N-CSRS 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-05742
 
Name of Fund:  BlackRock Funds
SM
BlackRock Global Impact Fund
BlackRock International Impact Fund
BlackRock Sustainable Advantage Emerging Markets Equity Fund (Formerly          
BlackRock Advantage ESG Emerging Markets Equity Fund)
BlackRock Sustainable Advantage International Equity Fund (Formerly BlackRock Advantage ESG International Equity Fund)
BlackRock Tactical Opportunities Portfolio
BlackRock U.S. Impact Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds
SM
, 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 04/30/2023
 
Date of reporting period: 10/31/2022
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable
OCTOBER
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
SM
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
October
31,
2022,
disrupting
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
moderate
growth
in
the
third
quarter,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
as
inflation
decreased
the
value
of
future
cash
flows
and
investors
shifted
focus
to
balance
sheet
resilience.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
declines
for
small-capitalization
U.S.
stocks
were
slightly
steeper.
Emerging
market
stocks
and
international
equities
from
developed
markets
also
declined
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
five
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-
currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
October
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(5.50
)%
(14.61
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.20
)
(18.54
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(12.70
)
(23.00
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(19.66
)
(31.03
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.72
0.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(8.24
)
(17.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.86
)
(15.68
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.43
)
(11.98
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(4.71
)
(11.76
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
.................................................................................................
17
Disclosure
of
Expenses
...................................................................................................
17
Derivative
Financial
Instruments
.............................................................................................
18
Financial
Statements:
Schedules
of
Investments
...............................................................................................
19
Statements
of
Assets
and
Liabilities
.........................................................................................
60
Statements
of
Operations
................................................................................................
65
Statements
of
Changes
in
Net
Assets
........................................................................................
67
Financial
Highlights
.....................................................................................................
70
Notes
to
Financial
Statements
...............................................................................................
90
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
106
Additional
Information
....................................................................................................
110
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
112
Fund
Summary
as
of
October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Global
Impact
Fund
Investment
Objective
BlackRock
Global
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
October
31,
2022,
the
Fund
underperformed
its
benchmark,
the
MSCI
All
Country
World
Index.
What
factors
influenced
performance?
Holdings
in
European
stocks,
particularly
companies
in
the
Green
Energy
theme
that
was
affected
by
the
region’s
energy
crisis,
detracted
from
performance.
Affordable
Housing
also
detracted
as
real
estate
developers
came
under
pressure
from
continued
interest
rate
increases.
Outside
of
Europe,
Ball
Corp.—a
leading
provider
in
sustainable
aluminium
packaging
in
the
United
States—was
the
leading
detractor
as
concerns
about
demand
led
it
to
shut
down
some
of
its
facilities.
Holdings
in
the
Fund’s
Financial
&
Digital
Inclusion
theme,
especially
those
susceptible
to
credit-related
losses,
were
hurt
by
rising
rates.
By
design,
the
Fund
has
no
position
in
the
energy
sector
or
diversified
financials.
Both
sectors
outperformed,
so
the
zero
weightings
detracted
from
relative
performance.
On
the
positive
side,
stocks
that
were
better
able
to
navigate
the
inflationary
environment
added
value.
ICF
International,
Inc.,
which
advises
companies
on
U.S.
policy-related
issues
such
as
climate
change
and
disaster
relief,
benefited
from
the
passage
of
the
Inflation
Reduction
Act.
The
portfolio’s
Public
Health
theme
was
the
top
contributor
from
a
thematic
standpoint.
Medical
device
and
life
science
tools
companies,
including
Boston
Scientific
Corp.
and
Agilent
Technologies,
Inc.
delivered
strong
results.
In
addition,
shares
of
the
value-based
healthcare
provider
1Life
Healthcare
rallied
following
Amazon.com’s
announcement
that
it
would
acquire
the
company.
While
the
Fund’s
Financial
&
Digital
Inclusion
theme
detracted
overall,
Wise
PLC—a
U.K.-based
financial
technology
company
focused
on
low-cost
remittances—was
a
top
contributor.
The
company
demonstrated
the
ability
to
benefit
from
rising
rates,
and
its
management
announced
improved
guidance.
Describe
recent
portfolio
activity.
The
investment
adviser
used
market
weakness
as
an
opportunity
to
identify
high-quality
companies
at
attractive
valuations.
However,
the
investment
adviser
remained
cautious
due
to
ongoing
inflation
pressures
and
recessionary
concerns.
The
investment
adviser
therefore
maintained
an
effort
to
build
a
defensive,
yet
well
diversified,
portfolio.
The
Fund’s
largest
weighting
continued
to
be
in
healthcare
stocks
via
the
Public
Health
theme,
where
it
emphasized
what
it
believed
were
the
more
resilient
segments
of
the
sector.
These
included
companies
considered
the
"picks
and
shovels"
of
the
industry;
in
other
words,
businesses
that
make
it
possible
for
scientists
to
develop
new
drugs
and
the
manufacturers
of
devices
that
are
used
routinely
in
surgeries.
The
investment
adviser
also
increased
the
portfolio’s
allocation
to
U.S.
Green
Energy
stocks
on
the
view
that
these
companies
are
poised
to
benefit
from
the
recently
enacted
Inflation
Reduction
Act.
The
investment
adviser
continued
to
seek
opportunities
to
own
profitable
companies
with
sustainable
growth
in
the
consumer
discretionary
and
information
technology
sectors.
More
broadly
speaking,
the
investment
adviser
emphasized
durable,
sustainable
business
models
that
have
demonstrated
the
ability
to
withstand
economic
down
cycles.
The
investment
adviser
reduced
the
Fund’s
holdings
in
the
real
estate
sector
by
decreasing
its
allocation
to
the
Affordable
Housing
theme.
While
the
demand
for
affordable
housing
remains
intact,
rising
interest
rates
could
lead
to
potential
slowdown
in
growth
prospects
as
developers
may
be
deterred
from
new
projects.
Describe
portfolio
positioning
at
period
end.
Public
Health
was
the
largest
weighting
from
a
thematic
standpoint,
followed
Financial
&
Digital
Inclusion.
The
Fund
increased
its
allocation
to
Green
Energy,
supported
by
the
passage
of
the
Inflation
Reduction
Act.
From
a
sector
perspective,
the
Fund
was
overweight
in
healthcare
and
utilities.
In
addition
to
being
underweight
in
energy
and
diversified
financials,
the
Fund
was
underweight
in
information
technology
due
to
its
zero
weightings
in
the
sector’s
mega-cap
companies.
Instead,
the
investment
adviser
favored
payments
providers
and
those
that
service
small-
to
medium-sized
enterprises,
and
that
exhibit
durable
long-term
growth.
From
a
regional
perspective,
the
Fund
was
underweight
in
the
United
States
and
overweight
in
Europe
and
the
emerging
markets.
However,
the
investment
adviser
reduced
the
extent
of
the
overweight
in
Europe
over
the
course
of
the
period.
The
investment
adviser
continued
to
use
deep
engagements
and
partnerships
with
corporate
management
teams
to
learn
more
about
strategic
directions
of
its
portfolio
companies
and
uncover
business
risks
which
may
arise
due
to
macro
events.
The
investment
adviser
understands
the
strong
links
between
impact
outcomes
and
company
performance,
and
it
uses
engagement
to
identify
new
ways
of
advancing
these
outcomes.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
October
31,
2022
(continued)
5
Fund
Summary
BlackRock
Global
Impact
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............................................................
(11.17‌)%
(33.25‌)%
N/A‌
2.27‌%
N/A‌
Investor
A
...............................................................
(11.38‌)
(33.45‌)
(36.94‌)%
2.00‌
(0.23‌)
%
Class
K
................................................................
(11.11‌)
(33.20‌)
N/A‌
2.38‌
N/A‌
MSCI
All
Country
World
Index
(d)
...............................................
(9.42‌)
(19.96‌)
N/A‌
7.90‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
invests
in
equity
securities
of
issuers
located
throughout
the
world,
including
non-dollar
denominated
securities
and
securities
of
emerging
market
issuers.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities,
depositary
receipts
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
equity
securities.
The
Fund
may
invest
in
issuers
of
any
market
capitalization,
including
small
to
mid-capitalization
companies.
(c)
The
Fund
commenced
operations
on
May
27,
2020.
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
888.30‌
$
4.05‌
$
1,000.00‌
$
1,020.92‌
$
4.33‌
0.85‌%
Investor
A
................................
1,000.00‌
886.20‌
5.23‌
1,000.00‌
1,019.66‌
5.60‌
1.10‌
Class
K
..................................
1,000.00‌
888.90‌
3.57‌
1,000.00‌
1,021.42‌
3.82‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
States
......................................
53.6‌
%
United
Kingdom
.....................................
7.0‌
Indonesia
.........................................
6.6‌
Denmark
.........................................
5.0‌
Spain
............................................
4.7‌
Japan
...........................................
3.4‌
Brazil
............................................
3.3‌
Canada
..........................................
3.2‌
India
............................................
2.7‌
Australia
..........................................
2.5‌
South
Korea
.......................................
2.5‌
Germany
.........................................
1.6‌
Netherlands
.......................................
1.2‌
Other
(a)
...........................................
1.6‌
Other
Assets
Less
Liabilities
............................
1.1‌
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
Fund
Summary
as
of
October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
International
Impact
Fund
Investment
Objective
BlackRock
International
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
October
31,
2022,
the
Fund
underperformed
its
benchmark,
the
MSCI
All
Country
World
Index
ex-U.S.
What
factors
influenced
performance?
Holdings
in
European
stocks,
particularly
companies
in
the
Green
Energy
theme
that
were
affected
by
the
region’s
energy
crisis,
detracted
from
performance.
Affordable
Housing
also
detracted
as
real
estate
developers
came
under
pressure
from
continued
interest
rate
increases.
Holdings
in
the
Fund’s
Financial
&
Digital
Inclusion
theme,
especially
those
susceptible
to
credit-related
losses,
were
hurt
by
rising
rates.
By
design,
the
Fund
has
no
position
in
the
energy
sector
or
diversified
financials.
Both
sectors
outperformed,
so
the
zero
weightings
detracted
from
relative
performance.
On
the
positive
side,
stocks
that
were
better
able
to
navigate
the
inflationary
environment
added
value.
This
trait
was
most
notable
among
companies
that
help
bridge
the
education
gap,
such
as
Pearson
PLC,
and
those
focused
on
addressing
Net
Zero
goals
by
bringing
more
efficiency,
electrification,
and
digitization,
including
Samsung
SDI
Co.
Ltd.
and
Landis+Gyr
Group
AG.
While
the
Fund’s
Financial
&
Digital
Inclusion
theme
detracted
overall,
Wise
PLC—a
U.K.-based
financial
technology
company
focused
on
low-cost
remittances—was
a
top
contributor
due
to
its
ability
to
benefit
from
rising
rates
and
improved
guidance
from
its
management.
The
Indonesia-based
micro-lender
Bank
Rakyat
Indonesia
Tbk.PT
was
also
to
buck
the
broader
market
downtrend
thanks
to
its
strong
fundamentals.
Describe
recent
portfolio
activity.
The
investment
adviser
used
market
weakness
as
an
opportunity
to
identify
high-quality
companies
at
attractive
valuations.
However,
the
investment
adviser
remained
cautious
due
to
ongoing
inflation
pressures
and
recessionary
concerns.
The
investment
adviser
therefore
maintained
an
effort
to
build
a
defensive,
yet
well
diversified,
portfolio.
The
investment
adviser
increased
the
Fund’s
allocation
to
the
Efficiency,
Electrification
&
Digitization
theme
by
adding
positions
in
companies
indirectly
benefitting
from
the
adoption
of
electric
vehicles,
with
an
emphasis
on
those
where
the
market
appears
to
underappreciate
their
value-added
products
and
services.
More
broadly
speaking,
the
investment
adviser
continued
to
seek
durable,
sustainable
business
models
that
have
demonstrated
the
ability
to
withstand
economic
down
cycles.
The
Fund
reduced
holdings
in
the
real
estate
sector
by
decreasing
its
allocation
to
the
Affordable
Housing
theme.
While
the
demand
for
affordable
housing
remains
intact,
the
investment
adviser
believed
that
rising
interest
rates
could
lead
to
potential
slowdown
in
growth
prospects
as
developers
may
be
deterred
from
new
projects.
Describe
portfolio
positioning
at
period
end.
Financial
&
Digital
Inclusion
was
the
largest
weighting
from
a
thematic
standpoint,
followed
Green
Energy.
However,
the
investment
adviser
reduced
the
allocation
to
the
latter
due
to
the
challenges
that
continued
to
weigh
on
the
European
markets.
The
Fund
was
overweight
in
utilities
and
industrials.
It
was
overweight
in
the
emerging
markets
and
Europe
and
underweight
in
the
Asia
Pacific
region.
The
investment
adviser
continued
to
use
deep
engagements
and
partnerships
with
corporate
management
teams
to
learn
more
about
strategic
directions
of
its
portfolio
companies
and
uncover
business
risks
which
may
arise
due
to
macro
events.
The
investment
adviser
understood
the
strong
links
between
impact
outcomes
and
company
performance,
and
it
uses
engagement
to
identify
new
ways
of
advancing
these
outcomes.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
October
31,
2022
(continued)
7
Fund
Summary
BlackRock
International
Impact
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............................................................
(16.08‌)%
(36.27‌)%
N/A‌
(5.28‌)%
N/A‌
Investor
A
...............................................................
(16.14‌)
(36.35‌)
(39.69‌)%
(5.46‌)
(7.62‌)
%
Class
K
................................................................
(15.96‌)
(36.19‌)
N/A‌
(5.16‌)
N/A‌
MSCI
All
Country
World
Index
ex-U.S.
(d)
.........................................
(14.59‌)
(24.73‌)
N/A‌
0.63‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
sales
charges
and
fees.
(b)
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
equity
securities
of
foreign
issuers
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
securities.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities
and
depositary
receipts.
The
Fund
may
invest
in
emerging
market
issuers,
and
may
invest
in
issuers
of
any
market
capitalization,
including
small-
to
mid-capitalization
companies.
(c)
The
Fund
commenced
operations
on
June
30,
2020.
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries
(excluding
the
U.S.)
and
certain
emerging
markets
countries.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
839.20‌
$
3.94‌
$
1,000.00‌
$
1,020.92‌
$
4.33‌
0.85‌%
Investor
A
................................
1,000.00‌
838.60‌
5.10‌
1,000.00‌
1,019.66‌
5.60‌
1.10‌
Class
K
..................................
1,000.00‌
840.40‌
3.48‌
1,000.00‌
1,021.42‌
3.82‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
States
......................................
17.7‌
%
United
Kingdom
.....................................
11.6‌
Indonesia
.........................................
11.6‌
Denmark
.........................................
9.1‌
Spain
............................................
7.5‌
Brazil
............................................
7.2‌
Japan
...........................................
6.4‌
South
Korea
.......................................
4.4‌
India
............................................
4.3‌
Australia
..........................................
4.1‌
Canada
..........................................
3.8‌
Germany
.........................................
3.6‌
Switzerland
........................................
2.5‌
Netherlands
.......................................
2.0‌
South
Africa
.......................................
1.3‌
China
............................................
1.1‌
Short-Term
Securities
.................................
0.6‌
Other
Assets
Less
Liabilities
............................
1.2‌
Fund
Summary
as
of
October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Investment
Objective
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
provide
long-term
capital
appreciation
while
seeking
to
maintain
certain
environmental,
social
and
governance
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Fund’s
benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
During
the
six-month
period
ending
October
31,
2022,
the
Fund
underperformed
its
benchmark,
the
MSCI
Emerging
Markets
Index.
What
factors
influenced
performance?
Emerging
market
("EM")
equities
fell
during
the
period,
as
investor
skepticism
about
risk
assets
deepened.
Early
in
the
period,
inflationary
pressures
benefited
commodities
markets,
but
as
fears
of
a
recession
in
the
United
States
intensified,
equities
in
commodity-driven
markets
came
under
pressure.
Interest
rate
increases
in
the
United
States,
coupled
with
more
hawkish
commentary
from
the
Fed,
continued
to
lead
the
retreat
in
the
EM
benchmark.
Asia
drove
losses
as
concerns
about
the
property
sector
and
ongoing
COVID-19
lockdowns
weighed
on
China,
and
Korea
and
Taiwan
also
struggled
amid
global
recessionary
fears
and
continued
tech
weakness.
Commodity
outperformance
provided
a
tailwind
for
Latin
America
and
for
parts
of
Europe,
the
Middle
East,
and
Africa,
but
parts
of
Eastern
Europe
continued
to
struggle
as
the
Russian
invasion
of
Ukraine
continued.
Performance
in
all
sectors
was
negative,
with
information
technology
("IT"),
communication
services,
and
consumer
discretionary
stocks
faring
the
worst.
Defensive
sectors
and
beneficiaries
of
higher
commodity
prices
performed
better.
Despite
strength
toward
the
end
of
the
period,
weakness
earlier
in
the
summer
months
led
to
underperformance.
Stock
selection
insights
and
country
allocation
detracted
from
performance.
Among
fundamental
measures
motivating
stock
selection,
traditional
value
insights
were
the
most
significant
detractors,
as
measures
evaluating
cash
flows,
price,
and
other
financial
statement
measures
detracted
from
returns
amid
volatile
changes
in
market
style
preferences
during
the
period.
In
addition,
although
innovation
and
efficiency-
related
ESG
insights
benefited
performance,
other
environmental
transition-related
signals
struggled.
A
measure
tracking
flows
into
sustainable
products
detracted
from
performance
as
its
positioning
ran
against
parts
of
the
market
that
showed
favorable
trends
amid
the
Russian
invasion
of
Ukraine,
such
as
energy
and
defense.
Within
portfolio
positioning,
underweight
allocations
to
India
and
an
overweight
allocation
to
China
also
detracted
from
performance.
India
continued
to
outperform
despite
investor
outflows
and
surprisingly
high
valuations
compared
to
historical
norms.
Although
China
is
the
only
market
in
which
monetary
policy
has
led
to
interest
rate
cuts
this
year,
the
overweight
position
detracted
from
performance,
as
the
country
led
emerging
markets
lower
amid
property
sector
concerns
and
COVID-19
lockdowns.
Conversely,
stock
selection
sentiment
measures
helped
provide
ballast,
as
they
helped
position
the
portfolio
effectively
amid
the
changeable
market
backdrop.
Measures
capturing
forward-looking
views
of
company
fundamentals
across
comments
from
informed
investors
were
additive.
In
addition,
select
macro-thematic
insights
also
contributed
to
relative
performance.
An
insight
favoring
countries
with
increasing
money
supply
growth
in
their
economies
as
well
as
other
macroeconomic
measures
evaluating
monetary
policy
contributed
to
performance,
motivating
a
successful
underweight
allocation
to
Malaysia.
Lastly,
select
ESG
insights,
such
as
measures
capturing
company
"green"
patent
filings
and
evaluating
operations
based
on
carbon
emissions,
were
beneficial
for
the
Fund’s
performance.
Describe
recent
portfolio
activity.
Over
the
course
of
the
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
model.
The
Fund
built
upon
its
alternative
data
capabilities
with
enhanced
data
sets
that
capture
informed-investor
positioning
as
well
as
news
flow.
Additionally,
the
Fund
added
to
its
complex
of
consumer
intent
insights
with
a
measure
that
looks
toward
social
media
activity
as
a
measure
of
potential
revenue
growth.
The
Fund
uses
derivatives
to
gain
equity
exposure
from
holdings
of
cash
and
cash
equivalents,
allowing
it
to
remain
fully
invested
in
the
stock
market
while
maintaining
some
liquidity.
The
Fund’s
use
of
derivatives
detracted
from
performance.
The
derivative
position
typically
represents
less
than
5%
of
the
Fund’s
assets.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
period
with
largely
neutral
positioning
from
a
sector
and
country
positioning
perspective.
The
Fund
had
slight
overweight
positions
in
the
IT
and
healthcare
sectors,
and
maintained
slight
underweights
in
materials
and
communication
services
stocks.
From
a
geographical
perspective,
the
Fund
had
slight
overweights
to
South
Africa
and
maintained
slight
underweights
to
Korea.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
October
31,
2022
(continued)
9
Fund
Summary
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............................................................
(20.18‌)%
(31.90‌)%
N/A‌
(10.13‌)%
N/A‌
Investor
A
...............................................................
(20.28‌)
(32.08‌)
(35.65‌)%
(10.35‌)
(12.51‌)
%
Class
K
................................................................
(20.16‌)
(31.92‌)
N/A‌
(10.09‌)
N/A‌
MSCI
Emerging
Markets
Index
(d)
..............................................
(19.66‌)
(31.03‌)
N/A‌
(9.24‌)
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
equity
securities
issued
by,
or
tied
economically
to,
companies
in
emerging
markets
and
derivatives
that
have
similar
economic
characteristics
to
such
securities.
(c)
The
Fund
commenced
operations
on
August
18,
2020.
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
emerging
m
arkets
countries.
The
index
covers
approximately
85%
of
the
free
float-adjusted
market
capitalization
in
each
country.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
798.20‌
$
3.90‌
$
1,000.00‌
$
1,020.87‌
$
4.38‌
0.86‌%
Investor
A
................................
1,000.00‌
797.20‌
5.03‌
1,000.00‌
1,019.61‌
5.65‌
1.11‌
Class
K
..................................
1,000.00‌
798.40‌
3.67‌
1,000.00‌
1,021.12‌
4.13‌
0.81‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown
).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
China
............................................
26.9‌
%
India
............................................
14.1‌
Taiwan
...........................................
13.6‌
South
Korea
.......................................
9.0‌
Brazil
............................................
7.4‌
South
Africa
.......................................
5.4‌
Saudi
Arabia
.......................................
4.8‌
Thailand
..........................................
3.4‌
Malaysia
.........................................
3.2‌
Mexico
...........................................
2.7‌
Indonesia
.........................................
2.6‌
Other
(a)
...........................................
3.4‌
Short-Term
Securities
.................................
3.2‌
Other
Assets
Less
Liabilities
............................
0.3‌
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
Fund
Summary
as
of
October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
10
BlackRock
Sustainable
Advantage
International
Equity
Fund
Investment
Objective
BlackRock
Sustainable
Advantage
International
Equity
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
provide
long-term
capital
appreciation
while
seeking
to
maintain
certain
environmental,
social
and
governance
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Fund’s
benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
During
the
six-month
period
ending
October
31,
2022,
the
Fund
outperformed
its
benchmark,
the
MSCI
EAFE
Index.
What
factors
influenced
performance?
Overall,
the
Fund
performed
well
in
a
highly
changeable
market
backdrop.
The
brief
respite
at
the
beginning
of
the
period
in
May
2022
proved
short-lived,
as
the
focus
among
central
banks
around
the
world
returned
to
monetary
policy
normalization
to
fight
persistent
inflation.
The
Fed
raised
rates
by
three-quarters
of
a
percentage
point
in
June,
July,
and
September
2022
in
the
fastest
rate-hiking
cycle
since
1980.
This
resulted
in
a
persistently
inverted
yield
curve,
which
is
often
a
precursor
to
an
imminent
recession.
However,
equities
staged
a
bear-market
rally
during
the
summer,
as
investors
hoped
for
a
dovish
monetary
policy
pivot
given
growth
concerns.
The
resulting
rally
helped
equities
recover
half
their
losses.
Still,
central
banks
reiterated
their
focus
on
bringing
down
inflation,
causing
a
selloff
that
saw
equities
set
new
lows.
Toward
the
end
of
the
period,
though,
despite
manufacturing
data
beginning
to
decline
and
analysts
downgrading
earnings
forecasts,
markets
reacted
favorably
to
robust
corporate
earnings,
resulting
in
a
rally.
Going
forward,
the
focus
remains
on
inflation,
labor
markets,
and
the
direction
of
monetary
policy.
Macro-thematic
insights
contributed
to
performance
as
they
delivered
positive
results
from
top-down
positioning.
Several
recently
added
signals
that
seek
to
identify
themes
such
as
stagflation
were
notable
performers,
as
they
correctly
positioned
the
portfolio
to
capture
the
evolving
interest
rate
environment.
Particularly,
this
insight
motivated
an
underweight
to
industrial
and
healthcare
stocks
that
added
to
performance.
Furthermore,
stock
selection
from
sentiment-based
insights
provided
persistent
gains,
as
these
faster-moving
insights
correctly
captured
evolving
and
emerging
trends
during
the
period.
In
particular,
text-based
insights
that
forecast
company
events
as
well
as
insights
looking
at
sentiment
among
informed
investors
were
additive,
especially
across
financial
and
industrial
stocks.
Performance
of
ESG-related
insights
was
mixed
during
the
period.
Risk
mitigation
insights,
which
look
to
predict
firm-level
controversy,
helped
correctly
position
the
portfolio
within
financial
names
across
developed
markets.
However,
performance
of
human
capital-related
measures
was
bifurcated.
Insights
evaluating
companies
based
on
board
turnover
as
well
as
on
women
employee
hiring
positively
contributed
to
performance.
Conversely,
certain
other
ESG-related
measures
related
to
human
capital
struggled
during
the
period.
In
particular,
measures
evaluating
employee
satisfaction
and
corporate
culture
detracted
from
performance
among
materials
stocks.
In
addition,
ESG
insights
looking
at
environmental
measures
were
leading
detractors
over
the
period,
amid
the
market
volatility
stemming
from
the
Russian
invasion
of
Ukraine.
A
forward-looking
measure
analyzing
companies’
commitments
to
carbon
reductions
as
well
as
greenhouse
gas
emissions
drove
unsuccessful
positioning
among
information
technology
(“IT”)
stocks.
Describe
recent
portfolio
activity.
Over
the
course
of
the
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
group
of
insights.
Given
the
dynamic
investing
environment,
the
Fund
built
upon
its
alternative
data
capabilities
and
instituted
enhanced
signal
constructs
to
best
identify
emerging
trends
such
as
sentiment
around
supply
chain
disruptions
and
wage
inflation.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
period
with
largely
neutral
positioning
from
a
sector
and
country-positioning
perspective.
The
Fund
had
slight
overweight
positions
in
the
communication
services
and
IT
sectors,
and
maintained
slight
underweights
in
healthcare,
financials,
and
materials
stocks.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
October
31,
2022
(continued)
11
Fund
Summary
BlackRock
Sustainable
Advantage
International
Equity
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............................................................
(10.82‌)%
(22.39‌)%
N/A‌
(0.69‌)%
N/A‌
Investor
A
...............................................................
(10.93‌)
(22.53‌)
(26.60‌)%
(0.92‌)
(3.31‌)
%
Class
K
................................................................
(10.87‌)
(22.33‌)
N/A‌
(0.64‌)
N/A‌
MSCI
EAFE
Index
(d)
........................................................
(12.70‌)
(23.00‌)
N/A‌
(1.47‌)
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
non-U.S.
equity
securities
and
equity-like
instruments
of
companies
that
are
components
of,
or
have
characteristics
similar
to,
the
companies
included
in
the
MSCI
EAFE
Index
and
derivatives
that
are
tied
economically
to
securities
of
the
MSCI
EAFE
Index.
(c)
The
Fund
commenced
operations
on
August
18,
2020.
(d)
An
equity
index
which
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries
around
the
world,
excluding
the
United
States
and
Canada.
The
index
covers
approximately
85%
of
the
free
float
adjusted
market
capitalization
in
each
country.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
891.80‌
$
2.38‌
$
1,000.00‌
$
1,022.68‌
$
2.55‌
0.50‌%
Investor
A
................................
1,000.00‌
890.70‌
3.57‌
1,000.00‌
1,021.42‌
3.82‌
0.75‌
Class
K
..................................
1,000.00‌
891.30‌
2.15‌
1,000.00‌
1,022.94‌
2.29‌
0.45‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Japan
...........................................
20.9‌
%
France
...........................................
10.4‌
United
Kingdom
.....................................
10.1‌
Germany
.........................................
8.7‌
Australia
..........................................
8.4‌
United
States
......................................
8.1‌
Netherlands
.......................................
5.8‌
Switzerland
........................................
5.8‌
Denmark
.........................................
3.5‌
Sweden
..........................................
3.0‌
Italy
.............................................
2.2‌
Hong
Kong
........................................
1.8‌
Spain
............................................
1.5‌
Belgium
..........................................
1.5‌
Norway
..........................................
1.2‌
Other
(a)
...........................................
4.8‌
Short-Term
Securities
.................................
2.0‌
Other
Assets
Less
Liabilities
............................
0.3‌
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
Fund
Summary
as
of
October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
12
BlackRock
Tactical
Opportunities
Fund
Investment
Objective
BlackRock
Tactical
Opportunities
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
October
31,
2022,
the
Fund
outperformed
its
reference
benchmark
(75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index/25%
MSCI
All
Country
World
Index
(“ACWI”))
and
its
cash
benchmark,
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index.
What
factors
influenced
performance?
The
Fund’s
global
relative
value
interest
rate
strategy
contributed
to
performance,
led
by
short
positions
in
Poland
and
South
Korea
versus
a
long
position
in
China.
The
Polish
and
Korean
central
banks
adopted
decisively
hawkish
policies
to
combat
rising
inflation,
while
policy
in
China
remained
relatively
accommodative
to
alleviate
the
economic
pressures
from
the
country’s
zero-COVID
restrictions.
The
macro
thematic
strategy
also
contributed.
The
strategy
was
positioned
for
global
reflation
and
interest-
rate
increases
by
the
Fed,
both
of
which
occurred
in
the
past
six
months.
The
Fund’s
relative
value
developed
market
bond
strategy
detracted
from
performance.
Long
positions
in
German
Bunds
underperformed
short
positions
in
Canada,
the
United
Kingdom
and
Australia
over
the
summer
months.
The
relative
value
equity
strategy
also
detracted.
A
long
position
in
Singapore
versus
a
basket
of
developed
market
equities
detracted
early
in
the
period.
Long
positions
in
select
European
markets
against
a
short
position
in
the
United
States
detracted
later
in
the
period
as
the
latter
outperformed
due
to
upside
earning
surprises.
The
Fund
maintained
a
net
long
in
equities
throughout
the
full
six
months
as
part
of
its
macro
thematic
strategy,
which
detracted
given
that
tightening
financial
conditions
caused
stock
prices
to
decline.
The
investment
adviser
used
derivatives
as
an
efficient
means
to
take
active
views
on
interest
rates,
equity
indexes
and
currencies.
The
derivatives
used
included
equity
index
and
sovereign
bond
futures,
total
return
swaps,
interest
rate
swaps
and
currency
forward
contracts.
These
holdings
made
up
a
significant
portion
of
the
portfolio.
The
use
of
derivatives
instead
of
physical
instruments
had
a
minimal
positive
impact
on
results.
The
Fund
held
an
allocation
to
cash
as
collateral
for
derivative
positions
and
as
a
means
of
earning
a
modest
yield.
The
cash
position
did
not
have
a
material
effect
on
performance,
and
the
Fund
was
not
in
a
defensive
posture.
Describe
recent
portfolio
activity.
The
Fund
remained
focused
on
positioning
in
stocks,
bonds
and
currencies
based
on
macroeconomic
fundamentals
and
pricing
developments.
The
macro
backdrop
was
volatile
over
the
past
six
months
as
countries
diverged
on
key
variables
such
as
economic
growth
and
monetary
policy.
Slowing
growth,
persistent
inflation
and
central
bank
tightening
prompted
the
investment
adviser
to
position
the
Fund
for
an
expanding
opportunity
set
in
cross-country
and
cross-industry
positions
while
maintaining
relatively
muted
directional
positioning
in
both
stocks
and
bonds.
The
Fund
maintained
its
net
long
in
equities
throughout
the
period.
Within
equities,
the
Fund
began
the
period
with
long
positions
in
North
America,
Asia
ex-Japan,
and
to
a
lesser
extent
the
emerging
markets,
together
with
modest
short
positions
in
Japan
and
Europe.
The
Fund
subsequently
moved
from
long
in
the
United
States
to
long
in
Europe.
This
shift
was
based
on
the
potential
for
European
equities
to
outperform
on
waning
Ukraine
fears
and
the
possibility
that
a
weaker
Euro
would
support
exports.
Within
Europe,
the
Fund
preferred
German,
French
and
Italian
equities
over
the
United
Kingdom
and
Spain.
In
Asia,
the
Fund
held
longs
in
Taiwan
and
Singapore
versus
Japan
and
Korea.
In
August,
the
Fund
moved
short
Italy
and
France
in
favor
of
Spain,
and
it
shifted
from
a
short
in
the
United
Kingdom
to
a
sizable
long.
In
fixed
income,
the
Fund
began
the
period
net
long
duration,
with
a
preference
for
Europe
and
the
emerging
markets
over
the
United
States
and
Asia
ex-Japan.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
It
moved
to
a
short
duration
in
May
as
the
medium-term
outlook
for
bonds
weakened
due
to
persistently
high
inflation,
energy
challenges
in
Europe,
slowing
activity
in
China
and
hawkish
monetary
policy
signaling.
The
Fund
was
positioned
short
in
U.S.
Treasuries
at
the
beginning
of
the
period,
as
the
Fed
indicated
that
it
would
tighten
policy.
The
Fund
moved
overweight
in
the
United
States
in
May
2022
in
anticipation
of
an
economic
slowdown,
and
it
maintained
a
relatively
flat
position
from
June
through
the
end
of
October
2022.
Within
the
emerging
markets,
the
Fund
was
long
in
China
versus
Poland
for
the
full
six
months.
The
Fund
shifted
from
a
long
in
Germany
versus
the
United
Kingdom
to
the
opposite
positioning
in
September.
The
Fund
did
not
hold
any
active
currency
positions.
Describe
portfolio
positioning
at
period
end.
At
the
end
of
the
period,
the
Fund
was
positioned
net
long
equities
and
net
short
duration.
Within
equities,
the
Fund
preferred
Asia-ex
Japan,
Europe
and
the
emerging
markets
to
Japan
and
the
United
States.
In
bonds,
the
Fund
was
long
Asia
ex-Japan
(primarily
China)
and
the
emerging
markets
versus
Japan.
The
Fund
held
a
relatively
flat
position
in
U.S.
Treasuries.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
October
31,
2022
(continued)
13
Fund
Summary
BlackRock
Tactical
Opportunities
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
......................................
2.14‌%
5.28‌%
N/A‌
3.20‌%
N/A‌
3.99‌%
N/A‌
Service
........................................
1.94‌
4.95‌
N/A‌
2.92‌
N/A‌
3.68‌
N/A‌
Investor
A
.......................................
1.94‌
4.96‌
(0.55‌)%
2.89‌
1.78‌%
3.68‌
3.12‌%
Investor
C
.......................................
1.56‌
4.19‌
3.19‌
2.13‌
2.13‌
3.09‌
3.09‌
Class
K
........................................
2.14‌
5.36‌
N/A‌
3.30‌
N/A‌
3.93‌
N/A‌
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
(c)
...........
(1.69‌)
(4.85‌)
N/A‌
0.53‌
N/A‌
0.58‌
N/A‌
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(d)
..............
0.72‌
0.79‌
N/A‌
1.17‌
N/A‌
0.70‌
N/A‌
75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index/25%
MSCI
All
Country
World
Index
(e)
...........................
(3.47‌)
(8.58‌)
N/A‌
1.98‌
N/A‌
2.58‌
N/A‌
MSCI
All
Country
World
Index
(f)
.......................
