Consolidated Schedule of Investments  (unaudited) April 30, 2019 BlackRock Total Factor Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government Obligations — 7.3%
Australia — 1.5%
Commonwealth of Australia:
4.00%, 08/20/20	AUD		425	$	313,944
1.25%, 02/21/22			552		401,659
3.00%, 09/20/25			760		631,816
0.75%, 11/21/27			276		202,477
2.50%, 09/20/30			501		440,383
2.00%, 08/21/35			347		304,983
1.25%, 08/21/40			303		244,341
1.00%, 02/21/50			303		234,275
					2,773,878
Canada — 1.1%
Canada Government Bond:
6.84%, 12/01/21	CAD		301		249,221
6.47%, 12/01/26			296		289,817
4.00%, 12/01/31			311		338,437
3.90%, 12/01/36			274		292,732
2.41%, 12/01/41			289		283,518
1.74%, 12/01/44			328		302,108
1.36%, 12/01/47			304		272,286
0.52%, 12/01/50			165		122,813
					2,150,932
France — 2.9%
Republic of France:
2.83%, 07/25/20	EUR		494		586,338
0.10%, 03/01/21			127		147,450
0.10%, 07/25/21			167		195,238
1.23%, 07/25/22			407		500,409
2.38%, 07/25/23			401		518,183
0.26%, 07/25/24			324		396,808
0.10%, 03/01/25			211		254,017
2.05%, 07/25/27			414		582,957
0.10%, 03/01/28			226		275,203
0.10%, 03/01/29			39		47,430
4.39%, 07/25/29			194		317,633
0.73%, 07/25/30(a)			275		361,366
4.03%, 07/25/32			248		427,068
0.10%, 07/25/36(a)			86		105,363
2.13%, 07/25/40(a)			268		441,960
0.10%, 07/25/47(a)			176		212,833
					5,370,256
Germany — 0.7%
Federal Republic of Germany:
0.11%, 04/15/23			326		389,466
0.10%, 04/15/26			302		374,454
0.52%, 04/15/30			268		357,228
0.10%, 04/15/46			163		231,432
					1,352,580
United Kingdom — 1.1%
U.K. Treasury Inflation Linked Bonds:
1.88%, 11/22/22	GBP		65		98,740
0.13%, 03/22/24			14		20,103
2.50%, 07/17/24			73		118,474
0.13%, 03/22/26			40		60,929
1.25%, 11/22/27			29		50,774
0.13%, 08/10/28			11		17,262
0.13%, 03/22/29			40		64,489
4.13%, 07/22/30			42		96,620
1.25%, 11/22/32			33		64,896
0.75%, 03/22/34			13		24,044
2.00%, 01/26/35			51		112,775
0.13%, 11/22/36			33		61,301

Security		Par (000)		Value
United Kingdom (continued)
1.13%, 11/22/37	GBP		77	$	167,933
0.63%, 03/22/40			23		49,216
0.13%, 08/10/41			10		20,500
0.63%, 11/22/42			30		66,577
0.13%, 03/22/44			61		126,832
0.13%, 03/22/46			27		58,235
0.75%, 11/22/47			56		140,323
0.13%, 08/10/48			10		23,196
0.50%, 03/22/50			15		36,748
0.25%, 03/22/52			54		131,331
1.25%, 11/22/55			58		188,183
0.13%, 11/22/56			10		24,803
0.13%, 03/22/58			33		86,529
0.38%, 03/22/62			27		79,481
0.13%, 11/22/65			5		16,361
0.13%, 03/22/68			47		147,163
					2,153,818
Total Foreign Government Obligations — 7.3% (Cost: $13,882,375)					13,801,464
U.S. Treasury Obligations — 1.1%
U.S. Treasury Inflation Linked Bonds:
2.38%, 01/15/25 - 01/15/27	USD		222		248,706
2.00%, 01/15/26			49		54,222
3.63%, 04/15/28			63		79,155
2.50%, 01/15/29			68		80,736
3.88%, 04/15/29			54		70,921
3.38%, 04/15/32			12		15,492
2.13%, 02/15/40 - 02/15/41			84		105,166
0.75%, 02/15/42 - 02/15/45			89		84,770
0.63%, 02/15/43			49		46,182
1.38%, 02/15/44			16		17,836
1.00%, 02/15/46 - 02/15/49			74		74,772
0.88%, 02/15/47			20		19,517
U.S. Treasury Inflation Linked Notes:
1.25%, 07/15/20			23		23,482
1.13%, 01/15/21			133		134,471
0.13%, 04/15/21 - 07/15/26			519		513,390
0.38%, 07/15/23 - 01/15/27			185		183,715
0.63%, 01/15/24 - 01/15/26			135		136,133
0.25%, 01/15/25			112		110,880
0.50%, 01/15/28			20		20,423
0.75%, 07/15/28			35		35,983
0.88%, 01/15/29			25		25,783
Total U.S. Treasury Obligations — 1.1% (Cost: $2,053,041)					2,081,735
Total Long-Term Investments — 8.4% (Cost: $15,935,416)					15,883,199
Short-Term Securities — 79.6%
		Shares
Money Market Funds — 5.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.32%(b)(d)			9,841,426		9,841,426
Total Money Market Funds — 5.2% (Cost: $9,841,426)					9,841,426

1

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
U.S. Treasury Obligations — 74.4%
U.S. Treasury Bills(c):
2.38%, 03/26/20		USD	22,000	$	21,536,419
2.39%, 05/23/19			27,000		26,960,874
2.42%, 06/20/19			32,000		31,894,211
2.52%, 02/27/20			28,000		27,454,999

Security	Par (000)			Value
U.S. Treasury Obligations (continued)
2.55%, 07/18/19		USD	33,000	$	32,830,277
Total U.S. Treasury Obligations — 74.4% (Cost: $140,629,483)					140,676,780
Total Short-Term Securities — 79.6% (Cost: $150,470,909)					150,518,206
Total Investments — 88.0% (Cost: $166,406,325)					166,401,405
Other Assets Less Liabilities — 12.0%					22,774,491
Net Assets — 100.0%				$	189,175,896

^(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.

^(d)  During the period ended April 30, 2019, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/18		Net Activity		Shares Held at 04/30/19		Value at 04/30/19		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		7,557,030		2,284,396		9,841,426	$	9,841,426	$	141,603	$	—	$	—

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

2

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 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
Amsterdam Exchanges Index		114		05/17/19	$	14,531	$	260,592
CAC 40 10 Euro Index		214		05/17/19		13,313		200,347
IBEX 35 Index		50		05/17/19		5,361		56,385
OMXS30 Index		654		05/17/19		11,493		264,078
WTI Crude Oil(a)		14		05/21/19		895		7,428
Hang Seng China Enterprises Index		43		05/30/19		3,143		(10,914	)
Brent Crude Oil(a)		26		05/31/19		1,874		31,653
RBOB Gasoline(a)		160		05/31/19		13,889		438,919
TOPIX Index		6		06/13/19		870		(5,929	)
FTSE 100 Index		29		06/21/19		2,788		96,337
100 oz Gold(a)		17		06/26/19		2,186		(49,157	)
								1,289,739
Short Contracts
Hang Seng Index		17		05/30/19		3,193		8,367
SGX NIFTY 50 Index		137		05/30/19		3,227		(7,264	)
Low Sulphur Gasoil(a)		115		06/12/19		7,334		(74,278	)
Australian Government Bonds (10 Year)		670		06/17/19		65,312		(1,173,211	)
ASX SPI 200 Index		43		06/20/19		4,777		(25,563	)
S&P/TSX 60 Index		17		06/20/19		2,521		(67,906	)
DAX Index		23		06/21/19		7,965		(292,547	)
FTSE/MIB Index		6		06/21/19		722		(4,649	)
S&P 500 E-Mini Index		40		06/21/19		5,897		(392,988	)
								(2,030,039	)
							$	(740,300	)

^(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	2,066,000	(a)	USD	1,455,748	Morgan Stanley & Co. International plc		06/19/19	$	2,394
CAD	17,703,276	(a)	USD	13,209,511	Morgan Stanley & Co. International plc		06/19/19		21,738
EUR	1,297,000	(a)	USD	1,455,695	Morgan Stanley & Co. International plc		06/19/19		5,220
GBP	1,096,994	(a)	USD	1,429,748	Morgan Stanley & Co. International plc		06/19/19		4,485
INR	141,514,000	(a)	USD	2,004,959	Bank of America NA		06/19/19		13,307
INR	763,035,000	(a)	USD	10,771,245	BNP Paribas SA		06/19/19		111,120
INR	695,390,000	(a)	USD	9,867,064	JPMorgan Chase Bank NA		06/19/19		50,552
INR	305,215,000	(a)	USD	4,313,261	Morgan Stanley & Co. International plc		06/19/19		39,699
JPY	26,181,000	(a)	USD	235,117	Morgan Stanley & Co. International plc		06/19/19		865
MXN	295,759,000	(a)	USD	15,123,658	Morgan Stanley & Co. International plc		06/19/19		353,991
NZD	2,747,000	(a)	USD	1,821,159	Morgan Stanley & Co. International plc		06/19/19		15,221
RUB	618,479,000	(a)	USD	9,251,679	Bank of America NA		06/19/19		262,286
RUB	58,898,000	(a)	USD	899,484	HSBC Bank plc		06/19/19		6,535
SEK	7,000,000	(a)	USD	739,467	Morgan Stanley & Co. International plc		06/19/19		526
TWD	30,353,000	(a)	USD	981,694	JPMorgan Chase Bank NA		06/19/19		1,469
USD	10,995,722	(a)	AUD	15,419,000	Morgan Stanley & Co. International plc		06/19/19		113,299
USD	279,834	(a)	BRL	1,081,000	Bank of America NA		06/19/19		5,218
USD	1,471,343	(a)	BRL	5,727,000	Deutsche Bank AG		06/19/19		16,458
USD	649,737	(a)	BRL	2,502,000	HSBC Bank plc		06/19/19		14,130
USD	8,965,793	(a)	BRL	34,729,000	JPMorgan Chase Bank NA		06/19/19		143,251
USD	1,316,542	(a)	BRL	5,073,000	Morgan Stanley & Co. International plc		06/19/19		27,800
USD	2,398,078	(a)	CAD	3,194,000	Morgan Stanley & Co. International plc		06/19/19		10,915
USD	1,666,373	(a)	CHF	1,659,000	Morgan Stanley & Co. International plc		06/19/19		30,425
USD	22,590,704	(a)	EUR	19,935,002	Morgan Stanley & Co. International plc		06/19/19		136,319

3

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,154,249	(a)	GBP	3,138,000	Morgan Stanley & Co. International plc		06/19/19	$	51,562
USD	1,200,189	(a)	HKD	9,403,000	Morgan Stanley & Co. International plc		06/19/19		692
USD	6,848,337	(a)	JPY	753,770,633	Morgan Stanley & Co. International plc		06/19/19		54,259
USD	990,242	(a)	KRW	1,138,471,045	Bank of America NA		06/19/19		10,937
USD	16,727,926	(a)	KRW	18,931,237,000	BNP Paribas SA		06/19/19		443,408
USD	2,016,314	(a)	KRW	2,318,256,955	Deutsche Bank AG		06/19/19		22,166
USD	3,788,438	(a)	KRW	4,296,603,000	HSBC Bank plc		06/19/19		92,530
USD	699,662	(a)	KRW	792,043,000	Morgan Stanley & Co. International plc		06/19/19		18,353
USD	318,661	(a)	MXN	6,073,000	Morgan Stanley & Co. International plc		06/19/19		848
USD	1,565,437	(a)	NZD	2,280,000	Morgan Stanley & Co. International plc		06/19/19		41,248
USD	616,233	(a)	SEK	5,750,000	JPMorgan Chase Bank NA		06/19/19		8,381
USD	1,014,957	(a)	SEK	9,406,000	Morgan Stanley & Co. International plc		06/19/19		20,617
USD	231,461	(a)	SGD	314,000	Morgan Stanley & Co. International plc		06/19/19		408
USD	12,060,303	(a)	TWD	371,590,000	BNP Paribas SA		06/19/19		24,138
USD	890,497	(a)	TWD	27,407,000	HSBC Bank plc		06/19/19		2,757
USD	14,874,192	(a)	TWD	458,068,000	JPMorgan Chase Bank NA		06/19/19		36,919
									2,216,446
AUD	323,000	(a)	USD	228,863	Morgan Stanley & Co. International plc		06/19/19		(896	)
BRL	1,165,000	(a)	USD	301,205	Bank of America NA		06/19/19		(5,249	)
CAD	4,962,000	(a)	USD	3,721,021	Morgan Stanley & Co. International plc		06/19/19		(12,474	)
CHF	793,000	(a)	USD	799,358	Morgan Stanley & Co. International plc		06/19/19		(17,376	)
EUR	3,356,000	(a)	USD	3,824,241	Morgan Stanley & Co. International plc		06/19/19		(44,110	)
GBP	1,956,000	(a)	USD	2,574,461	Morgan Stanley & Co. International plc		06/19/19		(17,145	)
HKD	8,640,000	(a)	USD	1,102,931	Morgan Stanley & Co. International plc		06/19/19		(766	)
INR	58,109,000	(a)	USD	835,421	HSBC Bank plc		06/19/19		(6,674	)
INR	196,832,000	(a)	USD	2,814,250	JPMorgan Chase Bank NA		06/19/19		(7,042	)
KRW	2,236,871,000	(a)	USD	1,986,411	Morgan Stanley & Co. International plc		06/19/19		(62,271	)
MXN	9,674,000	(a)	USD	508,944	Morgan Stanley & Co. International plc		06/19/19		(2,684	)
NOK	1,908,000	(a)	USD	223,034	Morgan Stanley & Co. International plc		06/19/19		(1,446	)
NZD	13,555,000	(a)	USD	9,213,258	Morgan Stanley & Co. International plc		06/19/19		(151,689	)
RUB	42,413,000	(a)	USD	655,650	HSBC Bank plc		06/19/19		(3,218	)
SEK	2,270,532	(a)	USD	243,327	Morgan Stanley & Co. International plc		06/19/19		(3,301	)
TWD	30,227,000	(a)	USD	980,743	Bank of America NA		06/19/19		(1,661	)
TWD	16,609,000	(a)	USD	539,814	BNP Paribas SA		06/19/19		(1,832	)
TWD	40,361,000	(a)	USD	1,314,892	Deutsche Bank AG		06/19/19		(7,560	)
TWD	52,411,000	(a)	USD	1,705,588	JPMorgan Chase Bank NA		06/19/19		(7,944	)
USD	15,685,081	(a)	AUD	22,238,062	Morgan Stanley & Co. International plc		06/19/19		(10,097	)
USD	547,205	(a)	BRL	2,157,000	BNP Paribas SA		06/19/19		(758	)
USD	593,873	(a)	CAD	796,000	Morgan Stanley & Co. International plc		06/19/19		(1,049	)
USD	1,832,625	(a)	GBP	1,413,000	Morgan Stanley & Co. International plc		06/19/19		(14,760	)
USD	465,423	(a)	INR	32,763,000	JPMorgan Chase Bank NA		06/19/19		(1,841	)
USD	1,360,855	(a)	JPY	151,366,000	Morgan Stanley & Co. International plc		06/19/19		(3,476	)
USD	2,509,289	(a)	KRW	2,929,093,000	JPMorgan Chase Bank NA		06/19/19		(10,296	)
USD	2,203,046	(a)	MXN	42,974,000	Morgan Stanley & Co. International plc		06/19/19		(45,869	)
USD	123,412	(a)	NOK	1,068,000	Morgan Stanley & Co. International plc		06/19/19		(622	)
USD	1,308,012	(a)	NZD	1,963,000	Morgan Stanley & Co. International plc		06/19/19		(4,262	)
USD	322,630	(a)	RUB	20,977,000	HSBC Bank plc		06/19/19		(56	)
USD	317,369	(a)	RUB	20,762,000	Morgan Stanley & Co. International plc		06/19/19		(2,009	)
									(450,433	)
Net Unrealized Appreciation								$	1,766,013

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

4

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

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.32.V1		5.00	%		Quarterly		06/20/24		BB+		USD 8,696	$	714,528	$	552,992	$	161,536
ITRAXX.EUR.CROSSOVER.31. V1		5.00	%		Quarterly		06/20/24		CCC+		EUR 7,827		1,086,822		997,894		88,928
												$	1,801,350	$	1,550,886	$	250,464

^(a)  Using S&P Global Ratings (“S&P”) of the issuer or the underlying securities of the index, as applicable.

^(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)
TAIEX May 2019	TWD	178,464,274		Merrill Lynch International & Co.		05/15/19	TWD	178,464		$	37,168		$	—	$	37,168
TAIEX May 2019	TWD	28,737,183		Merrill Lynch International & Co.		05/15/19	TWD	28,737			(8,478	)		—		(8,478	)
TAIEX May 2019	TWD	181,490,017		Merrill Lynch International & Co.		05/15/19	TWD	181,490			81,020			—		81,020
TAIEX May 2019	TWD	32,423,854		Merrill Lynch International & Co.		05/15/19	TWD	32,424			13,985			—		13,985
Canadian 10-Year Bond May 2019	CAD	13,661,495		Merrill Lynch International & Co.		05/28/19	CAD	13,661			13,678			—		13,678
Canadian 10-Year Bond May 2019	CAD	9,952,978		Merrill Lynch International & Co.		05/28/19	CAD	9,953			(2,999	)		—		(2,999	)
Canadian 10-Year Bond May 2019	CAD	6,004,486		Merrill Lynch International & Co.		05/28/19	CAD	6,004			56,307			—		56,307
Canadian 10-Year Bond May 2019	CAD	24,526,386		Merrill Lynch International & Co.		05/28/19	CAD	24,526			258,277			—		258,277
Canadian 10-Year Bond May 2019	CAD	2,937,795		Merrill Lynch International & Co.		05/28/19	CAD	2,938			(26,883	)		—		(26,883	)
Canadian 10-Year Bond May 2019	CAD	7,052,545		Merrill Lynch International & Co.		05/28/19	CAD	7,053			(4,005	)		—		(4,005	)
Long Gilt May 2019	GBP	2,178,924		Merrill Lynch International & Co.		05/28/19	GBP	2,179			(18,887	)		—		(18,887	)
Long Gilt May 2019	GBP	1,156,429		Merrill Lynch International & Co.		05/28/19	GBP	1,156			(13,756	)		—		(13,756	)
Long Gilt May 2019	GBP	72,403,259		Merrill Lynch International & Co.		05/28/19	GBP	72,403			54,536			—		54,536
Long Gilt May 2019	GBP	2,289,992		Merrill Lynch International & Co.		05/28/19	GBP	2,290			2,305			—		2,305
U.S. Treasury Note (10 Year) May 2019	USD	(3,456,261	)	Merrill Lynch International & Co.		05/29/19	USD	(3,456	)		(6,551	)		—		(6,551	)
U.S. Treasury Note (10 Year) May 2019	USD	(5,189,642	)	Merrill Lynch International & Co.		05/29/19	USD	(5,190	)		(4,577	)		—		(4,577	)
Euro-Bund June 2019	EUR	2,627,536		Merrill Lynch International & Co.		06/04/19	EUR	2,628			19,543			—		19,543
Euro-Bund June 2019	EUR	3,142,815		Merrill Lynch International & Co.		06/04/19	EUR	3,143			(2,158	)		—		(2,158	)
Euro-Bund June 2019	EUR	3,659,515		Merrill Lynch International & Co.		06/04/19	EUR	3,660			(25,455	)		—		(25,455	)
Euro-Bund June 2019	EUR	8,708,488		Merrill Lynch International & Co.		06/04/19	EUR	8,708			59,379			—		59,379
Euro-Bund June 2019	EUR	7,446,213		Merrill Lynch International & Co.		06/04/19	EUR	7,446			(8,147	)		—		(8,147	)
Euro-Bund June 2019	EUR	5,269,798		Merrill Lynch International & Co.		06/04/19	EUR	5,270			22,568			—		22,568
Euro-Bund June 2019	EUR	4,141,785		Merrill Lynch International & Co.		06/04/19	EUR	4,142			(10,134	)		—		(10,134	)
IBOVESPA Index June 2019	BRL	(10,465,793	)	Merrill Lynch International & Co.		06/12/19	BRL	(10,466	)		(77,524	)		—		(77,524	)
KOSPI 200 Index June 2019	KRW	(1,293,716,250	)	Merrill Lynch International & Co.		06/13/19	KRW	(1,293,716	)		8,060			—		8,060
KOSPI 200 Index June 2019	KRW	(1,729,317,000	)	Merrill Lynch International & Co.		06/13/19	KRW	(1,729,317	)		14,482			—		14,482
KOSPI 200 Index June 2019	KRW	(211,195,275	)	Merrill Lynch International & Co.		06/13/19	KRW	(211,195	)		(2,444	)		—		(2,444	)
KOSPI 200 Index June 2019	KRW	(351,054,750	)	Merrill Lynch International & Co.		06/13/19	KRW	(351,055	)		(4,875	)		—		(4,875	)
KOSPI 200 Index June 2019	KRW	(487,220,475	)	Merrill Lynch International & Co.		06/13/19	KRW	(487,220	)		(10,469	)		—		(10,469	)
KOSPI 200 Index June 2019	KRW	(1,597,317,800	)	Merrill Lynch International & Co.		06/13/19	KRW	(1,597,318	)		(37,437	)		—		(37,437	)
KOSPI 200 Index June 2019	KRW	(3,134,805,750	)	Merrill Lynch International & Co.		06/13/19	KRW	(3,134,806	)		(65,012	)		—		(65,012	)
KOSPI 200 Index June 2019	KRW	(1,079,221,500	)	Merrill Lynch International & Co.		06/13/19	KRW	(1,079,222	)		7,680			—		7,680
KOSPI 200 Index June 2019	KRW	(353,267,625	)	Merrill Lynch International & Co.		06/13/19	KRW	(353,268	)		(2,981	)		—		(2,981	)
KOSPI 200 Index June 2019	KRW	(346,680,625	)	Merrill Lynch International & Co.		06/13/19	KRW	(346,681	)		(8,620	)		—		(8,620	)
KOSPI 200 Index June 2019	KRW	(1,076,597,250	)	Merrill Lynch International & Co.		06/13/19	KRW	(1,076,597	)		—			—		—
KOSPI 200 Index June 2019	KRW	(346,505,625	)	Merrill Lynch International & Co.		06/13/19	KRW	(346,506	)		(8,770	)		—		(8,770	)
Swiss Market Index Futures June 2019	CHF	3,265,460		JPMorgan Chase Bank NA		06/21/19	CHF	3,265			33,937			—		33,937

5

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 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 2019		CHF	12,069,011		JPMorgan Chase Bank NA		06/21/19		CHF	12,069	$	729,093		$	—	$	729,093
Swiss Market Index Futures June 2019		CHF	1,410,592		JPMorgan Chase Bank NA		06/21/19		CHF	1,411		44,465			—		44,465
Swiss Market Index Futures June 2019		CHF	3,714,397		JPMorgan Chase Bank NA		06/21/19		CHF	3,714		164,879			—		164,879
Swiss Market Index Futures June 2019		CHF	1,787,658		JPMorgan Chase Bank NA		06/21/19		CHF	1,788		55,431			—		55,431
Silver July 2019(b)		USD	1,358,550		Merrill Lynch International & Co.		06/25/19		USD	1,359		(9,990	)		—		(9,990	)
											$	1,316,641		$	—	$	1,316,641

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

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

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Termination Date		Net Notional Amount		Unrealized Depreciation			Net Value of Reference Entities		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Bank of America NA		02/15/23	$	14,024,657	$	(430,500	)(b)	$	13,389,024		92.8	%
	Citibank NA		02/24/23-02/27/23		12,916,283		342,136	(c)		13,198,015		88.2	%
	Credit Suisse International		02/13/20-02/08/23		14,051,100		(502,927	)(d)		13,509,675		91.6	%
	Deutsche Bank AG		02/17/23-02/20/23		264,162		(45,640	)(e)		260,602		15.7	%
	JPMorgan Chase Bank NA		02/08/23		479,480		(226,717	)(f)		214,959		17.7	%
						$	(863,648	)	$	40,572,275

^(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 0-1000 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

ASX Australian Bank Bill Short Term Rates 1 Month

Canada Bankers Acceptances 1 Month

Copenhagen Interbank Offered Rate:

DKK 1 Day

DKK 1 Week

DKK 1 Month

EMMI EURO Overnight Index Average Rate

Euro Interbank Offer Rate:

EUR 1 Week

Hong Kong Dollar HIBOR Fixings:

HKD 1 Month

Intercontinental Exchange LIBOR:

6

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

CHF 1 Week

CHF 1 Month

CHF Spot Next

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 Week

NOK 1 Month

SGD 1 Month Deposit

SONIA Overnight Deposit Rates Swap

Stockholm Interbank Offered Rate:

SEK 1 Day

SEK 1 Week

SEK 1 Month

USD Overnight Bank Funding Rate

^(b)  Amount includes $205,133 of net dividends and financing fees.

^(c)  Amount includes $60,404 of net dividends and financing fees.

^(d)  Amount includes $38,498 of net dividends and financing fees.

^(e)  Amount includes $(42,080) of net dividends and financing fees.

^(f)  Amount includes $37,804 of net dividends and financing fees.

7

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

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, 2019, expiration date 02/15/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
AGL Energy Ltd.		8,370	$	131,311		1.0	%
BHP Group Ltd.		10,596		280,395		2.1
BHP Group plc		12,975		306,269		2.3
Rio Tinto plc		21,543		1,256,799		9.4
Wesfarmers Ltd.		26,218		665,473		5.0
				2,640,247
Belgium
Ageas		1,138		60,138		0.4
Colruyt SA		6,438		464,753		3.5
Proximus SADP		262		7,338		0.1
Solvay SA		573		69,090		0.5
Telenet Group Holding NV		1,757		93,319		0.7
UCB SA		1,422		113,019		0.8
				807,657
Canada
Brookfield Asset Management, Inc.		2,084		100,428		0.7
Magna International, Inc.		2,613		145,387		1.1
Thomson Reuters Corp.		6,719		415,503		3.1
Toronto-Dominion Bank (The)		700		39,930		0.3
				701,248
China
Yum China Holdings, Inc.		9,475		450,442		3.4
Denmark
Carlsberg A/S		3,110		402,125		3.0
Coloplast A/S		2,071		223,713		1.7
H Lundbeck A/S		4,644		195,784		1.5
Novo Nordisk A/S		868		42,527		0.3
Novozymes A/S		4,847		226,235		1.7
				1,090,384
Finland
Metso OYJ		894		33,451		0.3
Neste OYJ		6,102		201,687		1.5
Stora Enso OYJ		3,043		37,896		0.3
UPM-Kymmene OYJ		7,436		209,954		1.6
				482,988
France
Arkema SA		1,132		116,230		0.9
AXA SA		9,656		257,492		1.9
Carrefour SA		8,911		173,606		1.3
Cie de Saint-Gobain		2,270		93,070		0.7
Cie Generale des Etablissements Michelin SCA		2,516		325,345		2.4
Cie Plastic Omnium SA		940		28,480		0.2
Covivio		900		97,411		0.7
Credit Agricole SA		5,015		68,866		0.5
Danone SA		2,533		204,780		1.5
Dassault Systemes SE		1,246		197,320		1.5
Engie SA		17,443		258,898		1.9
Faurecia SA		6,324		321,774		2.4
Gecina SA		658		98,314		0.7
Ipsen SA		1,877		219,215		1.6
Kering SA		511		302,387		2.3
Klepierre SA		2,345		83,327		0.6
Legrand SA		6,050		444,995		3.3
L’Oreal SA		279		76,740		0.6
Orange SA		14,749		230,506		1.7

	Shares		Value		% of Basket Value
France (continued)
Publicis Groupe SA		711	$	42,259		0.3	%
Sanofi		294		25,651		0.2
Schneider Electric SE		1,166		98,686		0.7
TOTAL SA		14,023		779,549		5.8
Ubisoft Entertainment SA		218		20,827		0.2
Veolia Environnement SA		14,290		337,994		2.5
Vinci SA		2,240		226,232		1.7
				5,129,954
Germany
adidas AG		695		179,024		1.3
Allianz SE (Registered)		3,474		839,715		6.3
Axel Springer SE		3,104		175,809		1.3
BASF SE		1,770		144,505		1.1
Continental AG		289		47,942		0.4
Covestro AG		19,244		1,057,411		7.9
Deutsche Post AG (Registered)		7,843		272,626		2.0
Deutsche Telekom AG (Registered)		27,849		466,607		3.5
E.ON SE		2		22		0.0
Evonik Industries AG		16,673		497,733		3.7
Hannover Rueck SE		715		107,972		0.8
HeidelbergCement AG		1,247		100,907		0.8
HUGO BOSS AG		2,226		155,540		1.2
LEG Immobilien AG		628		73,275		0.5
MTU Aero Engines AG		909		214,460		1.6
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		516		128,409		1.0
Nemetschek SE		3,657		676,546		5.1
ProSiebenSat.1 Media SE		1,568		24,788		0.2
TUI AG		6,086		67,770		0.5
Volkswagen AG		868		155,630		1.2
				5,386,691
Ireland
AerCap Holdings NV		3,838		190,518		1.4
Italy
Assicurazioni Generali SpA		22,557		437,652		3.3
Enel SpA		36,485		231,029		1.7
Eni SpA		19,925		339,545		2.5
Moncler SpA		350		14,390		0.1
Poste Italiane SpA		6,489		69,351		0.5
Recordati SpA		2,120		85,664		0.7
Telecom Italia SpA		50,474		28,254		0.2
				1,205,885
Japan
AGC, Inc.		1,800		61,412		0.5
Ajinomoto Co., Inc.		3,900		63,100		0.5
Asahi Kasei Corp.		5,800		59,777		0.4
Astellas Pharma, Inc.		32,300		437,467		3.3
Bandai Namco Holdings, Inc.		600		28,765		0.2
Bridgestone Corp.		17,000		674,397		5.0
Canon, Inc.		9,900		274,706		2.1
Central Japan Railway Co.		700		150,528		1.1
CyberAgent, Inc.		2,100		84,177		0.6
Daikin Industries Ltd.		100		12,732		0.1
Daiwa House Industry Co. Ltd.		500		14,015		0.1
Denso Corp.		200		8,739		0.1
Dentsu, Inc.		1,700		69,564		0.5
East Japan Railway Co.		2,600		245,029		1.8
Eisai Co. Ltd.		1,100		64,054		0.5
Fuji Electric Co. Ltd.		9,400		333,239		2.5
Fujitsu Ltd.		8,700		638,707		4.8
Hitachi High-Technologies Corp.		100		4,457		0.0
Hitachi Ltd.		7,300		242,785		1.8

8

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Japan (continued)
Hoshizaki Corp.		1,200	$	77,799		0.6	%
Hoya Corp.		7,300		515,582		3.9
Isuzu Motors Ltd.		6,500		93,618		0.7
Japan Airlines Co. Ltd.		15,000		489,201		3.7
Japan Tobacco, Inc.		7,000		161,753		1.2
JFE Holdings, Inc.		7,500		129,059		1.0
Kajima Corp.		30,700		455,652		3.4
Kikkoman Corp.		4,900		228,169		1.7
Kirin Holdings Co. Ltd.		8,100		184,263		1.4
Konami Holdings Corp.		900		40,982		0.3
Kuraray Co. Ltd.		2,000		26,872		0.2
Marubeni Corp.		9,400		67,357		0.5
Mazda Motor Corp.		7,600		89,946		0.7
Mitsubishi Chemical Holdings Corp.		17,700		126,195		0.9
Mitsubishi Electric Corp.		14,800		211,787		1.6
Mitsubishi Estate Co. Ltd.		1,400		23,674		0.2
Mitsubishi Heavy Industries Ltd.		7,500		312,563		2.3
Mitsui & Co. Ltd.		4,500		72,786		0.5
Mitsui Chemicals, Inc.		2,500		61,455		0.5
MS&AD Insurance Group Holdings, Inc.		15,800		491,122		3.7
Nikon Corp.		19,700		274,732		2.1
Nippon Telegraph & Telephone Corp.		800		33,287		0.2
Nissan Chemical Corp.		900		40,096		0.3
Nissan Motor Co. Ltd.		18,300		146,913		1.1
NSK Ltd.		4,800		49,890		0.4
NTT DOCOMO, Inc.		5,800		125,950		0.9
Obayashi Corp.		6,000		58,984		0.4
Oji Holdings Corp.		8,600		51,604		0.4
ORIX Corp.		13,700		194,072		1.4
Otsuka Holdings Co. Ltd.		200		7,150		0.1
Panasonic Corp.		1,600		14,733		0.1
Pola Orbis Holdings, Inc.		2,000		63,132		0.5
Recruit Holdings Co. Ltd.		3,300		99,376		0.7
Ryohin Keikaku Co. Ltd.		300		57,223		0.4
Secom Co. Ltd.		100		8,413		0.1
Sekisui Chemical Co. Ltd.		19,700		316,254		2.4
Shimadzu Corp.		6,600		177,034		1.3
Shionogi & Co. Ltd.		6,300		368,002		2.7
Showa Denko KK		1,900		64,866		0.5
Sompo Holdings, Inc.		13,200		498,210		3.7
Sony Corp.		1,900		95,699		0.7
Sony Financial Holdings, Inc.		3,200		65,795		0.5
Subaru Corp.		4,600		112,723		0.8
Sumitomo Chemical Co. Ltd.		23,900		119,237		0.9
Sumitomo Corp.		10,500		150,495		1.1
Sumitomo Mitsui Financial Group, Inc.		4,400		159,923		1.2
Suzuki Motor Corp.		500		22,817		0.2
Taisei Corp.		1,000		44,000		0.3
Tokio Marine Holdings, Inc.		3,800		192,528		1.4
Tokyo Gas Co. Ltd.		3,300		83,959		0.6
Toshiba Corp.		12,900		429,848		3.2
Toyota Tsusho Corp.		1,500		49,824		0.4
Trend Micro, Inc.		900		44,993		0.3
Yokogawa Electric Corp.		5,400		113,082		0.8
				11,662,329
Luxembourg
ArcelorMittal		3,406		74,101		0.5
Tenaris SA		31,809		440,931		3.3
				515,032

