BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

July

31,

2022

Security

Value

Common

Stocks

Australia

—

8.4%

Ampol

Ltd.

..................

118

2,796

Aristocrat

Leisure

Ltd.

...........

3,203

79,909

Aurizon

Holdings

Ltd.

...........

9,733

27,547

Australia

New

Zealand

Banking

Group

Ltd.

................

3,814

61,639

BHP

Group

Ltd.

...............

6,337

173,414

Commonwealth

Bank

Australia

...

435

30,893

CSL

Ltd.

....................

328

66,786

CSR

Ltd.

...................

1,496

4,801

Flight

Centre

Travel

Group

Ltd.

(a)

...

306

3,721

Fortescue

Metals

Group

Ltd.

......

495

6,370

Glencore

plc

(a)

................

11,694

66,278

Goodman

Group

..............

580

8,488

GPT

Group

(The)

(b)

.............

183

589

Harvey

Norman

Holdings

Ltd.

.....

1,096

3,198

Insignia

Financial

Ltd.

...........

3,397

7,391

Hi-Fi

Ltd.

.................

821

24,310

Macquarie

Group

Ltd.

...........

276

35,323

Mirvac

Group

(b)

...............

12,417

18,812

National

Australia

Bank

Ltd.

.......

1,118

24,145

Nufarm

Ltd.

..................

318

1,158

Orora

Ltd.

...................

368

921

QBE

Insurance

Group

Ltd.

.......

1,495

12,088

REA

Group

Ltd.

...............

351

30,967

Rio

Tinto

plc

.................

364

21,975

Scentre

Group

................

3,312

6,787

SEEK

Ltd.

..................

261

4,227

South32

Ltd.

.................

3,348

9,125

Stockland

(b)

..................

22,243

60,272

Telstra

Corp.

Ltd.

..............

9,931

27,142

Westpac

Banking

Corp.

.........

3,141

47,565

Woodside

Energy

Group

Ltd.

......

1,387

31,319

899,956

Austria

—

0.5%

ANDRITZ

................

1,021

47,773

Erste

Group

Bank

...........

1,825

49,598

Belgium

—

1.6%

Ackermans

van

Haaren

.....

4,998

Anheuser-Busch

InBev

SA/NV

.....

1,848

98,993

Elia

Group

SA/NV

.............

116

17,610

Groupe

Bruxelles

Lambert

.....

222

19,650

KBC

Group

...............

235

12,309

UCB

....................

105

8,205

Warehouses

Pauw

CVA

.......

349

11,864

173,629

China

—

0.7%

BOC

Hong

Kong

Holdings

Ltd.

.....

20,500

74,155

Denmark

—

3.4%

Moller

Maersk

A/S,

Class

....

5,358

Moller

Maersk

A/S,

Class

....

21,843

Carlsberg

A/S,

Class

..........

9,312

Genmab

A/S

(a)

................

22,417

Lundbeck

A/S

...............

1,148

5,674

Novo

Nordisk

A/S,

Class

.......

1,833

213,496

Novozymes

A/S,

Class

.........

1,255

80,170

Tryg

A/S

....................

530

12,085

370,355

Security

Value

Finland

—

1.7%

Kone

OYJ,

Class

............

920

42,045

Nokia

OYJ

..................

6,184

32,210

Nokian

Renkaat

OYJ

...........

275

3,253

Nordea

Bank

Abp

.............

9,835

96,973

Wartsila

OYJ

Abp

..............

724

6,361

180,842

France

—

10.5%

ALD

(c)(d)

..................

566

6,705

Atos

(a)

...................

1,147

AXA

....................

1,809

41,684

BNP

Paribas

..............

1,851

87,455

Capgemini

................

1,717

Dassault

Systemes

..........

1,843

79,049

Electricite

France

.........

243

Engie

...................

4,818

59,610

Faurecia

(a)

................

132

2,386

Hermes

International

...........

112,499

Ipsen

...................

6,474

Kering

...................

56,104

Klepierre

(a)

................

946

21,020

Francaise

des

Jeux

SAEM

(c)(d)

...

115

4,108

Legrand

.................

191

15,637

L'Oreal

..................

352

133,076

LVMH

Moet

Hennessy

Louis

Vuitton

259

179,838

Orange

..................

922

9,421

Pernod

Ricard

.............

513

100,776

Publicis

Groupe

............

3,140

Remy

Cointreau

............

1,778

Renault

(a)

.................

