Schedule

of

Investments

(unaudited)

July

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Brazil

—

8.9%

B3

SA

-

Brasil

Bolsa

Balcao

.......

252,683

$

483,373

Banco

BTG

Pactual

SA

(a)

........

19,687

113,121

CCR

SA

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

73,408

161,192

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

78,986

272,869

Ez

Tec

Empreendimentos

e

Participacoes

S/A

...........

150,576

350,341

Grupo

De

Moda

Soma

SA

(a)

.......

214,438

222,925

Hapvida

Participacoes

e

Investimentos

SA

(a)

(b)

(c)

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

621,998

447,572

IRB-Brasil

Resseguros

SA

(a)

......

41,028

214,129

Lojas

Renner

SA

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

202,284

473,509

Petroleo

Brasileiro

SA

,

ADR

......

39,667

566,048

Rede

D'Or

Sao

Luiz

SA

(a)

(b)

(c)

......

47,348

232,046

Rumo

SA

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

89,432

349,117

Sendas

Distribuidora

SA

(a)

........

205,485

357,119

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

...

200,806

305,674

XP,

Inc.

,

Class

A

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

29,639

507,123

5,056,158

Canada

—

1.3%

Barrick

Gold

Corp.

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

17,142

317,298

MAG

Silver

Corp.

(a)

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

32,295

442,442

759,740

Egypt

—

0.3%

Commercial

International

Bank

Egypt

SAE

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

83,569

143,337

Germany

—

0.2%

Puma

SE

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

1,909

94,730

Greece

—

0.6%

Piraeus

Financial

Holdings

SA

.....

83,397

352,349

Hungary

—

0.6%

OTP

Bank

Nyrt.

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

6,519

334,174

India

—

19.0%

Aavas

Financiers

Ltd.

(a)

..........

12,453

249,973

Aditya

Birla

Capital

Ltd.

(a)

........

151,366

410,913

Axis

Bank

Ltd.

,

GDR

(c)

..........

2,081

145,670

Bharat

Electronics

Ltd.

..........

78,088

295,476

Cipla

Ltd.

(a)

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

13,827

255,495

Dr.

Reddy's

Laboratories

Ltd.

,

ADR

..

4,700

382,016

Eicher

Motors

Ltd.

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

3,937

233,795

Fortis

Healthcare

Ltd.

...........

40,053

240,330

GAIL

India

Ltd.

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

173,475

500,346

Godrej

Consumer

Products

Ltd.

....

14,754

254,427

ICICI

Bank

Ltd.

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

4,139

60,332

ICICI

Bank

Ltd.

,

ADR

...........

14,549

423,522

IndusInd

Bank

Ltd.

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

16,554

282,946

Infosys

Ltd.

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

3,115

69,075

Infosys

Ltd.

,

ADR

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

44,803

991,490

ITC

Ltd.

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

39,399

233,584

JSW

Energy

Ltd.

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

32,948

287,349

Larsen

&

Toubro

Ltd.

...........

1,313

59,961

Larsen

&

Toubro

Ltd.

,

GDR

(c)

......

3,325

151,620

Macrotech

Developers

Ltd.

(b)

(c)

.....

36,530

572,044

Mahindra

&

Mahindra

Ltd.

........

1,661

57,820

Mahindra

&

Mahindra

Ltd.

,

GDR

(c)

...

10,056

351,960

Mankind

Pharma

Ltd.

(a)

..........

7,615

184,810

Marico

Ltd.

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

31,670

255,369

NHPC

Ltd.

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

194,705

245,108

NTPC

Ltd.

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

116,327

579,277

Security

Shares

Shares

Value

India

(continued)

Olectra

Greentech

Ltd.

..........

9,638

$

197,705

Power

Finance

Corp.

Ltd.

........

47,078

314,252

Power

Grid

Corp.

of

India

Ltd.

.....

59,653

248,466

REC

Ltd.

