Schedule of Investments (unaudited)
August 31, 2022
BlackRock International Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Canada — 6.1% | |||
Canadian National Railway Co. | 426,192 | $ 50,684,835 | |
Suncor Energy, Inc. | 1,808,912 | 58,522,611 | |
109,207,446 | |||
China — 6.5% | |||
Tencent Holdings Ltd. | 2,072,300 | 85,649,773 | |
Wuxi Biologics Cayman, Inc.(a)(b) | 3,548,500 | 31,305,231 | |
116,955,004 | |||
Denmark — 6.9% | |||
Novo Nordisk A/S, Class B | 747,710 | 79,940,549 | |
Vestas Wind Systems A/S | 1,790,290 | 44,795,051 | |
124,735,600 | |||
France — 8.1% | |||
Air Liquide SA | 650,141 | 81,471,006 | |
Kering SA | 128,757 | 64,604,148 | |
146,075,154 | |||
Germany — 7.1% | |||
Infineon Technologies AG | 3,312,032 | 81,041,645 | |
MTU Aero Engines AG | 263,948 | 46,550,508 | |
127,592,153 | |||
Iceland — 1.1% | |||
Marel HF(a) | 5,442,013 | 19,932,795 | |
Ireland — 1.5% | |||
Ryanair Holdings PLC, ADR(b)(c) | 380,737 | 27,683,387 | |
Italy — 5.3% | |||
Intesa Sanpaolo SpA | 34,123,621 | 58,743,452 | |
UniCredit SpA | 3,807,838 | 37,263,067 | |
96,006,519 | |||
Japan — 14.2% | |||
Daiichi Sankyo Co. Ltd. | 2,234,100 | 67,138,742 | |
Recruit Holdings Co. Ltd. | 2,256,000 | 71,719,607 | |
Sony Group Corp. | 1,476,900 | 117,418,434 | |
256,276,783 | |||
Netherlands — 9.4% | |||
ASML Holding NV | 175,318 | 85,575,392 | |
Koninklijke DSM NV | 663,350 | 84,587,548 | |
170,162,940 |
Security | Shares | Value | |
Spain — 4.4% | |||
Cellnex Telecom SA(a) | 2,013,078 | $ 78,394,755 | |
Sweden — 1.7% | |||
Epiroc AB, Class A | 2,041,579 | 31,237,821 | |
Switzerland — 5.4% | |||
Roche Holding AG | 304,664 | 98,175,429 | |
United Kingdom — 5.0% | |||
Barclays PLC | 20,117,537 | 38,357,932 | |
Standard Chartered PLC | 7,587,456 | 52,551,872 | |
90,909,804 | |||
United States — 10.4% | |||
Baker Hughes Co. | 2,797,505 | 70,664,976 | |
Equinix, Inc. | 119,412 | 78,497,867 | |
GXO Logistics, Inc.(b) | 880,387 | 39,071,575 | |
188,234,418 | |||
Total Long-Term Investments — 93.1% (Cost: $1,926,794,230) | 1,681,580,008 | ||
Short-Term Securities(d)(e) | |||
Money Market Funds — 7.0% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.03% | 127,221,825 | 127,221,825 | |
SL Liquidity Series, LLC, Money Market Series, 2.47%(f) | 140,111 | 140,125 | |
Total Short-Term Securities — 7.0% (Cost: $127,361,950) | 127,361,950 | ||
Total Investments — 100.1% (Cost: $2,054,156,180) | 1,808,941,958 | ||
Liabilities in Excess of Other Assets — (0.1)% | (2,097,711) | ||
Net Assets — 100.0% | $ 1,806,844,247 |
(a) | 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. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
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Schedule of Investments (unaudited) (continued)
August 31, 2022
BlackRock International Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 05/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 08/31/22 | Shares Held at 08/31/22 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ 21,475,121 | $ 105,746,704(a) | $ — | $ — | $ — | $ 127,221,825 | 127,221,825 | $ 272,863 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | — | 140,125(a) | — | — | — | 140,125 | 140,111 | 2(b) | — | |||
$ — | $ — | $ 127,361,950 | $ 272,865 | $ — |
(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. |
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”) per share 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.
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Common Stocks | ||||
Canada | $ 109,207,446 | $ — | $ — | $ 109,207,446 |
China | — | 116,955,004 | — | 116,955,004 |
Denmark | — | 124,735,600 | — | 124,735,600 |
France | — | 146,075,154 | — | 146,075,154 |
Germany | — | 127,592,153 | — | 127,592,153 |
Iceland | — | 19,932,795 | — | 19,932,795 |
Ireland | 27,683,387 | — | — | 27,683,387 |
Italy | — | 96,006,519 | — | 96,006,519 |
Japan | — | 256,276,783 | — | 256,276,783 |
Netherlands | — | 170,162,940 | — | 170,162,940 |
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Schedule of Investments (unaudited) (continued)
August 31, 2022
BlackRock International Fund
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks (continued) | |||||||
Spain | $ — | $ 78,394,755 | $ — | $ 78,394,755 | |||
Sweden | — | 31,237,821 | — | 31,237,821 | |||
Switzerland | — | 98,175,429 | — | 98,175,429 | |||
United Kingdom | — | 90,909,804 | — | 90,909,804 | |||
United States | 188,234,418 | — | — | 188,234,418 | |||
Short-Term Securities | |||||||
Money Market Funds | 127,221,825 | — | — | 127,221,825 | |||
$ 452,347,076 | $ 1,356,454,757 | $ — | 1,808,801,833 | ||||
Investments valued at NAV(a) | 140,125 | ||||||
$ 1,808,941,958 |
(a) | Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |
Portfolio Abbreviation | |
ADR | American Depositary Receipt |
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