Schedule of Investments (unaudited) January 31, 2024 BlackRock Defensive Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.6%
Ambev SA		22,361	$	59,035
CPFL Energia SA		7,038		51,509
Telefonica Brasil SA		1,301		13,487
Telefonica Brasil SA, ADR		12,862		132,736
				256,767
China — 20.1%
3SBio, Inc. (a)		73,500		55,386
Bank of Communications Co. Ltd., Class H		218,000		128,970
Bank of Shanghai Co. Ltd., Class A		114,000		101,491
Beijing Tiantan Biological Products Corp. Ltd., Class A		8,700		31,911
BOE Technology Group Co. Ltd., Class A		241,500		120,937
China Longyuan Power Group Corp. Ltd., Class H		17,000		10,198
China Minsheng Banking Corp. Ltd., Class H		54,500		18,126
China Petroleum & Chemical Corp., Class H		126,000		65,546
China Railway Group Ltd., Class H		73,000		33,386
Chow Tai Fook Jewellery Group Ltd.		19,400		26,281
Daqin Railway Co. Ltd., Class A		138,700		144,111
Guangzhou Automobile Group Co. Ltd., Class H		102,000		40,317
Henan Shuanghui Investment & Development Co. Ltd., Class A		18,400		72,920
Hisense Home Appliances Group Co. Ltd., Class H		20,000		48,014
HLA Group Corp. Ltd., Class A		15,000		16,038
Industrial & Commercial Bank of China Ltd., Class H		170,000		82,812
Kweichow Moutai Co. Ltd., Class A		400		89,407
Meihua Holdings Group Co. Ltd., Class A		57,600		79,905
NetEase, Inc.		6,900		134,123
People’s Insurance Co. Group of China Ltd., Class H		103,000		32,020
SAIC Motor Corp. Ltd., Class A		58,400		111,168
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,300		5,430
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		86,200		121,845
Shanghai RAAS Blood Products Co. Ltd., Class A		53,000		47,401
Shanghai Rural Commercial Bank Co. Ltd., Class A		18,000		15,833
Tencent Holdings Ltd.		600		20,827
Tianma Microelectronics Co. Ltd., Class A (b)		4,000		4,623
Tingyi Cayman Islands Holding Corp.		76,000		75,676
Topsports International Holdings Ltd. (a)		210,000		135,649
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		206,400		109,752
				1,980,103
Greece — 1.3%
Hellenic Telecommunications Organization SA, Class R		9,516		132,128
Hong Kong — 0.5%
Bosideng International Holdings Ltd.		116,000		52,439
Hungary — 1.1%
MOL Hungarian Oil & Gas PLC		12,709		104,157
India — 18.2%
Alkem Laboratories Ltd.		509		30,603
Bharat Petroleum Corp. Ltd.		17,897		108,475
Birlasoft Ltd.		14,217		145,248
Cipla Ltd.		5,219		84,883
Colgate-Palmolive India Ltd.		4,800		148,656
Dr Reddy’s Laboratories Ltd.		2,057		151,142
HCL Technologies Ltd.		7,466		141,598
ICICI Bank Ltd., ADR		5,176		126,295
Kotak Mahindra Bank Ltd.		5,918		130,071
Larsen & Toubro Ltd.		3,235		135,434
Lupin Ltd.		8,209		148,658

Security	Shares		Value
India (continued)
Shree Cement Ltd.		428	$	147,099
Tata Consultancy Services Ltd.		3,162		145,234
Zydus Lifesciences Ltd.		15,897		145,482
				1,788,878
Indonesia — 3.5%
Bank Rakyat Indonesia Persero Tbk PT		405,500		146,076
Telkom Indonesia Persero Tbk PT		396,900		99,553
Unilever Indonesia Tbk PT		510,200		100,229
				345,858
Kuwait — 3.3%
Kuwait Finance House KSCP		56,146		140,730
Mobile Telecommunications Co. KSCP		27,977		47,815
National Bank of Kuwait SAKP		44,456		141,549
				330,094
Malaysia — 5.4%
CIMB Group Holdings Bhd		111,800		147,257
MISC Bhd		83,700		129,921
Nestle Malaysia Bhd		1,900		48,002
Petronas Dagangan Bhd		12,700		57,298
Petronas Gas Bhd		28,900		108,390
QL Resources Bhd		35,100		43,263
				534,131
Poland — 0.8%
Orange Polska SA		36,031		76,961
Qatar — 3.5%
Ooredoo QPSC		47,644		139,841
Qatar Electricity & Water Co. QSC		13,751		65,315
Qatar National Bank QPSC		33,529		142,438
				347,594
Russia(c) — 0.0%
Alrosa PJSC		37,207		4
LUKOIL PJSC		1,506		—
				4
Saudi Arabia — 8.0%
Abdullah Al Othaim Markets Co.		2,597		9,496
Al Rajhi Bank		694		15,492
Almarai Co. JSC		1,917		29,189
Etihad Etisalat Co.		6,710		93,222
Jarir Marketing Co.		22,259		90,458
Nahdi Medical Co.		3,831		143,659
Saudi Arabian Oil Co. (a)		12,778		104,091
Saudi Basic Industries Corp.		6,444		133,581
Saudi Industrial Investment Group		3,259		17,611
Saudi Telecom Co.		12,802		139,306
Yanbu National Petrochemical Co.		738		7,548
				783,653
South Korea — 5.2%
Celltrion, Inc.		277		37,171
CJ Logistics Corp. (b)		257		26,154
GS Holdings Corp. (b)		216		7,491
GS Retail Co. Ltd. (b)		2,232		37,250
Hugel, Inc. (b)		869		98,717
Hyundai Glovis Co. Ltd. (b)		1,049		137,359
Korea Electric Power Corp. (b)		1,888		27,967
SK Telecom Co. Ltd.		2,377		89,372
SK Telecom Co. Ltd., ADR (d)		2,615		54,784
				516,265

