Schedule of Investments (unaudited) July 31, 2021 |
BlackRock Defensive Advantage Emerging Markets Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Brazil 0.8% | ||||||||
CPFL Energia SA |
17,111 | $ | 83,186 | |||||
|
|
|||||||
Chile 1.9% | ||||||||
Cia Cervecerias Unidas SA, ADR |
5,411 | 115,038 | ||||||
Enel Americas SA, ADR |
11,736 | 80,274 | ||||||
|
|
|||||||
195,312 | ||||||||
China 26.1% | ||||||||
3SBio, Inc.(a)(b) |
113,000 | 94,154 | ||||||
Agricultural Bank of China Ltd., Class A |
115,700 | 52,450 | ||||||
Alibaba Group Holding Ltd.(a) |
4,648 | 113,517 | ||||||
Anhui Expressway Co. Ltd., Class H |
6,000 | 3,586 | ||||||
BBMG Corp., Class H |
286,000 | 50,440 | ||||||
China Petroleum & Chemical Corp., Class A |
101,900 | 62,869 | ||||||
China Petroleum & Chemical Corp., Class H |
18,000 | 8,231 | ||||||
China Railway Signal & Communication Corp. Ltd., Class A |
65,345 | 51,204 | ||||||
China Resources Pharmaceutical Group Ltd.(b) |
219,500 | 117,567 | ||||||
China Yangtze Power Co. Ltd., Class A |
32,500 | 95,592 | ||||||
China Yongda Automobiles Services Holdings Ltd. |
3,000 | 5,602 | ||||||
Dali Foods Group Co. Ltd.(b) |
225,500 | 122,164 | ||||||
Datang International Power Generation Co. Ltd., Class H |
206,000 | 31,531 | ||||||
Fu Shou Yuan International Group Ltd. |
96,000 | 91,614 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H |
4,000 | 10,815 | ||||||
Haier Smart Home Co. Ltd., Class H(a) |
1,800 | 6,173 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) |
1,000 | 19,420 | ||||||
JD.com, Inc., ADR(a) |
1,528 | 108,305 | ||||||
Lenovo Group Ltd. |
138,000 | 128,683 | ||||||
Liaoning Port Co. Ltd., Class H |
110,000 | 10,200 | ||||||
NetEase, Inc. |
1,000 | 19,890 | ||||||
NetEase, Inc., ADR |
298 | 30,459 | ||||||
PetroChina Co. Ltd., Class A |
39,800 | 28,796 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
137,500 | 99,724 | ||||||
Shanghai Baosight Software Co. Ltd., Class A |
6,760 | 69,923 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class H(a)(b) |
3,400 | 22,931 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
70,900 | 151,315 | ||||||
Shenzhen Expressway Co. Ltd., Class H |
6,000 | 5,669 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
2,300 | 139,355 | ||||||
Shenzhou International Group Holdings Ltd. |
800 | 17,755 | ||||||
Sinopharm Group Co. Ltd., Class H |
5,200 | 13,635 | ||||||
Sinotrans Ltd., Class H |
15,000 | 5,549 | ||||||
Tencent Holdings Ltd. |
1,900 | 114,585 | ||||||
Tingyi Cayman Islands Holding Corp. |
42,000 | 75,723 | ||||||
Uni-President China Holdings Ltd. |
53,000 | 53,289 | ||||||
WuXi AppTec Co. Ltd., Class A |
4,900 | 114,123 | ||||||
WuXi AppTec Co. Ltd., Class H(b) |
2,760 | 61,176 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) |
5,500 | 84,008 | ||||||
Xtep International Holdings Ltd. |
4,500 | 6,258 | ||||||
Yum China Holdings, Inc. |
1,901 | 118,223 | ||||||
Zhongsheng Group Holdings Ltd. |
4,000 | 36,865 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
35,000 | 41,357 | ||||||
ZTE Corp., Class A |
26,561 | 159,896 | ||||||
