Schedule
of
Investments
(unaudited)
July
31,
2023
BlackRock
Emerging
Markets
ex-China
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Australia
—
0.6%
AngloGold
Ashanti
Ltd.
..........
874
$
19,385
AngloGold
Ashanti
Ltd.,
ADR
......
644
14,297
33,682
Austria
—
0.3%
Erste
Group
Bank
AG
...........
407
15,383
Brazil
—
9.0%
Ambev
SA
..................
21,816
68,326
Arezzo
Industria
e
Comercio
SA
(a)
...
3,458
60,322
B3
SA
-
Brasil
Bolsa
Balcao
.......
19,846
62,617
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
12,918
65,290
Hapvida
Participacoes
e
Investimentos
SA
(a)(b)(c)
..................
56,416
57,624
Pagseguro
Digital
Ltd.,
Class
A
(a)
...
3,049
34,637
Petroleo
Brasileiro
SA,
ADR
......
3,900
57,252
Rumo
SA
...................
10,707
52,643
Sendas
Distribuidora
SA
.........
21,117
60,644
519,355
Burkina
Faso
—
0.6%
Endeavour
Mining
plc
...........
1,539
37,184
Colombia
—
0.5%
Ecopetrol
SA,
ADR
.............
2,503
29,335
Czech
Republic
—
0.2%
Komercni
Banka
A/S
...........
346
11,332
Greece
—
1.4%
National
Bank
of
Greece
SA
(a)
.....
2,772
19,090
OPAP
SA,
Class
R
.............
1,633
28,721
Piraeus
Financial
Holdings
SA
(a)
....
9,231
34,964
82,775
Hungary
—
1.9%
MOL
Hungarian
Oil
&
Gas
plc
.....
3,170
25,026
OTP
Bank
Nyrt.
...............
1,147
41,712
Richter
Gedeon
Nyrt.
...........
1,614
40,714
107,452
India
—
14.5%
Axis
Bank
Ltd.,
GDR
(c)
..........
2,081
121,738
Dr
Reddy's
Laboratories
Ltd.,
ADR
..
996
68,405
HDFC
Bank
Ltd.,
ADR
..........
1,521
103,854
ICICI
Bank
Ltd.,
ADR
...........
6,687
164,300
Larsen
&
Toubro
Ltd.,
GDR
(a)(c)
.....
3,384
110,647
Mahindra
&
Mahindra
Ltd.,
GDR
(c)
...
6,057
108,117
Reliance
Industries
Ltd.,
GDR
(b)
....
2,572
161,542
838,603
Indonesia
—
4.2%
Astra
International
Tbk.
PT
.......
88,300
40,127
Bank
Central
Asia
Tbk.
PT
........
87,100
52,750
Bank
Mandiri
Persero
Tbk.
PT
.....
96,600
36,722
Bank
Negara
Indonesia
Persero
Tbk.
PT
.....................
31,500
18,544
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
.....................
136,000
50,919
Indofood
CBP
Sukses
Makmur
Tbk.
PT
18,200
13,524
Telkom
Indonesia
Persero
Tbk.
PT
..
125,400
30,896
243,482
Kazakhstan
—
1.0%
Kaspi.KZ
JSC,
GDR
(c)
...........
597
54,724
Security
Shares
Shares
Value
Malaysia
—
1.5%
Hartalega
Holdings
Bhd.
.........
32,500
$
15,870
Malayan
Banking
Bhd.
..........
17,000
34,012
Public
Bank
Bhd.
..............
36,900
34,133
84,015
Mexico
—
4.1%
Fibra
Uno
Administracion
SA
de
CV
.
15,210
22,863
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.................
479
54,247
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
ADR
...............
225
42,831
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
..................
5,039
47,781
Vista
Energy
SAB
de
CV,
ADR
(a)
....
586
15,294
Wal-Mart
de
Mexico
SAB
de
CV
....
13,353
55,621
238,637
Panama
—
0.3%
Copa
Holdings
SA,
Class
A
.......
130
15,343
Peru
—
0.8%
Credicorp
Ltd.
................
277
43,503
Philippines
—
1.8%
Ayala
Land,
Inc.
...............
44,800
22,371
BDO
Unibank,
Inc.