1

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock Defensive Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan — 17.6%
Asustek Computer, Inc.		8,000	$	113,594
Chang Hwa Commercial Bank Ltd.v		91,631		51,153
Chunghwa Telecom Co. Ltd.		36,000		136,473
CTBC Financial Holding Co. Ltd.		162,000		146,968
E.Sun Financial Holding Co. Ltd.		139,757		110,309
Evergreen Marine Corp. Taiwan Ltd.		7,000		33,659
Far EasTone Telecommunications Co. Ltd.		55,000		141,175
Hon Hai Precision Industry Co. Ltd.		42,000		137,391
Hon Hai Precision Industry Co. Ltd., GDR		1,447		9,354
MediaTek, Inc.		5,000		154,288
Novatek Microelectronics Corp.		4,000		65,159
President Chain Store Corp.		17,000		143,333
Simplo Technology Co. Ltd.		4,000		51,764
Taiwan Cooperative Financial Holding Co. Ltd.		80,850		65,593
Taiwan Mobile Co. Ltd.		45,000		140,663
Taiwan Semiconductor Manufacturing Co. Ltd.		6,000		120,111
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		135		15,250
TXC Corp.		6,000		18,173
Uni-President Enterprises Corp.		8,000		18,487
WPG Holdings Ltd.		21,000		58,462
				1,731,359
Thailand — 2.8%
Bangkok Dusit Medical Services PCL, NVDR		185,600		143,866
PTT Exploration & Production PCL, NVDR		30,400		128,297
				272,163
Turkey — 0.5%
Migros Ticaret A/S, Class A		3,486		46,886
United Arab Emirates — 3.6%
Abu Dhabi Commercial Bank PJSC		11,931		29,235
Abu Dhabi Islamic Bank PJSC		8,806		26,852

Security	Shares		Value
United Arab Emirates (continued)
Dubai Islamic Bank PJSC		83,363	$	143,442
Emirates NBD Bank PJSC		25,097		120,943
First Abu Dhabi Bank PJSC		7,666		30,562
				351,034
Total Long-Term Investments — 98.0% (Cost: $9,382,222)				9,650,474
Short-Term Securities
Money Market Funds — 3.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.21%(e)(f)		241,610		241,610
SL Liquidity Series, LLC, Money Market Series, 5.50%(e)(f)		53,734		53,755
Total Short-Term Securities — 3.0% (Cost: $295,360)				295,365
Total Investments — 101.0% (Cost: $9,677,582)				9,945,839
Liabilities in Excess of Other Assets — (1.0)%				(96,484	)
Net Assets — 100.0%			$	9,849,355

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

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

^(e)  Affiliate of the Fund.

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

^(g)  Rounds to less than 1,000.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	233,681	$	7,929	(a)	$	—	$	—		$	—	$	241,610		241,610	$	8,214		$	—
SL Liquidity Series, LLC, Money Market Series		—		53,754	(a)		—		(4	)		5		53,755		53,734		105	(b)		—
								$	(4	)	$	5	$	295,365			$	8,319		$	—

^(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.

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 Emerging Markets Index		3		03/15/24	$	147	$	(2,934	)

S C H E D U L E  O F I N V E S T M E N T S 2

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock Defensive Advantage Emerging Markets Fund

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 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. 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”) as a practical expedient 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
Brazil	$	256,767		$	—	$	—	$	256,767
China		144,111			1,835,992		—		1,980,103
Greece		—			132,128		—		132,128
Hong Kong		—			52,439		—		52,439
Hungary		104,157			—		—		104,157
India		126,295			1,662,583		—		1,788,878
Indonesia		100,229			245,629		—		345,858
Kuwait		—			330,094		—		330,094
Malaysia		256,953			277,178		—		534,131
Poland		—			76,961		—		76,961
Qatar		139,841			207,753		—		347,594
Russia		—			—		4		4
Saudi Arabia		212,869			570,784		—		783,653
South Korea		54,784			461,481		—		516,265
Taiwan		15,250			1,716,109		—		1,731,359
Thailand		—			272,163		—		272,163
Turkey		—			46,886		—		46,886
United Arab Emirates		320,472			30,562		—		351,034
Short-Term Securities
Money Market Funds		241,610			—		—		241,610
	$	1,973,338		$	7,918,742	$	4		9,892,084
Investments Valued at NAV(a)									53,755
								$	9,945,839
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(2,934	)	$	—	$	—	$	(2,934	)

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

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

3

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock Defensive Advantage Emerging Markets Fund

Portfolio Abbreviation
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositary Receipt
PCL	Public Company Limited
PJSC	Public Joint Stock Company

S C H E D U L E  O F I N V E S T M E N T S 4