Schedule

Investments

(unaudited)

July

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Australia

—

6.4%

Ampol

Ltd.

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

393

8,704

Aristocrat

Leisure

Ltd.

...........

4,568

120,985

Beach

Energy

Ltd.

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

3,577

3,900

Brambles

Ltd.

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

1,047

9,905

Charter

Hall

Group

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

540

Cochlear

Ltd.

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

143

23,005

Commonwealth

Bank

Australia

...

1,613

114,763

Evolution

Mining

Ltd.

...........

3,086

7,747

Fortescue

Metals

Group

Ltd.

......

6,729

98,921

Glencore

plc

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

2,532

15,398

GPT

Group

(The)

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

5,631

16,459

Hi-Fi

Ltd.

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

327

10,057

Lottery

Corp.

Ltd.

(The)

..........

320

Macquarie

Group

Ltd.

...........

1,016

119,817

Mirvac

Group

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

3,238

5,104

National

Australia

Bank

Ltd.

.......

4,109

78,712

Rio

Tinto

Ltd.

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

255

20,192

Rio

Tinto

plc

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

858

56,712

Sonic

Healthcare

Ltd.

...........

2,169

51,249

Steadfast

Group

Ltd.

...........

342

1,342

Stockland

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

3,324

9,447

Telstra

Group

Ltd.

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

14,722

42,137

Transurban

Group

(a)

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

686

Worley

Ltd.

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

7,790

91,171

907,273

Austria

—

0.2%

ams-OSRAM

(b)

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

247

2,186

ANDRITZ

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

184

9,715

BAWAG

Group

(c)(d)

...........

3,313

Erste

Group

Bank

...........

2,532

Raiffeisen

Bank

International

(b)

1,196

Verbund

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

3,646

22,588

Belgium

—

1.1%

Ageas

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

175

7,408

Anheuser-Busch

InBev

SA/NV

.....

553

31,635

Elia

Group

SA/NV

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

240

29,550

Groupe

Bruxelles

Lambert

.....

368

29,776

Sofina

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

3,091

Solvay

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

331

39,753

Umicore

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

438

12,971

154,184

China

—

0.3%

BOC

Hong

Kong

Holdings

Ltd.

.....

14,000

42,729

Denmark

—

3.4%

Genmab

A/S

(b)

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

30,915

Novo

Nordisk

A/S,

Class

.......

1,774

286,062

Novozymes

A/S,

Class

.........

2,135

107,077

Pandora

A/S

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

292

29,209

Vestas

Wind

Systems

A/S

(b)

.......

895

23,938

477,201

Finland

—

0.9%

Kone

OYJ,

Class

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

273

14,003

Sampo

OYJ,

Class

...........

1,247

54,951

Valmet

OYJ

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

1,565

Wartsila

OYJ

Abp

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

4,341

54,535

125,054

France

—

9.5%

Arkema

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

8,303

AXA

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

197

6,055

Security

Value

France

(continued)

BioMerieux

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

644

BNP

Paribas

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

899

59,287

Capgemini

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

100

18,122

Carrefour

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

996

19,911

Credit

Agricole

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

288

3,576

Dassault

Aviation

...........

215

41,766

Dassault

Systemes

..........

1,907

81,503

Engie

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

4,899

80,370

EssilorLuxottica

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

105

21,123

Getlink

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

153

2,689

Hermes

International

...........

172,635

Kering

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

19,522

Klepierre

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

331

8,786

Francaise

des

Jeux

SAEM

(c)(d)

...

358

13,667

L'Oreal

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

372

173,021

LVMH

Moet

Hennessy

Louis

Vuitton

303

281,417

Pernod

Ricard

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

513

113,102

Safran

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

497

82,508

Societe

Generale

...........

1,101

29,944

Thales

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

1,197

TotalEnergies

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

862

52,372

Ubisoft

Entertainment

(b)

.......

910

30,605

Valeo

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

801

18,106

1,340,231

Germany

—

8.5%

Allianz

(Registered)

..........