	Shares		Value		% of Basket Value
Netherlands
Akzo Nobel NV		756	$	64,234		0.5	%
ASR Nederland NV		7,399		329,211		2.4
Heineken NV		2,134		230,701		1.7
ING Groep NV		22,684		289,448		2.2
Koninklijke Ahold Delhaize NV		1,000		24,102		0.2
Koninklijke DSM NV		1,746		199,693		1.5
Koninklijke Philips NV		6,467		277,717		2.1
Randstad NV		3,536		202,228		1.5
Royal Dutch Shell plc		13,454		430,123		3.2
Wolters Kluwer NV		1,903		132,825		1.0
				2,180,282
Norway
DNB ASA		6,525		125,471		0.9
Equinor ASA		14,489		322,983		2.4
Salmar ASA		510		23,197		0.2
Telenor ASA		14,596		293,407		2.2
				765,058
Portugal
Galp Energia SGPS SA		9,070		152,070		1.1
Puerto Rico
Popular, Inc.		4,597		265,293		2.0
Singapore
Mapletree Industrial Trust		17,100		25,922		0.2
South Africa
Anglo American plc		4,182		108,522		0.8
Mondi plc		3,322		73,002		0.6
				181,524
Spain
Amadeus IT Group SA		3,395		270,570		2.0
Banco Bilbao Vizcaya Argentaria SA		17,515		106,506		0.8
Banco Santander SA		14,089		71,422		0.5
Bankinter SA		8,928		71,363		0.5
Cia de Distribucion Integral Logista Holdings SA		54		1,281		0.0
Endesa SA		9,668		241,201		1.8
Iberdrola SA		3,837		34,868		0.3
Red Electrica Corp. SA		9,586		198,947		1.5
Repsol SA		8,174		138,702		1.0
Telefonica SA		23,307		194,319		1.5
				1,329,179
Sweden
Alfa Laval AB		2,763		64,134		0.5
Atlas Copco AB		3,587		111,966		0.8
Boliden AB		2,650		78,864		0.6
Electrolux AB		3,097		75,902		0.6
Investor AB		1,711		81,600		0.6
Sandvik AB		17,880		331,109		2.5
Skanska AB		21,917		381,667		2.8
SKF AB		10,376		192,599		1.4
Svenska Cellulosa AB SCA		2,356		20,567		0.2
Swedbank AB		4,483		73,249		0.5
Swedish Match AB		13,993		682,293		5.1
Volvo AB		12,468		199,818		1.5
				2,293,768
Switzerland
ABB Ltd. (Registered)		11,121		228,745		1.7
Adecco Group AG (Registered)		2,440		140,185		1.0
Alcon, Inc.		322		18,544		0.1
Coca-Cola HBC AG		1,007		36,066		0.3

9

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Switzerland (continued)
Geberit AG (Registered)		88	$	36,899		0.3	%
Kuehne + Nagel International AG (Registered)		2,537		368,765		2.8
Logitech International SA (Registered)		3,256		127,590		1.0
Nestle SA (Registered)		6,025		580,073		4.3
Novartis AG (Registered)		1,612		132,087		1.0
Partners Group Holding AG		228		171,972		1.3
Roche Holding AG		4,711		1,243,060		9.3
Schindler Holding AG		281		60,731		0.5
SGS SA (Registered)		167		440,638		3.3
Sonova Holding AG (Registered)		1,224		247,226		1.8
Straumann Holding AG (Registered)		169		136,581		1.0
Swiss Life Holding AG (Registered)		338		158,903		1.2
Swiss Re AG		548		52,760		0.4
Swisscom AG (Registered)		780		363,444		2.7
				4,544,269
United Kingdom
3i Group plc		21,753		304,377		2.3
Associated British Foods plc		12,567		419,768		3.1
Auto Trader Group plc		14,390		106,376		0.8
Aviva plc		96,218		540,373		4.0
Barratt Developments plc		14,094		110,875		0.8
Berkeley Group Holdings plc		603		29,581		0.2
British Land Co. plc (The)		17,297		134,202		1.0
Burberry Group plc		8,359		220,318		1.6
Centrica plc		41,067		57,090		0.4
Compass Group plc		13,609		309,657		2.3
Diageo plc		2,796		117,873		0.9
Direct Line Insurance Group plc		22,861		98,372		0.7
Experian plc		8,442		245,737		1.8
GlaxoSmithKline plc		7,085		145,549		1.1
Halma plc		5,099		119,978		0.9
Imperial Brands plc		4,290		136,500		1.0
InterContinental Hotels Group plc		1,387		89,836		0.7
ITV plc		28,412		50,733		0.4
J Sainsbury plc		16,668		48,425		0.4
Kingfisher plc		27,418		94,542		0.7
Land Securities Group plc		29,811		359,280		2.7
Legal & General Group plc		197,807		719,331		5.4
Lloyds Banking Group plc		852,610		697,294		5.2
Marks & Spencer Group plc		74,684		278,591		2.1
Meggitt plc		13,425		95,530		0.7
Next plc		2,032		152,997		1.1
Pearson plc		6,523		70,663		0.5
Persimmon plc		11,561		337,730		2.5
Royal Mail plc		73,189		241,494		1.8
Sage Group plc (The)		7,641		72,430		0.5
Schroders plc		2,115		87,533		0.7
Segro plc		2,223		19,697		0.1
Severn Trent plc		986		26,246		0.2
Smith & Nephew plc		5,298		102,424		0.8
SSE plc		6,875		102,868		0.8
Taylor Wimpey plc		29,666		70,332		0.5
Unilever NV		1,146		69,338		0.5
Unilever plc		3,492		211,668		1.6
Vodafone Group plc		128,543		238,431		1.8
Wm Morrison Supermarkets plc		870		2,452		0.0
				7,336,491
United States
AbbVie, Inc.		4,277		339,551		2.5
Accenture plc		2,016		368,263		2.7
Acuity Brands, Inc.		1,706		249,639		1.9

	Shares		Value		% of Basket Value
United States (continued)
Adobe Systems, Inc.		1,387	$	401,190		3.0	%
Advance Auto Parts, Inc.		106		17,630		0.1
AES Corp.		5,199		89,007		0.7
Aflac, Inc.		7,850		395,483		3.0
Agilent Technologies, Inc.		3,053		239,661		1.8
AGNC Investment Corp.		1,055		18,768		0.1
Air Products & Chemicals, Inc.		242		49,801		0.4
Akamai Technologies, Inc.		4,042		323,603		2.4
Alliance Data Systems Corp.		686		109,829		0.8
Allison Transmission Holdings, Inc.		6,854		321,178		2.4
Allstate Corp. (The)		1,310		129,769		1.0
Ally Financial, Inc.		6,943		206,277		1.5
Alphabet, Inc.		145		172,330		1.3
Ameren Corp.		4,822		350,897		2.6
American Electric Power Co., Inc.		3,828		327,485		2.4
American Express Co.		3,322		389,438		2.9
American Financial Group, Inc.		2,713		280,877		2.1
Ameriprise Financial, Inc.		1,004		147,357		1.1
AMETEK, Inc.		382		33,681		0.2
Amgen, Inc.		2,098		376,213		2.8
Annaly Capital Management, Inc.		7,465		75,322		0.6
ANSYS, Inc.		353		69,117		0.5
AO Smith Corp.		688		36,168		0.3
Apartment Investment & Management Co.		14		691		0.0
Applied Materials, Inc.		174		7,668		0.1
Aspen Technology, Inc.		642		78,266		0.6
Athene Holding Ltd.		7,066		319,101		2.4
Automatic Data Processing, Inc.		2,611		429,222		3.2
AvalonBay Communities, Inc.		2,310		464,148		3.5
Avery Dennison Corp.		789		87,303		0.7
AXA Equitable Holdings, Inc.		11,390		258,439		1.9
Baxter International, Inc.		381		29,070		0.2
Best Buy Co., Inc.		5,521		410,818		3.1
Biogen, Inc.		3,818		875,238		6.5
Boeing Co. (The)		286		108,019		0.8
Booz Allen Hamilton Holding Corp.		4,707		279,078		2.1
BorgWarner, Inc.		6,029		251,831		1.9
Bristol-Myers Squibb Co.		3,896		180,891		1.3
Broadridge Financial Solutions, Inc.		2,537		299,696		2.2
Brunswick Corp.		1,941		99,399		0.7
Burlington Stores, Inc.		644		108,778		0.8
Cadence Design Systems, Inc.		8,524		591,395		4.4
Capital One Financial Corp.		467		43,352		0.3
Carnival Corp.		219		12,014		0.1
CBRE Group, Inc.		874		45,509		0.3
CBS Corp. (Non-Voting)		2,380		122,023		0.9
CDK Global, Inc.		545		32,874		0.2
CDW Corp.		1,841		194,410		1.5
Celanese Corp.		1,588		171,329		1.3
Celgene Corp.		1,530		144,830		1.1
CenterPoint Energy, Inc.		1,768		54,808		0.4
CH Robinson Worldwide, Inc.		2,267		183,627		1.4
Chemours Co. (The)		3,876		139,575		1.0
Chevron Corp.		4,063		487,804		3.6
Cintas Corp.		115		24,971		0.2
Cisco Systems, Inc.		4,721		264,140		2.0
CIT Group, Inc.		1,191		63,445		0.5
Citizens Financial Group, Inc.		5,940		215,028		1.6
Citrix Systems, Inc.		2,697		272,289		2.0
Clorox Co. (The)		464		74,115		0.6
CMS Energy Corp.		2,237		124,265		0.9
Colgate-Palmolive Co.		600		43,674		0.3
Columbia Sportswear Co.		737		73,678		0.5

10

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Comerica, Inc.		2,747	$	215,887		1.6	%
Commerce Bancshares, Inc.		1,341		81,037		0.6
ConocoPhillips		12,359		780,100		5.8
Consolidated Edison, Inc.		258		22,229		0.2
Corning, Inc.		5,630		179,316		1.3
Costco Wholesale Corp.		145		35,602		0.3
Crane Co.		3,409		289,935		2.2
CSX Corp.		1,600		127,408		0.9
Cullen/Frost Bankers, Inc.		436		44,337		0.3
Cummins, Inc.		1,845		306,805		2.3
Curtiss-Wright Corp.		1,678		191,191		1.4
Cypress Semiconductor Corp.		2,823		48,499		0.4
Danaher Corp.		187		24,766		0.2
Darden Restaurants, Inc.		818		96,197		0.7
Devon Energy Corp.		9,002		289,324		2.2
Discover Financial Services		494		40,256		0.3
Donaldson Co., Inc.		1,275		68,264		0.5
Dover Corp.		1,930		189,217		1.4
DTE Energy Co.		2,971		373,484		2.8
Duke Realty Corp.		2,561		79,698		0.6
E*TRADE Financial Corp.		3,348		169,610		1.3
East West Bancorp, Inc.		1,645		84,685		0.6
Eastman Chemical Co.		2,218		174,956		1.3
Eaton Corp. plc		779		64,517		0.5
eBay, Inc.		1,702		65,952		0.5
Eli Lilly & Co.		2,125		248,710		1.9
Emerson Electric Co.		261		18,528		0.1
Encompass Health Corp.		7,290		469,841		3.5
Entergy Corp.		700		67,830		0.5
Equity LifeStyle Properties, Inc.		843		98,378		0.7
Equity Residential		686		52,424		0.4
Essex Property Trust, Inc.		159		44,918		0.3
Estee Lauder Cos., Inc. (The)		1,074		184,524		1.4
Everest Re Group Ltd.		260		61,230		0.5
Exelon Corp.		4,839		246,547		1.8
Expeditors International of Washington, Inc.		1,791		142,241		1.1
Extra Space Storage, Inc.		835		86,581		0.6
Exxon Mobil Corp.		2,910		233,615		1.7
F5 Networks, Inc.		55		8,629		0.1
Fastenal Co.		1,285		90,657		0.7
Federal Realty Investment Trust		272		36,407		0.3
Ferguson plc		52		3,701		0.0
Fidelity National Information Services, Inc.		1,805		209,254		1.6
Fifth Third Bancorp		1,137		32,768		0.2
FLIR Systems, Inc.		1,107		58,605		0.4
Foot Locker, Inc.		3,061		175,120		1.3
Fortinet, Inc.		1,228		114,720		0.9
Franklin Resources, Inc.		1,062		36,735		0.3
Gaming and Leisure Properties, Inc.		300		12,114		0.1
Garmin Ltd.		2,323		199,174		1.5
Gilead Sciences, Inc.		2,464		160,259		1.2
Graco, Inc.		3,204		164,205		1.2
H&R Block, Inc.		2,900		78,909		0.6
Haemonetics Corp.		1,289		112,504		0.8
Hartford Financial Services Group, Inc. (The)		3,914		204,741		1.5
HD Supply Holdings, Inc.		826		37,740		0.3
Helmerich & Payne, Inc.		623		36,458		0.3
Hershey Co. (The)		2,435		304,010		2.3
Hewlett Packard Enterprise Co.		11,494		181,720		1.4
HollyFrontier Corp.		4,037		192,686		1.4
Home Depot, Inc. (The)		1,862		379,289		2.8

	Shares		Value		% of Basket Value
United States (continued)
Honeywell International, Inc.		1,487	$	258,188		1.9	%
Host Hotels & Resorts, Inc.		5,446		104,781		0.8
HP, Inc.		14,738		294,023		2.2
Humana, Inc.		323		82,497		0.6
Huntington Ingalls Industries, Inc.		520		115,742		0.9
Huntsman Corp.		3,695		82,177		0.6
IAC/InterActiveCorp		354		79,593		0.6
ICU Medical, Inc.		93		21,158		0.2
IDEX Corp.		166		26,006		0.2
IDEXX Laboratories, Inc.		323		74,936		0.6
Illinois Tool Works, Inc.		69		10,738		0.1
Ingersoll-Rand plc		544		66,700		0.5
Ingredion, Inc.		567		53,723		0.4
Intel Corp.		1,207		61,605		0.5
International Business Machines Corp.		145		20,339		0.2
International Paper Co.		3,734		174,789		1.3
Interpublic Group of Cos., Inc. (The)		2,806		64,538		0.5
Intuit, Inc.		871		218,673		1.6
Ionis Pharmaceuticals, Inc.		1,692		125,766		0.9
Jazz Pharmaceuticals plc		880		114,198		0.9
Johnson & Johnson		2,790		393,948		2.9
Jones Lang LaSalle, Inc.		2,075		320,733		2.4
Juniper Networks, Inc.		1,739		48,292		0.4
Kellogg Co.		353		21,286		0.2
Kimco Realty Corp.		1,569		27,285		0.2
KLA-Tencor Corp.		2,179		277,779		2.1
Kohl’s Corp.		346		24,601		0.2
Kroger Co. (The)		3,017		77,778		0.6
Lam Research Corp.		801		166,151		1.2
Lamar Advertising Co.		587		48,527		0.4
Lamb Weston Holdings, Inc.		693		48,545		0.4
Lear Corp.		1,080		154,440		1.2
Lennox International, Inc.		490		133,011		1.0
Liberty Media Corp-Liberty SiriusXM		2,590		104,014		0.8
Liberty Property Trust		4,552		225,961		1.7
Lincoln Electric Holdings, Inc.		637		55,591		0.4
Lincoln National Corp.		2,703		180,344		1.3
Lowe’s Cos., Inc.		1,421		160,772		1.2
LPL Financial Holdings, Inc.		4,731		350,520		2.6
Lululemon Athletica, Inc.		203		35,799		0.3
LyondellBasell Industries NV		1,671		147,432		1.1
M&T Bank Corp.		563		95,749		0.7
Macy’s, Inc.		3,688		86,816		0.6
Madison Square Garden Co. (The)		333		104,043		0.8
ManpowerGroup, Inc.		973		93,447		0.7
Marathon Oil Corp.		7,793		132,793		1.0
Masco Corp.		791		30,896		0.2
Maxim Integrated Products, Inc.		4,796		287,760		2.1
McKesson Corp.		395		47,104		0.4
Merck & Co., Inc.		4,054		319,090		2.4
MetLife, Inc.		115		5,305		0.0
Mettler-Toledo International, Inc.		153		114,025		0.8
Microsoft Corp.		1,636		213,662		1.6
Molina Healthcare, Inc.		159		20,611		0.2
Mondelez International, Inc.		3,310		168,314		1.3
Motorola Solutions, Inc.		1,547		224,176		1.7
Murphy Oil Corp.		10,025		273,081		2.0
National Retail Properties, Inc.		1,186		62,407		0.5
NetApp, Inc.		4,725		344,216		2.6
NextEra Energy, Inc.		410		79,720		0.6
NIKE, Inc.		2,837		249,174		1.9
Nordstrom, Inc.		3,484		142,914		1.1
Norfolk Southern Corp.		446		90,993		0.7

11

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
NRG Energy, Inc.		19,424	$	799,686		6.0	%
Nucor Corp.		3,235		184,621		1.4
Occidental Petroleum Corp.		3,522		207,375		1.5
OGE Energy Corp.		9,133		386,691		2.9
Old Dominion Freight Line, Inc.		707		105,541		0.8
Omnicom Group, Inc.		586		46,898		0.3
ON Semiconductor Corp.		2,961		68,281		0.5
Oracle Corp.		4,493		248,598		1.9
O’Reilly Automotive, Inc.		427		161,649		1.2
Oshkosh Corp.		1,324		109,349		0.8
PACCAR, Inc.		2,490		178,458		1.3
Packaging Corp. of America		488		48,390		0.4
Palo Alto Networks, Inc.		1,034		257,290		1.9
Park Hotels & Resorts, Inc.		3,878		124,406		0.9
Parker-Hannifin Corp.		587		106,294		0.8
Paychex, Inc.		977		82,371		0.6
PBF Energy, Inc.		849		28,509		0.2
Pentair plc		3,730		145,433		1.1
People’s United Financial, Inc.		1,268		21,924		0.2
PepsiCo, Inc.		1,221		156,349		1.2
Pfizer, Inc.		1,900		77,159		0.6
Philip Morris International, Inc.		1,840		159,270		1.2
Phillips 66		4,139		390,184		2.9
Pinnacle West Capital Corp.		1,951		185,872		1.4
PRA Health Sciences, Inc.		188		18,202		0.1
Progressive Corp. (The)		2,883		225,306		1.7
Prudential Financial, Inc.		3,847		406,666		3.0
PulteGroup, Inc.		3,848		121,058		0.9
Qorvo, Inc.		3,810		288,074		2.1
Quanta Services, Inc.		2,843		115,426		0.9
Quest Diagnostics, Inc.		280		26,986		0.2
Ralph Lauren Corp.		4,154		546,583		4.1
Realty Income Corp.		1,967		137,710		1.0
Red Hat, Inc.		121		22,086		0.2
Regeneron Pharmaceuticals, Inc.		59		20,245		0.1
Regions Financial Corp.		9,874		153,343		1.1
Reinsurance Group of America, Inc.		530		80,300		0.6
Reliance Steel & Aluminum Co.		1,545		142,078		1.1
Robert Half International, Inc.		3,986		247,491		1.8
Rockwell Automation, Inc.		2,550		460,811		3.4
Ross Stores, Inc.		321		31,349		0.2
S&P Global, Inc.		112		24,714		0.2
Sabre Corp.		1,008		20,926		0.2
Sealed Air Corp.		951		44,336		0.3
ServiceNow, Inc.		263		71,407		0.5
Simon Property Group, Inc.		1,332		231,368		1.7
SL Green Realty Corp.		181		15,990		0.1
Snap-on, Inc.		909		152,967		1.1
Southwest Airlines Co.		3,551		192,571		1.4
Spirit AeroSystems Holdings, Inc.		1,018		88,464		0.7
Starbucks Corp.		10,507		816,184		6.1
Steel Dynamics, Inc.		6,783		214,885		1.6
STERIS plc		368		48,201		0.4
Stryker Corp.		42		7,934		0.1
Synchrony Financial		1,866		64,694		0.5
Synopsys, Inc.		616		74,585		0.6
Synovus Financial Corp.		1,822		67,159		0.5
Sysco Corp.		1,694		119,207		0.9
Tableau Software, Inc.		183		22,291		0.2
Tapestry, Inc.		2,755		88,904		0.7
Target Corp.		958		74,168		0.6
TD Ameritrade Holding Corp.		474		24,923		0.2
Teledyne Technologies, Inc.		218		54,175		0.4
Teradyne, Inc.		3,750		183,750		1.4

	Shares			Value			% of Basket Value
United States (continued)
Texas Instruments, Inc.		3,386		$	398,972			3.0	%
TJX Cos., Inc. (The)		5,165			283,455			2.1
Torchmark Corp.		1,067			93,533			0.7
Toro Co. (The)		5,213			381,331			2.8
Tractor Supply Co.		195			20,183			0.1
TripAdvisor, Inc.		620			33,003			0.2
Ubiquiti Networks, Inc.		964			164,314			1.2
UDR, Inc.		603			27,105			0.2
UGI Corp.		2,393			130,442			1.0
United Continental Holdings, Inc.		443			39,365			0.3
United Parcel Service, Inc.		1,653			175,582			1.3
United Therapeutics Corp.		545			55,901			0.4
UnitedHealth Group, Inc.		896			208,831			1.6
Universal Health Services, Inc.		447			56,711			0.4
Unum Group		2,850			105,222			0.8
US Bancorp		659			35,138			0.3
Valero Energy Corp.		7			635			0.0
Varian Medical Systems, Inc.		178			24,238			0.2
VeriSign, Inc.		3,344			660,273			4.9
Verizon Communications, Inc.		385			22,018			0.2
Vertex Pharmaceuticals, Inc.		1,664			281,183			2.1
Viacom, Inc.		1,282			37,063			0.3
VMware, Inc.		1,669			340,693			2.5
Voya Financial, Inc.		692			37,984			0.3
WABCO Holdings, Inc.		823			108,998			0.8
Walgreens Boots Alliance, Inc.		1,047			56,088			0.4
Walmart, Inc.		666			68,491			0.5
Walt Disney Co. (The)		78			10,684			0.1
Waste Management, Inc.		1,272			136,536			1.0
Waters Corp.		1,052			224,644			1.7
Webster Financial Corp.		1,393			74,010			0.6
WEC Energy Group, Inc.		1,216			95,371			0.7
West Pharmaceutical Services, Inc.		617			76,378			0.6
Western Union Co. (The)		6,181			120,159			0.9
Westlake Chemical Corp.		1,648			114,948			0.9
WW Grainger, Inc.		802			226,164			1.7
Xcel Energy, Inc.		568			32,092			0.2
Xerox Corp.		1,886			62,917			0.5
YUM! BRANDS, Inc.		739			77,144			0.6
Zebra Technologies Corp.		268			56,586			0.4
Zions Bancorp		908			44,792			0.3
Zoetis, Inc.		921			93,795			0.7
					45,574,751
Total Reference Entity — Long					94,911,982
Reference Entity — Short
Australia
CSL Ltd.		(1,426	)		(200,013	)		(1.5	)%
Fortescue Metals Group Ltd.		(49,515	)		(250,210	)		(1.9	)
Oil Search Ltd.		(33,607	)		(184,046	)		(1.4	)
					(634,269	)
Austria
Erste Group Bank AG		(1,389	)		(55,617	)		(0.4	)
Verbund AG		(4,638	)		(230,310	)		(1.7	)
					(285,927	)
Belgium
Anheuser-Busch InBev SA		(2,678	)		(238,093	)		(1.8	)
KBC Group NV		(2,673	)		(198,433	)		(1.5	)
Umicore SA		(20,776	)		(806,269	)		(6.0	)
					(1,242,795	)

12

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Canada
Agnico Eagle Mines Ltd.		(907	)	$	(37,559	)		(0.3	)%
Cenovus Energy, Inc.		(5,448	)		(54,004	)		(0.4	)
Enbridge, Inc.		(4,842	)		(178,869	)		(1.3	)
Encana Corp.		(6,620	)		(45,876	)		(0.3	)
Franco-Nevada Corp.		(2,074	)		(148,603	)		(1.1	)
					(464,911	)
Chile
Antofagasta plc		(13,154	)		(156,372	)		(1.2	)
Denmark
Chr Hansen Holding A/S		(586	)		(59,878	)		(0.5	)
Demant A/S		(7,475	)		(236,183	)		(1.8	)
Drilling Co. of 1972 A/S (The)		(130	)		(9,980	)		(0.1	)
Genmab A/S		(156	)		(25,897	)		(0.2	)
Orsted A/S		(6,547	)		(501,232	)		(3.7	)
					(833,170	)
Finland
Elisa OYJ		(1,620	)		(68,737	)		(0.5	)
Kone OYJ		(2,894	)		(159,020	)		(1.2	)
Nokia OYJ		(37,698	)		(198,088	)		(1.5	)
Nordea Bank Abp		(50,526	)		(397,506	)		(3.0	)
Wartsila OYJ Abp		(10,027	)		(160,557	)		(1.2	)
					(983,908	)
France
Accor SA		(17,406	)		(733,268	)		(5.5	)
Aeroports de Paris		(2,068	)		(421,278	)		(3.1	)
Air Liquide SA		(110	)		(14,634	)		(0.1	)
Airbus SE		(4,223	)		(578,254	)		(4.3	)
Amundi SA		(546	)		(39,283	)		(0.3	)
Bureau Veritas SA		(2,067	)		(52,396	)		(0.4	)
Electricite de France SA		(3,390	)		(48,958	)		(0.4	)
EssilorLuxottica SA		(11,130	)		(1,356,063	)		(10.1	)
Getlink		(39,347	)		(633,327	)		(4.7	)
Iliad SA		(1,228	)		(125,105	)		(0.9	)
Natixis SA		(79,632	)		(469,251	)		(3.5	)
Orpea		(291	)		(35,504	)		(0.3	)
Remy Cointreau SA		(1,742	)		(232,115	)		(1.7	)
Renault SA		(1,132	)		(77,232	)		(0.6	)
Safran SA		(678	)		(98,826	)		(0.7	)
Societe Generale SA		(1,759	)		(55,781	)		(0.4	)
Suez		(714	)		(10,030	)		(0.1	)
Teleperformance		(1,196	)		(229,920	)		(1.7	)
Unibail-Rodamco-Westfield		(895	)		(153,837	)		(1.1	)
Valeo SA		(8,853	)		(322,008	)		(2.4	)
					(5,687,070	)
Germany
Bayer AG (Registered)		(4,139	)		(275,474	)		(2.1	)
Bayerische Motoren Werke AG		(2,528	)		(215,660	)		(1.6	)
Carl Zeiss Meditec AG		(519	)		(51,049	)		(0.4	)
Commerzbank AG		(56,298	)		(507,436	)		(3.8	)
Daimler AG (Registered)		(9,090	)		(596,631	)		(4.5	)
Delivery Hero SE		(1,357	)		(62,539	)		(0.5	)
Deutsche Bank AG (Registered)		(57,384	)		(475,855	)		(3.6	)
Deutsche Wohnen AG		(442	)		(19,910	)		(0.2	)
E.ON SE		(2	)		(22	)		0.0
Fraport AG Frankfurt Airport Services Worldwide		(1,904	)		(158,499	)		(1.2	)
Fresenius SE & Co. KGaA		(5,538	)		(314,918	)		(2.4	)
Infineon Technologies AG		(1,699	)		(40,276	)		(0.3	)
KION Group AG		(173	)		(11,901	)		(0.1	)
METRO AG		(1,846	)		(31,366	)		(0.2	)
SAP SE		(2,951	)		(380,408	)		(2.8	)

	Shares			Value			% of Basket Value
Germany (continued)
Siemens AG (Registered)		(942	)	$	(112,948	)		(0.8	)%
Siemens Healthineers AG		(3,522	)		(150,756	)		(1.1	)
thyssenkrupp AG		(5,577	)		(78,628	)		(0.6	)
Uniper SE		(6,781	)		(205,759	)		(1.5	)
United Internet AG (Registered)		(3,303	)		(132,797	)		(1.0	)
Wirecard AG		(169	)		(25,530	)		(0.2	)
Zalando SE		(1,348	)		(63,410	)		(0.5	)
					(3,911,772	)
Italy
Davide Campari-Milano SpA		(5,698	)		(57,481	)		(0.4	)
Ferrari NV		(1,051	)		(142,549	)		(1.1	)
Intesa Sanpaolo SpA		(21,447	)		(56,192	)		(0.4	)
Leonardo SpA		(3,686	)		(42,628	)		(0.3	)
Mediobanca Banca di Credito Finanziario SpA		(5,178	)		(54,883	)		(0.4	)
Snam SpA		(75,370	)		(383,700	)		(2.9	)
					(737,433	)
Japan
Aeon Co. Ltd.		(1,100	)		(20,335	)		(0.2	)
Asahi Group Holdings Ltd.		(1,300	)		(56,684	)		(0.4	)
Daiichi Sankyo Co. Ltd.		(900	)		(44,500	)		(0.3	)
Daiwa Securities Group, Inc.		(21,600	)		(100,544	)		(0.8	)
Don Quijote Holdings Co. Ltd.		(1,700	)		(109,555	)		(0.8	)
FamilyMart UNY Holdings Co. Ltd.		(11,800	)		(314,666	)		(2.4	)
FANUC Corp.		(800	)		(150,300	)		(1.1	)
Fast Retailing Co. Ltd.		(400	)		(231,436	)		(1.7	)
Idemitsu Kosan Co. Ltd.		(600	)		(19,495	)		(0.1	)
Inpex Corp.		(17,800	)		(173,173	)		(1.3	)
Japan Post Bank Co. Ltd.		(2,400	)		(26,425	)		(0.2	)
Japan Post Holdings Co. Ltd.		(14,700	)		(164,635	)		(1.2	)
JXTG Holdings, Inc.		(4,000	)		(19,461	)		(0.1	)
KDDI Corp.		(4,200	)		(96,800	)		(0.7	)
Keyence Corp.		(200	)		(124,959	)		(0.9	)
Kubota Corp.		(6,100	)		(92,874	)		(0.7	)
Kyocera Corp.		(2,900	)		(188,455	)		(1.4	)
Kyushu Railway Co.		(9,300	)		(303,033	)		(2.3	)
LINE Corp.		(12,302	)		(412,172	)		(3.1	)
M3, Inc.		(20,800	)		(371,315	)		(2.8	)
Makita Corp.		(2,800	)		(102,154	)		(0.8	)
MINEBEA MITSUMI, Inc.		(4,000	)		(71,338	)		(0.5	)
Mitsubishi UFJ Financial Group, Inc.		(37,300	)		(185,065	)		(1.4	)
Murata Manufacturing Co. Ltd.		(13,100	)		(657,799	)		(4.9	)
NEC Corp.		(2,400	)		(81,055	)		(0.6	)
Nidec Corp.		(1,000	)		(142,839	)		(1.1	)
Nitori Holdings Co. Ltd.		(200	)		(23,861	)		(0.2	)
Resona Holdings, Inc.		(12,700	)		(53,913	)		(0.4	)
Ricoh Co. Ltd.		(2,200	)		(22,257	)		(0.2	)
Rohm Co. Ltd.		(1,700	)		(125,359	)		(0.9	)
Seibu Holdings, Inc.		(9,300	)		(151,390	)		(1.1	)
SG Holdings Co. Ltd.		(4,700	)		(125,861	)		(0.9	)
Sharp Corp.		(40,700	)		(454,029	)		(3.4	)
Shimano, Inc.		(900	)		(132,285	)		(1.0	)
Shin-Etsu Chemical Co. Ltd.		(900	)		(85,252	)		(0.6	)
Shiseido Co. Ltd.		(900	)		(70,792	)		(0.5	)
SoftBank Group Corp.		(2,600	)		(275,682	)		(2.1	)
Sumitomo Dainippon Pharma Co. Ltd.		(2,600	)		(57,442	)		(0.4	)
Sysmex Corp.		(800	)		(45,842	)		(0.3	)
Takeda Pharmaceutical Co. Ltd.		(1,000	)		(36,902	)		(0.3	)
TDK Corp.		(400	)		(35,046	)		(0.3	)
Tokyu Corp.		(100	)		(1,633	)		0.0
Toray Industries, Inc.		(10,000	)		(68,431	)		(0.5	)
TOTO Ltd.		(3,500	)		(148,357	)		(1.1	)

13

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Japan (continued)
Unicharm Corp.		(6,200	)	$	(204,611	)		(1.5	)%
Yaskawa Electric Corp.		(6,400	)		(238,258	)		(1.8	)
ZOZO, Inc.		(8,000	)		(142,108	)		(1.1	)
					(6,760,378	)
Luxembourg
Eurofins Scientific SE		(108	)		(49,456	)		(0.4	)
SES SA		(3,454	)		(58,769	)		(0.4	)
					(108,225	)
Netherlands
Aegon NV		(10,540	)		(55,020	)		(0.4	)
Gemalto NV		(1,151	)		(65,904	)		(0.5	)
Koninklijke Vopak NV		(4,516	)		(201,653	)		(1.5	)
NN Group NV		(10,699	)		(466,900	)		(3.5	)
					(789,477	)
Norway
Mowi ASA		(2,075	)		(45,018	)		(0.3	)
Norsk Hydro ASA		(75,793	)		(326,447	)		(2.5	)
Yara International ASA		(10,067	)		(455,170	)		(3.4	)
					(826,635	)
Spain
Banco de Sabadell SA		(21,956	)		(25,564	)		(0.2	)
Bankia SA		(162,872	)		(451,100	)		(3.4	)
Cia de Distribucion Integral Logista Holdings SA		(54	)		(1,281	)		0.0
Ferrovial SA		(25,467	)		(628,007	)		(4.7	)
Grifols SA		(3,788	)		(105,273	)		(0.8	)
Industria de Diseno Textil SA		(1,315	)		(39,816	)		(0.3	)
Merlin Properties Socimi SA		(6,320	)		(86,208	)		(0.6	)
Siemens Gamesa Renewable Energy SA		(34,477	)		(619,223	)		(4.6	)
					(1,956,472	)
Sweden
Assa Abloy AB		(9,307	)		(198,961	)		(1.5	)
Epiroc AB		(6,246	)		(64,569	)		(0.5	)
Essity AB		(3,228	)		(95,713	)		(0.7	)
Hexagon AB		(4,403	)		(240,546	)		(1.8	)
Kinnevik AB		(8,035	)		(234,151	)		(1.7	)
Skandinaviska Enskilda Banken AB		(22,933	)		(218,955	)		(1.6	)
Svenska Handelsbanken AB		(31	)		(339	)		0.0
Tele2 AB		(35,896	)		(479,554	)		(3.6	)
Telefonaktiebolaget LM Ericsson		(15,830	)		(156,593	)		(1.2	)
					(1,689,381	)
Switzerland
Barry Callebaut AG (Registered)		(43	)		(78,842	)		(0.6	)
Cie Financiere Richemont SA (Registered)		(6,276	)		(458,790	)		(3.4	)
Clariant AG (Registered)		(2,953	)		(60,756	)		(0.5	)
Credit Suisse Group AG (Registered)		(14,959	)		(198,938	)		(1.5	)
Givaudan SA (Registered)		(76	)		(196,787	)		(1.5	)
Glencore plc		(85,237	)		(338,183	)		(2.5	)
Julius Baer Group Ltd.		(2,798	)		(135,157	)		(1.0	)
LafargeHolcim Ltd. (Registered)		(17,925	)		(920,224	)		(6.9	)
Lonza Group AG (Registered)		(244	)		(75,354	)		(0.6	)
Sika AG (Registered)		(1,352	)		(207,156	)		(1.5	)
Swatch Group AG (The)		(232	)		(70,804	)		(0.5	)
UBS Group AG (Registered)		(48,207	)		(646,430	)		(4.8	)
Vifor Pharma AG		(195	)		(25,465	)		(0.2	)
					(3,412,886	)

