Schedule of Investments (unaudited) July 31, 2021 | BlackRock Defensive Advantage International Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 6.2% | ||||||||
ASX Ltd. | 649 | $ | 36,766 | |||||
Brambles Ltd. | 19,515 | 167,081 | ||||||
CSL Ltd. | 773 | 164,564 | ||||||
Goodman Group | 1,016 | 16,898 | ||||||
Harvey Norman Holdings Ltd. | 2,620 | 10,942 | ||||||
Medibank Pvt Ltd. | 67,970 | 165,771 | ||||||
REA Group Ltd. | 1,015 | 120,911 | ||||||
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682,933 | ||||||||
Austria — 0.3% | ||||||||
Telekom Austria AG | 3,376 | 28,794 | ||||||
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Belgium — 0.2% | ||||||||
Proximus SADP | 595 | 12,227 | ||||||
Telenet Group Holding NV | 146 | 5,480 | ||||||
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17,707 | ||||||||
China — 1.7% | ||||||||
BOC Hong Kong Holdings Ltd. | 41,000 | 131,663 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 12,800 | 26,835 | ||||||
Kerry Logistics Network Ltd. | 9,500 | 28,309 | ||||||
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186,807 | ||||||||
Denmark — 4.8% | ||||||||
Chr Hansen Holding A/S | 476 | 42,810 | ||||||
Coloplast A/S, Class B | 937 | 171,343 | ||||||
Novo Nordisk A/S, Class B | 1,872 | 173,294 | ||||||
Novozymes A/S, B Shares | 1,832 | 143,931 | ||||||
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531,378 | ||||||||
Finland — 2.2% | ||||||||
Kesko OYJ, B Shares | 1,833 | 78,566 | ||||||
Kone Oyj, Class B | 2,008 | 166,316 | ||||||
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244,882 | ||||||||
France — 5.7% | ||||||||
Air Liquide SA | 571 | 99,302 | ||||||
Hermes International | 109 | 166,636 | ||||||
Kering SA | 15 | 13,457 | ||||||
La Francaise des Jeux SAEM(a) | 138 | 7,378 | ||||||
Legrand SA | 1,514 | 170,622 | ||||||
L’Oreal SA | 264 | 120,778 | ||||||
Orange SA | 4,194 | 46,676 | ||||||
Rubis SCA | 62 | 2,487 | ||||||
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627,336 | ||||||||
Germany — 6.4% | ||||||||
Deutsche Boerse AG | 325 | 54,231 | ||||||
Deutsche Post AG, Registered Shares | 2,388 | 161,838 | ||||||
Evonik Industries AG | 4,830 | 167,940 | ||||||
Fielmann AG | 296 | 22,228 | ||||||
Fresenius Medical Care AG & Co. KGaA | 2,055 | 161,977 | ||||||
SAP SE | 424 | 60,849 | ||||||
Telefonica Deutschland Holding AG | 1,600 | 4,313 | ||||||
Zalando SE(a)(b) | 642 | 71,334 | ||||||
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704,710 | ||||||||
Hong Kong — 7.5% | ||||||||
CK Infrastructure Holdings Ltd | 6,500 | 39,240 | ||||||
CLP Holdings Ltd | 15,500 | 159,827 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS(c) | 59,500 | 60,345 | ||||||
HKT Trust & HKT Ltd., Class SS(c) | 38,000 | 51,653 |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Hong Kong & China Gas Co. Ltd. | 26,950 | $ | 43,830 | |||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 40,000 | 7,781 | ||||||
Kerry Properties Ltd. | 38,000 | 112,222 | ||||||
Link REIT | 13,600 | 129,966 | ||||||
MTR Corp. Ltd. | 26,500 | 157,109 | ||||||
Power Assets Holdings Ltd. | 8,000 | 51,721 | ||||||
Swire Properties Ltd. | 5,200 | 14,790 | ||||||
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828,484 | ||||||||
Ireland — 0.5% | ||||||||
James Hardie Industries PLC | 1,738 | 58,638 | ||||||
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Israel — 3.6% | ||||||||
Bank Hapoalim BM(b) | 20,330 | 161,785 | ||||||
Israel Discount Bank Ltd., Class A(b) | 6,304 | 29,531 | ||||||
Nice Ltd.(b) | 584 | 162,517 | ||||||
Strauss Group Ltd. | 1,404 | 38,919 | ||||||
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392,752 | ||||||||
Italy — 1.4% | ||||||||
Italgas SpA | 21,772 | 147,368 | ||||||
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Japan — 24.0% | ||||||||
Amada Co. Ltd. | 7,300 | 75,030 | ||||||
Calbee, Inc. | 6,900 | 158,523 | ||||||
Canon Marketing Japan, Inc. | 2,100 | 47,038 | ||||||
