Schedule of Investments (unaudited) 
February 28, 2026
BlackRock Advantage International Fund
(Percentages shown are based on Net Assets)
Security
 

Shares
Value
Common Stocks
Australia — 7.5%
AGL Energy Ltd.
1,198,757
$  8,439,732
Ampol Ltd.
65,813
1,321,355
APA Group
3,164
20,708
Aristocrat Leisure Ltd.
1,150,198
39,321,477
BHP Group Ltd.
2,631,916
106,790,755
Coles Group Ltd.
811,208
11,896,689
Commonwealth Bank of Australia
366,209
45,436,103
Computershare Ltd.
721,755
15,913,924
CSL Ltd.
200,648
21,005,169
Evolution Mining Ltd.
1,931,064
22,910,247
Fortescue Ltd.
3,033,822
45,571,706
Glencore PLC
5,517,849
39,869,855
JB Hi-Fi Ltd.
9,262
541,405
Macquarie Group Ltd.
595,410
90,359,656
Mirvac Group
621,793
906,938
National Australia Bank Ltd.
357,214
12,449,831
Orica Ltd.
525,368
9,120,718
Perseus Mining Ltd.
467,943
2,011,431
Qantas Airways Ltd.
242,142
1,713,758
QBE Insurance Group Ltd.
729,245
11,324,735
REA Group Ltd.
33,151
3,922,013
Regis Resources Ltd.
1,112,913
7,532,762
Rio Tinto Ltd.
304,852
36,240,815
Rio Tinto PLC
178,563
17,690,178
Rocketboots Ltd.(a)(b)
1,389
287
Santos Ltd.
1,630,956
7,859,841
Vault Minerals Ltd.(a)
1,207
5,076
Wesfarmers Ltd.
161,379
9,142,630
Westgold Resources Ltd.
186,870
1,037,391
Worley Ltd.
1,158,413
9,328,605
 
579,685,790
Austria — 0.2%
Erste Group Bank AG
102,214
12,132,212
Raiffeisen Bank International AG
200
9,936
 
12,142,148
Belgium — 0.2%
Ageas SA/NV
118,015
8,759,854
KBC Group NV
963
130,422
UCB SA
20,234
6,077,958
 
14,968,234
Chile — 0.0%
Antofagasta PLC
29,947
1,720,536
China — 0.2%
BOC Hong Kong Holdings Ltd.
1,845,500
10,555,815
Mobvista, Inc.(a)(c)
1,100,000
1,663,527
SITC International Holdings Co. Ltd.
809,000
3,450,957
Yangzijiang Shipbuilding Holdings Ltd.
171,400
585,841
 
16,256,140
Denmark — 1.1%
Danske Bank A/S
16,694
871,002
Genmab A/S(a)
34,001
10,010,798
Novo Nordisk A/S, Class B
505,976
19,137,806
Orsted AS(a)(c)
90,034
2,121,091
Pandora A/S
278,847
22,042,964
Tryg A/S
319,084
7,901,060
Vestas Wind Systems A/S
751,450
19,210,302
 
81,295,023
Finland — 0.6%
Kone Oyj, Class B
162,602
12,259,095
Nokia Oyj
1,950,327
14,968,799
Nordea Bank Abp
564,796
10,929,107
Sampo Oyj, A Shares
726,422
8,051,005
Wartsila Oyj Abp
49,019
2,128,632
 
48,336,638
Security
 
Shares
Value
France — 11.8%
Air Liquide SA
149,300
$  31,394,110
AXA SA
2,426,849
118,678,017
BNP Paribas SA
702,170
78,840,842
Bureau Veritas SA
330,884
11,498,709
Cie de Saint-Gobain SA
111,419
11,291,396
Credit Agricole SA
1,674,340
36,991,151
Danone SA
27,711
2,383,119
Dassault Systemes SE
404,260
8,852,792
Engie SA
111,797
3,819,330
EssilorLuxottica SA
140,364
37,152,533
Ipsen SA
94,094
18,367,388
Klepierre SA
88,529
3,725,616
Legrand SA
88,701
16,066,158
LOreal SA
103,839
48,653,374
LVMH Moet Hennessy Louis Vuitton SE
119,766
76,532,953
Publicis Groupe SA
190,997
17,007,348
Safran SA
268,238
108,029,839
Sanofi SA
1,078,928
105,520,627
Schneider Electric SE
5,455
1,782,748
Societe Generale SA
341,516
29,595,978
Thales SA
89,329
27,112,887
TotalEnergies SE
457,260
36,627,263
Veolia Environnement SA
624,408
26,441,633
Vinci SA
317,431
52,689,148
 
