Consolidated Schedule of Investments  (unaudited) April 30, 2020 BlackRock Total Factor Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government Obligations — 6.4%
Australia — 1.5%
Commonwealth of Australia:
1.25%, 02/21/22	AUD		1,222	$	806,852
3.00%, 09/20/25			1,460		1,098,517
0.75%, 11/21/27			823		559,691
2.50%, 09/20/30			936		756,794
2.00%, 08/21/35			687		549,739
1.25%, 08/21/40			922		676,614
1.00%, 02/21/50			530		374,573
					4,822,780
Canada — 1.3%
Canadian Government Bond.:
6.97%, 12/01/21	CAD		502		378,503
6.59%, 12/01/26			482		438,235
4.00%, 12/01/31			1,017		1,059,696
3.97%, 12/01/36			476		499,774
2.45%, 12/01/41			493		486,584
1.77%, 12/01/44			602		564,466
1.38%, 12/01/47			503		468,366
0.52%, 12/01/50			385		306,414
					4,202,038
France — 2.6%
French Republic:
0.10%, 07/25/21	EUR		278		306,131
1.10%, 07/25/22			775		888,930
2.10%, 07/25/23			405		483,511
0.25%, 07/25/24			1,275		1,469,767
1.85%, 07/25/27			917		1,204,902
0.10%, 03/01/29			524		615,737
4.42%, 07/25/29			544		827,139
4.08%, 07/25/32			891		1,446,558
0.10%, 07/25/36(a)			25		29,769
2.16%, 07/25/40(a)			525		855,943
0.10%, 07/25/47(a)			355		451,391
					8,579,778
Germany — 0.8%
Federal Republic of Germany:
0.11%, 04/15/23			615		690,384
0.10%, 04/15/26			584		685,363
0.53%, 04/15/30			572		730,276
0.10%, 04/15/46			330		496,268
					2,602,291
United Kingdom — 0.2%
U.K. Treasury Inflation Linked Bonds:
0.13%, 08/10/28	GBP		45		71,059
0.13%, 11/22/36			54		102,441
0.13%, 08/10/41			43		88,545
0.13%, 08/10/48			43		99,865
0.13%, 11/22/56			25		69,878
0.13%, 11/22/65			31		102,113
					533,901
Total Foreign Government Obligations — 6.4% (Cost: $21,520,220)					20,740,788

Security			Par (000)		Value
U.S. Treasury Obligations — 1.6%
U.S. Treasury Inflation Linked Bonds:
2.38%, 01/15/25 - 01/15/27		USD		54	$	62,819
1.75%, 01/15/28				111		129,485
3.63%, 04/15/28				155		204,112
2.50%, 01/15/29				37		46,882
3.88%, 04/15/29				178		245,160
3.38%, 04/15/32				13		19,274
2.13%, 02/15/40 - 02/15/41				216		316,824
0.75%, 02/15/42 - 02/15/45				253		303,246
0.63%, 02/15/43				101		117,964
1.38%, 02/15/44				59		79,922
1.00%, 02/15/46 - 02/15/49				115		152,056
0.88%, 02/15/47				53		66,939
0.25%, 02/15/50				38		43,103
U.S. Treasury Inflation Linked Notes:
0.63%, 07/15/21 - 01/15/24				539		545,989
0.13%, 01/15/22 - 07/15/24				999		998,153
0.38%, 07/15/23 - 07/15/27				821		853,454
0.50%, 04/15/24 - 01/15/28				291		303,219
0.25%, 01/15/25				259		265,521
0.75%, 07/15/28				180		197,974
0.88%, 01/15/29				91		101,498
Total U.S. Treasury Obligations — 1.6% (Cost: $4,744,404)						5,053,594
Total Long-Term Investments — 8.0% (Cost: $26,264,624)						25,794,382
Short-Term Securities — 72.6%
	Shares
Money Market Funds — 15.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.12%(b)*				51,454,761		51,454,761
Total Money Market Funds — 15.9% (Cost: $51,454,761)						51,454,761
	Par (000)
U.S. Treasury Obligations — 56.7%
U.S. Treasury Bills(c):
1.43%, 08/13/20				42,000		41,987,260
1.84%, 06/18/20				55,000		54,993,950
1.85%, 07/16/20				39,000		38,992,076
2.10%, 05/21/20				48,000		47,997,733
Total U.S. Treasury Obligations — 56.7% (Cost: $183,489,261)						183,971,019
Total Short-Term Securities — 72.6% (Cost: $234,944,022)						235,425,780
Total Investments — 80.6% (Cost: $261,208,646)						261,220,162
Other Assets Less Liabilities — 19.4%						62,948,034
Net Assets — 100.0%					$	324,168,196

1

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

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

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

* Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Shares Held at		Shares		Shares		Shares Held at		Value at				Net Realized			Change in Unrealized Appreciation
Affiliated Issuer		07/31/19		Purchased		Sold		04/30/20		04/30/20		Income		Gain (Loss)	(a)		(Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class(b)		13,562,162		37,892,599		—		51,454,761	$	51,454,761	$	166,057	$	31		$	—

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

^(b)  Represents net shares purchased (sold).

2

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
AEX Index		81		05/15/20	$	9,081	$	182,902
CAC 40 10 Euro Index		302		05/15/20		15,043		419,245
IBEX 35 Index		140		05/15/20		10,612		(126,637)
Hang Seng Index		9		05/28/20		1,422		(3,239)
RBOB Gasoline (a)		89		05/29/20		2,929		116,911
Euro-Bund		797		06/08/20		152,346		1,342,150
Low Sulphur Gasoil (a)		98		06/11/20		2,497		234,439
Australia 10 Year Bond		612		06/15/20		59,362		102,229
SPI 200 Index		31		06/18/20		2,798		182,154
Canada 10 Year Bond		128		06/19/20		13,738		105,170
FTSE/MIB Index		13		06/19/20		1,251		182,150
100 oz Gold (a)		51		06/26/20		8,640		113,894
Long Gilt		67		06/26/20		11,620		53,868
Silver (a)		34		07/29/20		2,545		(119,833)
								2,785,403
Short Contracts
OMXS30 Index		711		05/15/20		11,501		(466,121)
WTI Crude Oil (a)		28		05/19/20		528		(5,031)
Natural Gas (a)		281		05/27/20		5,477		(5,183)
Hang Seng China Enterprises Index		56		05/28/20		3,605		(127,649)
SGX NIFTY 50 Index		211		05/28/20		4,129		(183,141)
Brent Crude Oil (a)		197		05/29/20		5,217		(643,847)
TOPIX Index		1		06/11/20		135		(4,805)
S&P/TSX 60 Index		10		06/18/20		1,276		(38,872)
FTSE 100 Index		63		06/19/20		4,670		(31,806)
S&P 500 E-Mini Index		93		06/19/20		13,496		(2,624,090)
U.S. Treasury 10 Year Note		852		06/19/20		118,481		(755,991)
								(4,886,536)
							$	(2,101,133	)

^(a)  All or a portion of the security is held by a wholly-owned subsidiary.

Forward Foreign Currency Exchange Contracts

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	61,194,000	(a)	USD	37,384,002	Morgan Stanley & Co. International plc		06/17/20	$	2,498,494
CAD	21,897,000	(a)	USD	15,476,910	Morgan Stanley & Co. International plc		06/17/20		255,615
CHF	2,701,000	(a)	USD	2,786,498	Morgan Stanley & Co. International plc		06/17/20		15,311
EUR	25,946,000	(a)	USD	28,149,304	Morgan Stanley & Co. International plc		06/17/20		309,445
GBP	17,097,000	(a)	USD	20,729,290	Morgan Stanley & Co. International plc		06/17/20		808,463
HKD	6,127,000	(a)	USD	788,572	Morgan Stanley & Co. International plc		06/17/20		1,256
INR	769,818,000	(a)	USD	10,134,118	BNP Paribas SA		06/17/20		10,120
JPY	494,070,000	(a)	USD	4,551,574	Morgan Stanley & Co. International plc		06/17/20		55,412
KRW	1,731,470,000	(a)	USD	1,423,322	Bank of America NA		06/17/20		2,962
KRW	2,665,464,000	(a)	USD	2,189,203	BNP Paribas SA		06/17/20		6,449
KRW	2,000,044,753	(a)	USD	1,640,725	Deutsche Bank AG		06/17/20		6,794
KRW	16,052,389,247	(a)	USD	13,179,461	HSBC Bank plc		06/17/20		43,551
KRW	11,303,970,000	(a)	USD	9,251,463	JPMorgan Chase Bank NA		06/17/20		60,082
KRW	17,433,650,000	(a)	USD	14,020,822	Morgan Stanley & Co. International plc		06/17/20		339,989
NZD	36,300,000	(a)	USD	21,601,790	Morgan Stanley & Co. International plc		06/17/20		659,694
SEK	21,138,000		USD	2,123,067	JPMorgan Chase Bank NA		06/17/20		44,591
SGD	982,000	(a)	USD	691,657	Morgan Stanley & Co. International plc		06/17/20		4,855
TWD	51,177,000	(a)	USD	1,720,590	Bank of America NA		06/17/20		14,120

3

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
TWD	288,398,380	(a)	USD	9,662,882	Barclays Bank plc		06/17/20	$	112,754
TWD	54,704,000	(a)	USD	1,838,296	BNP Paribas SA		06/17/20		15,967
TWD	480,501,000	(a)	USD	16,088,470	Deutsche Bank AG		06/17/20		198,734
TWD	555,490,000	(a)	USD	18,674,806	HSBC Bank plc		06/17/20		154,246
TWD	196,059,000	(a)	USD	6,559,533	JPMorgan Chase Bank NA		06/17/20		86,140
TWD	29,820,620	(a)	USD	999,166	Morgan Stanley & Co. International plc		06/17/20		11,642
USD	62,622,581	(a)	AUD	94,556,062	Morgan Stanley & Co. International plc		06/17/20		996,739
USD	45,601,759	(a)	BRL	214,611,000	Bank of America NA		06/17/20		6,271,943
USD	8,101,141	(a)	BRL	37,870,000	Deutsche Bank AG		06/17/20		1,161,049
USD	824,777	(a)	BRL	4,161,000	JPMorgan Chase Bank NA		06/17/20		62,228
USD	2,737,572	(a)	BRL	12,831,000	Morgan Stanley & Co. International plc		06/17/20		386,151
USD	13,264,025	(a)	CHF	12,654,000	Morgan Stanley & Co. International plc		06/17/20		137,738
USD	61,472,690	(a)	EUR	54,696,335	Morgan Stanley & Co. International plc		06/17/20		1,479,271
USD	6,484,732	(a)	GBP	5,024,000	Morgan Stanley & Co. International plc		06/17/20		155,805
USD	1,053,748	(a)	HKD	8,174,000	Morgan Stanley & Co. International plc		06/17/20		43
USD	9,432,586	(a)	INR	714,990,000	Deutsche Bank AG		06/17/20		10,841
USD	8,238,648	(a)	INR	621,791,000	JPMorgan Chase Bank NA		06/17/20		45,028
USD	17,148,657	(a)	JPY	1,821,944,633	Morgan Stanley & Co. International plc		06/17/20		159,821
USD	16,001,215	(a)	KRW	19,282,264,000	BNP Paribas SA		06/17/20		117,623
USD	35,896,608	(a)	KRW	42,801,320,000	HSBC Bank plc		06/17/20		639,405
USD	24,783,824	(a)	MXN	573,326,000	Morgan Stanley & Co. International plc		06/17/20		1,167,766
USD	628,464	(a)	NOK	6,044,000	Morgan Stanley & Co. International plc		06/17/20		38,372
USD	1,141,604	(a)	RUB	84,844,000	Bank of America NA		06/17/20		10,144
USD	1,314,711	(a)	RUB	97,474,000	JPMorgan Chase Bank NA		06/17/20		14,821
USD	1,629,283	(a)	SEK	15,736,000	Deutsche Bank AG		06/17/20		15,589
USD	471,120		SEK	4,486,000	JPMorgan Chase Bank NA		06/17/20		11,090
USD	892,247	(a)	SGD	1,245,000	Morgan Stanley & Co. International plc		06/17/20		9,195
									18,607,348
BRL	52,924,000	(a)	USD	10,676,619	Bank of America NA		06/17/20		(977,716	)
BRL	14,746,000	(a)	USD	2,761,770	BNP Paribas SA		06/17/20		(59,404	)
BRL	41,312,000	(a)	USD	7,830,268	Deutsche Bank AG		06/17/20		(259,392	)
BRL	28,925,000	(a)	USD	5,595,860	JPMorgan Chase Bank NA		06/17/20		(295,037	)
BRL	68,691,000	(a)	USD	13,232,103	Morgan Stanley & Co. International plc		06/17/20		(643,725	)
CAD	97,899,276	(a)	USD	72,721,031	Morgan Stanley & Co. International plc		06/17/20		(2,382,501	)
CHF	11,110,000	(a)	USD	11,795,687	Morgan Stanley & Co. International plc		06/17/20		(271,028	)
EUR	12,772,000	(a)	USD	14,075,382	Morgan Stanley & Co. International plc		06/17/20		(66,474	)
GBP	3,329,994	(a)	USD	4,304,063	Morgan Stanley & Co. International plc		06/17/20		(109,141	)
HKD	5,182,000	(a)	USD	668,252	Morgan Stanley & Co. International plc		06/17/20		(243	)
INR	2,920,310,000	(a)	USD	38,849,408	HSBC Bank plc		06/17/20		(367,169	)
INR	211,145,000	(a)	USD	2,815,454	JPMorgan Chase Bank NA		06/17/20		(33,102	)
JPY	2,089,641,000	(a)	USD	19,643,748	Morgan Stanley & Co. International plc		06/17/20		(158,761	)
KRW	7,548,147,000	(a)	USD	6,347,942	HSBC Bank plc		06/17/20		(130,223	)
MXN	676,950,000	(a)	USD	33,827,757	Morgan Stanley & Co. International plc		06/17/20		(5,943,289	)
NZD	30,706,000	(a)	USD	19,327,957	Morgan Stanley & Co. International plc		06/17/20		(497,071	)
RUB	2,844,162,000	(a)	USD	38,878,573	Bank of America NA		06/17/20		(949,488	)
RUB	93,352,000	(a)	USD	1,364,211	JPMorgan Chase Bank NA		06/17/20		(119,290	)
SEK	7,662,000		USD	786,694	JPMorgan Chase Bank NA		06/17/20		(972	)
SEK	19,035,532	(a)	USD	2,026,650	Morgan Stanley & Co. International plc		06/17/20		(74,596	)
USD	21,678,327	(a)	AUD	34,967,000	Morgan Stanley & Co. International plc		06/17/20		(1,111,018	)
USD	68,460,441	(a)	CAD	96,934,000	Morgan Stanley & Co. International plc		06/17/20		(1,184,559	)
USD	3,510,700	(a)	CHF	3,423,000	Morgan Stanley & Co. International plc		06/17/20		(40,057	)
USD	4,339,900	(a)	EUR	3,991,000	Morgan Stanley & Co. International plc		06/17/20		(37,609	)
USD	17,704,902	(a)	GBP	14,282,000	Morgan Stanley & Co. International plc		06/17/20		(286,687	)
USD	1,105,286	(a)	HKD	8,589,000	Morgan Stanley & Co. International plc		06/17/20		(1,917	)
USD	6,130,205	(a)	INR	473,874,000	Bank of America NA		06/17/20		(114,247	)
USD	353,808	(a)	INR	27,510,000	Barclays Bank plc		06/17/20		(8,703	)
USD	1,570,262	(a)	INR	122,012,000	BNP Paribas SA		06/17/20		(37,545	)
USD	8,223,369	(a)	INR	637,945,000	HSBC Bank plc		06/17/20		(183,120	)
USD	4,541,840	(a)	INR	352,100,000	JPMorgan Chase Bank NA		06/17/20		(97,939	)
USD	3,998,199	(a)	INR	311,299,000	Morgan Stanley & Co. International plc		06/17/20		(103,927	)
USD	22,228,820	(a)	JPY	2,406,130,000	Morgan Stanley & Co. International plc		06/17/20		(207,288	)
USD	10,618,509	(a)	KRW	13,040,615,000	Bank of America NA		06/17/20		(123,581	)

4

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	7,806,343	(a)	MXN	191,160,000	Morgan Stanley & Co. International plc		06/17/20	$	(67,790	)
USD	337,821	(a)	NOK	3,552,000	Morgan Stanley & Co. International plc		06/17/20		(8,970	)
USD	13,219,627	(a)	NZD	22,358,000	Morgan Stanley & Co. International plc		06/17/20		(491,731	)
USD	25,885,984	(a)	RUB	1,990,550,300	Bank of America NA		06/17/20		(659,533	)
USD	970,559	(a)	RUB	74,355,700	Deutsche Bank AG		06/17/20		(21,031	)
USD	1,716,883	(a)	RUB	133,831,000	HSBC Bank plc		06/17/20		(67,857	)
USD	3,587,032	(a)	RUB	288,746,000	JPMorgan Chase Bank NA		06/17/20		(263,617	)
USD	1,697,380	(a)	RUB	137,997,000	Morgan Stanley & Co. International plc		06/17/20		(142,916	)
USD	3,029,617		SEK	30,462,000	JPMorgan Chase Bank NA		06/17/20		(94,199	)
USD	1,153,139	(a)	SEK	11,548,000	Morgan Stanley & Co. International plc		06/17/20		(31,084	)
USD	11,897,818	(a)	TWD	353,538,000	Bank of America NA		06/17/20		(85,811	)
USD	21,421,325	(a)	TWD	635,967,000	BNP Paribas SA		06/17/20		(135,600	)
USD	18,015,669	(a)	TWD	534,749,000	HSBC Bank plc		06/17/20		(110,341	)
USD	561,090	(a)	TWD	16,785,000	JPMorgan Chase Bank NA		06/17/20		(7,860	)
									(19,065,159	)
Net Unrealized Depreciation								$	(457,811	)

^(a)  All or a portion of the security is held by a wholly-owned subsidiary.

Centrally Cleared Credit Default 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.34.V1	5.00	%	Quarterly	06/20/25	NR		USD	7,200		$	(333,055	)	$	(335,847	)	$	2,792
ITRAXX.EUR.
CROSSOVER.33.V1	5.00		Quarterly	06/20/25	NR		EUR	7,235			75,323			(140,680	)		216,003
										$	(257,732	)	$	(476,527	)	$	218,795

^(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 Swaps

Reference Entity		Fixed Amount Paid / (Received) by the Fund	(a)	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Taiwan Capitalization Weighted Stock Index Future May 2020	TWD	197,653,401		Merrill Lynch International & Co.	05/20/20	TWD	197,653	$	642,214	$	—	$	642,214
Taiwan Capitalization Weighted Stock Index Future May 2020	TWD	463,196,786		Merrill Lynch International & Co.	05/20/20	TWD	463,197		1,062,923		—		1,062,923
Taiwan Capitalization Weighted Stock Index Future May 2020	TWD	87,313,933		Merrill Lynch International & Co.	05/20/20	TWD	87,314		229,693		—		229,693
KOSPI 200 Index Futures June 2020	KRW	(10,157,759,150)		Merrill Lynch International & Co.	06/11/20	KRW	10,157,759		181,303		—		181,303
KOSPI 200 Index Futures June 2020	KRW	(7,200,762,150)		Merrill Lynch International & Co.	06/11/20	KRW	7,200,762		(1,027,546)		—		(1,027,546)
KOSPI 200 Index Futures June 2020	KRW	(1,808,534,800)		Merrill Lynch International & Co.	06/11/20	KRW	1,808,535		(316,234)		—		(316,234)
BOVESPA Index Futures Jun 2020	BRL	(2,921,019)		Merrill Lynch International & Co.	06/17/20	BRL	2,921		4,068		—		4,068
BOVESPA Index Futures June 2020	BRL	(4,065,978)		Merrill Lynch International & Co.	06/17/20	BRL	4,066		(7,502)		—		(7,502)
BOVESPA Index Futures June 2020	BRL	(3,231,384)		Merrill Lynch International & Co.	06/17/20	BRL	3,231		1,909		—		1,909

5

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

OTC Total Return Swaps (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)
Swiss Market Index Futures June 2020	CHF	476,421		JPMorgan Chase Bank NA	06/19/20	CHF	476	$	4,899	$	—	$	4,899
Swiss Market Index Futures June 2020	CHF	456,869		JPMorgan Chase Bank NA	06/19/20	CHF	457		25,156		—		25,156
Swiss Market Index Futures June 2020	CHF	1,385,208		JPMorgan Chase Bank NA	06/19/20	CHF	1,385		259,728		—		259,728
Swiss Market Index Futures June 2020	CHF	6,643,336		JPMorgan Chase Bank NA	06/19/20	CHF	6,643		1,691,215		—		1,691,215
								$	2,751,826	$	—	$	2,751,826

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

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Termination Date		Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Bank of America NA		02/15/23	$	2,359,123	$	(116,206	)(b)	$	2,051,992		60.1	%
	Citibank NA		02/22/22 - 02/27/23		2,138,430		(131,257	)(c)		1,862,020		68.9
	Credit Suisse International		02/08/23		3,214,615		(2,714,011	)(d)		359,694		72.2
	Deutsche Bank AG		03/29/21 - 02/17/23		2,828,930		101,298	(e)		2,891,743		2.9
	JPMorgan Chase Bank NA		02/08/23		79,730		13,417	(f)		81,229		0.0
						$	(2,846,759	)	$	7,246,678

^(a) The Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 6-425 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

Association of Banks in Singapore SGD 1 Month

Association of Banks in Singapore Swap Offer Rate Fixing 1 Month

Association of Banks in Singapore Interbank Offer Rate Overnight

ASX Australian Bank Bill Short Term Rates 1 Month

Bank of Canada Overnight Rate Target

Canada Bankers Acceptances 1 Month

Copenhagen Interbank Offered Rate:

      DKK 1 Day

      DKK 1 Week

      DKK 1 Month

Euro Denominated LIBOR Rate 1 Month

Hong Kong Dollar HIBOR Fixings:

      HKD 1 Week

      HKD 1 Month

Intercontinental Exchange LIBOR:

      CHF 1 Week

      CHF 1 Month

      EUR 1 Week

      EUR 1 Month

      GBP 1 Week

      GBP 1 Month

      JPY 1 Week

      JPY 1 Month

      USD 1 Week

      USD 1 Month

Norwegian Interbank Offered Rate:

      NOK 1 Day

      NOK 1 Week

      NOK 1 Month

6

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

Stockholm Interbank Offered Rate:

      SEK 1 Week

      SEK 1 Month

USD Overnight Bank Funding Rate

^(b)  Amount includes $190,925 of net dividends and financing fees.

^(c)  Amount includes $145,153 of net dividends and financing fees.

^(d)  Amount includes $140,910 of net dividends and financing fees.

^(e)  Amount includes $38,485 of net dividends and financing fees.

^(f)  Amount includes $11,918 of net dividends and financing fees.

