Schedule

Investments

(unaudited)

July

31,

2025

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Australia

—

6.8%

Aristocrat

Leisure

Ltd.

...........

3,102

138,898

Aurizon

Holdings

Ltd.

...........

6,373

13,229

BHP

Group

Ltd.

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

3,716

93,848

Coles

Group

Ltd.

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

3,880

51,658

Commonwealth

Bank

Australia

...

2,551

289,614

Evolution

Mining

Ltd.

...........

146

661

Hi-Fi

Ltd.

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

494

35,184

Macquarie

Group

Ltd.

...........

352

48,747

Mirvac

Group

(a)

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

1,061

1,522

Northern

Star

Resources

Ltd.

......

4,776

47,451

Orica

Ltd.

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

2,214

30,235

Pro

Medicus

Ltd.

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

17,660

QBE

Insurance

Group

Ltd.

.......

1,380

REA

Group

Ltd.

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

470

71,596

Rio

Tinto

plc

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

1,883

112,150

SEEK

Ltd.

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

972

14,994

Sonic

Healthcare

Ltd.

...........

3,557

62,813

South32

Ltd.

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

35,672

66,708

Wesfarmers

Ltd.

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

1,305

71,383

Worley

Ltd.

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

3,461

29,453

1,199,184

Austria

—

0.2%

BAWAG

Group

(b)

(c)

...........

294

37,105

Belgium

—

0.7%

Ageas

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

252

17,134

Anheuser-Busch

InBev

SA/NV

.....

1,446

83,135

UCB

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

17,403

117,672

Brazil

—

0.2%

Yara

International

ASA

..........

758

28,021

Chile

—

0.2%

Antofagasta

plc

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

1,246

30,728

China

—

0.5%

Budweiser

Brewing

Co.

APAC

Ltd.

(b)

(c)

900

945

Prosus

Class

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

1,530

87,402

88,347

Denmark

—

1.5%

Moller

Maersk

A/S

Class

....

3,924

Moller

Maersk

A/S

Class

....

7,899

Danske

Bank

A/S

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

3,412

Genmab

A/S

(d)

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

21,315

Store

Nord

A/S

(d)

...........

799

11,446

Novo

Nordisk

A/S

Class

.......

3,215

149,523

Pandora

A/S

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

6,274

ROCKWOOL

A/S

Class

.......

121

5,302

Tryg

A/S

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

180

4,342

Vestas

Wind

Systems

A/S

........

2,805

51,214

264,651

Finland

—

1.5%

Kone

OYJ

Class

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

553

Nokia

OYJ

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

12,787

52,111

Nordea

Bank

Abp

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

8,878

129,546

Sampo

OYJ

Class

...........

6,231

66,882

Wartsila

OYJ

Abp

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

615

16,991

266,083

France

—

10.3%

Air

Liquide

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

15,542

Airbus

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

164

32,973

Alstom

(d)

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

280

6,568

Security

Value

France

(continued)

Amundi

(b)

(c)

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

150

11,085

AXA

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

1,377

66,880

BNP

Paribas

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

1,884

171,780

Bureau

Veritas

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

1,741

53,616

Capgemini

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

212

31,562

Carrefour

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

2,418

34,652

Credit

Agricole

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

4,367

80,373

Danone

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

2,006

164,165

Dassault

Systemes

..........

2,762

90,735

Eiffage

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

409

54,902

Engie

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

4,821

108,368

FDJ

United

(b)

(c)

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

213

6,644

Hermes

International

SCA

........

173,630

Ipsen

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

325

38,295

L'Oreal

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

178

78,762

LVMH

Moet

Hennessy

Louis

Vuitton

248

133,129

Orange

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

4,632

70,458

Publicis

Groupe

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

1,553

Safran

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

684

225,550

Thales

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

176

47,343

TotalEnergies

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

1,576

93,718

Valeo

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

2,057

22,379

1,814,662

Germany

—

10.1%

adidas

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

292

55,810

Allianz

(Registered)

..........

664

262,398

Deutsche

Bank

(Registered)

....

