Schedule

Investments

(unaudited)

July

31,

2025

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Brazil

—

1.1%

Ambev

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

6,461

14,469‌

Lojas

Renner

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

29,306

84,785‌

YDUQS

Participacoes

........

15,156

35,078‌

134,332‌

Chile

—

0.7%

Enel

Americas

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

835,849

83,361‌

China

—

29.7%

3SBio,

Inc.

(a)

(b)

(c)

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

6,500

26,277‌

Alibaba

Group

Holding

Ltd.

.......

24,492

368,232‌

Baidu,

Inc.

Class

(a)

...........

3,028

33,130‌

Bank

China

Ltd.

Class

.......

63,000

36,364‌

Baoshan

Iron

Steel

Co.

Ltd.

Class

12,300

12,509‌

BeOne

Medicines

Ltd.

Class

(a)

...

900

20,461‌

BYD

Co.

Ltd.

Class

...........

3,197

46,374‌

BYD

Co.

Ltd.

Class

..........

5,000

73,005‌

China

Construction

Bank

Corp.

Class

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

216,000

220,926‌

China

International

Capital

Corp.

Ltd.

Class

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

6,500

32,543‌

China

Life

Insurance

Co.

Ltd.

Class

43,000

124,210‌

China

Merchants

Bank

Co.

Ltd.

Class

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

1,000

6,489‌

China

Pacific

Insurance

Group

Co.

Ltd.

Class

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

5,000

20,137‌

Chow

Tai

Fook

Jewellery

Group

Ltd.

13,400

22,379‌

CITIC

Securities

Co.

Ltd.

Class

6,000

21,082‌

CMOC

Group

Ltd.

Class

.......

75,000

85,135‌

Contemporary

Amperex

Technology

Co.

Ltd.

Class

(a)

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

300

15,524‌

ENN

Energy

Holdings

Ltd.

........

4,100

33,415‌

Ganfeng

Lithium

Group

Co.

Ltd.

Class

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

390

1,942‌

Geely

Automobile

Holdings

Ltd.

....

15,000

33,645‌

Goldwind

Science

Technology

Co.

Ltd.

Class

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

361

482‌

Gree

Electric

Appliances,

Inc.

Zhuhai

Class

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

14,300

90,375‌

Guotai

Haitong

Securities

Co.

Ltd.

Class

(b)

(c)

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

9,200

19,860‌

Huatai

Securities

Co.

Ltd.

Class

35,700

99,021‌

IEIT

Systems

Co.

Ltd.

Class

.....

8,100

62,369‌

Industrial

Commercial

Bank

China

Ltd.

Class

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

10,000

7,662‌

Innovent

Biologics,

Inc.

(a)

(b)

(c)

......

6,000

74,269‌

JD.com,

Inc.

Class

...........

8,050

126,884‌

Holdings,

Inc.

Class

........

2,475

15,137‌

Lenovo

Group

Ltd.

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

48,000

61,548‌

Auto,

Inc.

Class

(a)

..........

1,800

23,565‌

Auto,

Inc.

ADR

(a)

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

241

6,290‌

LONGi

Green

Energy

Technology

Co.

Ltd.

Class

(a)

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

760

1,658‌

Meituan

Class

(a)

(b)

(c)

...........

11,210

172,943‌

Midea

Group

Co.

Ltd.

Class

.....

6,200

60,215‌

NetEase,

Inc.

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

5,670

148,227‌

PDD

Holdings,

Inc.

ADR

(a)

.......

164

18,606‌

People's

Insurance

Co.

Group

China

Ltd.

(The)

Class

...........

60,000

46,096‌

PetroChina

Co.

Ltd.

Class

......

12,900

15,860‌

PICC

Property

Casualty

Co.

Ltd.

Class

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

6,000

12,454‌

Ping

Insurance

Group

Co.

China

Ltd.

Class

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

6,300

51,182‌

Security

Value

China

(continued)

Ping

Insurance

Group

Co.

China

Ltd.

Class

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

16,000

109,846‌

Pop

Mart

International

Group

Ltd.