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Bank of America NA, as of April 30, 2020, expiration date 02/15/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
AGL Energy Ltd.		23,442	$	257,276		12.5	%
Aristocrat Leisure Ltd.		5,810		95,283		4.6
ASX Ltd.		7,013		369,764		18.0
Aurizon Holdings Ltd.		246,976		750,277		36.6
BHP Group plc		3,430		57,572		2.8
Brambles Ltd.		9,830		70,260		3.4
CSL Ltd.		110		21,926		1.1
Macquarie Group Ltd.		7,764		514,310		25.1
Oil Search Ltd.		39,680		77,873		3.8
QBE Insurance Group Ltd.		10,480		56,748		2.8
Rio Tinto Ltd.		4,869		274,423		13.4
Rio Tinto plc		10,435		484,379		23.6
Sonic Healthcare Ltd.		2,120		37,440		1.8
South32 Ltd.		105,730		132,972		6.5
				3,200,503
Belgium
Colruyt SA		3,523		211,139		10.3
Groupe Bruxelles Lambert SA		4,212		336,943		16.4
				548,082
Bermuda
RenaissanceRe Holdings Ltd.		560		81,766		4.0
Canada
Agnico Eagle Mines Ltd.		4,300		252,324		12.3
Bank of Nova Scotia (The)		3,570		143,113		7.0
BCE, Inc.		6,420		259,623		12.7
Canadian Imperial Bank of Commerce		580		34,368		1.7
Canadian Natural Resources Ltd.		4,895		81,973		4.0
Cenovus Energy, Inc.		38,350		139,134		6.8
CGI, Inc.		2,100		133,925		6.5
Constellation Software, Inc.		690		663,519		32.3
Fairfax Financial Holdings Ltd.		150		40,672		2.0
Franco-Nevada Corp.		1,110		146,857		7.2
Hydro .One Ltd.		28,980		525,490		25.6
Imperial Oil Ltd.		17,549		283,543		13.8
Magna International, Inc.		11,940		466,018		22.7
Manulife Financial Corp.		5,700		71,785		3.5
Rogers Communications, Inc., Class B		2,490		104,290		5.1
Royal Bank of Canada		7,150		439,854		21.4
Suncor Energy, Inc.		28,261		503,925		24.6

	Shares		Value		% of Basket Value
Canada (continued)
TC Energy Corp.		3,870	$	178,104		8.7	%
				4,468,517
Denmark
Carlsberg A/S, Class B		4,990		629,503		30.7
Novo Nordisk A/S, Class B		11,290		720,189		35.1
Novozymes A/S, Class B		1,440		70,642		3.4
				1,420,334
Finland
Fortum OYJ		12,064		199,902		9.8
UPM-Kymmene OYJ		1,470		40,315		2.0
				240,217
France
Cie de Saint-Gobain		17,167		456,778		22.3
Eiffage SA		4,810		393,082		19.1
Ipsen SA		590		43,933		2.1
Legrand SA		5,225		350,298		17.1
Peugeot SA		8,680		123,045		6.0
Schneider Electric SE		4,656		430,272		21.0
Sodexo SA		4,280		342,167		16.7
Suez		18,720		211,747		10.3
Thales SA		620		46,953		2.3
TOTAL SA		3,353		119,006		5.8
Veolia Environnement SA		3,949		84,187		4.1
Vivendi SA		31,690		684,921		33.4
				3,286,389
Germany
Allianz SE (Registered)		2,368		435,786		21.2
BASF SE		2,780		142,271		6.9
Beiersdorf AG		730		76,379		3.7
Deutsche Post AG (Registered)		35,629		1,058,438		51.6
Deutsche Telekom AG (Registered)		50,902		744,169		36.3
Evonik Industries AG		6,533		160,715		7.8
Fraport AG Frankfurt Airport Services Worldwide		12,989		568,963		27.7
HeidelbergCement AG		13,411		635,831		31.0
Henkel AG & Co. KGaA (Preference)		4,540		403,091		19.6
LEG Immobilien AG		18		2,067		0.1
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		810		177,410		8.7
Puma SE		740		46,484		2.3

7

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund     

	Shares		Value		% of Basket Value
Germany (continued)
Telefonica Deutschland Holding AG		98,760	$	280,949		13.7	%
				4,732,553
Ireland
AerCap Holdings NV		6,090		171,251		8.4
Italy
Moncler SpA		1,050		39,487		1.9
Japan
Aeon Co. Ltd.		8,500		171,118		8.3
AGC, Inc.		13,800		340,310		16.6
Asahi Group Holdings Ltd.		10,600		364,484		17.8
Astellas Pharma, Inc.		50,900		841,843		41.0
Bridgestone Corp.		25,600		796,859		38.8
Canon, Inc.		13,200		277,664		13.5
Chugai Pharmaceutical Co. Ltd.		2,300		274,164		13.4
Dai Nippon Printing Co. Ltd.		21,000		442,767		21.6
Daiwa Securities Group, Inc.		21,800		90,654		4.4
East Japan Railway Co.		1,600		116,832		5.7
Fujitsu Ltd.		11,800		1,146,352		55.9
Hitachi Ltd.		1,400		41,551		2.0
Hoya Corp.		400		36,477		1.8
Inpex Corp.		40,900		264,013		12.9
ITOCHU Corp.		2,100		41,171		2.0
Kao Corp.		2,000		154,233		7.5
KDDI Corp.		1,800		52,136		2.5
Kyocera Corp.		5,200		277,838		13.5
Kyowa Kirin Co. Ltd.		9,400		218,171		10.6
Marubeni Corp.		50,000		240,792		11.7
Mitsubishi Chemical Holdings Corp.		38,600		219,387		10.7
Mitsubishi Corp.		4,300		91,194		4.4
Mitsubishi Electric Corp.		51,100		628,768		30.6
Mitsubishi Heavy Industries Ltd.		5,800		148,733		7.3
Mitsui & Co. Ltd.		37,300		520,646		25.4
MS&AD Insurance Group Holdings, Inc.		16,100		463,842		22.6
NEC Corp.		9,200		353,048		17.2
Nippon Steel Corp.		27,900		234,740		11.4
Nitori Holdings Co. Ltd.		4,600		705,068		34.4
Nitto Denko Corp.		12,500		624,418		30.4
Nomura Research Institute Ltd.		100		2,448		0.1
NTT Data Corp.		25,000		255,104		12.4
NTT DOCOMO, Inc.		4,300		126,726		6.2
Obayashi Corp.		45,400		396,823		19.3
Omron Corp.		6,000		352,411		17.2
Ono Pharmaceutical Co. Ltd.		16,300		392,705		19.1
ORIX Corp.		33,500		394,211		19.2
Recruit Holdings Co. Ltd.		6,400		186,696		9.1
Ricoh Co. Ltd.		21,700		147,918		7.2
Rohm Co. Ltd.		4,200		265,540		12.9
Sekisui House Ltd.		63,600		1,091,040		53.2
Seven & i Holdings Co. Ltd.		22,600		748,445		36.5
Shionogi & Co. Ltd.		3,200		176,728		8.6
Sumitomo Corp.		13,900		157,239		7.7
Sumitomo Electric Industries Ltd.		45,600		469,153		22.9
Sumitomo Mitsui Financial Group, Inc.		30,700		807,325		39.3
T&D Holdings, Inc.		1,800		15,559		0.8
TDK Corp.		600		51,725		2.5
Tokio Marine Holdings, Inc.		100		4,692		0.2
Tokyo Electron Ltd.		1,300		276,875		13.5
Toray Industries, Inc.		33,900		155,422		7.6

	Shares		Value		% of Basket Value
Japan (continued)
TOTO Ltd.		15,300	$	532,550		26.0	%
Trend Micro, Inc.		3,300		167,415		8.2
Tsuruha Holdings, Inc.		400		53,633		2.6
West Japan Railway Co.		5,700		352,247		17.2
Yakult Honsha Co. Ltd.		800		46,473		2.3
Yamaha Corp.		2,000		80,731		3.9
Yamaha Motor Co. Ltd.		4,700		60,469		2.9
				17,947,576
Netherlands
ASML Holding NV		340		99,309		4.8
Koninklijke DSM NV		80		9,805		0.5
Koninklijke KPN NV		110,400		254,289		12.4
Koninklijke Philips NV		3,277		142,853		7.0
NXP Semiconductors NV		370		36,841		1.8
Randstad NV		6,206		249,764		12.2
Wolters Kluwer NV		595		43,764		2.1
				836,625
Norway
Orkla ASA		18,783		169,665		8.3
Telenor ASA		35,366		542,481		26.4
				712,146
Portugal
Galp Energia SGPS SA		17,380		200,585		9.8
Jeronimo Martins SGPS SA		7,500		127,151		6.2
				327,736
South Africa
Anglo American plc		4,060		72,207		3.5
Spain
Aena SME SA		1,830		231,651		11.3
Amadeus IT Group SA		1,890		90,215		4.4
Cia de Distribucion Integral Logista Holdings SA		54		964		0.0
Industria de Diseno Textil SA		4,280		109,621		5.3
Repsol SA		48,585		440,998		21.5
				873,449
Sweden
Atlas Copco AB, Class A		1,390		47,906		2.3
Electrolux AB		12,370		169,146		8.2
Essity AB, Class B		25,183		815,762		39.8
Hennes & Mauritz AB, Class B		8,946		122,288		6.0
Investor AB, Class B		14,468		719,034		35.0
Lundin Energy AB		10,200		262,436		12.8
Sandvik AB		27,920		429,505		20.9
Skanska AB, Class B		20,110		382,607		18.7
Swedish Match AB		9,003		556,354		27.1
Volvo AB, Class B		24,742		317,058		15.5
				3,822,096
Switzerland
Adecco Group AG (Registered)		4,590		200,862		9.8
Coca-Cola HBC AG		27,196		689,112		33.6
Geberit AG (Registered)		58		25,938		1.3
Givaudan SA (Registered)		20		67,066		3.3
Kuehne + Nagel International AG (Registered)		1,950		278,932		13.6
LafargeHolcim Ltd. (Registered)		9,890		410,761		20.0
Novartis AG (Registered)		5,024		428,741		20.9
Roche Holding AG		4,603		1,594,007		77.7
SGS SA (Registered)		180		406,026		19.8
Swiss Life Holding AG (Registered)		278		98,585		4.8

8

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund     

	Shares		Value		% of Basket Value
Switzerland (continued)
Swiss Prime Site AG (Registered)		340	$	32,370		1.6	%
				4,232,400
United Kingdom
Associated British Foods plc		17,657		419,165		20.4
Auto Trader Group plc		15,130		87,096		4.3
Aviva plc		39,900		120,663		5.9
BAE Systems plc		93,060		593,577		28.9
Bunzl plc		10,990		238,535		11.6
Burberry Group plc		12,270		213,050		10.4
Compass Group plc		22,744		382,723		18.7
GlaxoSmithKline plc		6,715		140,092		6.8
Informa plc		4,600		25,410		1.2
InterContinental Hotels Group plc		1,237		56,349		2.8
ITV plc		27,050		25,973		1.3
Next plc		3,890		231,605		11.3
Rentokil Initial plc		18,694		111,222		5.4
Rightmove plc		57,887		361,935		17.6
Rolls-Royce Holdings plc		35,662		147,603		7.2
RSA Insurance Group plc		76,132		345,035		16.8
Sage Group plc (The)		20,221		162,627		7.9
Standard Chartered plc		7,760		39,651		1.9
Unilever NV		3,640		181,269		8.8
Unilever plc		13,302		684,949		33.4
Vodafone Group plc		59,492		83,924		4.1
				4,652,453
United States
AbbVie, Inc.		1,940		159,468		7.8
Accenture plc, Class A		2,450		453,716		22.1
Adobe, Inc.		1,472		520,558		25.4
Advance Auto Parts, Inc.		1,320		159,601		7.8
AES Corp.		1,483		19,650		1.0
Aflac, Inc.		8,680		323,243		15.8
Akamai Technologies, Inc.		1,136		110,999		5.4
Alaska Air Group, Inc.		1,490		48,455		2.4
Alexion Pharmaceuticals, Inc.		770		82,752		4.0
Align Technology, Inc.		1,920		412,512		20.1
Allegion plc		740		74,400		3.6
Allstate Corp. (The)		940		95,617		4.7
Ally Financial, Inc.		41,514		680,414		33.2
Alphabet, Inc., Class C		510		686,837		33.5
Amdocs Ltd.		408		26,292		1.3
Ameren Corp.		4,626		336,542		16.4
American Electric Power Co., Inc.		5,604		465,748		22.7
American Express Co.		4,282		390,733		19.0
American Financial Group, Inc.		3,163		209,517		10.2
American Water Works Co., Inc.		2,330		283,538		13.8
Ameriprise Financial, Inc.		4,882		561,137		27.3
AO Smith Corp.		1,570		66,537		3.2
Arch Capital Group Ltd.		11,480		275,864		13.4
Arrow Electronics, Inc.		3,570		224,624		10.9
Assurant, Inc.		430		45,683		2.2
Autodesk, Inc.		2,701		505,438		24.6
Automatic Data Processing, Inc.		950		139,356		6.8
Avery Dennison Corp.		1,490		164,481		8.0
Axalta Coating Systems Ltd.		21,420		422,831		20.6
Bank of New York Mellon Corp. (The)		8,071		302,985		14.8
Berkshire Hathaway, Inc., Class B		540		101,174		4.9
Best Buy Co., Inc.		6,695		513,707		25.0

	Shares		Value		% of Basket Value
United States (continued)
Bio-Rad Laboratories, Inc., Class A		1,830	$	805,383		39.2	%
Booking Holdings, Inc.		233		344,973		16.8
Booz Allen Hamilton Holding Corp.		3,247		238,460		11.6
Bright Horizons Family Solutions, Inc.		370		43,087		2.1
Bristol-Myers Squibb Co.		1,330		80,877		3.9
Bristol-Myers Squibb Co., CVR		2,860		12,899		0.6
Burlington Stores, Inc.		1,270		232,016		11.3
Capital One Financial Corp.		12,932		837,476		40.8
Carlisle Cos., Inc.		2,360		285,466		13.9
CDW Corp.		2,772		307,138		15.0
Celanese Corp.		448		37,215		1.8
Cerner Corp.		6,750		468,383		22.8
Chemed Corp.		270		112,474		5.5
Cintas Corp.		955		211,848		10.3
Citizens Financial Group, Inc.		40,340		903,213		44.0
Citrix Systems, Inc.		3,132		454,171		22.1
CMS Energy Corp.		4,610		263,185		12.8
Colgate-Palmolive Co.		4,800		337,296		16.4
Comerica, Inc.		3,607		125,740		6.1
ConocoPhillips		19,669		828,065		40.4
Consolidated Edison, Inc.		1,170		92,196		4.5
Costco Wholesale Corp.		330		99,990		4.9
Darden Restaurants, Inc.		3,578		264,021		12.9
DENTSPLY SIRONA, Inc.		4,700		199,468		9.7
Devon Energy Corp.		62,282		776,657		37.8
Diamondback Energy, Inc.		6,200		269,948		13.2
Discover Financial Services		1,783		76,616		3.7
Dover Corp.		3,956		370,479		18.1
Dunkin’ Brands Group, Inc.		13,500		848,340		41.3
E*TRADE Financial Corp.		7,720		313,509		15.3
Ecolab, Inc.		640		123,840		6.0
Edwards Lifesciences Corp.		1,070		232,725		11.3
Electronic Arts, Inc.		1,180		134,827		6.6
Eli Lilly & Co.		1,766		273,094		13.3
Entergy Corp.		6,840		653,288		31.8
EOG Resources, Inc.		500		23,755		1.2
Equitable Holdings, Inc.		31,780		582,210		28.4
Euronet Worldwide, Inc.		380		34,869		1.7
Evergy, Inc.		4,516		263,870		12.9
Expedia Group, Inc.		3,820		271,144		13.2
F5 Networks, Inc.		950		132,297		6.4
Facebook, Inc., Class A		2,790		571,141		27.8
Fair Isaac Corp.		810		285,881		13.9
Ferguson plc		1,580		113,922		5.6
Fifth Third Bancorp		11,580		216,430		10.5
FirstEnergy Corp.		4,790		197,683		9.6
FleetCor Technologies, Inc.		1,093		263,686		12.9
FMC Corp.		1,000		91,900		4.5
Fortune Brands Home & Security, Inc.		4,830		232,806		11.3
Garmin Ltd.		1,433		116,302		5.7
General Mills, Inc.		420		25,154		1.2
Globe Life, Inc.		217		17,868		0.9
GoDaddy, Inc., Class A		4,020		279,109		13.6
HD Supply Holdings, Inc.		5,036		149,468		7.3
HEICO Corp., Class A		860		62,204		3.0
Henry Schein, Inc.		2,853		155,660		7.6
Hershey Co. (The)		4,225		559,517		27.3
Hill-Rom Holdings, Inc.		1,050		118,115		5.8
HollyFrontier Corp.		4,082		134,869		6.6
Hologic, Inc.		7,614		381,461		18.6
Honeywell International, Inc.		2,762		391,928		19.1

9

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
HP, Inc.		44,736	$	693,855		33.8	%
Hubbell, Inc.		2,613		325,136		15.8
Humana, Inc.		310		118,364		5.8
IAC/InterActiveCorp		250		55,870		2.7
IDEXX Laboratories, Inc.		550		152,680		7.4
Incyte Corp.		6,680		652,369		31.8
Intel Corp.		1,300		77,974		3.8
International Paper Co.		2,294		78,570		3.8
Interpublic Group of Cos., Inc. (The)		21,566		366,191		17.8
Intuit, Inc.		392		105,766		5.2
James Hardie Industries plc, CDI		20,714		297,362		14.5
Jazz Pharmaceuticals plc		210		23,153		1.1
Johnson Controls International plc		7,688		223,798		10.9
Juniper Networks, Inc.		6,700		144,720		7.1
KeyCorp		5,990		69,784		3.4
Keysight Technologies, Inc.		1,520		147,090		7.2
Kohl’s Corp.		7,310		134,943		6.6
Liberty Media Corp-Liberty SiriusXM, Class C		6,147		209,428		10.2
LKQ Corp.		10,600		277,190		13.5
LPL Financial Holdings, Inc.		2,762		166,328		8.1
Lululemon Athletica, Inc.		70		15,644		0.8
Marathon Oil Corp.		74,673		456,999		22.3
Martin Marietta Materials, Inc.		490		93,213		4.5
Masco Corp.		10,951		449,429		21.9
Masimo Corp.		480		102,677		5.0
McDonald’s Corp.		240		45,014		2.2
Merck & Co., Inc.		6,353		504,047		24.6
Mettler-Toledo International, Inc.		290		208,783		10.2
MGM Resorts International		2,930		49,312		2.4
Mondelez International, Inc., Class A		7,540		387,858		18.9
Morgan Stanley		13,949		550,009		26.8
Motorola Solutions, Inc.		3,050		438,621		21.4
National Oilwell Varco, Inc.		3,450		43,608		2.1
NetApp, Inc.		1,576		68,982		3.4
Neurocrine Biosciences, Inc.		610		59,865		2.9
NextEra Energy, Inc.		977		225,804		11.0
NiSource, Inc.		8,800		220,968		10.8
Northern Trust Corp.		2,170		171,777		8.4
NRG Energy, Inc.		22,833		765,590		37.3
NVR, Inc.		220		682,000		33.2
OGE Energy Corp.		18,375		579,180		28.2
Old Republic International Corp.		7,760		123,772		6.0
Omnicom Group, Inc.		2,066		117,824		5.7
Oracle Corp.		2,093		110,866		5.4
O’Reilly Automotive, Inc.		460		177,716		8.7
PACCAR, Inc.		670		46,384		2.3
Paychex, Inc.		8,950		613,254		29.9
PayPal Holdings, Inc.		1,997		245,631		12.0
Philip Morris International, Inc.		3,940		293,924		14.3
Phillips 66		3,693		270,217		13.2
Pool Corp.		290		61,381		3.0
PPG Industries, Inc.		4,905		445,521		21.7
Procter & Gamble Co. (The)		1,700		200,379		9.8
Public Service Enterprise Group, Inc.		2,180		110,548		5.4
PulteGroup, Inc.		730		20,637		1.0
PVH Corp.		3,732		183,726		9.0
Qorvo, Inc.		390		38,232		1.9
Quest Diagnostics, Inc.		2,530		278,578		13.6
Raymond James Financial, Inc.		1,210		79,763		3.9

	Shares			Value			% of Basket Value
United States (continued)
Regions Financial Corp.		16,954		$	182,256			8.9	%
Reliance Steel & Aluminum Co.		5,780			517,772			25.2
Republic Services, Inc.		5,710			447,321			21.8
Robert Half International, Inc.		13,466			636,538			31.0
Rockwell Automation, Inc.		100			18,948			0.9
Royal Caribbean Cruises Ltd.		1,230			57,527			2.8
Royal Gold, Inc.		340			41,660			2.0
RPM International, Inc.		3,120			207,199			10.1
S&P Global, Inc.		1,412			413,547			20.2
salesforce.com, Inc.		430			69,639			3.4
Santander Consumer USA Holdings, Inc.		1,570			24,476			1.2
Schlumberger Ltd.		5,220			87,800			4.3
SEI Investments Co.		4,860			247,666			12.1
Sirius XM Holdings, Inc.		37,840			223,634			10.9
Skyworks Solutions, Inc.		1,930			200,488			9.8
Snap-on, Inc.		290			37,784			1.8
Southern Co. (The)		1,510			85,662			4.2
Spirit AeroSystems Holdings, Inc., Class A		3,478			77,072			3.8
Spotify Technology SA		270			40,924			2.0
Starbucks Corp.		7,961			610,848			29.8
STERIS plc		410			58,425			2.8
Stryker Corp.		130			24,236			1.2
Synchrony Financial		35,776			708,007			34.5
Sysco Corp.		5,990			337,057			16.4
Take-Two Interactive Software, Inc.		420			50,841			2.5
Teledyne Technologies, Inc.		1,372			446,819			21.8
Teradyne, Inc.		24			1,501			0.1
Tractor Supply Co.		1,860			188,660			9.2
Trane Technologies plc		670			58,571			2.9
United Airlines Holdings, Inc.		5,975			176,741			8.6
Universal Health Services, Inc., Class B		1,860			196,583			9.6
US Foods Holding Corp.		2,580			55,470			2.7
VeriSign, Inc.		5,814			1,217,975			59.4
Verizon Communications, Inc.		7,710			442,940			21.6
Vertex Pharmaceuticals, Inc.		522			131,126			6.4
Voya Financial, Inc.		11,970			540,685			26.4
WABCO Holdings, Inc.		1,310			176,038			8.6
WEC Energy Group, Inc.		271			24,539			1.2
West Pharmaceutical Services, Inc.		1,747			330,637			16.1
Whirlpool Corp.		4,572			510,875			24.9
Workday, Inc., Class A		1,140			175,446			8.6
WR Berkley Corp.		11,517			621,918			30.3
WW Grainger, Inc.		862			237,550			11.6
Xcel Energy, Inc.		530			33,687			1.6
Xerox Holdings Corp.		14,476			264,766			12.9
Yum! Brands, Inc.		8,722			753,842			36.7
Zions Bancorp NA		19,458			615,067			30.0
					52,663,088
Total Reference Entity — Long					104,328,875
Reference Entity — Short
Australia
Australia & New Zealand Banking Group Ltd.		(34,700	)		(376,928	)		(18.4	)
Cochlear Ltd.		(270	)		(32,102	)		(1.6	)
Coles Group Ltd.		(11,380	)		(114,117	)		(5.6	)
Fortescue Metals Group Ltd.		(54,304	)		(415,005	)		(20.2	)
Insurance Australia Group Ltd.		(44,330	)		(165,630	)		(8.1	)
Lendlease Group		(22,826	)		(181,828	)		(8.9	)

10

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Australia (continued)
Magellan Financial Group Ltd.		(32,146	)	$	(1,052,995	)		(51.3	)%
National Australia Bank Ltd.		(31,565	)		(345,873	)		(16.8	)
Qantas Airways Ltd.		(35,130	)		(87,251	)		(4.2	)
Telstra Corp. Ltd.		(19,460	)		(38,282	)		(1.9	)
Westpac Banking Corp.		(70,097	)		(729,299	)		(35.5	)
Woodside Petroleum Ltd.		(16,300	)		(233,404	)		(11.4	)
					(3,772,714	)
Belgium
Anheuser-Busch InBev SA/NV		(6,588	)		(306,804	)		(15.0	)
Galapagos NV		(1,730	)		(382,204	)		(18.6	)
Umicore SA		(23,076	)		(1,000,126	)		(48.7	)
					(1,689,134	)
Canada
Barrick Gold Corp.		(1,710	)		(43,981	)		(2.1	)
Canadian National Railway Co.		(9,243	)		(764,368	)		(37.3	)
Dollarama, Inc.		(4,120	)		(129,228	)		(6.3	)
Enbridge, Inc.		(9,928	)		(304,199	)		(14.8	)
Fortis, Inc.		(2,360	)		(91,453	)		(4.5	)
Great-West Lifeco, Inc.		(9,470	)		(155,934	)		(7.6	)
Husky Energy, Inc.		(70,890	)		(227,651	)		(11.1	)
Intact Financial Corp.		(7,480	)		(711,862	)		(34.7	)
Inter Pipeline Ltd.		(18,210	)		(152,279	)		(7.4	)
Loblaw Cos. Ltd.		(1,860	)		(91,533	)		(4.5	)
Power Corp. of Canada		(8,600	)		(137,531	)		(6.7	)
Shaw Communications, Inc., Class B		(4,470	)		(72,929	)		(3.6	)
Teck Resources Ltd., Class B		(4,340	)		(38,257	)		(1.9	)
Thomson Reuters Corp.		(3,300	)		(232,683	)		(11.3	)
					(3,153,888	)
Chile
Antofagasta plc		(15,250	)		(156,159	)		(7.6	)
China
Prosus NV		(1,860	)		(141,008	)		(6.9	)
Denmark
Chr Hansen Holding A/S		(2,076	)		(179,000	)		(8.7	)
Danske Bank A/S		(18,811	)		(223,344	)		(10.9	)
Demant A/S		(11,340	)		(271,115	)		(13.2	)
DSV Panalpina A/S		(2,770	)		(287,804	)		(14.0	)
Orsted A/S		(5,887	)		(594,649	)		(29.0	)
Vestas Wind Systems A/S		(510	)		(43,795	)		(2.1	)
					(1,599,707	)
Finland
Neste OYJ		(6,310	)		(222,841	)		(10.9	)
Nordea Bank Abp		(140,667	)		(900,009	)		(43.9	)
Stora Enso OYJ, Class R		(7,280	)		(85,646	)		(4.2	)
Wartsila OYJ Abp		(62,725	)		(460,416	)		(22.4	)
					(1,668,912	)
France
Aeroports de Paris		(1,372	)		(133,930	)		(6.5	)
Edenred		(510	)		(20,544	)		(1.0	)
Electricite de France SA		(31,803	)		(253,182	)		(12.3	)
Faurecia SE		(4,090	)		(146,551	)		(7.1	)
Getlink SE		(8,117	)		(103,533	)		(5.1	)
Iliad SA		(480	)		(71,482	)		(3.5	)
Ingenico Group SA		(6,755	)		(849,899	)		(41.4	)
Orpea		(590	)		(65,627	)		(3.2	)
SCOR SE		(5,370	)		(151,298	)		(7.4	)
Teleperformance		(1,476	)		(330,638	)		(16.1	)
Valeo SA		(10,893	)		(249,699	)		(12.2	)
					(2,376,383	)

