
B
...
4,781
475,558
(201.3)
Novozymes
A/S,
Class
B
....
667
45,788
(19.4)
Pandora
A/S
............
667
72,529
(30.7)
907,755
Finland
Kesko
OYJ,
Class
B
.......
623
19,677
(8.3)
Neste
OYJ
..............
243
10,959
(4.6)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
17
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Finland
(continued)
Stora
Enso
OYJ,
Class
R
....
1,345
$
27,380
(11.6)
%
58,016
France
Arkema
SA
.............
1,228
181,582
(76.9)
BioMerieux
.............
201
23,570
(10.0)
BNP
Paribas
SA
..........
2,321
165,695
(70.1)
Bureau
Veritas
SA
.........
1,947
55,708
(23.6)
Carrefour
SA
............
2,787
53,041
(22.5)
Cie
Generale
des
Etablissements
Michelin
SCA
..........
1,619
270,897
(114.7)
Credit
Agricole
SA
.........
8,278
124,538
(52.7)
Dassault
Systemes
SE
.....
1,751
84,675
(35.8)
Eiffage
SA
..............
893
93,830
(39.7)
Engie
SA
...............
14,162
217,837
(92.2)
EssilorLuxottica
SA
........
532
100,647
(42.6)
Eurazeo
SE
.............
354
28,128
(11.9)
Hermes
International
.......
97
145,638
(61.6)
Kering
SA
..............
106
79,157
(33.5)
La
Francaise
des
Jeux
SAEM
.
601
24,884
(10.5)
Orange
SA
..............
13,655
160,411
(67.9)
Pernod
Ricard
SA
.........
581
124,276
(52.6)
Publicis
Groupe
SA
........
4,422
299,639
(126.8)
Sanofi
.................
1,847
193,126
(81.8)
Societe
Generale
SA
.......
8,993
333,823
(141.3)
Sodexo
SA
.............
345
32,086
(13.6)
Teleperformance
..........
131
49,333
(20.9)
Thales
SA
..............
2,063
190,306
(80.6)
3,032,827
Germany
Allianz
SE
(Registered)
.....
1,224
314,265
(133.0)
Bayer
AG
(Registered)
......
2,660
161,605
(68.4)
Covestro
AG
............
1,217
73,011
(30.9)
Daimler
Truck
Holding
AG
...
252
8,884
(3.8)
Deutsche
Boerse
AG
.......
801
142,380
(60.3)
Deutsche
Post
AG
(Registered)
4,280
257,573
(109.0)
E.ON
SE
...............
26,980
372,121
(157.5)
Evonik
Industries
AG
.......
3,699
120,675
(51.1)
GEA
Group
AG
...........
1,142
53,954
(22.8)
Henkel
AG
&
Co.
KGaA
(Preference)
..........
943
77,126
(32.7)
LEG
Immobilien
SE
........
1,246
165,293
(70.0)
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
189
59,835
(25.3)
SAP
SE
................
1,366
171,380
(72.5)
Siemens
AG
(Registered)
....
338
53,665
(22.7)
Symrise
AG
.............
475
56,762
(24.0)
Vonovia
SE
.............
755
43,002
(18.2)
2,131,531
Hong
Kong
CK
Asset
Holdings
Ltd.
.....
13,000
86,780
(36.7)
New
World
Development
Co.
Ltd.
................
16,000
65,317
(27.7)
Power
Assets
Holdings
Ltd.
..
8,500
52,229
(22.1)
Sun
Hung
Kai
Properties
Ltd.
.
8,000
97,604
(41.3)
301,930
Ireland
CRH
plc
...............
3,187
159,957
(67.7)
Israel
Check
Point
Software
Technologies
Ltd.
.......
121
14,642
(6.2)
Shares
Value
%
of
Basket
Value
Italy
Enel
SpA
...............
32,509
$
250,209
(105.9)
%
Eni
SpA
................
5,376
80,754
(34.2)
Moncler
SpA
............
326
20,922
(8.8)
Poste
Italiane
SpA
.........
2,935
39,395
(16.7)
391,280
Japan
Aisin
Corp.
..............
600
21,788
(9.2)
Ajinomoto
Co.,
Inc.
........
2,000
55,803
(23.6)
Asahi
Kasei
Corp.
.........
22,400
221,266
(93.7)
Astellas
Pharma,
Inc.
.......
4,800
77,475
(32.8)
Bridgestone
Corp.
.........
1,600
70,066
(29.7)
Brother
Industries
Ltd.
......
3,800
69,981
(29.6)
Chubu
Electric
Power
Co.,
Inc.
1,800
18,029
(7.6)
Chugai
Pharmaceutical
Co.
Ltd.
2,200
71,456
(30.3)
Dai
Nippon
Printing
Co.
Ltd.
..
1,200
28,806
(12.2)
Dai-ichi
Life
Holdings,
Inc.
...
3,400
76,532
(32.4)
Daiwa
House
Industry
Co.
Ltd.
3,400
99,223
(42.0)
Denso
Corp.
............
4,500
335,852
(142.2)
ENEOS
Holdings,
Inc.
......
43,300
172,448
(73.0)
FUJIFILM
Holdings
Corp.
....
1,000
67,036
(28.4)
Fujitsu
Ltd.
..............
500
66,099
(28.0)
Hirose
Electric
Co.
Ltd.
.....
300
44,717
(18.9)
Hitachi
Ltd.
.............
400
20,790
(8.8)
Honda
Motor
Co.
Ltd.
......
5,600
164,936
(69.8)
Iida
Group
Holdings
Co.
Ltd.
..
3,800
79,058
(33.5)
Isuzu
Motors
Ltd.
.........
9,200
112,700
(47.7)
Ito
En
Ltd.
..............
400
21,546
(9.1)
ITOCHU
Corp.
...........
3,400
109,230
(46.2)
JSR
Corp.
..............
700
23,204
(9.8)
Kajima
Corp.
............
10,900
131,646
(55.7)
KDDI
Corp.
.............
6,600
210,862
(89.3)
Kikkoman
Corp.
..........
1,200
90,706
(38.4)
Lawson,
Inc.
............
1,100
48,212
(20.4)
Lixil
Corp.
..............
5,400
123,607
(52.3)
Marubeni
Corp.
...........
2,700
27,783
(11.8)
Mazda
Motor
Corp.
........
24,000
184,890
(78.3)
Mitsubishi
Electric
Corp.
.....
24,900
311,833
(132.0)
Mitsubishi
Estate
Co.
Ltd.
....
5,600
80,654
(34.1)
Mitsubishi
Gas
Chemical
Co.,
Inc.
.................
4,800
91,945
(38.9)
Mitsubishi
UFJ
Financial
Group,
Inc.
.................
900
5,455
(2.3)
Mitsui
Chemicals,
Inc.
......
5,200
139,072
(58.9)
Mizuho
Financial
Group,
Inc.
..
16,800
227,573
(96.3)
NEC
Corp.
..............
800
31,211
(13.2)
NGK
Insulators
Ltd.
........
5,800
98,007
(41.5)
Nippon
Express
Holdings,
Inc.
.
1,000
59,264
(25.1)
Nippon
Telegraph
&
Telephone
Corp.
...............
10,300
294,763
(124.8)
Nissan
Chemical
Corp.
.....
400
21,703
(9.2)
Nitto
Denko
Corp.
.........
2,000
155,719
(65.9)
Nomura
Real
Estate
Holdings,
Inc.
.................
5,300
124,109
(52.5)
Olympus
Corp.
...........
1,500
33,566
(14.2)
Ono
Pharmaceutical
Co.
Ltd.
.
2,600
63,054
(26.7)
Osaka
Gas
Co.
Ltd.
........
12,700
215,981
(91.4)
Otsuka
Holdings
Co.
Ltd.
....
700
23,882
(10.1)
Panasonic
Corp.
..........
5,700
62,754
(26.6)
Recruit
Holdings
Co.
Ltd.
....
1,900
93,914
(39.8)
Resona
Holdings,
Inc.
......
36,500
156,857
(66.4)
Santen
Pharmaceutical
Co.
Ltd.
1,600
18,167
(7.7)
Secom
Co.
Ltd.
...........
800
56,331
(23.8)
Seiko
Epson
Corp.
........
2,600
40,499
(17.1)
Sekisui
Chemical
Co.
Ltd.
....
3,300
57,697
(24.4)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
18
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Japan
(continued)
Sekisui
House
Ltd.
........
1,200
$
24,312
(10.3)
%
Sohgo
Security
Services
Co.
Ltd.
................
1,000
36,268
(15.4)
Sompo
Holdings,
Inc.
......
1,100
51,473
(21.8)
Subaru
Corp.
............
3,300
60,064
(25.4)
Sumitomo
Chemical
Co.
Ltd.
..
31,200
157,343
(66.6)
Sumitomo
Dainippon
Pharma
Co.
Ltd.
................
2,000
21,768
(9.2)
Sumitomo
Mitsui
Financial
Group,
Inc.
...........
6,600
237,738
(100.6)
Suntory
Beverage
&
Food
Ltd.
4,600
176,634
(74.8)
Suzuki
Motor
Corp.
........
500
21,287
(9.0)
Taisei
Corp.
.............
2,200
72,118
(30.5)
Tokyo
Electron
Ltd.
........
500
244,567
(103.5)
Tokyo
Gas
Co.
Ltd.
........
11,800
238,263
(100.9)
TOPPAN,
Inc.
............
3,900
74,186
(31.4)
Toray
Industries,
Inc.
.......
23,000
145,356
(61.5)
Toshiba
Corp.
............
600
24,846
(10.5)
Tosoh
Corp.
.............
6,900
107,961
(45.7)
TOTO
Ltd.
..............
2,500
107,601
(45.6)
Toyo
Suisan
Kaisha
Ltd.
.....
1,100
45,070
(19.1)
USS
Co.
Ltd.
............
1,600
26,113
(11.1)
Yamaha
Motor
Co.
Ltd.
.....
3,800
90,491
(38.3)
7,273,216
Netherlands
ASML
Holding
NV
.........
98
66,375
(28.1)
EXOR
NV
..............
1,331
111,606
(47.2)
Koninklijke
Ahold
Delhaize
NV
.
6,460
209,463
(88.7)
Koninklijke
DSM
NV
.......
109
20,433
(8.7)
Koninklijke
KPN
NV
........
49,959
164,790
(69.8)
Koninklijke
Philips
NV
......
2,589
86,119
(36.5)
NN
Group
NV
............
5,264
294,584
(124.7)
Randstad
NV
............
2,792
181,630
(76.9)
Wolters
Kluwer
NV
........
170
17,302
(7.3)
1,152,302
New
Zealand
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
................
2,252
41,433
(17.6)
Spark
New
Zealand
Ltd.
.....
7,714
22,048
(9.3)
63,481
Norway
Norsk
Hydro
ASA
.........
3,481
26,753
(11.3)
Orkla
ASA
..............
3,621
34,604
(14.7)
61,357
Russia
Coca-Cola
HBC
AG
........
1,532
50,741
(21.5)
Singapore
City
Developments
Ltd.
.....
5,300
27,841
(11.8)
DBS
Group
Holdings
Ltd.
....
5,300
139,214
(58.9)
Oversea-Chinese
Banking
Corp.
Ltd.
................
5,900
54,919
(23.2)
Singapore
Telecommunications
Ltd.
................
26,400
47,869
(20.3)
STMicroelectronics
NV
.....
549
25,814
(10.9)
United
Overseas
Bank
Ltd.
...
18,500
413,450
(175.0)
709,107
South
Africa
Anglo
American
plc
........
1,011
44,570
(18.9)
Shares
Value
%
of
Basket
Value
Spain
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
12,350
$
78,850
(33.4)
%
Banco
Santander
SA
.......
49,601
173,931
(73.6)
Iberdrola
SA
.............
6,271
71,897
(30.4)
Industria
de
Diseno
Textil
SA
..
3,235
98,116
(41.5)
Repsol
SA
..............
2,278
28,948
(12.3)
451,742
Sweden
Assa
Abloy
AB,
Class
B
.....
792
21,687
(9.2)
Boliden
AB
..............
6,522
264,092
(111.8)
Husqvarna
AB,
Class
B
.....
4,097
56,965
(24.1)
Lundin
Energy
AB
.........
2,326
94,594
(40.0)
Skanska
AB,
Class
B
.......
3,228
79,031
(33.4)
Swedbank
AB,
Class
A
......
3,417
66,899
(28.3)
Swedish
Match
AB
........
4,206
32,543
(13.8)
Telefonaktiebolaget
LM
Ericsson,
Class
B
..............
7,711
96,280
(40.8)
Telia
Co.
AB
.............
7,091
27,948
(11.8)
740,039
Switzerland
Adecco
Group
AG
(Registered)
2,094
99,744
(42.2)
Geberit
AG
(Registered)
.....
233
158,307
(67.0)
Givaudan
SA
(Registered)
...
78
323,149
(136.8)
Holcim
Ltd.
(Registered)
.....
1,636
88,673
(37.5)
Julius
Baer
Group
Ltd.
......
372
24,310
(10.3)
Kuehne
+
Nagel
International
AG
(Registered)
...........
954
269,397
(114.0)
Nestle
SA
(Registered)
.....
649
83,811
(35.5)
Novartis
AG
(Registered)
....
5,374
466,945
(197.7)
Roche
Holding
AG
........
484
187,308
(79.3)
SGS
SA
(Registered)
.......
67
191,055
(80.9)
Straumann
Holding
AG
(Registered)
...........
81
134,224
(56.8)
Swiss
Life
Holding
AG
(Registered)
...........
428
275,465
(116.6)
Swisscom
AG
(Registered)
...
445
254,351
(107.7)
UBS
Group
AG
(Registered)
..
10,192
189,057
(80.0)
Zurich
Insurance
Group
AG
..
1,129
540,010
(228.6)
3,285,806
United
Kingdom
Ashtead
Group
plc
........
989
70,741
(29.9)
Auto
Trader
Group
plc
......
6,073
55,031
(23.3)
BAE
Systems
plc
.........
5,391
42,189
(17.9)
Barratt
Developments
plc
....
18,300
152,202
(64.4)
BP
plc
.................
24,827
128,701
(54.5)
Burberry
Group
plc
........
363
9,209
(3.9)
Coca-Cola
Europacific
Partners
plc
.................
699
39,948
(16.9)
Croda
International
plc
......
892
96,334
(40.8)
DCC
plc
...............
472
39,687
(16.8)
Diageo
plc
..............
4,498
226,975
(96.1)
Experian
plc
.............
2,296
95,899
(40.6)
InterContinental
Hotels
Group
plc
.................
1,443
95,344
(40.4)
Intertek
Group
plc
.........
1,264
91,729
(38.8)
J
Sainsbury
plc
...........
5,660
22,241
(9.4)
Kingfisher
plc
............
34,686
155,545
(65.8)
Legal
&
General
Group
plc
...
5,996
23,444
(9.9)
Persimmon
plc
...........
1,135
36,978
(15.7)
RELX
plc
...............
2,775
85,360
(36.1)
Sage
Group
plc
(The)
......
10,760
105,147
(44.5)
Severn
Trent
plc
..........
829
32,185
(13.6)
Spirax-Sarco
Engineering
plc
.
145
26,137
(11.1)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
19
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
Kingdom
(continued)
Tesco
plc
...............
18,527
$
74,417
(31.5)
%
United
Utilities
Group
plc
....
5,012
72,303
(30.6)
WPP
plc
...............
25,579
401,092
(169.8)
2,178,838
United
States
ABIOMED,
Inc.
...........
184
54,440
(23.0)
Accenture
plc,
Class
A
......
584
206,491
(87.4)
Adobe,
Inc.
.............
1,155
617,117
(261.2)
Advanced
Micro
Devices,
Inc.
.
921
105,224
(44.5)
Aflac,
Inc.
..............
5,618
352,923
(149.4)
Agilent
Technologies,
Inc.
....
3,505
488,317
(206.7)
Airbnb,
Inc.,
Class
A
.......
723
111,320
(47.1)
Align
Technology,
Inc.
......
147
72,759
(30.8)
Alliant
Energy
Corp.
.......
461
27,595
(11.7)
Ally
Financial,
Inc.
.........
1,361
64,947
(27.5)
AMERCO
..............
132
80,381
(34.0)
American
Water
Works
Co.,
Inc.
923
148,418
(62.8)
Ameriprise
Financial,
Inc.
....
334
101,640
(43.0)
Ansys,
Inc.
..............
66
22,441
(9.5)
AO
Smith
Corp.
..........
488
37,293
(15.8)
Apple,
Inc.
..............
4,968
868,307
(367.6)
Applied
Materials,
Inc.
......
3,735
516,102
(218.5)
Archer-Daniels-Midland
Co.
..
7,188
539,100
(228.2)
Arista
Networks,
Inc.
.......
328
40,774
(17.3)
Arrow
Electronics,
Inc.
......
1,436
178,064
(75.4)
Assurant,
Inc.
............
217
33,095
(14.0)
Autodesk,
Inc.
...........
447
111,656
(47.3)
Avery
Dennison
Corp.
......
705
144,821
(61.3)
Baker
Hughes
Co.
.........
3,545
97,275
(41.2)
Bank
of
New
York
Mellon
Corp.
(The)
...............
1,292
76,564
(32.4)
Best
Buy
Co.,
Inc.
.........
368
36,535
(15.5)
Booz
Allen
Hamilton
Holding
Corp.
...............
1,216
93,304
(39.5)
BorgWarner,
Inc.
..........
1,282
56,216
(23.8)
Bunge
Ltd.
..............
1,612
159,362
(67.5)
Cadence
Design
Systems,
Inc.
4,264
648,725
(274.6)
Cardinal
Health,
Inc.
.......
3,068
158,217
(67.0)
Carlyle
Group,
Inc.
(The)
....
2,352
120,070
(50.8)
CBRE
Group,
Inc.,
Class
A
...
567
57,460
(24.3)
CDW
Corp.
.............
313
59,173
(25.0)
CH
Robinson
Worldwide,
Inc.
.
1,850
193,602
(82.0)
Chipotle
Mexican
Grill,
Inc.
...
21
31,197
(13.2)
Cigna
Corp.
.............
33
7,605
(3.2)
Cintas
Corp.
.............
248
97,099
(41.1)
Citigroup,
Inc.
............
1,764
114,872
(48.6)
CMS
Energy
Corp.
........
1,654
106,485
(45.1)
Coca-Cola
Co.
(The)
.......
4,192
255,754
(108.3)
Cognex
Corp.
............
817
54,298
(23.0)
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
2,685
229,353
(97.1)
Colgate-Palmolive
Co.
......
1,710
140,990
(59.7)
ConocoPhillips
...........
2,768
245,300
(103.8)
Consolidated
Edison,
Inc.
....
863
74,606
(31.6)
Copart,
Inc.
.............
748
96,679
(40.9)
Corteva,
Inc.
............
5,872
282,326
(119.5)
CSX
Corp.
..............
6,917
236,700
(100.2)
Cummins,
Inc.
...........
1,559
344,352
(145.8)
CVS
Health
Corp.
.........
2,169
231,020
(97.8)
Darden
Restaurants,
Inc.
....
180
25,177
(10.7)
Deere
&
Co.
.............
555
208,902
(88.4)
Dell
Technologies,
Inc.,
Class
C
1,627
92,430
(39.1)
Dexcom,
Inc.
............
63
27,120
(11.5)
Domino's
Pizza,
Inc.
.......
169
76,836
(32.5)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Dover
Corp.
.............
305
$
51,823
(21.9)
%
Dropbox,
Inc.,
Class
A
......
14,857
367,711
(155.7)
DTE
Energy
Co.
..........
1,702
204,972
(86.8)
Duke
Energy
Corp.
........
693
72,807
(30.8)
DuPont
de
Nemours,
Inc.
....
2,072
158,715
(67.2)
eBay,
Inc.
..............
1,767
106,144
(44.9)
Ecolab,
Inc.
.............
1,142
216,352
(91.6)
Edwards
Lifesciences
Corp.
..
5,238
571,990
(242.1)
Electronic
Arts,
Inc.
........
1,615
214,246
(90.7)
Eli
Lilly
&
Co.
............
504
123,677
(52.4)
Emerson
Electric
Co.
.......
1,271
116,868
(49.5)
EOG
Resources,
Inc.
.......
990
110,365
(46.7)
EPAM
Systems,
Inc.
.......
39
18,569
(7.9)
Equifax,
Inc.
.............
222
53,227
(22.5)
Equitable
Holdings,
Inc.
.....
1,510
50,796
(21.5)
Exelon
Corp.
............
6,373
369,315
(156.3)
Expeditors
International
of
Washington,
Inc.
........
3,080
352,598
(149.3)
Exxon
Mobil
Corp.
.........
1,069
81,201
(34.4)
FactSet
Research
Systems,
Inc.
265
111,801
(47.3)
Fair
Isaac
Corp.
..........
424
209,876
(88.8)
Fastenal
Co.
............
31
1,757
(0.7)
FedEx
Corp.
............
633
155,629
(65.9)
Ferguson
plc
............
2,178
342,579
(145.0)
Fortinet,
Inc.
.............
462
137,325
(58.1)
Fortive
Corp.
............
3,252
229,396
(97.1)
Fortune
Brands
Home
&
Security,
Inc.
.................
755
71,098
(30.1)
Garmin
Ltd.
.............
2,690
334,690
(141.7)
Gartner,
Inc.
.............
152
44,671
(18.9)
Genuine
Parts
Co.
........
1,706
227,290
(96.2)
Gilead
Sciences,
Inc.
.......
10,832
743,942
(314.9)
Hartford
Financial
Services
Group,
Inc.
(The)
.......
678
48,728
(20.6)
HCA
Healthcare,
Inc.
.......
710
170,436
(72.1)
Henry
Schein,
Inc.
.........
464
34,939
(14.8)
Hershey
Co.
(The)
........
1,295
255,206
(108.0)
Hewlett
Packard
Enterprise
Co.
4,179
68,243
(28.9)
Hologic,
Inc.
.............
1,745
122,569
(51.9)
Home
Depot,
Inc.
(The)
.....
156
57,249
(24.2)
HP,
Inc.
................
7,105
260,967
(110.5)
IDEXX
Laboratories,
Inc.
....
685
347,500
(147.1)
Illinois
Tool
Works,
Inc.
......
1,771
414,272
(175.4)
Incyte
Corp.
.............
2,166
160,999
(68.2)
Intel
Corp.
..............
8,864
432,740
(183.2)
Interpublic
Group
of
Cos.,
Inc.
(The)
...............
4,640
164,906
(69.8)
Intuit,
Inc.
..............
860
477,498
(202.1)
Invesco
Ltd.
.............
1,068
24,201
(10.2)
Jacobs
Engineering
Group,
Inc.
472
61,445
(26.0)
James
Hardie
Industries
plc,
CDI
................
11,251
378,655
(160.3)
Jazz
Pharmaceuticals
plc
....
193
26,810
(11.4)
JB
Hunt
Transport
Services,
Inc.
2,222
427,824
(181.1)
Johnson
&
Johnson
........
1,602
276,009
(116.8)
Johnson
Controls
International
plc
.................
2,506
182,111
(77.1)
Juniper
Networks,
Inc.
......
5,961
207,562
(87.9)
Keysight
Technologies,
Inc.
...
2,035
343,549
(145.4)
KKR
&
Co.,
Inc.
..........
476
33,872
(14.3)
KLA
Corp.
..............
363
141,305
(59.8)
Knight-Swift
Transportation
Holdings,
Inc.
..........
2,034
115,084
(48.7)
Kroger
Co.
(The)
..........
1,469
64,034
(27.1)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
20
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
Laboratory
Corp.
of
America
Holdings
.............
278
$
75,438
(31.9)
%
Lam
Research
Corp.
.......
453
267,234
(113.1)
Lennox
International,
Inc.
....
325
92,176
(39.0)
LKQ
Corp.
..............
2,508
137,664
(58.3)
Lowe's
Cos.,
Inc.
.........
244
57,913
(24.5)
Lyft,
Inc.,
Class
A
.........
605
23,305
(9.9)
LyondellBasell
Industries
NV,
Class
A
..............
1,115
107,854
(45.7)
Marathon
Petroleum
Corp.
...
2,714
194,729
(82.4)
Marvell
Technology,
Inc.
.....
670
47,838
(20.3)
Masco
Corp.
............
383
24,255
(10.3)
Masimo
Corp.
............
650
142,915
(60.5)
McDonald's
Corp.
.........
720
186,804
(79.1)
McKesson
Corp.
..........
96
24,645
(10.4)
Merck
&
Co.,
Inc.
.........
3,929
320,135
(135.5)
Meta
Platforms,
Inc.,
Class
A
.
149
46,676
(19.8)
MetLife,
Inc.
.............
12,885
864,068
(365.8)
Mettler-Toledo
International,
Inc.
141
207,648
(87.9)
Microsoft
Corp.
...........
2,343
728,626
(308.4)
Molina
Healthcare,
Inc.
.....
395
114,740
(48.6)
Monolithic
Power
Systems,
Inc.
169
68,095
(28.8)
Moody's
Corp.
...........
68
23,324
(9.9)
Morgan
Stanley
..........
777
79,674
(33.7)
Mosaic
Co.
(The)
.........
246
9,828
(4.2)
Motorola
Solutions,
Inc.
.....
98
22,730
(9.6)
NetApp,
Inc.
.............
3,539
306,159
(129.6)
News
Corp.,
Class
A
.......
3,213
71,457
(30.2)
NiSource,
Inc.
...........
1,570
45,813
(19.4)
Nordson
Corp.
...........
234
54,414
(23.0)
Northern
Trust
Corp.
.......
398
46,423
(19.7)
NVIDIA
Corp.
............
1,605
393,000
(166.4)
NVR,
Inc.
...............
18
95,890
(40.6)
Old
Dominion
Freight
Line,
Inc.
1,185
357,787
(151.5)
Omnicom
Group,
Inc.
.......
1,440
108,518
(45.9)
ONEOK,
Inc.
............
6,304
382,527
(161.9)
O'Reilly
Automotive,
Inc.
....
53
34,543
(14.6)
Otis
Worldwide
Corp.
.......
2,828
241,596
(102.3)
Owens
Corning
...........
623
55,260
(23.4)
Palo
Alto
Networks,
Inc.
.....
189
97,789
(41.4)
Pentair
plc
..............
737
46,947
(19.9)
PepsiCo,
Inc.
............
1,029
178,552
(75.6)
Philip
Morris
International,
Inc.
1,465
150,675
(63.8)
Pinterest,
Inc.,
Class
A
......
1,963
58,026
(24.6)
Pool
Corp.
..............
465
221,456
(93.7)
Principal
Financial
Group,
Inc.
.
1,026
74,960
(31.7)
Prudential
Financial,
Inc.
....
1,070
119,380
(50.5)
PulteGroup,
Inc.
..........
461
24,290
(10.3)
Qualcomm,
Inc.
..........
1,422
249,931
(105.8)
Raymond
James
Financial,
Inc.
896
94,860
(40.2)
Regeneron
Pharmaceuticals,
Inc.
.................
90
54,773
(23.2)
Robert
Half
International,
Inc.
.
2,255
255,401
(108.1)
Roku,
Inc.
..............
57
9,351
(4.0)
Ross
Stores,
Inc.
.........
685
66,959
(28.3)
Schlumberger
NV
.........
26,057
1,018,047
(430.9)
Seagate
Technology
Holdings
plc
.................
318
34,074
(14.4)
Sealed
Air
Corp.
..........
2,259
153,431
(64.9)
Sempra
Energy
..........
1,154
159,437
(67.5)
ServiceNow,
Inc.
..........
670
392,473
(166.1)
Starbucks
Corp.
..........
2,047
201,261
(85.2)
Steel
Dynamics,
Inc.
.......
2,001
111,096
(47.0)
Stellantis
NV
............
8,544
164,975
(69.8)
SVB
Financial
Group
.......
331
193,271
(81.8)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Swiss
Re
AG
............
212
$
23,099
(9.8)
%
Synchrony
Financial
.......
1,158
49,319
(20.9)
Synopsys,
Inc.
...........
1,032
320,436
(135.6)
Target
Corp.
.............
550
121,237
(51.3)
Teradyne,
Inc.
...........
22
2,583
(1.1)
Texas
Instruments,
Inc.
.....
617
110,745
(46.9)
Tractor
Supply
Co.
........
347
75,754
(32.1)
Travelers
Cos.,
Inc.
(The)
....
163
27,087
(11.5)
Trimble,
Inc.
.............
2,585
186,534
(79.0)
Tyson
Foods,
Inc.,
Class
A
...
938
85,255
(36.1)
UGI
Corp.
..............
9,727
441,119
(186.7)
Ulta
Beauty,
Inc.
..........
65
23,643
(10.0)
United
Parcel
Service,
Inc.,
Class
B
..................
207
41,857
(17.7)
United
Rentals,
Inc.
........
185
59,222
(25.1)
Vail
Resorts,
Inc.
..........
72
19,951
(8.4)
Veeva
Systems,
Inc.,
Class
A
.
759
179,534
(76.0)
Verizon
Communications,
Inc.
.
5,807
309,107
(130.8)
Vertex
Pharmaceuticals,
Inc.
..
333
80,936
(34.3)
VMware,
Inc.,
Class
A
......
1,477
189,765
(80.3)
Walgreens
Boots
Alliance,
Inc.
1,536
76,431
(32.4)
Walmart,
Inc.
............
156
21,810
(9.2)
Waters
Corp.
............
564
180,548
(76.4)
West
Pharmaceutical
Services,
Inc.
.................
5
1,966
(0.8)
Western
Union
Co.
(The)
....
2,940
55,595
(23.5)
Whirlpool
Corp.
...........
401
84,286
(35.7)
Workday,
Inc.,
Class
A
......
219
55,409
(23.5)
WW
Grainger,
Inc.
.........
191
94,566
(40.0)
Xcel
Energy,
Inc.
..........
473
32,949
(13.9)
Yum!
Brands,
Inc.
.........
1,131
141,567
(59.9)
Zebra
Technologies
Corp.,
Class
A
..................
448
228,086
(96.6)
Zoetis,
Inc.
..............
244
48,749
(20.6)
34,371,233
Total
Reference
Entity
—
Long
............
59,063,011
Reference
Entity
—
Short
Argentina
MercadoLibre,
Inc.
........
(115)
(130,187)
55.1
Australia
Afterpay
Ltd.
............
(2,986)
(134,439)
56.9
APA
Group
..............
(14,187)
(96,214)
40.7
Australia
&
New
Zealand
Banking
Group
Ltd.
............
(3,654)
(69,056)
29.2
BHP
Group
plc
...........
(753)
(23,768)
10.1
Commonwealth
Bank
of
Australia
.............
(2,349)
(156,654)
66.3
Crown
Resorts
Ltd.
........
(12,659)
(109,071)
46.2
CSL
Ltd.
...............
(127)
(23,526)
10.0
Domino's
Pizza
Enterprises
Ltd.
(353)
(26,038)
11.0
Evolution
Mining
Ltd.
.......
(26,493)
(66,562)
28.2
Fortescue
Metals
Group
Ltd.
..
(5,664)
(79,535)
33.7
Glencore
plc
............
(4,801)
(25,011)
10.6
Magellan
Financial
Group
Ltd.
.
(924)
(12,295)
5.2
National
Australia
Bank
Ltd.
..
(2,409)
(46,483)
19.7
Newcrest
Mining
Ltd.
.......
(4,742)
(73,555)
31.1
Northern
Star
Resources
Ltd.
.
(15,043)
(89,655)
38.0
Ramsay
Health
Care
Ltd.
....
(1,103)
(49,212)
20.8
Reece
Ltd.
..............
(1,378)
(21,274)
9.0
Santos
Ltd.
.............
(4,895)
(24,934)
10.6
Transurban
Group
.........
(13,035)
(115,154)
48.7
Westpac
Banking
Corp.
.....
(8,532)
(123,056)
52.1
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
21
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Australia
(continued)
WiseTech
Global
Ltd.
.......
(282)
$
(9,185)
3.9
%
Woodside
Petroleum
Ltd.
....
(8,661)
(154,763)
65.5
Woolworths
Group
Ltd.
.....
(7,219)
(176,104)
74.5
(1,705,544)
Austria
Erste
Group
Bank
AG
......
(1,118)
(52,256)
22.1
Belgium
Anheuser-Busch
InBev
SA/NV
(4,302)
(271,203)
114.8
Elia
Group
SA/NV
.........
(289)
(38,999)
16.5
Etablissements
Franz
Colruyt
NV
.................
(1,461)
(59,345)
25.1
Sofina
SA
..............
(99)
(39,417)
16.7
(408,964)
Brazil
Yara
International
ASA
......
(1,175)
(60,334)
25.5
Chile
Antofagasta
plc
...........
(3,147)
(57,248)
24.2
China
Budweiser
Brewing
Co.
APAC
Ltd.
................
(58,000)
(153,209)
64.9
Futu
Holdings
Ltd.,
ADR
.....
(2,432)
(105,184)
44.5
Prosus
NV
..............
(1,108)
(92,181)
39.0
(350,574)
Denmark
Ambu
A/S,
Class
B
........
(3,910)
(82,849)
35.1
Chr
Hansen
Holding
A/S
....
(1,450)
(116,283)
49.2
Danske
Bank
A/S
.........
(1,184)
(22,983)
9.7
Demant
A/S
.............
(1,412)
(62,472)
26.4
GN
Store
Nord
A/S
........
(1,390)
(84,114)
35.6
Orsted
A/S
..............
(324)
(34,520)
14.6
Rockwool
International
A/S,
Class
B
..............
(85)
(32,556)
13.8
Vestas
Wind
Systems
A/S
...
(3,430)
(92,817)
39.3
(528,594)
Finland
Fortum
OYJ
.............
(13,732)
(373,781)
158.2
Kone
OYJ,
Class
B
........
(263)
(17,033)
7.2
(390,814)
France
Accor
SA
...............
(10,838)
(398,311)
168.6
Adevinta
ASA
............
(5,256)
(55,143)
23.3
Aeroports
de
Paris
........
(1,878)
(254,846)
107.9
Air
Liquide
SA
...........
(909)
(155,493)
65.8
Airbus
SE
..............
(2,051)
(261,899)
110.9
Alstom
SA
..............
(2,305)
(74,727)
31.6
Bollore
SA
..............
(19,131)
(103,120)
43.6
Bouygues
SA
............
(3,187)
(112,396)
47.6
Dassault
Aviation
SA
.......
(488)
(57,995)
24.5
Edenred
...............
(526)
(22,593)
9.6
Electricite
de
France
SA
.....
(3,270)
(31,452)
13.3
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
(145)
(119,100)
50.4
Orpea
SA
..............
(446)
(19,581)
8.3
Remy
Cointreau
SA
........
(265)
(55,261)
23.4
Renault
SA
.............
(4,297)
(170,773)
72.3
Safran
SA
..............
(391)
(47,338)
20.0
Sartorius
Stedim
Biotech
....
(43)
(18,856)
8.0
TotalEnergies
SE
.........
(9,587)
(545,188)
230.8
Ubisoft
Entertainment
SA
....
(345)
(19,798)
8.4
Veolia
Environnement
SA
....
(900)
(32,512)
13.8
Shares
Value
%
of
Basket
Value
France
(continued)
Vinci
SA
...............
(2,003)
$
(219,542)
92.9
%
Worldline
SA
............
(1,349)
(65,386)
27.7
(2,841,310)
Germany
adidas
AG
..............
(539)
(147,911)
62.6
BASF
SE
...............
(322)
(24,662)
10.4
Beiersdorf
AG
............
(304)
(30,237)
12.8
Brenntag
SE
............
(485)
(41,553)
17.6
Continental
AG
...........
(1,847)
(179,067)
75.8
Deutsche
Lufthansa
AG
(Registered)
...........
(13,248)
(103,014)
43.6
Deutsche
Telekom
AG
(Registered)
...........
(5,989)
(113,066)
47.9
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(1,287)
(87,507)
37.0
Hannover
Rueck
SE
.......
(253)
(51,041)
21.6
Knorr-Bremse
AG
.........
(347)
(35,182)
14.9
Lanxess
AG
.............
(1,371)
(83,474)
35.3
Merck
KGaA
............
(221)
(48,465)
20.5
Porsche
Automobil
Holding
SE
(Preference)
..........
(1,387)
(129,891)
55.0
RWE
AG
...............
(3,250)
(137,092)
58.0
Siemens
Energy
AG
.......
(2,055)
(46,223)
19.6
Siemens
Healthineers
AG
....
(1,051)
(67,540)
28.6
Telefonica
Deutschland
Holding
AG
.................
(53,777)
(154,381)
65.3
Uniper
SE
..............
(563)
(25,476)
10.8
United
Internet
AG
(Registered),
Class
G
..............
(1,434)
(56,237)
23.8
Zalando
SE
.............
(2,714)
(215,404)
91.2
(1,777,423)
Hong
Kong
CK
Infrastructure
Holdings
Ltd.
(32,500)
(200,277)
84.8
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
..
(195,500)
(194,571)
82.3
HKT
Trust
&
HKT
Ltd.
......
(104,000)
(141,918)
60.1
Jardine
Matheson
Holdings
Ltd.
(2,100)
(124,032)
52.5
Melco
Resorts
&
Entertainment
Ltd.,
ADR
............
(8,443)
(89,158)
37.7
(749,956)
Ireland
Flutter
Entertainment
plc
....
(192)
(29,211)
12.4
Kerry
Group
plc,
Class
A
....
(991)
(124,864)
52.9
Kingspan
Group
plc
........
(268)
(25,797)
10.9
Smurfit
Kappa
Group
plc
....
(3,516)
(185,313)
78.4
(365,185)
Israel
Teva
Pharmaceutical
Industries
Ltd.,
ADR
............
(2,601)
(21,927)
9.3
Wix.com
Ltd.
............
(174)
(22,858)
9.7
(44,785)
Italy
Infrastrutture
Wireless
Italiane
SpA
................
(5,248)
(56,586)
24.0
Nexi
SpA
...............
(3,140)
(45,930)
19.4
(102,516)
Japan
Aeon
Co.
Ltd.
............
(1,900)
(43,296)
18.3
ANA
Holdings,
Inc.
........
(1,700)
(35,900)
15.2
Asahi
Group
Holdings
Ltd.
...
(800)
(32,657)
13.8
Bandai
Namco
Holdings,
Inc.
.
(1,700)
(119,490)
50.6
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
22
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Japan
(continued)
Canon,
Inc.
.............
(2,400)
$
(56,762)
24.0
%
Central
Japan
Railway
Co.
...
(2,500)
(328,027)
138.9
Cosmos
Pharmaceutical
Corp.
(300)
(37,465)
15.9
Daiichi
Sankyo
Co.
Ltd.
.....
(1,100)
(24,717)
10.5
Daikin
Industries
Ltd.
.......
(200)
(41,989)
17.8
East
Japan
Railway
Co.
.....
(3,800)
(216,991)
91.8
Fast
Retailing
Co.
Ltd.
......
(400)
(235,386)
99.6
GMO
Payment
Gateway,
Inc.
.
(1,600)
(140,403)
59.4
Hikari
Tsushin,
Inc.
........
(100)
(12,006)
5.1
Inpex
Corp.
.............
(11,400)
(115,248)
48.8
Japan
Exchange
Group,
Inc.
..
(900)
(18,514)
7.8
Japan
Post
Bank
Co.
Ltd.
....
(15,300)
(150,518)
63.7
JFE
Holdings,
Inc.
.........
(6,100)
(78,366)
33.2
Keio
Corp.
..............
(1,700)
(76,467)
32.4
Keisei
Electric
Railway
Co.
Ltd.
(600)
(16,933)
7.2
Keyence
Corp.
...........
(500)
(256,461)
108.6
Kobayashi
Pharmaceutical
Co.
Ltd.
................
(300)
(23,362)
9.9
Kobe
Bussan
Co.
Ltd.
......
(7,300)
(227,245)
96.2
Koei
Tecmo
Holdings
Co.
Ltd.
.
(5,750)
(208,016)
88.1
Koito
Manufacturing
Co.
Ltd.
..
(400)
(20,084)
8.5
Kose
Corp.
.............
(1,500)
(137,144)
58.1
Kubota
Corp.
............
(14,200)
(304,527)
128.9
Lasertec
Corp.
...........
(500)
(112,169)
47.5
Lion
Corp.
..............
(1,200)
(15,679)
6.6
Makita
Corp.
............
(2,400)
(89,816)
38.0
McDonald's
Holdings
Co.
Japan
Ltd.
................
(2,300)
(100,442)
42.5
Mercari,
Inc.
.............
(2,800)
(105,744)
44.8
MISUMI
Group,
Inc.
........
(900)
(29,198)
12.4
Mitsubishi
Corp.
..........
(6,000)
(203,715)
86.2
Murata
Manufacturing
Co.
Ltd.
(1,500)
(112,775)
47.7
Nexon
Co.
Ltd.
...........
(4,100)
(77,292)
32.7
Nidec
Corp.
.............
(1,200)
(106,356)
45.0
Nihon
M&A
Center
Holdings,
Inc.
.................
(4,400)
(69,270)
29.3
Nintendo
Co.
Ltd.
.........
(400)
(196,017)
83.0
Nippon
Paint
Holdings
Co.
Ltd.
(2,600)
(20,793)
8.8
Nippon
Sanso
Holdings
Corp.
.
(6,700)
(133,054)
56.3
Nippon
Shinyaku
Co.
Ltd.
....
(500)
(32,685)
13.8
NTT
Data
Corp.
..........
(4,500)
(86,268)
36.5
Odakyu
Electric
Railway
Co.
Ltd.
(10,600)
(187,310)
79.3
Oji
Holdings
Corp.
.........
(3,600)
(19,163)
8.1
Open
House
Group
Co.
Ltd.
..
(1,600)
(82,837)
35.1
Oracle
Corp.
Japan
........
(400)
(29,916)
12.7
Oriental
Land
Co.
Ltd.
......
(200)
(34,817)
14.7
Otsuka
Corp.
............
(5,200)
(210,999)
89.3
Pola
Orbis
Holdings,
Inc.
....
(11,400)
(169,910)
71.9
Rakuten
Group,
Inc.
.......
(9,500)
(82,416)
34.9
Ryohin
Keikaku
Co.
Ltd.
.....
(4,300)
(61,745)
26.1
SBI
Holdings,
Inc.
.........
(1,100)
(28,375)
12.0
SCSK
Corp.
.............
(3,600)
(60,917)
25.8
Shimizu
Corp.
...........
(8,200)
(54,599)
23.1
Shin-Etsu
Chemical
Co.
Ltd.
..
(800)
(133,848)
56.7
Shiseido
Co.
Ltd.
.........
(1,300)
(65,577)
27.8
SMC
Corp.
..............
(100)
(55,776)
23.6
SoftBank
Corp.
...........
(14,600)
(183,024)
77.5
SoftBank
Group
Corp.
......
(5,300)
(234,788)
99.4
Square
Enix
Holdings
Co.
Ltd.
.
(1,500)
(73,557)
31.1
SUMCO
Corp.
...........
(4,800)
(88,493)
37.5
Sumitomo
Electric
Industries
Ltd.
................
(15,400)
(204,181)
86.4
Takeda
Pharmaceutical
Co.
Ltd.
(18,000)
(521,698)
220.8
TIS,
Inc.
...............
(4,900)
(128,873)
54.5
Tobu
Railway
Co.
Ltd.
......
(3,500)
(81,981)
34.7
Shares
Value
%
of
Basket
Value
Japan
(continued)
Toho
Co.
Ltd.
............
(1,600)
$
(61,980)
26.2
%
Tokyo
Century
Corp.
.......
(600)
(29,610)
12.5
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(27,300)
(72,734)
30.8
Tokyu
Corp.
.............
(4,800)
(63,782)
27.0
Tsuruha
Holdings,
Inc.
......
(400)
(32,218)
13.6
Unicharm
Corp.
..........
(1,000)
(38,644)
16.4
Welcia
Holdings
Co.
Ltd.
....
(2,500)
(67,520)
28.6
West
Japan
Railway
Co.
....
(3,600)
(150,854)
63.9
Z
Holdings
Corp.
..........
(7,900)
(40,121)
17.0
(7,801,510)
Jordan
Hikma
Pharmaceuticals
plc
...
(2,453)
(68,912)
29.2
Luxembourg
ArcelorMittal
SA
..........
(7,243)
(215,146)
91.1
Eurofins
Scientific
SE
......
(188)
(18,876)
8.0
(234,022)
Netherlands
ABN
AMRO
Bank
NV,
CVA
...
(4,692)
(75,302)
31.9
Aegon
NV
..............
(9,136)
(51,541)
21.8
Akzo
Nobel
NV
...........
(224)
(23,186)
9.8
ASM
International
NV
......
(204)
(70,090)
29.7
Euronext
NV
............
(1,573)
(151,657)
64.2
Heineken
NV
............
(279)
(29,922)
12.7
JDE
Peet's
NV
...........
(5,023)
(150,409)
63.7
Universal
Music
Group
NV
...
(6,591)
(162,726)
68.9
(714,833)
New
Zealand
Xero
Ltd.
...............
(1,064)
(86,190)
36.5
Norway
Gjensidige
Forsikring
ASA
...
(1,266)
(30,924)
13.1
Schibsted
ASA,
Class
B
.....
(994)
(27,433)
11.6
(58,357)
Russia
Evraz
plc
...............
(23,848)
(162,014)
68.6
Saudi
Arabia
Delivery
Hero
SE
.........
(438)
(33,809)
14.3
Singapore
Keppel
Corp.
