Schedule
of
Investments
(unaudited)
January
31,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Australia
—
6.0%
Ampol
Ltd.
..................
403
$
9,532
Aristocrat
Leisure
Ltd.
...........
3,624
104,482
Brambles
Ltd.
................
8,483
80,883
Charter
Hall
Group
(a)
............
850
6,630
Cochlear
Ltd.
................
350
69,457
Commonwealth
Bank
of
Australia
...
423
32,256
Evolution
Mining
Ltd.
...........
5,380
11,270
Flight
Centre
Travel
Group
Ltd.
....
196
2,708
Fortescue
Ltd.
................
570
11,016
GPT
Group
(The)
(a)
.............
960
2,901
Iluka
Resources
Ltd.
............
3,774
17,627
Lendlease
Corp.
Ltd.
(a)
..........
7,966
38,241
Macquarie
Group
Ltd.
...........
1,127
139,060
Orica
Ltd.
...................
652
6,877
QBE
Insurance
Group
Ltd.
.......
697
7,177
REA
Group
Ltd.
...............
270
32,202
Rio
Tinto
Ltd.
................
756
65,052
Rio
Tinto
plc
.................
858
59,390
Sonic
Healthcare
Ltd.
...........
1,058
22,059
South32
Ltd.
.................
20,888
45,227
Stockland
(a)
..................
4,172
12,320
Transurban
Group
(a)
............
125
1,098
Woodside
Energy
Group
Ltd.
......
778
16,273
Worley
Ltd.
..................
8,487
81,505
875,243
Austria
—
0.9%
BAWAG
Group
AG
(b)
(c)
...........
657
33,827
Erste
Group
Bank
AG
...........
1,373
59,147
OMV
AG
...................
104
4,629
Verbund
AG
.................
407
33,096
130,699
Belgium
—
1.1%
Groupe
Bruxelles
Lambert
NV
.....
339
25,699
KBC
Group
NV
...............
1,164
75,930
Sofina
SA
...................
17
4,066
Syensqo
SA
(d)
................
127
11,322
UCB
SA
....................
357
33,581
Warehouses
De
Pauw
CVA
.......
278
8,133
158,731
Brazil
—
0.0%
Yara
International
ASA
..........
122
4,032
China
—
0.8%
BOC
Hong
Kong
Holdings
Ltd.
.....
15,000
35,952
Budweiser
Brewing
Co.
APAC
Ltd.
(b)
(c)
700
1,103
Prosus
NV
..................
2,738
81,460
Wilmar
International
Ltd.
.........
400
980
119,495
Denmark
—
4.5%
DSV
A/S
....................
225
40,255
Genmab
A/S
(d)
................
85
23,504
Novo
Nordisk
A/S
,
Class
B
.......
3,948
451,274
Novozymes
A/S
,
Class
B
.........
1,987
101,815
Orsted
A/S
(b)
(c)
................
54
3,044
Pandora
A/S
.................
92
13,443
Vestas
Wind
Systems
A/S
(d)
.......
1,057
29,802
663,137
Finland
—
0.5%
Sampo
OYJ
,
Class
A
...........
159
6,655
Stora
Enso
OYJ
,
Class
R
........
219
2,787
Security
Shares
Shares
Value
Finland
(continued)
Wartsila
OYJ
Abp
..............
3,962
$
58,445
67,887
France
—
8.6%
Air
Liquide
SA
................
41
7,672
Arkema
SA
..................
66
7,183
AXA
SA
....................
3,805
127,716
Carrefour
SA
.................
4,258
72,694
Cie
Generale
des
Etablissements
Michelin
SCA
..............
121
4,018
Credit
Agricole
SA
.............
6,906
98,927
Dassault
Aviation
SA
...........
167
31,631
Dassault
Systemes
SE
..........
1,744
90,406
Eiffage
SA
..................
850
88,936
Engie
SA
...................
5,101
81,476
Eurazeo
SE
.................
135
11,499
Gecina
SA
..................
169
18,638
Hermes
International
SCA
........
81
170,882
La
Francaise
des
Jeux
SAEM
(b)
(c)
...
358
14,511
L'Oreal
SA
..................
52
24,885
LVMH
Moet
Hennessy
Louis
Vuitton
SE
142
118,152
Pernod
Ricard
SA
.............
688
112,822
Rexel
SA
...................
71
1,891
Societe
Generale
SA
...........
974
25,037
TotalEnergies
SE
..............
