Schedule of Investments  (unaudited)  July 31, 2020 BlackRock International Impact Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.4%
Argentina — 4.0%
MercadoLibre, Inc.(a)		210	$	236,170
Australia — 3.5%
SEEK Ltd.		13,380		205,792
Brazil — 7.1%
MRV Engenharia e Participacoes SA		28,725		105,395
Pagseguro Digital Ltd., Class A(a)		3,945		150,817
YDUQS Participacoes SA		24,735		159,983
				416,195
Canada — 10.4%
Brookfield Renewable Partners LP		4,815		206,986
Jamieson Wellness, Inc.		5,660		162,940
TransAlta Renewables, Inc.		21,045		245,102
				615,028
China — 12.3%
360 Finance, Inc., ADR(a)		7,610		105,474
China Feihe Ltd.(b)		84,000		161,672
LONGi Green Energy Technology Co. Ltd., Class A		11,400		92,966
New Oriental Education & Technology Group, Inc., ADR(a)		1,590		222,918
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		22,701		142,791
				725,821
Colombia — 3.1%
Millicom International Cellular SA, SDR		6,024		181,319
Denmark — 5.2%
Atlantic Sapphire ASA(a)		7,244		92,756
Vestas Wind Systems A/S		1,666		213,556
				306,312
France — 6.4%
Nexity SA		5,757		196,065
Veolia Environnement SA		7,845		179,710
				375,775
Germany — 2.7%
LEG Immobilien AG		1,162		162,025
Indonesia — 4.8%
Bank Rakyat Indonesia Persero Tbk. PT		1,306,600		283,814
Israel — 2.2%
Teva Pharmaceutical Industries Ltd., ADR(a)		11,450		132,133

Security	Shares		Value
Japan — 5.8%
Eisai Co. Ltd.		1,600	$	129,130
Katitas Co. Ltd.		9,200		210,465
				339,595
Kenya — 5.2%
Safaricom plc		1,186,726		308,940
Netherlands — 9.1%
Koninklijke DSM NV		1,665		254,854
Koninklijke Philips NV		5,415		279,798
				534,652
Norway — 1.1%
TOMRA Systems ASA		1,535		63,200
South Korea — 3.1%
Samsung SDI Co. Ltd.		550		184,130
Spain — 2.4%
Acciona SA		1,300		144,319
Switzerland — 1.9%
Landis+Gyr Group AG(a)		1,840		112,378
United Kingdom — 3.6%
Genus plc		4,700		209,749
United States — 5.5%(a)
Brookfield Renewable Corp.		1,203		53,888
Everbridge, Inc.		615		87,822
Laureate Education, Inc., Class A		14,598		185,103
				326,813
Total Common Stocks — 99.4% (Cost: $5,505,747)				5,864,160
Total Long-Term Investments — 99.4% (Cost: $5,505,747)				5,864,160
Short-Term Securities — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.08%(c)*		63,117		63,117
Total Short-Term Securities — 1.1% (Cost: $63,117)				63,117
Total Investments — 100.5% (Cost: $5,568,864)				5,927,277
Liabilities in Excess of Other Assets — (0.5)%				(28,713	)
Net Assets — 100.0%			$	5,898,564

^(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	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)	—	63,117	—	63,117	$	63,117	$	19	$	—		$	—

^(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 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
USD	181,137	BRL		970,802	Goldman Sachs International		08/13/20	(4,890)

Glossary of Terms Used in this Report

Currency
BRL	Brazilian Real
IDR	Indonesian Rupiah
USD	United States Dollar

Portfolio Abbreviations
ADR	American Depositary Receipts
SDR	Swedish Depositary Receipts

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:
Common Stocks:
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

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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
	$	2,117,848	$	3,809,429		$	—	$	5,927,277
Derivative Financial Instruments(a)
Assets:
Foreign currency exchange contracts	$	—	$	1,016		$	—	$	1,016
Liabilities:
Foreign currency exchange contracts		—		(4,890	)		—		(4,890	)
	$	—	$	(3,874	)	$	—	$	(3,874	)

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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