Ltd.
.........
(55,100)
(232,313)
98.3
Venture
Corp.
Ltd.
.........
(12,800)
(167,702)
71.0
(400,015)
Spain
Aena
SME
SA
...........
(984)
(158,997)
67.3
Amadeus
IT
Group
SA
......
(1,150)
(79,074)
33.5
Cellnex
Telecom
SA
.......
(7,631)
(346,032)
146.5
EDP
Renovaveis
SA
.......
(3,879)
(81,542)
34.5
Ferrovial
SA
.............
(1,588)
(44,128)
18.7
Grifols
SA
..............
(11,414)
(201,278)
85.2
Naturgy
Energy
Group
SA
...
(365)
(11,557)
4.9
Siemens
Gamesa
Renewable
Energy
SA
............
(2,260)
(48,902)
20.7
Telefonica
SA
............
(27,895)
(130,035)
55.0
(1,101,545)
Sweden
Atlas
Copco
AB,
Class
A
....
(1,726)
(102,155)
43.2
Embracer
Group
AB
.......
(9,210)
(92,407)
39.1
EQT
AB
................
(2,573)
(100,827)
42.7
Essity
AB,
Class
B
........
(1,228)
(34,618)
14.7
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
23
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Sweden
(continued)
H
&
M
Hennes
&
Mauritz
AB,
Class
B
..............
(10,344)
$
(205,958)
87.2
%
Hexagon
AB,
Class
B
......
(3,797)
(51,214)
21.7
Nibe
Industrier
AB,
Class
B
...
(8,260)
(78,508)
33.2
Securitas
AB,
Class
B
......
(4,853)
(58,616)
24.8
Sinch
AB
...............
(5,286)
(54,345)
23.0
Skandinaviska
Enskilda
Banken
AB,
Class
A
...........
(5,472)
(70,736)
29.9
Volvo
AB,
Class
B
.........
(5,598)
(126,327)
53.5
(975,711)
Switzerland
ABB
Ltd.
(Registered)
......
(13,217)
(458,257)
194.0
Alcon,
Inc.
..............
(883)
(68,087)
28.8
Barry
Callebaut
AG
(Registered)
(39)
(89,529)
37.9
Cie
Financiere
Richemont
SA
(Registered)
...........
(697)
(101,298)
42.9
Credit
Suisse
Group
AG
(Registered)
...........
(16,686)
(158,607)
67.1
EMS-Chemie
Holding
AG
(Registered)
...........
(68)
(68,781)
29.1
Logitech
International
SA
(Registered)
...........
(730)
(61,342)
26.0
Lonza
Group
AG
(Registered)
.
(675)
(465,373)
197.0
Partners
Group
Holding
AG
..
(15)
(20,913)
8.8
Sika
AG
(Registered)
.......
(865)
(302,641)
128.1
Sonova
Holding
AG
(Registered)
(143)
(50,942)
21.6
Temenos
AG
(Registered)
...
(9)
(1,079)
0.5
VAT
Group
AG
...........
(99)
(40,373)
17.1
Vifor
Pharma
AG
..........
(535)
(94,774)
40.1
(1,981,996)
Taiwan
Sea
Ltd.,
ADR
...........
(1,752)
(263,343)
111.5
United
Kingdom
Associated
British
Foods
plc
..
(2,380)
(62,822)
26.6
AstraZeneca
plc
..........
(1,764)
(205,203)
86.9
AVEVA
Group
plc
.........
(2,400)
(95,236)
40.3
British
American
Tobacco
plc
.
(2,126)
(90,770)
38.4
BT
Group
plc
............
(56,691)
(150,156)
63.6
Bunzl
plc
...............
(1,581)
(59,219)
25.1
Halma
plc
..............
(3,850)
(130,491)
55.2
Hargreaves
Lansdown
plc
...
(3,701)
(67,194)
28.4
Imperial
Brands
plc
........
(11,719)
(277,856)
117.6
Informa
plc
..............
(2,727)
(20,628)
8.7
Johnson
Matthey
plc
.......
(968)
(25,564)
10.8
Liberty
Global
plc,
Class
C
...
(4,532)
(122,545)
51.9
Linde
plc
...............
(1,151)
(366,801)
155.3
Melrose
Industries
plc
......
(30,050)
(61,212)
25.9
National
Grid
plc
..........
(6,385)
(93,431)
39.5
NatWest
Group
plc
........
(38,015)
(124,947)
52.9
Next
plc
................
(204)
(20,785)
8.8
Ocado
Group
plc
.........
(3,116)
(63,490)
26.9
Pearson
plc
.............
(6,165)
(51,474)
21.8
Phoenix
Group
Holdings
plc
..
(6,836)
(61,199)
25.9
Prudential
plc
............
(2,734)
(46,084)
19.5
Reckitt
Benckiser
Group
plc
..
(1,474)
(119,427)
50.6
Rolls-Royce
Holdings
plc
....
(37,254)
(58,395)
24.7
SSE
plc
................
(9,597)
(206,489)
87.4
Vodafone
Group
plc
........
(123,130)
(216,200)
91.5
(2,797,618)
United
States
AbbVie,
Inc.
.............
(533)
(72,962)
30.9
Affirm
Holdings,
Inc.
.......
(453)
(29,024)
12.3
Shares
Value
%
of
Basket
Value
United
States
(continued)
Air
Products
&
Chemicals,
Inc.
(1,989)
$
(561,137)
237.5
%
Akamai
Technologies,
Inc.
...
(317)
(36,312)
15.4
Albemarle
Corp.
..........
(98)
(21,633)
9.2
Allstate
Corp.
(The)
........
(670)
(80,849)
34.2
Amazon.com,
Inc.
.........
(7)
(20,940)
8.9
AMC
Entertainment
Holdings,
Inc.,
Class
A
...........
(1,934)
(31,060)
13.1
Amcor
plc
..............
(8,652)
(103,911)
44.0
Ameren
Corp.
............
(3,909)
(346,885)
146.8
American
Electric
Power
Co.,
Inc.
.................
(1,311)
(118,514)
50.2
American
Financial
Group,
Inc.
(257)
(33,482)
14.2
AMETEK,
Inc.
...........
(1,162)
(158,927)
67.3
Amphenol
Corp.,
Class
A
....
(4,121)
(327,990)
138.8
Analog
Devices,
Inc.
.......
(751)
(123,141)
52.1
Anthem,
Inc.
............
(235)
(103,633)
43.9
Apollo
Global
Management,
Inc.
(3,293)
(230,510)
97.6
Aptiv
plc
...............
(1,516)
(207,055)
87.6
Aramark
...............
(2,734)
(93,749)
39.7
Arthur
J
Gallagher
&
Co.
....
(1,257)
(198,531)
84.0
AT&T,
Inc.
..............
(4,226)
(107,763)
45.6
Avalara,
Inc.
.............
(582)
(63,799)
27.0
Ball
Corp.
..............
(1,282)
(124,482)
52.7
Bank
of
America
Corp.
......
(4,733)
(218,381)
92.4
Baxter
International,
Inc.
....
(913)
(78,007)
33.0
Becton
Dickinson
and
Co.
...
(255)
(64,806)
27.4
Berkshire
Hathaway,
Inc.,
Class
B
..................
(967)
(302,690)
128.1
Bill.com
Holdings,
Inc.
......
(959)
(180,493)
76.4
BioMarin
Pharmaceutical,
Inc.
.
(2,900)
(257,027)
108.8
Bio-Rad
Laboratories,
Inc.,
Class
A
..................
(311)
(186,516)
79.0
Bio-Techne
Corp.
.........
(67)
(25,219)
10.7
Black
Knight,
Inc.
.........
(392)
(29,243)
12.4
Blackstone,
Inc.
..........
(835)
(110,195)
46.6
Block,
Inc.,
Class
A
........
(1,871)
(228,805)
96.9
Boeing
Co.
(The)
.........
(1,052)
(210,652)
89.2
Boston
Scientific
Corp.
......
(3,328)
(142,771)
60.4
Broadcom,
Inc.
...........
(1,103)
(646,226)
273.5
Brown
&
Brown,
Inc.
.......
(1,208)
(80,066)
33.9
Brown-Forman
Corp.,
Class
B
.
(362)
(24,410)
10.3
Burlington
Stores,
Inc.
......
(506)
(119,887)
50.7
Caesars
Entertainment,
Inc.
..
(3,323)
(253,013)
107.1
Campbell
Soup
Co.
........
(4,578)
(201,981)
85.5
CarMax,
Inc.
............
(362)
(40,244)
17.0
Carnival
Corp.
...........
(18,845)
(373,319)
158.0
Carvana
Co.
............
(1,321)
(214,081)
90.6
Catalent,
Inc.
............
(605)
(62,878)
26.6
Centene
Corp.
...........
(1,682)
(130,792)
55.4
CenterPoint
Energy,
Inc.
....
(960)
(27,226)
11.5
Ceridian
HCM
Holding,
Inc.
..
(2,753)
(208,732)
88.4
CF
Industries
Holdings,
Inc.
..
(687)
(47,314)
20.0
Charles
Schwab
Corp.
(The)
..
(1,634)
(143,302)
60.7
Charter
Communications,
Inc.,
Class
A
..............
(460)
(272,936)
115.5
Cheniere
Energy,
Inc.
......
(802)
(89,744)
38.0
Chevron
Corp.
...........
(995)
(130,673)
55.3
Chewy,
Inc.,
Class
A
.......
(1,174)
(55,894)
23.7
Church
&
Dwight
Co.,
Inc.
...
(3,795)
(389,557)
164.9
Cisco
Systems,
Inc.
........
(1,739)
(96,810)
41.0
Citizens
Financial
Group,
Inc.
.
(6,308)
(324,673)
137.4
Citrix
Systems,
Inc.
........
(231)
(23,548)
10.0
Clarivate
plc
.............
(10,488)
(172,632)
73.1
Clorox
Co.
(The)
..........
(1,444)
(242,390)
102.6
Cloudflare,
Inc.,
Class
A
.....
(1,201)
(115,776)
49.0
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
24
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
CME
Group,
Inc.
..........
(1,151)
$
(264,155)
111.8
%
Coinbase
Global,
Inc.,
Class
A
(100)
(19,015)
8.0
Comcast
Corp.,
Class
A
.....
(2,508)
(125,375)
53.1
Conagra
Brands,
Inc.
.......
(768)
(26,696)
11.3
Constellation
Brands,
Inc.,
Class
A
..................
(1,497)
(355,912)
150.7
Cooper
Cos.,
Inc.
(The)
.....
(147)
(58,550)
24.8
Corning,
Inc.
............
(800)
(33,632)
14.2
CoStar
Group,
Inc.
........
(1,400)
(98,224)
41.6
Crowdstrike
Holdings,
Inc.,
Class
A
..................
(242)
(43,715)
18.5
Crown
Holdings,
Inc.
.......
(1,854)
(212,098)
89.8
CyberArk
Software
Ltd.
.....
(673)
(92,302)
39.1
Danaher
Corp.
...........
(307)
(87,738)
37.1
Datadog,
Inc.,
Class
A
......
(1,531)
(223,694)
94.7
Diamondback
Energy,
Inc.
...
(302)
(38,100)
16.1
Discovery,
Inc.,
Class
A
.....
(1,431)
(39,939)
16.9
DISH
Network
Corp.,
Class
A
.
(5,747)
(180,456)
76.4
Dollar
General
Corp.
.......
(1,633)
(340,448)
144.1
Dollar
Tree,
Inc.
..........
(721)
(94,610)
40.0
DraftKings,
Inc.,
Class
A
.....
(4,459)
(98,499)
41.7
Eastman
Chemical
Co.
.....
(1,545)
(183,747)
77.8
Eaton
Corp.
plc
...........
(549)
(86,978)
36.8
Elanco
Animal
Health,
Inc.
...
(1,177)
(30,649)
13.0
Enphase
Energy,
Inc.
.......
(671)
(94,255)
39.9
Entegris,
Inc.
............
(994)
(119,121)
50.4
Erie
Indemnity
Co.,
Class
A
..
(1,065)
(196,067)
83.0
Etsy,
Inc.
...............
(445)
(69,901)
29.6
Evergy,
Inc.
.............
(1,971)
(128,036)
54.2
Exact
Sciences
Corp.
......
(2,945)
(224,880)
95.2
First
Citizens
BancShares,
Inc.,
Class
A
..............
(91)
(70,896)
30.0
FirstEnergy
Corp.
.........
(1,664)
(69,821)
29.6
Fiserv,
Inc.
..............
(3,829)
(404,725)
171.3
Fiverr
International
Ltd.
.....
(1,620)
(138,202)
58.5
FleetCor
Technologies,
Inc.
...
(715)
(170,356)
72.1
Freeport-McMoRan,
Inc.
....
(1,090)
(40,570)
17.2
Generac
Holdings,
Inc.
.....
(135)
(38,121)
16.1
General
Electric
Co.
.......
(3,950)
(373,196)
158.0
General
Motors
Co.
........
(1,650)
(87,005)
36.8
Global
Payments,
Inc.
......
(635)
(95,174)
40.3
Globe
Life,
Inc.
...........
(2,065)
(211,250)
89.4
Guidewire
Software,
Inc.
....
(259)
(26,118)
11.1
Hasbro,
Inc.
.............
(478)
(44,205)
18.7
HEICO
Corp.,
Class
A
......
(1,895)
(254,109)
107.6
Hilton
Worldwide
Holdings,
Inc.
(632)
(91,710)
38.8
Honeywell
International,
Inc.
..
(636)
(130,049)
55.0
Horizon
Therapeutics
plc
....
(1,283)
(119,742)
50.7
Hormel
Foods
Corp.
.......
(3,266)
(155,037)
65.6
Howmet
Aerospace,
Inc.
....
(5,904)
(183,555)
77.7
Humana,
Inc.
............
(292)
(114,610)
48.5
Huntington
Ingalls
Industries,
Inc.
.................
(230)
(43,056)
18.2
IAC/InterActiveCorp
........
(1,151)
(157,158)
66.5
Insulet
Corp.
............
(68)
(16,864)
7.1
International
Business
Machines
Corp.
...............
(1,222)
(163,223)
69.1
International
Paper
Co.
.....
(7,258)
(350,199)
148.2
IPG
Photonics
Corp.
.......
(338)
(52,211)
22.1
J
M
Smucker
Co.
(The)
.....
(437)
(61,433)
26.0
Jack
Henry
&
Associates,
Inc.
.
(835)
(140,121)
59.3
Kellogg
Co.
.............
(757)
(47,691)
20.2
Keurig
Dr
Pepper,
Inc.
......
(4,775)
(181,211)
76.7
Kimberly-Clark
Corp.
.......
(1,952)
(268,693)
113.7
Kinder
Morgan,
Inc.
........
(1,661)
(28,835)
12.2
Shares
Value
%
of
Basket
Value
United
States
(continued)
Las
Vegas
Sands
Corp.
.....
(8,098)
$
(354,692)
150.1
%
Lear
Corp.
..............
(658)
(110,097)
46.6
Leidos
Holdings,
Inc.
.......
(416)
(37,211)
15.7
Liberty
Broadband
Corp.,
Class
C
..................
(3,365)
(499,400)
211.4
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(1,697)
(102,210)
43.3
Live
Nation
Entertainment,
Inc.
(337)
(36,905)
15.6
Lumen
Technologies,
Inc.
....
(2,323)
(28,712)
12.2
M&T
Bank
Corp.
..........
(1,579)
(267,451)
113.2
MarketAxess
Holdings,
Inc.
..
(286)
(98,521)
41.7
Marriott
International,
Inc.,
Class
A
..................
(2,626)
(423,101)
179.1
Martin
Marietta
Materials,
Inc.
.
(572)
(222,577)
94.2
Match
Group,
Inc.
.........
(934)
(105,262)
44.6
McCormick
&
Co.,
Inc.
(Non-
Voting)
..............
(489)
(49,052)
20.8
Medtronic
plc
............
(1,082)
(111,976)
47.4
MGM
Resorts
International
...
(1,745)
(74,546)
31.6
Microchip
Technology,
Inc.
...
(2,599)
(201,371)
85.2
Mohawk
Industries,
Inc.
.....
(221)
(34,889)
14.8
MongoDB,
Inc.
...........
(42)
(17,015)
7.2
Netflix,
Inc.
..............
(90)
(38,443)
16.3
Neurocrine
Biosciences,
Inc.
..
(217)
(17,147)
7.3
Newell
Brands,
Inc.
........
(1,509)
(35,024)
14.8
Newmont
Corp.
..........
(5,562)
(340,228)
144.0
NextEra
Energy,
Inc.
.......
(1,073)
(83,823)
35.5
Novavax,
Inc.
............
(266)
(24,924)
10.5
NRG
Energy,
Inc.
.........
(2,130)
(85,051)
36.0
Nucor
Corp.
.............
(1,270)
(128,778)
54.5
Oak
Street
Health,
Inc.
......
(5,351)
(93,000)
39.4
Occidental
Petroleum
Corp.
..
(3,237)
(121,938)
51.6
Okta,
Inc.
...............
(130)
(25,726)
10.9
Oracle
Corp.
............
(1,395)
(113,218)
47.9
PACCAR,
Inc.
...........
(698)
(64,907)
27.5
Packaging
Corp.
of
America
..
(1,748)
(263,301)
111.5
Parker-Hannifin
Corp.
......
(101)
(31,311)
13.3
Paycom
Software,
Inc.
......
(151)
(50,630)
21.4
PayPal
Holdings,
Inc.
......
(445)
(76,513)
32.4
Peloton
Interactive,
Inc.,
Class
A
(1,437)
(39,273)
16.6
PerkinElmer,
Inc.
.........
(348)
(59,915)
25.4
Pfizer,
Inc.
..............
(1,699)
(89,520)
37.9
Pioneer
Natural
Resources
Co.
(383)
(83,835)
35.5
Plug
Power,
Inc.
..........
(7,325)
(160,198)
67.8
PNC
Financial
Services
Group,
Inc.
(The)
............
(526)
(108,351)
45.9
PPG
Industries,
Inc.
.......
(593)
(92,627)
39.2
PPL
Corp.
..............
(8,562)
(254,120)
107.6
Progressive
Corp.
(The)
.....
(2,043)
(221,992)
94.0
Public
Service
Enterprise
Group,
Inc.
.................
(933)
(62,072)
26.3
Quest
Diagnostics,
Inc.
.....
(276)
(37,266)
15.8
Republic
Services,
Inc.
.....
(4,575)
(584,045)
247.2
ResMed,
Inc.
............
(366)
(83,668)
35.4
Robinhood
Markets,
Inc.,
Class
A
..................
(3,953)
(55,935)
23.7
Roper
Technologies,
Inc.
....
(703)
(307,323)
130.1
Royal
Caribbean
Cruises
Ltd.
.
(1,835)
(142,781)
60.4
Royalty
Pharma
plc,
Class
A
..
(2,384)
(95,384)
40.4
RPM
International,
Inc.
.....
(3,030)
(268,488)
113.7
S&P
Global,
Inc.
..........
(296)
(122,905)
52.0
salesforce.com,
Inc.
.......
(473)
(110,034)
46.6
Schneider
Electric
SE
......
(1,314)
(222,586)
94.2
Seagen,
Inc.
............
(860)
(115,679)
49.0
SEI
Investments
Co.
.......
(1,242)
(72,794)
30.8
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
25
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
Sensata
Technologies
Holding
plc
.................
(374)
$
(21,453)
9.1
%
Sherwin-Williams
Co.
(The)
..
(375)
(107,441)
45.5
Signature
Bank
...........
(167)
(50,873)
21.5
Sirius
XM
Holdings,
Inc.
.....
(3,187)
(20,269)
8.6
Snap-on,
Inc.
............
(205)
(42,691)
18.1
Snowflake,
Inc.,
Class
A
.....
(225)
(62,078)
26.3
SolarEdge
Technologies,
Inc.
.
(418)
(99,576)
42.1
Southern
Co.
(The)
........
(4,273)
(296,931)
125.7
Southwest
Airlines
Co.
......
(3,220)
(144,127)
61.0
SS&C
Technologies
Holdings,
Inc.
.................
(762)
(60,861)
25.8
STERIS
plc
.............
(149)
(33,436)
14.2
Stryker
Corp.
............
(130)
(32,247)
13.6
Sunrun,
Inc.
.............
(9,564)
(247,995)
105.0
Take-Two
Interactive
Software,
Inc.
.................
(312)
(50,962)
21.6
TE
Connectivity
Ltd.
.......
(888)
(126,993)
53.8
Teladoc
Health,
Inc.
........
(2,306)
(176,893)
74.9
Teledyne
Technologies,
Inc.
..
(153)
(64,479)
27.3
Teleflex,
Inc.
.............
(255)
(79,098)
33.5
Tesla,
Inc.
..............
(282)
(264,155)
111.8
Thermo
Fisher
Scientific,
Inc.
.
(396)
(230,195)
97.4
TJX
Cos.,
Inc.
(The)
.......
(1,526)
(109,826)
46.5
T-Mobile
US,
Inc.
.........
(2,343)
(253,442)
107.3
Tradeweb
Markets,
Inc.,
Class
A
(300)
(25,431)
10.8
TransUnion
.............
(206)
(21,243)
9.0
Truist
Financial
Corp.
.......
(1,930)
(121,243)
51.3
Twilio,
Inc.,
Class
A
........
(229)
(47,201)
20.0
Twitter,
Inc.
.............
(5,760)
(216,058)
91.5
UnitedHealth
Group,
Inc.
....
(1,202)
(568,029)
240.4
US
Bancorp
.............
(1,285)
(74,774)
31.7
Valero
Energy
Corp.
.......
(666)
(55,258)
23.4
VF
Corp.
...............
(735)
(47,929)
20.3
ViacomCBS,
Inc.
..........
(1,691)
(56,564)
23.9
Viatris,
Inc.
..............
(6,220)
(93,113)
39.4
Vimeo,
Inc.
.............
(1)
(15)
(0.0)
Visa,
Inc.,
Class
A
.........
(3,068)
(693,890)
293.7
Vistra
Corp.
.............
(7,305)
(159,322)
67.4
Vulcan
Materials
Co.
.......
(191)
(36,349)
15.4
Walt
Disney
Co.
(The)
......
(1,699)
(242,906)
102.8
Waste
Connections,
Inc.
.....
(3,601)
(449,045)
190.1
Waste
Management,
Inc.
....
(3,444)
(518,115)
219.3
Wayfair,
Inc.,
Class
A
.......
(1,018)
(158,727)
67.2
WEC
Energy
Group,
Inc.
....
(316)
(30,665)
13.0
Westinghouse
Air
Brake
Technologies
Corp.
......
(1,001)
(88,989)
37.7
Willis
Towers
Watson
plc
....
(1,036)
(242,383)
102.6
Wynn
Resorts
Ltd.
........
(2,048)
(175,002)
74.1
Zendesk,
Inc.
............
(428)
(42,162)
17.8
Zimmer
Biomet
Holdings,
Inc.
.
(1,872)
(230,293)
97.5
Zoom
Video
Communications,
Inc.,
Class
A
...........
(1,092)
(168,474)
71.3
ZoomInfo
Technologies,
Inc.
..
(6,317)
(333,917)
141.3
Zscaler,
Inc.
.............
(800)
(205,688)
87.1
(33,053,683)
Total
Reference
Entity
—
Short
............
(59,299,248)
Net
Value
of
Reference
Entity
—
Barclays
Bank
plc
................................
$
(236,237)
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
January
31,
2022,
expiration
date
12/31/2049:
Reference
Entity
—
Long
Australia
Aristocrat
Leisure
Ltd.
......
10,468
$
303,444
(154.9)
%
Aurizon
Holdings
Ltd.
......
45,734
114,420
(58.4)
Brambles
Ltd.
............
89,897
617,597
(315.2)
Coles
Group
Ltd.
.........
21,924
251,878
(128.5)
Qantas
Airways
Ltd.
.......
7,645
26,166
(13.4)
QBE
Insurance
Group
Ltd.
...
2,790
22,152
(11.3)
REA
Group
Ltd.
..........
2,557
264,897
(135.2)
Rio
Tinto
Ltd.
............
2,999
238,438
(121.7)
Sonic
Healthcare
Ltd.
......
3,451
92,936
(47.4)
South32
Ltd.
............
7,652
21,053
(10.7)
Suncorp
Group
Ltd.
........
22,587
177,396
(90.5)
Tabcorp
Holdings
Ltd.
......
117,428
412,593
(210.6)
Telstra
Corp.
Ltd.
.........
15,662
43,539
(22.2)
Wesfarmers
Ltd.
..........
3,390
126,489
(64.6)
2,712,998
Austria
OMV
AG
...............
8,055
493,002
(251.6)
Raiffeisen
Bank
International
AG
8,460
237,787
(121.4)
voestalpine
AG
...........
3,187
105,952
(54.1)
836,741
Belgium
Ageas
SA/NV
............
1,207
58,099
(29.7)
Groupe
Bruxelles
Lambert
SA
.
846
90,778
(46.3)
KBC
Group
NV
...........
1,177
102,363
(52.2)
Proximus
SADP
..........
20,702
422,747
(215.8)
Solvay
SA
..............
475
57,232
(29.2)
UCB
SA
...............
4,128
410,758
(209.6)
1,141,977
Brazil
Wheaton
Precious
Metals
Corp.
258
10,402
(5.3)
Canada
Agnico
Eagle
Mines
Ltd.
.....
608
29,038
(14.8)
Alimentation
Couche-Tard,
Inc.
2,623
105,795
(54.0)
Bank
of
Montreal
.........
6,424
727,125
(371.1)
Bank
of
Nova
Scotia
(The)
...
706
50,853
(26.0)
Canadian
Imperial
Bank
of
Commerce
...........
1,435
180,195
(92.0)
Canadian
Natural
Resources
Ltd.
................
1,004
51,071
(26.1)
Canadian
Tire
Corp.
Ltd.,
Class
A
..................
839
121,136
(61.8)
CGI,
Inc.
...............
211
18,015
(9.2)
Constellation
Software,
Inc.
..
270
465,031
(237.3)
Franco-Nevada
Corp.
......
546
72,191
(36.8)
Hydro
One
Ltd.
...........
11,122
287,335
(146.6)
iA
Financial
Corp.,
Inc.
......
467
30,386
(15.5)
Intact
Financial
Corp.
.......
663
89,831
(45.8)
Loblaw
Cos.
Ltd.
..........
7,325
565,128
(288.4)
Magna
International,
Inc.
....
2,330
187,716
(95.8)
Manulife
Financial
Corp.
.....
39,449
821,473
(419.2)
National
Bank
of
Canada
....
1,643
131,450
(67.1)
Nutrien
Ltd.
.............
1,735
121,176
(61.8)
Onex
Corp.
.............
886
63,644
(32.5)
Open
Text
Corp.
..........
2,245
107,451
(54.8)
Royal
Bank
of
Canada
......
710
80,950
(41.3)
Sun
Life
Financial,
Inc.
......
1,285
72,774
(37.1)
Thomson
Reuters
Corp.
.....
562
60,332
(30.8)
Toromont
Industries
Ltd.
.....
362
30,554
(15.6)
4,470,650
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
26
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
China
NXP
Semiconductors
NV
....
486
$
99,844
(50.9)
%
Denmark
AP
Moller
-
Maersk
A/S,
Class
B
41
147,278
(75.2)
Carlsberg
A/S,
Class
B
.....
1,117
180,876
(92.3)
Coloplast
A/S,
Class
B
......
1,404
204,173
(104.2)
Genmab
A/S
............
120
40,863
(20.8)
Novo
Nordisk
A/S,
Class
B
...
170
16,910
(8.6)
Novozymes
A/S,
Class
B
....
14,320
983,032
(501.7)
Pandora
A/S
............
1,053
114,503
(58.4)
1,687,635
Finland
Elisa
OYJ
..............
1,170
68,728
(35.1)
Kesko
OYJ,
Class
B
.......
5,039
159,148
(81.2)
Neste
OYJ
..............
2,731
123,167
(62.9)
Nordea
Bank
Abp
.........
22,715
269,802
(137.7)
Orion
OYJ,
Class
B
........
594
24,154
(12.3)
Stora
Enso
OYJ,
Class
R
....
11,155
227,083
(115.9)
UPM-Kymmene
OYJ
.......
2,064
75,225
(38.4)
947,307
Germany
Allianz
SE
(Registered)
.....
2,303
591,301
(301.8)
Bayer
AG
(Registered)
......
381
23,147
(11.8)
Covestro
AG
............
1,933
115,966
(59.2)
Daimler
Truck
Holding
AG
...
540
19,037
(9.7)
Deutsche
Bank
AG
(Registered)
1,679
23,378
(11.9)
Deutsche
Boerse
AG
.......
1,188
211,170
(107.8)
Deutsche
Post
AG
(Registered)
8,329
501,244
(255.8)
E.ON
SE
...............
47,981
661,777
(337.7)
GEA
Group
AG
...........
3,925
185,437
(94.6)
HeidelbergCement
AG
......
1,401
97,494
(49.8)
Henkel
AG
&
Co.
KGaA
(Preference)
..........
1,144
93,566
(47.8)
LEG
Immobilien
SE
........
1,177
156,139
(79.7)
Nemetschek
SE
..........
250
23,108
(11.8)
SAP
SE
................
1,492
187,188
(95.5)
Siemens
AG
(Registered)
....
2,854
453,133
(231.3)
Symrise
AG
.............
1,506
179,966
(91.9)
Vonovia
SE
.............
486
27,681
(14.1)
3,550,732
Hong
Kong
Hang
Seng
Bank
Ltd.
......
2,100
41,575
(21.2)
Hongkong
Land
Holdings
Ltd.
.
9,500
51,451
(26.3)
Power
Assets
Holdings
Ltd.
..
12,500
76,808
(39.2)
Sun
Hung
Kai
Properties
Ltd.
.
5,000
61,003
(31.1)
Swire
Pacific
Ltd.,
Class
A
...
5,500
33,319
(17.0)
Techtronic
Industries
Co.
Ltd.
.
6,000
99,001
(50.5)
363,157
Israel
Check
Point
Software
Technologies
Ltd.
.......
516
62,441
(31.8)
Kornit
Digital
Ltd.
.........
199
20,907
(10.7)
83,348
Italy
Enel
SpA
...............
9,284
71,455
(36.5)
Eni
SpA
................
35,484
533,012
(272.0)
Intesa
Sanpaolo
SpA
.......
149,651
444,739
(227.0)
Moncler
SpA
............
1,417
90,942
(46.4)
Poste
Italiane
SpA
.........
14,838
199,165
(101.7)
Snam
SpA
..............
8,262
46,298
(23.6)
Shares
Value
%
of
Basket
Value
Italy
(continued)
Terna
-
Rete
Elettrica
Nazionale
19,732
$
155,042
(79.1)
%
1,540,653
Japan
Advantest
Corp.
..........
700
59,579
(30.4)
Ajinomoto
Co.,
Inc.
........
5,100
142,298
(72.6)
Asahi
Kasei
Corp.
.........
32,400
320,045
(163.3)
Astellas
Pharma,
Inc.
.......
8,100
130,739
(66.7)
Bridgestone
Corp.
.........
2,700
118,236
(60.3)
Chugai
Pharmaceutical
Co.
Ltd.
8,600
279,326
(142.6)
Dai-ichi
Life
Holdings,
Inc.
...
3,300
74,281
(37.9)
Daiwa
House
Industry
Co.
Ltd.
700
20,428
(10.4)
Daiwa
Securities
Group,
Inc.
..
6,500
39,167
(20.0)
Denso
Corp.
............
2,700
201,511
(102.8)
ENEOS
Holdings,
Inc.
......
29,900
119,081
(60.8)
Fujitsu
Ltd.
..............
300
39,660
(20.2)
Hitachi
Ltd.
.............
3,700
192,311
(98.1)
Honda
Motor
Co.
Ltd.
......
7,000
206,169
(105.2)
Hoshizaki
Corp.
..........
300
22,168
(11.3)
Idemitsu
Kosan
Co.
Ltd.
.....
2,300
58,930
(30.1)
Isuzu
Motors
Ltd.
.........
4,700
57,575
(29.4)
Japan
Tobacco,
Inc.
.......
1,300
25,954
(13.2)
JSR
Corp.
..............
5,400
179,000
(91.4)
Kajima
Corp.
............
2,000
24,155
(12.3)
KDDI
Corp.
.............
2,400
76,677
(39.1)
Komatsu
Ltd.
............
1,600
40,206
(20.5)
Kyocera
Corp.
...........
2,700
166,513
(85.0)
Lawson,
Inc.
............
500
21,915
(11.2)
Marubeni
Corp.
...........
7,900
81,291
(41.5)
Mazda
Motor
Corp.
........
33,600
258,846
(132.1)
MEIJI
Holdings
Co.
Ltd.
.....
3,800
237,050
(121.0)
Minebea
Mitsumi,
Inc.
......
5,300
129,694
(66.2)
Mitsubishi
Electric
Corp.
.....
30,400
380,711
(194.3)
Mitsubishi
Estate
Co.
Ltd.
....
8,000
115,219
(58.8)
Mitsubishi
Gas
Chemical
Co.,
Inc.
.................
5,600
107,270
(54.7)
Mitsubishi
Heavy
Industries
Ltd.
5,400
146,661
(74.9)
Mitsui
Chemicals,
Inc.
......
6,500
173,840
(88.7)
NEC
Corp.
..............
2,600
101,435
(51.8)
NGK
Insulators
Ltd.
........
8,600
145,320
(74.2)
Nippon
Express
Holdings,
Inc.
.
1,100
65,190
(33.3)
Nissan
Chemical
Corp.
.....
500
27,129
(13.8)
Nissin
Foods
Holdings
Co.
Ltd.
3,400
241,171
(123.1)
Nitto
Denko
Corp.
.........
1,600
124,575
(63.6)
Nomura
Real
Estate
Holdings,
Inc.
.................
4,200
98,351
(50.2)
Olympus
Corp.
...........
1,000
22,377
(11.4)
Ono
Pharmaceutical
Co.
Ltd.
.
15,900
385,602
(196.8)
Osaka
Gas
Co.
Ltd.
........
11,100
188,771
(96.3)
Otsuka
Holdings
Co.
Ltd.
....
5,400
184,234
(94.0)
Resona
Holdings,
Inc.
......
6,100
26,214
(13.4)
Secom
Co.
Ltd.
...........
1,000
70,414
(35.9)
Shimadzu
Corp.
..........
100
3,608
(1.8)
Subaru
Corp.
............
5,800
105,568
(53.9)
Sumitomo
Chemical
Co.
Ltd.
..
46,600
235,006
(119.9)
Sumitomo
Mitsui
Financial
Group,
Inc.
...........
8,700
313,382
(159.9)
Sysmex
Corp.
...........
600
57,115
(29.1)
Taisei
Corp.
.............
500
16,391
(8.4)
Terumo
Corp.
............
2,300
83,959
(42.9)
Tokyo
Electron
Ltd.
........
300
146,740
(74.9)
Tokyo
Gas
Co.
Ltd.
........
19,800
399,797
(204.0)
Toray
Industries,
Inc.
.......
52,000
328,630
(167.7)
Toshiba
Corp.
............
1,300
53,833
(27.5)
Tosoh
Corp.
.............
4,800
75,103
(38.3)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
27
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Japan
(continued)
Trend
Micro,
Inc.
..........
600
$
31,832
(16.2)
%
USS
Co.
Ltd.
............
1,200
19,585
(10.0)
Yakult
Honsha
Co.
Ltd.
.....
2,500
126,754
(64.7)
Yamaha
Corp.
...........
400
18,222
(9.3)
Yamaha
Motor
Co.
Ltd.
.....
3,100
73,822
(37.7)
Yamato
Holdings
Co.
Ltd.
....
900
19,165
(9.8)
8,035,801
Netherlands
ASML
Holding
NV
.........
47
31,833
(16.2)
Koninklijke
Ahold
Delhaize
NV
.
33,508
1,086,484
(554.5)
Koninklijke
DSM
NV
.......
559
104,790
(53.5)
Koninklijke
KPN
NV
........
30,435
100,390
(51.2)
Koninklijke
Philips
NV
......
13,156
437,612
(223.3)
NN
Group
NV
............
16,424
919,122
(469.1)
Randstad
NV
............
5,363
348,883
(178.1)
Shell
plc
...............
2,006
51,532
(26.3)
Wolters
Kluwer
NV
........
5,157
524,872
(267.9)
3,605,518
New
Zealand
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
................
6,666
122,645
(62.6)
Spark
New
Zealand
Ltd.
.....
6,695
19,135
(9.8)
141,780
Norway
DNB
Bank
ASA
...........
370
8,806
(4.5)
Equinor
ASA
............
1,617
44,577
(22.7)
Norsk
Hydro
ASA
.........
27,382
210,439
(107.4)
Orkla
ASA
..............
26,900
257,067
(131.2)
520,889
Portugal
EDP
-
Energias
de
Portugal
SA
13,508
69,149
(35.3)
Jeronimo
Martins
SGPS
SA
..
1,070
25,713
(13.1)
94,862
Russia
Coca-Cola
HBC
AG
........
6,771
224,260
(114.5)
Singapore
DBS
Group
Holdings
Ltd.
....
1,800
47,280
(24.1)
Oversea-Chinese
Banking
Corp.
Ltd.
................
46,400
431,904
(220.4)
Singapore
Technologies
Engineering
Ltd.
........
58,600
162,876
(83.1)
Singapore
Telecommunications
Ltd.
................
12,900
23,391
(12.0)
United
Overseas
Bank
Ltd.
...
6,900
154,206
(78.7)
819,657
Spain
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
16,892
107,849
(55.0)
Banco
Santander
SA
.......
120,267
421,729
(215.2)
Endesa
SA
.............
26,951
603,394
(308.0)
Iberdrola
SA
.............
19,992
148,129
(75.6)
Industria
de
Diseno
Textil
SA
..
8,238
249,854
(127.5)
Repsol
SA
..............
23,467
298,209
(152.2)
Telefonica
SA
............
394
65
0.0
1,829,229
Sweden
Alfa
Laval
AB
............
663
22,397
(11.4)
Assa
Abloy
AB,
Class
B
.....
1,699
46,522
(23.7)
Boliden
AB
..............
4,735
191,732
(97.9)
Electrolux
AB,
Class
B
......
2,229
46,379
(23.7)
Shares
Value
%
of
Basket
Value
Sweden
(continued)
Husqvarna
AB,
Class
B
.....
31,468
$
437,530
(223.3)
%
Industrivarden
AB,
Class
C
...
1,236
38,391
(19.6)
Investor
AB,
Class
B
.......
9,579
207,979
(106.1)
Kinnevik
AB,
Class
B
.......
892
26,661
(13.6)
Lundin
Energy
AB
.........
3,883
157,913
(80.6)
Skanska
AB,
Class
B
.......
10,284
251,782
(128.5)
Swedish
Match
AB
........
15,189
117,522
(60.0)
Telefonaktiebolaget
LM
Ericsson,
Class
B
..............
25,784
321,942
(164.3)
Telia
Co.
AB
.............
15,815
62,333
(31.8)
1,929,083
Switzerland
Adecco
Group
AG
(Registered)
2,427
115,606
(59.0)
Geberit
AG
(Registered)
.....
320
217,418
(111.0)
Givaudan
SA
(Registered)
...
39
161,574
(82.5)
Holcim
Ltd.
.............
458
24,824
(12.7)
Julius
Baer
Group
Ltd.
......
3,079
201,212
(102.7)
Kuehne
+
Nagel
International
AG
(Registered)
...........
33
9,319
(4.7)
Roche
Holding
AG
........
709
274,383
(140.0)
SGS
SA
(Registered)
.......
76
216,719
(110.6)
Straumann
Holding
AG
(Registered)
...........
8
13,257
(6.8)
Swiss
Life
Holding
AG
(Registered)
...........
49
31,537
(16.1)
UBS
Group
AG
(Registered)
..
9,372
173,846
(88.7)
Zurich
Insurance
Group
AG
..
635
303,726
(155.0)
1,743,421
United
Kingdom
3i
Group
plc
.............
22,484
418,738
(213.7)
Ashtead
Group
plc
........
578
41,343
(21.1)
Auto
Trader
Group
plc
......
12,209
110,634
(56.5)
Aviva
plc
...............
36,720
216,795
(110.6)
BAE
Systems
plc
.........
747
5,846
(3.0)
Barratt
Developments
plc
....
31,032
258,094
(131.7)
Berkeley
Group
Holdings
plc
..
1,681
95,935
(49.0)
BP
plc
.................
40,055
207,642
(106.0)
Burberry
Group
plc
........
8,346
211,729
(108.1)
CNH
Industrial
NV
.........
3,894
59,353
(30.3)
Croda
International
plc
......
1,421
153,465
(78.3)
DCC
plc
...............
2,358
198,269
(101.2)
Diageo
plc
..............
4,755
239,944
(122.5)
Entain
plc
..............
1,677
36,306
(18.5)
InterContinental
Hotels
Group
plc
.................
2,520
166,505
(85.0)
Intertek
Group
plc
.........
3,705
268,874
(137.2)
Kingfisher
plc
............
24,457
109,674
(56.0)
Legal
&
General
Group
plc
...
54,644
213,656
(109.0)
M&G
plc
...............
29,131
85,258
(43.5)
Persimmon
plc
...........
7,994
260,441
(132.9)
RELX
plc
...............
4,659
143,313
(73.1)
Sage
Group
plc
(The)
......
4,842
47,316
(24.1)
Schroders
plc
............
3,356
153,875
(78.5)
Severn
Trent
plc
..........
2,435
94,537
(48.2)
Spirax-Sarco
Engineering
plc
.
187
33,708
(17.2)
Taylor
Wimpey
plc
.........
10,142
20,807
(10.6)
Tesco
plc
...............
49,615
199,287
(101.7)
United
Utilities
Group
plc
....
31,291
451,401
(230.4)
Whitbread
plc
............
1,654
68,058
(34.7)
WPP
plc
...............
33,458
524,639
(267.8)
5,095,442
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
28
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
3M
Co.
................
538
$
89,319
(45.6)
%
ABIOMED,
Inc.
...........
815
241,134
(123.1)
Advanced
Micro
Devices,
Inc.
.
2,335
266,774
(136.1)
AES
Corp.
(The)
..........
1,262
27,991
(14.3)
Agilent
Technologies,
Inc.
....
496
69,103
(35.3)
Allegion
plc
.............
160
19,637
(10.0)
Alliant
Energy
Corp.
.......
3,006
179,939
(91.8)
Ally
Financial,
Inc.
.........
3,808
181,718
(92.7)
AMERCO
..............
91
55,414
(28.3)
American
Water
Works
Co.,
Inc.
306
49,205
(25.1)
Ameriprise
Financial,
Inc.
....
176
53,559
(27.3)
AmerisourceBergen
Corp.
...
133
18,115
(9.2)
ANSYS,
Inc.
.............
292
99,283
(50.7)
Apple,
Inc.
..............
1,426
249,236
(127.2)
Applied
Materials,
Inc.
......
608
84,013
(42.9)
Archer-Daniels-Midland
Co.
..
1,610
120,750
(61.6)
Arista
Networks,
Inc.
.......
1,289
160,236
(81.8)
Asana,
Inc.,
Class
A
.......
628
32,957
(16.8)
Autodesk,
Inc.
...........
622
155,369
(79.3)
Automatic
Data
Processing,
Inc.
138
28,451
(14.5)
Avery
Dennison
Corp.
......
823
169,061
(86.3)
Baker
Hughes
Co.
.........
5,400
148,176
(75.6)
Biogen,
Inc.
.............
378
85,428
(43.6)
Booz
Allen
Hamilton
Holding
Corp.
...............
293
22,482
(11.5)
Broadridge
Financial
Solutions,
Inc.
.................
239
38,054
(19.4)
Bunge
Ltd.
..............
1,311
129,605
(66.1)
Cadence
Design
Systems,
Inc.
3,061
465,701
(237.7)
Capital
One
Financial
Corp.
..
637
93,467
(47.7)
Cardinal
Health,
Inc.
.......
3,524
181,733
(92.7)
Carlyle
Group,
Inc.
(The)
....
415
21,186
(10.8)
CBRE
Group,
Inc.,
Class
A
...
1,615
163,664
(83.5)
CDW
Corp.
.............
150
28,358
(14.5)
CH
Robinson
Worldwide,
Inc.
.
1,790
187,324
(95.6)
Cigna
Corp.
.............
602
138,737
(70.8)
Cintas
Corp.
.............
199
77,914
(39.8)
Coca-Cola
Co.
(The)
.......
1,885
115,004
(58.7)
Cognex
Corp.
............
1,936
128,667
(65.7)
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
1,024
87,470
(44.6)
Colgate-Palmolive
Co.
......
1,252
103,227
(52.7)
ConocoPhillips
...........
2,515
222,879
(113.7)
Consolidated
Edison,
Inc.
....
458
39,594
(20.2)
Copart,
Inc.
.............
1,079
139,461
(71.2)
Corteva,
Inc.
............
1,572
75,582
(38.6)
CSX
Corp.
..............
10,449
357,565
(182.5)
Cummins,
Inc.
...........
170
37,550
(19.2)
CVS
Health
Corp.
.........
240
25,562
(13.0)
Darden
Restaurants,
Inc.
....
409
57,207
(29.2)
Devon
Energy
Corp.
.......
1,846
93,352
(47.6)
Dexcom,
Inc.
............
106
45,631
(23.3)
DocuSign,
Inc.
...........
496
62,382
(31.8)
Domino's
Pizza,
Inc.
