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 Emerging Markets ex-China Fund

BlackRock Sustainable Advantage Emerging Markets Equity Fund

BlackRock Sustainable Advantage Global Equity Fund

BlackRock Sustainable Advantage International Equity Fund

BlackRock Tactical Opportunities Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds^SM, 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 04/30/2025

Date of reporting period: 10/31/2024

Item 1 – Report to Stockholders

(a) The Reports to Shareholders are attached herewith.

BlackRock Emerging Markets ex-China Fund

Institutional Shares | MAECX

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about BlackRock Emerging Markets ex-China Fund (the “Fund”) for the period of May 1, 2024 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$42	0.83%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.74%	20.28%	14.82%
MSCI Emerging Markets ex-China Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.88	27.19	16.16

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$58,236,315
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	132
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38%

The Fund commenced operations on March 29, 2023.

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.8%
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.9
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.5
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Philippines........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

BlackRock Emerging Markets ex-China Fund

Institutional Shares | MAECX

Semi-Annual Shareholder Report — October 31, 2024

MAECX-10/24-SAR

BlackRock Emerging Markets ex-China Fund

Investor A Shares | MXCAX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$57	1.11%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.57%	19.89%	14.52%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(2.81)	13.60	10.70
MSCI Emerging Markets ex-China Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.88	27.19	16.16

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$58,236,315
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	132
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund commenced operations on March 29, 2023.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.8%
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.9
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.5
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Philippines........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Emerging Markets ex-China Fund

Investor A Shares | MXCAX

Semi-Annual Shareholder Report — October 31, 2024

MXCAX-10/24-SAR

BlackRock Emerging Markets ex-China Fund

Class K Shares | MKECX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$41	0.81%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.75%	20.21%	14.85%
MSCI Emerging Markets ex-China Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.88	27.19	16.16

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$58,236,315
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	132
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38%

The Fund commenced operations on March 29, 2023.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.8%
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.9
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.5
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Philippines........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Emerging Markets ex-China Fund

Class K Shares | MKECX

Semi-Annual Shareholder Report — October 31, 2024

MKECX-10/24-SAR

BlackRock Sustainable Advantage Emerging Markets Equity Fund

Institutional Shares | BLZIX

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about BlackRock Sustainable Advantage Emerging Markets Equity Fund (the “Fund”) for the period of May 1, 2024 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$45	0.86%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.46%	22.49%	1.75%
MSCI Emerging Markets Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.59	25.32	2.77

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$11,245,616
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	199
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	89%

The Fund commenced operations on August 18, 2020.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.5%
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.9
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(1.0)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage Emerging Markets Equity Fund

Institutional Shares | BLZIX

Semi-Annual Shareholder Report — October 31, 2024

BLZIX-10/24-SAR

BlackRock Sustainable Advantage Emerging Markets Equity Fund

Investor A Shares | BLZAX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$58	1.11%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.37%	22.33%	1.50%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.69	15.91	0.21
MSCI Emerging Markets Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.59	25.32	2.77

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$11,245,616
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	199
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	89%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.5%
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.9
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(1.0)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage Emerging Markets Equity Fund

Investor A Shares | BLZAX

Semi-Annual Shareholder Report — October 31, 2024

BLZAX-10/24-SAR

BlackRock Sustainable Advantage Emerging Markets Equity Fund

Class K Shares | BLZKX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$43	0.81%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.48%	22.54%	1.79%
MSCI Emerging Markets Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.59	25.32	2.77

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$11,245,616
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	199
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	89%

The Fund commenced operations on August 18, 2020.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.5%
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.9
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(1.0)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage Emerging Markets Equity Fund

Class K Shares | BLZKX

Semi-Annual Shareholder Report — October 31, 2024

BLZKX-10/24-SAR

BlackRock Sustainable Advantage Global Equity Fund

Institutional Shares | MDSCX

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about BlackRock Sustainable Advantage Global Equity Fund (the “Fund”) for the period of May 1, 2024 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$38	0.71%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.96%	35.44%	20.34%
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.87	32.79	18.38

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$12,532,202
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	504
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	50%

The Fund commenced operations on June 21, 2023.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	67.0%
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.8)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage Global Equity Fund

Institutional Shares | MDSCX

Semi-Annual Shareholder Report — October 31, 2024

MDSCX-10/24-SAR

BlackRock Sustainable Advantage Global Equity Fund

Investor A Shares | MASCX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$51	0.96%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.80%	35.14%	20.05%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.93	28.04	15.38
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.87	32.79	18.38

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$12,532,202
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	504
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	50%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund commenced operations on June 21, 2023.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	67.0%
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.8)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage Global Equity Fund

Investor A Shares | MASCX

Semi-Annual Shareholder Report — October 31, 2024

MASCX-10/24-SAR

BlackRock Sustainable Advantage Global Equity Fund

Class K Shares | MKSCX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$35	0.66%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.97%	35.49%	20.37%
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.87	32.79	18.38

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$12,532,202
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	504
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	50%

The Fund commenced operations on June 21, 2023.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	67.0%
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.8)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage Global Equity Fund

Class K Shares | MKSCX

Semi-Annual Shareholder Report — October 31, 2024

MKSCX-10/24-SAR

BlackRock Sustainable Advantage International Equity Fund

Institutional Shares | BRZIX

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about BlackRock Sustainable Advantage International Equity Fund (the “Fund”) for the period of May 1, 2024 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$26	0.50%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.05%	23.61%	8.83%
MSCI EAFE Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.66	22.97	7.63

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$12,400,646
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	308
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47%

The Fund commenced operations on August 18, 2020.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.4%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.1
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.2
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.9
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.3
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(3.5)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage International Equity Fund

Institutional Shares | BRZIX

Semi-Annual Shareholder Report — October 31, 2024

BRZIX-10/24-SAR

BlackRock Sustainable Advantage International Equity Fund

Investor A Shares | BRZAX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$39	0.75%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.90%	23.23%	8.56%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.61)	16.76	7.18
MSCI EAFE Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.66	22.97	7.63

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$12,400,646
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	308
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.4%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.1
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.2
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.9
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.3
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(3.5)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage International Equity Fund

Investor A Shares | BRZAX

Semi-Annual Shareholder Report — October 31, 2024

BRZAX-10/24-SAR

BlackRock Sustainable Advantage International Equity Fund

Class K Shares | BRZKX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$23	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.06%	23.67%	8.89%
MSCI EAFE Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.66	22.97	7.63

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$12,400,646
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	308
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47%

The Fund commenced operations on August 18, 2020.

What did the Fund invest in?

(as of October 31, 2024)

Geographic allocation

Country/Geographic Region	Percent of Net Assets
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.4%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.1
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.2
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.9
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Other^{Footnote Reference(a)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.3
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(3.5)

Footnote	Description
Footnote^(a)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

BlackRock Sustainable Advantage International Equity Fund

Class K Shares | BRZKX

Semi-Annual Shareholder Report — October 31, 2024

BRZKX-10/24-SAR

BlackRock Tactical Opportunities Fund

Institutional Shares | PBAIX

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about BlackRock Tactical Opportunities Fund (the “Fund”) for the period of May 1, 2024 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$39	0.76%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.41%	6.74%	4.90%	3.93%
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.87	32.79	11.08	9.06
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.60	5.78	1.29	1.32
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.66	5.39	2.36	1.69
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.39	12.11	3.95	3.41

The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,170,192,223
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,069
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	43%

What did the Fund invest in?

(as of October 31, 2024)

Ten largest holdings

Portfolio composition

Security^{Footnote Reference(a)}	Percent of Net Assets
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Costco Wholesale Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Asset Type	Percent of Net Assets
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	68.0%
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.3

Footnote	Description
Footnote^(a)	Excludes short-term securities.
Footnote^(b)	Rounds to less than 0.1%.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

BlackRock Tactical Opportunities Fund

Institutional Shares | PBAIX

Semi-Annual Shareholder Report — October 31, 2024

PBAIX-10/24-SAR

BlackRock Tactical Opportunities Fund

Service Shares | PCBSX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Shares	$53	1.04%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Service Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.35%	6.48%	4.63%	3.65%
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.87	32.79	11.08	9.06
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.60	5.78	1.29	1.32
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.66	5.39	2.36	1.69
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.39	12.11	3.95	3.41

Average annual total returns reflect reductions for service fees.

The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,170,192,223
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,069
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	43%

What did the Fund invest in?

(as of October 31, 2024)

Ten largest holdings

Portfolio composition

Security^{Footnote Reference(a)}	Percent of Net Assets
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Costco Wholesale Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Asset Type	Percent of Net Assets
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	68.0%
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.3

Footnote	Description
Footnote^(a)	Excludes short-term securities.
Footnote^(b)	Rounds to less than 0.1%.

Additional information

BlackRock Tactical Opportunities Fund

Service Shares | PCBSX

Semi-Annual Shareholder Report — October 31, 2024

PCBSX-10/24-SAR

BlackRock Tactical Opportunities Fund

Investor A Shares | PCBAX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$53	1.05%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.29%	6.39%	4.61%	3.62%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(4.03)	0.80	3.48	3.07
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.87	32.79	11.08	9.06
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.60	5.78	1.29	1.32
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.66	5.39	2.36	1.69
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.39	12.11	3.95	3.41

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,170,192,223
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,069
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	43%

What did the Fund invest in?

(as of October 31, 2024)

Ten largest holdings

Portfolio composition

Security^{Footnote Reference(a)}	Percent of Net Assets
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Costco Wholesale Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Asset Type	Percent of Net Assets
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	68.0%
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.3

Footnote	Description
Footnote^(a)	Excludes short-term securities.
Footnote^(b)	Rounds to less than 0.1%.

Additional information

BlackRock Tactical Opportunities Fund

Investor A Shares | PCBAX

Semi-Annual Shareholder Report — October 31, 2024

PCBAX-10/24-SAR

BlackRock Tactical Opportunities Fund

Investor C Shares | BRBCX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$89	1.76%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.97%	5.70%	3.85%	3.04%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.03)	4.71	3.85	3.04
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.87	32.79	11.08	9.06
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.60	5.78	1.29	1.32
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.66	5.39	2.36	1.69
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.39	12.11	3.95	3.41

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,170,192,223
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,069
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	43%

What did the Fund invest in?

(as of October 31, 2024)

Ten largest holdings

Portfolio composition

Security^{Footnote Reference(a)}	Percent of Net Assets
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Costco Wholesale Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Asset Type	Percent of Net Assets
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	68.0%
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.3

Footnote	Description
Footnote^(a)	Excludes short-term securities.
Footnote^(b)	Rounds to less than 0.1%.

Additional information

BlackRock Tactical Opportunities Fund

Investor C Shares | BRBCX

Semi-Annual Shareholder Report — October 31, 2024

BRBCX-10/24-SAR

BlackRock Tactical Opportunities Fund

Class K Shares | PBAKX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$32	0.63%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.48%	6.83%	5.04%	3.97%
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.87	32.79	11.08	9.06
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.60	5.78	1.29	1.32
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.66	5.39	2.36	1.69
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.39	12.11	3.95	3.41

The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.

Performance shown prior to the Class K Shares inception date of August 1, 2016 is that of Investor A Shares. The performance of 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.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,170,192,223
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,069
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	43%

What did the Fund invest in?

(as of October 31, 2024)

Ten largest holdings

Portfolio composition

Security^{Footnote Reference(a)}	Percent of Net Assets
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Costco Wholesale Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Asset Type	Percent of Net Assets
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	68.0%
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(b)}
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.3

Footnote	Description
Footnote^(a)	Excludes short-term securities.
Footnote^(b)	Rounds to less than 0.1%.

Additional information

BlackRock Tactical Opportunities Fund

Class K Shares | PBAKX

Semi-Annual Shareholder Report — October 31, 2024

PBAKX-10/24-SAR

(b) Not Applicable

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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

October

31,

2024

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2024

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

BlackRock

Funds

BlackRock

Emerging

Markets

ex-China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

Table

Contents

Page

Derivative

Financial

Instruments

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

Schedules

Investments

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

Statements

Assets

and

Liabilities

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

Statements

Operations

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

Statements

Changes

Net

Assets

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

Financial

Highlights

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

Notes

Financial

Statements

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

Additional

Information

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

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

Glossary

Terms

Used

this

Report

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

101

Derivative

Financial

Instruments

Derivative

Financial

Instruments

The

Funds

may

invest

various

derivative

financial

instruments.

These

instruments

are

used

obtain

exposure

security,

commodity,

index,

market,

and/or

other

assets

without

owning

taking

physical

custody

securities,

commodities

and/or

other

referenced

assets

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

form

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

derivative

financial

instrument

and

the

underlying

asset,

possible

default

the

counterparty

the

transaction

illiquidity

the

instrument.

Pursuant

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

limited

manner

comply

with

outer

limit

fund

leverage

risk

based

value-at-risk. The

Funds’

successful

use

derivative

financial

instrument

depends

the

investment

adviser’s

ability

predict

pertinent

market

movements

accurately,

which

cannot

assured.

The

use

these

instruments

may

result

losses

greater

than

they

had

not

been

used,

may

limit

the

amount

appreciation a

Fund

can

realize

investment

and/or

may

result

lower

distributions

paid

shareholders.

The

Funds’

investments

these

instruments,

any,

are

discussed

detail

the

Notes

Financial

Statements.

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

October

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Brazil

—

8.9%

Azzas

2154

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

27,128

193,339‌

Brasil

Bolsa

Balcao

.......

262,676

483,012‌

Banco

BTG

Pactual

..........

20,465

115,089‌

CCR

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

76,312

161,181‌

Cyrela

Brazil

Realty

Empreendimentos

Participacoes

162,932

614,705‌

Tec

Empreendimentos

Participacoes

S/A

...........

156,531

378,811‌

Hapvida

Participacoes

Investimentos

(a)

(b)

(c)

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

1,215,197

737,833‌

IRB-Brasil

Resseguros

(a)

......

21,580

161,638‌

Lojas

Renner

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

70,280

226,369‌

Rede

D'Or

Sao

Luiz

(b)

(c)

.......

125,382

638,091‌

Rumo

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

183,522

629,528‌

Vamos

Locacao

Caminhoes

Maquinas

Equipamentos

...

208,748

228,576‌

XP,

Inc.

Class

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

35,817

625,365‌

5,193,537‌

Canada

—

0.9%

MAG

Silver

Corp.

(a)

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

29,632

506,411‌

Egypt

—

0.2%

Commercial

International

Bank

Egypt

SAE

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

83,569

136,579‌

Germany

—

1.7%

Puma

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

21,821

995,033‌

Hungary

—

1.1%

OTP

Bank

Nyrt.

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

12,592

626,905‌

India

—

18.0%

Aavas

Financiers

Ltd.

(a)

..........

12,945

256,831‌

Aditya

Birla

Capital

Ltd.

(a)

........

14,006

33,772‌

Astral

Ltd.

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

10,306

216,553‌

Axis

Bank

Ltd.

GDR

(c)

..........

2,081

143,377‌

Bharat

Electronics

Ltd.

..........

81,176

274,018‌

Bharat

Heavy

Electricals

Ltd.

......

67,271

190,430‌

Cipla

Ltd.

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

34,524

635,129‌

Reddy's

Laboratories

Ltd.

ADR

4,885

361,002‌

Eicher

Motors

Ltd.

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

4,092

237,490‌

Fortis

Healthcare

Ltd.

...........

41,636

309,108‌

GAIL

India

Ltd.

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

180,338

427,306‌

Godrej

Properties

Ltd.

(a)

.........

6,872

233,894‌

Hindustan

Petroleum

Corp.

Ltd.

....

80,451

363,776‌

ICICI

Bank

Ltd.

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

4,302

65,991‌

ICICI

Bank

Ltd.

ADR

...........

15,123

459,890‌

IndusInd

Bank

Ltd.

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

16,554

207,100‌

Infosys

Ltd.

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

3,238

67,560‌

Infosys

Ltd.

ADR

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

30,738

642,731‌

ITC

Ltd.

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

40,956

237,622‌

JSW

Energy

Ltd.

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

34,250

276,099‌

Larsen

Toubro

Ltd.

...........

4,290

184,284‌

Larsen

Toubro

Ltd.

GDR

(c)

......

3,325

142,643‌

Macrotech

Developers

Ltd.

(b)

(c)

.....

37,974

542,893‌

Mahindra

Ltd.

........

1,982

64,003‌

Mahindra

Ltd.

GDR

(c)

...

10,056

329,837‌

Mankind

Pharma

Ltd.

(a)

..........

7,915

250,470‌

Marico

Ltd.

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

32,921

250,138‌

NHPC

Ltd.

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

202,407

198,169‌

NTPC

Ltd.

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

120,928

584,879‌

Power

Finance

Corp.

Ltd.

........

48,939

262,912‌

Power

Grid

Corp.

India

Ltd.

.....

77,102

293,294‌

REC

Ltd.

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

78,863

486,914‌

Reliance

Industries

Ltd.

.........

5,358

84,721‌

Security

Value

India

(continued)

Reliance

Industries

Ltd.

GDR

(b)

....

14,687

919,406‌

TVS

Motor

Co.

Ltd.

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

8,141

240,972‌

10,475,214‌

Indonesia

—

4.0%

Astra

International

Tbk.

.......

1,103,200

358,151‌

Bank

Central

Asia

Tbk.

........

817,000

533,562‌

Bank

Mandiri

Persero

Tbk.

.....

538,300

228,519‌

Bank

Negara

Indonesia

Persero

Tbk.

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

1,168,300

389,670‌

Bank

Rakyat

Indonesia

Persero

Tbk.

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

1,981,600

604,099‌

Telkom

Indonesia

Persero

Tbk.

1,177,500

210,469‌

2,324,470‌

Italy

—

1.2%

Wizz

Air

Holdings

plc

(a)

(b)

(c)

........

38,231

681,096‌

Kazakhstan

—

1.3%

Kaspi.KZ

JSC

ADR

(c)

...........

7,180

790,805‌

Malaysia

—

0.4%

Hartalega

Holdings

Bhd.

.........

305,400

219,954‌

Mexico

—

5.9%

Becle

SAB

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

220,113

290,191‌

Cemex

SAB

ADR

.........

77,735

405,777‌

Fibra

Uno

Administracion

157,479

181,408‌

Fomento

Economico

Mexicano

SAB

ADR

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

4,283

414,980‌

Grupo

Aeroportuario

del

Centro

Norte

SAB

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

49,077

409,304‌

Grupo

Aeroportuario

del

Pacifico

SAB

ADR

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

1,098

191,151‌

Grupo

Financiero

Banorte

SAB

Class

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

113,544

792,445‌

Kimberly-Clark

Mexico

SAB

Class

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

109,267

157,379‌

Wal-Mart

Mexico

SAB

....

218,988

604,667‌

3,447,302‌

Philippines

—

2.0%

Ayala

Land,

Inc.

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

568,300

318,801‌

BDO

Unibank,

Inc.

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

118,850

311,052‌

Bloomberry

Resorts

Corp.

(a)

.......

1,075,800

142,551‌

Jollibee

Foods

Corp.

...........

33,990

154,861‌

Metropolitan

Bank

Trust

Co.

.....

208,900

272,289‌

1,199,554‌

Poland

—

1.9%

InPost

(a)

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

22,080

430,739‌

LPP

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

291,146‌

Powszechny

Zaklad

Ubezpieczen

38,136

378,202‌

1,100,087‌

Portugal

—

0.5%

Jeronimo

Martins

SGPS

.......

14,279

277,557‌

Saudi

Arabia

—

1.4%

Rajhi

Bank

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

6,796

158,793‌

Almarai

Co.

JSC

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

10,038

146,986‌

Etihad

Etisalat

Co.

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

10,543

145,162‌

Saudi

National

Bank

(The)

........

14,763

129,780‌

Yanbu

National

Petrochemical

Co.

20,385

215,593‌

796,314‌

Singapore

—

0.5%

Seatrium

Ltd.

(a)

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

213,200

303,898‌

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

South

Africa

—

0.6%

Vodacom

Group

Ltd.

...........

55,967

350,392‌

South

Korea

—

9.8%

Hansol

Chemical

Co.

Ltd.

........

2,815

255,212‌

Hugel,

Inc.

(a)

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

1,411

277,545‌

Hyundai

Rotem

Co.

Ltd.

.........

7,135

320,189‌

Kia

Corp.

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

3,115

205,992‌

Corp.

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

10,114

322,486‌

Samsung

Electronics

Co.

Ltd.

.....

42,182

1,791,090‌

Samsung

Electronics

Co.

Ltd.

GDR

(b)

(c)

202

213,550‌

Samsung

SDI

Co.

Ltd.

..........

1,145

268,463‌

Hynix,

Inc.

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

14,308

1,873,115‌

S-Oil

Corp.

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

4,383

181,811‌

5,709,453‌

Taiwan

—

23.8%

Accton

Technology

Corp.

........

46,000

772,969‌

Delta

Electronics,

Inc.

...........

56,000

691,649‌

eMemory

Technology,

Inc.

........

9,000

875,114‌

Giant

Manufacturing

Co.

Ltd.

......

23,000

129,675‌

Lotes

Co.

Ltd.

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

3,000

152,575‌

MediaTek,

Inc.

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

21,000

817,492‌

Phison

Electronics

Corp.

.........

19,000

272,677‌

President

Chain

Store

Corp.

......

45,000

413,183‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

285,000

8,937,454‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

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

2,742

522,461‌

Wistron

Corp.

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

83,000

278,977‌

13,864,226‌

Thailand

—

1.5%

Airports

Thailand

PCL

NVDR

....