	Shares			Value			% of Basket Value
United Arab Emirates
NMC Health plc		(1,934	)	$	(71,419	)		(0.5	)%
United Kingdom
Admiral Group plc		(5,342	)		(153,872	)		(1.2	)
AstraZeneca plc		(1,946	)		(144,977	)		(1.1	)
BAE Systems plc		(34,317	)		(220,565	)		(1.6	)
BT Group plc		(49,270	)		(147,022	)		(1.1	)
Bunzl plc		(12,343	)		(372,278	)		(2.8	)
Cineworld Group plc		(48,461	)		(201,099	)		(1.5	)
CNH Industrial NV		(10,271	)		(111,665	)		(0.8	)
Croda International plc		(573	)		(38,814	)		(0.3	)
DCC plc		(850	)		(76,084	)		(0.6	)
DS Smith plc		(35,109	)		(163,982	)		(1.2	)
easyJet plc		(24,770	)		(375,313	)		(2.8	)
Hargreaves Lansdown plc		(12,997	)		(383,917	)		(2.9	)
HSBC Holdings plc		(4,895	)		(42,650	)		(0.3	)
Informa plc		(36,029	)		(366,344	)		(2.7	)
Intertek Group plc		(5,453	)		(381,404	)		(2.8	)
Johnson Matthey plc		(7,499	)		(327,140	)		(2.4	)
Just Eat plc		(25,265	)		(230,973	)		(1.7	)
London Stock Exchange Group plc		(319	)		(20,915	)		(0.2	)
Melrose Industries plc		(99,459	)		(263,163	)		(2.0	)
Micro Focus International plc		(6,999	)		(177,418	)		(1.3	)
National Grid plc		(7,213	)		(79,025	)		(0.6	)
Ocado Group plc		(9,010	)		(160,399	)		(1.2	)
Reckitt Benckiser Group plc		(6,339	)		(512,866	)		(3.8	)
RELX plc		(4,302	)		(98,841	)		(0.7	)
Rentokil Initial plc		(50,260	)		(256,136	)		(1.9	)
Rightmove plc		(3,354	)		(23,716	)		(0.2	)
Rolls-Royce Holdings plc		(1,046,592	)		(175,422	)		(1.3	)
Royal Bank of Scotland Group plc		(23,830	)		(74,620	)		(0.6	)
RSA Insurance Group plc		(26,890	)		(190,626	)		(1.4	)
Smiths Group plc		(2,059	)		(40,994	)		(0.3	)
St James’s Place plc		(11,986	)		(175,899	)		(1.3	)
Tesco plc		(83,809	)		(273,438	)		(2.0	)
Whitbread plc		(2,755	)		(160,394	)		(1.2	)
					(6,421,971	)
United States
3M Co.		(206	)		(39,039	)		(0.3	)
ABIOMED, Inc.		(82	)		(22,748	)		(0.2	)
Activision Blizzard, Inc.		(762	)		(36,736	)		(0.3	)
Advanced Micro Devices, Inc.		(14,306	)		(395,275	)		(3.0	)
Albemarle Corp.		(3,958	)		(297,087	)		(2.2	)
Align Technology, Inc.		(545	)		(176,951	)		(1.3	)
Alnylam Pharmaceuticals, Inc.		(7,256	)		(648,251	)		(4.8	)
Altria Group, Inc.		(2,206	)		(119,852	)		(0.9	)
Amazon.com, Inc.		(50	)		(96,326	)		(0.7	)
American Airlines Group, Inc.		(1,364	)		(46,622	)		(0.4	)
American Campus Communities, Inc.		(2,541	)		(119,935	)		(0.9	)
American Homes 4 Rent		(3,168	)		(75,969	)		(0.6	)
American International Group, Inc.		(13,012	)		(618,981	)		(4.6	)
Analog Devices, Inc.		(302	)		(35,104	)		(0.3	)
AptarGroup, Inc.		(730	)		(81,205	)		(0.6	)
Aqua America, Inc.		(9,921	)		(387,514	)		(2.9	)
Aramark		(949	)		(29,495	)		(0.2	)
Arch Capital Group Ltd.		(2,880	)		(97,286	)		(0.7	)
Arconic, Inc.		(16,190	)		(347,761	)		(2.6	)
Arista Networks, Inc.		(1,266	)		(395,359	)		(3.0	)
Arrow Electronics, Inc.		(998	)		(84,341	)		(0.6	)
Arthur J Gallagher & Co.		(3,692	)		(308,725	)		(2.3	)
Assurant, Inc.		(239	)		(22,705	)		(0.2	)
AT&T, Inc.		(1,880	)		(58,205	)		(0.4	)
Autodesk, Inc.		(478	)		(85,184	)		(0.6	)
Axalta Coating Systems Ltd.		(3,262	)		(88,009	)		(0.7	)

14

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Baker Hughes a GE Co.		(14,018	)	$	(336,712	)		(2.5	)%
Ball Corp.		(4,373	)		(262,118	)		(2.0	)
Bank of New York Mellon Corp. (The)		(1,168	)		(58,003	)		(0.4	)
BB&T Corp.		(982	)		(50,278	)		(0.4	)
Becton Dickinson and Co.		(119	)		(28,648	)		(0.2	)
Berry Global Group, Inc.		(1,429	)		(84,025	)		(0.6	)
BioMarin Pharmaceutical, Inc.		(1,413	)		(120,854	)		(0.9	)
Bio-Rad Laboratories, Inc.		(555	)		(167,016	)		(1.2	)
Bio-Techne Corp.		(306	)		(62,605	)		(0.5	)
Black Knight, Inc.		(1,681	)		(94,842	)		(0.7	)
Bluebird Bio, Inc.		(3,988	)		(565,618	)		(4.2	)
Booking Holdings, Inc.		(14	)		(25,970	)		(0.2	)
Boston Scientific Corp.		(2,408	)		(89,385	)		(0.7	)
Bright Horizons Family Solutions, Inc.		(704	)		(90,218	)		(0.7	)
Brown & Brown, Inc.		(2,076	)		(65,913	)		(0.5	)
Brown-Forman Corp.		(1,743	)		(92,884	)		(0.7	)
Bunge Ltd.		(862	)		(45,177	)		(0.3	)
Camden Property Trust		(278	)		(27,981	)		(0.2	)
Campbell Soup Co.		(3,655	)		(141,412	)		(1.1	)
Carlisle Cos., Inc.		(636	)		(89,943	)		(0.7	)
CarMax, Inc.		(2,160	)		(168,178	)		(1.3	)
Caterpillar, Inc.		(921	)		(128,406	)		(1.0	)
Cboe Global Markets, Inc.		(3,088	)		(313,772	)		(2.3	)
Centene Corp.		(5,134	)		(264,709	)		(2.0	)
CF Industries Holdings, Inc.		(562	)		(25,166	)		(0.2	)
Charles Schwab Corp. (The)		(5,759	)		(263,647	)		(2.0	)
Charter Communications, Inc.		(1,375	)		(510,386	)		(3.8	)
Cheniere Energy, Inc.		(1,564	)		(100,643	)		(0.8	)
Church & Dwight Co., Inc.		(1,036	)		(77,648	)		(0.6	)
Cigna Corp.		(618	)		(98,163	)		(0.7	)
Citigroup, Inc.		(15	)		(1,061	)		0.0
CME Group, Inc.		(503	)		(89,987	)		(0.7	)
Cognex Corp.		(983	)		(49,573	)		(0.4	)
Cognizant Technology Solutions Corp.		(1,516	)		(110,607	)		(0.8	)
Conagra Brands, Inc.		(18,280	)		(562,658	)		(4.2	)
Concho Resources, Inc.		(3,031	)		(349,717	)		(2.6	)
Constellation Brands, Inc.		(345	)		(73,026	)		(0.5	)
Continental Resources, Inc.		(498	)		(22,903	)		(0.2	)
Cooper Cos., Inc. (The)		(104	)		(30,152	)		(0.2	)
CoStar Group, Inc.		(529	)		(262,516	)		(2.0	)
Coty, Inc.		(22,207	)		(240,280	)		(1.8	)
Credit Acceptance Corp.		(45	)		(22,330	)		(0.2	)
Crown Castle International Corp.		(879	)		(110,561	)		(0.8	)
Crown Holdings, Inc.		(2,340	)		(136,024	)		(1.0	)
Deere & Co.		(2,821	)		(467,242	)		(3.5	)
DENTSPLY SIRONA, Inc.		(11,853	)		(606,044	)		(4.5	)
DexCom, Inc.		(1,333	)		(161,386	)		(1.2	)
Diamondback Energy, Inc.		(3,877	)		(412,474	)		(3.1	)
Digital Realty Trust, Inc.		(5,964	)		(702,022	)		(5.2	)
Discovery, Inc.		(1,409	)		(40,523	)		(0.3	)
Dollar Tree, Inc.		(1,692	)		(188,286	)		(1.4	)
Dominion Energy, Inc.		(3,992	)		(310,857	)		(2.3	)
Domino’s Pizza, Inc.		(221	)		(59,798	)		(0.4	)
DR Horton, Inc.		(2,479	)		(109,844	)		(0.8	)
Edison International		(1,133	)		(72,251	)		(0.5	)
Electronic Arts, Inc.		(1,619	)		(153,238	)		(1.1	)
EPAM Systems, Inc.		(1,984	)		(355,850	)		(2.7	)
Equifax, Inc.		(3,235	)		(407,448	)		(3.0	)
Equinix, Inc.		(1,077	)		(489,712	)		(3.7	)
Evergy, Inc.		(1,797	)		(103,903	)		(0.8	)
Eversource Energy		(579	)		(41,491	)		(0.3	)
Exact Sciences Corp.		(6,128	)		(604,772	)		(4.5	)

	Shares			Value			% of Basket Value
United States (continued)
Facebook, Inc.		(363	)	$	(70,204	)		(0.5	)%
First Data Corp.		(8,172	)		(211,328	)		(1.6	)
First Republic Bank		(1,210	)		(127,800	)		(1.0	)
FleetCor Technologies, Inc.		(1,466	)		(382,553	)		(2.9	)
Flowserve Corp.		(2,648	)		(129,831	)		(1.0	)
FMC Corp.		(869	)		(68,703	)		(0.5	)
Fortive Corp.		(2,829	)		(244,256	)		(1.8	)
Freeport-McMoRan, Inc.		(24,068	)		(296,277	)		(2.2	)
Gartner, Inc.		(2,629	)		(417,932	)		(3.1	)
General Electric Co.		(40,344	)		(410,298	)		(3.1	)
General Mills, Inc.		(1,121	)		(57,698	)		(0.4	)
GoDaddy, Inc.		(550	)		(44,825	)		(0.3	)
GrubHub, Inc.		(1,580	)		(105,528	)		(0.8	)
Guidewire Software, Inc.		(4,435	)		(472,328	)		(3.5	)
Halliburton Co.		(1,940	)		(54,960	)		(0.4	)
Hanesbrands, Inc.		(120	)		(2,168	)		0.0
Harris Corp.		(525	)		(88,463	)		(0.7	)
HCP, Inc.		(747	)		(22,246	)		(0.2	)
Healthcare Trust of America, Inc.		(3,894	)		(107,397	)		(0.8	)
Hexcel Corp.		(161	)		(11,384	)		(0.1	)
Hologic, Inc.		(418	)		(19,387	)		(0.1	)
Hormel Foods Corp.		(464	)		(18,532	)		(0.1	)
Hubbell, Inc.		(763	)		(97,359	)		(0.7	)
Hudson Pacific Properties, Inc.		(5,777	)		(201,386	)		(1.5	)
Huntington Bancshares, Inc.		(1,610	)		(22,411	)		(0.2	)
Illumina, Inc.		(229	)		(71,448	)		(0.5	)
International Flavors & Fragrances, Inc.		(2,914	)		(401,520	)		(3.0	)
Intuitive Surgical, Inc.		(123	)		(62,807	)		(0.5	)
Invitation Homes, Inc.		(16,341	)		(406,237	)		(3.0	)
IPG Photonics Corp.		(2,120	)		(370,428	)		(2.8	)
IQVIA Holdings, Inc.		(793	)		(110,148	)		(0.8	)
Iron Mountain, Inc.		(2,873	)		(93,315	)		(0.7	)
Jacobs Engineering Group, Inc.		(1,384	)		(107,869	)		(0.8	)
JB Hunt Transport Services, Inc.		(1,584	)		(149,656	)		(1.1	)
Jefferies Financial Group, Inc.		(7,295	)		(150,058	)		(1.1	)
JM Smucker Co. (The)		(1,577	)		(193,388	)		(1.4	)
JPMorgan Chase & Co.		(1,217	)		(141,233	)		(1.1	)
Kansas City Southern		(1,635	)		(201,334	)		(1.5	)
Keurig Dr Pepper, Inc.		(3,055	)		(88,809	)		(0.7	)
KeyCorp.		(2,110	)		(37,031	)		(0.3	)
Kimberly-Clark Corp.		(342	)		(43,906	)		(0.3	)
Kinder Morgan, Inc.		(5,095	)		(101,238	)		(0.8	)
Kraft Heinz Co. (The)		(14,165	)		(470,845	)		(3.5	)
L Brands, Inc.		(4,626	)		(118,611	)		(0.9	)
L3 Technologies, Inc.		(320	)		(69,946	)		(0.5	)
Laboratory Corp. of America Holdings		(354	)		(56,612	)		(0.4	)
Leidos Holdings, Inc.		(2,651	)		(194,795	)		(1.5	)
Lennar Corp.		(9,009	)		(468,738	)		(3.5	)
Liberty Broadband Corp.		(257	)		(25,368	)		(0.2	)
Liberty Media Corp-Liberty Formula One		(3,065	)		(118,953	)		(0.9	)
Live Nation Entertainment, Inc.		(4,387	)		(286,647	)		(2.1	)
LKQ Corp.		(894	)		(26,909	)		(0.2	)
Macerich Co. (The)		(1,997	)		(80,160	)		(0.6	)
Marathon Petroleum Corp.		(14,617	)		(889,737	)		(6.6	)
Markel Corp.		(271	)		(290,379	)		(2.2	)
MarketAxess Holdings, Inc.		(556	)		(154,751	)		(1.2	)
Martin Marietta Materials, Inc.		(1,440	)		(319,536	)		(2.4	)
Marvell Technology Group Ltd.		(19,438	)		(486,339	)		(3.6	)
McCormick & Co., Inc. (Non-Voting)		(377	)		(58,047	)		(0.4	)
MGM Resorts International		(5,561	)		(148,089	)		(1.1	)
Mid-America Apartment Communities, Inc.		(2,148	)		(235,013	)		(1.8	)

15

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Mohawk Industries, Inc.		(1,956	)	$	(266,505	)		(2.0	)%
Moody’s Corp.		(355	)		(69,800	)		(0.5	)
Mosaic Co. (The)		(761	)		(19,870	)		(0.2	)
National Oilwell Varco, Inc.		(3,267	)		(85,399	)		(0.6	)
Nektar Therapeutics		(7,725	)		(247,355	)		(1.8	)
Netflix, Inc.		(1,422	)		(526,908	)		(3.9	)
Neurocrine Biosciences, Inc.		(626	)		(45,222	)		(0.3	)
New Residential Investment Corp.		(13,927	)		(234,113	)		(1.8	)
Newell Brands, Inc.		(15,489	)		(222,732	)		(1.7	)
Newmont Goldcorp Corp.		(5,809	)		(180,428	)		(1.3	)
NiSource, Inc.		(9,080	)		(252,242	)		(1.9	)
Noble Energy, Inc.		(9,854	)		(266,649	)		(2.0	)
Nordson Corp.		(367	)		(53,564	)		(0.4	)
Nutanix, Inc.		(7,326	)		(316,410	)		(2.4	)
NVIDIA Corp.		(133	)		(24,073	)		(0.2	)
Old Republic International Corp.		(895	)		(20,012	)		(0.2	)
ONEOK, Inc.		(3,720	)		(252,700	)		(1.9	)
Paycom Software, Inc.		(239	)		(48,405	)		(0.4	)
PerkinElmer, Inc.		(1,080	)		(103,507	)		(0.8	)
Pioneer Natural Resources Co.		(2,128	)		(354,227	)		(2.6	)
Post Holdings, Inc.		(2,192	)		(247,214	)		(1.8	)
Procter & Gamble Co. (The)		(766	)		(81,564	)		(0.6	)
Prologis, Inc.		(2,762	)		(211,763	)		(1.6	)
PTC, Inc.		(1,215	)		(109,921	)		(0.8	)
PVH Corp.		(178	)		(22,960	)		(0.2	)
Regency Centers Corp.		(859	)		(57,699	)		(0.4	)
ResMed, Inc.		(782	)		(81,727	)		(0.6	)
Rollins, Inc.		(4,283	)		(165,624	)		(1.2	)
Roper Technologies, Inc.		(576	)		(207,187	)		(1.5	)
Royal Caribbean Cruises Ltd.		(3,068	)		(371,044	)		(2.8	)
Sage Therapeutics, Inc.		(1,381	)		(232,326	)		(1.7	)
salesforce.com, Inc.		(473	)		(78,211	)		(0.6	)
Sarepta Therapeutics, Inc.		(2,380	)		(278,317	)		(2.1	)
SBA Communications Corp.		(166	)		(33,819	)		(0.3	)
Seattle Genetics, Inc.		(4,673	)		(316,736	)		(2.4	)
Sempra Energy		(1,209	)		(154,692	)		(1.2	)
ServiceMaster Global Holdings, Inc.		(2,502	)		(122,673	)		(0.9	)
Sherwin-Williams Co. (The)		(48	)		(21,832	)		(0.2	)
Signature Bank		(1,109	)		(146,466	)		(1.1	)
Skyworks Solutions, Inc.		(863	)		(76,099	)		(0.6	)
Splunk, Inc.		(1,949	)		(269,040	)		(2.0	)
Square, Inc.		(1,108	)		(80,685	)		(0.6	)
SS&C Technologies Holdings, Inc.		(4,592	)		(310,695	)		(2.3	)
Stanley Black & Decker, Inc.		(1,481	)		(217,115	)		(1.6	)
Starwood Property Trust, Inc.		(7,703	)		(177,554	)		(1.3	)
State Street Corp.		(3,273	)		(221,451	)		(1.7	)
SVB Financial Group		(285	)		(71,740	)		(0.5	)
Symantec Corp.		(15,128	)		(366,249	)		(2.7	)
Take-Two Interactive Software, Inc.		(1,456	)		(140,984	)		(1.1	)
Targa Resources Corp.		(14,691	)		(589,844	)		(4.4	)
Teleflex, Inc.		(590	)		(168,846	)		(1.3	)
Tesla, Inc.		(768	)		(183,314	)		(1.4	)
T-Mobile US, Inc.		(1,727	)		(126,054	)		(0.9	)
TransUnion		(1,928	)		(134,285	)		(1.0	)
Travelers Cos., Inc. (The)		(493	)		(70,869	)		(0.5	)
Trimble, Inc.		(4,264	)		(174,056	)		(1.3	)
Twitter, Inc.		(11,818	)		(471,656	)		(3.5	)
Tyler Technologies, Inc.		(710	)		(164,656	)		(1.2	)
United Rentals, Inc.		(627	)		(88,357	)		(0.7	)
United Technologies Corp.		(4,279	)		(610,228	)		(4.6	)
Vail Resorts, Inc.		(491	)		(112,365	)		(0.8	)
Verisk Analytics, Inc.		(1,350	)		(190,539	)		(1.4	)
VICI Properties, Inc.		(4,292	)		(97,858	)		(0.7	)
Vistra Energy Corp.		(7,435	)		(202,604	)		(1.5	)

	Shares			Value			% of Basket Value
United States (continued)
Vornado Realty Trust		(1,615	)	$	(111,661	)		(0.8	)%
Vulcan Materials Co.		(723	)		(91,178	)		(0.7	)
Wabtec Corp.		(2,021	)		(149,695	)		(1.1	)
Waste Connections, Inc.		(1,209	)		(112,159	)		(0.8	)
Wayfair, Inc.		(5,539	)		(898,149	)		(6.7	)
WellCare Health Plans, Inc.		(966	)		(249,566	)		(1.9	)
Wells Fargo & Co.		(4,841	)		(234,353	)		(1.8	)
Welltower, Inc.		(2,804	)		(208,982	)		(1.6	)
Western Digital Corp.		(2,483	)		(126,931	)		(0.9	)
Westrock Co.		(4,906	)		(188,292	)		(1.4	)
WEX, Inc.		(1,429	)		(300,519	)		(2.2	)
Weyerhaeuser Co.		(13,237	)		(354,752	)		(2.7	)
Williams Cos., Inc. (The)		(15,467	)		(438,180	)		(3.3	)
Workday, Inc.		(1,777	)		(365,405	)		(2.7	)
Worldpay, Inc.		(3,473	)		(407,070	)		(3.0	)
WR Berkley Corp.		(1,866	)		(114,386	)		(0.9	)
Wynn Resorts Ltd.		(1,840	)		(265,788	)		(2.0	)
XPO Logistics, Inc.		(1,253	)		(85,304	)		(0.6	)
Xylem, Inc.		(2,488	)		(207,499	)		(1.6	)
Zayo Group Holdings, Inc.		(8,423	)		(263,556	)		(2.0	)
Zendesk, Inc.		(1,109	)		(97,348	)		(0.7	)
					(44,548,487	)
Total Reference Entity — Short					(81,522,958	)
Net Value of Reference Entity — Bank of America NA				$	13,389,024

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, 2019, expiration dates 02/24/23-02/27/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
QBE Insurance Group Ltd.		9,108		83,075		0.6
Rio Tinto Ltd.		3,196		215,418		1.7
				298,493
Austria
OMV AG		3,152		169,070		1.3
Belgium
Ageas		2,268		119,853		0.9
Proximus SADP		5,448		152,583		1.1
Solvay SA		767		92,482		0.7
Telenet Group Holding NV		1,476		78,394		0.6
UCB SA		2,490		197,903		1.5
				641,215
Canada
Bank of Montreal		6,339		500,704		3.8
BCE, Inc.		2,423		108,408		0.8
Canadian Imperial Bank of Commerce		5,099		429,364		3.3
Magna International, Inc.		1,991		110,779		0.8
Thomson Reuters Corp.		2,911		180,016		1.4
				1,329,271
China
Agricultural Bank of China Ltd.		107,000		49,454		0.4
Anhui Conch Cement Co. Ltd.		58,000		354,021		2.7
ANTA Sports Products Ltd.		107,000		752,546		5.7
Bank of Communications Co. Ltd.		467,000		393,880		3.0

16

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
China (continued)
China Merchants Bank Co. Ltd.		41,000	$	202,909		1.5	%
China Petroleum & Chemical Corp.		324,000		249,062		1.9
China Resources Land Ltd.		14,000		60,972		0.5
China Shenhua Energy Co. Ltd.		25,000		55,337		0.4
China Telecom Corp. Ltd.		112,000		58,048		0.4
China Unicom Hong Kong Ltd.		386,000		458,326		3.5
CNOOC Ltd.		8,000		14,531		0.1
CSPC Pharmaceutical Group Ltd.		234,000		451,674		3.4
Geely Automobile Holdings Ltd.		49,000		98,705		0.8
Kunlun Energy Co. Ltd.		30,000		31,733		0.2
Sinopharm Group Co. Ltd.		21,600		84,895		0.7
Tencent Holdings Ltd.		2,800		138,005		1.1
				3,454,098
Denmark
Carlsberg A/S		1,712		221,363		1.7
Coloplast A/S		1,177		127,141		1.0
GN Store Nord A/S		8,825		452,328		3.4
Novozymes A/S		6,141		286,633		2.2
Pandora A/S		5,029		210,943		1.6
				1,298,408
Finland
Metso OYJ		1,602		59,942		0.4
Neste OYJ		1,497		49,480		0.4
Stora Enso OYJ		20,862		259,805		2.0
UPM-Kymmene OYJ		6,860		193,691		1.4
				562,918
France
Arkema SA		322		33,062		0.2
AXA SA		4,491		119,759		0.9
Carrefour SA		1,364		26,574		0.2
Cie de Saint-Gobain		1,557		63,837		0.5
Cie Generale des Etablissements Michelin SCA		1,103		142,629		1.1
Cie Plastic Omnium SA		792		23,996		0.2
Covivio		840		90,917		0.7
Danone SA		1,417		114,557		0.9
Dassault Systemes SE		389		61,603		0.5
Engie SA		2,122		31,496		0.2
Faurecia SA		3,951		201,033		1.5
Gecina SA		252		37,652		0.3
Ipsen SA		1,972		230,310		1.7
Kering SA		80		47,340		0.4
Klepierre SA		2,586		91,891		0.7
Legrand SA		493		36,262		0.3
L’Oreal SA		86		23,655		0.2
LVMH Moet Hennessy Louis Vuitton SE		260		102,080		0.8
Orange SA		1,637		25,584		0.2
Publicis Groupe SA		2,451		145,678		1.1
Sanofi		55		4,799		0.0
Schneider Electric SE		2,103		177,989		1.3
Thales SA		910		108,724		0.8
TOTAL SA		1,902		105,734		0.8
Ubisoft Entertainment SA		1,626		155,345		1.2
Veolia Environnement SA		3,007		71,123		0.5
Vinci SA		251		25,350		0.2
				2,298,979
Germany
adidas AG		2,354		606,362		4.6
Allianz SE (Registered)		743		179,594		1.4
BASF SE		415		33,881		0.3
Brenntag AG		761		41,021		0.3

	Shares		Value		% of Basket Value
Germany (continued)
Continental AG		372	$	61,711		0.5	%
Covestro AG		166		9,121		0.1
Deutsche Lufthansa AG (Registered)		13,941		337,285		2.6
Deutsche Post AG (Registered)		661		22,977		0.2
Deutsche Telekom AG (Registered)		7,364		123,383		0.9
Evonik Industries AG		7,715		230,313		1.7
Fresenius Medical Care AG & Co. KGaA		1,843		155,334		1.2
Hannover Rueck SE		2,560		386,585		2.9
HOCHTIEF AG		2,601		388,872		2.9
HUGO BOSS AG		1,868		130,525		1.0
LEG Immobilien AG		125		14,585		0.1
Merck KGaA		382		40,718		0.3
MTU Aero Engines AG		127		29,963		0.2
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		2,517		626,365		4.7
Nemetschek SE		294		54,390		0.4
ProSiebenSat.1 Media SE		1,067		16,868		0.1
Puma SE		341		210,930		1.6
RWE AG		4,542		116,502		0.9
TUI AG		2,266		25,233		0.2
Volkswagen AG		477		85,525		0.7
				3,928,043
Hong Kong
CK Asset Holdings Ltd.		28,500		229,155		1.7
CK Hutchison Holdings Ltd.		24,500		257,591		1.9
Hang Seng Bank Ltd.		8,800		231,208		1.8
Link REIT		13,500		157,733		1.2
Power Assets Holdings Ltd.		23,500		163,917		1.2
Sino Biopharmaceutical Ltd.		763,500		735,088		5.6
Sun Hung Kai Properties Ltd.		9,000		155,325		1.2
				1,930,017
Italy
Assicurazioni Generali SpA		5,605		108,748		0.8
Eni SpA		22,055		375,842		2.9
Moncler SpA		1,625		66,811		0.5
Poste Italiane SpA		3,829		40,922		0.3
Recordati SpA		237		9,577		0.1
Telecom Italia SpA		82,781		46,339		0.4
Terna Rete Elettrica Nazionale SpA		11,360		68,150		0.5
				716,389
Japan
AGC, Inc.		2,100		71,647		0.5
Aisin Seiki Co. Ltd.		1,700		65,764		0.5
Ajinomoto Co., Inc.		7,200		116,493		0.9
Bridgestone Corp.		1,000		39,670		0.3
Canon, Inc.		7,000		194,237		1.5
Central Japan Railway Co.		2,000		430,079		3.3
Daikin Industries Ltd.		200		25,464		0.2
Daito Trust Construction Co. Ltd.		1,300		174,074		1.3
Daiwa House Industry Co. Ltd.		2,800		78,483		0.6
Denso Corp.		1,600		69,912		0.5
East Japan Railway Co.		300		28,273		0.2
Fuji Electric Co. Ltd.		23,600		836,644		6.3
FUJIFILM Holdings Corp.		100		4,672		0.0
Fujitsu Ltd.		1,800		132,146		1.0
Hitachi High-Technologies Corp.		4,900		218,403		1.7
Hitachi Ltd.		3,700		123,056		0.9
Hoshizaki Corp.		500		32,416		0.2
Hoya Corp.		3,100		218,946		1.7
Isuzu Motors Ltd.		2,000		28,805		0.2
Japan Airlines Co. Ltd.		1,400		45,659		0.3
JFE Holdings, Inc.		4,500		77,435		0.6

17

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Japan (continued)
Kajima Corp.		11,500	$	170,684		1.3	%
Kao Corp.		1,800		138,955		1.0
Konami Holdings Corp.		6,600		300,536		2.3
Marubeni Corp.		9,100		65,207		0.5
Mazda Motor Corp.		3,000		35,505		0.3
MEIJI Holdings Co. Ltd.		500		39,413		0.3
Mitsubishi Chemical Holdings Corp.		24,600		175,389		1.3
Mitsubishi Electric Corp.		2,200		31,482		0.2
Mitsubishi Heavy Industries Ltd.		2,500		104,188		0.8
Mitsui Chemicals, Inc.		2,900		71,288		0.5
MS&AD Insurance Group Holdings, Inc.		13,700		425,847		3.2
Nikon Corp.		11,900		165,955		1.3
Nissan Motor Co. Ltd.		5,900		47,365		0.4
NSK Ltd.		14,100		146,551		1.1
NTT DOCOMO, Inc.		8,400		182,411		1.4
Obayashi Corp.		19,100		187,765		1.4
Oji Holdings Corp.		5,100		30,602		0.2
Omron Corp.		1,500		80,571		0.6
Otsuka Holdings Co. Ltd.		2,900		103,674		0.8
Panasonic Corp.		8,200		75,507		0.6
Pigeon Corp.		1,300		55,660		0.4
Pola Orbis Holdings, Inc.		5,800		183,082		1.4
Recruit Holdings Co. Ltd.		4,000		120,455		0.9
Ryohin Keikaku Co. Ltd.		100		19,074		0.1
Secom Co. Ltd.		1,200		100,958		0.8
Seiko Epson Corp.		2,400		38,494		0.3
Sekisui Chemical Co. Ltd.		5,400		86,689		0.7
Shimadzu Corp.		3,200		85,835		0.6
Shionogi & Co. Ltd.		1,100		64,254		0.5
Showa Denko KK		6,300		215,082		1.6
Sompo Holdings, Inc.		6,800		256,654		1.9
Sony Corp.		5,400		271,988		2.1
Subaru Corp.		1,500		36,757		0.3
Sumitomo Chemical Co. Ltd.		17,000		84,813		0.6
Sumitomo Corp.		12,100		173,427		1.3
Sumitomo Mitsui Financial Group, Inc.		5,300		192,635		1.5
Sumitomo Realty & Development Co. Ltd.		600		22,182		0.2
Suzuki Motor Corp.		3,500		159,718		1.2
T&D Holdings, Inc.		4,100		44,407		0.3
Taisei Corp.		1,500		66,000		0.5
Tokio Marine Holdings, Inc.		4,500		227,994		1.7
Tokyo Gas Co. Ltd.		3,100		78,871		0.6
Trend Micro, Inc.		900		44,993		0.3
Welcia Holdings Co. Ltd.		700		27,592		0.2
West Japan Railway Co.		1,200		89,249		0.7
Yokogawa Electric Corp.		15,700		328,775		2.5
				8,666,811
Luxembourg
ArcelorMittal		11,339		246,692		1.9
Macau
Sands China Ltd.		22,400		123,293		0.9
Netherlands
Akzo Nobel NV		968		82,247		0.6
ASR Nederland NV		8,267		367,832		2.8
EXOR NV		2,726		181,777		1.4
Heineken NV		1,150		124,323		0.9
ING Groep NV		9,206		117,469		0.9
Koninklijke Ahold Delhaize NV		5,125		123,521		0.9
Koninklijke DSM NV		1,372		156,918		1.2
Koninklijke Philips NV		1,086		46,637		0.4

	Shares		Value		% of Basket Value
Netherlands (continued)
Randstad NV		2,279	$	130,339		1.0	%
Royal Dutch Shell plc		19,683		628,437		4.8
Wolters Kluwer NV		2,390		166,816		1.3
				2,126,316
Norway
DNB ASA		5,122		98,492		0.7
Equinor ASA		27,169		605,642		4.6
Salmar ASA		603		27,427		0.2
Telenor ASA		1,162		23,358		0.2
				754,919
Puerto Rico
Popular, Inc.		1,020		58,864		0.4
South Africa
Anglo American plc		8,273		214,682		1.6
Mondi plc		2,952		64,871		0.5
				279,553
South Korea
Hana Financial Group, Inc.		1,939		61,157		0.5
HDC Holdings Co. Ltd.		71		1,047		0.0
Hyundai Engineering & Construction Co. Ltd.		578		26,006		0.2
KB Financial Group, Inc.		3,044		120,193		0.9
Kia Motors Corp.		15,218		589,909		4.5
KT&G Corp.		184		16,095		0.1
LG Household & Health Care Ltd.		52		63,363		0.5
LG Uplus Corp.		9,318		114,138		0.9
NCSoft Corp.		142		63,948		0.5
POSCO		1,946		425,948		3.2
Samsung C&T Corp.		1,068		93,874		0.7
Samsung Electro-Mechanics Co. Ltd.		1,077		100,385		0.8
Samsung Electronics Co. Ltd.		16,360		643,230		4.9
Samsung SDS Co. Ltd.		576		107,109		0.8
Shinhan Financial Group Co. Ltd.		3,452		130,468		1.0
SK Holdings Co. Ltd.		918		201,879		1.5
SK Hynix, Inc.		8,528		577,096		4.4
SK Telecom Co. Ltd.		2,629		557,626		4.2
Woori Financial Group, Inc.		7,585		89,930		0.7
				3,983,401
Spain
ACS Actividades de Construccion y Servicios SA		2,566		118,001		0.9
Aena SME SA		162		30,078		0.2
Amadeus IT Group SA		1,429		113,887		0.9
Banco Santander SA		26,486		134,267		1.0
Bankinter SA		2,252		18,001		0.1
CaixaBank SA		11,019		35,123		0.3
Endesa SA		1,759		43,884		0.3
Red Electrica Corp. SA		2,392		49,643		0.4
Repsol SA		31,195		529,338		4.0
Telefonica SA		30,083		250,812		1.9
				1,323,034
Sweden
Alfa Laval AB		1,420		32,960		0.2
Atlas Copco AB		3,727		116,336		0.9
Hennes & Mauritz AB		3,490		60,897		0.5
Sandvik AB		16,625		307,868		2.3
SKF AB		4,472		83,009		0.6
Svenska Cellulosa AB SCA		14,455		126,190		1.0
Swedbank AB		3,845		62,824		0.5
Swedish Match AB		137		6,680		0.1