.......
189
85,929
(43.9)
Dover
Corp.
.............
524
89,033
(45.4)
Dropbox,
Inc.,
Class
A
......
21,689
536,803
(274.0)
DTE
Energy
Co.
..........
2,580
310,709
(158.6)
Duke
Energy
Corp.
........
1,339
140,675
(71.8)
eBay,
Inc.
..............
1,920
115,334
(58.9)
Ecolab,
Inc.
.............
629
119,164
(60.8)
Edwards
Lifesciences
Corp.
..
945
103,194
(52.7)
Electronic
Arts,
Inc.
........
444
58,901
(30.1)
Eli
Lilly
&
Co.
............
470
115,333
(58.9)
Emerson
Electric
Co.
.......
757
69,606
(35.5)
Entergy
Corp.
............
737
82,374
(42.0)
Shares
Value
%
of
Basket
Value
United
States
(continued)
EOG
Resources,
Inc.
.......
857
$
95,538
(48.8)
%
EPAM
Systems,
Inc.
.......
138
65,707
(33.5)
Equifax,
Inc.
.............
1,600
383,616
(195.8)
Equitable
Holdings,
Inc.
.....
4,024
135,367
(69.1)
Eversource
Energy
........
700
62,643
(32.0)
Exelon
Corp.
............
2,991
173,328
(88.5)
Expedia
Group,
Inc.
........
289
52,971
(27.0)
Expeditors
International
of
Washington,
Inc.
........
524
59,988
(30.6)
FactSet
Research
Systems,
Inc.
391
164,959
(84.2)
Ferguson
plc
............
2,594
408,012
(208.2)
First
Republic
Bank
........
867
150,503
(76.8)
Fortive
Corp.
............
2,471
174,304
(89.0)
Fortune
Brands
Home
&
Security,
Inc.
.................
1,008
94,923
(48.4)
Franklin
Resources,
Inc.
.....
1,744
55,756
(28.5)
Garmin
Ltd.
.............
1,878
233,661
(119.3)
Genuine
Parts
Co.
........
2,525
336,406
(171.7)
Gilead
Sciences,
Inc.
.......
8,237
565,717
(288.7)
GoDaddy,
Inc.,
Class
A
.....
2,219
168,000
(85.7)
Halliburton
Co.
...........
3,599
110,633
(56.5)
Hartford
Financial
Services
Group,
Inc.
(The)
.......
1,436
103,205
(52.7)
HCA
Healthcare,
Inc.
.......
569
136,588
(69.7)
Hershey
Co.
(The)
........
1,791
352,952
(180.1)
Hewlett
Packard
Enterprise
Co.
2,935
47,929
(24.5)
Hologic,
Inc.
.............
3,024
212,406
(108.4)
Home
Depot,
Inc.
(The)
.....
177
64,955
(33.2)
IDEX
Corp.
.............
224
48,259
(24.6)
IDEXX
Laboratories,
Inc.
....
614
311,482
(159.0)
Illinois
Tool
Works,
Inc.
......
1,054
246,552
(125.8)
Illumina,
Inc.
............
17
5,930
(3.0)
Incyte
Corp.
.............
1,776
132,010
(67.4)
Intel
Corp.
..............
3,230
157,689
(80.5)
Interpublic
Group
of
Cos.,
Inc.
(The)
...............
3,646
129,579
(66.1)
Intuit,
Inc.
..............
148
82,174
(41.9)
Invesco
Ltd.
.............
3,603
81,644
(41.7)
James
Hardie
Industries
plc,
CDI
................
8,881
298,892
(152.5)
Jazz
Pharmaceuticals
plc
....
564
78,345
(40.0)
JB
Hunt
Transport
Services,
Inc.
1,065
205,055
(104.7)
Johnson
Controls
International
plc
.................
1,363
99,049
(50.6)
Juniper
Networks,
Inc.
......
7,029
244,750
(124.9)
KeyCorp
...............
6,977
174,844
(89.2)
Keysight
Technologies,
Inc.
...
1,950
329,199
(168.0)
KLA
Corp.
..............
923
359,296
(183.4)
Knight-Swift
Transportation
Holdings,
Inc.
..........
1,048
59,296
(30.3)
Kroger
Co.
(The)
..........
681
29,685
(15.1)
Laboratory
Corp.
of
America
Holdings
.............
360
97,690
(49.9)
Lam
Research
Corp.
.......
14
8,259
(4.2)
Lennox
International,
Inc.
....
659
186,906
(95.4)
LKQ
Corp.
..............
5,121
281,092
(143.5)
Lowe's
Cos.,
Inc.
.........
126
29,906
(15.3)
Lyft,
Inc.,
Class
A
.........
2,671
102,887
(52.5)
LyondellBasell
Industries
NV,
Class
A
..............
687
66,454
(33.9)
Marathon
Petroleum
Corp.
...
1,314
94,280
(48.1)
Markel
Corp.
............
60
73,964
(37.7)
Marsh
&
McLennan
Cos.,
Inc.
.
368
56,540
(28.9)
Masimo
Corp.
............
622
136,759
(69.8)
McDonald's
Corp.
.........
992
257,374
(131.4)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
29
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
McKesson
Corp.
..........
340
$
87,285
(44.5)
%
Merck
&
Co.,
Inc.
.........
849
69,177
(35.3)
MetLife,
Inc.
.............
850
57,001
(29.1)
Mettler-Toledo
International,
Inc.
99
145,795
(74.4)
Micron
Technology,
Inc.
.....
2,144
176,387
(90.0)
Microsoft
Corp.
...........
1,586
493,214
(251.7)
Molina
Healthcare,
Inc.
.....
267
77,558
(39.6)
Molson
Coors
Beverage
Co.,
Class
B
..............
20
953
(0.5)
Mondelez
International,
Inc.,
Class
A
..............
895
59,992
(30.6)
Monolithic
Power
Systems,
Inc.
166
66,886
(34.1)
Moody's
Corp.
...........
74
25,382
(13.0)
Mosaic
Co.
(The)
.........
1,967
78,582
(40.1)
Motorola
Solutions,
Inc.
.....
151
35,023
(17.9)
MSCI,
Inc.
..............
140
75,057
(38.3)
NetApp,
Inc.
.............
3,546
306,764
(156.6)
News
Corp.,
Class
A
.......
805
17,903
(9.1)
Nordson
Corp.
...........
494
114,875
(58.6)
Norfolk
Southern
Corp.
.....
227
61,742
(31.5)
Northern
Trust
Corp.
.......
1,480
172,627
(88.1)
NortonLifeLock,
Inc.
.......
1,413
36,752
(18.8)
NVIDIA
Corp.
............
1,622
397,163
(202.7)
NVR,
Inc.
...............
4
21,309
(10.9)
Old
Dominion
Freight
Line,
Inc.
626
189,008
(96.5)
ONEOK,
Inc.
............
2,719
164,989
(84.2)
O'Reilly
Automotive,
Inc.
....
59
38,453
(19.6)
Otis
Worldwide
Corp.
.......
5,071
433,216
(221.1)
Owens
Corning
...........
828
73,444
(37.5)
Palo
Alto
Networks,
Inc.
.....
58
30,009
(15.3)
Pentair
plc
..............
406
25,862
(13.2)
PepsiCo,
Inc.
............
2,647
459,307
(234.4)
Philip
Morris
International,
Inc.
830
85,366
(43.6)
Pinterest,
Inc.,
Class
A
......
1,493
44,133
(22.5)
Pool
Corp.
..............
154
73,343
(37.4)
Procter
&
Gamble
Co.
(The)
..
404
64,822
(33.1)
Prudential
Financial,
Inc.
....
1,072
119,603
(61.0)
PulteGroup,
Inc.
..........
870
45,840
(23.4)
QUALCOMM,
Inc.
.........
1,625
285,610
(145.8)
Raymond
James
Financial,
Inc.
1,663
176,062
(89.9)
Regions
Financial
Corp.
.....
8,040
184,438
(94.1)
Rivian
Automotive,
Inc.,
Class
A
672
44,177
(22.5)
Robert
Half
International,
Inc.
.
1,660
188,012
(96.0)
Rockwell
Automation,
Inc.
....
172
49,746
(25.4)
Roku,
Inc.
..............
394
64,636
(33.0)
Ross
Stores,
Inc.
.........
555
54,251
(27.7)
Schlumberger
NV
.........
4,910
191,834
(97.9)
Seagate
Technology
Holdings
plc
.................
1,203
128,901
(65.8)
Sealed
Air
Corp.
..........
3,337
226,649
(115.7)
Sempra
Energy
..........
859
118,679
(60.6)
ServiceNow,
Inc.
..........
391
229,040
(116.9)
Skyworks
Solutions,
Inc.
....
373
54,652
(27.9)
Splunk,
Inc.
.............
1,062
131,603
(67.2)
State
Street
Corp.
.........
485
45,833
(23.4)
Steel
Dynamics,
Inc.
.......
522
28,981
(14.8)
Stellantis
NV
............
7,052
136,166
(69.5)
SVB
Financial
Group
.......
46
26,859
(13.7)
Swiss
Re
AG
............
246
26,804
(13.7)
Synchrony
Financial
.......
456
19,421
(9.9)
Synopsys,
Inc.
...........
2,599
806,990
(411.9)
Target
Corp.
.............
123
27,113
(13.8)
Teradyne,
Inc.
...........
1,072
125,885
(64.2)
Tractor
Supply
Co.
........
971
211,979
(108.2)
Trane
Technologies
plc
.....
751
129,998
(66.3)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Travelers
Cos.,
Inc.
(The)
....
1,058
$
175,818
(89.7)
%
Trimble,
Inc.
.............
4,338
313,030
(159.8)
UGI
Corp.
..............
11,735
532,182
(271.6)
Ulta
Beauty,
Inc.
..........
159
57,835
(29.5)
United
Rentals,
Inc.
........
28
8,963
(4.6)
Vail
Resorts,
Inc.
..........
374
103,635
(52.9)
Veeva
Systems,
Inc.,
Class
A
.
291
68,833
(35.1)
VeriSign,
Inc.
............
462
100,337
(51.2)
Verizon
Communications,
Inc.
.
2,892
153,941
(78.6)
Vertex
Pharmaceuticals,
Inc.
..
165
40,103
(20.5)
VMware,
Inc.,
Class
A
......
617
79,272
(40.5)
Walgreens
Boots
Alliance,
Inc.
1,149
57,174
(29.2)
Walmart,
Inc.
............
1,609
224,954
(114.8)
Waters
Corp.
............
597
191,112
(97.5)
West
Pharmaceutical
Services,
Inc.
.................
854
335,810
(171.4)
Whirlpool
Corp.
...........
116
24,382
(12.4)
Workday,
Inc.,
Class
A
......
1,231
311,455
(159.0)
Xcel
Energy,
Inc.
..........
3,314
230,853
(117.8)
Yum!
Brands,
Inc.
.........
1,761
220,424
(112.5)
Zebra
Technologies
Corp.,
Class
A
..................
92
46,839
(23.9)
27,843,282
Total
Reference
Entity
—
Long
............
69,328,668
Reference
Entity
—
Short
Argentina
MercadoLibre,
Inc.
........
(113)
(127,923)
65.3
Australia
Afterpay
Ltd.
............
(3,851)
(173,384)
88.5
Ampol
Ltd.
..............
(2,231)
(47,259)
24.1
APA
Group
..............
(18,139)
(123,016)
62.8
BHP
Group
Ltd.
..........
(1,435)
(46,021)
23.5
Commonwealth
Bank
of
Australia
.............
(1,377)
(91,832)
46.9
Computershare
Ltd.
........
(3,282)
(45,494)
23.2
Crown
Resorts
Ltd.
........
(22,765)
(196,146)
100.1
CSL
Ltd.
...............
(467)
(86,508)
44.2
Evolution
Mining
Ltd.
.......
(19,927)
(50,065)
25.6
Glencore
plc
............
(9,007)
(46,923)
23.9
Insurance
Australia
Group
Ltd.
(78,271)
(236,095)
120.5
Lendlease
Corp.
Ltd.
.......
(3,164)
(22,390)
11.4
Macquarie
Group
Ltd.
......
(321)
(41,958)
21.4
Medibank
Pvt
Ltd.
.........
(51,179)
(112,147)
57.2
National
Australia
Bank
Ltd.
..
(3,607)
(69,599)
35.5
Northern
Star
Resources
Ltd.
.
(7,708)
(45,939)
23.4
Orica
Ltd.
..............
(27,675)
(274,191)
139.9
Reece
Ltd.
..............
(3,699)
(57,107)
29.1
Santos
Ltd.
.............
(70,075)
(356,944)
182.2
Transurban
Group
.........
(82,786)
(731,350)
373.3
Treasury
Wine
Estates
Ltd.
...
(9,426)
(70,848)
36.2
Westpac
Banking
Corp.
.....
(20,569)
(296,665)
151.4
Woodside
Petroleum
Ltd.
....
(17,175)
(306,900)
156.6
Woolworths
Group
Ltd.
.....
(4,021)
(98,090)
50.1
(3,626,871)
Austria
Erste
Group
Bank
AG
......
(2,182)
(101,988)
52.1
Verbund
AG
.............
(1,325)
(140,331)
71.6
(242,319)
Belgium
Anheuser-Busch
InBev
SA
...
(6,196)
(390,603)
199.3
Elia
Group
SA/NV
.........
(4,701)
(634,375)
323.8
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
30
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Belgium
(continued)
Etablissements
Franz
Colruyt
NV
.................
(2,369)
$
(96,228)
49.1
%
Sofina
SA
..............
(363)
(144,528)
73.8
(1,265,734)
Brazil
Yara
International
ASA
......
(1,015)
(52,118)
26.6
Canada
Air
Canada
.............
(1,546)
(27,803)
14.2
Algonquin
Power
&
Utilities
Corp.
...............
(10,188)
(145,468)
74.2
Ballard
Power
Systems,
Inc.
..
(3,597)
(37,522)
19.1
Barrick
Gold
Corp.
........
(14,329)
(274,259)
140.0
BCE,
Inc.
...............
(9,164)
(478,692)
244.3
BlackBerry
Ltd.
...........
(2,725)
(22,423)
11.4
Brookfield
Asset
Management,
Inc.,
Class
A
...........
(559)
(30,783)
15.7
CAE,
Inc.
...............
(1,323)
(33,409)
17.1
Cameco
Corp.
...........
(1,458)
(28,342)
14.5
Canadian
Pacific
Railway
Ltd.
.
(1,553)
(111,104)
56.7
Emera,
Inc.
.............
(546)
(25,871)
13.2
Enbridge,
Inc.
............
(6,893)
(291,413)
148.7
Fairfax
Financial
Holdings
Ltd.
(145)
(70,016)
35.7
Fortis,
Inc.
..............
(4,770)
(226,576)
115.6
GFL
Environmental,
Inc.
.....
(6,582)
(216,233)
110.4
Imperial
Oil
Ltd.
..........
(800)
(32,733)
16.7
Lightspeed
Commerce,
Inc.
..
(2,399)
(77,869)
39.7
Northland
Power,
Inc.
......
(2,826)
(81,835)
41.8
Pan
American
Silver
Corp.
...
(2,771)
(59,970)
30.6
Pembina
Pipeline
Corp.
.....
(4,569)
(145,069)
74.0
Restaurant
Brands
International,
Inc.
.................
(1,861)
(104,092)
53.1
Rogers
Communications,
Inc.,
Class
B
..............
(4,158)
(210,885)
107.6
Shaw
Communications,
Inc.,
Class
B
..............
(1,284)
(38,273)
19.5
Shopify,
Inc.,
Class
A
.......
(233)
(224,898)
114.8
TC
Energy
Corp.
..........
(3,767)
(194,521)
99.3
Toronto-Dominion
Bank
(The)
.
(415)
(33,239)
17.0
West
Fraser
Timber
Co.
Ltd.
..
(727)
(67,293)
34.3
WSP
Global,
Inc.
.........
(378)
(50,404)
25.7
(3,340,995)
Chile
Antofagasta
plc
...........
(10,703)
(194,702)
99.4
China
Futu
Holdings
Ltd.,
ADR
.....
(228)
(9,861)
5.0
Prosus
NV
..............
(4,741)
(394,432)
201.3
(404,293)
Denmark
Ambu
A/S,
Class
B
........
(7,235)
(153,302)
78.2
Chr
Hansen
Holding
A/S
....
(5,187)
(415,974)
212.3
Danske
Bank
A/S
.........
(4)
(78)
(0.0)
Demant
A/S
.............
(448)
(19,821)
10.1
GN
Store
Nord
A/S
........
(1,172)
(70,922)
36.2
Orsted
A/S
..............
(1,167)
(124,338)
63.5
ROCKWOOL
International
A/S,
Class
B
..............
(415)
(158,949)
81.1
Tryg
A/S
...............
(25,405)
(601,993)
307.2
Vestas
Wind
Systems
A/S
...
(15,798)
(427,500)
218.2
(1,972,877)
Shares
Value
%
of
Basket
Value
Finland
Fortum
OYJ
.............
(9,416)
$
(256,301)
130.8
%
Kone
OYJ,
Class
B
........
(1,443)
(93,455)
47.7
Sampo
OYJ,
Class
A
.......
(1,502)
(74,549)
38.1
Wartsila
OYJ
Abp
.........
(15,296)
(188,851)
96.4
(613,156)
France
Adevinta
ASA
............
(9,836)
(103,193)
52.7
Germany
adidas
AG
..............
(594)
(163,004)
83.2
BASF
SE
...............
(699)
(53,536)
27.3
Bayerische
Motoren
Werke
AG
(Preference)
..........
(434)
(37,561)
19.2
Bechtle
AG
.............
(487)
(29,241)
14.9
Carl
Zeiss
Meditec
AG
......
(252)
(40,527)
20.7
Commerzbank
AG
.........
(26,000)
(224,518)
114.6
Continental
AG
...........
(2,480)
(240,436)
122.7
Daimler
AG
(Registered)
....
(1,543)
(123,122)
62.8
Deutsche
Lufthansa
AG
(Registered)
...........
(21,796)
(169,482)
86.5
Deutsche
Telekom
AG
(Registered)
...........
(19,425)
(366,724)
187.2
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(2,310)
(157,065)
80.2
FUCHS
PETROLUB
SE
(Preference)
..........
(1,202)
(51,945)
26.5
HelloFresh
SE
...........
(319)
(21,239)
10.8
Infineon
Technologies
AG
....
(3,425)
(142,233)
72.6
KION
Group
AG
..........
(1,708)
(157,910)
80.6
Knorr-Bremse
AG
.........
(3,245)
(329,009)
167.9
Merck
KGaA
............
(662)
(145,175)
74.1
MTU
Aero
Engines
AG
......
(501)
(106,607)
54.4
Porsche
Automobil
Holding
SE
(Preference)
..........
(2,510)
(235,059)
120.0
Puma
SE
...............
(1,044)
(111,658)
57.0
Rational
AG
.............
(83)
(69,580)
35.5
RWE
AG
...............
(624)
(26,322)
13.4
Sartorius
AG
(Preference)
...
(357)
(192,736)
98.4
Scout24
SE
.............
(1,822)
(108,854)
55.5
Siemens
Energy
AG
.......
(11,636)
(261,727)
133.6
Siemens
Healthineers
AG
....
(6,324)
(406,395)
207.4
Telefonica
Deutschland
Holding
AG
.................
(16,684)
(47,896)
24.4
Uniper
SE
..............
(3,813)
(172,537)
88.1
Zalando
SE
.............
(3,221)
(255,644)
130.5
(4,447,742)
Hong
Kong
Melco
Resorts
&
Entertainment
Ltd.,
ADR
............
(4,589)
(48,460)
24.7
Ireland
Flutter
Entertainment
plc
....
(370)
(56,293)
28.7
Kerry
Group
plc,
Class
A
....
(1,008)
(127,005)
64.8
Kingspan
Group
plc
........
(602)
(57,947)
29.6
Smurfit
Kappa
Group
plc
....
(616)
(32,467)
16.6
(273,712)
Israel
Teva
Pharmaceutical
Industries
Ltd.,
ADR
............
(33,379)
(281,385)
143.6
Wix.com
Ltd.
............
(458)
(60,167)
30.7
(341,552)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
31
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Italy
Amplifon
SpA
............
(1,420)
$
(60,359)
30.8
%
Atlantia
SpA
.............
(5,371)
(99,660)
50.9
Davide
Campari-Milano
NV
..
(7,590)
(95,295)
48.6
Ferrari
NV
..............
(200)
(46,095)
23.5
FinecoBank
Banca
Fineco
SpA
(2,423)
(40,736)
20.8
Infrastrutture
Wireless
Italiane
SpA
................
(46,878)
(505,457)
258.0
Iveco
Group
NV
..........
(1)
(11)
(0.0)
Mediobanca
Banca
di
Credito
Finanziario
SpA
........
(7,813)
(89,511)
45.7
Nexi
SpA
...............
(15,278)
(223,478)
114.0
Recordati
Industria
Chimica
e
Farmaceutica
SpA
......
(703)
(39,382)
20.1
(1,199,984)
Japan
Bandai
Namco
Holdings,
Inc.
.
(2,900)
(203,836)
104.0
Canon,
Inc.
.............
(1,000)
(23,651)
12.1
Central
Japan
Railway
Co.
...
(2,900)
(380,511)
194.2
Daifuku
Co.
Ltd.
..........
(2,100)
(145,792)
74.4
Daiichi
Sankyo
Co.
Ltd.
.....
(800)
(17,976)
9.2
Daikin
Industries
Ltd.
.......
(100)
(20,994)
10.7
East
Japan
Railway
Co.
.....
(2,400)
(137,047)
69.9
FANUC
Corp.
............
(500)
(98,874)
50.5
GMO
Payment
Gateway,
Inc.
.
(500)
(43,876)
22.4
Hitachi
Metals
Ltd.
........
(4,100)
(73,934)
37.7
Hulic
Co.
Ltd.
............
(2,400)
(23,198)
11.8
Inpex
Corp.
.............
(9,600)
(97,051)
49.5
Japan
Airlines
Co.
Ltd.
......
(4,200)
(79,496)
40.6
Japan
Post
Bank
Co.
Ltd.
....
(25,100)
(246,928)
126.0
JFE
Holdings,
Inc.
.........
(2,100)
(26,978)
13.8
Kansai
Electric
Power
Co.,
Inc.
(The)
...............
(12,600)
(118,933)
60.7
Keio
Corp.
..............
(400)
(17,992)
9.2
Keyence
Corp.
...........
(300)
(153,877)
78.5
Kintetsu
Group
Holdings
Co.
Ltd.
................
(500)
(14,528)
7.4
Kirin
Holdings
Co.
Ltd.
......
(2,000)
(32,056)
16.4
Koito
Manufacturing
Co.
Ltd.
..
(2,000)
(100,421)
51.2
Konami
Holdings
Corp.
.....
(500)
(26,955)
13.8
Kose
Corp.
.............
(1,700)
(155,430)
79.3
Kubota
Corp.
............
(13,200)
(283,081)
144.5
Kyowa
Kirin
Co.
Ltd.
.......
(2,900)
(72,282)
36.9
Lion
Corp.
..............
(1,900)
(24,825)
12.7
M3,
Inc.
................
(2,600)
(99,961)
51.0
McDonald's
Holdings
Co.
Japan
Ltd.
................
(700)
(30,569)
15.6
Mercari,
Inc.
.............
(2,500)
(94,414)
48.2
Mitsubishi
Corp.
..........
(5,700)
(193,529)
98.8
Mitsui
&
Co.
Ltd.
..........
(3,200)
(79,793)
40.7
MonotaRO
Co.
Ltd.
........
(7,900)
(129,803)
66.2
Nexon
Co.
Ltd.
...........
(8,100)
(152,698)
77.9
Nidec
Corp.
.............
(1,500)
(132,945)
67.8
Nihon
M&A
Center
Holdings,
Inc.
.................
(1,200)
(18,892)
9.6
Nintendo
Co.
Ltd.
.........
(200)
(98,008)
50.0
Nippon
Paint
Holdings
Co.
Ltd.
(6,300)
(50,384)
25.7
Nippon
Sanso
Holdings
Corp.
.
(3,500)
(69,506)
35.5
Nissan
Motor
Co.
Ltd.
......
(11,200)
(59,277)
30.3
Nomura
Research
Institute
Ltd.
(1,800)
(63,011)
32.2
NTT
Data
Corp.
..........
(4,400)
(84,351)
43.0
Obayashi
Corp.
..........
(6,500)
(52,664)
26.9
Obic
Co.
Ltd.
............
(1,200)
(198,266)
101.2
Odakyu
Electric
Railway
Co.
Ltd.
(5,400)
(95,422)
48.7
Oji
Holdings
Corp.
.........
(9,600)
(51,102)
26.1
Shares
Value
%
of
Basket
Value
Japan
(continued)
Open
House
Group
Co.
Ltd.
..
(500)
$
(25,887)
13.2
%
Oracle
Corp.
Japan
........
(300)
(22,437)
11.4
Oriental
Land
Co.
Ltd.
......
(1,400)
(243,717)
124.4
Otsuka
Corp.
............
(11,900)
(482,864)
246.4
Pan
Pacific
International
Holdings
Corp.
.........
(5,000)
(67,294)
34.3
Pola
Orbis
Holdings,
Inc.
....
(7,300)
(108,802)
55.5
Rakuten
Group,
Inc.
.......
(10,000)
(86,754)
44.3
Ryohin
Keikaku
Co.
Ltd.
.....
(1,300)
(18,667)
9.5
SBI
Holdings,
Inc.
.........
(1,100)
(28,375)
14.5
Sharp
Corp.
.............
(4,900)
(54,469)
27.8
Shimano,
Inc.
............
(100)
(22,424)
11.4
Shimizu
Corp.
...........
(16,300)
(108,532)
55.4
Shin-Etsu
Chemical
Co.
Ltd.
..
(200)
(33,462)
17.1
Shionogi
&
Co.
Ltd.
........
(1,500)
(85,489)
43.6
Shiseido
Co.
Ltd.
.........
(3,300)
(166,465)
85.0
SMC
Corp.
..............
(400)
(223,105)
113.9
SoftBank
Corp.
...........
(21,100)
(264,507)
135.0
SoftBank
Group
Corp.
......
(3,000)
(132,899)
67.8
Sony
Group
Corp.
.........
(800)
(89,495)
45.7
Square
Enix
Holdings
Co.
Ltd.
.
(1,400)
(68,653)
35.0
SUMCO
Corp.
...........
(3,200)
(58,995)
30.1
Sumitomo
Corp.
..........
(11,700)
(180,828)
92.3
Sumitomo
Electric
Industries
Ltd.
................
(13,500)
(178,990)
91.3
Sumitomo
Metal
Mining
Co.
Ltd.
(1,400)
(64,666)
33.0
Sumitomo
Realty
&
Development
Co.
Ltd.
..............
(1,400)
(43,316)
22.1
Taisho
Pharmaceutical
Holdings
Co.
Ltd.
..............
(500)
(24,556)
12.5
Takeda
Pharmaceutical
Co.
Ltd.
(9,800)
(284,035)
145.0
Tobu
Railway
Co.
Ltd.
......
(900)
(21,081)
10.8
Tokio
Marine
Holdings,
Inc.
...
(3,400)
(202,891)
103.5
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(37,900)
(100,975)
51.5
Tokyu
Corp.
.............
(1,400)
(18,603)
9.5
Toyota
Industries
Corp.
.....
(900)
(70,208)
35.8
Toyota
Motor
Corp.
........
(8,500)
(167,987)
85.7
Unicharm
Corp.
..........
(400)
(15,457)
7.9
Welcia
Holdings
Co.
Ltd.
....
(2,500)
(67,520)
34.5
West
Japan
Railway
Co.
....
(4,500)
(188,567)
96.2
Yaskawa
Electric
Corp.
.....
(2,900)
(121,424)
62.0
Z
Holdings
Corp.
..........
(41,400)
(210,257)
107.3
(8,729,770)
Jordan
Hikma
Pharmaceuticals
plc
...
(2,562)
(71,975)
36.7
Luxembourg
ArcelorMittal
SA
..........
(9,711)
(288,456)
147.2
Netherlands
ABN
AMRO
Bank
NV,
CVA
...
(13,526)
(217,080)
110.8
Adyen
NV
..............
(25)
(50,872)
26.0
Akzo
Nobel
NV
...........
(1,215)
(125,762)
64.2
Argenx
SE
..............
(207)
(55,392)
28.3
ASM
International
NV
......
(445)
(152,893)
78.0
Heineken
NV
............
(2,467)
(264,577)
135.0
JDE
Peet's
NV
...........
(5,643)
(168,975)
86.2
Universal
Music
Group
NV
...
(5,456)
(134,704)
68.7
(1,170,255)
New
Zealand
Auckland
International
Airport
Ltd.
................
(69,426)
(329,558)
168.2
Ryman
Healthcare
Ltd.
.....
(19,966)
(130,554)
66.6
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
32
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
New
Zealand
(continued)
Xero
Ltd.
...............
(722)
$
(58,486)
29.9
%
(518,598)
Norway
Aker
BP
ASA
............
(770)
(26,680)
13.6
Gjensidige
Forsikring
ASA
...
(4,792)
(117,051)
59.7
Mowi
ASA
..............
(7,608)
(186,730)
95.3
Schibsted
ASA,
Class
A
.....
(2,032)
(60,197)
30.7
(390,658)
Saudi
Arabia
Delivery
Hero
SE
.........
(3,316)
(255,962)
130.6
Singapore
Keppel
Corp.
Ltd.
.........
(7,900)
(33,308)
17.0
Singapore
Exchange
Ltd.
....
(3,500)
(24,226)
12.4
UOL
Group
Ltd.
..........
(33,300)
(180,585)
92.1
Venture
Corp.
Ltd.
.........
(38,300)
(501,797)
256.1
(739,916)
Spain
ACS
Actividades
de
Construccion
y
Servicios
SA
.........
(3,554)
(45,753)
23.3
Aena
SME
SA
...........
(3,623)
(585,414)
298.8
Amadeus
IT
Group
SA
......
(2,530)
(173,963)
88.8
CaixaBank
SA
...........
(53,206)
(171,184)
87.4
Cellnex
Telecom
SA
.......
(7,246)
(328,574)
167.7
EDP
Renovaveis
SA
.......
(2,076)
(43,641)
22.3
Ferrovial
SA
.............
(26,090)
(725,003)
370.0
Grifols
SA
..............
(25,566)
(450,839)
230.1
Naturgy
Energy
Group
SA
...
(4,409)
(139,599)
71.2
Siemens
Gamesa
Renewable
Energy
SA
............
(8,533)
(184,636)
94.2
Telefonica
SA
............
(11,716)
(54,615)
27.8
(2,903,221)
Sweden
Epiroc
AB,
Class
A
........
(1,313)
(28,018)
14.3
Essity
AB,
Class
B
........
(5,686)
(160,291)
81.8
Evolution
AB
............
(646)
(80,374)
41.0
Fastighets
AB
Balder,
Class
B
.
(1,562)
(103,481)
52.8
Getinge
AB,
Class
B
.......
(1,397)
(54,617)
27.9
H
&
M
Hennes
&
Mauritz
AB,
Class
B
..............
(1,521)
(30,284)
15.5
Hexagon
AB,
Class
B
......
(30,778)
(415,136)
211.9
Investment
AB
Latour,
Class
B
(7,293)
(226,914)
115.8
L
E
Lundbergforetagen
AB,
Class
B
..................
(3,789)
(193,605)
98.8
Nibe
Industrier
AB,
Class
B
...
(8,650)
(82,214)
42.0
Sandvik
AB
.............
(1,953)
(51,431)
26.2
Securitas
AB,
Class
B
......
(2,019)
(24,386)
12.4
Sinch
AB
...............
(12,564)
(129,170)
65.9
Svenska
Cellulosa
AB
SCA,
Class
B
..............
(36,439)
(634,536)
323.8
Svenska
Handelsbanken
AB,
Class
A
..............
(4,993)
(53,213)
27.2
Tele2
AB,
Class
B
.........
(2,592)
(37,714)
19.2
(2,305,384)
Switzerland
ABB
Ltd.
(Registered)
......
(14,300)
(495,807)
253.0
Alcon,
Inc.
..............
(1,175)
(90,603)
46.2
Bachem
Holding
AG
(Registered),
Class
B
....
(38)
(22,667)
11.6
Barry
Callebaut
AG
(Registered)
(63)
(144,625)
73.8
Clariant
AG
(Registered)
....
(3,621)
(76,747)
39.2
Shares
Value
%
of
Basket
Value
Switzerland
(continued)
Credit
Suisse
Group
AG
(Registered)
...........
(14,454)
$
(137,391)
70.1
%
EMS-Chemie
Holding
AG
(Registered)
...........
(228)
(230,618)
117.7
Logitech
International
SA
(Registered)
...........
(955)
(80,248)
41.0
Lonza
Group
AG
(Registered)
.
(192)
(132,373)
67.6
Sika
AG
(Registered)
.......
(298)
(104,262)
53.2
Sonova
Holding
AG
(Registered)
(203)
(72,317)
36.9
VAT
Group
AG
...........
(231)
(94,204)
48.1
(1,681,862)
Taiwan
Sea
Ltd.,
ADR
...........
(1,563)
(234,935)
119.9
United
Kingdom
abrdn
plc
...............
(16,316)
(53,360)
27.2
Admiral
Group
plc
.........
(1,847)
(78,536)
40.1
AstraZeneca
plc
..........
(1,050)
(122,144)
62.3
AVEVA
Group
plc
.........
(8,851)
(351,224)
179.3
Barclays
plc
.............
(27,339)
(73,346)
37.4
BT
Group
plc
............
(85,211)
(225,696)
115.2
Halma
plc
..............
(2,918)
(98,902)
50.5
Hargreaves
Lansdown
plc
...
(21,980)
(399,063)
203.7
HSBC
Holdings
plc
........
(24,148)
(171,870)
87.7
Informa
plc
..............
(4,994)
(37,777)
19.3
Just
Eat
Takeaway.com
NV
...
(6,940)
(342,703)
174.9
Liberty
Global
plc,
Class
C
...
(1,879)
(50,808)
25.9
Linde
plc
...............
(633)
(201,724)
103.0
Melrose
Industries
plc
......
(17,007)
(34,644)
17.7
National
Grid
plc
..........
(27,237)
(398,557)
203.4
NatWest
Group
plc
........
(88,424)
(290,631)
148.3
Next
plc
................
(358)
(36,475)
18.6
Ocado
Group
plc
.........
(12,963)
(264,129)
134.8
Pearson
plc
.............
(3,082)
(25,733)
13.1
Phoenix
Group
Holdings
plc
..
(30,839)
(276,084)
140.9
Prudential
plc
............
(5,498)
(92,673)
47.3
Reckitt
Benckiser
Group
plc
..
(4,489)
(363,709)
185.6
Rolls-Royce
Holdings
plc
....
(115,419)
(180,917)
92.3
Smith
&
Nephew
plc
.......
(4,078)
(69,354)
35.4
SSE
plc
................
(5,184)
(111,539)
56.9
Standard
Chartered
plc
.....
(11,920)
(86,810)
44.3
Unilever
plc
.............
(6,120)
(313,845)
160.2
(4,752,253)
United
States
Affirm
Holdings,
Inc.
.......
(305)
(19,541)
10.0
Air
Products
and
Chemicals,
Inc.
(2,580)
(727,870)
371.5
Albemarle
Corp.
..........
(141)
(31,124)
15.9
Allstate
Corp.
(The)
........
(335)
(40,424)
20.6
Alnylam
Pharmaceuticals,
Inc.
.
(204)
(28,070)
14.3
Amazon.com,
Inc.
.........
(14)
(41,881)
21.4
AMC
Entertainment
Holdings,
Inc.,
Class
A
...........
(645)
(10,359)
5.3
Ameren
Corp.
............
(7,870)
(698,384)
356.4
AMETEK,
Inc.
...........
(487)
(66,607)
34.0
Amphenol
Corp.,
Class
A
....
(1,785)
(142,068)
72.5
Analog
Devices,
Inc.
.......
(1,459)
(239,232)
122.1
Anthem,
Inc.
............
(272)
(119,949)
61.2
Apollo
Global
Management,
Inc.
(1,259)
(88,130)
45.0
Arthur
J
Gallagher
&
Co.
....
(1,307)
(206,428)
105.4
AT&T,
Inc.
..............
(3,356)
(85,578)
43.7
Avalara,
Inc.
.............
(1,080)
(118,390)
60.4
Ball
Corp.
..............
(2,086)
(202,551)
103.4
Bank
of
America
Corp.
......
(1,790)
(82,591)
42.2
Bausch
Health
Cos.,
Inc.
....
(1,374)
(33,778)
17.2
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
33
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
Becton
Dickinson
and
Co.
...
(1,057)
$
(268,626)
137.1
%
Bill.com
Holdings,
Inc.
......
(191)
(35,948)
18.3
Bio-Rad
Laboratories,
Inc.,
Class
A
..................
(132)
(79,164)
40.4
Blackstone,
Inc.
..........
(199)
(26,262)
13.4
Block,
Inc.
..............
(891)
(108,960)
55.6
Boeing
Co.
(The)
.........
(2,211)
(442,731)
226.0
Boston
Scientific
Corp.
......
(287)
(12,312)
6.3
Broadcom,
Inc.
...........
(77)
(45,113)
23.0
Brookfield
Renewable
Corp.
..
(492)
(16,833)
8.6
Brown
&
Brown,
Inc.
.......
(2,087)
(138,326)
70.6
Brown-Forman
Corp.,
Class
B
.
(856)
(57,720)
29.5
Burlington
Stores,
Inc.
......
(58)
(13,742)
7.0
Cable
One,
Inc.
..........
(60)
(92,684)
47.3
Caesars
Entertainment,
Inc.
..
(1,615)
(122,966)
62.8
Campbell
Soup
Co.
........
(3,719)
(164,082)
83.7
CarMax,
Inc.
............
(761)
(84,600)
43.2
Carnival
Corp.
...........
(6,384)
(126,467)
64.5
Carvana
Co.
............
(1,190)
(192,851)
98.4
Catalent,
Inc.
............
(2,592)
(269,387)
137.5
CenterPoint
Energy,
Inc.
....
(1,890)
(53,600)
27.4
Ceridian
HCM
Holding,
Inc.
..
(3,668)
(278,108)
141.9
CF
Industries
Holdings,
Inc.
..
(324)
(22,314)
11.4
Charles
River
Laboratories
International,
Inc.
.......
(263)
(86,727)
44.3
Charles
Schwab
Corp.
(The)
..
(66)
(5,788)
3.0
Charter
Communications,
Inc.,
Class
A
..............
(286)
(169,695)
86.6
Chewy,
Inc.,
Class
A
.......
(6,456)
(307,370)
156.9
Cisco
Systems,
Inc.
........
(4,888)
(272,115)
138.9
Citizens
Financial
Group,
Inc.
.
(2,836)
(145,969)
74.5
Citrix
Systems,
Inc.
........
(267)
(27,218)
13.9
Clarivate
plc
.............
(994)
(16,361)
8.4
Cloudflare,
Inc.,
Class
A
.....
(782)
(75,385)
38.5
CME
Group,
Inc.
..........
(315)
(72,292)
36.9
Coinbase
Global,
Inc.,
Class
A
(714)
(135,767)
69.3
Comcast
Corp.,
Class
A
.....
(1,556)
(77,784)
39.7
Conagra
Brands,
Inc.
.......
(5,998)
(208,490)
106.4
Constellation
Brands,
Inc.,
Class
A
..................
(1,381)
(328,333)
167.6
Cooper
Cos.,
Inc.
(The)
.....
(192)
(76,474)
39.0
CoStar
Group,
Inc.
........
(2,948)
(206,832)
105.6
Coterra
Energy,
Inc.
.......
(1,346)
(29,477)
15.0
Coupa
Software,
Inc.
.......
(728)
(97,749)
49.9
Crown
Holdings,
Inc.
.......
(235)
(26,884)
13.7
Danaher
Corp.
...........
(805)
(230,061)
117.4
Discover
Financial
Services
..
(551)
(63,778)
32.6
DISH
Network
Corp.,
Class
A
.
(6,083)
(191,006)
97.5
Dollar
General
Corp.
.......
(893)
(186,173)
95.0
DoorDash,
Inc.,
Class
A
.....
(668)
(75,811)
38.7
Dow,
Inc.
...............
(979)
(58,476)
29.8
DraftKings,
Inc.,
Class
A
.....
(169)
(3,733)
1.9
Eastman
Chemical
Co.
.....
(669)
(79,564)
40.6
Eaton
Corp.
plc
...........
(1,031)
(163,341)
83.4
Elanco
Animal
Health,
Inc.
...
(8,656)
(225,402)
115.0
Enphase
Energy,
Inc.
.......
(282)
(39,613)
20.2
Entegris,
Inc.
............
(196)
(23,489)
12.0
Erie
Indemnity
Co.,
Class
A
..
(659)
(121,322)
61.9
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
..............
(151)
(47,080)
24.0
Etsy,
Inc.
...............
(121)
(19,007)
9.7
Evergy,
Inc.
.............
(1,435)
(93,218)
47.6
Exact
Sciences
Corp.
......
(4,197)
(320,483)
163.6
Fidelity
National
Information
Services,
Inc.
..........
(217)
(26,023)
13.3
Shares
Value
%
of
Basket
Value
United
States
(continued)
First
Citizens
BancShares,
Inc.,
Class
A
..............
(390)
$
(303,841)
155.1
%
Fiserv,
Inc.
..............
(875)
(92,487)
47.2
FleetCor
Technologies,
Inc.
...
(211)
(50,273)
25.7
Ford
Motor
Co.
...........
(9,026)
(183,228)
93.5
Freeport-McMoRan,
Inc.
....
(191)
(7,109)
3.6
Generac
Holdings,
Inc.
.....
(337)
(95,162)
48.6
General
Electric
Co.
.......
(3,492)
(329,924)
168.4
Global
Payments,
Inc.
......
(396)
(59,352)
30.3
Globe
Life,
Inc.
...........
(810)
(82,863)
42.3
Guidewire
Software,
Inc.
....
(654)
(65,949)
33.7
Hasbro,
Inc.
.............
(350)
(32,368)
16.5
HEICO
Corp.
............
(786)
(107,203)
54.7
Hess
Corp.
.............
(269)
(24,826)
12.7
Honeywell
International,
Inc.
..
(224)
(45,804)
23.4
Horizon
Therapeutics
plc
....
(1,060)
(98,930)
50.5
Howmet
Aerospace,
Inc.
....
(3,249)
(101,011)
51.6
Humana,
Inc.
............
(412)
(161,710)
82.5
Huntington
Bancshares,
Inc.
..
(9,330)
(140,510)
71.7
Huntington
Ingalls
Industries,
Inc.
.................
(237)
(44,366)
22.6
IAC/InterActiveCorp
........
(922)
(125,890)
64.2
International
Business
Machines
Corp.
...............
(828)
(110,596)
56.4
International
Flavors
&
Fragrances,
Inc.
........
(288)
(37,993)
19.4
International
Paper
Co.
.....
(2,329)
(112,374)
57.4
IPG
Photonics
Corp.
.......
(1,126)
(173,933)
88.8
IQVIA
Holdings,
Inc.
.......
(455)
(111,430)
56.9
J
M
Smucker
Co.
(The)
.....
(2,196)
(308,714)
157.6
Jack
Henry
&
Associates,
Inc.
.
(779)
(130,724)
66.7
JPMorgan
Chase
&
Co.
.....
(1,931)
(286,947)
146.4
Kellogg
Co.
.............
(344)
(21,672)
11.1
Kimberly-Clark
Corp.
.......
(1,249)
(171,925)
87.7
Las
Vegas
Sands
Corp.
.....
(4,158)
(182,120)
92.9
Lear
Corp.
..............
(172)
(28,779)
14.7
Leidos
Holdings,
Inc.
.......
(1,271)
(113,691)
58.0
Liberty
Broadband
Corp.,
Class
C
..................
(1,299)
(192,785)
98.4
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(2,526)
(152,141)
77.6
Liberty
Media
Corp-Liberty
SiriusXM
.............
(931)
(43,319)
22.1
Live
Nation
Entertainment,
Inc.
(814)
(89,141)
45.5
Lucid
Group,
Inc.
.........
(2,129)
(62,571)
31.9
Lululemon
Athletica,
Inc.
....
(195)
(65,083)
33.2
Lumen
Technologies,
Inc.
....
(3,866)
(47,784)
24.4
M&T
Bank
Corp.
..........
(799)
(135,335)
69.1
MarketAxess
Holdings,
Inc.
..
(436)
(150,193)
76.7
Marriott
International,
Inc.,
Class
A
..................
(180)
(29,002)
14.8
Martin
Marietta
Materials,
Inc.
.
(485)
(188,723)
96.3
Match
Group,
Inc.
.........
(1,530)
(172,431)
88.0
McCormick
&
Co.,
Inc.
(Non-
Voting)
..............
(1,407)
(141,136)
72.0
MGM
Resorts
International
...
(2,922)
(124,828)
63.7
MongoDB,
Inc.
...........
(155)
(62,792)
32.0
Netflix,
Inc.
..............
(281)
(120,026)
61.3
Neurocrine
Biosciences,
Inc.
..
(403)
(31,845)
16.3
Newell
Brands,
Inc.
........
(1,798)
(41,732)
21.3
Novavax,
Inc.
............
(264)
(24,737)
12.6
Novocure
Ltd.
............