86,400

156,678‌

ALL

PCL

NVDR

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

134,700

252,479‌

Land

Houses

PCL

NVDR

......

828,000

142,375‌

Siam

Cement

PCL

(The)

NVDR

....

21,900

136,333‌

Thai

Beverage

PCL

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

481,300

192,514‌

880,379‌

Turkey

—

1.7%

Akbank

TAS

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

479,187

707,628‌

Eldorado

Gold

Corp.

(a)

..........

15,098

262,252‌

969,880‌

United

Arab

Emirates

—

2.3%

Aldar

Properties

PJSC

..........

128,555

266,470‌

Borouge

plc

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

594,361

412,344‌

Emaar

Properties

PJSC

.........

291,389

688,942‌

1,367,756‌

United

States

—

2.3%

Cognizant

Technology

Solutions

Corp.

Class

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

9,483

707,337‌

EPAM

Systems,

Inc.

(a)

...........

1,947

367,302‌

Globant

(a)

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

1,191

249,979‌

1,324,618‌

Total

Common

Stocks

—

91.9%

(Cost:

53,639,864

)

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

53,541,420‌

Investment

Companies

(d)

iShares

MSCI

India

ETF

(a)

........

9,632

528,026‌

Security

Value

iShares

MSCI

Philippines

ETF

.....

7,051

192,986‌

Total

Investment

Companies

—

1.2%

(Cost:

702,792

)

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

721,012‌

Preferred

Securities

Preferred

Stocks

—

1.8%

Brazil

—

1.1%

Alpargatas

(Preference)

(a)

......

164,000

204,259‌

Banco

Bradesco

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

170,622

421,436‌

625,695‌

South

Korea

—

0.7%

Samsung

Electronics

Co.

Ltd.

(Preference)

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

12,482

429,384‌

Total

Preferred

Securities

—

1.8%

(Cost:

1,384,610

)

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

1,055,079‌

Total

Long-Term

Investments

—

(Cost:

55,727,266

)

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

55,317,511‌

Short-Term

Securities

Money

Market

Funds

—

4.8%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.75

(d)

(e)

....

2,771,420‌

Total

Short-Term

Securities

—

(Cost:

2,771,420

)

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

2,771,420‌

Total

Investments

—

99.7%

(Cost:

58,498,686

)

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

58,088,931‌

Other

Assets

Less

Liabilities

—

0.3

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

147,384‌

Net

Assets

—

100.0%

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

58,236,315‌

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(d)

Affiliate

the

Fund.

(e)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

04/30/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

10/31/24

Held

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

(a)

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

—

(

)

(b)

—

953

(c)

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

1,946,371

825,049

(b)

—

2,771,420

54,462

—

iShares

MSCI

India

ETF

....

—

528,060

—

(

)

528,026

9,632

—

iShares

MSCI

Philippines

ETF

—

174,732

—

18,254

192,986

7,051

2,465

—

18,220

3,492,432

57,880

—

(a)

period

end,

the

entity

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

Investments

(a)

The

Fund

receives

the

total

return

portfolio

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

portfolio

short

positions

underlying

the

total

return

swap.

addition,

the

Fund

pays

receives

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

minus

range)

used

determining

the

variable

rate

interest:

Derivative

Financial

Instruments

Outstanding

Period

End

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

229,265‌

534‌

(c)

231,239‌

.4‌

Monthly

HSBC

Bank

plc

(d)

02/10/28

760,319‌

3,425‌

(e)

762,673‌

.3‌

Monthly

JPMorgan

Chase

Bank

(f)

04/30/25

512,141‌

249‌

(g)

516,523‌

.9‌

4,208‌

1,510,435‌

(b)

(d)

(f)

Range:

40-45

basis

points

0-190

basis

points

basis

points

Benchmarks:

USD

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

Overnight

Bank

Funding

Rate

(OBFR01)

USD

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$(1,440)

net

dividends

and

financing

fees.

(d)

HSBC

(e)

Amount

includes

$1,071

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$(4,133)

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

positions

and

values

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

period

end,

termination

date

August

19,

2026:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

India

Axis

Bank

Ltd.

GDR

.......

3,139

216,272

Portugal

Jeronimo

Martins

SGPS

770

14,967

Total

Reference

Entity

—

Long

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

231,239

Net

Value

Reference

Entity

—

Goldman

Sachs

Bank

USA

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

231,239

The

following

table

represents

the

individual

long

positions

and

values

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

period

end,

termination

date

February

10,

2028:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

France

Teleperformance

.......

4,754

503,933

Value

Basket

Value

United

Arab

Emirates

Americana

Restaurants

International

plc

Foreign

Co.

427,227

258,740

Total

Reference

Entity

—

Long

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

762,673

Net

Value

Reference

Entity

—

HSBC

Bank

plc

762,673

The

following

table

represents

the

individual

long

positions

and

values

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

period

end,

termination

date

April

30,

2025:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

Arab

Emirates

Alef

Education

Holding

plc

...

1,607,810

516,523

100

Net

Value

Reference

Entity

—

JPMorgan

Chase

Bank

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

516,523

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Derivative

Financial

Instruments

Categorized

Risk

Exposure

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

Period

End

Balances

Reported

the

Statements

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

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

—

4,208

—

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

appreciation

OTC

swaps;

Swap

premiums

paid

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

—

4,208

—

4,208

For

the

period

ended

October

31,

2024,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

ontracts

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

—

13,495

—

13,495

Swaps

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

—

(

85,896

)

—

(

85,896

)

—

(72,401)

—

(72,401)

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

ontracts

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

—

(

6,100

)

—

(

6,100

)

Swaps

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

—

(

95,208

)

—

(

95,208

)

—

(101,308)

—

(101,308)

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

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

—

(a)

Total

return

swaps

Average

notional

value

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

1,690,162

(a)

Derivative

financial

instrument

not

held

any

quarter-end.

The

risk

exposure

table

serves

indicator

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

follows:

Assets

Derivative

Financial

Instruments

—

Swaps

—

OTC

(a)

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

4,208

Total

derivative

assets

and

liabilities

the

Statements

Assets

and

Liabilities

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

4,208

Derivatives

not

subject

Master

Netting

Agreement

similar

agreement

("MNA")

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

—

Total

derivative

assets

and

liabilities

subject

MNA

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

4,208

(a)

Includes

unrealized

appreciation

(depreciation)

OTC

swaps

and

swap

premiums

paid/(received)

the

Statements

Assets

and

Liabilities.

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

Investments

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

counterparty

net

amounts

available

for

offset

under

MNA

and

net

the

collateral

received

the

Fund:

Counterparty

Derivative

Assets

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

Derivative

Assets

(a)

Goldman

Sachs

Bank

USA

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

534

—

534

HSBC

Bank

plc

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

3,425

—

3,425

JPMorgan

Chase

Bank

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

249

—

249

4,208

—

4,208

(a)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

the

event

default.

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

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

5,193,537

—

5,193,537

Canada

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

506,411

—

506,411

Egypt

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

136,579

—

136,579

Germany

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

—

995,033

—

995,033

Hungary

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

—

626,905

—

626,905

India

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

2,855,509

7,619,705

—

10,475,214

Indonesia

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

533,562

1,790,908

—

2,324,470

Italy

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

—

681,096

—

681,096

Kazakhstan

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

790,805

—

790,805

Malaysia

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

—

219,954

—

219,954

Mexico

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

3,447,302

—

3,447,302

Philippines

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

142,551

1,057,003

—

1,199,554

Poland

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

—

1,100,087

—

1,100,087

Portugal

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

277,557

—

277,557

Saudi

Arabia

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

—

796,314

—

796,314

Singapore

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

—

303,898

—

303,898

South

Africa

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

—

350,392

—

350,392

South

Korea

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

—

5,709,453

—

5,709,453

Taiwan

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

522,461

13,341,765

—

13,864,226

Thailand

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

—

880,379

—

880,379

Turkey

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

969,880

—

969,880

United

Arab

Emirates

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

—

1,367,756

—

1,367,756

United

States

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

1,324,618

—

1,324,618

Investment

Companies

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

721,012

—

721,012

Preferred

Securities

Brazil

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

625,695

—

625,695

South

Korea

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

—

429,384

—

429,384

Short-Term

Securities

Money

Market

Funds

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

2,771,420

—

2,771,420

20,818,899

37,270,032

—

58,088,931

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

—

4,208

—

4,208

(a)

Derivative

financial

instruments

are

swaps.

Swaps

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Schedule

Investments

(unaudited)

October

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Brazil

—

4.0%

Ambev

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

42,520

92,676‌

Brasil

Bolsa

Balcao

.......

52,147

95,889‌

Banco

Santander

Brasil

.......

10,478

49,590‌

Banco

Santander

Brasil

ADR

...

2,867

13,561‌

CCR

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

4,259

8,995‌

EcoRodovias

Infraestrutura

Logistica

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

22,877

28,058‌

Fleury

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

8,370

21,414‌

Lojas

Renner

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

26,403

85,043‌

Ultrapar

Participacoes

........

7,611

27,411‌

Ultrapar

Participacoes

ADR

....

7,137

25,836‌

448,473‌

Chile

—

1.2%

Empresas

CMPC

...........

26,839

42,741‌

Enel

Americas

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

944,561

88,401‌

Enel

Chile

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

145,294

7,710‌

138,852‌

China

—

27.5%

3SBio,

Inc.

(a)

(b)

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

103,000

77,259‌

Agricultural

Bank

China

Ltd.

Class

50,000

24,567‌

Alibaba

Group

Holding

Ltd.

.......

25,992

317,942‌

Baidu,

Inc.

Class

(c)

...........

3,478

39,687‌

Baoshan

Iron

Steel

Co.

Ltd.

Class

35,600

32,644‌

BOE

Technology

Group

Co.

Ltd.

Class

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

12,800

8,394‌

Bosideng

International

Holdings

Ltd.

86,000

48,232‌

BYD

Co.

Ltd.

Class

...........

1,066

43,888‌

BYD

Co.

Ltd.

Class

..........

2,000

72,237‌

China

Construction

Bank

Corp.

Class

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

203,000

157,576‌

China

Life

Insurance

Co.

Ltd.

Class

50,000

105,987‌

China

Medical

System

Holdings

Ltd.

68,000

68,017‌

China

Pacific

Insurance

Group

Co.

Ltd.

Class

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

6,400

22,226‌

China

Petroleum

Chemical

Corp.

Class

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

7,000

6,078‌

China

Suntien

Green

Energy

Corp.

Ltd.

Class

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

85,000

38,670‌

CMOC

Group

Ltd.

Class

.......

43,300

45,927‌

CMOC

Group

Ltd.

Class

.......

48,000

39,732‌

Contemporary

Amperex

Technology

Co.

Ltd.

Class

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

1,100

38,146‌

ENN

Energy

Holdings

Ltd.

........

7,000

49,317‌

Ganfeng

Lithium

Group

Co.

Ltd.

Class

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

390

1,860‌

Geely

Automobile

Holdings

Ltd.

....

52,000

91,411‌

Goldwind

Science

Technology

Co.

Ltd.

Class

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

361

552‌

Haier

Smart

Home

Co.

Ltd.

Class

6,600

23,953‌

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)

(b)

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

4,000

9,326‌

Huatai

Securities

Co.

Ltd.

Class

10,400

25,751‌

Industrial

Commercial

Bank

China

Ltd.

Class

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

41,000

24,594‌

Innovent

Biologics,

Inc.

(a)

(b)

(c)

......

3,000

13,042‌

JD.com,

Inc.

Class

...........

3,350

67,935‌

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.

Class

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

2,100

13,765‌

Holdings,

Inc.

ADR

..........

825

18,092‌

Lenovo

Group

Ltd.

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

72,000

94,942‌

Auto,

Inc.

Class

(c)

..........

1,800

22,635‌

Auto,

Inc.

ADR

(c)

(d)

...........

576

14,406‌

Security

Value

China

(continued)

LONGi

Green

Energy

Technology

Co.

Ltd.

Class

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

760

2,109‌

Meituan

Class

(a)

(b)

(c)

...........

9,210

217,636‌

Midea

Group

Co.

Ltd.

Class

.....

3,300

33,053‌

NetEase,

Inc.

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

4,670

75,135‌

PDD

Holdings,

Inc.

ADR

(c)

.......

341

41,121‌

Ping

Insurance

Group

Co.

China

Ltd.

Class

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

2,500

19,654‌

Ping

Insurance

Group

Co.

China

Ltd.

Class

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

21,500

133,209‌

Pop

Mart

International

Group

Ltd.

(a)

(b)

6,800

61,478‌

Holding

Co.

Ltd.

Class

......

1,700

10,682‌

Shandong

Nanshan

Aluminum

Co.

Ltd.

Class

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

104,400

59,751‌

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

Class

....

700

26,205‌

Sunny

Optical

Technology

Group

Co.

Ltd.

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

1,900

12,360‌

Tencent

Holdings

Ltd.

...........

9,400

490,136‌

Trip.com

Group

Ltd.

(c)

...........

800

51,484‌

Uni-President

China

Holdings

Ltd.

35,000

32,758‌

Weichai

Power

Co.

Ltd.

Class

....

38,000

71,287‌

Weichai

Power

Co.

Ltd.

Class

...

3,000

4,533‌

Will

Semiconductor

Co.

Ltd.

Shanghai

Class

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

3,400

51,106‌

Wuliangye

Yibin

Co.

Ltd.

Class

...

1,100

22,693‌

Xinyi

Solar

Holdings

Ltd.

.........

12,000

6,154‌

XPeng,

Inc.

Class

(c)

..........

900

5,085‌

3,086,419‌

Greece

—

0.3%

Eurobank

Ergasias

Services

Holdings

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

18,292

37,850‌

Hong

Kong

—

0.1%

Sino

Biopharmaceutical

Ltd.

......

29,000

13,174‌

India

—

16.9%

ABB

India

Ltd.

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

681

59,982‌

Adani

Green

Energy

Ltd.

(c)

........

1,141

21,610‌

Axis

Bank

Ltd.

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

4,057

55,732‌

Bharti

Airtel

Ltd.

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

4,028

77,098‌

Blue

Star

Ltd.

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

3,901

86,522‌

Castrol

India

Ltd.

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

7,387

18,393‌

Crompton

Greaves

Consumer

Electricals

Ltd.

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

17,297

80,280‌

Dixon

Technologies

India

Ltd.

(b)

....

4,004‌

EID

Parry

India

Ltd.

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

6,033

57,655‌

Havells

India

Ltd.

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

3,691

71,832‌

HCL

Technologies

Ltd.

..........

5,249

109,833‌

HDFC

Bank

Ltd.

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

3,991

82,034‌

ICICI

Bank

Ltd.

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

7,554

115,875‌

ICICI

Lombard

General

Insurance

Co.

Ltd.

(a)

(b)

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

318

7,224‌

Infosys

Ltd.

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

4,864

101,486‌

Infosys

Ltd.

ADR

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

3,507

73,331‌

Kalpataru

Projects

International

Ltd.

365

5,524‌

Karur

Vysya

Bank

Ltd.

(The)

......

2,085

5,593‌

KEC

International

Ltd.

..........

3,811

44,560‌

Mahindra

Ltd.

........

1,380

44,564‌

Marico

Ltd.

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

7,493

56,933‌

Power

Grid

Corp.

India

Ltd.

.....

21,042

80,043‌

PTC

India

Ltd.

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

17,795

38,350‌

Punjab

National

Bank

...........

17,531

20,362‌

Reliance

Industries

Ltd.

.........

10,052

158,942‌

ReNew

Energy

Global

plc

Class

(c)

2,104

11,909‌

State

Bank

India

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

862

8,388‌

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

India

(continued)

Strides

Pharma

Science

Ltd.

......

3,971

73,336‌

Tata

Consultancy

Services

Ltd.

....

1,448

68,110‌

Trent

Ltd.

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

1,032

87,207‌

Union

Bank

India

Ltd.

.........

18,434

25,563‌

Voltas

Ltd.

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

3,830

74,970‌

Wipro

Ltd.

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

1,840

11,977‌

Zomato

Ltd.

(c)

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

21,843

62,668‌

1,901,890‌

Indonesia

—

1.2%

Bank

Central

Asia

Tbk.

........

208,200

135,970‌

Malaysia

—

3.0%

CIMB

Group

Holdings

Bhd.

.......

18,200

33,003‌

Dialog

Group

Bhd.

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

10,400

4,906‌

Hong

Leong

Bank

Bhd.

..........

7,700

35,923‌

IJM

Corp.

Bhd.

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

13,100

8,984‌

Malayan

Banking

Bhd.

..........

42,000

100,582‌

Public

Bank

Bhd.

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

98,600

99,219‌

Sime

Darby

Bhd.

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

110,700

58,379‌

340,996‌

Mexico

—

2.9%

America

Movil

SAB

Series

26,150

20,688‌

America

Movil

SAB

ADR

....

1,139

17,928‌

Cemex

SAB

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

25,576

13,408‌

Fomento

Economico

Mexicano

SAB

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

2,546

24,665‌

Fomento

Economico

Mexicano

SAB

ADR

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

141

13,662‌

Grupo

Aeroportuario

del

Sureste

SAB

Class

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

263

7,015‌

Grupo

Aeroportuario

del

Sureste

SAB

ADR

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

14,810‌

Grupo

Financiero

Banorte

SAB

Class

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

15,149

105,728‌

Orbia

Advance

Corp.

SAB

...

20,490

18,770‌

Wal-Mart

Mexico

SAB

....

34,041

93,993‌

330,667‌

Poland

—

0.4%

Allegro.eu

(a)

(b)

(c)

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

4,443

39,096‌

Qatar

—

0.5%

Commercial

Bank

PSQC

(The)

.....

2,766

3,224‌

Industries

Qatar

QSC

...........

2,125

7,770‌

Masraf

Rayan

QSC

...........

5,545

3,603‌

Qatar

Islamic

Bank

QPSC

........

1,752

9,838‌

Qatar

National

Bank

QPSC

.......

6,851

32,563‌

56,998‌

Romania

—

0.6%

NEPI

Rockcastle

...........

8,945

70,205‌

Russia

—

0.0%

(c)(e)

LUKOIL

PJSC

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

2,410

—‌

Novatek

PJSC

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

1,500

—‌

PhosAgro

PJSC

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

1,413

—‌

PhosAgro

PJSC

GDR

..........

1‌

Saudi

Arabia

—

2.8%

Rajhi

Bank

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

6,575

153,629‌

Saudi

Basic

Industries

Corp.

......

2,022

39,140‌

Saudi

National

Bank

(The)

........

5,497

48,324‌

Saudi

Telecom

Co.

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

6,882

77,238‌

318,331‌

Security

Value

South

Africa

—

1.4%

FirstRand

Ltd.

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

7,977

35,049‌

Gold

Fields

Ltd.

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

1,260

20,779‌

Kumba

Iron

Ore

Ltd.

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

634

11,939‌

Sanlam

Ltd.

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

16,953

84,361‌

152,128‌

South

Korea

—

10.6%

Amorepacific

Group

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

1,640

26,428‌

Corp.

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

762

56,492‌

Coway

Co.

Ltd.

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

394

18,001‌

Insurance

Co.

Ltd.

..........

202

15,922‌

Engineering

Construction

Corp.

(c)

489

6,278‌

Hana

Financial

Group,

Inc.

.......

341

14,712‌

Hyundai

Marine

Fire

Insurance

Co.

Ltd.

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

1,360

29,841‌

Hyundai

Rotem

Co.

Ltd.

.........

275

12,341‌

Financial

Group,

Inc.

.........

794

51,664‌

Financial

Group,

Inc.

ADR

.....

932

60,804‌

Korean

Air

Lines

Co.

Ltd.

........

2,775

47,902‌

Electronics,

Inc.

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

202

13,008‌

NAVER

Corp.

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

465

56,880‌

POSCO

Holdings,

Inc.

..........

114

27,469‌

Samsung

C&T

Corp.

...........

782

66,029‌

Samsung

Electronics

Co.

Ltd.

.....

9,583

406,904‌

Samsung

Life

Insurance

Co.

Ltd.

...

369

27,001‌

Samsung

Securities

Co.

Ltd.

......

809

26,696‌

Shinhan

Financial

Group

Co.

Ltd.

...

538

20,041‌

Hynix,

Inc.

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

1,086

142,172‌

SK,

Inc.

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

466

49,867‌

Woori

Financial

Group,

Inc.

.......

1,339

14,907‌

1,191,359‌

Taiwan

—

20.0%

ASE

Technology

Holding

Co.

Ltd.

...

8,000

37,726‌

Cathay

Financial

Holding

Co.

Ltd.

...

53,978

113,998‌

Compal

Electronics,

Inc.

.........

60,000

65,865‌

CTBC

Financial

Holding

Co.

Ltd.

...

63,000

69,840‌

Delta

Electronics,

Inc.

...........

9,000

111,158‌

E.Sun

Financial

Holding

Co.

Ltd.

...

119,268

101,417‌

Eva

Airways

Corp.

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

23,000

26,563‌

Evergreen

Marine

Corp.

Taiwan

Ltd.

1,000

6,336‌

First

Financial

Holding

Co.

Ltd.

.....

112,344

94,600‌

Fubon

Financial

Holding

Co.

Ltd.

...

39,900

111,459‌

Hon

Hai

Precision

Industry

Co.

Ltd.

5,000

32,049‌

MediaTek,

Inc.

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

4,000

155,713‌

Primax

Electronics

Ltd.

