| Schedule of Investments (unaudited) March 31, 2020 |
BlackRock EuroFund (Percentages shown are based on Net Assets) |
| 1 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
BlackRock EuroFund |
| (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) | Annualized 7-day yield as of period end. |
| (d) | Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended March 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 06/30/19 |
Shares Purchased |
Shares Sold |
Shares Held at 03/31/20 |
Value at 03/31/20 |
Income | Net Realized |
Change in Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| BlackRock Liquidity Funds, T-Fund, Institutional Class |
— | 439,164 | (b) | — | 439,164 | $ | 439,164 | $ | 5,489 | $ | 1 | $ | — | |||||||||||||||||||
| SL Liquidity Series, LLC, Money Market Series(c) |
31,839 | — | (31,839 | )(b) | — | — | 3 | (d) | 3 | (3 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 439,164 | $ | 5,492 | $ | 4 | $ | (3 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) | Includes net capital gain distributions, if applicable. |
| (b) | Represents net shares purchased (sold). |
| (c) | As of period end, the entity is no longer held by the Fund. |
| (d) | 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. |
Currency Abbreviations
EUR — Euro
USD — United State Dollar
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:
| • | 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 investment 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, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.
| 2 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
BlackRock EuroFund |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: |
||||||||||||||||
| Investments: |
||||||||||||||||
| Common Stocks: |
||||||||||||||||
| Belgium |
$ | — | $ | 1,496,110 | $ | — | $ | 1,496,110 | ||||||||
| Denmark |
2,442,172 | — | 2,442,172 | |||||||||||||
| Finland |
— | 3,560,123 | — | 3,560,123 | ||||||||||||
| France |
— | 30,866,894 | — | 30,866,894 | ||||||||||||
| Germany |
— | 18,131,095 | — | 18,131,095 | ||||||||||||
| Ireland |
1,221,282 | — | 1,221,282 | |||||||||||||
| Italy |
— | 6,359,733 | — | 6,359,733 | ||||||||||||
| Netherlands |
8,730,441 | — | 8,730,441 | |||||||||||||
| Spain |
— | 2,285,417 | — | 2,285,417 | ||||||||||||
| Switzerland |
— | 2,451,131 | — | 2,451,131 | ||||||||||||
| United Kingdom |
— | 4,279,260 | — | 4,279,260 | ||||||||||||
| Short-Term Securities: |
||||||||||||||||
| Money Market Funds |
439,164 | — | — | 439,164 | ||||||||||||
| Time Deposits(a) |
— | 678,376 | — | 678,376 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 439,164 | $ | 82,502,034 | $ | — | $ | 82,941,198 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See above Schedule of Investments for values in each country. |
| 3 |