Schedule

Investments

(unaudited)

January

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Brazil

—

6.2%

Ambev

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

31,414

82,999

Brasil

Bolsa

Balcao

.......

32,616

86,109

CCR

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

26,731

71,058

Cielo

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

47,261

47,028

Cogna

Educacao

(a)

..........

38,695

22,728

CPFL

Energia

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

9,608

70,260

EcoRodovias

Infraestrutura

Logistica

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

38,391

70,282

Natura

Co.

Holding

(a)

.......

23,047

74,801

Ultrapar

Participacoes

........

9,751

55,463

Ultrapar

Participacoes

ADR

....

4,747

27,105

607,833

Chile

—

2.6%

Empresas

CMPC

...........

42,511

69,267

Empresas

Copec

...........

7,299

46,402

Enel

Americas

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

692,420

70,173

Falabella

(a)

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

27,706

65,761

251,603

China

—

24.2%

3SBio,

Inc.

(b)

(c)

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

25,000

18,839

Alibaba

Group

Holding

Ltd.

.......

24,392

218,771

Baidu,

Inc.

Class

(a)

...........

3,478

45,030

Baoshan

Iron

Steel

Co.

Ltd.

Class

8,800

7,537

BOE

Technology

Group

Co.

Ltd.

Class

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

142,400

71,310

BYD

Co.

Ltd.

Class

...........

2,866

68,249

BYD

Co.

Ltd.

Class

..........

1,500

33,585

China

Construction

Bank

Corp.

Class

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

266,000

157,968

China

Medical

System

Holdings

Ltd.

29,000

41,442

China

Merchants

Bank

Co.

Ltd.

Class

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

6,500

23,695

China

Resources

Gas

Group

Ltd.

...

1,500

4,254

China

Vanke

Co.

Ltd.

Class

.....

22,900

18,018

CMOC

Group

Ltd.

Class

.......

135,000

73,947

ENN

Energy

Holdings

Ltd.

........

2,800

20,843

Ganfeng

Lithium

Group

Co.

Ltd.

Class

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

390

1,847

Ganfeng

Lithium

Group

Co.

Ltd.

Class

(b)

(c)

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

560

1,496

Geely

Automobile

Holdings

Ltd.

....

9,000

8,531

Goldwind

Science

Technology

Co.

Ltd.

Class

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

361

351

Goldwind

Science

Technology

Co.

Ltd.

Class

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

64,000

23,377

Huatai

Securities

Co.

Ltd.

Class

36,600

70,068

Industrial

Commercial

Bank

China

Ltd.

Class

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

249,000

121,295

JD.com,

Inc.

Class

...........

6,056

68,288

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.

Class

......

7,100

10,616

Lenovo

Group

Ltd.

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

66,000

69,107

Auto,

Inc.

Class

(a)

..........

1,700

23,499

Auto,

Inc.

ADR

(a)

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

879

24,331

Lingyi

iTech

Guangdong

Co.

Class

102,800

67,832

LONGi

Green

Energy

Technology

Co.

Ltd.

Class

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

760

2,046

Meituan

Class

(a)

(b)

(c)

...........

12,310

99,012

NetEase,

Inc.

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

5,970

116,046

NIO,

Inc.

ADR

(a)

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

1,960

11,015

PDD

Holdings,

Inc.

ADR

(a)

.......

346

43,897

PetroChina

Co.

Ltd.

Class

......

44,500

51,771

Security

Value

China

(continued)

Ping

Insurance

Group

Co.

China

Ltd.

Class

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

23,000

96,681

SAIC

Motor

Corp.

Ltd.

Class

....

40,400

76,904

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.

Class

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

48,600

68,697

Tencent

Holdings

Ltd.

...........

10,100

350,584

Tongcheng

Travel

Holdings

Ltd.

(a)

(c)

18,400

37,533

Trip.com

Group

Ltd.

(a)

...........

853

31,049

Weichai

Power

Co.

Ltd.

Class

....

30,000

61,566

Weichai

Power

Co.

Ltd.

Class

...

3,000

5,296

Xinyi

Solar

Holdings

Ltd.

.........

8,000

3,673

Yum

China

Holdings,

Inc.

........

647

22,380

2,372,276

Greece

—

0.8%

OPAP

Class

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

4,528

78,392

India

—

15.9%

Alkem

Laboratories

Ltd.

.........

441

26,514

Arvind

Ltd.

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

2,372

8,993

Asian

Paints

Ltd.

