Schedule of Investments  (unaudited)  July 31, 2021 BlackRock Defensive Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 0.8%
CPFL Energia SA		17,111	$	83,186
Chile — 1.9%
Cia Cervecerias Unidas SA, ADR		5,411		115,038
Enel Americas SA, ADR		11,736		80,274
				195,312
China — 26.1%
3SBio, Inc.(a)(b)		113,000		94,154
Agricultural Bank of China Ltd., Class A		115,700		52,450
Alibaba Group Holding Ltd.(a)		4,648		113,517
Anhui Expressway Co. Ltd., Class H		6,000		3,586
BBMG Corp., Class H		286,000		50,440
China Petroleum & Chemical Corp., Class A		101,900		62,869
China Petroleum & Chemical Corp., Class H		18,000		8,231
China Railway Signal & Communication Corp. Ltd., Class A		65,345		51,204
China Resources Pharmaceutical Group Ltd.(b)		219,500		117,567
China Yangtze Power Co. Ltd., Class A		32,500		95,592
China Yongda Automobiles Services Holdings Ltd.		3,000		5,602
Dali Foods Group Co. Ltd.(b)		225,500		122,164
Datang International Power Generation Co. Ltd., Class H		206,000		31,531
Fu Shou Yuan International Group Ltd.		96,000		91,614
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		4,000		10,815
Haier Smart Home Co. Ltd., Class H(a)		1,800		6,173
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		1,000		19,420
JD.com, Inc., ADR(a)		1,528		108,305
Lenovo Group Ltd.		138,000		128,683
Liaoning Port Co. Ltd., Class H		110,000		10,200
NetEase, Inc.		1,000		19,890
NetEase, Inc., ADR		298		30,459
PetroChina Co. Ltd., Class A		39,800		28,796
Postal Savings Bank of China Co. Ltd., Class A		137,500		99,724
Shanghai Baosight Software Co. Ltd., Class A		6,760		69,923
Shanghai Junshi Biosciences Co. Ltd., Class H(a)(b)		3,400		22,931
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		70,900		151,315
Shenzhen Expressway Co. Ltd., Class H		6,000		5,669
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,300		139,355
Shenzhou International Group Holdings Ltd.		800		17,755
Sinopharm Group Co. Ltd., Class H		5,200		13,635
Sinotrans Ltd., Class H		15,000		5,549
Tencent Holdings Ltd.		1,900		114,585
Tingyi Cayman Islands Holding Corp.		42,000		75,723
Uni-President China Holdings Ltd.		53,000		53,289
WuXi AppTec Co. Ltd., Class A		4,900		114,123
WuXi AppTec Co. Ltd., Class H(b)		2,760		61,176
Wuxi Biologics Cayman, Inc.(a)(b)		5,500		84,008
Xtep International Holdings Ltd.		4,500		6,258
Yum China Holdings, Inc.		1,901		118,223
Zhongsheng Group Holdings Ltd.		4,000		36,865
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		35,000		41,357
ZTE Corp., Class A		26,561		159,896
				2,654,621
Greece — 0.3%
Hellenic Telecommunications Organization SA		1,402		25,584

Security	Shares		Value
Hong Kong — 1.8%
Beijing Enterprises Water Group Ltd.		378,000	$	138,755
GCL-Poly Energy Holdings Ltd.(a)		14,000		2,240
Guangdong Investment Ltd.		28,000		39,180
				180,175
Hungary — 0.4%
OTP Bank Nyrt(a)		725		39,096
India — 12.5%
Asian Paints Ltd.		3,425		136,275
Cadila Healthcare Ltd.		6,015		47,413
Colgate-Palmolive India Ltd.		3,066		70,288
Dabur India Ltd.		8,027		64,851
HDFC Bank Ltd., ADR		1,990		140,434
HDFC Life Insurance Co. Ltd.(b)		15,958		142,545
Infosys Ltd.		3,722		81,117
Infosys Ltd., ADR		3,113		68,860
ITC Ltd.		53,372		147,162
L&T Technology Services Ltd.(b)		212		10,578
Larsen & Toubro Infotech Ltd.(b)		1,826		115,070
Marico Ltd.		11,222		82,561
Ratnamani Metals & Tubes Ltd.(a)		224		6,462
Tata Consultancy Services Ltd.		3,376		143,931
Wipro Ltd.		2,131		16,843
				1,274,390
Kuwait — 0.0%
Mobile Telecommunications Co. KSC.		50		98
Malaysia — 5.3%
Axiata Group BHD		58,100		51,370
Malayan Banking Bhd		47,100		89,401
Maxis Bhd		97,400		98,323
Petronas Dagangan BHD		17,300		75,421
Petronas Gas BHD		15,400		55,615
RHB Bank Bhd		115,700		140,101
Westports Holdings BHD		24,200		23,283
				533,514
Mexico — 0.5%
Coca-Cola Femsa SAB de CV		9,861		55,903
Peru — 1.1%
Credicorp Ltd.		1,122		113,277
Philippines — 0.6%
Globe Telecom, Inc.		895		33,304
Manila Electric Co.		5,910		31,373
				64,677
Poland — 0.6%
Bank Polska Kasa Opieki SA		2,332		56,955
Qatar — 2.9%
Masraf Al Rayan QSC		62,668		73,025
Ooredoo QPSC		40,457		77,173
Qatar National Bank QPSC		28,491		139,711
				289,909
Russia — 1.9%
PhosAgro PJSC, GDR, Registered Shares		4,667		88,813
Sberbank of Russia PJSC, ADR		3,821		63,587
Surgutneftegas PJSC		99,387		44,176
				196,576