2,171

71,505

Deutsche

Post

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

518

23,209

Deutsche

Telekom

(Registered)

5,492

196,976

E.ON

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

5,857

106,851

Evonik

Industries

...........

1,211

GEA

Group

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

640

45,971

Henkel

Co.

KGaA

.........

302

21,475

Infineon

Technologies

........

644

25,298

Knorr-Bremse

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

3,992

Mercedes-Benz

Group

........

1,778

100,671

Nemetschek

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

130

19,369

Nordex

(d)

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

205

5,032

Rational

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

23,159

Rheinmetall

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

77,201

SAP

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

1,349

385,754

Scout24

(b)

(c)

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

1,336

Siemens

(Registered)

........

706

179,821

Siemens

Energy

(d)

...........

1,306

151,207

Siemens

Healthineers

(b)

(c)

......

278

14,974

Vonovia

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

102

3,166

1,776,386

Hong

Kong

—

2.3%

AIA

Group

Ltd.

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

21,400

199,537

Hong

Kong

Exchanges

Clearing

Ltd.

300

16,236

Link

REIT

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

4,600

25,630

Sun

Hung

Kai

Properties

Ltd.

......

5,500

65,326

Swire

Pacific

Ltd.

Class

........

2,000

18,079

Techtronic

Industries

Co.

Ltd.

......

5,000

59,788

Group

Ltd.

(b)

(c)

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

19,500

19,522

Wharf

Real

Estate

Investment

Co.

Ltd.

2,000

6,350

410,468

Ireland

—

0.1%

Kerry

Group

plc

Class

.........

8,868

Israel

—

0.8%

Bank

Hapoalim

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

1,419

26,610

Bank

Leumi

Le-Israel

........

1,420

26,268

Elbit

Systems

Ltd.

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

2,307

Schedule

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Israel

(continued)

Israel

Discount

Bank

Ltd.

Class

1,164

11,132

Mizrahi

Tefahot

Bank

Ltd.

........

425

26,254

Nice

Ltd.

(d)

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

279

43,555

136,126

Italy

—

2.7%

A2A

SpA

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

11,223

27,348

Amplifon

SpA

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

798

13,433

Banca

Mediolanum

SpA

.........

205

3,616

Banca

Monte

dei

Paschi

Siena

SpA

4,549

38,727

BPER

Banca

SpA

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

892

8,778

Enel

SpA

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

14,553

128,333

Generali

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

846

31,561

Infrastrutture

Wireless

Italiane

SpA

(b)

(c)

2,000

23,645

Intesa

Sanpaolo

SpA

...........

14,292

86,113

Leonardo

SpA

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

385

20,753

Nexi

SpA

(b)

(c)

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

2,952

16,857

Recordati

Industria

Chimica

Farmaceutica

SpA

...........

2,294

Snam

SpA

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

10,292

59,645

UniCredit

SpA

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

191

14,052

Unipol

Assicurazioni

SpA

.........

297

5,957

481,112

Japan

—

21.6%

Advantest

Corp.

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

500

33,250

Amada

Co.

Ltd.

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

3,300

37,211

Asahi

Group

Holdings

Ltd.

........

2,400

30,447

Asahi

Intecc

Co.

Ltd.

...........

200

3,112

Asahi

Kasei

Corp.

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

800

5,566

Astellas

Pharma,

Inc.

...........

4,100

42,511

Brother

Industries

Ltd.

..........

1,400

23,822

Canon,

Inc.

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

2,100

59,646

Chugai

Pharmaceutical

Co.

Ltd.

....

600

28,762

Dai-ichi

Life

Holdings,

Inc.

........

3,300

26,110

Daiichi

Sankyo

Co.

Ltd.

..........

1,700

41,704

Daiwa

Securities

Group,

Inc.

......

7,500

52,214

Denso

Corp.

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

5,200

70,551

ENEOS

Holdings,

Inc.

..........

16,400

86,078

FANUC

Corp.

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

2,100

58,458

Fujitsu

Ltd.

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

3,300

71,887

Fukuoka

Financial

Group,

Inc.

.....

