Schedule
of
Investments
(unaudited)
January
31,
2024
BlackRock
Emerging
Markets
ex-China
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Austria
—
0.7%
Erste
Group
Bank
AG
...........
896
$
38,598
Brazil
—
9.5%
Ambev
SA
..................
17,049
45,045
Arezzo
Industria
e
Comercio
SA
....
3,540
44,836
B3
SA
-
Brasil
Bolsa
Balcao
.......
16,061
42,402
Banco
BTG
Pactual
SA
(a)
........
1,878
13,676
CCR
SA
....................
7,976
21,202
Cielo
SA
....................
15,710
15,633
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
3,192
14,445
Ez
Tec
Empreendimentos
e
Participacoes
S/A
...........
12,829
40,110
Grupo
De
Moda
Soma
SA
........
24,304
39,097
Hapvida
Participacoes
e
Investimentos
SA
(a)
(b)
(c)
..................
57,778
45,482
IRB-Brasil
Resseguros
SA
(a)
......
4,664
38,465
Lojas
Renner
SA
..............
14,553
47,321
Rumo
SA
...................
6,272
29,231
Sendas
Distribuidora
SA
.........
16,221
44,986
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
SA
...
22,759
37,622
XP,
Inc.
,
Class
A
..............
1,580
38,836
558,389
Burkina
Faso
—
0.6%
Endeavour
Mining
plc
...........
1,951
33,797
Canada
—
0.5%
Barrick
Gold
Corp.
.............
1,943
30,311
Chile
—
0.2%
Sociedad
Quimica
y
Minera
de
Chile
SA
,
ADR
.................
301
12,663
Czech
Republic
—
0.4%
Komercni
Banka
A/S
...........
755
24,770
Greece
—
1.7%
National
Bank
of
Greece
SA
(a)
.....
2,837
21,570
OPAP
SA
,
Class
R
.............
2,336
40,443
Piraeus
Financial
Holdings
SA
(a)
....
9,452
38,278
100,291
Hungary
—
2.1%
MOL
Hungarian
Oil
&
Gas
plc
.....
5,454
44,699
OTP
Bank
Nyrt.
...............
739
34,237
Richter
Gedeon
Nyrt.
...........
1,652
44,595
123,531
India
—
15.6%
Aditya
Birla
Capital
Ltd.
(a)
........
6,853
14,117
Axis
Bank
Ltd.
,
GDR
(c)
..........
2,081
134,433
Bharat
Electronics
Ltd.
..........
6,508
14,576
Cipla
Ltd.
...................
1,221
19,859
Crompton
Greaves
Consumer
Electricals
Ltd.
.............
4,165
15,209
Dr
Reddy's
Laboratories
Ltd.
,
ADR
..
508
36,551
Fortis
Healthcare
Ltd.
...........
2,964
15,434
GAIL
India
Ltd.
...............
17,161
35,708
Godrej
Consumer
Products
Ltd.
....
1,299
18,216
HDFC
Bank
Ltd.
,
ADR
..........
1,557
86,398
ICICI
Bank
Ltd.
,
ADR
...........
2,099
51,216
Infosys
Ltd.
,
ADR
..............
5,078
100,849
ITC
Ltd.
....................
2,626
13,960
Larsen
&
Toubro
Ltd.
,
GDR
(c)
......
342
14,330
Mahindra
&
Mahindra
Ltd.
,
GDR
(c)
...
1,140
22,800
Security
Shares
Shares
Value
India
(continued)
Mankind
Pharma
Ltd.
(a)
..........
561
$
13,455
Marico
Ltd.
..................
2,780
17,682
NHPC
Ltd.
..................
16,945
18,574
NTPC
Ltd.
..................
3,869
14,813
Olectra
Greentech
Ltd.
..........
740
15,543
Power
Grid
Corp.
of
India
Ltd.
.....
5,091
15,901
Reliance
Industries
Ltd.
,
GDR
(b)
....
2,633
182,089
UltraTech
Cement
Ltd.
..........
357
43,651
915,364
Indonesia
—
4.3%
Astra
International
Tbk.
PT
.......
120,300
38,982
Bank
Central
Asia
Tbk.
PT
........
89,100
53,908
Bank
Mandiri
Persero
Tbk.
PT
.....
98,800
41,596
Bank
Negara
Indonesia
Persero
Tbk.
PT
.....................
64,500
23,466
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
.....................
139,300
50,181
Indofood
CBP
Sukses
Makmur
Tbk.
PT
18,600
13,859
Telkom
Indonesia
Persero
Tbk.
PT
..
128,400
32,206
254,198
Italy
—
0.9%
Wizz
Air
Holdings
plc
(a)
(b)
(c)
........
2,150
53,747
Kazakhstan
—
1.2%
Kaspi.KZ
JSC
,
ADR
(c)
...........