(305)
(20,938)
10.7
Oak
Street
Health,
Inc.
......
(4,269)
(74,195)
37.9
Occidental
Petroleum
Corp.
..
(2,325)
(87,583)
44.7
Okta,
Inc.
...............
(165)
(32,652)
16.7
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
34
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
ON
Semiconductor
Corp.
....
(1,412)
$
(83,308)
42.5
%
Oracle
Corp.
............
(520)
(42,203)
21.5
PACCAR,
Inc.
...........
(2,042)
(189,886)
96.9
Packaging
Corp.
of
America
..
(1,567)
(236,037)
120.5
Parker-Hannifin
Corp.
......
(76)
(23,561)
12.0
Paycom
Software,
Inc.
......
(142)
(47,613)
24.3
PayPal
Holdings,
Inc.
......
(958)
(164,719)
84.1
Peloton
Interactive,
Inc.,
Class
A
(7,171)
(195,983)
100.0
PerkinElmer,
Inc.
.........
(1,183)
(203,677)
103.9
Pfizer,
Inc.
..............
(3,418)
(180,094)
91.9
PG&E
Corp.
.............
(7,229)
(92,459)
47.2
Plug
Power,
Inc.
..........
(6,414)
(140,274)
71.6
PNC
Financial
Services
Group,
Inc.
(The)
............
(494)
(101,759)
51.9
PPL
Corp.
..............
(13,326)
(395,516)
201.9
Progressive
Corp.
(The)
.....
(3,757)
(408,236)
208.3
PTC,
Inc.
...............
(529)
(61,502)
31.4
Public
Service
Enterprise
Group,
Inc.
.................
(353)
(23,485)
12.0
QIAGEN
NV
.............
(2,398)
(118,539)
60.5
Qorvo,
Inc.
..............
(247)
(33,908)
17.3
Quest
Diagnostics,
Inc.
.....
(193)
(26,059)
13.3
Republic
Services,
Inc.
.....
(1,435)
(183,192)
93.5
ResMed,
Inc.
............
(50)
(11,430)
5.8
RingCentral,
Inc.,
Class
A
....
(147)
(25,944)
13.2
Rollins,
Inc.
.............
(4,035)
(124,480)
63.5
Roper
Technologies,
Inc.
....
(1,129)
(493,554)
251.9
Royal
Caribbean
Cruises
Ltd.
.
(2,483)
(193,202)
98.6
Royalty
Pharma
plc,
Class
A
..
(1,920)
(76,819)
39.2
RPM
International,
Inc.
.....
(4,398)
(389,707)
198.9
S&P
Global,
Inc.
..........
(127)
(52,733)
26.9
salesforce.com,
Inc.
.......
(251)
(58,390)
29.8
Seagen,
Inc.
............
(995)
(133,837)
68.3
SEI
Investments
Co.
.......
(681)
(39,913)
20.4
Sensata
Technologies
Holding
plc
.................
(1,585)
(90,916)
46.4
Sherwin-Williams
Co.
(The)
..
(564)
(161,592)
82.5
Signature
Bank
...........
(79)
(24,066)
12.3
Sirius
XM
Holdings,
Inc.
.....
(14,195)
(90,280)
46.1
Snap,
Inc.,
Class
A
........
(1,191)
(38,755)
19.8
SoFi
Technologies,
Inc.
.....
(3,645)
(45,490)
23.2
SolarEdge
Technologies,
Inc.
.
(130)
(30,969)
15.8
Southern
Co.
(The)
........
(2,963)
(205,899)
105.1
Southwest
Airlines
Co.
......
(1,288)
(57,651)
29.4
SS&C
Technologies
Holdings,
Inc.
.................
(1,908)
(152,392)
77.8
Stanley
Black
&
Decker,
Inc.
..
(599)
(104,615)
53.4
STERIS
plc
.............
(891)
(199,940)
102.0
Stryker
Corp.
............
(165)
(40,928)
20.9
Sunrun,
Inc.
.............
(2,265)
(58,731)
30.0
Sysco
Corp.
.............
(334)
(26,102)
13.3
T
Rowe
Price
Group,
Inc.
....
(628)
(96,982)
49.5
Take-Two
Interactive
Software,
Inc.
.................
(727)
(118,748)
60.6
TE
Connectivity
Ltd.
.......
(150)
(21,451)
10.9
Teladoc
Health,
Inc.
........
(3,883)
(297,865)
152.0
Teledyne
Technologies,
Inc.
..
(281)
(118,422)
60.4
Teleflex,
Inc.
.............
(382)
(118,493)
60.5
Tenaris
SA
..............
(32,628)
(398,287)
203.3
Tesla,
Inc.
..............
(73)
(68,381)
34.9
Thermo
Fisher
Scientific,
Inc.
.
(821)
(477,247)
243.6
TJX
Cos.,
Inc.
(The)
.......
(717)
(51,602)
26.3
T-Mobile
US,
Inc.
.........
(2,282)
(246,844)
126.0
Trade
Desk,
Inc.
(The),
Class
A
(1,031)
(71,696)
36.6
Tradeweb
Markets,
Inc.,
Class
A
(275)
(23,312)
11.9
Shares
Value
%
of
Basket
Value
United
States
(continued)
TransUnion
.............
(430)
$
(44,342)
22.6
%
Truist
Financial
Corp.
.......
(679)
(42,655)
21.8
Twilio,
Inc.,
Class
A
........
(585)
(120,580)
61.5
Twitter,
Inc.
.............
(371)
(13,916)
7.1
Tyler
Technologies,
Inc.
.....
(652)
(308,918)
157.7
Unity
Software,
Inc.
........
(1,241)
(130,491)
66.6
Universal
Health
Services,
Inc.,
Class
B
..............
(910)
(118,355)
60.4
US
Bancorp
.............
(5,079)
(295,547)
150.8
VF
Corp.
...............
(2,187)
(142,614)
72.8
ViacomCBS,
Inc.
..........
(1,838)
(61,481)
31.4
Viatris,
Inc.
..............
(4,016)
(60,120)
30.7
Vimeo,
Inc.
.............
(1)
(15)
(0.0)
Vulcan
Materials
Co.
.......
(795)
(151,296)
77.2
W
R
Berkley
Corp.
........
(1,966)
(166,127)
84.8
Walt
Disney
Co.
(The)
......
(885)
(126,528)
64.6
Waste
Connections,
Inc.
.....
(3,015)
(375,970)
191.9
Waste
Management,
Inc.
....
(1,441)
(216,784)
110.6
WEC
Energy
Group,
Inc.
....
(428)
(41,533)
21.2
Westinghouse
Air
Brake
Technologies
Corp.
......
(31)
(2,756)
1.4
Williams
Cos.,
Inc.
(The)
....
(2,627)
(78,652)
40.1
Willis
Towers
Watson
plc
....
(324)
(75,803)
38.7
Wynn
Resorts
Ltd.
........
(474)
(40,503)
20.7
Xylem,
Inc.
..............
(331)
(34,762)
17.7
Zendesk,
Inc.
............
(252)
(24,825)
12.7
Zillow
Group,
Inc.,
Class
C
...
(514)
(25,947)
13.2
Zimmer
Biomet
Holdings,
Inc.
.
(3,157)
(388,374)
198.2
Zoom
Video
Communications,
Inc.,
Class
A
...........
(580)
(89,482)
45.7
Zscaler,
Inc.
.............
(206)
(52,965)
27.0
(27,225,733)
Total
Reference
Entity
—
Short
............
(69,524,609)
Net
Value
of
Reference
Entity
—
BNP
Paribas
SA
$
(195,941)
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
January
31,
2022,
expiration
dates
02/24/23-02/27/23:
Reference
Entity
—
Long
Australia
Aristocrat
Leisure
Ltd.
......
4,574
132,590
314.0
ASX
Ltd.
...............
2,498
148,153
350.9
Aurizon
Holdings
Ltd.
......
86,527
216,478
512.7
Brambles
Ltd.
............
15,678
107,709
255.1
Cochlear
Ltd.
............
1,147
157,291
372.5
Coles
Group
Ltd.
.........
17,135
196,859
466.3
Sonic
Healthcare
Ltd.
......
5,462
147,093
348.4
Tabcorp
Holdings
Ltd.
......
8,658
30,420
72.1
1,136,593
Austria
OMV
AG
...............
1,649
100,926
239.0
Raiffeisen
Bank
International
AG
1,274
35,809
84.8
voestalpine
AG
...........
144
4,787
11.3
141,522
Belgium
Proximus
SADP
..........
2,204
45,007
106.6
UCB
SA
...............
487
48,459
114.8
93,466
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
35
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Brazil
Wheaton
Precious
Metals
Corp.
328
$
13,224
31.3
%
Canada
Alimentation
Couche-Tard,
Inc.
2,057
82,966
196.5
Bank
of
Montreal
.........
2,014
227,962
539.9
Canadian
Imperial
Bank
of
Commerce
...........
222
27,877
66.0
Canadian
Tire
Corp.
Ltd.,
Class
A
..................
465
67,137
159.0
CGI,
Inc.
...............
237
20,235
47.9
Constellation
Software,
Inc.
..
107
184,290
436.5
Franco-Nevada
Corp.
......
261
34,509
81.7
Hydro
One
Ltd.
...........
903
23,329
55.3
Intact
Financial
Corp.
.......
866
117,336
277.9
Loblaw
Cos.
Ltd.
..........
407
31,400
74.4
Magna
International,
Inc.
....
285
22,961
54.4
Manulife
Financial
Corp.
.....
5,714
118,987
281.8
Open
Text
Corp.
..........
510
24,410
57.8
Power
Corp.
of
Canada
.....
4,032
129,605
307.0
Royal
Bank
of
Canada
......
7
798
1.9
Sun
Life
Financial,
Inc.
......
1,409
79,797
189.0
Suncor
Energy,
Inc.
........
1,102
31,487
74.6
TFI
International,
Inc.
.......
334
32,148
76.1
Thomson
Reuters
Corp.
.....
961
103,165
244.3
TMX
Group
Ltd.
..........
193
19,633
46.5
1,380,032
China
BOC
Hong
Kong
Holdings
Ltd.
120,000
463,361
1,097.5
Denmark
AP
Moller
-
Maersk
A/S,
Class
B
17
61,066
144.6
Coloplast
A/S,
Class
B
......
1,187
172,616
408.8
Novo
Nordisk
A/S,
Class
B
...
632
62,864
148.9
Novozymes
A/S,
Class
B
....
1,453
99,745
236.3
Pandora
A/S
............
315
34,253
81.1
430,544
Finland
Elisa
OYJ
..............
1,327
77,950
184.6
Kesko
OYJ,
Class
B
.......
819
25,867
61.3
Nordea
Bank
Abp
.........
2,045
24,290
57.5
Stora
Enso
OYJ,
Class
R
....
4,878
99,302
235.2
227,409
France
Amundi
SA
.............
1,111
86,365
204.5
Arkema
SA
.............
1,852
273,852
648.6
BioMerieux
.............
2,538
297,613
704.9
BNP
Paribas
SA
..........
3,782
269,995
639.5
Bureau
Veritas
SA
.........
1,120
32,046
75.9
Capgemini
SE
...........
1,105
248,422
588.4
Carrefour
SA
............
6,538
124,429
294.7
Cie
de
Saint-Gobain
.......
4,348
294,218
696.8
Credit
Agricole
SA
.........
2,058
30,961
73.3
Dassault
Systemes
SE
.....
4,194
202,815
480.4
Engie
SA
...............
28,177
433,413
1,026.5
Eurazeo
SE
.............
2,617
207,942
492.5
Hermes
International
.......
73
109,604
259.6
Ipsen
SA
...............
2,926
284,702
674.3
La
Francaise
des
Jeux
SAEM
.
7,554
312,763
740.8
L'Oreal
SA
..............
118
50,403
119.4
Orange
SA
..............
56,804
667,302
1,580.5
Publicis
Groupe
SA
........
14,102
955,564
2,263.2
Sanofi
.................
1,278
133,630
316.5
SEB
SA
................
431
65,413
154.9
Societe
Generale
SA
.......
11,358
421,613
998.6
Shares
Value
%
of
Basket
Value
France
(continued)
Teleperformance
..........
777
$
292,610
693.0
%
Thales
SA
..............
3,955
364,839
864.1
Valeo
.................
4,823
134,989
319.7
Wendel
SE
.............
933
101,339
240.0
6,396,842
Germany
Bayer
AG
(Registered)
......
217
13,184
31.2
Deutsche
Bank
AG
(Registered)
2,385
33,208
78.6
Deutsche
Post
AG
(Registered)
728
43,811
103.8
E.ON
SE
...............
7,159
98,740
233.9
Henkel
AG
&
Co.
KGaA
(Preference)
..........
132
10,796
25.6
Nemetschek
SE
..........
1,790
165,453
391.9
SAP
SE
................
195
24,465
57.9
Siemens
AG
(Registered)
....
244
38,740
91.8
Symrise
AG
.............
469
56,045
132.7
Vonovia
SE
.............
326
18,568
44.0
503,010
Hong
Kong
Power
Assets
Holdings
Ltd.
..
3,500
21,506
50.9
Sun
Hung
Kai
Properties
Ltd.
.
6,500
79,303
187.8
100,809
Israel
Bank
Hapoalim
BM
........
6,557
68,047
161.2
Israel
Discount
Bank
Ltd.,
Class
A
..................
5,994
40,195
95.2
108,242
Italy
Assicurazioni
Generali
SpA
...
9,330
196,348
465.0
Enel
SpA
...............
1,969
15,155
35.9
Intesa
Sanpaolo
SpA
.......
10,118
30,069
71.2
Prysmian
SpA
...........
1,874
63,194
149.7
Snam
SpA
..............
4,198
23,524
55.7
328,290
Japan
Advantest
Corp.
..........
1,600
136,180
322.5
Aisin
Corp.
..............
900
32,682
77.4
Ajinomoto
Co.,
Inc.
........
900
25,111
59.5
Asahi
Kasei
Corp.
.........
11,800
116,560
276.1
Astellas
Pharma,
Inc.
.......
20,200
326,040
772.2
Capcom
Co.
Ltd.
..........
1,000
24,141
57.2
Chugai
Pharmaceutical
Co.
Ltd.
4,100
133,167
315.4
Dai
Nippon
Printing
Co.
Ltd.
..
1,300
31,207
73.9
Daiwa
House
Industry
Co.
Ltd.
1,500
43,775
103.7
ENEOS
Holdings,
Inc.
......
8,700
34,649
82.1
Hitachi
Ltd.
.............
500
25,988
61.5
Honda
Motor
Co.
Ltd.
......
400
11,781
27.9
Hoya
Corp.
.............
1,100
142,635
337.8
Iida
Group
Holdings
Co.
Ltd.
..
800
16,644
39.4
Japan
Tobacco,
Inc.
.......
4,200
83,853
198.6
Kajima
Corp.
............
5,200
62,804
148.7
KDDI
Corp.
.............
4,200
134,185
317.8
Kikkoman
Corp.
..........
600
45,353
107.4
Lawson,
Inc.
............
1,700
74,509
176.5
Marubeni
Corp.
...........
28,100
289,147
684.8
Mazda
Motor
Corp.
........
5,600
43,141
102.2
Mitsubishi
Chemical
Holdings
Corp.
...............
2,800
21,964
52.0
Mitsubishi
Estate
Co.
Ltd.
....
1,800
25,924
61.4
Mitsubishi
Gas
Chemical
Co.,
Inc.
.................
1,200
22,986
54.4
Mitsui
Chemicals,
Inc.
......
1,400
37,442
88.7
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
36
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Japan
(continued)
NEC
Corp.
..............
900
$
35,112
83.2
%
NGK
Insulators
Ltd.
........
5,400
91,248
216.1
Nippon
Express
Holdings,
Inc.
.
1,300
77,043
182.5
Nippon
Telegraph
&
Telephone
Corp.
...............
7,000
200,324
474.5
Nitto
Denko
Corp.
.........
1,100
85,646
202.8
Nomura
Real
Estate
Holdings,
Inc.
.................
2,100
49,175
116.5
Olympus
Corp.
...........
4,600
102,934
243.8
Ono
Pharmaceutical
Co.
Ltd.
.
900
21,827
51.7
Osaka
Gas
Co.
Ltd.
........
6,100
103,739
245.7
Panasonic
Corp.
..........
6,100
67,158
159.1
Recruit
Holdings
Co.
Ltd.
....
200
9,886
23.4
Ricoh
Co.
Ltd.
...........
3,800
32,089
76.0
Rohm
Co.
Ltd.
...........
800
67,390
159.6
Seiko
Epson
Corp.
........
3,900
60,748
143.9
Seven
&
i
Holdings
Co.
Ltd.
..
2,100
106,803
253.0
Shimadzu
Corp.
..........
4,900
176,800
418.7
Sohgo
Security
Services
Co.
Ltd.
................
500
18,134
42.9
Sompo
Holdings,
Inc.
......
1,800
84,228
199.5
Subaru
Corp.
............
4,200
76,446
181.1
Sumitomo
Chemical
Co.
Ltd.
..
13,700
69,090
163.6
Suzuki
Motor
Corp.
........
500
21,287
50.4
Sysmex
Corp.
...........
200
19,038
45.1
Terumo
Corp.
............
800
29,203
69.2
Tokyo
Gas
Co.
Ltd.
........
9,600
193,841
459.1
TOPPAN,
Inc.
............
3,000
57,066
135.2
Toray
Industries,
Inc.
.......
25,200
159,259
377.2
Toyo
Suisan
Kaisha
Ltd.
.....
500
20,486
48.5
Yamaha
Corp.
...........
3,500
159,443
377.6
Yamaha
Motor
Co.
Ltd.
.....
4,300
102,398
242.5
4,239,709
Netherlands
Koninklijke
DSM
NV
.......
181
33,930
80.4
Koninklijke
KPN
NV
........
17,376
57,315
135.7
NN
Group
NV
............
423
23,672
56.1
Wolters
Kluwer
NV
........
874
88,954
210.7
203,871
Norway
Orkla
ASA
..............
2,486
23,757
56.3
Portugal
Galp
Energia
SGPS
SA
.....
5,612
61,879
146.6
Russia
Coca-Cola
HBC
AG
........
7,879
260,958
618.1
Singapore
Oversea-Chinese
Banking
Corp.
Ltd.
................
9,600
89,359
211.6
United
Overseas
Bank
Ltd.
...
2,400
53,637
127.0
142,996
Spain
Repsol
SA
..............
5,515
70,083
166.0
Sweden
Alfa
Laval
AB
............
610
20,607
48.8
Assa
Abloy
AB,
Class
B
.....
1,207
33,050
78.3
Boliden
AB
..............
1,208
48,915
115.9
Industrivarden
AB,
Class
C
...
1,060
32,924
78.0
Investor
AB,
Class
B
.......
6,581
142,886
338.4
Kinnevik
AB,
Class
B
.......
976
29,171
69.1
Skanska
AB,
Class
B
.......
1,951
47,766
113.1
Shares
Value
%
of
Basket
Value
Sweden
(continued)
Swedish
Match
AB
........
3,243
$
25,092
59.4
%
Telefonaktiebolaget
LM
Ericsson,
Class
B
..............
1,757
21,938
52.0
402,349
Switzerland
Adecco
Group
AG
(Registered)
390
18,577
44.0
Baloise
Holding
AG
(Registered)
447
78,304
185.5
Geberit
AG
(Registered)
.....
45
30,574
72.4
Julius
Baer
Group
Ltd.
......
1,435
93,777
222.1
Novartis
AG
(Registered)
....
1,737
150,927
357.5
Roche
Holding
AG
........
1,558
602,945
1,428.1
SGS
SA
(Registered)
.......
17
48,477
114.8
Straumann
Holding
AG
(Registered)
...........
20
33,142
78.5
Swiss
Life
Holding
AG
(Registered)
...........
163
104,908
248.5
Swiss
Prime
Site
AG
(Registered)
...........
460
45,483
107.7
UBS
Group
AG
(Registered)
..
5,699
105,714
250.4
Zurich
Insurance
Group
AG
..
331
158,320
375.0
1,471,148
United
Kingdom
3i
Group
plc
.............
1,589
29,593
70.1
Aviva
plc
...............
2,022
11,938
28.3
BAE
Systems
plc
.........
7,614
59,585
141.1
CK
Hutchison
Holdings
Ltd.
..
23,500
167,022
395.6
CNH
Industrial
NV
.........
1,311
19,982
47.3
Croda
International
plc
......
1,364
147,310
348.9
Experian
plc
.............
86
3,592
8.5
GlaxoSmithKline
plc
.......
2,803
62,552
148.2
J
Sainsbury
plc
...........
15,165
59,592
141.1
Legal
&
General
Group
plc
...
25,430
99,430
235.5
RELX
plc
...............
3,472
106,800
253.0
Severn
Trent
plc
..........
2,928
113,678
269.2
United
Utilities
Group
plc
....
8,981
129,559
306.9
1,010,633
United
States
3M
Co.
................
444
73,713
174.6
ABIOMED,
Inc.
...........
232
68,642
162.6
Advanced
Micro
Devices,
Inc.
.
440
50,270
119.1
Agilent
Technologies,
Inc.
....
1,154
160,775
380.8
Alliant
Energy
Corp.
.......
1,271
76,082
180.2
Ally
Financial,
Inc.
.........
4,690
223,807
530.1
American
Water
Works
Co.,
Inc.
182
29,266
69.3
Ameriprise
Financial,
Inc.
....
230
69,991
165.8
Ansys,
Inc.
..............
326
110,843
262.5
Applied
Materials,
Inc.
......
547
75,584
179.0
Assurant,
Inc.
............
209
31,875
75.5
Avery
Dennison
Corp.
......
1,638
336,478
796.9
Biogen,
Inc.
.............
203
45,878
108.7
Booz
Allen
Hamilton
Holding
Corp.
...............
1,932
148,242
351.1
Bunge
Ltd.
..............
1,327
131,187
310.7
Cadence
Design
Systems,
Inc.
611
92,958
220.2
Capital
One
Financial
Corp.
..
241
35,362
83.8
Cardinal
Health,
Inc.
.......
41
2,114
5.0
Cboe
Global
Markets,
Inc.
...
245
29,040
68.8
CBRE
Group,
Inc.,
Class
A
...
1,610
163,157
386.4
CDW
Corp.
.............
383
72,406
171.5
CH
Robinson
Worldwide,
Inc.
.
333
34,848
82.5
Cintas
Corp.
.............
86
33,672
79.7
CMS
Energy
Corp.
........
391
25,173
59.6
Cognex
Corp.
............
1,976
131,325
311.0
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
37
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
1,067
$
91,143
215.9
%
Colgate-Palmolive
Co.
......
319
26,302
62.3
ConocoPhillips
...........
1,212
107,407
254.4
Consolidated
Edison,
Inc.
....
611
52,821
125.1
Copart,
Inc.
.............
697
90,087
213.4
CSX
Corp.
..............
214
7,323
17.3
Cummins,
Inc.
...........
530
117,066
277.3
Darden
Restaurants,
Inc.
....
323
45,178
107.0
Deere
&
Co.
.............
89
33,500
79.3
Dentsply
Sirona,
Inc.
.......
1,653
88,303
209.1
Devon
Energy
Corp.
.......
555
28,066
66.5
Dexcom,
Inc.
............
22
9,471
22.4
Domino's
Pizza,
Inc.
.......
163
74,108
175.5
Dover
Corp.
.............
1,443
245,180
580.7
Dropbox,
Inc.,
Class
A
......
9,554
236,461
560.0
DTE
Energy
Co.
..........
369
44,439
105.3
Eli
Lilly
&
Co.
............
169
41,471
98.2
Emerson
Electric
Co.
.......
262
24,091
57.1
EOG
Resources,
Inc.
.......
712
79,374
188.0
Equifax,
Inc.
.............
94
22,537
53.4
Equitable
Holdings,
Inc.
.....
652
21,933
51.9
Everest
Re
Group
Ltd.
......
102
28,907
68.5
Expeditors
International
of
Washington,
Inc.
........
6,527
747,211
1,769.7
FactSet
Research
Systems,
Inc.
16
6,750
16.0
First
Republic
Bank
........
121
21,004
49.7
FMC
Corp.
..............
981
108,273
256.4
Fortinet,
Inc.
.............
931
276,730
655.4
Fortive
Corp.
............
1,261
88,951
210.7
Genuine
Parts
Co.
........
279
37,171
88.0
Gilead
Sciences,
Inc.
.......
1,664
114,284
270.7
GoDaddy,
Inc.,
Class
A
.....
635
48,076
113.9
Halliburton
Co.
...........
7,446
228,890
542.1
Hershey
Co.
(The)
........
152
29,955
70.9
Hologic,
Inc.
.............
833
58,510
138.6
Home
Depot,
Inc.
(The)
.....
161
59,084
139.9
IDEXX
Laboratories,
Inc.
....
138
70,007
165.8
Illinois
Tool
Works,
Inc.
......
559
130,761
309.7
Incyte
Corp.
.............
970
72,100
170.8
Intel
Corp.
..............
866
42,278
100.1
Interpublic
Group
of
Cos.,
Inc.
(The)
...............
1,654
58,783
139.2
Intuitive
Surgical,
Inc.
......
332
94,348
223.5
Jacobs
Engineering
Group,
Inc.
970
126,275
299.1
James
Hardie
Industries
plc,
CDI
................
3,443
115,875
274.4
JB
Hunt
Transport
Services,
Inc.
112
21,564
51.1
Juniper
Networks,
Inc.
......
1,989
69,257
164.0
Keysight
Technologies,
Inc.
...
1,193
201,402
477.0
KLA
Corp.
..............
105
40,873
96.8
Knight-Swift
Transportation
Holdings,
Inc.
..........
1,029
58,221
137.9
Laboratory
Corp.
of
America
Holdings
.............
56
15,196
36.0
Lam
Research
Corp.
.......
310
182,875
433.1
Lennar
Corp.,
Class
A
......
335
32,197
76.3
Lennox
International,
Inc.
....
289
81,966
194.1
Lincoln
National
Corp.
......
335
23,443
55.5
LKQ
Corp.
..............
1,190
65,319
154.7
Lowe's
Cos.,
Inc.
.........
267
63,372
150.1
Lyft,
Inc.,
Class
A
.........
2,760
106,315
251.8
Masco
Corp.
............
352
22,292
52.8
Masimo
Corp.
............
647
142,256
336.9
McDonald's
Corp.
.........
8
2,076
4.9
Shares
Value
%
of
Basket
Value
United
States
(continued)
MetLife,
Inc.
.............
1,077
$
72,224
171.1
%
Mettler-Toledo
International,
Inc.
181
266,555
631.3
Microsoft
Corp.
...........
134
41,671
98.7
Molina
Healthcare,
Inc.
.....
53
15,395
36.5
Molson
Coors
Beverage
Co.,
Class
B
..............
380
18,111
42.9
Monolithic
Power
Systems,
Inc.
47
18,938
44.9
Moody's
Corp.
...........
86
29,498
69.9
Motorola
Solutions,
Inc.
.....
116
26,905
63.7
NetApp,
Inc.
.............
550
47,581
112.7
Nordson
Corp.
...........
424
98,597
233.5
Northern
Trust
Corp.
.......
373
43,507
103.0
Old
Dominion
Freight
Line,
Inc.
1,242
374,997
888.2
ONEOK,
Inc.
............
1,092
66,263
156.9
O'Reilly
Automotive,
Inc.
....
65
42,364
100.3
Owens
Corning
...........
596
52,865
125.2
Paychex,
Inc.
............
333
39,214
92.9
Pentair
plc
..............
1,643
104,659
247.9
PepsiCo,
Inc.
............
1,892
328,300
777.6
Philip
Morris
International,
Inc.
286
29,415
69.7
Principal
Financial
Group,
Inc.
.
874
63,854
151.2
Procter
&
Gamble
Co.
(The)
..
285
45,728
108.3
Raymond
James
Financial,
Inc.
387
40,972
97.0
Regions
Financial
Corp.
.....
4,708
108,002
255.8
Robert
Half
International,
Inc.
.
574
65,011
154.0
Roku,
Inc.
..............
81
13,288
31.5
Schlumberger
NV
.........
1,947
76,069
180.2
Sealed
Air
Corp.
..........
394
26,760
63.4
ServiceNow,
Inc.
..........
427
250,128
592.4
Skyworks
Solutions,
Inc.
....
408
59,780
141.6
Splunk,
Inc.
.............
387
47,957
113.6
State
Street
Corp.
.........
397
37,517
88.9
Synopsys,
Inc.
...........
186
57,753
136.8
Target
Corp.
.............
51
11,242
26.6
Tractor
Supply
Co.
........
115
25,106
59.5
Trane
Technologies
plc
.....
246
42,583
100.9
Travelers
Cos.,
Inc.
(The)
....
208
34,565
81.9
Trimble,
Inc.
.............
710
51,234
121.3
Uber
Technologies,
Inc.
.....
1,306
48,844
115.7
UGI
Corp.
..............
6,873
311,691
738.2
Ulta
Beauty,
Inc.
..........
290
105,485
249.8
Vail
Resorts,
Inc.
..........
107
29,650
70.2
Veeva
Systems,
Inc.,
Class
A
.
690
163,213
386.6
VeriSign,
Inc.
............
368
79,922
189.3
Vertex
Pharmaceuticals,
Inc.
..
272
66,110
156.6
VMware,
Inc.,
Class
A
......
187
24,026
56.9
Walgreens
Boots
Alliance,
Inc.
685
34,086
80.7
Waters
Corp.
............
682
218,322
517.1
West
Pharmaceutical
Services,
Inc.
.................
174
68,420
162.0
Western
Digital
Corp.
.......
502
25,973
61.5
Western
Union
Co.
(The)
....
2,397
45,327
107.4
Whirlpool
Corp.
...........
222
46,662
110.5
Workday,
Inc.,
Class
A
......
536
135,613
321.2
Xcel
Energy,
Inc.
..........
381
26,540
62.9
Yum!
Brands,
Inc.
.........
520
65,088
154.2
Zebra
Technologies
Corp.,
Class
A
..................
77
39,202
92.8
11,740,578
Total
Reference
Entity
—
Long
............
30,951,305
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
38
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Argentina
MercadoLibre,
Inc.
........
(33)
$
(37,358)
(88.5)
%
Australia
Afterpay
Ltd.
............
(556)
(25,033)
(59.3)
Commonwealth
Bank
of
Australia
.............
(405)
(27,009)
(64.0)
Glencore
plc
............
(22,941)
(119,514)
(283.1)
Magellan
Financial
Group
Ltd.
.
(1,044)
(13,891)
(32.9)
Woodside
Petroleum
Ltd.
....
(1,333)
(23,819)
(56.4)
(209,266)
Austria
Erste
Group
Bank
AG
......
(1,237)
(57,818)
(136.9)
Verbund
AG
.............
(630)
(66,723)
(158.0)
(124,541)
Belgium
Elia
Group
SA/NV
.........
(220)
(29,688)
(70.3)
Brazil
Yara
International
ASA
......
(1,022)
(52,477)
(124.3)
Canada
Air
Canada
.............
(1,619)
(29,116)
(69.0)
Algonquin
Power
&
Utilities
Corp.
...............
(5,757)
(82,201)
(194.7)
BCE,
Inc.
...............
(877)
(45,811)
(108.5)
BlackBerry
Ltd.
...........
(1,326)
(10,911)
(25.8)
CCL
Industries,
Inc.,
Class
B
..
(1,679)
(87,784)
(207.9)
Cenovus
Energy,
Inc.
.......
(3,011)
(43,798)
(103.7)
Dollarama,
Inc.
...........
(2,199)
(113,466)
(268.7)
Emera,
Inc.
.............
(710)
(33,641)
(79.7)
Fairfax
Financial
Holdings
Ltd.
(61)
(29,455)
(69.8)
Fortis,
Inc.
..............
(1,157)
(54,958)
(130.2)
Great-West
Lifeco,
Inc.
.....
(8,712)
(272,158)
(644.6)
Imperial
Oil
Ltd.
..........
(1,830)
(74,876)
(177.3)
Ivanhoe
Mines
Ltd.,
Class
A
..
(6,057)
(51,891)
(122.9)
Kirkland
Lake
Gold
Ltd.
.....
(1,183)
(44,560)
(105.5)
Metro,
Inc.
..............
(4,201)
(224,699)
(532.2)
Northland
Power,
Inc.
......
(8,639)
(250,168)
(592.5)
Pan
American
Silver
Corp.
...
(648)
(14,024)
(33.2)
TC
Energy
Corp.
..........
(749)
(38,677)
(91.6)
TELUS
Corp.
............
(11,200)
(263,534)
(624.2)
(1,765,728)
China
Budweiser
Brewing
Co.
APAC
Ltd.
................
(6,900)
(18,227)
(43.2)
Prosus
NV
..............
(3,886)
(323,299)
(765.7)
(341,526)
Denmark
Ambu
A/S,
Class
B
........
(1,839)
(38,967)
(92.3)
Chr
Hansen
Holding
A/S
....
(745)
(59,746)
(141.5)
DSV
A/S
...............
(702)
(142,633)
(337.8)
GN
Store
Nord
A/S
........
(1,468)
(88,834)
(210.4)
Orsted
A/S
..............
(692)
(73,729)
(174.6)
Vestas
Wind
Systems
A/S
...
(8,433)
(228,200)
(540.5)
(632,109)
Finland
Fortum
OYJ
.............
(964)
(26,240)
(62.1)
France
Accor
SA
...............
(4,844)
(178,024)
(421.6)
Aeroports
de
Paris
........
(1,124)
(152,528)
(361.3)
Air
Liquide
SA
...........
(2,294)
(392,410)
(929.4)
Shares
Value
%
of
Basket
Value
France
(continued)
Airbus
SE
..............
(2,434)
$
(310,805)
(736.1)
%
Alstom
SA
..............
(11,851)
(384,206)
(910.0)
AXA
SA
................
(85)
(2,692)
(6.4)
Bollore
SA
..............
(16,317)
(87,952)
(208.3)
Bouygues
SA
............
(5,294)
(186,704)
(442.2)
Danone
SA
.............
(3,315)
(206,694)
(489.5)
Dassault
Aviation
SA
.......
(3,450)
(410,006)
(971.1)
Edenred
...............
(1,813)
(77,873)
(184.4)
Faurecia
SE
.............
(2,980)
(132,098)
(312.9)
Getlink
SE
..............
(37,142)
(585,910)
(1,387.7)
Legrand
SA
.............
(321)
(32,669)
(77.4)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
(239)
(196,309)
(465.0)
Orpea
SA
..............
(3,514)
(154,279)
(365.4)
Remy
Cointreau
SA
........
(2,076)
(432,915)
(1,025.3)
Renault
SA
.............
(5,582)
(221,842)
(525.4)
Safran
SA
..............
(5,676)
(687,189)
(1,627.6)
Sartorius
Stedim
Biotech
....
(255)
(111,820)
(264.8)
TotalEnergies
SE
.........
(1,152)
(65,511)
(155.2)
Ubisoft
Entertainment
SA
....
(2,054)
(117,868)
(279.2)
Vinci
SA
...............
(2,694)
(295,280)
(699.4)
Vivendi
SE
..............
(29,667)
(388,797)
(920.8)
Worldline
SA
............
(4,934)
(239,152)
(566.4)
(6,051,533)
Germany
adidas
AG
..............
(104)
(28,539)
(67.6)
BASF
SE
...............
(1,457)
(111,590)
(264.3)
Commerzbank
AG
.........
(10,462)
(90,343)
(214.0)
Deutsche
Telekom
AG
(Registered)
...........
(1,202)
(22,693)
(53.7)
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(2,345)
(159,444)
(377.6)
KION
Group
AG
..........
(987)
(91,251)
(216.1)
Knorr-Bremse
AG
.........
(426)
(43,192)
(102.3)
Lanxess
AG
.............
(418)
(25,450)
(60.3)
MTU
Aero
Engines
AG
......
(221)
(47,026)
(111.4)
Porsche
Automobil
Holding
SE
(Preference)
..........
(177)
(16,576)
(39.3)
Puma
SE
...............
(942)
(100,749)
(238.6)
Scout24
SE
.............
(426)
(25,451)
(60.3)
Siemens
Energy
AG
.......
(4,250)
(95,595)
(226.4)
Telefonica
Deutschland
Holding
AG
.................
(39,537)
(113,502)
(268.8)
Uniper
SE
..............
(1,137)
(51,449)
(121.9)
United
Internet
AG
(Registered),
Class
G
..............
(625)
(24,510)
(58.1)
Zalando
SE
.............
(1,582)
(125,560)
(297.4)
(1,172,920)
Hong
Kong
AIA
Group
Ltd.
...........
(11,000)
(114,838)
(272.0)
Hong
Kong
&
China
Gas
Co.
Ltd.
................
(129,150)
(199,053)
(471.4)
Melco
Resorts
&
Entertainment
Ltd.,
ADR
............
(1,297)
(13,696)
(32.4)
MTR
Corp.
Ltd.
...........
(119,839)
(648,668)
(1,536.3)
Wharf
Real
Estate
Investment
Co.
Ltd.
..............
(54,000)
(256,826)
(608.3)
(1,233,081)
Ireland
Flutter
Entertainment
plc
....
(260)
(39,558)
(93.7)
Kerry
Group
plc,
Class
A
....
(357)
(44,981)
(106.5)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
39
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Ireland
(continued)
Kingspan
Group
plc
........
(234)
$
(22,524)
(53.4)
%
(107,063)
Israel
Teva
Pharmaceutical
Industries
Ltd.,
ADR
............
(6,762)
(57,004)
(135.0)
Wix.com
Ltd.
............
(277)
(36,389)
(86.2)
(93,393)
Italy
Atlantia
SpA
.............
(2,620)
(48,615)
(115.1)
Infrastrutture
Wireless
Italiane
SpA
................
(8,806)
(94,950)
(224.9)
Nexi
SpA
...............
(6,348)
(92,855)
(219.9)
(236,420)
Japan
ANA
Holdings,
Inc.
........
(5,300)
(111,924)
(265.1)
Asahi
Intecc
Co.
Ltd.
.......
(1,200)
(20,473)
(48.5)
Canon,
Inc.
.............
(2,600)
(61,492)
(145.6)
Central
Japan
Railway
Co.
...
(300)
(39,363)
(93.2)
Concordia
Financial
Group
Ltd.
(6,400)
(26,300)
(62.3)
Cosmos
Pharmaceutical
Corp.
(100)
(12,488)
(29.6)
CyberAgent,
Inc.
..........
(600)
(6,996)
(16.6)
East
Japan
Railway
Co.
.....
(800)
(45,682)
(108.2)
FANUC
Corp.
............
(200)
(39,550)
(93.7)
GMO
Payment
Gateway,
Inc.
.
(200)
(17,550)
(41.6)
Hitachi
Metals
Ltd.
........
(5,900)
(106,393)
(252.0)
Inpex
Corp.
.............
(3,000)
(30,328)
(71.8)
Japan
Post
Bank
Co.
Ltd.
....
(40,100)
(394,494)
(934.3)
Japan
Post
Holdings
Co.
Ltd.
.
(3,700)
(31,581)
(74.8)
Kansai
Electric
Power
Co.,
Inc.
(The)
...............
(4,400)
(41,532)
(98.4)
Keio
Corp.
..............
(400)
(17,992)
(42.6)
Kintetsu
Group
Holdings
Co.
Ltd.
................
(3,700)
(107,506)
(254.6)
Kobayashi
Pharmaceutical
Co.
Ltd.
................
(700)
(54,511)
(129.1)
Kobe
Bussan
Co.
Ltd.
......
(100)
(3,113)
(7.4)
Koito
Manufacturing
Co.
Ltd.
..
(1,000)
(50,211)
(118.9)
Konami
Holdings
Corp.
.....
(500)
(26,955)
(63.8)
Kose
Corp.
.............
(500)
(45,715)
(108.3)
Kubota
Corp.
............
(15,500)
(332,406)
(787.3)
Lasertec
Corp.
...........
(500)
(112,169)
(265.7)
M3,
Inc.
................
(900)
(34,602)
(82.0)
Mercari,
Inc.
.............
(800)
(30,213)
(71.6)
Mitsubishi
Corp.
..........
(800)
(27,162)
(64.3)
Mitsui
&
Co.
Ltd.
..........
(10,700)
(266,809)
(631.9)
Murata
Manufacturing
Co.
Ltd.
(200)
(15,037)
(35.6)
Nexon
Co.
Ltd.
...........
(2,700)
(50,899)
(120.6)
Nidec
Corp.
.............
(300)
(26,589)
(63.0)
Nintendo
Co.
Ltd.
.........
(100)
(49,004)
(116.1)
Nippon
Paint
Holdings
Co.
Ltd.
(11,100)
(88,771)
(210.3)
Nippon
Sanso
Holdings
Corp.
.
(1,000)
(19,859)
(47.0)
Nissan
Motor
Co.
Ltd.
......
(9,100)
(48,163)
(114.1)
NTT
Data
Corp.
..........
(1,200)
(23,005)
(54.5)
Obic
Co.
Ltd.
............
(300)
(49,567)
(117.4)
Odakyu
Electric
Railway
Co.
Ltd.
(1,800)
(31,807)
(75.3)
Open
House
Group
Co.
Ltd.
..
(1,100)
(56,951)
(134.9)
Oriental
Land
Co.
Ltd.
......
(400)
(69,633)
(164.9)
Otsuka
Corp.
............
(1,000)
(40,577)
(96.1)
Pan
Pacific
International
Holdings
Corp.
.........
(11,100)
(149,393)
(353.8)
Pola
Orbis
Holdings,
Inc.
....
(6,400)
(95,388)
(225.9)
SG
Holdings
Co.
Ltd.
.......
(3,500)
(74,299)
(176.0)
Shimano,
Inc.
............
(500)
(112,121)
(265.6)
Shares
Value
%
of
Basket
Value
Japan
(continued)
Shiseido
Co.
Ltd.
.........
(100)
$
(5,044)
(11.9)
%
SoftBank
Group
Corp.
......
(900)
(39,870)
(94.4)
Square
Enix
Holdings
Co.
Ltd.
.
(700)
(34,327)
(81.3)
SUMCO
Corp.
...........
(3,200)
(58,995)
(139.7)
Sumitomo
Metal
Mining
Co.
Ltd.
(600)
(27,714)
(65.6)
T&D
Holdings,
Inc.
........
(3,500)
(51,724)
(122.5)
Takeda
Pharmaceutical
Co.
Ltd.
(13,800)
(399,968)
(947.3)
Tobu
Railway
Co.
Ltd.
......
(900)
(21,081)
(49.9)
Toho
Co.
Ltd.
............
(1,700)
(65,854)
(156.0)
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(39,100)
(104,172)
(246.7)
Toyota
Motor
Corp.
........
(15,400)
(304,353)
(720.8)
Unicharm
Corp.
..........
(3,100)
(119,795)
(283.7)
Z
Holdings
Corp.
..........
(17,300)
(87,861)
(208.1)
(4,417,331)
Jordan
Hikma
Pharmaceuticals
plc
...
(3,441)
(96,669)
(229.0)
Luxembourg
Eurofins
Scientific
SE
......
(2,247)
(225,605)
(534.3)
Netherlands
ABN
AMRO
Bank
NV,
CVA
...
(2,066)
(33,157)
(78.5)
Adyen
NV
..............
(8)
(16,279)
(38.6)
Akzo
Nobel
NV
...........
(259)
(26,809)
(63.5)
Euronext
NV
............
(276)
(26,610)
(63.0)
Heineken
NV
............
(2,082)
(223,287)
(528.9)
IMCD
NV
...............
(243)
(41,801)
(99.0)
JDE
Peet's
NV
...........
(2,146)
(64,260)
(152.2)
(432,203)
Norway
Mowi
ASA
..............
(3,658)
(89,781)
(212.7)
Poland
InPost
SA
..............
(1,518)
(12,324)
(29.2)
Saudi
Arabia
Delivery
Hero
SE
.........
(444)
(34,272)
(81.2)
Singapore
Venture
Corp.
Ltd.
.........
(1,600)
(20,963)
(49.6)
Spain
Aena
SME
SA
...........
(714)
(115,370)
(273.2)
Amadeus
IT
Group
SA
......
(609)
(41,875)
(99.2)
EDP
Renovaveis
SA
.......
(2,474)
(52,007)
(123.2)
Ferrovial
SA
.............
(2,967)
(82,449)
(195.3)
Grifols
SA
..............
(2,949)
(52,004)
(123.1)
Naturgy
Energy
Group
SA
...
(225)
(7,124)
(16.9)
Siemens
Gamesa
Renewable
Energy
SA
............
(7,815)
(169,100)
(400.5)
(519,929)
Sweden
Atlas
Copco
AB,
Class
A
....
(555)
(32,848)
(77.8)
Embracer
Group
AB
.......
(3,282)
(32,929)
(78.0)
Epiroc
AB,
Class
A
........
(1,349)
(28,786)
(68.2)
Fastighets
AB
Balder,
Class
B
.
(561)
(37,166)
(88.0)
H
&
M
Hennes
&
Mauritz
AB,
Class
B
..............
(1,876)
(37,353)
(88.5)
Hexagon
AB,
Class
B
......
(5,681)
(76,626)
(181.5)
Investment
AB
Latour,
Class
B
(3,046)
(94,773)
(224.5)
Lifco
AB,
Class
B
.........
(1,535)
(35,981)
(85.2)
Nibe
Industrier
AB,
Class
B
...
(6,529)
(62,055)
(147.0)
Sandvik
AB
.............