Canon, Inc. | 6,300 | 145,077 | ||||||
Japan Tobacco, Inc. | 8,400 | 164,138 | ||||||
Kamigumi Co. Ltd. | 4,200 | 88,632 | ||||||
KDDI Corp. | 5,200 | 159,035 | ||||||
Keyence Corp. | 300 | 167,101 | ||||||
Kirin Holdings Co. Ltd. | 6,600 | 120,719 | ||||||
Lawson, Inc. | 500 | 25,130 | ||||||
Lintec Corp. | 2,300 | 50,140 | ||||||
Lion Corp. | 100 | 1,731 | ||||||
Morinaga & Co. Ltd/Japan | 1,900 | 60,280 | ||||||
Nichirei Corp. | 900 | 24,624 | ||||||
Nippon Telegraph & Telephone Corp. | 6,100 | 156,210 | ||||||
Nissan Motor Co. Ltd.(b) | 2,200 | 12,768 | ||||||
Nissin Foods Holdings Co. Ltd. | 400 | 28,464 | ||||||
Nitori Holdings Co. Ltd. | 300 | 57,023 | ||||||
Obic Co. Ltd. | 600 | 105,452 | ||||||
Omron Corp. | 200 | 17,115 | ||||||
Pigeon Corp. | 1,200 | 34,552 | ||||||
Santen Pharmaceutical Co. Ltd. | 200 | 2,710 | ||||||
SMC Corp. | 200 | 118,895 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 3,000 | 101,127 | ||||||
Suntory Beverage & Food Ltd. | 4,300 | 150,768 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,800 | 159,775 | ||||||
Toyo Suisan Kaisha Ltd. | 400 | 15,271 | ||||||
Trend Micro, Inc. | 800 | 41,651 | ||||||
Tsuruha Holdings, Inc. | 600 | 70,839 | ||||||
Unicharm Corp. | 4,100 | 164,563 | ||||||
Welcia Holdings Co. Ltd. | 800 | 27,232 | ||||||
Yamazaki Baking Co. Ltd. | 6,100 | 83,753 | ||||||
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2,635,366 | ||||||||
Luxembourg — 0.4% | ||||||||
RTL Group SA(b) | 798 | 45,177 | ||||||
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Netherlands — 4.9% | ||||||||
Akzo Nobel NV | 856 | 105,739 | ||||||
GrandVision NV(a)(b) | 345 | 11,603 | ||||||
IMCD NV | 103 | 17,846 |
S C H E D U L E O F I N V E S T M E N T S | 1 |
Schedule of Investments (unaudited) (continued) July 31, 2021 | BlackRock Defensive Advantage International Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Netherlands (continued) | ||||||||
Koninklijke Ahold Delhaize NV | 5,457 | $ | 169,630 | |||||
Randstad NV | 887 | 64,352 | ||||||
Wolters Kluwer NV | 1,508 | 171,917 | ||||||
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541,087 | ||||||||
New Zealand — 0.1% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 579 | 12,745 | ||||||
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Portugal — 0.2% | ||||||||
Jeronimo Martins SGPS SA | 1,114 | 22,696 | ||||||
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Singapore — 4.2% | ||||||||
Jardine Cycle & Carriage Ltd. | 9,600 | 145,237 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 5,800 | 52,474 | ||||||
Singapore Technologies Engineering Ltd. | 34,400 | 101,589 | ||||||
Singapore Telecommunications Ltd. | 78,300 | 131,237 | ||||||
United Overseas Bank Ltd. | 1,600 | 30,934 | ||||||
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461,471 | ||||||||
Sweden — 3.3% | ||||||||
Atlas Copco AB, A Shares | 2,455 | 166,265 | ||||||
Axfood AB | 468 | 12,667 | ||||||
L E Lundbergforetagen AB, B Shares | 50 | 3,568 | ||||||
Swedish Match AB | 8,332 | 74,613 | ||||||
Telia Co. AB | 24,055 | 105,512 | ||||||
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362,625 | ||||||||
Switzerland — 12.7% | ||||||||
Adecco Group AG, Registered Shares | 502 | 30,063 | ||||||
Alcon, Inc. | 348 | 25,334 | ||||||
Cie Financiere Richemont SA, Class A, Registered Shares | 142 | 18,172 | ||||||
Geberit AG, Registered Shares | 45 | 36,948 | ||||||
Givaudan SA, Registered Shares | 34 | 169,702 | ||||||
Kuehne + Nagel International AG, Registered Shares | 469 | 158,209 | ||||||
Nestle SA, Registered Shares | 1,335 | 169,051 | ||||||
Novartis AG, Registered Shares | 1,818 | 168,126 | ||||||
Roche Holding AG | 843 | 342,826 | ||||||
Sika AG, Registered Shares | 483 | 170,147 | ||||||
Tecan Group AG, Registered Shares | 176 | 101,494 | ||||||
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1,390,072 |
Security | Shares | Value | ||||||
United Kingdom — 7.6% | ||||||||