5,497

Aurubis

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

516

48,572

BASF

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

574

30,773

Bayer

(Registered)

..........

355

20,762

Bayerische

Motoren

Werke

....

577

70,365

Covestro

(b)(c)(d)

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

113

6,070

Deutsche

Bank

(Registered)

....

2,869

31,803

Deutsche

Telekom

(Registered)

2,524

55,026

DHL

Group

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

284

14,604

Evonik

Industries

...........

890

18,435

GEA

Group

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

2,604

110,518

HUGO

BOSS

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

241

19,460

Infineon

Technologies

........

3,509

154,170

KION

Group

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

1,718

Mercedes-Benz

Group

........

2,073

165,556

Merck

KGaA

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

2,460

Muenchener

Rueckversicherungs-

Gesellschaft

(Registered)

....

6,023

Nemetschek

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

6,404

SAP

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

1,685

229,854

Scout24

(c)(d)

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

329

21,749

Siemens

(Registered)

........

1,003

170,954

Siemens

Energy

(b)

...........

318

5,387

TeamViewer

(b)(c)

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

546

9,281

thyssenkrupp

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

445

1,205,886

Hong

Kong

—

1.6%

AIA

Group

Ltd.

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

17,200

172,082

New

World

Development

Co.

Ltd.

...

9,000

22,257

Sun

Hung

Kai

Properties

Ltd.

......

2,000

25,113

Swire

Properties

Ltd.

...........

1,000

2,509

221,961

Ireland

—

0.2%

Kerry

Group

plc,

Class

.........

136

13,512

Kingspan

Group

plc

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

162

13,002

26,514

Schedule

Investments

(unaudited)

(continued)

July

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Israel

—

0.3%

Bank

Hapoalim

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

2,071

18,397

Israel

Discount

Bank

Ltd.,

Class

867

4,592

Nice

Ltd.

(b)

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

9,142

Teva

Pharmaceutical

Industries

Ltd.

(b)

766

6,412

38,543

Italy

—

2.0%

Amplifon

SpA

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

507

Assicurazioni

Generali

SpA

.......

894

19,043

Enel

SpA

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

22,034

151,929

Ferrari

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

962

Intesa

Sanpaolo

SpA

...........

14,034

40,582

Leonardo

SpA

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

406

5,497

Mediobanca

Banca

Credito

Finanziario

SpA

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

1,309

17,444

Terna

Rete

Elettrica

Nazionale

....

1,753

14,811

UniCredit

SpA

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

1,596

40,411

291,186

Japan

—

21.9%

Aisin

Corp.

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

100

3,249

Amada

Co.

Ltd.

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

900

8,857

Asahi

Kasei

Corp.

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

3,000

20,444

Astellas

Pharma,

Inc.

...........

7,600

111,130

Brother

Industries

Ltd.

..........

200

3,118

Central

Japan

Railway

Co.

.......

300

38,230

Dai-ichi

Life

Holdings,

Inc.

........

900

18,389

Daiichi

Sankyo

Co.

Ltd.

..........

100

3,080

Daiwa

House

Industry

Co.

Ltd.

.....

500

13,589

Daiwa

Securities

Group,

Inc.

......

1,000

5,421

DMG

Mori

Co.

Ltd.

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

400

6,806

ENEOS

Holdings,

Inc.

..........

1,000

3,628

Fast

Retailing

Co.

Ltd.

..........

300

75,154

FUJIFILM

Holdings

Corp.

........

1,500

87,099

Hitachi

Ltd.

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

2,300

150,568

Honda

Motor

Co.

Ltd.

...........

2,800

89,268

ITOCHU

Corp.

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

300

12,134

Japan

Exchange

Group,

Inc.

......

200

3,485

Japan

Post

Bank

Co.

Ltd.

........

1,300

10,815

Japan

Post

Holdings

Co.

Ltd.

......

200

1,461

Kakaku.com,

Inc.

