BlackRock

International

Impact

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

January

31,

2022

Security

Shares

Shares

Value

Common

Stocks

—

99.7%

Argentina

—

1.5%

MercadoLibre

,

Inc.

(a)

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

89

$

100,753

Australia

—

2.2%

APM

Human

Services

International

Ltd.

(a)

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

78,645

144,576

Belgium

—

0.5%

Umicore

SA

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

870

32,934

Brazil

—

3.9%

MRV

Engenharia

e

Participacoes

SA

.

54,261

136,008

Pagseguro

Digital

Ltd.,

Class

A

(a)

...

1,812

40,987

YDUQS

Participacoes

SA

........

20,933

86,845

263,840

Canada

—

3.7%

Li-Cycle

Holdings

Corp.

(a)

........

5,490

41,614

Shopify,

Inc.,

Class

A

(a)

..........

117

112,816

TransAlta

Renewables,

Inc.

.......

6,696

91,500

245,930

Colombia

—

1.8%

Millicom

International

Cellular

SA,

SDR

(a)

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

4,463

119,135

Denmark

—

7.9%

Atlantic

Sapphire

ASA

(a)

.........

10,243

42,522

Chr

Hansen

Holding

A/S

.........

1,307

104,815

Orsted

A/S

(b)(c)

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

2,036

216,926

Vestas

Wind

Systems

A/S

........

6,243

168,938

533,201

France

—

2.9%

Nexity

SA

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

4,709

197,174

Germany

—

6.4%

LEG

Immobilien

SE

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

1,981

262,797

Vonovia

SE

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

2,986

170,070

432,867

India

—

4.2%

Bandhan

Bank

Ltd.

(b)(c)

..........

67,132

285,925

Indonesia

—

9.6%

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

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

1,456,400

414,543

Dayamitra

Telekomunikasi

Tbk

.

PT

(a)

.

4,191,300

230,227

644,770

Japan

—

9.4%

GMO

Payment

Gateway,

Inc.

......

800

70,201

Katitas

Co.

Ltd.

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

4,800

146,405

M3,

Inc.

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

2,700

103,806

Shionogi

&

Co.

Ltd.

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

4,300

245,068

Sysmex

Corp.

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

700

66,634

632,114

Security

Shares

Shares

Value

Kenya

—

2.8%

Safaricom

plc

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

586,173

$

190,777

Netherlands

—

6.2%

Koninklijke

DSM

NV

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

1,478

277,066

Koninklijke

Philips

NV

...........

4,321

143,731

420,797

South

Korea

—

1.9%

Samsung

SDI

Co.

Ltd.

..........

264

131,019

Spain

—

7.6%

Corp.

ACCIONA

Energias

Renovables

SA

(a)

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

5,716

173,962

EDP

Renovaveis

SA

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

16,060

337,605

511,567

Switzerland

—

2.5%

Landis+Gyr

Group

AG

(a)

.........

1,380

91,021

SGS

SA

(Registered)

...........

28

79,844

170,865

United

Kingdom

—

11.4%

Genus

plc

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

4,128

213,084

Halma

plc

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

8,456

286,605

Pearson

plc

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

22,168

185,091

Wise

plc,

Class

A

(a)

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

10,445

85,452

770,232

United

States

—

13.3%

Brookfield

Renewable

Corp.

......

9,671

330,875

Otonomo

Technologies

Ltd.

(a)(d)

.....

8,140

21,897

PayPal

Holdings,

Inc.

(a)

..........

943

162,139

Schneider

Electric

SE

...........

2,237

378,938

893,849

Total

Common

Stocks

—

99.7%

(Cost:

$7,317,902)

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

6,722,325

Total

Long-Term

Investments

—

99.7%

(Cost:

$7,317,902)

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

6,722,325

Short-Term

Securities

—

1.3%

(e)(f)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

......

78,305

78,305

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(g)

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

10,955

10,956

Total

Short-Term

Securities

—

1.3%

(Cost:

$89,260)

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

89,261

Total

Investments

—

101.0%

(Cost:

$7,407,162)

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

6,811,586

Liabilities

in

Excess

of

Other

Assets

—

(1.0)%

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

(69,928)

Net

Assets

—

100.0%

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

$

6,741,658

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

BlackRock

International

Impact

Fund

3

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

January

31,

2022

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

01/31/22

Shares

Held

at

01/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

141,431

$

—

$

(63,126)

$

—

$

—

$

78,305

78,305

$

4

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

698,919

—

(687,915)

(48)

—

10,956

10,955

11,020

(b)

—

$

(48)

$

—

$

89,261

$

11,024

$

—

—

—

(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.

BlackRock

International

Impact

Fund

4

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

SDR

Swedish

Depositary

Receipts

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

Argentina

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

$

100,753

$

—

$

—

$

100,753

Australia

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

144,576

—

—

144,576

Belgium

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

—

32,934

—

32,934

Brazil

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

263,840

—

—

263,840

Canada

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

245,930

—

—

245,930

Colombia

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

—

119,135

—

119,135

Denmark

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

—

533,201

—

533,201

France

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

—

197,174

—

197,174

Germany

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

—

432,867

—

432,867

India

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

—

285,925

—

285,925

Indonesia

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

230,227

414,543

—

644,770

Japan

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

—

632,114

—

632,114

Kenya

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

—

190,777

—

190,777

Netherlands

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

—

420,797

—

420,797

South

Korea

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

—

131,019

—

131,019

Spain

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

173,962

337,605

—

511,567

Switzerland

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

—

170,865

—

170,865

United

Kingdom

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

—

770,232

—

770,232

BlackRock

International

Impact

Fund

5

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Level

1

Level

2

Level

3

Total

United

States

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

$

514,911

$

378,938

$

—

$

893,849

Short-Term

Securities

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

78,305

—

—

78,305

$

1,752,504

$

5,048,126

$

—

$

6,800,630

Investments

Valued

at

NAV

(a)

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

10,956

$

—

$

6,811,586

$

—

(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.