.............
12,660
33,480
Bloomberry
Resorts
Corp.
(a)
.......
55,500
11,985
International
Container
Terminal
Services,
Inc.
..............
2,910
11,500
Jollibee
Foods
Corp.
...........
2,550
11,844
Metropolitan
Bank
&
Trust
Co.
.....
10,900
11,915
103,095
Poland
—
2.1%
Bank
Polska
Kasa
Opieki
SA
......
1,618
47,776
ORLEN
SA
(a)
.................
1,684
30,015
Powszechny
Zaklad
Ubezpieczen
SA
4,061
41,069
118,860
Saudi
Arabia
—
1.9%
Abdullah
Al
Othaim
Markets
Co.
....
3,697
14,562
Almarai
Co.
JSC
..............
849
15,591
Saudi
Basic
Industries
Corp.
......
1,739
39,744
Saudi
National
Bank
(The)
........
1,401
14,396
Yanbu
National
Petrochemical
Co.
..
2,172
26,537
110,830
Singapore
—
0.5%
Jardine
Cycle
&
Carriage
Ltd.
.....
1,100
28,391
South
Africa
—
3.0%
Absa
Group
Ltd.
..............
3,522
37,328
Bid
Corp.
Ltd.
................
1,540
36,477
Foschini
Group
Ltd.
(The)
........
2,809
17,021
Gold
Fields
Ltd.
...............
2,955
45,830
Truworths
International
Ltd.
.......
9,442
37,902
174,558
South
Korea
—
16.1%
Hansol
Chemical
Co.
Ltd.
........
300
46,110
Hanwha
Solutions
Corp.
(a)
........
1,060
31,460
HYBE
Co.
Ltd.
(a)
..............
127
26,154
Hyundai
Mobis
Co.
Ltd.
..........
302
55,180
JYP
Entertainment
Corp.
.........
293
31,369
KT
Corp.
...................
1,077
24,941
LG
Chem
Ltd.
................
66
33,575
Orion
Corp.
..................
271
24,120
Samsung
Electro-Mechanics
Co.
Ltd.
336
38,330
Samsung
Electronics
Co.
Ltd.
.....
7,524
411,959
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2023
BlackRock
Emerging
Markets
ex-China
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
July
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
South
Korea
(continued)
Samsung
SDI
Co.
Ltd.
..........
122
$
63,685
SK
Hynix,
Inc.
................
1,203
116,505
S-Oil
Corp.
..................
478
28,099
931,487
Switzerland
—
0.8%
Wizz
Air
Holdings
plc
(a)(b)(c)
........
1,548
47,176
Taiwan
—
17.3%
Accton
Technology
Corp.
........
6,000
73,202
Alchip
Technologies
Ltd.
.........
1,000
63,651
Asia
Vital
Components
Co.
Ltd.
....
5,000
51,383
Delta
Electronics,
Inc.
...........
8,000
93,390
eMemory
Technology,
Inc.
........
1,000
59,258
Lotes
Co.
Ltd.
................
2,000
47,654
President
Chain
Store
Corp.
......
6,000
53,305
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
26,000
469,498
Wiwynn
Corp.
................
1,000
56,789
Yageo
Corp.
.................
2,000
29,321
997,451
Thailand
—
3.0%
Advanced
Info
Service
PCL,
NVDR
..
7,100
46,911
Bangkok
Bank
PCL,
NVDR
.......
5,700
28,576
Bangkok
Dusit
Medical
Services
PCL,
NVDR
...................
32,200
27,089
CP
ALL
PCL,
NVDR
............
14,400
26,729
Land
&
Houses
PCL,
NVDR
......
88,300
21,933
Thai
Beverage
PCL
............
51,300
23,338
174,576
Turkey
—
0.5%
Eldorado
Gold
Corp.
(a)
..........
3,107
30,468
United
Arab
Emirates
—
1.7%
Abu
Dhabi
Commercial
Bank
PJSC
.
14,328
34,251
Borouge
plc
.................
26,767
19,895
Emaar
Properties
PJSC
.........
22,143
40,744
94,890
Security
Shares
Shares
Value
United
States
—
2.8%
Cognizant
Technology
Solutions
Corp.,
Class
A
..................