(1,002)
(26,387)
(62.5)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
40
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Sweden
(continued)
Svenska
Cellulosa
AB
SCA,
Class
B
..............
(4,116)
$
(71,675)
(169.7)
%
(536,579)
Switzerland
ABB
Ltd.
(Registered)
......
(883)
(30,615)
(72.5)
Alcon,
Inc.
..............
(1,545)
(119,133)
(282.2)
Bachem
Holding
AG
(Registered),
Class
B
....
(163)
(97,231)
(230.3)
Barry
Callebaut
AG
(Registered)
(13)
(29,843)
(70.7)
Credit
Suisse
Group
AG
(Registered)
...........
(4,867)
(46,263)
(109.6)
EMS-Chemie
Holding
AG
(Registered)
...........
(27)
(27,310)
(64.7)
Temenos
AG
(Registered)
...
(679)
(81,388)
(192.8)
(431,783)
Taiwan
Sea
Ltd.,
ADR
...........
(688)
(103,413)
(244.9)
United
Arab
Emirates
NMC
Health
plc
..........
(9,400)
—
(0.0)
United
Kingdom
Associated
British
Foods
plc
..
(1,588)
(41,917)
(99.3)
AVEVA
Group
plc
.........
(1,656)
(65,713)
(155.6)
BT
Group
plc
............
(7,987)
(21,155)
(50.1)
Bunzl
plc
...............
(801)
(30,003)
(71.1)
Halma
plc
..............
(2,102)
(71,244)
(168.7)
Hargreaves
Lansdown
plc
...
(4,918)
(89,290)
(211.5)
Informa
plc
..............
(4,731)
(35,787)
(84.8)
Melrose
Industries
plc
......
(23,862)
(48,607)
(115.1)
NatWest
Group
plc
........
(25,230)
(82,925)
(196.4)
Phoenix
Group
Holdings
plc
..
(13,456)
(120,464)
(285.3)
Reckitt
Benckiser
Group
plc
..
(40)
(3,241)
(7.7)
SSE
plc
................
(2,352)
(50,606)
(119.9)
Standard
Chartered
plc
.....
(7,422)
(54,053)
(128.0)
Vodafone
Group
plc
........
(80,818)
(141,906)
(336.1)
(856,911)
United
States
Air
Products
and
Chemicals,
Inc.
(511)
(144,163)
(341.4)
Albemarle
Corp.
..........
(243)
(53,640)
(127.0)
Amazon.com,
Inc.
.........
(32)
(95,727)
(226.7)
AMETEK,
Inc.
...........
(154)
(21,063)
(49.9)
Amphenol
Corp.,
Class
A
....
(2,932)
(233,358)
(552.7)
Analog
Devices,
Inc.
.......
(2,021)
(331,383)
(784.9)
Arthur
J
Gallagher
&
Co.
....
(180)
(28,429)
(67.3)
Avalara,
Inc.
.............
(483)
(52,946)
(125.4)
Ball
Corp.
..............
(1,119)
(108,655)
(257.3)
Bank
of
America
Corp.
......
(923)
(42,587)
(100.9)
Becton
Dickinson
and
Co.
...
(426)
(108,264)
(256.4)
Bentley
Systems,
Inc.,
Class
B
(557)
(22,375)
(53.0)
BioMarin
Pharmaceutical,
Inc.
.
(226)
(20,030)
(47.4)
Bio-Rad
Laboratories,
Inc.,
Class
A
..................
(60)
(35,984)
(85.2)
Black
Knight,
Inc.
.........
(1,827)
(136,294)
(322.8)
Block,
Inc.,
Class
A
........
(1,143)
(139,777)
(331.1)
Booking
Holdings,
Inc.
......
(31)
(76,140)
(180.3)
Broadcom,
Inc.
...........
(40)
(23,435)
(55.5)
Brookfield
Renewable
Corp.
..
(513)
(17,551)
(41.6)
Brown
&
Brown,
Inc.
.......
(2,287)
(151,582)
(359.0)
Brown-Forman
Corp.,
Class
B
.
(1,969)
(132,770)
(314.5)
Burlington
Stores,
Inc.
......
(341)
(80,793)
(191.4)
Cable
One,
Inc.
..........
(15)
(23,171)
(54.9)
Caesars
Entertainment,
Inc.
..
(567)
(43,171)
(102.2)
CarMax,
Inc.
............
(407)
(45,246)
(107.2)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Carrier
Global
Corp.
.......
(793)
$
(37,810)
(89.6)
%
Carvana
Co.
............
(353)
(57,207)
(135.5)
CenterPoint
Energy,
Inc.
....
(7,948)
(225,405)
(533.9)
Ceridian
HCM
Holding,
Inc.
..
(1,124)
(85,222)
(201.8)
CF
Industries
Holdings,
Inc.
..
(421)
(28,994)
(68.7)
Charles
Schwab
Corp.
(The)
..
(1,000)
(87,700)
(207.7)
Charter
Communications,
Inc.,
Class
A
..............
(74)
(43,907)
(104.0)
Chewy,
Inc.,
Class
A
.......
(2,366)
(112,645)
(266.8)
Church
&
Dwight
Co.,
Inc.
...
(2,210)
(226,857)
(537.3)
Cincinnati
Financial
Corp.
....
(1,197)
(141,043)
(334.1)
Citizens
Financial
Group,
Inc.
.
(926)
(47,661)
(112.9)
Citrix
Systems,
Inc.
........
(254)
(25,893)
(61.3)
Clarivate
plc
.............
(1,452)
(23,900)
(56.6)
CME
Group,
Inc.
..........
(216)
(49,572)
(117.4)
Constellation
Brands,
Inc.,
Class
A
..................
(1,132)
(269,133)
(637.4)
Costco
Wholesale
Corp.
.....
(160)
(80,821)
(191.4)
Coupa
Software,
Inc.
.......
(253)
(33,970)
(80.5)
Crowdstrike
Holdings,
Inc.,
Class
A
..................
(141)
(25,470)
(60.3)
Crown
Holdings,
Inc.
.......
(499)
(57,086)
(135.2)
DISH
Network
Corp.,
Class
A
.
(1,150)
(36,110)
(85.5)
Dollar
General
Corp.
.......
(347)
(72,343)
(171.3)
Dollar
Tree,
Inc.
..........
(687)
(90,148)
(213.5)
DoorDash,
Inc.,
Class
A
.....
(103)
(11,689)
(27.7)
DR
Horton,
Inc.
...........
(63)
(5,621)
(13.3)
DraftKings,
Inc.,
Class
A
.....
(1,076)
(23,769)
(56.3)
Eastman
Chemical
Co.
.....
(524)
(62,319)
(147.6)
Eaton
Corp.
plc
...........
(184)
(29,151)
(69.0)
Edison
International
........
(861)
(54,062)
(128.0)
Elanco
Animal
Health,
Inc.
...
(870)
(22,655)
(53.7)
Enphase
Energy,
Inc.
.......
(181)
(25,425)
(60.2)
Erie
Indemnity
Co.,
Class
A
..
(768)
(141,389)
(334.9)
Exact
Sciences
Corp.
......
(165)
(12,599)
(29.8)
F5,
Inc.
................
(166)
(34,465)
(81.6)
Fiserv,
Inc.
..............
(1,405)
(148,509)
(351.7)
Fiverr
International
Ltd.
.....
(192)
(16,380)
(38.8)
FleetCor
Technologies,
Inc.
...
(66)
(15,725)
(37.2)
Ford
Motor
Co.
...........
(2,935)
(59,581)
(141.1)
Freeport-McMoRan,
Inc.
....
(2,397)
(89,216)
(211.3)
Generac
Holdings,
Inc.
.....
(115)
(32,474)
(76.9)
General
Electric
Co.
.......
(317)
(29,950)
(70.9)
Global
Payments,
Inc.
......
(467)
(69,994)
(165.8)
Globe
Life,
Inc.
...........
(220)
(22,506)
(53.3)
Guidewire
Software,
Inc.
....
(413)
(41,647)
(98.6)
Hasbro,
Inc.
.............
(1,311)
(121,241)
(287.2)
HEICO
Corp.
............
(318)
(43,372)
(102.7)
Horizon
Therapeutics
plc
....
(356)
(33,225)
(78.7)
Howmet
Aerospace,
Inc.
....
(3,337)
(103,747)
(245.7)
Humana,
Inc.
............
(321)
(125,993)
(298.4)
Huntington
Ingalls
Industries,
Inc.
.................
(408)
(76,378)
(180.9)
IAC/InterActiveCorp
........
(1,808)
(246,864)
(584.7)
Ingersoll
Rand,
Inc.
........
(637)
(35,806)
(84.8)
IPG
Photonics
Corp.
.......
(838)
(129,446)
(306.6)
J
M
Smucker
Co.
(The)
.....
(1,743)
(245,031)
(580.3)
Jack
Henry
&
Associates,
Inc.
.
(253)
(42,456)
(100.6)
Las
Vegas
Sands
Corp.
.....
(2,596)
(113,705)
(269.3)
Liberty
Broadband
Corp.,
Class
C
..................
(231)
(34,283)
(81.2)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(1,800)
(108,414)
(256.8)
Live
Nation
Entertainment,
Inc.
(1,655)
(181,239)
(429.3)
Lululemon
Athletica,
Inc.
....
(180)
(60,077)
(142.3)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
41
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
MarketAxess
Holdings,
Inc.
..
(155)
$
(53,394)
(126.5)
%
Marriott
International,
Inc.,
Class
A
..................
(645)
(103,922)
(246.1)
McCormick
&
Co.,
Inc.
(Non-
Voting)
..............
(278)
(27,886)
(66.0)
Medtronic
plc
............
(588)
(60,852)
(144.1)
MGM
Resorts
International
...
(574)
(24,521)
(58.1)
Neurocrine
Biosciences,
Inc.
..
(862)
(68,115)
(161.3)
Newmont
Corp.
..........
(487)
(29,790)
(70.6)
NRG
Energy,
Inc.
.........
(4,830)
(192,862)
(456.8)
Oak
Street
Health,
Inc.
......
(678)
(11,784)
(27.9)
Okta,
Inc.
...............
(447)
(88,457)
(209.5)
ON
Semiconductor
Corp.
....
(428)
(25,252)
(59.8)
PACCAR,
Inc.
...........
(1,653)
(153,712)
(364.1)
Packaging
Corp.
of
America
..
(739)
(111,316)
(263.6)
Parker-Hannifin
Corp.
......
(104)
(32,241)
(76.4)
Paycom
Software,
Inc.
......
(265)
(88,855)
(210.4)
PayPal
Holdings,
Inc.
......
(1,027)
(176,582)
(418.2)
Peloton
Interactive,
Inc.,
Class
A
(536)
(14,649)
(34.7)
Pioneer
Natural
Resources
Co.
(272)
(59,538)
(141.0)
PNC
Financial
Services
Group,
Inc.
(The)
............
(119)
(24,513)
(58.1)
PPL
Corp.
..............
(4,169)
(123,736)
(293.1)
Quest
Diagnostics,
Inc.
.....
(444)
(59,949)
(142.0)
ResMed,
Inc.
............
(99)
(22,631)
(53.6)
Roper
Technologies,
Inc.
....
(89)
(38,907)
(92.2)
Royal
Caribbean
Cruises
Ltd.
.
(262)
(20,386)
(48.3)
Royalty
Pharma
plc,
Class
A
..
(2,868)
(114,749)
(271.8)
RPM
International,
Inc.
.....
(722)
(63,976)
(151.5)
S&P
Global,
Inc.
..........
(50)
(20,761)
(49.2)
salesforce.com,
Inc.
.......
(116)
(26,985)
(63.9)
Schneider
Electric
SE
......
(1,080)
(182,947)
(433.3)
SEI
Investments
Co.
.......
(996)
(58,376)
(138.3)
Sensata
Technologies
Holding
plc
.................
(369)
(21,166)
(50.1)
Sherwin-Williams
Co.
(The)
..
(422)
(120,907)
(286.4)
Signature
Bank
...........
(326)
(99,309)
(235.2)
Snap-on,
Inc.
............
(107)
(22,283)
(52.8)
SolarEdge
Technologies,
Inc.
.
(86)
(20,487)
(48.5)
Southern
Co.
(The)
........
(1,791)
(124,457)
(294.8)
Southwest
Airlines
Co.
......
(382)
(17,098)
(40.5)
SS&C
Technologies
Holdings,
Inc.
.................
(1,123)
(89,694)
(212.4)
STERIS
plc
.............
(415)
(93,126)
(220.6)
Stryker
Corp.
............
(177)
(43,905)
(104.0)
Take-Two
Interactive
Software,
Inc.
.................
(548)
(89,510)
(212.0)
Teladoc
Health,
Inc.
........
(3)
(230)
(0.5)
Teledyne
Technologies,
Inc.
..
(131)
(55,207)
(130.8)
Teleflex,
Inc.
.............
(289)
(89,645)
(212.3)
Thermo
Fisher
Scientific,
Inc.
.
(114)
(66,268)
(157.0)
Trade
Desk,
Inc.
(The),
Class
A
(2,106)
(146,451)
(346.9)
Tradeweb
Markets,
Inc.,
Class
A
(267)
(22,634)
(53.6)
Twilio,
Inc.,
Class
A
........
(336)
(69,256)
(164.0)
UnitedHealth
Group,
Inc.
....
(219)
(103,493)
(245.1)
Unity
Software,
Inc.
........
(245)
(25,762)
(61.0)
US
Bancorp
.............
(1,454)
(84,608)
(200.4)
VF
Corp.
...............
(633)
(41,278)
(97.8)
Vistra
Corp.
.............
(2,795)
(60,959)
(144.4)
Vulcan
Materials
Co.
.......
(604)
(114,947)
(272.2)
Walt
Disney
Co.
(The)
......
(368)
(52,613)
(124.6)
Waste
Connections,
Inc.
.....
(1,015)
(126,571)
(299.8)
Waste
Management,
Inc.
....
(669)
(100,644)
(238.4)
Wayfair,
Inc.,
Class
A
.......
(214)
(33,367)
(79.0)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Westinghouse
Air
Brake
Technologies
Corp.
......
(251)
$
(22,314)
(52.9)
%
Westrock
Co.
............
(1,659)
(76,579)
(181.4)
Willis
Towers
Watson
plc
....
(139)
(32,520)
(77.0)
Zillow
Group,
Inc.,
Class
C
...
(725)
(36,598)
(86.7)
Zimmer
Biomet
Holdings,
Inc.
.
(1,085)
(133,477)
(316.1)
Zoom
Video
Communications,
Inc.,
Class
A
...........
(137)
(21,136)
(50.1)
(11,017,977)
Total
Reference
Entity
—
Short
............
(30,909,083)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
42,222
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Credit
Suisse
International,
as
of
January
31,
2022,
expiration
date
02/08/23:
Reference
Entity
—
Long
France
Adevinta
ASA
............
2,874
30,152
148.5
Suez
SA
...............
864
19,248
94.8
49,400
Norway
Mowi
ASA
..............
7,608
186,730
919.7
Norsk
Hydro
ASA
.........
707
5,434
26.8
Orkla
ASA
..............
24,543
234,543
1,155.1
426,707
Spain
Iberdrola
SA
.............
5,612
1,056
5.2
Total
Reference
Entity
—
Long
............
477,163
Reference
Entity
—
Short
France
Adevinta
ASA
............
(2,874)
(30,152)
(148.5)
Norway
Mowi
ASA
..............
(7,608)
(186,730)
(919.7)
Norsk
Hydro
ASA
.........
(707)
(5,434)
(26.8)
Orkla
ASA
..............
(24,543)
(234,543)
(1,155.1)
(426,707)
United
Arab
Emirates
NMC
Health
plc
..........
(6,160)
—
(0.0)
Total
Reference
Entity
—
Short
............
(456,859)
Net
Value
of
Reference
Entity
—
Credit
Suisse
International
.........................
$
20,304
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Goldman
Sachs
International,
as
of
January
31,
2022,
expiration
dates
02/27/23-03/01/23:
Reference
Entity
—
Long
Australia
Aristocrat
Leisure
Ltd.
......
2,874
83,311
707.6
Aurizon
Holdings
Ltd.
......
6,809
17,035
144.7
Brambles
Ltd.
............
9,921
68,158
578.9
Cochlear
Ltd.
............
302
41,414
351.7
Coles
Group
Ltd.
.........
14,326
164,587
1,397.9
REA
Group
Ltd.
..........
488
50,555
429.4
Rio
Tinto
Ltd.
............
598
47,544
403.8
Rio
Tinto
plc
.............
527
37,146
315.5
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
42
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Australia
(continued)
Sonic
Healthcare
Ltd.
......
2,377
$
64,013
543.7
%
South32
Ltd.
............
7,867
21,645
183.8
Telstra
Corp.
Ltd.
.........
12,912
35,894
304.9
Wesfarmers
Ltd.
..........
804
29,999
254.8
661,301
Austria
OMV
AG
...............
3,578
218,989
1,860.0
voestalpine
AG
...........
616
20,479
173.9
239,468
Belgium
Groupe
Bruxelles
Lambert
SA
.
2,250
241,431
2,050.6
Proximus
SADP
..........
1,490
30,427
258.4
UCB
SA
...............
1,012
100,699
855.3
Umicore
SA
.............
653
24,720
210.0
397,277
Canada
Bank
of
Montreal
.........
3,460
391,633
3,326.3
Bank
of
Nova
Scotia
(The)
...
339
24,418
207.4
Brookfield
Infrastructure
Corp.,
Class
A
..............
14
929
7.9
Canadian
Apartment
Properties
REIT
................
536
23,575
200.2
Canadian
Imperial
Bank
of
Commerce
...........
2,011
252,524
2,144.8
Canadian
Tire
Corp.
Ltd.,
Class
A
..................
798
115,216
978.6
Constellation
Software,
Inc.
..
106
182,568
1,550.6
Empire
Co.
Ltd.,
Class
A
....
2,094
64,608
548.7
Franco-Nevada
Corp.
......
446
58,970
500.9
George
Weston
Ltd.
.......
577
62,922
534.4
Gildan
Activewear,
Inc.
......
571
22,729
193.1
Hydro
One
Ltd.
...........
20,404
527,135
4,477.2
Intact
Financial
Corp.
.......
1,084
146,873
1,247.4
Kinross
Gold
Corp.
........
5,618
30,363
257.9
Loblaw
Cos.
Ltd.
..........
4,549
350,958
2,980.8
Magna
International,
Inc.
....
2,486
200,284
1,701.1
Manulife
Financial
Corp.
.....
11,412
237,640
2,018.4
National
Bank
of
Canada
....
927
74,166
629.9
Nutrien
Ltd.
.............
1,263
88,211
749.2
Onex
Corp.
.............
569
40,873
347.2
Open
Text
Corp.
..........
1,430
68,443
581.3
Parkland
Corp.
...........
921
24,489
208.0
Power
Corp.
of
Canada
.....
2,641
84,893
721.0
Quebecor,
Inc.,
Class
B
.....
1,200
28,377
241.0
Ritchie
Bros
Auctioneers,
Inc.
.
238
14,507
123.2
Royal
Bank
of
Canada
......
1,315
149,930
1,273.4
Suncor
Energy,
Inc.
........
2,341
66,888
568.1
TFI
International,
Inc.
.......
2,412
232,158
1,971.8
Thomson
Reuters
Corp.
.....
1,576
169,186
1,437.0
TMX
Group
Ltd.
..........
626
63,681
540.9
Tourmaline
Oil
Corp.
.......
1,481
52,802
448.5
3,851,949
China
NXP
Semiconductors
NV
....
867
178,116
1,512.8
Denmark
AP
Moller
-
Maersk
A/S,
Class
B
10
35,921
305.1
Coloplast
A/S,
Class
B
......
728
105,867
899.2
Novo
Nordisk
A/S,
Class
B
...
3,415
339,684
2,885.1
Novozymes
A/S,
Class
B
....
614
42,150
358.0
Pandora
A/S
............
217
23,597
200.4
547,219
Shares
Value
%
of
Basket
Value
Finland
Kesko
OYJ,
Class
B
.......
699
$
22,077
187.5
%
Neste
OYJ
..............
1,758
79,285
673.4
Nokia
OYJ
..............
6,351
37,875
321.7
Orion
OYJ,
Class
B
........
507
20,616
175.1
Stora
Enso
OYJ,
Class
R
....
2,614
53,213
452.0
UPM-Kymmene
OYJ
.......
3,313
120,747
1,025.5
333,813
France
Amundi
SA
.............
260
20,211
171.7
Arkema
SA
.............
345
51,015
433.3
BioMerieux
.............
1,077
126,292
1,072.6
BNP
Paribas
SA
..........
2,019
144,135
1,224.2
Bureau
Veritas
SA
.........
1,618
46,295
393.2
Carrefour
SA
............
1,261
23,999
203.8
Cie
de
Saint-Gobain
.......
361
24,428
207.5
Credit
Agricole
SA
.........
11,411
171,672
1,458.1
Dassault
Systemes
SE
.....
3,007
145,414
1,235.1
Engie
SA
...............
13,075
201,117
1,708.2
EssilorLuxottica
SA
........
149
28,189
239.4
Hermes
International
.......
128
192,182
1,632.3
Kering
SA
..............
108
80,651
685.0
La
Francaise
des
Jeux
SAEM
.
2,238
92,661
787.0
Pernod
Ricard
SA
.........
267
57,111
485.1
Publicis
Groupe
SA
........
7,018
475,546
4,039.0
Sanofi
.................
2,220
232,128
1,971.5
SEB
SA
................
290
44,013
373.8
Societe
Generale
SA
.......
4,697
174,354
1,480.9
Teleperformance
..........
853
321,230
2,728.3
Thales
SA
..............
2,089
192,705
1,636.7
Wendel
SE
.............
200
21,723
184.5
2,867,071
Germany
Allianz
SE
(Registered)
.....
264
67,783
575.7
Bayer
AG
(Registered)
......
3,225
195,931
1,664.1
Covestro
AG
............
1,473
88,370
750.6
Deutsche
Boerse
AG
.......
1,015
180,419
1,532.4
Deutsche
Post
AG
(Registered)
6,813
410,010
3,482.4
E.ON
SE
...............
14,102
194,502
1,652.0
GEA
Group
AG
...........
4,160
196,540
1,669.3
HeidelbergCement
AG
......
240
16,701
141.8
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
86
27,226
231.2
SAP
SE
................
345
43,284
367.6
Symrise
AG
.............
1,321
157,859
1,340.8
Vonovia
SE
.............
1,716
97,736
830.1
1,676,361
Hong
Kong
CK
Asset
Holdings
Ltd.
.....
73,500
490,642
4,167.2
CLP
Holdings
Ltd.
.........
3,500
35,026
297.5
Hongkong
Land
Holdings
Ltd.
.
5,300
28,704
243.8
New
World
Development
Co.
Ltd.
................
28,000
114,305
970.8
Power
Assets
Holdings
Ltd.
..
8,500
52,229
443.6
Sun
Hung
Kai
Properties
Ltd.
.
9,000
109,805
932.6
830,711
Israel
Bank
Hapoalim
BM
........
8,059
83,634
710.3
Bank
Leumi
Le-Israel
BM
....
4,666
50,043
425.0
Check
Point
Software
Technologies
Ltd.
.......
308
37,271
316.6
170,948
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
43
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Italy
Eni
SpA
................
1,856
$
27,879
236.8
%
Intesa
Sanpaolo
SpA
.......
10,686
31,757
269.7
Terna
-
Rete
Elettrica
Nazionale
14,143
111,127
943.9
170,763
Japan
Advantest
Corp.
..........
1,100
93,624
795.2
Aisin
Corp.
..............
500
18,157
154.2
Ajinomoto
Co.,
Inc.
........
800
22,321
189.6
Asahi
Kasei
Corp.
.........
22,300
220,278
1,870.9
Astellas
Pharma,
Inc.
.......
6,000
96,843
822.5
Bridgestone
Corp.
.........
5,100
223,335
1,896.9
Brother
Industries
Ltd.
......
3,400
62,615
531.8
Chubu
Electric
Power
Co.,
Inc.
2,100
21,033
178.6
Chugai
Pharmaceutical
Co.
Ltd.
5,200
168,895
1,434.5
Dai-ichi
Life
Holdings,
Inc.
...
1,200
27,011
229.4
Denso
Corp.
............
1,300
97,024
824.1
Dentsu
Group,
Inc.
........
2,100
72,727
617.7
Eisai
Co.
Ltd.
............
500
25,043
212.7
ENEOS
Holdings,
Inc.
......
41,000
163,288
1,386.9
Fuji
Electric
Co.
Ltd.
.......
900
48,102
408.5
Fujitsu
Ltd.
..............
100
13,220
112.3
Hino
Motors
Ltd.
..........
11,500
99,963
849.0
Honda
Motor
Co.
Ltd.
......
5,200
153,154
1,300.8
Idemitsu
Kosan
Co.
Ltd.
.....
5,700
146,043
1,240.4
Iida
Group
Holdings
Co.
Ltd.
..
2,600
54,092
459.4
Isuzu
Motors
Ltd.
.........
1,700
20,825
176.9
Ito
En
Ltd.
..............
800
43,091
366.0
Japan
Post
Insurance
Co.
Ltd.
2,000
35,067
297.8
Japan
Tobacco,
Inc.
.......
3,100
61,891
525.7
JSR
Corp.
..............
4,000
132,593
1,126.2
Kajima
Corp.
............
16,700
201,696
1,713.1
Kao
Corp.
..............
1,300
64,963
551.8
KDDI
Corp.
.............
4,000
127,795
1,085.4
Komatsu
Ltd.
............
1,700
42,719
362.8
Kurita
Water
Industries
Ltd.
...
900
36,597
310.8
Lawson,
Inc.
............
600
26,297
223.4
Lixil
Corp.
..............
2,300
52,647
447.2
Marubeni
Corp.
...........
6,500
66,885
568.1
Mazda
Motor
Corp.
........
10,500
80,889
687.0
Mitsubishi
Chemical
Holdings
Corp.
...............
2,600
20,395
173.2
Mitsubishi
Electric
Corp.
.....
46,200
578,581
4,914.1
Mitsubishi
Estate
Co.
Ltd.
....
17,400
250,602
2,128.5
Mitsubishi
Gas
Chemical
Co.,
Inc.
.................
4,000
76,621
650.8
Mitsubishi
Heavy
Industries
Ltd.
2,900
78,762
669.0
Mitsui
Chemicals,
Inc.
......
6,400
171,166
1,453.8
NGK
Insulators
Ltd.
........
9,900
167,288
1,420.8
Nippon
Express
Holdings,
Inc.
.
1,100
65,190
553.7
Nippon
Telegraph
&
Telephone
Corp.
...............
13,900
397,786
3,378.6
Nissan
Chemical
Corp.
.....
1,100
59,684
506.9
Nitto
Denko
Corp.
.........
3,600
280,295
2,380.6
Nomura
Real
Estate
Holdings,
Inc.
.................
2,700
63,226
537.0
ORIX
Corp.
.............
3,500
72,195
613.2
Osaka
Gas
Co.
Ltd.
........
14,100
239,790
2,036.6
Panasonic
Corp.
..........
4,700
51,745
439.5
Persol
Holdings
Co.
Ltd.
.....
1,200
30,979
263.1
Recruit
Holdings
Co.
Ltd.
....
1,600
79,086
671.7
Ricoh
Co.
Ltd.
...........
5,900
49,822
423.2
Secom
Co.
Ltd.
...........
300
21,124
179.4
Sekisui
Chemical
Co.
Ltd.
....
18,100
316,460
2,687.8
Sekisui
House
Ltd.
........
6,200
125,613
1,066.9
Shares
Value
%
of
Basket
Value
Japan
(continued)
Sohgo
Security
Services
Co.
Ltd.
................
500
$
18,134
154.0
%
Sompo
Holdings,
Inc.
......
600
28,076
238.5
Subaru
Corp.
............
2,400
43,683
371.0
Sumitomo
Chemical
Co.
Ltd.
..
5,400
27,232
231.3
Sumitomo
Mitsui
Financial
Group,
Inc.
...........
3,100
111,665
948.4
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.................
1,300
44,956
381.8
Sysmex
Corp.
...........
300
28,557
242.5
TDK
Corp.
..............
1,200
43,338
368.1
Tokyo
Electron
Ltd.
........
200
97,827
830.9
Tokyo
Gas
Co.
Ltd.
........
7,400
149,419
1,269.1
TOPPAN,
Inc.
............
2,900
55,164
468.5
Toray
Industries,
Inc.
.......
6,300
39,815
338.2
TOTO
Ltd.
..............
800
34,432
292.4
Toyo
Suisan
Kaisha
Ltd.
.....
2,200
90,140
765.6
Toyota
Tsusho
Corp.
.......
1,000
40,554
344.4
USS
Co.
Ltd.
............
1,600
26,113
221.8
Yamaha
Motor
Co.
Ltd.
.....
1,100
26,195
222.5
6,922,433
Netherlands
Koninklijke
Ahold
Delhaize
NV
.
8,902
288,644
2,451.6
Koninklijke
DSM
NV
.......
761
142,657
1,211.6
Koninklijke
KPN
NV
........
39,816
131,333
1,115.5
NN
Group
NV
............
2,598
145,390
1,234.9
Randstad
NV
............
1,797
116,901
992.9
Wolters
Kluwer
NV
........
5,980
608,636
5,169.4
1,433,561
New
Zealand
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
................
4,549
83,695
710.8
Norway
Norsk
Hydro
ASA
.........
12,123
93,169
791.3
Portugal
EDP
-
Energias
de
Portugal
SA
5,425
27,771
235.9
Russia
Coca-Cola
HBC
AG
........
1,986
65,778
558.7
Singapore
Oversea-Chinese
Banking
Corp.
Ltd.
................
17,900
166,618
1,415.2
Singapore
Telecommunications
Ltd.
................
30,800
55,847
474.3
United
Overseas
Bank
Ltd.
...
3,500
78,221
664.4
300,686
South
Africa
Anglo
American
plc
........
3,436
151,478
1,286.6
Spain
Banco
Santander
SA
.......
25,911
90,860
771.7
Iberdrola
SA
.............
61,392
357,708
3,038.2
Industria
de
Diseno
Textil
SA
..
1,214
36,820
312.7
Repsol
SA
..............
5,005
63,602
540.2
548,990
Sweden
Alfa
Laval
AB
............
704
23,782
202.0
Assa
Abloy
AB,
Class
B
.....
804
22,015
187.0
Boliden
AB
..............
1,396
56,528
480.1
Husqvarna
AB,
Class
B
.....
7,029
97,731
830.1
Lundin
Energy
AB
.........
1,921
78,123
663.5
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
44
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Sweden
(continued)
Skanska
AB,
Class
B
.......
679
$
16,624
141.2
%
Swedish
Match
AB
........
811
6,275
53.3
Telia
Co.
AB
.............
15,630
61,604
523.2
362,682
Switzerland
Adecco
Group
AG
(Registered)
2,330
110,985
942.6
Baloise
Holding
AG
(Registered)
191
33,459
284.2
Geberit
AG
(Registered)
.....
379
257,504
2,187.1
Givaudan
SA
(Registered)
...
133
551,009
4,679.9
Holcim
Ltd.
(Registered)
.....
1,026
55,611
472.3
Julius
Baer
Group
Ltd.
......
395
25,813
219.2
Novartis
AG
(Registered)
....
4,123
358,246
3,042.7
Roche
Holding
AG
........
937
362,618
3,079.9
SGS
SA
(Registered)
.......
15
42,774
363.3
Straumann
Holding
AG
(Registered)
...........
116
192,222
1,632.6
UBS
Group
AG
(Registered)
..
5,089
94,399
801.8
Zurich
Insurance
Group
AG
..
8
3,827
32.5
2,088,467
United
Kingdom
3i
Group
plc
.............
6,800
126,642
1,075.6
Ashtead
Group
plc
........
362
25,893
219.9
Auto
Trader
Group
plc
......
4,080
36,971
314.0
Aviva
plc
...............
22,776
134,470
1,142.1
BAE
Systems
plc
.........
17,824
139,486
1,184.7
Barratt
Developments
plc
....
7,860
65,372
555.2
Berkeley
Group
Holdings
plc
..
1,455
83,037
705.3
BP
plc
.................
17,440
90,408
767.9
Burberry
Group
plc
........
5,128
130,092
1,104.9
Croda
International
plc
......
917
99,034
841.1
DCC
plc
...............
1,090
91,651
778.4
Diageo
plc
..............
2,913
146,994
1,248.5
Entain
plc
..............
2,241
48,516
412.1
Intertek
Group
plc
.........
1,678
121,773
1,034.3
J
Sainsbury
plc
...........
9,677
38,026
323.0
Legal
&
General
Group
plc
...
19,433
75,982
645.3
RELX
plc
...............
2,318
71,303
605.6
Sage
Group
plc
(The)
......
4,937
48,244
409.7
Severn
Trent
plc
..........
624
24,226
205.8
St
James's
Place
plc
.......
1,437
29,663
251.9
Taylor
Wimpey
plc
.........
48,911
100,344
852.3
Tesco
plc
...............
43,168
173,392
1,472.7
United
Utilities
Group
plc
....
2,291
33,050
280.7
WPP
plc
...............
641
10,051
85.4
1,944,620
United
States
3M
Co.
................
776
128,832
1,094.2
A
O
Smith
Corp.
..........
434
33,166
281.7
Adobe,
Inc.
.............
778
415,685
3,530.6
Advance
Auto
Parts,
Inc.
....
146
33,800
287.1
Advanced
Micro
Devices,
Inc.
.
1,406
160,636
1,364.3
Aflac,
Inc.
..............
769
48,309
410.3
Agilent
Technologies,
Inc.
....
1,777
247,572
2,102.7
Airbnb,
Inc.,
Class
A
.......
1,956
301,165
2,557.9
Allegion
plc
.............
1,271
155,990
1,324.9
Ally
Financial,
Inc.
.........
456
21,760
184.8
Alphabet,
Inc.,
Class
A
......
134
362,613
3,079.8
American
International
Group,
Inc.
.................
709
40,945
347.8
American
Water
Works
Co.,
Inc.
818
131,534
1,117.2
Ameriprise
Financial,
Inc.
....
328
99,814
847.8
AmerisourceBergen
Corp.
...
549
74,774
635.1
Amgen,
Inc.
.............
606
137,647
1,169.1
Shares
Value
%
of
Basket
Value
United
States
(continued)
Ansys,
Inc.
..............
121
$
41,141
349.4
%
Applied
Materials,
Inc.
......
1,614
223,023
1,894.2
Archer-Daniels-Midland
Co.
..
8,148
611,100
5,190.3
Arista
Networks,
Inc.
.......
2,254
280,195
2,379.8
Assurant,
Inc.
............
644
98,216
834.2
Autodesk,
Inc.
...........
746
186,343
1,582.7
Avery
Dennison
Corp.
......
1,931
396,666
3,369.0
Baker
Hughes
Co.
.........
2,220
60,917
517.4
Bath
&
Body
Works,
Inc.
....
841
47,155
400.5
Biogen,
Inc.
.............
192
43,392
368.5
Booz
Allen
Hamilton
Holding
Corp.
...............
825
63,302
537.7
BorgWarner,
Inc.
..........
723
31,704
269.3
Bristol-Myers
Squibb
Co.
....
3,600
233,604
1,984.1
Bunge
Ltd.
..............
1,173
115,963
984.9
Cadence
Design
Systems,
Inc.
3,994
607,647
5,161.0
Capital
One
Financial
Corp.
..
385
56,491
479.8
Cardinal
Health,
Inc.
.......
1,883
97,106
824.8
CBRE
Group,
Inc.,
Class
A
...
2,224
225,380
1,914.2
CDW
Corp.
.............
226
42,725
362.9
CH
Robinson
Worldwide,
Inc.
.
348
36,418
309.3
Cigna
Corp.
.............
304
70,060
595.0
Cintas
Corp.
.............
8
3,132
26.6
Citigroup,
Inc.
............
107
6,968
59.2
CMS
Energy
Corp.
........
580
37,340
317.1
Coca-Cola
Co.
(The)
.......
404
24,648
209.3
Cognex
Corp.
............
745
49,513
420.5
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
1,916
163,665
1,390.1
Colgate-Palmolive
Co.
......
497
40,978
348.0
ConocoPhillips
...........
1,578
139,842
1,187.7
Consolidated
Edison,
Inc.
....
311
26,886
228.4
Copart,
Inc.
.............
1,462
188,964
1,604.9
Corteva,
Inc.
............
3,010
144,721
1,229.2
CSX
Corp.
..............
908
31,072
263.9
Cummins,
Inc.
...........
1,373
303,268
2,575.8
CVS
Health
Corp.
.........
555
59,113
502.1
Darden
Restaurants,
Inc.
....
631
88,258
749.6
Deere
&
Co.
.............
35
13,174
111.9
Dexcom,
Inc.
............
145
62,420
530.2
DocuSign,
Inc.
...........
122
15,344
130.3
Dominion
Energy,
Inc.
......
603
48,638
413.1
Domino's
Pizza,
Inc.
.......
427
194,136
1,648.9
Dover
Corp.
.............
295
50,123
425.7
Dropbox,
Inc.,
Class
A
......
8,358
206,861
1,756.9
DTE
Energy
Co.
..........
1,256
151,260
1,284.7
eBay,
Inc.
..............
1,250
75,088
637.7
Ecolab,
Inc.
.............
111
21,029
178.6
Edwards
Lifesciences
Corp.
..
3,440
375,648
3,190.5
Electronic
Arts,
Inc.
........
771
102,281
868.7
Eli
Lilly
&
Co.
............
343
84,169
714.9
Emerson
Electric
Co.
.......
48
4,414
37.5
Entergy
Corp.
............
289
32,302
274.3
EOG
Resources,
Inc.
.......
583
64,993
552.0
EPAM
Systems,
Inc.
.......
391
186,171
1,581.2
Equifax,
Inc.
.............
350
83,916
712.7
Equitable
Holdings,
Inc.
.....
3,128
105,226
893.7
Everest
Re
Group
Ltd.
......
109
30,891
262.4
Eversource
Energy
........
456
40,807
346.6
Exelon
Corp.
............
2,952
171,068
1,452.9
Expedia
Group,
Inc.
........
128
23,461
199.3
Expeditors
International
of
Washington,
Inc.
........
1,823
208,697
1,772.5
Facebook,
Inc.,
Class
A
.....
106
33,206
282.0
FactSet
Research
Systems,
Inc.
121
51,049
433.6
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
45
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
Fair
Isaac
Corp.
..........
262
$
129,687
1,101.5
%
Fastenal
Co.
............
916
51,919
441.0
Ferguson
plc
............
1,226
192,838
1,637.9
First
Republic
Bank
........
124
21,525
182.8
Fortinet,
Inc.
.............
327
97,197
825.5
Fortive
Corp.
............
1,065
75,125
638.1
Fortune
Brands
Home
&
Security,
Inc.
.................
713
67,143
570.3
Garmin
Ltd.
.............
52
6,470
55.0
Genuine
Parts
Co.
........
1,173
156,279
1,327.3
Gilead
Sciences,
Inc.
.......
4,596
315,653
2,681.0
Hartford
Financial
Services
Group,
Inc.
(The)
.......
365
26,233
222.8
HCA
Healthcare,
Inc.
.......
234
56,172
477.1
Henry
Schein,
Inc.
.........
286
21,536
182.9
Hologic,
Inc.
.............
970
68,133
578.7
Home
Depot,
Inc.
(The)
.....
648
237,803
2,019.8
HP,
Inc.
................
1,615
59,319
503.8
IDEXX
Laboratories,
Inc.
....
676
342,935
2,912.7
Illinois
Tool
Works,
Inc.
......
544
127,252
1,080.8
Illumina,
Inc.
............
93
32,440
275.5
Intel
Corp.
..............
3,353
163,693
1,390.3
Interpublic
Group
of
Cos.,
Inc.
(The)
...............
11,367
403,983
3,431.2
Intuit,
Inc.
..............
780
433,079
3,678.3
Intuitive
Surgical,
Inc.
......
315
89,517
760.3
Jazz
Pharmaceuticals
plc
....
1,111
154,329
1,310.8
JB
Hunt
Transport
Services,
Inc.
708
136,318
1,157.8
Johnson
&
Johnson
........
3,028
521,694
4,430.9
Johnson
Controls
International
plc
.................
1,846
134,149
1,139.4
Juniper
Networks,
Inc.
......
1,719
59,856
508.4
Keysight
Technologies,
Inc.
...
699
118,005
1,002.3
KLA
Corp.
..............
278
108,217
919.1
Knight-Swift
Transportation
Holdings,
Inc.
..........
1,449
81,984
696.3
Kroger
Co.
(The)
..........
3,576
155,878
1,323.9
Laboratory
Corp.
of
America
Holdings
.............
697
189,138
1,606.4
Lam
Research
Corp.
.......
325
191,724
1,628.4
Lennar
Corp.,
Class
A
......
241
23,163
196.7
Lennox
International,
Inc.
....
358
101,536
862.4
Lincoln
National
Corp.
......
316
22,114
187.8
LKQ
Corp.
..............
3,173
174,166
1,479.3
Lowe's
Cos.,
Inc.
.........
95
22,548
191.5
LyondellBasell
Industries
NV,
Class
A
..............
842
81,447
691.8
Marsh
&
McLennan
Cos.,
Inc.
.
335
51,469
437.1
Masco
Corp.
............
3,227
204,366
1,735.8
Masimo
Corp.
............
557
122,468
1,040.2
McDonald's
Corp.
.........
556
144,254
1,225.2
Merck
&
Co.,
Inc.
.........
1,008
82,132
697.6
MetLife,
Inc.
.............
277
18,576
157.8
Mettler-Toledo
International,
Inc.
140
206,175
1,751.1
Microsoft
Corp.
...........
1,206
375,042
3,185.4
Molina
Healthcare,
Inc.
.....
494
143,497
1,218.8
Molson
Coors
Beverage
Co.,
Class
B
..............
327
15,585
132.4
Mondelez
International,
Inc.,
Class
A
..............
2,046
137,143
1,164.8
Monolithic
Power
Systems,
Inc.
544
219,194
1,861.7
Monster
Beverage
Corp.
....
901
78,135
663.6
Mosaic
Co.
(The)
.........
1,140
45,543
386.8
Motorola
Solutions,
Inc.
.....
361
83,730
711.2
NetApp,
Inc.
.............
2,055
177,778
1,509.9
Shares
Value
%
of
Basket
Value
United
States
(continued)
Nordson
Corp.
...........
863
$
200,682
1,704.5
%
Norfolk
Southern
Corp.
.....
142
38,623
328.0
Northern
Trust
Corp.
.......
587
68,468
581.5
NVR,
Inc.
...............
5
26,636
226.2
Old
Dominion
Freight
Line,
Inc.
1,191
359,599
3,054.2
Omnicom
Group,
Inc.
.......
22
1,658
14.1
ONEOK,
Inc.
............
3,316
201,215
1,709.0
O'Reilly
Automotive,
Inc.
....
201
131,002
1,112.6
Otis
Worldwide
Corp.
.......
646
55,188
468.7
Owens
Corning
...........
1,262
111,939
950.7
Palo
Alto
Networks,
Inc.
.....
336
173,846
1,476.5
Pentair
plc
..............
326
20,766
176.4
PepsiCo,
Inc.
............
3,706
643,065
5,461.8
Philip
Morris
International,
Inc.
974
100,176
850.8
Pinterest,
Inc.,
Class
A
......
655
19,362
164.4
Pool
Corp.
..............
285
135,731
1,152.8
Principal
Financial
Group,
Inc.
.
325
23,745
201.7
Procter
&
Gamble
Co.
(The)
..
1,020
163,659
1,390.0
Prudential
Financial,
Inc.
....
974
108,669
923.0
Qualcomm,
Inc.
..........
1,578
277,349
2,355.6
Raymond
James
Financial,
Inc.
728
77,073
654.6
Robert
Half
International,
Inc.
.
1,155
130,815
1,111.1
Roku,
Inc.
..............
205
33,630
285.6
Ross
Stores,
Inc.
.........
779
76,147
646.7
Schlumberger
NV
.........
5,820
227,387
1,931.3
Seagate
Technology
Holdings
plc
.................
775
83,041
705.3
Sealed
Air
Corp.
..........
1,115
75,731
643.2
Sempra
Energy
..........
1,319
182,233
1,547.8
ServiceNow,
Inc.
..........
174
101,926
865.7
Skyworks
Solutions,
Inc.
....
1,033
151,355
1,285.5
Starbucks
Corp.
..........
1,821
179,041
1,520.7
Stellantis
NV
............
1,846
35,644
302.7
SVB
Financial
Group
.......
84
49,048
416.6
Synopsys,
Inc.
...........
551
171,086
1,453.1
Target
Corp.
.............
941
207,425
1,761.7
Texas
Instruments,
Inc.
.....
1,104
198,157
1,683.0
Tractor
Supply
Co.
........
516
112,648
956.8
Trane
Technologies
plc
.....
615
106,457
904.2
Trimble,
Inc.
.............
853
61,552
522.8
Tyson
Foods,
Inc.,
Class
A
...
672
61,078
518.8
UGI
Corp.
..............
4,276
193,917
1,647.0
Ulta
Beauty,
Inc.
..........
203
73,839
627.1
United
Parcel
Service,
Inc.,
Class
B
..................
168
33,971
288.5
United
Rentals,
Inc.
........
263
84,192
715.1
Vail
Resorts,
Inc.
..........
68
18,843
160.0
Veeva
Systems,
Inc.,
Class
A
.