	Shares			Value			% of Basket Value
Germany
Bayerische Motoren Werke AG		(11,118	)	$	(654,019	)		(31.9	)%
Commerzbank AG		(105,411	)		(388,644	)		(18.9	)
Covestro AG		(1,470	)		(49,379	)		(2.4	)
Daimler AG (Registered)		(19,740	)		(675,168	)		(32.9	)
Delivery Hero SE		(2,210	)		(187,442	)		(9.1	)
Deutsche Lufthansa AG (Registered)		(6,030	)		(53,985	)		(2.6	)
E.ON SE		(20,010	)		(200,446	)		(9.8	)
Fresenius Medical Care AG & Co. KGaA		(1,680	)		(131,663	)		(6.4	)
KION Group AG		(870	)		(43,154	)		(2.1	)
MTU Aero Engines AG		(1,316	)		(179,207	)		(8.7	)
Nemetschek SE		(1,470	)		(92,485	)		(4.5	)
Porsche Automobil Holding SE (Preference)		(6,810	)		(343,862	)		(16.8	)
SAP SE		(470	)		(55,980	)		(2.7	)
Sartorius AG (Preference)		(820	)		(230,372	)		(11.2	)
thyssenkrupp AG		(37,547	)		(249,771	)		(12.2	)
TUI AG		(32,410	)		(129,112	)		(6.3	)
Uniper SE		(9,904	)		(266,442	)		(13.0	)
United Internet AG (Registered)		(6,853	)		(235,802	)		(11.5	)
Volkswagen AG		(4,505	)		(666,037	)		(32.5	)
Wirecard AG		(3,580	)		(354,268	)		(17.3	)
					(5,187,238	)
Japan
Aisin Seiki Co. Ltd.		(1,700	)		(48,959	)		(2.4	)
ANA Holdings, Inc.		(10,500	)		(223,125	)		(10.9	)
Asahi Kasei Corp.		(7,300	)		(51,790	)		(2.5	)
Bandai Namco Holdings, Inc.		(9,200	)		(459,691	)		(22.4	)
Central Japan Railway Co.		(1,800	)		(283,238	)		(13.8	)
Chubu Electric Power Co., Inc.		(18,600	)		(251,546	)		(12.3	)
Daifuku Co. Ltd.		(4,800	)		(335,908	)		(16.4	)
Dai-ichi Life Holdings, Inc.		(9,400	)		(117,803	)		(5.7	)
Daito Trust Construction Co. Ltd.		(1,000	)		(95,085	)		(4.6	)
Daiwa House Industry Co. Ltd.		(11,500	)		(291,414	)		(14.2	)
Disco Corp.		(1,200	)		(267,977	)		(13.1	)
Eisai Co. Ltd.		(3,900	)		(272,263	)		(13.3	)
FamilyMart Co. Ltd.		(4,000	)		(67,831	)		(3.3	)
Fast Retailing Co. Ltd.		(200	)		(94,849	)		(4.6	)
Idemitsu Kosan Co. Ltd.		(31,200	)		(708,958	)		(34.5	)
Isuzu Motors Ltd.		(18,200	)		(138,312	)		(6.7	)
Japan Airlines Co. Ltd.		(17,400	)		(310,378	)		(15.1	)
Japan Post Holdings Co. Ltd.		(13,700	)		(109,585	)		(5.3	)
JFE Holdings, Inc.		(25,200	)		(167,228	)		(8.1	)
Kajima Corp.		(84,500	)		(878,020	)		(42.8	)
Kansai Electric Power Co., Inc. (The)		(17,800	)		(182,399	)		(8.9	)
Kirin Holdings Co. Ltd.		(10,800	)		(208,421	)		(10.2	)
Komatsu Ltd.		(26,100	)		(493,836	)		(24.1	)
Kose Corp.		(2,200	)		(275,027	)		(13.4	)
Kubota Corp.		(24,300	)		(301,774	)		(14.7	)
LINE Corp.		(4,600	)		(225,012	)		(11.0	)
MINEBEA MITSUMI, Inc.		(4,400	)		(71,540	)		(3.5	)
Mitsubishi Estate Co. Ltd.		(4,600	)		(74,419	)		(3.6	)
Mitsui Fudosan Co. Ltd.		(15,200	)		(279,482	)		(13.6	)
Murata Manufacturing Co. Ltd.		(4,600	)		(259,196	)		(12.6	)
Nexon Co. Ltd.		(6,500	)		(104,949	)		(5.1	)
Nidec Corp.		(2,200	)		(128,071	)		(6.2	)
Nippon Paint Holdings Co. Ltd.		(11,900	)		(687,766	)		(33.5	)
Nissan Motor Co. Ltd.		(78,100	)		(265,836	)		(13.0	)
Nomura Holdings, Inc.		(12,600	)		(52,285	)		(2.5	)
Obic Co. Ltd.		(1,900	)		(285,117	)		(13.9	)
Oriental Land Co. Ltd.		(1,300	)		(164,379	)		(8.0	)
Otsuka Corp.		(2,800	)		(126,778	)		(6.2	)

11

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Japan (continued)
Rakuten, Inc.		(32,200	)	$	(273,031	)		(13.3	)%
Renesas Electronics Corp.		(8,800	)		(46,468	)		(2.3	)
Resona Holdings, Inc.		(41,000	)		(128,044	)		(6.2	)
Shimadzu Corp.		(11,500	)		(286,395	)		(14.0	)
Shiseido Co. Ltd.		(6,600	)		(388,035	)		(18.9	)
SMC Corp.		(700	)		(316,416	)		(15.4	)
SoftBank Group Corp.		(4,100	)		(175,737	)		(8.6	)
Subaru Corp.		(19,000	)		(380,276	)		(18.5	)
Sumitomo Metal Mining Co. Ltd.		(3,100	)		(77,261	)		(3.8	)
Sumitomo Mitsui Trust Holdings, Inc.		(5,800	)		(168,877	)		(8.2	)
Sysmex Corp.		(3,900	)		(269,440	)		(13.1	)
Taisei Corp.		(6,500	)		(202,619	)		(9.9	)
Terumo Corp.		(2,300	)		(76,320	)		(3.7	)
Tokyo Electric Power Co. Holdings, Inc.		(131,600	)		(443,007	)		(21.6	)
Toyota Industries Corp.		(900	)		(45,300	)		(2.2	)
Unicharm Corp.		(3,600	)		(132,673	)		(6.5	)
Yamato Holdings Co. Ltd.		(13,400	)		(233,879	)		(11.4	)
Yaskawa Electric Corp.		(16,800	)		(547,759	)		(26.7	)
					(13,551,784	)
Mexico
Fresnillo plc		(20,770	)		(184,505	)		(9.0	)
Netherlands
ABN AMRO Bank NV, CVA		(1,890	)		(14,498	)		(0.7	)
Aegon NV		(143,240	)		(370,512	)		(18.1	)
NN Group NV		(7,370	)		(213,196	)		(10.4	)
					(598,206	)
Norway
Aker BP ASA		(13,130	)		(215,562	)		(10.5	)
Equinor ASA		(3,550	)		(49,156	)		(2.4	)
Mowi ASA		(3,722	)		(63,747	)		(3.1	)
					(328,465	)
Portugal
EDP — Energias de Portugal SA		(160,660	)		(677,001	)		(33.0	)
South Africa
Mondi plc		(3,930	)		(69,401	)		(3.4	)
Spain
Cia de Distribucion Integral Logista Holdings SA		(54	)		(964	)		(0.0	)
Sweden
Epiroc AB, Class A		(6,910	)		(69,153	)		(3.4	)
Hexagon AB, Class B		(4,213	)		(206,740	)		(10.1	)
Skandinaviska Enskilda Banken AB, Class A		(14,520	)		(119,535	)		(5.8	)
Svenska Handelsbanken AB, Class A		(43,600	)		(397,952	)		(19.4	)
Swedbank AB, Class A		(38,860	)		(459,875	)		(22.4	)
Telia Co. AB		(64,220	)		(223,291	)		(10.9	)
					(1,476,546	)
Switzerland
ABB Ltd. (Registered)		(13,120	)		(249,048	)		(12.1	)
Barry Callebaut AG (Registered)		(20	)		(39,161	)		(1.9	)
Cie Financiere Richemont SA (Registered)		(17,706	)		(1,004,523	)		(49.0	)
Clariant AG (Registered)		(18,915	)		(349,658	)		(17.0	)
Credit Suisse Group AG (Registered)		(35,199	)		(321,389	)		(15.7	)
Julius Baer Group Ltd.		(2,118	)		(83,185	)		(4.1	)
Lonza Group AG (Registered)		(220	)		(96,066	)		(4.7	)

	Shares			Value			% of Basket Value
Switzerland (continued)
Swiss Re AG		(6,710	)	$	(487,591	)		(23.8	)%
Temenos AG (Registered)		(3,650	)		(472,972	)		(23.1	)
Vifor Pharma AG		(305	)		(45,757	)		(2.2	)
					(3,149,350	)
United Kingdom
3i Group plc		(27,280	)		(267,995	)		(13.1	)
Admiral Group plc		(3,020	)		(88,125	)		(4.3	)
Ashtead Group plc		(4,390	)		(119,914	)		(5.8	)
AVEVA Group plc		(790	)		(35,457	)		(1.7	)
Barratt Developments plc		(32,540	)		(212,140	)		(10.3	)
Berkeley Group Holdings plc		(8,230	)		(432,018	)		(21.0	)
BT Group plc		(27,050	)		(39,426	)		(1.9	)
Croda International plc		(1,660	)		(101,791	)		(5.0	)
DCC plc		(7,607	)		(540,925	)		(26.4	)
easyJet plc		(67,880	)		(514,171	)		(25.1	)
Hargreaves Lansdown plc		(18,687	)		(338,132	)		(16.5	)
HSBC Holdings plc		(110,458	)		(567,750	)		(27.7	)
International Consolidated Airlines Group SA		(126,487	)		(352,822	)		(17.2	)
Intertek Group plc		(900	)		(53,711	)		(2.6	)
J Sainsbury plc		(113,580	)		(282,677	)		(13.8	)
Johnson Matthey plc		(9,420	)		(236,023	)		(11.5	)
London Stock Exchange Group plc		(3,180	)		(297,638	)		(14.5	)
Melrose Industries plc		(349,960	)		(437,416	)		(21.3	)
National Grid plc		(44,115	)		(516,973	)		(25.2	)
Persimmon plc		(15,854	)		(439,255	)		(21.4	)
Reckitt Benckiser Group plc		(8,219	)		(684,641	)		(33.4	)
Royal Bank of Scotland Group plc		(293,250	)		(409,117	)		(19.9	)
Severn Trent plc		(5,500	)		(165,041	)		(8.0	)
Smiths Group plc		(57,672	)		(897,978	)		(43.8	)
Spirax-Sarco Engineering plc		(1,948	)		(213,188	)		(10.4	)
St James’s Place plc		(34,082	)		(362,912	)		(17.7	)
Taylor Wimpey plc		(277,618	)		(512,716	)		(25.0	)
Tesco plc		(67,967	)		(201,034	)		(9.8	)
United Utilities Group plc		(6,610	)		(74,824	)		(3.6	)
Whitbread plc		(8,710	)		(326,736	)		(15.9	)
					(9,722,546	)
United States
3M Co.		(3,456	)		(525,036	)		(25.6	)
ABIOMED, Inc.		(1,030	)		(196,988	)		(9.6	)
AECOM		(15,119	)		(548,215	)		(26.7	)
Agilent Technologies, Inc.		(1,800	)		(137,988	)		(6.7	)
Altice USA, Inc., Class A		(3,440	)		(89,337	)		(4.4	)
American International Group, Inc.		(8,502	)		(216,206	)		(10.5	)
Analog Devices, Inc.		(180	)		(19,728	)		(1.0	)
ANSYS, Inc.		(350	)		(91,641	)		(4.5	)
Anthem, Inc.		(400	)		(112,292	)		(5.5	)
Apache Corp.		(37,912	)		(495,889	)		(24.2	)
Aramark		(2,370	)		(64,725	)		(3.2	)
Archer-Daniels-Midland Co.		(14,240	)		(528,874	)		(25.8	)
Arconic Corp.		(1,440	)		(12,557	)		(0.6	)
Arista Networks, Inc.		(1,155	)		(253,292	)		(12.3	)
Aspen Technology, Inc.		(2,930	)		(299,592	)		(14.6	)
Ball Corp.		(7,543	)		(494,745	)		(24.1	)
Bausch Health Cos., Inc.		(2,600	)		(47,112	)		(2.3	)
Baxter International, Inc.		(2,710	)		(240,594	)		(11.7	)
Becton Dickinson and Co.		(1,069	)		(269,955	)		(13.2	)
BioMarin Pharmaceutical, Inc.		(2,903	)		(267,134	)		(13.0	)
Bio-Techne Corp.		(2,416	)		(543,600	)		(26.5	)
Black Knight, Inc.		(3,820	)		(269,577	)		(13.1	)

12

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Boeing Co. (The)		(5,217	)	$	(735,701	)		(35.9	)%
Boston Scientific Corp.		(7,592	)		(284,548	)		(13.9	)
Broadcom, Inc.		(620	)		(168,404	)		(8.2	)
Broadridge Financial Solutions, Inc.		(2,360	)		(273,760	)		(13.3	)
Brown & Brown, Inc.		(16,616	)		(596,681	)		(29.1	)
Brown-Forman Corp., Class B		(8,223	)		(511,471	)		(24.9	)
Bruker Corp.		(870	)		(34,208	)		(1.7	)
Bunge Ltd.		(950	)		(37,687	)		(1.8	)
Cable One, Inc.		(109	)		(208,502	)		(10.2	)
Cabot Oil & Gas Corp.		(3,780	)		(81,724	)		(4.0	)
Caesars Entertainment Corp.		(53,350	)		(515,361	)		(25.1	)
CarMax, Inc.		(4,410	)		(324,797	)		(15.8	)
Catalent, Inc.		(12,390	)		(856,769	)		(41.8	)
Caterpillar, Inc.		(4,278	)		(497,874	)		(24.3	)
CBRE Group, Inc., Class A		(1,440	)		(61,819	)		(3.0	)
CenterPoint Energy, Inc.		(6,480	)		(110,354	)		(5.4	)
CenturyLink, Inc.		(22,376	)		(237,633	)		(11.6	)
Ceridian HCM Holding, Inc.		(6,626	)		(390,735	)		(19.0	)
Charles Schwab Corp. (The)		(6,233	)		(235,109	)		(11.5	)
Church & Dwight Co., Inc.		(746	)		(52,213	)		(2.5	)
Cigna Corp.		(3,600	)		(704,808	)		(34.3	)
Cincinnati Financial Corp.		(430	)		(28,294	)		(1.4	)
Coca-Cola Co. (The)		(10,110	)		(463,948	)		(22.6	)
Commerce Bancshares, Inc.		(4,920	)		(301,055	)		(14.7	)
Conagra Brands, Inc.		(19,230	)		(643,051	)		(31.3	)
Concho Resources, Inc.		(4,913	)		(278,665	)		(13.6	)
Constellation Brands, Inc., Class A		(2,125	)		(349,966	)		(17.1	)
Copart, Inc.		(1,700	)		(136,187	)		(6.6	)
Corning, Inc.		(6,760	)		(148,788	)		(7.3	)
CoStar Group, Inc.		(1,140	)		(739,016	)		(36.0	)
Coupa Software, Inc.		(3,280	)		(577,575	)		(28.1	)
Crown Holdings, Inc.		(1,279	)		(82,380	)		(4.0	)
CSX Corp.		(1,508	)		(99,875	)		(4.9	)
Danaher Corp.		(2,297	)		(375,468	)		(18.3	)
Deere & Co.		(1,501	)		(217,735	)		(10.6	)
Dell Technologies, Inc., Class C		(1,712	)		(73,085	)		(3.6	)
Discovery, Inc., Class C		(4,380	)		(89,396	)		(4.4	)
DISH Network Corp., Class A		(19,580	)		(489,794	)		(23.9	)
Dollar Tree, Inc.		(580	)		(46,209	)		(2.3	)
Dominion Energy, Inc.		(5,318	)		(410,177	)		(20.0	)
DuPont de Nemours, Inc.		(10,409	)		(489,431	)		(23.9	)
DXC Technology Co.		(12,120	)		(219,736	)		(10.7	)
Eastman Chemical Co.		(3,310	)		(200,288	)		(9.8	)
Encompass Health Corp.		(780	)		(51,675	)		(2.5	)
Entegris, Inc.		(3,337	)		(180,966	)		(8.8	)
EPAM Systems, Inc.		(1,430	)		(315,873	)		(15.4	)
Essential Utilities, Inc.		(24,501	)		(1,023,897	)		(49.9	)
Exact Sciences Corp.		(5,248	)		(414,487	)		(20.2	)
Exxon Mobil Corp.		(3,570	)		(165,898	)		(8.1	)
FedEx Corp.		(4,460	)		(565,394	)		(27.6	)
Fidelity National Information Services, Inc.		(1,640	)		(216,300	)		(10.5	)
Fiserv, Inc.		(1,582	)		(163,041	)		(7.9	)
Five Below, Inc.		(3,140	)		(283,102	)		(13.8	)
Ford Motor Co.		(98,230	)		(499,991	)		(24.4	)
Franklin Resources, Inc.		(3,820	)		(71,969	)		(3.5	)
Freeport-McMoRan, Inc.		(62,595	)		(552,714	)		(26.9	)
Gartner, Inc.		(668	)		(79,365	)		(3.9	)
General Electric Co.		(27,434	)		(186,551	)		(9.1	)
General Motors Co.		(13,900	)		(309,831	)		(15.1	)
Genuine Parts Co.		(1,750	)		(138,740	)		(6.8	)
Global Payments, Inc.		(860	)		(142,777	)		(7.0	)
Guidewire Software, Inc.		(6,848	)		(622,072	)		(30.3	)

	Shares			Value			% of Basket Value
United States (continued)
Hess Corp.		(11,491	)	$	(558,922	)		(27.2	)%
Hormel Foods Corp.		(16,184	)		(758,220	)		(36.9	)
Howmet Aerospace, Inc.		(5,763	)		(75,322	)		(3.7	)
Huntington Bancshares, Inc.		(26,140	)		(241,534	)		(11.8	)
Huntington Ingalls Industries, Inc.		(180	)		(34,454	)		(1.7	)
Illumina, Inc.		(431	)		(137,502	)		(6.7	)
Ingersoll Rand, Inc.		(33,984	)		(988,255	)		(48.2	)
Insulet Corp.		(170	)		(33,952	)		(1.7	)
International Business Machines Corp.		(390	)		(48,968	)		(2.4	)
Intuitive Surgical, Inc.		(750	)		(383,160	)		(18.7	)
IPG Photonics Corp.		(210	)		(27,159	)		(1.3	)
Jacobs Engineering Group, Inc.		(6,094	)		(504,279	)		(24.6	)
JM Smucker Co. (The)		(1,330	)		(152,830	)		(7.4	)
Jones Lang LaSalle, Inc.		(450	)		(47,511	)		(2.3	)
Kellogg Co.		(5,190	)		(339,945	)		(16.6	)
Keurig Dr Pepper, Inc.		(2,899	)		(76,708	)		(3.7	)
KLA Corp.		(980	)		(160,808	)		(7.8	)
Kraft Heinz Co. (The)		(16,930	)		(513,487	)		(25.0	)
Kroger Co. (The)		(3,740	)		(118,221	)		(5.8	)
L3Harris Technologies, Inc.		(1,264	)		(244,837	)		(11.9	)
Las Vegas Sands Corp.		(9,970	)		(478,759	)		(23.3	)
Lear Corp.		(1,390	)		(135,734	)		(6.6	)
Leidos Holdings, Inc.		(1,930	)		(190,703	)		(9.3	)
Lennox International, Inc.		(480	)		(89,606	)		(4.4	)
Liberty Broadband Corp., Class C		(2,310	)		(283,391	)		(13.8	)
Liberty Media Corp-Liberty Formula One, Class C		(4,277	)		(137,677	)		(6.7	)
Lincoln National Corp.		(13,447	)		(476,965	)		(23.2	)
Live Nation Entertainment, Inc.		(6,958	)		(312,205	)		(15.2	)
Lowe’s Cos., Inc.		(1,570	)		(164,457	)		(8.0	)
Marathon Petroleum Corp.		(7,937	)		(254,619	)		(12.4	)
Markel Corp.		(50	)		(43,292	)		(2.1	)
Marriott International, Inc., Class A		(10,962	)		(996,884	)		(48.6	)
Marsh & McLennan Cos., Inc.		(2,560	)		(249,165	)		(12.1	)
McCormick & Co., Inc. (Non- Voting)		(483	)		(75,754	)		(3.7	)
Microchip Technology, Inc.		(1,930	)		(169,319	)		(8.3	)
Micron Technology, Inc.		(3,260	)		(156,121	)		(7.6	)
Molina Healthcare, Inc.		(2,150	)		(352,536	)		(17.2	)
Molson Coors Beverage Co., Class B		(9,390	)		(385,084	)		(18.8	)
MongoDB, Inc.		(870	)		(141,053	)		(6.9	)
Monolithic Power Systems, Inc.		(1,450	)		(289,870	)		(14.1	)
MSCI, Inc.		(480	)		(156,960	)		(7.6	)
Netflix, Inc.		(1,672	)		(701,989	)		(34.2	)
Newell Brands, Inc.		(17,770	)		(246,648	)		(12.0	)
Nordson Corp.		(2,069	)		(332,923	)		(16.2	)
Norfolk Southern Corp.		(2,530	)		(432,883	)		(21.1	)
NortonLifeLock, Inc.		(4,870	)		(103,585	)		(5.0	)
Nucor Corp.		(4,280	)		(176,293	)		(8.6	)
NVIDIA Corp.		(1,080	)		(315,662	)		(15.4	)
Occidental Petroleum Corp.		(41,748	)		(693,017	)		(33.8	)
Okta, Inc.		(1,985	)		(300,331	)		(14.6	)
Old Dominion Freight Line, Inc.		(375	)		(54,484	)		(2.7	)
ON Semiconductor Corp.		(2,840	)		(45,568	)		(2.2	)
Packaging Corp. of America		(1,380	)		(133,377	)		(6.5	)
Palo Alto Networks, Inc.		(1,710	)		(336,032	)		(16.4	)
Parker-Hannifin Corp.		(5,275	)		(834,083	)		(40.6	)
Paycom Software, Inc.		(939	)		(245,098	)		(11.9	)
PerkinElmer, Inc.		(2,457	)		(222,432	)		(10.8	)
Pfizer, Inc.		(5,120	)		(196,403	)		(9.6	)

13

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Pioneer Natural Resources Co.		(1,572	)	$	(140,395	)		(6.8	)%
PRA Health Sciences, Inc.		(1,160	)		(111,940	)		(5.5	)
Principal Financial Group, Inc.		(3,840	)		(139,814	)		(6.8	)
Progressive Corp. (The)		(4,400	)		(340,120	)		(16.6	)
Prudential Financial, Inc.		(3,510	)		(218,919	)		(10.7	)
QIAGEN NV		(5,430	)		(226,118	)		(11.0	)
Regeneron Pharmaceuticals, Inc.		(80	)		(42,070	)		(2.0	)
Reinsurance Group of America, Inc.		(1,490	)		(155,973	)		(7.6	)
ResMed, Inc.		(1,802	)		(279,887	)		(13.6	)
RingCentral, Inc., Class A		(130	)		(29,709	)		(1.4	)
Roper Technologies, Inc.		(623	)		(212,462	)		(10.4	)
Service Corp. International		(3,070	)		(112,792	)		(5.5	)
Stanley Black & Decker, Inc.		(798	)		(87,940	)		(4.3	)
State Street Corp.		(4,706	)		(296,666	)		(14.5	)
Steel Dynamics, Inc.		(3,860	)		(93,682	)		(4.6	)
SVB Financial Group		(500	)		(96,585	)		(4.7	)
Tapestry, Inc.		(3,980	)		(59,222	)		(2.9	)
TD Ameritrade Holding Corp.		(2,719	)		(106,775	)		(5.2	)
Teleflex, Inc.		(268	)		(89,887	)		(4.4	)
Thermo Fisher Scientific, Inc.		(250	)		(83,670	)		(4.1	)
T-Mobile US, Inc.		(4,850	)		(425,830	)		(20.8	)
TransUnion		(2,418	)		(190,514	)		(9.3	)
Trimble, Inc.		(6,600	)		(228,558	)		(11.1	)
Truist Financial Corp.		(1,334	)		(49,785	)		(2.4	)
Twilio, Inc., Class A		(1,730	)		(194,279	)		(9.5	)
Twitter, Inc.		(4,340	)		(124,471	)		(6.1	)
Tyson Foods, Inc., Class A		(3,130	)		(194,655	)		(9.5	)
Ubiquiti, Inc.		(1,900	)		(307,857	)		(15.0	)
United Rentals, Inc.		(1,042	)		(133,897	)		(6.5	)
UnitedHealth Group, Inc.		(260	)		(76,042	)		(3.7	)
Vail Resorts, Inc.		(966	)		(165,186	)		(8.0	)
Varian Medical Systems, Inc.		(450	)		(51,471	)		(2.5	)
Verisk Analytics, Inc.		(2,010	)		(307,188	)		(15.0	)
VF Corp.		(4,150	)		(241,115	)		(11.7	)
ViacomCBS, Inc.		(32,550	)		(561,813	)		(27.4	)
Walgreens Boots Alliance, Inc.		(2,170	)		(93,939	)		(4.6	)
Walmart, Inc.		(1,190	)		(144,645	)		(7.0	)
Walt Disney Co. (The)		(12,073	)		(1,305,695	)		(63.6	)
Wells Fargo & Co.		(1,355	)		(39,363	)		(1.9	)
Western Digital Corp.		(8,398	)		(386,980	)		(18.9	)
Westlake Chemical Corp.		(11,510	)		(500,110	)		(24.4	)
WestRock Co.		(6,982	)		(224,751	)		(11.0	)
WEX, Inc.		(2,689	)		(355,808	)		(17.3	)
Williams Cos., Inc. (The)		(5,587	)		(108,220	)		(5.3	)
Wynn Resorts Ltd.		(7,583	)		(648,574	)		(31.6	)
Xylem, Inc.		(5,414	)		(389,267	)		(19.0	)
Zillow Group, Inc., Class C		(2,310	)		(101,548	)		(4.9	)
Zimmer Biomet Holdings, Inc.		(780	)		(93,366	)		(4.5	)
Zoetis, Inc.		(1,122	)		(145,086	)		(7.1	)
Zscaler, Inc.		(9,113	)		(611,300	)		(29.8	)
					(52,772,972	)
Total Reference Entity — Short					(102,276,883	)
Net Value of Reference Entity — Bank of America NA				$	2,051,992