909,054,959
Germany — 8.6%
adidas AG, Class N
144,386
26,788,676
Allianz SE, Registered Shares
216,828
97,372,503
BASF SE
294,372
16,861,672
Commerzbank AG
453,907
18,414,849
Continental AG
77,091
6,643,236
Deutsche Bank AG, Registered Shares
1,024,056
36,306,030
Deutsche Telekom AG, Registered Shares
3,175,973
127,547,571
Fresenius Medical Care AG
183,828
8,562,710
Fresenius SE & Co. KGaA
44,410
2,662,227
GEA Group AG
85,321
6,615,251
Hannover Rueck SE, Registered Shares
17,626
5,341,069
Heidelberg Materials AG
7,591
1,691,218
Henkel AG & Co. KGaA, NVS
16,146
1,583,738
Henkel AG & Co. KGaA
3,864
349,954
MTU Aero Engines AG, Class N
3,772
1,625,872
Muenchener Rueckversicherungs-Gesellschaft AG,
Registered Shares
41,402
27,019,915
Nemetschek SE
37,063
2,952,723
Nordex SE(a)
153,078
7,725,386
Rational AG
5,971
5,175,123
Rheinmetall AG
15,569
30,798,196
RWE AG
161,411
10,383,362
SAP SE
424,882
85,355,561
Siemens AG, Registered Shares
219,651
63,510,739
Siemens Energy AG
292,436
56,638,354
Vonovia SE
408,234
13,842,202
 
661,768,137
Hong Kong — 1.6%
AIA Group Ltd.
8,954,800
98,785,181
ASMPT Ltd.
2,000
28,511
Guotai Junan International Holdings Ltd.(b)
3,384,000
1,209,169
Link REIT
497,600
2,460,078
Swire Pacific Ltd., Class A
118,000
1,267,551
Techtronic Industries Co. Ltd.
1,229,500
19,912,590
 
123,663,080
India — 0.0%
AceVector Ltd. (Acquired 05/07/14, cost
$804,375)(a)(d)(e)
172,800
56,279
Indonesia — 0.3%
Jardine Matheson Holdings Ltd.
226,300
18,656,233
Ireland — 0.1%
Kerry Group PLC, Class A
87,268
7,754,248
1

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage International Fund
(Percentages shown are based on Net Assets)
Security
 
Shares
Value
Israel — 0.8%
Bank Hapoalim BM
725,295
$  18,305,093
Bank Leumi Le-Israel BM
371,869
9,002,768
Elbit Systems Ltd.
8,629
6,664,544
Israel Discount Bank Ltd., Class A
242,351
2,933,167
Mizrahi Tefahot Bank Ltd.
122,597
9,185,270
Nice Ltd.(a)
113,206
12,964,136
Nova Ltd.(a)
10,860
4,769,669
 
63,824,647
Italy — 3.4%
A2A SpA
756,716
2,207,494
Amplifon SpA
241,184
3,740,836
Banca Mediolanum SpA
75,545
1,620,331
Coca-Cola HBC AG
87,629
5,688,115
Enel SpA
5,191,344
62,425,637
Eni SpA
1,965,269
45,898,356
Generali
326,657
13,909,418
Intesa Sanpaolo SpA
5,209,640
35,746,199
Leonardo SpA
36,266
2,443,281
MFE-MediaForEurope NV, Class A
23
84
MFE-MediaForEurope NV, Class B
2
9
Poste Italiane SpA(c)
154,705
4,144,543
Prysmian SpA
134,408
16,189,566
Recordati Industria Chimica e Farmaceutica SpA
89,269
5,100,288
Saipem SpA
1,451,207
6,101,715
Snam SpA
1,072,850
8,330,454
Terna - Rete Elettrica Nazionale
530,210
6,380,178
UniCredit SpA
479,598
40,836,504
 