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

2,478

88,022

Berger

Paints

India

Ltd.

.........

10,737

73,071

Birlasoft

Ltd.

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

7,347

75,061

Havells

India

Ltd.

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

3,386

52,758

HCL

Technologies

Ltd.

..........

2,444

46,352

HDFC

Bank

Ltd.

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

3,596

63,239

ICICI

Bank

Ltd.

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

3,225

39,942

Indian

Oil

Corp.

Ltd.

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

35,967

63,693

Infosys

Ltd.

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

4,926

98,205

Infosys

Ltd.

ADR

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

2,452

48,697

Jindal

Saw

Ltd.

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

12,022

75,371

KPIT

Technologies

Ltd.

..........

1,848

34,513

Marico

Ltd.

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

11,592

73,732

Power

Finance

Corp.

Ltd.

........

12,343

65,907

Ramkrishna

Forgings

Ltd.

........

4,036

37,048

Reliance

Industries

Ltd.

.........

4,304

147,871

Reliance

Industries

Ltd.

GDR

(b)

....

1,086

75,104

Siemens

Ltd.

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

199

9,921

State

Bank

India

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

12,183

94,106

Steel

Authority

India

Ltd.

.......

32,227

47,530

Supreme

Industries

Ltd.

.........

474

23,583

Tata

Consultancy

Services

Ltd.

....

572

26,273

Tata

Consumer

Products

Ltd.

......

5,900

79,453

Trent

Ltd.

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

1,743

64,809

Zomato

Ltd.

(a)

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

10,925

18,355

1,558,123

Indonesia

—

2.6%

Bank

Central

Asia

Tbk.

........

196,500

118,888

Bank

Rakyat

Indonesia

Persero

Tbk.

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

206,200

74,281

Medco

Energi

Internasional

Tbk.

624,500

48,156

Perusahaan

Gas

Negara

Tbk.

...

158,600

11,692

253,017

Kuwait

—

1.8%

Kuwait

Finance

House

KSCP

......

40,970

102,691

National

Bank

Kuwait

SAKP

.....

23,403

74,516

177,207

Malaysia

—

4.0%

CIMB

Group

Holdings

Bhd.

.......

65,200

85,878

Malayan

Banking

Bhd.

..........

44,900

87,824

Petronas

Dagangan

Bhd.

........

9,000

40,605

Public

Bank

Bhd.

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

98,200

91,033

Sime

Darby

Bhd.

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

143,000

73,371

Schedule

Investments

(unaudited)

(continued)

January

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Malaysia

(continued)

YTL

Corp.

Bhd.

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

25,900

12,769

391,480

Mexico

—

0.2%

Grupo

Financiero

Banorte

SAB

Class

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

1,372

13,951

Poland

—

1.6%

Budimex

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

462

79,151

Santander

Bank

Polska

.......

626

75,820

154,971

Qatar

—

0.5%

Commercial

Bank

PSQC

(The)

.....

2,766

3,979

Industries

Qatar

QSC

...........

2,125

6,979

Masraf

Rayan

QSC

...........

5,545

3,572

Qatar

Islamic

Bank

SAQ

.........

1,752

9,372

Qatar

National

Bank

QPSC

.......

6,851

29,105

53,007

Russia

—

0.0%

(d)

LUKOIL

PJSC

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

2,410

—

Novatek

PJSC

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

1,500

—

PhosAgro

PJSC

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

1,413

—

PhosAgro

PJSC

GDR

(a)

.........

Saudi

Arabia

—

3.4%

Rajhi

Bank

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

587

13,104

Sulaiman

Habib

Medical

Services

Group

Co.

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

347

26,824

Saudi

Arabian

Oil

Co.

(b)

(c)

.........

9,310

75,840

Saudi

Basic

Industries

Corp.

......

4,774

98,963

Saudi

National

Bank

(The)

........

521

5,626

Saudi

Telecom

Co.

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

7,459

81,166

United

International

Transportation

Co.

1,161

25,660

327,183

South

Africa

—

0.8%

Anglo

American

plc

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

3,123

74,742

South

Korea

—

9.4%

Amorepacific

Group

(a)

...........

2,243

41,216

Hyundai

Infracore

Co.

Ltd.

(a)

....

4,045

23,323

Mando

Co.

Ltd.

(a)

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

836

21,946

Financial

Group,

Inc.

.........

1,975

83,815

Korean

Air

Lines

Co.

Ltd.

(a)

.......

1,182

19,873

Chem

Ltd.

