Blackrock Latin America Fund NPORT-P BlackRock Latin America Fund, Inc. (Jul 2020 report)

Schedule of Investments  (unaudited) July 31, 2020 BlackRock Latin America Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 1.2%
MercadoLibre, Inc.(a)		1,018	$	1,144,863
Brazil — 61.2%
Afya Ltd., Class A(a)(b)		83,947		2,195,214
Ambev SA, ADR		429,368		1,150,706
Arco Platform Ltd., Class A(a)(b)		19,881		865,818
B2W Cia Digital(a)		144,271		3,299,962
B3 SA — Brasil Bolsa Balcao		458,416		5,574,932
Banco Bradesco SA, ADR		1,013,541		4,277,143
Banco do Brasil SA		97,847		629,861
BB Seguridade Participacoes SA		423,535		2,259,535
Centrais Eletricas Brasileiras SA		263,310		1,864,579
Cia Brasileira de Distribuicao		91,572		1,246,343
Cielo SA		521,076		536,404
Cyrela Brazil Realty SA Empreendimentos e Participacoes		113,466		596,417
Energisa SA		207,412		1,954,223
Gol Linhas Aereas Inteligentes SA, ADR(b)		69,377		473,845
Itau Unibanco Holding SA, ADR, Preference Shares		819,608		4,180,001
Lojas Americanas SA		332,816		1,964,403
Lojas Renner SA		271,738		2,142,524
Multiplan Empreendimentos Imobiliarios SA		288,107		1,167,550
Notre Dame Intermedica Participacoes SA		60,550		774,903
Petrobras Distribuidora SA		485,756		2,113,784
Petroleo Brasileiro SA, ADR		384,017		3,329,427
Petroleo Brasileiro SA, ADR, Preference Shares		626,048		5,340,189
Telefonica Brasil SA, ADR, Preference Shares(b)		72,147		727,963
Vale SA, ADR		819,204		9,535,535
Via Varejo SA(a)		532,585		1,992,899
				60,194,160
Cayman Islands — 1.9%
Vasta Platform Ltd.(a)		97,930		1,845,981
Chile — 4.4%
Banco de Chile		14,210,244		1,364,226
Banco Santander Chile, ADR		93,438		1,598,724
Sociedad Quimica y Minera de Chile SA, ADR		45,071		1,376,919
				4,339,869
Mexico — 20.1%
America Movil SAB de CV, Class L, ADR		440,974		5,573,911
Corp. Inmobiliaria Vesta SAB de CV		899,055		1,342,826
Fibra Uno Administracion SA de CV(b)		2,185,547		1,762,776
Fomento Economico Mexicano SAB de CV, ADR		25,022		1,539,103
Grupo Aeroportuario del Pacifico SAB de CV, ADR		11,922		799,847
Grupo Aeroportuario del Pacifico SAB de CV, Class B		89,110		591,518
Grupo Cementos de Chihuahua SAB de CV		145,679		685,879
Grupo Financiero Banorte SAB de CV, Class O(a)		916,559		3,290,634
Grupo Mexico SAB de CV, Series B		1,016,487		2,567,366
Wal-Mart de Mexico SAB de CV		672,837		1,579,073
				19,732,933
Panama — 0.8%
Copa Holdings SA, Class A		19,639		813,840
Peru — 1.9%
Southern Copper Corp		43,972		1,922,016
United States — 1.4%
JBS SA		328,846		1,357,860
Total Common Stocks — 92.9% (Cost: $79,780,470)				91,351,522

Security		Par (000)		Value
Corporate Bonds
Brazil — 0.1%
Klabin SA, 1.00%, 06/15/22	BRL		7	$	27,153
Lupatech SA, 6.50%, 04/15/21(a)(c)(d)			2,128		—
Total Corporate Bonds — 0.1% (Cost: $1,124,525)					27,153
		Shares
Preferred Securities
Preferred Stocks — 6.6%
Brazil — 6.6%
Centrais Eletricas Brasileiras SA, Preference B Shares			137,890		1,016,356
Cia Energetica de Minas Gerais, Preference Shares			814,971		1,874,736
Gol Linhas Aereas Inteligentes SA, Preference Shares			298,869		1,026,108
Lojas Americanas SA, Preference Shares			251,821		1,646,125
Telefonica Brasil SA, Preference Shares			94,086		949,598
Total Preferred Securities — 6.6% (Cost: $7,410,463)					6,512,923
Rights
Brazil — 0.0%
B2W Cia Digital (Expires 08/25/20)			9,563		12,833
Total Rights — 0.0% (Cost: $ — )					12,833
Total Long-Term Investments —99.6% (Cost: $88,315,458)					97,904,431
Short-Term Securities
Money Market Funds — 2.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.08%(e)(f)			1,436,897		1,436,897
SL Liquidity Series, LLC, Money Market Series, 0.38%(e)(f)(g)			1,273,191		1,273,955
Total Short-Term Securities — 2.7% (Cost: $2,710,393)					2,710,852
Total Investments — 102.3% (Cost: $91,025,851)					100,615,283
Liabilities in Excess of Other Assets — (2.3)%					(2,275,371	)
Net Assets — 100.0%				$	98,339,912

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Issuer filed for bankruptcy and/or is in default.

^(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.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

1

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Latin America Fund, Inc.

Affiliates

Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 04/30/20	Shares Purchased		Shares Sold		Shares Held at 07/31/20		Value at 07/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class	1,030,200	406,697	(b)	—		1,436,897	$	1,436,897	$	334		$	—		$	—
SL Liquidity Series, LLC, Money Market Series	3,148,843	—		(1,875,652	)(b)	1,273,191		1,273,955		5,151	(c)		319			(1,201	)
							$	2,710,852	$	5,485		$	319		$	(1,201	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c)  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 investments. 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)

• 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 investments)

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 investments is based on the pricing transparency of the investments 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 investments, 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 investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments 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	$	91,351,522	$	—	$	—	$	91,351,522
Corporate Bonds		—		27,153		—		27,153
Preferred Securities
Preferred Stocks		6,512,923		—		—		6,512,923
Rights		12,833		—		—		12,833

2

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Latin America Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	1,436,897	$	—	$	—	$	1,436,897
	$	99,314,175	$	27,153	$	—		99,341,328
Investments Valued at NAV(a)								1,273,955
							$	100,615,283

^(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.

Currency Abbreviation
BRL	Brazilian Real
Portfolio Abbreviation
ADR	American Depositary Receipt
GOL	General Obligation Ltd.
SAB	Special Assessment Bonds

3