260,763,008
Japan — 24.2%
Advantest Corp.
219,400
37,993,391
AGC, Inc.
239,500
10,622,072
Ajinomoto Co., Inc.
61,000
1,940,174
ANA Holdings, Inc.
700
15,263
Asahi Group Holdings Ltd.
49,900
543,293
Asahi Intecc Co. Ltd.
3,100
66,817
Asahi Kasei Corp.
630,900
7,435,429
Astellas Pharma, Inc.
329,400
5,481,715
Canon, Inc.
455,300
13,759,995
CyberAgent, Inc.
537,900
4,742,839
Dai Nippon Printing Co. Ltd.
322,300
6,698,111
Daifuku Co. Ltd.
184,800
7,628,084
Dai-ichi Life Holdings, Inc.
1,183,700
12,146,368
Daiichi Sankyo Co. Ltd.
1,248,800
24,595,144
Daikin Industries Ltd.
207,300
26,338,503
Daiwa House Industry Co. Ltd.
1,587,900
57,301,716
Daiwa Securities Group, Inc.
608,000
6,389,655
Denso Corp.
896,600
12,864,349
Dentsu Group, Inc.(a)
209,500
3,953,441
ENEOS Holdings, Inc.
2,982,600
28,455,949
FANUC Corp.
361,600
16,373,296
Fast Retailing Co. Ltd.
17,400
7,629,256
Fujitsu Ltd.
1,847,700
41,190,625
Hamamatsu Photonics KK
204,400
2,635,246
Hitachi Ltd.
2,784,200
91,147,223
Horiba Ltd.
35,800
4,808,061
Hulic Co. Ltd.
255,700
3,388,624
Isuzu Motors Ltd.
200
3,728
ITOCHU Corp.
7,100
102,800
Japan Exchange Group, Inc.
293,800
3,998,305
Japan Post Bank Co. Ltd.
602,100
11,787,352
Japan Post Holdings Co. Ltd.
727,800
9,477,880
Japan Post Insurance Co. Ltd.
57,400
1,873,588
Japan Tobacco, Inc.
773,300
29,586,001
Kajima Corp.
143,100
6,544,026
Kansai Electric Power Co., Inc. (The)
826,500
14,928,048
Kao Corp.
274,300
11,712,996
KDDI Corp.
374,000
6,424,391
Keyence Corp.
7,000
2,950,162
Kioxia Holdings Corp.(a)
53,000
7,162,654
Security
 
Shares
Value
Japan (continued)
Kubota Corp.
137,000
$  2,784,826
Kyushu Electric Power Co., Inc.
253,800
3,271,303
LY Corp.
5,469,400
13,518,907
Mitsubishi Corp.
1,387,000
46,805,067
Mitsubishi Electric Corp.
1,070,100
40,731,241
Mitsubishi HC Capital, Inc.
297,400
2,882,338
Mitsubishi Heavy Industries Ltd.
1,599,500
50,988,694
Mitsubishi UFJ Financial Group, Inc.
3,879,800
72,024,633
Mitsui & Co. Ltd.
896,400
33,605,787
Mitsui Chemicals, Inc.
241,500
3,677,029
Mitsui Fudosan Co. Ltd.
3,035,200
40,913,968
Mizuho Financial Group, Inc.
838,400
37,404,387
MS&AD Insurance Group Holdings, Inc.
433,400
12,077,307
Murata Manufacturing Co. Ltd.
2,579,500
67,453,748
NEC Corp.
1,623,800
45,017,070
NGK Insulators Ltd.
553,600
16,215,603
NH Foods Ltd.
19,100
875,706
Nidec Corp.
857,000
13,477,420
Nippon Electric Glass Co. Ltd.
6,300
276,817
Nippon Sanso Holdings Corp.
1,600
61,384
Nitto Denko Corp.
431,500
10,006,681
Nomura Holdings, Inc.
1,731,800
16,078,144
Nomura Real Estate Holdings, Inc.
350,900
2,612,114
Nomura Research Institute Ltd.
270,000
7,407,765
NSK Ltd.
316,100
2,843,715
Obayashi Corp.
1,202,000
33,933,601
Ono Pharmaceutical Co. Ltd.
1,738,100
29,880,842
ORIX Corp.
391,700
13,748,318
Otsuka Corp.
2,500
50,420
Otsuka Holdings Co. Ltd.
124,200
8,558,662
Pan Pacific International Holdings Corp.
2,418,000
16,159,301
Panasonic Holdings Corp.
5,400
87,081
Recruit Holdings Co. Ltd.
811,800
35,325,712
Resona Holdings, Inc.
699,100
8,530,293
Ricoh Co. Ltd.
214,400
2,014,300
SBI Holdings, Inc.
5,200
111,221
Secom Co. Ltd.
272,800
10,583,932
Shimadzu Corp.
18,500
514,937
Shimizu Corp.
804,600
17,983,731
Shin-Etsu Chemical Co. Ltd.
102,200
4,023,773
SoftBank Corp.
14,831,200
20,286,162
SoftBank Group Corp.
1,012,500
25,926,033
Sompo Holdings, Inc.
299,000
11,862,710
Sony Group Corp.
5,689,000
130,780,222
Sumitomo Chemical Co. Ltd.
9,620,800
35,144,849
Sumitomo Electric Industries Ltd.
116,000
7,665,189
Sumitomo Mitsui Financial Group, Inc.
1,767,900
66,712,743
Sumitomo Mitsui Trust Group, Inc.
624,400
21,772,143
Sumitomo Realty & Development Co. Ltd.
427,100
14,438,697
Suzuki Motor Corp.
2,232,100
33,756,880
Sysmex Corp.
837,100
7,902,954
T&D Holdings, Inc.
155,900
4,198,771
Taisei Corp.
75,600
9,823,177
TDK Corp.
1,508,800
23,308,561
Terumo Corp.
2,197,500
29,733,241
Tokio Marine Holdings, Inc.
618,700
25,695,626
Tokyo Electron Ltd.
274,000
77,096,695
Tokyo Gas Co. Ltd.
13,600
667,614
Toray Industries, Inc.
263,200
2,253,840
Tosoh Corp.
99,900
1,745,866
Toyota Motor Corp.
1,297,800
31,443,573
Unicharm Corp.
1,507,500
10,315,362
Yaskawa Electric Corp.
90,700
3,191,283
Yokohama Financial Group, Inc.
45,000
485,872
 