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

600

8,969

KDDI

Corp.

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

2,000

58,863

Kirin

Holdings

Co.

Ltd.

..........

1,700

25,110

Konica

Minolta,

Inc.

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

200

741

Lawson,

Inc.

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

1,400

70,245

Marubeni

Corp.

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

2,100

37,180

Marui

Group

Co.

Ltd.

...........

700

12,540

Mitsubishi

Corp.

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

3,200

163,733

Mitsubishi

Estate

Co.

Ltd.

........

2,800

34,316

Mitsubishi

Gas

Chemical

Co.,

Inc.

2,100

31,497

Mitsubishi

Capital,

Inc.

........

100

662

Mitsubishi

UFJ

Financial

Group,

Inc.

23,400

188,423

Mitsui

Co.

Ltd.

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

1,200

46,836

Mitsui

Fudosan

Co.

Ltd.

.........

2,800

57,526

Mizuho

Financial

Group,

Inc.

......

1,300

22,055

MS&AD

Insurance

Group

Holdings,

Inc.

3,200

119,019

Murata

Manufacturing

Co.

Ltd.

.....

200

11,880

Nexon

Co.

Ltd.

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

200

3,816

Nikon

Corp.

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

100

1,322

Nintendo

Co.

Ltd.

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

2,200

99,516

Nippon

Express

Holdings,

Inc.

.....

500

29,316

Nippon

Telegraph

Telephone

Corp.

51,600

59,171

Nissan

Motor

Co.

Ltd.

...........

200

881

Nitto

Denko

Corp.

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

700

49,778

Nomura

Research

Institute

Ltd.

....

200

5,683

Olympus

Corp.

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

900

14,685

Security

Value

Japan

(continued)

Omron

Corp.

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

1,400

75,147

Ono

Pharmaceutical

Co.

Ltd.

......

200

3,665

Oriental

Land

Co.

Ltd.

..........

800

30,683

ORIX

Corp.

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

5,100

98,106

Otsuka

Corp.

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

100

4,164

Otsuka

Holdings

Co.

Ltd.

........

1,100

40,444

Panasonic

Holdings

Corp.

........

200

2,469

Recruit

Holdings

Co.

Ltd.

........

3,200

110,834

Resona

Holdings,

Inc.

..........

3,100

16,877

Ricoh

Co.

Ltd.

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

1,700

15,123

Santen

Pharmaceutical

Co.

Ltd.

....

900

7,864

Sega

Sammy

Holdings,

Inc.

.......

2,600

56,848

Sekisui

House

Ltd.

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

3,100

63,245

Shimadzu

Corp.

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

200

6,074

Shimizu

Corp.

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

3,300

22,735

Shionogi

Co.

Ltd.

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

1,000

41,908

SoftBank

Corp.

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

2,500

27,761

SoftBank

Group

Corp.

..........

900

45,776

Sompo

Holdings,

Inc.

...........

900

39,790

Sony

Group

Corp.

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

300

28,100

Sumitomo

Chemical

Co.

Ltd.

......

17,600

54,281

Sumitomo

Electric

Industries

Ltd.

...

400

5,129

Sumitomo

Realty

Development

Co.

Ltd.

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

100

2,680

T&D

Holdings,

Inc.

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

3,200

52,028

Takeda

Pharmaceutical

Co.

Ltd.

....

1,100

33,632

TDK

Corp.

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

400

15,323

Terumo

Corp.

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

500

16,375

Tokio

Marine

Holdings,

Inc.

.......

5,600

128,772

Tokyo

Electron

Ltd.

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

600

90,052

Toshiba

Corp.

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

300

9,686

Toyota

Motor

Corp.

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

6,200

104,245

Trend

Micro,

Inc.

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

100

4,725

ZOZO,

Inc.

