BlackRock Long-Horizon Equity Fund NPORT-P BlackRock Unconstrained Equity Fund (Jul 2022 report)

Schedule of Investments (unaudited)  July 31, 2022 BlackRock Unconstrained Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Denmark — 4.3%
Novo Nordisk A/S, Class B		91,794	$	10,691,592
France — 8.8%
LVMH Moet Hennessy Louis Vuitton SE		31,384		21,791,606
Italy — 3.2%
Ferrari NV		36,814		7,817,903
Netherlands — 7.5%
ASML Holding NV		32,554		18,710,668
Switzerland — 4.7%
Lonza Group AG, Registered Shares		19,238		11,691,920
United Kingdom — 4.3%
Auto Trader Group PLC(a)		641,384		4,944,758
Spirax-Sarco Engineering PLC		39,566		5,773,033
				10,717,791
United States — 60.8%
Alphabet, Inc., Class C(b)		93,299		10,882,395
ANSYS, Inc.(b)		31,855		8,887,226
Cadence Design Systems, Inc.(b)		78,876		14,677,246
Costco Wholesale Corp.		21,205		11,478,266
Edwards Lifesciences Corp.(b)		26,869		2,701,409
Floor & Decor Holdings, Inc., Class A(b)		64,968		5,234,472
Intuit, Inc.		21,656		9,878,817
Intuitive Surgical, Inc.(b)		30,604		7,044,123
Masimo Corp.(b)		24,120		3,487,270
Mastercard, Inc., Class A(c)		64,707		22,892,690
Microsoft Corp.		63,246		17,755,682
NIKE, Inc., Class B		54,975		6,317,727
S&P Global, Inc.		31,454		11,855,956
VeriSign, Inc.(b)		42,567		8,051,974
Verisk Analytics, Inc.		52,583		10,003,916
				151,149,169
Total Common Stocks — 93.6% (Cost: $218,730,563)				232,570,649

Security	Par (000)		Value
Corporate Bonds
China — 0.0%
China Milk Products Group Ltd., 0.00%, 01/15/49(d)(e)	$	1,000	$	1
Total Corporate Bonds — 0.0% (Cost: $1,000,000)				1
Total Long-Term Investments — 93.6% (Cost: $219,730,563)				232,570,650
	Shares
Short-Term Securities
Money Market Funds — 4.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.76%(f)(g)		10,259,007		10,259,007
SL Liquidity Series, LLC, Money Market Series, 2.03%(f)(g)(h)		1,258,502		1,258,250
Total Short-Term Securities — 4.6% (Cost: $11,517,257)				11,517,257
Total Investments — 98.2% (Cost: $231,247,820)				244,087,907
Other Assets Less Liabilities — 1.8%				4,393,007
Net Assets — 100.0%			$	248,480,914

^(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)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  Issuer filed for bankruptcy and/or is in default.

^(e)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)  Affiliate of the Fund.

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

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	7,783,672	$	2,475,335	(a)	$	—	$	—	$	—	$	10,259,007		10,259,007	$	22,442		$	—
SL Liquidity Series, LLC, Money Market Series		—		1,258,250	(a)		—		—		—		1,258,250		1,258,502		244	(b)		—
								$	—	$	—	$	11,517,257			$	22,686		$	—

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

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

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Schedule of Investments (unaudited) (continued) July 31, 2022 BlackRock Unconstrained Equity Fund

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		65		09/16/22	$	13,434	$	446,736

Forward Foreign Currency Exchange Contracts    

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,847,558	GBP	3,980,864	Westpac Banking Corp.		08/19/22	$	(2,239	)

Fair Value Hierarchy as of Period End

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

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

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

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

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

Certain investments of the Fund were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Denmark	$	—	$	10,691,592	$	—	$	10,691,592
France		—		21,791,606		—		21,791,606
Italy		—		7,817,903		—		7,817,903
Netherlands		—		18,710,668		—		18,710,668
Switzerland		—		11,691,920		—		11,691,920
United Kingdom		—		10,717,791		—		10,717,791
United States		151,149,169		—		—		151,149,169
Corporate Bonds		—		—		1		1

SCHEDULE    OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) July 31, 2022 BlackRock Unconstrained Equity Fund

Fair Value Hierarchy as of Period End (continued)    

	Level 1		Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	10,259,007	$	—		$	—	$	10,259,007
	$	161,408,176	$	81,421,480		$	1		242,829,657
Investments Valued at NAV(a)									1,258,250
								$	244,087,907
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	446,736	$	—		$	—	$	446,736
Liabilities
Foreign Currency Exchange Contracts		—		(2,239	)		—		(2,239	)
	$	446,736	$	(2,239	)	$	—	$	444,497

^(a)  Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

Currency Abbreviation
GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
S&P	Standard & Poor’s

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