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) July 31, 2021 BlackRock Defensive Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia — 9.0%
Al Rajhi Bank		5,037	$	149,021
Dr Sulaiman Al Habib Medical Services Group Co.		1,698		77,275
Etihad Etisalat Co.		17,312		148,690
Jarir Marketing Co.		2,761		148,100
Saudi Arabian Oil Co.(b)		15,942		148,138
Saudi Basic Industries Corp		4,617		148,508
Saudi Telecom Co.		2,685		95,849
				915,581
South Africa — 2.3%
Clicks Group Ltd.		2,522		45,630
Naspers Ltd., N Shares		176		33,964
Vodacom Group Ltd.		16,979		151,396
				230,990
South Korea — 10.2%
Amorepacific Group		2,182		109,370
BGF retail Co. Ltd.		665		93,496
CJ Logistics Corp.(a)		206		31,526
Hyundai Mobis Co. Ltd.		449		104,318
KT Corp.		233		6,845
KT Corp., ADR		9,739		140,144
KT&G Corp.		1,340		95,930
LG Household & Health Care Ltd.		84		106,547
NAVER Corp.		346		130,408
NCSoft Corp.		45		32,275
NHN Corp.(a)		250		16,786
Samsung Electronics Co. Ltd.		1,237		84,532
Samsung SDS Co. Ltd.		534		84,840
				1,037,017
Taiwan — 15.3%
Chang Hwa Commercial Bank Ltd.		249,000		147,560
Chunghwa Telecom Co. Ltd.		35,000		144,426
CTBC Financial Holding Co. Ltd.		173,000		141,670
Delta Electronics, Inc.		4,000		41,216
E.Sun Financial Holding Co. Ltd.		150,000		142,267
First Financial Holding Co. Ltd.		113,000		91,983
Formosa Plastics Corp.		16,000		57,233
Inventec Corp.		44,000		36,970
MediaTek, Inc.		3,000		98,094
Nan Ya Plastics Corp.		15,000		46,813

Security	Shares		Value
Taiwan (continued)
Nanya Technology Corp.		10,000	$	26,017
President Chain Store Corp.		11,000		110,488
Synnex Technology International Corp.		34,000		64,577
Taiwan Business Bank		112,000		38,008
Taiwan Cooperative Financial Holding Co. Ltd.		99,000		77,392
Taiwan Mobile Co. Ltd.		39,000		145,038
Taiwan Semiconductor Manufacturing Co. Ltd.		7,000		146,297
				1,556,049
Thailand — 3.0%
Bangkok Dusit Medical Services PCL, NVDR		183,700		125,825
Home Product Center PCL, NVDR		75,000		30,385
Siam Cement PCL, NVDR		11,400		143,733
				299,943
Turkey — 0.5%
Turkcell Iletisim Hizmetleri, ADR		10,868		49,449
United Arab Emirates — 0.0%
Emirates Telecommunications Group Co. PJSC		20		124
Total Long-Term Investments — 97.0% (Cost: $9,947,952)				9,852,426
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(c)(d)		107,730		107,730
Total Short-Term Securities — 1.1% (Cost: $107,730)				107,730
Total Investments — 98.1% (Cost: $10,055,682)				9,960,156
Other Assets Less Liabilities — 1.9%				197,602
Net Assets — 100.0%			$	10,157,758

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	1,096,787	$	—	$	(989,057	)(a)	$	—	$	—		$	107,730		107,730	$	16		$	—
iShares MSCI Qatar ETF(b)		240,625		9,683		(243,393	)		6,156		(13,071	)		—		—		5,171			—
SL Liquidity Series, LLC, Money Market Series(b)		11,550		—		(11,550	)(a)		—		—			—		—		80	(c)		—
								$	6,156	$	(13,071	)	$	107,730			$	5,267		$	—

^(a) Represents net amount purchased (sold).

^(b) As of period end, the entity is no longer held.

^(c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

2

Schedule of Investments  (unaudited) (continued) July 31, 2021 BlackRock Defensive Advantage Emerging Markets Fund   

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		3		09/17/21	$ 192	$	(668	)

Fair Value Hierarchy as of Period End

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

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

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

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

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Brazil	$	83,186	$	—	$	—	$	83,186
Chile		195,312		—		—		195,312
China		379,151		2,275,470		—		2,654,621
Greece		—		25,584		—		25,584
Hong Kong		—		180,175		—		180,175
Hungary		—		39,096		—		39,096
India		209,294		1,065,096		—		1,274,390
Kuwait		98		—		—		98
Malaysia		406,723		126,791		—		533,514
Mexico		55,903		—		—		55,903
Peru		113,277		—		—		113,277
Philippines		33,304		31,373		—		64,677
Poland		—		56,955		—		56,955
Qatar		139,711		150,198		—		289,909
Russia		88,813		107,763		—		196,576
Saudi Arabia		148,138		767,443		—		915,581
South Africa		197,026		33,964		—		230,990
South Korea		246,691		790,326		—		1,037,017
Taiwan		145,038		1,411,011		—		1,556,049
Thailand		—		299,943		—		299,943
Turkey		49,449		—		—		49,449
United Arab Emirates		124		—		—		124

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) July 31, 2021 BlackRock Defensive Advantage Emerging Markets Fund     

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	107,730		$	—	$	—	$	107,730
	$	2,598,968		$	7,361,188	$	—	$	9,960,156
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(668	)	$	—	$	—	$	(668	)

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

Portfolio Abbreviation

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositary Receipt
PCL	Public Company Limited
PJSC	Public Joint Stock Company
SAB	Special Assessment Bonds

4