1,863,422,411
Luxembourg — 0.0%
Eurofins Scientific SE
4,221
340,129
SES SA
9
67
 
340,196
2

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage International Fund
(Percentages shown are based on Net Assets)
Security
 
Shares
Value
Macau — 0.3%
Galaxy Entertainment Group Ltd.
1,321,000
$  7,029,228
Sands China Ltd.
5,365,600
12,121,991
 
19,151,219
Netherlands — 5.5%
Adyen NV(a)(c)
5,174
6,075,974
Argenx SE(a)
15,923
12,318,499
ASM International NV
27,649
23,318,823
ASML Holding NV
182,560
265,516,725
ASR Nederland NV
100,351
7,291,788
Euronext NV(c)
27,862
4,603,273
Heineken Holding NV
54,770
4,744,527
ING Groep NV
142,990
4,125,681
Koninklijke Ahold Delhaize NV
1,199,743
59,213,834
Koninklijke Philips NV
366,037
11,729,780
NN Group NV
52,658
4,318,883
Wolters Kluwer NV, Class C
274,169
22,148,892
 
425,406,679
New Zealand — 0.0%
Fisher & Paykel Healthcare Corp. Ltd.
93,446
2,284,493
Meridian Energy Ltd.
123,023
417,091
 
2,701,584
Nigeria — 0.0%
Airtel Africa PLC(c)
425,286
1,995,319
Norway — 1.0%
Aker BP ASA
217,383
6,604,667
DNB Bank ASA
723,669
22,907,323
Equinor ASA
684,380
20,506,885
Kongsberg Gruppen ASA
269,982
10,948,142
Mowi ASA
352,197
8,320,094
Norsk Hydro ASA
23,179
215,065
Salmar ASA
12,399
743,626
Telenor ASA
387,991
7,194,011
 
77,439,813
Portugal — 0.4%
EDP SA
4,661,302
24,800,689
Jeronimo Martins SGPS SA
59,248
1,557,099
 
26,357,788
Singapore — 0.7%
DBS Group Holdings Ltd.
719,060
32,390,205
Oversea-Chinese Banking Corp. Ltd.
102,700
1,738,011
Singapore Technologies Engineering Ltd.
1,468,500
11,555,508
Singapore Telecommunications Ltd.
2,190,200
8,713,850
STMicroelectronics NV
22,613
754,485
United Overseas Bank Ltd.
29,200
851,982
 
56,004,041
Spain — 4.4%
ACS Actividades de Construccion y Servicios SA
201,667
26,022,064
Banco Bilbao Vizcaya Argentaria SA
468,678
10,855,334
Banco Santander SA
10,583,461
133,479,275
Bankinter SA
629,594
10,447,073
CaixaBank SA
249,503
3,075,194
Enagas SA
156,175
2,831,711
Endesa SA
790
32,229
Iberdrola SA
2,873,704
67,828,789
Industria de Diseno Textil SA
455,078
30,388,914
Naturgy Energy Group SA
422,349
13,144,913
Repsol SA
806,375
18,248,740
Telefonica SA
4,393,381
19,937,650
 