948
61,502
Ubisoft
Entertainment
SA
(d)
.......
910
20,073
Valeo
SE
...................
4,129
53,894
Vallourec
SACA
(d)
..............
36
515
Worldline
SA
(b)
(c)
(d)
.............
219
2,961
1,247,921
Germany
—
8.9%
Allianz
SE
(Registered)
..........
55
14,695
BASF
SE
...................
1,349
64,488
Bayer
AG
(Registered)
..........
72
2,240
Bayerische
Motoren
Werke
AG
....
597
62,120
Deutsche
Boerse
AG
...........
62
12,347
Deutsche
Lufthansa
AG
(Registered)
(d)
1,617
13,446
Deutsche
Telekom
AG
(Registered)
.
7,252
178,021
Evonik
Industries
AG
...........
1,147
21,100
Henkel
AG
&
Co.
KGaA
.........
396
27,083
HUGO
BOSS
AG
..............
61
3,810
Infineon
Technologies
AG
........
3,718
135,547
Mercedes-Benz
Group
AG
........
2,370
160,005
Merck
KGaA
.................
46
7,547
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
....
155
65,986
Nordex
SE
(d)
.................
585
5,969
SAP
SE
....................
1,554
269,225
Scout24
SE
(b)
(c)
...............
253
18,628
Siemens
AG
(Registered)
........
1,290
230,941
1,293,198
Hong
Kong
—
1.5%
AIA
Group
Ltd.
(e)
..............
23,600
185,081
CK
Asset
Holdings
Ltd.
..........
2,000
9,025
Swire
Properties
Ltd.
...........
3,800
7,101
Wharf
Real
Estate
Investment
Co.
Ltd.
8,000
23,439
224,646
Ireland
—
0.1%
Kerry
Group
plc
,
Class
A
.........
136
12,122
Kingspan
Group
plc
............
108
8,772
20,894
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Israel
—
0.4%
Bank
Hapoalim
BM
............
1,986
$
16,896
Bank
Leumi
Le-Israel
BM
........
331
2,514
Elbit
Systems
Ltd.
.............
10
2,063
Nice
Ltd.
(d)
..................
180
37,347
58,820
Italy
—
2.2%
A2A
SpA
...................
8,846
17,539
Assicurazioni
Generali
SpA
.......
903
20,143
Enel
SpA
...................
22,989
156,863
Eni
SpA
....................
1,077
17,169
Intesa
Sanpaolo
SpA
...........
13,910
42,861
Terna
-
Rete
Elettrica
Nazionale
....
1,419
11,965
UniCredit
SpA
................
1,624
47,570
314,110
Japan
—
22.4%
Asahi
Kasei
Corp.
.............
3,400
25,784
Astellas
Pharma,
Inc.
...........
8,000
93,140
Central
Japan
Railway
Co.
.......
2,100
52,485
Dai-ichi
Life
Holdings,
Inc.
........
900
19,739
Daito
Trust
Construction
Co.
Ltd.
...
100
11,375
Daiwa
Securities
Group,
Inc.
......
1,000
7,167
ENEOS
Holdings,
Inc.
..........
5,100
20,597
Fast
Retailing
Co.
Ltd.
..........
400
106,791
Hitachi
Ltd.
..................
2,300
180,666
Hoya
Corp.
..................
200
25,406
Hulic
Co.
Ltd.
................
200
2,208
Japan
Exchange
Group,
Inc.
......
200
4,426
Japan
Post
Bank
Co.
Ltd.
........
1,300
13,520
Japan
Post
Holdings
Co.
Ltd.
......
200
1,914
Kakaku.com,
Inc.
..............
200
2,275
KDDI
Corp.
..................
700
23,194
Kirin
Holdings
Co.
Ltd.
..........
3,100
44,559
Komatsu
Ltd.
................
500
14,225
Kyowa
Kirin
Co.
Ltd.
............
400
6,301
Lawson,
Inc.
.................
1,100
62,962
Marubeni
Corp.
...............
7,600
129,631
Marui
Group
Co.
Ltd.
...........
500
8,268
Mazda
Motor
Corp.
............
100
1,212
Mitsubishi
Corp.
...............
3,600
62,046
Mitsubishi
Estate
Co.
Ltd.
........
5,900
81,750
Mitsubishi
HC
Capital,
Inc.
........
100
709
Mitsubishi
UFJ
Financial
Group,
Inc.
.
