BlackRock

U.S.

Impact

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

July

31,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.0%

Auto

Components

—

3.7%

Aptiv

plc

(a)

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

1,683

$

280,809

Biotechnology

—

0.6%

Invitae

Corp.

(a)

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

1,663

46,547

Building

Products

—

1.8%

View,

Inc.,

Class

A

(a)(b)

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

22,338

136,038

Capital

Markets

—

3.1%

(a)

AEA-Bridges

Impact

Corp.,

Class

A

........

7,294

71,043

Natural

Order

Acquisition

Corp.

..........

7,485

73,054

TPG

Pace

Tech

Opportunities

Corp.,

Class

A

.

9,000

89,730

233,827

Diversified

Consumer

Services

—

4.9%

(a)

Chegg

,

Inc.

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

2,161

191,530

Coursera,

Inc.

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

3,931

139,904

Duolingo

,

Inc.,

Class

A

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

280

39,270

370,704

Electric

Utilities

—

2.6%

Avangrid

,

Inc.

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

3,745

195,264

Electrical

Equipment

—

2.3%

Sensata

Technologies

Holding

plc

(a)

.......

2,924

171,405

Electronic

Equipment,

Instruments

&

Components

—

1.9%

Itron

,

Inc.

(a)

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

1,460

143,985

Equity

Real

Estate

Investment

Trusts

(REITs)

—

4.0%

Boston

Properties,

Inc.

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

1,071

125,714

Sun

Communities,

Inc.

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

901

176,695

302,409

Food

&

Staples

Retailing

—

3.4%

Grocery

Outlet

Holding

Corp.

(a)

...........

7,857

260,224

Food

Products

—

2.5%

(a)

Atlantic

Sapphire

ASA

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

10,410

91,171

Darling

Ingredients,

Inc.

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

1,417

97,872

189,043

Health

Care

Equipment

&

Supplies

—

8.9%

Boston

Scientific

Corp.

(a)

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

7,025

320,340

Danaher

Corp.

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

1,185

352,526

672,866

Health

Care

Providers

&

Services

—

6.5%

(a)

1Life

Healthcare,

Inc.

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

4,640

125,466

Cano

Health,

Inc.,

Class

A

(b)

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

14,235

153,026

Oak

Street

Health,

Inc.

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

3,426

215,975

494,467

Health

Care

Technology

—

6.3%

(a)

Teladoc

Health,

Inc.

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

793

117,721

Veeva

Systems,

Inc.,

Class

A

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

1,069

355,667

473,388

Independent

Power

and

Renewable

Electricity

Producers

—

2.7%

Brookfield

Renewable

Corp.

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

4,903

208,083

Internet

&

Direct

Marketing

Retail

—

1.4%

Etsy,

Inc.

(a)

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

567

104,050

IT

Services

—

13.5%

Jack

Henry

&

Associates,

Inc.

...........

2,281

397,099

PayPal

Holdings,

Inc.

(a)

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

1,027

282,969

Shopify,

Inc.,

Class

A

(a)

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

138

206,991

Security

Shares

Shares

Value

IT

Services

(continued)

Square,

Inc.,

Class

A

(a)

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

532

$

131,542

1,018,601

Life

Sciences

Tools

&

Services

—

2.0%

Agilent

Technologies,

Inc.

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

968

148,327

Machinery

—

1.3%

Xylem,

Inc.

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

778

97,911

Pharmaceuticals

—

9.5%

Royalty

Pharma

plc,

Class

A

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

6,630

253,266

Zoetis,

Inc.

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

2,276

461,345

714,611

Professional

Services

—

4.7%

ICF

International,

Inc.

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

3,843

351,904

Semiconductors

&

Semiconductor

Equipment

—

1.3%

First

Solar,

Inc.

(a)

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

1,183

101,785

Software

—

8.4%

(a)

Alkami

Technology,

Inc.

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

2,761

86,392

Everbridge

,

Inc.

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

1,303

184,010

Mimecast

Ltd.

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

4,418

245,420

Rapid7,

Inc.