|
|
|||||||
2,654,621 | ||||||||
Greece 0.3% | ||||||||
Hellenic Telecommunications Organization SA |
1,402 | 25,584 | ||||||
|
|
Security | Shares | Value | ||||||
Hong Kong 1.8% | ||||||||
Beijing Enterprises Water Group Ltd. |
378,000 | $ | 138,755 | |||||
GCL-Poly Energy Holdings Ltd.(a) |
14,000 | 2,240 | ||||||
Guangdong Investment Ltd. |
28,000 | 39,180 | ||||||
|
|
|||||||
180,175 | ||||||||
Hungary 0.4% | ||||||||
OTP Bank Nyrt(a) |
725 | 39,096 | ||||||
|
|
|||||||
India 12.5% | ||||||||
Asian Paints Ltd. |
3,425 | 136,275 | ||||||
Cadila Healthcare Ltd. |
6,015 | 47,413 | ||||||
Colgate-Palmolive India Ltd. |
3,066 | 70,288 | ||||||
Dabur India Ltd. |
8,027 | 64,851 | ||||||
HDFC Bank Ltd., ADR |
1,990 | 140,434 | ||||||
HDFC Life Insurance Co. Ltd.(b) |
15,958 | 142,545 | ||||||
Infosys Ltd. |
3,722 | 81,117 | ||||||
Infosys Ltd., ADR |
3,113 | 68,860 | ||||||
ITC Ltd. |
53,372 | 147,162 | ||||||
L&T Technology Services Ltd.(b) |
212 | 10,578 | ||||||
Larsen & Toubro Infotech Ltd.(b) |
1,826 | 115,070 | ||||||
Marico Ltd. |
11,222 | 82,561 | ||||||
Ratnamani Metals & Tubes Ltd.(a) |
224 | 6,462 | ||||||
Tata Consultancy Services Ltd. |
3,376 | 143,931 | ||||||
Wipro Ltd. |
2,131 | 16,843 | ||||||
|
|
|||||||
1,274,390 | ||||||||
Kuwait 0.0% | ||||||||
Mobile Telecommunications Co. KSC. |
50 | 98 | ||||||
|
|
|||||||
Malaysia 5.3% | ||||||||
Axiata Group BHD |
58,100 | 51,370 | ||||||
Malayan Banking Bhd |
47,100 | 89,401 | ||||||
Maxis Bhd |
97,400 | 98,323 | ||||||
Petronas Dagangan BHD |
17,300 | 75,421 | ||||||
Petronas Gas BHD |
15,400 | 55,615 | ||||||
RHB Bank Bhd |
115,700 | 140,101 | ||||||
Westports Holdings BHD |
24,200 | 23,283 | ||||||
|
|
|||||||
533,514 | ||||||||
Mexico 0.5% | ||||||||
Coca-Cola Femsa SAB de CV |
9,861 | 55,903 | ||||||
|
|
|||||||
Peru 1.1% | ||||||||
Credicorp Ltd. |
1,122 | 113,277 | ||||||
|
|
|||||||
Philippines 0.6% | ||||||||
Globe Telecom, Inc. |
895 | 33,304 | ||||||
Manila Electric Co. |
5,910 | 31,373 | ||||||
|
|
|||||||
64,677 | ||||||||
Poland 0.6% | ||||||||
Bank Polska Kasa Opieki SA |
2,332 | 56,955 | ||||||
|
|
|||||||
Qatar 2.9% | ||||||||
Masraf Al Rayan QSC |
62,668 | 73,025 | ||||||
Ooredoo QPSC |
40,457 | 77,173 | ||||||
Qatar National Bank QPSC |
28,491 | 139,711 | ||||||
|
|
|||||||
289,909 | ||||||||
Russia 1.9% | ||||||||
PhosAgro PJSC, GDR, Registered Shares |
4,667 | 88,813 | ||||||
Sberbank of Russia PJSC, ADR |
3,821 | 63,587 | ||||||
Surgutneftegas PJSC |
99,387 | 44,176 | ||||||
|
|
|||||||
196,576 |
SCHEDULE OF INVESTMENTS | 1 |
Schedule of Investments (unaudited) (continued) July 31, 2021 |
BlackRock Defensive Advantage Emerging Markets Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Saudi Arabia 9.0% | ||||||||
Al Rajhi Bank |
5,037 | $ | 149,021 | |||||
Dr Sulaiman Al Habib Medical Services Group Co. |
1,698 | 77,275 | ||||||
Etihad Etisalat Co. |
17,312 | 148,690 | ||||||
Jarir Marketing Co. |
2,761 | 148,100 | ||||||
Saudi Arabian Oil Co.(b) |
15,942 | 148,138 | ||||||
Saudi Basic Industries Corp |
4,617 | 148,508 | ||||||