16,600
155,485
Mitsui
&
Co.
Ltd.
..............
3,800
154,118
Mitsui
Fudosan
Co.
Ltd.
.........
2,800
70,291
Mizuho
Financial
Group,
Inc.
......
8,000
145,293
MS&AD
Insurance
Group
Holdings,
Inc.
1,900
78,460
Murata
Manufacturing
Co.
Ltd.
.....
2,200
44,423
Nexon
Co.
Ltd.
...............
100
1,596
Nidec
Corp.
.................
1,200
44,756
Nikon
Corp.
.................
1,600
16,329
Nintendo
Co.
Ltd.
..............
1,600
89,393
Nippon
Express
Holdings,
Inc.
.....
500
29,761
Nissan
Motor
Co.
Ltd.
...........
6,900
27,088
Nitto
Denko
Corp.
.............
500
41,479
Nomura
Real
Estate
Holdings,
Inc.
..
200
5,473
Nomura
Research
Institute
Ltd.
....
300
9,175
Obayashi
Corp.
...............
600
5,554
Oriental
Land
Co.
Ltd.
..........
1,700
63,138
ORIX
Corp.
..................
5,300
102,339
Otsuka
Corp.
................
600
25,247
Otsuka
Holdings
Co.
Ltd.
........
1,400
55,032
Panasonic
Holdings
Corp.
........
13,300
125,270
Park24
Co.
Ltd.
(d)
..............
100
1,307
Recruit
Holdings
Co.
Ltd.
........
3,100
122,446
Security
Shares
Shares
Value
Japan
(continued)
Resona
Holdings,
Inc.
..........
1,900
$
10,488
Ricoh
Co.
Ltd.
................
400
3,144
Sega
Sammy
Holdings,
Inc.
.......
6,500
95,664
Sekisui
House
Ltd.
.............
3,500
79,010
Shimadzu
Corp.
...............
600
16,591
Shiseido
Co.
Ltd.
..............
1,800
50,178
Skylark
Holdings
Co.
Ltd.
........
100
1,631
SoftBank
Corp.
...............
2,600
34,543
SoftBank
Group
Corp.
..........
900
38,854
Sompo
Holdings,
Inc.
...........
700
36,296
Sony
Group
Corp.
.............
300
29,420
Sumitomo
Corp.
..............
1,100
25,298
Sumitomo
Metal
Mining
Co.
Ltd.
....
100
2,764
Sumitomo
Mitsui
Financial
Group,
Inc.
1,600
83,221
Suntory
Beverage
&
Food
Ltd.
.....
100
3,262
T&D
Holdings,
Inc.
.............
500
8,279
Tokio
Marine
Holdings,
Inc.
.......
1,700
44,825
Tokyo
Electron
Ltd.
............
1,000
185,572
Toyota
Motor
Corp.
............
5,200
103,833
3,268,676
Luxembourg
—
0.8%
ArcelorMittal
SA
...............
4,467
123,021
Macau
—
0.1%
Sands
China
Ltd.
(d)
.............
4,000
10,499
Netherlands
—
5.9%
Adyen
NV
(b)
(c)
(d)
...............
14
17,559
Argenx
SE
(d)
.................
34
12,840
ASML
Holding
NV
.............
436
378,268
Euronext
NV
(b)
(c)
...............
60
5,277
ING
Groep
NV
................
10,957
155,682
NN
Group
NV
................
2,227
91,281
Shell
plc
....................
6,510
201,825
862,732
New
Zealand
—
0.3%
Meridian
Energy
Ltd.
...........
3,685
12,484
Xero
Ltd.
(d)
..................
426
30,493
42,977
Norway
—
1.1%
Equinor
ASA
.................
4,343
124,284
Norsk
Hydro
ASA
..............
5,351
31,360
155,644
Singapore
—
1.2%
CapitaLand
Integrated
Commercial
Trust
....................
900
1,342
DBS
Group
Holdings
Ltd.
........
1,600
37,897
Singapore
Airlines
Ltd.
..........
1,900
9,430
Singapore
Technologies
Engineering
Ltd.
.....................
1,300
3,602
Singapore
Telecommunications
Ltd.
.
36,200
64,601
STMicroelectronics
NV
..........
873
38,331
United
Overseas
Bank
Ltd.
.......
1,100
23,186
178,389
South
Africa
—
0.1%
Anglo
American
plc
............
727
17,330
Spain
—
3.3%
Acciona
SA
..................