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 April 30, 2020, expiration dates 02/22/22-02/27/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
AGL Energy Ltd.		470	$	5,158		0.3	%
Aristocrat Leisure Ltd.		19,880		326,028		17.5
ASX Ltd.		8,840		466,093		25.0
Aurizon Holdings Ltd.		233,913		710,593		38.2
BHP Group Ltd.		26,347		537,856		28.9
Brambles Ltd.		3,163		22,608		1.2
Commonwealth Bank of Australia		1,320		53,323		2.9
CSL Ltd.		180		35,879		1.9
Macquarie Group Ltd.		4,740		313,992		16.9
Newcrest Mining Ltd.		14,972		272,132		14.6
Oil Search Ltd.		21,010		41,233		2.2
QBE Insurance Group Ltd.		8,450		45,756		2.5
Rio Tinto Ltd.		3,287		185,259		9.9
Rio Tinto plc		450		20,888		1.1
South32 Ltd.		178,230		224,152		12.0
Treasury Wine Estates Ltd.		13,240		87,084		4.7
Wesfarmers Ltd.		15,381		373,596		20.1
Woolworths Group Ltd.		5,810		134,455		7.2
				3,856,085
Austria
OMV AG		10,546		344,346		18.5
Belgium
Colruyt SA		1,687		101,105		5.4
Groupe Bruxelles Lambert SA		3,450		275,986		14.8
UCB SA		2,151		197,116		10.6
				574,207
Canada
Agnico Eagle Mines Ltd.		1,610		94,475		5.1
Bank of Montreal		960		48,809		2.6
Bank of Nova Scotia (The)		5,790		232,107		12.5
BCE, Inc.		8,603		347,903		18.7
Canadian Pacific Railway Ltd.		190		43,183		2.3
Cenovus Energy, Inc.		39,250		142,399		7.6
CGI, Inc.		4,665		297,505		16.0
Constellation Software, Inc.		260		250,022		13.4
Hydro One Ltd.		6,680		121,127		6.5
Magna International, Inc.		9,341		364,579		19.6
Manulife Financial Corp.		6,490		81,734		4.4
National Bank of Canada		24,708		996,521		53.5
Rogers Communications, Inc., Class B		4,250		178,006		9.6
Royal Bank of Canada		7,620		468,767		25.2
TC Energy Corp.		1,400		64,430		3.5
				3,731,567
China
BOC Hong Kong Holdings Ltd.		233,500		716,642		38.5
Denmark
Carlsberg A/S, Class B		42		5,298		0.3
Coloplast A/S, Class B		2,310		364,342		19.5
Genmab A/S		450		108,173		5.8
GN Store Nord A/S		4,248		193,863		10.4
				671,676

14

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Finland
Fortum OYJ		1,750	$	28,998		1.6	%
Kone OYJ, Class B		2,430		147,146		7.9
UPM-Kymmene OYJ		1,842		50,517		2.7
				226,661
France
Arkema SA		2,332		194,100		10.4
Cie de Saint-Gobain		8,960		238,407		12.8
Eiffage SA		6,568		536,749		28.8
Engie SA		5,290		57,394		3.1
Legrand SA		1,063		71,266		3.8
Peugeot SA		22,453		318,286		17.1
Publicis Groupe SA		9,130		269,508		14.5
Suez		18,039		204,044		11.0
Thales SA		720		54,527		2.9
Veolia Environnement SA		8,432		179,757		9.7
Vivendi SA		10,950		236,664		12.7
				2,360,702
Germany
Allianz SE (Registered)		1,543		283,961		15.2
Aroundtown SA		8,160		43,892		2.3
BASF SE		10,180		520,977		28.0
Beiersdorf AG		1,750		183,100		9.8
Brenntag AG		10,840		490,813		26.4
Deutsche Boerse AG		600		93,023		5.0
Deutsche Telekom AG (Registered)		3,410		49,853		2.7
Evonik Industries AG		6,823		167,849		9.0
Fraport AG Frankfurt Airport Services Worldwide		1,940		84,979		4.6
Hannover Rueck SE		900		143,401		7.7
HeidelbergCement AG		1,107		52,484		2.8
Henkel AG & Co. KGaA (Preference)		1,810		160,704		8.6
HOCHTIEF AG		5,061		396,030		21.3
LEG Immobilien AG		145		16,647		0.9
Merck KGaA		8,490		985,337		52.9
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		1,927		422,060		22.7
Puma SE		1,750		109,927		5.9
Symrise AG		1,220		123,598		6.6
				4,328,635
Hong Kong
Hang Seng Bank Ltd.		10,600		185,395		10.0
Hong Kong & China Gas Co. Ltd.		127,000		227,609		12.2
				413,004
Ireland
AerCap Holdings NV		5,010		140,881		7.6
Japan
Aeon Co. Ltd.		10,200		205,342		11.0
AGC, Inc.		1,300		32,058		1.7
Ajinomoto Co., Inc.		6,700		119,332		6.4
Asahi Group Holdings Ltd.		5,300		182,242		9.8
Astellas Pharma, Inc.		51,500		851,766		45.7
Bridgestone Corp.		16,700		519,826		27.9
Canon, Inc.		5,700		119,900		6.4
Chugai Pharmaceutical Co. Ltd.		2,200		262,244		14.1
Dai Nippon Printing Co. Ltd.		28,200		594,572		31.9
Denso Corp.		13,900		488,609		26.2
East Japan Railway Co.		1,500		109,530		5.9

	Shares		Value		% of Basket Value
Japan (continued)
FUJIFILM Holdings Corp.		800	$	38,106		2.0	%
Hitachi High-Tech Corp.		2,900		215,970		11.6
Hoya Corp.		2,500		227,983		12.2
Inpex Corp.		9,500		61,323		3.3
ITOCHU Corp.		9,200		180,367		9.7
JXTG Holdings, Inc.		15,000		53,180		2.9
Kao Corp.		700		53,982		2.9
KDDI Corp.		3,200		92,686		5.0
Kyocera Corp.		7,000		374,013		20.1
Kyowa Kirin Co. Ltd.		11,800		273,874		14.7
Marubeni Corp.		24,200		116,543		6.3
MEIJI Holdings Co. Ltd.		3,400		236,143		12.7
Mitsubishi Chemical Holdings Corp.		43,500		247,237		13.3
Mitsubishi Electric Corp.		8,400		103,359		5.6
Mitsubishi Heavy Industries Ltd.		3,300		84,624		4.5
Mitsui & Co. Ltd.		25,100		350,354		18.8
MS&AD Insurance Group Holdings, Inc.		12,800		368,769		19.8
NEC Corp.		8,700		333,861		17.9
Nippon Steel Corp.		18,300		153,969		8.3
Nitori Holdings Co. Ltd.		2,000		306,552		16.5
Nitto Denko Corp.		800		39,963		2.1
Nomura Research Institute Ltd.		4,200		102,820		5.5
NTT Data Corp.		19,000		193,879		10.4
NTT DOCOMO, Inc.		11,300		333,025		17.9
Obayashi Corp.		28,600		249,981		13.4
Olympus Corp.		4,200		66,641		3.6
Omron Corp.		1,900		111,597		6.0
Ono Pharmaceutical Co. Ltd.		4,900		118,052		6.3
ORIX Corp.		49,700		584,845		31.4
Panasonic Corp.		4,100		31,254		1.7
Recruit Holdings Co. Ltd.		5,100		148,773		8.0
Ricoh Co. Ltd.		47,400		323,102		17.4
Rohm Co. Ltd.		3,600		227,606		12.2
Secom Co. Ltd.		4,400		366,165		19.7
Sekisui House Ltd.		65,200		1,118,487		60.1
Sumitomo Chemical Co. Ltd.		87,500		268,380		14.4
Sumitomo Corp.		20,400		230,769		12.4
Sumitomo Electric Industries Ltd.		38,300		394,048		21.2
Sumitomo Mitsui Financial Group, Inc.		2,100		55,224		3.0
T&D Holdings, Inc.		6,400		55,320		3.0
Tokio Marine Holdings, Inc.		2,800		131,364		7.1
Tokyo Electron Ltd.		900		191,683		10.3
Tokyo Gas Co. Ltd.		2,100		46,086		2.5
Tokyu Corp.		4,300		64,724		3.5
Toray Industries, Inc.		22,500		103,156		5.5
TOTO Ltd.		2,400		83,537		4.5
Toyota Motor Corp.		700		43,279		2.3
Trend Micro, Inc.		6,100		309,464		16.6
West Japan Railway Co.		2,200		135,955		7.3
Yamaha Corp.		2,800		113,023		6.1
Yamaha Motor Co. Ltd.		8,600		110,646		5.9
				13,711,164
Macau
Sands China Ltd.		52,000		210,522		11.3
Netherlands
ASML Holding NV		100		29,209		1.6
EXOR NV		880		47,990		2.6
Koninklijke Ahold Delhaize NV		6,610		160,493		8.6
Koninklijke DSM NV		1,670		204,678		11.0

15

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Netherlands (continued)
Koninklijke KPN NV		31,780	$	73,200		3.9	%
Koninklijke Philips NV		706		30,776		1.7
NXP Semiconductors NV		470		46,798		2.5
Royal Dutch Shell plc, Class A		13,246		218,086		11.7
Wolters Kluwer NV		2,954		217,277		11.7
				1,028,507
Norway
Orkla ASA		27,270		246,327		13.2
Telenor ASA		3,800		58,288		3.1
				304,615
Portugal
Galp Energia SGPS SA		17,480		201,739		10.8
Jeronimo Martins SGPS SA		15,870		269,053		14.5
				470,792
South Korea
Amorepacific Corp.		810		117,328		6.3
Hana Financial Group, Inc.		40,562		925,950		49.7
Hyundai Mobis Co. Ltd.		6,789		959,830		51.6
Kakao Corp.		250		37,780		2.0
KB Financial Group, Inc.		214		6,123		0.3
Kia Motors Corp.		17,155		419,006		22.5
KT&G Corp.		7,270		485,399		26.1
LG Electronics, Inc.		8,480		381,643		20.5
LG Household & Health Care Ltd.		76		86,184		4.6
NAVER Corp.		1,310		212,391		11.4
NCSoft Corp.		312		165,313		8.9
POSCO		276		41,705		2.2
Samsung C&T Corp.		2,120		185,636		10.0
Samsung Electronics Co. Ltd. (Preference)		6,900		239,193		12.9
Shinhan Financial Group Co. Ltd.		2,522		63,939		3.4
SK Telecom Co. Ltd.		2,829		491,691		26.4
				4,819,111
Spain
ACS Actividades de Construccion y Servicios SA		39,586		989,905		53.2
Aena SME SA		2,524		319,501		17.2
Industria de Diseno Textil SA		827		21,181		1.1
Repsol SA		46,645		423,389		22.7
				1,753,976
Sweden
Atlas Copco AB, Class A		2,870		98,913		5.3
Hennes & Mauritz AB, Class B		33,310		455,334		24.5
Investor AB, Class B		11,535		573,269		30.8
Sandvik AB		6,555		100,838		5.4
Skanska AB, Class B		5,470		104,071		5.6
Swedish Match AB		3,357		207,451		11.1
Volvo AB, Class B		34,257		438,989		23.6
				1,978,865
Switzerland
Coca-Cola HBC AG		9,350		236,917		12.7
Geberit AG (Registered)		1,500		670,805		36.0
Givaudan SA (Registered)		110		368,861		19.8
Kuehne + Nagel International AG (Registered)		2,230		318,984		17.1
LafargeHolcim Ltd. (Registered)		9,222		383,017		20.6
Logitech International SA (Registered)		8,039		387,185		20.8
Nestle SA (Registered)		2,130		225,588		12.1

	Shares		Value		% of Basket Value
Switzerland (continued)
Roche Holding AG		4,740	$	1,641,450		88.2	%
Schindler Holding AG		2,980		663,216		35.6
Swiss Prime Site AG (Registered)		4,170		397,011		21.3
				5,293,034
Taiwan
Chunghwa Telecom Co. Ltd.		302,000		1,109,972		59.6
MediaTek, Inc.		75,000		1,035,633		55.6
Taiwan Semiconductor Manufacturing Co. Ltd.		107,000		1,079,394		58.0
				3,224,999
United Kingdom
Associated British Foods plc		636		15,098		0.8
Auto Trader Group plc		18,170		104,596		5.6
Aviva plc		133,930		405,022		21.7
BAE Systems plc		2,330		14,862		0.8
Barclays plc		36,980		49,379		2.6
BP plc		19,828		78,131		4.2
Bunzl plc		4,630		100,493		5.4
Burberry Group plc		4,490		77,962		4.2
CK Hutchison Holdings Ltd.		98,000		726,393		39.0
GlaxoSmithKline plc		15,457		322,473		17.3
Informa plc		34,350		189,745		10.2
InterContinental Hotels Group plc		1,456		66,325		3.6
ITV plc		293,860		282,158		15.1
JD Sports Fashion plc		19,620		130,048		7.0
Legal & General Group plc		42,660		109,679		5.9
Next plc		710		42,272		2.3
Pearson plc		1,266		7,301		0.4
RELX plc		4,592		103,604		5.6
Rightmove plc		18,046		112,831		6.1
Rolls-Royce Holdings plc		189,980		786,319		42.2
RSA Insurance Group plc		61,080		276,818		14.9
Sage Group plc (The)		47,335		380,692		20.4
Smith & Nephew plc		26,446		517,524		27.8
Standard Chartered plc		36,810		188,088		10.1
WPP plc		15,004		116,418		6.2
				5,204,231
United States
AES Corp.		11,271		149,341		8.0
Aflac, Inc.		16,955		631,404		33.9
Akamai Technologies, Inc.		6,068		592,904		31.8
Alaska Air Group, Inc.		16,950		551,214		29.6
Align Technology, Inc.		260		55,861		3.0
Alleghany Corp.		250		133,428		7.2
Alliant Energy Corp.		10,979		533,030		28.6
Ally Financial, Inc.		30,438		498,879		26.8
Alphabet, Inc., Class A		238		320,515		17.2
Amdocs Ltd.		8,490		547,096		29.4
Ameren Corp.		4,044		294,201		15.8
American Electric Power Co., Inc.		4,163		345,987		18.6
American Express Co.		3,195		291,544		15.7
American Financial Group, Inc.		5,009		331,796		17.8
Ameriprise Financial, Inc.		431		49,539		2.7
AmerisourceBergen Corp.		1,030		92,350		5.0
AMETEK, Inc.		436		36,567		2.0
Amgen, Inc.		1,488		355,959		19.1
AO Smith Corp.		5,270		223,343		12.0
Applied Materials, Inc.		5,680		282,182		15.2
AptarGroup, Inc.		1,410		150,983		8.1
Arrow Electronics, Inc.		6,380		401,430		21.6

16

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
AT&T, Inc.		1,753	$	53,414		2.9	%
Atmos Energy Corp.		3,878		395,440		21.2
Autodesk, Inc.		120		22,456		1.2
Automatic Data Processing, Inc.		1,788		262,282		14.1
AutoZone, Inc.		461		470,368		25.3
Avery Dennison Corp.		160		17,662		0.9
Axalta Coating Systems Ltd.		25,354		500,488		26.9
Bank of New York Mellon Corp. (The)		3,350		125,759		6.8
Berkshire Hathaway, Inc., Class B		610		114,290		6.1
Bio-Rad Laboratories, Inc., Class A		620		272,862		14.7
Booking Holdings, Inc.		220		325,725		17.5
Booz Allen Hamilton Holding Corp.		13,944		1,024,047		55.0
Bright Horizons Family Solutions, Inc.		796		92,694		5.0
Bristol-Myers Squibb Co., CVR		1,987		8,961		0.5
Burlington Stores, Inc.		300		54,807		2.9
Cadence Design Systems, Inc.		13,419		1,088,683		58.5
Campbell Soup Co.		109		5,448		0.3
Capital One Financial Corp.		8,480		549,165		29.5
Carlisle Cos., Inc.		1,324		160,151		8.6
Carnival plc		6,050		83,370		4.5
CDW Corp.		1,002		111,022		6.0
Celanese Corp.		483		40,123		2.2
Cerner Corp.		5,200		360,828		19.4
Chemed Corp.		1,190		495,718		26.6
Ciena Corp.		3,057		141,386		7.6
Cintas Corp.		1,332		295,478		15.9
Citizens Financial Group, Inc.		11,697		261,896		14.1
CMS Energy Corp.		10,020		572,042		30.7
Cognizant Technology Solutions Corp., Class A		4,290		248,906		13.4
Colgate-Palmolive Co.		580		40,757		2.2
Comerica, Inc.		9,539		332,530		17.9
ConocoPhillips		2,267		95,441		5.1
Consolidated Edison, Inc.		2,450		193,060		10.4
Continental Resources, Inc.		15,170		248,636		13.4
Cummins, Inc.		2,670		436,545		23.4
DaVita, Inc.		11,895		939,824		50.5
DENTSPLY SIRONA, Inc.		11,410		484,240		26.0
Devon Energy Corp.		43,050		536,834		28.8
Discover Financial Services		26,427		1,135,568		61.0
Dollar General Corp.		410		71,873		3.9
Dover Corp.		5,501		515,169		27.7
DTE Energy Co.		11,426		1,185,333		63.7
Dunkin’ Brands Group, Inc.		2,660		167,154		9.0
eBay, Inc.		34,424		1,371,108		73.6
Ecolab, Inc.		520		100,620		5.4
Edwards Lifesciences Corp.		1,570		341,475		18.3
Electronic Arts, Inc.		930		106,262		5.7
Eli Lilly & Co.		676		104,537		5.6
Entergy Corp.		5,400		515,754		27.7
EOG Resources, Inc.		3,800		180,538		9.7
Equitable Holdings, Inc.		5,741		105,175		5.6
Euronet Worldwide, Inc.		750		68,820		3.7
Evergy, Inc.		673		39,323		2.1
Expeditors International of Washington, Inc.		24,709		1,769,288		95.0
F5 Networks, Inc.		1,010		140,653		7.6
Facebook, Inc., Class A		2,130		436,032		23.4
Fair Isaac Corp.		1,118		394,587		21.2
Ferguson plc		2,430		175,209		9.4

	Shares		Value		% of Basket Value
United States (continued)
Fifth Third Bancorp		23,887	$	446,448		24.0	%
FleetCor Technologies, Inc.		610		147,163		7.9
FMC Corp.		3,530		324,407		17.4
Fortinet, Inc.		4,058		437,209		23.5
Fortune Brands Home & Security, Inc.		3,610		174,002		9.3
Garmin Ltd.		5,387		437,209		23.5
Gilead Sciences, Inc.		2,741		230,244		12.4
Globe Life, Inc.		6,754		556,124		29.9
GoDaddy, Inc., Class A		3,490		242,311		13.0
HCA Healthcare, Inc.		5,077		557,861		30.0
HD Supply Holdings, Inc.		9,821		291,487		15.7
HEICO Corp., Class A		1,210		87,519		4.7
Henry Schein, Inc.		9,570		522,139		28.0
Hershey Co. (The)		1,711		226,588		12.2
Hewlett Packard Enterprise Co.		93,459		940,198		50.5
Hill-Rom Holdings, Inc.		623		70,081		3.8
Hilton Worldwide Holdings, Inc.		2,580		195,332		10.5
HollyFrontier Corp.		7,165		236,732		12.7
Hologic, Inc.		550		27,555		1.5
Honeywell International, Inc.		1,678		238,108		12.8
HP, Inc.		39,580		613,886		33.0
Hubbell, Inc.		2,910		362,091		19.4
IAC/InterActiveCorp		260		58,105		3.1
Incyte Corp.		3,270		319,348		17.1
Intel Corp.		3,870		232,123		12.5
Intercontinental Exchange, Inc.		730		65,299		3.5
Interpublic Group of Cos., Inc. (The)		18,695		317,441		17.0
Intuit, Inc.		3,113		839,919		45.1
James Hardie Industries plc, CDI		4,167		59,820		3.2
Johnson & Johnson		1,840		276,074		14.8
Johnson Controls International plc		4,470		130,122		7.0
Juniper Networks, Inc.		12,790		276,264		14.8
Kansas City Southern		1,360		177,548		9.5
KeyCorp		6,560		76,424		4.1
Keysight Technologies, Inc.		2,446		236,699		12.7
Kohl’s Corp.		2,820		52,057		2.8
Laboratory Corp. of America Holdings		320		52,624		2.8
Lam Research Corp.		1,161		296,380		15.9
Lamb Weston Holdings, Inc.		1,570		96,335		5.2
Liberty Media Corp-Liberty SiriusXM, Class C		26,270		895,019		48.1
LKQ Corp.		3,000		78,450		4.2
LPL Financial Holdings, Inc.		7,687		462,911		24.9
Lululemon Athletica, Inc.		240		53,635		2.9
Marathon Oil Corp.		93,020		569,282		30.6
Masco Corp.		5,802		238,114		12.8
Maxim Integrated Products, Inc.		11,085		609,453		32.7
McDonald’s Corp.		230		43,139		2.3
Merck & Co., Inc.		4,650		368,931		19.8
MGM Resorts International		2,500		42,075		2.3
Mondelez International, Inc., Class A		3,126		160,801		8.6
Motorola Solutions, Inc.		2,057		295,817		15.9
National Oilwell Varco, Inc.		2,580		32,611		1.7
NetApp, Inc.		16,720		731,834		39.3
Neurocrine Biosciences, Inc.		1,810		177,633		9.5
NiSource, Inc.		1,920		48,211		2.6
Northern Trust Corp.		90		7,124		0.4
Norwegian Cruise Line Holdings Ltd.		16,125		264,450		14.2

17

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
NRG Energy, Inc.		24,665	$	827,017		44.4	%
NVR, Inc.		12		37,200		2.0
OGE Energy Corp.		5,762		181,618		9.8
Old Republic International Corp.		2,960		47,212		2.5
Omnicom Group, Inc.		17,995		1,026,255		55.1
O’Reilly Automotive, Inc.		270		104,312		5.6
Paychex, Inc.		11,123		762,148		40.9
PayPal Holdings, Inc.		1,857		228,411		12.3
Pentair plc		8,808		304,669		16.4
People’s United Financial, Inc.		3,530		44,796		2.4
PepsiCo, Inc.		6,825		902,879		48.5
Phillips 66		1,180		86,341		4.6
Pinnacle West Capital Corp.		1,286		99,009		5.3
Pool Corp.		1,150		243,409		13.1
PPG Industries, Inc.		3,460		314,272		16.9
Procter & Gamble Co. (The)		550		64,829		3.5
Public Service Enterprise Group, Inc.		1,415		71,755		3.9
PulteGroup, Inc.		4,970		140,502		7.5
PVH Corp.		3,960		194,951		10.5
Qorvo, Inc.		1,866		182,924		9.8
QUALCOMM, Inc.		185		14,554		0.8
Reliance Steel & Aluminum Co.		3,258		291,852		15.7
Republic Services, Inc.		3,680		288,291		15.5
Robert Half International, Inc.		7,006		331,174		17.8
Royal Caribbean Cruises Ltd.		3,050		142,649		7.7
RPM International, Inc.		4,760		316,112		17.0
S&P Global, Inc.		300		87,864		4.7
salesforce.com, Inc.		2,670		432,407		23.2
Santander Consumer USA Holdings, Inc.		1,880		29,309		1.6
Schlumberger Ltd.		6,450		108,489		5.8
ServiceNow, Inc.		2,292		805,730		43.3
Sherwin-Williams Co. (The)		150		80,456		4.3
Signature Bank		2,930		314,037		16.9
Skyworks Solutions, Inc.		340		35,319		1.9
Snap-on, Inc.		1,000		130,290		7.0
Southern Co. (The)		3,320		188,344		10.1
Spirit AeroSystems Holdings, Inc., Class A		2,080		46,093		2.5
Spotify Technology SA		640		97,005		5.2
STERIS plc		2,548		363,090		19.5
Stryker Corp.		1,072		199,853		10.7
Synchrony Financial		832		16,465		0.9
Synopsys, Inc.		567		89,087		4.8
Sysco Corp.		660		37,138		2.0
Take-Two Interactive Software, Inc.		570		68,999		3.7
Target Corp.		1,960		215,090		11.5
Teledyne Technologies, Inc.		1,227		399,597		21.5
Teradyne, Inc.		15,830		990,008		53.2
Texas Instruments, Inc.		5,359		622,019		33.4
Tractor Supply Co.		9,751		989,044		53.1
Trane Technologies plc		3,153		275,635		14.8
United Airlines Holdings, Inc.		5,966		176,474		9.5
Universal Health Services, Inc., Class B		1,760		186,014		10.0
US Foods Holding Corp.		8,450		181,675		9.8
Veeva Systems, Inc., Class A		1,750		333,900		17.9
Verizon Communications, Inc.		5,430		311,954		16.8
Vertex Pharmaceuticals, Inc.		3,740		939,488		50.5
Vistra Energy Corp.		7,950		155,343		8.3
Voya Financial, Inc.		6,283		283,803		15.2
Vulcan Materials Co.		350		39,540		2.1
WABCO Holdings, Inc.		280		37,626		2.0