..........

30,000

74,878‌

Quanta

Computer,

Inc.

..........

2,000

18,163‌

Realtek

Semiconductor

Corp.

.....

2,000

29,345‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

36,000

1,128,941‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

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

220

41,919‌

United

Microelectronics

Corp.

.....

17,000

24,527‌

2,244,497‌

Thailand

—

1.5%

Advanced

Info

Service

PCL

NVDR

12,000

97,679‌

ALL

PCL

NVDR

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

11,600

21,743‌

Kasikornbank

PCL

NVDR

........

4,000

17,337‌

PTT

Exploration

Production

PCL

NVDR

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

5,800

21,784‌

PTT

PCL

NVDR

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

12,700

12,617‌

171,160‌

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Turkey

—

0.6%

Akbank

TAS

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

16,226

23,961‌

TAV

Havalimanlari

Holding

A/S

(c)

....

6,909

46,417‌

70,378‌

United

Arab

Emirates

—

0.4%

Abu

Dhabi

Commercial

Bank

PJSC

20,568

49,995‌

United

Kingdom

—

0.3%

Anglogold

Ashanti

plc

...........

1,054

29,406‌

United

States

—

0.2%

Genpact

Ltd.

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

483

18,436‌

Total

Common

Stocks

—

96.4%

(Cost:

9,849,208

)

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

10,846,281‌

Preferred

Securities

Preferred

Stocks

—

1.7%

Brazil

—

1.7%

Banco

Bradesco

(Preference)

...

10,432

26,022‌

Cia

Energetica

Minas

Gerais

(Preference)

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

9,600

18,848‌

Companhia

Paranaense

Energia

(Preference)

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

14,018

23,764‌

Itau

Unibanco

Holding

........

4,901

29,651‌

Itau

Unibanco

Holding

(Preference)

15,532

94,440‌

192,725‌

Total

Preferred

Securities

—

1.7%

(Cost:

203,438

)

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

192,725‌

Total

Long-Term

Investments

—

(Cost:

10,052,646

)

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

11,039,006‌

Short-Term

Securities

Money

Market

Funds

—

2.8%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

Agency

5.01

(h)

.......

14,990‌

15,000‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.75

......

296,455‌

Total

Short-Term

Securities

—

(Cost:

311,455

)

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

311,455‌

Total

Investments

—

100.9%

(Cost:

10,364,101

)

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

11,350,461‌

Liabilities

Excess

Other

Assets

—

(

0.9

)

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

(

104,845‌

)

Net

Assets

—

100.0%

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

11,245,616‌

(a)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(b)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(c)

Non-income

producing

security.

(d)

All

portion

this

security

loan.

(e)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(f)

Affiliate

the

Fund.

(g)

Annualized

7-day

yield

period

end.

(h)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

04/30/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

10/31/24

Held

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

24,750

—

(

9,808

)

(a)

—

15,000

14,990

(b)

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

326,161

—

(

29,706

)

(a)

—

296,455

7,203

—

311,455

7,264

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

Investments

Derivative

Financial

Instruments

Categorized

Risk

Exposure

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the Schedule

Investments

above.

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

Index

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

12/20/24

338

(

3,286

)

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

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

futures

contracts

(a)

......

—

3,286

—

3,286

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts,

any,

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

ontracts

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

—

20,155

—

20,155

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

ontracts

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

—

(

1,127

)

—

(

1,127

)

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

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

360,863

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

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

448,473

—

448,473

Chile

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

50,451

88,401

—

138,852

China

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

121,851

2,964,568

—

3,086,419

Greece

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

—

37,850

—

37,850

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

See

notes

financial

statements.

Level

Total

Hong

Kong

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

—

13,174

—

13,174

India

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

85,240

1,816,650

—

1,901,890

Indonesia

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

135,970

—

135,970

Malaysia

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

—

340,996

—

340,996

Mexico

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

330,667

—

330,667

Poland

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

—

39,096

—

39,096

Qatar

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

—

56,998

—

56,998

Romania

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

70,205

—

70,205

Russia

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

—

Saudi

Arabia

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

39,140

279,191

—

318,331

South

Africa

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

96,300

55,828

—

152,128

South

Korea

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

60,804

1,130,555

—

1,191,359

Taiwan

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

41,919

2,202,578

—

2,244,497

Thailand

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

—

171,160

—

171,160

Turkey

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

23,961

46,417

—

70,378

United

Arab

Emirates

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

—

49,995

—

49,995

United

Kingdom

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

—

29,406

—

29,406

United

States

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

18,436

—

18,436

Preferred

Securities

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

192,725

—

192,725

Short-Term

Securities

Money

Market

Funds

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

311,455

—

311,455

2,027,597

9,322,863

11,350,461

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

(

3,286

)

—

(

3,286

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Fair

Value

Hierarchy

of Period

End

(continued)

Schedule

Investments

(unaudited)

October

31,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Australia

—

1.0%

Aristocrat

Leisure

Ltd.

...........

148

5,956‌

Cochlear

Ltd.

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

555‌

IGO

Ltd.

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

266

911‌

Hi-Fi

Ltd.

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

1,181‌

Macquarie

Group

Ltd.

...........

287

43,436‌

REA

Group

Ltd.

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

13,010‌

Rio

Tinto

Ltd.

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

147

11,542‌

Rio

Tinto

plc

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

443

28,630‌

Scentre

Group

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

754

1,729‌

South32

Ltd.

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

469

1,125‌

Worley

Ltd.

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

1,474

13,535‌

121,610‌

Austria

—

0.0%

Erste

Group

Bank

...........

2,659‌

OMV

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

2,486‌

5,145‌

Belgium

—

0.2%

Groupe

Bruxelles

Lambert

.....

4,408‌

KBC

Group

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

232

16,899‌

21,307‌

Brazil

—

1.7%

Ambev

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

12,949

28,224‌

Brasil

Bolsa

Balcao

.......

3,969

7,298‌

BRF

(a)

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

436

1,981‌

CCR

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

4,689

9,904‌

Embraer

(a)

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

337

2,829‌

Energisa

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

591

4,406‌

Fleury

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

2,876

7,358‌

Lojas

Renner

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

5,819

18,743‌

Dias

Branco

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

340‌

Magazine

Luiza

(a)

...........

2,342

3,829‌

Marfrig

Global

Foods

(a)

........

4,536

12,303‌

MercadoLibre,

Inc.

(a)

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

16,297‌

Natura

Co.

Holding

.........

1,951

4,610‌

Pagseguro

Digital

Ltd.

Class

(a)

...

262

2,107‌

Santos

Brasil

Participacoes

....

578

1,258‌

Telefonica

Brasil

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

586

5,340‌

TOTVS

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

367‌

Ultrapar

Participacoes

........

2,013

7,250‌

Vale

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

634

6,794‌

Vibra

Energia

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

134

518‌

Wheaton

Precious

Metals

Corp.

....

1,099

72,577‌

214,333‌

Canada

—

1.3%

Brookfield

Corp.

Class

.........

3,871‌

CGI,

Inc.

Class

(a)

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

997‌

FirstService

Corp.

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

14,442‌

IGM

Financial,

Inc.

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

107

3,214‌

Intact

Financial

Corp.

...........

573‌

Keyera

Corp.

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

678

20,822‌

Magna

International,

Inc.

.........

325

12,831‌

Stantec,

Inc.

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

452

36,664‌

Teck

Resources

Ltd.

Class

.....

2,559‌

Thomson

Reuters

Corp.

.........

427

69,894‌

165,867‌

Chile

—

0.0%

Antofagasta

plc

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

2,211‌

China

—

4.0%

3SBio,

Inc.

(b)

(c)

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

6,000

4,500‌

Alibaba

Group

Holding

Ltd.

.......

3,600

44,036‌

Security

Value

China

(continued)

Baidu,

Inc.

Class

(a)

...........

750

8,558‌

Beijing

Capital

International

Airport

Co.

Ltd.

Class

(a)

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

2,000

727‌

Bilibili,

Inc.

Class

(a)

...........

240

5,303‌

Bosideng

International

Holdings

Ltd.

2,000

1,122‌

BYD

Co.

Ltd.

Class

...........

100

4,117‌

China

Mengniu

Dairy

Co.

Ltd.

.....

4,000

8,958‌

Dongfeng

Motor

Group

Co.

Ltd.

Class

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

2,000

617‌

Geely

Automobile

Holdings

Ltd.

....

6,000

10,547‌

GigaDevice

Semiconductor,

Inc.

Class

(a)

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

900

11,349‌

Goldwind

Science

Technology

Co.

Ltd.

Class

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

400

612‌

Goneo

Group

Co.

Ltd.

Class

....

461‌

Guangdong

Haid

Group

Co.

Ltd.

Class

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

100

616‌

Huatai

Securities

Co.

Ltd.

Class

14,500

35,903‌

JD.com,

Inc.

Class

...........

1,300

26,363‌

Lenovo

Group

Ltd.

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

6,000

7,912‌

Auto,

Inc.

Class

(a)

..........

100

1,257‌

Meituan

Class

(a)

(b)

(c)

...........

2,300

54,350‌

NetEase,

Inc.

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

900

14,480‌

Ping

Insurance

Group

Co.

China

Ltd.

Class

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

3,500

21,685‌

SAIC

Motor

Corp.

Ltd.

Class

....

1,087

1,965‌

Shanghai

Electric

Group

Co.

Ltd.

Class

(a)

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

1,300

1,646‌

Shengyi

Technology

Co.

Ltd.

Class

200

576‌

Shenzhen

Goodix

Technology

Co.

Ltd.

Class

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

700

8,811‌

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

Class

....

200

7,487‌

Sunny

Optical

Technology

Group

Co.

Ltd.

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

200

1,301‌

Tencent

Holdings

Ltd.

...........

2,300

119,927‌

Trip.com

Group

Ltd.

(a)

...........

300

19,306‌

Western

Mining

Co.

Ltd.

Class

...

700

1,729‌

Will

Semiconductor

Co.

Ltd.

Shanghai

Class

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

800

12,025‌

Wuliangye

Yibin

Co.

Ltd.

Class

...

2,400

49,513‌

Yangzijiang

Shipbuilding

Holdings

Ltd.

1,600

3,108‌

Yutong

Bus

Co.

Ltd.

Class

......

1,020

3,471‌

Zai

Lab

Ltd.

(a)

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

500

1,525‌

495,863‌

Denmark

—

1.2%

Moller

Maersk

A/S

Class

....

4,745‌

Genmab

A/S

(a)

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

8,511‌

Novo

Nordisk

A/S

Class

.......

971

108,912‌

Vestas

Wind

Systems

A/S

(a)

.......

1,271

24,222‌

146,390‌

Finland

—

0.4%

Nokia

OYJ

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

864

4,089‌

Nordea

Bank

Abp

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

2,440

28,565‌

Wartsila

OYJ

Abp

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

796

15,245‌

47,899‌

France

—

1.8%

Amundi

(b)

(c)

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

580‌

BNP

Paribas

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

619

42,274‌

Carrefour

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

327

5,193‌

Credit

Agricole

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

1,461

22,394‌

Danone

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

928

66,295‌

Dassault

Aviation

...........

808‌

Eiffage

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

155

14,426‌

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

France

(continued)

Engie

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

2,561

42,926‌

Gecina

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

641‌

Hermes

International

SCA

........

4,546‌

Kering

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

2,747‌

LVMH

Moet

Hennessy

Louis

Vuitton

21,969‌

Valeo

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

263‌

225,062‌

Germany

—

1.0%

Allianz

(Registered)

..........

22,351‌

Deutsche

Telekom

(Registered)

2,429

73,437‌

E.ON

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

179

2,416‌

Evonik

Industries

...........

1,565‌

HUGO

BOSS

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

168

7,734‌

Nordex

(a)

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

361

5,145‌

Siemens

Energy

(a)

...........

272

11,172‌

123,820‌

Hong

Kong

—

0.3%

AIA

Group

Ltd.

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

4,600

36,305‌

Sino

Biopharmaceutical

Ltd.

......

2,000

908‌

37,213‌

India

—

1.8%

ABB

India

Ltd.

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

2,466‌

Ajanta

Pharma

Ltd.

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

1,347‌

Alkem

Laboratories

Ltd.

.........

1,990‌

Berger

Paints

India

Ltd.

.........

126

803‌

Bharat

Electronics

Ltd.

..........

1,597

5,391‌

Bharti

Airtel

Ltd.

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

480

9,187‌

Birlasoft

Ltd.

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

768

4,995‌

Blue

Star

Ltd.

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

305

6,765‌

Castrol

India

Ltd.

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

886

2,206‌

Cipla

Ltd.

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

791‌

Computer

Age

Management

Services

Ltd.

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

1,159‌

Crompton

Greaves

Consumer

Electricals

Ltd.

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

1,530

7,101‌

Cummins

India

Ltd.

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

332‌

Dixon

Technologies

India

Ltd.

(c)

....

136

22,690‌

DLF

Ltd.

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

107

1,040‌

Lal

PathLabs

Ltd.

(b)

(c)

.........

1,034‌

Fortis

Healthcare

Ltd.

...........

653‌

GAIL

India

Ltd.

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

189

448‌

Granules

India

Ltd.

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

102

689‌

Gujarat

Pipavav

Port

Ltd.

........

227‌

Havells

India

Ltd.

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

487‌

HCL

Technologies

Ltd.

..........

474

9,918‌

Hindalco

Industries

Ltd.

.........

126

1,022‌

Hindustan

Aeronautics

Ltd.

(c)

......

352‌

Hindustan

Zinc

Ltd.

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

723

4,744‌

Hitachi

Energy

India

Ltd.

.........

983‌

Indian

Hotels

Co.

Ltd.

(The)

Class

129

1,035‌

Indian

Railway

Catering

Tourism

Corp.

Ltd.

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

224‌

Infosys

Ltd.

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

1,760

36,722‌

ITD

Cementation

India

Ltd.

.......

182

1,217‌

KEC

International

Ltd.

..........

620‌

KEI

Industries

Ltd.

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

865‌

KPIT

Technologies

Ltd.

..........

495‌

Lupin

Ltd.

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

493‌

Marico

Ltd.

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

258‌

Mphasis

Ltd.

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

273‌

Multi

Commodity

Exchange

India

Ltd.

772‌

NBCC

India

Ltd.

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

466

536‌

NCC

Ltd.

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

160

566‌

Security

Value

India

(continued)

Nippon

Life

India

Asset

Management

Ltd.

(b)

(c)

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

173

1,452‌

Oberoi

Realty

Ltd.

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

1,235‌

Petronet

LNG

Ltd.

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

111

438‌

Pidilite

Industries

Ltd.

...........

1,904‌

Power

Finance

Corp.

Ltd.

........

126

677‌

Power

Grid

Corp.

India

Ltd.

.....

458

1,742‌

Prestige

Estates

Projects

Ltd.

.....

893‌

PTC

India

Ltd.

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

109

235‌

Punjab

National

Bank

...........

2,427

2,819‌

Siemens

Ltd.

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

993‌

SRF

Ltd.

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

346‌

State

Bank

India

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

368

3,581‌

Strides

Pharma

Science

Ltd.

......

1,607‌

Supreme

Industries

Ltd.

.........

255‌

Tata

Consultancy

Services

Ltd.

....

605

28,457‌

Trent

Ltd.

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

2,282‌

United

Spirits

Ltd.

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

1,187‌

Vedanta

Ltd.

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

414

2,279‌

Vodafone

Idea

Ltd.

(a)

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

4,519

434‌

Voltas

Ltd.

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

1,112

21,767‌

WNS

Holdings

Ltd.

(a)

...........

2,783‌

Zensar

Technologies

Ltd.

........

242‌

Zomato

Ltd.

(a)

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

3,910

11,218‌

Zydus

Lifesciences

Ltd.

.........

338

4,015‌

225,737‌

Indonesia

—

0.1%

Bank

Central

Asia

Tbk.

........

2,800

1,828‌

Bank

Mandiri

Persero

Tbk.

.....

6,400

2,717‌

Bank

Rakyat

Indonesia

Persero

Tbk.

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

43,000

13,109‌

Perusahaan

Gas

Negara

Tbk.

...

10,000

996‌

18,650‌

Ireland

—

0.2%

Accenture

plc

Class

..........

20,689‌

AerCap

Holdings

...........

3,274‌

23,963‌

Israel

—

0.3%

Bank

Hapoalim

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

205

2,136‌

Nice

Ltd.

(a)

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

5,039‌

Wix.com

Ltd.

(a)

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

200

33,424‌

40,599‌

Italy

—

1.2%

A2A

SpA

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

3,939

9,004‌

Enel

SpA

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

9,632

73,050‌

Intesa

Sanpaolo

SpA

...........

3,281

14,043‌

Mediobanca

Banca

Credito

Finanziario

SpA

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

940‌

Moncler

SpA

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

387

21,501‌

UniCredit

SpA

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

861

38,090‌

156,628‌

Japan

—

5.1%

Amada

Co.

Ltd.

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

900

8,869‌

ANA

Holdings,

Inc.

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

1,000

19,697‌

Asahi

Group

Holdings

Ltd.

........

100

1,201‌

Asahi

Kasei

Corp.

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

1,900

13,107‌

Astellas

Pharma,

Inc.

...........

1,700

19,904‌

Daiichi

Sankyo

Co.

Ltd.

..........

800

26,039‌

Daikin

Industries

Ltd.

...........

100

12,006‌

Daito

Trust

Construction

Co.

Ltd.

...

100

11,050‌

Daiwa

Securities

Group,

Inc.

......

2,400

15,701‌

FANUC

Corp.

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

400

10,613‌

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Japan

(continued)

Hitachi

Ltd.

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

200

5,025‌

Honda

Motor

Co.

Ltd.

...........

2,300

23,131‌

Front

Retailing

Co.

Ltd.

.........

200

2,124‌

Japan

Metropolitan

Fund

Investment

Corp.

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

1,228‌

KDDI

Corp.

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

100

3,118‌

Kirin

Holdings

Co.

Ltd.

..........

1,500

22,084‌

Mitsubishi

Estate

Co.

Ltd.

........

100

1,479‌

Mitsubishi

UFJ

Financial

Group,

Inc.

1,500

15,810‌

Mitsui

Fudosan

Co.

Ltd.

.........

5,300

45,221‌

Mizuho

Financial

Group,

Inc.

......

5,000

103,855‌

Murata

Manufacturing

Co.

Ltd.

.....

100

1,747‌

Nidec

Corp.

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

100

1,992‌

Nintendo

Co.

Ltd.

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

700

36,976‌

Nomura

Holdings,

Inc.

..........

400

2,051‌

Obayashi

Corp.

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

600

7,356‌

Ono

Pharmaceutical

Co.

Ltd.

......

300

3,747‌

Otsuka

Holdings

Co.

Ltd.

........

200

12,082‌

Panasonic

Holdings

Corp.

........

4,900

40,327‌

Recruit

Holdings

Co.

Ltd.

........

100

6,106‌

Sekisui

House

Ltd.

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

1,200

28,982‌

SoftBank

Corp.

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

4,600

5,791‌

SoftBank

Group

Corp.

..........

100

5,962‌

Sompo

Holdings,

Inc.

...........

200

4,288‌

Sony

Group

Corp.

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

1,000

17,598‌

Sumitomo

Chemical

Co.

Ltd.

......

2,900

7,742‌

Sumitomo

Corp.

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

300

6,329‌

Sumitomo

Electric

Industries

Ltd.

...

200

3,077‌

Sumitomo

Mitsui

Financial

Group,

Inc.

1,100

23,336‌

Suzuki

Motor

Corp.

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

100

992‌

Tokyo

Electron

Ltd.

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

400

58,861‌

Toyota

Motor

Corp.

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

400

6,892‌

643,496‌

Mexico

—

0.0%

Grupo

Aeroportuario

del

Sureste

SAB

Class

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

800‌

Orbia

Advance

Corp.

SAB

...

222

204‌

1,004‌

Netherlands

—

0.5%

ASML

Holding

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

5,385‌

ING

Groep

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

1,019

17,293‌

Koninklijke

Philips

(a)

..........

1,500‌

Group

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

807

39,617‌

63,795‌

New

Zealand

—

0.1%

Xero

Ltd.

(a)

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

7,772‌

Norway

—

0.5%

Aker

ASA

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

193

4,130‌

DNB

Bank

ASA

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

350

7,253‌

Equinor

ASA

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

2,175

51,683‌

Kongsberg

Gruppen

ASA

........

730‌

63,796‌

Singapore

—

0.4%

DBS

Group

Holdings

Ltd.

........

1,000

28,994‌

Singapore

Airlines

Ltd.

..........

1,600

7,805‌

Singapore

Telecommunications

Ltd.

1,500

3,539‌

United

Overseas

Bank

Ltd.

.......

200

4,862‌

45,200‌

South

Africa

—

0.1%

Anglo

American

plc

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

3,067‌

AVI

Ltd.

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

463

2,903‌

Security

Value

South

Africa

(continued)

MTN

Group

Ltd.

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

124

616‌

Standard

Bank

Group

Ltd.

........

551‌

7,137‌

South

Korea

—

1.0%

Amorepacific

Group

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

358

5,769‌

BGF

retail

Co.

Ltd.

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

1,924‌

Corp.

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

2,595‌

ENM

Co.

Ltd.

(a)

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

110

4,999‌

E-MART,

Inc.

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

282‌

Hanon

Systems

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

1,131

3,229‌

HDC

Hyundai

Development

Co-

Engineering

Construction

.....

