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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Lockheed Martin Corp.		176	$	65,414
Northrop Grumman Corp.		57		20,692
				86,106
Beverages — 1.4%
Coca-Cola Co.		1,105		63,018
PepsiCo, Inc.		95		14,910
				77,928
Biotechnology — 4.3%
AbbVie, Inc.		525		61,057
Amgen, Inc.		333		80,433
Gilead Sciences, Inc.		383		26,155
Intellia Therapeutics, Inc.(a)		30		4,255
Regeneron Pharmaceuticals, Inc.(a)		116		66,655
Vertex Pharmaceuticals, Inc.(a)		29		5,846
				244,401
Capital Markets — 1.1%
S&P Global, Inc.		148		63,451
Chemicals — 1.9%
Ecolab, Inc.		291		64,262
WR Grace & Co.		647		45,031
				109,293
Commercial Services & Supplies — 2.0%
Republic Services, Inc.		376		44,504
Waste Connections, Inc.		386		48,902
Waste Management, Inc.		142		21,053
				114,459
Communications Equipment — 1.7%
Motorola Solutions, Inc.		433		96,957
Consumer Finance — 1.1%
Credit Acceptance Corp.(a)		134		64,959
Distributors — 0.1%
Genuine Parts Co.		46		5,838
Diversified Financial Services — 0.6%
Voya Financial, Inc.		523		33,681
Diversified Telecommunication Services — 3.2%
AT&T, Inc.		3,501		98,203
Verizon Communications, Inc.		1,535		85,622
				183,825
Electric Utilities — 5.1%
Duke Energy Corp.		131		13,770
Entergy Corp.		270		27,788
Evergy, Inc.		99		6,457
Eversource Energy		60		5,176
IDACORP, Inc.		350		36,908
NextEra Energy, Inc.		856		66,682
OGE Energy Corp.		1,844		62,235
Portland General Electric Co.		1,222		59,756
Southern Co.		169		10,794
				289,566
Electrical Equipment — 0.7%
AMETEK, Inc.		293		40,742
Electronic Equipment, Instruments & Components — 0.3%
Keysight Technologies, Inc.(a)		104		17,113

Security	Shares		Value
Entertainment — 0.8%
Roku, Inc.(a)		107	$	45,829
Equity Real Estate Investment Trusts (REITs) — 4.0%
Agree Realty Corp.		317		23,823
Life Storage, Inc.		543		63,726
Simon Property Group, Inc.		18		2,277
Spirit Realty Capital, Inc.		89		4,470
Sun Communities, Inc.		345		67,658
WP Carey, Inc.		784		63,261
				225,215
Food & Staples Retailing — 3.5%
Costco Wholesale Corp.		165		70,904
Kroger Co.		440		17,908
Walmart, Inc.		776		110,619
				199,431
Food Products — 2.4%
Campbell Soup Co.		659		28,812
General Mills, Inc.		333		19,600
Hershey Co.		51		9,123
Kellogg Co.		1,272		80,594
				138,129
Health Care Equipment & Supplies — 2.3%
Danaher Corp.		15		4,462
Edwards Lifesciences Corp.(a)		336		37,723
Hill-Rom Holdings, Inc.		534		73,937
Medtronic PLC		28		3,677
Penumbra, Inc.(a)		38		10,117
				129,916
Health Care Providers & Services — 4.0%
Chemed Corp.		124		59,026
Cigna Corp.		257		58,979
UnitedHealth Group, Inc.		257		105,941
				223,946
Hotels, Restaurants & Leisure — 3.1%
Aramark		251		8,818
Booking Holdings, Inc.(a)		7		15,248
McDonald’s Corp.		454		110,190
Planet Fitness, Inc., Class A(a)		545		41,000
Wendy’s Co.		64		1,486
				176,742
Household Products — 3.3%
Clorox Co.		46		8,321
Colgate-Palmolive Co.		808		64,236
Procter & Gamble Co.		788		112,077
				184,634
Industrial Conglomerates — 0.2%
Honeywell International, Inc.		38		8,884
Insurance — 3.4%
Aon PLC, Class A		271		70,468
Erie Indemnity Co., Class A		347		64,157
Hanover Insurance Group, Inc.		427		58,029
				192,654
Interactive Media & Services(a) — 2.4%
Alphabet, Inc., Class C		27		73,019
Snap, Inc., Class A		832		61,918
				134,937
Internet & Direct Marketing Retail — 1.4%
Amazon.com, Inc.(a)		24		79,862