652
154,224
1,309.9
VeriSign,
Inc.
............
910
197,634
1,678.6
Vertex
Pharmaceuticals,
Inc.
..
452
109,859
933.1
VMware,
Inc.,
Class
A
......
2,620
336,618
2,859.0
Walgreens
Boots
Alliance,
Inc.
629
31,299
265.8
Walmart,
Inc.
............
1,712
239,355
2,032.9
Waters
Corp.
............
313
100,198
851.0
West
Pharmaceutical
Services,
Inc.
.................
367
144,312
1,225.7
Whirlpool
Corp.
...........
119
25,013
212.4
Workday,
Inc.,
Class
A
......
277
70,084
595.2
Xcel
Energy,
Inc.
..........
831
57,887
491.7
Yum!
Brands,
Inc.
.........
1,175
147,075
1,249.2
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
46
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
Zebra
Technologies
Corp.,
Class
A
..................
335
$
170,555
1,448.6
%
24,636,541
Total
Reference
Entity
—
Long
............
50,584,868
Reference
Entity
—
Short
Argentina
MercadoLibre,
Inc.
........
(82)
(92,829)
(788.4)
Australia
Afterpay
Ltd.
............
(2,223)
(100,086)
(850.1)
APA
Group
..............
(4,122)
(27,955)
(237.4)
BHP
Group
plc
...........
(2,403)
(75,850)
(644.2)
Computershare
Ltd.
........
(6,451)
(89,421)
(759.5)
Crown
Resorts
Ltd.
........
(17,421)
(150,101)
(1,274.9)
CSL
Ltd.
...............
(665)
(123,186)
(1,046.3)
Glencore
plc
............
(66,140)
(344,564)
(2,926.5)
Lendlease
Corp.
Ltd.
.......
(1,850)
(13,092)
(111.2)
Magellan
Financial
Group
Ltd.
.
(1,395)
(18,562)
(157.6)
National
Australia
Bank
Ltd.
..
(1,736)
(33,497)
(284.5)
Northern
Star
Resources
Ltd.
.
(8,385)
(49,974)
(424.4)
Ramsay
Health
Care
Ltd.
....
(534)
(23,825)
(202.4)
Santos
Ltd.
.............
(15,066)
(76,742)
(651.8)
Seek
Ltd.
...............
(5,562)
(115,262)
(979.0)
Transurban
Group
.........
(5,459)
(48,226)
(409.6)
Westpac
Banking
Corp.
.....
(14,832)
(213,921)
(1,816.9)
WiseTech
Global
Ltd.
.......
(2,616)
(85,201)
(723.6)
Woodside
Petroleum
Ltd.
....
(3,643)
(65,097)
(552.9)
(1,654,562)
Belgium
Anheuser-Busch
InBev
SA/NV
(1,436)
(90,527)
(768.9)
Elia
Group
SA/NV
.........
(394)
(53,168)
(451.6)
(143,695)
Brazil
Yara
International
ASA
......
(416)
(21,361)
(181.4)
Canada
Air
Canada
.............
(3,778)
(67,942)
(577.1)
Algonquin
Power
&
Utilities
Corp.
...............
(4,844)
(69,165)
(587.4)
Barrick
Gold
Corp.
........
(7,120)
(136,278)
(1,157.5)
BCE,
Inc.
...............
(11,486)
(599,985)
(5,095.9)
BlackBerry
Ltd.
...........
(4,558)
(37,507)
(318.6)
Brookfield
Asset
Management,
Inc.,
Class
A
...........
(399)
(21,972)
(186.6)
CAE,
Inc.
...............
(3,435)
(86,743)
(736.7)
Cameco
Corp.
...........
(2,492)
(48,442)
(411.4)
Canadian
Utilities
Ltd.,
Class
A
(4,546)
(132,072)
(1,121.7)
CCL
Industries,
Inc.,
Class
B
..
(598)
(31,265)
(265.5)
Cenovus
Energy,
Inc.
.......
(3,767)
(54,794)
(465.4)
Dollarama,
Inc.
...........
(567)
(29,257)
(248.5)
Enbridge,
Inc.
............
(2,095)
(88,570)
(752.3)
Fortis,
Inc.
..............
(8,771)
(416,625)
(3,538.6)
GFL
Environmental,
Inc.
.....
(3,147)
(103,386)
(878.1)
Inter
Pipeline
Ltd.
.........
(1)
(15)
(0.1)
Ivanhoe
Mines
Ltd.,
Class
A
..
(3,337)
(28,588)
(242.8)
Keyera
Corp.
............
(2,210)
(52,001)
(441.7)
Lightspeed
Commerce,
Inc.
..
(4,020)
(130,484)
(1,108.3)
Northland
Power,
Inc.
......
(4,523)
(130,977)
(1,112.4)
Pan
American
Silver
Corp.
...
(1,652)
(35,752)
(303.7)
Pembina
Pipeline
Corp.
.....
(1,951)
(61,946)
(526.1)
Restaurant
Brands
International,
Inc.
.................
(1,120)
(62,646)
(532.1)
Shares
Value
%
of
Basket
Value
Canada
(continued)
Rogers
Communications,
Inc.,
Class
B
..............
(7,147)
$
(362,481)
(3,078.7)
%
Shopify,
Inc.,
Class
A
.......
(16)
(15,444)
(131.2)
(2,804,337)
Chile
Antofagasta
plc
...........
(2,527)
(45,969)
(390.4)
China
Budweiser
Brewing
Co.
APAC
Ltd.
................
(11,700)
(30,906)
(262.5)
ESR
Cayman
Ltd.
.........
(6,200)
(21,022)
(178.5)
Prosus
NV
..............
(4,039)
(336,028)
(2,854.0)
Wilmar
International
Ltd.
....
(15,300)
(48,672)
(413.4)
(436,628)
Denmark
Ambu
A/S,
Class
B
........
(1,177)
(24,939)
(211.8)
Chr
Hansen
Holding
A/S
....
(593)
(47,556)
(403.9)
Demant
A/S
.............
(1,094)
(48,402)
(411.1)
GN
Store
Nord
A/S
........
(354)
(21,422)
(182.0)
Orsted
A/S
..............
(523)
(55,723)
(473.3)
Vestas
Wind
Systems
A/S
...
(2,487)
(67,299)
(571.6)
(265,341)
Finland
Kone
OYJ,
Class
B
........
(555)
(35,944)
(305.3)
Sampo
OYJ,
Class
A
.......
(477)
(23,675)
(201.1)
(59,619)
France
Accor
SA
...............
(5,065)
(186,146)
(1,581.0)
Adevinta
ASA
............
(1,183)
(12,411)
(105.4)
Aeroports
de
Paris
........
(729)
(98,926)
(840.2)
Air
Liquide
SA
...........
(2,821)
(482,558)
(4,098.6)
Airbus
SE
..............
(1,673)
(213,631)
(1,814.5)
Alstom
SA
..............
(4,306)
(139,599)
(1,185.7)
Bouygues
SA
............
(3,145)
(110,915)
(942.0)
Dassault
Aviation
SA
.......
(1,163)
(138,214)
(1,173.9)
Faurecia
SE
.............
(3,689)
(163,526)
(1,388.9)
Getlink
SE
..............
(14,708)
(232,017)
(1,970.6)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
(135)
(110,886)
(941.8)
Orpea
SA
..............
(229)
(10,054)
(85.4)
Remy
Cointreau
SA
........
(105)
(21,896)
(186.0)
Renault
SA
.............
(1,157)
(45,982)
(390.5)
Safran
SA
..............
(780)
(94,434)
(802.1)
Sartorius
Stedim
Biotech
....
(185)
(81,125)
(689.0)
TotalEnergies
SE
.........
(5,044)
(286,839)
(2,436.2)
Veolia
Environnement
SA
....
(2,397)
(86,591)
(735.5)
Vinci
SA
...............
(490)
(53,707)
(456.2)
Worldline
SA
............
(2,305)
(111,724)
(948.9)
(2,681,181)
Germany
Brenntag
SE
............
(217)
(18,592)
(157.9)
Commerzbank
AG
.........
(3,170)
(27,374)
(232.5)
Deutsche
Lufthansa
AG
(Registered)
...........
(7,095)
(55,169)
(468.6)
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(2,127)
(144,622)
(1,228.3)
Knorr-Bremse
AG
.........
(528)
(53,534)
(454.7)
Merck
KGaA
............
(1,340)
(293,860)
(2,495.9)
MTU
Aero
Engines
AG
......
(100)
(21,279)
(180.7)
Porsche
Automobil
Holding
SE
(Preference)
..........
(296)
(27,720)
(235.4)
Puma
SE
...............
(227)
(24,278)
(206.2)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
47
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Germany
(continued)
Sartorius
AG
(Preference)
...
(98)
$
(52,908)
(449.4)
%
Scout24
SE
.............
(586)
(35,010)
(297.4)
Siemens
Energy
AG
.......
(5,107)
(114,871)
(975.6)
Telefonica
Deutschland
Holding
AG
.................
(28,817)
(82,727)
(702.6)
Uniper
SE
..............
(519)
(23,485)
(199.5)
United
Internet
AG
(Registered),
Class
G
..............
(594)
(23,295)
(197.9)
Zalando
SE
.............
(1,949)
(154,688)
(1,313.8)
(1,153,412)
Hong
Kong
Hong
Kong
Exchanges
&
Clearing
Ltd.
..........
(500)
(28,538)
(242.4)
Jardine
Matheson
Holdings
Ltd.
(800)
(47,250)
(401.3)
Melco
Resorts
&
Entertainment
Ltd.,
ADR
............
(5,672)
(59,896)
(508.7)
(135,684)
Ireland
Flutter
Entertainment
plc
....
(424)
(64,509)
(547.9)
Kingspan
Group
plc
........
(235)
(22,620)
(192.1)
Smurfit
Kappa
Group
plc
....
(1,050)
(55,341)
(470.1)
(142,470)
Israel
Teva
Pharmaceutical
Industries
Ltd.,
ADR
............
(7,707)
(64,970)
(551.8)
Wix.com
Ltd.
............
(127)
(16,684)
(141.7)
(81,654)
Italy
DiaSorin
SpA
............
(119)
(18,345)
(155.8)
Infrastrutture
Wireless
Italiane
SpA
................
(11,524)
(124,256)
(1,055.4)
Nexi
SpA
...............
(4,979)
(72,830)
(618.6)
(215,431)
Japan
Aeon
Co.
Ltd.
............
(2,000)
(45,574)
(387.1)
Bandai
Namco
Holdings,
Inc.
.
(1,100)
(77,317)
(656.7)
Canon,
Inc.
.............
(4,700)
(111,158)
(944.1)
Central
Japan
Railway
Co.
...
(1,300)
(170,574)
(1,448.8)
Chiba
Bank
Ltd.
(The)
......
(4,800)
(31,030)
(263.6)
Cosmos
Pharmaceutical
Corp.
(600)
(74,931)
(636.4)
CyberAgent,
Inc.
..........
(2,600)
(30,317)
(257.5)
Daifuku
Co.
Ltd.
..........
(500)
(34,712)
(294.8)
Disco
Corp.
.............
(100)
(27,495)
(233.5)
East
Japan
Railway
Co.
.....
(5,800)
(331,197)
(2,813.0)
Fast
Retailing
Co.
Ltd.
......
(100)
(58,846)
(499.8)
GMO
Payment
Gateway,
Inc.
.
(500)
(43,876)
(372.7)
Hikari
Tsushin,
Inc.
........
(600)
(72,039)
(611.9)
Hitachi
Construction
Machinery
Co.
Ltd.
..............
(2,300)
(58,483)
(496.7)
Ibiden
Co.
Ltd.
...........
(600)
(33,528)
(284.8)
Inpex
Corp.
.............
(4,000)
(40,438)
(343.5)
Itochu
Techno-Solutions
Corp.
.
(700)
(19,096)
(162.2)
Japan
Exchange
Group,
Inc.
..
(3,000)
(61,713)
(524.2)
Japan
Post
Bank
Co.
Ltd.
....
(6,500)
(63,945)
(543.1)
JFE
Holdings,
Inc.
.........
(6,200)
(79,650)
(676.5)
Kakaku.com,
Inc.
.........
(2,300)
(47,637)
(404.6)
Keio
Corp.
..............
(1,000)
(44,981)
(382.0)
Kintetsu
Group
Holdings
Co.
Ltd.
................
(1,400)
(40,678)
(345.5)
Kobayashi
Pharmaceutical
Co.
Ltd.
................
(300)
(23,362)
(198.4)
Kobe
Bussan
Co.
Ltd.
......
(3,500)
(108,953)
(925.4)
Shares
Value
%
of
Basket
Value
Japan
(continued)
Koei
Tecmo
Holdings
Co.
Ltd.
.
(1,950)
$
(70,544)
(599.2)
%
Kose
Corp.
.............
(300)
(27,429)
(233.0)
Kubota
Corp.
............
(10,300)
(220,889)
(1,876.1)
Lasertec
Corp.
...........
(800)
(179,470)
(1,524.3)
M3,
Inc.
................
(1,900)
(73,049)
(620.4)
McDonald's
Holdings
Co.
Japan
Ltd.
................
(1,000)
(43,670)
(370.9)
Mercari,
Inc.
.............
(1,900)
(71,755)
(609.4)
Mitsubishi
Corp.
..........
(10,500)
(356,501)
(3,027.9)
Miura
Co.
Ltd.
...........
(600)
(17,715)
(150.5)
MonotaRO
Co.
Ltd.
........
(800)
(13,145)
(111.6)
MS&AD
Insurance
Group
Holdings,
Inc.
..........
(1,100)
(37,729)
(320.5)
Nexon
Co.
Ltd.
...........
(1,000)
(18,852)
(160.1)
Nidec
Corp.
.............
(700)
(62,041)
(526.9)
Nintendo
Co.
Ltd.
.........
(300)
(147,012)
(1,248.6)
Nippon
Paint
Holdings
Co.
Ltd.
(8,600)
(68,778)
(584.2)
Nippon
Sanso
Holdings
Corp.
.
(7,100)
(140,997)
(1,197.5)
Nippon
Steel
Corp.
........
(2,100)
(34,324)
(291.5)
Nissan
Motor
Co.
Ltd.
......
(51,400)
(272,039)
(2,310.5)
Nitori
Holdings
Co.
Ltd.
.....
(400)
(57,305)
(486.7)
Nomura
Holdings,
Inc.
......
(18,700)
(82,608)
(701.6)
NTT
Data
Corp.
..........
(3,000)
(57,512)
(488.5)
Obic
Co.
Ltd.
............
(200)
(33,044)
(280.7)
Odakyu
Electric
Railway
Co.
Ltd.
(6,600)
(116,627)
(990.6)
Oji
Holdings
Corp.
.........
(5,400)
(28,745)
(244.1)
Oracle
Corp.
Japan
........
(400)
(29,916)
(254.1)
Oriental
Land
Co.
Ltd.
......
(600)
(104,450)
(887.1)
Otsuka
Corp.
............
(2,000)
(81,154)
(689.3)
Pan
Pacific
International
Holdings
Corp.
.........
(4,100)
(55,181)
(468.7)
Pola
Orbis
Holdings,
Inc.
....
(6,100)
(90,917)
(772.2)
Rakuten
Group,
Inc.
.......
(20,400)
(176,978)
(1,503.1)
Ryohin
Keikaku
Co.
Ltd.
.....
(3,500)
(50,258)
(426.9)
SBI
Holdings,
Inc.
.........
(5,700)
(147,036)
(1,248.8)
SCSK
Corp.
.............
(1,800)
(30,459)
(258.7)
Shimano,
Inc.
............
(500)
(112,121)
(952.3)
Shimizu
Corp.
...........
(5,500)
(36,621)
(311.0)
Shin-Etsu
Chemical
Co.
Ltd.
..
(800)
(133,848)
(1,136.8)
Shiseido
Co.
Ltd.
.........
(3,700)
(186,643)
(1,585.2)
SMC
Corp.
..............
(100)
(55,776)
(473.7)
SoftBank
Corp.
...........
(2,300)
(28,832)
(244.9)
SoftBank
Group
Corp.
......
(3,500)
(155,048)
(1,316.9)
Square
Enix
Holdings
Co.
Ltd.
.
(1,000)
(49,038)
(416.5)
SUMCO
Corp.
...........
(6,700)
(123,522)
(1,049.1)
Sumitomo
Electric
Industries
Ltd.
................
(13,600)
(180,316)
(1,531.5)
Takeda
Pharmaceutical
Co.
Ltd.
(10,700)
(310,120)
(2,634.0)
TIS,
Inc.
...............
(2,000)
(52,601)
(446.8)
Tobu
Railway
Co.
Ltd.
......
(1,700)
(39,819)
(338.2)
Toho
Co.
Ltd.
............
(900)
(34,864)
(296.1)
Tokyo
Century
Corp.
.......
(1,300)
(64,154)
(544.9)
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(26,400)
(70,336)
(597.4)
Tokyu
Corp.
.............
(7,600)
(100,988)
(857.7)
Toyota
Industries
Corp.
.....
(300)
(23,403)
(198.8)
Unicharm
Corp.
..........
(600)
(23,186)
(196.9)
West
Japan
Railway
Co.
....
(4,400)
(184,377)
(1,566.0)
Z
Holdings
Corp.
..........
(14,800)
(75,164)
(638.4)
ZOZO,
Inc.
..............
(1,000)
(26,647)
(226.3)
(6,797,083)
Jordan
Hikma
Pharmaceuticals
plc
...
(3,528)
(99,113)
(841.8)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
48
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Luxembourg
ArcelorMittal
SA
..........
(2,532)
$
(75,211)
(638.8)
%
Eurofins
Scientific
SE
......
(237)
(23,795)
(202.1)
(99,006)
Macau
Galaxy
Entertainment
Group
Ltd.
................
(21,000)
(121,616)
(1,032.9)
Sands
China
Ltd.
.........
(33,200)
(92,577)
(786.3)
(214,193)
Netherlands
ABN
AMRO
Bank
NV,
CVA
...
(3,687)
(59,173)
(502.6)
Akzo
Nobel
NV
...........
(615)
(63,657)
(540.7)
Argenx
SE
..............
(381)
(101,952)
(865.9)
ASM
International
NV
......
(82)
(28,174)
(239.3)
Euronext
NV
............
(243)
(23,428)
(199.0)
Heineken
NV
............
(244)
(26,168)
(222.3)
JDE
Peet's
NV
...........
(4,701)
(140,767)
(1,195.6)
Universal
Music
Group
NV
...
(6,328)
(156,233)
(1,326.9)
(599,552)
New
Zealand
Xero
Ltd.
...............
(825)
(66,830)
(567.6)
Norway
Mowi
ASA
..............
(3,046)
(74,761)
(635.0)
Russia
Evraz
plc
...............
(13,504)
(91,741)
(779.2)
Singapore
Keppel
Corp.
Ltd.
.........
(10,000)
(42,162)
(358.1)
Singapore
Exchange
Ltd.
....
(4,900)
(33,917)
(288.1)
Venture
Corp.
Ltd.
.........
(8,600)
(112,675)
(957.0)
(188,754)
Spain
Aena
SME
SA
...........
(767)
(123,934)
(1,052.6)
EDP
Renovaveis
SA
.......
(1,049)
(22,052)
(187.3)
Ferrovial
SA
.............
(2,354)
(65,414)
(555.6)
Grifols
SA
..............
(7,270)
(128,202)
(1,088.9)
Siemens
Gamesa
Renewable
Energy
SA
............
(2,208)
(47,776)
(405.8)
(387,378)
Sweden
Atlas
Copco
AB,
Class
A
....
(3,817)
(225,913)
(1,918.8)
Embracer
Group
AB
.......
(38,743)
(388,721)
(3,301.6)
Epiroc
AB,
Class
A
........
(3,895)
(83,116)
(705.9)
Essity
AB,
Class
B
........
(7,530)
(212,274)
(1,802.9)
H
&
M
Hennes
&
Mauritz
AB,
Class
B
..............
(1,476)
(29,388)
(249.6)
Hexagon
AB,
Class
B
......
(6,654)
(89,750)
(762.3)
Investment
AB
Latour,
Class
B
(17,578)
(546,921)
(4,645.2)
Nibe
Industrier
AB,
Class
B
...
(3,850)
(36,593)
(310.8)
Sinch
AB
...............
(6,865)
(70,579)
(599.5)
Svenska
Cellulosa
AB
SCA,
Class
B
..............
(3,282)
(57,152)
(485.4)
Svenska
Handelsbanken
AB,
Class
A
..............
(13,055)
(139,134)
(1,181.7)
(1,879,541)
Switzerland
ABB
Ltd.
(Registered)
......
(18,120)
(628,253)
(5,336.0)
Alcon,
Inc.
..............
(2,267)
(174,805)
(1,484.7)
Bachem
Holding
AG
(Registered),
Class
B
....
(445)
(265,448)
(2,254.5)
Barry
Callebaut
AG
(Registered)
(142)
(325,979)
(2,768.7)
Shares
Value
%
of
Basket
Value
Switzerland
(continued)
Credit
Suisse
Group
AG
(Registered)
...........
(17,923)
$
(170,366)
(1,447.0)
%
EMS-Chemie
Holding
AG
(Registered)
...........
(22)
(22,253)
(189.0)
Logitech
International
SA
(Registered)
...........
(309)
(25,965)
(220.5)
Partners
Group
Holding
AG
..
(29)
(40,432)
(343.4)
Schindler
Holding
AG
......
(130)
(32,628)
(277.1)
Sika
AG
(Registered)
.......
(71)
(24,841)
(211.0)
Sonova
Holding
AG
(Registered)
(96)
(34,199)
(290.5)
Vifor
Pharma
AG
..........
(861)
(152,524)
(1,295.4)
(1,897,693)
Taiwan
Sea
Ltd.,
ADR
...........
(1,031)
(154,970)
(1,316.2)
United
Kingdom
AstraZeneca
plc
..........
(497)
(57,815)
(491.1)
AVEVA
Group
plc
.........
(4,234)
(168,013)
(1,427.0)
British
American
Tobacco
plc
.
(2,827)
(120,699)
(1,025.1)
Bunzl
plc
...............
(3,038)
(113,794)
(966.5)
Compass
Group
plc
........
(3,024)
(68,728)
(583.7)
Halma
plc
..............
(3,654)
(123,848)
(1,051.9)
Hargreaves
Lansdown
plc
...
(7,489)
(135,968)
(1,154.8)
HSBC
Holdings
plc
........
(12,794)
(91,059)
(773.4)
Imperial
Brands
plc
........
(3,797)
(90,026)
(764.6)
Informa
plc
..............
(3,510)
(26,551)
(225.5)
Just
Eat
Takeaway.com
NV
...
(1,665)
(82,219)
(698.3)
Liberty
Global
plc,
Class
C
...
(5,958)
(161,371)
(1,370.6)
Linde
plc
...............
(125)
(39,835)
(338.3)
London
Stock
Exchange
Group
plc
.................
(1,443)
(141,289)
(1,200.0)
Melrose
Industries
plc
......
(13,615)
(27,734)
(235.6)
NatWest
Group
plc
........
(65,499)
(215,281)
(1,828.5)
Ocado
Group
plc
.........
(4,029)
(82,093)
(697.3)
Pearson
plc
.............
(12,934)
(107,992)
(917.2)
Phoenix
Group
Holdings
plc
..
(14,796)
(132,460)
(1,125.0)
Prudential
plc
............
(2,396)
(40,386)
(343.0)
Reckitt
Benckiser
Group
plc
..
(9,276)
(751,562)
(6,383.3)
Rolls-Royce
Holdings
plc
....
(17,458)
(27,365)
(232.4)
Smith
&
Nephew
plc
.......
(1,531)
(26,038)
(221.2)
SSE
plc
................
(2,306)
(49,616)
(421.4)
Unilever
plc
.............
(5,106)
(261,845)
(2,224.0)
(3,143,587)
United
States
Abbott
Laboratories
........
(492)
(62,710)
(532.6)
Affirm
Holdings,
Inc.
.......
(816)
(52,281)
(444.0)
Air
Products
&
Chemicals,
Inc.
(666)
(187,892)
(1,595.8)
Albemarle
Corp.
..........
(287)
(63,352)
(538.1)
Alleghany
Corp.
..........
(168)
(111,552)
(947.5)
Allstate
Corp.
(The)
........
(240)
(28,961)
(246.0)
Altria
Group,
Inc.
..........
(8,501)
(432,531)
(3,673.7)
Amcor
plc
..............
(7,371)
(88,526)
(751.9)
Ameren
Corp.
............
(6,726)
(596,865)
(5,069.4)
American
Electric
Power
Co.,
Inc.
.................
(2,783)
(251,583)
(2,136.8)
American
Express
Co.
......
(675)
(121,379)
(1,030.9)
AMETEK,
Inc.
...........
(334)
(45,681)
(388.0)
Amphenol
Corp.,
Class
A
....
(2,647)
(210,675)
(1,789.3)
Analog
Devices,
Inc.
.......
(471)
(77,230)
(655.9)
Anthem,
Inc.
............
(271)
(119,508)
(1,015.0)
Aon
plc,
Class
A
..........
(774)
(213,965)
(1,817.3)
Aptiv
plc
...............
(213)
(29,092)
(247.1)
Arthur
J
Gallagher
&
Co.
....
(358)
(56,543)
(480.2)
AT&T,
Inc.
..............
(4,321)
(110,186)
(935.8)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
49
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
Atmos
Energy
Corp.
.......
(710)
$
(76,126)
(646.6)
%
Avalara,
Inc.
.............
(2,382)
(261,115)
(2,217.7)
Ball
Corp.
..............
(1,264)
(122,734)
(1,042.4)
Bausch
Health
Cos.,
Inc.
....
(16,833)
(413,823)
(3,514.8)
Baxter
International,
Inc.
....
(4,073)
(347,997)
(2,955.7)
Becton
Dickinson
and
Co.
...
(1,435)
(364,691)
(3,097.5)
BioMarin
Pharmaceutical,
Inc.
.
(1,324)
(117,346)
(996.7)
Bio-Rad
Laboratories,
Inc.,
Class
A
..................
(440)
(263,881)
(2,241.2)
Bio-Techne
Corp.
.........
(75)
(28,231)
(239.8)
Black
Knight,
Inc.
.........
(1,724)
(128,610)
(1,092.3)
Block,
Inc.,
Class
A
........
(420)
(51,362)
(436.2)
Brookfield
Renewable
Corp.
..
(1,056)
(36,129)
(306.9)
Brown
&
Brown,
Inc.
.......
(1,157)
(76,686)
(651.3)
Burlington
Stores,
Inc.
......
(156)
(36,961)
(313.9)
Cable
One,
Inc.
..........
(15)
(23,171)
(196.8)
Caesars
Entertainment,
Inc.
..
(638)
(48,577)
(412.6)
Campbell
Soup
Co.
........
(480)
(21,178)
(179.9)
CarMax,
Inc.
............
(500)
(55,585)
(472.1)
Carnival
Corp.
...........
(13,079)
(259,095)
(2,200.6)
Carrier
Global
Corp.
.......
(1,056)
(50,350)
(427.6)
Carvana
Co.
............
(388)
(62,879)
(534.1)
Catalent,
Inc.
............
(182)
(18,915)
(160.7)
Centene
Corp.
...........
(5,867)
(456,218)
(3,874.8)
CenterPoint
Energy,
Inc.
....
(1,197)
(33,947)
(288.3)
Ceridian
HCM
Holding,
Inc.
..
(13)
(986)
(8.4)
Charles
River
Laboratories
International,
Inc.
.......
(167)
(55,070)
(467.7)
Charter
Communications,
Inc.,
Class
A
..............
(258)
(153,082)
(1,300.2)
Cheniere
Energy,
Inc.
......
(482)
(53,936)
(458.1)
Church
&
Dwight
Co.,
Inc.
...
(735)
(75,448)
(640.8)
Citizens
Financial
Group,
Inc.
.
(534)
(27,485)
(233.4)
Citrix
Systems,
Inc.
........
(251)
(25,587)
(217.3)
Clarivate
plc
.............
(1,030)
(16,954)
(144.0)
Clorox
Co.
(The)
..........
(1,551)
(260,351)
(2,211.3)
Cloudflare,
Inc.,
Class
A
.....
(429)
(41,356)
(351.2)
CME
Group,
Inc.
..........
(243)
(55,769)
(473.7)
Coinbase
Global,
Inc.,
Class
A
(169)
(32,135)
(272.9)
Comcast
Corp.,
Class
A
.....
(2,728)
(136,373)
(1,158.3)
Conagra
Brands,
Inc.
.......
(4,795)
(166,674)
(1,415.6)
Constellation
Brands,
Inc.,
Class
A
..................
(994)
(236,323)
(2,007.2)
Cooper
Cos.,
Inc.
(The)
.....
(70)
(27,881)
(236.8)
CoStar
Group,
Inc.
........
(2,806)
(196,869)
(1,672.1)
Coterra
Energy,
Inc.
.......
(1,225)
(26,828)
(227.9)
Coupa
Software,
Inc.
.......
(980)
(131,585)
(1,117.6)
Crown
Holdings,
Inc.
.......
(268)
(30,659)
(260.4)
CyberArk
Software
Ltd.
.....
(1,329)
(182,272)
(1,548.1)
Danaher
Corp.
...........
(1,475)
(421,540)
(3,580.3)
Datadog,
Inc.,
Class
A
......
(142)
(20,748)
(176.2)
DaVita,
Inc.
.............
(588)
(63,722)
(541.2)
Discovery,
Inc.,
Class
A
.....
(920)
(25,677)
(218.1)
Dollar
Tree,
Inc.
..........
(423)
(55,506)
(471.4)
DR
Horton,
Inc.
...........
(301)
(26,855)
(228.1)
DraftKings,
Inc.,
Class
A
.....
(4,843)
(106,982)
(908.6)
Dynatrace,
Inc.
...........
(865)
(47,454)
(403.0)
Eastman
Chemical
Co.
.....
(469)
(55,778)
(473.7)
Eaton
Corp.
plc
...........
(371)
(58,778)
(499.2)
Elanco
Animal
Health,
Inc.
...
(2,362)
(61,506)
(522.4)
Entegris,
Inc.
............
(203)
(24,328)
(206.6)
Erie
Indemnity
Co.,
Class
A
..
(450)
(82,845)
(703.6)
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
..............
(181)
(56,434)
(479.3)
Evergy,
Inc.
.............
(2,469)
(160,386)
(1,362.2)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Exact
Sciences
Corp.
......
(2,110)
$
(161,120)
(1,368.5)
%
Fidelity
National
Information
Services,
Inc.
..........
(697)
(83,584)
(709.9)
FirstEnergy
Corp.
.........
(2,816)
(118,159)
(1,003.6)
Fiserv,
Inc.
..............
(2,168)
(229,158)
(1,946.3)
FleetCor
Technologies,
Inc.
...
(639)
(152,248)
(1,293.1)
Ford
Motor
Co.
...........
(3,660)
(74,298)
(631.0)
Freeport-McMoRan,
Inc.
....
(269)
(10,012)
(85.0)
Generac
Holdings,
Inc.
.....
(57)
(16,096)
(136.7)
General
Electric
Co.
.......
(1,994)
(188,393)
(1,600.1)
Global
Payments,
Inc.
......
(1,538)
(230,515)
(1,957.9)
Globe
Life,
Inc.
...........
(682)
(69,769)
(592.6)
Hasbro,
Inc.
.............
(470)
(43,466)
(369.2)
HEICO
Corp.
............
(407)
(55,511)
(471.5)
Hess
Corp.
.............
(526)
(48,545)
(412.3)
Honeywell
International,
Inc.
..
(258)
(52,756)
(448.1)
Hormel
Foods
Corp.
.......
(4,722)
(224,153)
(1,903.8)
Howmet
Aerospace,
Inc.
....
(5,260)
(163,533)
(1,389.0)
Humana,
Inc.
............
(738)
(289,665)
(2,460.2)
Huntington
Ingalls
Industries,
Inc.
.................
(341)
(63,835)
(542.2)
IAC/InterActiveCorp
........
(2,471)
(337,390)
(2,865.6)
Ingersoll
Rand,
Inc.
........
(1,042)
(58,571)
(497.5)
International
Business
Machines
Corp.
...............
(2,384)
(318,431)
(2,704.6)
International
Flavors
&
Fragrances,
Inc.
........
(136)
(17,941)
(152.4)
IPG
Photonics
Corp.
.......
(721)
(111,373)
(945.9)
J
M
Smucker
Co.
(The)
.....
(226)
(31,771)
(269.8)
Jack
Henry
&
Associates,
Inc.
.
(649)
(108,909)
(925.0)
Kellogg
Co.
.............
(1,532)
(96,516)
(819.7)
Keurig
Dr
Pepper,
Inc.
......
(3,554)
(134,874)
(1,145.5)
Kimberly-Clark
Corp.
.......
(1,614)
(222,167)
(1,887.0)
Liberty
Broadband
Corp.,
Class
C
..................
(1,948)
(289,103)
(2,455.5)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(1,932)
(116,364)
(988.3)
Liberty
Media
Corp-Liberty
SiriusXM
.............
(720)
(33,300)
(282.8)
Live
Nation
Entertainment,
Inc.
(729)
(79,833)
(678.1)
Lumen
Technologies,
Inc.
....
(5,774)
(71,367)
(606.1)
M&T
Bank
Corp.
..........
(1,022)
(173,106)
(1,470.3)
MarketAxess
Holdings,
Inc.
..
(299)
(103,000)
(874.8)
Martin
Marietta
Materials,
Inc.
.
(359)
(139,694)
(1,186.5)
Match
Group,
Inc.
.........
(557)
(62,774)
(533.2)
McCormick
&
Co.,
Inc.
(Non-
Voting)
..............
(858)
(86,066)
(731.0)
Medtronic
plc
............
(3,124)
(323,303)
(2,745.9)
MGM
Resorts
International
...
(2,478)
(105,860)
(899.1)
Microchip
Technology,
Inc.
...
(705)
(54,623)
(463.9)
Netflix,
Inc.
..............
(151)
(64,498)
(547.8)
NextEra
Energy,
Inc.
.......
(715)
(55,856)
(474.4)
NIKE,
Inc.,
Class
B
........
(247)
(36,573)
(310.6)
Nucor
Corp.
.............
(502)
(50,903)
(432.3)
Okta,
Inc.
...............
(89)
(17,612)
(149.6)
ON
Semiconductor
Corp.
....
(763)
(45,017)
(382.3)
Oracle
Corp.
............
(3,478)
(282,274)
(2,397.5)
PACCAR,
Inc.
...........
(721)
(67,046)
(569.4)
Packaging
Corp.
of
America
..
(801)
(120,655)
(1,024.8)
Parker-Hannifin
Corp.
......
(322)
(99,823)
(847.8)
PayPal
Holdings,
Inc.
......
(1,361)
(234,010)
(1,987.5)
Peloton
Interactive,
Inc.,
Class
A
(3,347)
(91,474)
(776.9)
PerkinElmer,
Inc.
.........
(1,083)
(186,460)
(1,583.7)
PNC
Financial
Services
Group,
Inc.
(The)
............
(569)
(117,208)
(995.5)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
50
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
PPG
Industries,
Inc.
.......
(599)
$
(93,564)
(794.7)
%
PPL
Corp.
..............
(823)
(24,427)
(207.5)
Progressive
Corp.
(The)
.....
(2,239)
(243,290)
(2,066.4)
Public
Service
Enterprise
Group,
Inc.
.................
(439)
(29,207)
(248.1)
Republic
Services,
Inc.
.....
(1,633)
(208,469)
(1,770.6)
RingCentral,
Inc.,
Class
A
....
(259)
(45,711)
(388.2)
Rollins,
Inc.
.............
(1,070)
(33,009)
(280.4)
Roper
Technologies,
Inc.
....
(249)
(108,853)
(924.5)
Royal
Caribbean
Cruises
Ltd.
.
(2,708)
(210,709)
(1,789.6)
Royalty
Pharma
plc,
Class
A
..
(5,702)
(228,137)
(1,937.7)
RPM
International,
Inc.
.....
(2,640)
(233,930)
(1,986.9)
S&P
Global,
Inc.
..........
(504)
(209,271)
(1,777.4)
salesforce.com,
Inc.
.......
(1,339)
(311,492)
(2,645.6)
Schneider
Electric
SE
......
(3,536)
(598,982)
(5,087.4)
Seagen,
Inc.
............
(1,063)
(142,984)
(1,214.4)
SEI
Investments
Co.
.......
(629)
(36,866)
(313.1)
Sherwin-Williams
Co.
(The)
..
(499)
(142,968)
(1,214.3)
Snap,
Inc.,
Class
A
........
(466)
(15,164)
(128.8)
SoFi
Technologies,
Inc.
.....
(13,872)
(173,123)
(1,470.4)
SolarEdge
Technologies,
Inc.
.
(644)
(153,414)
(1,303.0)
Southern
Co.
(The)
........
(387)
(26,893)
(228.4)
Southwest
Airlines
Co.
......
(1,572)
(70,363)
(597.6)
SS&C
Technologies
Holdings,
Inc.
.................
(2,685)
(214,451)
(1,821.4)
Stanley
Black
&
Decker,
Inc.
..
(704)
(122,954)
(1,044.3)
STERIS
plc
.............
(335)
(75,174)
(638.5)
Stryker
Corp.
............
(220)
(54,571)
(463.5)
Sunrun,
Inc.
.............
(3,123)
(80,979)
(687.8)
Sysco
Corp.
.............
(408)
(31,885)
(270.8)
Take-Two
Interactive
Software,
Inc.
.................
(957)
(156,316)
(1,327.7)
TE
Connectivity
Ltd.
.......
(2,008)
(287,164)
(2,439.0)
Teladoc
Health,
Inc.
........
(1,712)
(131,328)
(1,115.4)
Teledyne
Technologies,
Inc.
..
(358)
(150,872)
(1,281.4)
Teleflex,
Inc.
.............
(297)
(92,126)
(782.5)
Tenaris
SA
..............
(12,966)
(158,275)
(1,344.3)
Thermo
Fisher
Scientific,
Inc.
.
(680)
(395,284)
(3,357.3)
T-Mobile
US,
Inc.
.........
(5,811)
(628,576)
(5,338.7)
Trade
Desk,
Inc.
(The),
Class
A
(847)
(58,900)
(500.3)
Tradeweb
Markets,
Inc.,
Class
A
(921)
(78,073)
(663.1)
TransUnion
.............
(1,202)
(123,950)
(1,052.8)
Twilio,
Inc.,
Class
A
........
(644)
(132,741)
(1,127.4)
Twitter,
Inc.
.............
(2,331)
(87,436)
(742.6)
Tyler
Technologies,
Inc.
.....
(356)
(168,673)
(1,432.6)
UnitedHealth
Group,
Inc.
....
(141)
(66,632)
(565.9)
Universal
Health
Services,
Inc.,
Class
B
..............
(266)
(34,596)
(293.8)
Upstart
Holdings,
Inc.
......
(192)
(20,930)
(177.8)
US
Bancorp
.............
(904)
(52,604)
(446.8)
Valero
Energy
Corp.
.......
(1,209)
(100,311)
(852.0)
Verisk
Analytics,
Inc.
.......
(366)
(71,784)
(609.7)
VF
Corp.
...............
(1,061)
(69,188)
(587.6)
Viatris,
Inc.
..............
(18,600)
(278,442)
(2,364.9)
Vistra
Corp.
.............
(1,806)
(39,389)
(334.5)
Vulcan
Materials
Co.
.......
(38)
(7,232)
(61.4)
Walt
Disney
Co.
(The)
......
(1,337)
(191,151)
(1,623.5)
Waste
Connections,
Inc.
.....
(1,140)
(142,158)
(1,207.4)
Waste
Management,
Inc.
....
(3,299)
(496,302)
(4,215.3)
Wayfair,
Inc.,
Class
A
.......
(240)
(37,421)
(317.8)
Wells
Fargo
&
Co.
.........
(1,251)
(67,304)
(571.6)
Westinghouse
Air
Brake
Technologies
Corp.
......
(1,868)
(166,065)
(1,410.5)
Williams
Cos.,
Inc.
(The)
....
(1,193)
(35,718)
(303.4)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Wynn
Resorts
Ltd.
........
(487)
$
(41,614)
(353.4)
%
Zendesk,
Inc.
............
(756)
(74,474)
(632.5)
Zimmer
Biomet
Holdings,
Inc.
.
(450)
(55,359)
(470.2)
Zoom
Video
Communications,
Inc.,
Class
A
...........
(356)
(54,924)
(466.5)
(24,912,994)
Zambia
First
Quantum
Minerals
Ltd.
..
(1,288)
(31,725)
(269.5)
Total
Reference
Entity
—
Short
............
(50,573,094)
Net
Value
of
Reference
Entity
—
Goldman
Sachs
International
.........................
$
11,774
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
January
31,
2022,
expiration
date
02/08/23:
Reference
Entity
—
Long
Brazil
Wheaton
Precious
Metals
Corp.
2,739
110,431
50.9
Canada
Agnico
Eagle
Mines
Ltd.
.....
453
21,635
10.0
Alimentation
Couche-Tard,
Inc.
6,060
244,421
112.6
AltaGas
Ltd.
.............
4,932
101,305
46.7
Bank
of
Montreal
.........
1,210
136,958
63.1
Canadian
Apartment
Properties
REIT
................
3,260
143,387
66.1
Canadian
Imperial
Bank
of
Commerce
...........
365
45,833
21.1
Canadian
Tire
Corp.
Ltd.,
Class
A
..................
1,528
220,614
101.7
CGI,
Inc.
...............
730
62,327
28.7
Constellation
Software,
Inc.
..
350
602,818
277.8
Empire
Co.
Ltd.,
Class
A
....
8,168
252,015
116.1
George
Weston
Ltd.
.......
4,484
488,984
225.3
Gildan
Activewear,
Inc.
......
3,836
152,698
70.4
Hydro
One
Ltd.
...........
20,643
533,309
245.8
iA
Financial
Corp.,
Inc.
......
1,552
100,984
46.5
Intact
Financial
Corp.
.......
1,498
202,966
93.5
Kinross
Gold
Corp.
........
19,810
107,064
49.3
Loblaw
Cos.
Ltd.
..........
1,901
146,663
67.6
Manulife
Financial
Corp.
.....
12,250
255,090
117.6
National
Bank
of
Canada
....
2,245
179,614
82.8
Nutrien
Ltd.
.............
1,081
75,499
34.8
Onex
Corp.
.............
1,405
100,925
46.5
Open
Text
Corp.
..........
8,519
407,738
187.9
Parkland
Corp.
...........
3,072
81,685
37.6
Power
Corp.
of
Canada
.....
3,840
123,433
56.9
Quebecor,
Inc.,
Class
B
.....
8,386
198,311
91.4
Ritchie
Bros
Auctioneers,
Inc.
.
767
46,751
21.5
Sun
Life
Financial,
Inc.
......
4,247
240,524
110.8
Suncor
Energy,
Inc.
........
2,436
69,603
32.1
Thomson
Reuters
Corp.
.....
1,786
191,730
88.4
TMX
Group
Ltd.
..........
993
101,015
46.6
Toromont
Industries
Ltd.
.....
1,869
157,751
72.7
5,793,650
South
Korea
HDC
Holdings
Co.
Ltd.
......
1
6
0.0
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
51
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
Fortive
Corp.
............
1
$
71
0.0
%
Total
Reference
Entity
—
Long
............
5,904,158
Reference
Entity
—
Short
Canada
Air
Canada
.............
(3,965)
(71,305)
(32.9)
Algonquin
Power
&
Utilities
Corp.
...............
(5,576)
(79,616)
(36.7)
Barrick
Gold
Corp.
........
(15,829)
(302,969)
(139.6)
Brookfield
Asset
Management,
Inc.,
Class
A
...........
(8,295)
(456,791)
(210.5)
CAE,
Inc.
...............
(2,672)
(67,475)
(31.1)
Cameco
Corp.
...........
(3,448)
(67,026)
(30.9)
Canadian
Pacific
Railway
Ltd.
.
(2,873)
(205,539)
(94.7)
CCL
Industries,
Inc.,
Class
B
..
(3,109)
(162,549)
(74.9)
Cenovus
Energy,
Inc.
.......
(3,733)
(54,300)
(25.0)
Dollarama,
Inc.
...........
(4,951)
(255,466)
(117.7)
Emera,
Inc.
.............
(9,974)
(472,591)
(217.8)
Fairfax
Financial
Holdings
Ltd.
(322)
(155,484)
(71.6)
Fortis,
Inc.
..............
(5,969)
(283,529)
(130.7)
GFL
Environmental,
Inc.
.....
(25,325)
(831,981)
(383.4)
Ivanhoe
Mines
Ltd.,
Class
A
..
(9,312)
(79,776)
(36.8)
Keyera
Corp.
............
(972)
(22,871)
(10.5)
Lightspeed
Commerce,
Inc.
..
(774)
(25,123)
(11.6)
Northland
Power,
Inc.
......
(10,309)
(298,528)
(137.6)
Nuvei
Corp.
.............
(388)
(23,647)
(10.9)
Pan
American
Silver
Corp.
...
(21,259)
(460,083)
(212.0)
Restaurant
Brands
International,
Inc.
.................
(3,502)
(195,880)
(90.3)
Rogers
Communications,
Inc.,
Class
B
..............
(2,732)
(138,561)
(63.9)
Saputo,
Inc.
.............
(4,301)
(96,397)
(44.4)
Shopify,
Inc.,
Class
A
.......