300

8,180

Hitachi

Ltd.

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

5,800

177,484

Honda

Motor

Co.

Ltd.

...........

700

7,247

Hoya

Corp.

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

600

75,698

Inpex

Corp.

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

700

9,967

Japan

Exchange

Group,

Inc.

......

300

2,932

Japan

Post

Bank

Co.

Ltd.

........

6,300

70,316

Japan

Post

Holdings

Co.

Ltd.

......

2,800

25,930

Japan

Post

Insurance

Co.

Ltd.

.....

200

5,121

Kakaku.com,

Inc.

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

400

6,799

Keyence

Corp.

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

300

108,519

Kyocera

Corp.

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

200

2,361

Corp.

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

200

731

Mazda

Motor

Corp.

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

1,600

9,594

McDonald's

Holdings

Co.

Japan

Ltd.

500

19,967

MISUMI

Group,

Inc.

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

400

5,760

Mitsubishi

Chemical

Group

Corp.

...

600

3,268

Mitsubishi

Estate

Co.

Ltd.

........

1,000

18,722

Mitsubishi

Capital,

Inc.

........

300

2,217

Mitsubishi

Heavy

Industries

Ltd.

....

1,700

40,590

Mitsubishi

UFJ

Financial

Group,

Inc.

10,800

148,854

Mitsui

Co.

Ltd.

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

6,900

140,461

Mitsui

Fudosan

Co.

Ltd.

.........

8,600

76,869

Mizuho

Financial

Group,

Inc.

......

4,700

137,859

MS&AD

Insurance

Group

Holdings,

Inc.

1,200

25,639

Security

Value

Japan

(continued)

Murata

Manufacturing

Co.

Ltd.

.....

7,600

113,119

NEC

Corp.

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

1,500

43,074

Nintendo

Co.

Ltd.

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

100

8,358

Nomura

Holdings,

Inc.

..........

2,800

18,498

Nomura

Real

Estate

Holdings,

Inc.

2,900

16,071

Nomura

Research

Institute

Ltd.

....

500

19,785

Obayashi

Corp.

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

900

13,253

Olympus

Corp.

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

2,700

32,257

Ono

Pharmaceutical

Co.

Ltd.

......

100

1,118

ORIX

Corp.

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

4,200

94,345

Otsuka

Corp.

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

100

1,895

Otsuka

Holdings

Co.

Ltd.

........

900

42,849

Panasonic

Holdings

Corp.

........

6,000

56,756

Recruit

Holdings

Co.

Ltd.

........

2,500

148,328

Resona

Holdings,

Inc.

..........

2,000

18,208

Sekisui

House

Ltd.

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

500

10,488

Shimadzu

Corp.

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

200

4,427

Shimizu

Corp.

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

2,000

22,156

Shin-Etsu

Chemical

Co.

Ltd.

......

300

8,633

SoftBank

Corp.

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

37,200

53,748

SoftBank

Group

Corp.

..........

700

53,451

Sompo

Holdings,

Inc.

...........

3,000

88,461

Sony

Group

Corp.

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

11,100

266,992

Subaru

Corp.

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

200

3,679

Sumitomo

Chemical

Co.

Ltd.

......

16,500

41,268

Sumitomo

Corp.

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

4,400

112,463

Sumitomo

Mitsui

Financial

Group,

Inc.

4,100

103,429

Sumitomo

Mitsui

Trust

Group,

Inc.

500

13,107

Suntory

Beverage

Food

Ltd.

.....

800

24,157

Suzuki

Motor

Corp.

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

200

2,197

T&D

Holdings,

Inc.

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

400

9,767

Takeda

Pharmaceutical

Co.

Ltd.

....

5,400

148,337

TDK

Corp.

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

1,900

23,148

Terumo

Corp.

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

3,900

66,133

Tokio

Marine

Holdings,

Inc.

.......

1,600

64,245

Tokyo

Electron

Ltd.

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

700

111,285

Tokyo

Gas

Co.

Ltd.

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

200

6,698

Tokyo

Tatemono

Co.

Ltd.

.........

100

1,673

Toyota

Motor

Corp.