AstraZeneca PLC | 1,375 | $ | 158,001 | |||||
GlaxoSmithKline PLC | 537 | 10,602 | ||||||
J Sainsbury PLC | 42,129 | 165,897 | ||||||
Kingfisher PLC | 24,858 | 127,681 | ||||||
National Grid PLC | 12,174 | 155,658 | ||||||
Segro PLC | 218 | 3,685 | ||||||
Unilever PLC | 2,497 | 143,927 | ||||||
WM Morrison Supermarkets PLC | 17,917 | 66,645 | ||||||
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832,096 | ||||||||
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Total Long-Term Investments — 97.9% | 10,755,124 | |||||||
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Short-Term Securities | ||||||||
Money Market Funds — 1.8% | ||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(d)(e) | 197,930 | 197,930 | ||||||
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Total Short-Term Securities — 1.8% |
| 197,930 | ||||||
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Total Investments — 99.7% |
| 10,953,054 | ||||||
Other Assets Less Liabilities — 0.3% |
| 32,728 | ||||||
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Net Assets — 100.0% |
| $ | 10,985,782 | |||||
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(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) | A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 04/30/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/21 | Shares Held at 07/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ | 294,891 | $ | (96,961 | )(a) | $ | — | $ | — | $ | — | $ | 197,930 | 197,930 | $ | 4 | $ | — | ||||||||||||||||||
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(a) | Represents net amount purchased (sold). |
2 |
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Schedule of Investments (unaudited) (continued) July 31, 2021 | BlackRock Defensive Advantage International Fund |
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 Index | 1 | 09/17/21 | $ 116 | $ | 2,702 | |||||||||
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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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 | $ | — | $ | 682,933 | $ | — | $ | 682,933 | ||||||||
Austria | 28,794 | — | — | 28,794 | ||||||||||||
Belgium | — | 17,707 | — | 17,707 | ||||||||||||
China | — | 186,807 | — | 186,807 | ||||||||||||
Denmark | 42,810 | 488,568 | — | 531,378 | ||||||||||||
Finland | — | 244,882 | — | 244,882 | ||||||||||||
France | — | 627,336 | — | 627,336 | ||||||||||||
Germany | — | 704,710 | — | 704,710 | ||||||||||||
Hong Kong | — | 828,484 | — | 828,484 | ||||||||||||
Ireland | — | 58,638 | — | 58,638 | ||||||||||||
Israel | — | 392,752 | — | 392,752 | ||||||||||||
Italy | — | 147,368 | — | 147,368 | ||||||||||||
Japan | — | 2,635,366 | — | 2,635,366 | ||||||||||||
Luxembourg | — | 45,177 | — | 45,177 | ||||||||||||
Netherlands | 11,603 | 529,484 | — | 541,087 | ||||||||||||
New Zealand | — | 12,745 | — | 12,745 | ||||||||||||
Portugal | 22,696 | — | — | 22,696 | ||||||||||||
Singapore | — | 461,471 | — | 461,471 | ||||||||||||
Sweden | — | 362,625 | — | 362,625 | ||||||||||||
Switzerland | — | 1,390,072 | — | 1,390,072 | ||||||||||||
United Kingdom | 210,572 | 621,524 | — | 832,096 |
SCHEDULE OF INVESTMENTS | 3 |
Schedule of Investments (unaudited) (continued) July 31, 2021 | BlackRock Defensive Advantage International Fund |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | $ | 197,930 | $ | — | $ | — | $ | 197,930 | ||||||||
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$ | 514,405 | $ | 10,438,649 | $ | — | $ | 10,953,054 | |||||||||
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Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 2,702 | $ | — | $ | — | $ | 2,702 | ||||||||
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(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
MSCI | Morgan Stanley Capital International | |
REIT | Real Estate Investment Trust | |
SCA | Societe en Commandite par Actions |
4 |