113

1,620‌

Mando

Co.

Ltd.

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

104‌

Hyosung

Advanced

Materials

Corp.

384‌

Hugel,

Inc.

(a)

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

6,688‌

Hyundai

Rotem

Co.

Ltd.

.........

1,122‌

KCC

Corp.

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

1,327‌

Kia

Corp.

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

661‌

Koh

Young

Technology,

Inc.

.......

275‌

Chem

Ltd.

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

159

35,750‌

Corp.

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

977‌

Semicon

Co.

Ltd.

...........

707‌

Medytox,

Inc.

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

371‌

NAVER

Corp.

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

8,807‌

NCSoft

Corp.

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

8,792‌

Pan

Ocean

Co.

Ltd.

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

344

882‌

PharmaResearch

Co.

Ltd.

........

6,333‌

Samsung

C&T

Corp.

...........

1,520‌

Samsung

Electronics

Co.

Ltd.

.....

373

15,838‌

Seegene,

Inc.

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

191‌

Telecom

Co.

Ltd.

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

331

13,584‌

SK,

Inc.

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

1,070‌

WONIK

IPS

Co.

Ltd.

(a)

...........

278‌

126,079‌

Spain

—

1.5%

ACS

Actividades

Construccion

Servicios

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

112

5,371‌

Banco

Bilbao

Vizcaya

Argentaria

465

4,629‌

Banco

Santander

...........

3,213

15,697‌

Iberdrola

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

5,192

77,125‌

Industria

Diseno

Textil

......

1,218

69,444‌

Repsol

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

1,502

18,802‌

191,068‌

Sweden

—

0.7%

Alfa

Laval

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

1,815‌

Boliden

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

1,283‌

Investor

Class

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

708

20,039‌

Svenska

Handelsbanken

Class

606

6,297‌

Swedbank

Class

..........

2,586

52,471‌

81,905‌

Switzerland

—

3.2%

ABB

Ltd.

(Registered)

...........

2,010

111,698‌

DSM-Firmenich

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

115

13,637‌

Kuehne

Nagel

International

(Registered)

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

231

57,667‌

Logitech

International

(Registered)

108

8,843‌

Novartis

(Registered)

........

969

105,143‌

SGS

(Registered)

...........

1,588‌

Swatch

Group

(The)

.........

1,231‌

Swatch

Group

(The)

(Registered)

1,013‌

Connectivity

plc

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

677

99,803‌

400,623‌

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Taiwan

—

1.1%

Makalot

Industrial

Co.

Ltd.

........

1,020

10,943‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

4,000

125,438‌

Wisdom

Marine

Lines

Co.

Ltd.

.....

2,000

4,539‌

140,920‌

Thailand

—

0.0%

Grimm

Power

PCL

NVDR

......

500

328‌

Turkey

—

0.0%

Anadolu

Efes

Biracilik

Malt

Sanayii

A/S

Class

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

390

2,179‌

Migros

Ticaret

A/S

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

175

2,079‌

Yapi

Kredi

Bankasi

A/S

........

473

339‌

4,597‌

United

Kingdom

—

1.9%

AstraZeneca

plc

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

106

15,083‌

Auto

Trader

Group

plc

(b)

(c)

........

1,165

12,579‌

BAE

Systems

plc

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

1,482

23,886‌

British

Land

Co.

plc

(The)

........

1,848

9,510‌

Drax

Group

plc

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

180

1,450‌

easyJet

plc

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

324

2,135‌

Informa

plc

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

2,773

28,969‌

International

Consolidated

Airlines

Group

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

416

1,133‌

Intertek

Group

plc

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

1,381‌

Sainsbury

plc

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

162

558‌

Johnson

Matthey

plc

...........

1,713‌

National

Grid

plc

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

123

1,544‌

NatWest

Group

plc

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

305

1,445‌

Rolls-Royce

Holdings

plc

(a)

.......

393

2,712‌

Smiths

Group

plc

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

616

12,155‌

Standard

Chartered

plc

..........

626

7,259‌

Taylor

Wimpey

plc

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

1,390

2,628‌

TechnipFMC

plc

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

384

10,249‌

Tesco

plc

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

15,107

66,708‌

Vodafone

Group

plc

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

35,321

32,845‌

235,942‌

United

States

—

67.0%

AbbVie,

Inc.

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

257

52,395‌

Acuity

Brands,

Inc.

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

167

50,215‌

Adobe,

Inc.

(a)

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

151

72,190‌

AECOM

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

727

77,644‌

Agilent

Technologies,

Inc.

........

210

27,365‌

Alaska

Air

Group,

Inc.

(a)

..........

583

27,932‌

Alkermes

plc

(a)

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

1,619‌

Allstate

Corp.

(The)

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

14,922‌

Alphabet,

Inc.

Class

..........

1,185

202,766‌

Alphabet,

Inc.

Class

..........

680

117,429‌

Amazon.com,

Inc.

(a)

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

1,898

353,787‌

American

Express

Co.

..........

468

126,397‌

Amgen,

Inc.

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

21,451‌

Apple,

Inc.

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

2,809

634,581‌

Applied

Materials,

Inc.

..........

486

88,248‌

Arista

Networks,

Inc.

(a)

..........

4,251‌

Automatic

Data

Processing,

Inc.

....

186

53,799‌

Bank

America

Corp.

..........

3,569

149,256‌

Becton

Dickinson

Co.

.........

3,504‌

Berkshire

Hathaway,

Inc.

Class

(a)

125

56,365‌

Best

Buy

Co.,

Inc.

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

904‌

BioMarin

Pharmaceutical,

Inc.

(a)

....

461‌

Block,

Inc.

Class

(a)

...........

1,591‌

Blueprint

Medicines

Corp.

(a)

.......

6,213‌

Booking

Holdings,

Inc.

..........

93,525‌

BorgWarner,

Inc.

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

1,623

54,582‌

Security

Value

United

States

(continued)

Boston

Scientific

Corp.

(a)

.........

270

22,685‌

Box,

Inc.

Class

(a)

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

104

3,303‌

Bristol-Myers

Squibb

Co.

.........

1,094

61,012‌

Broadcom,

Inc.

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

314

53,308‌

Broadridge

Financial

Solutions,

Inc.

2,530‌

Cardinal

Health,

Inc.

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

180

19,534‌

Carlisle

Cos.,

Inc.

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

1,267‌

CBOE

Global

Markets,

Inc.

.......

18,153‌

CBRE

Group,

Inc.

Class

(a)

......

486

63,651‌

Charles

Schwab

Corp.

(The)

......

6,587‌

Chevron

Corp.

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

941

140,040‌

Chipotle

Mexican

Grill,

Inc.

(a)

......

2,789‌

Cigna

Group

(The)

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

196

61,703‌

Cintas

Corp.

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

1,852‌

Cirrus

Logic,

Inc.

(a)

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

4,063‌

Citigroup,

Inc.

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

1,367

87,720‌

CME

Group,

Inc.

Class

........

19,606‌

Colgate-Palmolive

Co.

..........

1,133

106,173‌

Comcast

Corp.

Class

.........

1,185

51,749‌

Comfort

Systems

USA,

Inc.

.......

782‌

ConocoPhillips

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

856

93,766‌

Costco

Wholesale

Corp.

.........

110

96,160‌

Crown

Holdings,

Inc.

...........

186

17,400‌

CSL

Ltd.

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

9,388‌

Curtiss-Wright

Corp.

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

20,008‌

CyberArk

Software

Ltd.

(a)

.........

553‌

Deckers

Outdoor

Corp.

(a)

.........

411

66,126‌

Delta

Air

Lines,

Inc.

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

246

14,076‌

Dropbox,

Inc.

Class

(a)

.........

1,706‌

DuPont

Nemours,

Inc.

........

581‌

Eaton

Corp.

plc

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

9,947‌

Ecolab,

Inc.

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

162

39,808‌

Elevance

Health,

Inc.

...........

38,141‌

Eli

Lilly

Co.

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

115

95,420‌

EMCOR

Group,

Inc.

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

142

63,342‌

EOG

Resources,

Inc.

...........

5,366‌

Essent

Group

Ltd.

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

2,580‌

Etsy,

Inc.

(a)

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

926‌

Exelon

Corp.

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

513

20,161‌

Expeditors

International

Washington,

Inc.

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

172

20,468‌

Experian

plc

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

521

25,428‌

Exxon

Mobil

Corp.

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

407

47,529‌

Ferguson

Enterprises,

Inc.

........

1,180‌

Fortinet,

Inc.

(a)

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

462

36,341‌

Fox

Corp.

Class

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

650

27,300‌

Freeport-McMoRan,

Inc.

.........

123

5,537‌

Gap,

Inc.

(The)

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

1,932‌

Garmin

Ltd.

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

793‌

General

Mills,

Inc.

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

421

28,636‌

General

Motors

Co.

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

186

9,441‌

Gilead

Sciences,

Inc.

...........

277

24,603‌

Goldman

Sachs

Group,

Inc.

(The)

9,320‌

GSK

plc

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

650‌

Guidewire

Software,

Inc.

(a)

........

219

40,791‌

H&R

Block,

Inc.

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

2,509‌

Halliburton

Co.

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

2,413‌

Hartford

Financial

Services

Group,

Inc.

(The)

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

2,098‌

Hasbro,

Inc.

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

853‌

HCA

Healthcare,

Inc.

...........

238

85,380‌

Honeywell

International,

Inc.

......

13,369‌

Intuit,

Inc.

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

50,045‌

Invesco

Ltd.

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

531

9,208‌

IQVIA

Holdings,

Inc.

(a)

...........

181

37,253‌

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

United

States

(continued)

Jack

Henry

Associates,

Inc.

.....

2,183‌

Johnson

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

634

101,351‌

JPMorgan

Chase

Co.

.........

230

51,042‌

Kimberly-Clark

Corp.

...........

375

50,318‌

KLA

Corp.

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

2,665‌

Lam

Research

Corp.

...........

876

65,131‌

Lear

Corp.

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

8,331‌

Leidos

Holdings,

Inc.

...........

132

24,177‌

Lennar

Corp.

Class

...........

14,305‌

Lineage,

Inc.

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

230

17,029‌

Louisiana-Pacific

Corp.

..........

1,978‌

Manhattan

Associates,

Inc.

(a)

......

16,592‌

Marathon

Petroleum

Corp.

.......

137

19,929‌

Marsh

McLennan

Cos.,

Inc.

.....

108

23,570‌

Mastercard,

Inc.

Class

.........

332

165,864‌

Maximus,

Inc.

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

172

14,868‌

Medtronic

plc

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

1,288

114,954‌

Merck

Co.,

Inc.

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

1,101

112,654‌

categories

disclosed

the Schedule

Investments

above.

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

Micro

E-Mini

Index

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

12/20/24

710

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

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

futures

contracts

(a)

......

—

710

—

710

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts,

any,

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

ontracts

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

—

16,817

—

16,817

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

ontracts

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

—

4,178

—

4,178

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

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

84,724

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

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

—

121,610

—

121,610

Austria

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

—

5,145

—

5,145

Belgium

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

—

21,307

—

21,307

Brazil

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

214,333

—

214,333

Canada

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

165,867

—

165,867

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

See

notes

financial

statements.

Level

Total

Chile

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

—

2,211

—

2,211

China

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

1,122

494,741

—

495,863

Denmark

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

—

146,390

—

146,390

Finland

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

—

47,899

—

47,899

France

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

—

225,062

—

225,062

Germany

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

—

123,820

—

123,820

Hong

Kong

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

—

37,213

—

37,213

India

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

2,783

222,954

—

225,737

Indonesia

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

1,828

16,822

—

18,650

Ireland

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

23,963

—

23,963

Israel

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

33,424

7,175

—

40,599

Italy

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

—

156,628

—

156,628

Japan

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

—

643,496

—

643,496

Mexico

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

1,004

—

1,004

Netherlands

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

—

63,795

—

63,795

New

Zealand

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

—

7,772

—

7,772

Norway

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

—

63,796

—

63,796

Singapore

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

—

45,200

—

45,200

South

Africa

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

616

6,521

—

7,137

South

Korea

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

278

125,801

—

126,079

Spain

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

—

191,068

—

191,068

Sweden

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

—

81,905

—

81,905

Switzerland

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

99,803

300,820

—

400,623

Taiwan

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

—

140,920

—

140,920

Thailand

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

—

328

—

328

Turkey

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

—

4,597

—

4,597

United

Kingdom

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

10,249

225,693

—

235,942

United

States

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

8,146,034

255,373

—

8,401,407

Preferred

Securities

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

13,892

—

13,892

Short-Term

Securities

Money

Market

Funds

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

131,788

—

131,788

8,846,984

3,786,062

—

12,633,046

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

710

—

710

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Fair

Value

Hierarchy

of Period

End

(continued)

Schedule

Investments

(unaudited)

October

31,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Australia

—

6.5%

Aristocrat

Leisure

Ltd.

...........

1,688

67,925‌

Brambles

Ltd.

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

2,172

26,151‌

Cochlear

Ltd.

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

243

44,989‌

Coles

Group

Ltd.

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

1,770

20,428‌

Commonwealth

Bank

Australia

...

744

69,396‌

Computershare

Ltd.

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

266

4,598‌

GPT

Group

(The)

(a)

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

7,382

22,870‌

IGO

Ltd.

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

2,667

9,136‌

Hi-Fi

Ltd.

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

172

9,230‌

Macquarie

Group

Ltd.

...........

644

97,467‌

Northern

Star

Resources

Ltd.

......

4,921

57,105‌

Orica

Ltd.

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

312

3,544‌

QBE

Insurance

Group

Ltd.

.......

948‌

REA

Group

Ltd.

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

420

62,091‌

Rio

Tinto

Ltd.

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

695

54,570‌

Rio

Tinto

plc

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

613

39,617‌

Santos

Ltd.

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

1,631

7,256‌

Sonic

Healthcare

Ltd.

...........

617

10,872‌

South32

Ltd.

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

22,313

53,510‌

Telstra

Group

Ltd.

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

1,325

3,317‌

Transurban

Group

(a)

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

831

6,926‌

Wesfarmers

Ltd.

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

1,603

70,518‌

Westpac

Banking

Corp.

.........

184

3,864‌

WiseTech

Global

Ltd.

...........

1,536‌

Worley

Ltd.

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

6,581

60,431‌

808,295‌

Austria

—

0.4%

Erste

Group

Bank

...........

877

49,608‌

OMV

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

133

5,512‌

55,120‌

Belgium

—

0.7%

Anheuser-Busch

InBev

SA/NV

.....

193

11,443‌

Groupe

Bruxelles

Lambert

.....

207

14,957‌

KBC

Group

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

815

59,366‌

Warehouses

Pauw

CVA

.......

1,523‌

87,289‌

China

—

0.8%

BOC

Hong

Kong

Holdings

Ltd.

.....

11,000

35,912‌

Budweiser

Brewing

Co.

APAC

Ltd.

(b)

(c)

14,600

15,227‌

Prosus

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

694

29,249‌

Wilmar

International

Ltd.

.........

600

1,448‌

Yangzijiang

Shipbuilding

Holdings

Ltd.

10,400

20,205‌

102,041‌

Denmark

—

3.2%

Moller

Maersk

A/S

Class

....

9,491‌

Genmab

A/S

(d)

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

15,901‌

Novo

Nordisk

A/S

Class

.......

2,820

316,305‌

Novonesis

(Novozymes)

Class

2,011‌

Vestas

Wind

Systems

A/S

(d)

.......

2,673

50,940‌

394,648‌

Finland

—

1.5%

Nokia

OYJ

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

12,654

59,879‌

Nordea

Bank

Abp

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

5,841

68,381‌

Stora

Enso

OYJ

Class

........

1,193

13,313‌

Wartsila

OYJ

Abp

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

2,245

42,997‌

184,570‌

France

—

8.5%

Air

Liquide

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

8,069‌

Airbus

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

3,966‌

Amundi

(b)

(c)

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

321

23,274‌

Security

Value

France

(continued)

Arkema

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

3,084‌

BNP

Paribas

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

1,343

91,719‌

Bouygues

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

1,029‌

Capgemini

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

2,949‌

Carrefour

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

2,220

35,256‌

Cie

Generale

des

Etablissements

Michelin

SCA

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

161

5,441‌

Credit

Agricole

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

5,922

90,773‌

Danone

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

1,743

124,517‌

Dassault

Aviation

...........

9,894‌

Dassault

Systemes

..........

1,516

51,885‌

Eiffage

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

591

55,007‌

Engie

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

4,236

71,002‌

Gecina

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

119

12,717‌

Hermes

International

SCA

........

86,365‌

Ipsen

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

853‌

Kering

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

17,983‌

Francaise

des

Jeux

SAEM

(b)

(c)

...

252

10,772‌

L'Oreal

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

169

63,404‌

LVMH

Moet

Hennessy

Louis

Vuitton

231

153,781‌

Pernod

Ricard

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

271

33,812‌

Publicis

Groupe

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

9,778‌

Safran

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

18,562‌

TotalEnergies

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

470

29,495‌

Valeo

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

3,873

37,654‌

1,053,041‌

Germany

—

8.6%

adidas

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

12,693‌

Allianz

(Registered)

..........

450

141,662‌

Bayer

(Registered)

..........

773

20,830‌

Beiersdorf

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

180

24,299‌

Continental

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

564

35,199‌

Deutsche

Bank

(Registered)

....

1,444‌

Deutsche

Boerse

...........

9,059‌

Deutsche

Post

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

688

27,637‌

Deutsche

Telekom

(Registered)

5,179

156,579‌

Evonik

Industries

...........

941

20,739‌

Fresenius

Co.

KGaA

(d)

......

1,049

38,300‌

GEA

Group

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

4,827‌

Hannover

Rueck

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

19,169‌

Henkel

Co.

KGaA

.........

275

21,448‌

HUGO

BOSS

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

737‌

Infineon

Technologies

........

1,614

51,042‌

Mercedes-Benz

Group

........

426

25,880‌

Merck

KGaA

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

118

19,508‌

Muenchener

Rueckversicherungs-

Gesellschaft

(Registered)

....

8,693‌

Nordex

(d)

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

456

6,498‌

Rational

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

9,793‌

SAP

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

1,150

268,508‌

Siemens

(Registered)

........

605

117,703‌

Siemens

Energy

(d)

...........

588

24,151‌

Zalando

(b)

(c)

(d)

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

939‌

1,067,337‌

Hong

Kong

—

1.6%

AIA

Group

Ltd.

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

14,200

112,071‌

Hang

Seng

Bank

Ltd.

...........

100

1,223‌

Hong

Kong

Exchanges

Clearing

Ltd.

500

20,020‌

Link

REIT

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

2,000

9,319‌

Prudential

plc

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

4,693

39,068‌

Sun

Hung

Kai

Properties

Ltd.

......

500

5,414‌

Wharf

Real

Estate

Investment

Co.

Ltd.

3,000

9,020‌

196,135‌

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Ireland

—

0.1%

Kerry

Group

plc

Class

.........

9,588‌

Israel

—

0.7%

Bank

Hapoalim

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

1,397

14,556‌

Elbit

Systems

Ltd.

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

6,643‌

Israel

Discount

Bank

Ltd.

Class

713

4,191‌

Mizrahi

Tefahot

Bank

Ltd.

........

462

19,049‌

Nice

Ltd.

(d)

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

213

37,011‌

81,450‌

Italy

—

1.8%

A2A

SpA

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

11,278

25,780‌

Banca

Monte

dei

Paschi

Siena

SpA

2,631

14,439‌

Banco

BPM

SpA

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

486‌

Enel

SpA

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

8,016

60,794‌

Generali

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

661

18,327‌

Intesa

Sanpaolo

SpA

...........

10,226

43,767‌

Mediobanca

Banca

Credito

Finanziario

SpA

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

200

3,299‌

Moncler

SpA

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

2,000‌

Poste

Italiane

SpA

(b)

(c)

...........

302

4,247‌

Saipem

SpA

(d)

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

4,103

9,755‌

UniCredit

SpA

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

1,042

46,097‌

228,991‌

Japan

—

22.4%

Amada

Co.

Ltd.

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

1,200

11,826‌

ANA

Holdings,

Inc.

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

300

5,909‌

Asahi

Group

Holdings

Ltd.

........

3,400

40,818‌

Asahi

Kasei

Corp.

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

6,200

42,772‌

Astellas

Pharma,

Inc.

...........

4,600

53,858‌

Bandai

Namco

Holdings,

Inc.

......

200

4,193‌

Bridgestone

Corp.

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

1,000

35,635‌

Canon,

Inc.

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

200

6,505‌

Dai-ichi

Life

Holdings,

Inc.

........

700

17,451‌

Daiichi

Sankyo

Co.

Ltd.

..........

2,200

71,606‌

Daikin

Industries

Ltd.

...........

600

72,034‌

Daito

Trust

Construction

Co.

Ltd.

...

100

11,050‌

Daiwa

House

Industry

Co.

Ltd.

.....

2,100

62,640‌

Daiwa

Securities

Group,

Inc.

......

7,100

46,450‌

DMG

Mori

Co.

Ltd.

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

300

5,721‌

FANUC

Corp.

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

900

23,878‌

Fast

Retailing

Co.

Ltd.

..........

200

63,944‌

Fujitsu

Ltd.

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

2,500

48,065‌

Hitachi

Ltd.

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

3,800

95,475‌

Honda

Motor

Co.

Ltd.

...........