(b)

(c)

1,800

56,149‌

SAIC

Motor

Corp.

Ltd.

Class

....

5,000

11,880‌

SDIC

Capital

Co.

Ltd.

Class

.....

21,800

22,807‌

Holding

Co.

Ltd.

Class

......

4,000

25,470‌

Shandong

Nanshan

Aluminum

Co.

Ltd.

Class

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

47,200

25,657‌

Tencent

Holdings

Ltd.

...........

9,100

637,111‌

Topsports

International

Holdings

Ltd.

(b)

(c)

143,000

57,693‌

Trip.com

Group

Ltd.

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

600

37,249‌

Uni-President

China

Holdings

Ltd.

54,000

68,222‌

Weichai

Power

Co.

Ltd.

Class

....

6,800

14,239‌

Weichai

Power

Co.

Ltd.

Class

...

3,000

6,360‌

Xiaomi

Corp.

Class

(a)

(b)

(c)

.......

30,000

201,839‌

Xinyi

Solar

Holdings

Ltd.

.........

12,000

4,646‌

XPeng,

Inc.

Class

(a)

..........

4,100

37,310‌

Yadea

Group

Holdings

Ltd.

(b)

(c)

.....

4,000

6,294‌

Zhejiang

NHU

Co.

Ltd.

Class

....

15,300

47,466‌

3,718,720‌

Colombia

—

0.1%

Geopark

Ltd.

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

1,457

9,383‌

Greece

—

1.4%

OPAP

Class

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

3,893

87,343‌

Piraeus

Financial

Holdings

(a)

....

11,431

87,898‌

175,241‌

Hong

Kong

—

0.3%

Sino

Biopharmaceutical

Ltd.

......

39,000

37,350‌

Hungary

—

0.3%

MOL

Hungarian

Oil

Gas

plc

.....

3,982

34,598‌

India

—

14.0%

APL

Apollo

Tubes

Ltd.

..........

1,472

26,788‌

Axis

Bank

Ltd.

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

5,299

64,351‌

Bajaj

Finance

Ltd.

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

2,549

25,509‌

Berger

Paints

India

Ltd.

.........

1,504

9,664‌

Bharat

Electronics

Ltd.

..........

1,835

7,972‌

Bharat

Petroleum

Corp.

Ltd.

......

1,738

6,495‌

Bharti

Airtel

Ltd.

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

4,451

96,895‌

Britannia

Industries

Ltd.

.........

127

8,356‌

Crompton

Greaves

Consumer

Electricals

Ltd.

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

4,694

17,228‌

Lal

PathLabs

Ltd.

(b)

(c)

.........

577

20,650‌

Escorts

Kubota

Ltd.

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

143

5,461‌

Eternal

Ltd.

(a)

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

3,919

13,678‌

Fortis

Healthcare

Ltd.

...........

1,365

13,292‌

Vernova

T&D

India

Ltd.

.......

770

23,969‌

GlaxoSmithKline

Pharmaceuticals

Ltd.

155

5,568‌

HCL

Technologies

Ltd.

..........

3,127

52,127‌

HDFC

Bank

Ltd.

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

7,721

177,184‌

HDFC

Life

Insurance

Co.

Ltd.

(b)

(c)

...

637

5,473‌

Hindalco

Industries

Ltd.

.........

7,096

54,935‌

Hindustan

Unilever

Ltd.

..........

817

23,464‌

Hitachi

Energy

India

Ltd.

.........

17,542‌

ICICI

Bank

Ltd.

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

7,068

119,020‌

ICICI

Prudential

Life

Insurance

Co.

Ltd.

(b)

(c)

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

1,950

13,675‌

IndiaMart

InterMesh

Ltd.

(b)

(c)

.......

944

27,773‌

Indian

Oil

Corp.

Ltd.

(a)

...........

3,871

6,395‌

Infosys

Ltd.

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

4,358

74,116‌

Infosys

Ltd.

ADR

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

2,465

41,215‌

Intellect

Design

Arena

Ltd.

........

792

9,189‌

InterGlobe

Aviation

Ltd.