112

3,311

Rubis

SCA

..................

608

14,860

Safran

...................

192

21,104

Sanofi

.....................

270

26,831

Societe

Generale

...........

1,717

38,472

SPIE

....................

119

2,858

Teleperformance

..............

12,038

Thales

...................

995

TotalEnergies

..............

1,541

78,710

Unibail

Rodamco

-Westfield

(a)(b)

.....

908

Vinci

....................

3,451

1,127,405

Germany

—

7.4%

Aurubis

..................

1,516

Bayer

(Registered)

..........

931

54,305

Bayerische

Motoren

Werke

....

826

67,495

Deutsche

Bank

(Registered)

....

6,650

58,167

Deutsche

Boerse

...........

140

24,439

DWS

Group

GmbH

Co.

KGaA

(c)(d)

100

2,919

E.ON

...................

2,509

22,554

Encavis

..................

165

3,611

Freenet

..................

451

10,620

Hannover

Rueck

............

393

55,746

Hochtief

.................

592

31,775

Mercedes-Benz

Group

........

1,658

97,779

Nemetschek

...............

262

17,540

SAP

....................

1,524

142,148

Scout24

(c)(d)

...............

982

56,140

Siemens

(Registered)

........

993

110,763

Siemens

Energy

............

252

4,188

Talanx

...................

2,409

Volkswagen

...............

14,063

Wacker

Chemie

............

14,452

792,629

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

July

31,

2022

Security

Value

Hong

Kong

—

2.4%

AIA

Group

Ltd.

...............

15,400

154,719

Kerry

Properties

Ltd.

...........

2,000

4,810

PCCW

Ltd.

..................

14,000

7,493

Prudential

plc

................

1,015

12,519

Sun

Hung

Kai

Properties

Ltd.

......

2,500

29,843

Swire

Properties

Ltd.

...........

8,800

20,968

Techtronic

Industries

Co.

Ltd.

......

2,000

22,193

252,545

Ireland

—

0.3%

Flutter

Entertainment

plc

(a)

........

108

10,843

Kerry

Group

plc,

Class

.........

136

14,355

Kingspan

Group

plc

............

162

10,486

35,684

Israel

—

0.6%

Alony

Hetz

Properties

Investments

Ltd.

.....................

438

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

.................

16,138

27,630

Teva

Pharmaceutical

Industries

Ltd.

(a)

3,843

36,585

64,653

Italy

—

1.8%

Assicurazioni

Generali

SpA

.......

813

12,154

Banca

Mediolanum

SpA

.........

2,823

18,695

Davide

Campari-Milano

.......

433

Enel

SpA

...................

10,146

51,149

Eni

SpA

....................

2,402

28,873

Intesa

Sanpaolo

SpA

...........

9,441

16,765

Mediobanca

Banca

Credito

Finanziario

SpA

.............

3,884

33,312

SpA

..................

103

13,560

Snam

SpA

..................

2,101

10,542

Terna

Rete

Elettrica

Nazionale

....

988

7,564

Unipol

Gruppo

SpA

............

514

2,156

195,203

Japan

—

21.5%

Alfresa

Holdings

Corp.

..........

700

9,342

Amada

Co.

Ltd.

...............

8,700

70,224

Anritsu

Corp.

.................

200

2,444

Asahi

Kasei

Corp.

.............

2,900

23,265

Astellas

Pharma,

Inc.

...........

1,900

29,757

Benesse

Holdings,

Inc.

..........

400

7,209

Casio

Computer

Co.

Ltd.

.........

2,300

22,498

Central

Japan

Railway

Co.

.......

100

11,710

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

200

2,280

COMSYS

Holdings

Corp.

........

600

12,054

Daifuku

Co.

Ltd.

...............

400

25,507

Dai-ichi

Life

Holdings,

Inc.

........

100

1,739

Daito

Trust

Construction

Co.

Ltd.

...

200

18,961

Daiwa

House

Industry

Co.

Ltd.

.....

1,400

34,591

Dentsu

Group,

Inc.

.............

100

3,493

Disco

Corp.

..................

200

48,866

DMG

Mori

Co.

Ltd.

.............

900

12,087

East

Japan

Railway

Co.

.........

700

36,545

Ebara

Corp.

.................

600

23,504

Eisai

Co.

Ltd.

................

100

4,579

EXEO

Group,

Inc.

.............

600

10,054

Fast

Retailing

Co.

Ltd.

..........