1,100

11,063‌

Front

Retailing

Co.

Ltd.

.........

1,700

18,054‌

Japan

Exchange

Group,

Inc.

......

300

3,516‌

Japan

Post

Bank

Co.

Ltd.

........

900

8,038‌

Japan

Post

Holdings

Co.

Ltd.

......

300

2,768‌

Japan

Post

Insurance

Co.

Ltd.

.....

200

3,296‌

KDDI

Corp.

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

500

15,590‌

Kirin

Holdings

Co.

Ltd.

..........

2,600

38,279‌

Koito

Manufacturing

Co.

Ltd.

......

200

2,590‌

Komatsu

Ltd.

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

300

7,766‌

Kyocera

Corp.

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

1,500

15,213‌

Marubeni

Corp.

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

3,600

53,817‌

Mitsubishi

Chemical

Group

Corp.

...

500

2,698‌

Mitsubishi

Corp.

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

300

5,488‌

Mitsubishi

Electric

Corp.

.........

300

5,278‌

Mitsubishi

Estate

Co.

Ltd.

........

2,900

42,885‌

Mitsubishi

Capital,

Inc.

........

100

670‌

Mitsubishi

UFJ

Financial

Group,

Inc.

8,200

86,430‌

Mitsui

Co.

Ltd.

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

100

2,039‌

Mitsui

Fudosan

Co.

Ltd.

.........

700

5,973‌

Mizuho

Financial

Group,

Inc.

......

5,700

118,395‌

Security

Value

Japan

(continued)

MS&AD

Insurance

Group

Holdings,

Inc.

900

19,907‌

Murata

Manufacturing

Co.

Ltd.

.....

4,300

75,126‌

Nidec

Corp.

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

200

3,984‌

Nikon

Corp.

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

1,000

12,388‌

Nintendo

Co.

Ltd.

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

1,200

63,388‌

Nippon

Express

Holdings,

Inc.

.....

200

9,860‌

Nitto

Denko

Corp.

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

2,100

34,553‌

Nomura

Holdings,

Inc.

..........

800

4,102‌

Nomura

Real

Estate

Holdings,

Inc.

200

4,924‌

Nomura

Research

Institute

Ltd.

....

700

20,939‌

Obayashi

Corp.

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

2,500

30,648‌

Ono

Pharmaceutical

Co.

Ltd.

......

1,900

23,731‌

Oriental

Land

Co.

Ltd.

..........

1,000

24,167‌

ORIX

Corp.

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

1,100

23,177‌

Panasonic

Holdings

Corp.

........

9,600

79,008‌

Persol

Holdings

Co.

Ltd.

.........

5,100

8,566‌

Recruit

Holdings

Co.

Ltd.

........

2,400

146,550‌

Resona

Holdings,

Inc.

..........

1,300

8,577‌

Sankyo

Co.

Ltd.

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

200

2,657‌

Santen

Pharmaceutical

Co.

Ltd.

....

100

1,196‌

Sekisui

House

Ltd.

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

1,900

45,888‌

SoftBank

Corp.

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

20,900

26,311‌

SoftBank

Group

Corp.

..........

800

47,695‌

Sompo

Holdings,

Inc.

...........

1,000

21,439‌

Sony

Group

Corp.

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

9,600

168,936‌

Subaru

Corp.

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

900

16,073‌

Sumitomo

Chemical

Co.

Ltd.

......

15,900

42,449‌

Sumitomo

Corp.

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

4,100

86,495‌

Sumitomo

Electric

Industries

Ltd.

...

100

1,538‌

Sumitomo

Mitsui

Financial

Group,

Inc.

2,900

61,522‌

Sumitomo

Mitsui

Trust

Group,

Inc.

900

19,737‌

Suntory

Beverage

Food

Ltd.

.....

200

6,747‌

Suzuki

Motor

Corp.

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

5,100

50,609‌

T&D

Holdings,

Inc.

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

600

9,577‌

Takeda

Pharmaceutical

Co.

Ltd.

....

4,400

122,765‌

TDK

Corp.

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

200

2,351‌

Terumo

Corp.

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

200

3,809‌

Tokio

Marine

Holdings,

Inc.

.......

1,300

46,821‌

Tokyo

Electron

Ltd.

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

800

117,723‌

Toyota

Motor

Corp.

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

3,800

65,476‌

Toyota

Tsusho

Corp.

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

1,400

23,798‌

Unicharm

Corp.

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

600

19,347‌

2,774,230‌

Macau

—

0.1%

Galaxy

Entertainment

Group

Ltd.

...

2,000

8,901‌

Netherlands

—

4.3%

Adyen

(b)

(c)

(d)

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

18,332‌

Aegon

Ltd.

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

760

4,797‌

Arcadis

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

969‌

Argenx

(d)

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

18,869‌

ASML

Holding

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

294

197,901‌

Euronext

(b)

(c)

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

166

18,316‌

EXOR

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

845‌

Heineken

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

6,561‌

ING

Groep

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

5,164

87,635‌

Koninklijke

Philips

(d)

..........

2,524

66,404‌

Group

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

903

44,330‌

Wolters

Kluwer

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

404

67,906‌

532,865‌

New

Zealand

—

0.6%

Meridian

Energy

Ltd.

...........

1,992

7,074‌

Xero

Ltd.

(d)

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

681

66,163‌

73,237‌

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Norway

—

1.0%

Aker

ASA

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

1,200

25,677‌

Equinor

ASA

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

3,374

80,174‌

Kongsberg

Gruppen

ASA

........

215

22,444‌

128,295‌

Portugal

—

0.0%

EDP

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

1,141

4,492‌

Singapore

—

1.9%

DBS

Group

Holdings

Ltd.

........

1,800

52,191‌

Singapore

Airlines

Ltd.

..........

800

3,903‌

Singapore

Telecommunications

Ltd.

41,500

97,908‌

STMicroelectronics

..........

2,244

60,997‌

United

Overseas

Bank

Ltd.

.......

900

21,878‌

236,877‌

Spain

—

3.1%

Acciona

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

137

17,581‌

ACS

Actividades

Construccion

Servicios

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

511

24,505‌

Banco

Bilbao

Vizcaya

Argentaria

2,844

28,311‌

Banco

Santander

...........

19,652

96,008‌

Iberdrola

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

8,779

130,408‌

Industria

Diseno

Textil

......

1,474

84,040‌

Repsol

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

500

6,259‌

387,112‌

Sweden

—

3.1%

AddTech

Class

...........

480

13,364‌

Alfa

Laval

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

850

37,629‌

Atlas

Copco

Class

.........

1,666

27,495‌

Atlas

Copco

Class

.........

864

12,562‌

Boliden

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

278

8,697‌

Electrolux

Class

(d)

.........

486

4,079‌

Hennes

Mauritz

Class

132

1,968‌

Hexagon

Class

...........

3,895

36,415‌

Industrivarden

Class

.......

931‌

Investor

Class

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

2,336

66,118‌

Skanska

Class

...........

479

9,752‌

SKF

Class

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

144

2,731‌

Svenska

Handelsbanken

Class

5,042

52,390‌

Swedbank

Class

..........

4,920

99,829‌

Telefonaktiebolaget

Ericsson

Class

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

985

8,258‌

382,218‌

Switzerland

—

6.9%

ABB

Ltd.

(Registered)

...........

2,798

155,489‌

Belimo

Holding

(Registered)

....

9,274‌

Clariant

(Registered)

(d)

........

931‌

DSM-Firmenich

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

598

70,913‌

Flughafen

Zurich

(Registered)

...

11,316‌

Givaudan

(Registered)

........

75,959‌

Kuehne

Nagel

International

(Registered)

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

402

100,355‌

Logitech

International

(Registered)

630

51,585‌

Lonza

Group

(Registered)

.....

1,231‌

Novartis

(Registered)

........

2,277

247,069‌

SGS

(Registered)

...........

250

26,467‌

Sonova

Holding

(Registered)

...

13,540‌

UBS

Group

(Registered)

......

259

7,922‌

Zurich

Insurance

Group

.......

136

80,186‌

852,237‌

United

Kingdom

—

11.1%

AstraZeneca

plc

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

1,456

207,179‌

Auto

Trader

Group

plc

(b)

(c)

........

3,674

39,670‌

Security

Value

United

Kingdom

(continued)

Aviva

plc

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

1,161

6,804‌

BAE

Systems

plc

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

7,415

119,510‌

British

Land

Co.

plc

(The)

........

4,478

23,044‌

Bunzl

plc

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

350

15,409‌

Hutchison

Holdings

Ltd.

.......

10,500

55,221‌

Compass

Group

plc

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

2,310

75,021‌

ConvaTec

Group

plc

(b)

(c)

.........

2,865

7,903‌

Diageo

plc

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

435

13,434‌

Drax

Group

plc

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

2,079

16,746‌

HSBC

Holdings

plc

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

6,221

57,096‌

Group

Holdings

plc

..........

972‌

Informa

plc

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

6,918

72,271‌

International

Consolidated

Airlines

Group

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

1,704

4,641‌

Intertek

Group

plc

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

578

34,698‌

Sainsbury

plc

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

8,874

30,551‌

Johnson

Matthey

plc

...........

3,275

63,020‌

Kingfisher

plc

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

533

2,016‌

London

Stock

Exchange

Group

plc

272

36,866‌

Marks

Spencer

Group

plc

.......

771

3,741‌

NatWest

Group

plc

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

1,013

4,800‌

RELX

plc

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

1,010

46,318‌

Rolls-Royce

Holdings

plc

(d)

.......

4,744

32,735‌

Sage

Group

plc

(The)

...........

918

11,473‌

Smiths

Group

plc

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

2,746

54,186‌

Standard

Chartered

plc

..........

6,144

71,248‌

Tesco

plc

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

24,916

110,021‌

Unilever

plc

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

1,153

70,374‌

Vodafone

Group

plc

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

94,150

87,552‌

1,374,520‌

United

States

—

8.2%

Alcon

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

919‌

plc

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

11,409

55,799‌

CSL

Ltd.

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

386

72,474‌

Experian

plc

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

803

39,191‌

GSK

plc

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

4,429

79,981‌

Nestle

(Registered)

..........

1,812

171,221‌

Roche

Holding

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

423

131,089‌

Sanofi

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

200

21,136‌

Schneider

Electric

...........

749

194,028‌

Shell

plc

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

7,085

236,549‌

Stellantis

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

1,387

19,005‌

1,021,392‌

Total

Common

Stocks

—

97.1%

(Cost:

10,114,010

)

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

12,044,881‌

Preferred

Securities

Preferred

Stocks

—

0.4%

Germany

—

0.4%

Henkel

Co.

KGaA

(Preference)

580

50,224‌

Total

Preferred

Securities

—

0.4%

(Cost:

43,145

)

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

50,224‌

Total

Long-Term

Investments

—

(Cost:

10,157,155

)

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

12,095,105‌

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Short-Term

Securities

Money

Market

Funds

—

6.0%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.75

(e)

(f)

....

739,898‌

Total

Short-Term

Securities

—

(Cost:

739,898

)

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

739,898‌

Total

Investments

—

103.5%

(Cost:

10,897,053

)

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

12,835,003‌

Liabilities

Excess

Other

Assets

—

(

3.5

)

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

(

434,357‌

)

Net

Assets

—

100.0%

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

12,400,646‌

(a)

security

contractually

bound

one

other

securities

form

single

saleable

unit

which

cannot

sold

separately.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(d)

Non-income

producing

security.

(e)

Affiliate

the

Fund.

(f)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

04/30/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

10/31/24

Held

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

345,282

394,616

(a)

—

739,898

9,299

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

Investments

Derivative

Financial

Instruments

Categorized

Risk

Exposure

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the Schedule

Investments

above.

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

EAFE

Index

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

12/20/24

235

(

870

)

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

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

futures

contracts

(a)

......

—

870

—

870

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts,

any,

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

ontracts

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

—

(

1,535

)

—

(

1,535

)

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

ontracts

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

—

6,907

—

6,907

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

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

296,738

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

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

—

808,295

—

808,295

Austria

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

—

55,120

—

55,120

Belgium

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

—

87,289

—

87,289

China

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

29,249

72,792

—

102,041

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

See

notes

financial

statements.

Level

Total

Denmark

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

—

394,648

—

394,648

Finland

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

—

184,570

—

184,570

France

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

—

1,053,041

—

1,053,041

Germany

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

21,448

1,045,889

—

1,067,337

Hong

Kong

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

—

196,135

—

196,135

Ireland

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

—

9,588

—

9,588

Israel

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

—

81,450

—

81,450

Italy

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

—

228,991

—

228,991

Japan

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

2,590

2,771,640

—

2,774,230

Macau

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

—

8,901

—

8,901

Netherlands

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

—

532,865

—

532,865

New

Zealand

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

—

73,237

—

73,237

Norway

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

—

128,295

—

128,295

Portugal

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

—

4,492

—

4,492

Singapore

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

—

236,877

—

236,877

Spain

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

—

387,112

—

387,112

Sweden

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

—

382,218

—

382,218

Switzerland

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

—

852,237

—

852,237

United

Kingdom

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

—

1,374,520

—

1,374,520

United

States

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

—

1,021,392

—

1,021,392

Preferred

Securities

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

—

50,224

—

50,224

Short-Term

Securities

Money

Market

Funds

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

739,898

—

739,898

793,185

12,041,818

—

12,835,003

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

(

870

)

—

(

870

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Fair

Value

Hierarchy

of Period

End

(continued)

Schedule

Investments

(unaudited)

October

31,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

Knollwood

CDO

Ltd.,

Series

2004-1A,

Class

(US

Prime

Rate

0.00%

Floor

3.20%),

11.20%,

01/10/39

(a)

(b)

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

USD

238

—

Total

Asset-Backed

Securities

—

0.0

(Cost:

214,891

)

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

—

Common

Stocks

Aerospace

Defense

—

1.7%

Airbus

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

14,055

2,143,967

Axon

Enterprise,

Inc.

(c)

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

924

391,314

BAE

Systems

plc

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

43,794

705,841

Boeing

Co.

(The)

(c)

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

955

142,591

Curtiss-Wright

Corp.

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

4,604

1,588,196

Dassault

Aviation

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

817

164,963

General

Dynamics

Corp.

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

8,601

2,508,138

General

Electric

Co.

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

23,532

4,042,327

HEICO

Corp.

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

908

222,415

Howmet

Aerospace,

Inc.

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

14,571

1,453,020

Loar

Holdings,

Inc.

(c)

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

229

19,735

Lockheed

Martin

Corp.

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

11,666

6,370,219

Northrop

Grumman

Corp.

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

8,596

4,375,536

Rheinmetall

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

3,262

1,679,395

Rolls-Royce

Holdings

plc

(c)

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

241,359

1,665,473

RTX

Corp.

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

41,282

4,994,709

Safran

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

7,398

1,674,654

Spirit

AeroSystems

Holdings,

Inc.

Class

(c)

2,511

81,281

Textron,

Inc.

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

6,729

541,146

Thales

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

1,589

256,145

TransDigm

Group,

Inc.

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

1,650

2,148,795

37,169,860

Air

Freight

Logistics

—

0.5%

Deutsche

Post

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

8,533

342,766

FedEx

Corp.

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

12,968

3,551,287

United

Parcel

Service,

Inc.

Class

.......

56,214

7,536,049

11,430,102

Automobile

Components

—

0.1%

Cie

Generale

des

Etablissements

Michelin

SCA

10,704

361,747

Denso

Corp.

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

90,200

1,281,155

QuantumScape

Corp.

Class

(c)

..........

7,702

39,666

1,682,568

Automobiles

—

1.0%

Ferrari

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

1,361

649,700

General

Motors

Co.

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

6,499

329,889

Honda

Motor

Co.

Ltd.

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

415,200

4,175,713

Lucid

Group,

Inc.

(c)

(d)

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

21,407

47,309

Renault

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

3,825

175,011

Stellantis

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

39,014

534,583

Tesla,

Inc.

(c)

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

51,325

12,823,551

Toyota

Motor

Corp.

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

166,100

2,861,969

21,597,725

Banks

—

3.8%

ABN

AMRO

Bank

CVA

(b)

(e)

...........

75,746

1,251,756

ANZ

Group

Holdings

Ltd.

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

11,214

228,547

Banco

Bilbao

Vizcaya

Argentaria

.......

115,610

1,150,860

Banco

Sabadell

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

72,759

141,908

Banco

Santander

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

279,580

1,365,859

Bank

America

Corp.

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

240,181

10,044,369

Bank

Ireland

Group

plc

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

11,494

106,529

Banque

Cantonale

Vaudoise

(Registered)

...

2,110

210,256

Security

Value

Banks

(continued)

Barclays

plc

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

254,363

779,751

BNP

Paribas

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

21,210

1,448,516

BOC

Hong

Kong

Holdings

Ltd.

...........

213,000

695,388

BOK

Financial

Corp.

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

492

52,265

CaixaBank

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

40,389

246,121

Citigroup,

Inc.

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

73,338

4,706,099

Citizens

Financial

Group,

Inc.

...........

47,668

2,007,776

Commerzbank

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

49,269

873,817

Commonwealth

Bank

Australia

.........

27,559

2,570,549

Credit

Agricole

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

18,929

290,146

DBS

Group

Holdings

Ltd.

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

32,560

944,071

FinecoBank

Banca

Fineco

SpA

..........

23,610

376,914

First

Hawaiian,

Inc.

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

2,758

68,233

Hang

Seng

Bank

Ltd.

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

53,400

653,199

HSBC

Holdings

plc

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

341,386

3,133,249

Huntington

Bancshares,

Inc.

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

25,416

396,235

ING

Groep

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

28,784

488,476

Intesa

Sanpaolo

SpA

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

599,821

2,567,241

JPMorgan

Chase

Co.

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

45,882

10,182,133

KBC

Group

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

6,008

437,630

KeyCorp

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

27,626

476,548

Mitsubishi

UFJ

Financial

Group,

Inc.

.......

443,800

4,677,760

Mizuho

Financial

Group,

Inc.

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

139,750

2,902,748

National

Australia

Bank

Ltd.

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

24,123

611,401

NatWest

Group

plc

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

127,353

603,430

Nordea

Bank

Abp

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

150,070

1,756,868

Holdings

Ltd.

Class

(c)

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

68,789

1,038,026

Regions

Financial

Corp.

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

13,733

327,807

Resona

Holdings,

Inc.

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

50,100

330,548

Societe

Generale

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

8,844

254,013

Standard

Chartered

plc

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

43,427

503,596

Sumitomo

Mitsui

Financial

Group,

Inc.

......

169,800

3,602,229

Sumitomo

Mitsui

Trust

Group,

Inc.

........

105,900

2,322,421

Svenska

Handelsbanken

Class

......

34,639

359,921

Swedbank

Class

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

53,220

1,079,862

TFS

Financial

Corp.

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

1,094

14,058

Toronto-Dominion

Bank

(The)

...........

19,065

1,053,925

Truist

Financial

Corp.

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

12,260

527,793

UniCredit

SpA

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

40,056

1,772,046

United

Overseas

Bank

Ltd.

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

15,900

386,514

Bancorp

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

65,413

3,160,102

Webster

Financial

Corp.

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

3,215

166,537

Wells

Fargo

Co.

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

72,360

4,697,611

Westpac

Banking

Corp.

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

97,931

2,056,728

82,100,385

Beverages

—

0.1%

Boston

Beer

Co.,

Inc.

(The)

Class

(c)

......

192

55,885

Brown-Forman

Corp.

Class

...........

1,055

45,977

Coca-Cola

HBC

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

12,063

422,121

Diageo

plc

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

34,042

1,051,278

Pernod

Ricard

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

3,592

448,169

2,023,430

Biotechnology

—

1.0%

AbbVie,

Inc.

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

16,174

3,297,393

Alnylam

Pharmaceuticals,

Inc.

(c)

..........

4,503

1,200,455

Amgen,

Inc.

.......................

4,478

1,433,676

Apellis

Pharmaceuticals,

Inc.

(c)

...........

2,262

61,662

Biogen,

Inc.

(c)

......................

4,765

829,110

BioMarin

Pharmaceutical,

Inc.

(c)

..........

8,355

550,511

CSL

Ltd.

..........................

21,602

4,055,891

Exact

Sciences

Corp.

(c)

................

11,200

772,016

Genmab

A/S

(c)

......................

3,563

797,960

Gilead

Sciences,

Inc.

.................

32,682

2,902,815

GRAIL,

Inc.

(c)

.......................

528

7,165

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Tactical

Opportunities

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Biotechnology

(continued)

Halozyme

Therapeutics,

Inc.

(c)

...........

5,859

296,290

Incyte

Corp.

(c)

......................

20,015

1,483,512

Natera,

Inc.

(c)

.......................

1,849

223,655

Neurocrine

Biosciences,

Inc.

(c)

...........

3,573

429,725

Regeneron

Pharmaceuticals,

Inc.

(c)

........

1,143

958,063

Sarepta

Therapeutics,

Inc.

(c)

............

3,694

465,444

Ultragenyx

Pharmaceutical,

Inc.

(c)

.........

1,952

99,532

United

Therapeutics

Corp.

(c)

.............

2,683

1,003,361

20,868,236

Broadline

Retail

—

2.6%

Amazon.com,

Inc.

(c)

..................

247,167

46,071,929

Coupang,

Inc.

Class

(c)

...............

25,036

645,678

eBay,

Inc.

.........................

14,284

821,473

Etsy,

Inc.

(c)

........................

7,830

402,775

Kohl's

Corp.