(9.42‌)
(19.96‌)
N/A‌
5.24‌
N/A‌
7.98‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
The
Fund
uses
a
macro
asset
allocation
strategy,
investing
varying
percentages
of
its
portfolio
in
global
stocks,
bonds,
money
market
instruments,
foreign
currencies
and
cash.
The
Fund’s
total
returns
from
May
15,
2012
through
January
28,
2016
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
strategy
by
investing
a
significant
portion
of
its
assets
in
other
investment
companies
and
directly
in
securities
under
the
name
BlackRock
Managed
Volatility
Portfolio.
(c)
A
sub-index
of
the
Bloomberg
U.S.
Treasury
Index,
which
measures
U.S.
dollar
denominated,
fixed-rate,
nominal
debt
issued
by
the
U.S.
Treasury
and
includes
a
maturity
constraint
of
at
least
one
year
and
up
to,
but
not
including,
three
years
until
final
maturity.
(d)
An
unmanaged
index
that
measures
returns
of
3-month
Treasury
Bills.
On
March
1,
2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(the
“Index”).
Historical
index
data
prior
to
March
1,
2021
is
for
the
3pm
pricing
variant
of
the
Index.
Index
data
on
and
after
March
1,
2021
is
for
the
4pm
pricing
variant
of
the
Index.
(e)
A
customized
weighted
index
comprised
of
75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
and
25%
MSCI
All
Country
World
Index.
(f)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,021.40‌
$
4.03‌
$
1,000.00‌
$
1,021.22‌
$
4.02‌
0.79‌%
Service
..................................
1,000.00‌
1,019.40‌
5.60‌
1,000.00‌
1,019.66‌
5.60‌
1.10‌
Investor
A
................................
1,000.00‌
1,019.40‌
5.55‌
1,000.00‌
1,019.71‌
5.55‌
1.09‌
Investor
C
................................
1,000.00‌
1,015.60‌
9.20‌
1,000.00‌
1,016.08‌
9.20‌
1.81‌
Class
K
..................................
1,000.00‌
1,021.40‌
3.41‌
1,000.00‌
1,021.83‌
3.41‌
0.67‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Fund
Summary
as
of
October
31,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
Tactical
Opportunities
Fund
Portfolio
Information
TEN
LARGEST
HOLDINGS
—
%
Security
(a)
Percent
of
Net
Assets
—
Apple,
Inc.
......................................
3.6‌
%
Microsoft
Corp.
...................................
2.7‌
Amazon.com,
Inc.
.................................
1.4‌
Tesla,
Inc.
.......................................
1.3‌
Alphabet,
Inc.,
Class
A
..............................
0.9‌
Johnson
&
Johnson
................................
0.9‌
Berkshire
Hathaway,
Inc.,
Class
B
......................
0.8‌
Alphabet,
Inc.,
Class
C
..............................
0.8‌
Costco
Wholesale
Corp.
.............................
0.8‌
Walmart,
Inc.
.....................................
0.6‌
—
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Common
Stocks
..................................
69.0‌
%
Preferred
Securities
................................
0.1‌
Warrants
.......................................
0.0‌
(b)
Other
Interests
...................................
—‌
Asset-Backed
Securities
.............................
—‌
Short-Term
Securities
...............................
4.
0‌ 
Other
Assets
Less
Liabilities
..........................
26.9‌
(a)
Excludes
short-term
investments.
(b)
Represents
less
than
0.1%
of
the
Fund’s
net
assets.
Fund
Summary
as
of
October
31,
2022
15
Fund
Summary
BlackRock
U.S.
Impact
Fund
Investment
Objective
BlackRock
U.S.
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
October
31,
2022,
the
Fund
underperformed
its
benchmark,
the
Russell
Midcap
®
Index.
What
factors
influenced
performance?
Holdings
in
the
Fund’s
Sustainable
Food
&
Water
theme
detracted
the
most,
as
stocks
in
this
segment
of
the
market
were
impacted
by
the
“risk-off”
environment
despite
little
change
in
fundamentals.
The
Pollution
&
Remediation
theme
also
detracted,
largely
driven
by
Ball
Corp.
Ball,
the
leading
provider
in
sustainable
aluminium
packaging
in
the
United
States,
faced
concerns
about
demand
that
led
it
to
shut
down
some
of
its
facilities.
By
design,
the
Fund
has
no
position
in
the
energy
sector
or
diversified
financials.
Both
sectors
outperformed,
so
the
zero
weightings
detracted
from
relative
performance.
On
the
positive
side,
stocks
that
were
better
able
to
navigate
the
inflationary
environment
added
value.
ICF
International,
Inc.,
which
advises
companies
on
U.S.
policy-related
issues
such
as
climate
change
and
disaster
relief,
benefited
from
the
passage
of
the
Inflation
Reduction
Act.
The
portfolio’s
Public
Health
theme
was
the
top
contributor
from
a
thematic
standpoint.
Medical
devices
and
life
science
tools
companies,
including
Boston
Scientific
Corp.
and
Agilent
Technologies,
Inc.
delivered
strong
results.
In
addition,
shares
of
the
value-based
healthcare
provider
1Life
Healthcare
rallied
following
Amazon.com’s
announcement
that
it
would
acquire
the
company.
Describe
recent
portfolio
activity.
The
investment
adviser
used
market
weakness
as
an
opportunity
to
identify
high-quality
companies
at
attractive
valuations.
However,
the
investment
adviser
remained
cautious
due
to
ongoing
inflation
pressures
and
recessionary
concerns.
It
therefore
maintained
its
focus
on
building
a
defensive,
yet
well
diversified,
portfolio.
The
Fund’s
largest
weighting
continued
to
be
in
healthcare
stocks
via
the
Public
Health
theme,
where
the
investment
adviser
emphasized
what
it
believed
to
be
more
resilient
segments
of
the
sector.
These
included
companies
considered
the
“picks
and
shovels”
of
the
industry;
in
other
words,
businesses
that
make
it
possible
for
scientists
to
develop
new
drugs
and
the
manufacturers
of
devices
that
are
used
routinely
in
surgeries.
The
investment
adviser
also
increased
the
portfolio’s
allocation
to
Green
Energy
theme
on
the
view
that
these
companies
are
poised
to
benefit
from
the
recently
enacted
Inflation
Reduction
Act.
The
investment
adviser
continued
to
seek
opportunities
to
own
profitable
companies
with
sustainable
growth
in
the
consumer
discretionary
and
information
technology
sectors.
Describe
portfolio
positioning
at
period
end.
Sustainable
Food
&
Water
was
the
second-largest
theme
behind
Public
Health.
The
Fund
increased
its
allocation
to
Green
Energy,
supported
by
the
passage
of
the
Inflation
Reduction
Act.
From
a
sector
perspective,
the
Fund
was
overweight
in
healthcare,
information
technology
and
utilities
and
underweight
in
real
estate
and
industrials.
The
investment
adviser
continued
to
seek
durable,
sustainable
business
models
that
have
demonstrated
the
ability
to
withstand
economic
down
cycles.
It
uses
deep
engagements
and
partnerships
with
corporate
management
teams
to
learn
more
about
strategic
directions
of
its
portfolio
companies
and
uncover
business
risks
which
may
arise
due
to
macro
events.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
October
31,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
U.S.
Impact
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............................................................
(6.57‌)%
(29.36‌)%
N/A‌
4.52‌%
N/A‌
Investor
A
...............................................................
(6.69‌)
(29.61‌)
(33.30‌)%
4.24‌
1.86‌
%
Class
K
................................................................
(6.56‌)
(29.36‌)
N/A‌
4.59‌
N/A‌
Russell
Midcap
®
Index
(d)
....................................................
(5.29‌)
(17.17‌)
N/A‌
11.99‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
U.S.
securities.
The
Fund
will
invest
primarily
in
equity
securities
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
securities.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities
and
depositary
receipts.
The
Fund
may
invest
in
issuers
of
any
market
capitalization,
including
small-
to
mid-capitalization
companies.
(c)
The
Fund
commenced
operations
on
June
30,
2020.
(d)
An
index
that
includes
approximately
800
of
the
smallest
companies
in
the
Russell
1000
®
Index,
which
represent
approximately
27%
of
the
total
market
capitalization
of
the
Russell
1000
®
Index,
as
of
the
most
recent
constitution.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
934.30‌
$
4.14‌
$
1,000.00‌
$
1,020.92‌
$
4.33‌
0.85‌%
Investor
A
................................
1,000.00‌
933.10‌
5.36‌
1,000.00‌
1,019.66‌
5.60‌
1.10‌
Class
K
..................................
1,000.00‌
934.40‌
3.66‌
1,000.00‌
1,021.42‌
3.82‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Health
Care
.....................................
37.1‌
%
Information
Technology
..............................
21.6‌
Consumer
Discretionary
.............................
13.3‌
Utilities
.........................................
10.4‌
Industrials
.......................................
8.3‌
Consumer
Staples
.................................
6.0‌
Materials
.......................................
1.5‌
Communication
Services
.............................
1.5‌
Short-Term
Securities
...............................
4.3‌
Liabilities
in
Excess
of
Other
Assets
.....................
(4.0‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
About
Fund
Performance
17
About
Fund
Performance
/
Disclosure
Of
Expenses
Institutional
and
Class
K
Shares
are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
For
BlackRock
Tactical
Opportunities
Fund's
Class
K
Shares,
performance
shown
prior
to
the
Class
K
Shares
inception
date
of
August
1,
2016
is
that
of
Investor
A
Shares,
excluding
any
front-end
sales
charges,
which
are
not
applicable
to
Class
K
Shares.
The
performance
of
the
BlackRock
Tactical
Opportunities
Fund's
Class
K
Shares
would
be
substantially
similar
to
Investor
A
Shares
because
Class
K
Shares
and
Investor
A
Shares
invest
in
the
same
portfolio
of
securities
and
performance
would
only
differ
to
the
extent
that
Class
K
Shares
and
Investor
A
Shares
have
different
expenses.
The
actual
returns
of
Class
K
Shares
would
have
been
higher
than
those
of
the
Investor
A
Shares
because
Class
K
Shares
have
lower
expenses
than
the
Investor
A
Shares.
Service
Shares
(available
only
in
BlackRock
Tactical
Opportunities
Fund)
are
not
subject
to
any
sales
charge.
These
shares
are
subject
to
a
service
fee
of 
0.25%
per
year
(but
no
distribution
fee)
and
are
only
available
to
certain
eligible
investors.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of 
5.25
%
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Investor
C
Shares
(available
only
in
BlackRock
Tactical
Opportunities
Fund)
are
subject
to
a 1.00%
CDSC
if
redeemed
within
one
year
of
purchase.
In
addition,
these
shares
are
subject
to
a
distribution
fee
of
0.75
%
per
year
and
a
service
fee
of 
0.25%
per
year.
These
shares
are
generally
available
through
financial
intermediaries.
These
shares
automatically
convert
to
Investor
A
Shares
after
approximately eight
years.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
each
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
each
Fund’s
performance
would
have
been
lower.
With
respect
to
each
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time. With
respect
to
each
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees,
administration
fees, service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
2022
BlackRock
Semi-Annual
Report
to
Shareholders
18
The
Funds
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
Pursuant
to
Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Funds
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk. The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
BlackRock
Global
Impact
Fund
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Australia
—
2.5%
APM
Human
Services
International
Ltd.
251,189
$
525,899
Brazil
—
3.3%
Atacadao
SA
.................
28,124
106,060
MercadoLibre
,
Inc.
(a)
............
363
327,288
MRV
Engenharia
e
Participacoes
SA
.
70,384
137,893
Sendas
Distribuidora
SA
.........
29,071
111,433
682,674
Canada
—
3.2%
North
West
Co.,
Inc.
(The)
........
21,831
568,069
Shopify,
Inc.,
Class
A
(a)
..........
2,805
96,015
664,084
China
—
0.6%
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
.......
171,000
130,048
Denmark
—
5.0%
Chr
Hansen
Holding
A/S
.........
1,481
82,256
Orsted
A/S
(b)(c)
................
7,803
643,793
Vestas
Wind
Systems
A/S
........
16,883
332,826
1,058,875
Germany
—
1.6%
LEG
Immobilien
SE
............
5,300
346,012
India
—
2.7%
Bandhan
Bank
Ltd.
(a)(b)(c)
.........
193,054
557,497
Indonesia
—
6.6%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
2,816,300
840,196
Dayamitra
Telekomunikasi
Tbk
.
PT
..
12,032,000
550,436
1,390,632
Japan
—
3.4%
Katitas
Co.
Ltd.
...............
20,400
456,504
Nidec
Corp.
.................
4,800
263,923
720,427
Netherlands
—
1.2%
Koninklijke
DSM
NV
............
2,178
256,199
South
Korea
—
2.5%
Samsung
SDI
Co.
Ltd.
..........
1,013
522,622
Spain
—
4.7%
Corp.
ACCIONA
Energias
Renovables
SA
.....................
4,763
187,286
EDP
Renovaveis
SA
............
37,890
797,300
984,586
Security
Shares
Shares
Value
Switzerland
—
1.0%
Landis+Gyr
Group
AG
(a)
.........
2,622
$
151,098
SGS
SA
(Registered)
...........
24
52,908
204,006
United
Kingdom
—
7.0%
Halma
plc
...................
24,197
586,760
Pearson
plc
.................
24,889
275,101
RELX
plc
...................
11,919
320,150
Wise
plc,
Class
A
(a)
.............
37,600
286,392
1,468,403
United
States
—
53.6%
Agilent
Technologies,
Inc.
........
3,749
518,674
Aptiv
plc
(a)
...................
4,309
392,421
Autodesk,
Inc.
(a)
...............
1,129
241,945
Avangrid
,
Inc.
................
3,594
146,204
Ball
Corp.
...................
2,210
109,152
Block,
Inc.,
Class
A
(a)
...........
1,570
94,310
Boston
Scientific
Corp.
(a)
.........
23,898
1,030,243
Brookfield
Renewable
Corp.
......
26,551
824,974
Cable
One,
Inc.
...............
178
152,979
Crown
Holdings,
Inc.
...........
1,189
81,553
Danaher
Corp.
...............
3,000
755,010
Duolingo
,
Inc.,
Class
A
(a)
.........
1,586
129,798
Encompass
Health
Corp.
........
4,528
246,504
Enphase
Energy,
Inc.
(a)
..........
529
162,403
Etsy,
Inc.
(a)
..................
1,576
148,002
Global
Payments,
Inc.
..........
2,307
263,598
Grand
Canyon
Education,
Inc.
(a)
....
2,392
240,707
Grocery
Outlet
Holding
Corp.
(a)
.....
10,483
362,397
ICF
International,
Inc.
...........
6,559
784,653
Jack
Henry
&
Associates,
Inc.
.....
3,171
631,219
Palo
Alto
Networks,
Inc.
(a)
........
1,225
210,198
Royalty
Pharma
plc,
Class
A
......
24,150
1,022,028
Schneider
Electric
SE
...........
4,257
538,325
STERIS
plc
..................
488
84,219
Stride,
Inc.
(a)
.................
9,664
323,841
Tesla,
Inc.
(a)
..................
351
79,867
Thermo
Fisher
Scientific,
Inc.
......
455
233,856
Trimble,
Inc.
(a)
................
8,281
498,185
Veeva
Systems,
Inc.,
Class
A
(a)
....
2,098
352,338
Zoetis,
Inc.,
Class
A
............
2,759
416,002
Zurn
Elkay
Water
Solutions
Corp.
...
7,562
177,631
11,253,236
Total
Long-Term
Investments
—
98.9%
(Cost:
$22,038,453)
..............................
20,765,200
Total
Investments
—
98.9%
(Cost:
$22,038,453)
..............................
20,765,200
Other
Assets
Less
Liabilities
—
1.1%
...................
223,545
Net
Assets
—
100.0%
..............................
$
20,988,745
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Impact
Fund
20
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
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
10/31/22
Shares
Held
at
10/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
—
$
—
$
—
$
—
$
—
$
—
—
$
524
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
—
236
(b)
—
(236)
—
—
—
152
(c)
—
$
(236)
$
—
$
—
$
676
$
—
—
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
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
Global
Impact
Fund
Schedules
of
Investments
21
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
Australia
.............................................
$
—
$
525,899
$
—
$
525,899
Brazil
...............................................
682,674
—
—
682,674
Canada
.............................................
664,084
—
—
664,084
China
...............................................
—
130,048
—
130,048
Denmark
.............................................
—
1,058,875
—
1,058,875
Germany
............................................
—
346,012
—
346,012
India
...............................................
—
557,497
—
557,497
Indonesia
............................................
—
1,390,632
—
1,390,632
Japan
...............................................
—
720,427
—
720,427
Netherlands
...........................................
—
256,199
—
256,199
South
Korea
..........................................
—
522,622
—
522,622
Spain
...............................................
—
984,586
—
984,586
Switzerland
...........................................
—
204,006
—
204,006
United
Kingdom
........................................
—
1,468,403
—
1,468,403
United
States
..........................................
10,714,911
538,325
—
11,253,236
$
12,061,669
$
8,703,531
$
—
$
20,765,200
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
International
Impact
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Australia
—
4.1%
APM
Human
Services
International
Ltd.
101,994
$
213,539
Brazil
—
7.2%
Atacadao
SA
.................
15,848
59,766
MercadoLibre
,
Inc.
(a)
............
157
141,554
MRV
Engenharia
e
Participacoes
SA
.
62,889
123,209
Sendas
Distribuidora
SA
.........
11,749
45,035
369,564
Canada
—
3.8%
North
West
Co.,
Inc.
(The)
........
6,475
168,487
Shopify,
Inc.,
Class
A
(a)
..........
883
30,225
198,712
China
—
1.1%
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
.......
72,900
55,441
Denmark
—
9.1%
Chr
Hansen
Holding
A/S
.........
1,053
58,485
Orsted
A/S
(b)(c)
................
3,335
275,156
Vestas
Wind
Systems
A/S
........
6,814
134,329
467,970
Germany
—
3.6%
LEG
Immobilien
SE
............
2,198
143,497
Vonovia
SE
..................
2,028
44,840
188,337
India
—
4.3%
Bandhan
Bank
Ltd.
(a)(b)(c)
.........
76,147
219,896
Indonesia
—
11.6%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
1,157,800
345,410
Dayamitra
Telekomunikasi
Tbk
.
PT
..
5,489,600
251,137
596,547
Japan
—
6.4%
GMO
Payment
Gateway,
Inc.
......
1,000
71,906
Katitas
Co.
Ltd.
...............
6,400
143,217
Nidec
Corp.
.................
2,100
115,466
330,589
Netherlands
—
2.0%
Koninklijke
DSM
NV
............
879
103,397
South
Africa
—
1.3%
Capitec
Bank
Holdings
Ltd.
.......
663
68,652
Security
Shares
Shares
Value
South
Korea
—
4.4%
Samsung
SDI
Co.
Ltd.
..........
439
$
226,487
Spain
—
7.5%
Corp.
ACCIONA
Energias
Renovables
SA
.....................
2,350
92,404
EDP
Renovaveis
SA
............
13,879
292,049
384,453
Switzerland
—
2.5%
Landis+Gyr
Group
AG
(a)
.........
1,823
105,054
SGS
SA
(Registered)
...........
10
22,045
127,099
United
Kingdom
—
11.6%
Halma
plc
...................
10,091
244,700
Pearson
plc
.................
11,672
129,012
RELX
plc
...................
5,490
147,464
Wise
plc,
Class
A
(a)
.............
10,055
76,587
597,763
United
States
—
17.7%
Agilent
Technologies,
Inc.
........
477
65,993
Brookfield
Renewable
Corp.
......
10,045
312,111
Danaher
Corp.
...............
528
132,882
Schneider
Electric
SE
...........
2,348
296,920
Thermo
Fisher
Scientific,
Inc.
......
199
102,280
910,186
Total
Long-Term
Investments
—
98.2%
(Cost:
$6,019,646)
..............................
5,058,632
Short-Term
Securities
Money
Market
Funds
—
0.6%
(d)(e)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.92%
......
31,460
31,460
SL
Liquidity
Series,
LLC,
Money
Market
Series,
3.37%
(f)
.............
18
18
Total
Short-Term
Securities
—
0.6%
(Cost:
$31,478)
................................
31,478
Total
Investments
—
98.8%
(Cost:
$6,051,124)
..............................
5,090,110
Other
Assets
Less
Liabilities
—
1.2%
...................
62,956
Net
Assets
—
100.0%
..............................
$
5,153,066
(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)
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
Schedules
of
Investments
23
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
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
10/31/22
Shares
Held
at
10/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
—
$
31,460
(a)
$
—
$
—
$
—
$
31,460
31,460
$
425
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
—
8
(a)
—
10
—
18
18
1,287
(b)
—
$
10
$
—
$
31,478
$
1,712
$
—
—
—
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
International
Impact
Fund
24
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
Australia
.............................................
$
—
$
213,539
$
—
$
213,539
Brazil
...............................................
369,564
—
—
369,564
Canada
.............................................
198,712
—
—
198,712
China
...............................................
—
55,441
—
55,441
Denmark
.............................................
—
467,970
—
467,970
Germany
............................................
—
188,337
—
188,337
India
...............................................
—
219,896
—
219,896
Indonesia
............................................
—
596,547
—
596,547
Japan
...............................................
—
330,589
—
330,589
Netherlands
...........................................
—
103,397
—
103,397
South
Africa
...........................................
—
68,652
—
68,652
South
Korea
..........................................
—
226,487
—
226,487
Spain
...............................................
—
384,453
—
384,453
Switzerland
...........................................
—
127,099
—
127,099
United
Kingdom
........................................
—
597,763
—
597,763
United
States
..........................................
613,266
296,920
—
910,186
Short-Term
Securities
Money
Market
Funds
......................................
31,460
—
—
31,460
$
1,213,002
$
3,877,090
$
—
$
5,090,092
Investments
valued
at
NAV
(a)
......................................
18
$
—
$
5,090,110
$
—
(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.
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Brazil
—
4.4%
AES
Brasil
Energia
SA
..........
4,409
$
8,467
Ambev
SA
..................
26,883
83,322
B3
SA
-
Brasil
Bolsa
Balcao
.......
11,140
32,349
Banco
do
Brasil
SA
............
5,276
37,863
CCR
SA
....................
2,611
6,586
Cielo
SA
(a)
..................
14,755
16,996
CPFL
Energia
SA
..............
5,160
35,412
Energisa
SA
.................
3,149
29,616
Fleury
SA
...................
3,570
12,820
Light
SA
....................
10,086
11,052
Localiza
Rent
a
Car
SA
..........
676
9,218
Lojas
Renner
SA
(a)
.............
3,658
21,889
M
Dias
Branco
SA
(a)
............
862
7,263
Natura
&
Co.
Holding
SA
.........
4,320
12,486
Petroleo
Brasileiro
SA,
ADR
......
527
6,066
Transmissora
Alianca
de
Energia
Eletrica
SA
................
2,188
17,011
Ultrapar
Participacoes
SA
........
12,882
33,567
381,983
China
—
26.9%
3SBio,
Inc.
(b)(c)
................
67,500
47,669
Alibaba
Group
Holding
Ltd.
(a)
......
23,492
182,648
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...............
500
9,709
Baidu,
Inc.,
Class
A
(a)
...........
4,078
39,096
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
.
13,472
22,235
Bosideng
International
Holdings
Ltd.
.
32,000
13,821
BYD
Co.
Ltd.,
Class
A
...........
1,566
52,746
BYD
Co.
Ltd.,
Class
H
..........
2,000
44,806
China
Aoyuan
Group
Ltd.
(a)(d)
......
42,000
2,534
China
Construction
Bank
Corp.,
Class
H
......................
144,000
76,419
China
Eastern
Airlines
Corp.
Ltd.,
Class
A
(a)
.....................
7,300
4,789
China
Lesso
Group
Holdings
Ltd.
...
26,000
21,103
China
Medical
System
Holdings
Ltd.
.
33,000
36,066
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
23,000
75,300
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
38,000
15,060
China
Resources
Gas
Group
Ltd.
...
10,700
27,405
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
..................
37,000
14,032
China
Vanke
Co.
Ltd.,
Class
A
.....
1,900
3,503
China
Vanke
Co.
Ltd.,
Class
H
.....
7,300
9,369
CMOC
Group
Ltd.,
Class
H
.......
90,000
28,976
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
1,300
66,366
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
......................
10,000
4,524
ENN
Energy
Holdings
Ltd.
........
4,800
47,722
Eve
Energy
Co.
Ltd.,
Class
A
......
3,500
39,732
Far
East
Horizon
Ltd.
...........
9,000
6,950
Fosun
International
Ltd.
.........
102,500
62,638
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
..................
1,300
5,926
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
......................
3,290
35,433
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H
(b)(c)
....................
560
3,788
Geely
Automobile
Holdings
Ltd.
....
15,000
16,143
GoerTek
,
Inc.,
Class
A
..........
3,800
11,222
H
World
Group
Ltd.,
ADR
........
193
5,226
Security
Shares
Shares
Value
China
(continued)
Huatai
Securities
Co.
Ltd.,
Class
H
(b)(c)
31,000
$
30,357
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
84,000
36,470
JD.com,
Inc.,
Class
A
...........
2,956
53,830
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
......
19,004
30,284
KE
Holdings,
Inc.,
ADR
(a)
.........
961
9,783
Kingdee
International
Software
Group
Co.
Ltd.
(a)
.................
17,000
27,856
Kunlun
Energy
Co.
Ltd.
..........
10,000
5,977
Lenovo
Group
Ltd.
.............
92,000
73,527
Li
Auto,
Inc.,
ADR
(a)
............
875
11,917
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
...............
10,060
66,090
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
..................
11,415
44,181
Meituan
,
Class
B
(a)(b)(c)
...........
3,500
56,037
NetEase
,
Inc.
................
3,870
42,939
NIO,
Inc.,
ADR
(a)
..............
1,960
18,953
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
A
...........
72,700
48,114
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
...........
84,000
23,214
PetroChina
Co.
Ltd.,
Class
A
......
9,400
6,126
Pinduoduo
,
Inc.,
ADR
(a)
..........
703
38,545
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
...............
9,000
36,030
SF
Holding
Co.
Ltd.,
Class
A
......
2,505
16,506
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
...............
32,800
44,453
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....
300
13,340
Shimao
Group
Holdings
Ltd.
(a)(d)
....
16,000
2,264
Sinopharm
Group
Co.
Ltd.,
Class
H
.
14,000
26,560
Sinotruk
Hong
Kong
Ltd.
.........
1,500
1,337
Sunny
Optical
Technology
Group
Co.
Ltd.
.....................
3,000
25,998
Sunwoda
Electronic
Co.
Ltd.,
Class
A
2,800
8,882
Tencent
Holdings
Ltd.
...........
8,500
223,353
Tianneng
Power
International
Ltd.
...
10,000
9,622
Tongcheng
Travel
Holdings
Ltd.
(a)(c)
..
15,600
24,350
Trip.com
Group
Ltd.,
ADR
(a)
.......
931
21,069
Vipshop
Holdings
Ltd.,
ADR
(a)
......
2,038
14,205
WuXi
AppTec
Co.
Ltd.,
Class
H
(b)(c)
..
1,480
11,879
Wuxi
Biologics
Cayman,
Inc.
(a)(b)(c)
...
6,000
26,998
Xiamen
Tungsten
Co.
Ltd.,
Class
A
..
3,218
8,810
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
....
461
658
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
....
7,600
6,585
Xinyi
Solar
Holdings
Ltd.
.........
8,000
7,942
Yadea
Group
Holdings
Ltd.
(b)(c)
.....
38,000
58,021
Yum
China
Holdings,
Inc.
........
560
23,156
ZTE
Corp.,
Class
A
............
13,748
41,664
2,310,838
Colombia
—
0.1%
Bancolombia
SA,
ADR
..........
401
10,173
Greece
—
0.8%
OPAP
SA
...................
5,506
67,466
India
—
14.1%
Adani
Green
Energy
Ltd.
(a)
........
901
22,909
Adani
Total
Gas
Ltd.
............
702
30,552
Asian
Paints
Ltd.
..............
2,144
80,707
AU
Small
Finance
Bank
Ltd.
(b)(c)
....
4,999
35,611
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
India
(continued)
Axis
Bank
Ltd.
................
4,698
$
51,520
Bajaj
Finance
Ltd.
.............
674
58,261
Berger
Paints
India
Ltd.
.........
2,440
17,302
Havells
India
Ltd.
..............
2,847
41,889
Housing
Development
Finance
Corp.
Ltd.
.....................
1,822
54,475
ICICI
Bank
Ltd.
...............
5,564
61,178
Infosys
Ltd.
..................
5,858
109,182
Infosys
Ltd.,
ADR
..............
2,561
47,967
Kotak
Mahindra
Bank
Ltd.
........
2,234
51,438
Mahindra
&
Mahindra
Financial
Services
Ltd.
...............
5,482
13,391
Mahindra
&
Mahindra
Ltd.
........
5,031
82,111
Marico
Ltd.
..................
11,021
69,919
Nestle
India
Ltd.
..............
326
80,277
Piramal
Enterprises
Ltd.
.........
1,890
19,423
Reliance
Industries
Ltd.
.........
3,567
110,066
Tata
Consultancy
Services
Ltd.
....
3,101
119,675
TVS
Motor
Co.
Ltd.
............
916
12,695
UPL
Ltd.
....................
5,093
44,962
1,215,510
Indonesia
—
2.6%
Bank
Central
Asia
Tbk
.
PT
........
198,100
111,981
Bank
Negara
Indonesia
Persero
Tbk
.
PT
.....................
33,300
20,078
Kalbe
Farma
Tbk
.
PT
...........
398,000
52,340
Perusahaan
Gas
Negara
Tbk
.
PT
...
158,600
20,096
Sumber
Alfaria
Trijaya
Tbk
.
PT
.....
63,200
11,420
Unilever
Indonesia
Tbk
.
PT
.......
35,600
10,591
226,506
Kuwait
—
0.1%
Kuwait
Finance
House
KSCP
......
1,912
5,000
Malaysia
—
3.2%
Axiata
Group
Bhd.
.............
63,100
37,974
CIMB
Group
Holdings
Bhd.
.......
54,200
63,313
Maxis
Bhd.
..................
11,500
9,361
Petronas
Dagangan
Bhd.
........
13,400
61,445
Public
Bank
Bhd.
..............
6,700
6,336
RHB
Bank
Bhd.
...............
32,100
38,873
Sime
Darby
Bhd.
..............
115,400
54,948
272,250
Mexico
—
2.7%
Coca-Cola
Femsa
SAB
de
CV
.....
10,115
63,621
Coca-Cola
Femsa
SAB
de
CV,
ADR
.
330
20,721
Fomento
Economico
Mexicano
SAB
de
CV
.....................
5,684
40,778
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.................
160
11,459
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
..................
9,484
77,205
Wal-Mart
de
Mexico
SAB
de
CV
....
5,188
20,042
233,826
Philippines
—
0.1%
GT
Capital
Holdings,
Inc.
........
1,430
10,225
Qatar
—
0.8%
Commercial
Bank
PSQC
(The)
.....
2,766
4,736
Industries
Qatar
QSC
...........
2,125
9,112
Masraf
Al
Rayan
QSC
...........
5,545
5,787
Qatar
Islamic
Bank
SAQ
.........
1,752
11,613
Qatar
National
Bank
QPSC
.......
6,851
37,159
68,407
Security
Shares
Shares
Value
Romania
—
0.3%
NEPI
Rockcastle
NV
...........
4,809
$
24,171
Russia
—
0.0%
(d)
LUKOIL
PJSC
................
2,410
—
Novatek
PJSC
................
1,500
—
PhosAgro
PJSC
..............
1,413
—
PhosAgro
PJSC,
GDR
(a)
.........
27
1
1
Saudi
Arabia
—
4.8%
Al
Rajhi
Bank
(a)
...............
3,166
71,792
Alinma
Bank
.................
705
7,033
Bank
AlBilad
(a)
................
846
11,425
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
347
20,932
Sahara
International
Petrochemical
Co.
357
3,843
Saudi
Arabian
Mining
Co.
(a)
.......
508
11,307
Saudi
Arabian
Oil
Co.
(b)(c)
.........
6,983
64,806
Saudi
Basic
Industries
Corp.
......
3,958
92,936
Savola
Group
(The)
............
7,923
61,728
Seera
Group
Holding
(a)
..........
12,625
64,080
409,882
South
Africa
—
5.4%
Anglo
American
Platinum
Ltd.
.....
883
70,310
Anglo
American
plc
............
2,112
63,731
Aspen
Pharmacare
Holdings
Ltd.
...
1,555
12,791
Bidvest
Group
Ltd.
(The)
.........
2,031
23,494
Foschini
Group
Ltd.
(The)
........
1,853
11,585
Gold
Fields
Ltd.
...............
4,309
34,519
Growthpoint
Properties
Ltd.
.......
7,725
5,446
Impala
Platinum
Holdings
Ltd.
.....
651
6,665
Kumba
Iron
Ore
Ltd.
............
1,666
31,342
Life
Healthcare
Group
Holdings
Ltd.
.
10,317
11,093
Naspers
Ltd.,
Class
N
...........
188
19,379
Nedbank
Group
Ltd.
............
3,952
46,808
Old
Mutual
Ltd.
...............
74,891
42,510
Sanlam
Ltd.
.................
3,038
8,856
Vodacom
Group
Ltd.
...........
9,776
66,589
Woolworths
Holdings
Ltd.
........
1,412
4,842
459,960
South
Korea
—
9.0%
Amorepacific
Group
............
798
13,817
CJ
Logistics
Corp.
(a)
............
237
14,596
Coway
Co.
Ltd.
...............
252
9,772
Hanwha
Solutions
Corp.
(a)
........
645
21,316
KB
Financial
Group,
Inc.
.........
2,618
88,093
KB
Financial
Group,
Inc.,
ADR
.....
1,988
66,678
NAVER
Corp.
................
472
55,988
POSCO
Holdings,
Inc.
..........
516
89,934
POSCO
Holdings,
Inc.,
ADR
......
7
304
Samsung
C&T
Corp.
...........
301
24,986
Samsung
Electronics
Co.
Ltd.
.....
7,270
302,576
Shinhan
Financial
Group
Co.
Ltd.
...
822
20,892
SK
Innovation
Co.
Ltd.
(a)
.........
207
25,065
SK,
Inc.
....................
195
29,221
Woori
Financial
Group,
Inc.
.......
1,401
11,561
774,799
Taiwan
—
13.6%
Accton
Technology
Corp.
........
3,000
22,560
Acer,
Inc.
...................
42,000
28,738
ASE
Technology
Holding
Co.
Ltd.
...
20,000
49,383
Cathay
Financial
Holding
Co.
Ltd.
...
61,000
71,389
Chailease
Holding
Co.
Ltd.
.......
6,300
29,060
CTBC
Financial
Holding
Co.
Ltd.
...
103,000
65,069
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Taiwan
(continued)
Delta
Electronics,
Inc.
...........
10,000
$
79,568
E.Sun
Financial
Holding
Co.
Ltd.
...
44,000
31,621
Eva
Airways
Corp.
.............
18,000
12,998
First
Financial
Holding
Co.
Ltd.
.....
96,720
74,194
Fubon
Financial
Holding
Co.
Ltd.
...
7,000
11,057
Hon
Hai
Precision
Industry
Co.
Ltd.
..
8,000
25,409
MediaTek
,
Inc.
................
5,000
91,141
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
.................
8,000
11,514
Taishin
Financial
Holding
Co.
Ltd.
...
21,000
8,618
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
..................