Saudi Telecom Co. |
2,685 | 95,849 | ||||||
|
|
|||||||
915,581 | ||||||||
South Africa 2.3% | ||||||||
Clicks Group Ltd. |
2,522 | 45,630 | ||||||
Naspers Ltd., N Shares |
176 | 33,964 | ||||||
Vodacom Group Ltd. |
16,979 | 151,396 | ||||||
|
|
|||||||
230,990 | ||||||||
South Korea 10.2% | ||||||||
Amorepacific Group |
2,182 | 109,370 | ||||||
BGF retail Co. Ltd. |
665 | 93,496 | ||||||
CJ Logistics Corp.(a) |
206 | 31,526 | ||||||
Hyundai Mobis Co. Ltd. |
449 | 104,318 | ||||||
KT Corp. |
233 | 6,845 | ||||||
KT Corp., ADR |
9,739 | 140,144 | ||||||
KT&G Corp. |
1,340 | 95,930 | ||||||
LG Household & Health Care Ltd. |
84 | 106,547 | ||||||
NAVER Corp. |
346 | 130,408 | ||||||
NCSoft Corp. |
45 | 32,275 | ||||||
NHN Corp.(a) |
250 | 16,786 | ||||||
Samsung Electronics Co. Ltd. |
1,237 | 84,532 | ||||||
Samsung SDS Co. Ltd. |
534 | 84,840 | ||||||
|
|
|||||||
1,037,017 | ||||||||
Taiwan 15.3% | ||||||||
Chang Hwa Commercial Bank Ltd. |
249,000 | 147,560 | ||||||
Chunghwa Telecom Co. Ltd. |
35,000 | 144,426 | ||||||
CTBC Financial Holding Co. Ltd. |
173,000 | 141,670 | ||||||
Delta Electronics, Inc. |
4,000 | 41,216 | ||||||
E.Sun Financial Holding Co. Ltd. |
150,000 | 142,267 | ||||||
First Financial Holding Co. Ltd. |
113,000 | 91,983 | ||||||
Formosa Plastics Corp. |
16,000 | 57,233 | ||||||
Inventec Corp. |
44,000 | 36,970 | ||||||
MediaTek, Inc. |
3,000 | 98,094 | ||||||
Nan Ya Plastics Corp. |
15,000 | 46,813 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Nanya Technology Corp. |
10,000 | $ | 26,017 | |||||
President Chain Store Corp. |
11,000 | 110,488 | ||||||
Synnex Technology International Corp. |
34,000 | 64,577 | ||||||
Taiwan Business Bank |
112,000 | 38,008 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
99,000 | 77,392 | ||||||
Taiwan Mobile Co. Ltd. |
39,000 | 145,038 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
7,000 | 146,297 | ||||||
|
|
|||||||
1,556,049 | ||||||||
Thailand 3.0% | ||||||||
Bangkok Dusit Medical Services PCL, NVDR |
183,700 | 125,825 | ||||||
Home Product Center PCL, NVDR |
75,000 | 30,385 | ||||||
Siam Cement PCL, NVDR |
11,400 | 143,733 | ||||||
|
|
|||||||
299,943 | ||||||||
Turkey 0.5% | ||||||||
Turkcell Iletisim Hizmetleri, ADR |
10,868 | 49,449 | ||||||
|
|
|||||||
United Arab Emirates 0.0% | ||||||||
Emirates Telecommunications Group Co. PJSC |
20 | 124 | ||||||
|
|
|||||||
Total Long-Term Investments 97.0% |
9,852,426 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds 1.1% | ||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, |
107,730 | 107,730 | ||||||
|
|
|||||||
Total Short-Term Securities 1.1% |
107,730 | |||||||
|
|
|||||||
Total Investments 98.1% |
9,960,156 | |||||||
Other Assets Less Liabilities 1.9% |
197,602 | |||||||
|
|
|||||||
Net Assets 100.0% |
$ | 10,157,758 | ||||||
|
|
(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) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 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 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/21 |