.......................

2,392

44,204

MercadoLibre,

Inc.

(c)

..................

1,937

3,946,018

Nordstrom,

Inc.

.....................

2,166

48,973

Prosus

........................

32,643

1,375,735

Rakuten

Group,

Inc.

(c)

.................

22,900

136,680

Wesfarmers

Ltd.

....................

53,188

2,339,799

55,833,264

Building

Products

—

0.9%

Advanced

Drainage

Systems,

Inc.

(d)

.......

11,951

1,791,216

Allegion

plc

........................

1,088

151,917

Assa

Abloy

Class

...............

68,277

2,138,623

AZEK

Co.,

Inc.

(The)

Class

(c)

..........

23,289

1,024,716

Builders

FirstSource,

Inc.

(c)

.............

11,316

1,939,562

Carlisle

Cos.,

Inc.

...................

1,945

821,237

Cie

Saint-Gobain

...............

7,830

710,063

Daikin

Industries

Ltd.

.................

1,700

204,096

Fortune

Brands

Innovations,

Inc.

.........

17,911

1,492,524

Hayward

Holdings,

Inc.

(c)

...............

3,087

50,195

Kingspan

Group

plc

..................

1,676

148,002

Masco

Corp.

.......................

25,659

2,050,411

Owens

Corning

.....................

5,425

959,086

Trane

Technologies

plc

................

11,944

4,421,191

Trex

Co.,

Inc.

(c)

.....................

12,609

893,348

18,796,187

Capital

Markets

—

2.2%

Group

plc

.......................

27,177

1,114,467

abrdn

plc

.........................

31,728

54,054

Ameriprise

Financial,

Inc.

..............

2,915

1,487,525

Amundi

(b)

(e)

......................

2,815

204,099

Ares

Management

Corp.

Class

.........

3,956

663,342

Bank

New

York

Mellon

Corp.

(The)

......

3,667

276,345

Blackstone,

Inc.

Class

...............

15,261

2,560,033

Brookfield

Asset

Management

Ltd.

Class

4,656

247,020

Carlyle

Group,

Inc.

(The)

...............

4,742

237,242

Charles

Schwab

Corp.

(The)

............

31,578

2,236,670

CME

Group,

Inc.

Class

..............

12,943

2,916,834

Coinbase

Global,

Inc.

Class

(c)

..........

3,210

575,393

Daiwa

Securities

Group,

Inc.

............

55,700

364,405

Deutsche

Bank

(Registered)

..........

90,836

1,543,283

Deutsche

Boerse

.................

4,584

1,064,764

Euronext

(b)

(e)

.....................

2,891

318,977

Franklin

Resources,

Inc.

...............

10,647

221,138

Goldman

Sachs

Group,

Inc.

(The)

........

7,943

4,112,806

Hargreaves

Lansdown

plc

..............

17,654

247,753

Hong

Kong

Exchanges

Clearing

Ltd.

.....

20,300

812,819

Interactive

Brokers

Group,

Inc.

Class

.....

1,425

217,427

Intercontinental

Exchange,

Inc.

..........

30,162

4,701,351

Invesco

Ltd.

.......................

10,740

186,232

Japan

Exchange

Group,

Inc.

............

29,800

349,288

Security

Value

Capital

Markets

(continued)

KKR

Co.,

Inc.

.....................

7,909

1,093,340

London

Stock

Exchange

Group

plc

........

10,115

1,370,946

Macquarie

Group

Ltd.

.................

13,968

2,114,006

Moody's

Corp.

......................

5,190

2,356,468

Morgan

Stanley

.....................

14,283

1,660,399

MSCI,

Inc.

........................

3,337

1,906,094

Nasdaq,

Inc.

.......................

15,185

1,122,475

Nomura

Holdings,

Inc.

................

143,500

735,854

Partners

Group

Holding

.............

523

719,558

S&P

Global,

Inc.

....................

8,059

3,871,221

SBI

Holdings,

Inc.

...................

14,800

324,995

Schroders

plc

......................

67,265

298,040

James's

Place

plc

.................

19,183

201,241

State

Street

Corp.

...................

15,958

1,480,902

UBS

Group

(Registered)

............

52,972

1,620,307

Virtu

Financial,

Inc.

Class

.............

1,758

54,428

XP,

Inc.

Class

....................

8,836

154,277

47,797,818

Chemicals

—

0.1%

Air

Liquide

......................

7,414

1,329,341

Arkema

........................

2,623

231,144

Asahi

Kasei

Corp.

...................

23,900

164,879

Ashland,

Inc.

.......................

1,082

91,505

Chemours

Co.

(The)

..................

3,229

58,639

Covestro

(b)

(c)

(e)

....................

4,104

259,933

Croda

International

plc

................

3,304

158,538

Huntsman

Corp.

....................

3,539

77,858

NewMarket

Corp.

....................

146

76,646

Scotts

Miracle-Gro

Co.

(The)

............

920

80,021

Sumitomo

Chemical

Co.

Ltd.

............

120,000

320,369

2,848,873

Commercial

Services

Supplies

—

0.9%

Brambles

Ltd.

......................

113,697

1,368,914

Cintas

Corp.

.......................

22,786

4,689,587

Clean

Harbors,

Inc.

(c)

(d)

................

1,994

461,132

GFL

Environmental,

Inc.

...............

8,439

353,052

MSA

Safety,

Inc.

....................

802

133,092

Global,

Inc.

.....................

3,966

336,079

Republic

Services,

Inc.

................

2,336

462,528

Stericycle,

Inc.

(c)

....................

8,712

535,527

Veralto

Corp.

.......................

31,128

3,180,970

Vestis

Corp.

.......................

2,847

38,491

Waste

Connections,

Inc.

...............

9,259

1,636,528

Waste

Management,

Inc.

...............

24,627

5,315,738

18,511,638

Communications

Equipment

—

0.8%

Arista

Networks,

Inc.

(c)

................

11,261

4,351,701

Cisco

Systems,

Inc.

..................

129,439

7,089,374

Juniper

Networks,

Inc.

................

7,053

274,362

Lumentum

Holdings,

Inc.

(c)

.............

1,445

92,292

Motorola

Solutions,

Inc.

...............

12,832

5,766,059

Ubiquiti,

Inc.

.......................

23,912

17,597,700

Construction

Engineering

—

0.8%

AECOM

..........................

36,228

3,869,150

API

Group

Corp.

(c)

...................

9,575

326,891

Bouygues

......................

5,267

169,290

Comfort

Systems

USA,

Inc.

.............

2,426

948,663

Dycom

Industries,

Inc.

(c)

...............

2,158

376,204

Eiffage

........................

3,884

361,498

EMCOR

Group,

Inc.

..................

3,867

1,724,953

Ferrovial

.......................

33,625

1,349,466

Fluor

Corp.

(c)

.......................

7,060

369,097

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Construction

Engineering

(continued)

Kajima

Corp.

.......................

12,900

222,209

MasTec,

Inc.

(c)

......................

16,206

1,991,555

Obayashi

Corp.

.....................

27,400

335,903

Quanta

Services,

Inc.

.................

10,801

3,257,906

Shimizu

Corp.

......................

61,800

409,420

Skanska

Class

.................

23,787

484,257

Stantec,

Inc.

.......................

1,338

108,531

Taisei

Corp.

.......................

11,800

496,916

Vinci

..........................

8,731

978,053

WillScot

Holdings

Corp.

(c)

..............

15,618

517,581

18,297,543

Construction

Materials

—

0.4%

CRH

plc

..........................

25,413

2,425,163

Heidelberg

Materials

...............

10,155

1,118,463

Holcim

........................

35,151

3,451,854

James

Hardie

Industries

plc

CDI

(c)

........

44,972

1,434,303

Summit

Materials,

Inc.

Class

(c)

.........

4,988

236,481

Vulcan

Materials

Co.

.................

2,516

689,208

9,355,472

Consumer

Finance

—

0.2%

Ally

Financial,

Inc.

...................

5,362

187,938

American

Express

Co.

................

12,832

3,465,666

Capital

One

Financial

Corp.

.............

5,435

884,764

Credit

Acceptance

Corp.

(c)

..............

135

57,375

Discover

Financial

Services

.............

5,406

802,413

5,398,156

Consumer

Staples

Distribution

Retail

—

2.9%

Albertsons

Cos.,

Inc.

Class

...........

9,050

163,805

Coles

Group

Ltd.

....................

64,803

747,924

Costco

Wholesale

Corp.

...............

22,561

19,722,375

Dollar

General

Corp.

.................

33,950

2,717,358

Dollar

Tree,

Inc.

(c)

....................

23,438

1,515,032

Grocery

Outlet

Holding

Corp.

(c)

...........

2,099

30,016

Kroger

Co.

(The)

....................

98,430

5,489,441

Loblaw

Cos.

Ltd.

....................

7,138

902,484

Performance

Food

Group

Co.

(c)

..........

24,257

1,970,881

Seven

Holdings

Co.

Ltd.

.............

107,000

1,540,794

Sysco

Corp.

.......................

31,744

2,379,213

Target

Corp.

.......................

23,151

3,473,576

Foods

Holding

Corp.

(c)

..............

2,612

161,030

Walmart,

Inc.

.......................

263,735

21,613,083

Woolworths

Group

Ltd.

................

49,419

969,265

63,396,277

Containers

Packaging

—

0.1%

Amcor

plc

.........................

158,819

1,767,656

Ball

Corp.

.........................

5,528

327,534

Silgan

Holdings,

Inc.

..................

1,795

92,873

Sonoco

Products

Co.

.................

2,121

111,395

2,299,458

Distributors

—

0.1%

Genuine

Parts

Co.

...................

11,375

1,304,712

Pool

Corp.

........................

740

267,614

1,572,326

Diversified

Consumer

Services

—

0.0%

ADT,

Inc.

.........................

6,282

45,230

Grand

Canyon

Education,

Inc.

(c)

..........

633

86,791

132,021

Diversified

REITs

—

0.0%

Land

Securities

Group

plc

..............

16,160

125,510

Security

Value

Diversified

Telecommunication

Services

—

0.5%

AT&T,

Inc.

.........................

72,622

1,636,900

Deutsche

Telekom

(Registered)

.......

121,631

3,677,334

Iridium

Communications,

Inc.

............

2,530

74,205

Liberty

Global

Ltd.

Class

(c)

............

3,592

71,158

Nippon

Telegraph

Telephone

Corp.

......

1,174,100

1,132,813

Telstra

Group

Ltd.

...................

212,682

532,433

Verizon

Communications,

Inc.

...........

96,395

4,061,121

11,185,964

Electric

Utilities

—

0.6%

Acciona

........................

1,051

134,875

Avangrid,

Inc.

......................

1,536

54,851

Chubu

Electric

Power

Co.,

Inc.

...........

24,000

275,884

Infrastructure

Holdings

Ltd.

...........

101,000

714,715

CLP

Holdings

Ltd.

...................

43,000

365,268

Duke

Energy

Corp.

..................

9,358

1,078,697

Emera,

Inc.

........................

7,034

265,729

Endesa

........................

8,292

178,950

Enel

SpA

.........................

191,664

1,453,594

Entergy

Corp.

......................

2,971

459,851

Eversource

Energy

..................

5,862

386,013

Exelon

Corp.

.......................

17,624

692,623

Iberdrola

.......................

138,720

2,060,622

NextEra

Energy,

Inc.

.................

31,852

2,524,271

Origin

Energy

Ltd.

...................

37,410

236,210

Pinnacle

West

Capital

Corp.

............

2,902

254,825

Power

Assets

Holdings

Ltd.

.............

156,000

1,039,158

SSE

plc

..........................

29,172

662,887

Terna

Rete

Elettrica

Nazionale

..........

33,640

291,381

13,130,404

Electrical

Equipment

—

1.2%

ABB

Ltd.

(Registered)

.................

110,565

6,144,223

AMETEK,

Inc.

......................

11,486

2,105,843

Eaton

Corp.

plc

.....................

14,308

4,744,247

Emerson

Electric

Co.

.................

9,532

1,032,030

Vernova,

Inc.

(c)

...................

5,856

1,766,521

Generac

Holdings,

Inc.

(c)

...............

3,280

543,004

Legrand

.......................

8,372

944,935

Mitsubishi

Electric

Corp.

...............

30,300

533,054

Schneider

Electric

.................

13,229

3,426,956

Siemens

Energy

(c)

.................

47,302

1,942,839

Vertiv

Holdings

Co.

Class

............

18,739

2,047,985

Vestas

Wind

Systems

A/S

(c)

.............

27,020

514,929

25,746,566

Electronic

Equipment,

Instruments

Components

—

0.5%

Amphenol

Corp.

Class

..............

21,836

1,463,449

Avnet,

Inc.

........................

3,058

165,774

Crane

NXT

Co.

.....................

1,062

57,635

Flex

Ltd.

(c)

.........................

43,047

1,492,439

Hexagon

Class

.................

42,525

397,572

IPG

Photonics

Corp.

(c)

................

598

48,414

Keyence

Corp.

.....................

2,600

1,173,676

Kyocera

Corp.

......................

15,700

159,225

Murata

Manufacturing

Co.

Ltd.

...........

37,600

656,914

SYNNEX

Corp.

...................

15,111

1,743,054

Connectivity

plc

..................

23,651

3,486,630

Vontier

Corp.

.......................

3,344

123,995

10,968,777

Energy

Equipment

Services

—

0.0%

Tenaris

........................

12,943

213,242

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Tactical

Opportunities

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Entertainment

—

1.0%

Liberty

Media

Corp.-Liberty

Formula

One

Class

(c)

...........................

503

37,343

Liberty

Media

Corp.-Liberty

Live

Class

(c)

...

425

24,115

Liberty

Media

Corp.-Liberty

Live

Class

(c)

1,006

58,710

Live

Nation

Entertainment,

Inc.

(c)

.........

5,223

611,822

Madison

Square

Garden

Sports

Corp.

(c)

.....

403

89,748

Netflix,

Inc.

(c)

.......................

11,907

9,002,049

Nintendo

Co.

Ltd.

....................

28,600

1,510,737

Playtika

Holding

Corp.

................

1,524

11,933

ROBLOX

Corp.

Class

(c)

..............

10,350

535,302

Sea

Ltd.

ADR,

Class

(c)

...............

20,045

1,885,232

Spotify

Technology

(c)

...............

9,198

3,542,150

Walt

Disney

Co.

(The)

................

29,924

2,878,689

Warner

Bros

Discovery,

Inc.

(c)

............

121,445

987,348

21,175,178

Financial

Services

—

2.6%

Adyen

(b)

(c)

(e)

.....................

745

1,138,106

Apollo

Global

Management,

Inc.

..........

2,252

322,622

Berkshire

Hathaway,

Inc.

Class

(c)

.......

38,281

17,261,669

Block,

Inc.

Class

(c)

.................

6,445

466,102

Edenred

.......................

5,256

169,993

EXOR

.........................

4,263

450,255

Fiserv,

Inc.

(c)

.......................

18,541

3,669,264

Global

Payments,

Inc.

................

8,650

897,091

Groupe

Bruxelles

Lambert

...........

12,752

921,392

Industrivarden

Class

.............

7,683

264,080

Investor

Class

..................

127,407

3,606,136

Jack

Henry

Associates,

Inc.

...........

1,554

282,719

Lundbergforetagen

Class

.......

6,808

337,063

M&G

plc

..........................

76,477

191,594

Mastercard,

Inc.

Class

...............

19,899

9,941,341

Nexi

SpA

(b)

(c)

(e)

......................

31,497

199,086

ORIX

Corp.

........................

45,600

960,787

PayPal

Holdings,

Inc.

(c)

................

25,616

2,031,349

UWM

Holdings

Corp.

Class

...........

1,951

12,564

Visa,

Inc.

Class

...................

42,998

12,462,970

55,586,183

Food

Products

—

0.2%

Chocoladefabriken

Lindt

Spruengli

....

188,739

Chocoladefabriken

Lindt

Spruengli

(Registered)

.....................

815,285

Flowers

Foods,

Inc.

..................

4,050

90,032

Kellanova

.........................

5,667

457,044

Kerry

Group

plc

Class

...............

1,829

182,672

Post

Holdings,

Inc.

(c)

..................

17,698

1,932,799

Seaboard

Corp.

.....................

13,830

Tyson

Foods,

Inc.

Class

.............

7,994

468,368

4,148,769

Gas

Utilities

—

0.0%

Snam

SpA

........................

47,547

228,411

UGI

Corp.

.........................

20,700

494,937

723,348

Ground

Transportation

—

0.1%

Avis

Budget

Group,

Inc.

...............

373

30,959

Central

Japan

Railway

Co.

.............

20,700

428,681

East

Japan

Railway

Co.

...............

40,800

819,482

Schneider

National,

Inc.

Class

.........

1,017

28,761

Uber

Technologies,

Inc.

(c)

..............

5,233

377,038

U-Haul

Holding

Co.

(c)

.................

167

12,246

Union

Pacific

Corp.

..................

4,237

983,280

2,680,447

Security

Value

Health

Care

Equipment

Supplies

—

1.1%

Abbott

Laboratories

..................

29,729

3,370,377

Alcon

.........................

5,254

482,595

Becton

Dickinson

Co.

...............

5,099

1,191,076

Boston

Scientific

Corp.

(c)

...............

54,258

4,558,757

Cochlear

Ltd.

......................

1,294

239,569

Dexcom,

Inc.

(c)

......................

3,053

215,176

Edwards

Lifesciences

Corp.

(c)

...........

14,021

939,547

Enovis

Corp.

(c)

......................

1,178

48,616

Envista

Holdings

Corp.

(c)

...............

3,721

78,029

EssilorLuxottica

..................

6,569

1,540,811

Hologic,

Inc.

(c)

......................

11,839

957,420

Hoya

Corp.

........................

1,300

173,932

IDEXX

Laboratories,

Inc.

(c)

..............

1,647

670,197

Intuitive

Surgical,

Inc.

(c)

................

1,043

525,505

Medtronic

plc

......................

36,444

3,252,627

QuidelOrtho

Corp.

(c)

..................

1,167

44,404

ResMed,

Inc.

......................

4,709

1,141,791

Stryker

Corp.

......................

10,087

3,593,796

Terumo

Corp.

......................

9,500

180,931

23,205,156

Health

Care

Providers

Services

—

1.7%

Amedisys,

Inc.

(c)

....................

694

65,653

Cardinal

Health,

Inc.

..................

5,743

623,230

Cencora,

Inc.

......................

6,563

1,496,889

Centene

Corp.

(c)

....................

28,474

1,772,791

Chemed

Corp.

......................

234

126,416

Cigna

Group

(The)

...................

10,897

3,430,485

CVS

Health

Corp.

...................

20,396

1,151,558

Elevance

Health,

Inc.

.................

5,029

2,040,567

Encompass

Health

Corp.

..............

1,593

158,440

HCA

Healthcare,

Inc.

.................

15,927

5,713,652

Humana,

Inc.

......................

3,304

851,870

McKesson

Corp.

....................

3,282

1,642,937

Molina

Healthcare,

Inc.

(c)

...............

2,614

839,669

Premier,

Inc.

Class

.................

2,256

45,459

RCM,

Inc.

(c)

.....................

3,397

48,441

Tenet

Healthcare

Corp.

(c)

...............

12,617

1,955,887

UnitedHealth

Group,

Inc.

...............

25,440

14,360,880

Universal

Health

Services,

Inc.

Class

....

6,523

1,332,714

37,657,538

Health

Care

REITs

—

0.1%

Medical

Properties

Trust,

Inc.

............

12,854

59,514

Ventas,

Inc.

.......................

18,719

1,225,907

1,285,421

Health

Care

Technology

—

0.0%

(c)

Certara,

Inc.

.......................

2,605

26,571

Veeva

Systems,

Inc.

Class

............

3,644

760,977

787,548

Hotel

Resort

REITs

—

0.0%

Park

Hotels

Resorts,

Inc.

.............

4,497

62,463

Hotels,

Restaurants

Leisure

—

0.3%

Aristocrat

Leisure

Ltd.

.................

7,254

291,899

Booking

Holdings,

Inc.

................

325

1,519,781

Carnival

Corp.

(c)

.....................

93,612

2,059,464

Chipotle

Mexican

Grill,

Inc.

(c)

............

8,144

454,191

DoorDash,

Inc.

Class

(c)

..............

3,109

487,180

DraftKings,

Inc.

Class

(c)

..............

7,734

273,165

Evolution

(b)

(e)

.....................

2,021

191,079

Galaxy

Entertainment

Group

Ltd.

.........

46,000

204,727

Light

Wonder,

Inc.

Class

(c)

...........

2,253

211,286

Marriott

Vacations

Worldwide

Corp.

........

754

58,081

Penn

Entertainment,

Inc.

(c)

..............

3,263

64,444

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Hotels,

Restaurants

Leisure

(continued)

Travel

Leisure

Co.

..................

1,452

69,420

Wendy's

Co.

(The)

...................

3,736

71,395

5,956,112

Household

Durables

—

0.8%

Barratt

Redrow

plc

...................

63,317

364,806

Berkeley

Group

Holdings

plc

............

7,381

421,196

Horton,

Inc.

.....................

17,503

2,958,007

Installed

Building

Products,

Inc.

..........

580

125,802

Leggett

Platt,

Inc.

..................

2,880

34,560

Lennar

Corp.

Class

.................

15,850

2,699,255

Lennar

Corp.

Class

................

243

38,958

Newell

Brands,

Inc.