1,660
1,286
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
37,000
444,822
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
..............
1,015
62,473
United
Microelectronics
Corp.
(a)
....
4,000
4,810
Voltronic
Power
Technology
Corp.
...
1,000
40,544
Wistron
Corp.
................
8,000
6,459
1,172,713
Thailand
—
3.4%
Bangchak
Corp.
PCL,
NVDR
......
50,100
40,263
Bangkok
Dusit
Medical
Services
PCL,
NVDR
...................
101,500
78,779
Delta
Electronics
Thailand
PCL,
NVDR
1,300
19,878
Energy
Absolute
PCL,
NVDR
......
3,800
9,674
Home
Product
Center
PCL,
NVDR
..
176,500
67,825
PTT
Exploration
&
Production
PCL,
NVDR
...................
9,500
45,422
PTT
PCL,
NVDR
..............
35,900
33,974
295,815
Turkey
—
0.5%
(a)
Migros
Ticaret
A/S
.............
3,697
24,032
Turk
Hava
Yollari
AO
...........
2,970
16,165
40,197
United
Arab
Emirates
—
0.7%
Abu
Dhabi
Commercial
Bank
PJSC
.
2,410
6,204
Abu
Dhabi
Islamic
Bank
PJSC
.....
2,039
5,276
Aldar
Properties
PJSC
..........
5,454
6,415
Emirates
NBD
Bank
PJSC
........
3,524
12,725
Emirates
Telecommunications
Group
Co.
PJSC
.................
611
4,294
First
Abu
Dhabi
Bank
PJSC
.......
4,564
22,257
57,171
Total
Common
Stocks
—
93.5%
(Cost:
$9,976,935)
..............................
8,036,893
Security
Shares
Shares
Value
Preferred
Securities
Preferred
Stocks
—
3.0%
Brazil
—
3.0%
Banco
Bradesco
SA
(Preference)
...
12,049
$
46,232
Centrais
Eletricas
Brasileiras
SA
(Preference)
...............
1,455
15,070
Cia
Energetica
de
Minas
Gerais
(Preference)
...............
23,450
51,571
Cia
Paranaense
de
Energia
(Preference)
...............
3,380
4,848
Gerdau
SA
(Preference)
.........
1,196
5,967
Itau
Unibanco
Holding
SA
(Preference)
8,501
49,931
Petroleo
Brasileiro
SA
(Preference)
..
14,311
82,561
256,180
Total
Preferred
Securities
—
3.0%
(Cost:
$245,256)
................................
256,180
Rights
Brazil
—
0.0%
Fleury
SA
(Expires
11/21/22,
Strike
Price
BRL
17.27)
(a)
...........
382
96
Taiwan
—
0.0%
Shanghai
Commercial
(Expires
12/08/22,
Strike
Price
TWD
37.00)
(a)
586
171
Total
Rights
—
0.0%
(Cost:
$0)
....................................
267
Total
Long-Term
Investments
—
96.5%
(Cost:
$10,222,191)
..............................
8,293,340
Short-Term
Securities
Money
Market
Funds
—
3.2%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.92%
(e)(f)
....
274,545
274,545
Total
Short-Term
Securities
—
3.2%
(Cost:
$274,545)
................................
274,545
Total
Investments
—
99.7%
(Cost:
$10,496,736)
..............................
8,567,885
Other
Assets
Less
Liabilities
—
0.3%
...................
28,654
Net
Assets
—
100.0%
..............................
$
8,596,539
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
Affiliate
of
the
Fund.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
28
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
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
10/31/22
Shares
Held
at
10/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
301,820
$
—
$
(27,275)
(a)
$
—
$
—
$
274,545
274,545
$
2,530
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
..........
8,928
—
(8,928)
(a)
—
—
—
—
176
(c)
—
iShares
MSCI
Saudi
Arabia
ETF
(b)
413,416
43,996
(394,809)
77,691
(140,294)
—
—
2,998
—
$
77,691
$
(140,294)
$
274,545
$
5,704
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
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
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
29
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
7
12/16/22
$
299
$
(25,488)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
25,488
$
—
$
—
$
—
$
25,488
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(45,541)
$
—
$
—
$
—
$
(45,541)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(13,235)
$
—
$
—
$
—
$
(13,235)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
324,118
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
30
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
Brazil
...............................................
$
381,983
$
—
$
—
$
381,983
China
...............................................
142,854
2,163,186
4,798
2,310,838
Colombia
............................................
10,173
—
—
10,173
Greece
..............................................
—
67,466
—
67,466
India
...............................................
47,967
1,167,543
—
1,215,510
Indonesia
............................................
—
226,506
—
226,506
Kuwait
..............................................
—
5,000
—
5,000
Malaysia
.............................................
61,445
210,805
—
272,250
Mexico
..............................................
233,826
—
—
233,826
Philippines
...........................................
—
10,225
—
10,225
Qatar
...............................................
—
68,407
—
68,407
Romania
.............................................
—
24,171
—
24,171
Russia
..............................................
—
—
1
1
Saudi
Arabia
..........................................
—
409,882
—
409,882
South
Africa
...........................................
86,841
373,119
—
459,960
South
Korea
..........................................
66,982
707,817
—
774,799
Taiwan
..............................................
62,473
1,110,240
—
1,172,713
Thailand
.............................................
—
295,815
—
295,815
Turkey
..............................................
24,032
16,165
—
40,197
United
Arab
Emirates
....................................
—
57,171
—
57,171
Preferred
Securities
.......................................
256,180
—
—
256,180
Rights
Brazil
...............................................
96
—
—
96
Taiwan
..............................................
—
171
—
171
Short-Term
Securities
Money
Market
Funds
......................................
274,545
—
—
274,545
$
1,649,397
$
6,913,689
$
4,799
$
8,567,885
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(25,488)
$
—
$
—
$
(25,488)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Australia
—
8.4%
Allkem
Ltd.
(a)
.................
787
$
7,272
Aristocrat
Leisure
Ltd.
...........
3,308
78,519
Australia
&
New
Zealand
Banking
Group
Ltd.
................
4,886
80,051
BHP
Group
Ltd.
...............
5,295
127,187
Commonwealth
Bank
of
Australia
...
412
27,623
CSR
Ltd.
...................
856
2,536
Downer
EDI
Ltd.
..............
412
1,184
Flight
Centre
Travel
Group
Ltd.
(a)
...
1,232
13,113
Glencore
plc
.................
8,171
46,845
GPT
Group
(The)
(b)
.............
1,807
4,994
Harvey
Norman
Holdings
Ltd.
.....
457
1,216
Macquarie
Group
Ltd.
...........
876
95,031
Medibank
Pvt
Ltd.
.............
4,730
8,517
Mineral
Resources
Ltd.
..........
53
2,485
National
Australia
Bank
Ltd.
.......
3,754
77,978
Pilbara
Minerals
Ltd.
(a)
..........
763
2,480
Pro
Medicus
Ltd.
..............
34
1,211
QBE
Insurance
Group
Ltd.
.......
92
721
Ramsay
Health
Care
Ltd.
........
99
3,713
REA
Group
Ltd.
...............
379
29,375
Rio
Tinto
plc
.................
306
15,992
SEEK
Ltd.
..................
137
1,886
Sonic
Healthcare
Ltd.
...........
267
5,590
South32
Ltd.
.................
6,451
14,800
Stockland
(b)
..................
26,485
61,024
Telstra
Group
Ltd.
.............
11,846
29,703
Treasury
Wine
Estates
Ltd.
.......
61
505
Westpac
Banking
Corp.
.........
4,756
73,437
WiseTech
Global
Ltd.
...........
54
1,997
Woodside
Energy
Group
Ltd.
......
80
1,849
Worley
Ltd.
..................
2,214
20,223
839,057
Austria
—
0.6%
ams
-OSRAM
AG
(a)
.............
126
713
ANDRITZ
AG
................
1,120
52,054
Erste
Group
Bank
AG
...........
258
6,358
59,125
Belgium
—
1.5%
Ackermans
&
van
Haaren
NV
.....
343
47,787
Ageas
SA
...................
42
1,454
Anheuser-Busch
InBev
SA/NV
.....
2,013
100,691
Galapagos
NV
(a)
..............
64
2,919
152,851
China
—
0.6%
BOC
Hong
Kong
Holdings
Ltd.
.....
19,000
59,039
Wilmar
International
Ltd.
.........
100
274
59,313
Denmark
—
3.5%
AP
Moller
-
Maersk
A/S,
Class
A
....
3
6,002
AP
Moller
-
Maersk
A/S,
Class
B
....
6
12,535
Carlsberg
A/S,
Class
B
..........
72
8,478
Demant
A/S
(a)
................
230
6,281
DSV
A/S
....................
95
12,837
Genmab
A/S
(a)
................
63
24,268
H
Lundbeck
A/S
...............
1,148
4,295
Novo
Nordisk
A/S,
Class
B
.......
1,720
187,018
Novozymes
A/S,
Class
B
.........
1,403
73,644
Pandora
A/S
.................
35
1,841
Security
Shares
Shares
Value
Denmark
(continued)
Tryg
A/S
....................
642
$
13,886
351,085
Finland
—
0.8%
Kone
OYJ,
Class
B
............
71
2,907
Nokia
OYJ
..................
6,112
27,161
Nordea
Bank
Abp
.............
2,448
23,385
Sampo
OYJ,
Class
A
...........
279
12,758
Valmet
OYJ
.................
131
2,980
Wartsila
OYJ
Abp
..............
956
6,517
75,708
France
—
10.4%
Airbus
SE
...................
26
2,813
ALD
SA
(c)(d)(e)
.................
566
6,039
BioMerieux
..................
6
531
BNP
Paribas
SA
..............
1,851
86,801
Capgemini
SE
................
9
1,475
Cie
Generale
des
Etablissements
Michelin
SCA
..............
383
9,760
Dassault
Systemes
SE
..........
1,950
65,362
Engie
SA
...................
4,422
57,457
Faurecia
SE
(a)
................
132
1,971
Gecina
SA
..................
37
3,299
Hermes
International
...........
73
94,490
Ipsen
SA
...................
64
6,577
Kering
SA
...................
98
44,880
Klepierre
SA
(a)
................
559
11,235
La
Francaise
des
Jeux
SAEM
(d)(e)
...
115
3,748
Legrand
SA
.................
14
1,067
L'Oreal
SA
..................
349
109,587
LVMH
Moet
Hennessy
Louis
Vuitton
SE
259
163,428
Orange
SA
..................
922
8,785
Pernod
Ricard
SA
.............
513
90,037
Publicis
Groupe
SA
............
49
2,744
Remy
Cointreau
SA
............
9
1,376
Renault
SA
(a)
.................
291
8,960
Rexel
SA
...................
897
16,007
Safran
SA
...................
232
25,838
Sanofi
.....................
1,399
120,395
Societe
Generale
SA
...........
1,466
33,626
Teleperformance
..............
36
9,645
Thales
SA
...................
8
1,017
TotalEnergies
SE
..............
779
42,497
Vinci
SA
....................
131
12,057
1,043,504
Germany
—
8.1%
1&1
AG
....................
119
1,568
adidas
AG
..................
111
10,835
Aurubis
AG
..................
135
8,519
Bayer
AG
(Registered)
..........
715
37,595
Bayerische
Motoren
Werke
AG
....
779
61,145
Carl
Zeiss
Meditec
AG
..........
41
4,963
Deutsche
Bank
AG
(Registered)
....
2,877
27,423
Deutsche
Boerse
AG
...........
141
22,929
Deutsche
Post
AG
(Registered)
....
2,274
80,385
Deutsche
Telekom
AG
(Registered)
.
3,302
62,327
Evonik
Industries
AG
...........
679
12,508
Hochtief
AG
.................
115
6,109
Infineon
Technologies
AG
........
1,639
39,771
LANXESS
AG
................
379
12,817
Mercedes-Benz
Group
AG
........
1,089
63,033
MTU
Aero
Engines
AG
..........
8
1,432
Nemetschek
SE
...............
444
21,169
Puma
SE
...................
41
1,813
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Germany
(continued)
SAP
SE
....................
1,444
$
138,989
Scout24
SE
(d)(e)
...............
281
14,400
Siemens
AG
(Registered)
........
1,207
131,815
Talanx
AG
...................
52
1,953
Volkswagen
AG
...............
54
9,230
Wacker
Chemie
AG
............
286
33,298
806,026
Hong
Kong
—
1.8%
AIA
Group
Ltd.
...............
15,600
118,167
Kerry
Properties
Ltd.
...........
2,000
3,164
New
World
Development
Co.
Ltd.
...
5,000
10,227
PCCW
Ltd.
..................
2,000
764
Prudential
plc
................
1,015
9,429
Sun
Hung
Kai
Properties
Ltd.
......
2,500
26,866
Swire
Properties
Ltd.
...........
8,400
16,144
184,761
Ireland
—
0.2%
Kerry
Group
plc,
Class
A
.........
136
11,812
Kingspan
Group
plc
............
162
8,168
19,980
Israel
—
0.8%
Alony
Hetz
Properties
&
Investments
Ltd.
.....................
573
6,721
Bank
Hapoalim
BM
............
599
5,774
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
.................
27,508
48,695
Harel
Insurance
Investments
&
Financial
Services
Ltd.
........
46
443
ICL
Group
Ltd.
................
1,494
13,472
Nice
Ltd.
(a)
..................
8
1,508
76,613
Italy
—
2.2%
Assicurazioni
Generali
SpA
.......
830
12,456
Banca
Mediolanum
SpA
.........
2,006
15,009
Davide
Campari-Milano
NV
.......
39
350
Enel
SpA
...................
9,592
42,851
Eni
SpA
....................
2,845
37,365
Intesa
Sanpaolo
SpA
...........
3,104
5,918
Mediobanca
Banca
di
Credito
Finanziario
SpA
.............
2,287
20,719
Pirelli
&
C
SpA
(d)(e)
.............
1,116
4,210
Poste
Italiane
SpA
(d)(e)
...........
2,277
19,842
Reply
SpA
..................
103
11,204
Snam
SpA
..................
753
3,348
Terna
-
Rete
Elettrica
Nazionale
....
3,301
21,891
UniCredit
SpA
................
1,636
20,289
215,452
Japan
—
20.9%
Advantest
Corp.
...............
100
5,264
Alfresa
Holdings
Corp.
..........
3,200
36,841
Amada
Co.
Ltd.
...............
8,700
61,192
Astellas
Pharma,
Inc.
...........
3,000
41,395
Benesse
Holdings,
Inc.
..........
2,000
29,505
Central
Japan
Railway
Co.
.......
100
11,578
Cosmos
Pharmaceutical
Corp.
.....
100
9,672
Dai-ichi
Life
Holdings,
Inc.
........
2,100
33,354
Daiwa
House
Industry
Co.
Ltd.
.....
900
18,133
DeNA
Co.
Ltd.
................
100
1,304
Disco
Corp.
..................
100
23,918
DMG
Mori
Co.
Ltd.
.............
900
10,415
Ebara
Corp.
.................
500
16,246
EXEO
Group,
Inc.
.............
700
10,256
Security
Shares
Shares
Value
Japan
(continued)
FANUC
Corp.
................
100
$
13,085
Fast
Retailing
Co.
Ltd.
..........
100
55,714
Fuji
Media
Holdings,
Inc.
.........
4,300
29,907
FUJIFILM
Holdings
Corp.
........
1,200
54,900
Fujitsu
Ltd.
..................
300
34,518
Hakuhodo
DY
Holdings,
Inc.
......
100
843
Honda
Motor
Co.
Ltd.
...........
4,000
91,210
Horiba
Ltd.
..................
200
8,206
Inpex
Corp.
..................
2,600
26,240
ITOCHU
Corp.
...............
3,000
77,534
Itochu
Techno-Solutions
Corp.
.....
100
2,318
J
Front
Retailing
Co.
Ltd.
.........
200
1,617
Japan
Post
Bank
Co.
Ltd.
........
600
3,998
Kajima
Corp.
.................
1,400
13,178
Kamigumi
Co.
Ltd.
.............
100
1,902
Kandenko
Co.
Ltd.
.............
900
5,059
KDDI
Corp.
..................
3,300
97,538
Lawson,
Inc.
.................
1,000
31,947
Marubeni
Corp.
...............
200
1,751
Medipal
Holdings
Corp.
..........
900
11,158
Mitsubishi
Corp.
...............
3,200
86,684
Mitsubishi
Estate
Co.
Ltd.
........
2,900
36,468
Mitsubishi
Gas
Chemical
Co.,
Inc.
..
400
5,083
Mitsubishi
Heavy
Industries
Ltd.
....
200
6,889
Mitsui
&
Co.
Ltd.
..............
1,900
42,045
Mitsui
Fudosan
Co.
Ltd.
.........
3,500
67,019
MS&AD
Insurance
Group
Holdings,
Inc.
100
2,648
NEC
Corp.
..................
600
19,861
NEC
Networks
&
System
Integration
Corp.
....................
100
1,072
Nikon
Corp.
.................
200
1,934
Nintendo
Co.
Ltd.
..............
700
28,419
Nippon
Telegraph
&
Telephone
Corp.
2,200
60,678
Nitto
Denko
Corp.
.............
900
47,417
Nomura
Research
Institute
Ltd.
....
200
4,426
Obayashi
Corp.
...............
400
2,567
Odakyu
Electric
Railway
Co.
Ltd.
...
100
1,189
Omron
Corp.
.................
1,200
55,966
Otsuka
Corp.
................
500
15,746
Pola
Orbis
Holdings,
Inc.
.........
1,200
13,254
Recruit
Holdings
Co.
Ltd.
........
1,900
58,465
Ricoh
Co.
Ltd.
................
4,000
29,311
Sankyu,
Inc.
.................
100
2,982
Santen
Pharmaceutical
Co.
Ltd.
....
3,600
24,635
SCSK
Corp.
.................
200
2,951
Sega
Sammy
Holdings,
Inc.
.......
1,700
21,745
SG
Holdings
Co.
Ltd.
...........
400
5,300
Shimizu
Corp.
................
5,700
28,443
SoftBank
Corp.
...............
2,100
20,715
SoftBank
Group
Corp.
..........
900
38,634
Sohgo
Security
Services
Co.
Ltd.
...
100
2,493
Sony
Group
Corp.
.............
300
20,230
Sumitomo
Chemical
Co.
Ltd.
......
17,000
57,243
Sysmex
Corp.
................
100
5,382
T&D
Holdings,
Inc.
.............
3,300
32,638
Takeda
Pharmaceutical
Co.
Ltd.
....
3,600
95,072
TBS
Holdings,
Inc.
.............
900
9,323
TDK
Corp.
..................
100
3,124
Toda
Corp.
..................
100
500
Tokio
Marine
Holdings,
Inc.
.......
2,900
52,505
Tokyo
Electron
Ltd.
............
100
26,310
Toshiba
Corp.
................
300
10,410
Toyota
Industries
Corp.
..........
700
36,061
Toyota
Motor
Corp.
............
4,200
58,273
Tsuruha
Holdings,
Inc.
..........
900
52,286
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Japan
(continued)
Yamada
Holdings
Co.
Ltd.
........
1,700
$
5,478
Yaskawa
Electric
Corp.
..........
400
11,076
ZOZO,
Inc.
..................
500
10,609
2,093,255
Luxembourg
—
0.2%
APERAM
SA
.................
68
1,775
ArcelorMittal
SA
...............
590
13,189
14,964
Netherlands
—
5.8%
ABN
AMRO
Bank
NV,
CVA
(d)(e)
.....
157
1,543
Adyen
NV
(a)(d)(e)
...............
5
7,138
Aegon
NV
...................
4,144
19,183
Argenx
SE
(a)
.................
28
10,871
ASML
Holding
NV
.............
309
144,948
ASR
Nederland
NV
............
487
21,444
Heineken
NV
................
189
15,788
IMCD
NV
...................
29
3,761
Koninklijke
DSM
NV
............
228
26,820
Koninklijke
Philips
NV
...........
5,512
69,919
Koninklijke
Vopak
NV
...........
270
5,517
Randstad
NV
................
16
798
Shell
plc
....................
6,856
189,922
Wolters
Kluwer
NV
.............
635
67,474
585,126
New
Zealand
—
0.6%
Contact
Energy
Ltd.
............
6,249
27,410
Mercury
NZ
Ltd.
...............
236
798
Meridian
Energy
Ltd.
...........
10,552
29,911
58,119
Norway
—
1.2%
Aker
BP
ASA
.................
661
20,998
DNB
Bank
ASA
...............
2,742
48,497
Equinor
ASA
.................
1,034
37,672
Mowi
ASA
...................
520
7,761
Nordic
Semiconductor
ASA
(a)
......
357
5,040
Norsk
Hydro
ASA
..............
484
3,072
TOMRA
Systems
ASA
..........
117
1,890
124,930
Singapore
—
0.8%
ComfortDelGro
Corp.
Ltd.
........
4,400
3,950
Mapletree
Industrial
Trust
........
1,500
2,332
Oversea-Chinese
Banking
Corp.
Ltd.
2,400
20,602
Singapore
Telecommunications
Ltd.
.
6,700
11,797
STMicroelectronics
NV
..........
867
26,959
United
Overseas
Bank
Ltd.
.......
900
17,657
83,297
South
Africa
—
0.2%
Anglo
American
plc
............
684
20,489
Spain
—
1.5%
Acciona
SA
..................
332
59,780
Aena
SME
SA
(a)(d)(e)
............
15
1,763
Banco
Bilbao
Vizcaya
Argentaria
SA
.
11,486
59,254
Banco
Santander
SA
...........
6,661
17,275
Grifols
SA
(a)
..................
126
1,072
Iberdrola
SA
.................
75
763
Industria
de
Diseno
Textil
SA
......
566
12,847
Telefonica
SA
................
409
1,410
154,164
Security
Shares
Shares
Value
Sweden
—
3.0%
Boliden
AB
..................
517
$
15,035
EQT
AB
....................
30
590
H
&
M
Hennes
&
Mauritz
AB,
Class
B
227
2,286
Industrivarden
AB,
Class
A
.......
449
10,169
Industrivarden
AB,
Class
C
.......
2,058
46,213
Investor
AB,
Class
A
............
1,955
33,245
Investor
AB,
Class
B
............
5,618
91,689
Kinnevik
AB,
Class
B
(a)
..........
42
519
Saab
AB,
Class
B
.............
1,157
40,881
Sweco
AB,
Class
B
............
134
1,007
Tele2
AB,
Class
B
.............
3,018
24,736
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
2,216
12,320
Telia
Co.
AB
.................
838
2,220
Trelleborg
AB,
Class
B
..........
515
11,340
Volvo
AB,
Class
B
.............
252
4,124
296,374
Switzerland
—
5.8%
ABB
Ltd.
(Registered)
...........
2,639
73,286
Alcon,
Inc.
..................
649
39,515
Belimo
Holding
AG
(Registered)
....
8
3,258
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................
2
19,194
Givaudan
SA
(Registered)
........
27
80,647
Helvetia
Holding
AG
(Registered)
...
48
4,766
Novartis
AG
(Registered)
........
2,428
196,403
Sika
AG
(Registered)
...........
119
26,832
Sonova
Holding
AG
(Registered)
...
24
5,673
Swatch
Group
AG
(The)
.........
78
17,527
Swiss
Life
Holding
AG
(Registered)
..
48
23,243
Temenos
AG
(Registered)
........
655
39,011
UBS
Group
AG
(Registered)
......
3,372
53,460
582,815
United
Kingdom
—
10.1%
3i
Group
plc
.................
164
2,184
Associated
British
Foods
plc
......
1,414
21,916
AstraZeneca
plc
..............
1,316
154,409
Auto
Trader
Group
plc
(d)(e)
........
1,647
9,859
Aviva
plc
...................
988
4,739
Barclays
plc
.................
4,946
8,405
Barratt
Developments
plc
........
948
4,089
Bellway
plc
..................
184
3,913
BP
plc
.....................
17,955
99,338
British
Land
Co.
plc
(The)
........
1,408
5,906
Centrica
plc
.................
18,592
16,337
Compass
Group
plc
............
1,470
30,961
Croda
International
plc
..........
56
4,338
Dechra
Pharmaceuticals
plc
......
55
1,653
Diageo
plc
..................
3,118
128,314
Direct
Line
Insurance
Group
plc
....
576
1,331
Drax
Group
plc
...............
2,390
14,272
Experian
plc
.................
1,330
42,407
Greggs
plc
..................
802
18,592
Haleon
plc
(a)
.................
1,395
4,278
Halma
plc
...................
51
1,237
HSBC
Holdings
plc
............
10,983
56,365
Intermediate
Capital
Group
plc
.....
76
926
Intertek
Group
plc
.............
609
25,513
J
Sainsbury
plc
...............
8,637
19,253
Johnson
Matthey
plc
...........
138
3,063
Kingfisher
plc
................
4,590
11,532
Lloyds
Banking
Group
plc
........
105,991
50,904
Marks
&
Spencer
Group
plc
(a)
......
2,251
2,726
NatWest
Group
plc
.............
2,224
5,990
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
United
Kingdom
(continued)
RELX
plc
...................
2,902
$
77,949
Rightmove
plc
................
1,217
6,853
Segro
plc
...................
661
5,949
Smiths
Group
plc
..............
1,060
18,987
Spirax-Sarco
Engineering
plc
......
6
739
SSE
plc
....................
1,279
22,857
Standard
Chartered
plc
..........
763
4,559
Travis
Perkins
plc
.............
604
5,693
Tritax
Big
Box
REIT
plc
..........
312
502
Unilever
plc
..................
1,859
84,621
WPP
plc
....................
3,067
26,990
1,010,449
United
States
—
8.1%
CSL
Ltd.
....................
340
60,865
Ferguson
plc
.................
552
60,201
GSK
plc
....................
6,501
106,494
James
Hardie
Industries
plc,
CDI
...
752
16,418
Nestle
SA
(Registered)
..........
2,718
295,878
Roche
Holding
AG
.............
397
133,650
Schneider
Electric
SE
...........
895
113,179
Signify
NV
(d)(e)
................
462
12,800
Sims
Ltd.
...................
156
1,220
Stellantis
NV
.................
548
7,393
808,098
Total
Common
Stocks
—
97.1%
(Cost:
$10,505,913)
..............................
9,715,555
Security
Shares
Shares
Value
Preferred
Securities
Preferred
Stocks
—
0.6%
Germany
—
0.6%
Fuchs
Petrolub
SE
(Preference)
....
80
$
2,291
Volkswagen
AG
(Preference)
......
471
60,289
62,580
Total
Preferred
Securities
—
0.6%
(Cost:
$66,791)
................................
62,580
Total
Long-Term
Investments
—
97.7%
(Cost:
$10,572,704)
..............................
9,778,135
Short-Term
Securities
Money
Market
Funds
—
2.0%
(f)(g)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.92%
......
198,061
198,061
SL
Liquidity
Series,
LLC,
Money
Market
Series,
3.37%
(h)
.............
4,506
4,503
Total
Short-Term
Securities
—
2.0%
(Cost:
$202,567)
................................
202,564
Total
Investments
—
99.7%
(Cost:
$10,775,271)
..............................
9,980,699
Other
Assets
Less
Liabilities
—
0.3%
...................
29,949
Net
Assets
—
100.0%
..............................
$
10,010,648
(a)
Non-income
producing
security.
(b)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
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.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
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
six
months
ended
October
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
10/31/22
Shares
Held
at
10/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
235,086
$
—
$
(37,025)
(a)
$
—
$
—
$
198,061
198,061
$
1,709
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
—
4,506
(a)
—
—
(3)
4,503
4,506
24
(b)
—
$
—
$
(3)
$
202,564
$
1,733
$
—
—
—
(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
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
35
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
EAFE
E-Mini
Index
....................................................
2
12/16/22
$
176
$
3,065
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
3,065
$
—
$
—
$
—
$
3,065
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(32,272)
$
—
$
—
$
—
$
(32,272)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
7,275
$
—
$
—
$
—
$
7,275
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
185,400
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
36
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
Australia
.............................................
$
29,703
$
809,354
$
—
$
839,057
Austria
..............................................
—
59,125
—
59,125
Belgium
.............................................
—
152,851
—
152,851
China
...............................................
—
59,313
—
59,313
Denmark
.............................................
—
351,085
—
351,085
Finland
..............................................
—
75,708
—
75,708
France
..............................................
—
1,043,504
—
1,043,504
Germany
............................................
—
806,026
—
806,026
Hong
Kong
...........................................
—
184,761
—
184,761
Ireland
..............................................
—
19,980
—
19,980
Israel
...............................................
—
76,613
—
76,613
Italy
................................................
—
215,452
—
215,452
Japan
...............................................
—
2,093,255
—
2,093,255
Luxembourg
..........................................
—
14,964
—
14,964
Netherlands
...........................................
—
585,126
—
585,126
New
Zealand
..........................................
—
58,119
—
58,119
Norway
..............................................
—
124,930
—
124,930
Singapore
............................................
—
83,297
—
83,297
South
Africa
...........................................
—
20,489
—
20,489
Spain
...............................................
—
154,164
—
154,164
Sweden
.............................................
—
296,374
—
296,374
Switzerland
...........................................
—
582,815
—
582,815
United
Kingdom
........................................
—
1,010,449
—
1,010,449
United
States
..........................................
—
808,098
—
808,098
Preferred
Securities
.......................................
—
62,580
—
62,580
Short-Term
Securities
Money
Market
Funds
......................................
198,061
—
—
198,061
$
227,764
$
9,748,432
$
—
$
9,976,196
Investments
valued
at
NAV
(a)
......................................
4,503
$
—
$
9,980,699
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
3,065
$
—
$
—
$
3,065
(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
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
Knollwood
CDO
Ltd.,
Series
2004-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.20%),
7.11%,
01/10/39
(a)(b)(c)
...................
USD
194
$
—
Total
Asset-Backed
Securities
—
0.0%
(Cost:
$189,887)
................................
—
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
1.9%
Airbus
SE
........................
16,930
1,831,890
BAE
Systems
plc
...................
88,199
824,976
Boeing
Co.
(The)
(d)
..................
20,291
2,891,670
Dassault
Aviation
SA
................
3,612
536,449
General
Dynamics
Corp.
..............
13,020
3,252,396
HEICO
Corp.
.....................
3,263
530,694
HEICO
Corp.,
Class
A
................
2,866
364,842
Huntington
Ingalls
Industries,
Inc.
........
3,561
915,426
Kongsberg
Gruppen
ASA
.............
15,544
557,414
L3Harris
Technologies,
Inc.
............
9,927
2,446,708
Lockheed
Martin
Corp.
...............
10,530
5,124,740
MTU
Aero
Engines
AG
...............
1,284
229,783
Northrop
Grumman
Corp.
.............
6,784
3,724,484
Raytheon
Technologies
Corp.
..........
61,026
5,786,485
Rheinmetall
AG
....................
1,468
238,626
Safran
SA
........................
10,263
1,142,990
Textron,
Inc.
......................
13,120
897,933
Thales
SA
........................
1,721
218,877
TransDigm
Group,
Inc.
...............
2,167
1,247,672
32,764,055
Air
Freight
&
Logistics
—
0.0%
Deutsche
Post
AG
(Registered)
.........
9,341
330,203
Airlines
—
0.0%
(d)
Alaska
Air
Group,
Inc.
................
3,127
139,026
American
Airlines
Group,
Inc.
...........
16,088
228,128
United
Airlines
Holdings,
Inc.
...........
8,043
346,493
713,647
Auto
Components
—
0.1%
Aptiv
plc
(d)
........................
13,157
1,198,208
Cie
Generale
des
Etablissements
Michelin
SCA
18,988
483,891
Denso
Corp.
......................
8,300
411,812
2,093,911
Automobiles
—
2.5%
Bayerische
Motoren
Werke
AG
.........
18,831
1,478,082
Ferrari
NV
.......................
6,955
1,371,098
Ford
Motor
Co.
....................
185,423
2,479,105
General
Motors
Co.
.................
75,288
2,955,054
Honda
Motor
Co.
Ltd.
................
36,200
825,450
Isuzu
Motors
Ltd.
...................
18,400
216,378
Lucid
Group,
Inc.
(d)(e)
.................
82,286
1,175,867
Mercedes-Benz
Group
AG
.............
32,246
1,866,449
Renault
SA
(d)
......................
7,354
226,424
Rivian
Automotive,
Inc.,
Class
A
(d)
........
34,771
1,215,942
Stellantis
NV
......................
106,531
1,437,271
Subaru
Corp.
.....................
15,100
236,026
Suzuki
Motor
Corp.
.................
10,700
361,765
Tesla,
Inc.
(d)
.......................
98,010
22,301,195
Toyota
Motor
Corp.
.................
280,100
3,886,279
42,032,385
Security
Shares
Shares
Value
Banks
—
3.2%
Australia
&
New
Zealand
Banking
Group
Ltd.
72,743
$
1,191,802
Banco
Bilbao
Vizcaya
Argentaria
SA
......
125,267
646,227
Banco
Santander
SA
................
230,081
596,710
Bank
Hapoalim
BM
.................
17,175
165,554
Bank
Leumi
Le-Israel
BM
.............
27,963
266,760
Bank
of
America
Corp.
...............
178,666
6,439,123
Barclays
plc
......................
375,651
638,326
BNP
Paribas
SA
...................
22,814
1,069,838
BOC
Hong
Kong
Holdings
Ltd.
..........
77,500
240,816
CaixaBank
SA
.....................
43,762
145,117
Citigroup,
Inc.
.....................
44,724
2,051,043
Citizens
Financial
Group,
Inc.
..........
7,859
321,433
Comerica,
Inc.
.....................
3,246
228,843
Commonwealth
Bank
of
Australia
........
41,296
2,768,764
Credit
Agricole
SA
..................
20,510
186,101
Danske
Bank
A/S
...................
11,276
181,893
DBS
Group
Holdings
Ltd.
.............
55,600
1,344,203
DNB
Bank
ASA
....................
110,075
1,946,883
Fifth
Third
Bancorp
.................
12,370
441,485
FinecoBank
Banca
Fineco
SpA
.........
25,581
344,719
First
Republic
Bank
.................
3,489
419,029
Hang
Seng
Bank
Ltd.
................
20,900
294,226
HSBC
Holdings
plc
.................
468,826
2,406,040
Huntington
Bancshares,
Inc.
...........
31,157
472,963
ING
Groep
NV
.....................
74,973
737,704
Intesa
Sanpaolo
SpA
................
279,638
533,138
Israel
Discount
Bank
Ltd.,
Class
A
.......
23,808
135,374
Japan
Post
Bank
Co.
Ltd.
.............
26,000
173,241
JPMorgan
Chase
&
Co.
..............
76,481
9,627,428
KBC
Group
NV
....................
6,212
311,319
KeyCorp
.........................
10,594
189,315
M&T
Bank
Corp.
...................
4,298
723,654
Mitsubishi
UFJ
Financial
Group,
Inc.
......
239,700
1,132,307
Mizuho
Financial
Group,
Inc.
...........
50,650
547,804
National
Australia
Bank
Ltd.
............
73,708
1,531,066
NatWest
Group
plc
..................
183,809
495,054
Nordea
Bank
Abp
..................
44,930
429,195
Oversea-Chinese
Banking
Corp.
Ltd.
.....
77,600
666,125
PNC
Financial
Services
Group,
Inc.
(The)
..
9,820
1,589,171
Regions
Financial
Corp.
..............
17,180
377,101
Signature
Bank
....................
1,655
262,367
Societe
Generale
SA
................
