Consolidated Schedule of Investments  (unaudited) October 31, 2019 BlackRock Total Factor Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government Obligations — 11.1%
Australia — 2.3%
Commonwealth of Australia:
1.25%, 02/21/22	AUD		1,495	$	1,071,782
3.00%, 09/20/25			1,885		1,555,745
0.75%, 11/21/27			958		716,121
2.50%, 09/20/30			1,147		1,024,901
2.00%, 08/21/35			857		779,286
1.25%, 08/21/40			741		629,962
1.00%, 02/21/50			742		619,704
					6,397,501
Canada — 1.7%
Canadian Government Bond:
6.93%, 12/01/21	CAD		660		541,227
6.56%, 12/01/26			617		602,134
4.00%, 12/01/31			672		734,885
3.95%, 12/01/36			597		653,754
2.44%, 12/01/41			612		622,633
1.76%, 12/01/44			693		665,932
1.37%, 12/01/47			659		621,466
0.52%, 12/01/50			440		355,031
					4,797,062
France — 4.2%
Republic of France:
0.10%, 03/01/21	EUR		288		326,580
0.10%, 07/25/21			428		486,878
1.10%, 07/25/22			939		1,120,190
2.10%, 07/25/23			1,008		1,264,769
0.25%, 07/25/24			830		997,338
0.10%, 03/01/25			459		545,165
1.85%, 07/25/27			1,087		1,514,331
0.10%, 03/01/28			438		535,920
0.10%, 03/01/29			230		286,421
4.42%, 07/25/29			507		825,721
0.70%, 07/25/30(a)			658		881,434
4.08%, 07/25/32			570		998,756
4.08%, 07/25/32			42		73,783
0.10%, 07/25/36(a)			261		340,742
2.16%, 07/25/40(a)			644		1,141,591
0.10%, 07/25/47(a)			433		597,137
					11,936,756
Germany — 1.2%
Federal Republic of Germany:
0.10%, 04/15/23			796		927,228
0.10%, 04/15/26			783		957,747
0.50%, 04/15/30			661		886,068
0.10%, 04/15/46			423		652,415
					3,423,458
United Kingdom — 1.7%
U.K. Treasury Inflation Linked Bonds:
1.88%, 11/22/22	GBP		109		161,604
0.13%, 03/22/24			138		200,397
2.50%, 07/17/24			80		130,469
0.13%, 03/22/26			4		5,660
1.25%, 11/22/27			170		295,953
0.13%, 08/10/28			31		50,526
0.13%, 03/22/29			116		192,010
4.13%, 07/22/30			43		100,926
1.25%, 11/22/32			34		68,241
0.75%, 03/22/34			143		283,788
2.00%, 01/26/35			82		188,869
0.13%, 11/22/36			34		64,884
1.13%, 11/22/37			103		232,622

Security		Par (000)		Value
United Kingdom (continued)
0.63%, 03/22/40	GBP		105	$	229,817
0.13%, 08/10/41			27		56,113
0.63%, 11/22/42			111		257,949
0.13%, 03/22/44			91		197,341
0.13%, 03/22/46			81		179,818
0.75%, 11/22/47			64		165,998
0.13%, 08/10/48			67		155,531
0.50%, 03/22/50			89		228,437
0.25%, 03/22/52			79		199,563
1.25%, 11/22/55			59		198,371
0.13%, 11/22/56			44		116,612
0.13%, 03/22/58			66		176,935
0.38%, 03/22/62			79		243,363
0.13%, 11/22/65			44		133,922
0.13%, 03/22/68			74		241,233
					4,756,952
Total Foreign Government Obligations — 11.1% (Cost: $30,525,395)					31,311,729
U.S. Treasury Obligations — 1.7%
U.S. Treasury Inflation Linked Bonds:
2.38%, 01/15/25 - 01/15/27	USD		225		254,278
2.00%, 01/15/26			50		55,526
3.63%, 04/15/28			63		81,452
2.50%, 01/15/29			69		83,842
3.88%, 04/15/29			80		106,775
3.38%, 04/15/32			22		30,138
2.13%, 02/15/40 - 02/15/41			163		215,831
0.75%, 02/15/42 - 02/15/45			157		164,721
0.63%, 02/15/43			50		51,356
1.38%, 02/15/44			101		120,920
1.00%, 02/15/46 - 02/15/49			200		223,040
0.88%, 02/15/47			79		85,066
U.S. Treasury Inflation Linked Notes:
1.13%, 01/15/21			114		114,505
0.13%, 04/15/21 - 07/15/26			1,124		1,120,663
0.63%, 07/15/21 - 01/15/26			718		727,335
0.38%, 07/15/23 - 01/15/27			439		444,341
0.50%, 04/15/24 - 01/15/28			273		279,262
0.25%, 01/15/25 - 07/15/29			214		215,553
0.75%, 07/15/28			228		239,883
0.88%, 01/15/29			83		88,612
Total U.S. Treasury Obligations — 1.7% (Cost: $4,550,668)					4,703,099
Total Long-Term Investments — 12.8% (Cost: $35,076,063)					36,014,828
Short-Term Securities — 72.3%

	Shares
Money Market Funds — 4.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.70%(b)*		11,701,173	11,701,173
Total Money Market Funds — 4.2% (Cost: $11,701,173)			11,701,173

CONSOLIDATED SCHEDULE OF INVESTMENTS 1

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Treasury Obligations — 68.1%
U.S. Treasury Bills(c):
1.83%, 07/16/20	USD		46,000	$	45,497,258
2.04%, 06/18/20			34,000		33,669,279
2.12%, 03/26/20			42,500		42,235,857
2.31%, 05/21/20			35,000		34,698,543

Security		Par (000)		Value
U.S. Treasury Obligations (continued)
2.39%, 02/27/20	USD		36,000	$	35,821,377
Total U.S. Treasury Obligations — 68.1% (Cost: $191,392,719)					191,922,314
Total Short-Term Securities — 72.3% (Cost: $203,093,892)					203,623,487
Total Investments — 85.1% (Cost: 238,169,955)					239,638,315
Other Assets Less Liabilities — 14.9%					41,837,365
Net Assets — 100.0%				$	281,475,680

^(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.

^* During the period ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Shares Held at		Net		Shares Held at		Value at				Net Realized			Change in Unrealized Appreciation
Affiliate		07/31/19		Activity		10/31/19		10/31/19		Income		Gain (Loss)	(a)		(Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		13,562,162		(1,860,989)		11,701,173	$	11,701,173	$	69,083	$	—		$	—

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

2

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 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
AEX Index		251		11/15/19	$	32,205	$	(81,547)
CAC 40 10 Euro Index		34		11/15/19		2,172		14,825
IBEX 35 Index		143		11/15/19		14,797		23,302
Hang Seng China Enterprises Index		111		11/28/19		7,490		16,202
Hang Seng Index		55		11/28/19		9,470		18,655
Brent Crude Oil(a)		91		11/29/19		5,425		32,542
RBOB Gasoline(a)		349		11/29/19		23,374		(537,401)
Euro-Bund		728		12/06/19		139,459		(3,313,320)
SPI 200 Index		156		12/19/19		17,849		(58,111)
U.S. Treasury 10 Year Note		237		12/19/19		30,880		100,972
DAX Index		7		12/20/19		2,517		109,014
FTSE/MIB Index		90		12/20/19		11,374		340,796
100 oz Gold(a)		49		12/27/19		7,423		(87,166)
Long Gilt		585		12/27/19		100,663		(607,262)
Silver(a)		113		12/27/19		10,208		77,085
								(3,951,414)
Short Contracts
OMXS30 Index		29		11/15/19		520		(22,729)
WTI Crude Oil(a)		226		11/20/19		12,245		(192,303)
Natural Gas(a)		177		11/26/19		4,660		(292,618)
SGX NIFTY 50 Index		814		11/28/19		19,418		(153,630)
Low Sulphur Gasoil(a)		261		12/12/19		14,707		661,432
TOPIX Index		53		12/12/19		8,189		(422,330)
Australia 10 Year Bond		687		12/16/19		69,053		380,199
Canada 10 Year Bond		310		12/18/19		33,431		258,914
S&P/TSX 60 Index		35		12/19/19		5,234		(7,316)
FTSE 100 Index		222		12/20/19		20,837		(40,393)
S&P 500 E-Mini Index		195		12/20/19		29,599		(354,195)
								(184,969)
							$	(4,136,383)

^(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)
USD	688,872	(a)	CHF	672,000	Morgan Stanley & Co. International plc		11/20/19	$	6,850
AUD	14,912,000	(a)	USD	10,106,061	Morgan Stanley & Co. International plc		12/18/19		185,952
CAD	1,378,000	(a)	USD	1,044,558	Deutsche Bank AG		12/18/19		1,904
CAD	19,185,000	(a)	USD	14,451,537	Morgan Stanley & Co. International plc		12/18/19		117,683
EUR	5,011,000	(a)	USD	5,535,415	Morgan Stanley & Co. International plc		12/18/19		71,040
GBP	9,059,994	(a)	USD	11,274,252	Morgan Stanley & Co. International plc		12/18/19		479,718
INR	69,893,000	(a)	USD	976,910	Bank of America NA		12/18/19		1,330
INR	2,705,350,000	(a)	USD	37,258,385	JPMorgan Chase Bank NA		12/18/19		606,369
JPY	636,759,000	(a)	USD	5,890,310	BNP Paribas SA		12/18/19		23,763
JPY	61,284,000	(a)	USD	569,019	Morgan Stanley & Co. International plc		12/18/19		173
KRW	2,261,935,000	(a)	USD	1,906,298	BNP Paribas SA		12/18/19		28,226
KRW	2,407,907,000	(a)	USD	2,035,201	HSBC Bank plc		12/18/19		24,167
MXN	183,431,000	(a)	USD	9,262,592	Morgan Stanley & Co. International plc		12/18/19		207,326
NZD	3,804,000	(a)	USD	2,428,105	BNP Paribas SA		12/18/19		12,856
NZD	4,077,000	(a)	USD	2,575,645	Morgan Stanley & Co. International plc		12/18/19		40,495
RUB	65,688,200	(a)	USD	1,000,000	Deutsche Bank AG		12/18/19		17,717
RUB	939,571,800	(a)	USD	14,202,700	HSBC Bank plc		12/18/19		354,228
SEK	4,621,000		USD	472,133	Citibank NA		12/18/19		7,737

CONSOLIDATED SCHEDULE OF INVESTMENTS 3

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
TWD	60,993,000	(a)	USD	1,993,170	Barclays Bank plc		12/18/19	$	19,654
TWD	152,138,000	(a)	USD	4,947,849	HSBC Bank plc		12/18/19		72,843
TWD	317,731,000	(a)	USD	10,351,230	JPMorgan Chase Bank NA		12/18/19		134,182
USD	926,116	(a)	BRL	3,712,844	Deutsche Bank AG		12/18/19		2,778
USD	155,685	(a)	BRL	624,156	HSBC Bank plc		12/18/19		465
USD	2,226,066	(a)	CAD	2,931,000	Morgan Stanley & Co. International plc		12/18/19		245
USD	1,124,198	(a)	CHF	1,102,000	Morgan Stanley & Co. International plc		12/18/19		3,077
USD	15,108,253	(a)	JPY	1,606,530,633	Morgan Stanley & Co. International plc		12/18/19		187,161
USD	344,932	(a)	NOK	3,091,000	Morgan Stanley & Co. International plc		12/18/19		8,705
USD	2,039,234	(a)	NZD	3,161,000	Morgan Stanley & Co. International plc		12/18/19		10,875
USD	685,283	(a)	RUB	44,106,000	BNP Paribas SA		12/18/19		1,942
USD	501,457		SEK	4,820,000	JPMorgan Chase Bank NA		12/18/19		921
USD	283,555	(a)	SEK	2,723,468	Morgan Stanley & Co. International plc		12/18/19		735
									2,631,117
CHF	8,858,000	(a)	USD	9,196,058	Morgan Stanley & Co. International plc		11/20/19		(205,950)
CAD	3,358,000	(a)	USD	2,559,566	BNP Paribas SA		12/18/19		(9,478)
CAD	477,276	(a)	USD	363,235	Morgan Stanley & Co. International plc		12/18/19		(788)
EUR	966,667	(a)	GBP	850,000	Morgan Stanley & Co. International plc		12/18/19		(21,211)
EUR	3,434,000	(a)	USD	3,846,921	BNP Paribas SA		12/18/19		(4,860)
INR	77,027,000	(a)	USD	1,082,281	JPMorgan Chase Bank NA		12/18/19		(4,192)
JPY	804,540,000	(a)	USD	7,498,550	Morgan Stanley & Co. International plc		12/18/19		(26,165)
MXN	40,086,000	(a)	USD	2,077,290	BNP Paribas SA		12/18/19		(7,786)
MXN	78,021,000	(a)	USD	4,064,991	Morgan Stanley & Co. International plc		12/18/19		(37,032)
NOK	840,000	(a)	USD	94,074	Morgan Stanley & Co. International plc		12/18/19		(2,702)
NZD	29,907,000	(a)	USD	19,308,438	Morgan Stanley & Co. International plc		12/18/19		(117,638)
RUB	115,159,000	(a)	USD	1,786,287	HSBC Bank plc		12/18/19		(2,111)
USD	5,740,991	(a)	AUD	8,371,000	BNP Paribas SA		12/18/19		(36,534)
USD	37,311,063	(a)	AUD	54,278,062	Morgan Stanley & Co. International plc		12/18/19		(150,748)
USD	1,195,204	(a)	BRL	5,004,601	Bank of America NA		12/18/19		(49,378)
USD	2,105,229	(a)	BRL	8,700,000	BNP Paribas SA		12/18/19		(58,352)
USD	1,106,250	(a)	BRL	4,653,000	Deutsche Bank AG		12/18/19		(50,892)
USD	5,857,589	(a)	BRL	24,299,399	HSBC Bank plc		12/18/19		(185,368)
USD	10,321,008	(a)	BRL	42,344,000	JPMorgan Chase Bank NA		12/18/19		(209,415)
USD	2,029,001	(a)	CHF	2,004,000	Morgan Stanley & Co. International plc		12/18/19		(9,772)
USD	39,336,726	(a)	EUR	35,429,002	Morgan Stanley & Co. International plc		12/18/19		(302,292)
USD	5,120,524	(a)	GBP	3,948,000	BNP Paribas SA		12/18/19		(1,408)
USD	11,237,370	(a)	GBP	9,016,000	Morgan Stanley & Co. International plc		12/18/19		(459,524)
USD	784,925	(a)	HKD	6,153,000	Morgan Stanley & Co. International plc		12/18/19		(144)
USD	2,781,664	(a)	INR	198,850,000	Barclays Bank plc		12/18/19		(1,491)
USD	377,351	(a)	INR	27,267,000	JPMorgan Chase Bank NA		12/18/19		(4,285)
USD	2,548,108	(a)	KRW	3,045,244,000	Bank of America NA		12/18/19		(56,343)
USD	1,454,140	(a)	KRW	1,723,679,000	BNP Paribas SA		12/18/19		(20,040)
USD	39,516,419	(a)	KRW	46,988,183,000	JPMorgan Chase Bank NA		12/18/19		(670,319)
USD	9,799,529	(a)	NZD	15,527,000	Morgan Stanley & Co. International plc		12/18/19		(163,876)
USD	1,034,797	(a)	RUB	68,446,000	Barclays Bank plc		12/18/19		(25,648)
USD	3,208,962	(a)	RUB	210,876,000	HSBC Bank plc		12/18/19		(58,171)
USD	428,431		SEK	4,137,000	BNP Paribas SA		12/18/19		(1,177)
USD	227,744	(a)	SGD	314,000	Morgan Stanley & Co. International plc		12/18/19		(3,169)
USD	500,082	(a)	TWD	15,224,000	BNP Paribas SA		12/18/19		(2,324)
USD	3,987,951	(a)	TWD	121,138,000	HSBC Bank plc		12/18/19		(9,713)
USD	28,758,946	(a)	TWD	890,492,000	JPMorgan Chase Bank NA		12/18/19		(628,100)
									(3,598,396)
Net Unrealized Depreciation								$	(967,279)

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

4

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 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.33.V1	5.00	%	Quarterly	12/20/24	B		USD	7,779		$	602,486	$	507,823	$	94,663
ITRAXX.EUR.
CROSSOVER.32.V1	5.00	%	Quarterly	12/20/24	CCC+		EUR	11,962			1,722,556		1,810,915		(88,359)
										$	2,325,042	$	2,318,738	$	6,304

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

^(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Total Return Swaps

Reference Entity		Fixed Amount Paid / (Received) by the Fund	(a)	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
TAIEX Futures November 2019	TWD	36,278,449		Merrill Lynch International & Co.	11/20/19	TWD	36,278	$	734	$	—	$	734
TAIEX Futures November 2019	TWD	654,438,666		Merrill Lynch International & Co.	11/20/19	TWD	654,439		562,611		—		562,611
TAIEX Futures November 2019	TWD	119,377,237		Merrill Lynch International & Co.	11/20/19	TWD	119,377		103,085		—		103,085
TAIEX Futures November 2019	TWD	104,894,278		Merrill Lynch International & Co.	11/20/19	TWD	104,894		57,138		—		57,138
KOSPI 200 Index Futures December 2019	KRW	(6,662,335,875)		Merrill Lynch International & Co.	12/12/19	KRW	6,662,336		(36,778)		—		(36,778)
KOSPI 200 Index Futures December 2019	KRW	(2,121,138,575)		Merrill Lynch International & Co.	12/12/19	KRW	2,121,139		(18,682)		—		(18,682)
BOVESPA Index Futures December 2019	BRL	(1,512,182)		Merrill Lynch International & Co.	12/18/19	BRL	1,512		447		—		447
BOVESPA Index Futures December 2019	BRL	(4,330,119)		Merrill Lynch International & Co.	12/18/19	BRL	4,330		(23,231)		—		(23,231)
Swiss Market Index Futures December 2019	CHF	2,113,057		JPMorgan Chase Bank NA	12/20/19	CHF	2,113		31,255		—		31,255
Swiss Market Index Futures December 2019	CHF	1,171,836		JPMorgan Chase Bank NA	12/20/19	CHF	1,172		53,973		—		53,973
Swiss Market Index Futures December 2019	CHF	16,055,208		JPMorgan Chase Bank NA	12/20/19	CHF	16,055		283,012		—		283,012
								$	1,013,564	$	—	$	1,013,564

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

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Termination Date		Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross    Notional    Amount    Net Asset    Percentage
Equity Securities Long/Short	Bank of America NA		02/15/23	$	14,078,862	$	511,416	(b)	$	14,551,673		74.2%
	Citibank NA		02/24/23 - 02/27/23		14,396,570		11,295	(c)		14,334,926		77.4%
	Credit Suisse International		02/13/20 - 02/08/23		14,401,321		(255,101)	(d)		14,062,801		76.9%
	Deutsche Bank AG		02/17/23		239,655		(4,644)	(e)		232,710		0.7%
	JPMorgan Chase Bank NA		02/08/23		531,946		5,192	(f)		526,367		1.0%
						$	268,158		$	43,708,477

^(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 0-460 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

CONSOLIDATED SCHEDULE OF INVESTMENTS 5

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

ASX Australian Bank Bill Short Term Rates 1 Month

Canada Bankers Acceptances 1 Month

Copenhagen Interbank Offered Rate:

      DKK 1 Week

      DKK 1 Month

EMMI EURO Overnight Index Average Rate

Euro Denominated LIBOR Rate 1 Month

Hong Kong Dollar HIBOR Fixings:

      HKD 1 Week

      HKD 1 Month

Intercontinental Exchange LIBOR:

      CHF 1 Week

      CHF 1 Month

      EUR 1 Week

      EUR 1 Month

      GBP 1 Week

      GBP 1 Month

      JPY 1 Week

      JPY 1 Month

      USD 1 Week

      USD 1 Month

Norwegian Interbank Offered Rate:

      NOK 1 Week

      NOK 1 Month

SGD 1 Month Deposit

SONIA Overnight Deposit Rates Swap

Stockholm Interbank Offered Rate:

      SEK 1 Week

      SEK 1 Month

USD Overnight Bank Funding Rate

^(b)  Amount includes $38,605 of net dividends and financing fees.

^(c)  Amount includes $72,939 of net dividends and financing fees.

^(d)  Amount includes $83,419 of net dividends and financing fees.

^(e)  Amount includes $2,301 of net dividends and financing fees.

^(f)  Amount includes $10,771 of net dividends and financing fees.

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Bank of America NA, as of October 31, 2019, expiration date 02/15/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
AGL Energy Ltd.		26,830	$	366,246		2.5	%
Aristocrat Leisure Ltd.		8,890		193,847		1.3
ASX Ltd.		5,510		312,758		2.2
Aurizon Holdings Ltd.		202,486		823,762		5.7
BHP Group Ltd.		19,565		479,586		3.3
Cochlear Ltd.		1,340		195,493		1.3
CSL Ltd.		719		126,800		0.9
Macquarie Group Ltd.		1,210		111,728		0.8
Newcrest Mining Ltd.		8,760		191,216		1.3
Qantas Airways Ltd.		12,750		56,395		0.4
Rio Tinto Ltd.		7,919		495,199		3.4
Rio Tinto plc		10,165		529,209		3.6
Santos Ltd.		42,570		238,116		1.6
Suncorp Group Ltd.		3,290		30,546		0.2
Telstra Corp. Ltd.		12,360		29,768		0.2
Treasury Wine Estates Ltd.		18,060		218,944		1.5
Wesfarmers Ltd.		9,598		263,704		1.8
Woolworths Group Ltd.		14,290		368,484		2.5
				5,031,801

	Shares		Value		% of Basket Value
Austria
Erste Group Bank AG		2,830	$	100,091		0.7	%
Belgium
Ageas		10,188		587,549		4.0
Colruyt SA		750		41,690		0.3
Groupe Bruxelles Lambert SA		2,802		281,477		1.9
KBC Group NV		1,680		118,128		0.8
UCB SA		2,340		188,601		1.3
				1,217,445
Canada
Bank of Montreal		1,019		75,433		0.5
BCE, Inc.		5,820		276,087		1.9
Canadian Natural Resources Ltd.		2,196		55,371		0.4
Canadian Pacific Railway Ltd.		1,350		306,991		2.1
Canadian Tire Corp. Ltd., Class A		610		65,761		0.5
CGI, Inc.		3,050		237,081		1.6
Constellation Software, Inc.		430		424,688		2.9
Fortis, Inc.		5,920		245,951		1.7
Hydro One Ltd.		24,590		457,223		3.1
Imperial Oil Ltd.		6,349		158,110		1.1
Magna International, Inc.		7,280		391,446		2.7
Manulife Financial Corp.		2,720		50,658		0.4
National Bank of Canada		5,898		304,595		2.1
Nutrien Ltd.		1,340		64,039		0.4
Rogers Communications, Inc., Class B		1,840		86,628		0.6

6

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Canada (continued)
Royal Bank of Canada		5,770	$	465,420		3.2	%
Sun Life Financial, Inc.		5,329		239,079		1.6
Suncor Energy, Inc.		12,061		358,597		2.5
TELUS Corp.		8,932		317,716		2.2
Thomson Reuters Corp.		3,999		268,973		1.9
Toronto-Dominion Bank (The)		4,340		247,826		1.7
				5,097,673
Denmark
Carlsberg A/S, Class B		5,670		798,473		5.5
Coloplast A/S, Class B		29		3,491		0.0
Demant A/S		2,900		76,604		0.5
GN Store Nord A/S		2,230		98,104		0.7
Tryg A/S		639		17,861		0.1
				994,533
Finland
Neste OYJ		1,822		65,833		0.5
UPM-Kymmene OYJ		6,484		211,181		1.4
				277,014
France
Air Liquide SA		759		100,917		0.7
Alstom SA		10,510		454,696		3.1
Arkema SA		1,632		167,016		1.2
AXA SA		3,366		89,102		0.6
Bouygues SA		1,520		64,476		0.4
Bureau Veritas SA		10,876		278,062		1.9
Capgemini SE		1,480		166,841		1.1
Carrefour SA		4,253		72,410		0.5
Cie de Saint-Gobain		10,340		421,127		2.9
Danone SA		3,923		324,986		2.2
Dassault Systemes SE		1,486		225,689		1.6
Eiffage SA		1,370		147,147		1.0
Engie SA		11,443		191,611		1.3
Hermes International		360		259,327		1.8
Kering SA		80		45,520		0.3
Legrand SA		7,949		621,008		4.3
Orange SA		14,749		237,378		1.6
Pernod Ricard SA		580		107,145		0.7
Sanofi		2,750		253,515		1.7
Schneider Electric SE		4,126		383,472		2.6
Sodexo SA		610		67,081		0.5
Suez		6,410		99,980		0.7
TOTAL SA		9,793		517,739		3.6
Veolia Environnement SA		13,309		350,343		2.4
Vinci SA		3,317		372,155		2.6
Vivendi SA		20,850		580,623		4.0
				6,599,366
Germany
adidas AG		1,635		504,840		3.5
Allianz SE (Registered)		3,560		869,433		6.0
BASF SE		930		70,698		0.5
Brenntag AG		1,920		96,231		0.6
Covestro AG		2,624		126,010		0.9
Deutsche Post AG (Registered)		18,033		638,820		4.4
Deutsche Telekom AG (Registered)		24,209		425,971		2.9
E.ON SE		9,630		97,114		0.7
Evonik Industries AG		18,923		498,696		3.4
Hannover Rueck SE		85		15,062		0.1
HeidelbergCement AG		6,751		500,506		3.4
Henkel AG & Co. KGaA (Preference)		840		87,253		0.6
Knorr-Bremse AG		2,260		228,087		1.6
LEG Immobilien AG		1,248		143,350		1.0

	Shares		Value		% of Basket Value
Germany (continued)
Merck KGaA		1,200	$	143,120		1.0	%
MTU Aero Engines AG		569		152,168		1.0
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		250		69,460		0.5
Volkswagen AG (Preference)		860		163,491		1.1
				4,830,310
Italy
Assicurazioni Generali SpA		28,027		568,317		3.9
Enel SpA		28,915		224,102		1.5
Eni SpA		54,247		822,981		5.7
Ferrari NV		20		3,203		0.0
Mediobanca Banca di Credito Finanziario SpA		19,210		228,433		1.6
Moncler SpA		7,230		278,997		1.9
Snam SpA		14,940		76,700		0.5
				2,202,733
Japan
Aeon Co. Ltd.		6,500		130,782		0.9
AGC, Inc.		7,800		274,249		1.9
Ajinomoto Co., Inc.		7,400		140,690		1.0
Asahi Group Holdings Ltd.		900		45,070		0.3
Astellas Pharma, Inc.		34,700		595,545		4.1
Bridgestone Corp.		12,400		515,219		3.5
Canon, Inc.		9,900		271,653		1.9
Central Japan Railway Co.		300		61,540		0.4
Denso Corp.		1,400		65,002		0.4
East Japan Railway Co.		5,600		508,374		3.5
FUJIFILM Holdings Corp.		2,800		122,926		0.8
Fujitsu Ltd.		2,400		212,710		1.5
Honda Motor Co. Ltd.		4,900		132,565		0.9
Hoya Corp.		4,500		397,698		2.7
ITOCHU Corp.		7,600		158,900		1.1
Japan Airlines Co. Ltd.		4,000		124,648		0.9
Japan Tobacco, Inc.		7,000		158,219		1.1
Kao Corp.		500		40,199		0.3
Kikkoman Corp.		1,800		86,585		0.6
Kirin Holdings Co. Ltd.		8,100		171,836		1.2
Kyocera Corp.		2,100		137,774		0.9
Marubeni Corp.		56,300		396,244		2.7
Mazda Motor Corp.		7,600		69,770		0.5
MEIJI Holdings Co. Ltd.		800		57,662		0.4
Mitsubishi Chemical Holdings Corp.		15,800		120,415		0.8
Mitsubishi Corp.		2,700		68,673		0.5
Mitsubishi Electric Corp.		9,400		134,302		0.9
Mitsubishi Heavy Industries Ltd.		16,500		667,745		4.6
Mitsubishi UFJ Financial Group, Inc.		22,600		117,165		0.8
Mitsui & Co. Ltd.		14,700		252,457		1.7
MS&AD Insurance Group Holdings, Inc.		8,200		264,788		1.8
NEC Corp.		2,500		99,077		0.7
Nippon Steel Corp.		15,800		230,610		1.6
Nissan Chemical Corp.		1,300		53,375		0.4
Nissan Motor Co. Ltd.		22,000		138,833		1.0
Nitto Denko Corp.		3,300		182,575		1.3
ORIX Corp.		15,300		240,438		1.7
Otsuka Holdings Co. Ltd.		1,500		62,535		0.4
Recruit Holdings Co. Ltd.		5,500		182,787		1.3
Secom Co. Ltd.		700		64,864		0.4
Sekisui House Ltd.		14,000		301,901		2.1
Shionogi & Co. Ltd.		7,800		468,179		3.2
Sompo Holdings, Inc.		7,900		310,518		2.1
Sumitomo Chemical Co. Ltd.		55,600		254,336		1.7
Sumitomo Corp.		20,400		331,345		2.3