(120)
(115,827)
(53.4)
TC
Energy
Corp.
..........
(11,360)
(586,611)
(270.3)
(5,509,925)
Chile
Lundin
Mining
Corp.
.......
(2,171)
(18,087)
(8.3)
United
States
Brookfield
Renewable
Corp.
..
(1,059)
(36,232)
(16.7)
Lennar
Corp.,
Class
B
......
(1)
(81)
(0.0)
(36,313)
Zambia
First
Quantum
Minerals
Ltd.
..
(4,987)
(122,836)
(56.6)
Total
Reference
Entity
—
Short
............
(5,687,161)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
216,997
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Merrill
Lynch
International
&
Co.,
as
of
January
31,
2022,
expiration
date
02/15/23:
Reference
Entity
—
Long
Australia
Aristocrat
Leisure
Ltd.
......
2,861
82,934
1,763.4
BlueScope
Steel
Ltd.
.......
2,100
27,524
585.2
Brambles
Ltd.
............
2,984
20,500
435.9
Cochlear
Ltd.
............
1,545
211,871
4,504.8
Coles
Group
Ltd.
.........
1,830
21,024
447.0
QBE
Insurance
Group
Ltd.
...
5,369
42,628
906.4
Sonic
Healthcare
Ltd.
......
1,357
36,545
777.0
Shares
Value
%
of
Basket
Value
Australia
(continued)
South32
Ltd.
............
11,848
$
32,597
693.1
%
475,623
Austria
Raiffeisen
Bank
International
AG
1,200
33,729
717.1
voestalpine
AG
...........
911
30,286
643.9
64,015
Belgium
Ageas
SA/NV
............
383
18,436
392.0
Groupe
Bruxelles
Lambert
SA
.
837
89,812
1,909.6
UCB
SA
...............
948
94,331
2,005.7
202,579
Brazil
Wheaton
Precious
Metals
Corp.
454
18,304
389.2
Canada
Alimentation
Couche-Tard,
Inc.
1,201
48,441
1,030.0
Bank
of
Nova
Scotia
(The)
...
465
33,494
712.2
Canadian
Imperial
Bank
of
Commerce
...........
1,050
131,850
2,803.4
Canadian
Tire
Corp.
Ltd.,
Class
A
..................
550
79,410
1,688.4
Constellation
Software,
Inc.
..
311
535,647
11,389.1
FirstService
Corp.
.........
214
34,123
725.5
George
Weston
Ltd.
.......
453
49,400
1,050.4
Gildan
Activewear,
Inc.
......
1,841
73,284
1,558.2
Hydro
One
Ltd.
...........
19,903
514,191
10,932.9
Intact
Financial
Corp.
.......
949
128,581
2,733.9
Loblaw
Cos.
Ltd.
..........
1,184
91,346
1,942.2
Magna
International,
Inc.
....
284
22,880
486.5
National
Bank
of
Canada
....
272
21,762
462.7
Open
Text
Corp.
..........
2,097
100,367
2,134.0
Royal
Bank
of
Canada
......
1,114
127,013
2,700.6
Sun
Life
Financial,
Inc.
......
1,167
66,092
1,405.3
Suncor
Energy,
Inc.
........
2,149
61,402
1,305.6
Teck
Resources
Ltd.,
Class
B
.
1,964
60,659
1,289.7
Thomson
Reuters
Corp.
.....
152
16,317
346.9
2,196,259
China
NXP
Semiconductors
NV
....
113
23,215
493.6
Denmark
Carlsberg
AS,
Class
B
......
77
12,469
265.1
Coloplast
A/S,
Class
B
......
1,791
260,451
5,537.8
Genmab
A/S
............
226
76,960
1,636.3
Novo
Nordisk
A/S,
Class
B
...
6,931
689,415
14,658.5
Novozymes
A/S,
Class
B
....
1,925
132,146
2,809.7
1,171,441
Finland
Elisa
OYJ
..............
641
37,653
800.6
Kesko
OYJ,
Class
B
.......
3,453
109,057
2,318.8
Neste
OYJ
..............
918
41,401
880.3
Nordea
Bank
Abp
.........
11,180
132,793
2,823.5
Stora
Enso
OYJ,
Class
R
....
4,786
97,429
2,071.5
UPM-Kymmene
OYJ
.......
407
14,834
315.4
433,167
France
Arkema
SA
.............
504
74,526
1,584.6
BioMerieux
.............
985
115,504
2,455.9
Cie
de
Saint-Gobain
.......
3,565
241,235
5,129.2
Credit
Agricole
SA
.........
1,647
24,778
526.8
Dassault
Systemes
SE
.....
3,991
192,998
4,103.6
Engie
SA
...............
10,901
167,677
3,565.2
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
52
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
France
(continued)
EssilorLuxottica
SA
........
254
$
48,053
1,021.7
%
Eurazeo
SE
.............
617
49,026
1,042.4
Hermes
International
.......
44
66,062
1,404.6
Ipsen
SA
...............
671
65,289
1,388.2
La
Francaise
des
Jeux
SAEM
.
901
37,305
793.2
Pernod
Ricard
SA
.........
124
26,523
563.9
Publicis
Groupe
SA
........
1,570
106,385
2,262.0
Sanofi
.................
42
4,392
93.4
SEB
SA
................
126
19,123
406.6
Societe
Generale
SA
.......
2,279
84,597
1,798.7
Thales
SA
..............
995
91,786
1,951.6
Valeo
.................
1,758
49,204
1,046.2
1,464,463
Germany
Allianz
SE
(Registered)
.....
114
29,270
622.3
Bayer
AG
(Registered)
......
3,607
219,139
4,659.4
Covestro
AG
............
448
26,877
571.5
Daimler
Truck
Holding
AG
...
134
4,724
100.4
Deutsche
Boerse
AG
.......
585
103,985
2,211.0
Deutsche
Post
AG
(Registered)
11,443
688,647
14,642.2
E.ON
SE
...............
10,845
149,579
3,180.4
Evonik
Industries
AG
.......
1,543
50,338
1,070.3
HeidelbergCement
AG
......
233
16,214
344.7
LEG
Immobilien
SE
........
272
36,083
767.2
SAP
SE
................
147
18,443
392.1
Siemens
AG
(Registered)
....
209
33,183
705.6
Symrise
AG
.............
961
114,839
2,441.7
Vonovia
SE
.............
215
12,246
260.4
1,503,567
Israel
Bank
Hapoalim
BM
........
3,226
33,479
711.8
Israel
Discount
Bank
Ltd.,
Class
A
..................
10,213
68,487
1,456.2
101,966
Italy
Assicurazioni
Generali
SpA
...
812
17,088
363.3
Enel
SpA
...............
25,749
198,180
4,213.7
Moncler
SpA
............
985
63,217
1,344.1
Terna
-
Rete
Elettrica
Nazionale
820
6,443
137.0
284,928
Japan
AGC,
Inc.
..............
5,400
247,835
5,269.5
Aisin
Corp.
..............
100
3,631
77.2
Ajinomoto
Co.,
Inc.
........
2,000
55,803
1,186.5
Asahi
Kasei
Corp.
.........
19,900
196,571
4,179.5
Astellas
Pharma,
Inc.
.......
5,800
93,615
1,990.5
Bridgestone
Corp.
.........
600
26,275
558.7
Chugai
Pharmaceutical
Co.
Ltd.
2,400
77,951
1,657.4
Daito
Trust
Construction
Co.
Ltd.
900
103,200
2,194.3
ENEOS
Holdings,
Inc.
......
26,100
103,947
2,210.1
FUJIFILM
Holdings
Corp.
....
100
6,704
142.5
Fujitsu
Ltd.
..............
2,200
290,836
6,183.8
Hitachi
Ltd.
.............
1,000
51,976
1,105.1
Honda
Motor
Co.
Ltd.
......
11,800
347,543
7,389.5
Hoshizaki
Corp.
..........
1,500
110,842
2,356.7
Iida
Group
Holdings
Co.
Ltd.
..
800
16,644
353.9
Isuzu
Motors
Ltd.
.........
3,700
45,325
963.7
Japan
Tobacco,
Inc.
.......
1,300
25,954
551.9
JSR
Corp.
..............
2,300
76,241
1,621.1
Kajima
Corp.
............
12,600
152,178
3,235.6
KDDI
Corp.
.............
1,700
54,313
1,154.8
Kikkoman
Corp.
..........
400
30,235
642.9
Shares
Value
%
of
Basket
Value
Japan
(continued)
Komatsu
Ltd.
............
1,000
$
25,129
534.3
%
Kyocera
Corp.
...........
700
43,170
917.9
Marubeni
Corp.
...........
11,900
122,450
2,603.6
Mazda
Motor
Corp.
........
2,800
21,570
458.6
Mitsubishi
Electric
Corp.
.....
18,700
234,188
4,979.4
Mitsubishi
Estate
Co.
Ltd.
....
1,600
23,044
490.0
Mitsubishi
Gas
Chemical
Co.,
Inc.
.................
1,900
36,395
773.8
Mitsubishi
HC
Capital,
Inc.
...
4,800
24,790
527.1
Mitsubishi
UFJ
Financial
Group,
Inc.
.................
20,000
121,226
2,577.5
Mitsui
Chemicals,
Inc.
......
1,400
37,442
796.1
Mitsui
Fudosan
Co.
Ltd.
.....
2,800
60,025
1,276.3
NEC
Corp.
..............
500
19,507
414.8
NGK
Insulators
Ltd.
........
4,400
74,350
1,580.9
Nippon
Express
Holdings,
Inc.
.
1,000
59,264
1,260.1
Nippon
Telegraph
&
Telephone
Corp.
...............
2,200
62,959
1,338.7
Nisshin
Seifun
Group,
Inc.
...
1,400
19,659
418.0
Nitto
Denko
Corp.
.........
8,000
622,877
13,243.8
Olympus
Corp.
...........
2,900
64,893
1,379.8
Ono
Pharmaceutical
Co.
Ltd.
.
1,200
29,102
618.8
Osaka
Gas
Co.
Ltd.
........
20,900
355,434
7,557.3
Panasonic
Corp.
..........
13,200
145,325
3,089.9
Recruit
Holdings
Co.
Ltd.
....
3,300
163,114
3,468.2
Resona
Holdings,
Inc.
......
24,700
106,147
2,256.9
Secom
Co.
Ltd.
...........
400
28,166
598.9
Seiko
Epson
Corp.
........
1,800
28,038
596.1
Subaru
Corp.
............
4,700
85,546
1,818.9
Sumitomo
Chemical
Co.
Ltd.
..
18,500
93,296
1,983.7
Sumitomo
Mitsui
Financial
Group,
Inc.
...........
4,800
172,901
3,676.3
Suzuki
Motor
Corp.
........
1,400
59,604
1,267.3
Sysmex
Corp.
...........
900
85,672
1,821.6
Taisei
Corp.
.............
2,000
65,562
1,394.0
TDK
Corp.
..............
5,400
195,020
4,146.6
Terumo
Corp.
............
2,100
76,658
1,629.9
Tokyo
Gas
Co.
Ltd.
........
10,600
214,033
4,550.8
TOPPAN,
Inc.
............
1,600
30,435
647.1
Toray
Industries,
Inc.
.......
7,100
44,871
954.1
Toshiba
Corp.
............
900
37,269
792.4
Yamaha
Motor
Co.
Ltd.
.....
7,400
176,220
3,746.8
Yamato
Holdings
Co.
Ltd.
....
800
17,035
362.2
6,000,005
Netherlands
Koninklijke
Ahold
Delhaize
NV
.
1,180
38,261
813.5
Koninklijke
DSM
NV
.......
290
54,364
1,155.9
Koninklijke
KPN
NV
........
19,005
62,688
1,332.9
Koninklijke
Philips
NV
......
2,353
78,268
1,664.2
NN
Group
NV
............
2,429
135,932
2,890.2
Randstad
NV
............
3,282
213,506
4,539.6
Wolters
Kluwer
NV
........
1,063
108,191
2,300.4
691,210
Norway
Equinor
ASA
............
1,426
39,312
835.9
Portugal
Galp
Energia
SGPS
SA
.....
11,654
128,500
2,732.2
Russia
Coca-Cola
HBC
AG
........
1,275
42,229
897.9
Singapore
STMicroelectronics
NV
.....
610
28,683
609.9
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
53
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Spain
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
3,893
$
24,855
528.5
%
Banco
Santander
SA
.......
17,402
61,022
1,297.5
Endesa
SA
.............
1,100
24,628
523.6
Iberdrola
SA
.............
12,826
147,051
3,126.6
Repsol
SA
..............
17,073
216,957
4,613.0
474,513
Sweden
Assa
Abloy
AB,
Class
B
.....
1,518
41,566
883.8
Husqvarna
AB,
Class
B
.....
7,185
99,900
2,124.1
Investor
AB,
Class
B
.......
10,458
227,063
4,827.9
Lundin
Energy
AB
.........
4,792
194,881
4,143.6
Telefonaktiebolaget
LM
Ericsson,
Class
B
..............
2,246
28,044
596.3
Telia
Co.
AB
.............
13,376
52,720
1,120.9
644,174
Switzerland
Adecco
Group
AG
(Registered)
2,119
100,935
2,146.1
Baloise
Holding
AG
(Registered)
304
53,254
1,132.3
Geberit
AG
(Registered)
.....
321
218,097
4,637.2
Givaudan
SA
(Registered)
...
6
24,858
528.5
Julius
Baer
Group
Ltd.
......
1,397
91,294
1,941.1
Novartis
AG
(Registered)
....
1,682
146,148
3,107.4
Roche
Holding
AG
........
388
150,156
3,192.7
SGS
SA
(Registered)
.......
8
22,813
485.0
Straumann
Holding
AG
(Registered)
...........
49
81,197
1,726.4
UBS
Group
AG
(Registered)
..
15,191
281,786
5,991.4
1,170,538
United
Kingdom
3i
Group
plc
.............
6,300
117,330
2,494.7
Ashtead
Group
plc
........
38
2,718
57.8
Auto
Trader
Group
plc
......
2,891
26,197
557.0
Aviva
plc
...............
3,929
23,197
493.2
BAE
Systems
plc
.........
30,413
238,005
5,060.5
Barratt
Developments
plc
....
5,904
49,104
1,044.1
BP
plc
.................
14,667
76,033
1,616.6
Croda
International
plc
......
191
20,628
438.6
DCC
plc
...............
1,082
90,978
1,934.4
Diageo
plc
..............
951
47,989
1,020.4
Experian
plc
.............
1,462
61,065
1,298.4
InterContinental
Hotels
Group
plc
.................
981
64,818
1,378.2
J
Sainsbury
plc
...........
11,386
44,742
951.3
JD
Sports
Fashion
plc
......
31,370
80,438
1,710.3
Kingfisher
plc
............
4,772
21,399
455.0
Legal
&
General
Group
plc
...
20,949
81,910
1,741.6
Pentair
plc
..............
55
3,503
74.5
RELX
plc
...............
5,850
179,948
3,826.1
Severn
Trent
plc
..........
1,653
64,177
1,364.5
Taylor
Wimpey
plc
.........
17,668
36,247
770.7
Tesco
plc
...............
17,581
70,617
1,501.5
United
Utilities
Group
plc
....
3,744
54,010
1,148.4
WPP
plc
...............
9,639
151,145
3,213.7
1,606,198
United
States
3M
Co.
................
353
58,605
1,246.1
ABIOMED,
Inc.
...........
229
67,754
1,440.6
Adobe,
Inc.
.............
525
280,507
5,964.2
Advanced
Micro
Devices,
Inc.
.
1,416
161,778
3,439.8
Agilent
Technologies,
Inc.
....
1,247
173,732
3,693.9
Airbnb,
Inc.,
Class
A
.......
10
1,540
32.7
Shares
Value
%
of
Basket
Value
United
States
(continued)
Align
Technology,
Inc.
......
228
$
112,851
2,399.5
%
Ally
Financial,
Inc.
.........
3,421
163,250
3,471.1
American
Water
Works
Co.,
Inc.
196
31,517
670.1
Ameriprise
Financial,
Inc.
....
518
157,633
3,351.6
Ansys,
Inc.
..............
110
37,401
795.2
Apple,
Inc.
..............
420
73,408
1,560.8
Applied
Materials,
Inc.
......
47
6,494
138.1
Archer-Daniels-Midland
Co.
..
3,458
259,350
5,514.4
Arista
Networks,
Inc.
.......
243
30,207
642.3
Autodesk,
Inc.
...........
369
92,173
1,959.8
Avery
Dennison
Corp.
......
2,016
414,127
8,805.3
Baker
Hughes
Co.
.........
5,403
148,258
3,152.3
Bath
&
Body
Works,
Inc.
....
1,123
62,967
1,338.8
Booz
Allen
Hamilton
Holding
Corp.
...............
221
16,957
360.6
Bunge
Ltd.
..............
1,213
119,917
2,549.7
Cadence
Design
Systems,
Inc.
2,419
368,027
7,825.1
Capital
One
Financial
Corp.
..
565
82,902
1,762.7
Cardinal
Health,
Inc.
.......
1,277
65,855
1,400.2
Carlyle
Group,
Inc.
(The)
....
404
20,624
438.5
CBRE
Group,
Inc.,
Class
A
...
251
25,436
540.8
CDW
Corp.
.............
149
28,168
598.9
CH
Robinson
Worldwide,
Inc.
.
2,170
227,090
4,828.5
Cigna
Corp.
.............
251
57,845
1,229.9
Cintas
Corp.
.............
111
43,460
924.1
Cognex
Corp.
............
1,447
96,168
2,044.7
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
315
26,907
572.1
ConocoPhillips
...........
2,986
264,619
5,626.4
Consolidated
Edison,
Inc.
....
1,003
86,709
1,843.6
Copart,
Inc.
.............
1,860
240,405
5,111.6
Corteva,
Inc.
............
2,955
142,076
3,020.9
CSX
Corp.
..............
1,156
39,558
841.1
Cummins,
Inc.
...........
598
132,086
2,808.5
Darden
Restaurants,
Inc.
....
1,640
229,387
4,877.3
Deere
&
Co.
.............
194
73,022
1,552.6
Dentsply
Sirona,
Inc.
.......
330
17,629
374.8
DexCom,
Inc.
............
139
59,837
1,272.3
DocuSign,
Inc.
...........
116
14,589
310.2
Domino's
Pizza,
Inc.
.......
60
27,279
580.0
Dover
Corp.
.............
1,631
277,123
5,892.3
Dropbox,
Inc.,
Class
A
......
7,282
180,229
3,832.1
DTE
Energy
Co.
..........
773
93,092
1,979.4
DuPont
de
Nemours,
Inc.
....
253
19,380
412.1
eBay,
Inc.
..............
2,559
153,719
3,268.4
Ecolab,
Inc.
.............
98
18,566
394.8
Edwards
Lifesciences
Corp.
..
3,214
350,969
7,462.4
Emerson
Electric
Co.
.......
617
56,733
1,206.3
Entergy
Corp.
............
323
36,102
767.6
EPAM
Systems,
Inc.
.......
134
63,803
1,356.6
Equifax,
Inc.
.............
100
23,976
509.8
Equitable
Holdings,
Inc.
.....
1,439
48,408
1,029.3
Exelon
Corp.
............
1,676
97,124
2,065.1
Expeditors
International
of
Washington,
Inc.
........
2,496
285,742
6,075.5
Fastenal
Co.
............
34
1,927
41.0
First
Republic
Bank
........
110
19,095
406.0
FMC
Corp.
..............
421
46,466
988.0
Fortinet,
Inc.
.............
376
111,762
2,376.3
Fortive
Corp.
............
737
51,988
1,105.4
Fortune
Brands
Home
&
Security,
Inc.
.................
1,153
108,578
2,308.6
General
Mills,
Inc.
.........
1,743
119,709
2,545.3
Genuine
Parts
Co.
........
1,304
173,732
3,693.9
Gilead
Sciences,
Inc.
.......
3,974
272,934
5,803.2
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
54
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
GoDaddy,
Inc.,
Class
A
.....
245
$
18,549
394.4
%
Hartford
Financial
Services
Group,
Inc.
(The)
.......
1,132
81,357
1,729.8
Hershey
Co.
(The)
........
642
126,519
2,690.1
Hewlett
Packard
Enterprise
Co.
6,232
101,769
2,163.8
Hologic,
Inc.
.............
270
18,965
403.2
Home
Depot,
Inc.
(The)
.....
122
44,772
951.9
HP,
Inc.
................
3,283
120,585
2,563.9
IDEXX
Laboratories,
Inc.
....
389
197,340
4,195.9
Illinois
Tool
Works,
Inc.
......
755
176,610
3,755.1
Illumina,
Inc.
............
150
52,323
1,112.5
Incyte
Corp.
.............
3,345
248,634
5,286.5
Interpublic
Group
of
Cos.,
Inc.
(The)
...............
1,320
46,913
997.5
Intuit,
Inc.
..............
711
394,769
8,393.7
Intuitive
Surgical,
Inc.
......
138
39,217
833.8
Invesco
Ltd.
.............
1,805
40,901
869.7
James
Hardie
Industries
plc,
CDI
................
1,342
45,165
960.3
Jazz
Pharmaceuticals
plc
....
448
62,232
1,323.2
JB
Hunt
Transport
Services,
Inc.
602
115,909
2,464.5
Johnson
Controls
International
plc
.................
2,282
165,833
3,526.0
Juniper
Networks,
Inc.
......
1,621
56,443
1,200.1
KeyCorp
...............
2,195
55,007
1,169.6
Keysight
Technologies,
Inc.
...
1,383
233,478
4,964.3
KLA
Corp.
..............
17
6,618
140.7
Knight-Swift
Transportation
Holdings,
Inc.
..........
2,224
125,834
2,675.5
Kroger
Co.
(The)
..........
853
37,182
790.6
Laboratory
Corp.
of
America
Holdings
.............
488
132,424
2,815.6
Lam
Research
Corp.
.......
119
70,200
1,492.6
Lennar
Corp.,
Class
A
......
332
31,909
678.4
Lennox
International,
Inc.
....
331
93,878
1,996.1
Lincoln
National
Corp.
......
464
32,471
690.4
LKQ
Corp.
..............
4,282
235,039
4,997.5
Loews
Corp.
............
3,220
192,105
4,084.6
Lyft,
Inc.,
Class
A
.........
1,788
68,874
1,464.4
LyondellBasell
Industries
NV,
Class
A
..............
96
9,286
197.4
Marathon
Petroleum
Corp.
...
448
32,144
683.5
Marsh
&
McLennan
Cos.,
Inc.
.
289
44,402
944.1
Masimo
Corp.
............
1,022
224,707
4,777.8
McDonald's
Corp.
.........
949
246,218
5,235.2
MetLife,
Inc.
.............
2,638
176,904
3,761.4
Mettler-Toledo
International,
Inc.
220
323,990
6,888.7
Molina
Healthcare,
Inc.
.....
139
40,377
858.5
Molson
Coors
Beverage
Co.,
Class
B
..............
494
23,544
500.6
Monolithic
Power
Systems,
Inc.
124
49,963
1,062.3
Moody's
Corp.
...........
116
39,788
846.0
Mosaic
Co.
(The)
.........
169
6,752
143.6
NetApp,
Inc.
.............
2,457
212,555
4,519.4
Nordson
Corp.
...........
874
203,240
4,321.3
Northern
Trust
Corp.
.......
507
59,136
1,257.4
NVIDIA
Corp.
............
567
138,836
2,952.0
Old
Dominion
Freight
Line,
Inc.
386
116,545
2,478.0
Otis
Worldwide
Corp.
.......
799
68,259
1,451.3
Owens
Corning
...........
1,871
165,958
3,528.6
PepsiCo,
Inc.
............
656
113,829
2,420.3
Phillips
66
..............
605
51,298
1,090.7
Pinterest,
Inc.,
Class
A
......
1,098
32,457
690.1
Principal
Financial
Group,
Inc.
.
924
67,507
1,435.4
Procter
&
Gamble
Co.
(The)
..
558
89,531
1,903.6
Shares
Value
%
of
Basket
Value
United
States
(continued)
Prudential
Financial,
Inc.
....
328
$
36,595
778.1
%
Qualcomm,
Inc.
..........
1,057
185,778
3,950.1
Raymond
James
Financial,
Inc.
378
40,019
850.9
Regions
Financial
Corp.
.....
2,285
52,418
1,114.5
Robert
Half
International,
Inc.
.
2,686
304,216
6,468.3
Roku,
Inc.
..............
455
74,643
1,587.1
Ross
Stores,
Inc.
.........
805
78,689
1,673.1
Schlumberger
NV
.........
1,253
48,955
1,040.9
Seagate
Technology
Holdings
plc
.................
524
56,147
1,193.8
Sealed
Air
Corp.
..........
701
47,612
1,012.3
Sempra
Energy
..........
391
54,021
1,148.6
ServiceNow,
Inc.
..........
454
265,944
5,654.6
Skyworks
Solutions,
Inc.
....
163
23,883
507.8
Starbucks
Corp.
..........
1,393
136,960
2,912.1
State
Street
Corp.
.........
1,410
133,245
2,833.1
Steel
Dynamics,
Inc.
.......
1,340
74,397
1,581.8
Stellantis
NV
............
2,691
51,960
1,104.8
SVB
Financial
Group
.......
105
61,310
1,303.6
Swiss
Re
AG
............
216
23,535
500.4
Synchrony
Financial
.......
483
20,571
437.4
Synopsys,
Inc.
...........
1,823
566,041
12,035.3
Target
Corp.
.............
355
78,253
1,663.8
Tractor
Supply
Co.
........
764
166,789
3,546.3
Trane
Technologies
plc
.....
253
43,794
931.2
Travelers
Cos.,
Inc.
(The)
....
304
50,519
1,074.1
Trimble,
Inc.
.............
2,438
175,926
3,740.6
Tyson
Foods,
Inc.,
Class
A
...
1,054
95,798
2,036.9
UGI
Corp.
..............
1,799
81,585
1,734.7
Ulta
Beauty,
Inc.
..........
200
72,748
1,546.8
United
Rentals,
Inc.
........
215
68,826
1,463.4
Vail
Resorts,
Inc.
..........
207
57,360
1,219.6
VeriSign,
Inc.
............
223
48,431
1,029.8
VMware,
Inc.,
Class
A
......
916
117,688
2,502.3
Walgreens
Boots
Alliance,
Inc.
1,276
63,494
1,350.0
Walmart,
Inc.
............
526
73,540
1,563.6
Waters
Corp.
............
116
37,134
789.5
West
Pharmaceutical
Services,
Inc.
.................
591
232,393
4,941.2
Western
Union
Co.
(The)
....
2,148
40,619
863.6
Workday,
Inc.,
Class
A
......
393
99,433
2,114.2
WW
Grainger,
Inc.
.........
544
269,340
5,726.8
Xcel
Energy,
Inc.
..........
1,999
139,250
2,960.8
Yum!
Brands,
Inc.
.........
2,898
362,743
7,712.7
Zebra
Technologies
Corp.,
Class
A
..................
119
60,585
1,288.2
18,231,498
Total
Reference
Entity
—
Long
............
36,996,387
Reference
Entity
—
Short
Argentina
MercadoLibre,
Inc.
........
(59)
(66,792)
(1,420.1)
Australia
BHP
Group
plc
...........
(562)
(17,739)
(377.2)
Westpac
Banking
Corp.
.....
(3,106)
(44,798)
(952.5)
(62,537)
Austria
Erste
Group
Bank
AG
......
(2,112)
(98,716)
(2,098.9)
Verbund
AG
.............
(675)
(71,489)
(1,520.0)
(170,205)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
55
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Belgium
Anheuser-Busch
InBev
SA/NV
(772)
$
(48,668)
(1,034.8)
%
Brazil
Yara
International
ASA
......
(1,338)
(68,703)
(1,460.8)
Canada
Ballard
Power
Systems,
Inc.
..
(9,439)
(98,463)
(2,093.5)
Barrick
Gold
Corp.
........
(8,212)
(157,179)
(3,342.0)
BCE,
Inc.
...............
(4,480)
(234,018)
(4,975.7)
Brookfield
Asset
Management,
Inc.,
Class
A
...........
(872)
(48,020)
(1,021.0)
CAE,
Inc.
...............
(898)
(22,677)
(482.2)
Canadian
National
Railway
Co.
(407)
(49,606)
(1,054.7)
Canadian
Pacific
Railway
Ltd.
.
(169)
(12,091)
(257.1)
Canadian
Utilities
Ltd.,
Class
A
(4,745)
(137,854)
(2,931.1)
Dollarama,
Inc.
...........
(4,039)
(208,408)
(4,431.2)
Enbridge,
Inc.
............
(1,934)
(81,763)
(1,738.5)
Fortis,
Inc.
..............
(4,964)
(235,791)
(5,013.5)
GFL
Environmental,
Inc.
.....
(2,352)
(77,268)
(1,642.9)
IGM
Financial,
Inc.
........
(599)
(21,045)
(447.5)
Ivanhoe
Mines
Ltd.,
Class
A
..
(25,919)
(222,049)
(4,721.3)
Kirkland
Lake
Gold
Ltd.
.....
(2,972)
(111,945)
(2,380.2)
Northland
Power,
Inc.
......
(5,900)
(170,852)
(3,632.7)
Pan
American
Silver
Corp.
...
(1,265)
(27,377)
(582.1)
Pembina
Pipeline
Corp.
.....
(3,121)
(99,094)
(2,107.0)
Restaurant
Brands
International,
Inc.
.................
(1,129)
(63,149)
(1,342.7)
Rogers
Communications,
Inc.,
Class
B
..............
(5,113)
(259,320)
(5,513.7)
Shopify,
Inc.,
Class
A
.......
(20)
(19,305)
(410.5)
Toronto-Dominion
Bank
(The)
.
(2,920)
(233,871)
(4,972.6)
(2,591,145)
Denmark
Ambu
A/S,
Class
B
........
(3,630)
(76,916)
(1,635.4)
Chr
Hansen
Holding
A/S
....
(1,357)
(108,825)
(2,313.9)
Danske
Bank
A/S
.........
(2,483)
(48,198)
(1,024.8)
Demant
A/S
.............
(926)
(40,969)
(871.1)
GN
Store
Nord
A/S
........
(2,474)
(149,712)
(3,183.2)
Rockwool
International
A/S,
Class
B
..............
(58)
(22,215)
(472.3)
Vestas
Wind
Systems
A/S
...
(891)
(24,111)
(512.6)
(470,946)
Finland
Fortum
OYJ
.............
(1,570)
(42,735)
(908.6)
Kone
OYJ,
Class
B
........
(966)
(62,562)
(1,330.2)
Sampo
OYJ,
Class
A
.......
(513)
(25,462)
(541.4)
(130,759)
France
Accor
SA
...............
(2,888)
(106,138)
(2,256.7)
Aeroports
de
Paris
........
(2,384)
(323,511)
(6,878.6)
Air
Liquide
SA
...........
(1,068)
(182,691)
(3,884.4)
Alstom
SA
..............
(2,071)
(67,141)
(1,427.6)
AXA
SA
................
(5,696)
(180,398)
(3,835.7)
Bollore
SA
..............
(18,381)
(99,077)
(2,106.6)
Bouygues
SA
............
(3,791)
(133,697)
(2,842.7)
Dassault
Aviation
SA
.......
(200)
(23,769)
(505.4)
Edenred
...............
(441)
(18,942)
(402.8)
Faurecia
SE
.............
(862)
(38,211)
(812.4)
Getlink
SE
..............
(5,770)
(91,021)
(1,935.3)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
(13)
(10,678)
(227.0)
Orpea
SA
..............
(1,067)
(46,846)
(996.0)
Remy
Cointreau
SA
........
(377)
(78,617)
(1,671.6)
Renault
SA
.............
(1,884)
(74,875)
(1,592.0)
Shares
Value
%
of
Basket
Value
France
(continued)
Safran
SA
..............
(1,178)
$
(142,620)
(3,032.4)
%
Ubisoft
Entertainment
SA
....
(405)
(23,241)
(494.2)
Vinci
SA
...............
(1,416)
(155,203)
(3,300.0)
Worldline
SA
............
(2,702)
(130,966)
(2,784.6)
(1,927,642)
Germany
adidas
AG
..............
(429)
(117,725)
(2,503.1)
Beiersdorf
AG
............
(338)
(33,619)
(714.8)
Brenntag
SE
............
(161)
(13,794)
(293.3)
Carl
Zeiss
Meditec
AG
......
(279)
(44,869)
(954.0)
Commerzbank
AG
.........
(5,159)
(44,549)
(947.2)
Deutsche
Telekom
AG
(Registered)
...........
(1,457)
(27,507)
(584.9)
Fresenius
Medical
Care
AG
&
Co.
KGaA
............
(1,890)
(128,507)
(2,732.4)
Fresenius
SE
&
Co.
KGaA
...
(795)
(32,818)
(697.8)
Hannover
Rueck
SE
.......
(239)
(48,216)
(1,025.2)
KION
Group
AG
..........
(516)
(47,706)
(1,014.3)
Knorr-Bremse
AG
.........
(223)
(22,610)
(480.7)
LANXESS
AG
...........
(363)
(22,101)
(469.9)
Porsche
Automobil
Holding
SE
(Preference)
..........
(1,370)
(128,299)
(2,727.9)
RWE
AG
...............
(2,775)
(117,056)
(2,488.9)
Siemens
Energy
AG
.......
(4,023)
(90,489)
(1,924.0)
Siemens
Healthineers
AG
....
(2,255)
(144,911)
(3,081.1)
Telefonica
Deutschland
Holding
AG
.................
(54,415)
(156,213)
(3,321.4)
Uniper
SE
..............
(521)
(23,575)
(501.3)
United
Internet
AG
(Registered),
Class
G
..............
(1,214)
(47,609)
(1,012.3)
Zalando
SE
.............
(957)
(75,955)
(1,615.0)
(1,368,128)
Hong
Kong
Melco
Resorts
&
Entertainment
Ltd.,
ADR
............
(4,555)
(48,101)
(1,022.7)
Ireland
Flutter
Entertainment
plc
....
(376)
(57,206)
(1,216.3)
Kerry
Group
plc,
Class
A
....
(435)
(54,809)
(1,165.4)
Kingspan
Group
plc
........
(222)
(21,369)
(454.4)
(133,384)
Israel
Wix.com
Ltd.
............
(116)
(15,239)
(324.0)
Italy
Davide
Campari-Milano
NV
..
(4,090)
(51,351)
(1,091.8)
Infrastrutture
Wireless
Italiane
SpA
................
(12,120)
(130,683)
(2,778.6)
Nexi
SpA
...............
(7,455)
(109,048)
(2,318.6)
UniCredit
SpA
...........
(1,762)
(28,004)
(595.4)
(319,086)
Japan
Aeon
Co.
Ltd.
............
(4,000)
(91,149)
(1,938.0)
ANA
Holdings,
Inc.
........
(1,100)
(23,230)
(493.9)
Asahi
Group
Holdings
Ltd.
...
(1,200)
(48,985)
(1,041.5)
Asahi
Intecc
Co.
Ltd.
.......
(2,400)
(40,946)
(870.6)
Bandai
Namco
Holdings,
Inc.
.
(300)
(21,086)
(448.3)
Central
Japan
Railway
Co.
...
(500)
(65,605)
(1,394.9)
Daifuku
Co.
Ltd.
..........
(500)
(34,712)
(738.1)
Daikin
Industries
Ltd.
.......
(1,500)
(314,916)
(6,695.8)
East
Japan
Railway
Co.
.....
(3,500)
(199,860)
(4,249.5)
GMO
Payment
Gateway,
Inc.
.
(700)
(61,426)
(1,306.1)
Hankyu
Hanshin
Holdings,
Inc.
(900)
(26,209)
(557.3)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
56
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
Japan
(continued)
Hitachi
Construction
Machinery
Co.
Ltd.
..............
(300)
$
(7,628)
(162.2)
%
Keisei
Electric
Railway
Co.
Ltd.
(700)
(19,755)
(420.0)
Kintetsu
Group
Holdings
Co.
Ltd.
................
(4,800)
(139,467)
(2,965.4)
Kirin
Holdings
Co.
Ltd.
......
(3,700)
(59,304)
(1,260.9)
Konami
Holdings
Corp.
.....
(1,000)
(53,910)
(1,146.2)
Kose
Corp.
.............
(300)
(27,429)
(583.2)
Kubota
Corp.
............
(9,600)
(205,877)
(4,377.4)
Kyowa
Kirin
Co.
Ltd.
.......
(700)
(17,447)
(371.0)
Lion
Corp.
..............
(2,100)
(27,439)
(583.4)
MonotaRO
Co.
Ltd.
........
(1,700)
(27,932)
(593.9)
Nexon
Co.
Ltd.
...........
(1,000)
(18,852)
(400.8)
Nidec
Corp.
.............
(2,000)
(177,260)
(3,768.9)
Nihon
M&A
Center
Holdings,
Inc.
.................
(2,200)
(34,635)
(736.4)
Nippon
Paint
Holdings
Co.
Ltd.
(3,000)
(23,992)
(510.1)
Nippon
Sanso
Holdings
Corp.
.
(2,000)
(39,718)
(844.5)
Nippon
Yusen
KK
.........
(900)
(70,554)
(1,500.1)
Nissan
Motor
Co.
Ltd.
......
(50,900)
(269,393)
(5,727.9)
NTT
Data
Corp.
..........
(1,200)
(23,005)
(489.1)
Odakyu
Electric
Railway
Co.
Ltd.
(3,600)
(63,615)
(1,352.6)
Omron
Corp.
............
(800)
(58,488)
(1,243.6)
Oriental
Land
Co.
Ltd.
......
(700)
(121,858)
(2,591.0)
Otsuka
Corp.
............
(3,400)
(137,961)
(2,933.4)
Rakuten
Group,
Inc.
.......
(3,500)
(30,364)
(645.6)
Renesas
Electronics
Corp.
...
(2,500)
(28,692)
(610.1)
Rinnai
Corp.
.............
(300)
(26,792)
(569.6)
Shimano,
Inc.
............
(400)
(89,697)
(1,907.2)
Shin-Etsu
Chemical
Co.
Ltd.
..
(300)
(50,193)
(1,067.2)
Shiseido
Co.
Ltd.
.........
(3,300)
(166,465)
(3,539.4)
SoftBank
Corp.
...........
(8,900)
(111,569)
(2,372.2)
SoftBank
Group
Corp.
......
(3,500)
(155,048)
(3,296.7)
Square
Enix
Holdings
Co.
Ltd.
.
(1,100)
(53,942)
(1,146.9)
SUMCO
Corp.
...........
(5,900)
(108,773)
(2,312.8)
Sumitomo
Corp.
..........
(6,900)
(106,642)
(2,267.5)
Sumitomo
Metal
Mining
Co.
Ltd.
(1,800)
(83,142)
(1,767.8)
Sumitomo
Realty
&
Development
Co.
Ltd.
..............
(1,500)
(46,410)
(986.8)
Tobu
Railway
Co.
Ltd.
......
(1,800)
(42,162)
(896.5)
Toho
Co.
Ltd.
............
(1,200)
(46,485)
(988.4)
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(14,800)
(39,431)
(838.4)
Tokyu
Corp.
.............
(5,200)
(69,097)
(1,469.2)
Toyota
Industries
Corp.
.....
(400)
(31,203)
(663.5)
Toyota
Motor
Corp.
........
(4,700)
(92,887)
(1,975.0)
West
Japan
Railway
Co.
....
(1,400)
(58,665)
(1,247.4)
Z
Holdings
Corp.
..........
(11,300)
(57,389)
(1,220.2)
(4,048,691)
Jordan
Hikma
Pharmaceuticals
plc
...
(3,768)
(105,855)
(2,250.7)
Luxembourg
Eurofins
Scientific
SE
......
(1,144)
(114,861)
(2,442.2)
Netherlands
ABN
AMRO
Bank
NV,
CVA
...
(8,228)
(132,052)
(2,807.7)
Aegon
NV
..............
(23,219)
(130,990)
(2,785.1)
Argenx
SE
..............
(198)
(52,983)
(1,126.6)
JDE
Peet's
NV
...........
(5,548)
(166,130)
(3,532.3)
(482,155)
Shares
Value
%
of
Basket
Value
New
Zealand
Auckland
International
Airport
Ltd.
................
(4,278)
$
(20,307)
(431.8)
%
Ryman
Healthcare
Ltd.
.....
(2,254)
(14,739)
(313.4)
(35,046)
Norway
DNB
Bank
ASA
...........
(2,528)
(60,167)
(1,279.3)
Gjensidige
Forsikring
ASA
...
(3,017)
(73,695)
(1,566.9)
Telenor
ASA
.............
(1,577)
(26,062)
(554.2)
(159,924)
Russia
Evraz
plc
...............
(3,661)
(24,872)
(528.8)
Saudi
Arabia
Delivery
Hero
SE
.........
(868)
(67,001)
(1,424.6)
Spain
Aena
SME
SA
...........
(1,358)
(219,429)
(4,665.6)
Amadeus
IT
Group
SA
......
(627)
(43,113)
(916.7)
Cellnex
Telecom
SA
.......
(474)
(21,494)
(457.0)
Ferrovial
SA
.............
(7,960)
(221,197)
(4,703.1)
Grifols
SA
..............
(3,187)
(56,201)
(1,194.9)
Siemens
Gamesa
Renewable
Energy
SA
............
(6,867)
(148,587)
(3,159.3)
(710,021)
Sweden
Embracer
Group
AB
.......
(7,496)
(75,210)
(1,599.1)
Epiroc
AB,
Class
A
........
(1,071)
(22,854)
(485.9)
Essity
AB,
Class
B
........
(4,525)
(127,562)
(2,712.3)
Evolution
AB
............
(231)
(28,740)
(611.1)
Hexagon
AB,
Class
B
......
(10,058)
(135,663)
(2,884.5)
Investment
AB
Latour,
Class
B
(613)
(19,073)
(405.5)
Nibe
Industrier
AB,
Class
B
...
(5,043)
(47,932)
(1,019.1)
Sandvik
AB
.............
(2,888)
(76,054)
(1,617.1)
Sinch
AB
...............
(1,429)
(14,691)
(312.4)
SKF
AB,
Class
B
..........
(1,604)
(35,163)
(747.7)
Svenska
Handelsbanken
AB,
Class
A
..............
(7,912)
(84,323)
(1,792.9)
Tele2
AB,
Class
B
.........
(266)
(3,870)
(82.3)
(671,135)
Switzerland
ABB
Ltd.
(Registered)
......
(10,404)
(360,725)
(7,669.8)
Alcon,
Inc.
..............
(1,477)
(113,889)
(2,421.5)
Barry
Callebaut
AG
(Registered)
(23)
(52,799)
(1,122.6)
Chocoladefabriken
Lindt
&
Spruengli
AG
..........
(22)
(255,318)
(5,428.6)
Cie
Financiere
Richemont
SA
(Registered)
...........
(536)
(77,899)
(1,656.3)
Clariant
AG
(Registered)
....
(9,641)
(204,342)
(4,344.8)
Credit
Suisse
Group
AG
(Registered)
...........
(11,052)
(105,054)
(2,233.7)
EMS-Chemie
Holding
AG
(Registered)
...........
(111)
(112,275)
(2,387.2)
Schindler
Holding
AG
......
(563)
(141,304)
(3,004.4)
Sika
AG
(Registered)
.......
(183)
(64,027)
(1,361.4)
Swatch
Group
AG
(The)
.....
(243)
(70,889)
(1,507.2)
Temenos
AG
(Registered)
...
(505)
(60,532)
(1,287.0)
Vifor
Pharma
AG
..........
(963)
(170,593)
(3,627.2)
(1,789,646)
Taiwan
Sea
Ltd.,
ADR
...........
(560)
(84,174)
(1,789.7)
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
57
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
Kingdom
AVEVA
Group
plc
.........
(531)
$
(21,071)
(448.0)
%
BT
Group
plc
............
(30,330)
(80,334)
(1,708.1)
Bunzl
plc
...............
(1,411)
(52,852)
(1,123.7)
Hargreaves
Lansdown
plc
...
(8,455)
(153,507)
(3,263.9)
HSBC
Holdings
plc
........
(27,138)
(193,151)
(4,106.8)
Informa
plc
..............
(12,744)
(96,400)
(2,049.7)
Just
Eat
Takeaway.com
NV
...
(1,523)
(75,207)
(1,599.1)
Liberty
Global
plc,
Class
C
...
(1,654)
(44,724)
(950.9)
London
Stock
Exchange
Group
plc
.................
(571)
(55,909)
(1,188.7)
Melrose
Industries
plc
......
(12,430)
(25,320)
(538.4)
NatWest
Group
plc
........
(27,545)
(90,535)
(1,925.0)
Ocado
Group
plc
.........
(950)
(19,357)
(411.6)
Pearson
plc
.............
(2,875)
(24,005)
(510.4)
Prudential
plc
............
(4,748)
(80,031)
(1,701.6)
Reckitt
Benckiser
Group
plc
..
(1,281)
(103,789)
(2,206.8)
Rolls-Royce
Holdings
plc
....
(15,400)
(24,139)
(513.3)
Smith
&
Nephew
plc
.......
(3,348)
(56,939)
(1,210.7)
Smiths
Group
plc
.........
(1,902)
(40,090)
(852.4)
SSE
plc
................
(1,233)
(26,529)
(564.1)
Standard
Chartered
plc
.....
(2,968)
(21,615)
(459.6)
Unilever
plc
.............
(7,457)
(382,409)
(8,130.9)
Vodafone
Group
plc
........