9,583
219,806
Standard
Chartered
plc
...............
47,053
281,130
Sumitomo
Mitsui
Financial
Group,
Inc.
.....
25,600
718,888
SVB
Financial
Group
(d)
...............
1,537
354,985
Truist
Financial
Corp.
................
18,943
848,457
UniCredit
SpA
.....................
33,385
414,017
United
Overseas
Bank
Ltd.
............
22,800
447,309
US
Bancorp
......................
34,906
1,481,760
Wells
Fargo
&
Co.
..................
98,539
4,531,809
Westpac
Banking
Corp.
..............
79,656
1,229,966
Zions
Bancorp
NA
..................
3,766
195,606
54,992,994
Beverages
—
1.4%
Anheuser-Busch
InBev
SA/NV
..........
24,950
1,248,009
Asahi
Group
Holdings
Ltd.
.............
7,600
212,654
Brown-Forman
Corp.,
Class
B
..........
5,538
376,584
Carlsberg
A/S,
Class
B
...............
5,248
617,929
Coca-Cola
Co.
(The)
................
77,080
4,613,238
Coca-Cola
HBC
AG
.................
22,224
485,446
Constellation
Brands,
Inc.,
Class
A
.......
3,618
893,935
Diageo
plc
.......................
72,323
2,976,273
Heineken
Holding
NV
................
10,489
715,709
Heineken
NV
.....................
9,926
829,161
Keurig
Dr
Pepper,
Inc.
...............
9,446
366,883
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Beverages
(continued)
Kirin
Holdings
Co.
Ltd.
...............
37,000
$
543,898
Monster
Beverage
Corp.
(d)
.............
4,247
398,029
PepsiCo,
Inc.
.....................
35,358
6,420,306
Pernod
Ricard
SA
..................
9,881
1,734,227
Remy
Cointreau
SA
.................
1,061
162,267
Treasury
Wine
Estates
Ltd.
............
60,104
498,068
23,092,616
Biotechnology
—
1.6%
AbbVie,
Inc.
......................
49,675
7,272,420
Alnylam
Pharmaceuticals,
Inc.
(d)
.........
847
175,549
Amgen,
Inc.
......................
15,404
4,164,471
Argenx
SE
(d)
......................
1,503
583,541
Biogen,
Inc.
(d)
.....................
4,458
1,263,576
CSL
Ltd.
.........................
12,372
2,214,779
Genmab
A/S
(d)
.....................
1,728
665,639
Gilead
Sciences,
Inc.
................
36,685
2,878,305
Horizon
Therapeutics
plc
(d)
............
3,829
238,623
Incyte
Corp.
(d)
.....................
6,247
464,402
Moderna
,
Inc.
(d)
....................
10,432
1,568,243
Regeneron
Pharmaceuticals,
Inc.
(d)
.......
3,179
2,380,276
Seagen
,
Inc.
(d)
.....................
2,003
254,702
Vertex
Pharmaceuticals,
Inc.
(d)
..........
7,304
2,278,848
26,403,374
Building
Products
—
1.0%
Allegion
plc
.......................
9,885
1,035,651
AO
Smith
Corp.
....................
8,783
481,133
Assa
Abloy
AB,
Class
B
..............
48,880
986,989
Carlisle
Cos.,
Inc.
..................
2,185
521,778
Carrier
Global
Corp.
.................
50,352
2,001,996
Daikin
Industries
Ltd.
................
4,800
718,978
Fortune
Brands
Home
&
Security,
Inc.
.....
9,989
602,536
Geberit
AG
(Registered)
..............
1,416
629,465
Johnson
Controls
International
plc
.......
48,618
2,812,065
Kingspan
Group
plc
.................
10,215
515,007
Lennox
International,
Inc.
.............
2,728
637,179
Lixil
Corp.
........................
10,900
164,648
Masco
Corp.
......................
20,349
941,548
Nibe
Industrier
AB,
Class
B
............
21,124
168,501
Owens
Corning
....................
5,474
468,629
Rockwool
A/S,
Class
B
...............
2,634
524,572
TOTO
Ltd.
.......................
11,600
330,863
Trane
Technologies
plc
...............
21,522
3,435,557
16,977,095
Capital
Markets
—
1.5%
3i
Group
plc
......................
41,737
555,869
Abrdn
plc
........................
34,377
62,641
Amundi
SA
(c)(f)
.....................
3,050
143,899
ASX
Ltd.
........................
15,924
689,963
Bank
of
New
York
Mellon
Corp.
(The)
.....
7,698
324,163
Cboe
Global
Markets,
Inc.
.............
2,608
324,696
Charles
Schwab
Corp.
(The)
...........
37,403
2,979,897
CME
Group,
Inc.,
Class
A
.............
9,228
1,599,212
Deutsche
Bank
AG
(Registered)
.........
36,135
344,430
Deutsche
Boerse
AG
................
6,263
1,018,488
Euronext
NV
(c)(f)
....................
3,132
198,785
FactSet
Research
Systems,
Inc.
.........
593
252,316
Goldman
Sachs
Group,
Inc.
(The)
.......
6,836
2,355,070
Hargreaves
Lansdown
plc
.............
19,129
167,180
Hong
Kong
Exchanges
&
Clearing
Ltd.
....
26,200
695,443
Intercontinental
Exchange,
Inc.
.........
12,014
1,148,178
Invesco
Ltd.
......................
5,211
79,832
Japan
Exchange
Group,
Inc.
...........
20,300
266,778
London
Stock
Exchange
Group
plc
.......
10,763
932,959
Security
Shares
Shares
Value
Capital
Markets
(continued)
Macquarie
Group
Ltd.
................
8,272
$
897,370
MarketAxess
Holdings,
Inc.
............
954
232,814
Moody's
Corp.
.....................
2,754
729,452
Morgan
Stanley
....................
28,914
2,375,863
MSCI,
Inc.
.......................
986
462,296
Nasdaq,
Inc.
......................
5,150
320,536
Northern
Trust
Corp.
.................
3,274
276,162
Partners
Group
Holding
AG
............
550
493,671
Raymond
James
Financial,
Inc.
.........
2,407
284,363
S&P
Global,
Inc.
...................
7,947
2,552,974
Schroders
plc
.....................
109,617
492,181
St.
James's
Place
plc
................
10,695
130,603
State
Street
Corp.
..................
4,892
362,008
T.
Rowe
Price
Group,
Inc.
.............
4,419
469,121
UBS
Group
AG
(Registered)
...........
49,307
781,721
25,000,934
Chemicals
—
1.1%
Air
Liquide
SA
.....................
10,439
1,365,565
Air
Products
&
Chemicals,
Inc.
..........
948
237,379
Akzo
Nobel
NV
....................
20,581
1,270,578
Albemarle
Corp.
...................
3,713
1,039,157
Asahi
Kasei
Corp.
..................
19,800
126,956
BASF
SE
........................
25,785
1,156,990
Corteva
,
Inc.
......................
7,600
496,584
Croda
International
plc
...............
7,027
544,379
Ecolab,
Inc.
......................
18,927
2,972,864
EMS-
Chemie
Holding
AG
(Registered)
....
989
621,874
Evonik
Industries
AG
................
20,451
376,743
International
Flavors
&
Fragrances,
Inc.
....
6,288
613,772
Johnson
Matthey
plc
................
6,643
147,459
Koninklijke
DSM
NV
.................
1,931
227,144
Linde
plc
........................
3,569
1,061,242
Novozymes
A/S,
Class
B
..............
4,329
227,232
Orica
Ltd.
........................
13,949
124,080
PPG
Industries,
Inc.
.................
7,994
912,755
Sherwin-Williams
Co.
(The)
............
9,842
2,214,745
Shin-Etsu
Chemical
Co.
Ltd.
...........
6,700
696,331
Sika
AG
(Registered)
................
654
147,461
Symrise
AG
......................
4,906
500,768
Westlake
Corp.
....................
1,354
130,864
Yara
International
ASA
...............
18,385
820,549
18,033,471
Commercial
Services
&
Supplies
—
0.2%
Brambles
Ltd.
.....................
21,972
164,499
Copart
,
Inc.
(d)
.....................
1,510
173,680
Dai
Nippon
Printing
Co.
Ltd.
...........
6,900
138,212
Republic
Services,
Inc.
...............
4,703
623,712
Secom
Co.
Ltd.
....................
22,100
1,259,048
Waste
Management,
Inc.
..............
6,965
1,103,047
3,462,198
Communications
Equipment
—
0.3%
Cisco
Systems,
Inc.
.................
75,640
3,436,325
Nokia
OYJ
.......................
141,450
628,592
Telefonaktiebolaget
LM
Ericsson,
Class
B
..
97,497
542,020
4,606,937
Construction
&
Engineering
—
0.4%
ACS
Actividades
de
Construccion
y
Servicios
SA
..........................
15,633
401,163
Bouygues
SA
.....................
39,590
1,129,549
Eiffage
SA
.......................
12,675
1,146,096
Kajima
Corp.
......................
33,500
315,342
Obayashi
Corp.
....................
72,900
467,921
Quanta
Services,
Inc.
................
3,060
434,643
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
Shimizu
Corp.
.....................
92,200
$
460,077
Skanska
AB,
Class
B
................
13,281
206,538
Taisei
Corp.
......................
29,400
800,874
Vinci
SA
.........................
23,969
2,206,035
7,568,238
Construction
Materials
—
0.1%
CRH
plc
.........................
3,719
133,950
James
Hardie
Industries
plc,
CDI
........
9,886
215,841
Martin
Marietta
Materials,
Inc.
..........
2,294
770,738
Vulcan
Materials
Co.
................
5,394
882,998
2,003,527
Consumer
Finance
—
0.2%
American
Express
Co.
...............
14,409
2,139,016
Capital
One
Financial
Corp.
............
6,208
658,172
Discover
Financial
Services
............
4,965
518,644
Synchrony
Financial
.................
6,946
247,000
3,562,832
Containers
&
Packaging
—
0.2%
Ball
Corp.
........................
5,528
273,028
International
Paper
Co.
...............
51,701
1,737,671
Packaging
Corp.
of
America
...........
4,392
527,962
2,538,661
Distributors
—
0.2%
D'ieteren
Group
....................
1,782
296,575
LKQ
Corp.
.......................
23,468
1,305,760
Pool
Corp.
.......................
7,274
2,212,969
3,815,304
Diversified
Financial
Services
—
0.9%
Berkshire
Hathaway,
Inc.,
Class
B
(d)
......
45,926
13,552,303
Groupe
Bruxelles
Lambert
NV
..........
5,537
408,223
Investor
AB,
Class
A
.................
14,948
254,187
Investor
AB,
Class
B
.................
46,962
766,449
M&G
plc
.........................
82,864
166,526
ORIX
Corp.
.......................
26,700
392,162
15,539,850
Diversified
Telecommunication
Services
—
0.0%
Telenor
ASA
......................
29,563
268,665
Electric
Utilities
—
2.5%
Acciona
SA
.......................
1,936
348,599
Alliant
Energy
Corp.
.................
15,432
805,087
American
Electric
Power
Co.,
Inc.
........
30,853
2,712,596
CK
Infrastructure
Holdings
Ltd.
..........
74,500
353,929
CLP
Holdings
Ltd.
..................
41,500
278,540
Constellation
Energy
Corp.
............
17,875
1,689,902
Duke
Energy
Corp.
.................
34,270
3,193,279
Edison
International
.................
25,730
1,544,829
EDP
-
Energias
de
Portugal
SA
.........
61,015
266,594
Electricite
de
France
SA
..............
26,918
317,901
Elia
Group
SA/NV
..................
1,570
198,499
Endesa
SA
.......................
45,521
760,567
Enel
SpA
........................
253,355
1,131,825
Entergy
Corp.
.....................
13,303
1,425,283
Evergy
,
Inc.
.......................
15,643
956,257
Eversource
Energy
.................
18,286
1,394,856
Exelon
Corp.
......................
58,807
2,269,362
FirstEnergy
Corp.
..................
32,753
1,235,116
Iberdrola
SA
......................
186,910
1,900,740
NextEra
Energy,
Inc.
................
112,826
8,744,015
NRG
Energy,
Inc.
...................
20,194
896,614
Origin
Energy
Ltd.
..................
71,096
253,996
Orsted
A/S
(c)(f)
.....................
5,469
451,224
Security
Shares
Shares
Value
Electric
Utilities
(continued)
PG&E
Corp.
(d)
.....................
123,343
$
1,841,511
Pinnacle
West
Capital
Corp.
...........
1,462
98,261
Power
Assets
Holdings
Ltd.
............
46,500
222,342
PPL
Corp.
.......................
73,279
1,941,161
Red
Electrica
Corp.
SA
...............
2,461
39,808
Southern
Co.
(The)
.................
26,186
1,714,659
SSE
plc
.........................
55,182
986,151
Terna
-
Rete
Elettrica
Nazionale
.........
78,590
521,183
Verbund
AG
......................
2,827
221,453
Xcel
Energy,
Inc.
...................
27,197
1,770,797
42,486,936
Electrical
Equipment
—
0.3%
ABB
Ltd.
(Registered)
................
42,486
1,179,849
Fuji
Electric
Co.
Ltd.
.................
9,000
347,985
Legrand
SA
......................
14,603
1,112,817
Mitsubishi
Electric
Corp.
..............
61,800
543,754
Schneider
Electric
SE
................
14,471
1,829,951
Vestas
Wind
Systems
A/S
.............
31,696
624,845
5,639,201
Electronic
Equipment,
Instruments
&
Components
—
0.5%
Arrow
Electronics,
Inc.
(d)
..............
4,380
443,519
Azbil
Corp.
.......................
21,000
570,689
CDW
Corp.
.......................
7,356
1,271,190
Halma
plc
........................
17,234
417,913
Hexagon
AB,
Class
B
................
55,779
551,425
Keyence
Corp.
....................
5,600
2,111,566
Kyocera
Corp.
.....................
5,500
266,346
Murata
Manufacturing
Co.
Ltd.
..........
11,800
558,605
Omron
Corp.
......................
14,000
652,937
Shimadzu
Corp.
....................
5,600
147,520
Teledyne
Technologies,
Inc.
(d)
...........
1,346
535,681
Trimble,
Inc.
(d)
.....................
3,792
228,127
Yokogawa
Electric
Corp.
..............
8,800
147,146
Zebra
Technologies
Corp.,
Class
A
(d)
......
1,075
304,461
8,207,125
Energy
Equipment
&
Services
—
0.2%
Baker
Hughes
Co.,
Class
A
............
20,904
578,205
Halliburton
Co.
....................
12,729
463,590
Schlumberger
NV
..................
25,409
1,322,030
Tenaris
SA
.......................
22,608
353,841
2,717,666
Entertainment
—
1.1%
Activision
Blizzard,
Inc.
...............
18,128
1,319,718
AMC
Entertainment
Holdings,
Inc.,
Class
A
(d)
18,279
121,738
Bollore
SE
.......................
77,622
388,230
Electronic
Arts,
Inc.
.................
6,075
765,207
Konami
Group
Corp.
................
1,100
48,215
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C
(d)
......................
6,117
353,134
Live
Nation
Entertainment,
Inc.
(d)
........
7,103
565,470
Netflix,
Inc.
(d)
......................
16,829
4,912,049
Nexon
Co.
Ltd.
....................
7,300
122,160
Nintendo
Co.
Ltd.
...................
32,400
1,315,411
Sea
Ltd.,
ADR
(d)
....................
5,444
270,458
Take-Two
Interactive
Software,
Inc.
(d)
......
3,033
359,350
Toho
Co.
Ltd.
.....................
3,000
106,675
Ubisoft
Entertainment
SA
(d)
............
1,790
49,110
Universal
Music
Group
NV
............
16,112
316,366
Walt
Disney
Co.
(The)
(d)
..............
52,611
5,605,176
Warner
Bros
Discovery,
Inc.
(d)
..........
109,000
1,417,000
18,035,467
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.0%
Alexandria
Real
Estate
Equities,
Inc.
......
5,112
$
742,774
American
Tower
Corp.
...............
16,158
3,347,776
AvalonBay
Communities,
Inc.
..........
4,837
847,055
British
Land
Co.
plc
(The)
.............
14,215
59,630
Camden
Property
Trust
...............
2,491
287,835
CapitaLand
Integrated
Commercial
Trust
...
103,000
136,697
CapLand
Ascendas
REIT
.............
147,900
273,643
Covivio
.........................
827
44,279
Crown
Castle,
Inc.
..................
15,231
2,029,683
Daiwa
House
REIT
Investment
Corp.
.....
92
185,683
Dexus
(g)
.........................
128,037
638,022
Digital
Realty
Trust,
Inc.
..............
10,097
1,012,224
Equinix
,
Inc.
......................
3,302
1,870,385
Equity
Residential
..................
11,285
711,181
Essex
Property
Trust,
Inc.
.............
1,581
351,361
Extra
Space
Storage,
Inc.
.............
5,039
894,120
Federal
Realty
Investment
Trust
.........
1,758
174,007
Gecina
SA
.......................
1,795
160,032
GLP
J-
Reit
.......................
162
168,007
Goodman
Group
...................
81,593
887,790
GPT
Group
(The)
(g)
..................
83,996
232,129
Healthpeak
Properties,
Inc.
............
10,318
244,846
Host
Hotels
&
Resorts,
Inc.
............
24,392
460,521
Invitation
Homes,
Inc.
................
17,253
546,748
Iron
Mountain,
Inc.
..................
11,018
551,671
Japan
Metropolitan
Fund
Investment
Corp.
.
117
86,197
Japan
Real
Estate
Investment
Corp.
......
44
184,373
Kimco
Realty
Corp.
.................
14,582
311,763
Land
Securities
Group
plc
.............
17,509
114,489
Link
REIT
........................
76,100
449,798
Mapletree
Pan
Asia
Commercial
Trust
.....
97,300
109,191
Mid-America
Apartment
Communities,
Inc.
..
3,182
501,006
Mirvac
Group
(g)
....................
170,249
225,574
Nippon
Building
Fund,
Inc.
.............
59
262,269
Nippon
Prologis
REIT,
Inc.
.............
15
31,474
Nomura
Real
Estate
Master
Fund,
Inc.
....
97
110,661
Prologis,
Inc.
......................
33,169
3,673,467
Public
Storage
.....................
6,035
1,869,341
Realty
Income
Corp.
.................
23,251
1,447,840
Regency
Centers
Corp.
..............
2,218
134,211
SBA
Communications
Corp.,
Class
A
......
3,152
850,725
Scentre
Group
.....................
184,868
344,044
Segro
plc
........................
51,028
459,252
Simon
Property
Group,
Inc.
............
9,137
995,750
Stockland
(g)
.......................
178,322
410,872
UDR,
Inc.
........................
6,928
275,457
Ventas,
Inc.
......................
8,170
319,692
VICI
Properties,
Inc.
.................
30,926
990,251
Vicinity
Ltd.
.......................
245,094
305,550
Warehouses
De
Pauw
CVA
............
6,056
155,433
Welltower
,
Inc.
.....................
15,948
973,466
Weyerhaeuser
Co.
..................
24,849
768,580
33,218,825
Food
&
Staples
Retailing
—
2.2%
Aeon
Co.
Ltd.
.....................
20,300
378,607
Carrefour
SA
......................
28,088
452,089
Coles
Group
Ltd.
...................
79,949
835,920
Costco
Wholesale
Corp.
..............
25,234
12,654,851
Endeavour
Group
Ltd.
...............
79,186
362,459
J
Sainsbury
plc
....................
78,135
174,170
Jeronimo
Martins
SGPS
SA
............
46,326
958,625
Kesko
OYJ,
Class
B
.................
32,169
626,030
Kobe
Bussan
Co.
Ltd.
................
6,300
136,651
Koninklijke
Ahold
Delhaize
NV
..........
39,134
1,091,381
Kroger
Co.
(The)
...................
46,880
2,216,955
Security
Shares
Shares
Value
Food
&
Staples
Retailing
(continued)
Ocado
Group
plc
(d)
..................
18,813
$
101,991
Seven
&
i
Holdings
Co.
Ltd.
............
18,300
683,109
Sysco
Corp.
......................
32,198
2,787,059
Tesco
plc
........................
134,556
332,338
Walgreens
Boots
Alliance,
Inc.
..........
51,050
1,863,325
Walmart,
Inc.
......................
72,670
10,343,121
Woolworths
Group
Ltd.
...............
56,737
1,198,160
37,196,841
Food
Products
—
1.4%
Archer-Daniels-Midland
Co.
............
16,664
1,616,075
Associated
British
Foods
plc
...........
15,416
238,937
Campbell
Soup
Co.
.................
6,297
333,174
Chocoladefabriken
Lindt
&
Spruengli
AG
...
11
105,567
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
....................
9
874,700
Conagra
Brands,
Inc.
................
21,610
793,087
Danone
SA
.......................
9,995
496,747
General
Mills,
Inc.
..................
22,034
1,797,534
Hershey
Co.
(The)
..................
5,704
1,361,944
Hormel
Foods
Corp.
.................
15,945
740,645
JDE
Peet's
NV
....................
6,149
176,016
JM
Smucker
Co.
(The)
...............
965
145,387
Kerry
Group
plc,
Class
A
..............
1,982
172,146
Kraft
Heinz
Co.
(The)
................
29,892
1,149,945
Lamb
Weston
Holdings,
Inc.
...........
3,607
310,995
McCormick
&
Co.,
Inc.
(Non-Voting)
......
10,477
823,911
MEIJI
Holdings
Co.
Ltd.
..............
16,100
662,501
Mondelez
International,
Inc.,
Class
A
......
28,975
1,781,383
Mowi
ASA
........................
25,471
380,175
Nestle
SA
(Registered)
...............
68,035
7,406,209
Orkla
ASA
........................
222,278
1,499,300
Salmar
ASA
......................
11,637
394,514
Tyson
Foods,
Inc.,
Class
A
............
11,313
773,244
24,034,136
Gas
Utilities
—
0.1%
APA
Group
(g)
......................
51,808
348,792
Hong
Kong
&
China
Gas
Co.
Ltd.
........
586,222
451,842
Naturgy
Energy
Group
SA
.............
15,014
385,297
Osaka
Gas
Co.
Ltd.
.................
13,200
195,462
Snam
SpA
.......................
192,841
857,470
Tokyo
Gas
Co.
Ltd.
.................
10,800
193,012
2,431,875
Health
Care
Equipment
&
Supplies
—
1.8%
Abbott
Laboratories
.................
56,471
5,587,241
ABIOMED,
Inc.
(d)
...................
492
124,023
Alcon,
Inc.
.......................
5,288
321,962
Align
Technology,
Inc.
(d)
...............
1,917
372,473
Baxter
International,
Inc.
..............
11,428
621,112
Becton
Dickinson
and
Co.
.............
8,665
2,044,680
BioMerieux
.......................
1,451
128,382
Boston
Scientific
Corp.
(d)
..............
40,793
1,758,586
Carl
Zeiss
Meditec
AG
...............
1,944
235,308
Cochlear
Ltd.
.....................
3,781
482,999
Coloplast
A/S,
Class
B
...............
1,494
166,536
Dexcom
,
Inc.
(d)
....................
13,372
1,615,070
Edwards
Lifesciences
Corp.
(d)
..........
18,765
1,359,149
EssilorLuxottica
SA
.................
7,874
1,245,102
Hologic
,
Inc.
(d)
.....................
3,351
227,198
Hoya
Corp.
.......................
9,200
855,245
IDEXX
Laboratories,
Inc.
(d)
.............
2,319
834,098
Intuitive
Surgical,
Inc.
(d)
...............
11,011
2,713,881
Koninklijke
Philips
NV
................
14,532
184,337
Medtronic
plc
.....................
43,336
3,784,966
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Olympus
Corp.
....................
25,100
$
529,221
ResMed
,
Inc.
.....................
4,493
1,005,039
Siemens
Healthineers
AG
(c)(f)
...........
11,172
511,818
Smith
&
Nephew
plc
.................
33,243
392,830
STERIS
plc
.......................
1,590
274,402
Stryker
Corp.
.....................
10,294
2,359,797
Sysmex
Corp.
.....................
1,800
96,883
Terumo
Corp.
.....................
17,900
543,247
Zimmer
Biomet
Holdings,
Inc.
..........
4,828
547,254
30,922,839
Health
Care
Providers
&
Services
—
0.7%
Elevance
Health,
Inc.
................
2,817
1,540,251
Fresenius
SE
&
Co.
KGaA
.............
6,100
140,380
Ramsay
Health
Care
Ltd.
.............
4,901
183,833
Sonic
Healthcare
Ltd.
................
19,356
405,227
UnitedHealth
Group,
Inc.
..............
18,532
10,288,040
12,557,731
Health
Care
Technology
—
0.0%
M3,
Inc.
.........................
10,400
309,922
Hotels,
Restaurants
&
Leisure
—
0.0%
Norwegian
Cruise
Line
Holdings
Ltd.
(d)
.....
10,355
174,896
Household
Durables
—
0.7%
Barratt
Developments
plc
.............
58,633
252,889
Berkeley
Group
Holdings
plc
...........
4,230
168,301
DR
Horton,
Inc.
....................
39,518
3,038,144
Lennar
Corp.,
Class
A
................
32,513
2,623,799
NVR,
Inc.
(d)
.......................
450
1,906,987
Persimmon
plc
....................
22,495
336,612
PulteGroup,
Inc.
...................
38,406
1,535,856
Sony
Group
Corp.
..................
23,300
1,571,228
Taylor
Wimpey
plc
..................
223,222
239,993
11,673,809
Household
Products
—
0.5%
Colgate-Palmolive
Co.
...............
9,927
733,010
Essity
AB,
Class
B
..................
12,850
271,499
Henkel
AG
&
Co.
KGaA
..............
6,761
396,905
Procter
&
Gamble
Co.
(The)
...........
46,374
6,245,187
Reckitt
Benckiser
Group
plc
............
21,375
1,418,531
Unicharm
Corp.
....................
4,700
142,840
9,207,972
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
AES
Corp.
(The)
...................
72,350
1,892,676
EDP
Renovaveis
SA
.................
10,019
210,825
RWE
AG
........................
20,227
778,642
Vistra
Corp.
......................
35,125
806,821
3,688,964
Industrial
Conglomerates
—
0.9%
3M
Co.
..........................
21,245
2,672,409
CK
Hutchison
Holdings
Ltd.
............
56,000
278,759
DCC
plc
.........................
8,113
450,279
General
Electric
Co.
.................
16,153
1,256,865
Hitachi
Ltd.
.......................
24,700
1,120,733
Honeywell
International,
Inc.
...........
23,305
4,754,686
Investment
AB
Latour
,
Class
B
..........
14,798
249,972
Jardine
Matheson
Holdings
Ltd.
.........
2,800
128,990
Keppel
Corp.
Ltd.
...................
177,000
871,197
Lifco
AB,
Class
B
...................
17,356
250,791
Siemens
AG
(Registered)
.............
20,792
2,270,674
Smiths
Group
plc
...................
20,356
364,628
Security
Shares
Shares
Value
Industrial
Conglomerates
(continued)
Toshiba
Corp.
.....................
12,300
$
426,829
15,096,812
Insurance
—
0.3%
AIA
Group
Ltd.
....................
99,000
749,905
American
International
Group,
Inc.
.......
20,222
1,152,654
Assurant,
Inc.
.....................
782
106,242
Aviva
plc
........................
90,394
433,586
Prudential
Financial,
Inc.
..............
9,788
1,029,600
Prudential
plc
.....................
55,576
516,283
Willis
Towers
Watson
plc
..............
2,719
593,313
4,581,583
Interactive
Media
&
Services
—
2.0%
Alphabet,
Inc.,
Class
A
(d)
..............
158,046
14,936,928
Alphabet,
Inc.,
Class
C
(d)
..............
140,823
13,330,305
Auto
Trader
Group
plc
(c)(f)
..............
26,122
156,360
Meta
Platforms,
Inc.,
Class
A
(d)
..........
59,739
5,565,285
REA
Group
Ltd.
....................
1,658
128,505
34,117,383
Internet
&
Direct
Marketing
Retail
—
1.5%
Amazon.com,
Inc.
(d)
.................
228,349
23,392,072
Prosus
NV
(d)
......................
19,994
864,574
Zalando
SE
(c)(d)(f)
....................
11,559
266,414
ZOZO,
Inc.
.......................
5,600
118,822
24,641,882
IT
Services
—
2.3%
Accenture
plc,
Class
A
...............
14,391
4,085,605
Adyen
NV
(c)(d)(f)
.....................
311
443,983
Amadeus
IT
Group
SA
(d)
..............
6,891
359,402
Automatic
Data
Processing,
Inc.
.........
11,466
2,771,332
Bechtle
AG
.......................
4,787
165,375
Capgemini
SE
.....................
1,711
280,417
Cognizant
Technology
Solutions
Corp.,
Class
A
7,228
449,943
DXC
Technology
Co.
(d)
...............
6,072
174,570
Edenred
.........................
6,840
350,661
EPAM
Systems,
Inc.
(d)
................
702
245,700
Fidelity
National
Information
Services,
Inc.
..
12,952
1,074,887
Fiserv,
Inc.
(d)
......................
16,795
1,725,518
Fujitsu
Ltd.
.......................
6,100
701,857
Global
Payments,
Inc.
...............
6,274
716,867
GMO
Payment
Gateway,
Inc.
...........
3,900
280,433
International
Business
Machines
Corp.
....
15,263
2,110,720
Itochu
Techno-Solutions
Corp.
..........
24,000
556,410
Jack
Henry
&
Associates,
Inc.
..........
2,963
589,815
Mastercard
,
Inc.,
Class
A
..............
19,419
6,372,927
NEC
Corp.
.......................
5,100
168,815
Nexi
SpA
(c)(d)(f)
.....................
14,547
125,766
Nomura
Research
Institute
Ltd.
.........
13,000
287,693
NTT
Data
Corp.
....................
10,200
147,735
Obic
Co.
Ltd.
......................
7,500
1,125,472
Otsuka
Corp.
.....................
18,800
592,053
Paychex,
Inc.
.....................
13,312
1,574,943
PayPal
Holdings,
Inc.
(d)
...............
28,338
2,368,490
SCSK
Corp.
......................
38,500
568,009
TIS,
Inc.
.........................
16,400
442,172
Visa,
Inc.,
Class
A
..................
41,671
8,632,564
39,490,134
Leisure
Products
—
0.0%
Hasbro,
Inc.
......................
3,319
216,565
Life
Sciences
Tools
&
Services
—
1.1%
Agilent
Technologies,
Inc.
.............
7,781
1,076,501
Bio-Rad
Laboratories,
Inc.,
Class
A
(d)
......
573
201,530
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Bio-
Techne
Corp.
...................
1,144
$
338,921
Charles
River
Laboratories
International,
Inc.
(d)
991
210,340
Danaher
Corp.
....................
18,761
4,721,581
Eurofins
Scientific
SE
................
5,074
324,811
Illumina,
Inc.
(d)
.....................
5,094
1,165,609
IQVIA
Holdings,
Inc.
(d)
................
4,816
1,009,771
Lonza
Group
AG
(Registered)
..........
1,434
738,201
Mettler
-Toledo
International,
Inc.
(d)
.......
485
613,491
PerkinElmer,
Inc.
...................
3,314
442,684
QIAGEN
NV
(d)
.....................
12,893
556,761
Sartorius
Stedim
Biotech
..............
1,072
340,187
Thermo
Fisher
Scientific,
Inc.
...........
11,003
5,655,212
Waters
Corp.
(d)
....................
1,713
512,478
West
Pharmaceutical
Services,
Inc.
......
1,718
395,312
18,303,390
Machinery
—
2.1%
Alstom
SA
.......................
13,781
283,630
Atlas
Copco
AB,
Class
B
..............
28,032
271,102
Caterpillar,
Inc.
....................
18,999
4,112,524
Cummins,
Inc.
.....................
14,172
3,465,196
Daimler
Truck
Holding
AG
(d)
............
7,346
195,937
Deere
&
Co.
......................
23,687
9,375,788
Dover
Corp.
......................
3,473
453,886
Fortive
Corp.
......................
15,267
975,561
Hoshizaki
Corp.
....................
6,800
194,820
IDEX
Corp.
.......................
594
132,052
Illinois
Tool
Works,
Inc.
...............
9,032
1,928,603
Indutrade
AB
......................
11,871
207,837
Ingersoll
Rand,
Inc.
.................
9,749
492,325
Kone
OYJ,
Class
B
.................
8,501
348,080
PACCAR,
Inc.
.....................
41,442
4,012,829
Parker-Hannifin
Corp.
................
6,553
1,904,433
Pentair
plc
.......................
12,483
536,145
Schindler
Holding
AG
................
1,764
287,648
SMC
Corp.
.......................
500
200,701
Snap-on,
Inc.
.....................
3,332
739,871
Stanley
Black
&
Decker,
Inc.
...........
9,550
749,580
Westinghouse
Air
Brake
Technologies
Corp.
.
32,966
3,075,068
Xylem,
Inc.
.......................
7,419
759,928
34,703,544
Marine
—
0.1%
AP
Moller
-
Maersk
A/S,
Class
A
.........
82
164,056
AP
Moller
-
Maersk
A/S,
Class
B
.........
268
559,898
Kuehne
+
Nagel
International
AG
(Registered)
1,004
213,718
937,672
Media
—
0.7%
Charter
Communications,
Inc.,
Class
A
(d)
...
5,113
1,879,641
Comcast
Corp.,
Class
A
..............
166,030
5,269,792
Dentsu
Group,
Inc.
..................
1,700
52,876
Fox
Corp.,
Class
A
..................
9,310
268,780
Informa
plc
.......................
30,060
191,540
Interpublic
Group
of
Cos.,
Inc.
(The)
......
19,760
588,650
Liberty
Broadband
Corp.,
Class
C
(d)
......
2,407
203,223
News
Corp.,
Class
B
................
3,007
51,510
Omnicom
Group,
Inc.
................
8,689
632,125
Paramount
Global,
Class
B
............
28,150
515,708
Pearson
plc
......................
21,356
236,051
Publicis
Groupe
SA
.................
4,403
246,587
Sirius
XM
Holdings,
Inc.
..............
71,998
434,868
Trade
Desk,
Inc.
(The),
Class
A
(d)
........
4,372
232,765
Vivendi
SE
.......................
25,959
212,474
WPP
plc
.........................
24,884
218,983
11,235,573
Security
Shares
Shares
Value
Metals
&
Mining
—
0.3%
Anglo
American
plc
.................
26,705
$
799,927
BHP
Group
Ltd.
....................
97,111
2,332,626
Boliden
AB
.......................
14,613
424,960
Glencore
plc
......................
190,090
1,089,800
Mineral
Resources
Ltd.
...............
3,807
178,479
Norsk
Hydro
ASA
...................
26,010
165,068
Northern
Star
Resources
Ltd.
...........
27,507
153,519
Rio
Tinto
plc
......................
6,129
320,312
5,464,691
Multiline
Retail
—
1.2%
Dollar
General
Corp.
................
24,965
6,367,323
Dollar
Tree,
Inc.
(d)
...................
29,762
4,717,277
Next
plc
.........................
9,467
534,693
Target
Corp.
......................
46,403
7,621,693
Wesfarmers
Ltd.
...................
55,550
1,612,008
20,852,994
Multi-Utilities
—
1.3%
Ameren
Corp.
.....................
22,028
1,795,723
CenterPoint
Energy,
Inc.
..............
