BlackRock

Advantage

ESG

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

July

31,

2021

Security

Value

Common

Stocks

—

96.7%

Australia

—

6.8%

ASX

Ltd.

...................

746

42,261

Aurizon

Holdings

Ltd.

...........

10,029

28,461

BHP

Group

Ltd.

...............

1,039

40,811

BHP

Group

plc

...............

1,227

39,726

BlueScope

Steel

Ltd.

...........

2,921

51,799

Challenger

Ltd.

...............

282

1,180

Cochlear

Ltd.

................

153

27,681

Commonwealth

Bank

Australia

...

1,267

92,881

CSL

Ltd.

....................

307

65,357

Fortescue

Metals

Group

Ltd.

......

1,165

21,288

Glencore

plc

(a)

................

12,455

55,937

Goodman

Group

..............

5,579

92,791

Medibank

Pvt

Ltd.

.............

31,889

77,774

Mineral

Resources

Ltd.

..........

1,206

55,801

Qantas

Airways

Ltd.

(a)

...........

5,616

18,932

REA

Group

Ltd.

...............

498

59,324

Rio

Tinto

plc

.................

361

30,663

Scentre

Group

................

21,580

41,201

Worley

Ltd.

..................

1,634

13,417

857,285

Austria

—

0.3%

ANDRITZ

................

112

6,166

Raiffeisen

Bank

International

...

987

23,337

Wienerberger

..............

150

6,132

35,635

Belgium

—

0.8%

Ageas

...................

845

Anheuser-Busch

InBev

SA/NV

.....

1,390

87,726

Telenet

Group

Holding

........

227

8,520

Umicore

.................

141

8,751

105,842

China

—

0.6%

BOC

Hong

Kong

Holdings

Ltd.

.....

22,000

70,648

Wilmar

International

Ltd.

.........

1,400

4,484

75,132

Denmark

—

3.5%

Moller

Maersk

A/S,

Class

....

8,326

Coloplast

A/S,

Class

..........

500

91,432

Genmab

A/S

(a)

................

14,915

Store

Nord

A/S

.............

490

42,940

Novo

Nordisk

A/S,

Class

.......

2,054

190,142

Novozymes

A/S,

Class

.........

633

49,731

Orsted

A/S

(b)

.................

217

32,185

ROCKWOOL

International

A/S,

Class

3,184

432,855

Finland

—

2.1%

Kone

OYJ,

Class

............

776

64,274

Neste

OYJ

..................

865

53,172

Nordea

Bank

Abp

.............

9,157

107,232

UPM-

Kymmene

OYJ

...........

969

39,599

264,277

France

—

10.8%

Air

France-KLM

(a)(c)

.............

768

3,564

Air

Liquide

................

337

58,607

Alstom

(a)

.................

198

8,212

AXA

....................

1,806

46,770

BNP

Paribas

..............

1,881

114,702

Casino

Guichard

Perrachon

(a)

...

859

24,283

Cie

Saint-Gobain

............

362

25,875

CNP

Assurances

..............

2,615

44,450

Security

Value

France

(continued)

Credit

Agricole

.............

1,367

19,061

Dassault

Systemes

..........

1,822

100,506

Electricite

France

.........

330

4,006

Engie

...................

1,311

17,483

Faurecia

.................

3,615

Hermes

International

...........

110,072

Kering

...................

139

124,702

Klepierre

.................

528

12,784

Legrand

.................

191

21,525

L'Oreal

..................

342

156,463

LVMH

Moet

Hennessy

Louis

Vuitton

292

233,795

Orange

..................

1,369

15,236

Pernod

Ricard

.............

392

86,517

Renault

(a)

.................

134

5,089

Rubis

SCA

..................

431

17,290

Sanofi

.....................

214

22,058

Teleperformance

..............

13,076

TOTAL

..................

343

14,957

Valeo

......................

346

10,005

Vinci

....................

378

40,021

1,354,724

Germany

—

8.4%

adidas

..................

341

123,767

Allianz

(Registered)

..........

400

99,425

Alstria

office

REIT-AG

...........

970

20,522

Aurubis

..................

7,292

BASF

...................

657

51,626

Bayer

(Registered)

..........

300

17,874

Bayerische

Motoren

Werke

....

449

44,645

Covestro

(b)

................

137

8,826

Daimler

(Registered)

.........

612

54,615

Deutsche

Boerse

...........

322

53,730

Deutsche

Post

(Registered)

....

1,774

120,226

E.ON

...................

1,638

20,137

Encavis

..................

718

13,140

HelloFresh

(a)

...............

589

55,213

Infineon

Technologies

........

938

35,845

Knorr-

Bremse

.............

5,662

Rheinmetall

...............

146

14,010

SAP

....................

311

44,632

Siemens

(Registered)

........