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

43,887

339,014

Reliance

Industries

Ltd.

.........

1,579

56,927

Reliance

Industries

Ltd.

,

GDR

(b)

....

14,687

1,058,933

TVS

Motor

Co.

Ltd.

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

7,832

237,200

UltraTech

Cement

Ltd.

..........

3,578

508,730

10,735,935

Indonesia

—

4.3%

Astra

International

Tbk.

PT

.......

1,061,300

308,512

Bank

Central

Asia

Tbk.

PT

........

786,000

496,688

Bank

Mandiri

Persero

Tbk.

PT

.....

871,500

343,710

Bank

Negara

Indonesia

Persero

Tbk.

PT

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

1,701,900

521,246

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

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

1,906,400

548,548

Telkom

Indonesia

Persero

Tbk.

PT

..

1,132,700

201,172

2,419,876

Italy

—

0.8%

Wizz

Air

Holdings

plc

(a)

(b)

(c)

........

18,967

467,675

Kazakhstan

—

1.5%

Kaspi.KZ

JSC

,

ADR

(c)

...........

6,705

872,522

Malaysia

—

0.4%

Hartalega

Holdings

Bhd.

(a)

........

293,800

195,035

Mexico

—

4.3%

Becle

SAB

de

CV

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

138,883

228,328

Fibra

Uno

Administracion

SA

de

CV

.

151,487

192,703

Fomento

Economico

Mexicano

SAB

de

CV

,

ADR

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

2,009

221,492

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

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

26,319

226,122

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

ADR

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

1,702

272,303

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

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

77,359

580,930

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

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

105,111

187,305

Wal-Mart

de

Mexico

SAB

de

CV

....

153,632

511,255

2,420,438

Philippines

—

1.9%

Ayala

Land,

Inc.

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

546,800

276,840

BDO

Unibank,

Inc.

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

114,330

268,938

Bloomberry

Resorts

Corp.

(a)

.......

1,034,900

146,613

Jollibee

Foods

Corp.

...........

32,700

129,047

Metropolitan

Bank

&

Trust

Co.

.....

200,960

236,472

1,057,910

Poland

—

1.3%

LPP

SA

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

77

295,214

Powszechny

Zaklad

Ubezpieczen

SA

36,686

449,261

744,475

Portugal

—

0.4%

Jeronimo

Martins

SGPS

SA

.......

13,717

239,750

Qatar

—

1.0%

Qatar

National

Bank

QPSC

.......

139,841

585,472

Saudi

Arabia

—

2.0%

Al

Rajhi

Bank

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

6,538

149,072

Almarai

Co.

JSC

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

9,657

155,534

Etihad

Etisalat

Co.

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

10,543

146,446

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Saudi

Arabia

(continued)

Saudi

Basic

Industries

Corp.

......

15,703

$

329,805

Saudi

National

Bank

(The)

........

14,202

143,502

Yanbu

National

Petrochemical

Co.

..

19,610

211,419

1,135,778

Singapore

—

0.6%

Seatrium

Ltd.

(a)

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

287,100

361,528

South

Africa

—

0.6%

Gold

Fields

Ltd.

,

ADR

...........

1,402

24,059

Vodacom

Group

Ltd.

...........

53,839

302,178

326,237

South

Korea

—

12.1%

Hansol

Chemical

Co.

Ltd.

........

2,708

323,599

Hugel,

Inc.

(a)

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

1,358

243,172

Hyundai

Rotem

Co.

Ltd.

.........

14,079

501,892

Kia

Corp.

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

2,997

245,924

KT

Corp.

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

9,730

283,351

Samsung

Electronics

Co.

Ltd.

.....

40,577

2,502,070

Samsung

Electronics

Co.

Ltd.

,

GDR

(b)

(c)

202

310,687

Samsung

SDI

Co.

Ltd.

..........

1,102

259,113

SK

Hynix,

Inc.