17,794
509,086
CMS
Energy
Corp.
..................
13,268
756,939
Consolidated
Edison,
Inc.
.............
22,694
1,996,164
Dominion
Energy,
Inc.
................
53,095
3,715,057
DTE
Energy
Co.
...................
14,593
1,636,021
E.ON
SE
........................
71,188
596,128
Engie
SA
........................
45,983
597,474
National
Grid
plc
...................
150,693
1,641,819
Public
Service
Enterprise
Group,
Inc.
.....
59,239
3,321,531
Sempra
Energy
....................
17,752
2,679,487
Veolia
Environnement
SA
.............
23,351
521,102
WEC
Energy
Group,
Inc.
..............
22,084
2,016,932
21,783,463
Oil,
Gas
&
Consumable
Fuels
—
2.2%
Aker
BP
ASA
......................
29,021
921,892
BP
plc
..........................
439,920
2,433,905
Chevron
Corp.
.....................
32,594
5,896,255
ConocoPhillips
....................
22,160
2,794,154
Devon
Energy
Corp.
.................
6,634
513,140
Eni
SpA
.........................
31,209
409,891
EOG
Resources,
Inc.
................
8,168
1,115,095
Equinor
ASA
......................
37,142
1,353,221
Exxon
Mobil
Corp.
..................
83,662
9,270,586
Inpex
Corp.
.......................
20,800
209,922
Matador
Resources
Co.
..............
939
62,396
Neste
OYJ
.......................
8,336
365,354
Pioneer
Natural
Resources
Co.
.........
2,516
645,128
Santos
Ltd.
.......................
135,052
659,278
Shell
plc
.........................
168,813
4,676,391
Texas
Pacific
Land
Corp.
..............
171
393,962
TotalEnergies
SE
...................
55,791
3,043,587
Valero
Energy
Corp.
.................
10,680
1,340,874
Woodside
Energy
Group
Ltd.
...........
21,448
495,845
36,600,876
Paper
&
Forest
Products
—
0.0%
Mondi
plc
........................
16,256
272,751
Personal
Products
—
0.5%
Beiersdorf
AG
.....................
5,445
522,694
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
2,736
548,541
Haleon
plc
(d)
......................
118,957
364,776
Kao
Corp.
........................
14,400
537,868
Kobayashi
Pharmaceutical
Co.
Ltd.
.......
2,100
111,440
L'Oreal
SA
.......................
9,266
2,909,565
Shiseido
Co.
Ltd.
...................
1,000
34,537
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Personal
Products
(continued)
Unilever
plc
.......................
77,518
$
3,523,531
8,552,952
Pharmaceuticals
—
5.1%
Astellas
Pharma,
Inc.
................
63,400
874,805
AstraZeneca
plc
...................
38,098
4,470,122
Bayer
AG
(Registered)
...............
29,062
1,528,111
Bristol-Myers
Squibb
Co.
..............
78,583
6,087,825
Catalent
,
Inc.
(d)
....................
10,286
676,099
Chugai
Pharmaceutical
Co.
Ltd.
.........
26,700
618,689
Daiichi
Sankyo
Co.
Ltd.
...............
46,500
1,488,501
Eisai
Co.
Ltd.
.....................
5,800
349,758
Eli
Lilly
&
Co.
.....................
27,671
10,019,392
GSK
plc
.........................
95,165
1,558,907
Hikma
Pharmaceuticals
plc
............
8,429
121,000
Ipsen
SA
........................
1,811
186,113
Jazz
Pharmaceuticals
plc
(d)
............
2,719
390,965
Johnson
&
Johnson
.................
84,604
14,718,558
Kyowa
Kirin
Co.
Ltd.
.................
7,000
164,862
Merck
&
Co.,
Inc.
...................
87,189
8,823,527
Merck
KGaA
......................
5,494
895,330
Novartis
AG
(Registered)
.............
50,452
4,081,101
Novo
Nordisk
A/S,
Class
B
............
37,286
4,054,154
Ono
Pharmaceutical
Co.
Ltd.
...........
11,000
258,869
Organon
&
Co.
....................
6,298
164,882
Orion
OYJ,
Class
B
.................
4,299
197,832
Otsuka
Holdings
Co.
Ltd.
.............
16,500
528,899
Pfizer,
Inc.
.......................
197,423
9,190,041
Roche
Holding
AG
..................
16,347
5,474,065
Royalty
Pharma
plc,
Class
A
...........
5,862
248,080
Sanofi
..........................
33,745
2,904,023
Shionogi
&
Co.
Ltd.
.................
8,500
394,717
Takeda
Pharmaceutical
Co.
Ltd.
.........
45,800
1,209,532
UCB
SA
.........................
5,607
422,588
Viatris
,
Inc.
.......................
62,599
634,128
Zoetis,
Inc.,
Class
A
.................
18,930
2,854,265
85,589,740
Professional
Services
—
0.2%
CoStar
Group,
Inc.
(d)
.................
8,081
668,460
Experian
plc
......................
11,312
360,686
Nihon
M&A
Center
Holdings,
Inc.
........
12,200
137,662
Recruit
Holdings
Co.
Ltd.
.............
27,300
840,053
RELX
plc
........................
44,107
1,184,736
Teleperformance
...................
1,189
318,569
3,510,166
Real
Estate
Management
&
Development
—
0.3%
CBRE
Group,
Inc.,
Class
A
(d)
...........
10,776
764,449
CK
Asset
Holdings
Ltd.
...............
61,500
340,007
Daito
Trust
Construction
Co.
Ltd.
........
2,700
267,364
Daiwa
House
Industry
Co.
Ltd.
..........
20,700
417,050
ESR
Group
Ltd.
(c)(f)
..................
66,800
113,918
Henderson
Land
Development
Co.
Ltd.
....
84,000
205,654
Lendlease
Corp.
Ltd.
(g)
...............
45,772
254,527
Mitsubishi
Estate
Co.
Ltd.
.............
35,000
440,135
Mitsui
Fudosan
Co.
Ltd.
..............
25,100
480,624
Sino
Land
Co.
Ltd.
..................
82,000
87,561
Sun
Hung
Kai
Properties
Ltd.
...........
58,500
628,660
Swire
Properties
Ltd.
................
98,000
188,348
Vonovia
SE
.......................
11,768
260,198
Wharf
Real
Estate
Investment
Co.
Ltd.
....
33,000
130,022
4,578,517
Road
&
Rail
—
0.4%
Aurizon
Holdings
Ltd.
................
188,136
435,980
Central
Japan
Railway
Co.
............
3,200
370,485
Security
Shares
Shares
Value
Road
&
Rail
(continued)
CSX
Corp.
.......................
38,698
$
1,124,564
East
Japan
Railway
Co.
..............
8,100
431,612
Hankyu
Hanshin
Holdings,
Inc.
..........
7,600
225,726
Norfolk
Southern
Corp.
...............
3,998
911,824
Old
Dominion
Freight
Line,
Inc.
.........
1,004
275,698
Tokyu
Corp.
......................
15,400
177,570
Union
Pacific
Corp.
.................
12,404
2,445,324
West
Japan
Railway
Co.
..............
6,500
257,703
6,656,486
Semiconductors
&
Semiconductor
Equipment
—
3.6%
Advanced
Micro
Devices,
Inc.
(d)
.........
42,582
2,557,475
Advantest
Corp.
....................
8,500
447,454
Analog
Devices,
Inc.
.................
19,183
2,735,880
Applied
Materials,
Inc.
...............
47,311
4,177,088
ASM
International
NV
................
2,237
494,869
ASML
Holding
NV
..................
7,353
3,449,198
Broadcom,
Inc.
....................
10,209
4,799,455
Enphase
Energy,
Inc.
(d)
...............
8,973
2,754,711
Entegris
,
Inc.
......................
36,188
2,871,156
Infineon
Technologies
AG
.............
64,046
1,554,107
Intel
Corp.
.......................
100,259
2,850,363
KLA
Corp.
........................
3,829
1,211,687
Lam
Research
Corp.
................
9,391
3,801,289
Microchip
Technology,
Inc.
.............
12,648
780,888
Micron
Technology,
Inc.
...............
31,704
1,715,186
NVIDIA
Corp.
.....................
62,069
8,377,453
NXP
Semiconductors
NV
.............
8,954
1,308,000
ON
Semiconductor
Corp.
(d)
............
11,666
716,642
Qorvo
,
Inc.
(d)
......................
3,499
301,194
QUALCOMM,
Inc.
..................
22,888
2,693,002
Renesas
Electronics
Corp.
(d)
...........
106,800
893,462
Rohm
Co.
Ltd.
.....................
12,200
857,228
Skyworks
Solutions,
Inc.
..............
11,065
951,701
SolarEdge
Technologies,
Inc.
(d)
..........
7,914
1,820,458
STMicroelectronics
NV
...............
26,918
836,987
Teradyne,
Inc.
.....................
10,509
854,907
Texas
Instruments,
Inc.
...............
23,489
3,773,038
Tokyo
Electron
Ltd.
.................
2,900
762,980
60,347,858
Software
—
4.4%
Adobe,
Inc.
(d)
......................
12,984
4,135,404
Autodesk,
Inc.
(d)
....................
3,454
740,192
AVEVA
Group
plc
...................
3,476
124,400
Cadence
Design
Systems,
Inc.
(d)
........
6,612
1,000,991
Dassault
Systemes
SE
...............
20,052
672,119
Fortinet,
Inc.
(d)
.....................
15,207
869,232
Intuit,
Inc.
........................
8,878
3,795,345
Microsoft
Corp.
....................
198,297
46,030,683
Nemetschek
SE
....................
2,478
118,144
Oracle
Corp.
......................
35,249
2,751,889
Oracle
Corp.
Japan
.................
7,200
383,555
Paycom
Software,
Inc.
(d)
..............
1,832
633,872
Roper
Technologies,
Inc.
..............
3,103
1,286,318
Sage
Group
plc
(The)
................
85,861
715,629
Salesforce,
Inc.
(d)
...................
26,919
4,376,760
SAP
SE
.........................
35,525
3,419,383
ServiceNow
,
Inc.
(d)
..................
4,700
1,977,478
Synopsys,
Inc.
(d)
...................
2,819
824,698
Temenos
AG
(Registered)
.............
1,536
91,482
Trend
Micro,
Inc.
...................
1,900
95,805
Tyler
Technologies,
Inc.
(d)
.............
1,732
560,008
WiseTech
Global
Ltd.
................
7,210
266,647
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Shares
Shares
Value
Software
(continued)
Xero
Ltd.
(d)
.......................
6,222
$
308,977
75,179,011
Specialty
Retail
—
1.6%
Advance
Auto
Parts,
Inc.
..............
1,380
262,090
AutoZone,
Inc.
(d)
...................
402
1,018,218
Best
Buy
Co.,
Inc.
..................
4,985
341,024
Burlington
Stores,
Inc.
(d)
..............
7,436
1,063,051
Fast
Retailing
Co.
Ltd.
...............
1,200
668,569
H
&
M
Hennes
&
Mauritz
AB,
Class
B
.....
44,036
443,538
Home
Depot,
Inc.
(The)
..............
27,794
8,230,637
Industria
de
Diseno
Textil
SA
...........
27,117
615,507
JD
Sports
Fashion
plc
................
127,039
141,957
Kingfisher
plc
.....................
281,093
706,228
Lowe's
Cos.,
Inc.
...................
16,789
3,273,016
Nitori
Holdings
Co.
Ltd.
...............
4,000
362,468
O'Reilly
Automotive,
Inc.
(d)
.............
1,418
1,187,107
Ross
Stores,
Inc.
...................
33,360
3,192,218
TJX
Cos.,
Inc.
(The)
.................
78,198
5,638,076
USS
Co.
Ltd.
......................
8,500
128,254
27,271,958
Technology
Hardware,
Storage
&
Peripherals
—
3.9%
Apple,
Inc.
.......................
399,580
61,271,597
Canon,
Inc.
.......................
30,400
644,404
FUJIFILM
Holdings
Corp.
.............
35,500
1,624,121
HP,
Inc.
.........................
26,930
743,807
Logitech
International
SA
(Registered)
.....
10,485
521,439
Ricoh
Co.
Ltd.
.....................
15,700
115,046
Seagate
Technology
Holdings
plc
........
6,803
337,837
65,258,251
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
Cie
Financiere
Richemont
SA
(Registered)
..
9,463
924,853
Hermes
International
................
294
380,549
Kering
SA
........................
929
425,446
Lululemon
Athletica
,
Inc.
(d)
.............
5,672
1,866,315
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
5,313
3,352,476
NIKE,
Inc.,
Class
B
.................
66,373
6,151,450
Ralph
Lauren
Corp.,
Class
A
...........
1,150
106,593
Tapestry,
Inc.
......................
6,557
207,726
VF
Corp.
........................
26,493
748,427
14,163,835
Tobacco
—
0.6%
Altria
Group,
Inc.
...................
34,384
1,590,948
British
American
Tobacco
plc
...........
61,929
2,445,791
Imperial
Brands
plc
.................
36,523
889,668
Japan
Tobacco,
Inc.
.................
57,700
966,327
Philip
Morris
International,
Inc.
..........
31,160
2,862,046
Swedish
Match
AB
..................
68,718
706,757
9,461,537
Trading
Companies
&
Distributors
—
0.2%
Brenntag
SE
......................
9,927
602,334
ITOCHU
Corp.
....................
55,400
1,431,788
Mitsubishi
Corp.
....................
20,200
547,196
Mitsui
&
Co.
Ltd.
...................
24,600
544,378
MonotaRO
Co.
Ltd.
.................
15,800
239,842
Reece
Ltd.
.......................
30,210
299,981
3,665,519
Transportation
Infrastructure
—
0.1%
Aena
SME
SA
(c)(d)(f)
..................
1,817
213,555
Aeroports
de
Paris
(d)
.................
3,087
417,457
Atlantia
SpA
......................
10,037
223,901
854,913
Security
Shares
Shares
Value
Water
Utilities
—
0.3%
American
Water
Works
Co.,
Inc.
.........
21,721
$
3,156,930
Essential
Utilities,
Inc.
................
8,173
361,410
Severn
Trent
plc
...................
23,435
672,578
United
Utilities
Group
plc
..............
55,878
602,153
4,793,071
Wireless
Telecommunication
Services
—
0.0%
SoftBank
Group
Corp.
...............
13,700
588,089
Total
Common
Stocks
—
69.0%
(Cost:
$1,063,943,896)
...........................
1,167,076,318
Beneficial
Interest
(000)
Other
Interests
(h)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(a)(d)(
i
)
......
USD
300
—
Total
Other
Interests
—
0.0%
(Cost:
$—)
....................................
—
Shares
Shares
Preferred
Securities
Preferred
Stocks
—
0.1%
Automobiles
—
0.0%
Porsche
Automobil
Holding
SE
(Preference)
.
3,605
201,420
Volkswagen
AG
(Preference)
...........
5,935
759,688
961,108
Household
Products
—
0.1%
Henkel
AG
&
Co.
KGaA
(Preference)
......
12,505
787,798
Life
Sciences
Tools
&
Services
—
0.0%
Sartorius
AG
(Preference)
.............
972
342,718
Total
Preferred
Securities
—
0.1%
(Cost:
$2,677,913)
..............................
2,091,624
Warrants
Oil,
Gas
&
Consumable
Fuels
—
0.0%
Occidental
Petroleum
Corp.
(Issued/
Exercisable
07/06/20,
1
Share
for
1
Warrant,
Expires
08/03/27,
Strike
Price
USD
22.00)
(d)
1,719
86,981
Total
Warrants
—
0.0%
(Cost:
$8,509)
.................................
86,981
Total
Long-Term
Investments
—
69.1%
(Cost:
$1,066,820,205)
...........................
1,169,254,923
Short-Term
Securities
Money
Market
Funds
—
3.6%
(j)(k)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.92%
...................
61,076,310
61,076,310
SL
Liquidity
Series,
LLC,
Money
Market
Series,
3.37%
(l)
.......................
4,003
4,001
Total
Money
Market
Funds
—
3.6%
(Cost:
$61,080,311)
..............................
61,080,311
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
0.4%
U.S.
Treasury
Bills
(m)
2.46%, 11/03/22
.................
USD
600
$
599,929
2.92%, 12/08/22
.................
700
697,526
3.34%, 01/26/23
.................
1,000
990,474
3.48%, 02/02/23
.................
1,000
989,563
3.72%, 03/23/23
.................
2,027
1,993,140
3.60%, 04/20/23
.................
1,930
1,890,407
Total
U.S.
Treasury
Obligations
—
0.4%
(Cost:
$7,176,471)
..............................
7,161,039
Total
Short-Term
Securities
—
4.0%
(Cost:
$68,256,782)
..............................
68,241,350
Total
Investments
—
73.1%
(Cost:
$1,135,076,987
)
...........................
1,237,496,273
Other
Assets
Less
Liabilities
—
26.9%
..................
455,020,986
Net
Assets
—
100.0%
..............................
$
1,692,517,259
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(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)
Non-income
producing
security.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(g)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(h)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(i)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(j)
Affiliate
of
the
Fund.
(k)
Annualized
7-day
yield
as
of
period
end.
(l)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(m)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
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
10/31/22
Shares
Held
at
10/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
127,278,609
$
—
$
(66,202,299)
(a)
$
—
$
—
$
61,076,310
61,076,310
$
764,036
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
10,572,576
—
(10,568,584)
(a)
477
(468)
4,001
4,003
26,081
(b)
—
$
477
$
(468)
$
61,080,311
$
790,117
$
—
—
—
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
46
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Amsterdam
Exchange
Index
..................................................
622
11/18/22
$
82,008
$
2,303,046
IBEX
35
Index
............................................................
2,435
11/18/22
191,497
8,295,454
FTSE
China
A50
Index
......................................................
4
11/29/22
45
(2,848)
FTSE/JSE
Top
40
Index
.....................................................
2,411
12/15/22
79,259
(3,044,232)
S&P/TSX
60
Index
.........................................................
614
12/15/22
106,147
2,828,381
SPI
200
Index
............................................................
734
12/15/22
80,564
2,917,902
DAX
Index
..............................................................
184
12/16/22
60,327
3,553,488
FTSE
100
Index
..........................................................
2,753
12/16/22
224,566
(2,194,435)
Mini-DAX
Index
...........................................................
91
12/16/22
5,967
401,340
S&P
500
E-Mini
Index
......................................................
548
12/16/22
106,394
1,494,986
Canada
10
Year
Bonds
......................................................
138
12/19/22
12,462
(46,116)
U.S.
Treasury
10
Year
Note
...................................................
4,263
12/20/22
471,861
(518,161)
Long
Gilt
...............................................................
1,673
12/28/22
195,946
5,856,238
21,845,043
Short
Contracts
CAC
40
10
Euro
Index
......................................................
2,034
11/18/22
125,906
(3,381,323)
OMX
Stockholm
30
Index
....................................................
8,108
11/18/22
144,048
(1,859,108)
SGX
NIFTY
50
Index
.......................................................
2,278
11/24/22
82,439
(1,114,058)
MSCI
Singapore
Index
......................................................
179
11/29/22
3,515
(100,257)
Euro-Bobl
...............................................................
2,232
12/08/22
263,965
6,994,224
Euro-Bund
..............................................................
4,760
12/08/22
651,231
(7,834,867)
TOPIX
Index
.............................................................
436
12/08/22
56,381
(1,254,616)
Japan
10
Year
Bond
........................................................
229
12/13/22
229,116
(583,422)
Australia
10
Year
Bonds
.....................................................
403
12/15/22
30,542
(290,802)
FTSE/MIB
Index
..........................................................
1,290
12/16/22
143,719
(9,356,945)
MSCI
EAFE
E-Mini
Index
....................................................
3,358
12/16/22
294,816
12,087,059
S&P
500
E-Mini
Index
......................................................
5,702
12/16/22
1,107,043
841,540
WIG20
Index
............................................................
1,502
12/16/22
9,685
(1,024,233)
U.S.
Treasury
Ultra
Bond
....................................................
261
12/20/22
33,490
5,580,482
SET50
Index
.............................................................
10,807
12/29/22
55,676
(712,371)
(2,008,697)
$
19,836,346
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
36,540,000
USD
6,977,277
Citibank
NA
12/21/22
$
21,101
EUR
17,390,000
USD
16,797,919
Bank
of
America
NA
12/21/22
460,285
GBP
12,787,000
USD
14,445,314
Standard
Chartered
Bank
12/21/22
244,759
JPY
397,605,000
USD
2,687,555
Bank
of
New
York
Mellon
12/21/22
3,900
MXN
23,080,000
USD
1,141,084
UBS
AG
12/21/22
13,392
SGD
5,000,000
USD
3,475,959
State
Street
Bank
and
Trust
Co.
12/21/22
57,178
USD
25,516,880
AUD
37,762,000
Morgan
Stanley
&
Co.
International
plc
12/21/22
1,322,795
USD
5,195,547
BRL
27,021,000
Morgan
Stanley
&
Co.
International
plc
12/21/22
20,310
USD
15,291,640
CAD
19,856,000
HSBC
Bank
plc
12/21/22
708,192
USD
194,370
CHF
184,000
Canadian
Imperial
Bank
of
Commerce
12/21/22
9,480
USD
7,351,248
EUR
7,379,000
Bank
of
America
NA
12/21/22
28,172
USD
5,313,974
EUR
5,318,000
JPMorgan
Chase
Bank
NA
12/21/22
36,278
USD
34,732,628
EUR
34,115,000
Morgan
Stanley
&
Co.
International
plc
12/21/22
876,179
USD
9,220,577
EUR
9,238,000
Standard
Chartered
Bank
12/21/22
52,590
USD
28,293,201
GBP
24,174,000
UBS
AG
12/21/22
521,416
USD
90,892
INR
7,270,000
Bank
of
America
NA
12/21/22
3,596
USD
4,223,634
JPY
619,548,000
JPMorgan
Chase
Bank
NA
12/21/22
29,806
USD
13,617,600
JPY
1,924,323,000
Morgan
Stanley
&
Co.
International
plc
12/21/22
591,536
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
47
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
7,995,256
KRW
11,306,731,000
Bank
of
America
NA
12/21/22
$
65,936
USD
7,279,377
KRW
10,053,548,000
BNP
Paribas
SA
12/21/22
228,904
USD
7,561,150
KRW
10,758,760,000
Citibank
NA
12/21/22
16,118
USD
4,177,415
NOK
41,133,000
Citibank
NA
12/21/22
213,886
USD
6,224,721
PLN
29,234,000
UBS
AG
12/21/22
156,650
USD
10,253,956
SEK
107,118,000
Bank
of
America
NA
12/21/22
510,537
USD
9,067,790
SGD
12,652,000
HSBC
Bank
plc
12/21/22
127,540
USD
6,298,030
THB
226,981,000
Goldman
Sachs
International
12/21/22
307,192
USD
11,753,470
ZAR
203,215,000
Goldman
Sachs
International
12/21/22
733,194
7,360,922
AUD
3,797,000
USD
2,437,342
JPMorgan
Chase
Bank
NA
12/21/22
(4,609)
AUD
9,299,000
USD
6,242,470
Standard
Chartered
Bank
12/21/22
(284,608)
CAD
8,103,000
USD
6,104,647
Standard
Chartered
Bank
12/21/22
(153,313)
CHF
4,848,000
USD
5,120,813
HSBC
Bank
plc
12/21/22
(249,357)
CLP
12,048,968,000
USD
13,138,118
Bank
of
America
NA
12/21/22
(476,749)
CLP
7,330,684,000
USD
7,770,082
JPMorgan
Chase
Bank
NA
12/21/22
(66,809)
EUR
3,706,000
USD
3,678,757
Bank
of
New
York
Mellon
12/21/22
(844)
EUR
2,585,000
USD
2,631,751
BNP
Paribas
SA
12/21/22
(66,342)
EUR
17,364,000
USD
17,380,425
HSBC
Bank
plc
12/21/22
(148,023)
GBP
167,000
USD
195,436
HSBC
Bank
plc
12/21/22
(3,582)
GBP
6,952,000
USD
8,041,780
JPMorgan
Chase
Bank
NA
12/21/22
(55,123)
JPY
1,094,914,000
USD
7,750,401
Citibank
NA
12/21/22
(338,745)
JPY
1,383,383,000
USD
9,562,083
Nomura
International
plc
12/21/22
(197,732)
KRW
10,923,425,000
USD
7,716,928
BNP
Paribas
SA
12/21/22
(56,416)
KRW
10,305,505,000
USD
7,428,663
Citibank
NA
12/21/22
(201,495)
KRW
12,690,809,000
USD
8,940,690
Morgan
Stanley
&
Co.
International
plc
12/21/22
(40,727)
NZD
555,000
USD
340,489
UBS
AG
12/21/22
(17,562)
SEK
53,238,000
USD
5,095,702
Bank
of
New
York
Mellon
12/21/22
(253,190)
USD
10,486,937
AUD
16,655,000
Northern
Trust
Co.
12/21/22
(183,910)
USD
6,311,617
CAD
8,645,000
BNP
Paribas
SA
12/21/22
(37,794)
USD
16,662,351
CLP
16,099,145,000
BNP
Paribas
SA
12/21/22
(255,048)
USD
8,993,492
EUR
9,250,000
HSBC
Bank
plc
12/21/22
(186,404)
USD
2,695,891
EUR
2,735,000
State
Street
Bank
and
Trust
Co.
12/21/22
(18,381)
USD
10,225,501
GBP
8,985,000
Bank
of
America
NA
12/21/22
(96,725)
USD
3,761,027
GBP
3,421,000
Bank
of
New
York
Mellon
12/21/22
(169,116)
USD
8,963,197
GBP
7,995,000
HSBC
Bank
plc
12/21/22
(221,688)
USD
7,122,257
KRW
10,279,055,000
Citibank
NA
12/21/22
(86,362)
USD
5,638,172
MXN
113,992,000
Toronto
Dominion
Bank
12/21/22
(63,778)
USD
2,837,595
SEK
32,150,000
Bank
of
New
York
Mellon
12/21/22
(86,759)
(4,021,191)
$
3,339,731
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
8.85%
Monthly
28
day
MXIBTIIE
Monthly
03/15/23
(a)
03/08/28
MXN
516,000
$
328,189
$
—
$
328,189
9.47%
Monthly
28
day
MXIBTIIE
Monthly
03/15/23
(a)
03/08/28
MXN
1,384,000
(793,344)
—
(793,344)
8.93%
Monthly
28
day
MXIBTIIE
Monthly
03/15/23
(a)
03/08/28
MXN
688,000
327,766
—
327,766
9.34%
Monthly
28
day
MXIBTIIE
Monthly
03/15/23
(a)
03/08/28
MXN
1,508,000
(472,813)
—
(472,813)
9.32%
Monthly
28
day
MXIBTIIE
Monthly
03/15/23
(a)
03/08/28
MXN
287,000
(81,223)
—
(81,223)
3.74%
Annual
1
day
SOFR
Annual
03/15/23
(a)
03/15/28
USD
31,000
299,813
—
299,813
3.83%
Annual
1
day
SOFR
Annual
03/15/23
(a)
03/15/28
USD
90,667
508,378
—
508,378
3.83%
Annual
1
day
SOFR
Annual
03/15/23
(a)
03/15/28
USD
181,333
1,028,767
—
1,028,767
3.87%
Annual
1
day
SOFR
Annual
03/15/23
(a)
03/15/28
USD
9,000
34,162
—
34,162
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
48
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.69%
Annual
1
day
SOFR
Annual
03/15/23
(a)
03/15/28
USD
20,000
$
235,838
$
—
$
235,838
3.83%
Annual
1
day
SOFR
Annual
03/15/23
(a)
03/15/28
USD
35,000
200,887
—
200,887
3.92%
Semi-Annual
1
day
SORA
Semi-Annual
03/15/23
(a)
03/15/28
SGD
41,000
(294,951)
—
(294,951)
3.71%
Semi-Annual
1
day
SORA
Semi-Annual
03/15/23
(a)
03/15/28
SGD
26,000
(112,704)
—
(112,704)
3
month
TWCPBA
Quarterly
1.34%
Quarterly
03/15/23
(a)
03/15/28
TWD
216,750
(68,304)
—
(68,304)
3
month
TWCPBA
Quarterly
1.34%
Quarterly
03/15/23
(a)
03/15/28
TWD
2,369,750
(729,280)
—
(729,280)
3
month
TWCPBA
Quarterly
1.56%
Quarterly
03/15/23
(a)
03/15/28
TWD
745,000
9,946
—
9,946
3
month
TWCPBA
Quarterly
1.60%
Quarterly
03/15/23
(a)
03/15/28
TWD
605,000
43,804
—
43,804
3
month
TWCPBA
Quarterly
1.65%
Quarterly
03/15/23
(a)
03/15/28
TWD
360,400
52,697
—
52,697
3
month
TWCPBA
Quarterly
1.69%
Quarterly
03/15/23
(a)
03/15/28
TWD
63,600
13,055
—
13,055
3
month
TWCPBA
Quarterly
1.70%
Quarterly
03/15/23
(a)
03/15/28
TWD
789,000
173,607
—
173,607
1
week
CNREPOFI
Quarterly
2.43%
Quarterly
03/15/23
(a)
03/15/28
CNY
1,299,051
(128,746)
—
(128,746)
1
week
CNREPOFI
Quarterly
2.44%
Quarterly
03/15/23
(a)
03/15/28
CNY
1,487,500
(75,224)
—
(75,224)
1
day
THOR
Quarterly
2.52%
Quarterly
03/15/23
(a)
03/15/28
THB
4,445,000
(2,439,870)
—
(2,439,870)
1
week
CNREPOFI
Quarterly
2.53%
Quarterly
03/15/23
(a)
03/15/28
CNY
248,000
119,114
—
119,114
1
week
CNREPOFI
Quarterly
2.54%
Quarterly
03/15/23
(a)
03/15/28
CNY
37,000
21,587
—
21,587
1
week
CNREPOFI
Quarterly
2.56%
Quarterly
03/15/23
(a)
03/15/28
CNY
26,000
17,772
—
17,772
1
day
THOR
Quarterly
2.65%
Quarterly
03/15/23
(a)
03/15/28
THB
353,500
(137,716)
—
(137,716)
1
day
THOR
Quarterly
2.66%
Quarterly
03/15/23
(a)
03/15/28
THB
353,500
(134,667)
—
(134,667)
3.91%
Semi-Annual
3
month
BA
Semi-Annual
03/15/23
(a)
03/15/28
CAD
51,000
(348,563)
(1,762)
(346,801)
3.97%
Semi-Annual
3
month
BA
Semi-Annual
03/15/23
(a)
03/15/28
CAD
27,000
(237,858)
2,390
(240,248)
3.86%
Semi-Annual
3
month
BA
Semi-Annual
03/15/23
(a)
03/15/28
CAD
6,000
(31,133)
—
(31,133)
3.90%
Semi-Annual
3
month
BA
Semi-Annual
03/15/23
(a)
03/15/28
CAD
84,000
(546,454)
476,046
(1,022,500)
3.89%
Semi-Annual
3
month
BA
Semi-Annual
03/15/23
(a)
03/15/28
CAD
15,000
(92,644)
—
(92,644)
4.15%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
42,900,000
(73,959)
—
(73,959)
3.71%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
271,800,730
3,340,582
—
3,340,582
4.39%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
17,834,500
(168,499)
—
(168,499)
4.40%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
17,834,500
(175,031)
—
(175,031)
4.32%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
24,650,000
(172,043)
—
(172,043)
4.16%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
47,379,850
(93,001)
—
(93,001)
4.18%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
87,991,150
(235,774)
—
(235,774)
4.31%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
24,650,000
(164,192)
—
(164,192)
3.82%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
37,745,000
328,657
—
328,657
4.27%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
42,039,000
(226,459)
—
(226,459)
4.24%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
42,039,000
(198,340)
—
(198,340)
4.14%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
23,732,000
(32,599)
—
(32,599)
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
49
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
4.05%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
24,091,000
$
39,037
$
—
$
39,037
4.09%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
25,575,000
2,748
—
2,748
4.09%
Quarterly
3
month
CD_KSDA
Quarterly
03/15/23
(a)
03/15/28
KRW
25,575,000
5,599
—
5,599
4.31%
Quarterly
3
month
HIBOR
Quarterly
03/15/23
(a)
03/15/28
HKD
68,000
93,918
—
93,918
4.34%
Quarterly
3
month
HIBOR
Quarterly
03/15/23
(a)
03/15/28
HKD
68,000
82,392
—
82,392
4.30%
Quarterly
3
month
HIBOR
Quarterly
03/15/23
(a)
03/15/28
HKD
150,000
217,767
—
217,767
4.61%
Quarterly
3
month
HIBOR
Quarterly
03/15/23
(a)
03/15/28
HKD
147,000
(44,074)
—
(44,074)
3.26%
Annual
3
month
STIBOR
Quarterly
03/15/23
(a)
03/15/28
SEK
180,000
(24,524)
42,984
(67,508)
3.27%
Annual
3
month
STIBOR
Quarterly
03/15/23
(a)
03/15/28
SEK
221,000
(39,577)
6,376
(45,953)
3.28%
Annual
3
month
STIBOR
Quarterly
03/15/23
(a)
03/15/28
SEK
318,000
(71,879)
33,147
(105,026)
3.19%
Annual
3
month
STIBOR
Quarterly
03/15/23
(a)
03/15/28
SEK
2,201,000
333,579
594,052
(260,473)
3.32%
Annual
3
month
STIBOR
Quarterly
03/15/23
(a)
03/15/28
SEK
125,000
(47,866)
35,486
(83,352)
1
day
THOR
Quarterly
3.04%
Quarterly
03/15/23
(a)
03/15/28
THB
655,000
55,557
—
55,557
1
day
THOR
Quarterly
3.09%
Quarterly
03/15/23
(a)
03/15/28
THB
650,000
101,587
—
101,587
6
month
BBR
Semi-Annual
4.02%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
252,500
(2,574,710)
—
(2,574,710)
6
month
BBR
Semi-Annual
4.04%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
31,000
(292,638)
—
(292,638)
6
month
BBR
Semi-Annual
4.05%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
44,500
(412,451)
—
(412,451)
6
month
BBR
Semi-Annual
4.08%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
31,000
(258,547)
—
(258,547)
6
month
BBR
Semi-Annual
4.17%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
38,750
(231,870)
—
(231,870)
6
month
BBR
Semi-Annual
4.19%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
58,125
(301,318)
—
(301,318)
6
month
BBR
Semi-Annual
4.20%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
58,125
(291,357)
—
(291,357)
6
month
BBR
Semi-Annual
4.26%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
13,000
(42,141)
—
(42,141)
6
month
BBR
Semi-Annual
4.26%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
13,000
(43,905)
—
(43,905)
6
month
BBR
Semi-Annual
4.37%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
52,000
(5,183)
—
(5,183)
6
month
BBR
Semi-Annual
4.37%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
18,000
(3,336)
—
(3,336)
6
month
BBR
Semi-Annual
4.38%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
18,000
3,862
—
3,862
6
month
BBR
Semi-Annual
4.41%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
96,115
90,627
—
90,627
6
month
BBR
Semi-Annual
4.41%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
28,885
28,473
—
28,473
6
month
BBR
Semi-Annual
4.41%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
16,000
16,229
—
16,229
6
month
BBR
Semi-Annual
4.42%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
167,029
217,129
—
217,129
6
month
BBR
Semi-Annual
4.43%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
65,717
102,323
—
102,323
6
month
BBR
Semi-Annual
4.44%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
69,029
124,239
—
124,239
6
month
BBR
Semi-Annual
4.45%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
60,300
130,058
—
130,058
6
month
BBR
Semi-Annual
4.49%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
29,700
98,416
—
98,416
6
month
BBR
Semi-Annual
4.50%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
81,225
279,594
—
279,594
6
month
BBR
Semi-Annual
4.55%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
39,000
198,300
—
198,300
6
month
BBR
Semi-Annual
4.57%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
14,350
81,367
—
81,367
6
month
BBR
Semi-Annual
4.58%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
26,650
156,439
—
156,439
6
month
BBR
Semi-Annual
4.67%
Semi-Annual
03/15/23
(a)
03/15/28
AUD
48,000
401,732
—
401,732
1
day
SONIA
Annual
4.85%
Annual
03/15/23
(a)
03/15/28
GBP
87,000
2,476,467
187,457
2,289,010
1
day
SONIA
Annual
5.32%
Annual
03/15/23
(a)
03/15/28
GBP
28,000
1,457,258
118,241
1,339,017
1
day
SONIA
Annual
5.33%
Annual
03/15/23
(a)
03/15/28
GBP
59,000
3,089,452
2,127
3,087,325
3.00%
Annual
6
month
EURIBOR
Semi-Annual
03/15/23
(a)
03/15/28
EUR
84,000
29,710
111,101
(81,391)
3.08%
Annual
6
month
EURIBOR
Semi-Annual
03/15/23
(a)
03/15/28
EUR
47,000
(162,039)
56,020
(218,059)
3.23%
Annual
6
month
EURIBOR
Semi-Annual
03/15/23
(a)
03/15/28
EUR
14,000
(142,033)
9,997
(152,030)
3.29%
Annual
6
month
EURIBOR
Semi-Annual
03/15/23
(a)
03/15/28
EUR
28,000
(362,627)
44,211
(406,838)
3.16%
Annual
6
month
EURIBOR
Semi-Annual
03/15/23
(a)
03/15/28
EUR
52,000
(360,239)
(15,443)
(344,796)
7.02%
Annual
6
month
WIBOR
Semi-Annual
03/15/23
(a)
03/15/28
PLN
128,400
491,118
—
491,118
7.02%
Annual
6
month
WIBOR
Annual
03/15/23
(a)
03/15/28
PLN
79,600
307,595
—
307,595
7.04%
Annual
6
month
WIBOR
Semi-Annual
03/15/23
(a)
03/15/28
PLN
208,000
762,836
—
762,836
1
day
MIBOR
Semi-Annual
6.91%
Semi-Annual
03/15/23
(a)
03/15/28
INR
2,381,000
(47,896)
—
(47,896)
1
day
MIBOR
Semi-Annual
7.13%
Semi-Annual
03/15/23
(a)
03/15/28
INR
1,323,000
118,571
—
118,571
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
50
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3
month
JIBAR
Quarterly
8.56%
Quarterly
03/15/23
(a)
03/15/28
ZAR
22,000
$
(10,003)
$
—
$
(10,003)
3
month
JIBAR
Quarterly
8.65%
Quarterly
03/15/23
(a)
03/15/28
ZAR
534,600
(132,661)
—
(132,661)
3
month
JIBAR
Quarterly
8.66%
Quarterly
03/15/23
(a)
03/15/28
ZAR
906,000
(205,127)
—
(205,127)
3
month
JIBAR
Quarterly
8.77%
Quarterly
03/15/23
(a)
03/15/28
ZAR
653,400
8,322
—
8,322
3
month
JIBAR
Quarterly
8.85%
Quarterly
03/15/23
(a)
03/15/28
ZAR
775,000
136,237
—
136,237
3
month
JIBAR
Quarterly
8.98%
Quarterly
03/15/23
(a)
03/15/28
ZAR
59,000
27,688
—
27,688
3
month
JIBAR
Quarterly
9.08%
Quarterly
03/15/23
(a)
03/15/28
ZAR
291,000
199,828
—
199,828
3
month
JIBAR
Quarterly
9.10%
Quarterly
03/15/23
(a)
03/15/28
ZAR
610,000
438,775
—
438,775
3
month
JIBAR
Quarterly
9.12%
Quarterly
03/15/23
(a)
03/15/28
ZAR
338,000
261,495
—
261,495
$
5,377,553
$
1,702,430
$
3,675,123
(a)
Forward
swap.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
BZDIOVER
At
Termination
11.27%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
90,000
$
(76,378)
$
—
$
(76,378)
1
day
BZDIOVER
At
Termination
11.66%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
90,000
206,643
—
206,643
1
day
BZDIOVER
At
Termination
11.31%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
117,000
(55,538)
—
(55,538)
1
day
BZDIOVER
At
Termination
11.50%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
102,000
109,510
—
109,510
1
day
BZDIOVER
At
Termination
11.65%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
147,000
327,607
—
327,607
1
day
BZDIOVER
At
Termination
11.38%
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/04/27
BRL
47,000
6,075
—
6,075
1
week
CNREPOFI
Quarterly
2.43%
Quarterly
Bank
of
America
NA
03/15/23
(a)
03/15/28
CNY
25,000
(2,478)
—
(2,478)
$
515,441
$
—
$
515,441
(a)
Forward
swap.