..................

8,983

79,050

NVR,

Inc.

(c)

........................

512,557

Panasonic

Holdings

Corp.

..............

93,600

770,332

Persimmon

plc

.....................

7,491

141,964

PulteGroup,

Inc.

....................

14,296

1,851,761

Sony

Group

Corp.

...................

247,000

4,346,587

Taylor

Morrison

Home

Corp.

(c)

...........

6,729

460,936

Taylor

Wimpey

plc

...................

237,023

448,135

Toll

Brothers,

Inc.

....................

7,261

1,063,301

TopBuild

Corp.

(c)

....................

775

273,870

16,591,077

Household

Products

—

0.1%

Henkel

Co.

KGaA

...............

4,610

359,542

Reckitt

Benckiser

Group

plc

.............

12,773

774,862

Reynolds

Consumer

Products,

Inc.

........

1,178

31,747

Spectrum

Brands

Holdings,

Inc.

..........

588

52,696

1,218,847

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

....................

79,389

1,309,125

Brookfield

Renewable

Corp.

............

2,926

89,477

Brookfield

Renewable

Corp.

Class

......

4,055

124,153

Clearway

Energy,

Inc.

Class

...........

687

18,302

Clearway

Energy,

Inc.

Class

..........

1,622

46,032

RWE

.........................

13,917

451,044

Vistra

Corp.

.......................

6,040

754,759

2,792,892

Industrial

Conglomerates

—

0.4%

Hutchison

Holdings

Ltd.

.............

82,500

433,878

Hikari

Tsushin,

Inc.

...................

2,000

403,665

Hitachi

Ltd.

........................

74,000

1,859,240

Keppel

Ltd.

........................

140,900

678,357

Siemens

(Registered)

..............

22,432

4,364,142

Swire

Pacific

Ltd.

Class

..............

33,000

276,397

8,015,679

Industrial

REITs

—

0.1%

Goodman

Group

....................

31,219

745,494

Nippon

Prologis

REIT,

Inc.

..............

22,524

Prologis,

Inc.

.......................

6,456

729,141

Segro

plc

.........................

25,857

261,993

1,759,152

Insurance

—

2.7%

Ageas

.........................

20,587

1,074,402

AIA

Group

Ltd.

.....................

267,800

2,113,563

Allianz

(Registered)

................

9,005

2,834,822

Allstate

Corp.

(The)

..................

9,582

1,787,235

Aon

plc

Class

....................

2,106

772,628

Arch

Capital

Group

Ltd.

(c)

..............

18,003

1,774,376

Arthur

Gallagher

Co.

...............

522

146,786

Assured

Guaranty

Ltd.

................

1,126

93,976

AXA

..........................

32,526

1,221,263

Security

Value

Insurance

(continued)

Axis

Capital

Holdings

Ltd.

..............

12,780

1,000,163

Brighthouse

Financial,

Inc.

(c)

............

1,337

63,240

Brown

Brown,

Inc.

..................

8,613

901,264

Cincinnati

Financial

Corp.

..............

4,815

678,097

CNA

Financial

Corp.

..................

476

22,805

Dai-ichi

Life

Holdings,

Inc.

..............

15,200

378,941

Fairfax

Financial

Holdings

Ltd.

...........

152

188,888

Generali

..........................

9,787

271,356

Globe

Life,

Inc.

.....................

12,900

1,362,240

Great-West

Lifeco,

Inc.

................

4,823

161,835

Hanover

Insurance

Group,

Inc.

(The)

......

773

114,659

Hartford

Financial

Services

Group,

Inc.

(The)

12,671

1,399,385

Intact

Financial

Corp.

.................

2,225

424,913

Kemper

Corp.

......................

1,312

81,698

Marsh

McLennan

Cos.,

Inc.

...........

22,927

5,003,589

MetLife,

Inc.

.......................

15,845

1,242,565

MS&AD

Insurance

Group

Holdings,

Inc.

....

40,000

884,773

Muenchener

Rueckversicherungs-Gesellschaft

(Registered)

..................

4,437

2,268,994

Group

......................

57,424

2,819,076

Power

Corp.

Canada

...............

17,860

564,527

Principal

Financial

Group,

Inc.

...........

19,860

1,636,464

Progressive

Corp.

(The)

...............

24,927

6,053,024

Prudential

plc

......................

43,090

358,718

QBE

Insurance

Group

Ltd.

.............

88,145

995,168

Reinsurance

Group

America,

Inc.

.......

16,355

3,452,213

RLI

Corp.

.........................

897

139,905

Sompo

Holdings,

Inc.

.................

17,400

373,040

Swiss

.......................

11,440

1,460,743

Tokio

Marine

Holdings,

Inc.

.............

59,200

2,132,157

Travelers

Cos.,

Inc.

(The)

..............

20,856

5,129,325

Unum

Group

.......................

26,041

1,671,311

White

Mountains

Insurance

Group

Ltd.

.....

97,046

Berkley

Corp.

...................

17,007

972,290

Zurich

Insurance

Group

.............

5,129

3,024,085

59,147,548

Interactive

Media

Services

—

3.7%

Alphabet,

Inc.

Class

................

158,504

27,121,620

Alphabet,

Inc.

Class

................

124,931

21,574,334

Auto

Trader

Group

plc

(b)

(e)

..............

15,459

166,918

Corp.

..........................

73,100

199,401

categories

disclosed

the Schedule

Investments

above.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

counterparty

net

amounts

available

for

offset

under

MNA

and

net

the

collateral

received

and

pledged

the

Fund:

Counterparty

Derivative

Assets

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

Derivative

Assets

(b)(c)

Banco

Santander

..............................

156,085

—

156,085

Bank

America

..............................

10,251

(

10,251

)

—

Citibank

....................................

6,112,387

(

1,228,757

)

—

4,883,630

Commonwealth

Bank

Australia

.....................

148,218

(

148,218

)

—

Goldman

Sachs

International

........................

59,611

—

59,611

HSBC

Bank

plc

..................................

112,262

(

112,262

)

—

JPMorgan

Chase

Bank

..........................

17,680

(

17,680

)

—

Merrill

Lynch

International

Co.

......................

640,084

(

640,084

)

—

Morgan

Stanley

Co.

International

plc

..................

1,651,570

(

774,316

)

—

877,254

State

Street

Bank

and

Trust

Co.

......................

334,501

—

334,501

Toronto

Dominion

Bank

............................

3,583

(

3,583

)

—

UBS

......................................

8,758

(

8,758

)

—

Westpac

Banking

Corp.

............................

27,586

—

27,586

9,282,576

(

2,943,909

)

—

6,338,667

Counterparty

Derivative

Liabilities

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(d)

Net

Amount

Derivative

Liabilities

(b)(e)

Bank

America

..............................

183,161

(

10,251

)

—

(

172,910

)

—

Bank

Montreal

................................

209,434

—

209,434

Bank

New

York

Mellon

...........................

1,631,778

—

1,631,778

BNP

Paribas

.................................

11,195

—

11,195

Citibank

....................................

1,228,757

(

1,228,757

)

—

Commonwealth

Bank

Australia

.....................

178,993

(

148,218

)

—

30,775

HSBC

Bank

plc

..................................

884,231

(

112,262

)

—

771,969

JPMorgan

Chase

Bank

..........................

2,419,268

(

17,680

)

—

(

430,000

)

1,971,588

Merrill

Lynch

International

Co.

......................

3,799,331

(

640,084

)

—

(

3,159,247

)

—

Morgan

Stanley

Co.

International

plc

..................

774,316

(

774,316

)

—

Toronto

Dominion

Bank

............................

723,326

(

3,583

)

—

(

470,000

)

249,743

UBS

......................................

1,516,301

(

8,758

)

—

1,507,543

13,560,091

(

2,943,909

)

—

(

4,232,157

)

6,384,025

(a)

The

amount

derivatives

available

for

offset

limited

the

amount

derivative

assets

and/or

liabilities

that

are

subject

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

the

event

default.

(d)

Excess

collateral

received/pledged,

any,

from

the

individual

counterparty

not

shown

for

financial

reporting

purposes.

(e)

Net

amount

represents

the

net

amount

payable

due

the

counterparty

the

event

default.

Level

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

—

Common

Stocks

Aerospace

Defense

....................................

28,879,422

8,290,438

—

37,169,860

Air

Freight

Logistics

....................................

11,087,336

342,766

—

11,430,102

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

Investments

Level

Total

Automobile

Components

..................................

39,666

1,642,902

—

1,682,568

Automobiles

..........................................

13,200,749

8,396,976

—

21,597,725

Banks

...............................................

38,919,517

43,180,868

—

82,100,385

Beverages

...........................................

101,862

1,921,568

—

2,023,430

Biotechnology

.........................................

16,014,385

4,853,851

—

20,868,236

Broadline

Retail

........................................

53,356,785

2,476,479

—

55,833,264

Building

Products

.......................................

15,595,403

3,200,784

—

18,796,187

Capital

Markets

........................................

34,338,962

13,458,856

—

47,797,818

Chemicals

............................................

384,669

2,464,204

—

2,848,873

Commercial

Services

Supplies

.............................

17,142,724

1,368,914

—

18,511,638

Communications

Equipment

................................

17,597,700

—

17,597,700

Construction

Engineering

................................

13,490,531

4,807,012

—

18,297,543

Construction

Materials

....................................

3,350,852

6,004,620

—

9,355,472

Consumer

Finance

......................................

5,398,156

—

5,398,156

Consumer

Staples

Distribution

Retail

........................

60,138,294

3,257,983

—

63,396,277

Containers

Packaging

..................................

2,299,458

—

2,299,458

Distributors

...........................................

1,572,326

—

1,572,326

Diversified

Consumer

Services

..............................

132,021

—

132,021

Diversified

REITs

.......................................

—

125,510

—

125,510

Diversified

Telecommunication

Services

........................

5,843,384

5,342,580

—

11,185,964

Electric

Utilities

........................................

5,716,860

7,413,544

—

13,130,404

Electrical

Equipment

.....................................

12,239,630

13,506,936

—

25,746,566

Electronic

Equipment,

Instruments

Components

.................

8,581,390

2,387,387

—

10,968,777

Energy

Equipment

Services

..............................

—

213,242

—

213,242

Entertainment

.........................................

19,664,441

1,510,737

—

21,175,178

Financial

Services

......................................

47,347,691

8,238,492

—

55,586,183

Food

Products

.........................................

2,962,073

1,186,696

—

4,148,769

Gas

Utilities

...........................................

494,937

228,411

—

723,348

Ground

Transportation

...................................

1,432,284

1,248,163

—

2,680,447

Health

Care

Equipment

Supplies

...........................

20,587,318

2,617,838

—

23,205,156

Health

Care

Providers

Services

............................

37,657,538

—

37,657,538

Health

Care

REITs

......................................

1,285,421

—

1,285,421

Health

Care

Technology

..................................

787,548

—

787,548

Hotel

Resort

REITs

....................................

62,463

—

62,463

Hotels,

Restaurants

Leisure

..............................

5,268,407

687,705

—

5,956,112

Household

Durables

.....................................

10,098,057

6,493,020

—

16,591,077

Household

Products

.....................................

443,985

774,862

—

1,218,847

Independent

Power

and

Renewable

Electricity

Producers

............

2,341,848

451,044

—

2,792,892

Industrial

Conglomerates

..................................

—

8,015,679

—

8,015,679

Industrial

REITs

........................................

729,141

1,030,011

—

1,759,152

Insurance

............................................

36,936,447

22,211,101

—

59,147,548

Interactive

Media

Services

...............................

81,008,927

366,319

—

81,375,246

Services

...........................................

12,349,942

4,747,577

—

17,097,519

Leisure

Products

.......................................

64,963

—

64,963

Life

Sciences

Tools

Services

..............................

14,419,977

1,561,297

—

15,981,274

Machinery

............................................

16,499,595

8,588,349

—

25,087,944

Marine

Transportation

....................................

—

2,279,576

—

2,279,576

Media

...............................................

4,898,028

1,388,673

—

6,286,701

Metals

Mining

........................................

15,097,421

11,569,463

—

26,666,884

Multi-Utilities

..........................................

731,485

4,382,167

—

5,113,652

Office

REITs

..........................................

176,233

286,696

—

462,929

Oil,

Gas

Consumable

Fuels

...............................

12,647,418

9,816,125

—

22,463,543

Passenger

Airlines

......................................

1,378,419

804,913

—

2,183,332

Personal

Care

Products

..................................

—

5,394,326

—

5,394,326

Pharmaceuticals

.......................................

32,113,501

29,050,753

—

61,164,254

Professional

Services

....................................

12,336,162

8,570,212

—

20,906,374

Real

Estate

Management

Development

.......................

1,696,796

2,042,173

—

3,738,969

Residential

REITs

.......................................

2,225,757

—

2,225,757

Retail

REITs

..........................................

1,382,556

177,342

—

1,559,898

Semiconductors

Semiconductor

Equipment

....................

120,269,470

12,915,040

—

133,184,510

Software

.............................................

124,067,867

6,214,464

—

130,282,331

Specialized

REITs

......................................

3,908,938

—

3,908,938

Specialty

Retail

........................................

34,382,562

1,712,910

—

36,095,472

Technology

Hardware,

Storage

Peripherals

....................

75,903,490

2,458,877

—

78,362,367

Fair

Value

Hierarchy

of Period

End

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

Tactical

Opportunities

Fund

See

notes

financial

statements.

Level

Total

Textiles,

Apparel

Luxury

Goods

............................

2,766,862

3,196,449

—

5,963,311

Tobacco

.............................................

12,629,518

2,406,148

—

15,035,666

Trading

Companies

Distributors

............................

16,761,545

9,128,970

—

25,890,515

Transportation

Infrastructure

...............................

—

214,085

—

214,085

Water

Utilities

.........................................

—

706,272

—

706,272

Wireless

Telecommunication

Services

.........................

2,335,592

1,513,002

—

3,848,594

Other

Interests

..........................................

—

Rights

................................................

—

2,153

Warrants

..............................................

45,150

—

45,150

Short-Term

Securities

Money

Market

Funds

......................................

73,937,094

—

73,937,094

U.S.

Treasury

Obligations

...................................

—

352,356,005

—

352,356,005

1,229,556,949

673,199,362

2,153

1,902,758,464

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

—

106,828

—

106,828

Equity

contracts

...........................................

20,013,117

24,122,124

—

44,135,241

Foreign

currency

exchange

contracts

............................

—

2,530,105

—

2,530,105

Interest

rate

contracts

.......................................

42,205,669

23,328,360

—

65,534,029

Liabilities

Equity

contracts

...........................................

(

1,034,679

)

(

11,070,073

)

—

(

12,104,752

)

Foreign

currency

exchange

contracts

............................

—

(

6,528,659

)

—

(

6,528,659

)

Interest

rate

contracts

.......................................

(

46,109,180

)

(

16,477,285

)

—

(

62,586,465

)

15,074,927

16,011,400

—

31,086,327

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Fair

Value

Hierarchy

of Period

End

(continued)

Statements

Assets

and

Liabilities

(unaudited)

October

31,

2024

Statements

Assets

and

Liabilities

See

notes

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

ASSETS

Investments,

value

—

unaffiliated

(a)

(b)

.........................................................

54,596,499‌

11,039,006‌

12,501,258‌

Investments,

value

—

affiliated

(c)

............................................................

3,492,432‌

311,455‌

131,788‌

Cash

...............................................................................

—‌

333‌

32‌

Cash

pledged:

Futures

contracts

......................................................................

—‌

13,000‌

5,000‌

Foreign

currency,

value

(d)

.................................................................

127,639‌

91,208‌

30,603‌

Receivables:

–‌

Investment

sold

......................................................................

1,011‌

51,584‌

176,863‌

Securities

lending

income

—

affiliated

........................................................

—‌

4‌

11‌

Swaps

............................................................................

63,425‌

—‌

Capital

sold

.....................................................................

—‌

21‌

—‌

Dividends

—

unaffiliated

.................................................................

63,903‌

21,518‌

17,107‌

Dividends

—

affiliated

...................................................................

10,881‌

1,208‌

416‌

From

the

Manager

.....................................................................

40‌

18,831‌

11,834‌

Unrealized

appreciation

on:

–‌

OTC

swaps

..........................................................................

4,208‌

—‌

Prepaid

xpenses

.......................................................................

31,883‌

40,122‌

34,993‌

Other

assets

...........................................................................

28‌

—‌

Total

ssets

...........................................................................

58,391,949‌

11,588,290‌

12,909,905‌

LIABILITIES

Collateral

securities

loaned

...............................................................

—‌

14,942‌

—‌

Payables:

–‌

Investments

purchased

..................................................................

—‌

116,716‌

203,442‌

Accounting

services

fees

.................................................................

18,235‌

20,714‌

14,845‌

Administration

fees

.....................................................................

3,006‌

—‌

Capital

redeemed

.................................................................

—‌

13‌

—‌

Custodian

fees

........................................................................

18,851‌

30,027‌

44,532‌

Deferred

foreign

capital

gain

tax

............................................................

25,208‌

31,342‌

217‌

Interest

expense

......................................................................

53‌

10‌

11‌

Investment

advisory

fees

.................................................................

17,457‌

—‌

Trustees'

and

Officer's

fees

...............................................................

—‌

80‌

—‌

Other

affiliate

fees

.....................................................................

—‌

7‌

—‌

Printing

and

postage

fees

................................................................

20,624‌

34,413‌

16,694‌

Professional

fees

......................................................................

47,771‌

83,749‌

89,215‌

Registration

fees

......................................................................

—‌

666‌

603‌

Service

fees

.........................................................................

32‌

43‌

51‌

Transfer

agent

fees

....................................................................

1,383‌

157‌

1,200‌

Other

accrued

expenses

.................................................................

3,014‌

7,553‌

4,235‌

Variation

margin

futures

contracts

.........................................................

—‌

2,242‌

2,658‌

Total

abilities

..........................................................................

155,634‌

342,674‌

377,703‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

..........................................................................

58,236,315‌

11,245,616‌

12,532,202‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

57,888,571‌

12,127,875‌

10,074,681‌

Accumulated

earnings

(loss)

................................................................

347,744‌

(

882,259‌

)

2,457,521‌

NET

ASSETS

..........................................................................

58,236,315‌

11,245,616‌

12,532,202‌

(a)

Investments,

cost

—

unaffiliated

.....................................................

55,024,474‌

10,052,646‌

10,666,944‌

(b)

Securities

loaned,

value

..........................................................

—‌

12,505‌

—‌

(c)

Investments,

cost

—

affiliated

.......................................................

3,474,212‌

311,455‌

131,788‌

(d)

Foreign

currency,

cost

...........................................................

127,631‌

91,290‌

31,625‌

Statements

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

See

notes

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................

52,128,736‌

249,831‌

127,431‌

outstanding

...................................................................

4,460,551‌

27,335‌

10,268‌

Net

asset

value

.....................................................................

11.69‌

9.14‌

12.41‌

authorized

...................................................................

Unlimited

Par

value

.........................................................................

0.001‌

Investor

Net

assets

.........................................................................

165,773‌

201,516‌

239,318‌

outstanding

...................................................................

14,208‌

22,057‌

19,319‌

Net

asset

value

.....................................................................

11.67‌

9.14‌

12.39‌

authorized

...................................................................

Unlimited

Par

value

.........................................................................

0.001‌

Class

Net

assets

.........................................................................

5,941,806‌

10,794,269‌

12,165,453‌

outstanding

...................................................................

508,309‌

1,180,736‌

980,000‌

Net

asset

value

.....................................................................

11.69‌

9.14‌

12.41‌

authorized

...................................................................

Unlimited

Par

value

.........................................................................

0.001‌

Statements

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2024

Statements

Assets

and

Liabilities

See

notes

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

ASSETS

Investments,

value

—

unaffiliated

(a)

(b)

........................................................................

12,095,105‌

1,828,821,370‌

Investments,

value

—

affiliated

(c)

...........................................................................

739,898‌

73,937,094‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

—‌

19,842,360‌

Futures

contracts

.....................................................................................

21,000‌

221,897,730‌

Centrally

cleared

swaps

.................................................................................

—‌

68,096,000‌

Foreign

currency,

value

(d)

................................................................................

8,278‌

33,102,861‌

Receivables:

–‌

Investment

sold

.....................................................................................

198,248‌

457,870‌

Securities

lending

income

—

affiliated

.......................................................................

—‌

373‌

Swaps

...........................................................................................

—‌

972,804‌

Capital

sold

....................................................................................

4,869‌

2,355,408‌

Dividends

—

unaffiliated

................................................................................

70,985‌

1,887,287‌

Dividends

—

affiliated

..................................................................................

1,441‌

918,695‌

Interest

—

unaffiliated

..................................................................................

—‌

1,774‌

From

the

Manager

....................................................................................

15,271‌

—‌

Variation

margin

futures

contracts

........................................................................

—‌

16,898,430‌

Variation

margin

centrally

cleared

swaps

...................................................................

—‌

1,985,947‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

2,530,105‌

OTC

swaps

.........................................................................................

—‌

6,752,471‌

Prepaid

xpenses

......................................................................................

40,177‌

100,966‌

Total

ssets

..........................................................................................

13,195,272‌

2,280,559,545‌

LIABILITIES

Bank

overdraft

.........................................................................................

—‌

5,755‌

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

—‌

320,000‌

Collateral

securities

loaned

..............................................................................

—‌

14,332‌

Payables:

–‌

Investments

purchased

.................................................................................