18

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Sweden (continued)
Volvo AB		6,927	$	111,015		0.8	%
				907,779
Switzerland
Adecco Group AG (Registered)		933		53,604		0.4
Alcon, Inc.		502		28,909		0.2
Baloise Holding AG (Registered)		1,740		298,308		2.3
Geberit AG (Registered)		75		31,448		0.2
Kuehne + Nagel International AG (Registered)		2,265		329,229		2.5
Logitech International SA (Registered)		8,124		318,347		2.4
Novartis AG (Registered)		2,510		205,670		1.6
Partners Group Holding AG		192		144,819		1.1
Roche Holding AG		690		182,066		1.4
SGS SA (Registered)		108		284,963		2.2
Sonova Holding AG (Registered)		103		20,804		0.2
Straumann Holding AG (Registered)		153		123,650		0.9
Swiss Life Holding AG (Registered)		437		205,446		1.6
Zurich Insurance Group AG		1,057		336,938		2.5
				2,564,201
Taiwan
Catcher Technology Co. Ltd.		36,000		285,420		2.2
CTBC Financial Holding Co. Ltd.		584,000		400,070		3.0
Formosa Chemicals & Fibre Corp.		86,000		309,458		2.3
Formosa Plastics Corp.		50,000		181,456		1.4
Globalwafers Co. Ltd.		19,000		208,273		1.6
Taiwan Semiconductor Manufacturing Co. Ltd.		64,000		537,346		4.1
United Microelectronics Corp.		2,722,000		1,186,923		9.0
Yageo Corp.		55,000		545,590		4.1
				3,654,536
United Kingdom
3i Group plc		5,820		81,436		0.6
Associated British Foods plc		2,586		86,379		0.7
Aviva plc		26,524		148,962		1.1
Barratt Developments plc		2,310		18,172		0.1
Berkeley Group Holdings plc		2,611		128,087		1.0
BP plc		5,725		41,631		0.3
British Land Co. plc (The)		693		5,377		0.0
Burberry Group plc		2,535		66,815		0.5
Centrica plc		17,806		24,753		0.2
Compass Group plc		4,002		91,061		0.7
Diageo plc		4,138		174,449		1.3
Direct Line Insurance Group plc		5,460		23,495		0.2
Experian plc		3,243		94,400		0.7
GlaxoSmithKline plc		11,077		227,557		1.7
Imperial Brands plc		6,445		205,068		1.5
InterContinental Hotels Group plc		6,646		430,462		3.3
ITV plc		20,945		37,400		0.3
J Sainsbury plc		56,001		162,696		1.2
Land Securities Group plc		26,739		322,257		2.4
Legal & General Group plc		51,524		187,369		1.4
Lloyds Banking Group plc		576,407		471,406		3.6
Marks & Spencer Group plc		27,886		104,022		0.8
Meggitt plc		5,558		39,550		0.3
Next plc		706		53,157		0.4
Pearson plc		24,190		262,048		2.0
Persimmon plc		701		20,478		0.2
Royal Mail plc		18,500		61,042		0.5
Sage Group plc (The)		9,435		89,436		0.7
Schroders plc		701		29,012		0.2
Severn Trent plc		880		23,424		0.2
Smith & Nephew plc		15,926		307,889		2.3

	Shares		Value		% of Basket Value
United Kingdom (continued)
SSE plc		3,519	$	52,653		0.4	%
Taylor Wimpey plc		142,367		337,525		2.6
Unilever plc		1,529		92,680		0.7
United Utilities Group plc		2,173		23,573		0.2
Vodafone Group plc		50,173		93,065		0.7
Wm Morrison Supermarkets plc		21,361		60,209		0.5
			4,678,995
United States
AbbVie, Inc.		2,311		183,470		1.4
Accenture plc		572		104,487		0.8
Acuity Brands, Inc.		172		25,169		0.2
Adobe Systems, Inc.		296		85,618		0.6
Advance Auto Parts, Inc.		717		119,251		0.9
AES Corp.		4,105		70,278		0.5
Aflac, Inc.		8,368		421,580		3.2
Agilent Technologies, Inc.		1,872		146,952		1.1
AGNC Investment Corp.		2,002		35,616		0.3
Air Products & Chemicals, Inc.		402		82,728		0.6
Akamai Technologies, Inc.		2,050		164,123		1.2
Alliance Data Systems Corp.		122		19,532		0.1
Allison Transmission Holdings, Inc.		928		43,486		0.3
Allstate Corp. (The)		2,875		284,798		2.2
Ally Financial, Inc.		14,068		417,960		3.2
Alphabet, Inc.		421		502,918		3.8
Ameren Corp.		1,498		109,009		0.8
American Electric Power Co., Inc.		892		76,311		0.6
American Express Co.		3,495		409,719		3.1
American Financial Group, Inc.		794		82,203		0.6
Ameriprise Financial, Inc.		953		139,872		1.1
AMETEK, Inc.		1,677		147,861		1.1
Amgen, Inc.		5,178		928,519		7.0
Annaly Capital Management, Inc.		20,258		204,403		1.6
ANSYS, Inc.		256		50,125		0.4
Anthem, Inc.		194		51,028		0.4
Apartment Investment & Management Co.		1,589		78,433		0.6
Aspen Technology, Inc.		1,627		198,348		1.5
Automatic Data Processing, Inc.		3,458		568,461		4.3
AutoZone, Inc.		241		247,823		1.9
AvalonBay Communities, Inc.		533		107,096		0.8
AXA Equitable Holdings, Inc.		7,531		170,878		1.3
Baxter International, Inc.		2,789		212,801		1.6
Best Buy Co., Inc.		2,297		170,920		1.3
Biogen, Inc.		2,957		677,863		5.1
Boeing Co. (The)		81		30,593		0.2
Booz Allen Hamilton Holding Corp.		3,391		201,052		1.5
Boston Properties, Inc.		174		23,946		0.2
Bristol-Myers Squibb Co.		2,982		138,454		1.1
Broadridge Financial Solutions, Inc.		1,736		205,074		1.6
Burlington Stores, Inc.		1,073		181,240		1.4
Cabot Oil & Gas Corp.		787		20,375		0.2
Cadence Design Systems, Inc.		11,485		796,829		6.0
Campbell Soup Co.		109		4,217		0.0
Capital One Financial Corp.		3,160		293,343		2.2
Carnival Corp.		363		19,914		0.2
Carnival plc		622		32,975		0.3
CBRE Group, Inc.		4,701		244,781		1.9
CBS Corp. (Non-Voting)		1,447		74,188		0.6
CDK Global, Inc.		389		23,464		0.2
CDW Corp.		1,349		142,454		1.1
Celanese Corp.		3,523		380,096		2.9
Celgene Corp.		1,198		113,403		0.9
CenterPoint Energy, Inc.		11,263		349,153		2.6
CH Robinson Worldwide, Inc.		1,707		138,267		1.0

19

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Chemours Co. (The)		2,391	$	86,100		0.7	%
Chevron Corp.		3,317		398,239		3.0
Cintas Corp.		782		169,803		1.3
Cisco Systems, Inc.		1,222		68,371		0.5
CIT Group, Inc.		1,479		78,786		0.6
Citizens Financial Group, Inc.		6,477		234,467		1.8
Citrix Systems, Inc.		4,927		497,430		3.8
Clorox Co. (The)		348		55,586		0.4
CMS Energy Corp.		2,008		111,544		0.8
Coca-Cola Co. (The)		653		32,036		0.2
Colgate-Palmolive Co.		249		18,125		0.1
Columbia Sportswear Co.		1,096		109,567		0.8
Comcast Corp.		4,922		214,255		1.6
Comerica, Inc.		839		65,937		0.5
Commerce Bancshares, Inc.		1,521		91,914		0.7
ConocoPhillips		2,014		127,124		1.0
Corning, Inc.		2,183		69,529		0.5
Costco Wholesale Corp.		212		52,052		0.4
CSX Corp.		2,557		203,614		1.5
Cullen/Frost Bankers, Inc.		481		48,913		0.4
Cummins, Inc.		940		156,313		1.2
Cypress Semiconductor Corp.		3,310		56,866		0.4
Darden Restaurants, Inc.		2,351		276,478		2.1
Delta Air Lines, Inc.		873		50,887		0.4
Devon Energy Corp.		4,250		136,595		1.0
Discover Financial Services		5,140		418,859		3.2
Dollar General Corp.		1,053		132,773		1.0
Donaldson Co., Inc.		1,756		94,016		0.7
Dover Corp.		501		49,118		0.4
DTE Energy Co.		3,166		397,998		3.0
Duke Realty Corp.		7,373		229,448		1.7
DXC Technology Co.		324		21,300		0.2
E*TRADE Financial Corp.		2,599		131,665		1.0
East West Bancorp, Inc.		1,398		71,969		0.5
Eastman Chemical Co.		3,972		313,311		2.4
Eaton Corp. plc		1,339		110,896		0.8
eBay, Inc.		1,514		58,668		0.4
Edwards Lifesciences Corp.		108		19,016		0.1
Eli Lilly & Co.		190		22,238		0.2
Emerson Electric Co.		1,351		95,907		0.7
Encompass Health Corp.		1,727		111,305		0.8
Entergy Corp.		544		52,714		0.4
Equity LifeStyle Properties, Inc.		1,956		228,265		1.7
Equity Residential		2,407		183,943		1.4
Essex Property Trust, Inc.		313		88,423		0.7
Estee Lauder Cos., Inc. (The)		1,327		227,992		1.7
Euronet Worldwide, Inc.		253		37,922		0.3
Exelon Corp.		1,222		62,261		0.5
Expeditors International of Washington, Inc.		7,777		617,649		4.7
Extra Space Storage, Inc.		573		59,414		0.5
F5 Networks, Inc.		1,349		211,658		1.6
Fair Isaac Corp.		686		191,909		1.5
Fastenal Co.		2,507		176,869		1.3
Federal Realty Investment Trust		96		12,850		0.1
Ferguson plc		1,831		130,305		1.0
Fidelity National Information Services, Inc.		1,297		150,361		1.1
Fifth Third Bancorp		7,137		205,688		1.6
FirstEnergy Corp.		2,862		120,290		0.9
Fiserv, Inc.		325		28,353		0.2
FLIR Systems, Inc.		1,105		58,499		0.4
Foot Locker, Inc.		1,462		83,641		0.6
Ford Motor Co.		10,088		105,420		0.8

	Shares		Value		% of Basket Value
United States (continued)
Fortinet, Inc.		3,449	$	322,206		2.4	%
Fortune Brands Home & Security, Inc.		1,450		76,531		0.6
Fox Corp.		594		22,869		0.2
Gaming and Leisure Properties, Inc.		530		21,401		0.2
Gap, Inc. (The)		6,460		168,477		1.3
Garmin Ltd.		1,068		91,570		0.7
Gilead Sciences, Inc.		1,581		102,828		0.8
Graco, Inc.		1,864		95,530		0.7
H&R Block, Inc.		2,666		72,542		0.6
Hartford Financial Services Group, Inc. (The)		1,429		74,751		0.6
HCA Healthcare, Inc.		3,381		430,165		3.3
HD Supply Holdings, Inc.		5,651		258,194		2.0
Helmerich & Payne, Inc.		1,448		84,737		0.6
Herbalife Nutrition Ltd.		4,330		228,841		1.7
Hershey Co. (The)		931		116,235		0.9
Hewlett Packard Enterprise Co.		15,759		249,150		1.9
Hill-Rom Holdings, Inc.		303		30,730		0.2
HollyFrontier Corp.		981		46,823		0.4
Home Depot, Inc. (The)		1,603		326,531		2.5
Honeywell International, Inc.		1,827		317,222		2.4
Host Hotels & Resorts, Inc.		5,751		110,649		0.8
HP, Inc.		7,566		150,942		1.1
Humana, Inc.		486		124,129		0.9
IAC/InterActiveCorp.		442		99,379		0.8
IDEX Corp.		1,360		213,058		1.6
IDEXX Laboratories, Inc.		638		148,016		1.1
Illinois Tool Works, Inc.		680		105,828		0.8
Ingersoll-Rand plc		2,373		290,954		2.2
Intel Corp.		1,765		90,086		0.7
International Business Machines Corp.		1,244		174,496		1.3
International Paper Co.		1,874		87,722		0.7
Interpublic Group of Cos., Inc. (The)		987		22,701		0.2
Intuit, Inc.		2,213		555,596		4.2
Ionis Pharmaceuticals, Inc.		446		33,151		0.3
ITT, Inc.		436		26,400		0.2
Johnson & Johnson		4,676		660,251		5.0
Jones Lang LaSalle, Inc.		296		45,753		0.3
Juniper Networks, Inc.		2,733		75,895		0.6
Kellogg Co.		867		52,280		0.4
Kimco Realty Corp.		2,806		48,796		0.4
KLA-Tencor Corp.		1,143		145,710		1.1
Kohl’s Corp.		3,624		257,666		2.0
Kroger Co. (The)		90		2,320		0.0
Lam Research Corp.		1,532		317,783		2.4
Lamb Weston Holdings, Inc.		329		23,046		0.2
Lear Corp.		2,243		320,749		2.4
Lennox International, Inc.		959		260,321		2.0
Liberty Property Trust		374		18,565		0.1
Lincoln Electric Holdings, Inc.		602		52,537		0.4
Loews Corp.		4,406		225,984		1.7
Lowe’s Cos., Inc.		395		44,690		0.3
LPL Financial Holdings, Inc.		478		35,415		0.3
Lululemon Athletica, Inc.		388		68,424		0.5
LyondellBasell Industries NV		3,321		293,012		2.2
M&T Bank Corp.		509		86,566		0.7
Macy’s, Inc.		4,671		109,955		0.8
ManpowerGroup, Inc.		1,387		133,207		1.0
Marathon Oil Corp.		9,960		169,718		1.3
Masco Corp.		3,007		117,453		0.9
Maxim Integrated Products, Inc.		1,434		86,040		0.7
McDonald’s Corp.		129		25,487		0.2

20

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
McKesson Corp.		949	$	113,168		0.9	%
MetLife, Inc.		944		43,547		0.3
Mettler-Toledo International, Inc.		245		182,589		1.4
Mondelez International, Inc.		3,136		159,466		1.2
Morgan Stanley		1,356		65,427		0.5
Motorola Solutions, Inc.		2,197		318,367		2.4
Nasdaq, Inc.		699		64,448		0.5
National Retail Properties, Inc.		4,292		225,845		1.7
NetApp, Inc.		3,091		225,179		1.7
News Corp.		5,289		65,689		0.5
NextEra Energy, Inc.		433		84,193		0.6
NIKE, Inc.		3,630		318,823		2.4
Nordstrom, Inc.		424		17,392		0.1
Norfolk Southern Corp.		361		73,651		0.6
NRG Energy, Inc.		2,224		91,562		0.7
Occidental Petroleum Corp.		1,231		72,481		0.6
OGE Energy Corp.		4,308		182,401		1.4
Old Dominion Freight Line, Inc.		1,336		199,438		1.5
Omnicom Group, Inc.		3,476		278,184		2.1
Oracle Corp.		3,093		171,136		1.3
O’Reilly Automotive, Inc.		187		70,793		0.5
Oshkosh Corp.		1,481		122,316		0.9
PACCAR, Inc.		1,075		77,045		0.6
Packaging Corp. of America		676		67,032		0.5
Palo Alto Networks, Inc.		269		66,935		0.5
Park Hotels & Resorts, Inc.		77		2,470		0.0
Parker-Hannifin Corp.		620		112,270		0.9
Paychex, Inc.		2,765		233,117		1.8
PBF Energy, Inc.		838		28,140		0.2
Pentair plc		8,298		323,539		2.5
People’s United Financial, Inc.		3,091		53,443		0.4
PepsiCo, Inc.		177		22,665		0.2
Phillips 66		1,181		111,333		0.8
Pinnacle West Capital Corp.		646		61,544		0.5
PPG Industries, Inc.		194		22,795		0.2
Progressive Corp. (The)		979		76,509		0.6
Prudential Financial, Inc.		1,805		190,807		1.4
PulteGroup, Inc.		2,850		89,661		0.7
Qorvo, Inc.		1,288		97,386		0.7
Quest Diagnostics, Inc.		1,330		128,185		1.0
Red Hat, Inc.		137		25,007		0.2
Regeneron Pharmaceuticals, Inc.		244		83,726		0.6
Regions Financial Corp.		2,764		42,925		0.3
Reinsurance Group of America, Inc.		1,641		248,628		1.9
Reliance Steel & Aluminum Co.		197		18,116		0.1
Robert Half International, Inc.		4,226		262,392		2.0
Rockwell Automation, Inc.		1,774		320,580		2.4
Royal Gold, Inc.		608		52,932		0.4
S&P Global, Inc.		86		18,977		0.1
Seagate Technology plc		1,156		55,858		0.4
ServiceNow, Inc.		167		45,342		0.3
Simon Property Group, Inc.		805		139,829		1.1
Sirius XM Holdings, Inc.		20,018		116,305		0.9
Six Flags Entertainment Corp.		837		44,436		0.3
SL Green Realty Corp.		1,089		96,202		0.7
Snap-on, Inc.		1,762		296,509		2.2
Southwest Airlines Co.		2,569		139,317		1.1
Starbucks Corp.		7,045		547,256		4.1
Steel Dynamics, Inc.		5,549		175,792		1.3
STERIS plc		359		47,022		0.4
Stryker Corp.		762		143,949		1.1
SunTrust Banks, Inc.		4,102		268,599		2.0
Synchrony Financial		3,429		118,883		0.9
Synopsys, Inc.		2,227		269,645		2.0

	Shares			Value			% of Basket Value
United States (continued)
Synovus Financial Corp.		319		$	11,758			0.1	%
Sysco Corp.		2,129			149,818			1.1
Tableau Software, Inc.		244			29,722			0.2
Tapestry, Inc.		3,099			100,005			0.8
Target Corp.		1,346			104,207			0.8
TD Ameritrade Holding Corp.		627			32,968			0.3
Teledyne Technologies, Inc.		104			25,845			0.2
Teradyne, Inc.		3,980			195,020			1.5
Texas Instruments, Inc.		5,643			664,915			5.0
TJX Cos., Inc. (The)		343			18,824			0.1
Torchmark Corp.		3,494			306,284			2.3
Toro Co. (The)		522			38,184			0.3
Total System Services, Inc.		489			49,995			0.4
Tractor Supply Co.		5,121			530,024			4.0
TripAdvisor, Inc.		1,073			57,116			0.4
Tyson Foods, Inc.		523			39,230			0.3
Ubiquiti Networks, Inc.		266			45,340			0.3
UDR, Inc.		4,367			196,297			1.5
UGI Corp.		3,556			193,838			1.5
Union Pacific Corp.		125			22,130			0.2
United Continental Holdings, Inc.		2,459			218,507			1.7
United Parcel Service, Inc.		1,088			115,567			0.9
United Therapeutics Corp.		725			74,363			0.6
UnitedHealth Group, Inc.		429			99,987			0.8
Valero Energy Corp.		505			45,783			0.3
Varian Medical Systems, Inc.		528			71,898			0.5
VeriSign, Inc.		723			142,756			1.1
Verizon Communications, Inc.		3,666			209,659			1.6
Vertex Pharmaceuticals, Inc.		560			94,629			0.7
Viacom, Inc.		1,876			54,235			0.4
Visa, Inc.		5,607			921,959			7.0
Voya Financial, Inc.		4,533			248,816			1.9
Walgreens Boots Alliance, Inc.		994			53,249			0.4
Walmart, Inc.		1,070			110,039			0.8
Walt Disney Co. (The)		1,253			171,623			1.3
Waters Corp.		413			88,192			0.7
WEC Energy Group, Inc.		1,124			88,155			0.7
West Pharmaceutical Services, Inc.		1,222			151,271			1.1
Western Alliance Bancorp		649			31,009			0.2
Western Union Co. (The)		16,575			322,218			2.4
Westlake Chemical Corp.		25			1,744			0.0
Williams-Sonoma, Inc.		3,610			206,384			1.6
WW Grainger, Inc.		492			138,744			1.1
Xcel Energy, Inc.		2,314			130,741			1.0
YUM! BRANDS, Inc.		5,991			625,400			4.7
Zebra Technologies Corp.		215			45,395			0.3
Zions Bancorp		1,765			87,067			0.7
					44,375,072
Total Reference Entity — Long					90,370,367
Reference Entity — Short
Austria
Verbund AG		(1,790	)		(88,886	)		(0.7	)
Belgium
Anheuser-Busch InBev SA		(4,657	)		(414,041	)		(3.1	)
Umicore SA		(1,331	)		(51,653	)		(0.4	)
					(465,694	)
Canada
Barrick Gold Corp.		(2,923	)		(37,180	)		(0.3	)
Shopify, Inc.		(3,743	)		(910,116	)		(6.9	)

21

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Canada (continued)
Teck Resources Ltd.		(2,007	)	$	(47,460	)		(0.4	)%
					(994,756	)
Chile
Antofagasta plc		(27,753	)		(329,921	)		(2.5	)
China
BOC Hong Kong Holdings Ltd.		(244,500	)		(1,095,900	)		(8.3	)
Brilliance China Automotive Holdings Ltd.		(403,021	)		(443,947	)		(3.4	)
China Life Insurance Co. Ltd.		(175,000	)		(497,282	)		(3.8	)
China Overseas Land & Investment Ltd.		(84,000	)		(314,719	)		(2.4	)
China Pacific Insurance Group Co. Ltd.		(23,000	)		(94,389	)		(0.7	)
China Tower Corp. Ltd.		(1,052,000	)		(284,815	)		(2.2	)
ENN Energy Holdings Ltd.		(8,700	)		(82,224	)		(0.6	)
PICC Property & Casualty Co. Ltd.		(254,000	)		(285,377	)		(2.2	)
Ping An Insurance Group Co. of China Ltd.		(3,000	)		(36,314	)		(0.3	)
Semiconductor Manufacturing International Corp.		(49,500	)		(53,000	)		(0.4	)
Shenzhou International Group Holdings Ltd.		(14,000	)		(188,172	)		(1.4	)
					(3,376,139	)
Denmark
Chr Hansen Holding A/S		(1,713	)		(175,036	)		(1.3	)
Demant A/S		(3,719	)		(117,507	)		(0.9	)
Genmab A/S		(440	)		(73,044	)		(0.6	)
Orsted A/S		(3,326	)		(254,635	)		(1.9	)
Tryg A/S		(1,477	)		(45,203	)		(0.4	)
					(665,425	)
Finland
Elisa OYJ		(1,304	)		(55,329	)		(0.4	)
Fortum OYJ		(1,417	)		(30,055	)		(0.2	)
Nokia OYJ		(72,925	)		(383,192	)		(2.9	)
					(468,576	)
France
Accor SA		(7,183	)		(302,600	)		(2.3	)
Aeroports de Paris		(1,683	)		(342,848	)		(2.6	)
Air Liquide SA		(1,776	)		(236,265	)		(1.8	)
Alstom SA		(1,990	)		(87,554	)		(0.7	)
Bollore SA		(1	)		(5	)		0.0
Bureau Veritas SA		(12,201	)		(309,279	)		(2.3	)
Edenred		(1,029	)		(48,515	)		(0.4	)
Electricite de France SA		(2,256	)		(32,581	)		(0.3	)
EssilorLuxottica SA		(864	)		(105,226	)		(0.8	)
Getlink		(15,843	)		(255,008	)		(1.9	)
Natixis SA		(16,090	)		(94,814	)		(0.7	)
Pernod Ricard SA		(383	)		(66,783	)		(0.5	)
Renault SA		(1,780	)		(121,443	)		(0.9	)
Rubis SCA		(7,610	)		(417,410	)		(3.2	)
Safran SA		(223	)		(32,505	)		(0.2	)
Teleperformance		(1,391	)		(267,407	)		(2.0	)
Unibail-Rodamco-Westfield		(337	)		(57,925	)		(0.4	)
Valeo SA		(4,387	)		(159,567	)		(1.2	)
					(2,937,735	)
Germany
Bayer AG (Registered)		(2,080	)		(138,436	)		(1.0	)
Bayerische Motoren Werke AG		(313	)		(26,702	)		(0.2	)
Carl Zeiss Meditec AG		(482	)		(47,409	)		(0.4	)
Commerzbank AG		(61,794	)		(556,973	)		(4.2	)
Daimler AG (Registered)		(2,786	)		(182,862	)		(1.4	)

	Shares			Value			% of Basket Value
Germany (continued)
Delivery Hero SE		(19,612	)	$	(903,849	)		(6.8	)%
Deutsche Bank AG (Registered)		(47,780	)		(396,214	)		(3.0	)
Deutsche Boerse AG		(1,736	)		(231,968	)		(1.8	)
Fresenius SE & Co. KGaA		(1,094	)		(62,210	)		(0.5	)
Infineon Technologies AG		(2,106	)		(49,924	)		(0.4	)
Innogy SE		(652	)		(30,268	)		(0.2	)
KION Group AG		(4,129	)		(284,045	)		(2.2	)
METRO AG		(2,954	)		(50,193	)		(0.4	)
Porsche Automobil Holding SE (Preference)		(4,033	)		(280,365	)		(2.1	)
SAP SE		(508	)		(65,485	)		(0.5	)
Siemens AG (Registered)		(2,163	)		(259,349	)		(2.0	)
Symrise AG		(943	)		(90,642	)		(0.7	)
Telefonica Deutschland Holding AG		(67,408	)		(218,952	)		(1.7	)
thyssenkrupp AG		(28,712	)		(404,800	)		(3.1	)
Uniper SE		(1,879	)		(57,015	)		(0.4	)
United Internet AG (Registered)		(1,775	)		(71,364	)		(0.5	)
Wirecard AG		(555	)		(83,842	)		(0.6	)
Zalando SE		(4,022	)		(189,195	)		(1.4	)
					(4,682,062	)
Hong Kong
AIA Group Ltd.		(64,200	)		(657,372	)		(5.0	)
China Gas Holdings Ltd.		(46,200	)		(149,028	)		(1.1	)
Hong Kong & China Gas Co. Ltd.		(93,000	)		(222,015	)		(1.7	)
WH Group Ltd.		(112,000	)		(132,520	)		(1.0	)
					(1,160,935	)
Italy
Atlantia SpA		(15,964	)		(435,829	)		(3.3	)
Davide Campari-Milano SpA		(23,061	)		(232,639	)		(1.8	)
Ferrari NV		(1,175	)		(159,367	)		(1.2	)
Intesa Sanpaolo SpA		(14,242	)		(37,314	)		(0.3	)
Leonardo SpA		(1,895	)		(21,915	)		(0.2	)
Mediobanca Banca di Credito
Finanziario SpA		(2,687	)		(28,480	)		(0.2	)
UniCredit SpA		(2,187	)		(30,277	)		(0.2	)
					(945,821	)
Japan
ANA Holdings, Inc.		(6,300	)		(220,479	)		(1.7	)
Asahi Group Holdings Ltd.		(500	)		(21,802	)		(0.2	)
Daifuku Co. Ltd.		(4,100	)		(252,235	)		(1.9	)
Daiichi Sankyo Co. Ltd.		(3,700	)		(182,944	)		(1.4	)
Daiwa Securities Group, Inc.		(600	)		(2,793	)		0.0
Don Quijote Holdings Co. Ltd.		(4,600	)		(296,444	)		(2.2	)
FANUC Corp.		(700	)		(131,513	)		(1.0	)
Fast Retailing Co. Ltd.		(600	)		(347,154	)		(2.6	)
Honda Motor Co. Ltd.		(10,000	)		(279,030	)		(2.1	)
Idemitsu Kosan Co. Ltd.		(2,200	)		(71,482	)		(0.5	)
Inpex Corp.		(15,700	)		(152,742	)		(1.2	)
Japan Post Bank Co. Ltd.		(10,900	)		(120,013	)		(0.9	)
Japan Post Holdings Co. Ltd.		(20,600	)		(230,713	)		(1.8	)
Keyence Corp.		(300	)		(187,438	)		(1.4	)
Komatsu Ltd.		(8,400	)		(216,975	)		(1.6	)
Kubota Corp.		(2,900	)		(44,153	)		(0.3	)
Kyocera Corp.		(800	)		(51,988	)		(0.4	)
LINE Corp.		(9,500	)		(318,292	)		(2.4	)
M3, Inc.		(26,700	)		(476,640	)		(3.6	)
Makita Corp.		(2,800	)		(102,154	)		(0.8	)
Mitsubishi Motors Corp.		(16,400	)		(92,095	)		(0.7	)
Mitsubishi UFJ Financial Group, Inc.		(16,200	)		(80,377	)		(0.6	)
Mizuho Financial Group, Inc.		(115,300	)		(180,067	)		(1.4	)
Murata Manufacturing Co. Ltd.		(900	)		(45,192	)		(0.3	)
Nexon Co. Ltd.		(6,000	)		(85,411	)		(0.7	)
NGK Insulators Ltd.		(2,500	)		(37,135	)		(0.3	)

22

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Japan (continued)
Nintendo Co. Ltd.		(600	)	$	(206,649	)		(1.6	)%
Nitori Holdings Co. Ltd.		(800	)		(95,442	)		(0.7	)
Nomura Holdings, Inc.		(6,900	)		(26,125	)		(0.2	)
NTT Data Corp.		(6,900	)		(80,461	)		(0.6	)
Oriental Land Co. Ltd.		(1,600	)		(176,974	)		(1.3	)
Rakuten, Inc.		(43,000	)		(481,063	)		(3.6	)
Resona Holdings, Inc.		(15,800	)		(67,073	)		(0.5	)
Ricoh Co. Ltd.		(13,300	)		(134,556	)		(1.0	)
Rohm Co. Ltd.		(400	)		(29,496	)		(0.2	)
Sekisui House Ltd.		(1,200	)		(19,348	)		(0.1	)
SG Holdings Co. Ltd.		(6,900	)		(184,775	)		(1.4	)
Sharp Corp.		(18,034	)		(201,178	)		(1.5	)
Shimano, Inc.		(200	)		(29,397	)		(0.2	)
Shin-Etsu Chemical Co. Ltd.		(500	)		(47,362	)		(0.4	)
SMC Corp.		(600	)		(250,599	)		(1.9	)
SoftBank Group Corp.		(2,629	)		(278,757	)		(2.1	)
Sumitomo Dainippon Pharma Co. Ltd.		(1,900	)		(41,977	)		(0.3	)
Sumitomo Electric Industries Ltd.		(3,300	)		(43,909	)		(0.3	)
Sumitomo Metal Mining Co. Ltd.		(1,000	)		(31,454	)		(0.2	)
Sumitomo Mitsui Trust Holdings, Inc.		(600	)		(20,935	)		(0.2	)
Sysmex Corp.		(100	)		(5,730	)		0.0
Takeda Pharmaceutical Co. Ltd.		(17,800	)		(656,851	)		(5.0	)
TDK Corp.		(3,700	)		(324,172	)		(2.5	)
Terumo Corp.		(1,800	)		(54,322	)		(0.4	)
Tokyo Electric Power Co. Holdings, Inc.		(3,200	)		(18,075	)		(0.1	)
Tokyu Corp.		(1,400	)		(22,856	)		(0.2	)
Toray Industries, Inc.		(47,300	)		(323,677	)		(2.5	)
TOTO Ltd.		(1,900	)		(80,537	)		(0.6	)
Toyota Industries Corp.		(7,000	)		(396,786	)		(3.0	)
Unicharm Corp.		(500	)		(16,501	)		(0.1	)
Yamato Holdings Co. Ltd.		(2,800	)		(60,826	)		(0.5	)
Yaskawa Electric Corp.		(2,000	)		(74,456	)		(0.6	)
ZOZO, Inc.		(12,200	)		(216,714	)		(1.6	)
					(8,926,294	)
Luxembourg
SES SA		(2,185	)		(37,177	)		(0.3	)
Macau
Galaxy Entertainment Group Ltd.		(40,000	)		(299,570	)		(2.3	)
Wynn Macau Ltd.		(20,400	)		(58,694	)		(0.4	)
					(358,264	)
Netherlands
Aegon NV		(4,640	)		(24,221	)		(0.2	)
Gemalto NV		(2,196	)		(125,738	)		(1.0	)
NXP Semiconductors NV		(2,388	)		(252,221	)		(1.9	)
					(402,180	)
Norway
Mowi ASA		(3,896	)		(84,526	)		(0.6	)
Norsk Hydro ASA		(15,338	)		(66,062	)		(0.5	)
Yara International ASA		(4,599	)		(207,939	)		(1.6	)
					(358,527	)
Singapore
DBS Group Holdings Ltd.		(2,700	)		(56,148	)		(0.4	)
South Korea
Amorepacific Corp.		(2,067	)		(368,077	)		(2.8	)
Celltrion Healthcare Co. Ltd.		(2,132	)		(138,341	)		(1.1	)
Celltrion, Inc.		(900	)		(163,691	)		(1.2	)
Hyundai Heavy Industries Co. Ltd.		(9,511	)		(1,015,582	)		(7.7	)
Hyundai Mobis Co. Ltd.		(2,571	)		(512,851	)		(3.9	)
Hyundai Motor Co.		(4,835	)		(573,917	)		(4.4	)

	Shares			Value			% of Basket Value
South Korea (continued)
Kakao Corp.		(2,608	)	$	(268,527	)		(2.0	)%
LG Chem Ltd.		(4,116	)		(1,276,798	)		(9.7	)
LG Display Co. Ltd.		(31,216	)		(530,821	)		(4.0	)
Lotte Chemical Corp.		(476	)		(109,675	)		(0.8	)
NAVER Corp.		(7,062	)		(723,237	)		(5.5	)
Netmarble Corp.		(3,447	)		(376,703	)		(2.9	)
Samsung Biologics Co. Ltd.		(1,450	)		(422,608	)		(3.2	)
Samsung Life Insurance Co. Ltd.		(1,964	)		(142,858	)		(1.1	)
Samsung SDI Co. Ltd.		(4,949	)		(1,004,875	)		(7.6	)
SK Innovation Co. Ltd.		(2,382	)		(372,447	)		(2.8	)
S-Oil Corp.		(850	)		(67,021	)		(0.5	)
					(8,068,029	)
Spain
Banco de Sabadell SA		(23,569	)		(27,442	)		(0.2	)
Bankia SA		(54,783	)		(151,730	)		(1.1	)
Grifols SA		(5,707	)		(158,605	)		(1.2	)
Merlin Properties Socimi SA		(1,609	)		(21,948	)		(0.2	)
Naturgy Energy Group SA		(1,201	)		(34,190	)		(0.3	)
Siemens Gamesa Renewable
Energy SA		(8,478	)		(152,269	)		(1.1	)
					(546,184	)
Sweden
Assa Abloy AB		(1,275	)		(27,256	)		(0.2	)
Epiroc AB		(2,883	)		(29,803	)		(0.2	)
Hexagon AB		(2,873	)		(156,958	)		(1.2	)
ICA Gruppen AB		(2,821	)		(102,032	)		(0.8	)
Kinnevik AB		(5,422	)		(158,005	)		(1.2	)
Lundin Petroleum AB		(671	)		(21,852	)		(0.2	)
Tele2 AB		(1,800	)		(24,047	)		(0.2	)
					(519,953	)
Switzerland
Barry Callebaut AG (Registered)		(16	)		(29,337	)		(0.2	)
Cie Financiere Richemont SA (Registered)		(8,928	)		(652,658	)		(4.9	)
Clariant AG (Registered)		(996	)		(20,492	)		(0.2	)
Givaudan SA (Registered)		(29	)		(75,090	)		(0.6	)
Glencore plc		(108,993	)		(432,436	)		(3.3	)
Julius Baer Group Ltd.		(2,517	)		(121,584	)		(0.9	)
LafargeHolcim Ltd. (Registered)		(1,811	)		(92,972	)		(0.7	)
Lonza Group AG (Registered)		(3,468	)		(1,071,020	)		(8.1	)
Sika AG (Registered)		(2,203	)		(337,548	)		(2.6	)
Swatch Group AG (The)		(345	)		(105,290	)		(0.8	)
Vifor Pharma AG		(1,226	)		(160,102	)		(1.2	)
					(3,098,529	)
Taiwan
Cathay Financial Holding Co. Ltd.		(161,000	)		(233,139	)		(1.8	)
Chunghwa Telecom Co. Ltd.		(117,000	)		(421,460	)		(3.2	)
Delta Electronics, Inc.		(30,000	)		(158,342	)		(1.2	)
Fubon Financial Holding Co. Ltd.		(65,000	)		(96,056	)		(0.7	)
Hon Hai Precision Industry Co. Ltd.		(76,240	)		(214,641	)		(1.6	)
Largan Precision Co. Ltd.		(3,000	)		(450,368	)		(3.4	)
MediaTek, Inc.		(37,000	)		(354,628	)		(2.7	)
Nanya Technology Corp.		(75,000	)		(159,281	)		(1.2	)
Taiwan Cement Corp.		(171,000	)		(232,585	)		(1.8	)
					(2,320,500	)
United Arab Emirates
NMC Health plc		(8,760	)		(323,488	)		(2.5	)
United Kingdom
Admiral Group plc		(1,257	)		(36,207	)		(0.3	)
AstraZeneca plc		(1,714	)		(127,693	)		(1.0	)
BAE Systems plc		(13,686	)		(87,964	)		(0.7	)