(a)

(b)

(c)

......

208

13,959‌

Schedule

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

India

(continued)

Jindal

Saw

Ltd.

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

5,840

14,003‌

KEC

International

Ltd.

..........

582

5,697‌

Kotak

Mahindra

Bank

Ltd.

........

1,062

23,927‌

KPIT

Technologies

Ltd.

..........

332

4,623‌

LIC

Housing

Finance

Ltd.

........

708

4,715‌

Mahindra

Ltd.

........

1,660

60,471‌

Marico

Ltd.

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

2,478

20,021‌

MOIL

Ltd.

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

1,108

4,322‌

National

Aluminium

Co.

Ltd.

.......

9,166

19,227‌

NBCC

India

Ltd.

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

8,362

10,244‌

NCC

Ltd.

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

3,512

8,681‌

One

Communications

Ltd.

(a)

.....

415

5,128‌

Paradeep

Phosphates

Ltd.

(b)

(c)

.....

5,177

12,647‌

Power

Grid

Corp.

India

Ltd.

.....

2,639

8,724‌

PTC

India

Ltd.

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

12,779

27,858‌

Redington

Ltd.

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

3,813

10,826‌

Reliance

Industries

Ltd.

.........

9,565

151,055‌

Reliance

Industries

Ltd.

GDR

(b)

....

462

29,082‌

ReNew

Energy

Global

plc

Class

(a)

1,751

13,308‌

Sagility

India

Ltd.

(a)

(c)

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

17,569

9,280‌

State

Bank

India

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

6,356

57,588‌

Steel

Authority

India

Ltd.

.......

31,128

43,956‌

Strides

Pharma

Science

Ltd.

......

574

5,695‌

Tata

Consultancy

Services

Ltd.

....

1,507

51,971‌

Tata

Motors

Ltd.

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

3,202

24,203‌

Tech

Mahindra

Ltd.

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

754

12,509‌

Titan

Co.

Ltd.

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

186

7,080‌

Trent

Ltd.

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

141

8,043‌

TVS

Motor

Co.

Ltd.

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

246

7,835‌

United

Spirits

Ltd.

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

1,224

18,688‌

UPL

Ltd.

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

4,670

37,362‌

Tech

Wabag

Ltd.

(a)

...........

231

4,160‌

Vedanta

Ltd.

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

929

4,486‌

Welspun

Corp.

Ltd.

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

998

10,597‌

Wipro

Ltd.

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

8,614

24,231‌

Wipro

Ltd.

ADR

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

1,714

4,662‌

Zee

Entertainment

Enterprises

Ltd.

4,292

5,760‌

1,754,608‌

Indonesia

—

1.6%

Aneka

Tambang

Tbk.

...........

264,500

45,768‌

Bank

Central

Asia

Tbk.

........

235,900

118,232‌

Bank

Mandiri

Persero

Tbk.

.....

113,600

30,925‌

194,925‌

Kuwait

—

0.9%

Kuwait

Finance

House

KSCP

......

44,832

118,053‌

Malaysia

—

1.9%

CIMB

Group

Holdings

Bhd.

.......

11,800

18,038‌

KPJ

Healthcare

Bhd.

...........

65,800

39,880‌

Malayan

Banking

Bhd.

..........

46,200

101,613‌

Public

Bank

Bhd.

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

41,600

40,970‌

Sunway

Bhd.

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

24,800

27,407‌

Sunway

Construction

Group

Bhd.

...

4,400

5,381‌

233,289‌

Mexico

—

2.2%

America

Movil

SAB

Series

27,037

24,407‌

Cemex

SAB

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

25,576

22,329‌

Fomento

Economico

Mexicano

SAB

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

2,546

22,985‌

Fomento

Economico

Mexicano

SAB

ADR

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

684

61,875‌

Gentera

SAB

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

40,994

92,636‌

Grupo

Aeroportuario

del

Sureste

SAB

Class

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

240

7,275‌

Security

Value

Mexico

(continued)

Grupo

Financiero

Banorte

SAB

Class

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

4,777

42,571‌

274,078‌

Poland

—

0.6%

Allegro.eu

(a)

(b)

(c)

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

836

8,201‌

ORLEN

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

234

5,211‌

Powszechna

Kasa

Oszczednosci

Bank

Polski

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

2,477

54,237‌

Powszechny

Zaklad

Ubezpieczen

643

10,777‌

78,426‌

Qatar

—

0.5%

Rayan

Bank

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

5,545

3,618‌

Commercial

Bank

PSQC

(The)

.....