CONSOLIDATED SCHEDULE OF INVESTMENTS 7

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Japan (continued)
Sumitomo Electric Industries Ltd.		27,500	$	377,128		2.6	%
Sumitomo Mitsui Financial Group, Inc.		15,100		536,098		3.7
Sumitomo Mitsui Trust Holdings, Inc.		3,600		131,203		0.9
Tokyo Electron Ltd.		700		141,819		1.0
Toyota Motor Corp.		2,900		201,205		1.4
Trend Micro, Inc.		2,000		100,949		0.7
West Japan Railway Co.		5,000		434,452		3.0
Yamaha Corp.		1,300		60,540		0.4
Yamato Holdings Co. Ltd.		3,400		57,027		0.4
				11,463,199
Luxembourg
Tenaris SA		44,899		455,496		3.1
Netherlands
Adyen NV		60		42,241		0.3
Akzo Nobel NV		6,415		591,421		4.1
Heineken Holding NV		3,201		305,425		2.1
ING Groep NV		2,850		32,272		0.2
Koninklijke Ahold Delhaize NV		10,230		254,932		1.7
Koninklijke DSM NV		2,186		259,452		1.8
Koninklijke KPN NV		94,650		293,829		2.0
Koninklijke Philips NV		8,087		354,810		2.4
NN Group NV		12,210		465,896		3.2
Randstad NV		3,206		177,923		1.2
Royal Dutch Shell plc, Class A		22,138		641,738		4.4
Wolters Kluwer NV		7,835		577,072		4.0
				3,997,011
Norway
DNB ASA		16,145		293,957		2.0
Orkla ASA		24,730		237,701		1.6
Telenor ASA		13,186		246,786		1.7
Yara International ASA		680		26,490		0.2
				804,934
Portugal
Galp Energia SGPS SA		17,650		282,308		1.9
Singapore
Mapletree Industrial Trust		17,100		32,031		0.2
Spain
Cia de Distribucion Integral Logista Holdings SA		54		1,132		0.0
Endesa SA		3,810		103,765		0.7
Iberdrola SA		11,672		119,976		0.8
Repsol SA		15,088		248,646		1.7
Telefonica SA		57,207		439,309		3.0
				912,828
Sweden
Essity AB, Class B		4,890		152,767		1.1
Hennes & Mauritz AB, Class B		3,993		83,691		0.6
Investor AB, Class B		11,408		585,281		4.0
Lundin Petroleum AB		10,120		335,155		2.3
Sandvik AB		26,190		462,707		3.2
Skandinaviska Enskilda Banken AB, Class A		13,971		134,001		0.9
SKF AB, Class B		9,046		163,788		1.1
Swedish Match AB		15,463		726,426		5.0
Volvo AB, Class B		14,248		213,517		1.5
				2,857,333
Switzerland
Adecco Group AG (Registered)		2,480		147,426		1.0
Coca-Cola HBC AG		7,316		222,762		1.5

	Shares		Value		% of Basket Value
Switzerland (continued)
LafargeHolcim Ltd. (Registered)		2,840	$	146,597		1.0	%
Logitech International SA (Registered)		4,836		198,504		1.4
Nestle SA (Registered)		5,965		638,144		4.4
Novartis AG (Registered)		4,972		434,430		3.0
Roche Holding AG		4,291		1,291,402		8.9
Schindler Holding AG		643		157,533		1.1
Sonova Holding AG (Registered)		1,864		427,748		2.9
STMicroelectronics NV		2,130		48,343		0.3
Swatch Group AG (The)		1,060		293,915		2.0
Swiss Life Holding AG (Registered)		708		354,579		2.4
Swisscom AG (Registered)		940		480,805		3.3
				4,842,188
United Kingdom
3i Group plc		11,573		169,115		1.2
Admiral Group plc		10,192		266,743		1.8
Ashtead Group plc		1,390		42,320		0.3
Associated British Foods plc		15,607		450,493		3.1
BAE Systems plc		18,730		139,908		1.0
Berkeley Group Holdings plc		1,250		71,249		0.5
BP plc		28,400		180,095		1.2
BT Group plc		14,290		37,924		0.3
Compass Group plc		19,054		507,295		3.5
DCC plc		450		42,201		0.3
Experian plc		11,472		361,613		2.5
GlaxoSmithKline plc		10,845		248,404		1.7
Halma plc		14,700		356,702		2.4
HSBC Holdings plc		20,490		154,804		1.1
Informa plc		8,280		83,224		0.6
InterContinental Hotels Group plc		707		42,784		0.3
Legal & General Group plc		33,620		114,925		0.8
Lloyds Banking Group plc		675,942		497,228		3.4
Pearson plc		15,549		137,323		0.9
RELX plc		760		18,297		0.1
Rentokil Initial plc		36,230		213,221		1.5
Rightmove plc		50,060		388,575		2.7
Sage Group plc (The)		31,681		295,270		2.0
Severn Trent plc		1,130		33,008		0.2
Smith & Nephew plc		8,028		172,332		1.2
Standard Chartered plc		5,280		47,910		0.3
Tesco plc		63,820		194,814		1.3
Unilever plc		8,132		486,936		3.3
United Utilities Group plc		11,370		128,386		0.9
WPP plc		7,710		96,217		0.7
				5,979,316
United States
AbbVie, Inc.		6,280		499,574		3.4
Accenture plc, Class A		3,066		568,498		3.9
Adobe, Inc.		1,095		304,333		2.1
Advance Auto Parts, Inc.		850		138,108		1.0
AES Corp.		5,319		90,689		0.6
Aflac, Inc.		7,850		417,306		2.9
Agilent Technologies, Inc.		3,623		274,442		1.9
AGNC Investment Corp.		12,288		209,510		1.4
Air Products & Chemicals, Inc.		730		155,680		1.1
Akamai Technologies, Inc.		1,306		112,969		0.8
Alexion Pharmaceuticals, Inc.		1,710		180,234		1.2
Allstate Corp. (The)		2,110		224,546		1.5
Ally Financial, Inc.		18,139		555,598		3.8
Alphabet, Inc., Class A		30		37,764		0.3
Amdocs Ltd.		2,100		136,920		0.9
Ameren Corp.		5,242		407,303		2.8
American Electric Power Co., Inc.		4,408		416,071		2.9

8

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
American Express Co.		2,112	$	247,695		1.7	%
American Financial Group, Inc.		3,693		384,220		2.6
Ameriprise Financial, Inc.		2,472		373,000		2.6
AmerisourceBergen Corp.		700		59,766		0.4
AMETEK, Inc.		2,788		255,520		1.8
Amgen, Inc.		150		31,987		0.2
ANSYS, Inc.		1,788		393,628		2.7
Anthem, Inc.		773		207,999		1.4
Applied Materials, Inc.		384		20,836		0.1
AptarGroup, Inc.		370		43,715		0.3
Arch Capital Group Ltd.		4,830		201,701		1.4
Aspen Technology, Inc.		2,462		283,401		1.9
Athene Holding Ltd., Class A		1,396		60,517		0.4
Autodesk, Inc.		1,240		182,726		1.3
Automatic Data Processing, Inc.		4,632		751,449		5.2
AutoZone, Inc.		280		320,426		2.2
Avery Dennison Corp.		1,119		143,075		1.0
AXA Equitable Holdings, Inc.		39,380		850,608		5.8
Axalta Coating Systems Ltd.		2,220		65,468		0.5
Best Buy Co., Inc.		7,315		525,436		3.6
Biogen, Inc.		2,916		871,038		6.0
Bio-Rad Laboratories, Inc., Class A		310		102,802		0.7
Booking Holdings, Inc.		10		20,488		0.1
Booz Allen Hamilton Holding Corp.		9,447		664,785		4.6
Bright Horizons Family Solutions, Inc.		570		84,656		0.6
Bristol-Myers Squibb Co.		960		55,075		0.4
Cabot Oil & Gas Corp.		2,790		52,006		0.4
Cadence Design Systems, Inc.		5,874		383,866		2.6
Capital One Financial Corp.		799		74,507		0.5
Cardinal Health, Inc.		3,370		166,646		1.1
Carlisle Cos., Inc.		1,910		290,836		2.0
CBRE Group, Inc., Class A		3,801		203,544		1.4
CDK Global, Inc.		640		32,346		0.2
CDW Corp.		5,212		666,667		4.6
Celanese Corp.		1,288		156,041		1.1
Celgene Corp.		330		35,650		0.2
Cerner Corp.		2,800		187,936		1.3
CF Industries Holdings, Inc.		1,950		88,432		0.6
CH Robinson Worldwide, Inc.		5,727		433,190		3.0
Charles River Laboratories International, Inc.		650		84,487		0.6
Chevron Corp.		3,353		389,417		2.7
Cincinnati Financial Corp.		1,780		201,514		1.4
Cintas Corp.		125		33,584		0.2
Cisco Systems, Inc.		1,160		55,112		0.4
Citigroup, Inc.		1,640		117,850		0.8
Citizens Financial Group, Inc.		13,120		461,299		3.2
Citrix Systems, Inc.		5,985		651,527		4.5
CMS Energy Corp.		2,200		140,624		1.0
Colgate-Palmolive Co.		5,132		352,055		2.4
Columbia Sportswear Co.		5,477		495,395		3.4
Comerica, Inc.		4,937		322,979		2.2
ConocoPhillips		14,799		816,905		5.6
Consolidated Edison, Inc.		2,770		255,449		1.8
Copart, Inc.		1,170		96,689		0.7
Corning, Inc.		1,870		55,408		0.4
Costco Wholesale Corp.		490		145,584		1.0
CSX Corp.		290		20,378		0.1
Cummins, Inc.		1,905		328,574		2.3
Cypress Semiconductor Corp.		3,910		90,986		0.6
Darden Restaurants, Inc.		3,273		367,460		2.5
Delta Air Lines, Inc.		660		36,353		0.3
Devon Energy Corp.		9,072		183,980		1.3
Discover Financial Services		423		33,950		0.2

	Shares		Value		% of Basket Value
United States (continued)
Dover Corp.		2,666	$	276,971		1.9	%
DTE Energy Co.		5,181		659,645		4.5
Dunkin’ Brands Group, Inc.		1,580		124,220		0.9
E*TRADE Financial Corp.		2,870		119,937		0.8
Eaton Corp. plc		2,609		227,270		1.6
eBay, Inc.		5,702		200,995		1.4
Ecolab, Inc.		550		105,638		0.7
Eli Lilly & Co.		1,888		215,138		1.5
Emerson Electric Co.		1,150		80,672		0.6
Encompass Health Corp.		7,730		494,875		3.4
Entergy Corp.		1,260		153,065		1.1
EOG Resources, Inc.		880		60,993		0.4
Estee Lauder Cos., Inc. (The), Class A		1,224		227,994		1.6
Euronet Worldwide, Inc.		1,240		173,687		1.2
Evergy, Inc.		2,710		173,196		1.2
Exelon Corp.		3,699		168,268		1.2
Expedia Group, Inc.		700		95,662		0.7
Expeditors International of Washington, Inc.		1,693		123,487		0.9
Fair Isaac Corp.		90		27,364		0.2
Fastenal Co.		7,836		281,626		1.9
Fifth Third Bancorp		3,020		87,822		0.6
FleetCor Technologies, Inc.		760		223,607		1.5
Fox Corp., Class A		3,970		125,391		0.9
Garmin Ltd.		6,433		603,094		4.1
General Mills, Inc.		2,070		105,280		0.7
General Motors Co.		6,081		225,970		1.6
Gilead Sciences, Inc.		8,104		516,306		3.5
Globe Life, Inc.		4,047		393,895		2.7
Graco, Inc.		4,424		199,965		1.4
HD Supply Holdings, Inc.		1,596		63,106		0.4
HEICO Corp., Class A		740		70,500		0.5
Henry Schein, Inc.		390		24,408		0.2
Hershey Co. (The)		1,585		232,789		1.6
Hewlett Packard Enterprise Co.		16,315		267,729		1.8
Hill-Rom Holdings, Inc.		2,480		259,631		1.8
Hilton Worldwide Holdings, Inc.		3,935		381,538		2.6
Hologic, Inc.		2,990		144,447		1.0
Home Depot, Inc. (The)		882		206,900		1.4
Honeywell International, Inc.		1,927		332,851		2.3
HP, Inc.		18,608		323,221		2.2
IDEX Corp.		380		59,101		0.4
IDEXX Laboratories, Inc.		373		106,309		0.7
Incyte Corp.		620		52,030		0.4
Ingersoll-Rand plc		240		30,454		0.2
International Paper Co.		1,504		65,695		0.5
Interpublic Group of Cos., Inc. (The)		13,466		292,885		2.0
Intuit, Inc.		638		164,285		1.1
Ionis Pharmaceuticals, Inc.		1,610		89,709		0.6
Jazz Pharmaceuticals plc		1,250		157,037		1.1
Johnson & Johnson		940		124,118		0.9
Jones Lang LaSalle, Inc.		1,999		292,893		2.0
JPMorgan Chase & Co.		2,330		291,064		2.0
Kansas City Southern		350		49,273		0.3
Keysight Technologies, Inc.		700		70,637		0.5
L3Harris Technologies, Inc.		370		76,335		0.5
Lam Research Corp.		300		81,312		0.6
Liberty Media Corp-Liberty SiriusXM, Class C		11,730		530,079		3.6
Lincoln National Corp.		9,103		514,137		3.5
Loews Corp.		120		5,880		0.0
LPL Financial Holdings, Inc.		5,040		407,434		2.8
Lululemon Athletica, Inc.		700		142,989		1.0

CONSOLIDATED SCHEDULE OF INVESTMENTS 9

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
LyondellBasell Industries NV, Class A		2,791	$	250,353		1.7	%
Marathon Oil Corp.		16,193		186,705		1.3
Masco Corp.		4,411		204,009		1.4
Masimo Corp.		2,390		348,438		2.4
Maxim Integrated Products, Inc.		5,059		296,761		2.0
McKesson Corp.		3,125		415,625		2.9
Medtronic plc		1,770		192,753		1.3
Merck & Co., Inc.		5,993		519,353		3.6
MetLife, Inc.		1,420		66,442		0.5
Mettler-Toledo International, Inc.		123		86,708		0.6
Microsoft Corp.		4,780		685,309		4.7
Mondelez International, Inc., Class A		10,210		535,515		3.7
Monster Beverage Corp.		1,370		76,898		0.5
Morgan Stanley		4,399		202,574		1.4
Motorola Solutions, Inc.		63		10,478		0.1
MSCI, Inc.		140		32,838		0.2
NetApp, Inc.		3,425		191,389		1.3
New Residential Investment Corp.		8,350		132,264		0.9
Newmont Mining Corp.		1,950		77,473		0.5
Norfolk Southern Corp.		556		101,192		0.7
Norwegian Cruise Line Holdings Ltd.		1,360		69,034		0.5
NRG Energy, Inc.		23,423		939,731		6.5
NVR, Inc.		50		181,829		1.3
OGE Energy Corp.		13,613		586,176		4.0
Omnicom Group, Inc.		2,636		203,473		1.4
Oracle Corp.		5,153		280,787		1.9
O’Reilly Automotive, Inc.		107		46,600		0.3
PACCAR, Inc.		4,350		330,861		2.3
Parker-Hannifin Corp.		127		23,303		0.2
Paychex, Inc.		1,473		123,202		0.8
PayPal Holdings, Inc.		270		28,107		0.2
Pentair plc		1,170		48,520		0.3
PepsiCo, Inc.		51		6,996		0.0
Philip Morris International, Inc.		2,430		197,899		1.4
Pinnacle West Capital Corp.		2,441		229,747		1.6
PPG Industries, Inc.		2,990		374,109		2.6
Procter & Gamble Co. (The)		1,560		194,236		1.3
Progressive Corp. (The)		1,590		110,823		0.8
Qorvo, Inc.		2,770		223,982		1.5
Raymond James Financial, Inc.		3,280		273,847		1.9
Regeneron Pharmaceuticals, Inc.		100		30,628		0.2
Regions Financial Corp.		7,474		120,331		0.8
Reliance Steel & Aluminum Co.		3,790		439,792		3.0
Republic Services, Inc.		2,840		248,528		1.7
Robert Half International, Inc.		6,426		368,017		2.5
Rockwell Automation, Inc.		832		143,096		1.0
Roper Technologies, Inc.		1,380		465,005		3.2
Royal Gold, Inc.		3,690		425,974		2.9
Sealed Air Corp.		6,081		254,003		1.7
SEI Investments Co.		2,800		167,776		1.2
ServiceNow, Inc.		453		112,009		0.8
Sonoco Products Co.		6,820		393,514		2.7
Southwest Airlines Co.		1,461		82,006		0.6
Spirit AeroSystems Holdings, Inc., Class A		2,068		169,204		1.2
Starbucks Corp.		10,937		924,833		6.4
Starwood Property Trust, Inc.		3,010		74,046		0.5
STERIS plc		2,138		302,677		2.1
Stryker Corp.		1,622		350,790		2.4
Synchrony Financial		8,076		285,648		2.0
Synopsys, Inc.		250		33,937		0.2
Sysco Corp.		1,594		127,313		0.9
T Rowe Price Group, Inc.		4,207		487,171		3.3
Target Corp.		850		90,873		0.6

	Shares			Value			% of Basket Value
United States (continued)
Teledyne Technologies, Inc.		712		$	234,675			1.6	%
Teradyne, Inc.		6,214			380,421			2.6
Texas Instruments, Inc.		560			66,074			0.5
Toro Co. (The)		983			75,819			0.5
Tractor Supply Co.		3,650			346,823			2.4
Ulta Beauty, Inc.		190			44,299			0.3
Union Pacific Corp.		411			68,004			0.5
United Continental Holdings, Inc.		5,255			477,364			3.3
US Bancorp		1,069			60,954			0.4
US Foods Holding Corp.		1,010			40,067			0.3
Valero Energy Corp.		580			56,248			0.4
Varian Medical Systems, Inc.		1,998			241,378			1.7
VeriSign, Inc.		6,854			1,302,397			9.0
Verizon Communications, Inc.		4,870			294,489			2.0
Vertex Pharmaceuticals, Inc.		1,802			352,255			2.4
VF Corp.		2,000			164,580			1.1
Viacom, Inc., Class B		1,600			34,496			0.2
Vistra Energy Corp.		2,230			60,277			0.4
VMware, Inc., Class A		732			115,854			0.8
Voya Financial, Inc.		6,442			347,610			2.4
West Pharmaceutical Services, Inc.		517			74,365			0.5
WR Berkley Corp.		2,870			200,613			1.4
WW Grainger, Inc.		462			142,684			1.0
Xcel Energy, Inc.		1,260			80,023			0.6
Xerox Holdings Corp.		8,536			289,626			2.0
Xilinx, Inc.		2,072			188,013			1.3
Yum! Brands, Inc.		5,272			536,215			3.7
Zebra Technologies Corp., Class A		328			78,021			0.5
Zions Bancorp NA		2,678			129,803			0.9
Zoetis, Inc.		2,468			315,707			2.2
					54,806,261
Total Reference Entity — Long					112,783,871
Reference Entity — Short
Australia
Brambles Ltd.		(57,480	)		(475,190	)		(3.3	)%
Coles Group Ltd.		(4,030	)		(41,706	)		(0.3	)
Commonwealth Bank of Australia		(9,252	)		(501,644	)		(3.4	)
Computershare Ltd.		(5,600	)		(61,127	)		(0.4	)
Fortescue Metals Group Ltd.		(56,774	)		(347,492	)		(2.4	)
Insurance Australia Group Ltd.		(62,230	)		(340,963	)		(2.3	)
National Australia Bank Ltd.		(9,220	)		(180,981	)		(1.2	)
Origin Energy Ltd.		(36,350	)		(197,070	)		(1.4	)
Ramsay Health Care Ltd.		(2,780	)		(131,357	)		(0.9	)
South32 Ltd.		(14,760	)		(25,829	)		(0.2	)
Sydney Airport		(7,460	)		(45,181	)		(0.3	)
Westpac Banking Corp.		(13,617	)		(264,381	)		(1.8	)
					(2,612,921	)
Austria
Raiffeisen Bank International AG		(600	)		(14,784	)		(0.1	)
Belgium
Anheuser-Busch InBev SA/NV		(5,238	)		(422,798	)		(2.9	)
Galapagos NV		(2,340	)		(430,833	)		(2.9	)
Proximus SADP		(1,250	)		(38,413	)		(0.3	)
Umicore SA		(21,666	)		(894,373	)		(6.1	)
					(1,786,417	)
Bermuda
RenaissanceRe Holdings Ltd.		(1,190	)		(222,744	)		(1.5	)
Canada
Agnico Eagle Mines Ltd.		(1,817	)		(111,691	)		(0.8	)
Barrick Gold Corp.		(9,890	)		(171,690	)		(1.2	)

10

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Canada (continued)
Brookfield Asset Management, Inc., Class A		(1,820	)	$	(100,555	)		(0.7	)%
Cenovus Energy, Inc.		(25,220	)		(214,842	)		(1.5	)
Dollarama, Inc.		(2,800	)		(94,198	)		(0.6	)
Enbridge, Inc.		(14,288	)		(520,382	)		(3.6	)
Encana Corp.		(13,110	)		(51,522	)		(0.3	)
Fairfax Financial Holdings Ltd.		(350	)		(148,280	)		(1.0	)
Husky Energy, Inc.		(6,080	)		(42,469	)		(0.3	)
Intact Financial Corp.		(3,130	)		(322,957	)		(2.2	)
Inter Pipeline Ltd.		(18,210	)		(305,689	)		(2.1	)
Loblaw Cos. Ltd.		(1,580	)		(84,260	)		(0.6	)
Pembina Pipeline Corp.		(16,038	)		(564,636	)		(3.9	)
Restaurant Brands International, Inc.		(540	)		(35,338	)		(0.2	)
Saputo, Inc.		(5,910	)		(171,408	)		(1.2	)
Shopify, Inc., Class A		(310	)		(97,206	)		(0.7	)
Teck Resources Ltd., Class B		(5,180	)		(81,883	)		(0.6	)
Wheaton Precious Metals Corp.		(13,870	)		(388,794	)		(2.7	)
					(3,507,800	)
China
BeiGene Ltd., ADR		(660	)		(91,304	)		(0.6	)
Denmark
Chr Hansen Holding A/S		(1,756	)		(134,818	)		(0.9	)
Danske Bank A/S		(5,430	)		(77,598	)		(0.5	)
DSV PANALPINA A/S		(3,100	)		(301,286	)		(2.1	)
H Lundbeck A/S		(980	)		(33,487	)		(0.2	)
Novozymes A/S, Class B		(1,210	)		(57,039	)		(0.4	)
Orsted A/S		(6,017	)		(528,122	)		(3.6	)
					(1,132,350	)
Finland
Elisa OYJ		(6,639	)		(362,597	)		(2.5	)
Kone OYJ, Class B		(870	)		(55,398	)		(0.4	)
Nokia OYJ		(79,928	)		(293,417	)		(2.0	)
Nordea Bank Abp		(87,787	)		(642,499	)		(4.4	)
Stora Enso OYJ, Class R		(2,950	)		(38,326	)		(0.3	)
Wartsila OYJ Abp		(36,415	)		(384,716	)		(2.6	)
					(1,776,953	)
France
Accor SA		(11,056	)		(475,559	)		(3.3	)
Aeroports de Paris		(2,318	)		(440,859	)		(3.0	)
Airbus SE		(1,843	)		(264,394	)		(1.8	)
Amundi SA		(1,366	)		(97,624	)		(0.7	)
Atos SE		(3,880	)		(301,114	)		(2.1	)
BNP Paribas SA		(1,510	)		(78,912	)		(0.5	)
Cie Generale des Etablissements Michelin SCA		(1,280	)		(155,849	)		(1.1	)
Edenred		(1,580	)		(83,278	)		(0.6	)
Electricite de France SA		(8,998	)		(92,957	)		(0.6	)
EssilorLuxottica SA		(4,576	)		(698,729	)		(4.8	)
Faurecia SE		(1,730	)		(80,736	)		(0.6	)
Getlink		(8,117	)		(135,967	)		(0.9	)
Iliad SA		(1,508	)		(156,282	)		(1.1	)
Ipsen SA		(1,973	)		(210,298	)		(1.4	)
LVMH Moet Hennessy Louis Vuitton SE		(820	)		(350,186	)		(2.4	)
Natixis SA		(22,360	)		(102,729	)		(0.7	)
Orpea		(1,522	)		(183,315	)		(1.3	)
Publicis Groupe SA		(810	)		(34,861	)		(0.2	)
Remy Cointreau SA		(2,262	)		(302,707	)		(2.1	)
Renault SA		(2,012	)		(102,731	)		(0.7	)
Societe Generale SA		(7,931	)		(225,549	)		(1.5	)
Teleperformance		(356	)		(80,771	)		(0.6	)

	Shares			Value			% of Basket Value
France (continued)
Valeo SA		(11,423	)	$	(425,400	)		(2.9	)%
Worldline SA/France		(5,350	)		(325,533	)		(2.2	)
					(5,406,340	)
Germany
Aroundtown SA		(9,020	)		(76,242	)		(0.5	)
Bayer AG (Registered)		(3,019	)		(234,203	)		(1.6	)
Bayerische Motoren Werke AG		(2,808	)		(215,022	)		(1.5	)
Beiersdorf AG		(2,340	)		(277,030	)		(1.9	)
Commerzbank AG		(38,421	)		(229,901	)		(1.6	)
Continental AG		(750	)		(100,456	)		(0.7	)
Daimler AG (Registered)		(8,510	)		(497,434	)		(3.4	)
Delivery Hero SE		(930	)		(43,638	)		(0.3	)
Deutsche Bank AG (Registered)		(23,530	)		(170,633	)		(1.2	)
Deutsche Wohnen SE		(4,252	)		(160,311	)		(1.1	)
Fresenius Medical Care AG & Co. KGaA		(2,230	)		(160,961	)		(1.1	)
Fresenius SE & Co. KGaA		(5,058	)		(266,330	)		(1.8	)
Infineon Technologies AG		(7,185	)		(139,165	)		(1.0	)
Siemens Healthineers AG		(3,002	)		(127,547	)		(0.9	)
Telefonica Deutschland Holding AG		(22,572	)		(71,622	)		(0.5	)
thyssenkrupp AG		(19,687	)		(280,748	)		(1.9	)
TUI AG		(24,573	)		(321,471	)		(2.2	)
Uniper SE		(14,944	)		(465,753	)		(3.2	)
United Internet AG (Registered)		(8,543	)		(257,899	)		(1.8	)
Vonovia SE		(4,660	)		(248,168	)		(1.7	)
Wirecard AG		(1,020	)		(129,046	)		(0.9	)
					(4,473,580	)
Italy
FinecoBank Banca Fineco SpA		(28,580	)		(322,192	)		(2.2	)
Intesa Sanpaolo SpA		(79,660	)		(199,614	)		(1.4	)
Poste Italiane SpA		(15,060	)		(182,925	)		(1.2	)
Recordati SpA		(4,720	)		(198,354	)		(1.4	)
Telecom Italia SpA		(130,510	)		(76,387	)		(0.5	)
UniCredit SpA		(10,210	)		(129,535	)		(0.9	)
					(1,109,007	)
Japan
Advantest Corp.		(1,400	)		(63,712	)		(0.4	)
Asahi Intecc Co. Ltd.		(3,600	)		(99,055	)		(0.7	)
Bandai Namco Holdings, Inc.		(1,300	)		(79,936	)		(0.5	)
Chubu Electric Power Co., Inc.		(2,400	)		(36,005	)		(0.2	)
Chugai Pharmaceutical Co. Ltd.		(300	)		(25,247	)		(0.2	)
Daifuku Co. Ltd.		(1,900	)		(100,817	)		(0.7	)
Dai-ichi Life Holdings, Inc.		(9,400	)		(153,214	)		(1.1	)
Daikin Industries Ltd.		(400	)		(55,984	)		(0.4	)
Daito Trust Construction Co. Ltd.		(300	)		(39,756	)		(0.3	)
Daiwa House Industry Co. Ltd.		(4,200	)		(144,585	)		(1.0	)
Daiwa Securities Group, Inc.		(3,500	)		(15,732	)		(0.1	)
Dentsu, Inc.		(2,800	)		(100,099	)		(0.7	)
Disco Corp.		(300	)		(65,471	)		(0.5	)
FamilyMart Co. Ltd.		(5,700	)		(141,395	)		(1.0	)
FANUC Corp.		(300	)		(59,175	)		(0.4	)
Fast Retailing Co. Ltd.		(100	)		(61,669	)		(0.4	)
Hitachi High-Technologies Corp.		(2,300	)		(143,096	)		(1.0	)
Idemitsu Kosan Co. Ltd.		(10,600	)		(311,590	)		(2.1	)
Kansai Electric Power Co., Inc. (The)		(1,900	)		(22,166	)		(0.2	)
KDDI Corp.		(5,300	)		(146,657	)		(1.0	)
Keyence Corp.		(200	)		(126,459	)		(0.9	)
Komatsu Ltd.		(3,000	)		(70,245	)		(0.5	)
Kose Corp.		(400	)		(70,918	)		(0.5	)
Kubota Corp.		(8,000	)		(127,066	)		(0.9	)
LINE Corp.		(14,700	)		(540,768	)		(3.7	)
Makita Corp.		(1,000	)		(33,631	)		(0.2	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 11