23

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United Kingdom (continued)
BP plc		(7,643	)	$	(55,578	)		(0.4	)%
British American Tobacco plc		(8,625	)		(337,660	)		(2.6	)
BT Group plc		(7,965	)		(23,768	)		(0.2	)
CNH Industrial NV		(1,340	)		(14,568	)		(0.1	)
Coca-Cola European Partners plc		(6,478	)		(347,156	)		(2.6	)
DS Smith plc		(200,662	)		(937,223	)		(7.1	)
easyJet plc		(6,708	)		(101,639	)		(0.8	)
Hargreaves Lansdown plc		(3,133	)		(92,545	)		(0.7	)
Hiscox Ltd.		(19,586	)		(428,398	)		(3.2	)
HSBC Holdings plc		(16,512	)		(143,868	)		(1.1	)
Informa plc		(11,959	)		(121,600	)		(0.9	)
Intertek Group plc		(2,343	)		(163,878	)		(1.2	)
Janus Henderson Group plc		(6,117	)		(153,353	)		(1.2	)
Johnson Matthey plc		(954	)		(41,618	)		(0.3	)
Just Eat plc		(4,696	)		(42,931	)		(0.3	)
Linde plc		(900	)		(162,234	)		(1.2	)
London Stock Exchange Group plc		(2,422	)		(158,794	)		(1.2	)
Melrose Industries plc		(40,812	)		(107,986	)		(0.8	)
Micro Focus International plc		(2,861	)		(72,524	)		(0.6	)
National Grid plc		(3,194	)		(34,993	)		(0.3	)
Ocado Group plc		(6,042	)		(107,562	)		(0.8	)
Reckitt Benckiser Group plc		(4,056	)		(328,156	)		(2.5	)
Rentokil Initial plc		(9,091	)		(46,330	)		(0.4	)
Rolls-Royce Holdings plc		(1,244,040	)		(239,407	)		(1.8	)
Royal Bank of Scotland Group plc		(26,421	)		(82,733	)		(0.6	)
RSA Insurance Group plc		(13,030	)		(92,371	)		(0.7	)
Smiths Group plc		(4,305	)		(85,711	)		(0.7	)
Standard Chartered plc		(36,207	)		(331,047	)		(2.5	)
Standard Life Aberdeen plc		(48,678	)		(177,359	)		(1.3	)
Tesco plc		(40,488	)		(132,098	)		(1.0	)
Whitbread plc		(4,607	)		(268,216	)		(2.0	)
					(5,685,168	)
United States
3M Co.		(347	)		(65,760	)		(0.5	)
Activision Blizzard, Inc.		(534	)		(25,744	)		(0.2	)
Advanced Micro Devices, Inc.		(19,261	)		(532,181	)		(4.0	)
Alaska Air Group, Inc.		(1,110	)		(68,709	)		(0.5	)
Albemarle Corp.		(4,485	)		(336,644	)		(2.5	)
Alexandria Real Estate Equities, Inc.		(5,660	)		(805,927	)		(6.1	)
Alexion Pharmaceuticals, Inc.		(197	)		(26,818	)		(0.2	)
Align Technology, Inc.		(73	)		(23,702	)		(0.2	)
Alleghany Corp.		(35	)		(22,991	)		(0.2	)
Allegion plc		(272	)		(26,991	)		(0.2	)
Allergan plc		(877	)		(128,919	)		(1.0	)
Alliant Energy Corp.		(268	)		(12,658	)		(0.1	)
Alnylam Pharmaceuticals, Inc.		(2,117	)		(189,133	)		(1.4	)
Altria Group, Inc.		(975	)		(52,972	)		(0.4	)
Amazon.com, Inc.		(38	)		(73,208	)		(0.6	)
American Airlines Group, Inc.		(6,675	)		(228,152	)		(1.7	)
American Homes 4 Rent		(7,222	)		(173,184	)		(1.3	)
American International Group, Inc.		(1,733	)		(82,439	)		(0.6	)
American Tower Corp.		(412	)		(80,464	)		(0.6	)
American Water Works Co., Inc.		(124	)		(13,416	)		(0.1	)
Amphenol Corp.		(1,208	)		(120,268	)		(0.9	)
Analog Devices, Inc.		(365	)		(42,428	)		(0.3	)
Aqua America, Inc.		(1,711	)		(66,832	)		(0.5	)
Aramark		(3,303	)		(102,657	)		(0.8	)
Arconic, Inc.		(3,153	)		(67,726	)		(0.5	)
Arista Networks, Inc.		(440	)		(137,408	)		(1.0	)
Arthur J Gallagher & Co.		(2,217	)		(185,386	)		(1.4	)
Assurant, Inc.		(645	)		(61,275	)		(0.5	)
AT&T, Inc.		(2,445	)		(75,697	)		(0.6	)
Atlassian Corp. plc		(2,902	)		(319,655	)		(2.4	)
Axalta Coating Systems Ltd.		(3,350	)		(90,383	)		(0.7	)

	Shares			Value			% of Basket Value
United States (continued)
Baker Hughes a GE Co.		(4,579	)	$	(109,988	)		(0.8	)%
Becton Dickinson and Co.		(1,570	)		(377,962	)		(2.9	)
Berry Global Group, Inc.		(1,473	)		(86,612	)		(0.7	)
BioMarin Pharmaceutical, Inc.		(2,248	)		(192,271	)		(1.5	)
Black Knight, Inc.		(1,546	)		(87,225	)		(0.7	)
Bluebird Bio, Inc.		(458	)		(64,958	)		(0.5	)
Booking Holdings, Inc.		(21	)		(38,955	)		(0.3	)
Boston Scientific Corp.		(889	)		(33,000	)		(0.2	)
Broadcom, Inc.		(122	)		(38,845	)		(0.3	)
Brown & Brown, Inc.		(2,996	)		(95,123	)		(0.7	)
Bunge Ltd.		(5,957	)		(312,206	)		(2.4	)
Campbell Soup Co.		(841	)		(32,538	)		(0.2	)
Capri Holdings Ltd.		(7,827	)		(345,014	)		(2.6	)
Carlisle Cos., Inc.		(416	)		(58,831	)		(0.4	)
CarMax, Inc.		(2,993	)		(233,035	)		(1.8	)
Caterpillar, Inc.		(1,303	)		(181,664	)		(1.4	)
Centene Corp.		(209	)		(10,776	)		(0.1	)
Charles Schwab Corp. (The)		(2,831	)		(129,603	)		(1.0	)
Charter Communications, Inc.		(1,155	)		(428,724	)		(3.2	)
Chubb Ltd.		(249	)		(36,155	)		(0.3	)
CME Group, Inc.		(698	)		(124,872	)		(0.9	)
Cognex Corp.		(1,475	)		(74,384	)		(0.6	)
Cognizant Technology Solutions Corp.		(727	)		(53,042	)		(0.4	)
Conagra Brands, Inc.		(2,840	)		(87,415	)		(0.7	)
Concho Resources, Inc.		(1,426	)		(164,532	)		(1.2	)
Constellation Brands, Inc.		(1,190	)		(251,887	)		(1.9	)
Cooper Cos., Inc. (The)		(378	)		(109,590	)		(0.8	)
Copart, Inc.		(1,422	)		(95,729	)		(0.7	)
CoStar Group, Inc.		(158	)		(78,408	)		(0.6	)
Coty, Inc.		(11,351	)		(122,818	)		(0.9	)
Credit Acceptance Corp.		(162	)		(80,388	)		(0.6	)
CVS Health Corp.		(4,623	)		(251,399	)		(1.9	)
Deere & Co.		(159	)		(26,335	)		(0.2	)
DENTSPLY SIRONA, Inc.		(2,818	)		(144,084	)		(1.1	)
DexCom, Inc.		(1,515	)		(183,421	)		(1.4	)
Diamondback Energy, Inc.		(1,374	)		(146,180	)		(1.1	)
Digital Realty Trust, Inc.		(1,689	)		(198,812	)		(1.5	)
Discovery, Inc.		(1,382	)		(39,746	)		(0.3	)
DocuSign, Inc.		(18,200	)		(1,031,394	)		(7.8	)
Dollar Tree, Inc.		(6,995	)		(778,404	)		(5.9	)
Dominion Energy, Inc.		(762	)		(59,337	)		(0.4	)
Domino’s Pizza, Inc.		(101	)		(27,329	)		(0.2	)
Dow, Inc.		(527	)		(29,897	)		(0.2	)
DowDuPont, Inc.		(1,581	)		(60,789	)		(0.5	)
DR Horton, Inc.		(9,814	)		(434,858	)		(3.3	)
Dunkin’ Brands Group, Inc.		(340	)		(25,374	)		(0.2	)
Ecolab, Inc.		(958	)		(176,349	)		(1.3	)
Edison International		(223	)		(14,221	)		(0.1	)
Equifax, Inc.		(4,860	)		(612,117	)		(4.6	)
Equinix, Inc.		(416	)		(189,155	)		(1.4	)
Exact Sciences Corp.		(2,779	)		(274,260	)		(2.1	)
Facebook, Inc.		(2,997	)		(579,620	)		(4.4	)
Fidelity National Financial, Inc.		(2,846	)		(113,698	)		(0.9	)
First Data Corp.		(2,882	)		(74,529	)		(0.6	)
First Republic Bank		(2,018	)		(213,141	)		(1.6	)
Flowserve Corp.		(1,135	)		(55,649	)		(0.4	)
FMC Corp.		(271	)		(21,425	)		(0.2	)
Fortive Corp.		(896	)		(77,361	)		(0.6	)
Gartner, Inc.		(696	)		(110,643	)		(0.8	)
General Mills, Inc.		(2,777	)		(142,932	)		(1.1	)
GrubHub, Inc.		(3,985	)		(266,158	)		(2.0	)
Guidewire Software, Inc.		(496	)		(52,824	)		(0.4	)
Halliburton Co.		(673	)		(19,066	)		(0.1	)

24

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Hanesbrands, Inc.		(6,322	)	$	(114,239	)		(0.9	)%
Harris Corp.		(522	)		(87,957	)		(0.7	)
Hasbro, Inc.		(338	)		(34,429	)		(0.3	)
HCP, Inc.		(2,776	)		(82,669	)		(0.6	)
Healthcare Trust of America, Inc.		(4,315	)		(119,008	)		(0.9	)
Hess Corp.		(676	)		(43,345	)		(0.3	)
Hexcel Corp.		(1,354	)		(95,741	)		(0.7	)
Hologic, Inc.		(545	)		(25,277	)		(0.2	)
Hormel Foods Corp.		(448	)		(17,893	)		(0.1	)
Hudson Pacific Properties, Inc.		(5,288	)		(184,340	)		(1.4	)
Huntington Bancshares, Inc.		(1,505	)		(20,950	)		(0.2	)
International Flavors & Fragrances, Inc.		(3,308	)		(455,809	)		(3.5	)
Intuitive Surgical, Inc.		(261	)		(133,274	)		(1.0	)
Invesco Ltd.		(7,382	)		(162,183	)		(1.2	)
Invitation Homes, Inc.		(2,010	)		(49,969	)		(0.4	)
IPG Photonics Corp.		(775	)		(135,416	)		(1.0	)
JB Hunt Transport Services, Inc.		(1,025	)		(96,842	)		(0.7	)
Jefferies Financial Group, Inc.		(3,624	)		(74,546	)		(0.6	)
JM Smucker Co. (The)		(951	)		(116,621	)		(0.9	)
Johnson Controls International plc		(2,148	)		(80,550	)		(0.6	)
JPMorgan Chase & Co.		(181	)		(21,005	)		(0.2	)
Kansas City Southern		(1,078	)		(132,745	)		(1.0	)
KeyCorp.		(6,049	)		(106,160	)		(0.8	)
L Brands, Inc.		(987	)		(25,307	)		(0.2	)
Laboratory Corp. of America Holdings		(497	)		(79,480	)		(0.6	)
Las Vegas Sands Corp.		(607	)		(40,699	)		(0.3	)
Lennar Corp.		(1,364	)		(70,969	)		(0.5	)
Liberty Broadband Corp.		(228	)		(22,506	)		(0.2	)
Liberty Media Corp-Liberty Formula One		(5,617	)		(217,996	)		(1.7	)
LKQ Corp.		(5,620	)		(169,162	)		(1.3	)
Macerich Co. (The)		(364	)		(14,611	)		(0.1	)
Marathon Petroleum Corp.		(4,455	)		(271,176	)		(2.1	)
Markel Corp.		(89	)		(95,364	)		(0.7	)
MarketAxess Holdings, Inc.		(269	)		(74,871	)		(0.6	)
Marriott International, Inc.		(6,786	)		(925,746	)		(7.0	)
Marsh & McLennan Cos., Inc.		(1,549	)		(146,055	)		(1.1	)
Martin Marietta Materials, Inc.		(130	)		(28,847	)		(0.2	)
Marvell Technology Group Ltd.		(28,711	)		(718,349	)		(5.4	)
MGM Resorts International		(5,864	)		(156,158	)		(1.2	)
Microchip Technology, Inc.		(4,370	)		(436,519	)		(3.3	)
Micron Technology, Inc.		(1,337	)		(56,234	)		(0.4	)
Middleby Corp. (The)		(1,634	)		(215,900	)		(1.6	)
Mohawk Industries, Inc.		(476	)		(64,855	)		(0.5	)
Molson Coors Brewing Co.		(344	)		(22,081	)		(0.2	)
Mylan NV		(2,329	)		(62,860	)		(0.5	)
National Oilwell Varco, Inc.		(2,310	)		(60,383	)		(0.5	)
Netflix, Inc.		(469	)		(173,783	)		(1.3	)
Neurocrine Biosciences, Inc.		(1,100	)		(79,464	)		(0.6	)
New Residential Investment Corp.		(5,598	)		(94,102	)		(0.7	)
Newell Brands, Inc.		(11,080	)		(159,330	)		(1.2	)
Newmont Goldcorp Corp.		(834	)		(25,904	)		(0.2	)
Nielsen Holdings plc		(7,506	)		(191,628	)		(1.5	)
Noble Energy, Inc.		(4,086	)		(110,567	)		(0.8	)
Nordson Corp.		(732	)		(106,835	)		(0.8	)
Norwegian Cruise Line Holdings Ltd.		(890	)		(50,187	)		(0.4	)
NVR, Inc.		(13	)		(40,982	)		(0.3	)
Old Republic International Corp.		(114	)		(2,549	)		0.0
Omega Healthcare Investors, Inc.		(1,629	)		(57,650	)		(0.4	)
Paycom Software, Inc.		(1,004	)		(203,340	)		(1.5	)
Perrigo Co. plc		(5,798	)		(277,840	)		(2.1	)
Pioneer Natural Resources Co.		(960	)		(159,802	)		(1.2	)

	Shares			Value			% of Basket Value
United States (continued)
PPG Industries, Inc.		(194	)	$	(22,795	)		(0.2	)%
Procter & Gamble Co. (The)		(70	)		(7,454	)		(0.1	)
Prologis, Inc.		(5,906	)		(452,813	)		(3.4	)
PTC, Inc.		(4,366	)		(394,992	)		(3.0	)
QIAGEN NV		(527	)		(20,532	)		(0.2	)
QUALCOMM, Inc.		(1,550	)		(133,502	)		(1.0	)
Regency Centers Corp.		(715	)		(48,027	)		(0.4	)
Roper Technologies, Inc.		(129	)		(46,401	)		(0.4	)
Royal Caribbean Cruises Ltd.		(979	)		(118,400	)		(0.9	)
Sage Therapeutics, Inc.		(969	)		(163,015	)		(1.2	)
Sarepta Therapeutics, Inc.		(960	)		(112,262	)		(0.8	)
SBA Communications Corp.		(455	)		(92,697	)		(0.7	)
Schlumberger Ltd.		(599	)		(25,565	)		(0.2	)
Seattle Genetics, Inc.		(1,780	)		(120,648	)		(0.9	)
Sensata Technologies Holding plc		(493	)		(24,620	)		(0.2	)
ServiceMaster Global Holdings, Inc.		(2,080	)		(101,982	)		(0.8	)
Signature Bank		(1,212	)		(160,069	)		(1.2	)
Skyworks Solutions, Inc.		(1,131	)		(99,732	)		(0.8	)
Splunk, Inc.		(309	)		(42,654	)		(0.3	)
Sprint Corp.		(3,792	)		(21,159	)		(0.2	)
Square, Inc.		(6,367	)		(463,645	)		(3.5	)
SS&C Technologies Holdings, Inc.		(4,989	)		(337,556	)		(2.6	)
Stanley Black & Decker, Inc.		(121	)		(17,739	)		(0.1	)
Starwood Property Trust, Inc.		(2,427	)		(55,942	)		(0.4	)
State Street Corp.		(407	)		(27,538	)		(0.2	)
SVB Financial Group		(84	)		(21,144	)		(0.2	)
Symantec Corp.		(7,390	)		(178,912	)		(1.4	)
Take-Two Interactive Software, Inc.		(2,189	)		(211,961	)		(1.6	)
Targa Resources Corp.		(8,855	)		(355,528	)		(2.7	)
Teleflex, Inc.		(215	)		(61,529	)		(0.5	)
Tesla, Inc.		(179	)		(42,726	)		(0.3	)
Thermo Fisher Scientific, Inc.		(133	)		(36,901	)		(0.3	)
Tiffany & Co.		(963	)		(103,831	)		(0.8	)
T-Mobile US, Inc.		(2,650	)		(193,424	)		(1.5	)
TransUnion		(2,858	)		(199,060	)		(1.5	)
Trimble, Inc.		(3,912	)		(159,688	)		(1.2	)
Twitter, Inc.		(1,850	)		(73,834	)		(0.6	)
Tyler Technologies, Inc.		(921	)		(213,589	)		(1.6	)
United Rentals, Inc.		(168	)		(23,675	)		(0.2	)
Vail Resorts, Inc.		(590	)		(135,022	)		(1.0	)
Ventas, Inc.		(1,728	)		(105,598	)		(0.8	)
Verisk Analytics, Inc.		(490	)		(69,159	)		(0.5	)
VICI Properties, Inc.		(1,508	)		(34,382	)		(0.3	)
Vistra Energy Corp.		(955	)		(26,024	)		(0.2	)
Vornado Realty Trust		(1,223	)		(84,558	)		(0.6	)
Vulcan Materials Co.		(194	)		(24,465	)		(0.2	)
Wabtec Corp.		(1,870	)		(138,511	)		(1.0	)
Waste Connections, Inc.		(729	)		(67,629	)		(0.5	)
Wayfair, Inc.		(332	)		(53,834	)		(0.4	)
WellCare Health Plans, Inc.		(382	)		(98,690	)		(0.7	)
Welltower, Inc.		(1,776	)		(132,365	)		(1.0	)
Western Digital Corp.		(5,250	)		(268,380	)		(2.0	)
Westrock Co.		(1,153	)		(44,252	)		(0.3	)
Weyerhaeuser Co.		(1,011	)		(27,095	)		(0.2	)
Whirlpool Corp.		(161	)		(22,350	)		(0.2	)
Willis Towers Watson plc		(555	)		(102,309	)		(0.8	)
Workday, Inc.		(1,596	)		(328,185	)		(2.5	)
Worldpay, Inc.		(167	)		(19,574	)		(0.1	)
WR Berkley Corp.		(1,416	)		(86,801	)		(0.7	)
Wynn Resorts Ltd.		(1,404	)		(202,808	)		(1.5	)
Xilinx, Inc.		(751	)		(90,225	)		(0.7	)
Xylem, Inc.		(807	)		(67,304	)		(0.5	)
Zayo Group Holdings, Inc.		(2,770	)		(86,673	)		(0.7	)
Zendesk, Inc.		(615	)		(53,985	)		(0.4	)

25

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Zimmer Biomet Holdings, Inc.		(734	)	$	(90,399	)		(0.7	)%
					(30,355,961	)
Total Reference Entity — Short					(77,172,352	)
Net Value of Reference Entity — Citibank NA				$	13,198,015

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, 2019, expiration dates 02/13/20-02/08/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
BHP Group plc		15,565		367,405		2.7
Cochlear Ltd.		506		66,886		0.5
Goodman Group		8,918		82,987		0.6
Telstra Corp. Ltd.		25,082		59,741		0.5
				577,019
Austria
OMV AG		3,095		166,013		1.2
Belgium
Colruyt SA		1,247		90,020		0.7
Groupe Bruxelles Lambert SA		1,504		144,023		1.1
Proximus SADP		1,905		53,354		0.4
Solvay SA		313		37,740		0.3
Telenet Group Holding NV		410		21,776		0.1
UCB SA		3,518		279,607		2.1
				626,520
Canada
Canadian Natural Resources Ltd.		739		22,186		0.2
Magna International, Inc.		1,942		108,053		0.8
Rogers Communications, Inc.		3,081		155,119		1.2
Royal Bank of Canada		6,307		502,649		3.7
Sun Life Financial, Inc.		7,988		331,874		2.5
Suncor Energy, Inc.		8,331		274,736		2.0
Thomson Reuters Corp.		5,675		350,942		2.6
				1,745,559
China
Agricultural Bank of China Ltd.		385,000		177,942		1.3
Anhui Conch Cement Co. Ltd.		59,000		360,125		2.7
Bank of Communications Co. Ltd.		1,051,000		886,441		6.6
China Petroleum & Chemical Corp.		176,000		135,293		1.0
China Resources Land Ltd.		26,000		113,234		0.8
China Shenhua Energy Co. Ltd.		87,500		193,678		1.4
China Unicom Hong Kong Ltd.		188,000		223,226		1.6
CNOOC Ltd.		124,000		225,225		1.7
CSPC Pharmaceutical Group Ltd.		158,000		304,977		2.3
Sinopharm Group Co. Ltd.		54,400		213,808		1.6
Tencent Holdings Ltd.		4,700		231,652		1.7
				3,065,601
Denmark
Carlsberg A/S		1,924		248,775		1.8
Coloplast A/S		1,930		208,481		1.6
H Lundbeck A/S		101		4,258		0.0
Novo Nordisk A/S		10,871		532,620		3.9
Novozymes A/S		1,862		86,909		0.7
Pandora A/S		4,725		198,191		1.5
				1,279,234

	Shares		Value		% of Basket Value
Finland
Metso OYJ		1,541	$	57,660		0.4	%
Neste OYJ		5,063		167,346		1.2
Stora Enso OYJ		7,049		87,785		0.7
UPM-Kymmene OYJ		4,197		118,501		0.9
				431,292
France
Arkema SA		1,785		183,277		1.4
AXA SA		9,206		245,492		1.8
Carrefour SA		2,388		46,523		0.3
Cie de Saint-Gobain		4,206		172,446		1.3
Cie Plastic Omnium SA		6,073		183,996		1.4
Covivio		396		42,861		0.3
Credit Agricole SA		23,812		326,987		2.4
Dassault Systemes SE		1,831		289,962		2.1
Eiffage SA		644		67,241		0.5
Kering SA		138		81,662		0.6
Legrand SA		1,271		93,486		0.7
L’Oreal SA		1,659		456,312		3.4
LVMH Moet Hennessy Louis Vuitton SE		72		28,268		0.2
Orange SA		14,501		226,630		1.7
Peugeot SA		28,229		740,133		5.5
Publicis Groupe SA		3,669		218,072		1.6
Sanofi		1,812		158,096		1.2
Schneider Electric SE		1,525		129,070		0.9
TOTAL SA		3,664		203,684		1.5
Ubisoft Entertainment SA		2,971		283,844		2.1
Veolia Environnement SA		2,783		65,825		0.5
				4,243,867
Germany
adidas AG		1,084		279,225		2.1
Allianz SE (Registered)		3,417		825,937		6.1
BASF SE		4,628		377,834		2.8
Continental AG		190		31,519		0.2
Covestro AG		3,441		189,075		1.4
Deutsche Post AG (Registered)		5,043		175,297		1.3
Deutsche Telekom AG (Registered)		39,985		669,945		5.0
Evonik Industries AG		3,590		107,171		0.8
Fresenius Medical Care AG & Co. KGaA		574		48,379		0.4
Hannover Rueck SE		957		144,516		1.1
HeidelbergCement AG		2,115		171,146		1.3
Henkel AG & Co. KGaA (Preference)		857		86,740		0.6
HOCHTIEF AG		312		46,647		0.3
HUGO BOSS AG		2,396		167,418		1.2
MTU Aero Engines AG		102		24,065		0.2
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		831		206,798		1.5
ProSiebenSat.1 Media SE		9,153		144,696		1.1
RWE AG		4,343		111,398		0.8
TUI AG		712		7,928		0.1
Volkswagen AG		4,438		795,720		5.9
				4,611,454
Hong Kong
CK Asset Holdings Ltd.		80,500		647,263		4.8
CLP Holdings Ltd.		58,500		663,955		4.9
Hang Seng Bank Ltd.		12,000		315,284		2.3
Link REIT		4,000		46,736		0.3
Power Assets Holdings Ltd.		49,500		345,271		2.6
Sino Biopharmaceutical Ltd.		217,000		208,925		1.6
Sun Hung Kai Properties Ltd.		13,500		232,988		1.7

26

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Hong Kong (continued)
Techtronic Industries Co. Ltd.		78,500	$	568,065		4.2	%
				3,028,487
Ireland
AerCap Holdings NV		1,362		67,610		0.5
Italy
Assicurazioni Generali SpA		4,378		84,942		0.6
Enel SpA		33,999		215,287		1.6
Eni SpA		7,639		130,177		1.0
Moncler SpA		1,331		54,723		0.4
Poste Italiane SpA		2,133		22,796		0.2
Recordati SpA		2,347		94,837		0.7
Telecom Italia SpA		32,035		17,933		0.1
				620,695
Japan
Aisin Seiki Co. Ltd.		1,100		42,553		0.3
Ajinomoto Co., Inc.		7,100		114,875		0.9
Astellas Pharma, Inc.		31,500		426,632		3.2
Bridgestone Corp.		4,700		186,451		1.4
Canon, Inc.		2,700		74,920		0.6
Central Japan Railway Co.		400		86,016		0.6
Chiba Bank Ltd. (The)		15,600		81,938		0.6
Concordia Financial Group Ltd.		4,600		17,959		0.1
CyberAgent, Inc.		8,800		352,741		2.6
Daikin Industries Ltd.		300		38,196		0.3
Daiwa House Industry Co. Ltd.		2,500		70,074		0.5
Denso Corp.		3,900		170,411		1.3
Dentsu, Inc.		600		24,552		0.2
Fuji Electric Co. Ltd.		9,400		333,239		2.5
FUJIFILM Holdings Corp.		5,000		233,582		1.7
Fujitsu Ltd.		2,900		212,902		1.6
Hitachi High-Technologies Corp.		2,500		111,430		0.8
Hitachi Ltd.		21,200		705,075		5.2
Hoshizaki Corp.		300		19,450		0.1
Isuzu Motors Ltd.		5,500		79,215		0.6
ITOCHU Corp.		1,200		21,652		0.2
Japan Airlines Co. Ltd.		1,700		55,443		0.4
Japan Tobacco, Inc.		4,500		103,984		0.8
JFE Holdings, Inc.		5,100		87,760		0.7
Kajima Corp.		56,000		831,157		6.2
Kikkoman Corp.		7,000		325,956		2.4
Kirin Holdings Co. Ltd.		100		2,275		0.0
Konami Holdings Corp.		200		9,107		0.1
Marubeni Corp.		20,500		146,895		1.1
Mazda Motor Corp.		25,000		295,874		2.2
MEIJI Holdings Co. Ltd.		1,000		78,826		0.6
Mitsubishi Chemical Holdings Corp.		10,200		72,722		0.5
Mitsubishi Electric Corp.		3,900		55,809		0.4
Mitsubishi Heavy Industries Ltd.		700		29,173		0.2
Mitsui Chemicals, Inc.		2,200		54,080		0.4
MS&AD Insurance Group Holdings, Inc.		2,200		68,384		0.5
Nikon Corp.		19,400		270,548		2.0
Nippon Telegraph & Telephone Corp.		24,000		998,602		7.4
Nissan Chemical Corp.		500		22,276		0.2
Nomura Research Institute Ltd.		11,100		543,333		4.0
NSK Ltd.		7,200		74,834		0.6
NTT DOCOMO, Inc.		32,600		707,928		5.2
Omron Corp.		4,400		236,342		1.8
Panasonic Corp.		5,100		46,962		0.3
Pigeon Corp.		1,200		51,379		0.4
Pola Orbis Holdings, Inc.		3,900		123,107		0.9
Recruit Holdings Co. Ltd.		5,300		159,604		1.2
Sekisui Chemical Co. Ltd.		5,500		88,294		0.7

	Shares		Value		% of Basket Value
Japan (continued)
Shimadzu Corp.		10,200	$	273,598		2.0	%
Shionogi & Co. Ltd.		4,900		286,224		2.1
Sompo Holdings, Inc.		1,300		49,066		0.4
Sony Financial Holdings, Inc.		10,400		213,835		1.6
Subaru Corp.		6,100		149,480		1.1
Sumitomo Chemical Co. Ltd.		19,700		98,283		0.7
Sumitomo Mitsui Financial Group, Inc.		3,500		127,212		0.9
Sumitomo Realty & Development Co. Ltd.		1,000		36,970		0.3
Suzuki Motor Corp.		2,000		91,267		0.7
T&D Holdings, Inc.		9,500		102,895		0.8
Taisei Corp.		1,900		83,600		0.6
Tokio Marine Holdings, Inc.		4,600		233,060		1.7
Toyota Tsusho Corp.		1,000		33,216		0.2
Trend Micro, Inc.		700		34,994		0.3
West Japan Railway Co.		300		22,312		0.2
Yokogawa Electric Corp.		10,600		221,975		1.6
				11,002,504
Luxembourg
Tenaris SA		5,471		75,838		0.6
Macau
Sands China Ltd.		39,200		215,763		1.6
Netherlands
ABN AMRO Group NV		2,764		65,098		0.5
Akzo Nobel NV		774		65,763		0.5
ASR Nederland NV		2,159		96,063		0.7
EXOR NV		2,208		147,235		1.1
Heineken NV		1,561		168,756		1.2
ING Groep NV		9,669		123,377		0.9
Koninklijke Ahold Delhaize NV		7,553		182,039		1.3
Koninklijke DSM NV		1,777		203,238		1.5
Koninklijke Philips NV		2,968		127,457		0.9
Randstad NV		3,680		210,464		1.6
Royal Dutch Shell plc		8,655		277,817		2.1
Wolters Kluwer NV		2,619		182,800		1.4
				1,850,107
Norway
DNB ASA		5,968		114,760		0.8
Equinor ASA		38,189		851,295		6.3
Telenor ASA		15,230		306,152		2.3
				1,272,207
Portugal
Galp Energia SGPS SA		1,615		27,078		0.2
Puerto Rico
Popular, Inc.		2,249		129,790		1.0
Singapore
Ascendas Real Estate Investment Trust		464,300		1,025,626		7.6
Genting Singapore Ltd.		1,044,000		757,023		5.6
Mapletree Industrial Trust		3,900		5,912		0.0
				1,788,561
South Africa
Mondi plc		4,408		96,867		0.7
South Korea
Hana Financial Group, Inc.		604		19,051		0.1
HDC Holdings Co. Ltd.		74		1,091		0.0
KB Financial Group, Inc.		7,389		291,757		2.2
Kia Motors Corp.		9,006		349,108		2.6

27

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
South Korea (continued)
KT&G Corp.		2,055	$	179,755		1.3	%
LG Household & Health Care Ltd.		95		115,760		0.9
LG Uplus Corp.		28,778		352,507		2.6
NCSoft Corp.		469		211,208		1.6
POSCO		1,278		279,733		2.1
Samsung C&T Corp.		2,735		240,398		1.8
Samsung Electro-Mechanics Co. Ltd.		3,068		285,963		2.1
Samsung Electronics Co. Ltd.		20,691		813,513		6.0
Samsung SDS Co. Ltd.		1,486		276,327		2.0
Shinhan Financial Group Co. Ltd.		6,875		259,840		1.9
SK Holdings Co. Ltd.		1,631		358,675		2.7
SK Telecom Co. Ltd.		1,101		233,529		1.7
Woori Financial Group, Inc.		18,864		223,658		1.7
				4,491,873
Spain
ACS Actividades de Construccion y Servicios SA		4,988		229,379		1.7
Banco Bilbao Vizcaya Argentaria SA		9,975		60,656		0.4
Bankinter SA		41,648		332,901		2.5
CaixaBank SA		35,432		112,939		0.8
Endesa SA		1,964		48,999		0.4
Iberdrola SA		7,802		70,900		0.5
Red Electrica Corp. SA		1,706		35,406		0.3
Repsol SA		19,181		325,476		2.4
Telefonica SA		13,537		112,863		0.8
				1,329,519
Sweden
Atlas Copco AB		27,992		873,751		6.5
Electrolux AB		2,154		52,791		0.4
Hennes & Mauritz AB		3,459		60,356		0.4
Investor AB		2,171		103,539		0.8
Sandvik AB		8,248		152,739		1.1
SKF AB		359		6,664		0.0
Svenska Cellulosa AB SCA		5,974		52,152		0.4
Swedbank AB		1,198		19,574		0.1
Swedish Match AB		3,072		149,789		1.1
Telia Co. AB		12,788		54,484		0.4
				1,525,839
Switzerland
Adecco Group AG (Registered)		6,600		379,190		2.8
Alcon, Inc.		55		3,167		0.0
Baloise Holding AG (Registered)		638		109,380		0.8
Kuehne + Nagel International AG (Registered)		477		69,334		0.5
Logitech International SA (Registered)		3,214		125,944		0.9
Nestle SA (Registered)		6,411		617,236		4.6
Novartis AG (Registered)		278		22,779		0.2
Roche Holding AG		154		40,635		0.3
SGS SA (Registered)		41		108,181		0.8
Sonova Holding AG (Registered)		206		41,608		0.3
Straumann Holding AG (Registered)		53		42,833		0.3
Swiss Life Holding AG (Registered)		704		330,970		2.5
Swiss Re AG		667		64,217		0.5
Swisscom AG (Registered)		477		222,260		1.7
Zurich Insurance Group AG		402		128,145		1.0
				2,305,879
United Kingdom
3i Group plc		24,580		343,934		2.5
Associated British Foods plc		6,153		205,525		1.5
Auto Trader Group plc		10,881		80,436		0.6
Aviva plc		40,081		225,100		1.7