336,291,886
Sweden — 2.5%
Assa Abloy AB, Class B
808,096
34,396,697
Atlas Copco AB, B Shares
29,137
546,221
Epiroc AB, Class B
6,766
175,916
Evolution AB(c)
79,748
4,803,254
H & M Hennes & Mauritz AB, B Shares
39,706
846,523
Hexagon AB, B Shares
1,402,253
15,952,362
Industrivarden AB, A Shares
18,269
1,036,855
Security
 
Shares
Value
Sweden (continued)
Industrivarden AB, C Shares
22,055
$  1,245,309
Indutrade AB
60,664
1,572,818
Lifco AB, B Shares
20,501
727,393
Saab AB, Class B
520
37,969
Sandvik AB
860,980
37,944,433
Securitas AB, B Shares
1,131,025
20,127,298
Skanska AB, B Shares
688,600
21,110,322
Swedish Orphan Biovitrum AB(a)
100,664
4,398,664
Tele2 AB, B Shares
1,078,122
22,752,876
Telefonaktiebolaget LM Ericsson, B Shares
2,060,728
23,821,988
Telia Co. AB
181,047
929,461
 
192,426,359
Switzerland — 5.0%
ABB Ltd., Registered Shares
1,328,284
123,711,407
Accelleron Industries AG
49,501
4,669,364
Avolta AG, Registered Shares
18,867
1,240,303
Chocoladefabriken Lindt & Spruengli AG, NVS
8
132,077
Cie Financiere Richemont SA, Registered Shares
35,345
7,205,351
DSM-Firmenich AG
157,451
11,245,109
Flughafen Zurich AG, Registered Shares
1,420
486,530
Julius Baer Group Ltd., Registered Shares
52,977
4,504,631
Logitech International SA, Registered Shares
212,183
19,466,374
Lonza Group AG, Registered Shares
1,267
881,253
Medmix AG(c)
2
25
Nestlé SA, Registered Shares
751,006
82,055,249
Schindler Holding AG, NVS
36,179
13,774,492
Schindler Holding AG, Registered Shares
8,894
3,242,279
SGS SA, Registered Shares
88,622
11,195,219
Sonova Holding AG, Registered Shares
54,716
14,264,766
UBS Group AG, Registered Shares
1,749,716
72,700,430
VAT Group AG(c)
861
607,251
Zurich Insurance Group AG, Class N
18,407
13,884,859
 
385,266,969
United Kingdom — 13.8%
Admiral Group PLC
223,627
8,933,784
Anglo American PLC
319,338
15,932,596
Ashtead Group PLC
68,824
4,929,642
AstraZeneca PLC
495,161
104,198,029
Aviva PLC
1,009,243
9,300,607
BAE Systems PLC
2,418,956
69,074,622
Barclays PLC
15,509,556
94,138,577
British American Tobacco PLC
355,377
22,191,656
Bunzl PLC
25,120
741,187
CK Hutchison Holdings Ltd.
3,515,500
28,945,922
Close Brothers Group PLC(a)
15
100
Compass Group PLC
1,020,525
31,252,027
Diploma PLC
18,353
1,401,900
Endeavour Mining PLC
47,432
3,388,921
Entain PLC
92,854
719,428
Experian PLC
144,526
5,439,843
Halma PLC
275,324
15,492,371
HSBC Holdings PLC
5,842,181
109,196,267
IG Group Holdings PLC
271,775
4,767,046
IMI PLC
78,962
3,063,694
Imperial Brands PLC
750,513
33,614,626
Informa PLC
28,061
316,929
InterContinental Hotels Group PLC
96,947
13,322,493
International Consolidated Airlines Group SA
46,668
263,931
Intertek Group PLC
396,446
25,261,567
J Sainsbury PLC
3,362,360
15,814,183
JET2 PLC
11,484
194,051
Johnson Matthey PLC
2,593
70,382
Kingfisher PLC
5,086
25,583
Legal & General Group PLC
764,460
2,792,384
Lloyds Banking Group PLC
30,722,142
41,966,931
London Stock Exchange Group PLC
114,537
13,646,331
National Grid PLC
45,636
853,696
NatWest Group PLC
5,090,183
42,260,817
Next PLC
124,375
22,666,050
3