Shares Held at 07/31/21 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | 1,096,787 | $ | | $ | (989,057 | )(a) | $ | | $ | | $ | 107,730 | 107,730 | $ | 16 | $ | | ||||||||||||||||||
iShares MSCI Qatar ETF(b) |
240,625 | 9,683 | (243,393 | ) | 6,156 | (13,071 | ) | | | 5,171 | | |||||||||||||||||||||||||
SL Liquidity Series, LLC, Money Market Series(b) |
11,550 | | (11,550 | )(a) | | | | | 80 | (c) | | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 6,156 | $ | (13,071 | ) | $ | 107,730 | $ | 5,267 | $ | | ||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | As of period end, the entity is no longer held. |
(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. |
2 |
|
Schedule of Investments (unaudited) (continued) July 31, 2021 |
BlackRock Defensive Advantage Emerging Markets Fund
|
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||
Long Contracts |
||||||||||||||
MSCI Emerging Markets Index |
3 | 09/17/21 | $ 192 | $ | (668 | ) | ||||||||
|
|
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 marketcorroborated 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 Committees (the Global Valuation Committees) 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 Funds policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds 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 |
||||||||||||||||
Brazil |
$ | 83,186 | $ | | $ | | $ | 83,186 | ||||||||
Chile |
195,312 | | | 195,312 | ||||||||||||
China |
379,151 | 2,275,470 | | 2,654,621 | ||||||||||||
Greece |
| 25,584 | | 25,584 | ||||||||||||
Hong Kong |
| 180,175 | | 180,175 | ||||||||||||
Hungary |
| 39,096 | | 39,096 | ||||||||||||
India |
209,294 | 1,065,096 | | 1,274,390 | ||||||||||||
Kuwait |
98 | | | 98 | ||||||||||||
Malaysia |
406,723 | 126,791 | | 533,514 | ||||||||||||
Mexico |
55,903 | | | 55,903 | ||||||||||||
Peru |
113,277 | | | 113,277 | ||||||||||||
Philippines |
33,304 | 31,373 | | 64,677 | ||||||||||||
Poland |
| 56,955 | | 56,955 | ||||||||||||
Qatar |
139,711 | 150,198 | | 289,909 | ||||||||||||
Russia |
88,813 | 107,763 | | 196,576 | ||||||||||||
Saudi Arabia |
148,138 | 767,443 | | 915,581 | ||||||||||||
South Africa |
197,026 | 33,964 | | 230,990 | ||||||||||||
South Korea |
246,691 | 790,326 | | 1,037,017 | ||||||||||||
Taiwan |
145,038 | 1,411,011 | | 1,556,049 | ||||||||||||
Thailand |
| 299,943 | | 299,943 | ||||||||||||
Turkey |
49,449 | | | 49,449 | ||||||||||||
United Arab Emirates |
124 | | | 124 |
SCHEDULE OF INVESTMENTS | 3 |
Schedule of Investments (unaudited) (continued) July 31, 2021 |
BlackRock Defensive Advantage Emerging Markets Fund
|
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
$ | 107,730 | $ | | $ | | $ | 107,730 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,598,968 | $ | 7,361,188 | $ | | $ | 9,960,156 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | (668 | ) | $ | | $ | | $ | (668 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
MSCI | Morgan Stanley Capital International | |
NVDR | Non-Voting Depositary Receipt | |
PCL | Public Company Limited | |
PJSC | Public Joint Stock Company | |
SAB | Special Assessment Bonds |
4 |