0001752724-20-192973.txt : 20200924 0001752724-20-192973.hdr.sgml : 20200924 20200924164010 ACCESSION NUMBER: 0001752724-20-192973 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200731 FILED AS OF DATE: 20200924 PERIOD START: 20210430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FUNDS CENTRAL INDEX KEY: 0000844779 IRS NUMBER: 510318674 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05742 FILM NUMBER: 201195665 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: COMPASS CAPITAL FUNDS\ DATE OF NAME CHANGE: 19961114 FORMER COMPANY: FORMER CONFORMED NAME: PNC FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NCP FUNDS DATE OF NAME CHANGE: 19890511 0000844779 S000068583 BlackRock U.S. Impact Fund C000219482 Institutional C000219483 Class K C000219484 Investor A NPORT-P 1 primary_doc.xml NPORT-P false 0000844779 XXXXXXXX S000068583 C000219484 C000219483 C000219482 BlackRock Funds 811-05742 0000844779 549300OZUEVJZHOBFP42 100 Bellevue Parkway Wilmington 19809 800-441-7762 BlackRock U.S. Impact Fund S000068583 549300WRMXR1H456FK03 2021-04-30 2020-07-31 N 5612794.77 5197.73 5607597.04 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 205.97000000 N Watts Water Technologies, Inc. 549300REJOO94ERQN318 Watts Water Technologies, Inc., Class A 942749102 1675.00000000 NS USD 140515.75000000 2.505810403238 Long EC CORP US N 1 N N N Boston Scientific Corp. Y6ZDD9FP4P8JSSJMW954 Boston Scientific Corp. 101137107 8315.00000000 NS USD 320709.55000000 5.719197504961 Long EC CORP US N 1 N N N eHealth, Inc. 5299003O8Y5OKXUZQ421 eHealth, Inc. 28238P109 1470.00000000 NS USD 101635.80000000 1.812466182484 Long EC CORP US N 1 N N N Zoetis, Inc. 549300HD9Q1LOC9KLJ48 Zoetis, Inc. 98978V103 1542.00000000 NS USD 233890.56000000 4.170958760617 Long EC CORP US N 1 N N N Itron, Inc. 24F6LSZD18II6ICG6S41 Itron, Inc. 465741106 2550.00000000 NS USD 177378.00000000 3.163173079925 Long EC CORP US N 1 N N N Everbridge, Inc. 549300WCY0UMR64ATW81 Everbridge, Inc. 29978A104 935.00000000 NS USD 133518.00000000 2.381019874423 Long EC CORP US N 1 N N N Brookfield Renewable Partners LP VA8DFMRI2GY8Y7V79H93 Brookfield Renewable Partners LP N/A 3216.00000000 NS USD 138577.44000000 2.471244617106 Long BM N 1 N N N TransAlta Renewables, Inc. 529900U45A1JKZFABZ35 TransAlta Renewables, Inc. 893463109 7609.00000000 NS 88618.76000000 1.580333953525 Long EC CORP CA N 1 N N N BlackRock Liquidity Funds 5493002L9DNZ83RX7V61 T-Fund, Institutional Class 09248U718 39319.45000000 NS USD 39319.45000000 0.701181802464 Long STIV RF US N 1 N N N Xylem, Inc. 549300DF5MV96DRYLQ48 Xylem, Inc. 98419M100 3345.00000000 NS USD 244118.10000000 4.353345974374 Long EC CORP US N 1 N N N Agilent Technologies, Inc. QUIX8Y7A2WP0XRMW7G29 Agilent Technologies, Inc. 00846U101 2450.00000000 NS USD 236008.50000000 4.208727879633 Long EC CORP US N 1 N N N Rapid7, Inc. 549300GNVG5D60KEYN14 Rapid7, Inc. 753422104 4015.00000000 NS USD 239173.55000000 4.265170059366 Long EC CORP US N 1 N N N First Solar, Inc. 549300NPYMLM4NHTOF27 First Solar, Inc. 336433107 3450.00000000 NS USD 205447.50000000 3.663735081791 Long EC CORP US N 1 N N N Boston Properties, Inc. 549300OF70FSEUQBT254 Boston Properties, Inc. 101121101 