100

60,559

Fuji

Media

Holdings,

Inc.

.........

4,300

37,429

FUJIFILM

Holdings

Corp.

........

1,400

79,971

Fujitsu

Ltd.

..................

500

67,031

Hitachi

Ltd.

..................

300

15,188

Honda

Motor

Co.

Ltd.

...........

3,700

94,821

Hoya

Corp.

..................

200

20,038

Security

Value

Japan

(continued)

INFRONEER

Holdings,

Inc.

.......

200

1,468

Inpex

Corp.

..................

500

5,731

ITOCHU

Corp.

...............

3,200

93,151

Itochu

Techno-Solutions

Corp.

.....

100

2,680

Japan

Post

Holdings

Co.

Ltd.

......

2,700

19,440

Kamigumi

Co.

Ltd.

.............

100

2,033

Kandenko

Co.

Ltd.

.............

800

4,967

Kaneka

Corp.

................

100

2,709

Kao

Corp.

...................

600

26,097

KDDI

Corp.

..................

3,000

96,187

Keisei

Electric

Railway

Co.

Ltd.

....

400

10,967

Lawson,

Inc.

.................

400

14,185

Lion

Corp.

..................

300

3,454

Marubeni

Corp.

...............

800

7,442

Medipal

Holdings

Corp.

..........

400

6,035

Mitsubishi

Corp.

...............

1,100

32,691

Mitsubishi

Gas

Chemical

Co.,

Inc.

400

5,814

Mitsubishi

Capital,

Inc.

........

3,300

15,991

Mitsui

Co.

Ltd.

..............

3,300

72,806

Mitsui

Fudosan

Co.

Ltd.

.........

2,100

46,934

Mitsui

Mining

Smelting

Co.

Ltd.

...

100

2,395

MS&AD

Insurance

Group

Holdings,

Inc.

200

6,486

Murata

Manufacturing

Co.

Ltd.

.....

200

11,682

NEC

Corp.

..................

200

7,383

NEC

Networks

System

Integration

Corp.

....................

100

1,380

Nintendo

Co.

Ltd.

..............

100

44,717

Nippon

Telegraph

Telephone

Corp.

1,100

31,422

Nippon

Television

Holdings,

Inc.

....

100

931

Nitto

Denko

Corp.

.............

600

38,637

Nomura

Research

Institute

Ltd.

....

500

15,022

Obayashi

Corp.

...............

200

1,471

Omron

Corp.

.................

1,200

67,114

Otsuka

Corp.

................

200

6,237

Pola

Orbis

Holdings,

Inc.

.........

800

9,806

Recruit

Holdings

Co.

Ltd.

........

1,700

63,534

Ricoh

Co.

Ltd.

................

3,500

28,151

Sankyu,

Inc.

.................

100

3,316

Santen

Pharmaceutical

Co.

Ltd.

....

2,300

18,630

Sawai

Group

Holdings

Co.

Ltd.

....

100

3,244

Sega

Sammy

Holdings,

Inc.

.......

1,400

24,043

Seino

Holdings

Co.

Ltd.

.........

100

829

Holdings

Co.

Ltd.

...........

100

1,908

Shimizu

Corp.

................

3,000

17,006

SoftBank

Corp.

...............

2,100

24,281

SoftBank

Group

Corp.

..........

900

37,806

Sony

Group

Corp.

.............

400

33,931

Sumitomo

Chemical

Co.

Ltd.

......

17,000

66,809

Sumitomo

Corp.

..............

300

4,218

Sumitomo

Mitsui

Financial

Group,

Inc.

1,700

53,333

Suntory

Beverage

Food

Ltd.

.....

400

15,783

Sysmex

Corp.

................

100

7,001

T&D

Holdings,

Inc.

.............

100

1,132

Takeda

Pharmaceutical

Co.

Ltd.

....

3,300

96,823

TBS

Holdings,

Inc.

.............

1,000

12,806

Teijin

Ltd.

...................

300

3,179

Terumo

Corp.

................

300

10,243

Tokio

Marine

Holdings,

Inc.

.......

1,200

70,248

Tokyo

Century

Corp.

............

100

3,537

Tokyo

Electron

Ltd.

............

200

68,839

Tokyo

Tatemono

Co.

Ltd.

.........

100

1,473

Toshiba

Corp.

................

300

12,170

Toyo

Seikan

Group

Holdings

Ltd.

...

100

1,152

Toyota

Motor

Corp.

............

