Schedule of Investments (unaudited)
August 31, 2021
BlackRock International Dividend Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Australia — 1.5% | |||
Ansell Ltd. | 140,132 | $ 3,675,792 | |
Canada — 4.6% | |||
TELUS Corp. | 476,531 | 10,979,872 | |
China — 5.0% | |||
China Feihe Ltd.(a) | 3,167,000 | 5,722,850 | |
DiDi Global, Inc. (Acquired 07/08/21, cost $1,385,023)(b)(c) | 202,000 | 1,606,021 | |
ENN Energy Holdings Ltd. | 227,700 | 4,505,649 | |
11,834,520 | |||
Denmark — 4.2% | |||
Novo Nordisk A/S, Class B | 100,376 | 10,048,638 | |
France — 19.3% | |||
Air Liquide SA | 20,809 | 3,729,854 | |
EssilorLuxottica SA | 40,046 | 7,868,642 | |
Kering SA | 8,214 | 6,542,623 | |
LVMH Moet Hennessy Louis Vuitton SE | 10,707 | 7,931,856 | |
Sanofi | 113,639 | 11,777,388 | |
Schneider Electric SE | 45,056 | 8,049,998 | |
45,900,361 | |||
India — 4.1% | |||
HDFC Bank Ltd. | 373,955 | 8,065,553 | |
Jasper Infotech Private Ltd. (Acquired 05/07/14, cost $7,423,816)(b)(c)(d) | 9,970 | 1,552,927 | |
9,618,480 | |||
Mexico — 2.3% | |||
Wal-Mart de Mexico SAB de CV | 1,531,482 | 5,434,611 | |
Singapore — 4.3% | |||
DBS Group Holdings Ltd. | 213,400 | 4,731,734 | |
United Overseas Bank Ltd. | 284,000 | 5,376,483 | |
10,108,217 | |||
Spain — 5.0% | |||
Amadeus IT Group SA(b) | 107,820 | 6,585,414 | |
Bankinter SA | 889,765 | 5,207,297 | |
11,792,711 | |||
Taiwan — 4.7% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 512,000 | 11,230,842 | |
United Kingdom — 30.3% | |||
AstraZeneca PLC | 79,619 | 9,310,920 |
Security | Shares | Value | |
United Kingdom (continued) | |||
BAE Systems PLC | 834,981 | $ 6,523,390 | |
Diageo PLC | 213,907 | 10,283,082 | |
Prudential PLC | 526,682 | 10,973,223 | |
Reckitt Benckiser Group PLC | 122,172 | 9,326,760 | |
RELX PLC | 384,812 | 11,574,336 | |
Taylor Wimpey PLC | 1,783,766 | 4,490,254 | |
Unilever PLC | 173,210 | 9,644,322 | |
72,126,287 | |||
United States — 13.9% | |||
Baker Hughes Co. | 222,652 | 5,072,013 | |
Estee Lauder Cos., Inc., Class A | 14,952 | 5,091,006 | |
Ferguson PLC | 74,591 | 10,781,256 | |
Otis Worldwide Corp. | 62,122 | 5,728,891 | |
Visa, Inc., Class A | 27,520 | 6,304,832 | |
32,977,998 | |||
Total Long-Term Investments — 99.2% (Cost: $196,859,804) | 235,728,329 | ||
Short-Term Securities(e)(f) | |||
Money Market Funds — 0.7% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01% | 1,815,848 | 1,815,848 | |
Total Short-Term Securities — 0.7% (Cost: $1,815,848) | 1,815,848 | ||
Total Investments — 99.9% (Cost: $198,675,652) | 237,544,177 | ||
Other Assets Less Liabilities — 0.1% | 151,203 | ||
Net Assets — 100.0% | $ 237,695,380 |
(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) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,158,948, representing 1.3% of its net assets as of period end, and an original cost of $8,808,839. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 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 05/31/21 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 08/31/21 | Shares Held at 08/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ 3,151,672 | $ — | $ (1,335,824)(a) | $ — | $ — | $ 1,815,848 | 1,815,848 | $ 10 | $ — |
(a) | Represents net amount purchased (sold). |
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Schedule of Investments (unaudited) (continued)
August 31, 2021
BlackRock International Dividend Fund
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 | $ — | $ 3,675,792 | $ — | $ 3,675,792 | |||
Canada | 10,979,872 | — | — | 10,979,872 | |||
China | — | 11,834,520 | — | 11,834,520 | |||
Denmark | — | 10,048,638 | — | 10,048,638 | |||
France | — | 45,900,361 | — | 45,900,361 | |||
India | — | 8,065,553 | 1,552,927 | 9,618,480 | |||
Mexico | 5,434,611 | — | — | 5,434,611 | |||
Singapore | — | 10,108,217 | — | 10,108,217 | |||
Spain | — | 11,792,711 | — | 11,792,711 | |||
Taiwan | — | 11,230,842 | — | 11,230,842 | |||
United Kingdom | — | 72,126,287 | — | 72,126,287 | |||
United States | 22,196,742 | 10,781,256 | — | 32,977,998 | |||
Short-Term Securities | |||||||
Money Market Funds | 1,815,848 | — | — | 1,815,848 | |||
$ 40,427,073 | $ 195,564,177 | $ 1,552,927 | $ 237,544,177 |
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
Common Stocks | Preferred Stocks | Total | |||
Assets | |||||
Opening Balance, as of May 31, 2021 | $ 1,643,754 | $ 5,051,010 | $ 6,694,764 | ||
Transfers into Level 3 | — | — | — | ||
Transfers out of Level 3(a) | — | (5,051,010) | (5,051,010) | ||
Net realized gain (loss) | — | — | — | ||
Net change in unrealized appreciation (depreciation)(b) | (90,827) | — | (90,827) | ||
Purchases | — | — | — | ||
Sales | — | — | — | ||
Closing Balance, as of August 31, 2021 | $ 1,552,927 | $ — | $ 1,552,927 | ||
Net change in unrealized appreciation (depreciation) on investments still held at August 31, 2021(b) | $ (90,827) | $ — | $ (90,827) |
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Schedule of Investments (unaudited) (continued)
August 31, 2021
BlackRock International Dividend Fund
(a) | As of May 31, 2021, the Fund used significant unobservable inputs in determining the value of certain investments. As of August 31, 2021, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the fair value hierarchy. |
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2021, is generally due to investments no longer held or categorized as Level 3 at period end. |
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