895.00000000 NS USD 79735.55000000 1.421920110008 Long EC CORP US N 1 N N N Accolade, Inc. N/A Accolade, Inc. 00437E102 2511.00000000 NS USD 81456.84000000 1.452615789240 Long EC CORP US N 1 N N N Johnson Controls International plc 549300XQ6S1GYKGBL205 Johnson Controls International plc N/A 2115.00000000 NS USD 81385.20000000 1.451338236671 Long EC CORP IE N 1 N N N Avangrid, Inc. 549300OX0Q38NLSKPB49 Avangrid, Inc. 05351W103 4265.00000000 NS USD 212354.35000000 3.786904595412 Long EC CORP US N 1 N N N Square, Inc. 549300OHIIUWSTIZME52 Square, Inc., Class A 852234103 1360.00000000 NS USD 176596.00000000 3.149227712695 Long EC CORP US N 1 N N N Nuance Communications, Inc. AEMSOT3SS15TNMJCE605 Nuance Communications, Inc. 67020Y100 9330.00000000 NS USD 255175.50000000 4.550532040369 Long EC CORP US N 1 N N N MercadoLibre, Inc. 549300DKPDN9M5S8GB14 MercadoLibre, Inc. 58733R102 125.00000000 NS USD 140577.50000000 2.506911587926 Long EC CORP US N 1 N N N Laureate Education, Inc. 5JL7TMOH5TY3IUYSUP91 Laureate Education, Inc., Class A 518613203 17690.00000000 NS USD 224309.20000000 4.000094842763 Long EC CORP US N 1 N N N Pluralsight, Inc. 254900B3VHPCKNREOX50 Pluralsight, Inc., Class A 72941B106 8760.00000000 NS USD 185449.20000000 3.307106389370 Long EC CORP US N 1 N N N Sun Communities, Inc. 549300H5GEOJYN41ZG57 Sun Communities, Inc. 866674104 1800.00000000 NS USD 269874.00000000 4.812649662144 Long EC CORP US N 1 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A -1767.02000000 -0.03151118005 N/A DFE N/A N 2 Goldman Sachs FOR8UP27PHTHYVLBNG30 350841.00000000 BRL 65461.52000000 USD 2020-08-13 -1767.02000000 N N N Brookfield Renewable Corp. N/A Brookfield Renewable Corp. 11284V105 804.00000000 NS USD 36131.76000000 0.644335884733 Long EC CORP CA N 1 N N N Emergent BioSolutions, Inc. 549300YW6TUOX8BE5103 Emergent BioSolutions, Inc. 29089Q105 1265.00000000 NS USD 140718.60000000 2.509427817231 Long EC CORP US N 1 N N N 1Life Healthcare, Inc. N/A 1Life Healthcare, Inc. 68269G107 4380.00000000 NS USD 129691.80000000 2.312787439519 Long EC CORP US N 1 N N N Blackbaud, Inc. 54930056X3HKFMNG3754 Blackbaud, Inc. 09227Q100 2530.00000000 NS USD 158226.20000000 2.821639980036 Long EC CORP US N 1 N N N Chegg, Inc. 549300AKX7O8JG0O3G77 Chegg, Inc. 163092109 2105.00000000 NS USD 170441.85000000 3.039481060857 Long EC CORP US N 1 N N N Upwork, Inc. N/A Upwork, Inc. 91688F104 7050.00000000 NS USD 105891.00000000 1.888348953119 Long EC CORP US N 1 N N N Invitae Corp. 549300MYI59DZW1WIX92 Invitae Corp. 46185L103 4200.00000000 NS USD 122640.00000000 2.187033039734 Long EC CORP US N 1 N N N Darling Ingredients, Inc. L1N0SPPKS7EXZYUMZ898 Darling Ingredients, Inc. 237266101 7710.00000000 NS USD 215340.30000000 3.840152893725 Long EC CORP US N 1 N N N ICF International, Inc. 5493003KYFDDC5B3WY64 ICF International, Inc. 44925C103 3340.00000000 NS USD 225817.40000000 4.026990498589 Long EC CORP US N 1 N N N Danaher Corp. S4BKK9OTCEWQ3YHPFM11 Danaher Corp. 235851102 1330.00000000 NS USD 271054.00000000 4.833692543642 Long EC CORP US N 1 N N N 2020-07-31 BlackRock Funds Ann Frechette Ann Frechette Assistant Treasurer XXXX NPORT-EX 2 BlackRock_US_Impact_Fund.htm BlackRock US Impact Fund