760
69,838
Malaysia
—
1.5%
Hartalega
Holdings
Bhd.
(a)
........
33,300
19,273
Malayan
Banking
Bhd.
..........
17,400
34,035
Public
Bank
Bhd.
..............
37,800
35,041
88,349
Mexico
—
4.1%
Fibra
Uno
Administracion
SA
de
CV
.
15,577
26,454
Fomento
Economico
Mexicano
SAB
de
CV
,
ADR
.................
356
48,252
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
................
4,831
44,154
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
ADR
...............
193
30,087
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
..................
6,588
14,959
Wal-Mart
de
Mexico
SAB
de
CV
....
18,528
76,528
240,434
Panama
—
0.2%
Copa
Holdings
SA
,
Class
A
.......
133
12,776
Peru
—
0.7%
Credicorp
Ltd.
................
283
42,006
Philippines
—
2.0%
Ayala
Land,
Inc.
...............
62,000
37,467
BDO
Unibank,
Inc.
.............
12,960
33,363
Bloomberry
Resorts
Corp.
(a)
.......
56,800
11,280
International
Container
Terminal
Services,
Inc.
..............
2,980
12,886
Jollibee
Foods
Corp.
...........
2,610
11,776
Metropolitan
Bank
&
Trust
Co.
.....
11,160
11,304
118,076
Poland
—
1.3%
ORLEN
SA
..................
1,724
26,881
Powszechny
Zaklad
Ubezpieczen
SA
4,158
50,063
76,944
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Emerging
Markets
ex-China
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Qatar
—
0.8%
Qatar
National
Bank
QPSC
.......
10,791
$
45,843
Saudi
Arabia
—
2.2%
Abdullah
Al
Othaim
Markets
Co.
....
3,785
13,840
Al
Rajhi
Bank
................
637
14,220
Almarai
Co.
JSC
..............
869
13,231
Etihad
Etisalat
Co.
.............
1,102
15,310
Saudi
Basic
Industries
Corp.
......
1,780
36,899
Saudi
National
Bank
(The)
........
1,434
15,486
Yanbu
National
Petrochemical
Co.
..
2,223
22,737
131,723
Singapore
—
0.4%
Jardine
Cycle
&
Carriage
Ltd.
.....
1,100
21,226
South
Africa
—
2.1%
Absa
Group
Ltd.
..............
3,606
31,486
Bid
Corp.
Ltd.
................
1,577
38,251
Foschini
Group
Ltd.
(The)
........
2,875
17,408
Gold
Fields
Ltd.
...............
2,268
33,465
Gold
Fields
Ltd.
,
ADR
...........
159
2,353
122,963
South
Korea
—
13.3%
Hansol
Chemical
Co.
Ltd.
(a)
.......
307
45,951
Hugel,
Inc.
(a)
.................
154
17,494
Hyundai
Mobis
Co.
Ltd.
..........
309
48,437
JYP
Entertainment
Corp.
(a)
.......
300
16,884
KT
Corp.
(a)
..................
1,103
29,216
KT&G
Corp.
.................
662
44,959
Orion
Corp.
..................
277
19,159
Samsung
Electronics
Co.
Ltd.
.....
6,642
360,905
Samsung
Electronics
Co.
Ltd.
,
GDR
(b)
(c)
23
31,431
Samsung
SDI
Co.
Ltd.
..........
125
34,690
SK
Hynix,
Inc.
................
931
93,231
SK
Square
Co.
Ltd.
(a)
...........
401
15,578
S-Oil
Corp.
..................
478
24,302
782,237
Taiwan
—
17.1%
Accton
Technology
Corp.
........
5,000
84,113
Delta
Electronics,
Inc.
...........
8,000
71,589
Giant
Manufacturing
Co.
Ltd.
......
2,000
11,384
Hiwin
Technologies
Corp.
........
3,000
21,057
Lite-On
Technology
Corp.
........
3,000
10,389
Lotes
Co.
Ltd.
................
1,000
31,546
Phison
Electronics
Corp.
.........
2,000
33,588
President
Chain
Store
Corp.
......
6,000
50,588
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
31,000
620,574
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..............
299
33,775
Yageo
Corp.
.................
2,000
35,178
1,003,781
Thailand
—
2.7%
Advanced
Info
Service
PCL
,
NVDR
..
5,400
33,304
Airports
of
Thailand
PCL
,
NVDR
....
8,300
13,976
CP
ALL
PCL
,
NVDR
............
14,700
21,640
Land
&
Houses
PCL
,
NVDR
......
90,300
19,484
Siam
Cement
PCL
(The)
,
NVDR
....
1,800
13,701
Thai
Beverage
PCL
............
52,500
20,497
True
Corp.
PCL
,
NVDR
(a)
.........