	Shares		Value		% of Basket Value
United Kingdom (continued)
Barratt Developments plc		21,101	$	165,998		1.2	%
Berkeley Group Holdings plc		461		22,615		0.2
British Land Co. plc (The)		29,231		226,794		1.7
Burberry Group plc		9,645		254,213		1.9
Centrica plc		26,907		37,405		0.3
Compass Group plc		8,526		193,999		1.4
Diageo plc		803		33,853		0.3
Direct Line Insurance Group plc		14,950		64,331		0.5
GlaxoSmithKline plc		8,487		174,350		1.3
Imperial Brands plc		1,318		41,936		0.3
InterContinental Hotels Group plc		1,967		127,403		0.9
ITV plc		54,578		97,456		0.7
J Sainsbury plc		68,176		198,068		1.5
Kingfisher plc		12,477		43,023		0.3
Land Securities Group plc		15,871		191,276		1.4
Legal & General Group plc		78,124		284,100		2.1
Marks & Spencer Group plc		18,860		70,353		0.5
Meggitt plc		7,411		52,735		0.4
Next plc		327		24,621		0.2
Pearson plc		8,225		89,101		0.7
Persimmon plc		1,237		36,136		0.3
Royal Mail plc		74,140		244,632		1.8
Sage Group plc (The)		15,969		151,373		1.1
Schroders plc		1,504		62,246		0.5
Segro plc		6,929		61,395		0.5
Smith & Nephew plc		1,291		24,958		0.2
SSE plc		2,147		32,125		0.2
Taylor Wimpey plc		35,731		84,711		0.6
Unilever NV		2,296		138,919		1.0
Unilever plc		1,205		73,041		0.5
United Utilities Group plc		2,113		22,922		0.2
Vodafone Group plc		133,021		246,737		1.8
Wm Morrison Supermarkets plc		51,087		143,995		1.1
				4,571,815
United States
AbbVie, Inc.		2,798		222,133		1.6
Accenture plc		259		47,312		0.4
Acuity Brands, Inc.		328		47,996		0.4
Adobe Systems, Inc.		207		59,875		0.4
Advance Auto Parts, Inc.		378		62,869		0.5
AES Corp.		17,844		305,489		2.3
Aflac, Inc.		3,885		195,726		1.4
Agilent Technologies, Inc.		2,393		187,851		1.4
Air Products & Chemicals, Inc.		424		87,255		0.6
Akamai Technologies, Inc.		5,882		470,913		3.5
Alliance Data Systems Corp.		330		52,833		0.4
Allison Transmission Holdings, Inc.		1,012		47,422		0.4
Allstate Corp. (The)		2,432		240,914		1.8
Alphabet, Inc.		288		344,483		2.6
Ameren Corp.		1,007		73,279		0.5
American Electric Power Co., Inc.		1,832		156,728		1.2
American Express Co.		402		47,126		0.4
American Financial Group, Inc.		336		34,786		0.3
Ameriprise Financial, Inc.		899		131,946		1.0
AmerisourceBergen Corp.		450		33,642		0.3
AMETEK, Inc.		220		19,397		0.1
Amgen, Inc.		2,838		508,910		3.8
Annaly Capital Management, Inc.		7,689		77,582		0.6
ANSYS, Inc.		352		68,922		0.5
Anthem, Inc.		90		23,673		0.2
Apartment Investment & Management Co.		1,039		51,285		0.4
Applied Materials, Inc.		1,725		76,021		0.6
Aspen Technology, Inc.		2,859		348,541		2.6

28

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Athene Holding Ltd.		8,068	$	364,351		2.7	%
Automatic Data Processing, Inc.		1,392		228,831		1.7
AutoZone, Inc.		82		84,321		0.6
AvalonBay Communities, Inc.		815		163,758		1.2
Avery Dennison Corp.		2,032		224,841		1.7
AXA Equitable Holdings, Inc.		3,689		83,703		0.6
Baxter International, Inc.		4,292		327,480		2.4
Best Buy Co., Inc.		2,995		222,858		1.7
Biogen, Inc.		787		180,412		1.3
Boeing Co. (The)		1,241		468,713		3.5
Booz Allen Hamilton Holding Corp.		3,628		215,104		1.6
Boston Properties, Inc.		290		39,910		0.3
Bristol-Myers Squibb Co.		5,828		270,594		2.0
Broadridge Financial Solutions, Inc.		2,257		266,619		2.0
Burlington Stores, Inc.		1,408		237,825		1.8
Cabot Oil & Gas Corp.		1,081		27,987		0.2
Cadence Design Systems, Inc.		2,108		146,253		1.1
Capital One Financial Corp.		2,305		213,973		1.6
Carnival Corp.		708		38,841		0.3
Carnival plc		3,478		184,385		1.4
CBRE Group, Inc.		4,297		223,745		1.7
CBS Corp. (Non-Voting)		4,440		227,639		1.7
CDK Global, Inc.		320		19,302		0.1
CDW Corp.		1,565		165,264		1.2
Celanese Corp.		2,548		274,904		2.0
Celgene Corp.		3,955		374,380		2.8
CenterPoint Energy, Inc.		1,473		45,663		0.3
CH Robinson Worldwide, Inc.		1,633		132,273		1.0
Chemed Corp.		297		97,054		0.7
Chemours Co. (The)		2,721		97,983		0.7
Chevron Corp.		1,930		231,716		1.7
Cintas Corp.		410		89,027		0.7
Cisco Systems, Inc.		5,584		312,425		2.3
CIT Group, Inc.		5,899		314,240		2.3
Citizens Financial Group, Inc.		541		19,584		0.1
Citrix Systems, Inc.		4,623		466,738		3.5
CMS Energy Corp.		2,154		119,655		0.9
Coca-Cola Co. (The)		3,185		156,256		1.2
Colgate-Palmolive Co.		2,118		154,169		1.1
Comerica, Inc.		117		9,195		0.1
Commerce Bancshares, Inc.		1,056		63,814		0.5
ConocoPhillips		3,657		230,830		1.7
Corning, Inc.		7,738		246,455		1.8
Costco Wholesale Corp.		249		61,137		0.5
Crane Co.		345		29,342		0.2
Cullen/Frost Bankers, Inc.		586		59,590		0.4
Cummins, Inc.		1,337		222,330		1.6
Cypress Semiconductor Corp.		772		13,263		0.1
Darden Restaurants, Inc.		837		98,431		0.7
Devon Energy Corp.		3,983		128,014		0.9
Discover Financial Services		2,549		207,718		1.5
Dollar General Corp.		429		54,093		0.4
Donaldson Co., Inc.		978		52,362		0.4
Douglas Emmett, Inc.		613		25,249		0.2
Dover Corp.		843		82,648		0.6
DTE Energy Co.		23		2,891		0.0
Duke Energy Corp.		646		58,864		0.4
Duke Realty Corp.		2,290		71,265		0.5
E*TRADE Financial Corp.		1,587		80,397		0.6
East West Bancorp, Inc.		81		4,170		0.0
Eastman Chemical Co.		70		5,522		0.0
Eaton Corp. plc		1,272		105,347		0.8
eBay, Inc.		2,234		86,568		0.6
Edwards Lifesciences Corp.		116		20,424		0.2

	Shares		Value		% of Basket Value
United States (continued)
Eli Lilly & Co.		1,674	$	195,925		1.5	%
Emerson Electric Co.		3,663		260,036		1.9
Encompass Health Corp.		1,233		79,467		0.6
Entergy Corp.		5,904		572,098		4.2
Equity LifeStyle Properties, Inc.		687		80,173		0.6
Equity Residential		3,583		273,813		2.0
Essex Property Trust, Inc.		94		26,555		0.2
Estee Lauder Cos., Inc. (The)		648		111,333		0.8
Euronet Worldwide, Inc.		211		31,627		0.2
Evergy, Inc.		1		58		0.0
Exelon Corp.		17,180		875,321		6.5
Expeditors International of Washington, Inc.		4,264		338,647		2.5
Extra Space Storage, Inc.		346		35,877		0.3
Exxon Mobil Corp.		2,740		219,967		1.6
F5 Networks, Inc.		662		103,868		0.8
Fair Isaac Corp.		104		29,094		0.2
Fastenal Co.		1,258		88,752		0.7
Federal Realty Investment Trust		351		46,981		0.3
Ferguson plc		18		1,281		0.0
Fidelity National Information Services, Inc.		342		39,648		0.3
Fifth Third Bancorp		49		1,412		0.0
FirstEnergy Corp.		376		15,803		0.1
Fiserv, Inc.		344		30,011		0.2
FLIR Systems, Inc.		1,047		55,428		0.4
Foot Locker, Inc.		1,824		104,351		0.8
Fortinet, Inc.		3,612		337,433		2.5
Fortune Brands Home & Security, Inc.		549		28,976		0.2
Franklin Resources, Inc.		2,475		85,610		0.6
Gap, Inc. (The)		3,897		101,634		0.8
Garmin Ltd.		732		62,762		0.5
General Motors Co.		776		30,225		0.2
Gentex Corp.		1,079		24,849		0.2
Gilead Sciences, Inc.		3,254		211,640		1.6
Graco, Inc.		533		27,316		0.2
H&R Block, Inc.		6,550		178,226		1.3
Haemonetics Corp.		1,022		89,200		0.7
Harley-Davidson, Inc.		523		19,471		0.1
Hartford Financial Services Group, Inc. (The)		5,702		298,272		2.2
HCA Healthcare, Inc.		2,949		375,201		2.8
HD Supply Holdings, Inc.		930		42,492		0.3
Helmerich & Payne, Inc.		750		43,890		0.3
Henry Schein, Inc.		1,575		100,895		0.7
Herbalife Nutrition Ltd.		3,057		161,562		1.2
Hershey Co. (The)		1,600		199,760		1.5
Hewlett Packard Enterprise Co.		12,053		190,558		1.4
Hill-Rom Holdings, Inc.		581		58,925		0.4
HollyFrontier Corp.		2,995		142,951		1.1
Home Depot, Inc. (The)		1,024		208,589		1.5
Honeywell International, Inc.		2,492		432,686		3.2
Host Hotels & Resorts, Inc.		5,546		106,705		0.8
HP, Inc.		10,182		203,131		1.5
Huntsman Corp.		21,042		467,974		3.5
IAC/InterActiveCorp		111		24,957		0.2
IDEX Corp.		1,481		232,013		1.7
IDEXX Laboratories, Inc.		892		206,944		1.5
Ingersoll-Rand plc		1,371		168,098		1.2
Intel Corp.		3,591		183,285		1.4
International Business Machines Corp.		1,239		173,795		1.3
International Paper Co.		1,963		91,888		0.7
Interpublic Group of Cos., Inc. (The)		913		20,999		0.2

29

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Intuit, Inc.		1,159	$	290,979		2.2	%
Ionis Pharmaceuticals, Inc.		3,105		230,795		1.7
Jack Henry & Associates, Inc.		152		22,657		0.2
Johnson & Johnson		2,146		303,015		2.2
Jones Lang LaSalle, Inc.		59		9,120		0.1
Juniper Networks, Inc.		1,318		36,601		0.3
Kellogg Co.		379		22,854		0.2
Kohl’s Corp.		3,280		233,208		1.7
Kroger Co. (The)		1,678		43,259		0.3
Lamar Advertising Co.		171		14,137		0.1
Lamb Weston Holdings, Inc.		2,131		149,277		1.1
Lear Corp.		1,874		267,982		2.0
Lennox International, Inc.		758		205,759		1.5
Liberty Media Corp-Liberty SiriusXM		1,869		75,059		0.6
Liberty Property Trust		3,074		152,593		1.1
Lincoln Electric Holdings, Inc.		2,897		252,821		1.9
Lincoln National Corp.		784		52,308		0.4
Loews Corp.		490		25,132		0.2
Lowe’s Cos., Inc.		497		56,231		0.4
Lululemon Athletica, Inc.		474		83,590		0.6
LyondellBasell Industries NV		3,274		288,865		2.1
M&T Bank Corp.		160		27,211		0.2
Macy’s, Inc.		1,088		25,612		0.2
ManpowerGroup, Inc.		931		89,413		0.7
Masco Corp.		5,318		207,721		1.5
Maxim Integrated Products, Inc.		2,109		126,540		0.9
McDonald’s Corp.		294		58,086		0.4
McKesson Corp.		320		38,160		0.3
Merck & Co., Inc.		1,532		120,584		0.9
MetLife, Inc.		7,645		352,664		2.6
Mettler-Toledo International, Inc.		482		359,215		2.7
Microsoft Corp.		209		27,295		0.2
Mondelez International, Inc.		1,915		97,378		0.7
Morgan Stanley		652		31,459		0.2
Motorola Solutions, Inc.		2,459		356,334		2.6
National Retail Properties, Inc.		1,918		100,925		0.7
NetApp, Inc.		724		52,743		0.4
News Corp.		6,672		82,866		0.6
NIKE, Inc.		5,296		465,148		3.4
Norfolk Southern Corp.		343		69,979		0.5
NRG Energy, Inc.		5,826		239,856		1.8
Nucor Corp.		1,717		97,989		0.7
Occidental Petroleum Corp.		1,074		63,237		0.5
OGE Energy Corp.		1,868		79,091		0.6
Old Dominion Freight Line, Inc.		307		45,829		0.3
Omnicom Group, Inc.		524		41,936		0.3
ON Semiconductor Corp.		2,072		47,780		0.4
Oracle Corp.		2,773		153,430		1.1
O’Reilly Automotive, Inc.		105		39,750		0.3
Oshkosh Corp.		1,481		122,316		0.9
PACCAR, Inc.		1,178		84,427		0.6
Park Hotels & Resorts, Inc.		2,697		86,520		0.6
Parker-Hannifin Corp.		17		3,078		0.0
Paychex, Inc.		2,344		197,623		1.5
Pentair plc		1,031		40,199		0.3
People’s United Financial, Inc.		2,962		51,213		0.4
PepsiCo, Inc.		2,730		349,577		2.6
Pfizer, Inc.		4,415		179,293		1.3
Philip Morris International, Inc.		1,593		137,890		1.0
Phillips 66		4,808		453,250		3.4
Pinnacle West Capital Corp.		3,412		325,061		2.4
PRA Health Sciences, Inc.		298		28,852		0.2
Progressive Corp. (The)		2,341		182,949		1.4
Public Service Enterprise Group, Inc.		1,447		86,314		0.6

	Shares		Value		% of Basket Value
United States (continued)
Public Storage		947	$	209,457		1.6	%
PulteGroup, Inc.		3,294		103,629		0.8
Qorvo, Inc.		1,225		92,622		0.7
Ralph Lauren Corp.		266		35,000		0.3
Regeneron Pharmaceuticals, Inc.		54		18,530		0.1
Regions Financial Corp.		203		3,153		0.0
Reliance Steel & Aluminum Co.		1,343		123,502		0.9
Robert Half International, Inc.		4,844		300,764		2.2
Rockwell Automation, Inc.		625		112,944		0.8
Ross Stores, Inc.		1,727		168,659		1.2
S&P Global, Inc.		447		98,635		0.7
Seagate Technology plc		3,174		153,368		1.1
ServiceNow, Inc.		332		90,141		0.7
Simon Property Group, Inc.		610		105,957		0.8
Sirius XM Holdings, Inc.		25,875		150,334		1.1
SL Green Realty Corp.		1,269		112,103		0.8
Snap-on, Inc.		461		77,577		0.6
Southern Co. (The)		373		19,851		0.1
Southwest Airlines Co.		3,557		192,896		1.4
Spirit AeroSystems Holdings, Inc.		283		24,593		0.2
Starbucks Corp.		3,182		247,178		1.8
Steel Dynamics, Inc.		29		919		0.0
Stryker Corp.		748		141,305		1.0
SunTrust Banks, Inc.		637		41,711		0.3
Synchrony Financial		3,406		118,086		0.9
Synopsys, Inc.		3,536		428,139		3.2
Synovus Financial Corp.		3,073		113,271		0.8
Sysco Corp.		1,384		97,392		0.7
Tapestry, Inc.		508		16,393		0.1
TD Ameritrade Holding Corp.		621		32,652		0.2
Teledyne Technologies, Inc.		963		239,315		1.8
Teradyne, Inc.		3,760		184,240		1.4
Texas Instruments, Inc.		3,113		366,805		2.7
TJX Cos., Inc. (The)		15,160		831,981		6.2
Torchmark Corp.		2,340		205,124		1.5
Toro Co. (The)		7,336		536,628		4.0
Total System Services, Inc.		496		50,711		0.4
Tractor Supply Co.		1,658		171,603		1.3
TripAdvisor, Inc.		1,104		58,766		0.4
Tyson Foods, Inc.		1,153		86,487		0.6
Ubiquiti Networks, Inc.		853		145,394		1.1
UDR, Inc.		1,291		58,030		0.4
UGI Corp.		1,853		101,007		0.7
Union Pacific Corp.		457		80,907		0.6
United Continental Holdings, Inc.		1,625		144,398		1.1
United Parcel Service, Inc.		712		75,629		0.6
United Therapeutics Corp.		1,887		193,550		1.4
UnitedHealth Group, Inc.		128		29,833		0.2
Universal Health Services, Inc.		180		22,837		0.2
Unum Group		282		10,411		0.1
US Bancorp		2,218		118,264		0.9
Valero Energy Corp.		975		88,394		0.7
Varian Medical Systems, Inc.		469		63,864		0.5
VeriSign, Inc.		1,025		202,386		1.5
Vertex Pharmaceuticals, Inc.		305		51,539		0.4
Viacom, Inc.		8,079		233,564		1.7
Visa, Inc.		8,332		1,370,031		10.1
VMware, Inc.		1,035		211,275		1.6
Voya Financial, Inc.		5,576		306,067		2.3
Walgreens Boots Alliance, Inc.		1,394		74,677		0.6
Walmart, Inc.		1,556		160,019		1.2
Waste Management, Inc.		2,448		262,768		1.9
WEC Energy Group, Inc.		2,614		205,016		1.5
West Pharmaceutical Services, Inc.		1,140		141,121		1.0

30

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Western Union Co. (The)		2,395		$	46,559			0.3	%
Williams-Sonoma, Inc.		1,760			100,619			0.7
WW Grainger, Inc.		186			52,452			0.4
Xcel Energy, Inc.		3,628			204,982			1.5
Xerox Corp.		1,829			61,015			0.5
YUM! BRANDS, Inc.		6,321			659,849			4.9
Zebra Technologies Corp.		366			77,277			0.6
Zions Bancorp		1,943			95,848			0.7
Zoetis, Inc.		545			55,503			0.4
					43,018,583
Total Reference Entity — Long					94,165,574
Reference Entity — Short
Australia
Aristocrat Leisure Ltd.		(1,178	)		(21,685	)		(0.2	)
Transurban Group		(94,601	)		(895,818	)		(6.6	)
					(917,503	)
Austria
Erste Group Bank AG		(1,403	)		(56,178	)		(0.4	)
Verbund AG		(776	)		(38,534	)		(0.3	)
					(94,712	)
Belgium
Anheuser-Busch InBev SA		(2,912	)		(258,897	)		(1.9	)
KBC Group NV		(3,853	)		(286,031	)		(2.1	)
Umicore SA		(13,731	)		(532,869	)		(4.0	)
					(1,077,797	)
Canada
Barrick Gold Corp.		(1,710	)		(21,751	)		(0.2	)
Restaurant Brands International, Inc.		(413	)		(26,944	)		(0.2	)
					(48,695	)
Chile
Antofagasta plc		(17,920	)		(213,029	)		(1.6	)
Denmark
Danske Bank A/S		(11,845	)		(210,530	)		(1.6	)
DSV A/S		(661	)		(61,253	)		(0.4	)
Orsted A/S		(1,037	)		(79,392	)		(0.6	)
Tryg A/S		(1,156	)		(35,379	)		(0.3	)
					(386,554	)
Finland
Elisa OYJ		(4,328	)		(183,638	)		(1.4	)
Fortum OYJ		(1,626	)		(34,488	)		(0.3	)
Kone OYJ		(5,730	)		(314,853	)		(2.3	)
Nokia OYJ		(73,455	)		(385,978	)		(2.9	)
Nordea Bank Abp		(35,287	)		(277,615	)		(2.0	)
Wartsila OYJ Abp		(3,267	)		(52,313	)		(0.4	)
					(1,248,885	)
France
Accor SA		(13,137	)		(553,426	)		(4.1	)
Aeroports de Paris		(654	)		(133,228	)		(1.0	)
Air Liquide SA		(1,249	)		(166,157	)		(1.2	)
Airbus SE		(746	)		(102,150	)		(0.8	)
Amundi SA		(1,868	)		(134,397	)		(1.0	)
Atos SE		(690	)		(71,146	)		(0.5	)
Bouygues SA		(1,334	)		(50,215	)		(0.4	)
Bureau Veritas SA		(3,153	)		(79,924	)		(0.6	)
Edenred		(144	)		(6,789	)		(0.1	)
Electricite de France SA		(4,087	)		(59,024	)		(0.4	)
EssilorLuxottica SA		(1,195	)		(145,597	)		(1.1	)
Getlink		(1,142	)		(18,382	)		(0.1	)

	Shares			Value			% of Basket Value
France (continued)
Hermes International		(187	)	$	(131,567	)		(1.0	)%
Iliad SA		(3,138	)		(319,690	)		(2.4	)
Natixis SA		(94,193	)		(555,055	)		(4.1	)
Orpea		(2,684	)		(327,471	)		(2.4	)
Pernod Ricard SA		(648	)		(112,990	)		(0.8	)
Remy Cointreau SA		(259	)		(34,511	)		(0.3	)
Renault SA		(1,044	)		(71,228	)		(0.5	)
Rubis SCA		(1,541	)		(84,524	)		(0.6	)
Safran SA		(2,244	)		(327,088	)		(2.4	)
SCOR SE		(4,285	)		(174,933	)		(1.3	)
Societe Generale SA		(1,824	)		(57,842	)		(0.4	)
Suez		(357	)		(5,015	)		0.0
Teleperformance		(131	)		(25,184	)		(0.2	)
					(3,747,533	)
Germany
Bayer AG (Registered)		(1,302	)		(86,656	)		(0.6	)
Bayerische Motoren Werke AG		(859	)		(73,280	)		(0.5	)
Carl Zeiss Meditec AG		(1,234	)		(121,376	)		(0.9	)
Commerzbank AG		(19,156	)		(172,660	)		(1.3	)
Daimler AG (Registered)		(2,702	)		(177,348	)		(1.3	)
Delivery Hero SE		(10,056	)		(463,446	)		(3.4	)
Deutsche Bank AG (Registered)		(58,073	)		(481,569	)		(3.6	)
Deutsche Boerse AG		(842	)		(112,510	)		(0.8	)
Deutsche Wohnen AG		(2,475	)		(111,488	)		(0.8	)
E.ON SE		(15,920	)		(171,167	)		(1.3	)
Infineon Technologies AG		(4,161	)		(98,639	)		(0.7	)
Innogy SE		(305	)		(14,159	)		(0.1	)
KION Group AG		(5,013	)		(344,858	)		(2.6	)
Porsche Automobil Holding SE (Preference)		(1,283	)		(89,191	)		(0.7	)
Siemens AG (Registered)		(1,332	)		(159,710	)		(1.2	)
Siemens Healthineers AG		(1,446	)		(61,895	)		(0.5	)
Symrise AG		(1,399	)		(134,473	)		(1.0	)
Telefonica Deutschland Holding AG		(20,757	)		(67,422	)		(0.5	)
thyssenkrupp AG		(19,930	)		(280,986	)		(2.1	)
Uniper SE		(5,307	)		(161,032	)		(1.2	)
United Internet AG (Registered)		(6,371	)		(256,145	)		(1.9	)
Vonovia SE		(2,214	)		(110,648	)		(0.8	)
Wirecard AG		(896	)		(135,356	)		(1.0	)
Zalando SE		(4,022	)		(189,195	)		(1.4	)
					(4,075,209	)
Italy
Atlantia SpA		(4,929	)		(134,565	)		(1.0	)
Ferrari NV		(540	)		(73,241	)		(0.5	)
Leonardo SpA		(15,709	)		(181,672	)		(1.4	)
Mediobanca Banca di Credito Finanziario SpA		(16,713	)		(177,146	)		(1.3	)
Snam SpA		(37,392	)		(190,358	)		(1.4	)
UniCredit SpA		(1,361	)		(18,842	)		(0.1	)
					(775,824	)
Japan
Aeon Co. Ltd.		(8,400	)		(155,287	)		(1.1	)
ANA Holdings, Inc.		(500	)		(17,498	)		(0.1	)
Asahi Group Holdings Ltd.		(1,200	)		(52,324	)		(0.4	)
Daifuku Co. Ltd.		(4,700	)		(289,147	)		(2.1	)
Daiichi Sankyo Co. Ltd.		(700	)		(34,611	)		(0.3	)
Daiwa Securities Group, Inc.		(28,000	)		(130,335	)		(1.0	)
Don Quijote Holdings Co. Ltd.		(1,400	)		(90,222	)		(0.7	)
FamilyMart UNY Holdings Co. Ltd.		(14,000	)		(373,332	)		(2.8	)
FANUC Corp.		(3,200	)		(601,202	)		(4.4	)
Fast Retailing Co. Ltd.		(200	)		(115,718	)		(0.9	)
Idemitsu Kosan Co. Ltd.		(1,000	)		(32,492	)		(0.2	)
Japan Post Bank Co. Ltd.		(10,000	)		(110,103	)		(0.8	)

31

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Japan (continued)
Japan Post Holdings Co. Ltd.		(32,200	)	$	(360,629	)		(2.7	)%
Japan Real Estate Investment Corp.		(26	)		(144,122	)		(1.1	)
JXTG Holdings, Inc.		(19,600	)		(95,358	)		(0.7	)
KDDI Corp.		(5,200	)		(119,847	)		(0.9	)
Keyence Corp.		(900	)		(562,314	)		(4.2	)
Komatsu Ltd.		(6,900	)		(178,230	)		(1.3	)
Kubota Corp.		(11,600	)		(176,613	)		(1.3	)
Kyocera Corp.		(800	)		(51,988	)		(0.4	)
Kyushu Railway Co.		(6,600	)		(215,056	)		(1.6	)
LINE Corp.		(3,200	)		(107,214	)		(0.8	)
M3, Inc.		(20,200	)		(360,604	)		(2.7	)
Makita Corp.		(2,300	)		(83,912	)		(0.6	)
MINEBEA MITSUMI, Inc.		(6,300	)		(112,358	)		(0.8	)
Mitsubishi Corp.		(4,800	)		(132,229	)		(1.0	)
Mitsubishi Motors Corp.		(86,600	)		(486,306	)		(3.6	)
Mitsubishi UFJ Financial Group, Inc.		(33,900	)		(168,196	)		(1.2	)
Mitsui Fudosan Co. Ltd.		(9,800	)		(226,987	)		(1.7	)
Murata Manufacturing Co. Ltd.		(6,600	)		(331,410	)		(2.5	)
NEC Corp.		(6,300	)		(212,770	)		(1.6	)
Nexon Co. Ltd.		(29,700	)		(422,785	)		(3.1	)
NGK Insulators Ltd.		(2,400	)		(35,649	)		(0.3	)
Nidec Corp.		(1,000	)		(142,839	)		(1.1	)
Nintendo Co. Ltd.		(400	)		(137,766	)		(1.0	)
Nitori Holdings Co. Ltd.		(1,900	)		(226,675	)		(1.7	)
Nomura Holdings, Inc.		(12,600	)		(47,706	)		(0.4	)
Obic Co. Ltd.		(1,200	)		(139,315	)		(1.0	)
Ono Pharmaceutical Co. Ltd.		(2,000	)		(37,570	)		(0.3	)
Oriental Land Co. Ltd.		(800	)		(88,487	)		(0.7	)
Rakuten, Inc.		(7,600	)		(85,025	)		(0.6	)
Resona Holdings, Inc.		(13,500	)		(57,309	)		(0.4	)
Ricoh Co. Ltd.		(2,300	)		(23,269	)		(0.2	)
Rohm Co. Ltd.		(500	)		(36,870	)		(0.3	)
Seibu Holdings, Inc.		(11,200	)		(182,319	)		(1.3	)
Sekisui House Ltd.		(4,900	)		(79,004	)		(0.6	)
Seven & i Holdings Co. Ltd.		(1,300	)		(44,990	)		(0.3	)
SG Holdings Co. Ltd.		(2,300	)		(61,592	)		(0.5	)
Sharp Corp.		(26,200	)		(292,274	)		(2.2	)
SMC Corp.		(700	)		(292,366	)		(2.2	)
SoftBank Group Corp.		(1,100	)		(116,635	)		(0.9	)
Sumitomo Dainippon Pharma Co. Ltd.		(900	)		(19,884	)		(0.1	)
Sumitomo Electric Industries Ltd.		(3,100	)		(41,248	)		(0.3	)
Sumitomo Metal Mining Co. Ltd.		(1,600	)		(50,326	)		(0.4	)
Sumitomo Mitsui Trust Holdings, Inc.		(1,100	)		(38,380	)		(0.3	)
Sysmex Corp.		(1,600	)		(91,683	)		(0.7	)
Takeda Pharmaceutical Co. Ltd.		(2,600	)		(95,944	)		(0.7	)
TDK Corp.		(1,900	)		(166,467	)		(1.2	)
Terumo Corp.		(1,800	)		(54,322	)		(0.4	)
Tokyu Corp.		(16,800	)		(274,270	)		(2.0	)
Toray Industries, Inc.		(14,700	)		(100,593	)		(0.7	)
TOTO Ltd.		(3,600	)		(152,596	)		(1.1	)
Toyota Industries Corp.		(3,900	)		(221,067	)		(1.6	)
Toyota Motor Corp.		(4,700	)		(290,979	)		(2.2	)
Unicharm Corp.		(10,000	)		(330,018	)		(2.4	)
Yahoo Japan Corp.		(23,200	)		(61,932	)		(0.5	)
Yamaha Motor Co. Ltd.		(1,700	)		(35,057	)		(0.3	)
Yamato Holdings Co. Ltd.		(2,700	)		(58,654	)		(0.4	)
ZOZO, Inc.		(14,600	)		(259,347	)		(1.9	)
					(11,021,626	)
Luxembourg
Eurofins Scientific SE		(695	)		(318,260	)		(2.4	)
SES SA		(2,971	)		(50,550	)		(0.4	)
					(368,810	)

	Shares			Value			% of Basket Value
Netherlands
Aegon NV		(34,794	)	$	(181,630	)		(1.3	)%
NN Group NV		(879	)		(38,359	)		(0.3	)
NXP Semiconductors NV		(4,291	)		(453,215	)		(3.4	)
					(673,204	)
Norway
Aker BP ASA		(4,413	)		(145,662	)		(1.1	)
Mowi ASA		(5,538	)		(120,150	)		(0.9	)
Norsk Hydro ASA		(27,082	)		(116,644	)		(0.9	)
Yara International ASA		(1,027	)		(46,435	)		(0.3	)
					(428,891	)
Singapore
DBS Group Holdings Ltd.		(3,900	)		(81,102	)		(0.6	)
South Korea
Amorepacific Corp.		(1,557	)		(277,259	)		(2.1	)
Celltrion, Inc.		(1,255	)		(228,259	)		(1.7	)
Hyundai Heavy Industries Co. Ltd.		(806	)		(86,064	)		(0.6	)
Hyundai Mobis Co. Ltd.		(1,403	)		(279,864	)		(2.1	)
Hyundai Motor Co.		(4,812	)		(571,187	)		(4.2	)
Kakao Corp.		(6,288	)		(647,430	)		(4.8	)
LG Chem Ltd.		(728	)		(225,828	)		(1.7	)
LG Display Co. Ltd.		(4,844	)		(82,371	)		(0.6	)
Lotte Chemical Corp.		(155	)		(35,714	)		(0.3	)
NAVER Corp.		(367	)		(37,585	)		(0.3	)
Netmarble Corp.		(382	)		(41,747	)		(0.3	)
Samsung Biologics Co. Ltd.		(711	)		(207,224	)		(1.5	)
Samsung Life Insurance Co. Ltd.		(432	)		(31,423	)		(0.2	)
Samsung SDI Co. Ltd.		(1,716	)		(348,427	)		(2.6	)
SK Innovation Co. Ltd.		(522	)		(81,619	)		(0.6	)
S-Oil Corp.		(1,130	)		(89,099	)		(0.7	)
					(3,271,100	)
Spain
Banco de Sabadell SA		(83,170	)		(96,838	)		(0.7	)
Bankia SA		(172,501	)		(477,769	)		(3.5	)
Cellnex Telecom SA		(16,779	)		(516,861	)		(3.8	)
Ferrovial SA		(19,937	)		(491,639	)		(3.7	)
Industria de Diseno Textil SA		(2,021	)		(61,193	)		(0.5	)
Merlin Properties Socimi SA		(16,054	)		(218,984	)		(1.6	)
					(1,863,284	)
Sweden
Assa Abloy AB		(2,212	)		(47,287	)		(0.3	)
Epiroc AB		(2,521	)		(26,061	)		(0.2	)
Essity AB		(3,829	)		(113,533	)		(0.8	)
Hexagon AB		(4,216	)		(230,330	)		(1.7	)
ICA Gruppen AB		(8,450	)		(305,626	)		(2.3	)
Kinnevik AB		(3,150	)		(91,795	)		(0.7	)
Skandinaviska Enskilda Banken AB		(3,442	)		(32,863	)		(0.2	)
Svenska Handelsbanken AB		(27,381	)		(299,085	)		(2.2	)
Tele2 AB		(14,604	)		(195,103	)		(1.4	)
Telefonaktiebolaget LM Ericsson		(7,595	)		(75,131	)		(0.6	)
					(1,416,814	)
Switzerland
Barry Callebaut AG (Registered)		(29	)		(53,173	)		(0.4	)
Cie Financiere Richemont SA (Registered)		(4,979	)		(363,976	)		(2.7	)
Clariant AG (Registered)		(3,093	)		(63,637	)		(0.5	)
Givaudan SA (Registered)		(45	)		(116,519	)		(0.9	)
Glencore plc		(107,809	)		(427,739	)		(3.2	)
Julius Baer Group Ltd.		(4,193	)		(202,542	)		(1.5	)
LafargeHolcim Ltd. (Registered)		(1,176	)		(60,373	)		(0.4	)
Lonza Group AG (Registered)		(1,052	)		(324,888	)		(2.4	)
Sika AG (Registered)		(161	)		(24,669	)		(0.2	)