Schedule of Investments  (unaudited) 

July 31, 2020

   

BlackRock U.S. Impact Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 98.1%

 

Biotechnology — 4.5%(a)  

Emergent BioSolutions, Inc.

     1,185     $     131,819  

Invitae Corp.

     4,200       122,640  
   

 

 

  
      254,459  
Building Products — 2.0%  

Johnson Controls International plc

     2,860       110,053  
   

 

 

  
Diversified Consumer Services — 6.4%(a)  

Chegg, Inc.

     2,105       170,442  

Laureate Education, Inc., Class A

     14,685       186,206  
   

 

 

  
      356,648  
Electric Utilities — 4.4%  

Avangrid, Inc.

     4,265       212,354  

Brookfield Renewable Corp.(a)

     804       36,132  
   

 

 

  
      248,486  
Electronic Equipment, Instruments & Components — 3.2%  

Itron, Inc.(a)

    2,550       177,378  
   

 

 

  
Equity Real Estate Investment Trusts (REITs) — 6.2%  

Boston Properties, Inc.

     895       79,736  

Sun Communities, Inc.

     1,800       269,874  
   

 

 

  
      349,610  
Food Products — 3.8%  

Darling Ingredients, Inc.(a)

    7,710       215,340  
   

 

 

  
Health Care Equipment & Supplies — 10.8%  

Boston Scientific Corp.(a)

     8,620       332,473  

Danaher Corp.

     1,330       271,054  
   

 

 

  
      603,527  
Health Care Providers & Services — 2.3%  

1Life Healthcare, Inc.(a)

    4,380       129,692  
   

 

 

  
Health Care Technology — 1.5%  

Accolade, Inc.(a)

    2,511       81,457  
   

 

 

  
Independent Power and Renewable Electricity Producers — 4.1%  

Brookfield Renewable Partners LP

     3,216       138,577  

TransAlta Renewables, Inc.

     7,609       88,619  
   

 

 

  
      227,196  
Insurance — 1.8%  

eHealth, Inc.(a)

    1,470       101,636  
   

 

 

  
Security   Shares     Value  
Internet & Direct Marketing Retail — 2.5%  

MercadoLibre, Inc.(a)

    125     $ 140,578  
   

 

 

  
IT Services — 3.1%  

Square, Inc., Class A(a)

    1,360       176,596  
   

 

 

  
Life Sciences Tools & Services — 4.2%  

Agilent Technologies, Inc.

     2,450       236,009  
   

 

 

  
Machinery — 6.9%  

Watts Water Technologies, Inc., Class A

     1,675       140,516  

Xylem, Inc.

     3,345       244,118  
   

 

 

  
      384,634  
Pharmaceuticals — 3.7%  

Zoetis, Inc.

     1,372       208,105  
   

 

 

  
Professional Services — 5.7%  

ICF International, Inc.

     3,340       225,817  

Upwork, Inc.(a)

    6,195       93,049  
   

 

 

  
      318,866  
Semiconductors & Semiconductor Equipment — 3.7%  

First Solar, Inc.(a)

    3,450       205,447  
   

 

 

  
Software — 17.3%  

Blackbaud, Inc.

     2,530       158,226  

Everbridge, Inc.(a)

    935       133,518  

Nuance Communications, Inc.(a)

    9,330       255,175  

Pluralsight, Inc., Class A(a)

    8,760       185,449  

Rapid7, Inc.(a)

     4,015       239,174  
   

 

 

  
      971,542  
   

 

 

  

Total Common Stocks — 98.1%
(Cost: $4,940,334)

 

     5,497,259  
   

 

 

  

Total Long-Term Investments — 98.1%
(Cost: $4,940,334)

 

     5,497,259  
   

 

 

  

Short-Term Securities — 0.7%

    

BlackRock Liquidity Funds, T-Fund,
Institutional Class, 0.08%(b)*

    39,319       39,319  
   

 

 

  

Total Short-Term Securities — 0.7%
(Cost: $39,319)

 

     39,319  
   

 

 

  

Total Investments — 98.8%
(Cost: $4,979,653)

 

     5,536,578  

Other Assets Less Liabilities — 1.2%

       69,539  
   

 

 

  

Net Assets — 100.0%

     $     5,606,117  
   

 

 

  
 

 

(a)

Non-income producing security.

(b)

Annualized 7-day yield as of period end.

*

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

06/30/20

  

 

 

     
 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(b)

     —        39,319        —        39,319      $ 39,319      $ 9      $ —      $ —  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Includes net capital gain distributions, if applicable.

(b)

Represents net shares purchased (sold).

 

 

1

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock U.S. Impact Fund

    

 

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

 

2

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock U.S. Impact Fund

    

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

 

  

Currency

Purchased

       

Currency

Sold

        Counterparty     

Settlement 

Date

       

Unrealized

Appreciation

(Depreciation)

  

 

  
USD                 65,462        BRL                 350,841        Goldman Sachs International        08/13/20        $ (1,767)  
                       

 

 

  

Glossary of Terms Used in this Report

 

Currency     
BRL    Brazilian Real
USD    United States Dollar

 

 

3

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock U.S. Impact Fund

    

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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)

•  

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 and derivative 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Assets:

                  

Investments:

                  

Long-Term Investments

    $ 5,497,259        $ —        $             —        $ 5,497,259  

Short-Term Securities

      39,319          —          —          39,319  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 5,536,578        $ —        $ —        $ 5,536,578  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments (a)

                 

Liabilities:

                  

Foreign currency exchange contracts

    $ —        $ (1,767)        $ —        $ (1,767)  
  

 

 

       

 

 

       

 

 

       

 

 

  

The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

(a) 

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

4