	Shares			Value			% of Basket Value
United States (continued)
Waste Management, Inc.		380		$	38,008			2.0	%
Waters Corp.		490			91,630			4.9
WEC Energy Group, Inc.		489			44,279			2.4
West Pharmaceutical Services, Inc.		1,152			218,028			11.7
Western Union Co. (The)		19,451			370,931			19.9
Whirlpool Corp.		2,700			301,698			16.2
Willis Towers Watson plc		2,550			454,640			24.4
Woodward, Inc.		4,330			262,225			14.1
Workday, Inc., Class A		558			85,876			4.6
WR Berkley Corp.		630			34,020			1.8
WW Grainger, Inc.		538			148,262			8.0
Xcel Energy, Inc.		2,670			169,705			9.1
Xerox Holdings Corp.		30,170			551,809			29.6
Zions Bancorp NA		18,075			571,351			30.7
					63,122,923
Total Reference Entity — Long					118,487,145
Reference Entity — Short
Australia
Insurance Australia Group Ltd.		(678	)		(2,533	)		(0.1	)
Magellan Financial Group Ltd.		(10,320	)		(338,049	)		(18.2	)
Ramsay Health Care Ltd.		(11,660	)		(473,531	)		(25.4	)
Suncorp Group Ltd.		(17,047	)		(101,342	)		(5.4	)
Sydney Airport		(37,696	)		(153,550	)		(8.3	)
Telstra Corp. Ltd.		(61,043	)		(120,085	)		(6.5	)
Westpac Banking Corp.		(12,007	)		(124,923	)		(6.7	)
					(1,314,013	)
Belgium
Anheuser-Busch InBev SA/NV		(8,737	)		(406,883	)		(21.8	)
Galapagos NV		(310	)		(68,488	)		(3.7	)
Umicore SA		(3,150	)		(136,523	)		(7.3	)
					(611,894	)
Canada
Barrick Gold Corp.		(13,870	)		(356,736	)		(19.2	)
Brookfield Asset Management, Inc., Class A		(9,201	)		(311,178	)		(16.7	)
Canadian National Railway Co.		(6,600	)		(545,800	)		(29.3	)
Dollarama, Inc.		(5,890	)		(184,746	)		(9.9	)
Enbridge, Inc.		(13,998	)		(428,905	)		(23.0	)
Great-West Lifeco, Inc.		(14,480	)		(238,429	)		(12.8	)
Husky Energy, Inc.		(28,140	)		(90,367	)		(4.9	)
Inter Pipeline Ltd.		(19,330	)		(161,645	)		(8.7	)
Metro, Inc.		(19,080	)		(785,022	)		(42.2	)
Pembina Pipeline Corp.		(3,080	)		(70,630	)		(3.8	)
Power Corp. of Canada		(12,430	)		(198,780	)		(10.7	)
Shopify, Inc., Class A		(1,465	)		(929,109	)		(49.9	)
Teck Resources Ltd., Class B		(4,770	)		(42,047	)		(2.3	)
TELUS Corp.		(5,340	)		(87,277	)		(4.7	)
Wheaton Precious Metals Corp.		(2,810	)		(106,772	)		(5.7	)
					(4,537,443	)
China
BeiGene Ltd., ADR		(1,040	)		(158,943	)		(8.5	)
Prosus NV		(31,190	)		(2,364,542	)		(127.0	)
					(2,523,485	)
Denmark
Chr Hansen Holding A/S		(5,663	)		(488,285	)		(26.2	)
Danske Bank A/S		(31,070	)		(368,896	)		(19.8	)
Demant A/S		(3,648	)		(87,216	)		(4.7	)
DSV Panalpina A/S		(7,100	)		(737,691	)		(39.6	)
Orsted A/S		(9,216	)		(930,912	)		(50.0	)

18

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Denmark (continued)
Vestas Wind Systems A/S		(520	)	$	(44,654	)		(2.4	)%
					(2,657,654	)
Finland
Neste OYJ		(8,630	)		(304,773	)		(16.4	)
Nokia OYJ		(155,800	)		(561,649	)		(30.1	)
Nordea Bank Abp		(64,277	)		(411,254	)		(22.1	)
Wartsila OYJ Abp		(74,264	)		(545,115	)		(29.3	)
					(1,822,791	)
France
Aeroports de Paris		(1,925	)		(187,912	)		(10.1	)
Bollore SA		(3	)		(8	)		(0.0	)
Edenred		(4,212	)		(169,673	)		(9.1	)
Faurecia SE		(7,580	)		(271,602	)		(14.6	)
Getlink SE		(10,203	)		(130,140	)		(7.0	)
Orpea		(640	)		(71,189	)		(3.8	)
Teleperformance		(1,269	)		(284,268	)		(15.3	)
Ubisoft Entertainment SA		(1,690	)		(125,705	)		(6.8	)
					(1,240,497	)
Germany
Bayer AG (Registered)		(6,090	)		(400,536	)		(21.5	)
Commerzbank AG		(75,831	)		(279,584	)		(15.0	)
Covestro AG		(9,390	)		(315,421	)		(16.9	)
Deutsche Bank AG (Registered)		(7,860	)		(58,213	)		(3.1	)
Deutsche Lufthansa AG (Registered)		(10,260	)		(91,855	)		(4.9	)
E.ON SE		(24,220	)		(242,619	)		(13.0	)
Fresenius Medical Care AG & Co. KGaA		(2,860	)		(224,140	)		(12.0	)
Infineon Technologies AG		(10,056	)		(186,950	)		(10.0	)
KION Group AG		(4,329	)		(214,728	)		(11.5	)
METRO AG		(1	)		(9	)		(0.0	)
MTU Aero Engines AG		(1,502	)		(204,536	)		(11.0	)
Nemetschek SE		(560	)		(35,232	)		(1.9	)
Porsche Automobil Holding SE (Preference)		(1,620	)		(81,800	)		(4.4	)
Sartorius AG (Preference)		(1,236	)		(347,244	)		(18.7	)
Volkswagen AG		(2,751	)		(406,719	)		(21.9	)
Zalando SE		(363	)		(17,792	)		(1.0	)
					(3,107,378	)
Hong Kong
CLP Holdings Ltd.		(5,500	)		(58,873	)		(3.2	)
Hong Kong Exchanges & Clearing Ltd.		(187	)		(5,996	)		(0.3	)
MTR Corp. Ltd.		(90,500	)		(501,400	)		(26.9	)
Sun Hung Kai Properties Ltd.		(10,000	)		(136,738	)		(7.4	)
Techtronic Industries Co. Ltd.		(84,232	)		(638,690	)		(34.3	)
WH Group Ltd.		(278,000	)		(265,143	)		(14.2	)
					(1,606,840	)
Japan
Advantest Corp.		(700	)		(33,965	)		(1.8	)
Aisin Seiki Co. Ltd.		(5,800	)		(167,037	)		(9.0	)
ANA Holdings, Inc.		(25,700	)		(546,125	)		(29.3	)
Bandai Namco Holdings, Inc.		(1,100	)		(54,963	)		(3.0	)
Central Japan Railway Co.		(600	)		(94,413	)		(5.1	)
Daifuku Co. Ltd.		(9,200	)		(643,823	)		(34.6	)
Dai-ichi Life Holdings, Inc.		(14,800	)		(185,477	)		(10.0	)
Daiichi Sankyo Co. Ltd.		(3,400	)		(233,720	)		(12.6	)
Daito Trust Construction Co. Ltd.		(400	)		(38,034	)		(2.0	)
Daiwa House Industry Co. Ltd.		(10,700	)		(271,141	)		(14.6	)
Eisai Co. Ltd.		(5,000	)		(349,055	)		(18.7	)
FamilyMart Co. Ltd.		(14,200	)		(240,798	)		(12.9	)
Fast Retailing Co. Ltd.		(400	)		(189,699	)		(10.2	)

	Shares			Value			% of Basket Value
Japan (continued)
Hitachi Chemical Co. Ltd.		(10,100	)	$	(433,253	)		(23.3	)%
Honda Motor Co. Ltd.		(2,000	)		(48,568	)		(2.6	)
Hoshizaki Corp.		(2,100	)		(160,034	)		(8.6	)
Japan Airlines Co. Ltd.		(41,500	)		(740,268	)		(39.8	)
Japan Post Holdings Co. Ltd.		(50,800	)		(406,344	)		(21.8	)
JFE Holdings, Inc.		(39,500	)		(262,124	)		(14.1	)
Kansai Electric Power Co., Inc. (The)		(51,100	)		(523,630	)		(28.1	)
Keyence Corp.		(1,800	)		(642,622	)		(34.5	)
Kikkoman Corp.		(2,700	)		(124,065	)		(6.7	)
Komatsu Ltd.		(10,400	)		(196,778	)		(10.6	)
Kose Corp.		(2,100	)		(262,526	)		(14.1	)
Kubota Corp.		(35,200	)		(437,138	)		(23.5	)
M3, Inc.		(26,800	)		(967,319	)		(51.9	)
Makita Corp.		(4,600	)		(149,787	)		(8.0	)
MINEBEA MITSUMI, Inc.		(5,000	)		(81,296	)		(4.4	)
Mitsubishi Estate Co. Ltd.		(7,600	)		(122,954	)		(6.6	)
Mitsubishi UFJ Financial Group, Inc.		(52,300	)		(211,292	)		(11.3	)
MonotaRO Co. Ltd.		(6,900	)		(221,707	)		(11.9	)
Murata Manufacturing Co. Ltd.		(3,000	)		(169,041	)		(9.1	)
Nexon Co. Ltd.		(26,500	)		(427,869	)		(23.0	)
Nippon Paint Holdings Co. Ltd.		(8,700	)		(502,820	)		(27.0	)
Nippon Telegraph & Telephone Corp.		(7,600	)		(173,080	)		(9.3	)
Nissan Motor Co. Ltd.		(35,900	)		(122,196	)		(6.6	)
Nomura Holdings, Inc.		(50,400	)		(209,141	)		(11.2	)
Obic Co. Ltd.		(800	)		(120,049	)		(6.4	)
Pan Pacific International Holdings Corp.		(3,900	)		(75,557	)		(4.1	)
Rakuten, Inc.		(25,500	)		(216,220	)		(11.6	)
Resona Holdings, Inc.		(44,100	)		(137,726	)		(7.4	)
Sharp Corp.		(18,200	)		(200,347	)		(10.8	)
Shimadzu Corp.		(7,400	)		(184,289	)		(9.9	)
Shimano, Inc.		(5,500	)		(810,456	)		(43.5	)
Shimizu Corp.		(7,400	)		(56,832	)		(3.1	)
Shin-Etsu Chemical Co. Ltd.		(3,500	)		(386,057	)		(20.7	)
SMC Corp.		(500	)		(226,011	)		(12.1	)
Sumitomo Metal Mining Co. Ltd.		(22,800	)		(568,245	)		(30.5	)
Sumitomo Mitsui Trust Holdings, Inc.		(19,700	)		(573,600	)		(30.8	)
Sysmex Corp.		(600	)		(41,452	)		(2.2	)
Taisei Corp.		(10,000	)		(311,721	)		(16.7	)
Takeda Pharmaceutical Co. Ltd.		(22,600	)		(814,989	)		(43.8	)
Terumo Corp.		(2,300	)		(76,320	)		(4.1	)
Tokyo Electric Power Co. Holdings, Inc.		(62,700	)		(211,068	)		(11.3	)
Toyota Industries Corp.		(3,800	)		(191,268	)		(10.3	)
Unicharm Corp.		(6,100	)		(224,807	)		(12.1	)
Yamato Holdings Co. Ltd.		(17,200	)		(300,203	)		(16.1	)
Yaskawa Electric Corp.		(3,100	)		(101,075	)		(5.4	)
					(16,472,394	)
Luxembourg
Eurofins Scientific SE		(260	)		(143,824	)		(7.7	)
Macau
Galaxy Entertainment Group Ltd.		(116,000	)		(746,055	)		(40.1	)
Mexico
Fresnillo plc		(6,830	)		(60,672	)		(3.3	)
Netherlands
ABN AMRO Bank NV, CVA		(18,030	)		(138,307	)		(7.4	)
Aegon NV		(82,260	)		(212,778	)		(11.4	)

19

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Netherlands (continued)
ING Groep NV		(18,470	)	$	(103,483	)		(5.6	)%
Koninklijke Vopak NV		(1,897	)		(109,388	)		(5.9	)
NN Group NV		(2,360	)		(68,269	)		(3.7	)
					(632,225	)
Norway
Aker BP ASA		(29,600	)		(485,958	)		(26.1	)
Equinor ASA		(5,000	)		(69,234	)		(3.7	)
Mowi ASA		(25,039	)		(428,843	)		(23.0	)
Norsk Hydro ASA		(34,028	)		(86,324	)		(4.6	)
					(1,070,359	)
Portugal
EDP — Energias de Portugal SA		(70,270	)		(296,109	)		(15.9	)
Singapore
Oversea-Chinese Banking Corp. Ltd.		(127,600	)		(814,128	)		(43.7	)
South Korea
Celltrion Healthcare Co. Ltd.		(13,487	)		(934,791	)		(50.2	)
Hyundai Motor Co.		(4,275	)		(330,425	)		(17.7	)
LG Chem Ltd.		(3,902	)		(1,212,403	)		(65.1	)
Samsung Electro-Mechanics Co. Ltd.		(4,295	)		(401,543	)		(21.6	)
Samsung SDI Co. Ltd.		(1,972	)		(465,857	)		(25.0	)
SK Holdings Co. Ltd.		(799	)		(119,264	)		(6.4	)
SK Hynix, Inc.		(9,296	)		(639,728	)		(34.4	)
SK Innovation Co. Ltd.		(10,113	)		(815,813	)		(43.8	)
					(4,919,824	)
Sweden
Boliden AB		(23,486	)		(473,417	)		(25.4	)
Svenska Handelsbanken AB, Class A		(9,840	)		(89,813	)		(4.8	)
Swedbank AB, Class A		(11,780	)		(139,406	)		(7.5	)
Telefonaktiebolaget LM Ericsson, Class B		(24,744	)		(211,392	)		(11.4	)
					(914,028	)
Switzerland
ABB Ltd. (Registered)		(28,320	)		(537,578	)		(28.9	)
Cie Financiere Richemont SA (Registered)		(3,500	)		(198,567	)		(10.6	)
Clariant AG (Registered)		(6,373	)		(117,810	)		(6.3	)
Credit Suisse Group AG (Registered)		(79,970	)		(730,177	)		(39.2	)
Lonza Group AG (Registered)		(2,902	)		(1,267,203	)		(68.0	)
Partners Group Holding AG		(120	)		(94,565	)		(5.1	)
Sika AG (Registered)		(610	)		(100,900	)		(5.4	)
Swisscom AG (Registered)		(140	)		(72,743	)		(3.9	)
Temenos AG (Registered)		(3,230	)		(418,548	)		(22.5	)
UBS Group AG (Registered)		(50,216	)		(537,688	)		(28.9	)
Vifor Pharma AG		(60	)		(9,001	)		(0.5	)
					(4,084,780	)
Taiwan
Delta Electronics, Inc.		(63,000	)		(293,845	)		(15.8	)
Hon Hai Precision Industry Co. Ltd.		(23,240	)		(59,726	)		(3.2	)
Largan Precision Co. Ltd.		(9,000	)		(1,226,822	)		(65.9	)
Nanya Technology Corp.		(184,000	)		(394,971	)		(21.2	)
					(1,975,364	)

	Shares			Value			% of Basket Value
United Kingdom
Linde plc		(1,590	)	$	(292,544	)		(15.7	)%
Prudential plc		(4,000	)		(56,430	)		(3.0	)
					(348,974	)
United States
3M Co.		(2,079	)		(315,842	)		(17.0	)
ABIOMED, Inc.		(490	)		(93,713	)		(5.0	)
Activision Blizzard, Inc.		(5,658	)		(360,584	)		(19.4	)
AECOM		(2,632	)		(95,436	)		(5.1	)
Agilent Technologies, Inc.		(1,230	)		(94,292	)		(5.1	)
Albemarle Corp.		(9,554	)		(586,902	)		(31.5	)
Alnylam Pharmaceuticals, Inc.		(237	)		(31,213	)		(1.7	)
Altice USA, Inc., Class A		(1,840	)		(47,785	)		(2.6	)
Altria Group, Inc.		(6,655	)		(261,209	)		(14.0	)
Amazon.com, Inc.		(140	)		(346,360	)		(18.6	)
American Airlines Group, Inc.		(37,125	)		(445,871	)		(23.9	)
American International Group, Inc.		(10,160	)		(258,369	)		(13.9	)
Amphenol Corp., Class A		(3,728	)		(329,033	)		(17.7	)
Analog Devices, Inc.		(4,210	)		(461,416	)		(24.8	)
ANSYS, Inc.		(840	)		(219,937	)		(11.8	)
Anthem, Inc.		(160	)		(44,917	)		(2.4	)
Aon plc		(2,790	)		(481,749	)		(25.9	)
Aptiv plc		(5,160	)		(358,878	)		(19.3	)
Arconic Corp.		(1,728	)		(15,068	)		(0.8	)
Arista Networks, Inc.		(1,150	)		(252,195	)		(13.5	)
Arthur J Gallagher & Co.		(9,277	)		(728,245	)		(39.1	)
Aspen Technology, Inc.		(1,080	)		(110,430	)		(5.9	)
Avangrid, Inc.		(8,120	)		(349,160	)		(18.8	)
Bank of America Corp.		(6,460	)		(155,363	)		(8.3	)
Bausch Health Cos., Inc.		(16,820	)		(304,778	)		(16.4	)
Baxter International, Inc.		(490	)		(43,502	)		(2.3	)
Becton Dickinson and Co.		(3,407	)		(860,370	)		(46.2	)
BioMarin Pharmaceutical, Inc.		(588	)		(54,108	)		(2.9	)
Bio-Techne Corp.		(3,350	)		(753,750	)		(40.5	)
Boston Scientific Corp.		(6,179	)		(231,589	)		(12.4	)
Broadcom, Inc.		(680	)		(184,702	)		(9.9	)
Broadridge Financial Solutions, Inc.		(520	)		(60,320	)		(3.2	)
Brown & Brown, Inc.		(8,936	)		(320,892	)		(17.2	)
Brown-Forman Corp., Class B		(5,620	)		(349,564	)		(18.8	)
Bruker Corp.		(1,760	)		(69,203	)		(3.7	)
Bunge Ltd.		(4,375	)		(173,556	)		(9.3	)
Cable One, Inc.		(160	)		(306,058	)		(16.4	)
Cabot Oil & Gas Corp.		(1,780	)		(38,484	)		(2.1	)
Caesars Entertainment Corp.		(21,278	)		(205,545	)		(11.0	)
Campbell Soup Co.		(109	)		(5,448	)		(0.3	)
Cardinal Health, Inc.		(1,200	)		(59,376	)		(3.2	)
CarMax, Inc.		(4,050	)		(298,283	)		(16.0	)
Carnival Corp.		(9,580	)		(152,322	)		(8.2	)
Caterpillar, Inc.		(480	)		(55,862	)		(3.0	)
CBRE Group, Inc., Class A		(1,050	)		(45,077	)		(2.4	)
Centene Corp.		(629	)		(41,879	)		(2.3	)
CenterPoint Energy, Inc.		(14,580	)		(248,297	)		(13.3	)
Ceridian HCM Holding, Inc.		(11,740	)		(692,308	)		(37.2	)
Charles River Laboratories International, Inc.		(580	)		(83,909	)		(4.5	)
Charles Schwab Corp. (The)		(1,415	)		(53,374	)		(2.9	)
Church & Dwight Co., Inc.		(5,223	)		(365,558	)		(19.6	)
Cisco Systems, Inc.		(12,950	)		(548,821	)		(29.5	)
Cognex Corp.		(6,425	)		(354,917	)		(19.1	)
Conagra Brands, Inc.		(7,840	)		(262,170	)		(14.1	)
Concho Resources, Inc.		(13,600	)		(771,392	)		(41.4	)
Constellation Brands, Inc., Class A		(1,405	)		(231,389	)		(12.4	)

20

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Cooper Cos., Inc. (The)		(320	)	$	(91,744	)		(4.9	)%
Copart, Inc.		(4,460	)		(357,291	)		(19.2	)
Corning, Inc.		(15,470	)		(340,495	)		(18.3	)
Coupa Software, Inc.		(1,170	)		(206,025	)		(11.1	)
CSX Corp.		(1,860	)		(123,188	)		(6.6	)
Danaher Corp.		(2,770	)		(452,784	)		(24.3	)
Deere & Co.		(710	)		(102,993	)		(5.5	)
Dell Technologies, Inc., Class C		(9,380	)		(400,432	)		(21.5	)
DexCom, Inc.		(1,483	)		(497,102	)		(26.7	)
Discovery, Inc., Class C		(2,560	)		(52,250	)		(2.8	)
DISH Network Corp., Class A		(6,080	)		(152,091	)		(8.2	)
DocuSign, Inc.		(8,382	)		(878,015	)		(47.2	)
Dollar Tree, Inc.		(3,655	)		(291,194	)		(15.6	)
Dominion Energy, Inc.		(2,019	)		(155,725	)		(8.4	)
DR Horton, Inc.		(7,209	)		(340,409	)		(18.3	)
DuPont de Nemours, Inc.		(1,300	)		(61,126	)		(3.3	)
DXC Technology Co.		(5,690	)		(103,160	)		(5.5	)
East West Bancorp, Inc.		(4,290	)		(150,450	)		(8.1	)
Eaton Corp. plc		(1,090	)		(91,015	)		(4.9	)
Edison International		(18,265	)		(1,072,338	)		(57.6	)
Elanco Animal Health, Inc.		(20,630	)		(509,767	)		(27.4	)
Encompass Health Corp.		(470	)		(31,138	)		(1.7	)
Entegris, Inc.		(1,040	)		(56,399	)		(3.0	)
EPAM Systems, Inc.		(540	)		(119,281	)		(6.4	)
Equifax, Inc.		(12,281	)		(1,705,831	)		(91.6	)
Essential Utilities, Inc.		(16,501	)		(689,577	)		(37.0	)
Everest Re Group Ltd.		(420	)		(72,715	)		(3.9	)
Exact Sciences Corp.		(5,679	)		(448,527	)		(24.1	)
Exxon Mobil Corp.		(29,510	)		(1,371,330	)		(73.7	)
Fastenal Co.		(3,720	)		(134,738	)		(7.2	)
FedEx Corp.		(3,290	)		(417,073	)		(22.4	)
Fidelity National Information Services, Inc.		(4,260	)		(561,851	)		(30.2	)
First Republic Bank		(1,149	)		(119,829	)		(6.4	)
Fiserv, Inc.		(3,094	)		(318,868	)		(17.1	)
FLIR Systems, Inc.		(7,310	)		(317,254	)		(17.0	)
Ford Motor Co.		(100,700	)		(512,563	)		(27.5	)
Franklin Resources, Inc.		(4,600	)		(86,664	)		(4.7	)
Freeport-McMoRan, Inc.		(66,190	)		(584,458	)		(31.4	)
GCI Liberty, Inc., Class A		(3,060	)		(186,140	)		(10.0	)
General Motors Co.		(7,858	)		(175,155	)		(9.4	)
Genuine Parts Co.		(3,410	)		(270,345	)		(14.5	)
Global Payments, Inc.		(2,320	)		(385,166	)		(20.7	)
Graco, Inc.		(10,950	)		(489,027	)		(26.3	)
Guidewire Software, Inc.		(4,486	)		(407,508	)		(21.9	)
Hasbro, Inc.		(2,880	)		(207,965	)		(11.2	)
Hess Corp.		(6,310	)		(306,918	)		(16.5	)
Howmet Aerospace, Inc.		(6,913	)		(90,353	)		(4.9	)
Huntington Bancshares, Inc.		(6,225	)		(57,519	)		(3.1	)
Huntington Ingalls Industries, Inc.		(920	)		(176,097	)		(9.5	)
IHS Markit Ltd.		(1,530	)		(102,969	)		(5.5	)
Illumina, Inc.		(240	)		(76,567	)		(4.1	)
Insulet Corp.		(930	)		(185,740	)		(10.0	)
International Business Machines Corp.		(480	)		(60,269	)		(3.2	)
International Flavors & Fragrances, Inc.		(12,752	)		(1,670,895	)		(89.7	)
Intuitive Surgical, Inc.		(881	)		(450,085	)		(24.2	)
Invesco Ltd.		(13,502	)		(116,387	)		(6.3	)
IPG Photonics Corp.		(3,094	)		(400,147	)		(21.5	)
IQVIA Holdings, Inc.		(1,310	)		(186,793	)		(10.0	)
Jacobs Engineering Group, Inc.		(2,940	)		(243,285	)		(13.1	)
JB Hunt Transport Services, Inc.		(845	)		(85,446	)		(4.6	)
JM Smucker Co. (The)		(2,520	)		(289,573	)		(15.6	)