OTC
Total
Return
Swap
s
-
Future
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
November
2022
........
TWD
656,298,240
Merrill
Lynch
International
&
Co.
11/16/22
TWD
656,298
$
37,432
$
—
$
37,432
Taiwan
Capitalization
Weighted
Stock
Index
Futures
November
2022
........
TWD
1,023,049,782
Merrill
Lynch
International
&
Co.
11/16/22
TWD
1,023,050
464,856
—
464,856
Taiwan
Capitalization
Weighted
Stock
Index
Futures
November
2022
........
TWD
2,520,312,020
Merrill
Lynch
International
&
Co.
11/16/22
TWD
2,520,312
(692,467)
—
(692,467)
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
51
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
i
OTC
Total
Return
Swaps
-
Future
(continued)
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
KOSPI
200
Index
Futures
December
2022
........
KRW
10,771,515,450
Merrill
Lynch
International
&
Co.
12/08/22
KRW
10,771,515
$
301,562
$
—
$
301,562
BOVESPA
Index
Futures
December
2022
........
BRL
(194,474,096)
Merrill
Lynch
International
&
Co.
12/14/22
BRL
194,474
33,301
—
33,301
MEX
BOLSA
Index
Futures
December
2022
........
MXN
46,036,937
Merrill
Lynch
International
&
Co.
12/16/22
MXN
46,037
124,560
—
124,560
Swiss
Market
Index
Futures
December
2022
........
CHF
(3,972,767)
HSBC
Bank
plc
12/16/22
CHF
3,973
(246,310)
—
(246,310)
Swiss
Market
Index
Futures
December
2022
........
CHF
(24,772,410)
HSBC
Bank
plc
12/16/22
CHF
24,772
(1,839,847)
—
(1,839,847)
Swiss
Market
Index
Futures
December
2022
........
CHF
(5,913,024)
HSBC
Bank
plc
12/16/22
CHF
5,913
(145,419)
—
(145,419)
Swiss
Market
Index
Futures
December
2022
........
CHF
(8,800,013)
HSBC
Bank
plc
12/16/22
CHF
8,800
(395,603)
—
(395,603)
Swiss
Market
Index
Futures
December
2022
........
CHF
(9,710,476)
HSBC
Bank
plc
12/16/22
CHF
9,710
(566,809)
—
(566,809)
Swiss
Market
Index
Futures
December
2022
........
CHF
(8,251,231)
HSBC
Bank
plc
12/16/22
CHF
8,251
(511,468)
—
(511,468)
$
(3,436,212)
$
—
$
(3,436,212)
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
MSCI
Chile
Net
Return
Index
..........
Quarterly
1
day
SOFR
minus
1.25%
Quarterly
Citibank
NA
06/09/23
USD
5,647
$
809,314
$
—
$
809,314
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.05
%
1
day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
6.25
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
3.04
1
day
SORA
.........................................
Singapore
Overnight
Rate
Average
2.85
1
day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
0.98
1
week
CNREPOFI
....................................
China
Fixing
Repo
Rates
1.94
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
9.60
3
month
CD_KSDA
....................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3.96
3
month
HIBOR
.......................................
Hong
Kong
Interbank
Offered
Rate
4.59
3
month
JIBAR
.......................................
Johannesburg
Interbank
Average
Rate
6.52
3
month
STIBOR
......................................
Stockholm
Interbank
Offered
Rate
(0.10)
3
month
TWCPBA
.....................................
Taiwan
Secondary
Markets
Bills
Rate
1.16
6
month
BBR
........................................
Australian
Bank
Bill
Rate
3.66
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
2.13
6
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
7.62
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
52
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
.........................................................
$
1,719,635
$
(17,205)
$
19,079,831
$
(15,404,708)
OTC
Swaps
...................................................................
—
—
2,420,860
(4,532,317)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
34,723,196
$
—
$
18,430,944
$
—
$
53,154,140
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
7,360,922
—
—
7,360,922
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
19,079,831
—
19,079,831
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
1,771,025
—
649,835
—
2,420,860
$
—
$
—
$
36,494,221
$
7,360,922
$
38,160,610
$
—
$
82,015,753
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
24,044,426
$
—
$
9,273,368
$
—
$
33,317,794
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
4,021,191
—
—
4,021,191
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
15,404,708
—
15,404,708
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
4,397,923
—
134,394
—
4,532,317
$
—
$
—
$
28,442,349
$
4,021,191
$
24,812,470
$
—
$
57,276,010
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
94,507,101
$
—
$
32,531,334
$
—
$
127,038,435
Forward
foreign
currency
exchange
contracts
....
—
—
—
3,461,395
—
—
3,461,395
Swaps
..............................
—
—
(6,779)
—
44,375,821
—
44,369,042
$
—
$
—
$
94,500,322
$
3,461,395
$
76,907,155
$
—
$
174,868,872
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(44,181,696)
$
—
$
(16,132,280)
$
—
$
(60,313,976)
Forward
foreign
currency
exchange
contracts
....
—
—
—
4,182,357
—
—
4,182,357
Swaps
..............................
—
—
(6,462,458)
—
3,368,543
—
(3,093,915)
$
—
$
—
$
(50,644,154)
$
4,182,357
$
(12,763,737)
$
—
$
(59,225,534)
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
53
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,614,303,815
Average
notional
value
of
contracts
—
short
.................................................................................
$
3,428,707,682
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
294,293,930
Average
amounts
sold
—
in
USD
........................................................................................
$
142,403,435
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
1,730,386,397
Average
notional
value
—
receives
fixed
rate
................................................................................
$
2,235,545,222
Total
return
swaps
Average
notional
value
...............................................................................................
$
252,648,205
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
22,751,052
$
6,271,335
Forward
foreign
currency
exchange
contracts
.................................................................
7,360,922
4,021,191
Swaps
—
centrally
cleared
..............................................................................
5,281,576
—
Swaps
—
OTC
(a)
....................................................................................
2,420,860
4,532,317
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
37,814,410
$
14,824,843
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(28,032,628)
(6,271,335)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
9,781,782
$
8,553,508
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
1,275,169
$
(652,330)
$
—
$
—
$
622,839
Bank
of
New
York
Mellon
...........................
3,900
(3,900)
—
—
—
BNP
Paribas
SA
.................................
666,021
(471,138)
—
—
194,883
Canadian
Imperial
Bank
of
Commerce
..................
9,480
—
—
—
9,480
Citibank
NA
....................................
1,060,419
(626,602)
—
(433,817)
—
Goldman
Sachs
International
........................
1,040,386
—
—
—
1,040,386
HSBC
Bank
plc
..................................
835,732
(835,732)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
66,084
(66,084)
—
—
—
Merrill
Lynch
International
&
Co.
......................
961,711
(692,467)
—
—
269,244
Morgan
Stanley
&
Co.
International
plc
..................
2,816,895
(40,727)
—
(20,000)
2,756,168
Standard
Chartered
Bank
...........................
297,349
(297,349)
—
—
—
State
Street
Bank
and
Trust
Co.
......................
57,178
(18,381)
—
—
38,797
UBS
AG
......................................
691,458
(17,562)
—
—
673,896
$
9,781,782
$
(3,722,272)
$
—
$
(453,817)
$
5,605,693
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
54
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(d)(e)
Bank
of
America
NA
..............................
$
652,330
$
(652,330)
$
—
$
—
$
—
Bank
of
New
York
Mellon
...........................
509,909
(3,900)
—
—
506,009
BNP
Paribas
SA
.................................
471,138
(471,138)
—
—
—
Citibank
NA
....................................
626,602
(626,602)
—
—
—
HSBC
Bank
plc
..................................
4,514,510
(835,732)
—
(3,450,000)
228,778
JPMorgan
Chase
Bank
NA
..........................
126,541
(66,084)
—
—
60,457
Merrill
Lynch
International
&
Co.
......................
692,467
(692,467)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
40,727
(40,727)
—
—
—
Nomura
International
plc
...........................
197,732
—
—
—
197,732
Northern
Trust
Co.
...............................
183,910
—
—
—
183,910
Standard
Chartered
Bank
...........................
437,921
(297,349)
—
—
140,572
State
Street
Bank
and
Trust
Co.
......................
18,381
(18,381)
—
—
—
Toronto
Dominion
Bank
............................
63,778
—
—
—
63,778
UBS
AG
......................................
17,562
(17,562)
—
—
—
$
8,553,508
$
(3,722,272)
$
—
$
(3,450,000)
$
1,381,236
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
Asset-Backed
Securities
...................................
$
—
$
—
$
—
$
—
Common
Stocks
Aerospace
&
Defense
....................................
27,183,050
5,581,005
—
32,764,055
Air
Freight
&
Logistics
....................................
—
330,203
—
330,203
Airlines
..............................................
713,647
—
—
713,647
Auto
Components
......................................
1,198,208
895,703
—
2,093,911
Automobiles
..........................................
30,127,163
11,905,222
—
42,032,385
Banks
...............................................
30,555,572
24,437,422
—
54,992,994
Beverages
...........................................
13,068,975
10,023,641
—
23,092,616
Biotechnology
.........................................
22,939,415
3,463,959
—
26,403,374
Building
Products
.......................................
12,938,072
4,039,023
—
16,977,095
Capital
Markets
........................................
17,128,953
7,871,981
—
25,000,934
Chemicals
............................................
9,679,362
8,354,109
—
18,033,471
Commercial
Services
&
Supplies
.............................
1,900,439
1,561,759
—
3,462,198
Communications
Equipment
................................
3,436,325
1,170,612
—
4,606,937
Construction
&
Engineering
................................
434,643
7,133,595
—
7,568,238
Construction
Materials
....................................
1,653,736
349,791
—
2,003,527
Consumer
Finance
......................................
3,562,832
—
—
3,562,832
Containers
&
Packaging
..................................
2,538,661
—
—
2,538,661
Distributors
...........................................
3,518,729
296,575
—
3,815,304
Diversified
Financial
Services
...............................
13,552,303
1,987,547
—
15,539,850
Diversified
Telecommunication
Services
........................
—
268,665
—
268,665
Electric
Utilities
........................................
34,233,585
8,253,351
—
42,486,936
Electrical
Equipment
.....................................
—
5,639,201
—
5,639,201
Electronic
Equipment,
Instruments
&
Components
.................
2,782,978
5,424,147
—
8,207,125
Energy
Equipment
&
Services
..............................
2,363,825
353,841
—
2,717,666
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
55
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Level
1
Level
2
Level
3
Total
Entertainment
.........................................
$
15,689,300
$
2,346,167
$
—
$
18,035,467
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
27,183,736
6,035,089
—
33,218,825
Food
&
Staples
Retailing
..................................
29,865,311
7,331,530
—
37,196,841
Food
Products
.........................................
11,627,324
12,406,812
—
24,034,136
Gas
Utilities
...........................................
—
2,431,875
—
2,431,875
Health
Care
Equipment
&
Supplies
...........................
25,228,969
5,693,870
—
30,922,839
Health
Care
Providers
&
Services
............................
11,828,291
729,440
—
12,557,731
Health
Care
Technology
..................................
—
309,922
—
309,922
Hotels,
Restaurants
&
Leisure
..............................
174,896
—
—
174,896
Household
Durables
.....................................
9,104,786
2,569,023
—
11,673,809
Household
Products
.....................................
6,978,197
2,229,775
—
9,207,972
Independent
Power
and
Renewable
Electricity
Producers
............
2,699,497
989,467
—
3,688,964
Industrial
Conglomerates
..................................
8,683,960
6,412,852
—
15,096,812
Insurance
............................................
2,881,809
1,699,774
—
4,581,583
Interactive
Media
&
Services
...............................
33,832,518
284,865
—
34,117,383
Internet
&
Direct
Marketing
Retail
............................
23,392,072
1,249,810
—
24,641,882
IT
Services
...........................................
32,893,881
6,596,253
—
39,490,134
Leisure
Products
.......................................
216,565
—
—
216,565
Life
Sciences
Tools
&
Services
..............................
16,343,430
1,959,960
—
18,303,390
Machinery
............................................
32,713,789
1,989,755
—
34,703,544
Marine
..............................................
—
937,672
—
937,672
Media
...............................................
10,077,062
1,158,511
—
11,235,573
Metals
&
Mining
........................................
—
5,464,691
—
5,464,691
Multiline
Retail
.........................................
18,706,293
2,146,701
—
20,852,994
Multi-Utilities
..........................................
18,426,940
3,356,523
—
21,783,463
Oil,
Gas
&
Consumable
Fuels
...............................
22,031,590
14,569,286
—
36,600,876
Paper
&
Forest
Products
..................................
—
272,751
—
272,751
Personal
Products
......................................
548,541
8,004,411
—
8,552,952
Pharmaceuticals
.......................................
53,807,762
31,781,978
—
85,589,740
Professional
Services
....................................
668,460
2,841,706
—
3,510,166
Real
Estate
Management
&
Development
.......................
764,449
3,814,068
—
4,578,517
Road
&
Rail
...........................................
4,757,410
1,899,076
—
6,656,486
Semiconductors
&
Semiconductor
Equipment
....................
51,051,573
9,296,285
—
60,347,858
Software
.............................................
68,982,870
6,196,141
—
75,179,011
Specialty
Retail
........................................
24,205,437
3,066,521
—
27,271,958
Technology
Hardware,
Storage
&
Peripherals
....................
62,353,241
2,905,010
—
65,258,251
Textiles,
Apparel
&
Luxury
Goods
............................
9,080,511
5,083,324
—
14,163,835
Tobacco
.............................................
4,452,994
5,008,543
—
9,461,537
Trading
Companies
&
Distributors
............................
—
3,665,519
—
3,665,519
Transportation
Infrastructure
...............................
—
854,913
—
854,913
Water
Utilities
.........................................
3,518,340
1,274,731
—
4,793,071
Wireless
Telecommunication
Services
.........................
—
588,089
—
588,089
Other
Interests
..........................................
—
—
—
—
Preferred
Stocks
.........................................
—
2,091,624
—
2,091,624
Warrants
..............................................
86,981
—
—
86,981
Short-Term
Securities
Money
Market
Funds
......................................
61,076,310
—
—
61,076,310
U.S.
Treasury
Obligations
...................................
—
7,161,039
—
7,161,039
$
941,445,568
$
296,046,704
$
—
$
1,237,492,272
Investments
valued
at
NAV
(a)
......................................
4,001
$
—
$
1,237,496,273
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
17,251,966
$
19,242,255
$
—
$
36,494,221
Foreign
currency
exchange
contracts
............................
—
7,360,922
—
7,360,922
Interest
rate
contracts
.......................................
18,430,944
19,729,666
—
38,160,610
Liabilities
Equity
contracts
...........................................
—
(28,442,349)
—
(28,442,349)
Foreign
currency
exchange
contracts
............................
—
(4,021,191)
—
(4,021,191)
Interest
rate
contracts
.......................................
(9,273,368)
(15,539,102)
—
(24,812,470)
$
26,409,542
$
(1,669,799)
$
—
$
24,739,743
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
56
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
See
notes
to
financial
statements.
(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
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
U.S.
Impact
Fund
Schedules
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Auto
Components
—
4.4%
Aptiv
plc
(a)
........................
2,609
$
237,602
Automobiles
—
0.7%
Tesla,
Inc.
(a)
.......................
178
40,502
Building
Products
—
1.7%
Zurn
Elkay
Water
Solutions
Corp.
........
3,825
89,849
Containers
&
Packaging
—
1.5%
Ball
Corp.
........................
999
49,340
Crown
Holdings,
Inc.
................
481
32,992
82,332
Diversified
Consumer
Services
—
6.5%
(a)
Duolingo
,
Inc.,
Class
A
...............
920
75,293
Grand
Canyon
Education,
Inc.
..........
1,270
127,800
Stride,
Inc.
.......................
4,368
146,372
349,465
Electric
Utilities
—
4.0%
Avangrid
,
Inc.
.....................
5,304
215,767
Electronic
Equipment,
Instruments
&
Components
—
5.4%
Trimble,
Inc.
(a)
.....................
4,829
290,513
Food
&
Staples
Retailing
—
6.0%
Grocery
Outlet
Holding
Corp.
(a)
..........
5,481
189,478
North
West
Co.,
Inc.
(The)
.............
5,136
133,645
323,123
Health
Care
Equipment
&
Supplies
—
9.0%
Boston
Scientific
Corp.
(a)
..............
10,417
449,077
STERIS
plc
.......................
220
37,968
487,045
Health
Care
Providers
&
Services
—
2.4%
Encompass
Health
Corp.
.............
2,384
129,785
Health
Care
Technology
—
3.3%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
1,075
180,536
Independent
Power
and
Renewable
Electricity
Producers
—
6.4%
Brookfield
Renewable
Corp.
...........
11,214
347,970
Internet
&
Direct
Marketing
Retail
—
1.7%
Etsy,
Inc.
(a)
.......................
979
91,938
IT
Services
—
9.9%
Block,
Inc.,
Class
A
(a)
................
658
39,526
Global
Payments,
Inc.
...............
1,358
155,165
Security
Shares
Shares
Value
IT
Services
(continued)
Jack
Henry
&
Associates,
Inc.
..........
1,565
$
311,529
Shopify,
Inc.,
Class
A
(a)
...............
926
31,697
537,917
Life
Sciences
Tools
&
Services
—
12.0%
Agilent
Technologies,
Inc.
(b)
............
1,749
241,974
Danaher
Corp.
....................
1,173
295,209
Thermo
Fisher
Scientific,
Inc.
...........
225
115,643
652,826
Media
—
1.5%
Cable
One,
Inc.
....................
93
79,927
Pharmaceuticals
—
10.4%
Royalty
Pharma
plc,
Class
A
...........
8,289
350,790
Zoetis,
Inc.,
Class
A
.................
1,420
214,108
564,898
Professional
Services
—
6.6%
ICF
International,
Inc.
................
3,002
359,129
Semiconductors
&
Semiconductor
Equipment
—
2.0%
Enphase
Energy,
Inc.
(a)
...............
355
108,985
Software
—
4.3%
(a)
Autodesk,
Inc.
.....................
583
124,937
Palo
Alto
Networks,
Inc.
..............
621
106,557
231,494
Total
Long-Term
Investments
—
99.7%
(Cost:
$5,458,366)
..............................
5,401,603
Short-Term
Securities
Money
Market
Funds
—
4.3%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.92%
...................
34,783
34,783
SL
Liquidity
Series,
LLC,
Money
Market
Series,
3.37%
(e)
.......................
198,293
198,154
Total
Short-Term
Securities
—
4.3%
(Cost:
$232,937)
................................
232,937
Total
Investments
—
104.0%
(Cost:
$5,691,303
)
..............................
5,634,540
Liabilities
in
Excess
of
Other
Assets
—
(4.0)%
............
(216,153)
Net
Assets
—
100.0%
..............................
$
5,418,387
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Impact
Fund
58
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
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
10/31/22
Shares
Held
at
10/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
111,926
$
—
$
(77,143)
(a)
$
—
$
—
$
34,783
34,783
$
1,269
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
—
198,108
(a)
—
46
—
198,154
198,293
215
(b)
—
$
46
$
—
$
232,937
$
1,484
$
—
—
—
(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
Schedules
of
Investments
59
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
.........................................
$
5,401,603
$
—
$
—
$
5,401,603
Short-Term
Securities
Money
Market
Funds
......................................
34,783
—
—
34,783
$
5,436,386
$
—
$
—
$
5,436,386
Investments
valued
at
NAV
(a)
......................................
198,154
$
—
$
5,634,540
$
—
(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.
Statements
of
Assets
and
Liabilities
(unaudited)

October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
60
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
20,765,200‌
$
5,058,632‌
$
8,293,340‌
$
9,778,135‌
Investments,
at
value
—
affiliated
(c)
............................................
—‌
31,478‌
274,545‌
202,564‌
Cash  
...............................................................
—‌
—‌
17‌
—‌
Cash
pledged:
Futures
contracts
......................................................
—‌
—‌
17,000‌
11,000‌
Foreign
currency,
at
value
(d)
.................................................
245,569‌
76,099‌
25,993‌
8,193‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
—‌
—‌
34,060‌
—‌
Securities
lending
income
—
affiliated
........................................
69‌
347‌
3‌
1‌
Capital
shares
sold
.....................................................
—‌
—‌
4,174‌
1,497‌
Dividends
—
unaffiliated
.................................................
10,209‌
3,583‌
17,954‌
37,910‌
Dividends
—
affiliated
...................................................
96‌
35‌
677‌
467‌
From
the
Manager
.....................................................
1,266‌
1,346‌
27,140‌
31,447‌
Prepaid
expenses
.......................................................
3,039‌
3,015‌
38,488‌
38,483‌
Total
assets
...........................................................
21,025,448‌
5,174,535‌
8,733,391‌
10,109,697‌
LIABILITIES
Bank
overdraft
..........................................................
3,681‌
—‌
—‌
—‌
Collateral
on
securities
loaned
...............................................
—‌
—‌
—‌
4,531‌
Payables:
–‌
–‌
–‌
–‌
Accounting
services
fees
.................................................
—‌
—‌
16,423‌
16,436‌
Administration
fees
.....................................................
2,997‌
447‌
—‌
—‌
Custodian
fees
........................................................
—‌
—‌
25,241‌
22,584‌
Investment
advisory
fees
.................................................
11,341‌
2,774‌
—‌
—‌
Trustees'
and
Officer's
fees
...............................................
670‌
509‌
626‌
624‌
Other
affiliate
fees
.....................................................
—‌
—‌
—‌
77‌
Printing
and
postage
fees
................................................
—‌
—‌
10,865‌
10,898‌
Professional
fees
......................................................
17,633‌
17,641‌
68,758‌
28,751‌
Registration
fees
......................................................
—‌
—‌
787‌
817‌
Service
fees
.........................................................
37‌
33‌
38‌
37‌
Transfer
agent
fees
....................................................
—‌
—‌
532‌
486‌
Other
accrued
expenses
.................................................
344‌
65‌
12,619‌
12,188‌
Variation
margin
on
futures
contracts
.........................................
—‌
—‌
963‌
1,620‌
Total
liabilities
..........................................................
36,703‌
21,469‌
136,852‌
99,049‌
NET
ASSETS
..........................................................
$
20,988,745‌
$
5,153,066‌
$
8,596,539‌
$
10,010,648‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
34,865,881‌
$
7,417,299‌
$
12,049,949‌
$
11,921,234‌
Accumulated
loss
.......................................................
(13,877,136‌)
(2,264,233‌)
(3,453,410‌)
(1,910,586‌)
NET
ASSETS
..........................................................
$
20,988,745‌
$
5,153,066‌
$
8,596,539‌
$
10,010,648‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................
$
22,038,453‌
$
6,019,646‌
$
10,222,191‌
$
10,572,704‌
(b)
  Securities
loaned,
at
value
................................................
$
—‌
$
—‌
$
—‌
$
4,300‌
(c)
  Investments,
at
cost
—
affiliated
............................................
$
—‌
$
31,478‌
$
274,545‌
$
202,567‌
(d)
  Foreign
currency,
at
cost
.................................................
$
254,831‌
$
78,474‌
$
17,715‌
$
8,130‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2022
61
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.............................................................
$
14,879,049‌
$
85,264‌
$
95,612‌
$
154,966‌
Shares
outstanding
......................................................
1,561,351‌
11,786‌
13,524‌
18,233‌
Net
asset
value
.........................................................
$
9.53‌
$
7.23‌
$
7.07‌
$
8.50‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Investor
A
Net
assets
.............................................................
$
178,645‌
$
159,241‌
$
174,585‌
$
180,352‌
Shares
outstanding
......................................................
18,742‌
22,069‌
24,702‌
21,228‌
Net
asset
value
.........................................................
$
9.53‌
$
7.22‌
$
7.07‌
$
8.50‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Class
K
Net
assets
.............................................................
$
5,931,051‌
$
4,908,561‌
$
8,326,342‌
$
9,675,330‌
Shares
outstanding
......................................................
623,210‌
678,964‌
1,177,522‌
1,138,343‌
Net
asset
value
.........................................................
$
9.52‌
$
7.23‌
$
7.07‌
$
8.50‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
62
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
1,176,415,962‌
$
5,401,603‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
61,080,311‌
232,937‌
Cash
pledged:
Collateral
—
OTC
derivatives
.............................................................................
12,398,000‌
—‌
Futures
contracts
.....................................................................................
250,571,173‌
—‌
Centrally
cleared
swaps
.................................................................................
55,955,000‌
—‌
Foreign
currency,
at
value
(d)
................................................................................
118,935,207‌
70‌
Receivables:
–‌
–‌
Investments
sold
.....................................................................................
81,294,845‌
—‌
Securities
lending
income
—
affiliated
.......................................................................
18‌
14‌
Swaps  
...........................................................................................
2,048,164‌
—‌
Capital
shares
sold
....................................................................................
2,377,226‌
—‌
Dividends
—
unaffiliated
................................................................................
1,614,359‌
574‌
Dividends
—
affiliated
..................................................................................
172,902‌
558‌
Interest
—
unaffiliated
..................................................................................
803‌
—‌
From
the
Manager
....................................................................................
—‌
1,501‌
Variation
margin
on
futures
contracts
........................................................................
22,751,052‌
—‌
Variation
margin
on
centrally
cleared
swaps
...................................................................
5,281,576‌
—‌
Unrealized
appreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
7,360,922‌
—‌
OTC
swaps
.........................................................................................
2,420,860‌
—‌
Prepaid
expenses
......................................................................................
81,405‌
—‌
Total
assets
..........................................................................................
1,800,759,785‌
5,637,257‌
LIABILITIES
Bank
overdraft
.........................................................................................
80,422,229‌
—‌
Cash
received:
Collateral
—
OTC
derivatives
.............................................................................
820,000‌
—‌
Collateral
on
securities
loaned
..............................................................................
4,327‌
198,150‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
21,167‌
—‌
Swaps  
...........................................................................................
611,815‌
—‌
Accounting
services
fees
................................................................................
74,480‌
—‌
Administration
fees
....................................................................................
86,046‌
491‌
Capital
shares
redeemed
................................................................................
9,677,313‌
—‌
Custodian
fees
.......................................................................................
47,396‌
—‌
Investment
advisory
fees
................................................................................
758,111‌
2,915‌
Trustees'
and
Officer's
fees
..............................................................................
66‌
506‌
Other
affiliate
fees
....................................................................................
65,771‌
—‌
Printing
and
postage
fees
...............................................................................
53,000‌
—‌
Professional
fees
.....................................................................................
105,435‌
16,733‌
Registration
fees
.....................................................................................
202,017‌
—‌
Service
and
distribution
fees
..............................................................................
48,892‌
75‌
Transfer
agent
fees
...................................................................................
417,446‌
—‌
Other
accrued
expenses
................................................................................
2,172‌
—‌
Variation
margin
on
futures
contracts
........................................................................
6,271,335‌
—‌
Unrealized
depreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
4,021,191‌
—‌
OTC
swaps
.........................................................................................
4,532,317‌
—‌
Total
liabilities
.........................................................................................
108,242,526‌
218,870‌
NET
ASSETS
.........................................................................................
$
1,692,517,259‌
$
5,418,387‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2022
63
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
1,659,259,898‌
$
6,969,456‌
Accumulated
earnings
(loss)
...............................................................................
33,257,361‌
(1,551,069‌)
NET
ASSETS
.........................................................................................
$
1,692,517,259‌
$
5,418,387‌
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
1,073,996,676‌
$
5,458,366‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
4,287‌
$
193,690‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
61,080,311‌
$
232,937‌
(d)
  Foreign
currency,
at
cost
................................................................................
$
118,758,204‌
$
70‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
NET
ASSET
VALUE
Institutional
Net
assets
...........................................................................................
$
779,847,260‌
$
105,001‌
Shares
outstanding
....................................................................................
54,360,459‌
12,986‌
Net
asset
value
.......................................................................................
$
14.35‌
$
8.09‌
Shares
authorized
.....................................................................................
Unlimited
Unlimited
Par
value
...........................................................................................
$
0.001‌
$
0.001‌
Service
Net
assets
...........................................................................................
$
943,087‌
$
—‌
Shares
outstanding
....................................................................................
66,379‌
—‌
Net
asset
value
.......................................................................................
$
14.21‌
$
—‌
Shares
authorized
.....................................................................................
Unlimited
—
Par
value
...........................................................................................
$
0.001‌
$
—‌
Investor
A
Net
assets
...........................................................................................
$
188,017,700‌
$
369,493‌
Shares
outstanding
....................................................................................
13,273,196‌
45,833‌
Net
asset
value
.......................................................................................
$
14.17‌
$
8.06‌
Shares
authorized
.....................................................................................
Unlimited
Unlimited
Par
value
...........................................................................................
$
0.001‌
$
0.001‌
Investor
C
Net
assets
...........................................................................................
$
8,711,005‌
$
—‌
Shares
outstanding
....................................................................................
636,763‌
—‌
Net
asset
value
.......................................................................................
$
13.68‌
$
—‌
Shares
authorized
.....................................................................................
Unlimited
—
Par
value
...........................................................................................
$
0.001‌
$
—‌
Class
K
Net
assets
...........................................................................................
$
714,998,207‌
$
4,943,893‌
Shares
outstanding
....................................................................................
49,847,835‌
611,659‌
Net
asset
value
.......................................................................................
$
14.34‌
$
8.08‌
Shares
authorized
.....................................................................................
Unlimited
Unlimited
Par
value
...........................................................................................
$
0.001‌
$
0.001‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
October
31,
2022
65
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
215,949‌
$
70,090‌
$
217,105‌
$
174,820‌
Dividends
—
affiliated
...................................................
524‌
425‌
5,528‌
1,709‌
Securities
lending
income
—
affiliated
—
net
...................................
152‌
1,287‌
176‌
24‌
Foreign
taxes
withheld
..................................................
(23,435‌)
(6,825‌)
(23,504‌)
(22,950‌)
Total
investment
income
...................................................
193,190‌
64,977‌
199,305‌
153,603‌
EXPENSES
Investment
advisory
....................................................
87,124‌
18,189‌
37,595‌
23,563‌
Administration
—
class
specific
............................................
23,652‌
2,929‌
940‌
1,047‌
Trustees
and
Officer
....................................................
3,202‌
2,901‌
2,722‌
2,728‌
Professional
.........................................................
2,922‌
3,280‌
88,492‌
65,298‌
Service
and
distribution
—
class
specific
......................................