1,024

159,778

Siemens

Energy

(a)

...........

278

7,563

Volkswagen

...............

7,633

Zalando

(a)(b)

...............

791

87,890

1,054,051

Hong

Kong

—

3.0%

AIA

Group

Ltd.

...............

15,000

179,486

Hong

Kong

Exchanges

Clearing

Ltd.

100

6,391

Kerry

Properties

Ltd.

...........

3,000

8,860

MTR

Corp.

Ltd.

...............

8,500

50,394

Sun

Hung

Kai

Properties

Ltd.

......

1,500

21,458

Swire

Properties

Ltd.

...........

11,800

33,561

Techtronic

Industries

Co.

Ltd.

......

4,500

80,245

380,395

Ireland

—

0.4%

Flutter

Entertainment

plc

(a)

........

108

18,411

Kerry

Group

plc,

Class

.........

136

20,166

Kingspan

Group

plc

............

162

17,617

56,194

Israel

—

1.2%

Bank

Hapoalim

(a)

...........

5,963

47,453

Gazit

-Globe

Ltd.

..............

610

Israel

Discount

Bank

Ltd.,

Class

(a)

4,496

21,061

BlackRock

Advantage

ESG

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

July

31,

2021

Security

Value

Israel

(continued)

Nice

Ltd.

(a)

..................

307

85,433

154,557

Italy

—

1.4%

Amplifon

SpA

................

620

30,618

Assicurazioni

Generali

SpA

.......

500

9,969

Davide

Campari-Milano

.......

132

1,856

Enel

SpA

...................

6,018

55,459

Intesa

Sanpaolo

SpA

...........

9,195

25,402

Pirelli

SpA

(b)

..............

4,116

24,856

Prysmian

SpA

................

182

6,525

Terna

SpA

..................

204

1,619

Unipol

Gruppo

SpA

............

3,370

17,910

174,214

Japan

—

21.2%

Amada

Co.

Ltd.

...............

2,300

23,640

Asahi

Kasei

Corp.

.............

6,900

75,244

Astellas

Pharma,

Inc.

...........

3,300

52,560

Azbil

Corp.

..................

800

31,199

Bridgestone

Corp.

.............

1,600

70,488

Calbee

Inc.

.................

3,100

71,220

Canon

Marketing

Japan,

Inc.

......

900

20,159

Canon,

Inc.

..................

2,000

46,056

Chugai

Pharmaceutical

Co.

Ltd.

....

100

3,685

COMSYS

Holdings

Corp.

........

700

19,455

Daikin

Industries

Ltd.

...........

500

104,416

Denso

Corp.

.................

400

27,481

Disco

Corp.

..................

100

28,556

East

Japan

Railway

Co.

.........

100

6,662

Fast

Retailing

Co.

Ltd.

..........

100

67,820

Hikari

Tsushin,

Inc.

.............

300

51,939

Honda

Motor

Co.

Ltd.

...........

500

16,059

Japan

Post

Holdings

Co.

Ltd.

(a)

.....

1,600

13,582

KDDI

Corp.

..................

3,400

103,984

Keyence

Corp.

...............

200

111,401

Kirin

Holdings

Co.

Ltd.

..........

3,700

67,676

Komatsu

Ltd.

................

800

20,047

Kyowa

Exeo

Corp.

.............

100

2,486

Mitsubishi

Estate

Co.

Ltd.

........

600

9,412

Mitsubishi

Capital,

Inc.

........

5,300

28,908

Mitsubishi

Materials

Corp.

........

2,200

45,900

Mitsubishi

UFJ

Financial

Group,

Inc.

8,300

43,846

Mitsui

Mining

Smelting

Co.

Ltd.

...

400

11,390

MS&AD

Insurance

Group

Holdings,

Inc.

2,800

86,551

NGK

Spark

Plug

Co.

Ltd.

........

300

4,418

Nichirei

Corp.

................

800

21,888

Nidec

Corp.

.................

400

44,897

Nintendo

Co.

Ltd.

..............

200

102,821

Nippon

Paint

Holdings

Co.

Ltd.

.....

2,300

29,358

Nitto

Denko

Corp.

.............

500

37,149

Nomura

Holdings,

Inc.

..........

16,200

81,123

Nomura

Research

Institute

Ltd.

....

200

6,436

Obayashi

Corp.

...............

2,400

19,625

Olympus

Corp.

...............

100

2,058

Omron

Corp.

.................

1,000

85,575

Oracle

Corp.

Japan

............

200

14,940

Recruit

Holdings

Co.

Ltd.

........

2,000

103,661

Rengo

Co.

Ltd.

...............

200

1,703

Sanwa

Holdings

Corp.

..........

400

4,868

Sekisui

House

Ltd.

.............

1,200

23,767

SMC

Corp.

..................