	Shares			Value			% of Basket Value
United States (continued)
Kellogg Co.		(172	)	$	(11,266	)		(0.6	)%
Keurig Dr Pepper, Inc.		(15,729	)		(416,189	)		(22.4	)
Kinder Morgan, Inc.		(7,880	)		(120,012	)		(6.4	)
KLA Corp.		(230	)		(37,741	)		(2.0	)
Kraft Heinz Co. (The)		(16,570	)		(502,568	)		(27.0	)
Kroger Co. (The)		(1,420	)		(44,886	)		(2.4	)
L3Harris Technologies, Inc.		(1,730	)		(335,101	)		(18.0	)
Las Vegas Sands Corp.		(5,450	)		(261,709	)		(14.1	)
Lear Corp.		(990	)		(96,674	)		(5.2	)
Leidos Holdings, Inc.		(980	)		(96,834	)		(5.2	)
Lennox International, Inc.		(570	)		(106,408	)		(5.7	)
Liberty Media Corp-Liberty Formula One, Class C		(4,170	)		(134,232	)		(7.2	)
Lincoln National Corp.		(4,090	)		(145,072	)		(7.8	)
Live Nation Entertainment, Inc.		(9,659	)		(433,399	)		(23.3	)
M&T Bank Corp.		(310	)		(34,745	)		(1.9	)
Markel Corp.		(130	)		(112,559	)		(6.0	)
Marriott International, Inc., Class A		(7,206	)		(655,314	)		(35.2	)
Marvell Technology Group Ltd.		(25,821	)		(690,454	)		(37.1	)
Medtronic plc		(530	)		(51,744	)		(2.8	)
Microchip Technology, Inc.		(2,171	)		(190,462	)		(10.2	)
Micron Technology, Inc.		(5,710	)		(273,452	)		(14.7	)
Molson Coors Beverage Co., Class B		(6,890	)		(282,559	)		(15.2	)
MongoDB, Inc.		(2,160	)		(350,201	)		(18.8	)
Monster Beverage Corp.		(630	)		(38,940	)		(2.1	)
Mosaic Co. (The)		(35,740	)		(411,367	)		(22.1	)
Mylan NV		(19,849	)		(332,868	)		(17.9	)
Newell Brands, Inc.		(14,824	)		(205,757	)		(11.1	)
Nordson Corp.		(909	)		(146,267	)		(7.9	)
Norfolk Southern Corp.		(2,316	)		(396,268	)		(21.3	)
Nucor Corp.		(7,110	)		(292,861	)		(15.7	)
Occidental Petroleum Corp.		(19,300	)		(320,380	)		(17.2	)
Okta, Inc.		(742	)		(112,265	)		(6.0	)
Old Dominion Freight Line, Inc.		(1,920	)		(278,957	)		(15.0	)
ON Semiconductor Corp.		(2,700	)		(43,322	)		(2.3	)
Owens Corning		(7,870	)		(341,243	)		(18.3	)
Packaging Corp. of America		(3,290	)		(317,978	)		(17.1	)
Parker-Hannifin Corp.		(2,650	)		(419,018	)		(22.5	)
Paycom Software, Inc.		(1,017	)		(265,457	)		(14.3	)
PerkinElmer, Inc.		(3,080	)		(278,832	)		(15.0	)
Perrigo Co. plc		(16,468	)		(877,744	)		(47.1	)
Pfizer, Inc.		(1,110	)		(42,580	)		(2.3	)
Post Holdings, Inc.		(3,950	)		(362,808	)		(19.5	)
PPL Corp.		(3,425	)		(87,064	)		(4.7	)
PRA Health Sciences, Inc.		(423	)		(40,820	)		(2.2	)
Principal Financial Group, Inc.		(9,540	)		(347,351	)		(18.7	)
Progressive Corp. (The)		(3,760	)		(290,648	)		(15.6	)
Proofpoint, Inc.		(240	)		(29,215	)		(1.6	)
Prudential Financial, Inc.		(5,990	)		(373,596	)		(20.1	)
PTC, Inc.		(9,846	)		(681,836	)		(36.6	)
QIAGEN NV		(16,498	)		(687,802	)		(36.9	)
Regeneron Pharmaceuticals, Inc.		(100	)		(52,588	)		(2.8	)
Rollins, Inc.		(6,580	)		(263,200	)		(14.1	)
Ross Stores, Inc.		(380	)		(34,717	)		(1.9	)
Sarepta Therapeutics, Inc.		(5,000	)		(589,400	)		(31.7	)
Seattle Genetics, Inc.		(8,920	)		(1,224,092	)		(65.7	)
Sensata Technologies Holding plc		(11,373	)		(413,750	)		(22.2	)
Service Corp. International		(2,210	)		(81,195	)		(4.4	)
Splunk, Inc.		(2,620	)		(367,743	)		(19.8	)
SS&C Technologies Holdings, Inc.		(4,069	)		(224,446	)		(12.1	)

21

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Steel Dynamics, Inc.		(8,743	)	$	(212,193	)		(11.4	)%
SVB Financial Group		(860	)		(166,126	)		(8.9	)
Tapestry, Inc.		(10,410	)		(154,901	)		(8.3	)
Targa Resources Corp.		(20,175	)		(261,468	)		(14.0	)
TD Ameritrade Holding Corp.		(7,600	)		(298,452	)		(16.0	)
Teleflex, Inc.		(643	)		(215,662	)		(11.6	)
Tesla, Inc.		(1,389	)		(1,086,031	)		(58.3	)
Thermo Fisher Scientific, Inc.		(1,510	)		(505,367	)		(27.1	)
Tiffany & Co.		(1,763	)		(223,020	)		(12.0	)
T-Mobile US, Inc.		(3,220	)		(282,716	)		(15.2	)
Trade Desk, Inc. (The), Class A		(4,550	)		(1,331,239	)		(71.5	)
Travelers Cos., Inc. (The)		(2,180	)		(220,638	)		(11.9	)
Trimble, Inc.		(3,440	)		(119,127	)		(6.4	)
Truist Financial Corp.		(15,930	)		(594,508	)		(31.9	)
Twilio, Inc., Class A		(7,970	)		(895,031	)		(48.1	)
Twitter, Inc.		(11,610	)		(332,975	)		(17.9	)
Tyler Technologies, Inc.		(281	)		(90,114	)		(4.8	)
Tyson Foods, Inc., Class A		(1,470	)		(91,419	)		(4.9	)
Ubiquiti, Inc.		(550	)		(89,117	)		(4.8	)
UGI Corp.		(2,610	)		(78,770	)		(4.2	)
Ulta Beauty, Inc.		(340	)		(74,093	)		(4.0	)
Union Pacific Corp.		(5,210	)		(832,506	)		(44.7	)
United Rentals, Inc.		(1,590	)		(204,315	)		(11.0	)
UnitedHealth Group, Inc.		(1,120	)		(327,566	)		(17.6	)
Vail Resorts, Inc.		(1,320	)		(225,720	)		(12.1	)
Valero Energy Corp.		(440	)		(27,874	)		(1.5	)
VF Corp.		(3,480	)		(202,188	)		(10.9	)
Visa, Inc., Class A		(1,450	)		(259,144	)		(13.9	)
VMware, Inc., Class A		(470	)		(61,814	)		(3.3	)
Walgreens Boots Alliance, Inc.		(1,050	)		(45,455	)		(2.4	)
Walt Disney Co. (The)		(12,370	)		(1,337,815	)		(71.9	)
Wells Fargo & Co.		(15,690	)		(455,794	)		(24.5	)
Western Digital Corp.		(7,764	)		(357,765	)		(19.2	)
Westinghouse Air Brake Technologies Corp.		(3,990	)		(225,116	)		(12.1	)
Westlake Chemical Corp.		(7,910	)		(343,690	)		(18.5	)
WestRock Co.		(6,850	)		(220,502	)		(11.8	)
WEX, Inc.		(730	)		(96,594	)		(5.2	)
Xylem, Inc.		(2,068	)		(148,689	)		(8.0	)
Zimmer Biomet Holdings, Inc.		(444	)		(53,147	)		(2.9	)
Zscaler, Inc.		(730	)		(48,968	)		(2.6	)
					(64,724,394	)
Total Reference Entity — Short					(116,625,125	)
Net Value of Reference Entity — Citibank NA				$	1,862,020
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 April 30, 2020, expiration date 02/08/23:
Reference Entity — Long
Australia
AGL Energy Ltd.		9,385			103,001			28.6
Aristocrat Leisure Ltd.		4,620			75,767			21.1
Aurizon Holdings Ltd.		92,890			282,186			78.5
BHP Group plc		30,882			518,354			144.1
Brambles Ltd.		6,920			49,461			13.8
Commonwealth Bank of Australia		2,650			107,051			29.8
CSL Ltd.		990			197,334			54.9
Macquarie Group Ltd.		4,960			328,565			91.3
Newcrest Mining Ltd.		6,873			124,924			34.7
Oil Search Ltd.		77,046			151,204			42.0

	Shares		Value		% of Basket Value
Australia (continued)
Rio Tinto Ltd.		321	$	18,092		5.0	%
Rio Tinto plc		2,220		103,049		28.7
South32 Ltd.		130,340		163,923		45.6
Wesfarmers Ltd.		22,597		548,869		152.6
				2,771,780
Austria
OMV AG		14,855		485,043		134.8
Belgium
Colruyt SA		3,480		208,562		58.0
Groupe Bruxelles Lambert SA		5,204		416,299		115.7
UCB SA		3,048		279,316		77.7
				904,177
Bermuda
RenaissanceRe Holdings Ltd.		1,380		201,494		56.0
Canada
Agnico Eagle Mines Ltd.		4,270		250,564		69.7
Alimentation Couche-Tard, Inc., Class B		1,380		38,507		10.7
Bank of Montreal		417		21,201		5.9
Bank of Nova Scotia (The)		4,350		174,381		48.5
BCE, Inc.		4,150		167,825		46.7
Canadian Imperial Bank of Commerce		4,430		262,500		73.0
Canadian Natural Resources Ltd.		3,772		63,167		17.6
Cenovus Energy, Inc.		18,610		67,517		18.8
Constellation Software, Inc.		680		653,903		181.8
Fairfax Financial Holdings Ltd.		120		32,537		9.0
Franco-Nevada Corp.		5,720		756,777		210.4
Hydro One Ltd.		8,540		154,854		43.0
Imperial Oil Ltd.		16,370		264,493		73.5
Magna International, Inc.		14,662		572,258		159.1
National Bank of Canada		6,100		246,025		68.4
Restaurant Brands International, Inc.		1,310		64,583		17.9
Rogers Communications, Inc., Class B		6,174		258,590		71.9
Royal Bank of Canada		6,228		383,134		106.5
Sun Life Financial, Inc.		16,510		565,891		157.3
Suncor Energy, Inc.		6,431		114,672		31.9
TC Energy Corp.		2,460		113,214		31.5
Toronto-Dominion Bank (The)		11,966		499,977		139.0
				5,726,570
Denmark
Carlsberg A/S, Class B		12,494		1,576,156		438.2
Genmab A/S		410		98,558		27.4
Novo Nordisk A/S, Class B		7,098		452,782		125.9
Novozymes A/S, Class B		3,960		194,264		54.0
				2,321,760
Finland
Fortum OYJ		2,980		49,379		13.7
Kone OYJ, Class B		8,350		505,627		140.6
				555,006
France
Airbus SE		1,040		65,851		18.3
Alstom SA		7,093		290,948		80.9
Arkema SA		3,355		279,247		77.6
Carrefour SA		7,964		118,275		32.9
Cie de Saint-Gobain		3,700		98,449		27.4
Danone SA		1,842		128,382		35.7

22

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
France (continued)
Eiffage SA		5,488	$	448,489		124.7	%
Engie SA		14,840		161,008		44.8
Ipsen SA		1,040		77,441		21.5
Legrand SA		13,681		917,211		255.0
Orange SA		18,611		226,106		62.9
Peugeot SA		42,375		600,693		167.0
Publicis Groupe SA		4,500		132,835		36.9
Sodexo SA		610		48,767		13.6
Suez		2,540		28,731		8.0
Veolia Environnement SA		14,185		302,403		84.1
Vivendi SA		4,354		94,104		26.2
			4,018,940
Germany
adidas AG		830		190,014		52.8
Aroundtown SA		16,580		89,182		24.8
BASF SE		540		27,635		7.7
Brenntag AG		7,600		344,113		95.7
Deutsche Post AG (Registered)		5,867		174,292		48.5
Deutsche Telekom AG (Registered)		44,715		653,717		181.7
Evonik Industries AG		7,350		180,813		50.3
Fraport AG Frankfurt Airport Services Worldwide		3,210		140,609		39.1
HeidelbergCement AG		9,354		443,484		123.3
HOCHTIEF AG		9,859		771,479		214.5
LEG Immobilien AG		2,396		275,073		76.5
Merck KGaA		1,430		165,964		46.1
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		2,291		501,785		139.5
Symrise AG		2,150		217,816		60.6
Telefonica Deutschland Holding AG		138,230		393,232		109.3
			4,569,208
Hong Kong
CK Asset Holdings Ltd.		44,000		278,025		77.3
Hang Seng Bank Ltd.		75,200		1,315,252		365.7
Hong Kong Exchanges & Clearing Ltd.		2,800		89,774		24.9
			1,683,051
Ireland
AerCap Holdings NV		4,170		117,260		32.6
Japan
Aeon Co. Ltd.		2,900		58,382		16.2
AGC, Inc.		18,700		461,145		128.2
Ajinomoto Co., Inc.		16,400		292,097		81.2
Asahi Group Holdings Ltd.		4,400		151,295		42.1
Astellas Pharma, Inc.		13,700		226,586		63.0
Bridgestone Corp.		13,300		413,993		115.1
Chugai Pharmaceutical Co. Ltd.		2,400		286,084		79.5
Daiwa Securities Group, Inc.		27,200		113,109		31.4
Denso Corp.		21,300		748,732		208.2
Dentsu Group, Inc.		5,800		121,126		33.7
East Japan Railway Co.		800		58,416		16.2
FUJIFILM Holdings Corp.		2,900		138,134		38.4
Hitachi Ltd.		16,200		480,807		133.7
Hoya Corp.		1,700		155,029		43.1
Inpex Corp.		9,400		60,678		16.9
Japan Post Insurance Co. Ltd.		7,200		91,992		25.6
JXTG Holdings, Inc.		73,400		260,229		72.3
Kao Corp.		1,000		77,116		21.4
KDDI Corp.		5,100		147,718		41.1

	Shares		Value		% of Basket Value
Japan (continued)
Kyocera Corp.		6,500	$	347,298		96.6	%
Kyowa Kirin Co. Ltd.		7,200		167,110		46.5
Marubeni Corp.		21,500		103,541		28.8
MEIJI Holdings Co. Ltd.		8,700		604,248		168.0
Mitsubishi Chemical Holdings Corp.		8,500		48,311		13.4
Mitsubishi Corp.		3,500		74,228		20.6
Mitsubishi Electric Corp.		28,600		351,913		97.8
Mitsubishi Heavy Industries Ltd.		14,300		366,704		101.9
Mitsui & Co. Ltd.		8,300		115,854		32.2
MS&AD Insurance Group Holdings, Inc.		8,000		230,481		64.1
NEC Corp.		9,300		356,886		99.2
Nippon Steel Corp.		13,900		116,949		32.5
Nitori Holdings Co. Ltd.		2,400		367,862		102.3
Nitto Denko Corp.		4,000		199,814		55.6
Nomura Research Institute Ltd.		10,500		257,051		71.5
NTT Data Corp.		23,600		240,819		66.9
NTT DOCOMO, Inc.		1,100		32,418		9.0
Obayashi Corp.		73,200		639,812		177.9
Olympus Corp.		2,200		34,907		9.7
Omron Corp.		6,100		358,284		99.6
Ono Pharmaceutical Co. Ltd.		29,700		715,542		198.9
ORIX Corp.		9,100		107,084		29.8
Otsuka Holdings Co. Ltd.		20,400		801,803		222.9
Panasonic Corp.		12,500		95,287		26.5
Ricoh .Co. Ltd.		15,300		104,292		29.0
Rohm Co. Ltd.		6,100		385,665		107.2
Sekisui House Ltd.		83,800		1,437,565		399.7
Seven & i Holdings Co. Ltd.		600		19,870		5.5
Shionogi & Co. Ltd.		5,700		314,797		87.5
Sumitomo Chemical Co. Ltd.		232,500		713,124		198.3
Sumitomo Corp.		17,100		193,439		53.8
Sumitomo Electric Industries Ltd.		51,000		524,711		145.9
Sumitomo Mitsui Financial Group, Inc.		20,500		539,093		149.9
Tokio Marine Holdings,Inc.		2,800		131,364		36.5
Tokyo Electron Ltd.		900		191,683		53.3
Toray Industries, Inc.		30,600		140,292		39.0
TOTO Ltd.		1,400		48,730		13.5
Trend Micro, Inc.		2,500		126,830		35.3
West Japan Railway Co.		1,800		111,236		30.9
Yakult Honsha Co. Ltd.		2,600		151,036		42.0
Yamaha Corp.		800		32,292		9.0
Yamaha Motor Co. Ltd.		12,600		162,109		45.1
			16,405,002
Netherlands
Akzo Nobel NV		11,704		888,215		246.9
EXOR NV		1,121		61,133		17.0
Koninklijke DSM NV		647		79,298		22.1
Koninklijke KPN NV		41,380		95,312		26.5
Koninklijke Philips NV		11,448		499,047		138.7
NXP Semiconductors NV		390		38,832		10.8
Randstad NV		7,840		315,526		87.7
Wolters Kluwer NV		18,958		1,394,426		387.7
			3,371,789
Norway
Orkla ASA		65,620		592,738		164.8
Telenor ASA		21,990		337,306		93.8
Yara International ASA		4,430		150,463		41.8
			1,080,507

23

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Portugal
Galp Energia SGPS SA		5,260	$	60,706		16.9	%
Jeronimo Martins SGPS SA		11,890		201,578		56.0
			262,284
Singapore
United Overseas Bank Ltd.		23,900		341,510		95.0
South Africa
Anglo American plc		16,520		293,809		81.7
South Korea
Amorepacific Corp.		310		44,903		12.5
Hana Financial Group, Inc.		7,700		175,776		48.9
Hyundai Mobis Co. Ltd.		100		14,138		3.9
Kakao Corp.		710		107,294		29.8
KB Financial Group, Inc.		16,379		468,625		130.3
Kia Motors Corp.		16,300		398,123		110.7
KT&G Corp.		12,586		840,335		233.6
LG Electronics, Inc.		10,530		473,904		131.8
LG Household & Health Care Ltd.		228		258,551		71.9
NCSoft Corp.		89		47,157		13.1
POSCO		658		99,427		27.6
Samsung C&T Corp.		2,280		199,647		55.5
Samsung Electronics Co. Ltd.		5,410		222,446		61.9
Samsung Electronics Co. Ltd. (Preference)		14,540		504,038		140.1
Shinhan Financial Group Co. Ltd.		20,295		514,530		143.1
SK Telecom Co. Ltd.		1,300		225,945		62.8
			4,594,839
Spain
ACS Actividades de Construccion y Servicios SA		4,964		124,132		34.5
Aena SME SA		2,380		301,273		83.7
Industria de Diseno Textil SA		6,696		171,501		47.7
			596,906
Sweden
Assa Abloy AB, Class B		1,910		34,193		9.5
Electrolux AB		28,760		393,261		109.3
Essity AB, Class B		16,534		535,592		148.9
Hennes & Mauritz AB, Class B		5,000		68,348		19.0
Skanska AB, Class B		5,560		105,783		29.4
Swedish Match AB		9,321		576,005		160.1
Volvo AB, Class B		1,542		19,760		5.5
			1,732,942
Switzerland
Adecco Group AG (Registered)		7,660		335,207		93.2
Coca-Cola HBC AG		4,550		115,291		32.1
Geberit AG (Registered)		730		326,458		90.8
Givaudan SA (Registered)		100		335,329		93.2
Kuehne + Nagel International AG (Registered)		2,800		400,518		111.4
Nestle SA (Registered)		840		88,965		24.7
Novartis AG (Registered)		4,828		412,014		114.5
STMicroelectronics NV		1,931		49,726		13.8
Straumann Holding AG (Registered)		80		60,866		16.9
Swatch Group AG (The)		1,175		235,778		65.6
Swiss Life Holding AG (Registered)		894		317,034		88.1

	Shares		Value		% of Basket Value
Switzerland (continued)
Swiss Prime Site AG (Registered)		2,430	$	231,352		64.3	%
			2,908,538
United Kingdom
Associated British Foods plc		29,619		703,136		195.5
Auto Trader Group plc		12,800		73,683		20.5
Aviva plc		93,970		284,177		79.0
BAE Systems plc		27,990		178,532		49.6
Barclays plc		27,570		36,814		10.2
Bunzl plc		5,424		117,727		32.7
Burberry Group plc		2,060		35,769		10.0
CK Hutchison Holdings Ltd.		66,000		489,204		136.0
Compass Group plc		27,260		458,715		127.5
GlaxoSmithKline plc		29,457		614,550		170.9
Halma plc		20,650		542,897		150.9
Informa plc		14,829		81,913		22.8
InterContinental Hotels Group plc		1,660		75,618		21.0
JD Sports Fashion plc		7,210		47,790		13.3
Legal & General Group plc		43,060		110,707		30.8
Next plc		11,040		657,307		182.7
Pearson plc		22,540		129,980		36.1
RELX plc		7,520		169,665		47.2
Rentokil Initial plc		26,760		159,212		44.3
Rightmove plc		179,564		1,122,713		312.1
Rolls-Royce Holdings plc		40,240		166,552		46.3
RSA Insurance Group plc		135,930		616,043		171.3
Sage Group plc (The)		80,580		648,065		180.2
Smith & Nephew plc		15,441		302,167		84.0
Unilever NV		11,470		571,198		158.8
WPP plc		22,010		170,778		47.5
			8,564,912
United States
AbbVie, Inc.		1,138		93,544		26.0
Adobe, Inc.		1,101		389,358		108.2
Advance Auto Parts, Inc.		200		24,182		6.7
Aflac, Inc.		5,215		194,207		54.0
Alaska Air Group, Inc.		2,370		77,072		21.4
Alexion Pharmaceuticals, Inc.		7,750		832,893		231.6
Align Technology, Inc.		570		122,465		34.0
Alleghany Corp.		410		218,821		60.8
Allegion plc		1,450		145,783		40.5
Alliant Energy Corp.		17,626		855,742		237.9
Allstate Corp. (The)		9,092		924,838		257.1
Ally Financial, Inc.		12,620		206,842		57.5
Alphabet, Inc., Class C		532		717,468		199.5
Amdocs Ltd.		19,292		1,243,176		345.6
Ameren Corp.		2,207		160,559		44.6
American Electric Power Co., Inc.		2,116		175,861		48.9
American Express Co.		1,382		126,108		35.1
American Financial Group, Inc.		8,626		571,386		158.9
American Water Works Co., Inc.		940		114,389		31.8
AmerisourceBergen Corp.		1,100		98,626		27.4
AMETEK, Inc.		7,570		634,896		176.5
Applied Materials, Inc.		13,115		651,553		181.1
AptarGroup, Inc.		1,080		115,646		32.1
Arch Capital Group Ltd.		3,790		91,074		25.3
Arrow Electronics, Inc.		3,020		190,018		52.8
Assurant, Inc.		990		105,178		29.2
AT&T, Inc.		5,780		176,117		49.0
Atmos Energy Corp.		8,050		820,859		228.2
Autodesk, Inc.		1,920		359,290		99.9

24

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Automatic Data Processing, Inc.		7,211	$	1,057,782		294.1	%
AutoZone, Inc.		32		32,650		9.1
Avery Dennison Corp.		2,492		275,092		76.5
Axalta Coating Systems Ltd.		29,232		577,040		160.4
Bank of New York Mellon Corp. (The)		1,750		65,695		18.3
Best Buy Co., Inc.		4,765		365,618		101.6
Biogen, Inc.		5,170		1,534,611		426.6
Bio-Rad Laboratories, Inc., Class A		20		8,802		2.4
Booking Holdings, Inc.		149		220,605		61.3
Booz Allen Hamilton Holding Corp.		2,291		168,251		46.8
Bright Horizons Family Solutions, Inc.		1,490		173,511		48.2
Bristol-Myers Squibb Co., CVR		8,815		39,756		11.1
Burlington Stores, Inc.		460		84,037		23.4
Cadence Design Systems, Inc.		1,305		105,875		29.4
Capital One Financial Corp.		10,535		682,247		189.7
Carlisle Cos., Inc.		4,260		515,290		143.3
Carnival plc		12,940		178,316		49.6
CDW Corp.		2,583		286,196		79.6
Cerner Corp.		15,640		1,085,260		301.7
CH Robinson Worldwide, Inc.		853		60,478		16.8
Charter Communications, Inc., Class A		280		138,664		38.5
Chemed Corp.		955		397,824		110.6
Chevron Corp.		680		62,560		17.4
Chipotle Mexican Grill, Inc.		150		131,783		36.6
Ciena Corp.		13,900		642,875		178.7
Cintas Corp.		585		129,771		36.1
Citigroup, Inc.		2,325		112,902		31.4
Citizens Financial Group, Inc.		9,841		220,340		61.3
Citrix Systems, Inc.		3,061		443,876		123.4
CMS Energy Corp.		1,950		111,326		30.9
Cognizant Technology Solutions Corp., Class A		1,120		64,982		18.1
Colgate-Palmolive Co.		470		33,027		9.2
Columbia Sportswear Co.		1,790		130,473		36.3
ConocoPhillips		2,407		101,335		28.2
Consolidated Edison, Inc.		730		57,524		16.0
Continental Resources, Inc.		4,664		76,443		21.3
Cummins, Inc.		6,137		1,003,400		279.0
CVS Health Corp.		1,850		113,868		31.7
DaVita, Inc.		140		11,061		3.1
DENTSPLY SIRONA, Inc.		2,410		102,280		28.4
Devon Energy Corp.		41,533		517,917		144.0
Discover Financial Services		9,329		400,867		111.4
Dollar General Corp.		2,510		440,003		122.3
Domino’s Pizza, Inc.		240		86,863		24.1
Dover Corp.		6,318		591,681		164.5
Dunkin’ Brands Group, Inc.		13,980		878,503		244.2
E*TRADE Financial Corp.		730		29,645		8.2
Edwards Lifesciences Corp.		3,370		732,975		203.8
Electronic Arts, Inc.		2,140		244,516		68.0
Eli Lilly & Co.		1,714		265,053		73.7
Emerson Electric Co.		4,800		273,744		76.1
Equitable Holdings, Inc.		5,970		109,370		30.4
Estee Lauder Cos., Inc. (The), Class A		298		52,567		14.6
Euronet Worldwide, Inc.		2,260		207,378		57.7
Evergy, Inc.		1,427		83,380		23.2
Eversource Energy		370		29,859		8.3
Expedia Group, Inc.		6,310		447,884		124.5
F5 Networks, Inc.		3,350		466,521		129.7

