BlackRock
U.S.
Impact
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
July
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Auto
Components
—
4.4%
Aptiv
plc
(a)(b)
.......................
2,521
$
264,428
Building
Products
—
1.3%
Zurn
Elkay
Water
Solutions
Corp.
........
2,695
78,020
Containers
&
Packaging
—
5.2%
Ball
Corp.
........................
3,701
271,727
Crown
Holdings,
Inc.
................
425
43,214
314,941
Diversified
Consumer
Services
—
8.4%
(b)
Duolingo
,
Inc.,
Class
A
...............
670
61,472
Grand
Canyon
Education,
Inc.
..........
1,096
105,293
Stride,
Inc.
.......................
7,639
341,311
508,076
Electric
Utilities
—
3.7%
Avangrid
,
Inc.
.....................
4,576
222,989
Electronic
Equipment,
Instruments
&
Components
—
4.8%
Trimble,
Inc.
(b)
.....................
4,167
289,315
Equity
Real
Estate
Investment
Trusts
(REITs)
—
3.3%
Boston
Properties,
Inc.
...............
998
90,978
Sun
Communities,
Inc.
...............
664
108,869
199,847
Food
&
Staples
Retailing
—
5.1%
Grocery
Outlet
Holding
Corp.
(b)
..........
4,729
202,023
North
West
Co.,
Inc.
(The)
.............
4,015
108,108
310,131
Health
Care
Equipment
&
Supplies
—
9.4%
Boston
Scientific
Corp.
(b)
..............
9,656
396,379
IDEXX
Laboratories,
Inc.
(b)
.............
231
92,211
STERIS
plc
.......................
350
78,977
567,567
Health
Care
Providers
&
Services
—
1.3%
(b)
1Life
Healthcare,
Inc.
................
1,759
29,797
Cano
Health,
Inc.,
Class
A
.............
7,772
47,332
77,129
Health
Care
Technology
—
6.3%
Veeva
Systems,
Inc.,
Class
A
(b)
.........
1,693
378,521
Independent
Power
and
Renewable
Electricity
Producers
—
7.1%
Brookfield
Renewable
Corp.
...........
10,950
428,364
Internet
&
Direct
Marketing
Retail
—
1.4%
Etsy,
Inc.
(b)
.......................
845
87,643
Security
Shares
Shares
Value
IT
Services
—
5.8%
Block,
Inc.,
Class
A
(b)
................
567
$
43,126
Jack
Henry
&
Associates,
Inc.
..........
1,351
280,697
Shopify,
Inc.,
Class
A
(b)
...............
799
27,829
351,652
Life
Sciences
Tools
&
Services
—
9.0%
Agilent
Technologies,
Inc.
.............
1,598
214,292
Danaher
Corp.
....................
1,130
329,361
543,653
Machinery
—
1.2%
Mueller
Water
Products,
Inc.,
Class
A
.....
5,385
70,113
Pharmaceuticals
—
11.9%
Royalty
Pharma
plc,
Class
A
...........
8,094
352,008
Zoetis,
Inc.
.......................
2,015
367,838
719,846
Professional
Services
—
5.6%
ICF
International,
Inc.
(a)
...............
3,595
339,188
Semiconductors
&
Semiconductor
Equipment
—
1.4%
Enphase
Energy,
Inc.
(b)
...............
307
87,243
Software
—
1.2%
Palo
Alto
Networks,
Inc.
(b)
.............
149
74,366
Total
Common
Stocks
—
97.8%
(Cost:
$5,630,453)
..............................
5,913,032
Total
Long-Term
Investments
—
97.8%
(Cost:
$5,630,453)
..............................
5,913,032
Short-Term
Securities
Money
Market
Funds
—
8.8%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.76%
...................
207,390
207,390
SL
Liquidity
Series,
LLC,
Money
Market
Series,
2.03%
(e)
.......................
327,586
327,520
Total
Short-Term
Securities
—
8.8%
(Cost:
$534,910)
................................
534,910
Total
Investments
—
106.6%
(Cost:
$6,165,363
)
..............................
6,447,942
Liabilities
in
Excess
of
Other
Assets
—
(6.6)%
............
(400,384)
Net
Assets
—
100.0%
..............................
$
6,047,558
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(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.
BlackRock
U.S.
Impact
Fund
3
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
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
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
Shares
Held
at
07/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
111,926
$
95,464
$
—
$
—
$
—
$
207,390
207,390
$
265
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
—
327,557
—
(37)
—
327,520
327,586
116
(b)
—
$
(37)
$
—
$
534,910
$
381
$
—
—
—
(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.
BlackRock
U.S.
Impact
Fund
4
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2022
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
......................................
$
5,913,032
$
—
$
—
$
5,913,032
Short-Term
Securities
Money
Market
Funds
......................................
207,390
—
—
207,390
$
6,120,422
$
—
$
—
$
6,120,422
Investments
Valued
at
NAV
(a)
.....................................
327,520
$
—
$
6,447,942
$
—
(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.