32

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Switzerland (continued)
Swatch Group AG (The)		(397	)	$	(121,160	)		(0.9	)%
UBS Group AG (Registered)		(18,012	)		(241,531	)		(1.8	)
					(2,000,207	)
United Arab Emirates
NMC Health plc		(4,173	)		(154,100	)		(1.1	)
United Kingdom
Ashtead Group plc		(1,307	)		(36,292	)		(0.3	)
AstraZeneca plc		(672	)		(50,064	)		(0.4	)
BAE Systems plc		(46,959	)		(301,819	)		(2.2	)
BT Group plc		(7,342	)		(21,909	)		(0.2	)
Bunzl plc		(3,671	)		(110,721	)		(0.8	)
CNH Industrial NV		(640	)		(6,958	)		(0.1	)
Coca-Cola European Partners plc		(1,335	)		(71,543	)		(0.5	)
Croda International plc		(537	)		(36,376	)		(0.3	)
DCC plc		(2,512	)		(224,850	)		(1.7	)
DS Smith plc		(14,304	)		(66,809	)		(0.5	)
easyJet plc		(20,478	)		(310,281	)		(2.3	)
Hargreaves Lansdown plc		(10,059	)		(297,132	)		(2.2	)
Hiscox Ltd.		(6,336	)		(138,585	)		(1.0	)
HSBC Holdings plc		(20,981	)		(182,807	)		(1.4	)
Informa plc		(27,835	)		(283,027	)		(2.1	)
Intertek Group plc		(285	)		(19,934	)		(0.1	)
Janus Henderson Group plc		(9,589	)		(240,396	)		(1.8	)
Just Eat plc		(25,018	)		(228,715	)		(1.7	)
Linde plc		(5,638	)		(1,016,306	)		(7.5	)
London Stock Exchange Group plc		(3,161	)		(207,246	)		(1.5	)
Melrose Industries plc		(112,306	)		(297,156	)		(2.2	)
Micro Focus International plc		(881	)		(22,332	)		(0.2	)
National Grid plc		(3,296	)		(36,111	)		(0.3	)
Ocado Group plc		(41,265	)		(734,614	)		(5.4	)
Reckitt Benckiser Group plc		(4,358	)		(352,590	)		(2.6	)
Rentokil Initial plc		(86,590	)		(441,281	)		(3.3	)
Rightmove plc		(15,679	)		(110,868	)		(0.8	)
Rolls-Royce Holdings plc		(516,672	)		(86,601	)		(0.6	)
Royal Bank of Scotland Group plc		(55,770	)		(174,634	)		(1.3	)
Smiths Group plc		(9,884	)		(196,786	)		(1.5	)
Standard Chartered plc		(7,231	)		(66,114	)		(0.5	)
Standard Life Aberdeen plc		(23,638	)		(86,125	)		(0.6	)
Tesco plc		(71,155	)		(232,153	)		(1.7	)
Whitbread plc		(2,815	)		(163,887	)		(1.2	)
					(6,853,022	)
United States
3M Co.		(497	)		(94,186	)		(0.7	)
Abbott Laboratories		(1,648	)		(131,115	)		(1.0	)
ABIOMED, Inc.		(335	)		(92,932	)		(0.7	)
Activision Blizzard, Inc.		(1,607	)		(77,473	)		(0.6	)
Advanced Micro Devices, Inc.		(7,249	)		(200,290	)		(1.5	)
Alaska Air Group, Inc.		(2,083	)		(128,938	)		(1.0	)
Alexandria Real Estate Equities, Inc.		(540	)		(76,891	)		(0.6	)
Align Technology, Inc.		(438	)		(142,210	)		(1.1	)
Alleghany Corp.		(49	)		(32,187	)		(0.2	)
Allergan plc		(849	)		(124,803	)		(0.9	)
Alliant Energy Corp.		(3,510	)		(165,777	)		(1.2	)
Alnylam Pharmaceuticals, Inc.		(3,318	)		(296,430	)		(2.2	)
Altria Group, Inc.		(1,297	)		(70,466	)		(0.5	)
American Airlines Group, Inc.		(5,016	)		(171,447	)		(1.3	)
American Campus Communities, Inc.		(2,141	)		(101,055	)		(0.7	)
American Homes 4 Rent		(102	)		(2,446	)		0.0
American International Group, Inc.		(2,186	)		(103,988	)		(0.8	)
American Water Works Co., Inc.		(1,746	)		(188,900	)		(1.4	)
Amphenol Corp.		(1,725	)		(171,741	)		(1.3	)
Analog Devices, Inc.		(4,657	)		(541,330	)		(4.0	)
AptarGroup, Inc.		(547	)		(60,848	)		(0.4	)

	Shares			Value			% of Basket Value
United States (continued)
Aramark		(122	)	$	(3,792	)		0.0	%
Archer-Daniels-Midland Co.		(1,211	)		(54,011	)		(0.4	)
Arconic, Inc.		(8,597	)		(184,664	)		(1.4	)
Arista Networks, Inc.		(604	)		(188,623	)		(1.4	)
Arrow Electronics, Inc.		(1,347	)		(113,835	)		(0.8	)
Assurant, Inc.		(747	)		(70,965	)		(0.5	)
AT&T, Inc.		(1,946	)		(60,248	)		(0.4	)
Atlassian Corp. plc		(3,698	)		(407,335	)		(3.0	)
Autodesk, Inc.		(1,141	)		(203,338	)		(1.5	)
Axalta Coating Systems Ltd.		(531	)		(14,326	)		(0.1	)
Ball Corp.		(2,200	)		(131,868	)		(1.0	)
Bank of New York Mellon Corp. (The)		(1,314	)		(65,253	)		(0.5	)
Becton Dickinson and Co.		(1,034	)		(248,925	)		(1.8	)
Berkshire Hathaway, Inc.		(1,249	)		(270,671	)		(2.0	)
BioMarin Pharmaceutical, Inc.		(705	)		(60,299	)		(0.4	)
Bio-Techne Corp.		(693	)		(141,781	)		(1.0	)
Black Knight, Inc.		(1,921	)		(108,383	)		(0.8	)
Bluebird Bio, Inc.		(219	)		(31,061	)		(0.2	)
Booking Holdings, Inc.		(31	)		(57,505	)		(0.4	)
Boston Scientific Corp.		(1,337	)		(49,629	)		(0.4	)
Bright Horizons Family Solutions, Inc.		(546	)		(69,970	)		(0.5	)
Broadcom, Inc.		(506	)		(161,110	)		(1.2	)
Brown-Forman Corp.		(1,789	)		(95,336	)		(0.7	)
Bunge Ltd.		(6,918	)		(362,572	)		(2.7	)
Camden Property Trust		(399	)		(40,159	)		(0.3	)
Campbell Soup Co.		(1,668	)		(64,535	)		(0.5	)
Capri Holdings Ltd.		(2,064	)		(90,981	)		(0.7	)
Carlisle Cos., Inc.		(1,364	)		(192,897	)		(1.4	)
CarMax, Inc.		(850	)		(66,181	)		(0.5	)
Caterpillar, Inc.		(562	)		(78,354	)		(0.6	)
Cboe Global Markets, Inc.		(784	)		(79,662	)		(0.6	)
Centene Corp.		(390	)		(20,108	)		(0.1	)
Cerner Corp.		(1,755	)		(116,620	)		(0.9	)
Charter Communications, Inc.		(47	)		(17,446	)		(0.1	)
Cheniere Energy, Inc.		(6,238	)		(401,415	)		(3.0	)
Cincinnati Financial Corp.		(1,535	)		(147,636	)		(1.1	)
Citigroup, Inc.		(1,354	)		(95,728	)		(0.7	)
CME Group, Inc.		(1,505	)		(269,244	)		(2.0	)
Cognex Corp.		(1,374	)		(69,291	)		(0.5	)
Cognizant Technology Solutions Corp.		(204	)		(14,884	)		(0.1	)
Conagra Brands, Inc.		(9,032	)		(278,005	)		(2.1	)
Concho Resources, Inc.		(3,332	)		(384,446	)		(2.8	)
Constellation Brands, Inc.		(240	)		(50,801	)		(0.4	)
Continental Resources, Inc.		(3,599	)		(165,518	)		(1.2	)
Cooper Cos., Inc. (The)		(68	)		(19,715	)		(0.1	)
Copart, Inc.		(283	)		(19,052	)		(0.1	)
CoStar Group, Inc.		(284	)		(140,935	)		(1.0	)
Coty, Inc.		(16,749	)		(181,224	)		(1.3	)
Credit Acceptance Corp.		(120	)		(59,546	)		(0.4	)
Crown Holdings, Inc.		(534	)		(31,041	)		(0.2	)
CVS Health Corp.		(6,854	)		(372,721	)		(2.8	)
Deere & Co.		(1,607	)		(266,167	)		(2.0	)
DENTSPLY SIRONA, Inc.		(782	)		(39,984	)		(0.3	)
DexCom, Inc.		(2,093	)		(253,400	)		(1.9	)
Diamondback Energy, Inc.		(3,945	)		(419,709	)		(3.1	)
Digital Realty Trust, Inc.		(2,691	)		(316,758	)		(2.3	)
DocuSign, Inc.		(777	)		(44,033	)		(0.3	)
Dollar Tree, Inc.		(1,516	)		(168,700	)		(1.2	)
Domino’s Pizza, Inc.		(512	)		(138,537	)		(1.0	)
Dow, Inc.		(1,611	)		(91,392	)		(0.7	)
DowDuPont, Inc.		(5,971	)		(229,585	)		(1.7	)
DR Horton, Inc.		(3,149	)		(139,532	)		(1.0	)

33

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Dunkin’ Brands Group, Inc.		(690	)	$	(51,495	)		(0.4	)%
Ecolab, Inc.		(650	)		(119,652	)		(0.9	)
Edison International		(662	)		(42,216	)		(0.3	)
EPAM Systems, Inc.		(314	)		(56,319	)		(0.4	)
Equinix, Inc.		(132	)		(60,020	)		(0.4	)
Evergy, Inc.		(4,374	)		(252,905	)		(1.9	)
Eversource Energy		(1,879	)		(134,649	)		(1.0	)
Exact Sciences Corp.		(2,148	)		(211,986	)		(1.6	)
Expedia Group, Inc.		(430	)		(55,831	)		(0.4	)
Fidelity National Financial, Inc.		(4,669	)		(186,527	)		(1.4	)
First Data Corp.		(5,328	)		(137,782	)		(1.0	)
First Republic Bank		(1,130	)		(119,351	)		(0.9	)
Flowserve Corp.		(1,055	)		(51,727	)		(0.4	)
FMC Corp.		(1,162	)		(91,868	)		(0.7	)
Fortive Corp.		(661	)		(57,071	)		(0.4	)
Freeport-McMoRan, Inc.		(36,240	)		(446,114	)		(3.3	)
Gartner, Inc.		(286	)		(45,465	)		(0.3	)
General Electric Co.		(47,539	)		(483,472	)		(3.6	)
General Mills, Inc.		(492	)		(25,323	)		(0.2	)
Global Payments, Inc.		(1,691	)		(247,004	)		(1.8	)
GoDaddy, Inc.		(1,574	)		(128,281	)		(0.9	)
GrubHub, Inc.		(3,920	)		(261,817	)		(1.9	)
Guidewire Software, Inc.		(3,621	)		(385,636	)		(2.9	)
Hanesbrands, Inc.		(2,842	)		(51,355	)		(0.4	)
Harris Corp.		(346	)		(58,301	)		(0.4	)
Hasbro, Inc.		(1,168	)		(118,972	)		(0.9	)
Healthcare Trust of America, Inc.		(507	)		(13,983	)		(0.1	)
Hess Corp.		(5,676	)		(363,945	)		(2.7	)
Hexcel Corp.		(1,427	)		(100,903	)		(0.7	)
Hormel Foods Corp.		(681	)		(27,199	)		(0.2	)
Hubbell, Inc.		(746	)		(95,190	)		(0.7	)
Hudson Pacific Properties, Inc.		(4,640	)		(161,750	)		(1.2	)
IHS Markit Ltd.		(11,789	)		(675,038	)		(5.0	)
Illumina, Inc.		(242	)		(75,504	)		(0.6	)
Intercontinental Exchange, Inc.		(3,689	)		(300,100	)		(2.2	)
International Flavors & Fragrances, Inc.		(2,515	)		(346,542	)		(2.6	)
Intuitive Surgical, Inc.		(309	)		(157,785	)		(1.2	)
Invesco Ltd.		(10,426	)		(229,059	)		(1.7	)
Invitation Homes, Inc.		(6,342	)		(157,662	)		(1.2	)
IPG Photonics Corp.		(1,598	)		(279,219	)		(2.1	)
IQVIA Holdings, Inc.		(1,383	)		(192,099	)		(1.4	)
Iron Mountain, Inc.		(4,452	)		(144,601	)		(1.1	)
Jacobs Engineering Group, Inc.		(1,678	)		(130,783	)		(1.0	)
JB Hunt Transport Services, Inc.		(2,196	)		(207,478	)		(1.5	)
Jefferies Financial Group, Inc.		(2,154	)		(44,308	)		(0.3	)
JM Smucker Co. (The)		(1,134	)		(139,062	)		(1.0	)
Johnson Controls International plc		(10,794	)		(404,775	)		(3.0	)
JPMorgan Chase & Co.		(277	)		(32,146	)		(0.2	)
Kansas City Southern		(1,514	)		(186,434	)		(1.4	)
Keurig Dr Pepper, Inc.		(4,018	)		(116,803	)		(0.9	)
Kilroy Realty Corp.		(988	)		(75,987	)		(0.6	)
Kimberly-Clark Corp.		(766	)		(98,339	)		(0.7	)
Kinder Morgan, Inc.		(1,277	)		(25,374	)		(0.2	)
Kraft Heinz Co. (The)		(1,286	)		(42,747	)		(0.3	)
L Brands, Inc.		(2,390	)		(61,280	)		(0.5	)
Laboratory Corp. of America Holdings		(196	)		(31,344	)		(0.2	)
Leggett & Platt, Inc.		(1,965	)		(77,342	)		(0.6	)
Leidos Holdings, Inc.		(309	)		(22,705	)		(0.2	)
Lennar Corp.		(3,041	)		(158,223	)		(1.2	)
Liberty Broadband Corp.		(3,037	)		(299,782	)		(2.2	)
Liberty Media Corp-Liberty Formula One		(3,292	)		(127,763	)		(0.9	)

	Shares			Value			% of Basket Value
United States (continued)
Live Nation Entertainment, Inc.		(1,256	)	$	(82,067	)		(0.6	)%
LKQ Corp.		(9,880	)		(297,388	)		(2.2	)
Macerich Co. (The)		(8,147	)		(327,021	)		(2.4	)
Marathon Petroleum Corp.		(1,024	)		(62,331	)		(0.5	)
Markel Corp.		(137	)		(146,797	)		(1.1	)
MarketAxess Holdings, Inc.		(1,536	)		(427,515	)		(3.2	)
Marriott International, Inc.		(1,287	)		(175,573	)		(1.3	)
Martin Marietta Materials, Inc.		(2,421	)		(537,220	)		(4.0	)
Marvell Technology Group Ltd.		(8,685	)		(217,299	)		(1.6	)
Medtronic plc		(3,055	)		(271,315	)		(2.0	)
MGM Resorts International		(3,965	)		(105,588	)		(0.8	)
Microchip Technology, Inc.		(8,142	)		(813,304	)		(6.0	)
Micron Technology, Inc.		(3,881	)		(163,235	)		(1.2	)
Mid-America Apartment Communities, Inc.		(922	)		(100,876	)		(0.7	)
Middleby Corp. (The)		(1,922	)		(253,954	)		(1.9	)
Mohawk Industries, Inc.		(1,456	)		(198,380	)		(1.5	)
Molson Coors Brewing Co.		(1,425	)		(91,471	)		(0.7	)
Monster Beverage Corp.		(2,710	)		(161,516	)		(1.2	)
Moody’s Corp.		(1,136	)		(223,360	)		(1.7	)
Mylan NV		(2,176	)		(58,730	)		(0.4	)
Nektar Therapeutics		(2,194	)		(70,252	)		(0.5	)
Netflix, Inc.		(498	)		(184,529	)		(1.4	)
New Residential Investment Corp.		(10,139	)		(170,437	)		(1.3	)
Newell Brands, Inc.		(14,682	)		(211,127	)		(1.6	)
Newmont Goldcorp Corp.		(2,104	)		(65,350	)		(0.5	)
Nielsen Holdings plc		(8,447	)		(215,652	)		(1.6	)
Noble Energy, Inc.		(5,107	)		(138,195	)		(1.0	)
Norwegian Cruise Line Holdings Ltd.		(685	)		(38,627	)		(0.3	)
Nutanix, Inc.		(7,580	)		(327,380	)		(2.4	)
NVIDIA Corp.		(3,676	)		(665,356	)		(4.9	)
NVR, Inc.		(20	)		(63,050	)		(0.5	)
Old Republic International Corp.		(3,120	)		(69,763	)		(0.5	)
Omega Healthcare Investors, Inc.		(1,703	)		(60,269	)		(0.4	)
ONEOK, Inc.		(3,544	)		(240,744	)		(1.8	)
Paycom Software, Inc.		(113	)		(22,886	)		(0.2	)
PayPal Holdings, Inc.		(1,517	)		(171,072	)		(1.3	)
PerkinElmer, Inc.		(1,424	)		(136,476	)		(1.0	)
Perrigo Co. plc		(618	)		(29,615	)		(0.2	)
Pioneer Natural Resources Co.		(471	)		(78,403	)		(0.6	)
Post Holdings, Inc.		(360	)		(40,601	)		(0.3	)
Procter & Gamble Co. (The)		(580	)		(61,758	)		(0.5	)
Prologis, Inc.		(2,155	)		(165,224	)		(1.2	)
PTC, Inc.		(1,310	)		(118,516	)		(0.9	)
QIAGEN NV		(1,129	)		(43,986	)		(0.3	)
QUALCOMM, Inc.		(205	)		(17,657	)		(0.1	)
Republic Services, Inc.		(1,266	)		(104,850	)		(0.8	)
ResMed, Inc.		(476	)		(49,747	)		(0.4	)
Rollins, Inc.		(2,185	)		(84,494	)		(0.6	)
Roper Technologies, Inc.		(161	)		(57,912	)		(0.4	)
Royal Caribbean Cruises Ltd.		(704	)		(85,142	)		(0.6	)
salesforce.com, Inc.		(305	)		(50,432	)		(0.4	)
Sarepta Therapeutics, Inc.		(3,507	)		(410,109	)		(3.0	)
SBA Communications Corp.		(407	)		(82,918	)		(0.6	)
Schlumberger Ltd.		(3,153	)		(134,570	)		(1.0	)
SEI Investments Co.		(1,678	)		(91,367	)		(0.7	)
Sempra Energy		(1,784	)		(228,263	)		(1.7	)
Sensata Technologies Holding plc		(1,695	)		(84,648	)		(0.6	)
ServiceMaster Global Holdings, Inc.		(1,851	)		(90,755	)		(0.7	)
Sherwin-Williams Co. (The)		(328	)		(149,184	)		(1.1	)
Signature Bank		(400	)		(52,828	)		(0.4	)
Skyworks Solutions, Inc.		(540	)		(47,617	)		(0.4	)
Splunk, Inc.		(224	)		(30,921	)		(0.2	)
Square, Inc.		(8,890	)		(647,370	)		(4.8	)

34

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
SS&C Technologies Holdings, Inc.		(2,861	)	$	(193,575	)		(1.4	)%
Stanley Black & Decker, Inc.		(719	)		(105,405	)		(0.8	)
Starwood Property Trust, Inc.		(2,326	)		(53,614	)		(0.4	)
State Street Corp.		(878	)		(59,405	)		(0.4	)
SVB Financial Group		(353	)		(88,857	)		(0.7	)
Symantec Corp.		(1,413	)		(34,209	)		(0.3	)
Take-Two Interactive Software, Inc.		(866	)		(83,855	)		(0.6	)
Targa Resources Corp.		(5,834	)		(234,235	)		(1.7	)
Teleflex, Inc.		(298	)		(85,282	)		(0.6	)
Tesla, Inc.		(2,746	)		(655,443	)		(4.9	)
Thermo Fisher Scientific, Inc.		(378	)		(104,876	)		(0.8	)
T-Mobile US, Inc.		(1,329	)		(97,004	)		(0.7	)
TransUnion		(1,949	)		(135,748	)		(1.0	)
Travelers Cos., Inc. (The)		(559	)		(80,356	)		(0.6	)
Trimble, Inc.		(570	)		(23,267	)		(0.2	)
Twitter, Inc.		(2,742	)		(109,433	)		(0.8	)
Tyler Technologies, Inc.		(580	)		(134,508	)		(1.0	)
Ultimate Software Group, Inc. (The)		(955	)		(315,771	)		(2.3	)
United Technologies Corp.		(578	)		(82,429	)		(0.6	)
Vail Resorts, Inc.		(469	)		(107,331	)		(0.8	)
Ventas, Inc.		(371	)		(22,672	)		(0.2	)
Verisk Analytics, Inc.		(1,424	)		(200,983	)		(1.5	)
VICI Properties, Inc.		(1,677	)		(38,236	)		(0.3	)
Vistra Energy Corp.		(3,778	)		(102,951	)		(0.8	)
Vulcan Materials Co.		(4,120	)		(519,573	)		(3.8	)
Wabtec Corp.		(2,942	)		(217,914	)		(1.6	)
Wayfair, Inc.		(190	)		(30,809	)		(0.2	)
WellCare Health Plans, Inc.		(131	)		(33,844	)		(0.2	)
Wells Fargo & Co.		(7,609	)		(368,352	)		(2.7	)
Welltower, Inc.		(325	)		(24,222	)		(0.2	)
Western Digital Corp.		(6,859	)		(350,632	)		(2.6	)
Westrock Co.		(3,647	)		(139,972	)		(1.0	)
Weyerhaeuser Co.		(1,982	)		(53,118	)		(0.4	)
Whirlpool Corp.		(987	)		(137,015	)		(1.0	)
Williams Cos., Inc. (The)		(15,084	)		(427,330	)		(3.2	)
Willis Towers Watson plc		(645	)		(118,899	)		(0.9	)
Workday, Inc.		(1,032	)		(212,210	)		(1.6	)
Worldpay, Inc.		(3,482	)		(408,125	)		(3.0	)
WR Berkley Corp.		(459	)		(28,137	)		(0.2	)
Wynn Resorts Ltd.		(4,398	)		(635,291	)		(4.7	)
XPO Logistics, Inc.		(1,581	)		(107,634	)		(0.8	)
Xylem, Inc.		(1,443	)		(120,346	)		(0.9	)
Zendesk, Inc.		(8,597	)		(754,645	)		(5.6	)
Zimmer Biomet Holdings, Inc.		(2,470	)		(304,205	)		(2.3	)
					(39,937,998	)
Total Reference Entity — Short					(80,655,899	)
Net Value of Reference Entity — Credit Suisse International				$	13,509,675

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, 2019, expiration dates 02/17/23-02/20/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Austria
OMV AG		3,914		209,943		80.6
Belgium
Colruyt SA		367		26,494		10.2
Proximus SADP		458		12,827		4.9

	Shares		Value		% of Basket Value
Belgium (continued)
Solvay SA		1,108	$	133,598		51.3	%
UCB SA		1,268		100,779		38.7
				273,698
China
China Petroleum & Chemical Corp.		58,000		44,585		17.1
CNOOC Ltd.		41,000		74,470		28.6
CSPC Pharmaceutical Group Ltd.		8,000		15,442		5.9
Sinopharm Group Co. Ltd.		7,600		29,870		11.5
				164,367
Denmark
Carlsberg A/S		674		87,149		33.4
Coloplast A/S		2,060		222,524		85.4
Novo Nordisk A/S		2,783		136,352		52.3
				446,025
Finland
Stora Enso OYJ		7,860		97,884		37.5
UPM-Kymmene OYJ		3,015		85,128		32.7
				183,012
France
Arkema SA		1,594		163,666		62.8
Cie Generale des Etablissements Michelin SCA		355		45,905		17.6
Dassault Systemes SE		907		143,635		55.1
Engie SA		21,507		319,218		122.5
Ipsen SA		1,585		185,112		71.0
Kering SA		554		327,832		125.8
Klepierre SA		1,090		38,732		14.9
Legrand SA		1,596		117,390		45.0
L’Oreal SA		532		146,328		56.1
Orange SA		5,444		85,082		32.6
Publicis Groupe SA		792		47,074		18.1
Thales SA		2,666		318,527		122.2
TOTAL SA		3,945		219,305		84.2
				2,157,806
Germany
adidas AG		203		52,290		20.1
Deutsche Post AG (Registered)		322		11,193		4.3
Evonik Industries AG		4,797		143,203		55.0
Hannover Rueck SE		132		19,933		7.7
Henkel AG & Co. KGaA (Preference)		1,117		113,055		43.4
HOCHTIEF AG		1,648		246,391		94.5
HUGO BOSS AG		3,464		242,044		92.9
LEG Immobilien AG		3,453		402,895		154.6
MTU Aero Engines AG		261		61,578		23.6
Muenchener Rueckversicherungs-
Gesellschaft AG (Registered)		349		86,850		33.3
ProSiebenSat.1 Media SE		13,751		217,383		83.4
TUI AG		2,441		27,182		10.4
				1,623,997
Hong Kong
Hang Seng Bank Ltd.		4,000		105,094		40.3
Sun Hung Kai Properties Ltd.		2,000		34,517		13.2
				139,611
Italy
Eni SpA		12,032		205,039		78.7
Moncler SpA		949		39,018		15.0
Poste Italiane SpA		41,945		448,284		172.0
Recordati SpA		322		13,011		5.0

35

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Italy (continued)
Terna Rete Elettrica Nazionale SpA		7,758	$	46,542		17.8	%
				751,894
Japan
AGC, Inc.		200		6,824		2.6
Asahi Kasei Corp.		5,900		60,808		23.3
Bandai Namco Holdings, Inc.		700		33,559		12.9
Concordia Financial Group Ltd.		16,400		64,027		24.6
Deutsche Bank AG		100		5,192		2.0
Fujitsu Ltd.		400		29,366		11.3
Isuzu Motors Ltd.		1,100		15,843		6.1
Kirin Holdings Co. Ltd.		900		20,474		7.9
Konami Holdings Corp.		600		27,321		10.5
Marubeni Corp.		9,600		68,790		26.4
Mazda Motor Corp.		15,000		177,524		68.1
Mitsubishi Heavy Industries Ltd.		600		25,005		9.6
Mitsui & Co. Ltd.		5,300		85,725		32.9
Nissan Motor Co. Ltd.		4,700		37,732		14.5
NSK Ltd.		2,300		23,905		9.2
Omron Corp.		1,000		53,714		20.6
ORIX Corp.		11,400		161,490		62.0
Panasonic Corp.		1,600		14,733		5.7
Secom Co. Ltd.		3,700		311,286		119.4
Subaru Corp.		1,100		26,955		10.3
Sumitomo Chemical Co. Ltd.		29,000		144,681		55.5
Tokyo Gas Co. Ltd.		2,500		63,605		24.4
Yokogawa Electric Corp.		1,900		39,788		15.3
				1,498,347
Macau
Sands China Ltd.		66,800		367,678		141.1
Netherlands
ING Groep NV		6,391		81,549		31.3
Koninklijke Ahold Delhaize NV		4,793		115,519		44.3
Koninklijke DSM NV		1,028		117,574		45.1
Koninklijke Philips NV		4,718		202,609		77.7
NN Group NV		1,186		51,757		19.9
Randstad NV		4,479		256,159		98.3
				825,167
Norway
Telenor ASA		215		4,322		1.7
Portugal
Galp Energia SGPS SA		2,914		48,857		18.7
Singapore
Mapletree Industrial Trust		2,300		3,487		1.3
South Korea
KB Financial Group, Inc.		3,992		157,626		60.5
POSCO		25		5,472		2.1
Shinhan Financial Group Co. Ltd.		3,598		135,986		52.2
				299,084
Spain
ACS Actividades de Construccion y Servicios SA		1,934		88,937		34.1
Aena SME SA		391		72,596		27.9
Bankinter SA		20,243		161,806		62.1
Endesa SA		4,986		124,393		47.7
Red Electrica Corp. SA		696		14,445		5.5
Repsol SA		24,869		421,994		161.9
Telefonica SA		22,494		187,540		72.0
				1,071,711

	Shares		Value		% of Basket Value
Sweden
Alfa Laval AB		1,652	$	38,346		14.7	%
Hennes & Mauritz AB		630		10,993		4.2
Sandvik AB		13,910		257,591		98.8
SKF AB		18,314		339,944		130.5
Volvo AB		7,569		121,304		46.6
				768,178
Switzerland
Adecco Group AG (Registered)		4,334		249,001		95.5
Alcon, Inc.		168		9,675		3.7
Geberit AG (Registered)		86		36,060		13.8
Kuehne + Nagel International AG (Registered)		1,294		188,089		72.2
Novartis AG (Registered)		840		68,830		26.4
Partners Group Holding AG		314		236,839		90.9
SGS SA (Registered)		152		401,060		153.9
Sonova Holding AG (Registered)		561		113,312		43.5
Straumann Holding AG (Registered)		165		133,348		51.2
Swiss Re AG		401		38,607		14.8
Swisscom AG (Registered)		1,049		488,786		187.6
Zurich Insurance Group AG		204		65,029		25.0
				2,028,636
United Kingdom
3i Group plc		11,643		162,914		62.5
Auto Trader Group plc		26,051		192,578		73.9
Berkeley Group Holdings plc		907		44,494		17.1
British Land Co. plc (The)		9,512		73,801		28.3
Burberry Group plc		1,737		45,782		17.6
easyJet plc		149		2,258		0.9
Experian plc		3,410		99,261		38.1
Halma plc		1,340		31,530		12.1
Imperial Brands plc		44		1,400		0.5
InterContinental Hotels Group plc		2,363		153,052		58.7
ITV plc		41,917		74,848		28.7
J Sainsbury plc		6,869		19,956		7.7
Land Securities Group plc		22,473		270,843		103.9
Marks & Spencer Group plc		95,994		358,083		137.4
Next plc		1,980		149,082		57.2
Pearson plc		8,921		96,640		37.1
Persimmon plc		2,283		66,693		25.6
Taylor Wimpey plc		38,219		90,610		34.8
Unilever plc		142		8,607		3.3
Wm Morrison Supermarkets plc		8,280		23,338		9.0
				1,965,770
United States
Bristol-Myers Squibb Co.		316		14,672		5.6
CIT Group, Inc.		60		3,196		1.2
Commerce Bancshares, Inc.		491		29,671		11.4
Cullen/Frost Bankers, Inc.		29		2,949		1.1
Duke Realty Corp.		343		10,674		4.1
East West Bancorp, Inc.		259		13,333		5.1
Essex Property Trust, Inc.		29		8,193		3.1
Extra Space Storage, Inc.		208		21,568		8.3
Federal Realty Investment Trust		19		2,543		1.0
Gaming and Leisure Properties, Inc.		630		25,439		9.8
Lamar Advertising Co.		17		1,405		0.5
Lennox International, Inc.		134		36,374		14.0
Lincoln Electric Holdings, Inc.		59		5,149		2.0
LPL Financial Holdings, Inc.		250		18,523		7.1
Masco Corp.		345		13,476		5.2
National Retail Properties, Inc.		286		15,049		5.8
Regions Financial Corp.		268		4,162		1.6
Steel Dynamics, Inc.		202		6,399		2.5

36

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Torchmark Corp.		128		$	11,221			4.3	%
					243,996
Total Reference Entity — Long					15,075,586
Reference Entity — Short
Belgium
Anheuser-Busch InBev SA		(809	)		(71,926	)		(27.6	)
KBC Group NV		(4,199	)		(311,716	)		(119.6	)
Umicore SA		(4,146	)		(160,897	)		(61.8	)
					(544,539	)
Chile
Antofagasta plc		(16,231	)		(192,950	)		(74.0	)
China
China Pacific Insurance Group Co. Ltd.		(11,800	)		(48,426	)		(18.6	)
ENN Energy Holdings Ltd.		(17,500	)		(165,392	)		(63.5	)
PICC Property & Casualty Co. Ltd.		(4,000	)		(4,494	)		(1.7	)
Ping An Insurance Group Co. of China Ltd.		(28,000	)		(338,931	)		(130.1	)
					(557,243	)
Denmark
Chr Hansen Holding A/S		(1,662	)		(169,825	)		(65.2	)
Genmab A/S		(1,292	)		(214,483	)		(82.3	)
Orsted A/S		(49	)		(3,751	)		(1.4	)
					(388,059	)
Finland
Fortum OYJ		(8,023	)		(170,172	)		(65.3	)
Kone OYJ		(4,420	)		(242,871	)		(93.2	)
Nokia OYJ		(59,621	)		(313,285	)		(120.2	)
					(726,328	)
France
Airbus SE		(116	)		(15,884	)		(6.1	)
Alstom SA		(258	)		(11,351	)		(4.4	)
Amundi SA		(798	)		(57,414	)		(22.0	)
Bouygues SA		(3,607	)		(135,776	)		(52.1	)
Edenred		(2,442	)		(115,135	)		(44.2	)
Electricite de France SA		(691	)		(9,979	)		(3.8	)
EssilorLuxottica SA		(1,528	)		(186,169	)		(71.4	)
Hermes International		(41	)		(28,846	)		(11.1	)
Iliad SA		(2,188	)		(222,907	)		(85.5	)
Natixis SA		(3,508	)		(20,672	)		(7.9	)
Remy Cointreau SA		(398	)		(53,032	)		(20.3	)
Renault SA		(3,073	)		(209,660	)		(80.5	)
Suez		(11,469	)		(161,117	)		(61.8	)
Unibail-Rodamco-Westfield		(1,967	)		(338,098	)		(129.7	)
					(1,566,040	)
Germany
Bayerische Motoren Werke AG		(246	)		(20,986	)		(8.0	)
Daimler AG (Registered)		(1,051	)		(68,983	)		(26.5	)
Fraport AG Frankfurt Airport Services Worldwide		(537	)		(44,703	)		(17.2	)
SAP SE		(168	)		(21,656	)		(8.3	)
Siemens AG (Registered)		(709	)		(85,011	)		(32.6	)
Symrise AG		(1,090	)		(104,772	)		(40.2	)
thyssenkrupp AG		(18,369	)		(258,978	)		(99.4	)
United Internet AG (Registered)		(4,944	)		(198,773	)		(76.3	)
					(803,862	)