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

1,022

116,252

632,074

Specialty

Retail

—

1.7%

EVgo

,

Inc.,

Class

A

(a)(b)

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

10,535

125,156

Total

Common

Stocks

—

99.0%

(Cost:

$6,351,943)

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

7,473,478

Warrants

—

0.3%

Building

Products

—

0.0%

View,

Inc.

(Issued/exercisable

03/11/21,

1

share

for

1

warrant,

Expires

03/08/26,

Strike

Price

USD

11.50)

(a)

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

1,004

1,205

Capital

Markets

—

0.3%

(a)

AEA-Bridges

Impact

Corp.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

......

9,067

9,339

Natural

Order

Acquisition

Corp.

(Issued/

exercisable

02/23/21,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

.

13,145

9,320

18,659

Total

Warrants

—

0.3%

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

19,864

Total

Long-Term

Investments

—

99.3%

(Cost:

$6,351,943)

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

7,493,342

Short-Term

Securities

—

4.4%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

30,487

30,487

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.12%

(e)

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

297,811

297,901

Total

Short-Term

Securities

—

4.4%

(Cost:

$328,388)

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

328,388

Total

Investments

—

103.7%

(Cost:

$6,680,331

)

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

7,821,730

Liabilities

in

Excess

of

Other

Assets

—

(3.7)%

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

(276,828)

Net

Assets

—

100.0%

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

$

7,544,902

BlackRock

U.S.

Impact

Fund

3

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2021

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

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

04/30/21

Purchases

at

Cost

Proceeds

from

Sale

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

(a)

..

$

128,840

$

—

$

(98,353)

$

—

$

—

$

30,487

30,487

$

2

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

939,405

—

(641,504)

—

—

297,901

297,811

2,440

(b)

—

$

—

$

—

$

328,388

$

2,442

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

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.

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.

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

USD

United

States

Dollar

BlackRock

U.S.

Impact

Fund

4

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2021

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

market-corroborated

      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

Committee's

(the

"Global

Valuation

Committee's")

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

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

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:

Auto

Components

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

$

280,809

$

—

$

—

$

280,809

Biotechnology

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

46,547

—

—

46,547

Building

Products

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

136,038

—

—

136,038

Capital

Markets

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

233,827

—

—

233,827

Diversified

Consumer

Services

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

370,704

—

—

370,704

Electric

Utilities

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

195,264

—

—

195,264

Electrical

Equipment

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

171,405

—

—

171,405

Electronic

Equipment,

Instruments

&

Components

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

143,985

—

—

143,985

Equity

Real

Estate

Investment

Trusts

(REITs)

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

302,409

—

—

302,409

Food

&

Staples

Retailing

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

260,224

—

—

260,224

Food

Products

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

97,872

91,171

—

189,043

Health

Care

Equipment

&

Supplies

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

672,866

—

—

672,866

Health

Care

Providers

&

Services

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

494,467

—

—

494,467

Health

Care

Technology

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

473,388

—

—

473,388

Independent

Power

and

Renewable

Electricity

Producers

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

208,083

—

—

208,083

Internet

&

Direct

Marketing

Retail

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

104,050

—

—

104,050

IT

Services

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

1,018,601

—

—

1,018,601

Life

Sciences

Tools

&

Services

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

148,327

—

—

148,327

Machinery

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

97,911

—

—

97,911

Pharmaceuticals

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

714,611

—

—

714,611

Professional

Services

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

351,904

—

—

351,904

Semiconductors

&

Semiconductor

Equipment

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

101,785

—

—

101,785

Software

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

632,074

—

—

632,074

Specialty

Retail

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

125,156

—

—

125,156

Warrants

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

19,864

—

—

19,864

BlackRock

U.S.

Impact

Fund

5

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2021

Level

1

Level

2

Level

3

Total

Short-Term

Securities

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

$

30,487

$

—

$

—

$

30,487

$

7,432,658

$

91,171

$

—

$

7,523,829

Investments

Valued

at

NAV

(a)

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

297,901

$

—

$

7,821,730

$

—

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.