4,300

69,793

Tsuruha

Holdings,

Inc.

..........

500

28,487

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

July

31,

2022

Security

Value

Japan

(continued)

Yamada

Holdings

Co.

Ltd.

........

2,000

7,221

Yamaha

Motor

Co.

Ltd.

..........

100

1,932

Yaskawa

Electric

Corp.

..........

100

3,502

Holdings

Corp.

..............

4,200

14,844

ZOZO,

Inc.

..................

100

2,160

2,314,575

Luxembourg

—

0.0%

ArcelorMittal

...............

133

3,282

Netherlands

—

4.9%

ABN

AMRO

Bank

NV,

CVA

(c)(d)

.....

190

1,938

Aegon

...................

328

1,441

Argenx

(a)

.................

7,671

ASML

Holding

.............

410

235,651

ASR

Nederland

............

349

14,587

Heineken

................

147

14,492

ING

Groep

................

1,355

13,162

Koninklijke

Vopak

...........

368

8,541

Shell

plc

....................

6,015

160,458

Wolters

Kluwer

.............

669

72,655

530,596

New

Zealand

—

0.6%

Contact

Energy

Ltd.

............

4,251

20,508

Fisher

Paykel

Healthcare

Corp.

Ltd.

268

3,584

Infratil

Ltd.

..................

1,742

9,198

Mercury

Ltd.

...............

236

903

Meridian

Energy

Ltd.

...........

11,229

35,239

69,432

Norway

—

1.4%

Aker

ASA

.................

3,440

Aker

ASA,

SDR

(a)

...........

892

29,373

DNB

Bank

ASA

...............

3,689

72,769

Equinor

ASA

.................

588

22,640

Leroy

Seafood

Group

ASA

........

360

2,828

Orkla

ASA

...................

1,729

14,925

145,975

Singapore

—

0.6%

Jardine

Cycle

Carriage

Ltd.

.....

200

4,059

Singapore

Telecommunications

Ltd.

25,600

48,412

United

Overseas

Bank

Ltd.

.......

800

15,961

68,432

South

Africa

—

0.2%

Anglo

American

plc

............

684

24,723

Spain

—

1.6%

Acciona

..................

383

78,810

Banco

Bilbao

Vizcaya

Argentaria

11,357

51,466

Banco

Santander

...........

5,025

12,572

Iberdrola

.................

801

Industria

Diseno

Textil

......

714

17,341

Telefonica

................

1,584

7,071

168,061

Sweden

—

3.0%

Boliden

..................

2,406

Castellum

................

240

3,848

Elekta

AB,

Class

.............

8,118

58,632

Industrivarden

AB,

Class

.......

503

13,124

Industrivarden

AB,

Class

.......

2,179

56,219

Investor

AB,

Class

............

1,544

28,814

Saab

AB,

Class

.............

1,118

40,442

Swedbank

AB,

Class

..........

1,164

Tele2

AB,

Class

.............

6,348

72,517

Security

Value

Sweden

(continued)

Telefonaktiebolaget

Ericsson,

Class

......................

2,149

16,346

Volvo

AB,

Class

.............

1,427

25,620

319,132

Switzerland

—

5.1%

ABB

Ltd.

(Registered)

...........

1,829

55,601

Belimo

Holding

(Registered)

....

2,053

Chocoladefabriken

Lindt

Spruengli

.....................

11,059

Givaudan

(Registered)

........

90,884

Logitech

International

(Registered)

326

18,341

Novartis

(Registered)

........

2,137

183,632

Sika

(Registered)

...........

160

39,534

Swatch

Group

(The)

.........

168

44,724

Swiss

Life

Holding

(Registered)

9,535

Temenos

(Registered)

........

496

39,369

UBS

Group

(Registered)

......

3,600

58,825

553,557

United

Kingdom

—

11.2%

Group

plc

.................

164

2,548

Associated

British

Foods

plc

......

1,453

29,678

AstraZeneca

plc

..............

1,316

173,108

Auto

Trader

Group

plc

(c)(d)

........

1,647

12,698

Aviva

plc

...................

988

4,785

Barclays

plc

.................

833

1,596

Barratt

Developments

plc

........

948

5,813

Bellway

plc

..................

184

5,499

plc

.....................

18,058

88,381

British

Land

Co.

plc

(The)

........

1,408

8,466

Centrica

plc

(a)

................

18,592

19,921

Compass

Group

plc

............

1,470

34,452

Croda

International

plc

..........