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

13,765

1,974,225

S-Oil

Corp.

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

4,217

208,032

6,852,065

Taiwan

—

22.7%

Accton

Technology

Corp.

........

44,000

689,712

Chroma

ATE,

Inc.

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

47,000

437,614

Delta

Electronics,

Inc.

...........

54,000

693,567

eMemory

Technology,

Inc.

........

9,000

639,317

Giant

Manufacturing

Co.

Ltd.

......

22,000

159,456

Lotes

Co.

Ltd.

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

3,000

129,229

MediaTek,

Inc.

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

20,000

761,703

Phison

Electronics

Corp.

.........

18,000

283,596

President

Chain

Store

Corp.

......

43,000

364,220

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

274,000

7,992,940

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

2,638

437,381

Wistron

Corp.

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

80,000

240,708

12,829,443

Thailand

—

1.9%

Advanced

Info

Service

PCL

,

NVDR

..

47,600

312,848

Airports

of

Thailand

PCL

,

NVDR

....

83,100

131,865

CP

ALL

PCL

,

NVDR

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

129,600

212,046

Land

&

Houses

PCL

,

NVDR

......

796,600

128,575

Siam

Cement

PCL

(The)

,

NVDR

....

21,100

130,973

Thai

Beverage

PCL

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

463,100

174,880

1,091,187

Turkey

—

1.6%

Akbank

TAS

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

223,523

417,784

Eldorado

Gold

Corp.

(a)

..........

27,698

469,758

887,542

United

Arab

Emirates

—

2.8%

Aldar

Properties

PJSC

..........

94,082

189,294

Americana

Restaurants

International

plc

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

411,587

340,073

Borouge

plc

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

571,749

379,919

Emaar

Properties

PJSC

.........

280,304

658,605

1,567,891

Security

Shares

Shares

Value

United

Kingdom

—

0.5%

Anglogold

Ashanti

plc

...........

5,813

$

163,229

Anglogold

Ashanti

plc

...........

4,648

133,842

297,071

United

States

—

2.3%

Cognizant

Technology

Solutions

Corp.

,

Class

A

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

9,122

690,353

EPAM

Systems,

Inc.

(a)

...........

1,874

403,153

Globant

SA

(a)

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

1,146

223,138

1,316,644

Total

Common

Stocks

—

93.9%

(Cost:

$

51,766,463

)

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

53,144,962

Investment

Companies

(d)

iShares

MSCI

India

ETF

.........

7,232

415,261

iShares

MSCI

Philippines

ETF

.....

6,783

171,135

Total

Investment

Companies

—

1.0%

(Cost:

$

558,397

)

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

586,396

Preferred

Securities

Preferred

Stocks

—

2.1%

Brazil

—

1.1%

Alpargatas

SA

(Preference)

(a)

......

157,760

238,474

Banco

Bradesco

SA

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

164,130

364,369

602,843

South

Korea

—

1.0%

Samsung

Electronics

Co.

Ltd.

(Preference)

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

12,007

571,616

Total

Preferred

Securities

—

2.1%  

(Cost:

$

1,342,356

)

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

1,174,459

Total

Long-Term

Investments

—

97

.0

%

(Cost:

$

53,667,216

)

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

54,905,817

Short-Term

Securities

Money

Market

Funds

—

3.5%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.21

%

(d)

(e)

....

1,965,737

1,965,737

Total

Short-Term

Securities

—

3

.5

%

(Cost:

$

1,965,737

)

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

1,965,737

Total

Investments

—

100.5%

(Cost:

$

55,632,953

)

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

56,871,554

Liabilities

in

Excess

of

Other

Assets

—

(

0.5

)

%

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

(

264,252

)

Net

Assets

—

100.0%

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

$

56,607,302

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

3

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

July

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

04/30/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/24

Shares

Held

at

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

1,946,371

$

19,366

(a)

$

—

$

—

$

—

$

1,965,737

1,965,737

$

24,956

$

—

iShares

MSCI

India

ETF

....

