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).

 

 

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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.

 

 

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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

 

 

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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.

 

 

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