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
Japan (continued)
MINEBEA MITSUMI, Inc.		(4,400	)	$	(83,563	)		(0.6	)%
Mitsubishi Estate Co. Ltd.		(5,400	)		(104,843	)		(0.7	)
Mitsui Fudosan Co. Ltd.		(1,700	)		(43,491	)		(0.3	)
Murata Manufacturing Co. Ltd.		(5,400	)		(294,020	)		(2.0	)
Nexon Co. Ltd.		(14,300	)		(165,712	)		(1.1	)
Nidec Corp.		(1,300	)		(191,394	)		(1.3	)
Nintendo Co. Ltd.		(100	)		(36,679	)		(0.3	)
Nitori Holdings Co. Ltd.		(1,500	)		(228,317	)		(1.6	)
Obic Co. Ltd.		(1,200	)		(150,246	)		(1.0	)
Ono Pharmaceutical Co. Ltd.		(1,400	)		(26,372	)		(0.2	)
Pan Pacific International Holdings Corp.		(8,400	)		(132,227	)		(0.9	)
Panasonic Corp.		(7,600	)		(63,873	)		(0.4	)
Rakuten, Inc.		(16,700	)		(159,208	)		(1.1	)
Renesas Electronics Corp.		(22,200	)		(150,287	)		(1.0	)
Resona Holdings, Inc.		(12,700	)		(55,227	)		(0.4	)
Shimano, Inc.		(1,400	)		(233,031	)		(1.6	)
Shimizu Corp.		(7,600	)		(70,847	)		(0.5	)
Shin-Etsu Chemical Co. Ltd.		(900	)		(100,351	)		(0.7	)
Shiseido Co. Ltd.		(3,800	)		(313,302	)		(2.2	)
SMC Corp.		(200	)		(86,408	)		(0.6	)
SoftBank Group Corp.		(9,800	)		(376,971	)		(2.6	)
Subaru Corp.		(1,000	)		(28,657	)		(0.2	)
Sumitomo Metal Mining Co. Ltd.		(3,900	)		(130,454	)		(0.9	)
Sumitomo Realty & Development Co. Ltd.		(700	)		(25,409	)		(0.2	)
Sysmex Corp.		(1,700	)		(110,922	)		(0.8	)
T&D Holdings, Inc.		(14,100	)		(157,042	)		(1.1	)
Taisei Corp.		(3,800	)		(149,847	)		(1.0	)
Terumo Corp.		(100	)		(3,264	)		(0.0	)
Toshiba Corp.		(5,000	)		(170,981	)		(1.2	)
TOTO Ltd.		(1,600	)		(65,321	)		(0.4	)
Yaskawa Electric Corp.		(11,600	)		(441,238	)		(3.0	)
					(7,183,952	)
Luxembourg
ArcelorMittal		(37,730	)		(561,007	)		(3.9	)
Eurofins Scientific SE		(608	)		(308,253	)		(2.1	)
SES SA, FDR		(5,634	)		(109,215	)		(0.7	)
					(978,475	)
Mexico
Fresnillo plc		(11,340	)		(104,768	)		(0.7	)
Netherlands
ABN AMRO Bank NV, CVA		(8,520	)		(158,813	)		(1.1	)
Aegon NV		(7,790	)		(33,796	)		(0.2	)
					(192,609	)
Norway
Mowi ASA		(13,682	)		(334,005	)		(2.3	)
Norsk Hydro ASA		(93,313	)		(329,727	)		(2.2	)
					(663,732	)
Russia
Evraz plc		(25,460	)		(121,494	)		(0.8	)
South Africa
Anglo American plc		(390	)		(10,037	)		(0.1	)
Mondi plc		(37,460	)		(776,692	)		(5.3	)
					(786,729	)
Spain
Amadeus IT Group SA		(3,780	)		(279,638	)		(1.9	)
Banco Santander SA		(48,852	)		(196,155	)		(1.3	)
Bankia SA		(43,160	)		(82,341	)		(0.6	)
CaixaBank SA		(79,930	)		(229,207	)		(1.6	)

	Shares			Value			% of Basket Value
Spain (continued)
Cellnex Telecom SA		(18,470	)	$	(796,960	)		(5.5	)%
Cia de Distribucion Integral Logista Holdings SA		(54	)		(1,132	)		(0.0	)
Ferrovial SA		(6,476	)		(191,063	)		(1.3	)
Grifols SA		(13,258	)		(427,711	)		(2.9	)
Industria de Diseno Textil SA		(5,120	)		(159,543	)		(1.1	)
Siemens Gamesa Renewable Energy SA		(39,617	)		(545,402	)		(3.7	)
					(2,909,152	)
Sweden
Electrolux AB		(4,220	)		(110,949	)		(0.8	)
Epiroc AB, Class A		(14,246	)		(160,513	)		(1.1	)
Hexagon AB, Class B		(7,583	)		(388,234	)		(2.7	)
Svenska Handelsbanken AB, Class A		(25,400	)		(254,909	)		(1.8	)
Swedbank AB, Class A		(8,600	)		(120,514	)		(0.8	)
					(1,035,119	)
Switzerland
ABB Ltd. (Registered)		(12,570	)		(263,970	)		(1.8	)
Baloise Holding AG (Registered)		(280	)		(51,787	)		(0.4	)
Chocoladefabriken Lindt & Spruengli AG		(10	)		(74,303	)		(0.5	)
Cie Financiere Richemont SA (Registered)		(3,246	)		(255,075	)		(1.8	)
Credit Suisse Group AG (Registered)		(42,359	)		(524,314	)		(3.6	)
EMS-Chemie Holding AG		(169	)		(105,878	)		(0.7	)
Givaudan SA (Registered)		(106	)		(311,421	)		(2.1	)
Julius Baer Group Ltd.		(1,868	)		(82,722	)		(0.6	)
Kuehne + Nagel International AG (Registered)		(310	)		(50,083	)		(0.3	)
Lonza Group AG (Registered)		(140	)		(50,461	)		(0.3	)
Partners Group Holding AG		(260	)		(203,180	)		(1.4	)
Sika AG (Registered)		(5,892	)		(1,012,873	)		(7.0	)
Straumann Holding AG (Registered)		(50	)		(44,674	)		(0.3	)
Swiss Re AG		(730	)		(76,569	)		(0.5	)
UBS Group AG (Registered)		(22,340	)		(264,398	)		(1.8	)
Vifor Pharma AG		(15	)		(2,362	)		(0.0	)
					(3,374,070	)
United Arab Emirates
NMC Health plc		(7,694	)		(218,099	)		(1.5	)
United Kingdom
AstraZeneca plc		(2,330	)		(227,215	)		(1.6	)
Barratt Developments plc		(25,730	)		(210,415	)		(1.4	)
Bunzl plc		(15,178	)		(394,852	)		(2.7	)
Centrica plc		(114,190	)		(107,461	)		(0.7	)
CNH Industrial NV		(10,271	)		(111,827	)		(0.8	)
Croda International plc		(3,213	)		(200,465	)		(1.4	)
Fiat Chrysler Automobiles NV		(8,540	)		(132,530	)		(0.9	)
Hargreaves Lansdown plc		(12,797	)		(293,861	)		(2.0	)
Imperial Brands plc		(1,470	)		(32,245	)		(0.2	)
International Consolidated Airlines Group SA		(18,010	)		(123,974	)		(0.9	)
Intertek Group plc		(4,183	)		(290,032	)		(2.0	)
Johnson Matthey plc		(2,650	)		(105,276	)		(0.7	)
M&G plc		(4,438	)		(12,291	)		(0.1	)
Micro Focus International plc		(2,360	)		(32,391	)		(0.2	)
National Grid plc		(36,131	)		(422,454	)		(2.9	)
Ocado Group plc		(21,820	)		(376,096	)		(2.6	)
Persimmon plc		(1,340	)		(39,525	)		(0.3	)
Prudential plc		(4,438	)		(77,518	)		(0.5	)
Reckitt Benckiser Group plc		(7,279	)		(563,261	)		(3.9	)

12

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United Kingdom (continued)
Rolls-Royce Holdings plc		(30,566	)	$	(281,261	)		(1.9	)%
Rolls-Royce International Ltd., Class C		(1,406,036	)		(1,821	)		(0.0	)
Royal Bank of Scotland Group plc		(124,220	)		(343,374	)		(2.4	)
RSA Insurance Group plc		(70,231	)		(475,133	)		(3.3	)
Smiths Group plc		(12,690	)		(265,267	)		(1.8	)
Spirax-Sarco Engineering plc		(3,760	)		(385,866	)		(2.7	)
SSE plc		(18,155	)		(302,028	)		(2.1	)
St James’s Place plc		(50,112	)		(675,914	)		(4.6	)
Standard Life Aberdeen plc		(51,850	)		(203,857	)		(1.4	)
Taylor Wimpey plc		(215,798	)		(462,823	)		(3.2	)
Whitbread plc		(2,825	)		(148,699	)		(1.0	)
					(7,299,732	)
United States
3M Co.		(4,146	)		(684,049	)		(4.7	)
Abbott Laboratories		(2,350	)		(196,484	)		(1.3	)
ABIOMED, Inc.		(970	)		(201,353	)		(1.4	)
Alaska Air Group, Inc.		(3,408	)		(236,617	)		(1.6	)
Albemarle Corp.		(1,846	)		(112,126	)		(0.8	)
Alliance Data Systems Corp.		(1,020	)		(102,000	)		(0.7	)
Alnylam Pharmaceuticals, Inc.		(10,706	)		(928,638	)		(6.4	)
Altria Group, Inc.		(5,276	)		(236,312	)		(1.6	)
American Airlines Group, Inc.		(8,530	)		(256,412	)		(1.8	)
American International Group, Inc.		(14,602	)		(773,322	)		(5.3	)
Apache Corp.		(21,470	)		(465,040	)		(3.2	)
Apple, Inc.		(560	)		(139,306	)		(1.0	)
Aqua America, Inc.		(17,431	)		(790,147	)		(5.4	)
Aramark		(4,250	)		(185,980	)		(1.3	)
Arconic, Inc.		(15,673	)		(430,537	)		(3.0	)
Arista Networks, Inc.		(1,866	)		(456,368	)		(3.1	)
Arthur J Gallagher & Co.		(5,202	)		(474,526	)		(3.3	)
Assurant, Inc.		(449	)		(56,605	)		(0.4	)
AT&T, Inc.		(7,270	)		(279,822	)		(1.9	)
Avangrid, Inc.		(2,860	)		(143,143	)		(1.0	)
Baker Hughes Co.		(10,423	)		(223,052	)		(1.5	)
Ball Corp.		(2,553	)		(178,633	)		(1.2	)
Bank of New York Mellon Corp. (The)		(5,360	)		(250,580	)		(1.7	)
Bausch Health Cos., Inc.		(5,430	)		(134,881	)		(0.9	)
BB&T Corp.		(2,120	)		(112,466	)		(0.8	)
Becton Dickinson and Co.		(1,759	)		(450,304	)		(3.1	)
BioMarin Pharmaceutical, Inc.		(4,133	)		(302,577	)		(2.1	)
Bio-Techne Corp.		(806	)		(167,785	)		(1.2	)
Black Knight, Inc.		(1,650	)		(105,930	)		(0.7	)
Bluebird Bio, Inc.		(3,298	)		(267,138	)		(1.8	)
Boeing Co. (The)		(510	)		(173,354	)		(1.2	)
Boston Scientific Corp.		(3,418	)		(142,531	)		(1.0	)
Brown-Forman Corp., Class B		(2,323	)		(152,203	)		(1.0	)
Caesars Entertainment Corp.		(34,790	)		(427,221	)		(2.9	)
CarMax, Inc.		(690	)		(64,287	)		(0.4	)
Carnival Corp.		(560	)		(24,018	)		(0.2	)
Caterpillar, Inc.		(2,621	)		(361,174	)		(2.5	)
Cboe Global Markets, Inc.		(3,718	)		(428,128	)		(2.9	)
Centene Corp.		(4,308	)		(228,669	)		(1.6	)
CenturyLink, Inc.		(20,560	)		(266,046	)		(1.8	)
Ceridian HCM Holding, Inc.		(6,020	)		(290,465	)		(2.0	)
Charles Schwab Corp. (The)		(2,553	)		(103,933	)		(0.7	)
Charter Communications, Inc., Class A		(402	)		(188,080	)		(1.3	)
Cheniere Energy, Inc.		(2,394	)		(147,351	)		(1.0	)
Chipotle Mexican Grill, Inc.		(430	)		(334,609	)		(2.3	)
Church & Dwight Co., Inc.		(1,596	)		(111,624	)		(0.8	)
Cigna Corp.		(2,320	)		(414,027	)		(2.8	)
Clorox Co. (The)		(620	)		(91,568	)		(0.6	)

	Shares			Value			% of Basket Value
United States (continued)
CME Group, Inc.		(1,782	)	$	(366,647	)		(2.5	)%
Coca-Cola Co. (The)		(4,040	)		(219,897	)		(1.5	)
Cognex Corp.		(5,303	)		(273,051	)		(1.9	)
Cognizant Technology Solutions Corp., Class A		(2,896	)		(176,482	)		(1.2	)
Conagra Brands, Inc.		(19,550	)		(528,828	)		(3.6	)
Concho Resources, Inc.		(5,771	)		(389,658	)		(2.7	)
Constellation Brands, Inc., Class A		(885	)		(168,442	)		(1.2	)
Continental Resources, Inc.		(8,248	)		(243,069	)		(1.7	)
CoStar Group, Inc.		(180	)		(98,914	)		(0.7	)
Credit Acceptance Corp.		(160	)		(70,050	)		(0.5	)
Crown Holdings, Inc.		(3,739	)		(272,349	)		(1.9	)
Deere & Co.		(3,801	)		(661,906	)		(4.5	)
DENTSPLY SIRONA, Inc.		(3,365	)		(184,335	)		(1.3	)
DexCom, Inc.		(560	)		(86,374	)		(0.6	)
Diamondback Energy, Inc.		(3,507	)		(300,760	)		(2.1	)
DISH Network Corp., Class A		(4,870	)		(167,431	)		(1.2	)
DocuSign, Inc.		(1,720	)		(113,847	)		(0.8	)
Dominion Energy, Inc.		(3,238	)		(267,297	)		(1.8	)
DR Horton, Inc.		(2,969	)		(155,487	)		(1.1	)
Duke Energy Corp.		(710	)		(66,925	)		(0.5	)
DuPont de Nemours, Inc.		(5,469	)		(360,462	)		(2.5	)
DXC Technology Co.		(16,560	)		(458,215	)		(3.1	)
East West Bancorp, Inc.		(1,210	)		(51,933	)		(0.4	)
Edison International		(2,560	)		(161,024	)		(1.1	)
Equifax, Inc.		(5,569	)		(761,338	)		(5.2	)
Erie Indemnity Co., Class A		(150	)		(27,641	)		(0.2	)
Everest Re Group Ltd.		(600	)		(154,254	)		(1.1	)
Eversource Energy		(1,305	)		(109,281	)		(0.7	)
Exact Sciences Corp.		(2,538	)		(220,806	)		(1.5	)
Exxon Mobil Corp.		(1,740	)		(117,572	)		(0.8	)
Ferguson plc		(3,400	)		(290,337	)		(2.0	)
Fidelity National Information Services, Inc.		(2,490	)		(328,082	)		(2.3	)
First Republic Bank		(2,612	)		(277,812	)		(1.9	)
FirstEnergy Corp.		(450	)		(21,744	)		(0.1	)
Fiserv, Inc.		(2,872	)		(304,834	)		(2.1	)
Flowserve Corp.		(1,388	)		(67,790	)		(0.5	)
Fortive Corp.		(2,940	)		(202,860	)		(1.4	)
Franklin Resources, Inc.		(4,500	)		(123,975	)		(0.9	)
Freeport-McMoRan, Inc.		(39,905	)		(391,867	)		(2.7	)
Gartner, Inc.		(3,368	)		(518,941	)		(3.6	)
General Electric Co.		(40,934	)		(408,521	)		(2.8	)
Guidewire Software, Inc.		(5,818	)		(655,921	)		(4.5	)
Halliburton Co.		(10,797	)		(207,842	)		(1.4	)
Herbalife Nutrition Ltd.		(870	)		(38,863	)		(0.3	)
Hess Corp.		(1,840	)		(120,980	)		(0.8	)
Hormel Foods Corp.		(16,484	)		(674,031	)		(4.6	)
Humana, Inc.		(370	)		(108,854	)		(0.7	)
Huntington Bancshares, Inc.		(26,140	)		(369,358	)		(2.5	)
Huntington Ingalls Industries, Inc.		(470	)		(106,060	)		(0.7	)
IAC/InterActiveCorp.		(140	)		(31,815	)		(0.2	)
Illumina, Inc.		(530	)		(156,626	)		(1.1	)
Intel Corp.		(2,140	)		(120,974	)		(0.8	)
International Flavors & Fragrances, Inc.		(3,700	)		(451,437	)		(3.1	)
Intuitive Surgical, Inc.		(100	)		(55,295	)		(0.4	)
IPG Photonics Corp.		(2,600	)		(349,128	)		(2.4	)
Jack Henry & Associates, Inc.		(1,130	)		(159,963	)		(1.1	)
Jacobs Engineering Group, Inc.		(1,944	)		(181,920	)		(1.2	)
James Hardie Industries plc, CDI		(4,510	)		(77,456	)		(0.5	)
Kellogg Co.		(8,920	)		(566,688	)		(3.9	)
Keurig Dr Pepper, Inc.		(10,559	)		(297,341	)		(2.0	)
KeyCorp		(16,171	)		(290,593	)		(2.0	)
Kinder Morgan, Inc.		(6,736	)		(134,585	)		(0.9	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 13

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Kohl’s Corp.		(1,000)	$	(51,260)		(0.4	)%
Kraft Heinz Co. (The)		(26,350)		(851,896)		(5.9	)
Kroger Co. (The)		(2,710)		(66,774)		(0.5	)
L Brands, Inc.		(7,726)		(131,651)		(0.9	)
Laboratory Corp. of America Holdings		(134)		(22,079)		(0.2	)
Las Vegas Sands Corp.		(520)		(32,157)		(0.2	)
Lennar Corp., Class A		(8,649)		(515,480)		(3.5	)
Liberty Broadband Corp., Class C		(1,720)		(203,080)		(1.4	)
Live Nation Entertainment, Inc.		(2,448)		(172,584)		(1.2	)
Marathon Petroleum Corp.		(7,617)		(487,107)		(3.3	)
Markel Corp.		(341)		(399,311)		(2.7	)
Marsh & McLennan Cos., Inc.		(2,140)		(221,747)		(1.5	)
Martin Marietta Materials, Inc.		(1,407)		(368,507)		(2.5	)
Marvell Technology Group Ltd.		(5,549)		(135,340)		(0.9	)
McCormick & Co., Inc. (Non-Voting)		(2,313)		(371,676)		(2.6	)
MGM Resorts International		(12,101)		(344,879)		(2.4	)
Middleby Corp. (The)		(1,320)		(159,654)		(1.1	)
Mohawk Industries, Inc.		(3,076)		(441,037)		(3.0	)
Molina Healthcare, Inc.		(930)		(109,405)		(0.8	)
Molson Coors Brewing Co., Class B		(1,640)		(86,461)		(0.6	)
Moody’s Corp.		(520)		(114,759)		(0.8	)
Mosaic Co. (The)		(2,861)		(56,877)		(0.4	)
Netflix, Inc.		(2,252)		(647,247)		(4.4	)
Neurocrine Biosciences, Inc.		(380)		(37,806)		(0.3	)
Newell Brands, Inc.		(11,729)		(222,499)		(1.5	)
NextEra Energy, Inc.		(400)		(95,336)		(0.7	)
NiSource, Inc.		(9,900)		(277,596)		(1.9	)
Noble Energy, Inc.		(20,474)		(394,329)		(2.7	)
Nordson Corp.		(1,649)		(258,580)		(1.8	)
NVIDIA Corp.		(600)		(120,612)		(0.8	)
Okta, Inc.		(3,430)		(374,110)		(2.6	)
Owens Corning		(1,940)		(118,883)		(0.8	)
Packaging Corp. of America		(380)		(41,595)		(0.3	)
Paycom Software, Inc.		(359)		(75,939)		(0.5	)
PerkinElmer, Inc.		(2,637)		(226,677)		(1.6	)
Pilgrim’s Pride Corp.		(7,550)		(229,218)		(1.6	)
Pioneer Natural Resources Co.		(2,218)		(272,858)		(1.9	)
Pool Corp.		(230)		(47,702)		(0.3	)
Post Holdings, Inc.		(3,032)		(311,993)		(2.1	)
PPL Corp.		(3,530)		(118,220)		(0.8	)
PRA Health Sciences, Inc.		(1,320)		(128,977)		(0.9	)
Prudential Financial, Inc.		(1,550)		(141,267)		(1.0	)
PTC, Inc.		(3,820)		(255,596)		(1.8	)
PVH Corp.		(710)		(61,884)		(0.4	)
QIAGEN NV		(3,960)		(119,113)		(0.8	)
QUALCOMM, Inc.		(560)		(45,046)		(0.3	)
ResMed, Inc.		(2,622)		(387,846)		(2.7	)
RingCentral, Inc., Class A		(680)		(109,834)		(0.8	)
Rollins, Inc.		(5,490)		(209,224)		(1.4	)
RPM International, Inc.		(2,510)		(181,799)		(1.2	)
S&P Global, Inc.		(370)		(95,456)		(0.7	)
Sabre Corp.		(8,010)		(188,075)		(1.3	)
Sage Therapeutics, Inc.		(1,321)		(179,194)		(1.2	)
salesforce.com, Inc.		(240)		(37,558)		(0.3	)
Santander Consumer USA Holdings, Inc.		(980)		(24,578)		(0.2	)
Sarepta Therapeutics, Inc.		(1,139)		(94,605)		(0.6	)
Schlumberger Ltd.		(16,380)		(535,462)		(3.7	)
Seattle Genetics, Inc.		(7,513)		(806,896)		(5.5	)
Sempra Energy		(929)		(134,250)		(0.9	)
Service Corp. International		(1,380)		(62,762)		(0.4	)
Signature Bank		(320)		(37,862)		(0.3	)
Sirius XM Holdings, Inc.		(3,800)		(25,536)		(0.2	)
Skyworks Solutions, Inc.		(1,050)		(95,613)		(0.7	)

	Shares		Value		% of Basket Value
United States (continued)
Splunk, Inc.		(560)	$	(67,178)		(0.5	)%
Sprint Corp.		(18,240)		(113,270)		(0.8	)
Square, Inc., Class A		(5,610)		(344,622)		(2.4	)
Stanley Black & Decker, Inc.		(3,238)		(490,007)		(3.4	)
State Street Corp.		(7,215)		(476,695)		(3.3	)
SVB Financial Group		(515)		(114,062)		(0.8	)
Symantec Corp.		(13,441)		(307,530)		(2.1	)
Take-Two Interactive Software, Inc.		(783)		(94,234)		(0.6	)
Tapestry, Inc.		(2,940)		(76,028)		(0.5	)
Targa Resources Corp.		(14,309)		(556,334)		(3.8	)
TD Ameritrade Holding Corp.		(660)		(25,331)		(0.2	)
Teleflex, Inc.		(908)		(315,448)		(2.2	)
Tiffany & Co.		(2,863)		(356,472)		(2.4	)
TransUnion		(3,348)		(276,612)		(1.9	)
Travelers Cos., Inc. (The)		(330)		(43,250)		(0.3	)
Trimble, Inc.		(1,744)		(69,481)		(0.5	)
Twilio, Inc., Class A		(2,910)		(280,990)		(1.9	)
Twitter, Inc.		(4,345)		(130,220)		(0.9	)
Tyler Technologies, Inc.		(1,440)		(386,669)		(2.7	)
Tyson Foods, Inc., Class A		(1,690)		(139,915)		(1.0	)
Vail Resorts, Inc.		(306)		(71,105)		(0.5	)
Wabtec Corp.		(5,641)		(391,316)		(2.7	)
Walgreens Boots Alliance, Inc.		(1,270)		(69,571)		(0.5	)
Walt Disney Co. (The)		(6,223)		(808,492)		(5.6	)
Wayfair, Inc., Class A		(6,503)		(534,742)		(3.7	)
WellCare Health Plans, Inc.		(675)		(200,205)		(1.4	)
Wells Fargo & Co.		(4,003)		(206,675)		(1.4	)
Western Digital Corp.		(3,063)		(158,204)		(1.1	)
Westlake Chemical Corp.		(7,330)		(463,183)		(3.2	)
WEX, Inc.		(979)		(185,207)		(1.3	)
Whirlpool Corp.		(570)		(86,708)		(0.6	)
Williams Cos., Inc. (The)		(25,157)		(561,253)		(3.9	)
Workday, Inc., Class A		(1,527)		(247,618)		(1.7	)
WRKCo, Inc.		(3,826)		(142,978)		(1.0	)
Wynn Resorts Ltd.		(1,002)		(121,583)		(0.8	)
Xylem, Inc.		(4,874)		(373,787)		(2.6	)
Zayo Group Holdings, Inc.		(2,270)		(77,498)		(0.5	)
Zendesk, Inc.		(109)		(7,701)		(0.1	)
Zimmer Biomet Holdings, Inc.		(480)		(66,350)		(0.5	)
				(51,230,067)
Total Reference Entity — Short				(98,232,198)
Net Value of Reference Entity — Bank of America NA			$	14,551,673

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 October 31, 2019, expiration dates 02/24/23 - 02/27/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
AGL Energy Ltd.		1,480		20,203		0.1
Aristocrat Leisure Ltd.		12,490		272,345		1.9
ASX Ltd.		1,260		71,520		0.5
Aurizon Holdings Ltd.		190,900		776,627		5.4
BHP Group Ltd.		20,057		491,646		3.4
BHP Group plc		23,440		497,175		3.5
Cochlear Ltd.		950		138,596		1.0
CSL Ltd.		280		49,380		0.4
Newcrest Mining Ltd.		11,880		259,321		1.8
Qantas Airways Ltd.		8,520		37,685		0.3