235‌
211‌
229‌
239‌
Accounting
services
....................................................
—‌
—‌
24,932‌
24,963‌
Administration
.......................................................
—‌
—‌
1,997‌
2,225‌
Custodian
...........................................................
—‌
—‌
56,326‌
29,016‌
Registration
.........................................................
—‌
—‌
38,420‌
38,433‌
Transfer
agent
—
class
specific
............................................
—‌
—‌
446‌
522‌
Printing
and
postage
...................................................
—‌
—‌
14,550‌
14,477‌
Miscellaneous
........................................................
—‌
—‌
202‌
19‌
Total
expenses
.........................................................
117,135‌
27,510‌
266,851‌
202,530‌
Less:
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(6,153‌)
(6,200‌)
(225,176‌)
(174,933‌)
Administration
fees
waived
...............................................
—‌
—‌
(1,997‌)
(2,225‌)
Administration
fees
waived
by
the
Manager
—
class
specific
.........................
—‌
—‌
(940‌)
(1,047‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
............
—‌
—‌
(373‌)
(434‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
110,982‌
21,310‌
38,365‌
23,891‌
Net
investment
income
....................................................
82,208‌
43,667‌
160,940‌
129,712‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(3,137,526‌)
$
(1,026,332‌)
$
(2,240,890‌)
$
(1,343,649‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(5,332,728‌)
$
(921,148‌)
$
(829,709‌)
$
(915,236‌)
Investments
—
affiliated
...............................................
(236‌)
10‌
77,691‌
—‌
Foreign
currency
transactions
...........................................
(11,167‌)
(631‌)
(4,564‌)
(3,488‌)
Futures
contracts
....................................................
—‌
—‌
(45,541‌)
(32,272‌)
(5,344,131‌)
(921,769‌)
(802,123‌)
(950,996‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(a)
............................................
2,214,233‌
(102,576‌)
(1,284,348‌)
(401,244‌)
Investments
—
affiliated
...............................................
—‌
—‌
(140,294‌)
(3‌)
Foreign
currency
translations
............................................
(7,628‌)
(1,987‌)
(890‌)
1,319‌
Futures
contracts
....................................................
—‌
—‌
(13,235‌)
7,275‌
2,206,605‌
(104,563‌)
(1,438,767‌)
(392,653‌)
Net
realized
and
unrealized
loss
..............................................
(3,137,526‌)
(1,026,332‌)
(2,240,890‌)
(1,343,649‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................
$
(3,055,318‌)
$
(982,665‌)
$
(2,079,950‌)
$
(1,213,937‌)
(a)
Net
of
reduction
in
deferred
foreign
capital
gain
tax
of
..............................
$
—
$
1,695
$
3,996
$
—
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
October
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
11,209,486‌
$
20,672‌
Dividends
—
affiliated
..................................................................................
764,036‌
1,269‌
Interest
—
unaffiliated
..................................................................................
1,354,465‌
—‌
Securities
lending
income
—
affiliated
—
net
..................................................................
26,081‌
215‌
Foreign
taxes
withheld
.................................................................................
(417,496‌)
(1,410‌)
Total
investment
income
..................................................................................
12,936,572‌
20,746‌
EXPENSES
Investment
advisory
...................................................................................
4,414,328‌
18,359‌
Transfer
agent
—
class
specific
...........................................................................
684,572‌
—‌
Administration
......................................................................................
331,075‌
—‌
Service
and
distribution
—
class
specific
.....................................................................
273,054‌
461‌
Custodian
..........................................................................................
189,070‌
—‌
Administration
—
class
specific
...........................................................................
166,491‌
3,064‌
Registration
........................................................................................
136,475‌
—‌
Accounting
services
...................................................................................
96,613‌
—‌
Professional
........................................................................................
92,032‌
4,084‌
Printing
and
postage
..................................................................................
55,821‌
—‌
Trustees
and
Officer
...................................................................................
9,017‌
2,899‌
Miscellaneous
.......................................................................................
15,373‌
—‌
Total
expenses
........................................................................................
6,463,921‌
28,867‌
Less:
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(33,098‌)
(7,029‌)
Administration
fees
waived
by
the
Manager
—
class
specific
........................................................
(841‌)
—‌
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
...........................................
(53‌)
—‌
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
6,429,929‌
21,838‌
Net
investment
income
(loss)
...............................................................................
6,506,643‌
(1,092‌)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
29,316,604‌
$
(374,805‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
$
(46,188,556‌)
$
(787,089‌)
Investments
—
affiliated
..............................................................................
477‌
46‌
Forward
foreign
currency
exchange
contracts
................................................................
3,461,395‌
—‌
Foreign
currency
transactions
..........................................................................
(9,674,344‌)
(463‌)
Futures
contracts
...................................................................................
127,038,435‌
—‌
Swaps  
.........................................................................................
44,369,042‌
—‌
119,006,449‌
(787,506‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
(33,020,884‌)
412,699‌
Investments
—
affiliated
..............................................................................
(468‌)
—‌
Forward
foreign
currency
exchange
contracts
................................................................
4,182,357‌
—‌
Foreign
currency
translations
...........................................................................
2,557,041‌
2‌
Futures
contracts
...................................................................................
(60,313,976‌)
—‌
Swaps  
.........................................................................................
(3,093,915‌)
—‌
(89,689,845‌)
412,701‌
Net
realized
and
unrealized
gain
(loss)
........................................................................
29,316,604‌
(374,805‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.........................................
$
35,823,247‌
$
(375,897‌)
Statements
of
Changes
in
Net
Assets
(unaudited)

67
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
82,208‌
$
111,845‌
$
43,667‌
$
62,188‌
Net
realized
loss
........................................................
(5,344,131‌)
(5,418,211‌)
(921,769‌)
(94,130‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
2,206,605‌
(7,702,538‌)
(104,563‌)
(2,075,213‌)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(3,055,318‌)
(13,008,904‌)
(982,665‌)
(2,107,155‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(63,989‌)
(2,817,685‌)
(52‌)
(20,559‌)
  Investor
A
............................................................
(98‌)
(16,079‌)
—‌
(29,376‌)
  Class
K
..............................................................
(34,136‌)
(542,065‌)
(10,292‌)
(1,190,636‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(98,223‌)
(3,375,829‌)
(10,344‌)
(1,240,571‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(11,026,576‌)
(903,296‌)
32,525‌
1,290,141‌
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(14,180,117‌)
(17,288,029‌)
(960,484‌)
(2,057,585‌)
Beginning
of
period
........................................................
35,168,862‌
52,456,891‌
6,113,550‌
8,171,135‌
End
of
period
............................................................
$
20,988,745‌
$
35,168,862‌
$
5,153,066‌
$
6,113,550‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
160,940‌
$
179,975‌
$
129,712‌
$
260,749‌
Net
realized
gain
(loss)
....................................................
(802,123‌)
(812,574‌)
(950,996‌)
188,161‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(1,438,767‌)
(1,814,329‌)
(392,653‌)
(1,559,323‌)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(2,079,950‌)
(2,446,928‌)
(1,213,937‌)
(1,110,413‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(516‌)
(13,987‌)
(1,761‌)
(24,721‌)
  Investor
A
............................................................
(401‌)
(13,504‌)
(1,660‌)
(20,157‌)
  Class
K
..............................................................
(44,418‌)
(1,183,989‌)
(113,869‌)
(1,532,269‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(45,335‌)
(1,211,480‌)
(117,290‌)
(1,577,147‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.........................
781,479‌
1,279,931‌
192,982‌
1,698,938‌
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(1,343,806‌)
(2,378,477‌)
(1,138,245‌)
(988,622‌)
Beginning
of
period
........................................................
9,940,345‌
12,318,822‌
11,148,893‌
12,137,515‌
End
of
period
............................................................
$
8,596,539‌
$
9,940,345‌
$
10,010,648‌
$
11,148,893‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(unaudited)
(continued)
69
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
6,506,643‌
$
5,557,625‌
$
(1,092‌)
$
(9,662‌)
Net
realized
gain
(loss)
....................................................
119,006,449‌
(2,980,437‌)
(787,506‌)
153,071‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(89,689,845‌)
(1,108,016‌)
412,701‌
(1,852,868‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
35,823,247‌
1,469,172‌
(375,897‌)
(1,709,459‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
—‌
—‌
(263‌)
(31,728‌)
  Investor
A
............................................................
—‌
—‌
(524‌)
(71,225‌)
  Class
K
..............................................................
—‌
—‌
(18,803‌)
(1,511,112‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
—‌
—‌
(19,590‌)
(1,614,065‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.........................
10,699,927‌
186,560,420‌
110,823‌
1,809,870‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
46,523,174‌
188,029,592‌
(284,664‌)
(1,513,654‌)
Beginning
of
period
........................................................
1,645,994,085‌
1,457,964,493‌
5,703,051‌
7,216,705‌
End
of
period
............................................................
$
1,692,517,259‌
$
1,645,994,085‌
$
5,418,387‌
$
5,703,051‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
70
BlackRock
Global
Impact
Fund
Institutional
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
10.76
‌
$
15.27
‌
$
10.00
‌
Net
investment
income
(loss)
(b)
............................................................
0.03
‌
0.03
‌
(0.02
)
Net
realized
and
unrealized
gain
(loss)
.......................................................
(1.23
)
(3.66
)
5.82
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(1.20
)
(3.63
)
5.80
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(0.03
)
(0.10
)
(0.07
)
From
net
realized
gain
..................................................................
—
‌
(0.78
)
(0.46
)
Total
distributions
......................................................................
(0.03
)
(0.88
)
(0.53
)
Net
asset
value,
end
of
period
.............................................................
$
9.53
‌
$
10.76
‌
$
15.27
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(11.17
)%
(e)
(25.01
)%
58.53
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
0.90
%
(g)
0.92
%
0.98
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.85
%
(g)
0.85
%
0.84
%
(g)
Net
investment
income
(loss)
..............................................................
0.64
%
(g)
0.20
%
(0.14
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
14,879
‌
$
28,252
‌
$
42,999
‌
Portfolio
turnover
rate
....................................................................
36
%
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.98%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
BlackRock
Global
Impact
Fund
Investor
A
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
10.76
‌
$
15.26
‌
$
10.00
‌
Net
investment
income
(loss)
(b)
............................................................
0.01
‌
(0.01
)
(0.02
)
Net
realized
and
unrealized
gain
(loss)
.......................................................
(1.23
)
(3.65
)
5.79
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(1.22
)
(3.66
)
5.77
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(0.01
)
(0.07
)
(0.05
)
From
net
realized
gain
..................................................................
—
‌
(0.77
)
(0.46
)
Total
distributions
......................................................................
(0.01
)
(0.84
)
(0.51
)
Net
asset
value,
end
of
period
.............................................................
$
9.53
‌
$
10.76
‌
$
15.26
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(11.38
)%
(e)
(25.15
)%
58.22
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
1.15
%
(g)
1.17
%
1.27
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
1.10
%
(g)
1.10
%
1.10
%
(g)
Net
investment
income
(loss)
..............................................................
0.17
%
(g)
(0.06
)%
(0.18
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
179
‌
$
198
‌
$
272
‌
Portfolio
turnover
rate
....................................................................
36
%
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.28%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
72
BlackRock
Global
Impact
Fund
Class
K
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
10.77
‌
$
15.29
‌
$
10.00
‌
Net
investment
income
(b)
................................................................
0.03
‌
0.04
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
(1.23
)
(3.67
)
5.78
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(1.20
)
(3.63
)
5.82
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(0.05
)
(0.11
)
(0.07
)
From
net
realized
gain
..................................................................
—
‌
(0.78
)
(0.46
)
Total
distributions
......................................................................
(0.05
)
(0.89
)
(0.53
)
Net
asset
value,
end
of
period
.............................................................
$
9.52
‌
$
10.77
‌
$
15.29
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(11.11
)%
(e)
(24.97
)%
58.75
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
0.80
%
(g)
0.82
%
0.93
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.75
%
(g)
0.75
%
0.75
%
(g)
Net
investment
income
..................................................................
0.53
%
(g)
0.32
%
0.34
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
5,931
‌
$
6,718
‌
$
9,186
‌
Portfolio
turnover
rate
....................................................................
36
%
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.94%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
BlackRock
International
Impact
Fund
Institutional
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
8.62
‌
$
13.65
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.06
‌
0.08
‌
0.05
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(1.45
)
(3.12
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
................................................
(1.39
)
(3.04
)
4.09
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.00
)
(d)
(0.17
)
(0.08
)
From
net
realized
gain
...................................................................
—
‌
(1.82
)
(0.36
)
Total
distributions
.......................................................................
(0.00
)
(1.99
)
(0.44
)
Net
asset
value,
end
of
period
..............................................................
$
7.23
‌
$
8.62
‌
$
13.65
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
..................................................................
(16.08
)%
(f)
(25.68
)%
41.25
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.........................................................................
1.07
%
(h)
1.33
%
1.37
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.85
%
(h)
0.85
%
0.85
%
(h)
Net
investment
income
...................................................................
1.48
%
(h)
0.74
%
0.50
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
85
‌
$
102
‌
$
137
‌
Portfolio
turnover
rate
.....................................................................
34
%
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.44%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
74
BlackRock
International
Impact
Fund
Investor
A
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
8.61
‌
$
13.63
‌
$
10.00
‌
Net
investment
income
(b)
................................................................
0.04
‌
0.02
‌
0.02
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
(1.43
)
(3.07
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(1.39
)
(3.05
)
4.06
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
—
‌
(0.16
)
(0.07
)
From
net
realized
gain
..................................................................
—
‌
(1.81
)
(0.36
)
Total
distributions
......................................................................
—
‌
(1.97
)
(0.43
)
Net
asset
value,
end
of
period
.............................................................
$
7.22
‌
$
8.61
‌
$
13.63
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(16.14
)%
(e)
(25.77
)%
40.89
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
1.32
%
(g)
1.54
%
1.63
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
1.10
%
(g)
1.10
%
1.10
%
(g)
Net
investment
income
..................................................................
1.00
%
(g)
0.20
%
0.23
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
159
‌
$
158
‌
$
169
‌
Portfolio
turnover
rate
....................................................................
34
%
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.71%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
BlackRock
International
Impact
Fund
Class
K
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
8.62
‌
$
13.65
‌
$
10.00
‌
Net
investment
income
(b)
................................................................
0.06
‌
0.09
‌
0.06
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
(1.43
)
(3.12
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(1.37
)
(3.03
)
4.10
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(0.02
)
(0.18
)
(0.09
)
From
net
realized
gain
..................................................................
—
‌
(1.82
)
(0.36
)
Total
distributions
......................................................................
(0.02
)
(2.00
)
(0.45
)
Net
asset
value,
end
of
period
.............................................................
$
7.23
‌
$
8.62
‌
$
13.65
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(15.96
)%
(e)
(25.60
)%
41.32
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
0.97
%
(g)
1.23
%
1.26
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.75
%
(g)
0.75
%
0.75
%
(g)
Net
investment
income
..................................................................
1.58
%
(g)
0.84
%
0.54
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
4,909
‌
$
5,854
‌
$
7,865
‌
Portfolio
turnover
rate
....................................................................
34
%
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.34%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
76
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Institutional
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
8.90
‌
$
12.30
‌
$
10.00
‌
Net
investment
income
(b)
................................................................
0.14
‌
0.16
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
(1.93
)
(2.37
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(1.79
)
(2.21
)
2.35
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(0.04
)
(0.14
)
(0.05
)
From
net
realized
gain
..................................................................
—
‌
(1.05
)
—
‌
Total
distributions
......................................................................
(0.04
)
(1.19
)
(0.05
)
Net
asset
value,
end
of
period
.............................................................
$
7.07
‌
$
8.90
‌
$
12.30
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(20.18
)%
(e)
(19.84
)%
23.53
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
5.94
%
(g)
4.37
%
3.70
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.86
%
(g)
0.86
%
0.86
%
(g)
Net
investment
income
..................................................................
3.42
%
(g)
1.51
%
0.47
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
96
‌
$
119
‌
$
125
‌
Portfolio
turnover
rate
....................................................................
71
%
173
%
147
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.30%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Investor
A
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
8.89
‌
$
12.29
‌
$
10.00
‌
Net
investment
income
(b)
................................................................
0.13
‌
0.13
‌
0.02
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
(1.93
)
(2.36
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(1.80
)
(2.23
)
2.33
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(0.02
)
(0.12
)
(0.04
)
From
net
realized
gain
..................................................................
—
‌
(1.05
)
—
‌
Total
distributions
......................................................................
(0.02
)
(1.17
)
(0.04
)
Net
asset
value,
end
of
period
.............................................................
$
7.07
‌
$
8.89
‌
$
12.29
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(20.28
)%
(e)
(20.04
)%
23.33
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
6.08
%
(g)
4.71
%
3.92
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
1.11
%
(g)
1.11
%
1.11
%
(g)
Net
investment
income
..................................................................
3.07
%
(g)
1.21
%
0.31
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
175
‌
$
149
‌
$
138
‌
Portfolio
turnover
rate
....................................................................
71
%
173
%
147
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.52%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
78
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Class
K
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
8.90
‌
$
12.30
‌
$
10.00
‌
Net
investment
income
(b)
................................................................
0.14
‌
0.17
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................
(1.93
)
(2.37
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(1.79
)
(2.20
)
2.35
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(0.04
)
(0.15
)
(0.05
)
From
net
realized
gain
..................................................................
—
‌
(1.05
)
—
‌
Total
distributions
......................................................................
(0.04
)
(1.20
)
(0.05
)
Net
asset
value,
end
of
period
.............................................................
$
7.07
‌
$
8.90
‌
$
12.30
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(20.16
)%
(e)
(19.80
)%
23.55
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
5.67
%
(g)
4.24
%
3.39
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.81
%
(g)
0.81
%
0.81
%
(g)
Net
investment
income
..................................................................
3.43
%
(g)
1.56
%
0.52
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
8,326
‌
$
9,672
‌
$
12,056
‌
Portfolio
turnover
rate
....................................................................
71
%
173
%
147
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.00%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
BlackRock
Sustainable
Advantage
International
Equity
Fund
Institutional
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
9.64
‌
$
12.08
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.11
‌
0.23
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(1.15
)
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
................................................
(1.04
)
(0.93
)
2.14
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.10
)
(0.27
)
(0.06
)
From
net
realized
gain
...................................................................
—
‌
(1.24
)
(0.00
)
(d)
Total
distributions
.......................................................................
(0.10
)
(1.51
)
(0.06
)
Net
asset
value,
end
of
period
..............................................................
$
8.50
‌
$
9.64
‌
$
12.08
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
..................................................................
(10.82
)%
(f)
(9.13
)%
21.53
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.........................................................................
4.10
%
(h)
3.72
%
3.40
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.50
%
(h)
0.50
%
0.50
%
(h)
Net
investment
income
...................................................................
2.43
%
(h)
2.04
%
1.69
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
155
‌
$
174
‌
$
156
‌
Portfolio
turnover
rate
.....................................................................
60
%
116
%
172
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.94%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
80
BlackRock
Sustainable
Advantage
International
Equity
Fund
Investor
A
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
9.63
‌
$
12.07
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.10
‌
0.21
‌
0.11
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(1.15
)
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
................................................
(1.05
)
(0.95
)
2.12
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.08
)
(0.25
)
(0.05
)
From
net
realized
gain
...................................................................
—
‌
(1.24
)
(0.00
)
(d)
Total
distributions
.......................................................................
(0.08
)
(1.49
)
(0.05
)
Net
asset
value,
end
of
period
..............................................................
$
8.50
‌
$
9.63
‌
$
12.07
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
..................................................................
(10.93
)%
(f)
(9.32
)%
21.33
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.........................................................................
4.38
%
(h)
4.02
%
3.76
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.75
%
(h)
0.74
%
0.75
%
(h)
Net
investment
income
...................................................................
2.18
%
(h)
1.85
%
1.45
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
180
‌
$
204
‌
$
140
‌
Portfolio
turnover
rate
.....................................................................
60
%
116
%
172
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.31%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
BlackRock
Sustainable
Advantage
International
Equity
Fund
Class
K
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
9.65
‌
$
12.08
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.11
‌
0.24
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(1.16
)
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
................................................
(1.05
)
(0.92
)
2.14
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.10
)
(0.27
)
(0.06
)
From
net
realized
gain
...................................................................
—
‌
(1.24
)
(0.00
)
(d)
Total
distributions
.......................................................................
(0.10
)
(1.51
)
(0.06
)
Net
asset
value,
end
of
period
..............................................................
$
8.50
‌
$
9.65
‌
$
12.08
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
..................................................................
(10.87
)%
(f)
(9.00
)%
21.55
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.........................................................................
3.85
%
(h)
3.64
%
3.15
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.45
%
(h)
0.45
%
0.45
%
(h)
Net
investment
income
...................................................................
2.48
%
(h)
2.10
%
1.72
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
9,675
‌
$
10,770
‌
$
11,842
‌
Portfolio
turnover
rate
.....................................................................
60
%
116
%
172
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.70%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
82
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Amount
is
less
than
0.005%.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(i)
Annualized.
See
notes
to
financial
statements
BlackRock
Tactical
Opportunities
Fund
Institutional
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Year
Ended
09/30/17
Net
asset
value,
beginning
of
period
.
$
14.05
‌
$
14.05
‌
$
13.59
‌
$
13.67
‌
$
15.44
‌
$
14.11
‌
$
13.41
‌
Net
investment
income
(a)
.........
0.05
‌
0.05
‌
0.05
‌
0.06
‌
0.19
‌
0.14
‌
0.09
‌
Net
realized
and
unrealized
gain
(loss)
0.25
‌
(0.05
)
0.79
‌
0.32
‌
(0.57
)
1.31
‌
0.82
‌
Net
increase
(decrease)
from
investment
operations
................
0.30
‌
0.00
‌
0.84
‌
0.38
‌
(0.38
)
1.45
‌
0.91
‌
Distributions
(b)
–
–
–
–
–
–
–
From
net
investment
income
......
—
‌
—
‌
(0.38
)
(0.46
)
(0.55
)
(0.12
)
(0.23
)
From
net
realized
gain
...........
—
‌
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
...............
—
‌
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
—
‌
Total
distributions
...............
—
‌
—
‌
(0.38
)
(0.46
)
(1.39
)
(0.12
)
(0.23
)
Capital
Contribution
.............
—
‌
—
‌
—
‌
—
‌
—
‌
—
‌
0.02
‌
Net
asset
value,
end
of
period
......
$
14.35
‌
$
14.05
‌
$
14.05
‌
$
13.59
‌
$
13.67
‌
$
15.44
‌
$
14.11
‌
Total
Return
(d)
—
—
—
—
—
—
—
Based
on
net
asset
value
..........
2.14
%
(e)
0.00
%
(f)
6.18
%
2.79
%
(e)
(2.43
)%
10.36
%
7.05
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
................
0.79
%
(i)
0.79
%
0.81
%
0.86
%
(i)
0.80
%
0.93
%
0.92
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.79
%
(i)
0.79
%
0.80
%
0.85
%
(i)
0.79
%
0.89
%
0.89
%
Net
investment
income
...........
0.76
%
(i)
0.33
%
0.38
%
0.77
%
(i)
1.36
%
0.94
%
0.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
779,847
‌
$
672,822
‌
$
464,694
‌
$
289,127
‌
$
290,851
‌
$
220,711
‌
$
189,242
‌
Portfolio
turnover
rate
.............
86
%
110
%
136
%
167
%
288
%
265
%
257
%
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Year
Ended
09/30/17
Expense
ratios
.............................
N/A  
‌
N/A  
‌
N/A  
‌
N/A  
‌
0.79%  
‌
N/A  
‌
N/A  
‌
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(i)
Annualized.
(j)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
Service
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Year
Ended
09/30/17
Net
asset
value,
beginning
of
period
.
$
13.94
‌
$
13.97
‌
$
13.54
‌
$
13.56
‌
$
15.33
‌
$
14.02
‌
$
13.34
‌
Net
investment
income
(a)
.........
0.03
‌
0.00
(b)
0.01
‌
0.04
‌
0.16
‌
0.10
‌
0.05
‌
Net
realized
and
unrealized
gain
(loss)
0.24
‌
(0.03
)
0.78
‌
0.31
‌
(0.58
)
1.32
‌
0.81
‌
Net
increase
(decrease)
from
investment
operations
................
0.27
‌
(0.03
)
0.79
‌
0.35
‌
(0.42
)
1.42
‌
0.86
‌
Distributions
(c)
–
–
–
–
–
–
–
From
net
investment
income
......
—
‌
—
‌
(0.36
)
(0.37
)
(0.51
)
(0.11
)
(0.20
)
From
net
realized
gain
...........
—
‌
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
...............
—
‌
—
‌
(0.00
)
(d)
—
‌
—
‌
—
‌
—
‌
Total
distributions
...............
—
‌
—
‌
(0.36
)
(0.37
)
(1.35
)
(0.11
)
(0.20
)
Capital
Contribution
.............
—
‌
—
‌
—
‌
—
‌
—
‌
—
‌
0.02
‌
Net
asset
value,
end
of
period
......
$
14.21
‌
$
13.94
‌
$
13.97
‌
$
13.54
‌
$
13.56
‌
$
15.33
‌
$
14.02
‌
Total
Return
(e)
—
—
—
—
—
—
—
Based
on
net
asset
value
..........
1.94
%
(f)
(0.21
)%
5.86
%
2.63
%
(f)
(2.74
)%
10.21
%
6.66
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
................
1.12
%
(i)
1.06
%
1.07
%
1.16
%
(i)
1.06
%
1.22
%
1.23
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.10
%
(i)
1.06
%
1.06
%
1.14
%
(i)
1.06
%
1.16
%
1.17
%
Net
investment
income
...........
0.50
%
(i)
0.00
%
(j)
0.08
%
0.53
%
(i)
1.14
%
0.65
%
0.38
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
943
‌
$
953
‌
$
1,972
‌
$
836
‌
$
767
‌
$
832
‌
$
828
‌
Portfolio
turnover
rate
.............
86
%
110
%
136
%
167
%
288
%
265
%
257
%
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Year
Ended
09/30/17
Expense
ratios
.............................
N/A  
‌
N/A  
‌
N/A  
‌
N/A  
‌
1.04%  
‌
N/A  
‌
N/A  
‌
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
84
BlackRock
Tactical
Opportunities
Fund
Investor
A
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Year
Ended
09/30/17
Net
asset
value,
beginning
of
period
..
$
13.90
‌
$
13.93
‌
$
13.49
‌
$
13.54
‌
$
15.31
‌
$
14.02
‌
$
13.33
‌
Net
investment
income
(a)
..........
0.03
‌
0.00
(b)
0.01
‌
0.04
‌
0.14
‌
0.09
‌
0.05
‌
Net
realized
and
unrealized
gain
(loss)
.
0.24
‌
(0.03
)
0.77
‌
0.32
‌
(0.56
)
1.31
‌
0.81
‌
Net
increase
(decrease)
from
investment
operations
.................
0.27
‌
(0.03
)
0.78
‌
0.36
‌
(0.42
)
1.40
‌
0.86
‌
Distributions
(c)
–
–
–
–
–
–
–
From
net
investment
income
.......
—
‌
—
‌
(0.34
)
(0.41
)
(0.51
)
(0.11
)
(0.19
)
From
net
realized
gain
............
—
‌
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
................
—
‌
—
‌
(0.00
)
(d)
—
‌
—
‌
—
‌
—
‌
Total
distributions
................
—
‌
—
‌
(0.34
)
(0.41
)
(1.35
)
(0.11
)
(0.19
)
Capital
Contribution
..............
—
‌
—
‌
—
‌
—
‌
—
‌
—
‌
0.02
‌
Net
asset
value,
end
of
period
.......
$
14.17
‌
$
13.90
‌
$
13.93
‌
$
13.49
‌
$
13.54
‌
$
15.31
‌
$
14.02
‌
Total
Return
(e)
—
—
—
—
—
—
—
Based
on
net
asset
value
...........
1.94
%
(f)
(0.22
)%
5.77
%
2.70
%
(f)
(2.77
)%
10.06
%
6.66
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
..................
1.10
%
(h)
1.08
%
1.09
%
1.15
%
(h)
1.10
%
(i)
1.21
%
1.20
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.09
%
(h)
1.08
%
1.09
%
1.14
%
(h)
1.09
%
1.20
%
1.20
%
Net
investment
income
............
0.46
%
(h)
0.03
%
0.09
%
0.48
%
(h)
1.01
%
0.61
%
0.37
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
188,018
‌
$
187,461
‌
$
202,884
‌
$
208,746
‌
$
218,634
‌
$
237,442
‌
$
244,101
‌
Portfolio
turnover
rate
..............
86
%
110
%
136
%
167
%
288
%
265
%
257
%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
BlackRock
Tactical
Opportunities
Fund
Investor
C
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Year
Ended
09/30/17
Net
asset
value,
beginning
of
period
.
$
13.47
‌
$
13.60
‌
$
13.13
‌
$
13.14
‌
$
14.81
‌
$
13.64
‌
$
12.95
‌
Net
investment
income
(loss)
(a)
.....
(0.02
)
(0.10
)
(0.09
)
(0.02
)
0.04
‌
(0.01
)
(0.05
)
Net
realized
and
unrealized
gain
(loss)
0.23
‌
(0.03
)
0.75
‌
0.31
‌
(0.54
)
1.27
‌
0.80
‌
Net
increase
(decrease)
from
investment
operations
................
0.21
‌
(0.13
)
0.66
‌
0.29
‌
(0.50
)
1.26
‌
0.75
‌
Distributions
(b)
–
–
–
–
–
–
–
From
net
investment
income
......
—
‌
—
‌
(0.19
)
(0.30
)
(0.33
)
(0.09
)
(0.08
)
From
net
realized
gain
...........
—
‌
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
...............
—
‌
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
—
‌
Total
distributions
...............
—
‌
—
‌
(0.19
)
(0.30
)
(1.17
)
(0.09
)
(0.08
)
Capital
Contribution
.............
—
‌
—
‌
—
‌
—
‌
—
‌
—
‌
0.02
‌
Net
asset
value,
end
of
period
......
$
13.68
‌
$
13.47
‌
$
13.60
‌
$
13.13
‌
$
13.14
‌
$
14.81
‌
$
13.64
‌
Total
Return
(d)
—
—
—
—
—
—
—
Based
on
net
asset
value
..........
1.56
%
(e)
(0.96
)%
5.02
%
2.21
%
(e)
(3.45
)%
9.27
%
5.99
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................
1.82
%
(g)
1.83
%
1.84
%
1.86
%
(g)
1.82
%
(h)
1.89
%
1.89
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.81
%
(g)
1.83
%
1.84
%
1.85
%
(g)
1.81
%
1.88
%
1.89
%
Net
investment
income
(loss)
.......
(0.27
)%
(g)
(0.72
)%
(0.65
)%
(0.24
)%
(g)
0.26
%
(0.08
)%
(0.34
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
8,711
‌
$
7,478
‌
$
8,665
‌
$
13,187
‌
$
17,171
‌
$
31,022
‌
$
35,343
‌
Portfolio
turnover
rate
.............
86
%
110
%
136
%
167
%
288
%
265
%
257
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
86
BlackRock
Tactical
Opportunities
Fund
Class
K
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Year
Ended
09/30/17
Net
asset
value,
beginning
of
period
..
$
14.04
‌
$
14.02
‌
$
13.57
‌
$
13.65
‌
$
15.43
‌
$
14.08
‌
$
13.42
‌
Net
investment
income
(a)
..........
0.06
‌
0.06
‌
0.07
‌
0.07
‌
0.21
‌
0.16
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
.
0.24
‌
(0.04
)
0.78
‌
0.32
‌
(0.57
)
1.32
‌
0.79
‌
Net
increase
(decrease)
from
investment
operations
.................
0.30
‌
0.02
‌
0.85
‌
0.39
‌
(0.36
)
1.48
‌
0.92
‌
Distributions
(b)
–
–
–
–
–
–
–
From
net
investment
income
.......
—
‌
—
‌
(0.40
)
(0.47
)
(0.58
)
(0.13
)
(0.26
)
From
net
realized
gain
............
—
‌
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
................
—
‌
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
—
‌
Total
distributions
................
—
‌
—
‌
(0.40
)
(0.47
)
(1.42
)
(0.13
)
(0.26
)
Net
asset
value,
end
of
period
.......
$
14.34
‌
$
14.04
‌
$
14.02
‌
$
13.57
‌
$
13.65
‌
$
15.43
‌
$
14.08
‌
Total
Return
(d)
—
—
—
—
—
—
—
Based
on
net
asset
value
...........
2.14
%
(e)
0.14
%
6.25
%
2.93
%
(e)
(2.34
)%
10.57
%
6.93
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..................
0.67
%
(g)
0.66
%
0.67
%
0.72
%
(g)
0.67
%
(h)
0.76
%
0.77
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.67
%
(g)
0.66
%
0.66
%
0.72
%
(g)
0.67
%
0.75
%
0.77
%
Net
investment
income
............
0.90
%
(g)
0.44
%
0.49
%
0.91
%
(g)
1.51
%
1.09
%
0.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
714,998
‌
$
777,280
‌
$
779,750
‌
$
363,505
‌
$
366,664
‌
$
198,487
‌
$
138,018
‌
Portfolio
turnover
rate
..............
86
%
110
%
136
%
167
%
288
%
265
%
257
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
BlackRock
U.S.
Impact
Fund
Institutional
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
8.68
‌
$
14.33
‌
$
10.00
‌
Net
investment
loss
(b)
...................................................................
(
0.00
)
(c)
(0.03
)
(0.03
)
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.57
)
(2.65
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.57
)
(2.68
)
5.30
‌
Distributions
(d)
–
–
–
From
net
investment
income
..............................................................
(0.02
)
—
‌
(0.00
)
(c)
From
net
realized
gain
...................................................................
—
‌
(2.97
)
(0.97
)
Total
distributions
.......................................................................
(0.02
)
(2.97
)
(0.97
)
Net
asset
value,
end
of
period
..............................................................
$
8.09
‌
$
8.68
‌
$
14.33
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
..................................................................
(6.57
)%
(f)
(22.94
)%
54.03
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.........................................................................
1.10
%
(h)
1.37
%
1.42
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.85
%
(h)
0.86
%
0.85
%
(h)
Net
investment
loss
......................................................................
(0.11
)%
(h)
(0.22
)%
(0.28
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
105
‌
$
113
‌
$
143
‌
Portfolio
turnover
rate
.....................................................................
45
%
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.50%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
88
BlackRock
U.S.
Impact
Fund
Investor
A
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................................
$
8.65
‌
$
14.31
‌
$
10.00
‌
Net
investment
loss
(b)
..................................................................
(0.02
)
(0.08
)
(0.06
)
Net
realized
and
unrealized
gain
(loss)
.......................................................
(0.56
)
(2.63
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
...............................................
(0.58
)
(2.71
)
5.27
‌
Distributions
(c)
–
–
–
From
net
investment
income
.............................................................
(0.01
)
—
‌
—
‌
From
net
realized
gain
..................................................................
—
‌
(2.95
)
(0.96
)
Total
distributions
......................................................................
(0.01
)
(2.95
)
(0.96
)
Net
asset
value,
end
of
period
.............................................................
$
8.06
‌
$
8.65
‌
$
14.31
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
.................................................................
(6.69
)%
(e)
(23.14
)%
53.64
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................
1.35
%
(g)
1.51
%
1.68
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
1.10
%
(g)
1.10
%
1.10
%
(g)
Net
investment
loss
.....................................................................