100

59,447

SoftBank

Corp.

...............

2,000

26,122

SoftBank

Group

Corp.

..........

900

56,597

Sony

Corp.

..................

400

41,787

Sumitomo

Chemical

Co.

Ltd.

......

15,400

80,165

Security

Value

Japan

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

3,000

101,127

Suntory

Beverage

Food

Ltd.

.....

200

7,013

Takeda

Pharmaceutical

Co.

Ltd.

....

3,300

109,846

Terumo

Corp.

................

800

31,049

Tokyo

Electron

Ltd.

............

200

82,485

Toshiba

Corp.

................

200

8,608

Toyota

Motor

Corp.

............

800

71,820

Trend

Micro,

Inc.

..............

400

20,825

Unicharm

Corp.

...............

800

32,110

Yamada

Holdings

Co.

Ltd.

........

1,100

5,197

Yamaha

Motor

Co.

Ltd.

..........

600

15,024

Yamazaki

Baking

Co.

Ltd.

........

3,700

50,801

Yokogawa

Electric

Corp.

.........

800

12,307

2,658,439

Netherlands

—

5.7%

Adyen

(a)(b)

................

67,751

Akzo

Nobel

...............

112

13,835

Argenx

(a)

.................

3,664

ASML

Holding

.............

324

247,661

EXOR

...................

316

25,961

IMCD

...................

7,277

JDE

Peet's

...............

1,952

65,716

Koninklijke

Ahold

Delhaize

.....

3,217

100,000

Koninklijke

KPN

............

1,392

4,568

PostNL

..................

5,503

29,780

Randstad

................

583

42,297

Royal

Dutch

Shell

plc,

Class

.....

3,663

73,630

Royal

Dutch

Shell

plc,

Class

.....

861

17,012

Signify

(b)

.................

253

14,173

713,325

New

Zealand

—

1.0%

Air

New

Zealand

Ltd.

(a)

..........

10,518

10,996

Fisher

Paykel

Healthcare

Corp.

Ltd.

2,905

63,944

Infratil

Ltd.

..................

2,459

12,526

Meridian

Energy

Ltd.

...........

6,945

25,251

Xero

Ltd.

(a)

..................

6,433

119,150

Norway

—

0.8%

DNB

Bank

ASA

...............

1,102

22,583

Equinor

ASA

.................

4,203

81,871

Norsk

Hydro

ASA

..............

181

1,204

105,658

Singapore

—

0.5%

Oversea-Chinese

Banking

Corp.

Ltd.

2,400

21,713

Singapore

Airlines

Ltd.

(a)

.........

2,400

8,998

Singapore

Telecommunications

Ltd.

13,600

22,795

United

Overseas

Bank

Ltd.

.......

700

13,533

67,039

Spain

—

1.9%

Acciona

..................

484

74,204

Amadeus

Group

(a)

.........

1,246

Banco

Bilbao

Vizcaya

Argentaria

10,728

68,675

CaixaBank

................

205

609

Iberdrola

.................

4,331

52,124

Industria

Diseno

Textil

......

589

19,977

Naturgy

Energy

Group

........

202

5,213

Repsol

..................

1,048

11,479

Siemens

Gamesa

Renewable

Energy

(a)

....................

166

4,629

238,156

BlackRock

Advantage

ESG

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

July

31,

2021

Security

Value

Sweden

—

3.7%

Assa

Abloy

AB,

Class

.........

2,957

94,850

Atlas

Copco

AB,

Class

.........

1,311

88,787

Atlas

Copco

AB,

Class

.........

673

38,266

Elekta

AB,

Class

.............

1,989

29,031

Evolution

(b)

................

13,572

Intrum

...................

233

7,220

Investor

AB,

Class

............

4,114

101,881

Lundbergforetagen

AB,

Class

6,922

Saab

AB,

Class

.............

2,334

70,820

Tele2

AB,

Class

.............

212

3,114

Telefonaktiebolaget

Ericsson,

Class

......................

484

Telia

Co.

.................

2,571

11,277

466,224

Switzerland

—

8.7%

Adecco

Group

(Registered)

....

776

46,472

Givaudan

(Registered)

........

109,808

Kuehne

Nagel

International

(Registered)

...............

250

84,333

Nestle

(Registered)

..........

2,617

331,390

Novartis

(Registered)

........

2,128

196,794

PSP

Swiss

Property

(Registered)

286

38,704

Roche

Holding

.............

399

156,628

Sika

(Registered)

...........

101

35,579

STMicroelectronics

..........

484

19,918

Straumann

Holding

(Registered)

38,934

Swiss

Life

Holding

(Registered)

2,063

Tecan

Group

(Registered)

.....

5,767

UBS

Group

(Registered)

......

1,360

22,407

1,088,797

United

Kingdom

—

11.4%

Group

plc

.................