S C H E D U L E    O F    I N V E S T M E N  T S 1

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

Security	Shares		Value
IT Services — 9.5%
Accenture PLC, Class A		175	$	55,594
Akamai Technologies, Inc.(a)		415		49,767
Automatic Data Processing, Inc.		246		51,569
Mastercard, Inc., Class A		282		108,835
Paychex, Inc.		581		66,129
Twilio, Inc., Class A(a)		31		11,581
Visa, Inc., Class A		446		109,890
Western Union Co.		3,593		83,394
				536,759
Leisure Products — 1.2%
Peloton Interactive, Inc., Class A(a)		587		69,295
Life Sciences Tools & Services — 0.9%
Agilent Technologies, Inc.		334		51,179
Media — 3.7%
Charter Communications, Inc., Class A(a)		116		86,310
Comcast Corp., Class A		943		55,477
Liberty Broadband Corp., Class C(a)		66		11,714
Sirius XM Holdings, Inc.		8,458		54,723
				208,224
Metals & Mining — 0.1%
Newmont Corp.		69		4,335
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Blackstone Mortgage Trust, Inc., Class A		394		12,774
Multi-line Retail — 0.1%
Dollar General Corp.		8		1,861
Target Corp.		22		5,743
				7,604
Multi-Utilities — 3.8%
CMS Energy Corp.		669		41,338
Consolidated Edison, Inc.		1,286		94,868
NiSource, Inc.		2,368		58,655
WEC Energy Group, Inc.		188		17,698
				212,559
Oil, Gas & Consumable Fuels — 2.2%
Cabot Oil & Gas Corp.		1,685		26,960
Cheniere Energy, Inc.(a)		66		5,605
Chevron Corp.		22		2,240
Equitrans Midstream Corp.		2,564		21,076
Murphy Oil Corp.		2,236		48,544
Williams Cos., Inc.		718		17,986
				122,411
Pharmaceuticals — 5.2%
Bristol-Myers Squibb Co.		1,212		82,258
Eli Lilly & Co.		123		29,950
Johnson & Johnson		648		111,586
Merck & Co., Inc.		424		32,593
Pfizer, Inc.		921		39,428
				295,815

Security	Shares		Value
Professional Services — 2.9%
CoStar Group, Inc.(a)		734	$	65,216
Equifax, Inc.		142		37,005
FTI Consulting, Inc.(a)		429		62,505
				164,726
Road & Rail — 0.0%
Ryder System, Inc.		14		1,066
Software — 10.3%
Adobe, Inc.(a)		58		36,055
Alteryx, Inc., Class A(a)		428		33,127
Atlassian Corp. PLC, Class A(a)		162		52,669
Check Point Software Technologies Ltd.(a)		475		60,373
HubSpot, Inc.(a)		105		62,582
Intuit, Inc.		153		81,085
j2 Global, Inc.(a)		201		28,395
Manhattan Associates, Inc.(a)		392		62,575
Microsoft Corp.		279		79,490
Oracle Corp.		58		5,054
PagerDuty, Inc.(a)		40		1,624
Proofpoint, Inc.(a)		37		6,462
Tenable Holdings, Inc.(a)		263		11,256
VMware, Inc., Class A(a)		402		61,804
				582,551
Specialty Retail — 0.9%
American Eagle Outfitters, Inc.		90		3,102
O’Reilly Automotive, Inc.(a)		79		47,704
				50,806
Technology Hardware, Storage & Peripherals — 1.3%
Apple, Inc.		507		73,951
Wireless Telecommunication Services — 0.5%
T-Mobile US, Inc.(a)		179		25,780
Total Long-Term Investments — 98.6% (Cost: $5,268,372)				5,588,333
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(b)(c)		57,281		57,281
Total Short-Term Securities — 1.0% (Cost: $57,281)				57,281
Total Investments — 99.6% (Cost: $5,325,653)				5,645,614
Other Assets Less Liabilities — 0.4%				20,449
Net Assets — 100.0%			$	5,666,063

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

2

Schedule of Investments  (unaudited) (continued) July 31, 2021 BlackRock Defensive Advantage U.S. Fund     

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	$	135,946	$	—	$	(78,665	)(a)	$	—	$	—	$	57,281		57,281	$	1	$	—

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

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	$	5,588,333	$	—	$	—	$	5,588,333
Short-Term Securities
Money Market Funds		57,281		—		—		57,281
	$	5,645,614	$	—	$	—	$	5,645,614

Portfolio Abbreviation

S&P Standard & Poor’s

SCHEDULE OF INVESTMENTS 3