| Schedule of Investments (unaudited) July 31, 2020 |
BlackRock International Impact Fund (Percentages shown are based on Net Assets) |
| (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. |
| * | 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 |
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Shares Held at 06/30/20 |
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Shares Purchased |
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Shares Sold |
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Shares Held at 07/31/20 |
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Value at 07/31/20 |
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Income |
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Net Realized Gain (Loss) |
(a) |
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Change in Unrealized Appreciation (Depreciation) |
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| BlackRock Liquidity Funds, T-Fund, Institutional Class(b) |
— | 63,117 | — | 63,117 | $ | 63,117 | $ | 19 | $ | — | $ | — | ||||||||||||||||||||
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| (a) | Includes net capital gain distributions, if applicable. |
| (b) | Represents net shares purchased (sold). |
| 1 |
| Schedule of Investments (unaudited) (continued) July 31, 2020 |
BlackRock International 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 |
78,784 | IDR | 1,144,424,206 | Citibank NA | 08/13/20 | $ 1,016 | ||||||||||||
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| USD |
181,137 | BRL | 970,802 | Goldman Sachs International | 08/13/20 | (4,890) | ||||||||||||
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Glossary of Terms Used in this Report
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: |
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| Investments: |
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| Long-Term Investments: |
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| Common Stocks: |
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| Argentina |
$ | 236,170 | $ | — | $ | — | $ | 236,170 | ||||||||
| Australia |
— | 205,792 | — | 205,792 | ||||||||||||
| Brazil |
416,195 | — | — | 416,195 | ||||||||||||
| Canada |
615,028 | — | — | 615,028 | ||||||||||||
| China |
328,392 | 397,429 | — | 725,821 | ||||||||||||
| Colombia |
— | 181,319 | — | 181,319 | ||||||||||||
| Denmark |
— | 306,312 | — | 306,312 | ||||||||||||
| France |
— | 375,775 | — | 375,775 | ||||||||||||
| 2 |
| Schedule of Investments (unaudited) (continued) July 31, 2020 |
BlackRock International Impact Fund |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Germany |
$ | — | $ | 162,025 | $ | — | $ | 162,025 | ||||||||
| Indonesia |
— | 283,814 | — | 283,814 | ||||||||||||
| Israel |
132,133 | — | — | 132,133 | ||||||||||||
| Japan |
— | 339,595 | — | 339,595 | ||||||||||||
| Kenya |
— | 308,940 | — | 308,940 | ||||||||||||
| Netherlands |
— | 534,652 | — | 534,652 | ||||||||||||
| Norway |
— | 63,200 | — | 63,200 | ||||||||||||
| South Korea |
— | 184,130 | — | 184,130 | ||||||||||||
| Spain |
— | 144,319 | — | 144,319 | ||||||||||||
| Switzerland |
— | 112,378 | — | 112,378 | ||||||||||||
| United Kingdom |
— | 209,749 | — | 209,749 | ||||||||||||
| United States |
326,813 | — | — | 326,813 | ||||||||||||
| Short-Term Securities |
63,117 | — | — | 63,117 | ||||||||||||
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| $ | 2,117,848 | $ | 3,809,429 | $ | — | $ | 5,927,277 | |||||||||
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| Derivative Financial Instruments(a) |
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| Assets: |
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| Foreign currency exchange contracts |
$ | — | $ | 1,016 | $ | — | $ | 1,016 | ||||||||
| Liabilities: |
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| Foreign currency exchange contracts |
— | (4,890 | ) | — | (4,890 | ) | ||||||||||
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| $ | — | $ | (3,874 | ) | $ | — | $ | (3,874 | ) | |||||||
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| 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. |
| 3 |