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

1,200

23,426

3,097,655

Luxembourg

—

0.6%

ArcelorMittal

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

3,135

90,670

Netherlands

—

6.5%

Argenx

(b)

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

17,627

ASML

Holding

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

488

349,539

ASR

Nederland

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

695

31,504

ING

Groep

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

10,252

149,645

Koninklijke

KPN

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

16,210

58,652

Koninklijke

Philips

(b)

..........

160

3,324

Group

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

319

12,229

Shell

plc

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

6,510

197,303

Wolters

Kluwer

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

812

101,968

921,791

New

Zealand

—

0.3%

Meridian

Energy

Ltd.

...........

6,862

24,085

Xero

Ltd.

(b)

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

292

24,003

48,088

Norway

—

1.4%

Aker

ASA

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

210

5,883

DNB

Bank

ASA

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

4,193

86,407

Equinor

ASA

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

2,399

73,382

Gjensidige

Forsikring

ASA

........

1,558

24,595

Norsk

Hydro

ASA

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

351

2,299

Var

Energi

ASA

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

1,609

4,924

197,490

Schedule

Investments

(unaudited)

(continued)

July

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Portugal

—

0.0%

Galp

Energia

SGPS

.........

1,289

Singapore

—

1.0%

DBS

Group

Holdings

Ltd.

........

200

5,159

Oversea-Chinese

Banking

Corp.

Ltd.

100

1,001

Singapore

Airlines

Ltd.

..........

13,800

78,177

STMicroelectronics

..........

873

46,694

United

Overseas

Bank

Ltd.

.......

800

18,147

149,178

South

Africa

—

0.2%

Anglo

American

plc

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

727

22,357

Spain

—

2.4%

Acciona

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

400

59,959

Aena

SME

(c)(d)

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

1,916

Amadeus

Group

..........

248

17,791

Banco

Bilbao

Vizcaya

Argentaria

12,599

99,864

Banco

Sabadell

..........

1,767

2,178

Banco

Santander

...........

10,838

43,919

CaixaBank

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

3,717

15,036

Iberdrola

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

172

2,147

Industria

Diseno

Textil

......

1,128

43,177

Repsol

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

433

6,611

Telefonica

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

10,946

46,638

339,236

Sweden

—

3.3%

Assa

Abloy

AB,

Class

.........

3,439

82,684

Atlas

Copco

AB,

Class

.........

365

5,185

Atlas

Copco

AB,

Class

.........

625

7,718

Boliden

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

2,666

78,405

Electrolux

AB,

Class

..........

1,321

16,316

Elekta

AB,

Class

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

7,185

58,207

Evolution

(c)(d)

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

2,220

Industrivarden

AB,

Class

.......

129

3,663

Industrivarden

AB,

Class

.......

1,479

41,902

Investor

AB,

Class

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

328

6,661

Lundbergforetagen

AB,

Class

184

8,109

Saab

AB,

Class

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

1,629

85,863

SKF

AB,

Class

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

437

8,326

Swedbank

AB,

Class

..........

2,836

52,017

Swedish

Orphan

Biovitrum

(b)

....

117

2,290

Trelleborg

AB,

Class

..........

169

4,499

464,065

Switzerland

—

5.5%

ABB

Ltd.

(Registered)

...........

4,050

162,517

Clariant

(Registered)

.........

2,457

40,261

Flughafen

Zurich

(Registered)

...

125

26,462

Givaudan

(Registered)

........

60,758

Julius

Baer

Group

Ltd.

..........

301

21,319

Kuehne

Nagel

International

(Registered)

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

28,161

Logitech

International

(Registered)

1,589

112,341

Novartis

(Registered)

........

2,842

297,549

SIG

Group

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

454

Sonova

Holding

(Registered)

...

8,641

Temenos

(Registered)

........

267

22,963

781,426

United

Kingdom

—

11.0%

Group

plc

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

164

4,161

AstraZeneca

plc

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

1,639

235,485

Auto

Trader

Group

plc

(c)(d)

........

8,015

66,473

Aviva

plc

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

1,361

6,781

BAE

Systems

plc

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

102

1,220

Security

Value

United

Kingdom

(continued)

Barclays

plc

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

12,684

25,169

Barratt

Developments

plc

........