(222,098)
(389,975)
(8,291.7)
(2,057,888)
United
States
Air
Products
&
Chemicals,
Inc.
(1,633)
(460,702)
(9,795.6)
Albemarle
Corp.
..........
(169)
(37,305)
(793.2)
Ameren
Corp.
............
(3,280)
(291,067)
(6,188.7)
American
Financial
Group,
Inc.
(416)
(54,196)
(1,152.3)
AMETEK,
Inc.
...........
(583)
(79,737)
(1,695.4)
Amphenol
Corp.,
Class
A
....
(1,372)
(109,197)
(2,321.8)
Analog
Devices,
Inc.
.......
(1,704)
(279,405)
(5,940.8)
Anthem,
Inc.
............
(552)
(243,426)
(5,175.8)
Apollo
Global
Management,
Inc.
(3,933)
(275,310)
(5,853.7)
Arch
Capital
Group
Ltd.
.....
(819)
(37,936)
(806.6)
Arthur
J
Gallagher
&
Co.
....
(1,076)
(169,943)
(3,613.4)
AT&T,
Inc.
..............
(1,339)
(34,145)
(726.0)
AutoZone,
Inc.
...........
(30)
(59,591)
(1,267.0)
Avantor,
Inc.
.............
(1,237)
(46,177)
(981.8)
Ball
Corp.
..............
(1,011)
(98,168)
(2,087.3)
Bausch
Health
Cos.,
Inc.
....
(6,673)
(164,049)
(3,488.1)
Becton
Dickinson
and
Co.
...
(342)
(86,916)
(1,848.0)
BioMarin
Pharmaceutical,
Inc.
.
(4,035)
(357,622)
(7,603.9)
Bio-Rad
Laboratories,
Inc.,
Class
A
..................
(86)
(51,577)
(1,096.6)
Bio-Techne
Corp.
.........
(48)
(18,068)
(384.2)
Block,
Inc.,
Class
A
........
(978)
(119,600)
(2,543.0)
Boeing
Co.
(The)
.........
(1,477)
(295,754)
(6,288.4)
Booking
Holdings,
Inc.
......
(10)
(24,561)
(522.2)
Boston
Scientific
Corp.
......
(4,412)
(189,275)
(4,024.4)
Broadcom,
Inc.
...........
(633)
(370,862)
(7,885.4)
Brookfield
Renewable
Corp.
..
(4,633)
(158,509)
(3,370.3)
Brown
&
Brown,
Inc.
.......
(1,286)
(85,236)
(1,812.3)
Burlington
Stores,
Inc.
......
(160)
(37,909)
(806.0)
Cable
One,
Inc.
..........
(90)
(139,026)
(2,956.0)
Caesars
Entertainment,
Inc.
..
(592)
(45,075)
(958.4)
Campbell
Soup
Co.
........
(3,954)
(174,450)
(3,709.2)
CarMax,
Inc.
............
(2,210)
(245,686)
(5,223.8)
Carrier
Global
Corp.
.......
(871)
(41,529)
(883.0)
Carvana
Co.
............
(1,055)
(170,973)
(3,635.3)
Catalent,
Inc.
............
(1,858)
(193,102)
(4,105.8)
CenterPoint
Energy,
Inc.
....
(1,912)
(54,224)
(1,152.9)
Ceridian
HCM
Holding,
Inc.
..
(5,749)
(435,889)
(9,268.0)
CF
Industries
Holdings,
Inc.
..
(447)
(30,785)
(654.6)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Charles
River
Laboratories
International,
Inc.
.......
(222)
$
(73,207)
(1,556.5)
%
Charles
Schwab
Corp.
(The)
..
(320)
(28,064)
(596.7)
Charter
Communications,
Inc.,
Class
A
..............
(257)
(152,488)
(3,242.2)
Cheniere
Energy,
Inc.
......
(3,745)
(419,066)
(8,910.3)
Chewy,
Inc.,
Class
A
.......
(860)
(40,945)
(870.6)
Church
&
Dwight
Co.,
Inc.
...
(5,207)
(534,499)
(11,364.7)
Cincinnati
Financial
Corp.
....
(202)
(23,802)
(506.1)
Cisco
Systems,
Inc.
........
(5,970)
(332,350)
(7,066.5)
Citrix
Systems,
Inc.
........
(697)
(71,052)
(1,510.7)
Cloudflare,
Inc.,
Class
A
.....
(308)
(29,691)
(631.3)
CME
Group,
Inc.
..........
(206)
(47,277)
(1,005.2)
CoStar
Group,
Inc.
........
(985)
(69,108)
(1,469.4)
Coterra
Energy,
Inc.
.......
(4,134)
(90,535)
(1,925.0)
Coupa
Software,
Inc.
.......
(680)
(91,304)
(1,941.3)
CyberArk
Software
Ltd.
.....
(261)
(35,796)
(761.1)
Discovery,
Inc.,
Class
A
.....
(670)
(18,700)
(397.6)
DISH
Network
Corp.,
Class
A
.
(2,744)
(86,162)
(1,832.0)
Dollar
General
Corp.
.......
(355)
(74,010)
(1,573.6)
Dollar
Tree,
Inc.
..........
(1,063)
(139,487)
(2,965.8)
DoorDash,
Inc.,
Class
A
.....
(1,039)
(117,916)
(2,507.2)
DR
Horton,
Inc.
...........
(658)
(58,707)
(1,248.2)
DraftKings,
Inc.,
Class
A
.....
(1,997)
(44,114)
(938.0)
Eaton
Corp.
plc
...........
(724)
(114,703)
(2,438.9)
Elanco
Animal
Health,
Inc.
...
(778)
(20,259)
(430.8)
Enphase
Energy,
Inc.
.......
(614)
(86,249)
(1,833.8)
Erie
Indemnity
Co.,
Class
A
..
(392)
(72,167)
(1,534.4)
Essential
Utilities,
Inc.
......
(5,453)
(265,779)
(5,651.1)
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
..............
(179)
(55,810)
(1,186.7)
Etsy,
Inc.
...............
(420)
(65,974)
(1,402.7)
Evergy,
Inc.
.............
(1,165)
(75,678)
(1,609.1)
Exact
Sciences
Corp.
......
(1,509)
(115,227)
(2,450.0)
Fiserv,
Inc.
..............
(2,984)
(315,409)
(6,706.3)
FleetCor
Technologies,
Inc.
...
(799)
(190,370)
(4,047.7)
Generac
Holdings,
Inc.
.....
(65)
(18,355)
(390.3)
Global
Payments,
Inc.
......
(409)
(61,301)
(1,303.4)
Globe
Life,
Inc.
...........
(829)
(84,807)
(1,803.2)
Guidewire
Software,
Inc.
....
(1,071)
(108,000)
(2,296.3)
Hasbro,
Inc.
.............
(1,053)
(97,381)
(2,070.5)
HEICO
Corp.
............
(167)
(22,777)
(484.3)
Hilton
Worldwide
Holdings,
Inc.
(272)
(39,470)
(839.2)
Honeywell
International,
Inc.
..
(315)
(64,411)
(1,369.5)
Horizon
Therapeutics
plc
....
(222)
(20,719)
(440.5)
Hormel
Foods
Corp.
.......
(5,748)
(272,858)
(5,801.6)
Howmet
Aerospace,
Inc.
....
(7,310)
(227,268)
(4,832.2)
HubSpot,
Inc.
............
(35)
(17,108)
(363.8)
Humana,
Inc.
............
(417)
(163,673)
(3,480.0)
IAC/InterActiveCorp
........
(1,807)
(246,728)
(5,246.0)
Ingersoll
Rand,
Inc.
........
(3,528)
(198,309)
(4,216.5)
Insulet
Corp.
............
(206)
(51,088)
(1,086.2)
International
Business
Machines
Corp.
...............
(1,009)
(134,772)
(2,865.6)
IPG
Photonics
Corp.
.......
(836)
(129,137)
(2,745.7)
J
M
Smucker
Co.
(The)
.....
(690)
(97,000)
(2,062.4)
Keurig
Dr
Pepper,
Inc.
......
(6,862)
(260,413)
(5,537.0)
Las
Vegas
Sands
Corp.
.....
(2,958)
(129,560)
(2,754.7)
Leidos
Holdings,
Inc.
.......
(535)
(47,856)
(1,017.5)
Liberty
Broadband
Corp.,
Class
C
..................
(700)
(103,887)
(2,208.9)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
....
(6,378)
(384,147)
(8,167.8)
Live
Nation
Entertainment,
Inc.
(419)
(45,885)
(975.6)
Lululemon
Athletica,
Inc.
....
(58)
(19,358)
(411.6)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
58
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
Lumen
Technologies,
Inc.
....
(1,934)
$
(23,904)
(508.3)
%
M&T
Bank
Corp.
..........
(711)
(120,429)
(2,560.6)
MarketAxess
Holdings,
Inc.
..
(413)
(142,270)
(3,025.0)
Marriott
International,
Inc.,
Class
A
..................
(72)
(11,601)
(246.7)
Martin
Marietta
Materials,
Inc.
.
(314)
(122,184)
(2,597.9)
Match
Group,
Inc.
.........
(175)
(19,723)
(419.3)
MGM
Resorts
International
...
(1,154)
(49,299)
(1,048.2)
Microchip
Technology,
Inc.
...
(1,343)
(104,056)
(2,212.5)
MongoDB,
Inc.
...........
(42)
(17,015)
(361.8)
Newmont
Corp.
..........
(1,603)
(98,056)
(2,084.9)
NIKE,
Inc.,
Class
B
........
(571)
(84,548)
(1,797.7)
Oak
Street
Health,
Inc.
......
(1,105)
(19,205)
(408.3)
Okta,
Inc.
...............
(1,120)
(221,637)
(4,712.5)
PACCAR,
Inc.
...........
(838)
(77,926)
(1,656.9)
Packaging
Corp.
of
America
..
(138)
(20,787)
(442.0)
Parker-Hannifin
Corp.
......
(76)
(23,561)
(501.0)
Paycom
Software,
Inc.
......
(92)
(30,848)
(655.9)
PayPal
Holdings,
Inc.
......
(533)
(91,644)
(1,948.6)
Peloton
Interactive,
Inc.,
Class
A
(923)
(25,226)
(536.4)
PerkinElmer,
Inc.
.........
(663)
(114,149)
(2,427.1)
PG&E
Corp.
.............
(7,114)
(90,988)
(1,934.6)
Pioneer
Natural
Resources
Co.
(201)
(43,997)
(935.5)
Plug
Power,
Inc.
..........
(3,518)
(76,939)
(1,635.9)
PPL
Corp.
..............
(11,239)
(333,574)
(7,092.5)
Progressive
Corp.
(The)
.....
(3,870)
(420,514)
(8,941.1)
Public
Service
Enterprise
Group,
Inc.
.................
(648)
(43,111)
(916.6)
Republic
Services,
Inc.
.....
(1,371)
(175,022)
(3,721.4)
RingCentral,
Inc.,
Class
A
....
(369)
(65,125)
(1,384.7)
Rollins,
Inc.
.............
(248)
(7,651)
(162.7)
Roper
Technologies,
Inc.
....
(359)
(156,940)
(3,336.9)
Royal
Caribbean
Cruises
Ltd.
.
(1,010)
(78,588)
(1,671.0)
Royalty
Pharma
plc,
Class
A
..
(4,349)
(174,003)
(3,699.7)
RPM
International,
Inc.
.....
(2,010)
(178,106)
(3,786.9)
S&P
Global,
Inc.
..........
(227)
(94,255)
(2,004.1)
salesforce.com,
Inc.
.......
(490)
(113,989)
(2,423.7)
Schneider
Electric
SE
......
(975)
(165,161)
(3,511.7)
Seagen,
Inc.
............
(134)
(18,024)
(383.2)
SEI
Investments
Co.
.......
(345)
(20,220)
(429.9)
Sherwin-Williams
Co.
(The)
..
(569)
(163,024)
(3,466.3)
Southern
Co.
(The)
........
(447)
(31,062)
(660.4)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Southwest
Airlines
Co.
......
(1,911)
$
(85,536)
(1,818.7)
%
SS&C
Technologies
Holdings,
Inc.
.................
(1,729)
(138,095)
(2,936.2)
Stanley
Black
&
Decker,
Inc.
..
(133)
(23,228)
(493.9)
STERIS
plc
.............
(363)
(81,457)
(1,732.0)
Stryker
Corp.
............
(745)
(184,797)
(3,929.2)
Take-Two
Interactive
Software,
Inc.
.................
(613)
(100,127)
(2,128.9)
Teladoc
Health,
Inc.
........
(1,201)
(92,129)
(1,958.9)
Teledyne
Technologies,
Inc.
..
(271)
(114,208)
(2,428.3)
Teleflex,
Inc.
.............
(728)
(225,818)
(4,801.4)
T-Mobile
US,
Inc.
.........
(942)
(101,896)
(2,166.5)
Tradeweb
Markets,
Inc.,
Class
A
(263)
(22,295)
(474.0)
TransUnion
.............
(1)
(103)
(2.2)
Twilio,
Inc.,
Class
A
........
(260)
(53,591)
(1,139.5)
Twitter,
Inc.
.............
(494)
(18,530)
(394.0)
Tyler
Technologies,
Inc.
.....
(43)
(20,373)
(433.2)
Union
Pacific
Corp.
........
(395)
(96,597)
(2,053.9)
UnitedHealth
Group,
Inc.
....
(127)
(60,016)
(1,276.1)
Universal
Health
Services,
Inc.,
Class
B
..............
(182)
(23,671)
(503.3)
US
Bancorp
.............
(603)
(35,089)
(746.1)
VF
Corp.
...............
(609)
(39,713)
(844.4)
Viatris,
Inc.
..............
(3,649)
(54,626)
(1,161.5)
Vistra
Corp.
.............
(3,388)
(73,892)
(1,571.1)
Walt
Disney
Co.
(The)
......
(944)
(134,964)
(2,869.6)
Waste
Connections,
Inc.
.....
(1,277)
(159,242)
(3,385.8)
Waste
Management,
Inc.
....
(641)
(96,432)
(2,050.4)
WEC
Energy
Group,
Inc.
....
(320)
(31,053)
(660.3)
Wells
Fargo
&
Co.
.........
(1,599)
(86,026)
(1,829.1)
Wynn
Resorts
Ltd.
........
(1,673)
(142,958)
(3,039.6)
Zillow
Group,
Inc.,
Class
C
...
(1,641)
(82,838)
(1,761.3)
Zimmer
Biomet
Holdings,
Inc.
.
(1,109)
(136,429)
(2,900.8)
Zoom
Video
Communications,
Inc.,
Class
A
...........
(208)
(32,090)
(682.3)
(19,185,335)
Zambia
First
Quantum
Minerals
Ltd.
..
(1,370)
(33,745)
(717.5)
Total
Reference
Entity
—
Short
............
(36,991,684)
Net
Value
of
Reference
Entity
—
Merrill
Lynch
International
&
Co.
.....................
$
4,703
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
0.05
%
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
(0.51)
Balances
Reported
in
the
Consolidated
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
.........................................................
$
2,712,707
$
—
$
—
$
(310,124)
OTC
Swaps
...................................................................
—
—
739,353
(3,016,178)
(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
59
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
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)
.....
$
782,781
$
—
$
918,960
$
—
$
1,787,422
$
—
$
3,489,163
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
3,973,759
—
—
3,973,759
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
398,741
—
398,741
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
739,353
—
—
—
739,353
$
782,781
$
—
$
1,658,313
$
3,973,759
$
2,186,163
$
—
$
8,601,016
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
3,300,604
—
1,360,480
—
4,726,961
—
9,388,045
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
4,956,982
—
—
4,956,982
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
310,124
—
—
—
—
310,124
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
3,016,178
—
—
—
3,016,178
$
3,300,604
$
310,124
$
4,376,658
$
4,956,982
$
4,726,961
$
—
$
17,671,329
(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,
2022,
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
.......................
$
4,806,499
$
—
$
696,730
$
—
$
(504,232)
$
—
$
4,998,997
Forward
foreign
currency
exchange
contracts
....
—
—
—
4,807,948
—
—
4,807,948
Options
purchased
(a)
....................
—
—
—
—
(1,200,223)
—
(1,200,223)
Swaps
..............................
—
632,324
15,662,159
—
1,418,965
—
17,713,448
$
4,806,499
$
632,324
$
16,358,889
$
4,807,948
$
(285,490)
$
—
$
26,320,170
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
(3,058,170)
—
1,007,407
—
(8,000,267)
—
(10,051,030)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(3,568,716)
—
—
(3,568,716)
Options
purchased
(b)
....................
—
—
—
—
594,672
—
594,672
Swaps
..............................
—
(691,709)
(2,820,446)
—
—
—
(3,512,155)
$
(3,058,170)
$
(691,709)
$
(1,813,039)
$
(3,568,716)
$
(7,405,595)
$
—
$
(16,537,229)
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
60
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
381,207,587
Average
notional
value
of
contracts
—
short
.................................................................................
204,184,152
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
316,774,419
Average
amounts
sold
—
in
USD
........................................................................................
311,900,821
Options
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
46,414,599
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
23,767,704
Total
return
swaps
Average
notional
value
...............................................................................................
54,333,151
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
4,806,499
Futures
contracts
....................................................................................
$
2,806,177
$
1,799,662
Forward
foreign
currency
exchange
contracts
.................................................................
3,973,759
4,956,982
Options
(a)(b)
........................................................................................
398,741
—
Swaps
—
Centrally
cleared
.............................................................................
41,768
—
Swaps
—
OTC
(c)
....................................................................................
739,353
3,016,178
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
7,959,798
$
9,772,822
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(2,847,945)
(1,799,662)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
5,111,853
$
7,973,160
(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
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statement
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
(e)
.............................
$
79,464
$
(79,464)
$
—
$
—
$
—
Barclays
Bank
plc
................................
109,622
(19,328)
—
(90,294)
—
Barclays
Bank
plc
(e)
...............................
47,415
(47,415)
—
—
—
BNP
Paribas
SA
.................................
254,643
—
—
—
254,643
BNP
Paribas
SA
(e)
................................
59,011
(59,011)
—
—
—
Citibank
NA
....................................
271,607
—
—
—
271,607
Citibank
NA
(e)
...................................
51,698
(51,698)
—
—
—
Credit
Suisse
International
..........................
9,211
—
—
—
9,211
Goldman
Sachs
International
........................
306,693
(191,207)
—
—
115,486
Goldman
Sachs
International
(e)
.......................
308,168
(3,586)
—
—
304,582
HSBC
Bank
plc
..................................
72,331
(72,331)
—
—
—
HSBC
Bank
plc
(e)
................................
67,370
(49,814)
—
—
17,556
JPMorgan
Chase
Bank
NA
..........................
285,251
—
—
(280,000)
5,251
Merrill
Lynch
International
&
Co.
......................
45,484
(45,484)
—
—
—
Morgan
Stanley
&
Co.
International
plc
(e)
.................
2,930,654
(2,176,437)
—
(430,000)
324,217
Societe
Generale
SA
(e)
.............................
3,176
(3,176)
—
—
—
Toronto
Dominion
Bank
............................
103,976
(8,195)
—
—
95,781
UBS
AG
......................................
96,625
(882)
—
—
95,743
Westpac
Banking
Corp.
............................
9,454
(9,454)
—
—
—
$
5,111,853
$
(2,817,482)
$
—
$
(800,294)
$
1,494,077
BlackRock
Total
Factor
Fund
Consolidated
Schedule
of
Investments
61
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(f)
Net
Amount
of
Derivative
Liabilities
(d)(g)
Bank
of
America
NA
(e)
.............................
$
869,308
$
(79,464)
$
—
$
(789,844)
$
—
Barclays
Bank
plc
................................
19,328
(19,328)
—
—
—
Barclays
Bank
plc
(e)
...............................
277,853
(47,415)
—
—
230,438
BNP
Paribas
SA
(e)
................................
84,605
(59,011)
—
—
25,594
Citibank
NA
(e)
...................................
228,786
(51,698)
—
—
177,088
Deutsche
Bank
AG
(e)
..............................
15,918
—
—
—
15,918
Goldman
Sachs
International
........................
191,207
(191,207)
—
—
—
Goldman
Sachs
International
(e)
.......................
3,586
(3,586)
—
—
—
HSBC
Bank
plc
..................................
436,950
(72,331)
—
(364,619)
—
HSBC
Bank
plc
(e)
................................
49,814
(49,814)
—
—
—
JPMorgan
Chase
Bank
NA
(e)
.........................
977,602
—
—
(660,000)
317,602
Merrill
Lynch
International
&
Co.
......................
2,578,999
(45,484)
—
(2,533,515)
—
Morgan
Stanley
&
Co.
International
plc
(e)
.................
2,176,437
(2,176,437)
—
—
—
Societe
Generale
SA
(e)
.............................
32,985
(3,176)
—
—
29,809
Toronto
Dominion
Bank
............................
8,195
(8,195)
—
—
—
UBS
AG
......................................
882
(882)
—
—
—
Westpac
Banking
Corp.
............................
20,705
(9,454)
—
—
11,251
$
7,973,160
$
(2,817,482)
$
—
$
(4,347,978)
$
807,700
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(e)
Represents
derivatives
owned
by
the
BlackRock
Cayman
Strategic
Risk
Allocation
Fund,
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
1
of
the
Notes
to
Consolidated
Financial
Statements.
(f)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(g)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Factor
Fund
62
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2022
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
273
$
—
$
—
$
273
Foreign
Government
Obligations
..............................
—
15,342,045
—
15,342,045
U.S.
Treasury
Obligations
...................................
—
5,184,306
—
5,184,306
Short-Term
Securities
Money
Market
Funds
......................................
51,331,913
—
—
51,331,913
U.S.
Treasury
Obligations
...................................
—
112,914,763
—
112,914,763
Options
Purchased
Interest
rate
contracts
......................................
—
398,741
—
398,741
$
51,332,186
$
133,839,855
$
—
$
185,172,041
Derivative
Financial
Instruments
(a)
Assets
Commodity
contracts
.......................................
$
782,781
$
—
$
—
$
782,781
Equity
contracts
...........................................
290,278
1,368,035
—
1,658,313
Foreign
currency
exchange
contracts
............................
—
3,973,759
—
3,973,759
Interest
rate
contracts
.......................................
1,787,422
—
—
1,787,422
Liabilities
Commodity
contracts
.......................................
(3,300,604)
—
—
(3,300,604)
Credit
contracts
...........................................
—
(310,124)
—
(310,124)
Equity
contracts
...........................................
(137,506)
(4,239,152)
—
(4,376,658)
Foreign
currency
exchange
contracts
............................
—
(4,956,982)
—
(4,956,982)
Interest
rate
contracts
.......................................
(4,726,961)
—
—
(4,726,961)
$
(5,304,590)
$
(4,164,464)
$
—
$
(9,469,054)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Consolidated
Statement
of
Assets
and
Liabilities
(unaudited)

January
31,
2022
63
Consolidated
Financial
Statements
See
notes
to
consolidated
financial
statements.
BlackRock
Total
Factor
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
133,840,128‌
Investments,
at
value
—
affiliated
(b)
.........................................................................................
51,331,913‌
Cash
.............................................................................................................
12,740,667‌
Cash
pledged:
–‌
Collateral
—
OTC
derivatives
............................................................................................
8,690,000‌
Futures
contracts
....................................................................................................
22,991,000‌
Centrally
cleared
swaps
................................................................................................
2,074,000‌
Foreign
currency,
at
value
(c)
..............................................................................................
14,857,756‌
Receivables:
–‌
Swaps  
..........................................................................................................
3,071,904‌
Capital
shares
sold
...................................................................................................
1,171,717‌
Dividends
—
affiliated
.................................................................................................
187‌
Interest
—
unaffiliated
.................................................................................................
61,615‌
From
the
Manager
...................................................................................................
10,356‌
Variation
margin
on
futures
contracts
.......................................................................................
2,806,177‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
41,768‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
3,973,759‌
OTC
swaps
........................................................................................................
739,353‌
Prepaid
expenses
.....................................................................................................
101,566‌
Total
assets
.........................................................................................................
258,503,866‌
LIABILITIES
Cash
received:
–‌
Collateral
—
OTC
derivatives
............................................................................................
3,270,000‌
Payables:
–‌
Swaps  
..........................................................................................................
604,892‌
Administration
fees
...................................................................................................
8,855‌
Capital
shares
redeemed
...............................................................................................
252,518‌
Investment
advisory
fees
..............................................................................................
28,834‌
Trustees'
and
Officer's
fees
.............................................................................................
1,992‌
Other
affiliate
fees
...................................................................................................
159‌
Service
and
distribution
fees
.............................................................................................
1,509‌
Variation
margin
on
futures
contracts
.......................................................................................
1,799,662‌
Other
accrued
expenses
...............................................................................................
290,020‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
4,956,982‌
OTC
swaps
........................................................................................................
3,016,178‌
Total
liabilities
........................................................................................................
14,231,601‌
NET
ASSETS
........................................................................................................
$
244,272,265‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
........................................................................................................
$
243,964,429‌
Accumulated
earnings
..................................................................................................
307,836‌
NET
ASSETS
........................................................................................................
$
244,272,265‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
133,074,664‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
51,331,913‌
(c)
  Foreign
currency,
at
cost
...............................................................................................
$
14,864,071‌
Consolidated
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
64
See
notes
to
consolidated
financial
statements.
BlackRock
Total
Factor
Fund
NET
ASSET
VALUE
Institutional
Net
assets
........................................................................................................
$
199,347,811
Shares
outstanding
.................................................................................................
21,061,262
Net
asset
value
....................................................................................................
$
9.47
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001
Investor
A
Net
assets
........................................................................................................
$
6,332,798
Shares
outstanding
.................................................................................................
674,529
Net
asset
value
....................................................................................................
$
9.39
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001
Investor
C
Net
assets
........................................................................................................
$
184,737
Shares
outstanding
.................................................................................................
20,025
Net
asset
value
....................................................................................................
$
9.23
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001
Class
K
Net
assets
........................................................................................................
$
38,406,919
Shares
outstanding
.................................................................................................
4,052,243
Net
asset
value
....................................................................................................
$
9.48
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
$
0.001
Consolidated
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2022
65
Consolidated
Financial
Statements
See
notes
to
consolidated
financial
statements.
BlackRock
Total
Factor
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
669‌
Interest
—
unaffiliated
................................................................................................
595,904‌
Total
investment
income
.................................................................................................
596,573‌
EXPENSES
Investment
advisory
..................................................................................................
582,114‌
Accounting
services
..................................................................................................
177,645‌
Transfer
agent
—
class
specific
..........................................................................................
107,915‌
Registration
.......................................................................................................
81,734‌
Professional
.......................................................................................................
65,054‌
Administration
.....................................................................................................
49,480‌
Administration
—
class
specific
..........................................................................................
23,283‌
Custodian
.........................................................................................................
14,684‌
Service
and
distribution
—
class
specific
....................................................................................
8,914‌
Trustees
and
Officer
..................................................................................................
3,474‌
Miscellaneous
......................................................................................................
17,771‌
Total
expenses
.......................................................................................................
1,132,068‌
Less:
–‌
Administration
fees
waived
—
class
specific
..................................................................................
(23,280‌)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(408,699‌)
Transfer
agent
fees
waived
and/or
reimbursed
—
class
specific
.....................................................................
(60,103‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
639,986‌
Net
investment
loss
....................................................................................................
(43,413‌)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
7,634,929‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(1,199,836‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
4,807,948‌
Foreign
currency
transactions
.........................................................................................
(641,164‌)
Futures
contracts
..................................................................................................
4,998,997‌
Swaps
.........................................................................................................
17,713,448‌
A
25,679,393‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(870,220‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
(3,568,716‌)
Foreign
currency
translations
..........................................................................................
(42,343‌)
Futures
contracts
..................................................................................................
(10,051,030‌)
Swaps
.........................................................................................................
(3,512,155‌)
A
(18,044,464‌)
Net
realized
and
unrealized
gain
...........................................................................................
7,634,929‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
7,591,516‌
Consolidated
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Semi-Annual
Report
to
Shareholders
66
See
notes
to
consolidated
financial
statements.
BlackRock
Total
Factor
Fund
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
loss
................................................................................
$
(43,413‌)
$
(433,630‌)
Net
realized
gain
..................................................................................
25,679,393‌
5,591,352‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(18,044,464‌)
8,173,521‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
7,591,516‌
13,331,243‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
....................................................................................
(7,362,432‌)
—‌
Investor
A
.....................................................................................
(245,216‌)
—‌
Investor
C
.....................................................................................
(6,344‌)
—‌
Class
K
.......................................................................................
(1,467,551‌)
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(9,081,543‌)
—‌
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
31,620,549‌
(101,374,823‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
30,130,522‌
(88,043,580‌)
Beginning
of
period
..................................................................................
214,141,743‌
302,185,323‌
End
of
period
......................................................................................
$
244,272,265‌
$
214,141,743‌
(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)
67
Consolidated
Financial
Highlights
BlackRock
Total
Factor
Fund
Institutional
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.51‌
$
8.78‌
$
10.50‌
$
10.18‌
$
10.18‌
$
9.79‌
Net
investment
income
(loss)
(a)
...................
(0.00‌)
(b)
(0.02‌)
0.09‌
0.16‌
0.08‌
0.00‌
(b)
Net
realized
and
unrealized
gain
(loss)
..............
0.33‌
0.75‌
(1.51‌)
0.44‌
0.39‌
0.53‌
Net
increase
(decrease)
from
investment
operations
......
0.33‌
0.73‌
(1.42‌)
0.60‌
0.47‌
0.53‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
(0.37‌)
—‌
(0.01‌)
(0.24‌)
—‌
(0.04‌)
From
net
realized
gain
.........................
—‌
—‌
(0.29‌)
(0.04‌)
(0.47‌)
(0.10‌)
Total
distributions
.............................
(0.37‌)
—‌
(0.30‌)
(0.28‌)
(0.47‌)
(0.14‌)
Net
asset
value,
end
of
period
....................
$
9.47‌
$
9.51‌
$
8.78‌
$
10.50‌
$
10.18‌
$
10.18‌
Total
Return
(d)
3.46%
8.31%
(13.93)%
6.10%
4.59%
—
Based
on
net
asset
value
........................
3.46%
(e)
8.31%
(13.93)%
6.10%
4.59%
5.46%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.98%
(g)
0.96%
0.84%
1.29%
1.82%
1.65%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.55%
(g)
0.55%
0.55%
0.55%
0.54%
0.68%
Net
investment
income
(loss)
.....................
(0.04)%
(g)
(0.19)%
0.97%
1.55%
0.76%
(0.03)%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
199,348‌
$
176,703‌
$
265,507‌
$
206,351‌
$
122,627‌
$
31,334‌
Portfolio
turnover
rate
..........................
118%
49%
166%
74%
64%
73%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
greater
than
$(0.005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
68
BlackRock
Total
Factor
Fund
Investor
A
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.44‌
$
8.74‌
$
10.46‌
$
10.15‌
$
10.15‌
$
9.77‌
Net
investment
income
(loss)
(a)
...................
(0.01‌)
(0.04‌)
0.07‌
0.13‌
0.02‌
(0.02‌)
Net
realized
and
unrealized
gain
(loss)
..............
0.32‌
0.74‌
(1.50‌)
0.44‌
0.42‌
0.52‌
Net
increase
(decrease)
from
investment
operations
......
0.31‌
0.70‌
(1.43‌)
0.57‌
0.44‌
0.50‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.36‌)
—‌
(0.00‌)
(c)
(0.22‌)
—‌
(0.02‌)
From
net
realized
gain
.........................
—‌
—‌
(0.29‌)
(0.04‌)
(0.44‌)
(0.10‌)
Total
distributions
.............................
(0.36‌)
—‌
(0.29‌)
(0.26‌)
(0.44‌)
(0.12‌)
Net
asset
value,
end
of
period
....................
$
9.39‌
$
9.44‌
$
8.74‌
$
10.46‌
$
10.15‌
$
10.15‌
Total
Return
(d)
3.27%
8.01%
(14.07)%
5.80%
4.35%
—
Based
on
net
asset
value
........................
3.27%
(e)
8.01%
(14.07)%
5.80%
4.35%
5.16%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
1.31%
(g)
1.31%
1.22%
1.65%
2.20%
2.09%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.80%
(g)
0.80%
0.80%
0.80%
0.80%
0.91%
Net
investment
income
(loss)
.....................
(0.28)%
(g)
(0.46)%
0.73%
1.28%
0.18%
(0.21)%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
6,333‌
$
5,892‌
$
6,916‌
$
7,423‌
$
4,936‌
$
2,327‌
Portfolio
turnover
rate
..........................
118%
49%
166%
74%
64%
73%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
69
Consolidated
Financial
Highlights
BlackRock
Total
Factor
Fund
Investor
C
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.28‌
$
8.66‌
$
10.40‌
$
10.08‌
$
10.07‌
$
9.71‌
Net
investment
income
(loss)
(a)
...................
(0.05‌)
(0.10‌)
(0.01‌)
0.04‌
(0.11‌)
(0.10‌)
Net
realized
and
unrealized
gain
(loss)
..............
0.33‌
0.72‌
(1.48‌)
0.44‌
0.48‌
0.52‌
Net
increase
(decrease)
from
investment
operations
......
0.28‌
0.62‌
(1.49‌)
0.48‌
0.37‌
0.42‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.33‌)
—‌
(0.00‌)
(c)
(0.12‌)
—‌
—‌
From
net
realized
gain
.........................
—‌
—‌
(0.25‌)
(0.04‌)
(0.36‌)
(0.06‌)
Total
distributions
.............................
(0.33‌)
—‌
(0.25‌)
(0.16‌)
(0.36‌)
(0.06‌)
Net
asset
value,
end
of
period
....................
$
9.23‌
$
9.28‌
$
8.66‌
$
10.40‌
$
10.08‌
$
10.07‌
Total
Return
(d)
2.93%
7.16%
(14.68)%
4.95%
3.62%
—
Based
on
net
asset
value
........................
2.93%
(e)
7.16%
(14.68)%
4.95%
3.62%
4.40%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
2.16%
(g)
2.08%
1.92%
2.47%
2.98%
2.80%
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.54%
(g)
1.54%
1.55%
1.55%
1.55%
1.68%
Net
investment
income
(loss)
.....................
(0.99)%
(g)
(1.19)%
(0.06)%
0.41%
(1.08)%
(1.01)%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
185‌
$
221‌
$
304‌
$
608‌
$
755‌
$
908‌
Portfolio
turnover
rate
..........................
118%
49%
166%
74%
64%
73%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
70
BlackRock
Total
Factor
Fund
Class
K
Six
Months
Ended
01/31/22
(unaudited)
Year
Ended
July
31,
Period
from
02/03/17
(a)
to
07/31/17
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
...............
$
9.52‌
$
8.79‌
$
10.51‌
$
10.18‌
$
10.18‌
$
9.76‌
Net
investment
income
(loss)
(b)
...................
0.00‌
(c)
(0.02‌)
0.10‌
0.14‌
0.28‌
0.01‌
Net
realized
and
unrealized
gain
(loss)
..............
0.33‌
0.75‌
(1.52‌)
0.47‌
0.19‌
0.41‌
Net
increase
(decrease)
from
investment
operations
......
0.33‌
0.73‌
(1.42‌)
0.61‌
0.47‌
0.42‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
....................
(0.37‌)
—‌
(0.01‌)
(0.24‌)
—‌
—‌
From
net
realized
gain
.........................
—‌
—‌
(0.29‌)
(0.04‌)
(0.47‌)
—‌
Total
distributions
.............................
(0.37‌)
—‌
(0.30‌)
(0.28‌)
(0.47‌)
—‌
Net
asset
value,
end
of
period
....................
$
9.48‌
$
9.52‌
$
8.79‌
$
10.51‌
$
10.18‌
$
10.18‌
Total
Return
(e)
3.47%
8.30%
(13.89)%
6.23%
4.61%
—
Based
on
net
asset
value
........................
3.47%
(f)
8.30%
(13.89)%
6.23%
4.61%
4.30%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
0.87%
(h)
0.87%
0.77%
1.29%
1.81%
1.84%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.50%
(h)
0.50%
0.50%
0.50%
0.50%
0.49%
(h)
Net
investment
income
(loss)
.....................
0.01%
(h)
(0.18)%
1.08%
1.43%
2.79%
0.28%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
38,407‌
$
31,325‌
$
29,458‌
$
18,383‌
$
28,440‌
$
230‌
Portfolio
turnover
rate
..........................
118%
49%
166%
74%
64%
73%
(
i
)
(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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
is
representative
of
the
portfolio
for
the
entire
year.
See
notes
to
financial
statements.
Notes
to
Consolidated
Financial
Statements
(unaudited)
71
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
open-end
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
Basis
of
Consolidation:
The
accompanying
consolidated
financial
statements
of
the
Fund
 include
the
accounts
of
BlackRock
Cayman
Strategic
Risk
Allocation
Fund,
Ltd.
(the
“Subsidiary”),
which
is
a
wholly-owned
subsidiary
of
the
Fund
 and
primarily
invests
in
commodity-related
instruments
and
other
derivatives.
The
Subsidiary
enables 
the
Fund
to
hold
these
commodity-related
instruments
and
satisfy
regulated
investment
company
tax
requirements.
The
Fund
 may
invest
up
to
25%
of
its
total
assets
in
the
Subsidiary.
The
net
assets
of
the
Subsidiary
as
of
period
end
were
$15,721,498
,
which
is
6.4%
 of
the
Fund's
 consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated. The
Subsidiary
is
subject
to
the
same
investment
policies
and
restrictions
that
apply
to 
the
Fund
,
except
that
the
Subsidiary
may
invest
without
limitation
in
commodity-related
instruments. 
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.
Segregation
and
Collateralization:
In
cases
where the
Fund
enters
into
certain
investments
(e.g.,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
swaps)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, the
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investments
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly. 
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
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.
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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
72
Net
income
and
realized
gains
from
investments
held
by
the
Subsidiary
are
treated
as
ordinary
income
for
tax
purposes.
If
a
net
loss
is
realized
by
the
Subsidiary
in
any
taxable
year,
the
loss
will
generally
not
be
available
to
offset
the
Fund’s
ordinary
income
and/or
capital
gains
for
that
year.
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
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
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
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
73
Notes
to
Consolidated
Financial
Statements
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
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
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
74
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.
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
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
75
Notes
to
Consolidated
Financial
Statements
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,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Fund
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Consolidated
Statement
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, 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
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.
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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
76
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.
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,
2022,
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
Agreeme
nt
with
the
Manager,
an
indirec
t,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Consolidated
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Consolidated
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
January
31,
2022,
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,
2022,
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,
2022,
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:
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌%
—‌%
Investor
C
.................................................................................................
0.25‌
0.75‌
Service
and
Distribution
Fees
Investor
A
........................................................................................................
$
7,854‌
Investor
C
........................................................................................................
1,060‌
$
8,914‌
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
.......................................................................................................
$
18,975‌
Investor
A
........................................................................................................
629‌
Investor
C
........................................................................................................
21‌
Class
K
.........................................................................................................
3,658‌
$
23,283‌
Institutional
....................................................................................................
$
114‌
Investor
A
.....................................................................................................
11‌
$
125‌
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
77
Notes
to
Consolidated
Financial
Statements
For
the
six
months ended
January
31,
2022,
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,
2022
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the
Fund’s Investor
A
Shares for
a
total
of
$9
.
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,
2023
.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees
"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pur
suant
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
,
2022,
the
amount
waived
was
$
3,261
.
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,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
January
31,
2022,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months ended
January
31,
2022,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$405,438,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Consolidated
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific,
respectively,
in
the
Consolidated
Statement
of
Operations.
For
the
six
months ended
January
31,
2022,
class
specific
expense
waivers
and/
or
reimbursements were
as
follows: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“
Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
January
31,
2022,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Institutional
.......................................................................................................
$
101,317‌
Investor
A
........................................................................................................
5,974‌
Investor
C
........................................................................................................
304‌
Class
K
.........................................................................................................
320‌
$
107,915‌
Institutional
..........................................................................................................
0.55‌%
Investor
A
...........................................................................................................
0.80‌
Investor
C
...........................................................................................................
1.55‌
Class
K
............................................................................................................
0.50‌
Fund
Name/Share
Class
Administration
Fees
Waived
Transfer
Agent
Fees
Waived
and/or
Reimbursed
BlackRock
Total
Factor
Fund
Institutional
....................................................................................
$
18,975‌
$
54,943‌
Investor
A
.....................................................................................
628‌
4,575‌
Investor
C
.....................................................................................
21‌
267‌
Class
K
......................................................................................
3,656‌
318‌
$
23,280‌
$
60,103‌
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
78
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,
2022,
purchases
and
sales
of
investments,
excluding
short-term
investments,
were
as
follows:
RULE
ABOVE
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
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
January
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund's
consolidated
financial
statements.
As
of
January
31,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.25
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
one-month
London
Interbank
Offered
Rate
("LIBOR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed.
The
agreement
expires
in
April
2022
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,
2022,
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.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
U.S.
Government
Securities
Other
Securities
Purchases
Sales
Purchases
Sales
BlackRock
Total
Factor
Fund
............................................
$
11,175,101‌
$
16,493,500‌
$
23,364,723‌
$
18,497,922‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Total
Factor
Fund
.........................................
$
186,894,978‌
$
6,641,188‌
$
(17,833,179‌)
$
(11,191,991‌)
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
79
Notes
to
Consolidated
Financial
Statements
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
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund's
portfolio
are
disclosed
in
its Consolidated
Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
fixed-income
securities
and/or
uses
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
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.
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
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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
80
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
01/31/22
Year
Ended
07/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Total
Factor
Fund
Institutional
Shares
sold
.............................................
3,258,010‌
$
31,319,756‌
10,201,915‌
$
89,887,340‌
Shares
issued
in
reinvestment
of
distributions
........................
764,492‌
7,323,832‌
—‌
—‌
Shares
redeemed
.........................................
(1,542,269‌)
(14,819,189‌)
(21,849,107‌)
(189,309,769‌)
2,480,233‌
$
23,824,399‌
(11,647,192‌)
$
(99,422,429‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
......................
108,024‌
$
1,030,189‌
161,901‌
$
1,435,546‌
Shares
issued
in
reinvestment
of
distributions
........................
25,609‌
243,546‌
—‌
—‌
Shares
redeemed
.........................................
(83,388‌)
(795,985‌)
(329,107‌)
(2,842,811‌)
50,245‌
$
477,750‌
(167,206‌)
$
(1,407,265‌)
Investor
C
Shares
sold
.............................................
853‌
$
8,000‌
70‌
$
600‌
Shares
issued
in
reinvestment
of
distributions
........................
679‌
6,344‌
—‌
—‌
Shares
redeemed
and
automatic
conversion
of
shares
..................
(5,306‌)
(50,489‌)
(11,409‌)
(96,411‌)
(3,774‌)
$
(36,145‌)
(11,339‌)
$
(95,811‌)
Class
K
Shares
sold
.............................................
1,115,532‌
$
10,763,648‌
1,240,109‌
$
10,932,535‌
Shares
issued
in
reinvestment
of
distributions
........................
42,109‌
404,248‌
—‌
—‌
Shares
redeemed
.........................................
(395,364‌)
(3,813,351‌)
(1,300,845‌)
(11,381,853‌)
762,277‌
$
7,354,545‌
(60,736‌)
$
(449,318‌)
3,288,981‌
$
31,620,549‌
(11,886,473‌)
$
(101,374,823‌)
Statement
Regarding
Liquidity
Risk
Management
Program
81
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
9-10,
2021
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
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,
2020
through
September
30,
2021
(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.
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
(“RATS”).
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).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
Fund,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2022
BlackRock
Semi-Annual
Report
to
Shareholders
82
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted regulations
governing
the
use
of
derivatives
by
registered
investment
companies
(“Rule
18f-4”).
The
Fund
will
be
required
to
implement
and
comply
with
Rule
18f-4
by
August
19, 2022.
Once
implemented,
Rule
18f-4
will
impose
limits
on
the
amount
of
derivatives
a
fund
can
enter
into,
eliminate
the
asset
segregation
framework
currently
used
by
funds
to
comply
with
Section
18
of
the
1940
Act,
treat
derivatives
as
senior
securities
and
require
funds
whose
use
of
derivatives
is
more
than
a
limited
specified
exposure
amount
to
establish
and
maintain
a
comprehensive
derivatives
risk
management
program
and
appoint
a
derivatives
risk
manager.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
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)
83
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
10022
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
2022
BlackRock
Semi-Annual
Report
to
Shareholders
84
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
RUB
New
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CMT
Constant
Maturity
Treasury
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
OTC
Over-the-counter
RBOB
Reformulated
Gasoline
Blend
Stock
for
Oxygen
Blending
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-1/22-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
section906
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds
SM
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
 
Date: March 23, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
SM
 
Date: March 23, 2022
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
SM
 
Date: March 23, 2022

 
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock FundsSM, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock FundsSM;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: March 23, 2022
/s/ John M. Perlowski________
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock FundsSM

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock FundsSM, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock FundsSM;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: March 23, 2022
/s/ Trent Walker__________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds SM

 
Exhibit 99.906CERT
 
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds  (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended January 31, 2022 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: March 23, 2022
/s/ John M. Perlowski_______
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock FundsSM
 
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock FundsSM  (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended January 31, 2022 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: March 23, 2022
/s/ Trent Walker__________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock FundsSM
 
 
 
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.