BlackRock
International
Impact
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
July
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
100.3%
Argentina
—
3.5%
MercadoLibre
,
Inc.
(a)
............
180
$
282,366
Belgium
—
3.0%
Umicore
SA
.................
3,949
245,102
Brazil
—
6.1%
MRV
Engenharia
e
Participacoes
SA
.
63,801
176,400
Pagseguro
Digital
Ltd.,
Class
A
(a)(b)
..
3,900
216,216
YDUQS
Participacoes
SA
........
18,123
98,196
490,812
Canada
—
4.4%
Shopify,
Inc.,
Class
A
(a)
..........
159
238,489
TransAlta
Renewables,
Inc.
.......
6,696
117,915
356,404
China
—
2.1%
17
Education
&
Technology
Group,
Inc.,
ADR
(a)
...................
6,246
6,995
China
Feihe
Ltd.
(c)
.............
84,000
161,491
168,486
Colombia
—
2.9%
Millicom
International
Cellular
SA,
SDR
(a)
...................
5,893
235,169
Denmark
—
7.6%
Atlantic
Sapphire
ASA
(a)
.........
14,063
123,164
Chr
Hansen
Holding
A/S
.........
687
61,787
Orsted
A/S
(c)
.................
1,433
212,543
Vestas
Wind
Systems
A/S
........
5,835
215,163
612,657
France
—
2.9%
Nexity
SA
...................
4,709
237,212
Germany
—
3.8%
LEG
Immobilien
SE
............
1,935
305,821
India
—
3.0%
Bandhan
Bank
Ltd.
(c)
...........
61,135
239,717
Indonesia
—
4.1%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
1,294,000
331,971
Japan
—
15.8%
Katitas
Co.
Ltd.
...............
11,100
331,070
M3,
Inc.
....................
4,300
281,249
Shionogi
&
Co.
Ltd.
............
6,300
331,787
Takeda
Pharmaceutical
Co.
Ltd.
....
9,900
329,537
1,273,643
Kenya
—
3.4%
Safaricom
plc
................
711,756
275,246
Netherlands
—
9.7%
Koninklijke
DSM
NV
............
2,190
441,464
Koninklijke
Philips
NV
...........
7,386
340,565
782,029
Security
Shares
Shares
Value
South
Korea
—
2.8%
KakaoBank
Corp.
(a)
............
329
$
11,155
Samsung
SDI
Co.
Ltd.
..........
331
213,673
224,828
Spain
—
3.7%
EDP
Renovaveis
SA
............
12,652
297,167
Switzerland
—
1.3%
Landis+Gyr
Group
AG
(a)
.........
1,380
109,224
United
Kingdom
—
2.1%
Genus
plc
...................
2,178
166,890
United
States
—
18.1%
Brookfield
Renewable
Corp.
......
7,172
304,333
European
Sustainable
Growth
Acquisition
Corp.,
Class
A
(a)
.....
10,245
100,299
Mimecast
Ltd.
(a)
...............
5,303
294,582
PayPal
Holdings,
Inc.
(a)
..........
699
192,595
Peridot
Acquisition
Corp.,
Class
A
(a)
..
11,025
110,029
Schneider
Electric
SE
...........
2,149
359,933
Software
Acquisition
Group,
Inc.
II,
Class
A
(a)
.................
10,375
103,335
1,465,106
Total
Common
Stocks
—
100.3%
(Cost:
$7,156,979)
..............................
8,099,850
Warrants
—
0.0%
United
States
—
0.0%
European
Sustainable
Growth
Acquisition
Corp.
(Issued/
exercisable
04/06/21,
1
share
for
1
warrant,
Expires
01/21/28,
Strike
Price
USD
11.50)
(a)
..........
4,705
5,740
Total
Warrants
—
0.0%
............................
5,740
Total
Long-Term
Investments
—
100.3%
(Cost:
$7,156,979)
..............................
8,105,590
Short-Term
Securities
—
3.8%
(d)(e)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
......
81,427
81,427
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.12%
(f)
.............
223,099
223,166
Total
Short-Term
Securities
—
3.8%
(Cost:
$304,593)
................................
304,593
Total
Investments
—
104.1%
(Cost:
$7,461,572)
..............................
8,410,183
Liabilities
in
Excess
of
Other
Assets
—
(4.1)%
............
(333,866)
Net
Assets
—
100.0%
..............................
$
8,076,317
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
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.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
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)
July
31,
2021
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)
..
$
141,431
$
—
$
(60,004)
$
—
$
—
$
81,427
81,427
$
2
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
698,919
—
(475,753)
—
—
223,166
223,099
484
(b)
—
$
—
$
—
$
304,593
$
486
$
—
—
—
(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)
July
31,
2021
i
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
156,519
BRL
828,739
Deutsche
Bank
AG
08/16/21
$
(2,327)
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviations
BRL
Brazilian
Real
USD
United
States
Dollar
Portfolio
Abbreviations
ADR
American
Depositary
Receipts
SDR
Swedish
Depositary
Receipts
BlackRock
International
Impact
Fund
5
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:
Argentina
............................................
$
282,366
$
—
$
—
$
282,366
Belgium
.............................................
—
245,102
—
245,102
Brazil
...............................................
490,812
—
—
490,812
Canada
.............................................
356,404
—
—
356,404
China
...............................................
6,995
161,491
—
168,486
Colombia
............................................
—
235,169
—
235,169
Denmark
.............................................
61,787
550,870
—
612,657
France
..............................................
—
237,212
—
237,212
Germany
............................................
—
305,821
—
305,821
India
...............................................
—
239,717
—
239,717
Indonesia
............................................
—
331,971
—
331,971
Japan
...............................................
—
1,273,643
—
1,273,643
Kenya
..............................................
—
275,246
—
275,246
Netherlands
...........................................
—
782,029
—
782,029
South
Korea
..........................................
—
224,828
—
224,828
Spain
...............................................
297,167
—
—
297,167
Switzerland
...........................................
—
109,224
—
109,224
United
Kingdom
........................................
—
166,890
—
166,890
United
States
..........................................
1,105,173
359,933
—
1,465,106
Warrants
..............................................
5,740
—
—
5,740
Short-Term
Securities
.......................................
81,427
—
—
81,427
$
2,687,871
$
5,499,146
$
—
$
8,187,017
Investments
Valued
at
NAV
(a)
......................................
223,166
$
—
$
8,410,183
$
—
BlackRock
International
Impact
Fund
6
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(b)
Liabilities:
Foreign
currency
exchange
contracts
............................
$
—
$
(2,327)
$
—
$
(2,327)
(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.
(b)
Derivative
financial
instruments
are
forward
foreign
currency
exchange
contracts.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.