	Shares		Value		% of Basket Value
United States (continued)
Facebook, Inc., Class A		475	$	97,237		27.0	%
Fair Isaac Corp.		434		153,176		42.6
Ferguson plc		1,830		131,947		36.7
Fifth Third Bancorp		2,750		51,398		14.3
First American Financial Corp.		840		38,741		10.8
FirstEnergy Corp.		7,260		299,620		83.3
FleetCor Technologies, Inc.		770		185,763		51.6
FMC Corp.		1,770		162,663		45.2
Fortune Brands Home & Security, Inc.		3,738		180,172		50.1
Garmin Ltd.		3,551		288,199		80.1
General Mills, Inc.		1,790		107,203		29.8
Gilead Sciences, Inc.		2,964		248,976		69.2
Globe Life, Inc.		5,300		436,402		121.3
GoDaddy, Inc., Class A		2,130		147,886		41.1
HCA Healthcare, Inc.		3,918		430,510		119.7
HD Supply Holdings, Inc.		13,800		409,584		113.9
Henry Schein, Inc.		12,915		704,642		195.9
Hershey Co. (The)		6,650		880,660		244.8
Hewlett Packard Enterprise Co.		19,333		194,490		54.1
Hilton Worldwide Holdings, Inc.		3,294		249,389		69.3
Hologic, Inc.		6,330		317,133		88.2
HP, Inc.		3,660		56,767		15.8
Hubbell, Inc.		2,380		296,143		82.3
IAC/InterActiveCorp		460		102,801		28.6
IDEX Corp.		2,351		361,184		100.4
IDEXX Laboratories, Inc.		1,201		333,398		92.7
Illinois Tool Works, Inc.		300		48,750		13.6
Intel Corp.		4,165		249,817		69.5
Intercontinental Exchange, Inc.		1,250		111,813		31.1
Interpublic Group of Cos., Inc. (The)		18,493		314,011		87.3
Intuit, Inc.		537		144,888		40.3
James Hardie Industries plc, CDI		24,250		348,123		96.8
Jazz Pharmaceuticals plc		950		104,738		29.1
Johnson & Johnson		5,369		805,565		224.0
Johnson Controls International plc		5,170		150,499		41.8
Juniper Networks, Inc.		3,290		71,064		19.8
KeyCorp		2,130		24,815		6.9
Laboratory Corp. of America Holdings		350		57,558		16.0
Lam Research Corp.		959		244,814		68.1
Lamb Weston Holdings, Inc.		730		44,793		12.5
Liberty Media Corp-Liberty SiriusXM, Class C		15,339		522,600		145.3
LKQ Corp.		1,770		46,286		12.9
LPL Financial Holdings, Inc.		7,420		446,832		124.2
Marathon Oil Corp.		87,360		534,643		148.6
McKesson Corp.		3,220		454,825		126.4
Merck & Co., Inc.		8,562		679,309		188.9
MGM Resorts International		19,950		335,759		93.3
Microsoft Corp.		2,560		458,778		127.5
Mondelez International, Inc., Class A		5,265		270,832		75.3
Morgan Stanley		2,117		83,473		23.2
National Oilwell Varco, Inc.		7,050		89,112		24.8
Neurocrine Biosciences, Inc.		2,560		251,238		69.8
NextEra Energy, Inc.		190		43,913		12.2
NIKE, Inc., Class B		5,111		445,577		123.9
NiSource, Inc.		18,400		462,024		128.4
Northern Trust Corp.		1,600		126,656		35.2
Norwegian Cruise Line Holdings Ltd.		10,580		173,512		48.2

25

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
NRG Energy, Inc.		6,827	$	228,909		63.6	%
NVR, Inc.		20		62,000		17.2
OGE Energy Corp.		6,212		195,802		54.4
Old Republic International Corp.		2,720		43,384		12.1
Omnicom Group, Inc.		4,994		284,808		79.2
O’Reilly Automotive, Inc.		1,147		443,132		123.2
Paychex, Inc.		14,827		1,015,946		282.4
PayPal Holdings, Inc.		390		47,970		13.3
Pentair plc		4,990		172,604		48.0
People’s United Financial, Inc.		6,150		78,044		21.7
PepsiCo, Inc.		2,200		291,038		80.9
Phillips 66		558		40,829		11.3
Pinnacle West Capital Corp.		1,936		149,053		41.4
Pool Corp.		1,250		264,575		73.6
PPG Industries, Inc.		5,220		474,133		131.8
Public Service Enterprise Group, Inc.		3,380		171,400		47.6
PulteGroup, Inc.		12,130		342,915		95.3
PVH Corp.		3,220		158,521		44.1
Qorvo, Inc.		2,527		247,722		68.9
QUALCOMM, Inc.		2,550		200,609		55.8
Quest Diagnostics, Inc.		2,200		242,242		67.3
Reliance Steel & Aluminum Co.		9,050		810,699		225.4
Robert Half International, Inc.		6,204		293,263		81.5
Rockwell Automation, Inc.		560		106,109		29.5
Royal Gold, Inc.		350		42,886		11.9
salesforce.com, Inc.		1,590		257,501		71.6
Santander Consumer USA Holdings, Inc.		5,990		93,384		26.0
Schlumberger Ltd.		4,470		75,185		20.9
SEI Investments Co.		9,250		471,380		131.0
Sherwin-Williams Co. (The)		220		118,001		32.8
Sirius XM Holdings, Inc.		17,780		105,080		29.2
Skyworks Solutions, Inc.		160		16,621		4.6
Snap-on, Inc.		1,780		231,916		64.5
Southern Co. (The)		1,710		97,008		27.0
Spirit AeroSystems Holdings, Inc., Class A		1,830		40,553		11.3
Starbucks Corp.		10,840		831,753		231.2
STERIS plc		88		12,540		3.5
Stryker Corp.		285		53,133		14.8
Synchrony Financial		36,574		723,799		201.2
Synopsys, Inc.		5,192		815,767		226.8
Sysco Corp.		790		44,453		12.4
Take-Two Interactive Software, Inc.		1,250		151,313		42.1
Teledyne Technologies, Inc.		553		180,096		50.1
Teradyne, Inc.		8,498		531,465		147.8
Texas Instruments, Inc.		4,420		513,029		142.6
TJX Cos., Inc. (The)		8,865		434,828		120.9
Trane Technologies plc		2,411		210,770		58.6
United Airlines Holdings, Inc.		27,870		824,395		229.2
Universal Health Services, Inc., Class B		1,497		158,218		44.0
US Bancorp		2,240		81,760		22.7
US Foods Holding Corp.		10,700		230,050		64.0
VeriSign, Inc.		2,637		552,425		153.6
Verizon Communications, Inc.		570		32,747		9.1
Vertex Pharmaceuticals, Inc.		1,380		346,656		96.4
Vistra Energy Corp.		32,567		636,359		176.9
WABCO Holdings, Inc.		490		65,846		18.3
WEC Energy Group, Inc.		370		33,504		9.3
West Pharmaceutical Services, Inc.		4,230		800,570		222.6
Western Union Co. (The)		9,240		176,207		49.0

	Shares			Value			% of Basket Value
United States (continued)
Workday, Inc., Class A		560		$	86,184			24.0	%
WR Berkley Corp.		2,260			122,040			33.9
Xcel Energy, Inc.		2,780			176,697			49.1
Xerox Holdings Corp.		14,099			257,871			71.7
Yum! Brands, Inc.		3,381			292,220			81.2
Zebra Technologies Corp., Class A		770			176,838			49.2
Zions Bancorp NA		6,013			190,071			52.8
				60,571,630
Total Reference Entity — Long					124,078,957
Reference Entity — Short
Australia
Australia & New Zealand Banking Group Ltd.		(18,710	)		(203,237	)		(56.5	)
Coles Group Ltd.		(5,110	)		(51,242	)		(14.2	)
Insurance Australia Group Ltd.		(128,340	)		(479,517	)		(133.3	)
Lendlease Group		(68,106	)		(542,522	)		(150.8	)
Magellan Financial Group Ltd.		(4,080	)		(133,647	)		(37.2	)
National Australia Bank Ltd.		(22,902	)		(250,948	)		(69.8	)
Qantas Airways Ltd.		(26,110	)		(64,848	)		(18.0	)
Suncorp Group Ltd.		(9,490	)		(56,417	)		(15.7	)
Sydney Airport		(23,800	)		(96,947	)		(27.0	)
Telstra Corp. Ltd.		(30,080	)		(59,174	)		(16.5	)
Transurban Group		(23,848	)		(212,599	)		(59.1	)
Westpac Banking Corp.		(42,657	)		(443,810	)		(123.4	)
Woodside Petroleum Ltd.		(7,275	)		(104,173	)		(29.0	)
					(2,699,081	)
Belgium
Anheuser-Busch InBev SA/NV		(5,845	)		(272,202	)		(75.7	)
Umicore SA		(13,298	)		(576,343	)		(160.2	)
					(848,545	)
Canada
Barrick Gold Corp.		(4,580	)		(117,798	)		(32.8	)
Brookfield Asset Management, Inc., Class A		(14,850	)		(502,227	)		(139.6	)
Fortis, Inc.		(2,450	)		(94,941	)		(26.4	)
Great-West Lifeco, Inc.		(22,770	)		(374,933	)		(104.2	)
Husky Energy, Inc.		(30,740	)		(98,716	)		(27.5	)
Inter Pipeline Ltd.		(12,820	)		(107,206	)		(29.8	)
Loblaw Cos. Ltd.		(3,890	)		(191,433	)		(53.2	)
Shaw Communications, Inc., Class B		(2,780	)		(45,356	)		(12.6	)
Teck Resources Ltd., Class B		(17,760	)		(156,554	)		(43.5	)
TELUS Corp.		(2,060	)		(33,669	)		(9.4	)
Thomson Reuters Corp.		(990	)		(69,805	)		(19.4	)
					(1,792,638	)
Chile
Antofagasta plc		(30,790	)		(315,287	)		(87.7	)
China
BeiGene Ltd., ADR		(1,740	)		(265,924	)		(73.9	)
Prosus NV		(3,210	)		(243,353	)		(67.7	)
					(509,277	)
Denmark
Chr Hansen Holding A/S		(2,610	)		(225,044	)		(62.6	)
Danske Bank A/S		(17,300	)		(205,404	)		(57.1	)
Demant A/S		(6,686	)		(159,848	)		(44.4	)
H Lundbeck A/S		(1,180	)		(43,053	)		(12.0	)
Orsted A/S		(140	)		(14,142	)		(3.9	)

26

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Denmark (continued)
Vestas Wind Systems A/S		(1,431	)	$	(122,885	)		(34.2	)%
					(770,376	)
Finland
Nokia OYJ		(93,710	)		(337,819	)		(93.9	)
Nordea Bank Abp		(127,609	)		(816,462	)		(227.0	)
Sampo OYJ, Class A		(26,310	)		(872,110	)		(242.4	)
Stora Enso OYJ, Class R		(5,430	)		(63,882	)		(17.8	)
Wartsila OYJ Abp		(64,037	)		(470,046	)		(130.7	)
					(2,560,319	)
France
Edenred		(11,197	)		(451,050	)		(125.4	)
Faurecia SE		(6,680	)		(239,354	)		(66.6	)
Iliad SA		(2,623	)		(390,620	)		(108.6	)
Orpea		(2,832	)		(315,011	)		(87.6	)
SCOR SE		(5,945	)		(167,499	)		(46.6	)
Teleperformance		(111	)		(24,865	)		(6.9	)
Ubisoft Entertainment SA		(3,670	)		(272,982	)		(75.9	)
Valeo SA		(2,298	)		(52,677	)		(14.7	)
					(1,914,058	)
Germany
Bayer AG (Registered)		(1,670	)		(109,835	)		(30.5	)
Bayerische Motoren Werke AG		(1,840	)		(108,239	)		(30.1	)
Commerzbank AG		(162,082	)		(597,586	)		(166.1	)
Continental AG		(1,280	)		(106,959	)		(29.7	)
Covestro AG		(2,170	)		(72,893	)		(20.3	)
Daimler AG (Registered)		(23,862	)		(816,152	)		(226.9	)
Delivery Hero SE		(13,395	)		(1,136,100	)		(315.9	)
Deutsche Bank AG (Registered)		(146,289	)		(1,083,451	)		(301.2	)
Deutsche Lufthansa AG (Registered)		(19,000	)		(170,101	)		(47.3	)
E.ON SE		(61,580	)		(616,864	)		(171.5	)
Fresenius Medical Care AG & Co. KGaA		(1,620	)		(126,960	)		(35.3	)
Infineon Technologies AG		(14,501	)		(269,587	)		(75.0	)
KION Group AG		(3,183	)		(157,884	)		(43.9	)
Nemetschek SE		(1,940	)		(122,055	)		(33.9	)
Porsche Automobil Holding SE (Preference)		(13,546	)		(683,989	)		(190.2	)
thyssenkrupp AG		(51,070	)		(339,729	)		(94.5	)
TUI AG		(53,472	)		(213,016	)		(59.2	)
United Internet AG (Registered)		(11,671	)		(401,582	)		(111.6	)
Volkswagen AG		(999	)		(147,696	)		(41.1	)
Zalando SE		(6,867	)		(336,577	)		(93.6	)
					(7,617,255	)
Japan
Advantest Corp.		(3,300	)		(160,121	)		(44.5	)
Aisin Seiki Co. Ltd.		(5,900	)		(169,917	)		(47.2	)
ANA Holdings, Inc.		(10,000	)		(212,500	)		(59.1	)
Bandai Namco Holdings, Inc.		(5,400	)		(269,819	)		(75.0	)
Central Japan Railway Co.		(800	)		(125,884	)		(35.0	)
Chubu Electric Power Co., Inc.		(38,300	)		(517,968	)		(144.0	)
Daifuku Co. Ltd.		(11,800	)		(825,773	)		(229.6	)
Dai-ichi Life Holdings, Inc.		(29,000	)		(363,435	)		(101.0	)
Daiichi Sankyo Co. Ltd.		(2,000	)		(137,483	)		(38.2	)
Daito Trust Construction Co. Ltd.		(1,800	)		(171,154	)		(47.6	)
Daiwa House Industry Co. Ltd.		(9,900	)		(250,869	)		(69.7	)
Disco Corp.		(2,500	)		(558,286	)		(155.2	)
FamilyMart Co. Ltd.		(12,000	)		(203,492	)		(56.6	)
FANUC Corp.		(3,600	)		(587,568	)		(163.4	)
Fast Retailing Co. Ltd.		(300	)		(142,274	)		(39.6	)
Hitachi High-Tech Corp.		(1,300	)		(96,814	)		(26.9	)
Hoshizaki Corp.		(500	)		(38,103	)		(10.6	)

	Shares			Value			% of Basket Value
Japan (continued)
Idemitsu Kosan Co. Ltd.		(17,500	)	$	(397,653	)		(110.6	)%
Isuzu Motors Ltd.		(19,100	)		(145,151	)		(40.4	)
Japan Airlines Co. Ltd.		(25,800	)		(460,215	)		(127.9	)
Japan Post Holdings Co. Ltd.		(15,300	)		(122,383	)		(34.0	)
JFE Holdings, Inc.		(68,600	)		(455,232	)		(126.6	)
Kajima Corp.		(64,700	)		(672,283	)		(186.9	)
Kansai Electric Power Co., Inc. (The)		(33,700	)		(345,329	)		(96.0	)
Keyence Corp.		(1,200	)		(428,415	)		(119.1	)
Kikkoman Corp.		(2,700	)		(124,065	)		(34.5	)
Kirin Holdings Co. Ltd.		(2,800	)		(54,035	)		(15.0	)
Komatsu Ltd.		(14,400	)		(272,461	)		(75.7	)
Kose Corp.		(1,700	)		(212,521	)		(59.1	)
Kubota Corp.		(15,600	)		(193,732	)		(53.9	)
LINE Corp.		(1,700	)		(83,157	)		(23.1	)
Makita Corp.		(13,800	)		(449,362	)		(124.9	)
MINEBEA MITSUMI, Inc.		(2,500	)		(40,648	)		(11.3	)
Mitsubishi Estate Co. Ltd.		(5,800	)		(93,833	)		(26.1	)
Mitsui Fudosan Co. Ltd.		(16,100	)		(296,030	)		(82.3	)
MonotaRO Co. Ltd.		(31,700	)		(1,018,565	)		(283.2	)
Murata Manufacturing Co. Ltd.		(1,100	)		(61,982	)		(17.2	)
Nexon Co. Ltd.		(10,000	)		(161,460	)		(44.9	)
Nidec Corp.		(10,400	)		(605,426	)		(168.3	)
Nissan Motor Co. Ltd.		(14,300	)		(48,674	)		(13.5	)
Nomura Holdings, Inc.		(16,200	)		(67,224	)		(18.7	)
Obic Co. Ltd.		(2,400	)		(360,148	)		(100.1	)
Oriental Land Co. Ltd.		(9,100	)		(1,150,652	)		(319.9	)
Rakuten, Inc.		(38,600	)		(327,298	)		(91.0	)
Renesas Electronics Corp.		(12,800	)		(67,589	)		(18.8	)
Resona Holdings, Inc.		(64,300	)		(200,811	)		(55.8	)
Sharp Corp.		(32,500	)		(357,763	)		(99.5	)
Shimadzu Corp.		(1,000	)		(24,904	)		(6.9	)
Shimano, Inc.		(1,100	)		(162,091	)		(45.1	)
Shimizu Corp.		(15,100	)		(115,969	)		(32.2	)
Shin-Etsu Chemical Co. Ltd.		(1,800	)		(198,544	)		(55.2	)
Shiseido Co. Ltd.		(2,900	)		(170,500	)		(47.4	)
SMC Corp.		(1,800	)		(813,641	)		(226.2	)
SoftBank Group Corp.		(17,900	)		(767,241	)		(213.3	)
Sony Corp.		(1,300	)		(83,660	)		(23.3	)
Subaru Corp.		(22,500	)		(450,326	)		(125.2	)
Sumitomo Metal Mining Co. Ltd.		(9,700	)		(241,754	)		(67.2	)
Sumitomo Mitsui Trust Holdings, Inc.		(4,100	)		(119,379	)		(33.2	)
Sysmex Corp.		(3,900	)		(269,440	)		(74.9	)
Taisei Corp.		(30,300	)		(944,515	)		(262.6	)
Terumo Corp.		(4,300	)		(142,685	)		(39.7	)
Tokyo Electric Power Co. Holdings, Inc.		(54,600	)		(183,801	)		(51.1	)
Toshiba Corp.		(10,800	)		(267,816	)		(74.5	)
Unicharm Corp.		(1,500	)		(55,280	)		(15.4	)
Yamato Holdings Co. Ltd.		(10,000	)		(174,537	)		(48.5	)
Yaskawa Electric Corp.		(20,200	)		(658,615	)		(183.1	)
Z Holdings Corp.		(23,200	)		(89,536	)		(24.9	)
					(20,039,791	)
Luxembourg
Eurofins Scientific SE		(1,225	)		(677,634	)		(188.4	)
Mexico
Fresnillo plc		(10,560	)		(93,807	)		(26.1	)
Netherlands
Adyen NV		(90	)		(88,882	)		(24.7	)
Just Eat Takeaway.com NV		(16,421	)		(1,687,935	)		(469.3	)

27

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Netherlands (continued)
Koninklijke Vopak NV		(7,530	)	$	(434,207	)		(120.7	)%
					(2,211,024	)
Norway
Aker BP ASA		(14,220	)		(233,457	)		(64.9	)
Equinor ASA		(31,790	)		(440,191	)		(122.4	)
Mowi ASA		(16,579	)		(283,949	)		(78.9	)
					(957,597	)
Portugal
EDP — Energias de Portugal SA		(13,180	)		(55,539	)		(15.4	)
Singapore
Oversea-Chinese Banking Corp. Ltd.		(7,900	)		(50,405	)		(14.0	)
Singapore Telecommunications Ltd.		(83,300	)		(166,453	)		(46.3	)
					(216,858	)
South Africa
Mondi plc		(9,120	)		(161,053	)		(44.8	)
South Korea
Celltrion Healthcare Co. Ltd.		(10,342	)		(716,809	)		(199.3	)
Celltrion, Inc.		(5,788	)		(1,000,376	)		(278.1	)
Hyundai Motor Co.		(5,382	)		(415,988	)		(115.6	)
LG Chem Ltd.		(1,478	)		(459,234	)		(127.7	)
Samsung Biologics Co. Ltd.		(2,451	)		(1,170,800	)		(325.5	)
Samsung Electro-Mechanics Co. Ltd.		(287	)		(26,832	)		(7.5	)
Samsung SDI Co. Ltd.		(1,716	)		(405,381	)		(112.7	)
SK Hynix, Inc.		(2,330	)		(160,345	)		(44.6	)
SK Innovation Co. Ltd.		(522	)		(42,110	)		(11.7	)
					(4,397,875	)
Sweden
Alfa Laval AB		(16,150	)		(301,794	)		(83.9	)
Boliden AB		(37,323	)		(752,335	)		(209.2	)
Epiroc AB, Class A		(17,760	)		(177,736	)		(49.4	)
Hexagon AB, Class B		(10,353	)		(508,042	)		(141.2	)
ICA Gruppen AB		(6,476	)		(283,360	)		(78.8	)
Skandinaviska Enskilda Banken AB, Class A		(7,510	)		(61,826	)		(17.2	)
SKF AB, Class B		(14,250	)		(224,917	)		(62.5	)
Svenska Cellulosa AB SCA, Class B		(4,460	)		(47,306	)		(13.1	)
Svenska Handelsbanken AB, Class A		(32,520	)		(296,821	)		(82.5	)
					(2,654,137	)
Switzerland
ABB Ltd. (Registered)		(14,440	)		(274,104	)		(76.2	)
Baloise Holding AG (Registered)		(2,135	)		(319,433	)		(88.8	)
Cie Financiere Richemont SA (Registered)		(14,340	)		(813,558	)		(226.2	)
Clariant AG (Registered)		(17,880	)		(330,525	)		(91.9	)
Glencore plc		(287,433	)		(538,489	)		(149.7	)
Julius Baer Group Ltd.		(5,273	)		(207,098	)		(57.6	)
Partners Group Holding AG		(490	)		(386,140	)		(107.3	)
Swiss Re AG		(3,219	)		(233,913	)		(65.0	)
Temenos AG (Registered)		(610	)		(79,045	)		(22.0	)
UBS Group AG (Registered)		(14,622	)		(156,565	)		(43.5	)
Zurich Insurance Group AG		(290	)		(91,946	)		(25.6	)
					(3,430,816	)
United Kingdom
3i Group plc		(10,500	)		(103,151	)		(28.7	)
Admiral Group plc		(11,360	)		(331,492	)		(92.2	)