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

114

36,968

NAVER

Corp.

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

564

84,105

POSCO

Holdings,

Inc.

..........

114

36,170

Posco

International

Corp.

(a)

.......

1,055

41,412

Samsung

Electronics

Co.

Ltd.

.....

6,413

348,462

Samsung

SDI

Co.

Ltd.

..........

23,589

Shinhan

Financial

Group

Co.

Ltd.

...

641

19,640

Hynix,

Inc.

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

406

40,657

Innovation

Co.

Ltd.

(a)

.........

166

14,466

SK,

Inc.

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

626

85,811

921,453

Taiwan

—

18.5%

Acer,

Inc.

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

50,000

73,430

ASE

Technology

Holding

Co.

Ltd.

...

20,000

86,476

Cathay

Financial

Holding

Co.

Ltd.

...

60,978

85,749

Compal

Electronics,

Inc.

.........

65,000

74,546

CTBC

Financial

Holding

Co.

Ltd.

...

104,000

94,350

Delta

Electronics,

Inc.

...........

10,000

89,486

E.Sun

Financial

Holding

Co.

Ltd.

...

108,926

85,974

First

Financial

Holding

Co.

Ltd.

.....

98,771

83,819

Security

Value

Taiwan

(continued)

Fubon

Financial

Holding

Co.

Ltd.

...

13,000

26,722

Lite-On

Technology

Corp.

........

6,000

20,779

MediaTek,

Inc.

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

4,000

123,430

Mega

Financial

Holding

Co.

Ltd.

....

1,453

1,745

Phison

Electronics

Corp.

.........

4,000

67,177

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

36,000

720,666

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

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

485

54,786

United

Microelectronics

Corp.

.....

32,000

49,845

WPG

Holdings

Ltd.

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

27,000

75,165

1,814,145

Thailand

—

1.5%

Bangchak

Corp.

PCL

NVDR

......

34,000

40,183

PTT

Exploration

Production

PCL

NVDR

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

6,700

28,276

PTT

PCL

NVDR

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

84,700

80,404

148,863

Turkey

—

0.7%

Enerjisa

Enerji

A/S

(b)

(c)

...........

16,538

30,267

Yapi

Kredi

Bankasi

A/S

........

51,062

36,675

66,942

United

Arab

Emirates

—

0.8%

Abu

Dhabi

Commercial

Bank

PJSC

33,131

81,182

United

States

—

0.4%

Genpact

Ltd.

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

1,037

37,228

Total

Common

Stocks

—

95.9%

(Cost:

9,656,591

)

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

9,383,599

Preferred

Securities

Preferred

Stocks

—

2.0%

Brazil

—

1.9%

Banco

Bradesco

(Preference)

...

9,985

30,956

Cia

Energetica

Minas

Gerais

(Preference)

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

34,022

79,246

Companhia

Paranaense

Energia

(Preference)

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

5,343

10,935

Itau

Unibanco

Holding

(Preference)

5,884

39,038

Petroleo

Brasileiro

(Preference)

3,955

32,530

192,705

Chile

—

0.1%

Sociedad

Quimica

Minera

Chile

(Preference)

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

201

8,631

Total

Preferred

Stocks

—

2.0%

(Cost:

195,360

)

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

201,336

Total

Long-Term

Investments

—

(Cost:

9,851,951

)

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

9,584,935

Schedule

Investments

(unaudited)

(continued)

January

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

January

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Short-Term

Securities

Money

Market

Funds

—

2.9%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

5.21

(e)

(f)

....

280,474

Total

Short-Term

Securities

—

(Cost:

280,474

)

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

280,474

Total

Investments

—

100.8%

(Cost:

10,132,425

)

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

9,865,409

Liabilities

Excess

Other

Assets

—

(

0.8

)

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

(

76,544

)

Net

Assets

—

100.0%

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

9,788,865

(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)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(d)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(e)

Affiliate

the

Fund.

(f)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

04/30/23

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

01/31/24

Held

01/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

329,574

—

(

49,100

)

(a)

—

280,474

10,343

—

Liquidity

Series,

LLC,

Money

Market

Series

(b)

........

3,625

—

(

3,623

)

(a)

(

)

—

181

(c)

—

(

)

280,474

10,524

—

(a)

Represents

net

amount

purchased

(sold).

(b)

period

end,

the

entity

longer

held.

(c)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

Schedule

Investments

(unaudited)

(continued)

January

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

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

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

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/

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.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major