2,766

3,711‌

Industries

Qatar

QSC

...........

2,125

7,748‌

Qatar

Islamic

Bank

QPSC

........

1,752

11,790‌

Qatar

National

Bank

QPSC

.......

6,851

35,206‌

62,073‌

Republic

Turkiye

—

0.6%

Aselsan

Elektronik

Sanayi

Ticaret

A/S

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

5,617

25,834‌

KOC

Holding

A/S

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

6,746

29,719‌

Migros

Ticaret

A/S

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

620

7,996‌

Turkiye

Garanti

Bankasi

A/S

......

4,659

16,334‌

79,883‌

Russia

—

0.0%

(a)(d)

LUKOIL

PJSC

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

2,410

—‌

Novatek

PJSC

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

1,500

—‌

PhosAgro

PJSC

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

1,413

—‌

PhosAgro

PJSC

GDR

..........

1‌

Saudi

Arabia

—

2.4%

Rajhi

Bank

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

6,264

157,941‌

Saudi

Arabian

Oil

Co.

(b)

(c)

.........

1,474

9,538‌

Saudi

National

Bank

(The)

........

3,791

37,831‌

Saudi

Telecom

Co.

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

6,342

70,990‌

Zamil

Industrial

Investment

Co.

(a)

...

2,739

29,144‌

305,444‌

South

Africa

—

2.7%

FirstRand

Ltd.

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

17,024

72,294‌

Gold

Fields

Ltd.

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

1,468

35,800‌

Gold

Fields

Ltd.

ADR

...........

1,557

37,929‌

Nedbank

Group

Ltd.

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

3,336

45,521‌

Sanlam

Ltd.

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

18,437

88,702‌

Vodacom

Group

Ltd.

...........

6,691

51,085‌

331,331‌

South

Korea

—

11.1%

ENM

Co.

Ltd.

(a)

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

110

5,185‌

Coupang,

Inc.

Class

(a)

.........

1,154

33,962‌

Engineering

Construction

Corp.

1,263

17,517‌

Hana

Financial

Group,

Inc.

.......

850

51,968‌

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.

.........

17,218‌

Mando

Co.

Ltd.

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

1,263

31,393‌

Hyosung

TNC

Corp.

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

122

20,610‌

Hyundai

Elevator

Co.

Ltd.

........

795

48,524‌

Hyundai

Engineering

Construction

Co.

Ltd.

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

243

11,760‌

Hyundai

Rotem

Co.

Ltd.

.........

5,204‌

Financial

Group,

Inc.

.........

877

69,676‌

Financial

Group,

Inc.

ADR

.....

454

35,934‌

Kia

Corp.

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

5,488‌

Schedule

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

South

Korea

(continued)

Corp.

ADR

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

4,359

88,008‌

Electronics,

Inc.

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

202

11,181‌

NAVER

Corp.

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

222

37,361‌

Netmarble

Corp.

(b)

(c)

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

115

4,911‌

POSCO

Holdings,

Inc.

..........

114

25,070‌

Posco

International

Corp.

........

250

8,741‌

Samsung

C&T

Corp.

...........

651

78,540‌

Samsung

E&A

Co.

Ltd.

..........

5,127

97,219‌

Samsung

Electronics

Co.

Ltd.

.....

9,217

469,735‌

Samsung

Securities

Co.

Ltd.

......

1,584

80,300‌

Shinhan

Financial

Group

Co.

Ltd.

...

218

10,615‌

Hynix,

Inc.

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

646

125,205‌

1,391,325‌

Taiwan

—

18.5%

Accton

Technology

Corp.