324
41,911
Amadeus
IT
Group
SA
..........
248
17,380
Banco
Bilbao
Vizcaya
Argentaria
SA
.
11,024
103,179
Banco
de
Sabadell
SA
..........
4,215
5,471
Banco
Santander
SA
...........
41,104
165,199
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Spain
(continued)
Iberdrola
SA
(d)
................
4
$
48
Industria
de
Diseno
Textil
SA
......
2,434
104,071
Repsol
SA
..................
1,359
20,070
Telefonica
SA
................
7,059
28,722
486,051
Sweden
—
2.1%
Alfa
Laval
AB
................
10
367
Assa
Abloy
AB
,
Class
B
.........
1,313
36,010
Atlas
Copco
AB
,
Class
A
.........
607
9,687
Atlas
Copco
AB
,
Class
B
.........
2,126
29,441
Electrolux
AB
,
Class
B
(d)
.........
1,776
16,613
Elekta
AB
,
Class
B
.............
2,431
18,344
Essity
AB
,
Class
B
.............
159
3,734
H
&
M
Hennes
&
Mauritz
AB
,
Class
B
4,669
65,874
Holmen
AB
,
Class
B
............
99
3,901
Industrivarden
AB
,
Class
C
.......
49
1,540
Investor
AB
,
Class
B
............
793
18,671
Saab
AB
,
Class
B
.............
413
26,593
Swedbank
AB
,
Class
A
..........
1,899
38,698
Tele2
AB
,
Class
B
.............
1,330
11,340
Trelleborg
AB
,
Class
B
..........
993
30,224
311,037
Switzerland
—
6.2%
ABB
Ltd.
(Registered)
...........
4,064
171,955
Flughafen
Zurich
AG
(Registered)
...
200
41,265
Kuehne
+
Nagel
International
AG
(Registered)
...............
375
127,080
Logitech
International
SA
(Registered)
981
82,240
Novartis
AG
(Registered)
........
2,837
293,385
SGS
SA
(Registered)
...........
99
9,148
Sonova
Holding
AG
(Registered)
...
368
117,612
Temenos
AG
(Registered)
........
485
49,359
UBS
Group
AG
(Registered)
......
285
8,531
900,575
United
Kingdom
—
12.1%
3i
Group
plc
.................
164
5,134
AstraZeneca
plc
..............
2,103
278,809
Auto
Trader
Group
plc
(b)
(c)
........
8,015
73,737
Aviva
plc
...................
1,361
7,429
BAE
Systems
plc
..............
9,894
147,386
Barclays
plc
.................
12,684
23,571
BP
plc
.....................
17,957
104,876
British
Land
Co.
plc
(The)
........
5,793
27,845
BT
Group
plc
.................
17,600
24,935
Compass
Group
plc
............
1,685
46,411
ConvaTec
Group
plc
(b)
(c)
.........
8,579
26,109
Diageo
plc
..................
3,118
112,616
Drax
Group
plc
...............
2,860
18,456
HSBC
Holdings
plc
............
10,329
80,646
IG
Group
Holdings
plc
..........
84
755
Intertek
Group
plc
.............
807
45,806
J
Sainsbury
plc
...............
8,339
28,471
Johnson
Matthey
plc
...........
2,393
49,341
Just
Eat
Takeaway.com
NV
(b)
(c)
(d)
....
2,168
32,735
Kingfisher
plc
................
4,590
12,762
Lloyds
Banking
Group
plc
........
48,560
26,031
London
Stock
Exchange
Group
plc
..
410
46,377
Man
Group
plc
...............
170
511
Marks
&
Spencer
Group
plc
.......
1,096
3,424
RELX
plc
...................
962
39,706
Rightmove
plc
................
2,196
15,542
Rolls-Royce
Holdings
plc
(d)
.......
1,081
4,104
Smith
&
Nephew
plc
............
40
559
Security
Shares
Shares
Value
United
Kingdom
(continued)
Smiths
Group
plc
..............
3,465
$
71,010
Spectris
plc
..................
270
12,569
Standard
Chartered
plc
..........
2,990
22,597
Tesco
plc
...................
36,623
132,708
Unilever
plc
..................
1,881
91,586
Vodafone
Group
plc
............
144,775
123,079
Weir
Group
plc
(The)
...........
80
1,839
WPP
plc
....................
2,834
27,406
1,766,878
United
States
—
7.1%
CRH
plc
....................