14

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Australia (continued)
QBE Insurance Group Ltd.		9,568	$	83,245		0.6	%
Rio Tinto Ltd.		10,306		644,465		4.5
Rio Tinto plc		860		44,773		0.3
Santos Ltd.		5,990		33,505		0.2
Suncorp Group Ltd.		7,787		72,298		0.5
Telstra Corp. Ltd.		59,045		142,207		1.0
Treasury Wine Estates Ltd.		2,870		34,793		0.2
Woolworths Group Ltd.		22,390		577,352		4.0
			4,247,136
Austria
Erste Group Bank AG		1,890		66,845		0.5
OMV AG		7,552		441,502		3.1
			508,347
Belgium
Ageas		3,718		214,420		1.5
Colruyt SA		670		37,243		0.3
Groupe Bruxelles Lambert SA		4,136		415,486		2.9
KBC Group NV		1,210		85,080		0.6
UCB SA		691		55,694		0.4
			807,923
Canada
Bank of Montreal		9,610		711,392		5.0
BCE, Inc.		9,103		431,824		3.0
Canadian Imperial Bank of Commerce		2,717		231,680		1.6
Canadian Natural Resources Ltd.		104		2,622		0.0
Canadian Pacific Railway Ltd.		1,370		311,540		2.2
Canadian Tire Corp. Ltd., Class A		1,230		132,600		0.9
CGI, Inc.		8,505		661,105		4.6
Fortis, Inc.		1,530		63,565		0.4
Hydro One Ltd.		11,870		220,709		1.5
Imperial Oil Ltd.		6,868		171,035		1.2
Magna International, Inc.		721		38,768		0.3
Manulife Financial Corp.		8,100		150,856		1.0
National Bank of Canada		19,049		983,762		6.9
Nutrien Ltd.		2,240		107,050		0.7
Power Financial Corp.		2,090		48,874		0.3
Rogers Communications, Inc., Class B		2,050		96,515		0.7
Royal Bank of Canada		1,380		111,314		0.8
Sun Life Financial, Inc.		2,020		90,625		0.6
Suncor Energy, Inc.		10,519		312,751		2.2
TELUS Corp.		6,831		242,983		1.7
Thomson Reuters Corp.		1,001		67,327		0.5
Toronto-Dominion Bank (The)		940		53,677		0.4
			5,242,574
China
BOC Hong Kong Holdings Ltd.		140,500		482,706		3.4
Denmark
Carlsberg A/S, Class B		4,202		591,743		4.1
Demant A/S		3,350		88,491		0.6
GN Store Nord A/S		8,731		384,103		2.7
Tryg A/S		7,891		220,562		1.5
			1,284,899
Finland
Fortum OYJ		1,740		42,521		0.3
Neste OYJ		3,417		123,465		0.9
UPM-Kymmene OYJ		14,462		471,020		3.3
				637,006

	Shares		Value		% of Basket Value
France
Air Liquide SA		473	$	62,891		0.4	%
Alstom SA		7,560		327,070		2.3
Arkema SA		322		32,953		0.2
Bouygues SA		373		15,822		0.1
Bureau Veritas SA		3,800		97,153		0.7
Capgemini SE		760		85,675		0.6
Carrefour SA		1,750		29,795		0.2
Cie de Saint-Gobain		5,160		210,156		1.5
Danone SA		2,767		229,222		1.6
Dassault Systemes SE		1,979		300,564		2.1
Eiffage SA		3,428		368,188		2.6
Hermes International		440		316,955		2.2
Kering SA		290		165,009		1.1
Legrand SA		1,943		151,795		1.1
Orange SA		6,429		103,472		0.7
Pernod Ricard SA		220		40,641		0.3
Peugeot SA		1,060		26,846		0.2
Safran SA		1,410		223,330		1.5
Sanofi		1,580		145,656		1.0
Schneider Electric SE		1,713		159,207		1.1
Suez		5,320		82,979		0.6
TOTAL SA		3,712		196,247		1.4
Veolia Environnement SA		7,497		197,349		1.4
Vinci SA		1,111		124,650		0.9
Vivendi SA		7,930		220,832		1.5
			3,914,457
Germany
adidas AG		1,939		598,707		4.2
Allianz SE (Registered)		1,583		386,605		2.7
BASF SE		1,650		125,432		0.9
Brenntag AG		3,920		196,471		1.4
Deutsche Telekom AG (Registered)		16,404		288,638		2.0
Evonik Industries AG		5,163		136,065		1.0
Hannover Rueck SE		2,300		407,569		2.8
HeidelbergCement AG		2,497		185,123		1.3
HOCHTIEF AG		3,441		429,929		3.0
Knorr-Bremse AG		948		95,675		0.7
LEG Immobilien AG		675		77,533		0.5
Merck KGaA		882		105,193		0.7
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		3,407		946,600		6.6
Volkswagen AG (Preference)		1,545		293,713		2.1
			4,273,253
Hong Kong
CK Asset Holdings Ltd.		5,000		34,789		0.3
CLP Holdings Ltd.		8,500		88,276		0.6
Henderson Land Development Co. Ltd.		69,000		344,626		2.4
Sun Hung Kai Properties Ltd.		11,500		174,263		1.2
			641,954
Italy
Assicurazioni Generali SpA		5,605		113,655		0.8
Eni SpA		33,795		512,704		3.6
Ferrari NV		1,490		238,634		1.7
Mediobanca Banca di Credito Finanziario SpA		10,890		129,497		0.9
Moncler SpA		1,625		62,707		0.4
Snam SpA		32,960		169,214		1.2
			1,226,411
Japan
AGC, Inc.		4,700		165,252		1.2
Ajinomoto Co., Inc.		11,700		222,443		1.6

CONSOLIDATED SCHEDULE OF INVESTMENTS 15

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Japan (continued)
Asahi Group Holdings Ltd.		3,000	$	150,232		1.0	%
Astellas Pharma, Inc.		3,100		53,204		0.4
Bridgestone Corp.		4,000		166,200		1.2
Canon, Inc.		10,700		293,605		2.0
Denso Corp.		3,100		143,933		1.0
East Japan Railway Co.		3,400		308,656		2.2
FUJIFILM Holdings Corp.		5,800		254,633		1.8
Honda Motor Co. Ltd.		5,400		146,092		1.0
Hoya Corp.		700		61,864		0.4
Inpex Corp.		4,800		44,374		0.3
Isuzu Motors Ltd.		300		3,486		0.0
ITOCHU Corp.		6,600		137,992		1.0
Japan Tobacco, Inc.		1,200		27,123		0.2
Kyocera Corp.		2,400		157,456		1.1
Marubeni Corp.		19,000		133,723		0.9
Mazda Motor Corp.		7,300		67,016		0.5
MEIJI Holdings Co. Ltd.		5,600		403,636		2.8
Mitsubishi Chemical Holdings Corp.		32,600		248,452		1.7
Mitsubishi Corp.		4,300		109,368		0.8
Mitsubishi Electric Corp.		2,800		40,005		0.3
Mitsubishi Heavy Industries Ltd.		5,100		206,394		1.4
Mitsubishi UFJ Financial Group, Inc.		53,800		278,915		1.9
Mitsui & Co. Ltd.		12,100		207,805		1.5
Mizuho Financial Group, Inc.		74,000		114,883		0.8
MS&AD Insurance Group Holdings, Inc.		11,800		381,037		2.7
NEC Corp.		700		27,741		0.2
Nissan Motor Co. Ltd.		500		3,155		0.0
NTT Data Corp.		5,100		66,967		0.5
Olympus Corp.		2,700		36,737		0.3
Omron Corp.		1,300		76,052		0.5
ORIX Corp.		11,300		177,578		1.2
Otsuka Holdings Co. Ltd.		800		33,352		0.2
Ricoh Co. Ltd.		10,000		89,056		0.6
Secom Co. Ltd.		5,800		537,448		3.7
Sekisui House Ltd.		1,800		38,816		0.3
Seven & i Holdings Co. Ltd.		11,800		445,808		3.1
Shimadzu Corp.		1,300		34,718		0.2
Shionogi & Co. Ltd.		1,100		66,025		0.5
Sompo Holdings, Inc.		1,100		43,237		0.3
Sumitomo Chemical Co. Ltd.		83,000		379,674		2.6
Sumitomo Corp.		29,700		482,399		3.4
Sumitomo Electric Industries Ltd.		10,200		139,880		1.0
Sumitomo Mitsui Financial Group, Inc.		11,200		397,636		2.8
Sumitomo Mitsui Trust Holdings, Inc.		1,900		69,246		0.5
Tokio Marine Holdings, Inc.		1,600		86,505		0.6
Tokyo Electron Ltd.		1,000		202,599		1.4
Toyota Motor Corp.		500		34,690		0.2
Trend Micro, Inc.		1,500		75,711		0.5
West Japan Railway Co.		2,000		173,781		1.2
Yamaha Corp.		3,300		153,679		1.1
			8,400,269
Luxembourg
Tenaris SA		19,540		198,231		1.4
Macau
Sands China Ltd.		43,200		212,787		1.5
Netherlands
Akzo Nobel NV		8,046		741,789		5.2
ING Groep NV		15,760		178,458		1.2
Koninklijke DSM NV		2,840		337,074		2.4
Koninklijke Philips NV		3,606		158,210		1.1
NN Group NV		7,920		302,203		2.1

	Shares		Value		% of Basket Value
Netherlands (continued)
Randstad NV		1,609	$	89,295		0.6	%
Royal Dutch Shell plc, Class A		20,256		587,183		4.1
Wolters Kluwer NV		4,374		322,158		2.2
			2,716,370
Norway
DNB ASA		24,576		447,462		3.1
Equinor ASA		23,879		443,330		3.1
Orkla ASA		14,370		138,122		1.0
Telenor ASA		4,392		82,200		0.6
Yara International ASA		1,530		59,603		0.4
			1,170,717
Portugal
Galp Energia SGPS SA		6,580		105,246		0.8
Singapore
Singapore Telecommunications Ltd.		79,500		192,514		1.3
United Overseas Bank Ltd.		5,000		98,437		0.7
			290,951
South Korea
Hana Financial Group, Inc.		19,059		551,807		3.8
Hyundai Mobis Co. Ltd.		970		197,816		1.4
KB Financial Group, Inc.		4,794		172,581		1.2
Kia Motors Corp.		1,215		44,405		0.3
KT&G Corp.		1,350		115,886		0.8
LG Electronics, Inc.		2,100		120,349		0.8
LG Household & Health Care Ltd.		266		287,838		2.0
NCSoft Corp.		132		58,581		0.4
POSCO		2,396		434,744		3.0
Samsung Electronics Co. Ltd.		910		39,330		0.3
Samsung Electronics Co. Ltd. (Preference)		6,900		242,886		1.7
Shinhan Financial Group Co. Ltd.		5,742		209,210		1.5
SK Telecom Co. Ltd.		1,819		371,797		2.6
			2,847,230
Spain
ACS Actividades de Construccion y Servicios SA		3,548		143,971		1.0
Aena SME SA		1,132		207,792		1.5
Repsol SA		39,454		650,191		4.5
Telefonica SA		51,390		394,638		2.8
			1,396,592
Sweden
Atlas Copco AB, Class B		10,211		316,830		2.2
Essity AB, Class B		3,050		95,284		0.7
Investor AB, Class B		9,710		498,166		3.5
Kinnevik AB, Class B		2,098		57,417		0.4
Lundin Petroleum AB		10,660		353,039		2.5
Sandvik AB		21,335		376,932		2.6
Skandinaviska Enskilda Banken AB, Class A		2,529		24,256		0.2
SKF AB, Class B		4,472		80,971		0.6
Swedish Match AB		3,847		180,726		1.2
Telia Co. AB		2,623		11,538		0.1
Volvo AB, Class B		32,697		489,990		3.4
			2,485,149
Switzerland
Adecco Group AG (Registered)		1,650		98,086		0.7
Coca-Cola HBC AG		6,900		210,096		1.5
LafargeHolcim Ltd. (Registered)		3,850		198,731		1.4
Logitech International SA (Registered)		4,818		197,765		1.4

16

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Switzerland (continued)
Novartis AG (Registered)		1,160	$	101,355		0.7	%
Roche Holding AG		2,160		650,065		4.5
Schindler Holding AG		920		225,397		1.6
Sonova Holding AG (Registered)		810		185,877		1.3
STMicroelectronics NV		9,000		204,267		1.4
Swatch Group AG (The)		1,360		377,099		2.6
Swiss Life Holding AG (Registered)		347		173,784		1.2
Temenos AG (Registered)		550		78,689		0.5
Zurich Insurance Group AG		1,387		543,288		3.8
				3,244,499
Taiwan
Chunghwa Telecom Co. Ltd.		286,000		1,053,185		7.3
Taiwan Cement Corp.		40,000		53,106		0.4
Taiwan Semiconductor Manufacturing Co. Ltd.		118,000		1,156,377		8.1
				2,262,668
United Kingdom
3i Group plc		7,200		105,213		0.7
Admiral Group plc		3,110		81,394		0.6
Ashtead Group plc		2,380		72,461		0.5
Associated British Foods plc		11,476		331,252		2.3
Aviva plc		19,070		102,788		0.7
BAE Systems plc		4,710		35,182		0.3
Berkeley Group Holdings plc		6,582		375,170		2.6
BP plc		117,098		742,561		5.2
BT Group plc		31,030		82,349		0.6
Compass Group plc		9,612		255,911		1.8
DCC plc		776		72,773		0.5
Diageo plc		13,582		555,925		3.9
Experian plc		4,703		148,245		1.0
GlaxoSmithKline plc		6,057		138,735		1.0
Halma plc		12,603		305,817		2.1
HSBC Holdings plc		39,620		299,334		2.1
Informa plc		17,760		178,510		1.2
InterContinental Hotels Group plc		10,476		633,952		4.4
Lloyds Banking Group plc		268,077		197,199		1.4
Pearson plc		12,050		106,421		0.7
RELX plc		6,522		157,020		1.1
Rightmove plc		42,700		331,445		2.3
Sage Group plc (The)		26,465		246,657		1.7
Schroders plc		5,940		238,131		1.7
Severn Trent plc		1,110		32,423		0.2
Smith & Nephew plc		31,456		675,247		4.7
Standard Chartered plc		14,000		127,035		0.9
Tesco plc		38,450		117,371		0.8
Unilever plc		1,099		65,807		0.5
United Utilities Group plc		11,273		127,290		0.9
WPP plc		20,434		255,007		1.8
				7,194,625
United States
AbbVie, Inc.		41		3,262		0.0
Adobe, Inc.		110		30,572		0.2
Advance Auto Parts, Inc.		177		28,759		0.2
AES Corp.		7,715		131,541		0.9
Aflac, Inc.		7,088		376,798		2.6
Agilent Technologies, Inc.		2,767		209,600		1.5
AGNC Investment Corp.		21,402		364,904		2.5
Air Products & Chemicals, Inc.		1,560		332,686		2.3
Akamai Technologies, Inc.		6,506		562,769		3.9
Alexion Pharmaceuticals, Inc.		1,710		180,234		1.3
Alliant Energy Corp.		2,080		110,947		0.8
Allstate Corp. (The)		3,415		363,424		2.5
Ally Financial, Inc.		28,568		875,038		6.1

	Shares		Value		% of Basket Value
United States (continued)
Alphabet, Inc., Class A		26	$	32,729		0.2	%
Amdocs Ltd.		5,760		375,552		2.6
Ameren Corp.		4,948		384,460		2.7
American Electric Power Co., Inc.		2,700		254,853		1.8
American Express Co.		2,985		350,081		2.4
American Financial Group, Inc.		2,234		232,425		1.6
Ameriprise Financial, Inc.		2,481		374,358		2.6
AmerisourceBergen Corp.		400		34,152		0.2
AMETEK, Inc.		7,021		643,475		4.5
Amgen, Inc.		4,668		995,451		6.9
ANSYS, Inc.		576		126,806		0.9
Anthem, Inc.		640		172,211		1.2
Applied Materials, Inc.		1,860		100,924		0.7
AptarGroup, Inc.		490		57,894		0.4
Arch Capital Group Ltd.		2,240		93,542		0.7
Aspen Technology, Inc.		5,076		584,298		4.1
Atmos Energy Corp.		930		104,606		0.7
Autodesk, Inc.		560		82,522		0.6
Automatic Data Processing, Inc.		4,418		716,732		5.0
AutoZone, Inc.		541		619,110		4.3
Avery Dennison Corp.		210		26,851		0.2
AXA Equitable Holdings, Inc.		5,381		116,230		0.8
Axalta Coating Systems Ltd.		3,154		93,011		0.7
Baxter International, Inc.		2,549		195,508		1.4
Best Buy Co., Inc.		4,172		299,675		2.1
Biogen, Inc.		5,857		1,749,544		12.2
Bio-Rad Laboratories, Inc., Class A		560		185,707		1.3
Booz Allen Hamilton Holding Corp.		4,554		320,465		2.2
Bright Horizons Family Solutions, Inc.		1,640		243,573		1.7
Bristol-Myers Squibb Co.		590		33,848		0.2
Cabot Oil & Gas Corp.		8,172		152,326		1.1
Cadence Design Systems, Inc.		16,919		1,105,657		7.7
Campbell Soup Co.		109		5,048		0.0
Capital One Financial Corp.		4,990		465,318		3.2
Cardinal Health, Inc.		660		32,637		0.2
Carlisle Cos., Inc.		410		62,431		0.4
CBRE Group, Inc., Class A		9,471		507,172		3.5
CBS Corp. (Non-Voting), Class B		940		33,878		0.2
CDK Global, Inc.		1,650		83,391		0.6
CDW Corp.		1,106		141,468		1.0
Celanese Corp.		3,833		464,368		3.2
Celgene Corp.		1,987		214,656		1.5
Cerner Corp.		2,750		184,580		1.3
CF Industries Holdings, Inc.		1,880		85,258		0.6
CH Robinson Worldwide, Inc.		747		56,503		0.4
Chevron Corp.		3,457		401,496		2.8
Cincinnati Financial Corp.		1,790		202,646		1.4
Cintas Corp.		1,372		368,615		2.6
Cisco Systems, Inc.		2,890		137,304		1.0
Citizens Financial Group, Inc.		5,767		202,768		1.4
Citrix Systems, Inc.		6,923		753,638		5.3
CMS Energy Corp.		3,160		201,987		1.4
Colgate-Palmolive Co.		1,789		122,725		0.9
Columbia Sportswear Co.		3,016		272,797		1.9
Comcast Corp., Class A		12,802		573,786		4.0
Comerica, Inc.		1,349		88,252		0.6
Commerce Bancshares, Inc.		2,561		164,826		1.2
ConocoPhillips		11,067		610,898		4.3
Consolidated Edison, Inc.		1,930		177,985		1.2
Copart, Inc.		1,790		147,926		1.0
Corning, Inc.		2,913		86,312		0.6
CSX Corp.		5,397		379,247		2.6
Cummins, Inc.		3,160		545,037		3.8
Darden Restaurants, Inc.		3,831		430,106		3.0

CONSOLIDATED SCHEDULE OF INVESTMENTS 17

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Delta Air Lines, Inc.		1,490	$	82,069		0.6	%
Devon Energy Corp.		3,170		64,288		0.4
Discover Financial Services		4,878		391,508		2.7
Dollar General Corp.		780		125,065		0.9
Dover Corp.		6,971		724,217		5.1
DTE Energy Co.		6,596		839,803		5.9
Dunkin’ Brands Group, Inc.		3,180		250,012		1.7
E*TRADE Financial Corp.		1,780		74,386		0.5
Eastman Chemical Co.		2,862		217,626		1.5
Eaton Corp. plc		2,289		199,395		1.4
eBay, Inc.		8,424		296,946		2.1
Ecolab, Inc.		140		26,890		0.2
Emerson Electric Co.		2,820		197,823		1.4
Encompass Health Corp.		1,167		74,711		0.5
Entergy Corp.		1,060		128,769		0.9
Estee Lauder Cos., Inc. (The), Class A		1,827		340,315		2.4
Expedia Group, Inc.		2,250		307,485		2.1
Expeditors International of Washington, Inc.		17,019		1,241,366		8.7
F5 Networks, Inc.		230		33,138		0.2
Fair Isaac Corp.		1,408		428,088		3.0
Fastenal Co.		6,118		219,881		1.5
Fifth Third Bancorp		9,107		264,832		1.8
FleetCor Technologies, Inc.		360		105,919		0.7
Ford Motor Co.		10,670		91,655		0.6
Fortinet, Inc.		339		27,649		0.2
Fortune Brands Home & Security, Inc.		1,360		81,668		0.6
Garmin Ltd.		5,267		493,781		3.4
General Mills, Inc.		340		17,292		0.1
General Motors Co.		760		28,242		0.2
Gilead Sciences, Inc.		7,531		479,800		3.3
Globe Life, Inc.		6,234		606,755		4.2
Graco, Inc.		9,681		437,581		3.1
HCA Healthcare, Inc.		3,191		426,126		3.0
HD Supply Holdings, Inc.		6,701		264,958		1.8
HEICO Corp., Class A		1,380		131,473		0.9
Henry Schein, Inc.		1,450		90,748		0.6
Hershey Co. (The)		741		108,831		0.8
Hewlett Packard Enterprise Co.		50,989		836,729		5.8
Hill-Rom Holdings, Inc.		2,263		236,913		1.7
Hilton Worldwide Holdings, Inc.		4,260		413,050		2.9
Hologic, Inc.		4,490		216,912		1.5
Home Depot, Inc. (The)		1,483		347,882		2.4
Honeywell International, Inc.		2,428		419,388		2.9
HP, Inc.		9,280		161,194		1.1
IDEX Corp.		3,250		505,473		3.5
IDEXX Laboratories, Inc.		908		258,789		1.8
Incyte Corp.		2,280		191,338		1.3
Ingersoll-Rand plc		5,343		677,973		4.7
International Paper Co.		3,064		133,836		0.9
Interpublic Group of Cos., Inc. (The)		10,445		227,179		1.6
Intuit, Inc.		2,333		600,747		4.2
Ionis Pharmaceuticals, Inc.		1,290		71,879		0.5
Johnson & Johnson		2,626		346,737		2.4
Jones Lang LaSalle, Inc.		180		26,374		0.2
JPMorgan Chase & Co.		380		47,470		0.3
Juniper Networks, Inc.		3,220		79,920		0.6
Kansas City Southern		480		67,574		0.5
Keysight Technologies, Inc.		1,150		116,047		0.8
L3Harris Technologies, Inc.		810		167,111		1.2
Lam Research Corp.		2,571		696,844		4.9
Lincoln National Corp.		4,370		246,818		1.7
Loews Corp.		5,630		275,870		1.9

	Shares		Value		% of Basket Value
United States (continued)
LPL Financial Holdings, Inc.		7,640	$	617,618		4.3	%
Lululemon Athletica, Inc.		1,088		222,246		1.6
LyondellBasell Industries NV, Class A		791		70,953		0.5
Marathon Oil Corp.		18,070		208,347		1.5
Masco Corp.		2,202		101,843		0.7
Masimo Corp.		1,050		153,080		1.1
Maxim Integrated Products, Inc.		5,124		300,574		2.1
McKesson Corp.		1,489		198,037		1.4
Medtronic plc		2,150		234,135		1.6
Merck & Co., Inc.		2,400		207,984		1.5
Mettler-Toledo International, Inc.		195		137,463		1.0
Microsoft Corp.		700		100,359		0.7
Mondelez International, Inc., Class A		9,326		489,149		3.4
Monster Beverage Corp.		960		53,885		0.4
Morgan Stanley		5,400		248,670		1.7
Motorola Solutions, Inc.		1,987		330,478		2.3
MSCI, Inc.		433		101,564		0.7
New Residential Investment Corp.		11,860		187,862		1.3
NIKE, Inc., Class B		4,760		426,258		3.0
Norfolk Southern Corp.		581		105,742		0.7
Norwegian Cruise Line Holdings Ltd.		3,390		172,076		1.2
NRG Energy, Inc.		3,910		156,869		1.1
NVR, Inc.		30		109,098		0.8
OGE Energy Corp.		5,128		220,812		1.5
Omnicom Group, Inc.		4,766		367,888		2.6
Oracle Corp.		2,113		115,137		0.8
O’Reilly Automotive, Inc.		260		113,233		0.8
PACCAR, Inc.		695		52,862		0.4
Parker-Hannifin Corp.		1,190		218,353		1.5
Paychex, Inc.		7,243		605,805		4.2
PayPal Holdings, Inc.		390		40,599		0.3
Pentair plc		8,878		368,171		2.6
PepsiCo, Inc.		265		36,350		0.3
Phillips 66		1,039		121,376		0.8
Pinnacle West Capital Corp.		1,786		168,098		1.2
PPG Industries, Inc.		1,090		136,381		1.0
Procter & Gamble Co. (The)		1,540		191,745		1.3
Progressive Corp. (The)		670		46,699		0.3
PulteGroup, Inc.		1,140		44,734		0.3
Qorvo, Inc.		3,348		270,719		1.9
Raymond James Financial, Inc.		340		28,387		0.2
Regeneron Pharmaceuticals, Inc.		194		59,418		0.4
Reinsurance Group of America, Inc.		1,691		274,737		1.9
Reliance Steel & Aluminum Co.		2,400		278,496		1.9
Republic Services, Inc.		2,020		176,770		1.2
Robert Half International, Inc.		4,846		277,530		1.9
Rockwell Automation, Inc.		1,144		196,757		1.4
Roper Technologies, Inc.		1,050		353,808		2.5
Royal Caribbean Cruises Ltd.		710		77,269		0.5
Royal Gold, Inc.		290		33,478		0.2
Sealed Air Corp.		2,690		112,361		0.8
SEI Investments Co.		2,680		160,586		1.1
ServiceNow, Inc.		1,492		368,912		2.6
Sherwin-Williams Co. (The)		70		40,062		0.3
Snap-on, Inc.		240		39,041		0.3
Sonoco Products Co.		3,400		196,180		1.4
Southern Co. (The)		2,150		134,719		0.9
Southwest Airlines Co.		2,236		125,507		0.9
Starbucks Corp.		2,435		205,904		1.4
STERIS plc		2,759		390,592		2.7
Stryker Corp.		962		208,052		1.5
Synchrony Financial		9,979		352,957		2.5
Synopsys, Inc.		1,927		261,590		1.8
Sysco Corp.		3,769		301,030		2.1

18

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
T Rowe Price Group, Inc.		3,230	$	374,034		2.6	%
Teledyne Technologies, Inc.		677		223,139		1.6
Teradyne, Inc.		13,270		812,389		5.7
Texas Instruments, Inc.		9,089		1,072,411		7.5
Thermo Fisher Scientific, Inc.		260		78,515		0.5
Tractor Supply Co.		5,661		537,908		3.8
Ulta Beauty, Inc.		140		32,641		0.2
Union Pacific Corp.		615		101,758		0.7
United Continental Holdings, Inc.		3,706		336,653		2.3
United Rentals, Inc.		260		34,728		0.2
US Bancorp		860		49,037		0.3
US Foods Holding Corp.		6,130		243,177		1.7
Varian Medical Systems, Inc.		1,226		148,113		1.0
VeriSign, Inc.		2,293		435,716		3.0
Vertex Pharmaceuticals, Inc.		2,260		441,785		3.1
VF Corp.		1,310		107,800		0.8
Viacom, Inc., Class B		6,736		145,228		1.0
Visa, Inc., Class A		2,127		380,435		2.7
Vistra Energy Corp.		3,240		87,577		0.6
Voya Financial, Inc.		15,523		837,621		5.8
Vulcan Materials Co.		300		42,861		0.3
Walmart, Inc.		1,441		168,972		1.2
Waste Management, Inc.		2,120		237,885		1.7
West Pharmaceutical Services, Inc.		862		123,990		0.9
WR Berkley Corp.		2,450		171,255		1.2
WW Grainger, Inc.		158		48,797		0.3
Xcel Energy, Inc.		2,700		171,477		1.2
Xerox Holdings Corp.		3,220		109,255		0.8
Xilinx, Inc.		390		35,389		0.2
Yum! Brands, Inc.		4,755		483,631		3.4
Zions Bancorp NA		5,755		278,945		1.9
Zoetis, Inc.		2,330		298,054		2.1
				61,283,878
Total Reference Entity — Long				117,075,878
Reference Entity — Short
Australia
Brambles Ltd.		(20,810)		(172,037)		(1.2	)
Commonwealth Bank of Australia		(3,810)		(206,579)		(1.4	)
Computershare Ltd.		(15,150)		(165,369)		(1.1	)
Insurance Australia Group Ltd.		(46,890)		(256,914)		(1.8	)
National Australia Bank Ltd.		(5,650)		(110,905)		(0.8	)
Oil Search Ltd.		(18,480)		(91,204)		(0.6	)
Ramsay Health Care Ltd.		(4,130)		(195,145)		(1.4	)
South32 Ltd.		(17,270)		(30,221)		(0.2	)
Sydney Airport		(13,180)		(79,824)		(0.6	)
Westpac Banking Corp.		(12,130)		(235,510)		(1.6	)
				(1,543,708)
Austria
Raiffeisen Bank International AG		(5,510)		(135,762)		(1.0	)
Belgium
Anheuser-Busch InBev SA/NV		(3,887)		(313,749)		(2.2	)
Proximus SADP		(7,190)		(220,954)		(1.6	)
				(534,703)
Canada
Alimentation Couche-Tard, Inc., Class B		(3,432)		(102,926)		(0.7	)
Barrick Gold Corp.		(23,143)		(401,762)		(2.8	)
Brookfield Asset Management, Inc., Class A		(830)		(45,858)		(0.3	)
Canadian National Railway Co.		(750)		(67,079)		(0.5	)
Cenovus Energy, Inc.		(5,770)		(49,153)		(0.3	)