........

1,000

29,534‌

Arcadyan

Technology

Corp.

.......

8,000

59,119‌

Asustek

Computer,

Inc.

..........

2,000

43,903‌

Bizlink

Holding,

Inc.

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

1,010

30,374‌

CTBC

Financial

Holding

Co.

Ltd.

...

34,000

46,719‌

Delta

Electronics,

Inc.

...........

8,000

150,705‌

E.Sun

Financial

Holding

Co.

Ltd.

...

96,222

102,909‌

First

Financial

Holding

Co.

Ltd.

.....

16,344

16,145‌

Hon

Hai

Precision

Industry

Co.

Ltd.

1,000

5,881‌

King

Yuan

Electronics

Co.

Ltd.

.....

16,000

62,587‌

MediaTek,

Inc.

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

3,000

135,854‌

Nanya

Technology

Corp.

(a)

........

19,000

27,971‌

Phison

Electronics

Corp.

.........

5,000

87,774‌

Primax

Electronics

Ltd.

..........

35,000

84,826‌

Chen

Stainless

Pipe

..........

26,000

34,082‌

Taiwan

High

Speed

Rail

Corp.

.....

17,000

15,493‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

34,000

1,308,976‌

United

Integrated

Services

Co.

Ltd.

1,000

26,254‌

United

Microelectronics

Corp.

.....

17,000

23,556‌

WNC

Corp.

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

5,000

19,600‌

2,312,262‌

Thailand

—

2.9%

Advanced

Info

Service

PCL

NVDR

11,400

101,286‌

Bangchak

Corp.

PCL

NVDR

......

11,600

12,045‌

ALL

PCL

NVDR

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

67,100

96,949‌

Delta

Electronics

Thailand

PCL

NVDR

8,400

37,182‌

Home

Product

Center

PCL

NVDR

30,600

6,672‌

PTT

Exploration

Production

PCL

NVDR

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

9,000

34,648‌

PTT

PCL

NVDR

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

8,900

9,049‌

Thai

Oil

PCL

NVDR

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

32,000

33,659‌

Thai

Union

Group

PCL

NVDR

.....

82,300

27,875‌

359,365‌

United

Arab

Emirates

—

1.5%

Abu

Dhabi

Commercial

Bank

PJSC

12,188

53,933‌

Adnoc

Gas

plc

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

49,859

45,170‌

First

Abu

Dhabi

Bank

PJSC

.......

19,249

94,168‌

193,271‌

United

Kingdom

—

0.2%

Anglogold

Ashanti

plc

...........

566

25,736‌

Total

Common

Stocks

—

95.2%

(Cost:

9,897,905

)

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

11,907,055‌

Security

Value

Preferred

Securities

Preferred

Stocks

—

0.9%

Brazil

—

0.9%

Banco

Bradesco

(Preference)

...

10,432

28,877‌

Itau

Unibanco

Holding

........

3,124

19,587‌

Itau

Unibanco

Holding

(Preference)

9,705

60,626‌

109,090‌

Total

Preferred

Securities

—

0.9%

(Cost:

105,736

)

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

109,090‌

Rights

Taiwan

—

0.0%

Chen

Stainless

Pipe

(

Expires

08/25/25

)

(a)

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

323

88‌

Total

Rights

—

0.0%

(Cost:

)

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

88‌

Total

Long-Term

Investments

—

(Cost:

10,003,641

)

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

12,016,233‌

Short-Term

Securities

Money

Market

Funds

—

3.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.20

(e)

(f)

....

444,393‌

Total

Short-Term

Securities

—

(Cost:

444,393

)

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

444,393‌

Total

Investments

—

99.7%

(Cost:

10,448,034

)

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

12,460,626‌

Other

Assets

Less

Liabilities

—

0.3

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

39,092‌

Net

Assets

—

100.0%

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

12,499,718‌

Schedule

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

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:

(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

04/30/25

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

316,436

127,957

(a)

—

444,393

3,541

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Sustainable

Advantage

Emerging

Markets

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