1,685
$
111,261
EPAM
Systems,
Inc.
(a)
...........
77
18,234
Globant
SA
(a)
.................
196
34,247
163,742
Total
Common
Stocks
—
92.4%
(Cost:
$4,730,989)
..............................
5,330,329
Preferred
Securities
Preferred
Stocks
—
1.1%
Brazil
—
1.1%
Banco
Bradesco
SA
............
17,944
63,343
Total
Preferred
Stocks
—
1.1%  
(Cost:
$45,363)
................................
63,343
Total
Long-Term
Investments
—
93.5%
(Cost:
$4,776,352)
..............................
5,393,672
Short-Term
Securities
Money
Market
Funds
—
6.7%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.16%
(d)(e)
....
386,062
386,062
Total
Short-Term
Securities
—
6.7%
(Cost:
$386,062)
................................
386,062
Total
Investments
—
100.2%
(Cost:
$5,162,414)
..............................
5,779,734
Liabilities
in
Excess
of
Other
Assets
—
(0.2)%
............
(9,410)
Net
Assets
—
100.0%
..............................
$
5,770,324
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/23
Shares
Held
at
07/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
340,604
$
45,458
(a)
$
—
$
—
$
—
$
386,062
386,062
$
4,678
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2023
BlackRock
Emerging
Markets
ex-China
Fund
4
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
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).
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
IFSC
NIFTY
50
Index
.......................................................
5
08/31/23
$
198
$
(296)
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Goldman
Sachs
Bank
USA
(b)
08/19/26
$
22,800
$
(4,452)
(c)
$
18,348
0.4
%
(b)
Range:
95
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
(b)
Goldman
Sachs
USA
(c)
Amount
includes
$0
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Goldman
Sachs
Bank
USA,
as
of
period
end,
termination
date
August
19,
2026:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Egypt
Commercial
International
Bank
Egypt
SAE
...........
14,233
$
18,348
100.0
%
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
...........................
$
18,348
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2023
BlackRock
Emerging
Markets
ex-China
Fund
5
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.
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
Australia
.............................................
$
14,297
$
19,385
$
—
$
33,682
Austria
..............................................
—
15,383
—
15,383
Brazil
...............................................
519,355
—
—
519,355
Burkina
Faso
..........................................
37,184
—
—
37,184
Colombia
............................................
29,335
—
—
29,335
Czech
Republic
........................................
—
11,332
—
11,332
Greece
..............................................
—
82,775
—
82,775
Hungary
.............................................
40,714
66,738
—
107,452
India
...............................................
566,414
272,189
—
838,603
Indonesia
............................................
—
243,482
—
243,482
Kazakhstan
...........................................
—
54,724
—
54,724
Malaysia
.............................................
—
84,015
—
84,015
Mexico
..............................................
238,637
—
—
238,637
Panama
.............................................
15,343
—
—
15,343
Peru
................................................
43,503
—
—
43,503
Philippines
...........................................
—
103,095
—
103,095
Poland
..............................................
—
118,860
—
118,860
Saudi
Arabia
..........................................
—
110,830
—
110,830
Singapore
............................................
—
28,391
—
28,391
South
Africa
...........................................
74,379
100,179
—
174,558
South
Korea
..........................................
—
931,487
—
931,487
Switzerland
...........................................
—
47,176
—
47,176
Taiwan
..............................................
—
997,451
—
997,451
Thailand
.............................................
—
174,576
—
174,576
Turkey
..............................................
30,468
—
—
30,468
United
Arab
Emirates
....................................
54,146
40,744
—
94,890
United
States
..........................................
163,742
—
—
163,742
Preferred
Securities
.......................................
63,343
—
—
63,343
Short-Term
Securities
Money
Market
Funds
......................................
386,062
—
—
386,062
$
2,276,922
$
3,502,812
$
—
$
5,779,734
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
—
$
(4,748)
$
—
$
(4,748)
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2023
BlackRock
Emerging
Markets
ex-China
Fund
6
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
NVDR
Non-Voting
Depository
Receipts
OTC
Over-the-counter
PCL
Public
Company
Limited
PJSC
Public
Joint
Stock
Company