(0.37
)%
(g)
(0.76
)%
(0.58
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
369
‌
$
282
‌
$
192
‌
Portfolio
turnover
rate
....................................................................
45
%
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.77%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
BlackRock
U.S.
Impact
Fund
Class
K
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
8.68
‌
$
14.33
‌
$
10.00
‌
Net
investment
loss
(b)
...................................................................
(
0.00
)
(
c)
(0.01
)
(0.02
)
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.57
)
(2.66
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.57
)
(2.67
)
5.31
‌
Distributions
(d)
–
–
–
From
net
investment
income
..............................................................
(0.03
)
—
‌
(0.01
)
From
net
realized
gain
...................................................................
—
‌
(2.98
)
(0.97
)
Total
distributions
.......................................................................
(0.03
)
(2.98
)
(0.98
)
Net
asset
value,
end
of
period
..............................................................
$
8.08
‌
$
8.68
‌
$
14.33
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
..................................................................
(6.56
)%
(f)
(22.86
)%
54.09
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.........................................................................
1.00
%
(h)
1.27
%
1.32
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.75
%
(h)
0.75
%
0.75
%
(h)
Net
investment
loss
......................................................................
(0.01
)%
(h)
(0.11
)%
(0.18
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
4,944
‌
$
5,308
‌
$
6,881
‌
Portfolio
turnover
rate
.....................................................................
45
%
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.40%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
90
1.
ORGANIZATION 
BlackRock
Funds
SM
 (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Massachusetts
business trust.
The
following,
each
of
which
is
a
series
of
the
Trust, are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional,
Service
and
Class
K
Shares
are
sold
only
to
certain
eligible
investors.
Service,
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Global
Impact
Fund
...............................................
Global
Impact
Non-Diversified
BlackRock
International
Impact
Fund
...........................................
International
Impact
Non-Diversified
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
........................
Sustainable
Advantage
Emerging
Markets
Equity
Diversified
BlackRock
Sustainable
Advantage
International
Equity
Fund
............................
Sustainable
Advantage
International
Equity
Diversified
BlackRock
Tactical
Opportunities
Fund
..........................................
Tactical
Opportunities
Diversified
BlackRock
U.S.
Impact
Fund
.................................................
U.S.
Impact
Non-Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charges
(“CDSC”)
Conversion
Privilege
Institutional,
Service
and
Class
K
Shares
.............................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(unaudited)
(continued)
91
Notes
to
Financial
Statements
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
October
31,
2022
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Funds
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
each
Fund’s
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.  Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
92
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment. 
Fair
Value
Hierarchy:
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
each
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
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
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
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.
As
of
October
31,
2022,
certain
investments
of
International
Impact,
Sustainable
Advantage
International
Equity,
Tactical
Opportunities
and
U.S.
Impact were
fair
valued
using
NAV per
share as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
93
Notes
to
Financial
Statements
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Securities
Lending:
 Certain
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
collateral returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
collateral
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
94
As
of
period
end,
the
following
tables
are
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Fund
Name/Counterparty 
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Sustainable
Advantage
International
Equity
J.P.
Morgan
Securities
LLC
......................
$
4,300‌
$
(4,300‌)
$
—‌
$
—‌
Tactical
Opportunities
Jefferies
LLC
...............................
$
4,287‌
$
(4,001‌)
$
—‌
$
286‌
U.S.
Impact
Citigroup
Global
Markets,
Inc.
....................
$
193,690‌
$
(193,690‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
October
31,
2022.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Funds
benefit
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Funds.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
(“OTC”).
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
Notes
to
Financial
Statements
(unaudited)
(continued)
95
Notes
to
Financial
Statements
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Funds
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
96
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds’
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
With
respect
to
Tactical
Opportunities,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
(Singapore)
Limited
(“BSL”)
and
BlackRock
Asset
Management
North
Asia
Limited
("BAMNA")
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BSL
and
BAMNA
for
services
they
provide
for
that
portion
of
Tactical
Opportunities
for
which
BSL
and
BAMNA,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Tactical
Opportunities to
the
Manager.
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of
the
Funds,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
each
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Funds.
The
ongoing
service
and/or
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the six-months
ended
October
31,
2022,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Administration:
The
Trust,
on
behalf
of Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
Investment
Advisory
Fees
Average
Daily
Net
Assets
Global
Impact
International
Impact
Sustainable
Advantage
Emerging
Markets
Equity
Sustainable
Advantage
International
Equity
U.S.
Impact
First
$1
billion
...................................................
0.650‌%
0.650‌%
0.800‌%
0.450‌%
0.650‌%
$1
billion
-
$3
billion
...............................................
0.610‌
0.610‌
0.750‌
0.420‌
0.610‌
$3
billion
-
$5
billion
...............................................
0.590‌
0.590‌
0.720‌
0.410‌
0.590‌
$5
billion
-
$10
billion
..............................................
0.570‌
0.570‌
0.700‌
0.390‌
0.570‌
Greater
than
$10
billion
.............................................
0.550‌
0.550‌
0.680‌
0.380‌
0.550‌
Investment
Advisory
Fees
Average
Daily
Net
Assets
Tactical
Opportunities
First
$1
billion
..........................................................................................................
0.550‌%
$1
billion
-
$2
billion
......................................................................................................
0.500‌
$2
billion
-
$3
billion
......................................................................................................
0.475‌
Greater
than
$3
billion
....................................................................................................
0.450‌
Share
Class
Service
Fees
Distribution
Fees
Service
..................................................................................................
0.25‌%
—‌%
Investor
A
.................................................................................................
0.25‌
—‌
Investor
C
.................................................................................................
0.25‌
0.75‌
Fund
Name
Service
Investor
A
Investor
C
Total
Global
Impact
........................................................................
$
—‌
$
235‌
$
—‌
$
235‌
International
Impact
....................................................................
—‌
211‌
—‌
211‌
Sustainable
Advantage
Emerging
Markets
Equity
................................................
—‌
229‌
—‌
229‌
Sustainable
Advantage
International
Equity
....................................................
—‌
239‌
—‌
239‌
Tactical
Opportunities
...................................................................
948‌
232,775‌
39,331‌
273,054‌
U.S.
Impact
..........................................................................
—‌
461‌
—‌
461‌
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
0.0425
%
$500
million
-
$1
billion
0.0400
$1
billion
-
$2
billion
0.0375
$2
billion
-
$4
billion
0.0350
$4
billion
-
$13
billion
0.0325
Greater
than
$13
billion
0.0300
Notes
to
Financial
Statements
(unaudited)
(continued)
97
Notes
to
Financial
Statements
In
addition,
the
Manager
charges
each
of
the
share
classes
of
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities an
administration
fee,
which
is
shown
as
administration
—
class
specific
in
the Statements
of
Operations,
at
an
annual
rate
of 0.02%
of
the
average
daily
net
assets
of
each
respective
class.
The
Trust,
on
behalf
of
Global
Impact,
International
Impact
and
U.S.
Impact,
entered
into
an
Administration
Agreement
with
the
Manager,
which
has
agreed
to
provide
general
administrative
services
(other
than
investment
advice
and
related
portfolio
activities).
The
Manager
has
agreed
to
bear
all
of
the
Funds'
ordinary
operating
expenses,
excluding,
generally,
investment
advisory
fees,
distribution
fees,
brokerage
and
other
expenses
related
to
the
execution
of
portfolio
transactions,
extraordinary
expenses
and
certain
other
expenses
which
are
borne
by
the
Funds.
The
Manager
is
entitled
to
receive
for
these
administrative
services
an
annual
fee
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
For
the
six-months
ended
October
31,
2022, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months ended October
31,
2022, Tactical
Opportunities
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Funds.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six-months
ended
October
31,
2022,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
For
the
six-months ended
October
31,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the 
six
months
ended 
October
31,
2022
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of each
Fund’s Investor
A
Shares as
follows:
For
the six
months
ended
October
31,
2022,
affiliates
received
CDSCs
as
follows:
Institutional
.............................................................................................................
0.20‌%
Investor
A
..............................................................................................................
0.20‌
Class
K
...............................................................................................................
0.10‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Global
Impact
........................................................
$
20,308‌
$
—‌
$
188‌
$
—‌
$
3,156‌
$
23,652‌
International
Impact
....................................................
93‌
—‌
169‌
—‌
2,667‌
2,929‌
Sustainable
Advantage
Emerging
Markets
Equity
................................
11‌
—‌
18‌
—‌
911‌
940‌
Sustainable
Advantage
International
Equity
....................................
16‌
—‌
19‌
—‌
1,012‌
1,047‌
Tactical
Opportunities
...................................................
72,326‌
76‌
18,622‌
787‌
74,680‌
166,491‌
U.S.
Impact
..........................................................
110‌
—‌
369‌
—‌
2,585‌
3,064‌
Fund
Name
Institutional
Tactical
Opportunities
.......................................................................................................
$
65,851‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Sustainable
Advantage
Emerging
Markets
Equity
.........................
$
51‌
$
—‌
$
64‌
$
—‌
$
22‌
$
137‌
Sustainable
Advantage
International
Equity
.............................
48‌
—‌
51‌
—‌
20‌
119‌
Tactical
Opportunities
............................................
1,041‌
90‌
41,942‌
1,042‌
721‌
44,836‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Sustainable
Advantage
Emerging
Markets
Equity
................................
$
150‌
$
—‌
$
222‌
$
—‌
$
74‌
$
446‌
Sustainable
Advantage
International
Equity
....................................
205‌
—‌
264‌
—‌
53‌
522‌
Tactical
Opportunities
...................................................
470,481‌
777‌
171,636‌
6,103‌
35,575‌
684,572‌
Fund
Name
Other
Fees
Global
Impact
...........................................................................................................
$
2‌
Tactical
Opportunities
......................................................................................................
1,565‌
U.S.
Impact
.............................................................................................................
73‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Tactical
Opportunities
........................................................
$
–‌
$
–‌
$
115‌
$
12‌
$
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
98
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitations
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the six
months
ended
October
31,
2022,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of each
Fund’s
assets
invested
in
affiliated
equity
and
fixed-
income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months
ended
October
31,
2022,
the
Manager
waived
$398
in
investment
advisory
fees
with
respect
to
Sustainable
Advantage
Emerging
Markets
Equity
pursuant
to
these
arrangements.
With
respect
to
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024
for Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities, unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the
six-months ended October
31,
2022,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
The
following
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
in
the
Statements
of
Operations.
For
the six
months
ended
October
31,
2022,
the
amounts
were as
follows:  
Fund
Name
Amounts
Waived
Global
Impact
.......................................................................................................
$
28‌
International
Impact
...................................................................................................
18‌
Sustainable
Advantage
Emerging
Markets
Equity
...............................................................................
107‌
Sustainable
Advantage
International
Equity
...................................................................................
7
2‌
Tactical
Opportunities
..................................................................................................
33,098‌
U.S.
Impact
.........................................................................................................
4
6‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Sustainable
Advantage
Emerging
Markets
Equity
.....................................
0.86‌%
N/A‌
1.11‌%
N/A‌
0.81‌%
Sustainable
Advantage
International
Equity
.........................................
0.50‌
N/A‌
0.75‌
N/A‌
0.45‌
Tactical
Opportunities
........................................................
0.89‌
1.17‌%
1.37‌
2.14‌%
0.84‌
Fund
Name
Fees
waived
and/or
Reimbursed
by
the
Manager
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................................................
$
224
,
671‌
Sustainable
Advantage
International
Equity
.........................................................................................
174,86
1‌
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................................................
$
1
,
997‌
Sustainable
Advantage
International
Equity
.........................................................................................
2
,
225‌
Notes
to
Financial
Statements
(unaudited)
(continued)
99
Notes
to
Financial
Statements
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Statements
of
Operations.
For
the
six
months ended
October
31,
2022,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
With
respect
to
Global
Impact,
International
Impact
and
U.S.
Impact,
the
fees
and
expenses
of
the
Funds'
Independent
Trustees,
counsel
to
the
Independent
Trustees
and
the
Funds'
independent
registered
public
accounting
firm
(together
the
"Independent
Expenses")
are
paid
directly
by
the
Funds.
The
Manager
has
contractually
agreed
to
reimburse
the
Funds
or
provide
an
offsetting
credit
against
the
investment
advisory
fees
paid
by
the
Funds
in
an
amount
equal
to
these
independent
expenses
through
June
30,
2033.
Such
contractual
arrangements
may
not
be
terminated
prior
to
July
1,
2033
without
the
consent
of
the
Board.
For the six
months ended October
31,
2022,
the
amounts
reimbursed
were
as
follows:
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
Tactical
Opportunities
and
U.S.
Impact
retain
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Tactical
Opportunities
and
U.S.
Impact,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Pursuant
to
the
current
securities
lending
agreement,
Global
Impact,
International
Impact,
Sustainable
Advantage
Emerging
Markets
Equity
and
Sustainable
Advantage
International
Equity retain
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Global
Impact,
International
Impact,
Sustainable
Advantage
Emerging
Markets
Equity
and
Sustainable
Advantage
International
Equity,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Sustainable
Advantage
Emerging
Markets
Equity
Institutional
....................................................................................
$
11‌
$
122‌
Investor
A
.....................................................................................
18‌
178‌
Class
K
......................................................................................
911‌
73‌
$
940‌
$
373‌
Sustainable
Advantage
International
Equity
Institutional
....................................................................................
16‌
164‌
Investor
A
.....................................................................................
19‌
217‌
Class
K
......................................................................................
1,012‌
53‌
$
1,047‌
$
434‌
Tactical
Opportunities
Institutional
....................................................................................
83
1‌
—‌
Service
......................................................................................
10‌
53‌
$
84
1‌
$
53‌
Global
Impact
...............................................................................................................
$
6
,
12
5‌
International
Impact
...........................................................................................................
6
,
182‌
U.S.
Impact
.................................................................................................................
6
,
983‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
100
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the Statements
of
Operations.
For
the six
months
ended
October
31,
2022, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During
the six-months
ended
October
31,
2022,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
six
months
ended
October
31,
2022,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six-months ended
October
31,
2022,
purchases
and
sales
of
investments,
including
paydowns/payups and
excluding
short-term
securities,
were
as
follows:
8.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
October
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
April
30,
2022, Sustainable
Advantage
Emerging
Markets
Equity
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$683,452. 
Fund
Name
Amounts
Global
Impact
...........................................................................................................
$
40‌
International
Impact
.......................................................................................................
248‌
Sustainable
Advantage
Emerging
Markets
Equity
...................................................................................
37‌
Sustainable
Advantage
International
Equity
.......................................................................................
5‌
Tactical
Opportunities
......................................................................................................
6,167‌
U.S.
Impact
.............................................................................................................
64‌
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Tactical
Opportunities
...................................................................
$
—‌
$
15,152,904‌
$
(2,082,016‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Global
Impact
........................................................
$
—‌
$
—‌
$
9,779,505‌
$
20,972,981‌
International
Impact
....................................................
—‌
—‌
1,945,754‌
1,860,946‌
Sustainable
Advantage
Emerging
Markets
Equity
................................
—‌
—‌
7,207,387‌
6,376,785‌
Sustainable
Advantage
International
Equity
....................................
—‌
—‌
6,398,004‌
6,114,612‌
Tactical
Opportunities
...................................................
184,712,335‌
261,732,994‌
919,397,020‌
759,955,906‌
U.S.
Impact
..........................................................
—‌
—‌
2,618,081‌
2,507,861‌
Notes
to
Financial
Statements
(unaudited)
(continued)
101
Notes
to
Financial
Statements
As
of
October
31,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Funds,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y) 0.80%
per
annum.
The
agreement
expires
in
April
2023
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
October
31,
2022,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
Investments
in
the
securities
of
issuers
domiciled
in
countries
with
emerging
capital
markets
involve
certain
additional
risks
that
do
not
generally
apply
to
investments
in
securities
of
issuers
in
more
developed
capital
markets,
such
as
(i)
low
or
nonexistent
trading
volume,
resulting
in
a
lack
of
liquidity
and
increased
volatility
in
prices
for
such
securities;
(ii)
uncertain
national
policies
and
social,
political
and
economic
instability,
increasing
the
potential
for
expropriation
of
assets,
confiscatory
taxation,
high
rates
of
inflation
or
unfavorable
diplomatic
developments;
(iii)
lack
of
publicly
available
or
reliable
information
about
issuers
as
a
result
of
not
being
subject
to
the
same
degree
of
regulatory
requirements
and
accounting,
auditing
and
financial
reporting
standards;
and
(iv)
possible
fluctuations
in
exchange
rates,
differing
legal
systems
and
the
existence
or
possible
imposition
of
exchange
controls,
custodial
restrictions
or
other
foreign
or
U.S.
governmental
laws
or
restrictions
applicable
to
such
investments.
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Global
Impact
....................................................
$
22,586,606‌
$
1,191,524‌
$
(3,012,930‌)
$
(1,821,406‌)
International
Impact
................................................
6,067,094‌
181,663‌
(1,158,647‌)
(976,984‌)
Sustainable
Advantage
Emerging
Markets
Equity
............................
10,682,129‌
57,811‌
(2,197,543‌)
(2,139,732‌)
Sustainable
Advantage
International
Equity
................................
10,811,771‌
350,450‌
(1,178,457‌)
(828,007‌)
Tactical
Opportunities
..............................................
1,165,240,104‌
207,979,288‌
(110,983,376‌
)
96,995,912‌
U.S.
Impact
.....................................................
5,753,639‌
422,578‌
(541,677‌)
(119,099‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
102
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments.
Certain Funds invest
a
substantial
amount
of
their
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When a
Fund
concentrates its investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
those
countries
may
have
a
significant
impact
on
their
investment
performance
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Investment
percentages
in
specific
countries
are
presented
in
the
Schedules
of
Investments. 
Certain
Funds
invest a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments. 
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
could
be
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors. 
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
The
Asian
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
in
several
Asian
countries
regarding
monetary
policy,
government
intervention
in
the
markets,
rising
government
debt
levels
or
economic
downturns.
These
events
may
spread
to
other
countries
in
Asia
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments. 
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
of
issuers
located
in
China
or
with
significant
exposure
to
Chinese
issuers. Investments
in
Chinese
securities,
including
certain
Hong
Kong-listed
securities,
involve
risks
specific
to
China.
China
may
be
subject
to
considerable
degrees
of
economic,
political
and
social
instability
and
demonstrates
significantly
higher
volatility
from
time
to
time
in
comparison
to
developed
markets.
Chinese
markets
generally
continue
to
experience
inefficiency,
volatility
and
pricing
anomalies
resulting
from
governmental
influence,
a
lack
of
publicly
available
information
and/or
political
and
social
instability.
Internal
social
unrest
or
confrontations
with
other
neighboring
countries
may
disrupt
economic
development
in
China
and
result
in
a
greater
risk
of
currency
fluctuations,
currency
non-convertibility,
interest
rate
fluctuations
and
higher
rates
of
inflation.
Incidents
involving
China’s
or
the
region’s
security
may
cause
uncertainty
in
Chinese
markets
and
may
adversely
affect
the
Chinese
economy
and
the
Fund’s
investments.
Reduction
in
spending
on
Chinese
products
and
services,
institution
of
tariffs
or
other
trade
barriers,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy. In
addition,
measures
may
be
taken
to
limit
the
flow
of
capital
and/or
sanctions
may
be
imposed,
which
could
prohibit
or
restrict
the
ability
to
own
or
transfer
fund
assets
and
may
also
include
retaliatory
actions,
such
as
seizure
of
fund
assets.
Notes
to
Financial
Statements
(unaudited)
(continued)
103
Notes
to
Financial
Statements
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased to
be
published
or
no
longer
are representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Six
Months
Ended
10/31/22
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Global
Impact
Institutional
Shares
sold
.............................................
26,378‌
$
261,774‌
1,241,785‌
$
16,146,124‌
Shares
issued
in
reinvestment
of
distributions
........................
6,013‌
58,991‌
193,332‌
2,672,730‌
Shares
redeemed
.........................................
(1,095,570‌)
(11,346,482‌)
(1,625,595‌)
(20,063,396‌)
(1,063,179‌)
$
(11,025,717‌)
(190,478‌)
$
(1,244,542‌)
Investor
A
Shares
sold
.............................................
329‌
$
3,316‌
2,218‌
$
32,292‌
Shares
issued
in
reinvestment
of
distributions
........................
4‌
44‌
844‌
11,948‌
Shares
redeemed
.........................................
(20‌)
(190‌)
(2,446‌)
(30,311‌)
313‌
$
3,170‌
616‌
$
13,929‌
Class
K
Shares
sold
.............................................
—‌
$
—‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
........................
716‌
7,007‌
22,605‌
327,332‌
Shares
redeemed
.........................................
(1,058‌)
(11,036‌)
(1‌)
(15‌)
(342‌)
$
(4,029‌)
22,604‌
$
327,317‌
(1,063,208‌)
$
(11,026,576‌)
(167,258‌)
$
(903,296‌)
d
Six
Months
Ended
10/31/22
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
International
Impact
Institutional
Shares
sold
.............................................
—‌
$
—‌
6,125‌
$
72,999‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
1,771‌
20,559‌
Shares
redeemed
.........................................
—‌
—‌
(6,125‌)
(73,000‌)
—‌
$
—‌
1,771‌
$
20,558‌
Investor
A
Shares
sold
.............................................
3,707‌
$
30,864‌
7,105‌
$
84,098‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
2,560‌
29,376‌
Shares
redeemed
.........................................
(7‌)
(56‌)
(3,725‌)
(34,505‌)
3,700‌
$
30,808‌
5,940‌
$
78,969‌
Class
K
Shares
sold
.............................................
—‌
$
—‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
........................
228‌
1,717‌
102,614‌
1,190,614‌
228‌
$
1,717‌
102,614‌
$
1,190,614‌
3,928‌
$
32,525‌
110,325‌
$
1,290,141‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
104
d
Six
Months
Ended
10/31/22
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
Advantage
Emerging
Markets
Equity
Institutional
Shares
sold
.............................................
163‌
$
1,356‌
1,974‌
$
23,233‌
Shares
issued
in
reinvestment
of
distributions
........................
11‌
91‌
1,254‌
13,987‌
Shares
redeemed
.........................................
(9‌)
(74‌)
(22‌)
(241‌)
165‌
$
1,373‌
3,206‌
$
36,979‌
Investor
A
Shares
sold
.............................................
8,631‌
$
71,809‌
4,677‌
$
49,140‌
Shares
issued
in
reinvestment
of
distributions
........................
23‌
186‌
1,212‌
13,504‌
Shares
redeemed
.........................................
(727‌)
(6,043‌)
(332‌)
(3,561‌)
7,927‌
$
65,952‌
5,557‌
$
59,083‌
Class
K
Shares
sold
.............................................
91,450‌
$
714,856‌
1,969‌
$
20,553‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
106,167‌
1,183,989‌
Shares
redeemed
.........................................
(95‌)
(702‌)
(1,969‌)
(20,673‌)
91,355‌
$
714,154‌
106,167‌
$
1,183,869‌
99,447‌
$
781,479‌
114,930‌
$
1,279,931‌
d
Six
Months
Ended
10/31/22
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
Advantage
International
Equity
Institutional
Shares
sold
.............................................
67‌
$
600‌
3,031‌
$
36,699‌
Shares
issued
in
reinvestment
of
distributions
........................
77‌
654‌
2,200‌
24,721‌
Shares
redeemed
.........................................
—‌
—‌
(45‌)
(478‌)
144‌
$
1,254‌
5,186‌
$
60,942‌
Investor
A
Shares
sold
.............................................
409‌
$
3,690‌
7,797‌
$
85,901‌
Shares
issued
in
reinvestment
of
distributions
........................
90‌
773‌
1,800‌
20,157‌
Shares
redeemed
.........................................
(445‌)
(4,021‌)
(29‌)
(320‌)
54‌
$
442‌
9,568‌
$
105,738‌
Class
K
Shares
sold
.............................................
27,020‌
$
232,493‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
136,348‌
1,532,258‌
Shares
redeemed
.........................................
(5,025‌)
(41,207‌)
—‌
—‌
21,995‌
$
191,286‌
136,348‌
$
1,532,258‌
22,193‌
$
192,982‌
151,102‌
$
1,698,938‌
d
Six
Months
Ended
10/31/22
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Tactical
Opportunities
Institutional
Shares
sold
.............................................
17,633,975‌
$
247,090,835‌
30,252,481‌
$
423,172,681‌
Shares
redeemed
.........................................
(11,151,902‌)
(156,635,894‌)
(15,458,607‌)
(215,869,878‌)
6,482,073‌
$
90,454,941‌
14,793,874‌
$
207,302,803‌
Service
Shares
sold
.............................................
15,748‌
$
223,017‌
18,849‌
$
262,355‌
Shares
redeemed
.........................................
(17,736‌)
(243,822‌)
(91,577‌)
(1,276,661‌)
(1,988‌)
$
(20,805‌)
(72,728‌)
$
(1,014,306‌)
Investor
A
Shares
sold
.............................................
588,182‌
$
8,164,129‌
670,082‌
$
9,277,789‌
Shares
redeemed
.........................................
(804,156‌)
(11,158,746‌)
(1,744,623‌)
(24,165,827‌)
(215,974‌)
$
(2,994,617‌)
(1,074,541‌)
$
(14,888,038‌)
Investor
C
Shares
sold
.............................................
140,063‌
$
1,882,039‌
63,731‌
$
862,927‌
Shares
redeemed
.........................................
(58,440‌)
(786,028‌)
(145,553‌)
(1,963,817‌)
81,623‌
$
1,096,011‌
(81,822‌)
$
(1,100,890‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
105
Notes
to
Financial
Statements
As
of
October
31,
2022,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
were
as
follows:
12.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Six
Months
Ended
10/31/22
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Class
K
Shares
sold
.............................................
3,269,385‌
$
46,150,519‌
15,341,154‌
$
214,130,089‌
Shares
redeemed
.........................................
(8,776,783‌)
(123,986,122‌)
(15,612,283‌)
(217,869,238‌)
(5,507,398‌)
$
(77,835,603‌)
(271,129‌)
$
(3,739,149‌)
838,336‌
$
10,699,927‌
13,293,654‌
$
186,560,420‌
d
Six
Months
Ended
10/31/22
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
U.S.
Impact
Institutional
Shares
sold
.............................................
—‌
$
—‌
17,527‌
$
227,071‌
Shares
issued
in
reinvestment
of
distributions
........................
1‌
5‌
2,759‌
31,728‌
Shares
redeemed
.........................................
—‌
—‌
(17,309‌)
(224,146‌)
1‌
$
5‌
2,977‌
$
34,653‌
Investor
A
Shares
sold
.............................................
15,839‌
$
132,155‌
27,537‌
$
331,513‌
Shares
issued
in
reinvestment
of
distributions
........................
46‌
377‌
6,437‌
71,225‌
Shares
redeemed
.........................................
(2,692‌)
(23,524‌)
(14,780‌)
(139,873‌)
13,193‌
$
109,008‌
19,194‌
$
262,865‌
Class
K
Shares
sold
.............................................
218‌
$
1,803‌
125‌
$
1,240‌
Shares
issued
in
reinvestment
of
distributions
........................
1‌
7‌
131,290‌
1,511,112‌
219‌
$
1,810‌
131,415‌
$
1,512,352‌
13,413‌
$
110,823‌
153,586‌
$
1,809,870‌
Institutional
Investor
A
Class
K
Global
Impact
....................................................................................
10,305‌
10,296‌
494,726‌
International
Impact
................................................................................
11,769‌
11,751‌
565,493‌
Sustainable
Advantage
Emerging
Markets
Equity
............................................................
11,079‌
11,055‌
1,086,167‌
Sustainable
Advantage
International
Equity
................................................................
11,387‌
11,365‌
1,116,348‌
U.S.
Impact
......................................................................................
12,722‌
12,714‌
611,277‌
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
2022
BlackRock
Semi-Annual
Report
to
Shareholders
106
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
(the
“Trust”)
met
on
April
20,
2022
(the
“April
Meeting”)
and
May
10-11,
2022
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Tactical
Opportunities
Fund
(“Tactical
Opportunities
Fund”),
BlackRock
U.S.
Impact
Fund
(“U.S.
Impact
Fund”),
BlackRock
International
Impact
Fund
(“International
Impact
Fund”),
BlackRock
Global
Impact
Fund
(“Global
Impact
Fund”),
BlackRock
Sustainable
Advantage
International
Equity
Fund
(“Sustainable
Advantage
International
Equity
Fund”)
and
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
(“Sustainable
Advantage
Emerging
Markets
Equity
Fund”)
(each
a
“Fund”
and
collectively,
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
between
the
Manager
and
BlackRock
Asset
Management
North
Asia
Limited
(“BAMNA”)
with
respect
to
Tactical
Opportunities
Fund
(the
“BAMNA
Sub-Advisory
Agreement”)
and
the
sub-advisory
agreement
between
the
Manager
and
BlackRock
(Singapore)
Limited
(“BSL”
and,
together
with
BAMNA,
the
“Sub-Advisors”)
with
respect
to
Tactical
Opportunities
Fund
(the
“BSL
Sub-Advisory
Agreement,”
and
together
with
the
BAMNA
Sub-Advisory
Agreement,
the
“Sub-Advisory
Agreements”).
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
an
applicable
benchmark,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
the
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Funds’
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Funds;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Funds;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
107
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
each
Fund’s
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
the
Funds
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Funds.
In
particular,
BlackRock
and
its
affiliates
provide
the
Funds
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
the
Funds
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2021,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and,
with
respect
to
Tactical
Opportunities
Fund,
Sustainable
Advantage
International
Equity
Fund
and
Sustainable
Advantage
Emerging
Markets
Equity
Fund
in
light
of
each
Fund’s
outcome-oriented
investment
objective,
certain
performance
metrics
(“Outcome-Oriented
Performance
Metrics”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
reviewed
and
considered
Sustainable
Advantage
International
Equity
Fund’s
performance
relative
to
the
Fund’s
Outcome-Oriented
Performance
Metrics
including
a
total
return
benchmark.
The
Board
noted
that
for
each
of
the
one-year
and
since
inception
periods
reported,
the
Fund
outperformed
its
total
return
benchmark.
The
Board
noted
that
BlackRock
believes
that
the
Outcome-Oriented
Performance
Metrics
are
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
effective
December
1,
2021,
the
Fund
had
undergone
a
change
in
its
investment
strategy
and
in
that
connection
had
changed
its
name
from
BlackRock
Advantage
ESG
International
Equity
Fund
to
BlackRock
Sustainable
Advantage
International
Equity
Fund.
The
Board
reviewed
and
considered
Sustainable
Advantage
Emerging
Markets
Equity
Fund’s
performance
relative
to
the
Fund’s
Outcome-Oriented
Performance
Metrics
including
a
total
return
benchmark.
The
Board
noted
that
for
each
of
the
one-year
and
since
inception
periods
reported,
the
Fund
underperformed
its
total
return
benchmark.
The
Board
noted
that
BlackRock
believes
that
the
Outcome-Oriented
Performance
Metrics
are
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
total
return
benchmark
during
the
applicable
periods.
The
Board
noted
that
effective
December
1,
2021,
the
Fund
had
undergone
a
change
in
its
investment
strategy
and
in
that
connection
had
changed
its
name
from
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
to
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
108
The
Board
noted
that
for
each
of
the
one-year
and
since-inception
periods
reported,
each
of
Global
Impact
Fund,
U.S.
Impact
Fund
and
International
Impact
Fund
ranked
in
the
fourth
quartile
against
its
Performance
Peers.
The
Board
and
BlackRock
reviewed
each
Fund’s
underperformance
relative
to
its
Performance
Peers
during
the
applicable
period.
The
Board
was
informed
that,
among
other
things,
a
key
driver
of
underperformance
was
each
Fund’s
lack
of
exposure
to
certain
areas
of
the
market
that
outperformed.
Each
Fund
was
underweight
in
semiconductors,
energy,
diversified
financials,
and
many
IT
mega
cap
names;
segments
of
the
market
which
strongly
performed
in
2021.
The
Board
and
BlackRock
discussed
BlackRock’s
strategy
for
improving
each
Fund’s
investment
performance.
Discussions
covered
topics
such
as
performance
attribution,
the
Fund’s
investment
personnel,
and
the
resources
appropriate
to
support
the
Fund’s
investment
processes.
The
Board
reviewed
and
considered
Tactical
Opportunities
Fund’s
performance
relative
to
the
Fund’s
Outcome-Oriented
Performance
Metrics
including
a
total
return
target.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
the
Fund
underperformed
its
total
return
target.
The
Board
noted
that
BlackRock
believes
that
the
Outcome-Oriented
Performance
Metrics
are
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
total
return
target
during
the
applicable
periods.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Funds
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2021
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
each
of
Tactical
Opportunities
Fund’s,
Sustainable
Advantage
International
Equity
Fund’s
and
Sustainable
Advantage
Emerging
Markets
Equity
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
pertinent
Fund’s
Expense
Peers.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
each
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
The
Board
noted
that
U.S.
Impact
Fund’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
further
noted
that
BlackRock
and
its
affiliates
have
contractually
agreed
to
reimburse
or
otherwise
compensate
the
Fund
for
certain
other
fees
and
expenses.
The
Board
noted
that
Global
Impact
Fund’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
third
and
first
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
further
noted
that
BlackRock
and
its
affiliates
have
contractually
agreed
to
reimburse
or
otherwise
compensate
the
Fund
for
certain
other
fees
and
expenses.
The
Board
noted
that
International
Impact
Fund’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
third
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
further
noted
that
BlackRock
and
its
affiliates
have
contractually
agreed
to
reimburse
or
otherwise
compensate
the
Fund
for
certain
other
fees
and
expenses.
The
Board
also
noted
that
each
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
pertinent
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
109
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Funds
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Funds
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
pertinent
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
as
a
result
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
(i)
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2023;
and
(ii)
the
Sub-Advisory
Agreements
between
the
Manager
and
the
pertinent
Sub-Advisor
with
respect
to
Tactical
Opportunities
Fund,
for
a
one-year
term
ending
June
30,
2023.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and,
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Additional
Information
2022
BlackRock
Semi-Annual
Report
to
Shareholders
110
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
111
Additional
Information
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
(a)
BlackRock
Asset
Management
North
Asia
Limited
Hong
Kong
BlackRock
(Singapore)
Limited
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
Tactical
Opportunities
Fund.
Glossary
of
Terms
Used
in
this
Report
2022
BlackRock
Semi-Annual
Report
to
Shareholders
112
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BA
Canadian
Bankers
Acceptances
BBR
Australian
Bank
Bill
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDO
Collateralized
Debt
Obligation
CDI
Crest
Depository
Interests
CNREPOFI
Day
China
Fixing
Repo
Rates
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
HIBOR
Hong
Kong
Interbank
Offered
Rate
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NVDR
Non-Voting
Depository
Receipts
OTC
Over-the-counter
PCL
Public
Company
Limited
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SORA
Singapore
Overnight
Rate
Average
STIBOR
Stockholm
Interbank
Offered
Rate
TWCPBA
Taiwan
Secondary
Markets
Bills
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
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to
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more?
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800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
ESGIMPTO-10/22-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable                  
 
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –
Not Applicable
(a)(4) Change in Registrant’s independent public accountant –
Not Applicable
(b) Section 906 Certifications are attached
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds
SM
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
SM
 
Date: December 21, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
SM
 
Date: December 21, 2022
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
SM
 
Date: December 21, 2022