	Shares		Value			% of Basket Value
Canada (continued)
Dollarama, Inc.		(5,460)	$	(183,686)			(1.3	)%
Enbridge, Inc.		(9,058)		(329,901)			(2.3	)
Fairfax Financial Holdings Ltd.		(180)		(76,258)			(0.5	)
Husky Energy, Inc.		(12,280)		(85,776)			(0.6	)
Intact Financial Corp.		(1,990)		(205,331)			(1.4	)
Inter Pipeline Ltd.		(19,330)		(324,490)			(2.3	)
Metro Inc/CN		(6,030)		(255,008)			(1.8	)
Pembina Pipeline Corp.		(2,424)		(85,340)			(0.6	)
Restaurant Brands International, Inc.		(1,050)		(68,712)			(0.5	)
Saputo, Inc.		(6,840)		(198,381)			(1.4	)
Shopify, Inc., Class A		(1,805)		(565,990)			(4.0	)
Teck Resources Ltd., Class B		(11,275)		(178,229)			(1.2	)
Wheaton Precious Metals Corp.		(2,250)		(63,070)			(0.4	)
				(3,286,950)
Denmark
Chr Hansen Holding A/S		(3,623)		(278,158)			(1.9	)
Danske Bank A/S		(8,770)		(125,328)			(0.9	)
DSV PANALPINA A/S		(900)		(87,470)			(0.6	)
H Lundbeck A/S		(2,210)		(75,517)			(0.5	)
Novozymes A/S, Class B		(950)		(44,783)			(0.3	)
Orsted A/S		(1,626)		(142,717)			(1.0	)
				(753,973)
Finland
Elisa OYJ		(550)		(30,039)			(0.2	)
Nokia OYJ		(101,320)		(371,947)			(2.6	)
Nordea Bank Abp		(7,126)		(52,154)			(0.4	)
Stora Enso OYJ, Class R		(3,760)		(48,849)			(0.4	)
Wartsila OYJ Abp		(27,344)		(288,883)			(2.0	)
				(791,872)
France
Accor SA		(3,065)		(131,837)			(0.9	)
Aeroports de Paris		(2,203)		(418,987)			(2.9	)
Amundi SA		(510)		(36,448)			(0.3	)
Atos SE		(4,030)		(312,755)			(2.2	)
BNP Paribas SA		(1,810)		(94,590)			(0.7	)
Bollore SA		(3)		(13)			(0.0	)
Cie Generale des Etablissements Michelin SCA		(1,200)		(146,109	)		(1.0	)
Edenred		(1,242)		(65,463)			(0.5	)
Electricite de France SA		(2,288)		(23,637)			(0.2	)
EssilorLuxottica SA		(480)		(73,293)			(0.5	)
Faurecia SE		(2,280)		(106,404)			(0.8	)
Getlink		(8,423)		(141,093)			(1.0	)
Iliad SA		(600)		(62,181)			(0.4	)
Ipsen SA		(1,710)		(182,265)			(1.3	)
L’Oreal SA		(480)		(140,190)			(1.0	)
LVMH Moet Hennessy Louis Vuitton SE		(380)		(162,281)			(1.1	)
Natixis SA		(6,800)		(31,241)			(0.2	)
Orpea		(930)		(112,012)			(0.8	)
Publicis Groupe SA		(740)		(31,849)			(0.2	)
Remy Cointreau SA		(190)		(25,426)			(0.2	)
Renault SA		(2,350)		(119,989)			(0.8	)
SCOR SE		(379)		(15,986)			(0.1	)
Societe Generale SA		(3,520)		(100,105)			(0.7	)
Teleperformance		(1,399)		(317,410)			(2.2	)
Thales SA		(771)		(75,373)			(0.5	)
Valeo SA		(6,667)		(248,284)			(1.7	)
Worldline SA/France		(3,580)		(217,833)			(1.5	)
				(3,393,054)

CONSOLIDATED SCHEDULE OF INVESTMENTS 19

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Germany
Axel Springer SE		(600)	$	(41,824)		(0.3	)%
Bayer AG (Registered)		(5,090)		(394,863)		(2.8	)
Bayerische Motoren Werke AG		(980)		(75,043)		(0.5	)
Beiersdorf AG		(1,360)		(161,009)		(1.1	)
Commerzbank AG		(15,654)		(93,670)		(0.7	)
Continental AG		(820)		(109,831)		(0.8	)
Daimler AG (Registered)		(1,140)		(66,636)		(0.5	)
Delivery Hero SE		(4,850)		(227,575)		(1.6	)
Deutsche Bank AG (Registered)		(56,270)		(408,055)		(2.8	)
Deutsche Boerse AG		(1,617)		(250,408)		(1.7	)
Deutsche Lufthansa AG		(4,220)		(73,104)		(0.5	)
Deutsche Wohnen SE		(3,050)		(114,992)		(0.8	)
Fresenius Medical Care AG & Co. KGaA		(1,010)		(72,901)		(0.5	)
Infineon Technologies AG		(14,946)		(289,486)		(2.0	)
KION Group AG		(2,969)		(197,551)		(1.4	)
METRO AG		(1)		(16)		(0.0	)
RWE AG		(1,460)		(44,493)		(0.3	)
thyssenkrupp AG		(25,272)		(360,394)		(2.5	)
Uniper SE		(250)		(7,792)		(0.1	)
United Internet AG (Registered)		(1,875)		(56,603)		(0.4	)
Vonovia SE		(1,030)		(54,853)		(0.4	)
Wirecard AG		(3,343)		(422,943)		(2.9	)
Zalando SE		(9,773)		(423,728)		(3.0	)
				(3,947,770)
Hong Kong
AIA Group Ltd.		(64,200)		(639,318)		(4.5	)
Hong Kong & China Gas Co. Ltd.		(205,200)		(398,273)		(2.8	)
Hong Kong Exchanges & Clearing Ltd.		(14,900)		(464,195)		(3.2	)
New World Development Co. Ltd.		(237,000)		(339,013)		(2.4	)
Techtronic Industries Co. Ltd.		(55,232)		(431,639)		(3.0	)
WH Group Ltd.		(237,500)		(250,692)		(1.7	)
				(2,523,130)
Italy
Atlantia SpA		(18,064)		(446,288)		(3.1	)
Davide Campari-Milano SpA		(24,431)		(224,089)		(1.6	)
FinecoBank Banca Fineco SpA		(22,290)		(251,283)		(1.8	)
Intesa Sanpaolo SpA		(40,320)		(101,035)		(0.7	)
Poste Italiane SpA		(11,130)		(135,190)		(0.9	)
Recordati SpA		(3,000)		(126,072)		(0.9	)
Telecom Italia SpA		(63,100)		(36,932)		(0.3	)
UniCredit SpA		(15,980)		(202,739)		(1.4	)
				(1,523,628)
Japan
Advantest Corp.		(800)		(36,407)		(0.3	)
Aisin Seiki Co. Ltd.		(1,300)		(51,883)		(0.4	)
ANA Holdings, Inc.		(8,800)		(302,178)		(2.1	)
Asahi Intecc Co. Ltd.		(3,000)		(82,546)		(0.6	)
Bandai Namco Holdings, Inc.		(800)		(49,191)		(0.3	)
Chugai Pharmaceutical Co. Ltd.		(1,100)		(92,571)		(0.6	)
Daifuku Co. Ltd.		(4,600)		(244,084)		(1.7	)
Dai-ichi Life Holdings, Inc.		(5,800)		(94,537)		(0.7	)
Daiichi Sankyo Co. Ltd.		(700)		(46,028)		(0.3	)
Daiwa House Industry Co. Ltd.		(1,700)		(58,523)		(0.4	)
Dentsu, Inc.		(3,700)		(132,274)		(0.9	)
Disco Corp.		(200)		(43,647)		(0.3	)
FamilyMart Co. Ltd.		(14,400)		(357,209)		(2.5	)
FANUC Corp.		(600)		(118,350)		(0.8	)
Fast Retailing Co. Ltd.		(300)		(185,008)		(1.3	)
Hitachi High-Technologies Corp.		(1,800)		(111,988)		(0.8	)
Idemitsu Kosan Co. Ltd.		(4,200)		(123,460)		(0.9	)
Japan Post Insurance Co. Ltd.		(22,300)		(351,801)		(2.5	)

	Shares		Value		% of Basket Value
Japan (continued)
JXTG Holdings, Inc.		(6,900)	$	(32,252)		(0.2	)%
Kansai Electric Power Co., Inc. (The)		(17,300)		(201,824)		(1.4	)
Keyence Corp.		(400)		(252,919)		(1.8	)
Komatsu Ltd.		(7,200)		(168,587)		(1.2	)
Kose Corp.		(800)		(141,835)		(1.0	)
Kubota Corp.		(6,300)		(100,065)		(0.7	)
LINE Corp.		(5,300)		(194,971)		(1.4	)
M3, Inc.		(23,600)		(565,535)		(3.9	)
Makita Corp.		(10,000)		(336,309)		(2.3	)
MINEBEA MITSUMI, Inc.		(1,800)		(34,185)		(0.2	)
Mitsubishi Estate Co. Ltd.		(6,100)		(118,434)		(0.8	)
Mitsui Fudosan Co. Ltd.		(1,200)		(30,699)		(0.2	)
Murata Manufacturing Co. Ltd.		(2,300)		(125,231)		(0.9	)
Nexon Co. Ltd.		(10,500)		(121,677)		(0.8	)
Nidec Corp.		(200)		(29,445)		(0.2	)
Nintendo Co. Ltd.		(100)		(36,679)		(0.3	)
Nitori Holdings Co. Ltd.		(300)		(45,663)		(0.3	)
Nomura Holdings, Inc.		(20,700)		(94,081)		(0.7	)
Obic Co. Ltd.		(2,000)		(250,410)		(1.7	)
Pan Pacific International Holdings Corp.		(14,100)		(221,953)		(1.5	)
Rakuten, Inc.		(12,400)		(118,214)		(0.8	)
Renesas Electronics Corp.		(13,200)		(89,360)		(0.6	)
Resona Holdings, Inc.		(5,000)		(21,743)		(0.2	)
Rohm Co. Ltd.		(400)		(31,692)		(0.2	)
Shimano, Inc.		(1,300)		(216,386)		(1.5	)
Shimizu Corp.		(23,500)		(219,067)		(1.5	)
Shin-Etsu Chemical Co. Ltd.		(900)		(100,351)		(0.7	)
Shiseido Co. Ltd.		(900)		(74,203)		(0.5	)
SMC Corp.		(700)		(302,429)		(2.1	)
Softbank Corp.		(11,900)		(163,236)		(1.1	)
SoftBank Group Corp.		(6,158)		(236,876)		(1.7	)
Subaru Corp.		(2,700)		(77,375)		(0.5	)
Sumitomo Metal Mining Co. Ltd.		(3,300)		(110,384)		(0.8	)
Sumitomo Realty & Development Co. Ltd.		(1,600)		(58,077)		(0.4	)
Sysmex Corp.		(800)		(52,198)		(0.4	)
T&D Holdings, Inc.		(11,200)		(124,743)		(0.9	)
Taisei Corp.		(12,200)		(481,088)		(3.4	)
Takeda Pharmaceutical Co. Ltd.		(27,400)		(990,046)		(6.9	)
TDK Corp.		(3,100)		(305,889)		(2.1	)
Terumo Corp.		(3,300)		(107,701)		(0.8	)
Tokyo Electric Power Co. Holdings, Inc.		(6,800)		(31,492)		(0.2	)
Toshiba Corp.		(4,500)		(153,883)		(1.1	)
Unicharm Corp.		(5,600)		(189,789)		(1.3	)
Yamaha Motor Co. Ltd.		(2,800)		(54,804)		(0.4	)
Yaskawa Electric Corp.		(2,700)		(102,702)		(0.7	)
				(9,998,167)
Luxembourg
ArcelorMittal		(7,550)		(112,261)		(0.8	)
SES SA, FDR		(7,333)		(142,149)		(1.0	)
				(254,410)
Macau
Galaxy Entertainment Group Ltd.		(92,000)		(633,479)		(4.4	)
Netherlands
ABN AMRO Bank NV, CVA		(3,200)		(59,648)		(0.4	)
NXP Semiconductors NV		(270)		(30,694)		(0.2	)
				(90,342)

20

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value		% of Basket Value
Norway
Mowi ASA		(9,549	)	$	(233,110)		(1.6	)%
Norsk Hydro ASA		(140,908	)		(497,907)		(3.5	)
					(731,017)
Portugal
EDP — Energias de Portugal SA		(12,890	)		(53,097)		(0.4	)
Jeronimo Martins SGPS SA		(12,070	)		(202,820)		(1.4	)
					(255,917)
South Korea
Amorepacific Corp.		(2,022	)		(332,645)		(2.3	)
Celltrion Healthcare Co. Ltd.		(2,420	)		(113,928)		(0.8	)
Celltrion, Inc.		(228	)		(39,022)		(0.3	)
Hyundai Motor Co.		(1,437	)		(150,518)		(1.0	)
Korea Shipbuilding & Offshore Engineering Co. Ltd.		(6,206	)		(648,605)		(4.5	)
LG Chem Ltd.		(2,056	)		(542,465)		(3.8	)
Lotte Chemical Corp.		(610	)		(118,678)		(0.8	)
NAVER Corp.		(5,160	)		(727,542)		(5.1	)
Samsung Biologics Co. Ltd.		(1,550	)		(529,509)		(3.7	)
Samsung C&T Corp.		(1,280	)		(109,608)		(0.8	)
Samsung SDI Co. Ltd.		(2,809	)		(548,164)		(3.8	)
SK Hynix, Inc.		(4,520	)		(317,828)		(2.2	)
SK Innovation Co. Ltd.		(1,042	)		(142,583)		(1.0	)
S-Oil Corp.		(2,984	)		(254,926)		(1.8	)
					(4,576,021)
Spain
Amadeus IT Group SA		(3,110	)		(230,072)		(1.6	)
Banco Bilbao Vizcaya Argentaria SA		(13,990	)		(73,683)		(0.5	)
Banco Santander SA		(34,850	)		(139,933)		(1.0	)
Bankia SA		(64,620	)		(123,283)		(0.8	)
CaixaBank SA		(88,110	)		(252,664)		(1.8	)
Cellnex Telecom SA		(4,780	)		(110,717)		(0.8	)
Ferrovial SA		(2,370	)		(69,923)		(0.5	)
Grifols SA		(15,377	)		(496,071)		(3.5	)
Industria de Diseno Textil SA		(6,290	)		(196,001)		(1.4	)
Naturgy Energy Group SA		(4,810	)		(131,049)		(0.9	)
Red Electrica Corp. SA		(4,490	)		(90,238)		(0.6	)
Siemens Gamesa Renewable Energy SA		(7,418	)		(102,123)		(0.7	)
					(2,015,757)
Sweden
Boliden AB		(7,280	)		(196,323)		(1.4	)
Electrolux AB		(2,310	)		(60,733)		(0.4	)
Epiroc AB, Class A		(17,973	)		(202,506)		(1.4	)
Hexagon AB, Class B		(1,793	)		(91,798)		(0.7	)
Skanska AB, Class B		(10,400	)		(221,591)		(1.6	)
Svenska Handelsbanken AB, Class A		(7,190	)		(72,157)		(0.5	)
Swedbank AB, Class A		(18,360	)		(257,284)		(1.8	)
					(1,102,392)
Switzerland
ABB Ltd. (Registered)		(33,330	)		(699,930)		(4.9	)
Baloise Holding AG (Registered)		(520	)		(96,176)		(0.7	)
Chocoladefabriken Lindt & Spruengli AG		(26	)		(193,188)		(1.3	)
Cie Financiere Richemont SA (Registered)		(1,698	)		(133,431)		(0.9	)
Clariant AG (Registered)		(1,440	)		(29,538)		(0.2	)
Credit Suisse Group AG (Registered)		(28,110	)		(347,942)		(2.4	)
EMS-Chemie Holding AG		(140	)		(87,710)		(0.6	)
Givaudan SA (Registered)		(29	)		(85,200)		(0.6	)
Julius Baer Group Ltd.		(900	)		(39,855)		(0.3	)

	Shares			Value		% of Basket Value
Switzerland (continued)
Kuehne + Nagel International AG (Registered)		(1,320	)	$	(213,256)		(1.5	)%
Lonza Group AG (Registered)		(3,498	)		(1,260,793)		(8.8	)
Partners Group Holding AG		(460	)		(359,472)		(2.5	)
SGS SA (Registered)		(50	)		(130,405)		(0.9	)
Sika AG (Registered)		(4,763	)		(818,791)		(5.7	)
UBS Group AG (Registered)		(11,710	)		(138,590)		(1.0	)
Vifor Pharma AG		(1,486	)		(234,014)		(1.6	)
					(4,868,291)
Taiwan
Delta Electronics, Inc.		(114,000	)		(500,516)		(3.5	)
Hon Hai Precision Industry Co. Ltd.		(87,240	)		(230,410)		(1.6	)
Largan Precision Co. Ltd.		(3,000	)		(440,203)		(3.1	)
Nanya Technology Corp.		(30,000	)		(68,619)		(0.5	)
					(1,239,748)
United Arab Emirates
NMC Health plc		(11,550	)		(327,404)		(2.3	)
United Kingdom
CNH Industrial NV		(1,340	)		(14,589)		(0.1	)
Coca-Cola European Partners plc		(1,120	)		(59,931)		(0.4	)
Croda International plc		(650	)		(40,555)		(0.3	)
Fiat Chrysler Automobiles NV		(5,670	)		(87,991)		(0.6	)
Intertek Group plc		(1,575	)		(109,204)		(0.8	)
Linde plc		(450	)		(89,257)		(0.6	)
M&G plc		(8,670	)		(24,011)		(0.2	)
National Grid plc		(12,531	)		(146,516)		(1.0	)
Prudential plc		(8,670	)		(151,437)		(1.1	)
Rolls-Royce Holdings plc (Preference), Class C		(1,202,738	)		(1,558)		(0.0	)
RSA Insurance Group plc		(38,410	)		(259,855)		(1.8	)
SSE plc		(15,500	)		(257,859)		(1.8	)
					(1,242,763)
United States
3M Co.		(2,287	)		(377,332)		(2.6	)
ABIOMED, Inc.		(1,660	)		(344,583)		(2.4	)
Activision Blizzard, Inc.		(7,158	)		(401,063)		(2.8	)
Advanced Micro Devices, Inc.		(18,521	)		(628,418)		(4.4	)
Alaska Air Group, Inc.		(4,307	)		(299,035)		(2.1	)
Albemarle Corp.		(9,384	)		(569,984)		(4.0	)
Align Technology, Inc.		(860	)		(216,969)		(1.5	)
Allergan plc		(786	)		(138,422)		(1.0	)
Alliance Data Systems Corp.		(1,150	)		(115,000)		(0.8	)
Alnylam Pharmaceuticals, Inc.		(3,677	)		(318,943)		(2.2	)
Altria Group, Inc.		(1,835	)		(82,190)		(0.6	)
American Airlines Group, Inc.		(4,405	)		(132,414)		(0.9	)
American International Group, Inc.		(3,070	)		(162,587)		(1.1	)
Amphenol Corp., Class A		(2,698	)		(270,690)		(1.9	)
Annaly Capital Management, Inc.		(13,064	)		(117,315)		(0.8	)
Aon plc		(350	)		(67,606)		(0.5	)
Apache Corp.		(1,740	)		(37,688)		(0.3	)
Apple, Inc.		(230	)		(57,215)		(0.4	)
Aptiv plc		(4,460	)		(399,393)		(2.8	)
Aqua America, Inc.		(4,931	)		(223,522)		(1.6	)
Aramark		(3,410	)		(149,222)		(1.0	)
Archer-Daniels-Midland Co.		(8,470	)		(356,079)		(2.5	)
Arconic, Inc.		(5,173	)		(142,102)		(1.0	)
Arista Networks, Inc.		(30	)		(7,337)		(0.0	)
Arthur J Gallagher & Co.		(4,317	)		(393,797)		(2.7	)
Assurant, Inc.		(1,605	)		(202,342)		(1.4	)
AT&T, Inc.		(8,340	)		(321,007)		(2.2	)
Atlassian Corp. plc, Class A		(4,138	)		(499,829)		(3.5	)
Avangrid, Inc.		(2,020	)		(101,101)		(0.7	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 21

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Ball Corp.		(410	)	$	(28,688	)		(0.2	)%
Bank of New York Mellon Corp. (The)		(3,590	)		(167,833	)		(1.2	)
BB&T Corp.		(3,690	)		(195,755	)		(1.4	)
Becton Dickinson and Co.		(2,487	)		(636,672	)		(4.4	)
Berkshire Hathaway, Inc., Class B		(480	)		(102,038	)		(0.7	)
BioMarin Pharmaceutical, Inc.		(3,528	)		(258,285	)		(1.8	)
Bio-Techne Corp.		(670	)		(139,474	)		(1.0	)
Black Knight, Inc.		(2,640	)		(169,488	)		(1.2	)
Bluebird Bio, Inc.		(4,358	)		(352,998	)		(2.5	)
Boeing Co. (The)		(110	)		(37,390	)		(0.3	)
Boston Scientific Corp.		(3,029	)		(126,309	)		(0.9	)
Brown & Brown, Inc.		(3,316	)		(124,947	)		(0.9	)
Brown-Forman Corp., Class B		(1,230	)		(80,590	)		(0.6	)
Bunge Ltd.		(4,962	)		(267,948	)		(1.9	)
Caesars Entertainment Corp.		(20,060	)		(246,337	)		(1.7	)
Campbell Soup Co.		(111	)		(5,141	)		(0.0	)
CarMax, Inc.		(600	)		(55,902	)		(0.4	)
Carnival Corp.		(9,760	)		(418,606	)		(2.9	)
Caterpillar, Inc.		(550	)		(75,790	)		(0.5	)
CenturyLink, Inc.		(5,940	)		(76,864	)		(0.5	)
Ceridian HCM Holding, Inc.		(9,550	)		(460,788	)		(3.2	)
Charles Schwab Corp. (The)		(2,035	)		(82,845	)		(0.6	)
Charter Communications, Inc., Class A		(1,035	)		(484,235	)		(3.4	)
Chubb Ltd.		(4,937	)		(752,498	)		(5.2	)
Church & Dwight Co., Inc.		(3,253	)		(227,515	)		(1.6	)
Clorox Co. (The)		(960	)		(141,782	)		(1.0	)
CME Group, Inc.		(1,318	)		(271,179	)		(1.9	)
Coca-Cola Co. (The)		(3,960	)		(215,543	)		(1.5	)
Cognex Corp.		(4,475	)		(230,418	)		(1.6	)
Cognizant Technology Solutions Corp., Class A		(1,377	)		(83,914	)		(0.6	)
Conagra Brands, Inc.		(1,790	)		(48,420	)		(0.3	)
Concho Resources, Inc.		(9,330	)		(629,962	)		(4.4	)
Constellation Brands, Inc., Class A		(3,160	)		(601,443	)		(4.2	)
Continental Resources, Inc.		(9,810	)		(289,101	)		(2.0	)
Cooper Cos., Inc. (The)		(404	)		(117,564	)		(0.8	)
CoStar Group, Inc.		(90	)		(49,457	)		(0.3	)
Coty, Inc., Class A		(22,918	)		(267,911	)		(1.9	)
Crown Holdings, Inc.		(1,576	)		(114,796	)		(0.8	)
CVS Health Corp.		(3,203	)		(212,647	)		(1.5	)
Deere & Co.		(860	)		(149,760	)		(1.0	)
DENTSPLY SIRONA, Inc.		(1,014	)		(55,547	)		(0.4	)
DexCom, Inc.		(3,223	)		(497,116	)		(3.5	)
DISH Network Corp., Class A		(4,470	)		(153,679	)		(1.1	)
DocuSign, Inc.		(16,037	)		(1,061,489	)		(7.4	)
Dollar Tree, Inc.		(4,035	)		(445,464	)		(3.1	)
Dominion Energy, Inc.		(9,547	)		(788,105	)		(5.5	)
Domino’s Pizza, Inc.		(140	)		(38,027	)		(0.3	)
DR Horton, Inc.		(14,059	)		(736,270	)		(5.1	)
DuPont de Nemours, Inc.		(697	)		(45,939	)		(0.3	)
DXC Technology Co.		(2,460	)		(68,068	)		(0.5	)
East West Bancorp, Inc.		(600	)		(25,752	)		(0.2	)
Edison International		(4,660	)		(293,114	)		(2.0	)
Edwards Lifesciences Corp.		(240	)		(57,211	)		(0.4	)
Elanco Animal Health, Inc.		(17,590	)		(475,282	)		(3.3	)
Elastic NV		(4,800	)		(345,648	)		(2.4	)
Electronic Arts, Inc.		(2,330	)		(224,612	)		(1.6	)
EPAM Systems, Inc.		(160	)		(28,154	)		(0.2	)
Equifax, Inc.		(8,341	)		(1,140,298	)		(8.0	)
Erie Indemnity Co., Class A		(650	)		(119,776	)		(0.8	)
Everest Re Group Ltd.		(180	)		(46,276	)		(0.3	)
Exact Sciences Corp.		(3,109	)		(270,483	)		(1.9	)
Exxon Mobil Corp.		(6,160	)		(416,231	)		(2.9	)

	Shares			Value			% of Basket Value
United States (continued)
Facebook, Inc., Class A		(587	)	$	(112,499	)		(0.8	)%
FedEx Corp.		(1,680	)		(256,469	)		(1.8	)
Fidelity National Financial, Inc.		(5,489	)		(251,616	)		(1.8	)
Fidelity National Information Services, Inc.		(1,550	)		(204,228	)		(1.4	)
First Republic Bank		(2,659	)		(282,811	)		(2.0	)
First Solar, Inc.		(10,380	)		(537,580	)		(3.7	)
Fiserv, Inc.		(5,104	)		(541,739	)		(3.8	)
Fortive Corp.		(5,550	)		(382,950	)		(2.7	)
Freeport-McMoRan, Inc.		(38,460	)		(377,677	)		(2.6	)
Gartner, Inc.		(2,176	)		(335,278	)		(2.3	)
GCI Liberty, Inc., Class A		(3,620	)		(253,328	)		(1.8	)
Guidewire Software, Inc.		(3,746	)		(422,324	)		(2.9	)
Halliburton Co.		(7,060	)		(135,905	)		(0.9	)
Hess Corp.		(1,140	)		(74,955	)		(0.5	)
Humana, Inc.		(480	)		(141,216	)		(1.0	)
Huntington Bancshares, Inc.		(6,225	)		(87,959	)		(0.6	)
Huntington Ingalls Industries, Inc.		(770	)		(173,758	)		(1.2	)
IAC/InterActiveCorp		(190	)		(43,178	)		(0.3	)
Illinois Tool Works, Inc.		(2,070	)		(348,961	)		(2.4	)
Illumina, Inc.		(420	)		(124,118	)		(0.9	)
Intel Corp.		(1,810	)		(102,319	)		(0.7	)
Intercontinental Exchange, Inc.		(1,310	)		(123,559	)		(0.9	)
International Business Machines Corp.		(1,060	)		(141,754	)		(1.0	)
International Flavors & Fragrances, Inc.		(5,382	)		(656,658	)		(4.6	)
Intuitive Surgical, Inc.		(721	)		(398,677	)		(2.8	)
Invesco Ltd.		(27,962	)		(470,321	)		(3.3	)
IPG Photonics Corp.		(3,035	)		(407,540	)		(2.8	)
IQVIA Holdings, Inc.		(560	)		(80,875	)		(0.6	)
Jacobs Engineering Group, Inc.		(160	)		(14,973	)		(0.1	)
James Hardie Industries plc, CDI		(12,920	)		(221,891	)		(1.5	)
JB Hunt Transport Services, Inc.		(1,765	)		(207,493	)		(1.4	)
Kellogg Co.		(6,640	)		(421,839	)		(2.9	)
Keurig Dr Pepper, Inc.		(5,069	)		(142,743	)		(1.0	)
KeyCorp		(18,469	)		(331,888	)		(2.3	)
Kraft Heinz Co. (The)		(12,900	)		(417,057	)		(2.9	)
L Brands, Inc.		(7,340	)		(125,074	)		(0.9	)
Laboratory Corp. of America Holdings		(617	)		(101,663	)		(0.7	)
Lamb Weston Holdings, Inc.		(1,590	)		(124,084	)		(0.9	)
Las Vegas Sands Corp.		(760	)		(46,998	)		(0.3	)
Leidos Holdings, Inc.		(1,630	)		(140,555	)		(1.0	)
Lennar Corp., Class A		(9,474	)		(564,650	)		(3.9	)
Liberty Media Corp-Liberty Formula One, Class C		(4,742	)		(201,535	)		(1.4	)
Live Nation Entertainment, Inc.		(2,010	)		(141,705	)		(1.0	)
LKQ Corp.		(990	)		(33,650	)		(0.2	)
Marathon Petroleum Corp.		(3,177	)		(203,169	)		(1.4	)
Markel Corp.		(149	)		(174,479	)		(1.2	)
Marriott International, Inc., Class A		(5,626	)		(711,970	)		(5.0	)
Marsh & McLennan Cos., Inc.		(2,589	)		(268,272	)		(1.9	)
Marvell Technology Group Ltd.		(32,181	)		(784,895	)		(5.5	)
McCormick & Co., Inc. (Non-Voting)		(490	)		(78,738	)		(0.5	)
McDonald’s Corp.		(200	)		(39,340	)		(0.3	)
MGM Resorts International		(11,414	)		(325,299	)		(2.3	)
Microchip Technology, Inc.		(6,191	)		(583,749	)		(4.1	)
Middleby Corp. (The)		(1,440	)		(174,168	)		(1.2	)
Mohawk Industries, Inc.		(2,440	)		(349,847	)		(2.4	)
Molina Healthcare, Inc.		(250	)		(29,410	)		(0.2	)
Molson Coors Brewing Co., Class B		(1,114	)		(58,730	)		(0.4	)
Moody’s Corp.		(410	)		(90,483	)		(0.6	)
Mosaic Co. (The)		(8,800	)		(174,944	)		(1.2	)
Mylan NV		(9,649	)		(184,778	)		(1.3	)