	Shares			Value			% of Basket Value
Hong Kong
AIA Group Ltd.		(10,600	)	$	(108,538	)		(41.6	)%
Italy
Atlantia SpA		(3,015	)		(82,312	)		(31.6	)
Davide Campari-Milano SpA		(16,249	)		(163,920	)		(62.9	)
Intesa Sanpaolo SpA		(69,154	)		(181,185	)		(69.5	)
Mediobanca Banca di Credito Finanziario SpA		(4,307	)		(45,651	)		(17.5	)
					(473,068	)
Japan
Asahi Group Holdings Ltd.		(1,900	)		(82,846	)		(31.8	)
Chugai Pharmaceutical Co. Ltd.		(2,000	)		(126,833	)		(48.7	)
Daiichi Sankyo Co. Ltd.		(1,400	)		(69,222	)		(26.6	)
Daiwa Securities Group, Inc.		(9,000	)		(41,894	)		(16.1	)
Deutsche Bank AG		(100	)		(5,192	)		(2.0	)
Idemitsu Kosan Co. Ltd.		(700	)		(22,744	)		(8.7	)
Japan Post Bank Co. Ltd.		(5,600	)		(61,658	)		(23.7	)
Japan Post Holdings Co. Ltd.		(2,000	)		(22,399	)		(8.6	)
Komatsu Ltd.		(4,100	)		(105,905	)		(40.6	)
Kyocera Corp.		(2,300	)		(149,464	)		(57.4	)
Makita Corp.		(700	)		(25,538	)		(9.8	)
Mitsubishi UFJ Financial Group, Inc.		(37,100	)		(184,073	)		(70.6	)
Nexon Co. Ltd.		(1,400	)		(19,929	)		(7.6	)
NGK Insulators Ltd.		(2,500	)		(37,134	)		(14.2	)
Nidec Corp.		(1,300	)		(185,690	)		(71.3	)
Nintendo Co. Ltd.		(500	)		(172,208	)		(66.1	)
Nomura Holdings, Inc.		(3,700	)		(14,009	)		(5.4	)
Ono Pharmaceutical Co. Ltd.		(5,500	)		(103,319	)		(39.6	)
Oriental Land Co. Ltd.		(100	)		(11,061	)		(4.2	)
Resona Holdings, Inc.		(36,300	)		(154,098	)		(59.1	)
Ricoh Co. Ltd.		(3,800	)		(38,444	)		(14.8	)
Rohm Co. Ltd.		(300	)		(22,122	)		(8.5	)
Sekisui House Ltd.		(6,500	)		(104,801	)		(40.2	)
Seven & i Holdings Co. Ltd.		(900	)		(31,147	)		(12.0	)
Shimano, Inc.		(300	)		(44,095	)		(16.9	)
Shin-Etsu Chemical Co. Ltd.		(2,200	)		(208,394	)		(80.0	)
SoftBank Group Corp.		(2,900	)		(307,491	)		(118.0	)
Sumitomo Metal Mining Co. Ltd.		(8,700	)		(273,649	)		(105.0	)
Sumitomo Mitsui Trust Holdings, Inc.		(2,400	)		(83,739	)		(32.1	)
Sysmex Corp.		(1,600	)		(91,683	)		(35.2	)
TDK Corp.		(1,700	)		(148,944	)		(57.2	)
Tokyu Corp.		(14,300	)		(233,456	)		(89.6	)
Unicharm Corp.		(5,600	)		(184,810	)		(70.9	)
					(3,367,991	)
Luxembourg
Eurofins Scientific SE		(97	)		(44,419	)		(17.0	)
Netherlands
Aegon NV		(28,580	)		(149,192	)		(57.2	)
Koninklijke Vopak NV		(10,733	)		(479,261	)		(183.9	)
NN Group NV		(2,561	)		(111,761	)		(42.9	)
					(740,214	)
Norway
Mowi ASA		(6,932	)		(150,393	)		(57.7	)
Norsk Hydro ASA		(20,736	)		(89,312	)		(34.3	)
Yara International ASA		(3,955	)		(178,822	)		(68.6	)
					(418,527	)
Singapore
DBS Group Holdings Ltd.		(4,900	)		(101,898	)		(39.1	)
Spain
Bankia SA		(95,988	)		(265,854	)		(102.0	)
Ferrovial SA		(3,246	)		(80,045	)		(30.7	)

37

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Spain (continued)
Grifols SA		(2,737	)	$	(76,065	)		(29.2	)%
Merlin Properties Socimi SA		(23,764	)		(324,152	)		(124.4	)
					(746,116	)
Sweden
Assa Abloy AB		(387	)		(8,273	)		(3.2	)
Epiroc AB		(7,616	)		(78,731	)		(30.2	)
Hexagon AB		(1,288	)		(70,366	)		(27.0	)
Kinnevik AB		(4,405	)		(128,368	)		(49.3	)
Tele2 AB		(8,259	)		(110,337	)		(42.3	)
					(396,075	)
Switzerland
Clariant AG (Registered)		(3,423	)		(70,426	)		(27.0	)
Credit Suisse Group AG (Registered)		(5,920	)		(78,730	)		(30.2	)
Givaudan SA (Registered)		(21	)		(54,375	)		(20.9	)
Sika AG (Registered)		(620	)		(94,998	)		(36.5	)
Vifor Pharma AG		(2,457	)		(320,857	)		(123.1	)
					(619,386	)
United Arab Emirates
NMC Health plc		(7,470	)		(275,851	)		(105.9	)
United Kingdom
Admiral Group plc		(2,201	)		(63,398	)		(24.3	)
CNH Industrial NV		(14,473	)		(157,349	)		(60.4	)
Croda International plc		(1,167	)		(79,051	)		(30.3	)
DCC plc		(2,608	)		(233,443	)		(89.6	)
easyJet plc		(4,125	)		(62,502	)		(24.0	)
HSBC Holdings plc		(9,822	)		(85,579	)		(32.8	)
Intertek Group plc		(1,710	)		(119,604	)		(45.9	)
Just Eat plc		(24,152	)		(220,798	)		(84.7	)
London Stock Exchange Group plc		(1,891	)		(123,980	)		(47.6	)
Melrose Industries plc		(217,053	)		(574,311	)		(220.4	)
Micro Focus International plc		(840	)		(21,293	)		(8.2	)
National Grid plc		(15,462	)		(169,401	)		(65.0	)
Ocado Group plc		(50	)		(890	)		(0.3	)
Rentokil Initial plc		(5,254	)		(26,775	)		(10.3	)
Rightmove plc		(7,674	)		(54,264	)		(20.8	)
Rolls-Royce Holdings plc		(391,464	)		(65,614	)		(25.2	)
Royal Bank of Scotland Group plc		(30,851	)		(96,605	)		(37.1	)
RSA Insurance Group plc		(29,947	)		(212,298	)		(81.5	)
Smiths Group plc		(866	)		(17,242	)		(6.6	)
Standard Chartered plc		(12,957	)		(118,468	)		(45.5	)
Tesco plc		(24,216	)		(79,008	)		(30.3	)
Whitbread plc		(1,305	)		(75,976	)		(29.2	)
					(2,657,849	)
United States
Axalta Coating Systems Ltd.		(618	)		(16,674	)		(6.4	)
Fidelity National Financial, Inc.		(159	)		(6,352	)		(2.4	)
Hanesbrands, Inc.		(1,095	)		(19,787	)		(7.6	)
Invitation Homes, Inc.		(603	)		(14,990	)		(5.8	)
New Residential Investment Corp.		(325	)		(5,463	)		(2.1	)
PTC, Inc.		(250	)		(22,617	)		(8.7	)

	Shares			Value			% of Basket Value
United States (continued)
Wabtec Corp.		(2	)	$	(148	)		(0.1	)%
					(86,031	)
Total Reference Entity — Short					(14,814,984	)
Net Value of Reference Entity — Deutsche Bank AG				$	260,602

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, 2019, expiration date 02/08/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Belgium
Ageas		269		14,216		6.6
Proximus SADP		2,663		74,583		34.7
Solvay SA		169		20,377		9.5
UCB SA		644		51,184		23.8
				160,360
China
China Petroleum & Chemical Corp.		140,000		107,619		50.1
China Telecom Corp. Ltd.		146,000		75,669		35.2
China Unicom Hong Kong Ltd.		50,000		59,369		27.6
CNOOC Ltd.		8,000		14,531		6.8
CSPC Pharmaceutical Group Ltd.		88,000		169,860		79.0
Sinopharm Group Co. Ltd.		6,000		23,582		11.0
				450,630
Denmark
Carlsberg A/S		632		81,718		38.0
Novo Nordisk A/S		681		33,365		15.5
				115,083
Finland
Stora Enso OYJ		2,074		25,828		12.0
UPM-Kymmene OYJ		1,921		54,239		25.2
				80,067
France
Arkema SA		2,602		267,164		124.3
Cie Generale des Etablissements Michelin SCA		477		61,681		28.7
Legrand SA		40		2,942		1.4
Orange SA		14,107		220,472		102.6
Publicis Groupe SA		620		36,850		17.1
				589,109
Germany
ProSiebenSat.1 Media SE		1,148		18,148		8.4
Hong Kong
Power Assets Holdings Ltd.		69,500		484,775		225.5
Sun Hung Kai Properties Ltd.		1,000		17,258		8.0
				502,033
Italy
Eni SpA		1,963		33,452		15.6
Moncler SpA		565		23,229		10.8
Terna Rete Elettrica Nazionale SpA		11,756		70,526		32.8
				127,207
Japan
AGC, Inc.		5,600		191,060		88.9
Bandai Namco Holdings, Inc.		1,700		81,499		37.9

38

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Japan (continued)
Bridgestone Corp.		1,800	$	71,407		33.2	%
Canon, Inc.		12,800		355,175		165.2
Daito Trust Construction Co. Ltd.		800		107,123		49.8
Daiwa House Industry Co. Ltd.		3,800		106,512		49.6
Isuzu Motors Ltd.		1,400		20,164		9.4
Japan Tobacco, Inc.		1,200		27,729		12.9
Kirin Holdings Co. Ltd.		2,800		63,696		29.6
Konami Holdings Corp.		200		9,107		4.2
MEIJI Holdings Co. Ltd.		300		23,648		11.0
Mitsubishi Heavy Industries Ltd.		900		37,508		17.4
NSK Ltd.		2,900		30,142		14.0
ORIX Corp.		14,500		205,405		95.6
Otsuka Corp.		3,900		153,399		71.4
Subaru Corp.		500		12,252		5.7
Sumitomo Corp.		1,100		15,766		7.3
Suzuki Motor Corp.		700		31,944		14.9
Taisei Corp.		800		35,200		16.4
Tokio Marine Holdings, Inc.		500		25,333		11.8
Tokyo Gas Co. Ltd.		700		17,810		8.3
				1,621,879
Macau
Sands China Ltd.		4,000		22,017		10.2
Netherlands
EXOR NV		947		63,149		29.4
Randstad NV		2,684		153,501		71.4
				216,650
Norway
Equinor ASA		2,286		50,958		23.7
Telenor ASA		66		1,327		0.6
				52,285
Portugal
Galp Energia SGPS SA		2,835		47,532		22.1
Singapore
Mapletree Industrial Trust		59,600		90,347		42.0
South Africa
Mondi plc		4,375		96,142		44.7
South Korea
HDC Holdings Co. Ltd.		138		2,035		0.9
KB Financial Group, Inc.		1,072		42,328		19.7
Kia Motors Corp.		2,446		94,817		44.1
LG Household & Health Care Ltd.		176		214,461		99.8
NCSoft Corp.		236		106,279		49.4
POSCO		386		84,489		39.3
Samsung SDS Co. Ltd.		1,040		193,392		90.0
Shinhan Financial Group Co. Ltd.		1,035		39,118		18.2
Woori Financial Group, Inc.		1,895		22,468		10.5
				799,387
Spain
ACS Actividades de Construccion y Servicios SA		2,743		126,140		58.7
Banco Bilbao Vizcaya Argentaria SA		28,624		174,058		81.0
Bankinter SA		2,436		19,472		9.0
Endesa SA		3,273		81,656		38.0
				401,326
Sweden
Hennes & Mauritz AB		3,470		60,548		28.2
Sandvik AB		1,596		29,555		13.7

	Shares		Value		% of Basket Value
Sweden (continued)
SKF AB		807	$	14,980		7.0	%
				105,083
Switzerland
Adecco Group AG (Registered)		2,809		161,385		75.1
Alcon, Inc.		10		576		0.3
Baloise Holding AG (Registered)		232		39,774		18.5
Geberit AG (Registered)		119		49,898		23.2
Kuehne + Nagel International AG (Registered)		3		436		0.2
Novartis AG (Registered)		52		4,261		2.0
Partners Group Holding AG		257		193,846		90.2
SGS SA (Registered)		115		303,433		141.1
Straumann Holding AG (Registered)		99		80,009		37.2
Swiss Re AG		746		71,823		33.4
Swisscom AG (Registered)		76		35,413		16.5
Zurich Insurance Group AG		668		212,937		99.0
				1,153,791
Taiwan
Formosa Chemicals & Fibre Corp.		46,000		165,524		77.0
Formosa Plastics Corp.		8,000		29,033		13.5
Globalwafers Co. Ltd.		10,000		109,617		51.0
Taiwan Semiconductor Manufacturing Co. Ltd.		16,000		134,337		62.5
United Microelectronics Corp.		299,000		130,378		60.6
Yageo Corp.		5,000		49,599		23.1
				618,488
United Kingdom
Berkeley Group Holdings plc		3,189		156,442		72.8
British Land Co. plc (The)		20,092		155,887		72.5
Burberry Group plc		608		16,025		7.5
Experian plc		6,407		186,501		86.8
InterContinental Hotels Group plc		1,016		65,806		30.6
ITV plc		8,653		15,451		7.2
J Sainsbury plc		6,288		18,268		8.5
Next plc		1,866		140,498		65.4
Pearson plc		7,849		85,027		39.6
Schroders plc		2,375		98,294		45.7
Smith & Nephew plc		2,167		41,894		19.5
SSE plc		350		5,237		2.4
Wm Morrison Supermarkets plc		2,218		6,252		2.9
				991,582
United States
AbbVie, Inc.		11		873		0.4
Acuity Brands, Inc.		243		35,558		16.5
Advance Auto Parts, Inc.		199		33,098		15.4
AES Corp.		471		8,064		3.7
Aflac, Inc.		3,509		176,783		82.2
Agilent Technologies, Inc.		28		2,198		1.0
Akamai Technologies, Inc.		27		2,162		1.0
Allison Transmission Holdings, Inc.		9,041		423,661		197.1
Allstate Corp. (The)		1,381		136,802		63.6
Ally Financial, Inc.		3,764		111,828		52.0
Alphabet, Inc.		1		1,199		0.6
American Electric Power Co., Inc.		15		1,283		0.6
American Financial Group, Inc.		2,182		225,902		105.1
Ameriprise Financial, Inc.		198		29,060		13.5
Annaly Capital Management, Inc.		8,655		87,329		40.6
Anthem, Inc.		230		60,497		28.1
Apartment Investment & Management Co.		1,066		52,618		24.5
Avery Dennison Corp.		1,119		123,817		57.6
Baxter International, Inc.		256		19,533		9.1

39

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Biogen, Inc.		449	$	102,929		47.9	%
Booz Allen Hamilton Holding Corp.		610		36,167		16.8
BorgWarner, Inc.		917		38,303		17.8
Bristol-Myers Squibb Co.		148		6,872		3.2
Carnival Corp.		970		53,214		24.8
CBS Corp. (Non-Voting)		1,086		55,679		25.9
CenterPoint Energy, Inc.		5,539		171,709		79.9
CH Robinson Worldwide, Inc.		530		42,930		20.0
Chemours Co. (The)		3,448		124,162		57.8
Chevron Corp.		1,232		147,914		68.8
Cintas Corp.		70		15,200		7.1
CIT Group, Inc.		1,426		75,963		35.3
Citrix Systems, Inc.		4,493		453,613		211.0
Commerce Bancshares, Inc.		421		25,441		11.8
Crane Co.		644		54,772		25.5
Cullen/Frost Bankers, Inc.		48		4,881		2.3
Cummins, Inc.		978		162,632		75.7
Curtiss-Wright Corp.		304		34,638		16.1
Darden Restaurants, Inc.		495		58,212		27.1
DTE Energy Co.		717		90,134		41.9
Duke Realty Corp.		505		15,716		7.3
E*TRADE Financial Corp.		1,001		50,711		23.6
East West Bancorp, Inc.		179		9,215		4.3
Essex Property Trust, Inc.		275		77,688		36.1
Estee Lauder Cos., Inc. (The)		799		137,276		63.9
Exelon Corp.		733		37,346		17.4
Expeditors International of Washington, Inc.		1,065		84,582		39.3
Extra Space Storage, Inc.		823		85,337		39.7
F5 Networks, Inc.		942		147,800		68.8
Fair Isaac Corp.		270		75,533		35.1
Federal Realty Investment Trust		347		46,446		21.6
Fifth Third Bancorp		2,129		61,358		28.5
FLIR Systems, Inc.		1,119		59,240		27.6
Foot Locker, Inc.		384		21,969		10.2
Fortinet, Inc.		172		16,068		7.5
Fortive Corp.		1		86		0.0
Gaming and Leisure Properties, Inc.		734		29,639		13.8
Gap, Inc. (The)		2,634		68,695		32.0
Gilead Sciences, Inc.		1,709		111,153		51.7
Goodyear Tire & Rubber Co. (The)		903		17,347		8.1
Graco, Inc.		2,700		138,375		64.4
Hartford Financial Services Group, Inc. (The)		256		13,391		6.2
HCA Healthcare, Inc.		2,297		292,247		136.0
HD Supply Holdings, Inc.		1,154		52,726		24.5
Hershey Co. (The)		305		38,079		17.7
HollyFrontier Corp.		1,675		79,948		37.2
Home Depot, Inc. (The)		153		31,166		14.5
Honeywell International, Inc.		412		71,536		33.3
Host Hotels & Resorts, Inc.		4,756		91,505		42.6
HP, Inc.		15,385		306,931		142.8
IDEXX Laboratories, Inc.		747		173,304		80.6
Kellogg Co.		275		16,583		7.7
KLA-Tencor Corp.		709		90,383		42.0
Kroger Co. (The)		2,282		58,830		27.4
Lamar Advertising Co.		707		58,448		27.2
Lennox International, Inc.		257		69,763		32.5
Lincoln Electric Holdings, Inc.		905		78,979		36.7
LyondellBasell Industries NV		1,151		101,553		47.2
M&T Bank Corp.		256		43,538		20.3
Macy’s, Inc.		1,184		27,871		13.0
ManpowerGroup, Inc.		418		40,145		18.7
Masco Corp.		604		23,592		11.0

	Shares			Value			% of Basket Value
United States (continued)
Maxim Integrated Products, Inc.		2,283		$	136,980			63.7	%
McKesson Corp.		978			116,627			54.3
Motorola Solutions, Inc.		228			33,039			15.4
National Retail Properties, Inc.		2,280			119,974			55.8
Nordstrom, Inc.		1,447			59,356			27.6
OGE Energy Corp.		115			4,869			2.3
Omnicom Group, Inc.		1,972			157,819			73.4
O’Reilly Automotive, Inc.		57			21,578			10.0
Oshkosh Corp.		229			18,913			8.8
Packaging Corp. of America		647			64,157			29.8
Park Hotels & Resorts, Inc.		7,668			245,989			114.4
Parker-Hannifin Corp.		263			47,624			22.2
Paychex, Inc.		659			55,560			25.8
Phillips 66		414			39,028			18.2
Regions Financial Corp.		5,125			79,591			37.0
Reliance Steel & Aluminum Co.		37			3,403			1.6
Robert Half International, Inc.		1,328			82,456			38.4
Seagate Technology plc		1,932			93,354			43.4
Sirius XM Holdings, Inc.		13,841			80,416			37.4
Spirit AeroSystems Holdings, Inc.		82			7,126			3.3
Steel Dynamics, Inc.		4,159			131,757			61.3
Sysco Corp.		1,561			109,848			51.1
Tapestry, Inc.		364			11,746			5.5
Teledyne Technologies, Inc.		88			21,869			10.2
Torchmark Corp.		446			39,096			18.2
Tyson Foods, Inc.		336			25,203			11.7
UDR, Inc.		1,359			61,087			28.4
United Continental Holdings, Inc.		572			50,828			23.6
UnitedHealth Group, Inc.		196			45,682			21.2
VeriSign, Inc.		181			35,738			16.6
Viacom, Inc.		2,869			82,943			38.6
Voya Financial, Inc.		3,238			177,734			82.7
WABCO Holdings, Inc.		522			69,134			32.2
Webster Financial Corp.		252			13,389			6.2
					8,683,641
Total Reference Entity — Long					16,942,787
Reference Entity — Short
Belgium
KBC Group NV		(39	)		(2,895	)		(1.3	)
Umicore SA		(1,706	)		(66,206	)		(30.8	)
					(69,101	)
Chile
Antofagasta plc		(1,867	)		(22,195	)		(10.3	)
China
China Overseas Land & Investment Ltd.		(60,000	)		(224,799	)		(104.6	)
China Pacific Insurance Group Co. Ltd.		(7,800	)		(32,010	)		(14.9	)
ENN Energy Holdings Ltd.		(11,500	)		(108,687	)		(50.6	)
PICC Property & Casualty Co. Ltd.		(107,000	)		(120,218	)		(55.9	)
					(485,714	)
Finland
Kone OYJ		(730	)		(40,112	)		(18.6	)
France
Accor SA		(5,757	)		(242,527	)		(112.8	)
Aeroports de Paris		(20	)		(4,074	)		(1.9	)
Amundi SA		(1,651	)		(118,785	)		(55.3	)
Bouygues SA		(1,209	)		(45,510	)		(21.2	)
Bureau Veritas SA		(2,309	)		(58,530	)		(27.2	)
Electricite de France SA		(12,215	)		(176,408	)		(82.1	)

40

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
France (continued)
Orpea		(4,316	)	$	(526,589	)		(245.0	)%
Rubis SCA		(51	)		(2,797	)		(1.3	)
Unibail-Rodamco-Westfield		(92	)		(15,813	)		(7.3	)
					(1,191,033	)
Germany
Bayer AG (Registered)		(1,397	)		(92,978	)		(43.2	)
Deutsche Boerse AG		(557	)		(74,428	)		(34.6	)
Deutsche Wohnen AG		(1,068	)		(48,109	)		(22.4	)
Innogy SE		(506	)		(23,490	)		(10.9	)
KION Group AG		(480	)		(33,020	)		(15.4	)
Symrise AG		(3,175	)		(305,185	)		(142.0	)
Telefonica Deutschland Holding AG		(3,250	)		(10,556	)		(4.9	)
Uniper SE		(4,954	)		(150,321	)		(69.9	)
Zalando SE		(6,097	)		(286,802	)		(133.4	)
					(1,024,889	)
Hong Kong
AIA Group Ltd.		(37,800	)		(387,051	)		(180.0	)
China Gas Holdings Ltd.		(177,800	)		(573,533	)		(266.8	)
WH Group Ltd.		(135,000	)		(159,734	)		(74.3	)
					(1,120,318	)
Italy
Atlantia SpA		(151	)		(4,122	)		(1.9	)
Leonardo SpA		(2,727	)		(31,537	)		(14.7	)
Mediobanca Banca di Credito Finanziario SpA		(2,182	)		(23,128	)		(10.8	)
					(58,787	)
Japan
ANA Holdings, Inc.		(1,000	)		(34,997	)		(16.3	)
Chugai Pharmaceutical Co. Ltd.		(1,600	)		(101,466	)		(47.2	)
Daiwa Securities Group, Inc.		(4,900	)		(22,809	)		(10.6	)
Don Quijote Holdings Co. Ltd.		(3,400	)		(219,111	)		(101.9	)
Honda Motor Co. Ltd.		(200	)		(5,581	)		(2.6	)
Idemitsu Kosan Co. Ltd.		(500	)		(16,246	)		(7.6	)
Japan Post Bank Co. Ltd.		(7,000	)		(77,072	)		(35.9	)
Japan Post Holdings Co. Ltd.		(5,900	)		(66,078	)		(30.7	)
Keyence Corp.		(200	)		(124,959	)		(58.1	)
Kyocera Corp.		(2,100	)		(136,467	)		(63.5	)
Makita Corp.		(1,100	)		(40,132	)		(18.7	)
Mitsubishi Motors Corp.		(11,300	)		(63,456	)		(29.5	)
Nexon Co. Ltd.		(8,100	)		(115,305	)		(53.6	)
NGK Insulators Ltd.		(1,700	)		(25,251	)		(11.7	)
Nidec Corp.		(3,300	)		(471,368	)		(219.3	)
NTT Data Corp.		(13,700	)		(159,756	)		(74.3	)
Oriental Land Co. Ltd.		(800	)		(88,487	)		(41.2	)
Resona Holdings, Inc.		(700	)		(2,972	)		(1.4	)
Ricoh Co. Ltd.		(9,300	)		(94,088	)		(43.8	)
Rohm Co. Ltd.		(300	)		(22,122	)		(10.3	)
Sekisui House Ltd.		(1,200	)		(19,348	)		(9.0	)
Shimano, Inc.		(800	)		(117,587	)		(54.7	)
SMC Corp.		(100	)		(41,766	)		(19.4	)
SoftBank Group Corp.		(2,200	)		(233,269	)		(108.5	)
Sumitomo Electric Industries Ltd.		(100	)		(1,331	)		(0.6	)
Sumitomo Metal Mining Co. Ltd.		(1,800	)		(56,617	)		(26.3	)
Sumitomo Mitsui Trust Holdings, Inc.		(200	)		(6,978	)		(3.2	)
Sysmex Corp.		(1,000	)		(57,302	)		(26.7	)
Tokyu Corp.		(3,900	)		(63,670	)		(29.6	)
Toray Industries, Inc.		(9,700	)		(66,378	)		(30.9	)
TOTO Ltd.		(2,300	)		(97,492	)		(45.4	)
Toyota Motor Corp.		(2,600	)		(160,967	)		(74.9	)
					(2,810,428	)

	Shares			Value			% of Basket Value
Luxembourg
Eurofins Scientific SE		(783	)	$	(358,558	)		(166.8	)%
Macau
Galaxy Entertainment Group Ltd.		(56,000	)		(419,397	)		(195.1	)
Wynn Macau Ltd.		(9,600	)		(27,621	)		(12.8	)
					(447,018	)
South Korea
Celltrion Healthcare Co. Ltd.		(90	)		(5,840	)		(2.7	)
Celltrion, Inc.		(724	)		(131,681	)		(61.3	)
					(137,521	)
Spain
Industria de Diseno Textil SA		(5,435	)		(164,564	)		(76.6	)
Sweden
Epiroc AB		(5,963	)		(61,643	)		(28.7	)
Kinnevik AB		(138	)		(4,022	)		(1.9	)
					(65,665	)
Switzerland
Givaudan SA (Registered)		(12	)		(31,072	)		(14.5	)
Lonza Group AG (Registered)		(855	)		(264,049	)		(122.8	)
UBS Group AG (Registered)		(3,596	)		(48,220	)		(22.4	)
Vifor Pharma AG		(2,143	)		(279,852	)		(130.2	)
					(623,193	)
Taiwan
Cathay Financial Holding Co. Ltd.		(26,000	)		(37,650	)		(17.5	)
Delta Electronics, Inc.		(19,792	)		(104,464	)		(48.6	)
Hon Hai Precision Industry Co. Ltd.		(292,037	)		(822,180	)		(382.5	)
					(964,294	)
United Arab Emirates
NMC Health plc		(637	)		(23,523	)		(10.9	)
United Kingdom
CNH Industrial NV		(1,934	)		(21,026	)		(9.8	)
Croda International plc		(1,888	)		(127,891	)		(59.5	)
DCC plc		(1,262	)		(112,962	)		(52.6	)
Informa plc		(33,974	)		(345,449	)		(160.7	)
Intertek Group plc		(237	)		(16,577	)		(7.7	)
Janus Henderson Group plc		(4,414	)		(110,659	)		(51.5	)
Royal Bank of Scotland Group plc		(27,900	)		(87,364	)		(40.6	)
Tesco plc		(25,864	)		(84,385	)		(39.3	)
					(906,313	)
United States
Alleghany Corp.		(322	)		(211,515	)		(98.4	)
American International Group, Inc.		(2,065	)		(98,232	)		(45.7	)
Amphenol Corp.		(911	)		(90,699	)		(42.2	)
Aramark		(3,259	)		(101,290	)		(47.1	)
Arconic, Inc.		(6,907	)		(148,362	)		(69.0	)
Arista Networks, Inc.		(51	)		(15,927	)		(7.4	)
Arthur J Gallagher & Co.		(218	)		(18,229	)		(8.5	)
Assurant, Inc.		(924	)		(87,780	)		(40.8	)
Axalta Coating Systems Ltd.		(3,015	)		(81,345	)		(37.8	)
Becton Dickinson and Co.		(365	)		(87,870	)		(40.9	)
Berkshire Hathaway, Inc.		(461	)		(99,903	)		(46.5	)
BioMarin Pharmaceutical, Inc.		(2,572	)		(219,983	)		(102.3	)
Black Knight, Inc.		(590	)		(33,288	)		(15.5	)
Boston Scientific Corp.		(1,051	)		(39,013	)		(18.2	)
Brown & Brown, Inc.		(1,898	)		(60,262	)		(28.0	)
Campbell Soup Co.		(896	)		(34,666	)		(16.1	)
Carlisle Cos., Inc.		(36	)		(5,091	)		(2.4	)
CarMax, Inc.		(2,564	)		(199,633	)		(92.9	)
Cognex Corp.		(1,918	)		(96,725	)		(45.0	)
Constellation Brands, Inc.		(555	)		(117,477	)		(54.7	)

41

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Cooper Cos., Inc. (The)		(174	)	$	(50,446	)		(23.5	)%
Crown Holdings, Inc.		(477	)		(27,728	)		(12.9	)
DENTSPLY SIRONA, Inc.		(1,333	)		(68,156	)		(31.7	)
Dollar Tree, Inc.		(642	)		(71,442	)		(33.2	)
Edison International		(270	)		(17,218	)		(8.0	)
Equifax, Inc.		(1,410	)		(177,590	)		(82.6	)
Evergy, Inc.		(3,593	)		(207,747	)		(96.6	)
Fidelity National Financial, Inc.		(3,957	)		(158,082	)		(73.5	)
Flowserve Corp.		(2,141	)		(104,973	)		(48.8	)
General Mills, Inc.		(444	)		(22,853	)		(10.6	)
GrubHub, Inc.		(488	)		(32,594	)		(15.2	)
Hanesbrands, Inc.		(3,933	)		(71,069	)		(33.1	)
Harris Corp.		(19	)		(3,202	)		(1.5	)
Hexcel Corp.		(412	)		(29,133	)		(13.6	)
Hormel Foods Corp.		(559	)		(22,326	)		(10.4	)
IHS Markit Ltd.		(3,101	)		(177,563	)		(82.6	)
International Flavors & Fragrances, Inc.		(1,761	)		(242,648	)		(112.9	)
Invitation Homes, Inc.		(5,806	)		(144,337	)		(67.1	)
IPG Photonics Corp.		(335	)		(58,535	)		(27.2	)
Iron Mountain, Inc.		(319	)		(10,361	)		(4.8	)
JB Hunt Transport Services, Inc.		(195	)		(18,424	)		(8.6	)
Jefferies Financial Group, Inc.		(3,185	)		(65,515	)		(30.5	)
Kinder Morgan, Inc.		(8,243	)		(163,788	)		(76.2	)
Las Vegas Sands Corp.		(1,380	)		(92,529	)		(43.0	)
Lennar Corp.		(1,496	)		(77,827	)		(36.2	)
Liberty Media Corp-Liberty Formula One		(155	)		(6,016	)		(2.8	)
Live Nation Entertainment, Inc.		(356	)		(23,261	)		(10.8	)
LKQ Corp.		(2,762	)		(83,136	)		(38.7	)

	Shares			Value			% of Basket Value
United States (continued)
Macerich Co. (The)		(155	)	$	(6,222	)		(2.9	)%
Mid-America Apartment Communities, Inc.		(1,279	)		(139,935	)		(65.1	)
Mylan NV		(48	)		(1,296	)		(0.6	)
New Residential Investment Corp.		(2,361	)		(39,688	)		(18.5	)
Newell Brands, Inc.		(9,456	)		(135,977	)		(63.3	)
Nielsen Holdings plc		(300	)		(7,659	)		(3.6	)
NiSource, Inc.		(3,069	)		(85,257	)		(39.7	)
Nordson Corp.		(566	)		(82,608	)		(38.4	)
Perrigo Co. plc		(1,297	)		(62,152	)		(28.9	)
Rollins, Inc.		(1,836	)		(70,998	)		(33.0	)
Signature Bank		(72	)		(9,509	)		(4.4	)
Sprint Corp.		(11,541	)		(64,399	)		(30.0	)
Stanley Black & Decker, Inc.		(945	)		(138,537	)		(64.5	)
Symantec Corp.		(1,144	)		(27,696	)		(12.9	)
Targa Resources Corp.		(5,406	)		(217,051	)		(101.0	)
Tesla, Inc.		(202	)		(48,215	)		(22.4	)
TransUnion		(214	)		(14,905	)		(6.9	)
United Technologies Corp.		(790	)		(112,662	)		(52.4	)
Vail Resorts, Inc.		(106	)		(24,258	)		(11.3	)
Verisk Analytics, Inc.		(84	)		(11,856	)		(5.5	)
Wabtec Corp.		(3,460	)		(256,282	)		(119.2	)
Waste Connections, Inc.		(3,805	)		(352,990	)		(164.2	)
WEX, Inc.		(593	)		(124,708	)		(58.0	)
Weyerhaeuser Co.		(2,720	)		(72,896	)		(33.9	)
Wynn Resorts Ltd.		(215	)		(31,057	)		(14.4	)
					(6,214,602	)
Total Reference Entity — Short					(16,727,828	)
Net Value of Reference Entity — JPMorgan Chase Bank NA				$	214,959

42

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 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	New Taiwan Dollar
USD	United States Dollar
Portfolio Abbreviations
CDX	Credit Default Swap Index
EMMI	European Money Markets Institute
HIBOR	Hong Kong Interbank Offer Rate
IBOVESPA	Indice Bolsa de Valores do Estado de Sao Paulo
LIBOR	London Interbank Offered Rate
MIB	Milano Italia Borsa
OTC	Over-the-counter
RBOB	Reformulated Gasoline Blend Stock for Oxygen Blending
REIT	Real Estate Investment Trust
S&P	S&P Global Ratings
SONIA	Sterling Overnight Interbank Average Rate
WTI	West Texas Intermediate

43

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 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 Fund’s own 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 BlackRock Global Valuation Methodologies Committee (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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. 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)	$	—		$	15,883,199		$	—	$	15,883,199
Short-Term Securities:
Money Market Funds		9,841,426			—			—		9,841,426
U.S. Treasury Obligations		—			140,676,780			—		140,676,780
	$	9,841,426		$	156,559,979		$	—	$	166,401,405
Derivative Financial Instruments(b)
Assets:
Commodity contracts	$	478,000		$	—		$	—	$	478,000
Credit contracts		—			250,464			—		250,464
Equity contracts		886,106			1,532,336			—		2,418,442
Foreign currency exchange contracts		—			2,216,446			—		2,216,446
Interest rate contracts		—			486,593			—		486,593
Liabilities:
Commodity contracts		(123,435	)		(9,990	)		—		(133,425	)
Equity contracts		(807,760	)		(1,432,328	)		—		(2,240,088	)
Foreign currency exchange contracts		—			(450,433	)		—		(450,433	)
Interest rate contracts		(1,173,211	)		(123,552	)		—		(1,296,763	)
	$	(740,300	)	$	2,469,536		$	—	$	1,729,236

^(a) See above Consolidated Schedule of Investments for values in each industry or country.

^(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.

44