203,000
34,519
157,121
Turkey
—
0.6%
Eldorado
Gold
Corp.
(a)
..........
2,725
33,281
Security
Shares
Shares
Value
United
Arab
Emirates
—
1.5%
Abu
Dhabi
Commercial
Bank
PJSC
.
3,069
$
7,520
Aldar
Properties
PJSC
..........
10,663
14,806
Borouge
plc
.................
27,413
17,838
Emaar
Properties
PJSC
.........
22,678
45,852
86,016
United
Kingdom
—
0.7%
Anglogold
Ashanti
plc
...........
659
11,612
Anglogold
Ashanti
plc
...........
1,703
30,475
42,087
United
States
—
3.5%
Cognizant
Technology
Solutions
Corp.
,
Class
A
..................
1,725
133,032
EPAM
Systems,
Inc.
(a)
...........
146
40,604
Globant
SA
(a)
.................
130
30,655
204,291
Total
Common
Stocks
—
92.4%
(Cost:
$
5,017,841
)
..............................
5,424,651
Preferred
Securities
Preferred
Stocks
—
2.4%
Brazil
—
1.4%
Alpargatas
SA
(Preference)
.......
12,748
22,308
Banco
Bradesco
SA
............
18,602
57,666
79,974
South
Korea
—
1.0%
Samsung
Electronics
Co.
Ltd.
(Preference)
...............
1,361
59,552
Total
Preferred
Stocks
—
2.4%
(Cost:
$
126,413
)
................................
139,526
Total
Long-Term
Investments
—
94
.8
%
(Cost:
$
5,144,254
)
..............................
5,564,177
Short-Term
Securities
Money
Market
Funds
—
4.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.21
%
(d)
(e)
....
262,050
262,050
Total
Short-Term
Securities
—
4
.5
%
(Cost:
$
262,050
)
................................
262,050
Total
Investments
—
99.3%
(Cost:
$
5,406,304
)
..............................
5,826,227
Other
Assets
Less
Liabilities
—
0.7
%
...................
41,890
Net
Assets
—
100.0%
..............................
$
5,868,117
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Emerging
Markets
ex-China
Fund
4
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)
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
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
340,604
$
—
$
(
78,554
)
(a)
$
—
$
—
$
262,050
262,050
$
15,197
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Emerging
Markets
ex-China
Fund
5
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.
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
IFSC
NIFTY
50
Index
.......................................................
5
02/29/24
$
218
$
3,193
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Austria
..............................................
$
—
$
38,598
$
—
$
38,598
Brazil
...............................................
558,389
—
—
558,389
Burkina
Faso
..........................................
33,797
—
—
33,797
Canada
.............................................
30,311
—
—
30,311
Chile
...............................................
12,663
—
—
12,663
Czech
Republic
........................................
—
24,770
—
24,770
Greece
..............................................
40,443
59,848
—
100,291
Hungary
.............................................
123,531
—
—
123,531
India
...............................................
446,577
468,787
—
915,364
Indonesia
............................................
—
254,198
—
254,198
Italy
................................................
—
53,747
—
53,747
Kazakhstan
...........................................
69,838
—
—
69,838
Malaysia
.............................................
—
88,349
—
88,349
Mexico
..............................................
240,434
—
—
240,434
Panama
.............................................
12,776
—
—
12,776
Peru
................................................
42,006
—
—
42,006
Philippines
...........................................
23,056
95,020
—
118,076
Poland
..............................................
—
76,944
—
76,944
Qatar
...............................................
—
45,843
—
45,843
Saudi
Arabia
..........................................
28,541
103,182
—
131,723
Singapore
............................................
—
21,226
—
21,226
South
Africa
...........................................
40,604
82,359
—
122,963
South
Korea
..........................................
—
782,237
—
782,237
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Emerging
Markets
ex-China
Fund
6
Level
1
Level
2
Level
3
Total
Taiwan
..............................................
$
33,775
$
970,006
$
—
$
1,003,781
Thailand
.............................................
—
157,121
—
157,121
Turkey
..............................................
33,281
—
—
33,281
United
Arab
Emirates
....................................
40,164
45,852
—
86,016
United
Kingdom
........................................
11,612
30,475
—
42,087
United
States
..........................................
204,291
—
—
204,291
Preferred
Securities
Brazil
...............................................
79,974
—
—
79,974
South
Korea
..........................................
—
59,552
—
59,552
Short-Term
Securities
Money
Market
Funds
......................................
262,050
—
—
262,050
$
2,368,113
$
3,458,114
$
—
$
5,826,227
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
—
$
3,193
$
—
$
3,193
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
JSC
Joint
Stock
Company
NVDR
Non-Voting
Depository
Receipts
PCL
Public
Company
Limited
PJSC
Public
Joint
Stock
Company
Fair
Value
Hierarchy
as
of
Period
End
(continued)