1,100

6,439

Bellway

plc

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

184

5,232

plc

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

17,957

111,413

British

Land

Co.

plc

(The)

........

1,123

4,873

Group

plc

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

17,600

27,579

Centrica

plc

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

19,838

35,156

CNH

Industrial

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

1,288

18,603

Compass

Group

plc

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

1,685

43,840

ConvaTec

Group

plc

(c)(d)

.........

9,795

26,242

Diageo

plc

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

3,118

136,077

Drax

Group

plc

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

2,390

18,550

Smith

plc

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

1,601

6,365

Greggs

plc

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

602

21,349

HSBC

Holdings

plc

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

10,329

85,797

Group

Holdings

plc

..........

763

Intertek

Group

plc

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

609

34,115

Sainsbury

plc

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

6,912

24,610

Johnson

Matthey

plc

...........

954

22,064

Kingfisher

plc

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

4,590

14,474

Legal

General

Group

plc

.......

5,301

15,886

Lloyds

Banking

Group

plc

........

140,985

81,454

London

Stock

Exchange

Group

plc

187

20,307

Man

Group

plc

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

170

521

Marks

Spencer

Group

plc

(b)

......

2,251

5,963

RELX

plc

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

2,547

85,724

Rightmove

plc

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

2,196

16,090

Segro

plc

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

661

6,478

Smith

Nephew

plc

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

609

Smiths

Group

plc

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

1,875

40,893

Spectris

plc

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

270

12,184

Spirax-Sarco

Engineering

plc

......

857

Standard

Chartered

plc

..........

2,990

28,721

Taylor

Wimpey

plc

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

2,987

4,385

Tesco

plc

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

10,044

33,266

Travis

Perkins

plc

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

604

6,756

Unilever

plc

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

1,859

99,951

Vodafone

Group

plc

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

90,720

86,298

WPP

plc

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

3,067

33,488

1,562,661

United

States

—

9.1%

CSL

Ltd.

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

378

68,084

Experian

plc

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

1,888

72,963

GSK

plc

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

5,703

101,520

Holcim

Ltd.

(b)

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

4,252

Nestle

(Registered)

..........

3,257

399,045

Roche

Holding

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

705

219,533

Sanofi

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

455

48,542

Schneider

Electric

...........

951

169,632

Signify

(c)(d)

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

2,352

73,950

Swiss

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

1,120

116,860

Tenaris

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

666

11,067

1,285,448

Total

Common

Stocks

—

97.6%

(Cost:

$12,195,692)

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

13,814,704

Schedule

Investments

(unaudited)

(continued)

July

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

July

31,

2023

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Preferred

Securities

Preferred

Stocks

—

0.6%

Germany

—

0.6%

Bayerische

Motoren

Werke

(Preference)

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

267

29,998

Volkswagen

(Preference)

......

362

47,956

77,954

Total

Preferred

Stocks

—

0.6%

(Cost:

$78,527)

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

77,954

Total

Long-Term

Investments

—

98.2%

(Cost:

$12,274,219)

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

13,892,658

Short-Term

Securities

Money

Market

Funds

—

2.0%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.16%

(e)(f)

....

284,306

Total

Short-Term

Securities

—

2.0%

(Cost:

$284,306)

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

284,306

Total

Investments

—

100.2%

(Cost:

$12,558,525)

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

14,176,964

Liabilities

Excess

Other

Assets

—

(0.2)%

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

(22,552)

Net

Assets

—

100.0%

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

14,154,412

(a)

security

contractually

bound

one

other

securities

form

single

saleable

unit

which

cannot

sold

separately.

(b)

Non-income

producing

security.

(c)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(d)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(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

07/31/23

Held

07/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

330,572

—

(46,266)

(a)

—

284,306

4,202

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

Investments

(unaudited)

(continued)

July

31,

2023

BlackRock

Sustainable

Advantage

International

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