194
13,763
CSL
Ltd.
....................
393
77,176
Experian
plc
.................
768
31,966
GSK
plc
....................
5,675
112,239
James
Hardie
Industries
plc
,
CDI
(d)
..
736
27,652
Nestle
SA
(Registered)
..........
3,375
384,583
Roche
Holding
AG
.............
429
123,546
Sanofi
SA
...................
237
23,734
Schneider
Electric
SE
...........
711
139,676
Signify
NV
(b)
(c)
................
1,948
58,410
Stellantis
NV
.................
1,972
43,437
1,036,182
Total
Common
Stocks
—
98.2%
(Cost:
$
12,519,940
)
..............................
14,338,804
Preferred
Securities
Preferred
Stocks
—
0.4%
Germany
—
0.4%
Bayerische
Motoren
Werke
AG
(Preference)
...............
130
12,702
Henkel
AG
&
Co.
KGaA
(Preference)
566
43,389
56,091
Total
Preferred
Stocks
—
0.4%
(Cost:
$
55,385
)
................................
56,091
Total
Long-Term
Investments
—
98
.6
%
(Cost:
$
12,575,325
)
..............................
14,394,895
Short-Term
Securities
Money
Market
Funds
—
3.4%
(f)(g)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.21
%
......
291,125
291,125
SL
Liquidity
Series,
LLC,
Money
Market
Series
,
5.49
%
(h)
.............
199,805
199,885
Total
Short-Term
Securities
—
3
.4
%
(Cost:
$
491,010
)
................................
491,010
Total
Investments
—
102.0%
(Cost:
$
13,066,335
)
..............................
14,885,905
Liabilities
in
Excess
of
Other
Assets
—
(
2.0
)
%
............
(
294,116
)
Net
Assets
—
100.0%
..............................
$
14,591,789
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
5
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:
(a)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Non-income
producing
security.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
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
.
$
330,572
$
—
$
(
39,447
)
(a)
$
—
$
—
$
291,125
291,125
$
11,449
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
.........
—
199,885
(a)
—
—
—
199,885
199,805
6
(b)
—
$
—
$
—
$
491,010
$
11,455
$
—
—
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
6
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.
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
EAFE
E-Mini
Index
.....................................................
2
03/15/24
$
223
$
763
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
875,243
$
—
$
875,243
Austria
..............................................
—
130,699
—
130,699
Belgium
.............................................
11,322
147,409
—
158,731
Brazil
...............................................
—
4,032
—
4,032
China
...............................................
81,460
38,035
—
119,495
Denmark
.............................................
—
663,137
—
663,137
Finland
..............................................
—
67,887
—
67,887
France
..............................................
—
1,247,921
—
1,247,921
Germany
............................................
—
1,293,198
—
1,293,198
Hong
Kong
...........................................
—
224,646
—
224,646
Ireland
..............................................
—
20,894
—
20,894
Israel
...............................................
—
58,820
—
58,820
Italy
................................................
—
314,110
—
314,110
Japan
...............................................
—
3,268,676
—
3,268,676
Luxembourg
..........................................
—
123,021
—
123,021
Macau
..............................................
—
10,499
—
10,499
Netherlands
...........................................
—
862,732
—
862,732
New
Zealand
..........................................
—
42,977
—
42,977
Norway
..............................................
—
155,644
—
155,644
Singapore
............................................
—
178,389
—
178,389
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
7
Level
1
Level
2
Level
3
Total
South
Africa
...........................................
$
—
$
17,330
$
—
$
17,330
Spain
...............................................
—
486,051
—
486,051
Sweden
.............................................
—
311,037
—
311,037
Switzerland
...........................................
—
900,575
—
900,575
United
Kingdom
........................................
68,308
1,698,570
—
1,766,878
United
States
..........................................
—
1,036,182
—
1,036,182
Preferred
Securities
.......................................
—
56,091
—
56,091
Short-Term
Securities
Money
Market
Funds
......................................
291,125
—
—
291,125
$
452,215
$
14,233,805
$
—
$
14,686,020
Investments
Valued
at
NAV
(a)
......................................
199,885
$
14,885,905
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
763
$
—
$
—
$
763
(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.
Portfolio
Abbreviation
CDI
Crest
Depository
Interests
MSCI
Morgan
Stanley
Capital
International
SCA
Svenska
Cellulosa
Aktiebolaget
Fair
Value
Hierarchy
as
of
Period
End
(continued)