—

391,341

—

—

23,920

415,261

7,232

—

—

iShares

MSCI

Philippines

ETF

—

167,056

—

—

4,079

171,135

6,783

2,466

—

$

—

$

27,999

$

2,552,133

$

27,422

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2024

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:

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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

$

1,284,281

$

(

153,249

)

(c)

$

1,148,578

2

.3

%

Monthly

HSBC

Bank

plc

(d)

02/10/28

82,166

(

1,610

)

80,556

0

.1

Monthly

JPMorgan

Chase

Bank

NA

(e)

04/30/25

512,153

(

13,298

)

(f)

503,405

0

.9

$

(

168,157

)

$

1,732,539

(b)

(d)

(e)

Range:

40-45

basis

points

95

basis

points

95

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$(17,546)

of

net

dividends

and

financing

fees.

(d)

HSBC

(e)

JPMChase

(f)

Amount

includes

$(4,550)

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

India

Axis

Bank

Ltd.

,

GDR

......

16,216

$

1,135,120

98

.8

%

Portugal

Jeronimo

Martins

SGPS

SA

.

770

13,458

1

.2

Total

Reference

Entity

—

Long

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

1,148,578

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

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

$

1,148,578

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

Arab

Emirates

Spinneys

1961

Holding

plc

..

197,253

80,556

100

.0

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

80,556

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

April

30,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

Arab

Emirates

Alef

Education

Holding

plc

..

1,607,810

$

503,405

100

.0

%

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

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

$

503,405

Schedule

of

Investments

(unaudited)

(continued)

July

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

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

$

5,056,158

$

—

$

—

$

5,056,158

Canada

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

759,740

—

—

759,740

Egypt

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

143,337

—

—

143,337

Germany

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

—

94,730

—

94,730

Greece

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

—

352,349

—

352,349

Hungary

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

—

334,174

—

334,174

India

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

3,505,211

7,230,724

—

10,735,935

Indonesia

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

496,688

1,923,188

—

2,419,876

Italy

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

—

467,675

—

467,675

Kazakhstan

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

872,522

—

—

872,522

Malaysia

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

195,035

—

—

195,035

Mexico

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

2,420,438

—

—

2,420,438

Philippines

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

146,613

911,297

—

1,057,910

Poland

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

—

744,475

—

744,475

Portugal

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

239,750

—

—

239,750

Qatar

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

—

585,472

—

585,472

Saudi

Arabia

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

541,224

594,554

—

1,135,778

Singapore

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

—

361,528

—

361,528

South

Africa

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

326,237

—

—

326,237

South

Korea

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

—

6,852,065

—

6,852,065

Taiwan

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

437,381

12,392,062

—

12,829,443

Thailand

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

—

1,091,187

—

1,091,187

Turkey

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

887,542

—

—

887,542

United

Arab

Emirates

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

1,187,972

379,919

—

1,567,891

United

Kingdom

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

163,229

133,842

—

297,071

United

States

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

1,316,644

—

—

1,316,644

Investment

Companies

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

586,396

—

—

586,396

Preferred

Securities

Brazil

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

602,843

—

—

602,843

South

Korea

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

—

571,616

—

571,616

Short-Term

Securities

Money

Market

Funds

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

1,965,737

—

—

1,965,737

$

21,850,697

$

35,020,857

$

—

$

56,871,554

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

6

Level

1

Level

2

Level

3

Total

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

—

$

(

168,157

)

$

—

$

(

168,157

)

(a)

Derivative

financial

instruments

are

swaps.

Swaps

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

ETF

Exchange-Traded

Fund

GDR

Global

Depositary

Receipts

JSC

Joint

Stock

Company

MSCI

Morgan

Stanley

Capital

International

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

Fair

Value

Hierarchy

as

of

Period

End

(continued)