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

7,300

129,850

Unicharm

Corp.

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

200

1,383

3,801,503

Mexico

—

0.0%

Fresnillo

plc

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

164

3,024

Netherlands

—

3.6%

Adyen

(b)

(c)

(d)

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

32,588

Argenx

(d)

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

28,880

ASML

Holding

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

417

289,012

ASR

Nederland

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

153

10,163

Euronext

(b)

(c)

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

12,734

Heineken

Holding

...........

125

8,437

Heineken

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

804

63,107

ING

Groep

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

1,517

35,355

Koninklijke

KPN

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

606

2,707

Group

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

1,380

92,923

Wolters

Kluwer

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

335

52,179

628,085

New

Zealand

—

0.8%

Contact

Energy

Ltd.

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

1,569

8,409

Fisher

Paykel

Healthcare

Corp.

Ltd.

340

7,371

Xero

Ltd.

(d)

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

1,105

127,252

143,032

Schedule

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Norway

—

0.5%

Aker

ASA

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

1,237

29,758

DNB

Bank

ASA

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

1,847

Gjensidige

Forsikring

ASA

........

1,315

Kongsberg

Gruppen

ASA

........

1,168

34,903

Var

Energi

ASA

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

7,896

27,047

94,870

Portugal

—

0.2%

EDP

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

7,514

32,478

Singapore

—

1.6%

DBS

Group

Holdings

Ltd.

........

4,200

154,159

Singapore

Telecommunications

Ltd.

40,400

120,398

274,557

South

Africa

—

0.0%

Anglo

American

plc

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

2,167

Spain

—

2.8%

ACS

Actividades

Construccion

Servicios

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

444

30,643

Banco

Bilbao

Vizcaya

Argentaria

7,817

130,374

Banco

Santander

...........

20,778

178,499

Bankinter

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

364

5,196

Endesa

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

1,855

53,664

Iberdrola

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

914

Industria

Diseno

Textil

......

790

37,736

Repsol

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

638

9,673

Telefonica

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

8,271

42,685

489,384

Sweden

—

2.9%

AddTech

Class

...........

1,007

33,853

Alfa

Laval

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

877

38,103

Assa

Abloy

Class

.........

2,118

Atlas

Copco

Class

.........

6,144

93,563

Atlas

Copco

Class

.........

3,080

41,682

Boliden

(d)

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

735

22,498

Getinge

Class

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

1,037

20,469

Hexagon

Class

...........

2,225

24,448

Industrivarden

Class

.......

303

11,210

Sandvik

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

1,726

42,114

Skanska

Class

...........

590

13,763

SKF

Class

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

119

2,772

Svenska

Handelsbanken

Class

345

4,204

Swedbank

Class

..........

3,694

98,364

Swedish

Orphan

Biovitrum

(d)

....

242

6,654

Tele2

Class

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

514

7,944

Telefonaktiebolaget

Ericsson

Class

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

6,028

43,785

507,544

Switzerland

—

5.4%

ABB

Ltd.

(Registered)

...........

3,477

227,041

Accelleron

Industries

.........

8,562

Belimo

Holding

(Registered)

....

53,531

Chocoladefabriken

Lindt

Spruengli

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

29,421

Clariant

(Registered)

.........

252

2,586

DSM-Firmenich

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

325

31,226

Flughafen

Zurich

(Registered)

...

179

50,449

Givaudan

(Registered)

........

158,853

Helvetia

Holding

(Registered)

...

122

29,339

Kuehne

Nagel

International

(Registered)

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

356

72,581

Logitech

International

(Registered)

422

39,131

SGS

(Registered)

...........

303

30,789

Security

Value

Switzerland

(continued)

Sonova

Holding

(Registered)

...

174

47,364

UBS

Group

(Registered)

......

956

35,529

Zurich

Insurance

Group

.......

205

139,832

956,234

United

Kingdom

—

11.8%

Group

plc

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

1,585

Admiral

Group

plc

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

191

8,610

AstraZeneca

plc

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

1,711

249,621

Auto

Trader

Group

plc

(b)

(c)

........