576

10,237

Associated

British

Foods

plc

......

1,291

35,899

AstraZeneca

plc

..............

1,509

173,399

Auto

Trader

Group

plc

(a)(b)

........

412

3,733

Aviva

plc

...................

1,300

6,982

Barratt

Developments

plc

........

948

9,265

Bellway

plc

..................

184

8,401

plc

.....................

13,782

55,321

British

Land

Co.

plc

(The)

........

2,861

20,256

Burberry

Group

plc

.............

1,399

40,128

CNH

Industrial

.............

127

2,121

Compass

Group

plc

(a)

...........

1,470

31,061

Diageo

plc

..................

398

19,735

Experian

plc

.................

553

24,346

GlaxoSmithKline

plc

............

1,395

27,543

Greggs

plc

(a)

.................

577

22,109

HomeServe

plc

...............

4,440

57,704

Howden

Joinery

Group

plc

.......

1,302

16,225

HSBC

Holdings

plc

............

27,427

151,402

ITV

plc

(a)

....................

45,093

70,117

Sainsbury

plc

...............

20,933

82,431

JET2

plc

(a)

..................

763

13,137

Johnson

Matthey

plc

...........

212

8,763

Just

Eat

Takeaway.com

(a)(b)

.....

152

13,498

Security

Value

United

Kingdom

(continued)

Kingfisher

plc

................

4,590

23,576

Lloyds

Banking

Group

plc

........

135,237

85,506

Micro

Focus

International

plc

......

3,914

21,808

plc

(a)

...................

136

14,898

Pets

Home

Group

plc

.........

649

4,216

Prudential

plc

................

1,405

26,384

RELX

plc

...................

2,515

73,927

Rightmove

plc

................

2,366

23,079

Sage

Group

plc

(The)

...........

780

7,603

Segro

plc

...................

460

7,776

Smiths

Group

plc

..............

1,091

23,573

SSE

plc

....................

1,029

20,631

Standard

Chartered

plc

..........

7,481

44,847

Unilever

plc

..................

1,147

66,113

Unilever

plc

..................

445

25,610

Vodafone

Group

plc

............

10,203

16,406

Whitbread

plc

(a)

...............

659

27,853

Morrison

Supermarkets

plc

....

3,002

11,166

1,428,785

United

States

—

2.5%

Ferguson

plc

.................

561

78,646

James

Hardie

Industries

plc,

CDI

...

956

32,254

Schneider

Electric

...........

839

140,523

Sims

Ltd.

...................

104

1,257

Swiss

.................

613

55,575

308,255

Total

Common

Stocks

—

96.7%

(Cost:

$10,978,408)

..............................

12,138,989

Preferred

Stocks

—

0.3%

Germany

—

0.3%

Volkswagen

(Preference)

......

133

32,395

Total

Preferred

Stocks

—

0.3%

(Cost:

$36,603)

................................

32,395

Total

Long-Term

Investments

—

97.0%

(Cost:

$11,015,011)

..............................

12,171,384

Short-Term

Securities

—

3.4%

(d)(e)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

......

424,677

Liquidity

Series,

LLC,

Money

Market

Series,

0.12%

(f)

.............

3,898

3,899

Total

Short-Term

Securities

—

3.4%

(Cost:

$428,576)

................................

428,576

Total

Investments

—

100.4%

(Cost:

$11,443,587)

..............................

12,599,960

Liabilities

Excess

Other

Assets

—

(0.4)%

............

(49,529)

Net

Assets

—

100.0%

..............................

12,550,431

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

All

portion

this

security

loan.

(d)

Affiliate

the

Fund.

(e)

Annualized

7-day

yield

period

end.

(f)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

BlackRock

Advantage

ESG

International

Equity

Fund

Schedule

Investments

(unaudited)

(continued)

July

31,

2021

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

period

ended

July

31,

2021

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

04/30/21

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/21

Held

07/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

305,672

119,005

—

424,677

—

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

—

3,899

—

3,899

3,898

—

428,576

—

(a)

Represents

net

amount

purchased

(sold).

BlackRock

Advantage

ESG

International

Equity

Fund

Schedule

Investments

(unaudited)

(continued)

July

31,

2021

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

EAFE

E-Mini

Index

....................................................

09/17/21

348

(5,532)

Glossary

Terms

Used

this

Report

Portfolio

Abbreviations

CDI

Crest

Depository

Interests

MSCI

Morgan

Stanley

Capital

International

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

BlackRock

Advantage

ESG

International

Equity

Fund

Schedule

Investments

(unaudited)

(continued)

July

31,

2021

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

•

Level

—

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access;

•

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs);

and

•

Level

—

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Global

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds.

There

may

not

secondary

market,

and/or

there

are

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

Certain

investments

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

quoted

market

value

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major