	Shares			Value			% of Basket Value
United Kingdom (continued)
Ashtead Group plc		(2,930	)	$	(80,034	)		(22.2	)%
Barratt Developments plc		(21,990	)		(143,361	)		(39.8	)
British American Tobacco plc		(14,161	)		(545,825	)		(151.7	)
BT Group plc		(65,010	)		(94,754	)		(26.3	)
Coca-Cola European Partners plc		(3,045	)		(120,704	)		(33.5	)
DCC plc		(3,881	)		(275,974	)		(76.7	)
DS Smith plc		(244,847	)		(960,034	)		(266.9	)
Experian plc		(1,720	)		(51,652	)		(14.4	)
Hargreaves Lansdown plc		(23,299	)		(421,583	)		(117.2	)
HSBC Holdings plc		(43,750	)		(224,873	)		(62.5	)
J Sainsbury plc		(121,060	)		(301,294	)		(83.8	)
Johnson Matthey plc		(14,970	)		(375,081	)		(104.3	)
London Stock Exchange Group plc		(1,951	)		(182,607	)		(50.8	)
Melrose Industries plc		(94,446	)		(118,048	)		(32.8	)
National Grid plc		(15,498	)		(181,617	)		(50.5	)
Ocado Group plc		(71,158	)		(1,437,228	)		(399.6	)
Persimmon plc		(21,987	)		(609,178	)		(169.4	)
Prudential plc		(70,384	)		(992,936	)		(276.0	)
Reckitt Benckiser Group plc		(8,748	)		(728,706	)		(202.6	)
Royal Bank of Scotland Group plc		(130,360	)		(181,867	)		(50.6	)
Severn Trent plc		(1,460	)		(43,811	)		(12.2	)
Spirax-Sarco Engineering plc		(5,508	)		(602,793	)		(167.6	)
SSE plc		(28,759	)		(451,096	)		(125.4	)
St James’s Place plc		(52,822	)		(562,459	)		(156.4	)
Standard Life Aberdeen plc		(45,790	)		(126,823	)		(35.3	)
Taylor Wimpey plc		(334,766	)		(618,260	)		(171.9	)
Tesco plc		(89,740	)		(265,435	)		(73.8	)
United Utilities Group plc		(9,180	)		(103,916	)		(28.9	)
Whitbread plc		(9,064	)		(340,016	)		(94.5	)
					(11,576,608	)
United States
Abbott Laboratories		(2,750	)		(253,248	)		(70.4	)
Activision Blizzard, Inc.		(1,927	)		(122,808	)		(34.1	)
Advanced Micro Devices, Inc.		(12,399	)		(649,584	)		(180.6	)
AECOM		(3,280	)		(118,933	)		(33.1	)
Allergan plc		(2,748	)		(514,810	)		(143.1	)
Alnylam Pharmaceuticals, Inc.		(4,020	)		(529,434	)		(147.2	)
Altice USA, Inc., Class A		(1,940	)		(50,382	)		(14.0	)
Altria Group, Inc.		(4,620	)		(181,335	)		(50.4	)
American Airlines Group, Inc.		(15,646	)		(187,908	)		(52.2	)
Amphenol Corp., Class A		(5,765	)		(508,819	)		(141.5	)
Analog Devices, Inc.		(2,540	)		(278,384	)		(77.4	)
ANSYS, Inc.		(210	)		(54,984	)		(15.3	)
Apple, Inc.		(240	)		(70,512	)		(19.6	)
Aptiv plc		(6,725	)		(467,724	)		(130.0	)
Aramark		(8,750	)		(238,963	)		(66.4	)
Archer-Daniels-Midland Co.		(29,240	)		(1,085,974	)		(301.9	)
Arista Networks, Inc.		(1,472	)		(322,810	)		(89.7	)
Arthur J Gallagher & Co.		(4,510	)		(354,035	)		(98.4	)
Aspen Technology, Inc.		(390	)		(39,877	)		(11.1	)
Atlassian Corp. plc, Class A		(3,488	)		(542,349	)		(150.8	)
Avangrid, Inc.		(13,070	)		(562,010	)		(156.2	)
Baker Hughes Co.		(31,745	)		(442,843	)		(123.1	)
Ball Corp.		(3,390	)		(222,350	)		(61.8	)
Bank of America Corp.		(1,510	)		(36,316	)		(10.1	)
Bausch Health Cos., Inc.		(28,196	)		(510,912	)		(142.0	)
BioMarin Pharmaceutical, Inc.		(1,090	)		(100,302	)		(27.9	)
Bio-Techne Corp.		(413	)		(92,925	)		(25.8	)
Black Knight, Inc.		(2,130	)		(150,314	)		(41.8	)
BorgWarner, Inc.		(2,150	)		(61,426	)		(17.1	)
Broadcom, Inc.		(540	)		(146,675	)		(40.8	)

28

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Brown & Brown, Inc.		(1,990	)	$	(71,461	)		(19.9	)%
Brown-Forman Corp., Class B		(5,699	)		(354,478	)		(98.6	)
Bunge Ltd.		(7,567	)		(300,183	)		(83.5	)
Cable One, Inc.		(200	)		(382,572	)		(106.4	)
Cardinal Health, Inc.		(1,010	)		(49,975	)		(13.9	)
CarMax, Inc.		(1,200	)		(88,380	)		(24.6	)
Catalent, Inc.		(16,470	)		(1,138,901	)		(316.6	)
Caterpillar, Inc.		(4,532	)		(527,434	)		(146.6	)
Cboe Global Markets, Inc.		(900	)		(89,442	)		(24.9	)
CBRE Group, Inc., Class A		(7,980	)		(342,581	)		(95.2	)
Centene Corp.		(10,220	)		(680,448	)		(189.2	)
CenterPoint Energy, Inc.		(7,450	)		(126,874	)		(35.3	)
CenturyLink, Inc.		(1,443	)		(15,325	)		(4.3	)
Ceridian HCM Holding, Inc.		(4,600	)		(271,262	)		(75.4	)
Charles River Laboratories International, Inc.		(800	)		(115,736	)		(32.2	)
Charles Schwab Corp. (The)		(7,670	)		(289,312	)		(80.4	)
Cheniere Energy, Inc.		(6,728	)		(314,130	)		(87.3	)
Church & Dwight Co., Inc.		(1,116	)		(78,109	)		(21.7	)
Cigna Corp.		(1,790	)		(350,446	)		(97.4	)
Cisco Systems, Inc.		(6,560	)		(278,013	)		(77.3	)
Clorox Co. (The)		(2,480	)		(462,371	)		(128.5	)
CME Group, Inc.		(4,342	)		(773,788	)		(215.1	)
Cognex Corp.		(13,014	)		(718,893	)		(199.9	)
Comcast Corp., Class A		(880	)		(33,114	)		(9.2	)
Commerce Bancshares, Inc.		(2,480	)		(151,751	)		(42.2	)
Conagra Brands, Inc.		(5,183	)		(173,320	)		(48.2	)
Constellation Brands, Inc., Class A		(1,730	)		(284,914	)		(79.2	)
Cooper Cos., Inc. (The)		(650	)		(186,355	)		(51.8	)
CoStar Group, Inc.		(385	)		(249,580	)		(69.4	)
Credit Acceptance Corp.		(130	)		(40,504	)		(11.3	)
Crown Holdings, Inc.		(7,204	)		(464,010	)		(129.0	)
Danaher Corp.		(5,030	)		(822,204	)		(228.6	)
Deere & Co.		(4,507	)		(653,785	)		(181.8	)
Discovery, Inc., Class C		(2,560	)		(52,250	)		(14.5	)
DISH Network Corp., Class A		(8,575	)		(214,504	)		(59.6	)
Dollar Tree, Inc.		(2,950	)		(235,027	)		(65.3	)
DuPont de Nemours, Inc.		(5,010	)		(235,570	)		(65.5	)
East West Bancorp, Inc.		(4,250	)		(149,048	)		(41.4	)
Eastman Chemical Co.		(2,460	)		(148,855	)		(41.4	)
Eaton Corp. plc		(2,620	)		(218,770	)		(60.8	)
Elanco Animal Health, Inc.		(15,260	)		(377,075	)		(104.8	)
Encompass Health Corp.		(500	)		(33,125	)		(9.2	)
Exxon Mobil Corp.		(7,840	)		(364,325	)		(101.3	)
Fastenal Co.		(1,330	)		(48,173	)		(13.4	)
FedEx Corp.		(1,900	)		(240,863	)		(67.0	)
First Republic Bank		(2,928	)		(305,361	)		(84.9	)
Five Below, Inc.		(3,020	)		(272,283	)		(75.7	)
FLIR Systems, Inc.		(2,900	)		(125,860	)		(35.0	)
Ford Motor Co.		(8,830	)		(44,945	)		(12.5	)
Fortive Corp.		(3,790	)		(242,560	)		(67.4	)
Franklin Resources, Inc.		(19,530	)		(367,945	)		(102.3	)
Freeport-McMoRan, Inc.		(37,640	)		(332,361	)		(92.4	)
Gartner, Inc.		(2,233	)		(265,303	)		(73.8	)
GCI Liberty, Inc., Class A		(4,140	)		(251,836	)		(70.0	)
General Electric Co.		(16,749	)		(113,893	)		(31.7	)
Global Payments, Inc.		(650	)		(107,913	)		(30.0	)
Graco, Inc.		(8,133	)		(363,220	)		(101.0	)
Hasbro, Inc.		(5,290	)		(381,991	)		(106.2	)
Hess Corp.		(13,046	)		(634,557	)		(176.4	)
Home Depot, Inc. (The)		(1,030	)		(226,425	)		(63.0	)
Hormel Foods Corp.		(5,021	)		(235,234	)		(65.4	)
HubSpot, Inc.		(1,864	)		(314,326	)		(87.4	)
Huntington Bancshares, Inc.		(13,620	)		(125,849	)		(35.0	)

	Shares			Value			% of Basket Value
United States (continued)
Huntington Ingalls Industries, Inc.		(1,330	)	$	(254,575	)		(70.8	)%
IHS Markit Ltd.		(4,050	)		(272,565	)		(75.8	)
Illumina, Inc.		(150	)		(47,855	)		(13.3	)
Ingersoll Rand, Inc.		(2,676	)		(77,818	)		(21.6	)
International Business Machines Corp.		(660	)		(82,870	)		(23.0	)
Intuitive Surgical, Inc.		(189	)		(96,556	)		(26.8	)
Invesco Ltd.		(6,366	)		(54,875	)		(15.3	)
IPG Photonics Corp.		(7,911	)		(1,023,130	)		(284.4	)
Jack Henry & Associates, Inc.		(1,760	)		(287,848	)		(80.0	)
Jacobs Engineering Group, Inc.		(5,288	)		(437,582	)		(121.7	)
JB Hunt Transport Services, Inc.		(525	)		(53,088	)		(14.8	)
Jones Lang LaSalle, Inc.		(400	)		(42,232	)		(11.7	)
Keurig Dr Pepper, Inc.		(5,528	)		(146,271	)		(40.7	)
Kimberly-Clark Corp.		(2,130	)		(294,962	)		(82.0	)
KLA Corp.		(495	)		(81,225	)		(22.6	)
Kraft Heinz Co. (The)		(8,120	)		(246,280	)		(68.5	)
Kroger Co. (The)		(2,550	)		(80,606	)		(22.4	)
L3Harris Technologies, Inc.		(450	)		(87,165	)		(24.2	)
Las Vegas Sands Corp.		(7,620	)		(365,912	)		(101.7	)
Lear Corp.		(1,320	)		(128,898	)		(35.8	)
Leidos Holdings, Inc.		(3,610	)		(356,704	)		(99.2	)
Lennar Corp., Class A		(8,561	)		(428,649	)		(119.2	)
Lennox International, Inc.		(460	)		(85,873	)		(23.9	)
Liberty Broadband Corp., Class C		(2,197	)		(269,528	)		(74.9	)
Liberty Media Corp-Liberty Formula One, Class C		(13,309	)		(428,417	)		(119.1	)
Lincoln National Corp.		(1,230	)		(43,628	)		(12.1	)
Live Nation Entertainment, Inc.		(2,560	)		(114,867	)		(31.9	)
Loews Corp.		(1,040	)		(36,046	)		(10.0	)
Lowe’s Cos., Inc.		(3,870	)		(405,383	)		(112.7	)
M&T Bank Corp.		(1,150	)		(128,892	)		(35.8	)
Marathon Petroleum Corp.		(15,835	)		(507,987	)		(141.2	)
Markel Corp.		(70	)		(60,609	)		(16.9	)
Marsh & McLennan Cos., Inc.		(5,130	)		(499,303	)		(138.8	)
Marvell Technology Group Ltd.		(28,180	)		(753,533	)		(209.5	)
Microchip Technology, Inc.		(1,215	)		(106,592	)		(29.6	)
Micron Technology, Inc.		(980	)		(46,932	)		(13.0	)
Mohawk Industries, Inc.		(2,116	)		(185,616	)		(51.6	)
Molina Healthcare, Inc.		(1,210	)		(198,404	)		(55.2	)
Molson Coors Beverage Co., Class B		(4,150	)		(170,192	)		(47.3	)
Monolithic Power Systems, Inc.		(1,800	)		(359,838	)		(100.0	)
Monster Beverage Corp.		(560	)		(34,614	)		(9.6	)
Mosaic Co. (The)		(21,570	)		(248,271	)		(69.0	)
MSCI, Inc.		(440	)		(143,880	)		(40.0	)
Mylan NV		(8,930	)		(149,756	)		(41.6	)
Nasdaq, Inc.		(1,640	)		(179,859	)		(50.0	)
Newell Brands, Inc.		(27,352	)		(379,646	)		(105.5	)
Nordson Corp.		(2,180	)		(350,784	)		(97.5	)
Norfolk Southern Corp.		(1,800	)		(307,980	)		(85.6	)
Nucor Corp.		(1,050	)		(43,250	)		(12.0	)
NVIDIA Corp.		(385	)		(112,528	)		(31.3	)
Occidental Petroleum Corp.		(59,770	)		(992,182	)		(275.8	)
Okta, Inc.		(1,460	)		(220,898	)		(61.4	)
ON Semiconductor Corp.		(12,690	)		(203,611	)		(56.6	)
ONEOK, Inc.		(9,204	)		(275,476	)		(76.6	)
Parker-Hannifin Corp.		(730	)		(115,428	)		(32.1	)
Paycom Software, Inc.		(500	)		(130,510	)		(36.3	)
PerkinElmer, Inc.		(5,280	)		(477,998	)		(132.9	)
Perrigo Co. plc		(4,670	)		(248,911	)		(69.2	)
Pfizer, Inc.		(6,980	)		(267,753	)		(74.4	)
Post Holdings, Inc.		(4,790	)		(439,962	)		(122.3	)

29

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
PRA Health Sciences, Inc.		(1,040	)	$	(100,360	)		(27.9	)%
Principal Financial Group, Inc.		(10,050	)		(365,921	)		(101.7	)
Progressive Corp. (The)		(1,770	)		(136,821	)		(38.0	)
Proofpoint, Inc.		(1,550	)		(188,682	)		(52.5	)
Prudential Financial, Inc.		(11,200	)		(698,544	)		(194.2	)
QIAGEN NV		(8,760	)		(364,787	)		(101.4	)
Regeneron Pharmaceuticals, Inc.		(90	)		(47,329	)		(13.2	)
Reinsurance Group of America, Inc.		(2,070	)		(216,688	)		(60.2	)
ResMed, Inc.		(1,366	)		(212,167	)		(59.0	)
RingCentral, Inc., Class A		(490	)		(111,980	)		(31.1	)
Roku, Inc.		(7,614	)		(923,045	)		(256.6	)
Rollins, Inc.		(12,650	)		(506,000	)		(140.7	)
Ross Stores, Inc.		(1,660	)		(151,658	)		(42.2	)
Sarepta Therapeutics, Inc.		(2,177	)		(256,625	)		(71.3	)
Sempra Energy		(1,340	)		(165,959	)		(46.1	)
Sensata Technologies Holding plc		(3,375	)		(122,783	)		(34.1	)
Service Corp. International		(3,100	)		(113,894	)		(31.7	)
Southwest Airlines Co.		(2,420	)		(75,625	)		(21.0	)
Splunk, Inc.		(8,410	)		(1,180,428	)		(328.2	)
Square, Inc., Class A		(3,421	)		(222,844	)		(62.0	)
SS&C Technologies Holdings, Inc.		(2,971	)		(163,880	)		(45.6	)
State Street Corp.		(880	)		(55,475	)		(15.4	)
Steel Dynamics, Inc.		(10,955	)		(265,878	)		(73.9	)
SVB Financial Group		(1,340	)		(258,848	)		(72.0	)
T. Rowe Price Group, Inc.		(340	)		(39,314	)		(10.9	)
Tapestry, Inc.		(1,880	)		(27,974	)		(7.8	)
Targa Resources Corp.		(32,639	)		(423,001	)		(117.6	)
TD Ameritrade Holding Corp.		(2,730	)		(107,207	)		(29.8	)
Thermo Fisher Scientific, Inc.		(180	)		(60,242	)		(16.7	)
Tiffany & Co.		(3,400	)		(430,100	)		(119.6	)
T-Mobile US, Inc.		(2,088	)		(183,326	)		(51.0	)
Travelers Cos., Inc. (The)		(2,580	)		(261,122	)		(72.6	)
Trimble, Inc.		(3,630	)		(125,707	)		(34.9	)
Truist Financial Corp.		(12,390	)		(462,395	)		(128.6	)
Twitter, Inc.		(2,660	)		(76,289	)		(21.2	)
Tyler Technologies, Inc.		(1,670	)		(535,552	)		(148.9	)
Ubiquiti, Inc.		(670	)		(108,560	)		(30.2	)
UGI Corp.		(5,420	)		(163,576	)		(45.5	)
Union Pacific Corp.		(1,960	)		(313,188	)		(87.1	)
United Rentals, Inc.		(1,720	)		(221,020	)		(61.4	)
Vail Resorts, Inc.		(1,309	)		(223,839	)		(62.2	)
Valero Energy Corp.		(2,590	)		(164,077	)		(45.6	)
Varian Medical Systems, Inc.		(1,210	)		(138,400	)		(38.5	)
Verisk Analytics, Inc.		(1,100	)		(168,113	)		(46.7	)
VF Corp.		(1,750	)		(101,675	)		(28.3	)
ViacomCBS, Inc.		(11,480	)		(198,145	)		(55.1	)
VMware, Inc., Class A		(1,290	)		(169,661	)		(47.2	)
Walgreens Boots Alliance, Inc.		(820	)		(35,498	)		(9.9	)
Wells Fargo & Co.		(6,939	)		(201,578	)		(56.0	)
Western Digital Corp.		(14,008	)		(645,489	)		(179.5	)
Westinghouse Air Brake Technologies Corp.		(1,290	)		(72,782	)		(20.2	)
Westlake Chemical Corp.		(2,690	)		(116,881	)		(32.5	)
WestRock Co.		(4,770	)		(153,546	)		(42.7	)
WEX, Inc.		(1,350	)		(178,632	)		(49.7	)
Wynn Resorts Ltd.		(5,205	)		(445,184	)		(123.8	)
Xilinx, Inc.		(1,760	)		(153,824	)		(42.8	)
XPO Logistics, Inc.		(6,620	)		(441,819	)		(122.8	)
Xylem, Inc.		(9,048	)		(650,551	)		(180.9	)
Zendesk, Inc.		(2,332	)		(179,284	)		(49.8	)
Zillow Group, Inc., Class C		(37,030	)		(1,627,839	)		(452.6	)

	Shares			Value		% of Basket Value
United States (continued)
Zimmer Biomet Holdings, Inc.		(1,900	)	$	(227,430)		(63.2	)%
					(58,219,688)
Total Reference Entity — Short					(123,719,263)
Net Value of Reference Entity — Credit Suisse International				$	359,694

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Deutsche Bank AG, as of April 30, 2020, expiration dates 03/29/21-02/17/23:

Reference Entity — Long
Austria
OMV AG	4,470		145,954	5.1
Belgium
Colruyt SA	6,052		362,706	12.6
Denmark
Coloplast A/S, Class B	1,540		242,895	8.4
Genmab A/S	320		76,923	2.7
Novozymes A/S, Class B	778		38,166	1.3
		357,984
Finland
Elisa OYJ	1,540		93,583	3.2
France
Engie SA	21,150		229,468	7.9
Ipsen SA	5,250		390,930	13.5
Orange SA	230		2,794	0.1
Publicis Groupe SA	1,830		54,020	1.9
Thales SA	980		74,217	2.6
		751,429
Germany
Puma SE	1,610		101,133	3.5
Siemens AG (Registered)	8,010		739,188	25.5
		840,321
Japan
Mitsui & Co. Ltd.	3,700		51,646	1.8
ORIX Corp.	6,900		81,196	2.8
Yamaha Corp.	100		4,037	0.1
		136,879
Netherlands
EXOR NV	820		44,718	1.6
Heineken NV	1,750		148,855	5.2
Koninklijke Ahold Delhaize NV	35,640		865,352	29.9
Koninklijke KPN NV	46,100		106,184	3.7
Koninklijke Philips NV	5,800		252,836	8.7
NN Group NV	1,186		34,308	1.2
		1,452,253
Norway
Telenor ASA	3,260		50,005	1.7
Yara International ASA	9,190		312,134	10.8
		362,139
Spain
Aena SME SA	261		33,039	1.1
Amadeus IT Group SA	3,130		149,402	5.2
		182,441

30

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Sweden
Hennes & Mauritz AB, Class B		47,390		$	647,802			22.4	%
Tele2 AB, Class B		6,860			88,457			3.1
				736,259
United Kingdom
Auto Trader Group plc		47,000			270,556			9.4
BAE Systems plc		3,520			22,452			0.8
easyJet plc		149			1,129			0.0
Informa plc		27,730			153,177			5.3
Next plc		750			44,654			1.5
Rolls-Royce Holdings plc		84,110			348,128			12.0
Sage Group plc (The)		4,600			36,995			1.3
					877,091
United States
Carnival plc		3,108			42,829			1.5
Total Reference Entity — Long					6,341,868
Reference Entity — Short
Chile
Antofagasta plc		(10,620	)		(108,748	)		(3.8	)
Denmark
Danske Bank A/S		(14,840	)		(176,197	)		(6.1	)
Demant A/S		(5,100	)		(121,930	)		(4.2	)
H Lundbeck A/S		(3,590	)		(130,984	)		(4.5	)
Orsted A/S		(900	)		(90,909	)		(3.2	)
Vestas Wind Systems A/S		(510	)		(43,795	)		(1.5	)
					(563,815	)
Finland
Sampo OYJ, Class A		(1,910	)		(63,311	)		(2.2	)
Stora Enso OYJ, Class R		(7,170	)		(84,352	)		(2.9	)
Wartsila OYJ Abp		(5,954	)		(43,704	)		(1.5	)
					(191,367	)
Germany
Commerzbank AG		(20,430	)		(75,324	)		(2.6	)
KION Group AG		(2,340	)		(116,069	)		(4.0	)
Nemetschek SE		(1,320	)		(83,048	)		(2.9	)
Sartorius AG (Preference)		(370	)		(103,948	)		(3.6	)
Uniper SE		(5,500	)		(147,964	)		(5.1	)
Volkswagen AG		(747	)		(110,439	)		(3.8	)
Zalando SE		(2,420	)		(118,613	)		(4.1	)
					(755,405	)
Japan
Yamaha Corp.		(100	)		(4,037	)		(0.1	)
Jordan
Hikma Pharmaceuticals plc		(1,720	)		(51,229	)		(1.8	)
Netherlands
Adyen NV		(40	)		(39,503	)		(1.4	)
NN Group NV		(2,496	)		(72,203	)		(2.5	)
					(111,706	)
Norway
Aker BP ASA		(7,380	)		(121,161	)		(4.2	)

	Shares			Value			% of Basket Value
Portugal
EDP — Energias de Portugal SA		(39,530	)	$	(166,574	)		(5.8	)%
Sweden
Epiroc AB, Class A		(6,020	)		(60,246	)		(2.1	)
SKF AB, Class B		(3,380	)		(53,348	)		(1.9	)
Svenska Cellulosa AB SCA, Class B		(5,210	)		(55,261	)		(1.9	)
Telia Co. AB		(10,040	)		(34,909	)		(1.2	)
					(203,764	)
United Kingdom
Admiral Group plc		(2,190	)		(63,906	)		(2.2	)
British American Tobacco plc		(1,650	)		(63,598	)		(2.2	)
BT Group plc		(129,200	)		(188,312	)		(6.5	)
Diageo plc		(1,450	)		(49,923	)		(1.7	)
easyJet plc		(149	)		(1,129	)		(0.0	)
Experian plc		(2,370	)		(71,172	)		(2.5	)
Hargreaves Lansdown plc		(4,470	)		(80,882	)		(2.8	)
Imperial Brands plc		(2,780	)		(58,487	)		(2.0	)
Prudential plc		(6,830	)		(96,354	)		(3.3	)
Severn Trent plc		(1,330	)		(39,910	)		(1.4	)
Standard Life Aberdeen plc		(43,990	)		(121,837	)		(4.2	)
Tesco plc		(38,980	)		(115,296	)		(4.0	)
United Utilities Group plc		(9,820	)		(111,161	)		(3.9	)
					(1,061,967	)
United States
QIAGEN NV		(2,650	)		(110,352	)		(3.8	)
Total Reference Entity — Short					(3,450,125	)
Net Value of Reference Entity — Deutsche Bank AG				$	2,891,743

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 April 30, 2020, expiration date 02/08/23:

Reference Entity — Long
Japan
ORIX Corp.	6,900			81,196	100.0
South Korea
HDC Holdings Co. Ltd.	1			7	0.0
United States
Fortive Corp.	1			64	0.1
Total Reference Entity — Long				81,267
Reference Entity — Short
United States
Lennar Corp., Class B	(1	)		(38)	(0.1	)
Total Reference Entity — Short				(38)
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	81,229

31

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

Glossary of Terms Used in this Report

Currency
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
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 Abbreviations
ADR	American Depositary Receipts
CDI	Crest Depository Interests
CVA	Certification Van Aandelon (Dutch Certificate)
CVR	Contingent Value Rights
MSCI	Morgan Stanley Capital International
OTC	Over-the-counter
RBOB	Reformulated Gasoline Blend Stock for Oxygen Blending
S&P	Standard & Poor’s
SCA	Svenska Cellulosa Aktiebolaget
WTI	West Texas Intermediate

32

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Total Factor Fund

Fair Value Hierarchy as of Period End

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

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

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments (a)	$	—		$	25,794,382		$	—	$	25,794,382
Short-Term Securities:
Money Market Funds		51,454,761			—			—		51,454,761
U.S. Treasury Obligations		—			183,971,019			—		183,971,019
	$	51,454,761		$	209,765,401		$	—	$	261,220,162
Derivative Financial Instruments (b)
Assets:
Commodity contracts	$	465,244		$	—		$	—	$	465,244
Credit contracts		—			218,795			—		218,795
Equity contracts		966,451			4,217,823			—		5,184,274
Foreign currency exchange contracts		—			18,607,348			—		18,607,348
Interest rate contracts		1,603,417			—			—		1,603,417
Liabilities:
Commodity contracts		(773,894	)		—			—		(773,894	)
Equity contracts		(3,606,360	)		(4,312,756	)		—		(7,919,116	)
Foreign currency exchange contracts		—			(19,065,159	)		—		(19,065,159	)
Interest rate contracts		(755,991	)		—			—		(755,991	)
	$	(2,101,133	)	$	(333,949	)	$	—	$	(2,435,082	)

^(a) See above Consolidated Schedule of Investments for values in each security type.

^(b)  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.

33