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage International Fund
(Percentages shown are based on Net Assets)
Security
 
Shares
Value
United Kingdom (continued)
Reckitt Benckiser Group PLC
138,845
$  12,232,096
RELX PLC
219,164
7,656,138
Rolls-Royce Holdings PLC
3,644,640
65,538,206
Sage Group PLC (The)
1,849,530
20,351,735
Shell PLC
1,944,480
81,440,412
Smith & Nephew PLC
380,095
7,016,568
Smiths Group PLC
399,415
14,766,520
Standard Chartered PLC
517,245
12,759,092
Tesco PLC
1,940,090
12,559,236
Unilever PLC
443,583
32,595,395
United Utilities Group PLC
4,875
91,379
Vodafone Group PLC
29,015,517
44,678,972
Weir Group PLC (The)
29,701
1,408,727
 
1,059,272,649
United States — 4.4%
AP Moller - Maersk A/S, Class A
98
240,211
BP PLC
7,923,050
51,352,531
Carnival PLC
57,331
1,811,297
GSK PLC
1,667,083
49,534,486
Holcim AG
734
67,478
Novartis AG, Registered Shares
557,769
93,784,309
QIAGEN NV
27,682
1,376,328
Roche Holding AG, NVS
242,435
115,375,170
Roche Holding AG(a)
14,697
7,284,722
Tenaris SA
632,886
17,299,248
 
338,125,780
Total Long-Term Investments — 98.6%
(Cost: $5,917,574,504)
7,584,147,793
Security
 
Shares
Value
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.84%(f)(g)(h)
1,543,104
$  1,543,875
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.56%(f)(g)
100,818,584
100,818,584
Total Short-Term Securities — 1.3%
(Cost: $102,362,459)
102,362,459
Total Investments — 99.9%
(Cost: $6,019,936,963)
7,686,510,252
Other Assets Less Liabilities — 0.1%
7,854,858
Net Assets — 100.0%
$  7,694,365,110
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
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.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $56,279, representing less than 0.05% of its net assets
as of period end, and an original cost of $804,375.
(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 February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
05/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
02/28/26
Shares
Held at
02/28/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional, SL
Agency Shares
$  25,912,976
$  
$  (24,369,101
)(a)
$  
$  
$  1,543,875
1,543,104
$  2,464
(b)
$  
BlackRock Liquidity Funds,
T-Fund, Institutional Shares
115,902,006
(15,083,422
)(a)
100,818,584
100,818,584
2,577,982
 
$  
$  
$  102,362,459
$  2,580,446
$  
(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 collateral investment fees, and other payments to and
from borrowers of securities.
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
 
 
MSCI EAFE Index
497
03/20/26
$  78,653
$  555,425
4

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage International Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds 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
Australia
$  20,995
$  579,664,795
$  
$  579,685,790
Austria
9,936
12,132,212
12,142,148
Belgium
14,968,234
14,968,234
Chile
1,720,536
1,720,536
China
16,256,140
16,256,140
Denmark
81,295,023
81,295,023
Finland
48,336,638
48,336,638
France
909,054,959
909,054,959
Germany
3,274,956
658,493,181
661,768,137
Hong Kong
123,663,080
123,663,080
India
56,279
56,279
Indonesia
18,656,233
18,656,233
Ireland
7,754,248
7,754,248
Israel
63,824,647
63,824,647
Italy
260,763,008
260,763,008
Japan
76,647
1,863,345,764
1,863,422,411
Luxembourg
340,196
340,196
Macau
19,151,219
19,151,219
Netherlands
59,213,834
366,192,845
425,406,679
New Zealand
2,701,584
2,701,584
Nigeria
1,995,319
1,995,319
Norway
7,194,011
70,245,802
77,439,813
Portugal
26,357,788
26,357,788
Singapore
56,004,041
56,004,041
Spain
15,976,624
320,315,262
336,291,886
Sweden
37,969
192,388,390
192,426,359
Switzerland
385,266,969
385,266,969
United Kingdom
15,814,183
1,043,458,466
1,059,272,649
United States
240,211
337,885,569
338,125,780
Short-Term Securities
Money Market Funds
102,362,459
102,362,459
 
$  204,221,825
$  7,482,232,148
$  56,279
$  7,686,510,252
Derivative Financial Instruments(a)
Assets
Equity Contracts
$  555,425
$  
$  
$  555,425
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
Portfolio Abbreviation
NVS
Non-Voting Shares
REIT
Real Estate Investment Trust
5