3,069

33,881

Aviva

plc

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

1,296

11,073

BAE

Systems

plc

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

5,619

134,073

Barclays

plc

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

32,093

156,871

Beazley

plc

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

518

Berkeley

Group

Holdings

plc

......

481

British

Land

Co.

plc

(The)

........

1,707

7,845

Bunzl

plc

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

292

8,666

Hutchison

Holdings

Ltd.

.......

1,500

9,763

Compass

Group

plc

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

1,873

65,816

ConvaTec

Group

plc

(b)

(c)

.........

3,818

11,763

Diageo

plc

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

1,444

34,999

Drax

Group

plc

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

728

6,799

Halma

plc

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

131

5,605

HSBC

Holdings

plc

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

14,215

173,181

Group

Holdings

plc

..........

1,646

24,510

Informa

plc

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

5,094

58,250

InterContinental

Hotels

Group

plc

...

489

56,255

International

Consolidated

Airlines

Group

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

307

1,534

Intertek

Group

plc

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

1,229

79,910

Sainsbury

plc

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

9,869

39,462

Johnson

Matthey

plc

...........

163

3,798

Kingfisher

plc

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

750

2,667

London

Stock

Exchange

Group

plc

1,315

160,292

NatWest

Group

plc

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

6,194

42,996

Pearson

plc

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

433

6,123

RELX

plc

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

730

37,932

Rolls-Royce

Holdings

plc

........

15,150

215,024

Sage

Group

plc

(The)

...........

3,619

58,109

Smith

Nephew

plc

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

317

4,845

Smiths

Group

plc

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

2,477

76,728

Standard

Chartered

plc

..........

2,318

41,555

Taylor

Wimpey

plc

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

3,407

4,584

Tesco

plc

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

9,718

54,600

Unilever

plc

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

1,384

80,581

Vodafone

Group

plc

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

100,516

108,979

2,079,884

United

States

—

8.5%

Alcon

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

2,981

plc

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

12,798

68,601

CSL

Ltd.

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

404

69,886

Experian

plc

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

2,643

139,262

GSK

plc

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

3,630

66,770

James

Hardie

Industries

plc

CDI

(d)

561

14,725

Nestle

(Registered)

..........

1,603

140,065

Novartis

(Registered)

........

2,341

266,610

Roche

Holding

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

648

202,385

Sanofi

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

1,897

170,295

Schneider

Electric

...........

367

94,977

Shell

plc

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

6,566

235,937

Schedule

Investments

(unaudited)

(continued)

July

31,

2025

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,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

United

States

(continued)

Stellantis

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

1,903

16,794

1,489,288

Total

Common

Stocks

—

97.6%

(Cost:

14,409,781

)

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

17,161,463

Preferred

Securities

Preferred

Stocks

—

0.5%

Germany

—

0.5%

Henkel

Co.

KGaA

(Preference)

807

62,186

Porsche

Automobil

Holding

(Preference)

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

680

27,291

Sartorius

(Preference)

........

639

90,116

Total

Preferred

Securities

—

0.5%

(Cost:

89,355

)

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

90,116

Total

Long-Term

Investments

—

(Cost:

14,499,136

)

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

17,251,579

Security

Value

Short-Term

Securities

Money

Market

Funds

—

3.1%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.20

(e)

(f)

....

542,893

Total

Short-Term

Securities

—

(Cost:

542,893

)

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

542,893

Total

Investments

—

101.2%

(Cost:

15,042,029

)

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

17,794,472

Liabilities

Excess

Other

Assets

—

(

1.2

)

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

(

215,844

)

Net

Assets

—

100.0%

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

17,578,628

(a)

security

contractually

bound

one

other

securities

form

single

saleable

unit

which

cannot

sold

separately.

(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)

Non-income

producing

security.

(e)

Affiliate

the

Fund.

(f)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

04/30/25

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

472,425

70,468

(a)

—

542,893

5,208

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Sustainable

Advantage

International

Equity

Fund

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

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

that

the

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

liability (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

that

may

not

have

secondary

market

and/

or may

have

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