22

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Nasdaq, Inc.		(810	)	$	(80,814	)		(0.6	)%
National Oilwell Varco, Inc.		(7,680	)		(173,722	)		(1.2	)
Netflix, Inc.		(350	)		(100,594	)		(0.7	)
Neurocrine Biosciences, Inc.		(330	)		(32,832	)		(0.2	)
Newell Brands, Inc.		(18,794	)		(356,522	)		(2.5	)
NextEra Energy, Inc.		(2,150	)		(512,431	)		(3.6	)
Nielsen Holdings plc		(3,160	)		(63,706	)		(0.4	)
Noble Energy, Inc.		(12,023	)		(231,563	)		(1.6	)
Nordson Corp.		(732	)		(114,785	)		(0.8	)
Nucor Corp.		(2,470	)		(133,010	)		(0.9	)
Okta, Inc.		(800	)		(87,256	)		(0.6	)
Old Republic International Corp.		(5,264	)		(117,598	)		(0.8	)
ONEOK, Inc.		(2,870	)		(200,412	)		(1.4	)
Owens Corning		(12,800	)		(784,384	)		(5.5	)
Packaging Corp. of America		(1,480	)		(162,001	)		(1.1	)
Palo Alto Networks, Inc.		(210	)		(47,752	)		(0.3	)
Paycom Software, Inc.		(1,563	)		(330,621	)		(2.3	)
PerkinElmer, Inc.		(900	)		(77,364	)		(0.5	)
Perrigo Co. plc		(7,468	)		(395,953	)		(2.8	)
PG&E Corp.		(7,010	)		(43,252	)		(0.3	)
Pilgrim’s Pride Corp.		(3,870	)		(117,493	)		(0.8	)
Pioneer Natural Resources Co.		(1,480	)		(182,070	)		(1.3	)
Pool Corp.		(150	)		(31,110	)		(0.2	)
PPL Corp.		(7,620	)		(255,194	)		(1.8	)
PRA Health Sciences, Inc.		(973	)		(95,072	)		(0.7	)
Principal Financial Group, Inc.		(2,980	)		(159,072	)		(1.1	)
PTC, Inc.		(11,196	)		(749,124	)		(5.2	)
QIAGEN NV		(7,716	)		(230,383	)		(1.6	)
QUALCOMM, Inc.		(2,010	)		(161,684	)		(1.1	)
Raytheon Co.		(580	)		(123,082	)		(0.9	)
ResMed, Inc.		(660	)		(97,627	)		(0.7	)
Rollins, Inc.		(10,320	)		(393,295	)		(2.7	)
RPM International, Inc.		(1,600	)		(115,888	)		(0.8	)
S&P Global, Inc.		(380	)		(98,036	)		(0.7	)
Sabre Corp.		(4,380	)		(102,842	)		(0.7	)
Sage Therapeutics, Inc.		(1,899	)		(257,599	)		(1.8	)
salesforce.com, Inc.		(760	)		(118,932	)		(0.8	)
Santander Consumer USA Holdings, Inc.		(1,920	)		(48,154	)		(0.3	)
Sarepta Therapeutics, Inc.		(2,240	)		(186,054	)		(1.3	)
Seattle Genetics, Inc.		(2,940	)		(315,756	)		(2.2	)
Sempra Energy		(470	)		(67,920	)		(0.5	)
Sensata Technologies Holding plc		(2,303	)		(117,891	)		(0.8	)
Service Corp. International		(1,930	)		(87,776	)		(0.6	)
Signature Bank		(360	)		(42,595	)		(0.3	)
Sirius XM Holdings, Inc.		(7,210	)		(48,451	)		(0.3	)
Splunk, Inc.		(2,030	)		(243,519	)		(1.7	)
Sprint Corp.		(13,720	)		(85,201	)		(0.6	)
Square, Inc., Class A		(570	)		(35,015	)		(0.2	)
SS&C Technologies Holdings, Inc.		(8,819	)		(458,676	)		(3.2	)
Stanley Black & Decker, Inc.		(784	)		(118,643	)		(0.8	)
State Street Corp.		(8,306	)		(548,777	)		(3.8	)
SVB Financial Group		(220	)		(48,726	)		(0.3	)
Symantec Corp.		(4,550	)		(104,104	)		(0.7	)
Take-Two Interactive Software, Inc.		(1,299	)		(156,335	)		(1.1	)
Tapestry, Inc.		(6,420	)		(166,021	)		(1.2	)
Targa Resources Corp.		(16,215	)		(630,439	)		(4.4	)
Teleflex, Inc.		(783	)		(272,022	)		(1.9	)
Tesla, Inc.		(3,319	)		(1,045,219	)		(7.3	)
Tiffany & Co.		(3,843	)		(478,492	)		(3.3	)
T-Mobile US, Inc.		(350	)		(28,931	)		(0.2	)
TransUnion		(3,249	)		(268,432	)		(1.9	)
Travelers Cos., Inc. (The)		(340	)		(44,560	)		(0.3	)
Trimble, Inc.		(3,162	)		(125,974	)		(0.9	)
Twilio, Inc., Class A		(5,590	)		(539,770	)		(3.8	)

	Shares			Value		% of Basket Value
United States (continued)
Tyler Technologies, Inc.		(2,321	)	$	(623,235)		(4.3	)%
Tyson Foods, Inc., Class A		(1,610	)		(133,292)		(0.9	)
UGI Corp.		(1,850	)		(88,190)		(0.6	)
United Parcel Service, Inc., Class B		(280	)		(32,248)		(0.2	)
Universal Display Corp.		(700	)		(140,126)		(1.0	)
Universal Health Services, Inc., Class B		(510	)		(70,105)		(0.5	)
Vail Resorts, Inc.		(980	)		(227,723)		(1.6	)
Wabtec Corp.		(6,650	)		(461,311)		(3.2	)
Walgreens Boots Alliance, Inc.		(1,370	)		(75,049)		(0.5	)
Walt Disney Co. (The)		(5,775	)		(750,288)		(5.2	)
Waters Corp.		(320	)		(67,718)		(0.5	)
Wayfair, Inc., Class A		(1,162	)		(95,551)		(0.7	)
WEC Energy Group, Inc.		(890	)		(84,016)		(0.6	)
WellCare Health Plans, Inc.		(310	)		(91,946)		(0.6	)
Wells Fargo & Co.		(3,510	)		(181,221)		(1.3	)
Western Digital Corp.		(6,674	)		(344,712)		(2.4	)
Westlake Chemical Corp.		(4,950	)		(312,791)		(2.2	)
Whirlpool Corp.		(420	)		(63,890)		(0.4	)
Willis Towers Watson plc		(715	)		(133,634)		(0.9	)
Workday, Inc., Class A		(716	)		(116,107)		(0.8	)
Wynn Resorts Ltd.		(1,754	)		(212,830)		(1.5	)
Xylem, Inc.		(4,037	)		(309,598)		(2.2	)
Zayo Group Holdings, Inc.		(2,440	)		(83,302)		(0.6	)
Zendesk, Inc.		(540	)		(38,151)		(0.3	)
Zimmer Biomet Holdings, Inc.		(1,304	)		(180,252)		(1.3	)
					(56,970,694)
Total Reference Entity — Short					(102,740,952)
Net Value of Reference Entity — Citibank NA				$	14,334,926

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 October 31, 2019, expiration dates 02/13/20 - 02/08/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
AGL Energy Ltd.		11,214		153,078		1.1
Aristocrat Leisure Ltd.		8,550		186,433		1.3
ASX Ltd.		2,600		147,581		1.0
Aurizon Holdings Ltd.		156,050		634,849		4.5
BHP Group Ltd.		10,196		249,929		1.8
BHP Group plc		12,972		275,143		2.0
Cochlear Ltd.		1,580		230,506		1.6
CSL Ltd.		1,180		208,101		1.5
Newcrest Mining Ltd.		29,083		634,833		4.5
Qantas Airways Ltd.		42,100		186,214		1.3
QBE Insurance Group Ltd.		3,550		30,886		0.2
Rio Tinto Ltd.		5,447		340,617		2.4
Rio Tinto plc		5,550		288,943		2.1
Santos Ltd.		37,960		212,330		1.5
Suncorp Group Ltd.		9,059		84,108		0.6
Telstra Corp. Ltd.		28,869		69,529		0.5
Wesfarmers Ltd.		39,641		1,089,133		7.7
Woolworths Group Ltd.		19,130		493,289		3.5
				5,515,502
Austria
Erste Group Bank AG		1,850		65,430		0.5
OMV AG		5,675		331,770		2.4
				397,200

CONSOLIDATED SCHEDULE OF INVESTMENTS 23

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Belgium
Ageas		520	$	29,989		0.2	%
Groupe Bruxelles Lambert SA		3,323		333,815		2.4
KBC Group NV		1,870		131,488		0.9
UCB SA		2,128		171,514		1.2
				666,806
Canada
Bank of Montreal		6,737		498,715		3.5
BCE, Inc.		6,700		317,832		2.3
Canadian Natural Resources Ltd.		5,605		141,327		1.0
Canadian Pacific Railway Ltd.		981		223,080		1.6
Canadian Tire Corp. Ltd., Class A		1,414		152,436		1.1
CGI, Inc.		5,140		399,539		2.8
Constellation Software, Inc.		430		424,688		3.0
Fortis, Inc.		3,590		149,150		1.1
Franco-Nevada Corp.		550		53,367		0.4
Hydro One Ltd.		16,180		300,849		2.1
Imperial Oil Ltd.		7,730		192,502		1.4
Magna International, Inc.		2,432		130,769		0.9
Manulife Financial Corp.		5,980		111,373		0.8
National Bank of Canada		9,790		505,592		3.6
Power Financial Corp.		4,102		95,924		0.7
Rogers Communications, Inc., Class B		10,974		516,664		3.7
Royal Bank of Canada		13,748		1,108,942		7.9
Shaw Communications, Inc., Class B		6,680		136,329		1.0
Sun Life Financial, Inc.		12,520		561,694		4.0
Suncor Energy, Inc.		8,611		256,022		1.8
TELUS Corp.		3,030		107,779		0.8
Toronto-Dominion Bank (The)		8,700		496,794		3.5
				6,881,367
China
BOC Hong Kong Holdings Ltd.		81,500		280,004		2.0
Denmark
Carlsberg A/S, Class B		4,283		603,150		4.3
GN Store Nord A/S		1,560		68,629		0.5
Novo Nordisk A/S, Class B		8,251		453,712		3.2
Tryg A/S		5,254		146,855		1.1
				1,272,346
Finland
Neste OYJ		3,892		140,628		1.0
UPM-Kymmene OYJ		4,293		139,821		1.0
				280,449
France
Air Liquide SA		1,573		209,148		1.5
Alstom SA		11,960		517,428		3.7
Arkema SA		2,335		238,959		1.7
AXA SA		11,156		295,313		2.1
Bouygues SA		1,020		43,266		0.3
Bureau Veritas SA		5,220		133,458		1.0
Carrefour SA		8,030		136,715		1.0
Cie de Saint-Gobain		15,300		623,138		4.4
Danone SA		2,502		207,269		1.5
Dassault Systemes SE		1,853		281,428		2.0
Eiffage SA		3,212		344,989		2.5
Engie SA		7,100		118,888		0.8
Hermes International		140		100,849		0.7
Legrand SA		2,861		223,513		1.6
Orange SA		40,331		649,108		4.6
Pernod Ricard SA		190		35,099		0.3
Peugeot SA		31,355		794,101		5.6
Safran SA		1,880		297,773		2.1

	Shares		Value		% of Basket Value
France (continued)
Sanofi		1,370	$	126,296		0.9	%
Schneider Electric SE		4,150		385,703		2.7
Sodexo SA		540		59,383		0.4
Suez		2,640		41,178		0.3
Veolia Environnement SA		9,965		262,316		1.9
Vinci SA		1,360		152,587		1.1
Vivendi SA		12,247		341,050		2.4
				6,618,955
Germany
adidas AG		280		86,456		0.6
Allianz SE (Registered)		2,077		507,251		3.6
BASF SE		490		37,249		0.3
Covestro AG		3,216		154,439		1.1
Deutsche Post AG (Registered)		13,933		493,578		3.5
Deutsche Telekom AG (Registered)		58,125		1,022,743		7.3
Evonik Industries AG		1,240		32,679		0.2
Hannover Rueck SE		1,038		183,938		1.3
HeidelbergCement AG		8,634		640,108		4.6
HOCHTIEF AG		312		38,982		0.3
Knorr-Bremse AG		1,050		105,970		0.8
LEG Immobilien AG		540		62,027		0.4
Merck KGaA		2,350		280,276		2.0
MTU Aero Engines AG		26		6,953		0.1
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		1,661		461,492		3.3
Volkswagen AG (Preference)		1,110		211,017		1.5
				4,325,158
Hong Kong
CK Asset Holdings Ltd.		58,500		407,026		2.9
CLP Holdings Ltd.		30,000		311,563		2.2
Hang Seng Bank Ltd.		4,700		98,066		0.7
Henderson Land Development Co. Ltd.		18,000		89,902		0.6
Sun Hung Kai Properties Ltd.		12,000		181,840		1.3
				1,088,397
Italy
Assicurazioni Generali SpA		22,488		456,001		3.2
Enel SpA		38,469		298,149		2.1
Eni SpA		20,380		309,185		2.2
Ferrari NV		690		110,508		0.8
Mediobanca Banca di Credito Finanziario SpA		10,140		120,578		0.9
Moncler SpA		2,541		98,054		0.7
Snam SpA		17,290		88,765		0.6
Terna Rete Elettrica Nazionale SpA		9,560		63,186		0.5
				1,544,426
Japan
AGC, Inc.		3,300		116,028		0.8
Ajinomoto Co., Inc.		15,800		300,393		2.1
Asahi Group Holdings Ltd.		4,800		240,372		1.7
Astellas Pharma, Inc.		37,500		643,601		4.6
Bridgestone Corp.		7,400		307,469		2.2
Denso Corp.		5,000		232,150		1.7
FUJIFILM Holdings Corp.		9,000		395,120		2.8
Fujitsu Ltd.		500		44,315		0.3
Hitachi Ltd.		10,300		384,421		2.7
Honda Motor Co. Ltd.		6,400		173,146		1.2
Isuzu Motors Ltd.		4,200		48,804		0.4
ITOCHU Corp.		7,200		150,537		1.1
Japan Airlines Co. Ltd.		1,000		31,162		0.2
Japan Tobacco, Inc.		4,500		101,712		0.7
Kikkoman Corp.		1,800		86,585		0.6

24

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Japan (continued)
Kirin Holdings Co. Ltd.		100	$	2,121		0.0	%
Marubeni Corp.		35,800		251,963		1.8
Mazda Motor Corp.		25,000		229,508		1.6
MEIJI Holdings Co. Ltd.		3,500		252,273		1.8
Mitsubishi Chemical Holdings Corp.		23,600		179,861		1.3
Mitsubishi Corp.		10,800		274,692		2.0
Mitsubishi Electric Corp.		9,200		131,445		0.9
Mitsubishi Heavy Industries Ltd.		8,000		323,755		2.3
Mitsubishi UFJ Financial Group, Inc.		22,500		116,646		0.8
Mitsui & Co. Ltd.		4,100		70,413		0.5
Mizuho Financial Group, Inc.		551,600		856,346		6.1
MS&AD Insurance Group Holdings, Inc.		2,600		83,957		0.6
NEC Corp.		1,700		67,372		0.5
Nippon Steel Corp.		13,100		191,202		1.4
Nippon Telegraph & Telephone Corp.		6,500		322,679		2.3
Nissan Motor Co. Ltd.		32,500		205,094		1.5
Nitto Denko Corp.		800		44,261		0.3
NTT Data Corp.		4,800		63,028		0.5
NTT DOCOMO, Inc.		11,500		315,274		2.2
Omron Corp.		4,400		257,408		1.8
ORIX Corp.		2,400		37,716		0.3
Otsuka Holdings Co. Ltd.		700		29,183		0.2
Recruit Holdings Co. Ltd.		2,200		73,115		0.5
Ricoh Co. Ltd.		6,700		59,668		0.4
Sekisui House Ltd.		24,900		536,953		3.8
Shionogi & Co. Ltd.		6,200		372,142		2.7
Sumitomo Chemical Co. Ltd.		55,700		254,793		1.8
Sumitomo Corp.		11,300		183,539		1.3
Sumitomo Electric Industries Ltd.		12,500		171,422		1.2
Sumitomo Mitsui Financial Group, Inc.		7,300		259,173		1.8
Tokio Marine Holdings, Inc.		3,500		189,230		1.4
Toyota Motor Corp.		2,100		145,700		1.0
Trend Micro, Inc.		700		35,332		0.3
West Japan Railway Co.		1,100		95,579		0.7
				9,938,658
Luxembourg
Tenaris SA		11,241		114,039		0.8
Macau
Sands China Ltd.		43,600		214,757		1.5
Wynn Macau Ltd.		32,400		70,311		0.5
				285,068
Netherlands
Akzo Nobel NV		5,144		474,243		3.4
EXOR NV		878		67,311		0.5
Heineken Holding NV		2,200		209,914		1.5
ING Groep NV		3,610		40,878		0.3
Koninklijke Ahold Delhaize NV		8,480		211,322		1.5
Koninklijke DSM NV		3,447		409,118		2.9
Koninklijke KPN NV		11,360		35,266		0.2
Koninklijke Philips NV		2,418		106,088		0.7
NN Group NV		11,803		450,366		3.2
Randstad NV		3,270		181,475		1.3
Royal Dutch Shell plc, Class A		2,100		60,875		0.4
Wolters Kluwer NV		8,008		589,813		4.2
				2,836,669
Norway
DNB ASA		11,488		209,165		1.5
Equinor ASA		14,605		271,152		1.9
Orkla ASA		19,740		189,738		1.4

	Shares		Value		% of Basket Value
Norway (continued)
Telenor ASA		21,260	$	397,897		2.8	%
Yara International ASA		1,510		58,824		0.4
				1,126,776
Portugal
Galp Energia SGPS SA		2,810		44,945		0.3
Singapore
Mapletree Industrial Trust		3,900		7,305		0.1
Singapore Telecommunications Ltd.		100,600		243,609		1.7
United Overseas Bank Ltd.		21,800		429,186		3.0
				680,100
South Korea
Hana Financial Group, Inc.		14,194		410,953		2.9
KB Financial Group, Inc.		10,359		372,918		2.7
Kia Motors Corp.		6,660		243,406		1.7
KT&G Corp.		60		5,151		0.0
LG Household & Health Care Ltd.		85		91,978		0.7
NCSoft Corp.		209		92,753		0.7
POSCO		3,058		554,861		3.9
Samsung Electronics Co. Ltd. (Preference)		1,880		66,178		0.5
Shinhan Financial Group Co. Ltd.		15,365		559,825		4.0
				2,398,023
Spain
ACS Actividades de Construccion y Servicios SA		5,064		205,488		1.5
Aena SME SA		1,720		315,727		2.2
Iberdrola SA		29,990		308,267		2.2
Repsol SA		28,702		473,001		3.4
Telefonica SA		89,897		690,345		4.9
				1,992,828
Sweden
Atlas Copco AB, Class B		8,123		252,043		1.8
Essity AB, Class B		8,170		255,237		1.8
Hennes & Mauritz AB, Class B		4,539		95,135		0.7
Investor AB, Class B		14,141		725,497		5.2
Kinnevik AB, Class B		2,740		74,987		0.5
Lundin Petroleum AB		10,420		345,090		2.5
Sandvik AB		12,908		228,050		1.6
Skandinaviska Enskilda Banken AB, Class A		19,650		188,470		1.3
Swedish Match AB		7,622		358,069		2.5
Telefonaktiebolaget LM Ericsson, Class B		3,770		32,945		0.2
Telia Co. AB		82,878		364,573		2.6
Volvo AB, Class B		9,912		148,539		1.1
				3,068,635
Switzerland
Adecco Group AG (Registered)		6,890		409,584		2.9
Coca-Cola HBC AG		10,678		325,131		2.3
Geberit AG (Registered)		580		294,692		2.1
LafargeHolcim Ltd. (Registered)		2,270		117,174		0.8
Logitech International SA (Registered)		1,134		46,547		0.3
Nestle SA (Registered)		8,737		934,696		6.7
Novartis AG (Registered)		338		29,533		0.2
Roche Holding AG		284		85,472		0.6
Schindler Holding AG		820		200,897		1.4
Sonova Holding AG (Registered)		900		206,531		1.5
STMicroelectronics NV		12,660		287,336		2.0
Swatch Group AG (The)		1,420		393,735		2.8
Swiss Life Holding AG (Registered)		1,224		613,000		4.4

CONSOLIDATED SCHEDULE OF INVESTMENTS 25

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
Switzerland (continued)
Swisscom AG (Registered)		467	$	238,868		1.7	%
Temenos AG (Registered)		240		34,337		0.2
Zurich Insurance Group AG		430		168,431		1.2
				4,385,964
United Kingdom
3i Group plc		15,615		228,180		1.6
Admiral Group plc		5,560		145,515		1.0
Ashtead Group plc		4,780		145,531		1.0
Associated British Foods plc		6,763		195,213		1.4
Aviva plc		6,560		35,359		0.3
BAE Systems plc		16,980		126,836		0.9
BP plc		59,062		374,534		2.7
BT Group plc		14,880		39,489		0.3
Compass Group plc		1,981		52,742		0.4
DCC plc		620		58,143		0.4
Diageo plc		3,694		151,199		1.1
Experian plc		12,090		381,093		2.7
GlaxoSmithKline plc		9,407		215,467		1.5
Halma plc		20,140		488,706		3.5
Informa plc		21,430		215,398		1.5
InterContinental Hotels Group plc		4,057		245,508		1.7
Legal & General Group plc		31,770		108,601		0.8
Lloyds Banking Group plc		201,400		148,151		1.1
RELX plc		4,910		118,210		0.8
Rightmove plc		36,600		284,096		2.0
Sage Group plc (The)		47,150		439,443		3.1
Schroders plc		2,150		86,192		0.6
Smith & Nephew plc		9,281		199,230		1.4
Standard Chartered plc		29,030		263,416		1.9
Tesco plc		30,210		92,218		0.7
Unilever plc		4,565		273,347		1.9
United Utilities Group plc		4,733		53,443		0.4
WPP plc		21,550		268,934		1.9
				5,434,194
United States
AbbVie, Inc.		2,838		225,763		1.6
Adobe, Inc.		530		147,303		1.0
Advance Auto Parts, Inc.		1,028		167,029		1.2
AES Corp.		22,804		388,808		2.8
Aflac, Inc.		5,875		312,315		2.2
Agilent Technologies, Inc.		193		14,620		0.1
Air Products & Chemicals, Inc.		550		117,293		0.8
Akamai Technologies, Inc.		7,692		665,358		4.7
Alexion Pharmaceuticals, Inc.		3,800		400,520		2.8
Alliant Energy Corp.		8,830		470,992		3.3
Allstate Corp. (The)		1,802		191,769		1.4
Ally Financial, Inc.		10,180		311,813		2.2
Alphabet, Inc., Class A		50		62,940		0.4
Amdocs Ltd.		7,462		486,522		3.5
Ameren Corp.		5,877		456,643		3.2
American Electric Power Co., Inc.		2,552		240,883		1.7
American Express Co.		1,112		130,415		0.9
American Financial Group, Inc.		796		82,816		0.6
Ameriprise Financial, Inc.		1,849		278,996		2.0
AmerisourceBergen Corp.		2,550		217,719		1.5
AMETEK, Inc.		7,500		687,375		4.9
Amgen, Inc.		17		3,625		0.0
ANSYS, Inc.		382		84,097		0.6
Anthem, Inc.		20		5,382		0.0
Applied Materials, Inc.		2,925		158,711		1.1
AptarGroup, Inc.		580		68,527		0.5
Arch Capital Group Ltd.		4,250		177,480		1.3
Arrow Electronics, Inc.		2,100		166,488		1.2

	Shares		Value		% of Basket Value
United States (continued)
Aspen Technology, Inc.		7,278	$	837,771		6.0	%
Athene Holding Ltd., Class A		8,748		379,226		2.7
Atmos Energy Corp.		1,330		149,598		1.1
Autodesk, Inc.		840		123,782		0.9
Automatic Data Processing, Inc.		4,571		741,553		5.3
AutoZone, Inc.		72		82,395		0.6
Avery Dennison Corp.		2,782		355,707		2.5
AXA Equitable Holdings, Inc.		213		4,601		0.0
Axalta Coating Systems Ltd.		7,250		213,803		1.5
Baxter International, Inc.		992		76,086		0.5
Best Buy Co., Inc.		5,145		369,565		2.6
Biogen, Inc.		820		244,942		1.7
Bio-Rad Laboratories, Inc., Class A		220		72,956		0.5
Booking Holdings, Inc.		50		102,439		0.7
Booz Allen Hamilton Holding Corp.		6,431		452,549		3.2
Bright Horizons Family Solutions, Inc.		910		135,153		1.0
Bristol-Myers Squibb Co.		4,508		258,624		1.8
Cabot Oil & Gas Corp.		4,121		76,815		0.5
Cadence Design Systems, Inc.		4,970		324,790		2.3
Capital One Financial Corp.		2,675		249,444		1.8
Cardinal Health, Inc.		3,630		179,504		1.3
Carlisle Cos., Inc.		340		51,772		0.4
CBRE Group, Inc., Class A		5,187		277,764		2.0
CBS Corp. (Non-Voting), Class B		690		24,868		0.2
CDK Global, Inc.		930		47,002		0.3
CDW Corp.		3,625		463,674		3.3
Celanese Corp.		1,528		185,117		1.3
Celgene Corp.		4,555		492,077		3.5
Cerner Corp.		3,090		207,401		1.5
CF Industries Holdings, Inc.		940		42,629		0.3
CH Robinson Worldwide, Inc.		3,403		257,403		1.8
Chevron Corp.		1,660		192,792		1.4
Cincinnati Financial Corp.		1,410		159,626		1.1
Cintas Corp.		710		190,756		1.4
Citigroup, Inc.		3,860		277,380		2.0
Citizens Financial Group, Inc.		4,271		150,168		1.1
Citrix Systems, Inc.		9,871		1,074,557		7.6
CMS Energy Corp.		490		31,321		0.2
Colgate-Palmolive Co.		708		48,569		0.3
Columbia Sportswear Co.		950		85,928		0.6
Comcast Corp., Class A		7,515		336,822		2.4
Comerica, Inc.		1,677		109,709		0.8
Commerce Bancshares, Inc.		500		32,180		0.2
ConocoPhillips		2,837		156,602		1.1
Consolidated Edison, Inc.		1,570		144,785		1.0
Copart, Inc.		600		49,584		0.4
Corning, Inc.		1,238		36,682		0.3
Costco Wholesale Corp.		120		35,653		0.3
CSX Corp.		292		20,519		0.1
Cummins, Inc.		2,877		496,225		3.5
Darden Restaurants, Inc.		2,069		232,287		1.7
Delta Air Lines, Inc.		1,780		98,042		0.7
Devon Energy Corp.		17,883		362,667		2.6
Discover Financial Services		2,619		210,201		1.5
Discovery, Inc., Class C		10,115		255,303		1.8
Dover Corp.		3,383		351,460		2.5
DTE Energy Co.		1,010		128,593		0.9
Dunkin’ Brands Group, Inc.		2,790		219,350		1.6
Eaton Corp. plc		3,642		317,255		2.3
eBay, Inc.		13,385		471,821		3.4
Ecolab, Inc.		330		63,383		0.5
Eli Lilly & Co.		1,874		213,542		1.5
Encompass Health Corp.		1,233		78,937		0.6
Entergy Corp.		4,074		494,910		3.5

