BlackRock Asian Dragon Fund (MDPCX) NPORT-P BlackRock Sustainable Emerging Markets Equity Fund (Jan 2024 report)

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

Security	Shares		Value
Common Stocks
Brazil — 8.9%
Arezzo Industria e Comercio SA		76,256	$	963,359
B3 SA - Brasil Bolsa Balcao		582,321		1,538,548
Banco Bradesco SA, ADR		42,114		130,553
Hapvida Participacoes e Investimentos SA (a)(b)		2,539,820		1,989,040
Lojas Renner SA		357,826		1,159,193
Sendas Distribuidora S/A		376,325		1,037,583
				6,818,276
China — 16.6%
Alibaba Group Holding Ltd.		269,592		2,417,963
Alibaba Group Holding Ltd., ADR		12,548		905,589
Asymchem Laboratories Tianjin Co. Ltd., Class A		59,000		703,634
China Mengniu Dairy Co. Ltd.		437,000		968,270
China Merchants Bank Co. Ltd., Class A		150,800		645,295
China Merchants Bank Co. Ltd., Class H		277,000		1,009,772
Contemporary Amperex Technology Co. Ltd., Class A		56,600		1,194,489
Ganfeng Lithium Group Co. Ltd., Class H (b)		199,400		532,658
Industrial & Commercial Bank of China Ltd., Class H		1,805,000		879,269
KE Holdings, Inc., ADR		81,134		1,149,669
LONGi Green Energy Technology Co. Ltd., Class A		198,810		535,221
Tencent Holdings Ltd.		10,600		367,940
Tencent Holdings Ltd., ADR		2,421		84,348
Wuxi Biologics Cayman, Inc. (a)(b)		228,000		599,990
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		244,800		715,138
				12,709,245
Greece — 0.8%
National Bank of Greece SA (a)		78,794		599,077
Hong Kong — 1.7%
AIA Group Ltd.		167,200		1,311,252
Hungary — 1.8%
OTP Bank Nyrt		29,581		1,370,452
India — 14.2%
Aditya Birla Capital Ltd. (a)		402,525		829,168
Alkem Laboratories Ltd.		14,942		898,366
Axis Bank Ltd.		109,587		1,408,994
Cipla Ltd.		50,805		826,302
Crompton Greaves Consumer Electricals Ltd.		248,101		906,002
HDFC Bank Ltd.		145,289		2,555,032
Hindustan Unilever Ltd.		28,554		853,812
Infosys Ltd.		77,107		1,537,217
Marico Ltd.		158,931		1,010,895
				10,825,788
Indonesia — 4.2%
Bank Central Asia Tbk PT		2,303,200		1,393,497
Bank Rakyat Indonesia Persero Tbk PT		5,041,700		1,816,198
				3,209,695
Kazakhstan — 2.0%
Kaspi.KZ JSC, ADR		2,000		184,000
Kaspi.KZ JSC, GDR		14,272		1,313,024
				1,497,024
Mexico — 5.9%
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		118,522		1,085,060
Grupo Financiero Banorte SAB de CV, Class O		168,898		1,717,880
Wal-Mart de Mexico SAB de CV		406,607		1,679,913
				4,482,853

Security	Shares		Value
South Africa — 5.7%
Gold Fields Ltd.		49,568	$	731,389
Gold Fields Ltd., ADR		47,710		706,108
Naspers Ltd., Class N		12,403		2,078,311
Shoprite Holdings Ltd.		58,044		841,681
				4,357,489
South Korea — 10.6%
Samsung Biologics Co. Ltd. (a)(b)		2,620		1,649,217
Samsung Electronics Co. Ltd.		93,936		5,104,184
Samsung Electronics Co. Ltd., GDR		993		1,357,002
				8,110,403
Taiwan — 13.7%
Accton Technology Corp.		60,000		1,009,353
Delta Electronics, Inc.		123,000		1,100,677
Taiwan Semiconductor Manufacturing Co. Ltd.		365,000		7,306,750
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		9,291		1,049,511
				10,466,291
Thailand — 2.6%
Advanced Info Service PCL, NVDR		166,400		1,026,253
CP ALL PCL, NVDR		682,300		1,004,415
				2,030,668
United Arab Emirates — 2.7%
Abu Dhabi Commercial Bank PJSC		314,089		769,627
Aldar Properties PJSC		927,994		1,288,547
				2,058,174
United Kingdom — 1.4%
Prudential PLC		106,621		1,095,271
United States — 3.9%
Cognizant Technology Solutions Corp., Class A		20,838		1,607,026
EPAM Systems, Inc. (a)		4,979		1,384,711
				2,991,737
Total Common Stocks — 96.7%  (Cost: $68,311,671)			73,933,695
Preferred Securities
Preferred Stocks — 2.6%
Brazil — 1.9%
Banco Bradesco SA, Preference Shares		458,083		1,419,258
South Korea — 0.7%
Samsung Electronics Co. Ltd., Preference Shares		13,064		571,627
Total Preferred Securities — 2.6%  (Cost: $1,777,384)			1,990,885
Total Long-Term Investments — 99.3%  (Cost: $70,089,055)			75,924,580

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

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.21%(c)(d)		344,389	$	344,389
Total Short-Term Securities — 0.4% (Cost: $344,389)				344,389
Total Investments — 99.7% (Cost: $70,433,444)				76,268,969
Other Assets Less Liabilities — 0.3%				206,436
Net Assets — 100.0%			$	76,475,405

^(a)  Non-income producing security.

^(b)  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.

^(c) Affiliate of the Fund.

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

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	$	1,651,403	$	—		$	(1,307,014	)(a)	$	—		$	—	$	344,389		344,389	$	40,046		$	—
SL Liquidity Series, LLC, Money Market Series(b)		—		298	(a)		—			(298	)		—		—		—		270	(c)		—
									$	(298	)	$	—	$	344,389			$	40,316		$	—

^(a)  Represents net amount purchased (sold).

^(b)  As of period end, the entity is no longer held.

^(c)  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.

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.

SCHEDULE OF INVESTMENTS 2

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock Sustainable Emerging Markets Equity Fund

Fair Value Hierarchy as of Period End (continued)

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	$	6,818,276	$	—	$	—	$	6,818,276
China		2,139,606		10,569,639		—		12,709,245
Greece		—		599,077		—		599,077
Hong Kong		—		1,311,252		—		1,311,252
Hungary		1,370,452		—		—		1,370,452
India		—		10,825,788		—		10,825,788
Indonesia		—		3,209,695		—		3,209,695
Kazakhstan		1,497,024		—		—		1,497,024
Mexico		4,482,853		—		—		4,482,853
South Africa		3,626,100		731,389		—		4,357,489
South Korea		—		8,110,403		—		8,110,403
Taiwan		1,049,511		9,416,780		—		10,466,291
Thailand		—		2,030,668		—		2,030,668
United Arab Emirates		2,058,174		—		—		2,058,174
United Kingdom		—		1,095,271		—		1,095,271
United States		2,991,737		—		—		2,991,737
Preferred Securities
Preferred Stocks
South Korea		—		571,627		—		571,627
Brazil		1,419,258		—		—		1,419,258
Short-Term Securities
Money Market Funds		344,389		—		—		344,389
	$	27,797,380	$	48,471,589	$	—	$	76,268,969

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

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