5,121

Diageo

plc

..................

3,118

147,705

Direct

Line

Insurance

Group

plc

....

576

1,446

Drax

Group

plc

...............

2,626

25,190

Experian

plc

.................

1,330

46,566

Greggs

plc

..................

972

24,234

Haleon

plc

(a)

.................

1,395

4,957

Halma

plc

...................

1,436

HSBC

Holdings

plc

............

10,983

68,797

Intermediate

Capital

Group

plc

.....

1,417

Intertek

Group

plc

.............

609

32,548

ITV

plc

.....................

18,727

16,843

Sainsbury

plc

...............

16,000

43,161

Johnson

Matthey

plc

...........

138

3,608

Kingfisher

plc

................

4,590

14,522

Lloyds

Banking

Group

plc

........

132,553

73,389

Marks

Spencer

Group

plc

(a)

......

2,251

3,903

NatWest

Group

plc

.............

2,396

7,277

RELX

plc

...................

2,960

87,644

Rightmove

plc

................

1,217

9,514

Segro

plc

...................

661

8,843

Smiths

Group

plc

..............

1,091

20,590

SSE

plc

....................

1,279

27,624

Standard

Chartered

plc

..........

599

4,129

Tritax

Big

Box

REIT

plc

..........

803

1,932

Unilever

plc

..................

1,859

90,551

United

Utilities

Group

plc

.........

1,023

Whitbread

plc

................

963

30,652

WPP

plc

....................

1,408

15,196

1,206,763

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

July

31,

2022

Security

Value

United

States

—

8.0%

Ferguson

plc

.................

552

69,441

GSK

plc

(a)

...................

1,141

23,973

James

Hardie

Industries

plc,

CDI

...

1,082

26,722

Nestle

(Registered)

..........

2,643

323,840

Roche

Holding

.............

789

267,550

Schneider

Electric

...........

959

132,633

Signify

(c)(d)

................

393

12,764

Sims

Ltd.

...................

156

1,622

858,545

Total

Common

Stocks

—

97.4%

(Cost:

$10,649,214)

..............................

10,479,727

Preferred

Securities

Preferred

Stocks

—

0.9%

Germany

—

0.9%

Sartorius

(Preference)

........

35,784

Volkswagen

(Preference)

......

465

65,746

101,530

Total

Preferred

Securities

—

0.9%

(Cost:

$96,743)

................................

101,530

Security

Value

Rights

Australia

—

0.0%

Australia

New

Zealand

Banking

Group

Ltd.

(Expires

08/15/22)

(a)

206

573

Total

Rights

—

0.0%

(Cost:

$0)

....................................

573

Total

Long-Term

Investments

—

98.3%

(Cost:

$10,745,957)

..............................

10,581,830

Short-Term

Securities

Money

Market

Funds

—

2.2%

(e)(f)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.76%

......

230,413

Liquidity

Series,

LLC,

Money

Market

Series,

2.03%

(g)

.............

11,659

Total

Short-Term

Securities

—

2.2%

(Cost:

$242,073)

................................

242,072

Total

Investments

—

100.5%

(Cost:

$10,988,030)

..............................

10,823,902

Liabilities

Excess

Other

Assets

—

(0.5)%

............

(58,537)

Net

Assets

—

100.0%

..............................

10,765,365

(a)

Non-income

producing

security.

(b)

security

contractually

bound

one

other

securities

form

single

saleable

unit

which

cannot

sold

separately.

(c)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(d)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(e)

Affiliate

the

Fund.

(f)

Annualized

7-day

yield

period

end.

(g)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

period

ended

July

31,

2022

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

04/30/22

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/22

Held

07/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

235,086

—

(4,673)

—

230,413

509

—

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

—

11,660

—

(1)

11,659

(b)

—

(1)

242,072

514

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedule

Investments

(unaudited)

(continued)

July

31,

2022

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

EAFE

Index

.........................................................

09/16/22

195

8,427

Glossary

Terms

Used

this

Report

Portfolio

Abbreviation

CDI

Crest

Depository

Interests

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

MSCI

Morgan

Stanley

Capital

International

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SDR

Swedish

Depositary

Receipts

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedule

Investments

(unaudited)

(continued)

July

31,

2022

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

•

Level

—

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access;

•

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs);

and

•

Level

—

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Global

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds.

There

may

not

secondary

market,

and/or

there

are

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

Certain

investments

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

quoted

market

value

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major