26

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
EOG Resources, Inc.		550	$	38,121		0.3	%
Estee Lauder Cos., Inc. (The), Class A		2,528		470,891		3.3
Euronet Worldwide, Inc.		730		102,251		0.7
Evergy, Inc.		601		38,410		0.3
Exelon Corp.		9,500		432,155		3.1
Expedia Group, Inc.		4,610		630,003		4.5
Expeditors International of Washington, Inc.		7,577		552,666		3.9
F5 Networks, Inc.		260		37,461		0.3
Fair Isaac Corp.		454		138,034		1.0
FleetCor Technologies, Inc.		340		100,035		0.7
Ford Motor Co.		9,320		80,059		0.6
Fortinet, Inc.		2,202		179,595		1.3
Fortune Brands Home & Security, Inc.		378		22,699		0.2
Fox Corp., Class A		4,370		139,071		1.0
Garmin Ltd.		3,921		367,594		2.6
General Mills, Inc.		1,740		88,496		0.6
General Motors Co.		7,389		274,575		2.0
Gilead Sciences, Inc.		3,574		227,700		1.6
Globe Life, Inc.		5,030		489,570		3.5
Graco, Inc.		4,813		217,548		1.5
Hartford Financial Services Group, Inc. (The)		10,502		599,454		4.3
HCA Healthcare, Inc.		5,148		687,464		4.9
HD Supply Holdings, Inc.		10,740		424,660		3.0
Henry Schein, Inc.		2,885		180,558		1.3
Hershey Co. (The)		2,070		304,021		2.2
Hewlett Packard Enterprise Co.		18,313		300,516		2.1
Hill-Rom Holdings, Inc.		471		49,309		0.4
Hilton Worldwide Holdings, Inc.		3,854		373,684		2.7
Hologic, Inc.		1,410		68,117		0.5
Home Depot, Inc. (The)		439		102,981		0.7
Honeywell International, Inc.		3,212		554,809		3.9
HP, Inc.		8,262		143,511		1.0
IDEX Corp.		1,551		241,227		1.7
IDEXX Laboratories, Inc.		691		196,942		1.4
Incyte Corp.		1,810		151,895		1.1
Ingersoll-Rand plc		3,631		460,738		3.3
International Paper Co.		1,460		63,773		0.5
Interpublic Group of Cos., Inc. (The)		10,893		236,923		1.7
Intuit, Inc.		787		202,653		1.4
Ionis Pharmaceuticals, Inc.		550		30,646		0.2
Jazz Pharmaceuticals plc		160		20,101		0.1
Johnson & Johnson		2,639		348,454		2.5
Jones Lang LaSalle, Inc.		169		24,762		0.2
Juniper Networks, Inc.		1,410		34,996		0.2
Kansas City Southern		510		71,798		0.5
Keysight Technologies, Inc.		2,790		281,539		2.0
L3Harris Technologies, Inc.		670		138,228		1.0
Lam Research Corp.		420		113,837		0.8
Liberty Media Corp-Liberty SiriusXM, Class C		7,779		351,533		2.5
Lincoln National Corp.		1,494		84,381		0.6
Loews Corp.		490		24,010		0.2
LPL Financial Holdings, Inc.		5,260		425,218		3.0
Lululemon Athletica, Inc.		1,174		239,813		1.7
LyondellBasell Industries NV, Class A		250		22,425		0.2
Macy’s, Inc.		3,070		46,541		0.3
Marathon Oil Corp.		14,390		165,917		1.2
Masco Corp.		1,189		54,991		0.4
Masimo Corp.		2,540		370,307		2.6

	Shares		Value		% of Basket Value
United States (continued)
Maxim Integrated Products, Inc.		3,479	$	204,078		1.5	%
McKesson Corp.		1,830		243,390		1.7
Medtronic plc		800		87,120		0.6
Merck & Co., Inc.		5,412		469,004		3.3
MetLife, Inc.		5,705		266,937		1.9
Mettler-Toledo International, Inc.		662		466,670		3.3
Micron Technology, Inc.		4,230		201,137		1.4
Microsoft Corp.		3,900		559,143		4.0
Mondelez International, Inc., Class A		8,635		452,906		3.2
Monster Beverage Corp.		2,510		140,886		1.0
Morgan Stanley		6,647		306,094		2.2
Motorola Solutions, Inc.		2,139		355,758		2.5
MSCI, Inc.		470		110,243		0.8
NetApp, Inc.		574		32,075		0.2
New Residential Investment Corp.		12,930		204,811		1.5
NIKE, Inc., Class B		7,371		660,073		4.7
Norfolk Southern Corp.		1,126		204,932		1.5
Norwegian Cruise Line Holdings Ltd.		5,620		285,271		2.0
NRG Energy, Inc.		10,056		403,447		2.9
NVR, Inc.		60		218,195		1.6
OGE Energy Corp.		3,428		147,610		1.1
Omnicom Group, Inc.		3,194		246,545		1.8
Oracle Corp.		1,126		61,356		0.4
PACCAR, Inc.		1,170		88,990		0.6
Parker-Hannifin Corp.		267		48,992		0.3
Paychex, Inc.		8,399		702,492		5.0
Pentair plc		141		5,847		0.0
PepsiCo, Inc.		3,120		427,970		3.0
Philip Morris International, Inc.		470		38,277		0.3
Phillips 66		2,268		264,948		1.9
Pinnacle West Capital Corp.		3,553		334,408		2.4
PPG Industries, Inc.		1,080		135,130		1.0
Procter & Gamble Co. (The)		70		8,716		0.1
Progressive Corp. (The)		1,070		74,579		0.5
PulteGroup, Inc.		2,430		95,353		0.7
Qorvo, Inc.		4,587		370,905		2.6
Quest Diagnostics, Inc.		810		82,013		0.6
Raymond James Financial, Inc.		1,170		97,683		0.7
Regeneron Pharmaceuticals, Inc.		1,204		368,761		2.6
Regions Financial Corp.		643		10,352		0.1
Reliance Steel & Aluminum Co.		2,690		312,148		2.2
Republic Services, Inc.		675		59,069		0.4
Robert Half International, Inc.		5,334		305,478		2.2
Roper Technologies, Inc.		620		208,915		1.5
Royal Caribbean Cruises Ltd.		610		66,386		0.5
Royal Gold, Inc.		1,400		161,616		1.1
Sealed Air Corp.		880		36,758		0.3
SEI Investments Co.		3,310		198,335		1.4
ServiceNow, Inc.		622		153,796		1.1
Snap-on, Inc.		190		30,907		0.2
Sonoco Products Co.		2,190		126,363		0.9
Southern Co. (The)		860		53,888		0.4
Southwest Airlines Co.		557		31,264		0.2
Starbucks Corp.		7,710		651,958		4.6
Starwood Property Trust, Inc.		1,540		37,884		0.3
STERIS plc		910		128,829		0.9
Stryker Corp.		2,828		611,612		4.3
Synchrony Financial		6,514		230,400		1.6
Synopsys, Inc.		4,046		549,245		3.9
Sysco Corp.		3,174		253,507		1.8
T Rowe Price Group, Inc.		3,378		391,172		2.8
Target Corp.		560		59,870		0.4
Teledyne Technologies, Inc.		2,093		689,853		4.9
Teradyne, Inc.		5,148		315,161		2.2
Texas Instruments, Inc.		9,890		1,166,921		8.3

CONSOLIDATED SCHEDULE OF INVESTMENTS 27

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares		Value		% of Basket Value
United States (continued)
Thermo Fisher Scientific, Inc.		595	$	179,678		1.3	%
TJX Cos., Inc. (The)		16,965		978,032		7.0
Toro Co. (The)		3,310		255,300		1.8
Tractor Supply Co.		3,948		375,139		2.7
Union Pacific Corp.		747		123,599		0.9
United Continental Holdings, Inc.		2,826		256,714		1.8
UnitedHealth Group, Inc.		160		40,432		0.3
US Bancorp		1,938		110,505		0.8
US Foods Holding Corp.		1,680		66,646		0.5
Varian Medical Systems, Inc.		2,389		288,615		2.1
VeriSign, Inc.		3,945		749,629		5.3
Verisk Analytics, Inc.		740		107,078		0.8
Verizon Communications, Inc.		1,960		118,521		0.8
Vertex Pharmaceuticals, Inc.		250		48,870		0.3
VF Corp.		2,090		171,986		1.2
Viacom, Inc., Class B		11,709		252,446		1.8
Visa, Inc., Class A		4,249		759,976		5.4
Vistra Energy Corp.		9,600		259,488		1.8
VMware, Inc., Class A		845		133,738		1.0
Voya Financial, Inc.		6,486		349,985		2.5
Vulcan Materials Co.		190		27,145		0.2
Walmart, Inc.		990		116,087		0.8
Waste Management, Inc.		2,677		300,386		2.1
West Pharmaceutical Services, Inc.		890		128,018		0.9
Western Union Co. (The)		1,440		36,086		0.3
WR Berkley Corp.		870		60,813		0.4
WW Grainger, Inc.		36		11,118		0.1
Xcel Energy, Inc.		4,010		254,675		1.8
Xerox Holdings Corp.		9,669		328,069		2.3
Xilinx, Inc.		1,520		137,925		1.0
Yum! Brands, Inc.		5,321		541,199		3.8
Zebra Technologies Corp., Class A		876		208,374		1.5
Zions Bancorp NA		4,983		241,526		1.7
Zoetis, Inc.		915		117,047		0.8
				58,599,764
Total Reference Entity — Long				119,776,273
Reference Entity — Short
Australia
Brambles Ltd.		(18,410)		(152,196)		(1.1)
Commonwealth Bank of Australia		(8,080)		(438,098)		(3.1)
Computershare Ltd.		(15,680)		(171,154)		(1.2)
Insurance Australia Group Ltd.		(82,540)		(452,242)		(3.2)
National Australia Bank Ltd.		(21,620)		(424,382)		(3.0)
Oil Search Ltd.		(42,469)		(209,597)		(1.5)
Ramsay Health Care Ltd.		(2,810)		(132,774)		(0.9)
South32 Ltd.		(26,570)		(46,496)		(0.3)
Sydney Airport		(14,630)		(88,606)		(0.6)
Transurban Group		(121,790)		(1,247,367)		(8.9)
Westpac Banking Corp.		(20,275)		(393,649)		(2.8)
				(3,756,561)
Austria
Raiffeisen Bank International AG		(6,656)		(163,999)		(1.2)
Belgium
Anheuser-Busch InBev SA/NV		(1,685)		(136,009)		(1.0)
Galapagos NV		(2,263)		(416,657)		(2.9)
Umicore SA		(8,354)		(344,853)		(2.4)
				(897,519)
Bermuda
RenaissanceRe Holdings Ltd.		(20)		(3,744)		(0.0)

	Shares		Value		% of Basket Value
Canada
Agnico Eagle Mines Ltd.		(9,270)	$	(569,827)		(4.1	)%
Barrick Gold Corp.		(10,520)		(182,627)		(1.3	)
Brookfield Asset Management, Inc., Class A		(9,110)		(503,328)		(3.6	)
Dollarama, Inc.		(2,820)		(94,871)		(0.7	)
Enbridge, Inc.		(70)		(2,549)		(0.0	)
Encana Corp.		(21,350)		(83,906)		(0.6	)
Fairfax Financial Holdings Ltd.		(90)		(38,129)		(0.3	)
Great-West Lifeco, Inc.		(1,620)		(39,396)		(0.3	)
Inter Pipeline Ltd.		(12,820)		(215,208)		(1.5	)
Loblaw Cos. Ltd.		(1,910)		(101,859)		(0.7	)
				(1,831,700)
Chile
Antofagasta plc		(11,869)		(133,677)		(1.0	)
China
BeiGene Ltd., ADR		(4,400)		(608,696)		(4.3	)
Denmark
AP Moller — Maersk A/S, Class B		(220)		(280,632)		(2.0	)
Chr Hansen Holding A/S		(850)		(65,259)		(0.5	)
Danske Bank A/S		(14,510)		(207,356)		(1.5	)
DSV PANALPINA A/S		(5,231)		(508,397)		(3.6	)
				(1,061,644)
Finland
Elisa OYJ		(5,118)		(279,526)		(2.0	)
Kone OYJ, Class B		(2,580)		(164,284)		(1.2	)
Nokia OYJ		(105,273)		(386,459)		(2.7	)
Nordea Bank Abp		(29,061)		(212,693)		(1.5	)
Sampo OYJ, Class A		(6,630)		(271,696)		(1.9	)
Stora Enso OYJ, Class R		(4,970)		(64,569)		(0.5	)
Wartsila OYJ Abp		(40,387)		(426,679)		(3.0	)
				(1,805,906)
France
Accor SA		(6,987)		(300,536)		(2.1	)
Aeroports de Paris		(1,304)		(248,007)		(1.8	)
Amundi SA		(3,708)		(265,001)		(1.9	)
Atos SE		(5,360)		(415,972)		(3.0	)
Cie Generale des Etablissements Michelin SCA		(2,190)		(266,648)		(1.9	)
Edenred		(2,174)		(114,587)		(0.8	)
Electricite de France SA		(7,177)		(74,144)		(0.5	)
Faurecia SE		(5,360)		(250,141)		(1.8	)
Iliad SA		(3,838)		(397,753)		(2.8	)
Ipsen SA		(2,402)		(256,024)		(1.8	)
L’Oreal SA		(340)		(99,301)		(0.7	)
LVMH Moet Hennessy Louis Vuitton SE		(1,210)		(516,738)		(3.7	)
Natixis SA		(23,903)		(109,818)		(0.8	)
Orpea		(3,193)		(384,575)		(2.7	)
Publicis Groupe SA		(1,030)		(44,330)		(0.3	)
Remy Cointreau SA		(529)		(70,792)		(0.5	)
Renault SA		(5,074)		(259,073)		(1.8	)
SCOR SE		(7,735)		(326,256)		(2.3	)
Societe Generale SA		(12,617)		(358,814)		(2.6	)
Teleperformance		(841)		(190,809)		(1.4	)
Thales SA		(1,830)		(178,900)		(1.3	)
Valeo SA		(9,768)		(363,767)		(2.6	)
Worldline SA/France		(2,280)		(138,732)		(1.0	)
				(5,630,718)
Germany
Aroundtown SA		(11,840)		(100,079)		(0.7	)
Commerzbank AG		(15,296)		(91,527)		(0.7	)

28

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value		% of Basket Value
Germany (continued)
Continental AG		(1,860	)	$	(249,130)		(1.8	)%
Daimler AG (Registered)		(2,362	)		(138,066)		(1.0	)
Delivery Hero SE		(12,200	)		(572,457)		(4.1	)
Deutsche Bank AG (Registered)		(137,163	)		(994,670)		(7.1	)
Deutsche Boerse AG		(310	)		(48,006)		(0.3	)
Deutsche Lufthansa AG		(25,150	)		(435,679)		(3.1	)
Deutsche Wohnen SE		(7,295	)		(275,039)		(2.0	)
Infineon Technologies AG		(10,761	)		(208,427)		(1.5	)
Innogy SE		(155	)		(7,724)		(0.1	)
KION Group AG		(4,793	)		(318,916)		(2.3	)
Porsche Automobil Holding SE (Preference)		(1,996	)		(146,967)		(1.0	)
Siemens Healthineers AG		(4,660	)		(197,991)		(1.4	)
thyssenkrupp AG		(62,910	)		(897,134)		(6.4	)
TUI AG		(22,920	)		(299,846)		(2.1	)
Uniper SE		(4,584	)		(142,867)		(1.0	)
United Internet AG (Registered)		(8,771	)		(264,782)		(1.9	)
Vonovia SE		(2,950	)		(157,102)		(1.1	)
Wirecard AG		(416	)		(52,631)		(0.4	)
Zalando SE		(6,787	)		(294,264)		(2.1	)
					(5,893,304)
Ireland
AerCap Holdings NV		(750	)		(43,410)		(0.3	)
Italy
Atlantia SpA		(5,129	)		(126,717)		(0.9	)
Davide Campari-Milano SpA		(5,430	)		(49,806)		(0.4	)
FinecoBank Banca Fineco SpA		(5,160	)		(58,170)		(0.4	)
Intesa Sanpaolo SpA		(16,430	)		(41,171)		(0.3	)
Poste Italiane SpA		(5,460	)		(66,319)		(0.5	)
Recordati SpA		(3,230	)		(135,738)		(1.0	)
Telecom Italia SpA		(130,910	)		(76,621)		(0.5	)
UniCredit SpA		(281	)		(3,565)		(0.0	)
					(558,107)
Japan
ANA Holdings, Inc.		(100	)		(3,434)		(0.0	)
Asahi Intecc Co. Ltd.		(4,000	)		(110,062)		(0.8	)
Bandai Namco Holdings, Inc.		(1,300	)		(79,936)		(0.6	)
Daifuku Co. Ltd.		(7,600	)		(403,269)		(2.9	)
Dai-ichi Life Holdings, Inc.		(23,400	)		(381,406)		(2.7	)
Daiichi Sankyo Co. Ltd.		(2,900	)		(190,686)		(1.4	)
Daikin Industries Ltd.		(300	)		(41,988)		(0.3	)
Daito Trust Construction Co. Ltd.		(800	)		(106,016)		(0.7	)
Daiwa House Industry Co. Ltd.		(4,600	)		(158,356)		(1.1	)
Daiwa Securities Group, Inc.		(33,200	)		(149,228)		(1.1	)
Disco Corp.		(1,000	)		(218,238)		(1.5	)
FamilyMart Co. Ltd.		(11,200	)		(277,829)		(2.0	)
FANUC Corp.		(3,200	)		(631,198)		(4.5	)
Idemitsu Kosan Co. Ltd.		(7,300	)		(214,586)		(1.5	)
Japan Post Insurance Co. Ltd.		(3,600	)		(56,793)		(0.4	)
JXTG Holdings, Inc.		(31,600	)		(147,706)		(1.0	)
Kansai Electric Power Co., Inc. (The)		(5,900	)		(68,830)		(0.5	)
Keyence Corp.		(1,000	)		(632,296)		(4.5	)
Komatsu Ltd.		(6,900	)		(161,563)		(1.1	)
Kubota Corp.		(21,000	)		(333,548)		(2.4	)
LINE Corp.		(1,900	)		(69,895)		(0.5	)
M3, Inc.		(4,500	)		(107,835)		(0.8	)
Makita Corp.		(14,100	)		(474,195)		(3.4	)
MINEBEA MITSUMI, Inc.		(2,500	)		(47,479)		(0.3	)
Mitsubishi Estate Co. Ltd.		(5,800	)		(112,609)		(0.8	)
Mitsui Fudosan Co. Ltd.		(11,900	)		(304,436)		(2.2	)
Murata Manufacturing Co. Ltd.		(3,100	)		(168,789)		(1.2	)
Nexon Co. Ltd.		(27,700	)		(320,994)		(2.3	)

	Shares			Value		% of Basket Value
Japan (continued)
Nidec Corp.		(1,300	)	$	(191,394)		(1.4	)%
Nitori Holdings Co. Ltd.		(900	)		(136,990)		(1.0	)
Nomura Holdings, Inc.		(9,000	)		(40,905)		(0.3	)
Nomura Research Institute Ltd.		(6,800	)		(144,369)		(1.0	)
Obic Co. Ltd.		(1,100	)		(137,726)		(1.0	)
Ono Pharmaceutical Co. Ltd.		(3,300	)		(62,162)		(0.4	)
Oriental Land Co. Ltd.		(500	)		(73,300)		(0.5	)
Pan Pacific International Holdings Corp.		(20,500	)		(322,698)		(2.3	)
Rakuten, Inc.		(41,400	)		(394,684)		(2.8	)
Renesas Electronics Corp.		(34,900	)		(236,262)		(1.7	)
Resona Holdings, Inc.		(13,500	)		(58,706)		(0.4	)
Shimano, Inc.		(300	)		(49,935)		(0.4	)
Shimizu Corp.		(12,400	)		(115,593)		(0.8	)
Shin-Etsu Chemical Co. Ltd.		(300	)		(33,450)		(0.2	)
Shiseido Co. Ltd.		(1,600	)		(131,917)		(0.9	)
SMC Corp.		(800	)		(345,633)		(2.5	)
Softbank Corp.		(10,000	)		(137,173)		(1.0	)
SoftBank Group Corp.		(4,500	)		(173,099)		(1.2	)
Subaru Corp.		(6,600	)		(189,140)		(1.3	)
Sumitomo Metal Mining Co. Ltd.		(6,600	)		(220,768)		(1.6	)
Sumitomo Realty & Development Co. Ltd.		(1,100	)		(39,928)		(0.3	)
Suzuki Motor Corp.		(700	)		(33,050)		(0.2	)
Sysmex Corp.		(2,200	)		(143,546)		(1.0	)
Taisei Corp.		(8,300	)		(327,297)		(2.3	)
TDK Corp.		(1,700	)		(167,745)		(1.2	)
Terumo Corp.		(7,300	)		(238,248)		(1.7	)
Tokyo Electric Power Co. Holdings, Inc.		(19,700	)		(91,234)		(0.6	)
Tokyo Gas Co. Ltd.		(4,000	)		(97,644)		(0.7	)
Toshiba Corp.		(2,700	)		(92,330)		(0.7	)
Unicharm Corp.		(1,900	)		(64,393)		(0.5	)
Yaskawa Electric Corp.		(5,400	)		(205,404)		(1.5	)
Z Holdings Corp.		(23,200	)		(71,426)		(0.5	)
					(10,741,349)
Luxembourg
ArcelorMittal		(6,690	)		(99,474)		(0.7	)
Eurofins Scientific SE		(785	)		(397,991)		(2.8	)
SES SA, FDR		(9,385	)		(181,927)		(1.3	)
					(679,392)
Mexico
Fresnillo plc		(33,840	)		(312,640)		(2.2	)
Netherlands
ABN AMRO Bank NV, CVA		(10,870	)		(202,618)		(1.4	)
Aegon NV		(59,543	)		(258,318)		(1.8	)
NXP Semiconductors NV		(330	)		(37,514)		(0.3	)
					(498,450)
Norway
Mowi ASA		(9,409	)		(229,692)		(1.6	)
Norsk Hydro ASA		(47,352	)		(167,321)		(1.2	)
				(397,013)
Portugal
Jeronimo Martins SGPS SA		(8,460	)		(142,159)		(1.0	)
Russia
Evraz plc		(25,100	)		(119,776)		(0.9	)
South Africa
Anglo American plc		(8,540	)		(219,795)		(1.6	)
Mondi plc		(23,360	)		(484,344)		(3.4	)
					(704,139)

CONSOLIDATED SCHEDULE OF INVESTMENTS 29

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value		% of Basket Value
South Korea
Amorepacific Corp.		(1,077	)	$	(177,181)		(1.3	)%
Celltrion Healthcare Co. Ltd.		(7,599	)		(357,743)		(2.5	)
Celltrion, Inc.		(2,211	)		(378,413)		(2.7	)
Hyundai Motor Co.		(1,872	)		(196,082)		(1.4	)
Kakao Corp.		(1,095	)		(132,881)		(0.9	)
Korea Shipbuilding & Offshore Engineering Co. Ltd.		(806	)		(84,237)		(0.6	)
LG Chem Ltd.		(728	)		(192,079)		(1.4	)
NAVER Corp.		(367	)		(51,746)		(0.4	)
Samsung Biologics Co. Ltd.		(2,340	)		(799,388)		(5.7	)
Samsung SDI Co. Ltd.		(1,716	)		(334,870)		(2.4	)
SK Innovation Co. Ltd.		(522	)		(71,428)		(0.5	)
S-Oil Corp.		(1,130	)		(96,537)		(0.7	)
					(2,872,585)
Spain
Amadeus IT Group SA		(1,590	)		(117,626)		(0.8	)
Banco Bilbao Vizcaya Argentaria SA		(18,530	)		(97,595)		(0.7	)
Bankia SA		(37,700	)		(71,925)		(0.5	)
CaixaBank SA		(67,513	)		(193,600)		(1.4	)
Cellnex Telecom SA		(13,985	)		(603,437)		(4.3	)
Ferrovial SA		(12,747	)		(376,077)		(2.7	)
Grifols SA		(2,330	)		(75,167)		(0.5	)
Industria de Diseno Textil SA		(7,430	)		(231,525)		(1.7	)
Naturgy Energy Group SA		(1,040	)		(28,335)		(0.2	)
Red Electrica Corp. SA		(2,210	)		(44,416)		(0.3	)
					(1,839,703)
Sweden
Alfa Laval AB		(10,540	)		(243,951)		(1.7	)
Assa Abloy AB, Class B		(1,290	)		(30,635)		(0.2	)
Boliden AB		(4,250	)		(114,612)		(0.8	)
Electrolux AB		(3,750	)		(98,592)		(0.7	)
Epiroc AB, Class A		(28,283	)		(318,672)		(2.3	)
Hexagon AB, Class B		(7,273	)		(372,363)		(2.7	)
ICA Gruppen AB		(10,224	)		(452,430)		(3.2	)
Skanska AB, Class B		(4,100	)		(87,358)		(0.6	)
Svenska Handelsbanken AB, Class A		(8,850	)		(88,817)		(0.6	)
					(1,807,430)
Switzerland
ABB Ltd. (Registered)		(10,740	)		(225,540)		(1.6	)
Baloise Holding AG (Registered)		(797	)		(147,408)		(1.0	)
Chocoladefabriken Lindt & Spruengli AG		(88	)		(653,867)		(4.6	)
Cie Financiere Richemont SA (Registered)		(340	)		(26,718)		(0.2	)
EMS-Chemie Holding AG		(210	)		(131,565)		(0.9	)
Givaudan SA (Registered)		(65	)		(190,966)		(1.4	)
Glencore plc		(175,123	)		(528,588)		(3.8	)
Julius Baer Group Ltd.		(6,183	)		(273,806)		(1.9	)
Kuehne + Nagel International AG (Registered)		(1,070	)		(172,866)		(1.2	)
Lonza Group AG (Registered)		(382	)		(137,685)		(1.0	)
SGS SA (Registered)		(60	)		(156,486)		(1.1	)
Sika AG (Registered)		(2,540	)		(436,642)		(3.1	)
Straumann Holding AG (Registered)		(90	)		(80,413)		(0.6	)
Swiss Re AG		(360	)		(37,760)		(0.3	)
UBS Group AG (Registered)		(40,772	)		(482,544)		(3.4	)
					(3,682,854)
United Arab Emirates
NMC Health plc		(3,723	)		(105,535)		(0.7	)

	Shares			Value		% of Basket Value
United Kingdom
AstraZeneca plc		(1,170	)	$	(114,095)		(0.8	)%
Barratt Developments plc		(5,730	)		(46,859)		(0.3	)
Bunzl plc		(9,481	)		(246,646)		(1.8	)
Centrica plc		(162,250	)		(152,688)		(1.1	)
CNH Industrial NV		(640	)		(6,968)		(0.0	)
Coca-Cola European Partners plc		(2,995	)		(160,262)		(1.1	)
Croda International plc		(2,717	)		(169,518)		(1.2	)
Fiat Chrysler Automobiles NV		(36,456	)		(565,753)		(4.0	)
Hargreaves Lansdown plc		(11,969	)		(274,848)		(2.0	)
Imperial Brands plc		(2,190	)		(48,039)		(0.3	)
International Consolidated Airlines Group SA		(11,580	)		(79,712)		(0.6	)
Intertek Group plc		(1,440	)		(99,844)		(0.7	)
Johnson Matthey plc		(13,140	)		(522,011)		(3.7	)
Just Eat plc		(8,207	)		(78,148)		(0.6	)
Linde plc		(3,960	)		(785,466)		(5.6	)
London Stock Exchange Group plc		(1,661	)		(149,687)		(1.1	)
M&G plc		(17,204	)		(47,646)		(0.3	)
Melrose Industries plc		(92,756	)		(256,349)		(1.8	)
Micro Focus International plc		(12,350	)		(169,506)		(1.2	)
National Grid plc		(20,716	)		(242,217)		(1.7	)
Next plc		(1,310	)		(111,725)		(0.8	)
Ocado Group plc		(54,253	)		(935,120)		(6.6	)
Prudential plc		(17,204	)		(300,500)		(2.1	)
Reckitt Benckiser Group plc		(5,928	)		(458,718)		(3.3	)
Rolls-Royce Holdings plc		(21,037	)		(193,577)		(1.4	)
Rolls-Royce International Ltd., Class C		(967,702	)		(1,254)		(0.0	)
Royal Bank of Scotland Group plc		(119,980	)		(331,653)		(2.4	)
RSA Insurance Group plc		(50,720	)		(343,136)		(2.4	)
Smiths Group plc		(13,839	)		(289,285)		(2.1	)
Spirax-Sarco Engineering plc		(7,914	)		(812,165)		(5.8	)
SSE plc		(37,430	)		(622,688)		(4.4	)
St James’s Place plc		(26,750	)		(360,806)		(2.6	)
Standard Life Aberdeen plc		(79,940	)		(314,297)		(2.2	)
Taylor Wimpey plc		(48,810	)		(104,683)		(0.7	)
Vodafone Group plc		(52,730	)		(107,607)		(0.8	)
Whitbread plc		(5,770	)		(303,714)		(2.2	)
					(9,807,190)
United States
3M Co.		(650	)		(107,243)		(0.8	)
Activision Blizzard, Inc.		(4,007	)		(224,512)		(1.6	)
Advanced Micro Devices, Inc.		(8,789	)		(298,211)		(2.1	)
Alaska Air Group, Inc.		(2,493	)		(173,089)		(1.2	)
Allergan plc		(4,498	)		(792,143)		(5.6	)
Alliance Data Systems Corp.		(820	)		(82,000)		(0.6	)
Altria Group, Inc.		(2,561	)		(114,707)		(0.8	)
American Airlines Group, Inc.		(13,606	)		(408,996)		(2.9	)
American International Group, Inc.		(1,136	)		(60,163)		(0.4	)
Amphenol Corp., Class A		(4,125	)		(413,861)		(2.9	)
Aon plc		(1,960	)		(378,594)		(2.7	)
Apache Corp.		(4,580	)		(99,203)		(0.7	)
Aptiv plc		(4,595	)		(411,482)		(2.9	)
Aqua America, Inc.		(8,280	)		(375,332)		(2.7	)
Aramark		(4,600	)		(201,296)		(1.4	)
Archer-Daniels-Midland Co.		(5,050	)		(212,302)		(1.5	)
Arista Networks, Inc.		(1,162	)		(284,190)		(2.0	)
Arthur J Gallagher & Co.		(900	)		(82,098)		(0.6	)
Assurant, Inc.		(617	)		(77,785)		(0.6	)
AT&T, Inc.		(2,619	)		(100,805)		(0.7	)
Atlassian Corp. plc, Class A		(5,028	)		(607,332)		(4.3	)
Baker Hughes Co.		(4,655	)		(99,617)		(0.7	)
Ball Corp.		(2,660	)		(186,120)		(1.3	)

30

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Bank of New York Mellon Corp. (The)		(2,520	)	$	(117,810	)		(0.8	)%
Bausch Health Cos., Inc.		(8,216	)		(204,085	)		(1.5	)
BB&T Corp.		(7,410	)		(393,101	)		(2.8	)
Becton Dickinson and Co.		(1,802	)		(461,312	)		(3.3	)
Berkshire Hathaway, Inc., Class B		(140	)		(29,761	)		(0.2	)
BioMarin Pharmaceutical, Inc.		(1,755	)		(128,484	)		(0.9	)
Bio-Techne Corp.		(1,743	)		(362,840	)		(2.6	)
Black Knight, Inc.		(1,630	)		(104,646	)		(0.7	)
Boston Scientific Corp.		(2,197	)		(91,615	)		(0.7	)
Brown-Forman Corp., Class B		(4,399	)		(288,222	)		(2.0	)
Bunge Ltd.		(6,647	)		(358,938	)		(2.6	)
CarMax, Inc.		(480	)		(44,722	)		(0.3	)
Carnival Corp.		(5,220	)		(223,886	)		(1.6	)
Carnival plc		(810	)		(32,414	)		(0.2	)
Caterpillar, Inc.		(1,152	)		(158,746	)		(1.1	)
Cboe Global Markets, Inc.		(660	)		(75,999	)		(0.5	)
CenturyLink, Inc.		(4,540	)		(58,748	)		(0.4	)
Ceridian HCM Holding, Inc.		(7,480	)		(360,910	)		(2.6	)
Charles Schwab Corp. (The)		(530	)		(21,576	)		(0.2	)
Cheniere Energy, Inc.		(5,818	)		(358,098	)		(2.5	)
Chubb Ltd.		(4,716	)		(718,813	)		(5.1	)
Church & Dwight Co., Inc.		(1,716	)		(120,017	)		(0.9	)
Cigna Corp.		(2,720	)		(485,411	)		(3.5	)
Clorox Co. (The)		(570	)		(84,183	)		(0.6	)
CME Group, Inc.		(2,522	)		(518,901	)		(3.7	)
Cognex Corp.		(7,039	)		(362,438	)		(2.6	)
Cognizant Technology Solutions Corp., Class A		(204	)		(12,432	)		(0.1	)
Conagra Brands, Inc.		(8,643	)		(233,793	)		(1.7	)
Concho Resources, Inc.		(3,842	)		(259,412	)		(1.8	)
Constellation Brands, Inc., Class A		(260	)		(49,486	)		(0.4	)
Continental Resources, Inc.		(9,057	)		(266,910	)		(1.9	)
Cooper Cos., Inc. (The)		(378	)		(109,998	)		(0.8	)
CoStar Group, Inc.		(70	)		(38,466	)		(0.3	)
Coty, Inc., Class A		(32,992	)		(385,676	)		(2.7	)
Crown Holdings, Inc.		(6,044	)		(440,245	)		(3.1	)
CVS Health Corp.		(3,914	)		(259,850	)		(1.8	)
Deere & Co.		(647	)		(112,669	)		(0.8	)
Diamondback Energy, Inc.		(3,515	)		(301,446	)		(2.1	)
DISH Network Corp., Class A		(2,850	)		(97,983	)		(0.7	)
DocuSign, Inc.		(4,833	)		(319,896	)		(2.3	)
Dominion Energy, Inc.		(3,030	)		(250,127	)		(1.8	)
Domino’s Pizza, Inc.		(120	)		(32,594	)		(0.2	)
DR Horton, Inc.		(5,129	)		(268,606	)		(1.9	)
Duke Energy Corp.		(1,880	)		(177,209	)		(1.3	)
DuPont de Nemours, Inc.		(3,920	)		(258,367	)		(1.8	)
DXC Technology Co.		(590	)		(16,325	)		(0.1	)
East West Bancorp, Inc.		(800	)		(34,336	)		(0.2	)
Edison International		(2,350	)		(147,815	)		(1.1	)
Edwards Lifesciences Corp.		(120	)		(28,606	)		(0.2	)
Elanco Animal Health, Inc.		(560	)		(15,131	)		(0.1	)
Elastic NV		(11,490	)		(827,395	)		(5.9	)
Electronic Arts, Inc.		(4,790	)		(461,756	)		(3.3	)
Equifax, Inc.		(290	)		(39,646	)		(0.3	)
Everest Re Group Ltd.		(390	)		(100,265	)		(0.7	)
Eversource Energy		(2,159	)		(180,795	)		(1.3	)
Exact Sciences Corp.		(1,440	)		(125,280	)		(0.9	)
Exxon Mobil Corp.		(1,300	)		(87,841	)		(0.6	)
Facebook, Inc., Class A		(210	)		(40,247	)		(0.3	)
FedEx Corp.		(1,450	)		(221,357	)		(1.6	)
Ferguson plc		(1,675	)		(143,034	)		(1.0	)
Fidelity National Financial, Inc.		(11,079	)		(507,861	)		(3.6	)
Fidelity National Information Services, Inc.		(2,090	)		(275,378	)		(2.0	)

	Shares			Value			% of Basket Value
United States (continued)
First Republic Bank		(1,418	)	$	(150,818	)		(1.1	)%
First Solar, Inc.		(2,619	)		(135,638	)		(1.0	)
FirstEnergy Corp.		(6,490	)		(313,597	)		(2.2	)
Fiserv, Inc.		(1,280	)		(135,859	)		(1.0	)
Flowserve Corp.		(2,795	)		(136,508	)		(1.0	)
Fortive Corp.		(2,590	)		(178,710	)		(1.3	)
Franklin Resources, Inc.		(3,600	)		(99,180	)		(0.7	)
Freeport-McMoRan, Inc.		(84,090	)		(825,764	)		(5.9	)
Gartner, Inc.		(1,062	)		(163,633	)		(1.2	)
GCI Liberty, Inc., Class A		(850	)		(59,483	)		(0.4	)
General Electric Co.		(43,099	)		(430,128	)		(3.1	)
Global Payments, Inc.		(650	)		(109,967	)		(0.8	)
GoDaddy, Inc., Class A		(1,804	)		(117,314	)		(0.8	)
Guidewire Software, Inc.		(3,291	)		(371,027	)		(2.6	)
Halliburton Co.		(16,940	)		(326,095	)		(2.3	)
Hess Corp.		(6,406	)		(421,195	)		(3.0	)
Hormel Foods Corp.		(5,731	)		(234,341	)		(1.7	)
Huntington Bancshares, Inc.		(13,620	)		(192,451	)		(1.4	)
Huntington Ingalls Industries, Inc.		(540	)		(121,856	)		(0.9	)
IAC/InterActiveCorp		(450	)		(102,263	)		(0.7	)
Illinois Tool Works, Inc.		(1,590	)		(268,042	)		(1.9	)
Illumina, Inc.		(280	)		(82,746	)		(0.6	)
Intercontinental Exchange, Inc.		(4,119	)		(388,504	)		(2.8	)
International Flavors & Fragrances, Inc.		(3,741	)		(456,439	)		(3.2	)
Intuitive Surgical, Inc.		(389	)		(215,098	)		(1.5	)
Invesco Ltd.		(14,456	)		(243,150	)		(1.7	)
IPG Photonics Corp.		(4,021	)		(539,940	)		(3.8	)
IQVIA Holdings, Inc.		(3,713	)		(536,231	)		(3.8	)
Jack Henry & Associates, Inc.		(3,130	)		(443,083	)		(3.1	)
Jacobs Engineering Group, Inc.		(2,458	)		(230,020	)		(1.6	)
JB Hunt Transport Services, Inc.		(3,205	)		(376,780	)		(2.7	)
JM Smucker Co. (The)		(670	)		(70,806	)		(0.5	)
Johnson Controls International plc		(3,490	)		(151,222	)		(1.1	)
Keurig Dr Pepper, Inc.		(13,138	)		(369,966	)		(2.6	)
KeyCorp		(8,360	)		(150,229	)		(1.1	)
Kimberly-Clark Corp.		(530	)		(70,426	)		(0.5	)
Kinder Morgan, Inc.		(9,967	)		(199,141	)		(1.4	)
Kohl’s Corp.		(750	)		(38,445	)		(0.3	)
Kraft Heinz Co. (The)		(6,770	)		(218,874	)		(1.6	)
Kroger Co. (The)		(4,820	)		(118,765	)		(0.8	)
L Brands, Inc.		(3,700	)		(63,048	)		(0.4	)
Laboratory Corp. of America Holdings		(346	)		(57,010	)		(0.4	)
Lamb Weston Holdings, Inc.		(780	)		(60,871	)		(0.4	)
Las Vegas Sands Corp.		(2,270	)		(140,377	)		(1.0	)
Lennar Corp., Class A		(3,651	)		(217,600	)		(1.5	)
Liberty Broadband Corp., Class C		(5,177	)		(611,248	)		(4.3	)
Liberty Media Corp-Liberty Formula One, Class C		(3,292	)		(139,910	)		(1.0	)
Live Nation Entertainment, Inc.		(2,170	)		(152,985	)		(1.1	)
LKQ Corp.		(11,140	)		(378,649	)		(2.7	)
Lowe’s Cos., Inc.		(330	)		(36,831	)		(0.3	)
Marathon Petroleum Corp.		(490	)		(31,336	)		(0.2	)
Markel Corp.		(137	)		(160,427	)		(1.1	)
MarketAxess Holdings, Inc.		(866	)		(319,199	)		(2.3	)
Marsh & McLennan Cos., Inc.		(1,350	)		(139,887	)		(1.0	)
Martin Marietta Materials, Inc.		(1,611	)		(421,937	)		(3.0	)
Marvell Technology Group Ltd.		(2,800	)		(68,292	)		(0.5	)
McDonald’s Corp.		(390	)		(76,713	)		(0.5	)
Microchip Technology, Inc.		(2,842	)		(267,972	)		(1.9	)
Middleby Corp. (The)		(1,100	)		(133,045	)		(0.9	)
Mohawk Industries, Inc.		(5,026	)		(720,628	)		(5.1	)
Molina Healthcare, Inc.		(1,430	)		(168,225	)		(1.2	)
Moody’s Corp.		(530	)		(116,966	)		(0.8	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 31

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value			% of Basket Value
United States (continued)
Mosaic Co. (The)		(3,180	)	$	(63,218	)		(0.4	)%
Mylan NV		(11,516	)		(220,531	)		(1.6	)
Nasdaq, Inc.		(900	)		(89,793	)		(0.6	)
National Oilwell Varco, Inc.		(1,380	)		(31,216	)		(0.2	)
Netflix, Inc.		(788	)		(226,479	)		(1.6	)
Neurocrine Biosciences, Inc.		(940	)		(93,521	)		(0.7	)
Newell Brands, Inc.		(13,182	)		(250,063	)		(1.8	)
NextEra Energy, Inc.		(270	)		(64,352	)		(0.5	)
Nielsen Holdings plc		(5,987	)		(120,698	)		(0.9	)
Nordson Corp.		(1,680	)		(263,441	)		(1.9	)
Nucor Corp.		(1,590	)		(85,622	)		(0.6	)
NVIDIA Corp.		(636	)		(127,849	)		(0.9	)
Old Republic International Corp.		(752	)		(16,800	)		(0.1	)
ONEOK, Inc.		(8,164	)		(570,092	)		(4.1	)
Palo Alto Networks, Inc.		(590	)		(134,160	)		(1.0	)
Paycom Software, Inc.		(131	)		(27,710	)		(0.2	)
People’s United Financial, Inc.		(4,800	)		(77,616	)		(0.6	)
PerkinElmer, Inc.		(1,840	)		(158,166	)		(1.1	)
PG&E Corp.		(28,430	)		(175,413	)		(1.2	)
Pilgrim’s Pride Corp.		(3,480	)		(105,653	)		(0.8	)
Pool Corp.		(450	)		(93,330	)		(0.7	)
Post Holdings, Inc.		(2,410	)		(247,989	)		(1.8	)
PPL Corp.		(3,750	)		(125,588	)		(0.9	)
PRA Health Sciences, Inc.		(1,040	)		(101,618	)		(0.7	)
Principal Financial Group, Inc.		(4,010	)		(214,054	)		(1.5	)
PVH Corp.		(1,800	)		(156,888	)		(1.1	)
QIAGEN NV		(6,839	)		(204,611	)		(1.5	)
QUALCOMM, Inc.		(1,590	)		(127,900	)		(0.9	)
Raytheon Co.		(170	)		(36,076	)		(0.3	)
ResMed, Inc.		(986	)		(145,849	)		(1.0	)
RingCentral, Inc., Class A		(1,710	)		(276,199	)		(2.0	)
Rollins, Inc.		(9,840	)		(375,002	)		(2.7	)
Ross Stores, Inc.		(640	)		(70,189	)		(0.5	)
RPM International, Inc.		(490	)		(35,491	)		(0.3	)
Sage Therapeutics, Inc.		(2,020	)		(274,013	)		(1.9	)
Sarepta Therapeutics, Inc.		(4,867	)		(404,253	)		(2.9	)
Sempra Energy		(784	)		(113,296	)		(0.8	)
Sensata Technologies Holding plc		(2,175	)		(111,338	)		(0.8	)
Service Corp. International		(3,870	)		(176,008	)		(1.3	)
ServiceMaster Global Holdings, Inc.		(3,291	)		(132,891	)		(0.9	)
Sirius XM Holdings, Inc.		(45,570	)		(306,230	)		(2.2	)
Splunk, Inc.		(1,020	)		(122,359	)		(0.9	)
Square, Inc., Class A		(6,887	)		(423,068	)		(3.0	)
SS&C Technologies Holdings, Inc.		(3,091	)		(160,763	)		(1.1	)
Stanley Black & Decker, Inc.		(1,129	)		(170,852	)		(1.2	)
State Street Corp.		(2,342	)		(154,736	)		(1.1	)
SunTrust Banks, Inc.		(910	)		(62,189	)		(0.4	)
SVB Financial Group		(617	)		(136,653	)		(1.0	)
Symantec Corp.		(1,860	)		(42,557	)		(0.3	)
Take-Two Interactive Software, Inc.		(2,100	)		(252,735	)		(1.8	)
Targa Resources Corp.		(17,876	)		(695,019	)		(4.9	)
TD Ameritrade Holding Corp.		(2,140	)		(82,133	)		(0.6	)
Teleflex, Inc.		(38	)		(13,202	)		(0.1	)
Tiffany & Co.		(1,300	)		(161,863	)		(1.2	)
T-Mobile US, Inc.		(1,510	)		(124,817	)		(0.9	)
TransUnion		(1,529	)		(126,326	)		(0.9	)
Travelers Cos., Inc. (The)		(360	)		(47,182	)		(0.3	)
Twilio, Inc., Class A		(2,100	)		(202,776	)		(1.4	)
Twitter, Inc.		(3,472	)		(104,056	)		(0.7	)
Tyler Technologies, Inc.		(580	)		(155,742	)		(1.1	)
Tyson Foods, Inc., Class A		(1,600	)		(132,464	)		(0.9	)
United Parcel Service, Inc., Class B		(1,520	)		(175,058	)		(1.2	)
Universal Display Corp.		(510	)		(102,092	)		(0.7	)
Universal Health Services, Inc., Class B		(300	)		(41,238	)		(0.3	)

	Shares			Value		% of Basket Value
United States (continued)
Vail Resorts, Inc.		(979	)	$	(227,490)		(1.6	)%
Wabtec Corp.		(7,710	)		(534,843)		(3.8	)
Walgreens Boots Alliance, Inc.		(2,665	)		(145,989)		(1.0	)
Walt Disney Co. (The)		(6,993	)		(908,531)		(6.5	)
Wayfair, Inc., Class A		(810	)		(66,606)		(0.5	)
WEC Energy Group, Inc.		(850	)		(80,240)		(0.6	)
Wells Fargo & Co.		(14,239	)		(735,160)		(5.2	)
Western Digital Corp.		(7,239	)		(373,894)		(2.7	)
Westlake Chemical Corp.		(3,580	)		(226,220)		(1.6	)
Williams Cos., Inc. (The)		(3,214	)		(71,704)		(0.5	)
Willis Towers Watson plc		(875	)		(163,538)		(1.2	)
Workday, Inc., Class A		(372	)		(60,324)		(0.4	)
WRKCo, Inc.		(4,927	)		(184,122)		(1.3	)
Wynn Resorts Ltd.		(4,175	)		(506,594)		(3.6	)
Xylem, Inc.		(2,278	)		(174,700)		(1.2	)
Zayo Group Holdings, Inc.		(8,960	)		(305,894)		(2.2	)
Zendesk, Inc.		(11,507	)		(812,970)		(5.8	)
Zimmer Biomet Holdings, Inc.		(2,550	)		(352,487)		(2.5	)
					(49,614,272)
Total Reference Entity — Short					(105,713,472)
Net Value of Reference Entity — Credit Suisse International				$	14,062,801

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 October 31, 2019, expiration date 02/17/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Austria
OMV AG		934		54,603		23.5
France
Legrand SA		246		19,219		8.3
Orange SA		2,444		39,335		16.9
			58,554
Germany
Hannover Rueck SE		1		177		0.1
HOCHTIEF AG		1,648		205,906		88.5
			206,083
Italy
Eni SpA		6,072		92,118		39.6
Japan
AGC, Inc.		200		7,032		3.0
Kirin Holdings Co. Ltd.		900		19,093		8.2
Mazda Motor Corp.		4,600		42,229		18.2
Mitsui & Co. Ltd.		5,300		91,022		39.1
ORIX Corp.		6,900		108,433		46.6
Sumitomo Chemical Co. Ltd.		29,000		132,657		57.0
Yamaha Corp.		100		4,657		2.0
			405,123
Netherlands
NN Group NV		1,186		45,254		19.4
Singapore
Mapletree Industrial Trust		2,300		4,308		1.8

32

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value		% of Basket Value
Spain
ACS Actividades de Construccion y Servicios SA		3		$	122		0.0	%
Aena SME SA		261			47,910		20.6
					48,032
Sweden
Volvo AB, Class B		7,569			113,427		48.7
United Kingdom
easyJet plc		149			2,390		1.0
Experian plc		1,500			47,282		20.3
					49,672
Total Reference Entity — Long					1,077,174
Reference Entity — Short
Denmark
Chr Hansen Holding A/S		(472	)		(36,238)		(15.6	)
France
Amundi SA		(798	)		(57,031)		(24.5	)
Iliad SA		(255	)		(26,427)		(11.4	)
Remy Cointreau SA		(398	)		(53,262)		(22.9	)
					(136,720)
Japan
Nidec Corp.		(1,000	)		(147,226)		(63.2	)
Ono Pharmaceutical Co. Ltd.		(4,000	)		(75,347)		(32.4	)
Shin-Etsu Chemical Co. Ltd.		(200	)		(22,300)		(9.6	)
Sumitomo Metal Mining Co. Ltd.		(7,400	)		(247,528)		(106.4	)
Sysmex Corp.		(700	)		(45,674)		(19.6	)
Yamaha Corp.		(100	)		(4,657)		(2.0	)
					(542,732)
Netherlands
NN Group NV		(1,186	)		(45,254)		(19.4	)
Norway
Norsk Hydro ASA		(3,376	)		(11,929)		(5.1	)
United Kingdom
CNH Industrial NV		(6,353	)		(69,169)		(29.7	)
easyJet plc		(151	)		(2,422)		(1.0	)
					(71,591)
Total Reference Entity — Short					(844,464)
Net Value of Reference Entity — Deutsche Bank AG				$	232,710

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 October 31, 2019, expiration date 02/08/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
France
Arkema SA		2,572		263,213		50.0
Legrand SA		40		3,125		0.6
Orange SA		5,407		87,023		16.5
				353,361
Italy
Eni SpA		1,963		29,781		5.7

	Shares			Value		% of Basket Value
Japan
AGC, Inc.		5,600		$	196,896		37.4	%
Kirin Holdings Co. Ltd.		2,800			59,400		11.3
MEIJI Holdings Co. Ltd.		300			21,623		4.1
Mitsubishi Heavy Industries Ltd.		100			4,047		0.8
ORIX Corp.		6,900			108,433		20.6
Sumitomo Corp.		1,100			17,867		3.4
					408,266
Singapore
Mapletree Industrial Trust		59,600			111,641		21.2
South Korea
HDC Holdings Co. Ltd.		1			10		0.0
POSCO		411			74,574		14.1
Shinhan Financial Group Co. Ltd.		4,633			168,804		32.1
					243,388
United Kingdom
Experian plc		6,407			201,957		38.4
United States
Ally Financial, Inc.		518			15,866		3.0
American Financial Group, Inc.		1,122			116,733		22.2
Avery Dennison Corp.		809			103,439		19.7
Commerce Bancshares, Inc.		1			64		0.0
Estee Lauder Cos., Inc. (The), Class A		469			87,361		16.6
Fortive Corp.		1			69		0.0
Globe Life, Inc.		128			12,458		2.4
Graco, Inc.		1,710			77,292		14.7
Omnicom Group, Inc.		23			1,775		0.3
					415,057
Total Reference Entity — Long					1,763,451
Reference Entity — Short
France
Amundi SA		(1,651	)		(117,992)		(22.4	)
Electricite de France SA		(4,111	)		(42,470)		(8.1	)
					(160,462)
Germany
Deutsche Wohnen SE		(468	)		(17,645)		(3.4	)
Hong Kong
AIA Group Ltd.		(6,200	)		(61,741)		(11.7	)
WH Group Ltd.		(3,000	)		(3,167)		(0.6	)
					(64,908)
Japan
Nidec Corp.		(2,600	)		(382,787)		(72.7	)
Shimano, Inc.		(200	)		(33,290)		(6.3	)
SoftBank Group Corp.		(1,000	)		(38,466)		(7.3	)
Sumitomo Metal Mining Co. Ltd.		(1,800	)		(60,210)		(11.5	)
					(514,753)
Taiwan
Delta Electronics, Inc.		(19,792	)		(86,896)		(16.5	)
Hon Hai Precision Industry Co. Ltd.		(70,037	)		(184,975)		(35.1	)
					(271,871)
United States
Arthur J Gallagher & Co.		(218	)		(19,886)		(3.8	)
Cognex Corp.		(1,918	)		(98,758)		(18.8	)
Lennar Corp., Class B		(1	)		(47)		(0.0	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 33

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock Total Factor Fund

	Shares			Value		% of Basket Value
United States (continued)
Nordson Corp.		(566	)	$	(88,754)		(16.9	)%
					(207,445)
Total Reference Entity — Short				$	(1,237,084)
Net Value of Reference Entity — JPMorgan Chase Bank NA				$	526,367

Glossary of Terms Used in this Report

Currency
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
RUB	New Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan New Dollar
USD	United States Dollar

Portfolio Abbreviations
ADR	American Depositary Receipts
CDI	Crest Depository Interests
CVA	Certification Van Aandelon (Dutch Certificate)
EMMI	European Money Markets Institute
FDR	Fiduciary Depositary Receipt
HIBOR	Hong Kong Interbank Offer Rate
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OTC	Over-the-counter
RBOB	Reformulated Gasoline Blend Stock for Oxygen Blending
S&P	Standard & Poor’s
SCA	Svenska Cellulosa Aktiebolaget
SONIA	Sterling Overnight Interbank Average Rate

34

Consolidated Schedule of Investments  (unaudited) (continued) October 31, 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee”) 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its 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)	$	—		$	36,014,828		$	—	$	36,014,828
Short-Term Securities:
Money Market Funds		11,701,173			—			—		11,701,173
U.S. Treasury Obligations		—			191,922,314			—		191,922,314
	$	11,701,173		$	227,937,142		$	—	$	239,638,315
Derivative Financial Instruments(b)
Assets:
Commodity contracts	$	771,059		$	—		$	—	$	771,059
Credit contracts		—			94,663			—		94,663
Equity contracts		522,794			1,620,158			—		2,142,952
Foreign currency exchange contracts		—			2,631,117			—		2,631,117
Interest rate contracts		740,085			—			—		740,085
Liabilities:
Commodity contracts		(1,109,488	)		—			—		(1,109,488	)
Credit contracts		—			(88,359	)		—		(88,359	)
Equity contracts		(1,140,251	)		(338,436	)		—		(1,478,687	)
Foreign currency exchange contracts		—			(3,598,396	)		—		(3,598,396	)
Interest rate contracts		(3,920,582	)		—			—		(3,920,582	)
	$	(4,136,383	)	$	320,747		$	—	$	(3,815,636	)

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

^(b) Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

CONSOLIDATED SCHEDULE OF INVESTMENTS 35