603,900‌

77,450,388‌

Swaps

...........................................................................................

—‌

1,532,816‌

Accounting

services

fees

................................................................................

20,812‌

107,423‌

Administration

fees

....................................................................................

—‌

106,928‌

Capital

redeemed

................................................................................

—‌

3,179,563‌

Custodian

fees

.......................................................................................

47,174‌

108,354‌

Interest

expense

.....................................................................................

16‌

1,809‌

Investment

advisory

fees

................................................................................

—‌

930,088‌

Trustees'

and

Officer's

fees

..............................................................................

67‌

—‌

Other

affiliate

fees

....................................................................................

—‌

42,706‌

Printing

and

postage

fees

...............................................................................

40,623‌

46,622‌

Professional

fees

.....................................................................................

70,028‌

61,784‌

Registration

fees

.....................................................................................

485‌

162,281‌

Service

and

distribution

fees

..............................................................................

98‌

46,718‌

Transfer

agent

fees

...................................................................................

613‌

763,776‌

Other

accrued

expenses

................................................................................

6,293‌

7,373‌

Variation

margin

futures

contracts

........................................................................

4,517‌

11,918,515‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

6,528,659‌

OTC

swaps

.........................................................................................

—‌

7,031,432‌

Total

abilities

.........................................................................................

794,626‌

110,367,322‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

.........................................................................................

12,400,646‌

2,170,192,223‌

Statements

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

See

notes

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

10,328,546‌

2,102,212,578‌

Accumulated

earnings

...................................................................................

2,072,100‌

67,979,645‌

NET

ASSETS

.........................................................................................

12,400,646‌

2,170,192,223‌

(a)

Investments,

cost

—

unaffiliated

...................................................................

10,157,155‌

1,436,105,970‌

(b)

Securities

loaned,

value

........................................................................

—‌

13,903‌

(c)

Investments,

cost

—

affiliated

.....................................................................

739,898‌

73,937,089‌

(d)

Foreign

currency,

cost

.........................................................................

8,356‌

33,072,199‌

Statements

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2024

Statements

Assets

and

Liabilities

See

notes

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

220,219‌

1,734,544,672‌

outstanding

...................................................................................

18,999‌

120,458,343‌

Net

asset

value

.....................................................................................

11.59‌

14.40‌

authorized

...................................................................................

Unlimited

Par

value

.........................................................................................

0.001‌

Service

Net

assets

.........................................................................................

—‌

1,982,691‌

outstanding

...................................................................................

—‌

139,465‌

Net

asset

value

.....................................................................................

—‌

14.22‌

authorized

...................................................................................

—

Unlimited

Par

value

.........................................................................................

—‌

0.001‌

Investor

Net

assets

.........................................................................................

526,628‌

177,210,038‌

outstanding

...................................................................................

45,476‌

12,494,465‌

Net

asset

value

.....................................................................................

11.58‌

14.18‌

authorized

...................................................................................

Unlimited

Par

value

.........................................................................................

0.001‌

Investor

Net

assets

.........................................................................................

—‌

8,513,419‌

outstanding

...................................................................................

—‌

626,505‌

Net

asset

value

.....................................................................................

—‌

13.59‌

authorized

...................................................................................

—

Unlimited

Par

value

.........................................................................................

—‌

0.001‌

Class

Net

assets

.........................................................................................

11,653,799‌

247,941,403‌

outstanding

...................................................................................

1,005,355‌

17,206,354‌

Net

asset

value

.....................................................................................

11.59‌

14.41‌

authorized

...................................................................................

Unlimited

Par

value

.........................................................................................

0.001‌

Statements

Operations

(unaudited)

Six

Months

Ended

October

31,

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

See

notes

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

.................................................................

749,076‌

222,483‌

126,774‌

Dividends

—

affiliated

...................................................................

56,927‌

7,203‌

4,240‌

Interest

—

unaffiliated

...................................................................

321‌

81‌

—‌

Securities

lending

income

—

affiliated

—

net

...................................................

953‌

61‌

54‌

Foreign

taxes

withheld

..................................................................

(

99,279‌

)

(

25,607‌

)

(

10,053‌

)

Total

investment

income

...................................................................

707,998‌

204,221‌

121,015‌

EXPENSES

Investment

advisory

....................................................................

232,611‌

45,253‌

41,036‌

Professional

.........................................................................

50,484‌

64,566‌

50,265‌

Registration

.........................................................................

24,304‌

24,526‌

18,513‌

Printing

and

postage

...................................................................

21,719‌

13,484‌

7,692‌

Accounting

services

....................................................................

16,175‌

15,705‌

16,126‌

Custodian

...........................................................................

12,926‌

28,185‌

37,096‌

Administration

.......................................................................

12,205‌

2,405‌

2,642‌

Administration

—

class

specific

............................................................

5,743‌

1,131‌

1,244‌

Trustees

and

Officer

....................................................................

2,530‌

2,755‌

2,607‌

Transfer

agent

—

class

specific

............................................................

500‌

425‌

547‌

Service

and

distribution

—

class

specific

......................................................

182‌

250‌

292‌

Offering

............................................................................

—‌

39,917‌

Miscellaneous

........................................................................

6,137‌

5,799‌

8,485‌

Total

expenses

excluding

interest

expense

.......................................................

385,516‌

204,484‌

226,462‌

Interest

expense

......................................................................

164‌

58‌

25‌

Total

xpenses

.........................................................................

385,680‌

204,542‌

226,487‌

Less:

–‌

Administration

fees

waived

...............................................................

—‌

(

2,405‌

)

(

2,642‌

)

Administration

fees

waived

the

Manager

—

class

specific

.........................................

(

622‌

)

(

1,119‌

)

(

1,244‌

)

Fees

waived

and/or

reimbursed

the

Manager

.................................................

(

146,422‌

)

(

154,396‌

)

(

180,675‌

)

Transfer

agent

fees

waived

and/or

reimbursed

the

Manager

—

class

specific

............................

(

297‌

)

(

334‌

)

(

456‌

)

Total

penses

after

fees

waived

and/or

reimbursed

................................................

238,339‌

46,288‌

41,470‌

Net

investment

income

....................................................................

469,659‌

157,933‌

79,545‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

972,695‌

750,074‌

1,288,717‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(a)

............................................................

499,150‌

96,963‌

537,580‌

Investments

—

affiliated

...............................................................

23‌

58‌

23‌

Foreign

currency

transactions

...........................................................

(

3,934‌

)

(

3,097‌

)

(

583‌

)

Futures

contracts

....................................................................

13,495‌

20,155‌

16,817‌

Swaps

..........................................................................

(

85,896‌

)

—‌

422,838‌

114,079‌

553,837‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(b)

............................................................

633,346‌

638,110‌

731,480‌

Investments

—

affiliated

...............................................................

18,220‌

—‌

Foreign

currency

translations

............................................................

(

401‌

)

(

988‌

)

(

777‌

)

Futures

contracts

....................................................................

(

6,100‌

)

(

1,127‌

)

4,178‌

Swaps

..........................................................................

(

95,208‌

)

—‌

549,857‌

635,995‌

734,881‌

Net

realized

and

unrealized

gain

.............................................................

972,695‌

750,074‌

1,288,718‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................................

1,442,354‌

908,007‌

1,368,263‌

(a)

Net

foreign

capital

gain

tax

and

capital

gain

tax

refund,

applicable

.................................

(

17,457‌

)

(

42,550‌

)

(

63‌

)

(b)

Net

reduction

in/increase

deferred

foreign

capital

gain

tax

......................................

24,642‌

(

2,667‌

)

(

217‌

)

Statements

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2024

Statements

Operations

See

notes

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

................................................................................

292,167‌

10,785,845‌

Dividends

—

affiliated

..................................................................................

9,299‌

2,800,078‌

Interest

—

unaffiliated

..................................................................................

75‌

10,327,812‌

Securities

lending

income

—

affiliated

—

net

..................................................................

—‌

18,175‌

Foreign

taxes

withheld

.................................................................................

(

30,799‌

)

(

453,773‌

)

Foreign

withholding

tax

claims

............................................................................

—‌

155,545‌

Total

investment

income

..................................................................................

270,742‌

23,633,682‌

EXPENSES

Professional

........................................................................................

53,037‌

93,525‌

Investment

advisory

...................................................................................

37,932‌

5,173,573‌

Custodian

..........................................................................................

37,224‌

70,045‌

Registration

........................................................................................

24,578‌

120,417‌

Accounting

services

...................................................................................

15,829‌

96,073‌

Administration

......................................................................................

3,583‌

387,947‌

Trustees

and

Officer

...................................................................................

2,774‌

8,265‌

Administration

—

class

specific

...........................................................................

1,686‌

196,974‌

Transfer

agent

—

class

specific

...........................................................................

615‌

1,167,293‌

Service

and

distribution

—

class

specific

.....................................................................

471‌

272,836‌

Printing

and

postage

..................................................................................

—‌

24,212‌

Miscellaneous

.......................................................................................

6,836‌

40,404‌

Total

expenses

excluding

interest

expense

......................................................................

184,565‌

7,651,564‌

Interest

expense

.....................................................................................

31‌

20,081‌

Total

xpenses

........................................................................................

184,596‌

7,671,645‌

Less:

–‌

Administration

fees

waived

..............................................................................

(

3,583‌

)

—‌

Administration

fees

waived

the

Manager

—

class

specific

........................................................

(

1,686‌

)

—‌

Fees

waived

and/or

reimbursed

the

Manager

................................................................

(

140,219‌

)

(

40,732‌

)

Transfer

agent

fees

waived

and/or

reimbursed

the

Manager

—

class

specific

...........................................

(

463‌

)

—‌

Total

penses

after

fees

waived

and/or

reimbursed

...............................................................

38,645‌

7,630,913‌

Net

investment

income

...................................................................................

232,097‌

16,002,769‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

623,465‌

12,544,185‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

701,622‌

34,297,710‌

Investments

—

affiliated

..............................................................................

—‌

(

2,937‌

)

Forward

foreign

currency

exchange

contracts

................................................................

—‌

(

3,090,290‌

)

Foreign

currency

transactions

..........................................................................

21,866‌

(

539,887‌

)

Futures

contracts

...................................................................................

(

1,535‌

)

(

91,558,508‌

)

Swaps

.........................................................................................

—‌

(

50,475,299‌

)

721,953‌

(111,369,211‌)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

(

105,443‌

)

95,578,291‌

Investments

—

affiliated

..............................................................................

—‌

29‌

Forward

foreign

currency

exchange

contracts

................................................................

—‌

2,742,965‌

Foreign

currency

translations

...........................................................................

50‌

1,212,314‌

Futures

contracts

...................................................................................

6,907‌

1,899,918‌

Swaps

.........................................................................................

—‌

22,479,879‌

(98,486‌)

123,913,396‌

Net

realized

and

unrealized

gain

............................................................................

623,467‌

12,544,185‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

855,564‌

28,546,954‌

Statements

Changes

Net

Assets

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

See

notes

financial

statements.

BlackRock

Emerging

Markets

ex-China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

469,659‌

228,759‌

157,933‌

207,667‌

Net

realized

gain

(loss)

............................................

422,838‌

507,830‌

114,079‌

(

278,555‌

)

Net

change

unrealized

appreciation

(depreciation)

........................

549,857‌

(

1,124,775‌

)

635,995‌

764,058‌

Net

increase

(decrease)

net

assets

resulting

from

operations

...................

1,442,354‌

(388,186‌)

908,007‌

693,170‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Institutional

...................................................

(

552,723‌

)

(

5,923‌

)

(

1,524‌

)

(

2,357‌

)

Investor

....................................................

(

1,502‌

)

(

6,409‌

)

(

1,080‌

)

(

4,199‌

)

Class

......................................................

(

66,001‌

)

(

286,289‌

)

(

69,348‌

)

(

236,342‌

)

Decrease

net

assets

resulting

from

distributions

shareholders

.................

(620,226‌)

(298,621‌)

(71,952‌)

(242,898‌)

CAPITAL

TRANSACTIONS

–‌

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

.........

2,621,803‌

50,306,345‌

(234,612‌)

36,048‌

NET

ASSETS

Total

increase

net

assets

...........................................

3,443,931‌

49,619,538‌

601,443‌

486,320‌

Beginning

period

................................................

54,792,384‌

5,172,846‌

10,644,173‌

10,157,853‌

End

period

....................................................

58,236,315‌

54,792,384‌

11,245,616‌

10,644,173‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Statements

Changes

Net

Assets

(continued)

Statements

Changes

Net

Assets

See

notes

financial

statements.

BlackRock

Sustainable

Advantage

Global

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

Six

Months

Ended

10/31/24

(unaudited)

Period

from

06/21/23

(a)

04/30/24

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

79,545‌

104,998‌

232,097‌

350,507‌

Net

realized

gain

................................................

553,837‌

295,872‌

721,953‌

385,249‌

Net

change

unrealized

appreciation

(depreciation)

........................

734,881‌

1,098,484‌

(

98,486‌

)

720,915‌

Net

increase

net

assets

resulting

from

operations

...........................

1,368,263‌

1,499,354‌

855,564‌

1,456,671‌

DISTRIBUTIONS

SHAREHOLDERS

(b)

Institutional

...................................................

(

3,533‌

)

(

846‌

)

(

3,095‌

)

(

5,194‌

)

Investor

....................................................

(

6,197‌

)

(

1,121‌

)

(

4,349‌

)

(

6,540‌

)

Class

......................................................

(

339,258‌

)

(

85,470‌

)

(

203,884‌

)

(

369,026‌

)

Decrease

net

assets

resulting

from

distributions

shareholders

.................

(348,988‌)

(87,437‌)

(211,328‌)

(380,760‌)

CAPITAL

TRANSACTIONS

–‌

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

.........

8,347‌

10,092,663‌

(3,880,161‌)

1,638,703‌

NET

ASSETS

Total

increase

(decrease)

net

assets

...................................

1,027,622‌

11,504,580‌

(

3,235,925‌

)

2,714,614‌

Beginning

period

................................................

11,504,580‌

—‌

15,636,571‌

12,921,957‌

End

period

....................................................

12,532,202‌

11,504,580‌

12,400,646‌

15,636,571‌

(a)

Commencement

operations.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Statements

Changes

Net

Assets

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

See

notes

financial

statements.

BlackRock

Tactical

Opportunities

Fund

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

16,002,769‌

30,828,354‌

Net

realized

loss

..................................................................................

(

111,369,211‌

)

(

36,678,588‌

)

Net

change

unrealized

appreciation

(depreciation)

..........................................................

123,913,396‌

153,633,353‌

Net

increase

net

assets

resulting

from

operations

.............................................................

28,546,954‌

147,783,119‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Institutional

.....................................................................................

—‌

(

107,642,980‌

)

Service

........................................................................................

—‌

(

129,951‌

)

Investor

......................................................................................

—‌

(

20,015,105‌

)

Investor

......................................................................................

—‌

(

911,671‌

)

Class

........................................................................................

—‌

(

34,040,380‌

)

Decrease

net

assets

resulting

from

distributions

shareholders

...................................................

—‌

(162,740,087‌)

CAPITAL

TRANSACTIONS

–‌

Net

increase

net

assets

derived

from

capital

transactions

...................................................

390,414,750‌

270,844,209‌

NET

ASSETS

Total

increase

net

assets

.............................................................................

418,961,704‌

255,887,241‌

Beginning

period

..................................................................................

1,751,230,519‌

1,495,343,278‌

End

period

......................................................................................

2,170,192,223‌

1,751,230,519‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Emerging

Markets

ex-China

Fund

Institutional

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Period

from

03/29/23

(a)

04/30/23

Net

asset

value,

beginning

period

........................................................

11.50

‌

10.35

‌

10.00

‌

Net

investment

income

(b)

................................................................

.10

‌

.24

‌

.03

‌

Net

realized

and

unrealized

gain

...........................................................

.22

‌

.50

(c)

.32

‌

Net

increase

from

investment

operations

.......................................................

0.32

‌

1.74

‌

0.35

‌

Distributions

(d)

–

From

net

investment

income

.............................................................

(

.06

)

(

.23

)

—

‌

From

net

realized

gain

..................................................................

(

.07

)

(

.36

)

—

‌

Total

distributions

.......................................................................

(0.13

)

(0.59

)

—

‌

Net

asset

value,

end

period

.............................................................

11.69

‌

11.50

‌

10.35

‌

Total

Return

(e)

Based

net

asset

value

.................................................................

2.74

(f)

17.18

3.50

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

........................................................................

1.34

(h)

2.61

5.43

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.83

(h)

0.92

0.86

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.........................

0.83

(h)

0.83

0.86

(h)

Net

investment

income

..................................................................

1.63

(h)

2.08

3.22

(h)

Supplemental

Data

Net

assets,

end

period

(000)

.............................................................

52,129

‌

48,839

‌

103

‌

Portfolio

turnover

rate

....................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.49%

and

0.86%,

respectively.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

BlackRock

Emerging

Markets

ex-China

Fund

Investor

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Period

from

03/29/23

(a)

04/30/23

Net

asset

value,

beginning

period

........................................................

11.49

‌

10.34

‌

10.00

‌

Net

investment

income

(b)

................................................................

.08

‌

.23

‌

.03

‌

Net

realized

and

unrealized

gain

...........................................................

.22

‌

.49

(c)

.31

‌

Net

increase

from

investment

operations

.......................................................

0.30

‌

1.72

‌

0.34

‌

Distributions

(d)

–

From

net

investment

income

.............................................................

(

.05

)

(

.21

)

—

‌

From

net

realized

gain

..................................................................

(

.07

)

(

.36

)

—

‌

Total

distributions

.......................................................................

(0.12

)

(0.57

)

—

‌

Net

asset

value,

end

period

.............................................................

11.67

‌

11.49

‌

10.34

‌

Total

Return

(e)

Based

net

asset

value

.................................................................

2.57

(f)

16.99

3.40

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

........................................................................

1.82

(h)

7.51

5.68

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

1.11

(h)

1.12

1.11

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.........................

1.11

(h)

1.11

(h)

Net

investment

income

..................................................................

1.31

(h)

2.03

2.97

(h)

Supplemental

Data

Net

assets,

end

period

(000)

.............................................................

166

‌

130

‌

103

‌

Portfolio

turnover

rate

....................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.74%

and

1.11%,

respectively.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Emerging

Markets

ex-China

Fund

Class

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Period

from

03/29/23

(a)

04/30/23

Net

asset

value,

beginning

period

........................................................

11.50

‌

10.35

‌

10.00

‌

Net

investment

income

(b)

................................................................

.10

‌

.26

‌

.03

‌

Net

realized

and

unrealized

gain

...........................................................

.22

‌

.49

(c)

.32

‌

Net

increase

from

investment

operations

.......................................................

0.32

‌

1.75

‌

0.35

‌

Distributions

(d)

–

From

net

investment

income

.............................................................

(

.06

)

(

.24

)

—

‌

From

net

realized

gain

..................................................................

(

.07

)

(

.36

)

—

‌

Total

distributions

.......................................................................

(0.13

)

(0.60

)

—

‌

Net

asset

value,

end

period

.............................................................

11.69

‌

11.50

‌

10.35

‌

Total

Return

(e)

Based

net

asset

value

.................................................................

2.75

(f)

17.22

3.50

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

........................................................................

1.35

(h)

6.99

5.08

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.81

(h)

0.82

0.81

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.........................

0.81

(h)

0.81

(h)

Net

investment

income

..................................................................

1.66

(h)

2.34

3.27

(h)

Supplemental

Data

Net

assets,

end

period

(000)

.............................................................

5,942

‌

5,823

‌

4,966

‌

Portfolio

turnover

rate

....................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.14%

and

0.81%,

respectively.

See

notes

financial

statements.

Financial

Highlights

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Institutional

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

04/30/21

Net

asset

value,

beginning

period

........................

8.48

‌

8.11

‌

8.90

‌

12.30

‌

10.00

‌

Net

investment

income

(b)

................................

.12

‌

.17

‌

.20

‌

.16

‌

.04

‌

Net

realized

and

unrealized

gain

(loss)

.......................

.60

‌

.39

‌

(

.78

)

(

.37

)

.31

‌

Net

increase

(decrease)

from

investment

operations

...............

0.72

‌

0.56

‌

(0.58

)

(2.21

)

2.35

‌

Distributions

(c)

–

From

net

investment

income

.............................

(

.06

)

(

.19

)

(

.21

)

(

.14

)

(

.05

)

From

net

realized

gain

..................................

—

‌

—

‌

—

‌

(

.05

)

—

‌

Total

distributions

.......................................

(0.06

)

(0.19

)

(0.21

)

(1.19

)

(0.05

)

Net

asset

value,

end

period

.............................

9.14

‌

8.48

‌

8.11

‌

8.90

‌

12.30

‌

Total

Return

(d)

Based

net

asset

value

.................................

8.46

(e)

7.06

(6.47

(19.84

23.53

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

........................................

3.66

(g)

4.20

5.40

4.37

3.70

(g)

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............

0.86

(g)

0.86

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

...........................................

0.85

(g)

0.86

(g)

Net

investment

income

..................................

2.74

(g)

2.09

2.44

1.51

0.47

(g)

Supplemental

Data

Net

assets,

end

period

(000)

.............................

250

‌

222

‌

102

‌

119

‌

125

‌

Portfolio

turnover

rate

....................................

148

139

173

147

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.30%.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Investor

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

04/30/21

Net

asset

value,

beginning

period

........................

8.48

‌

8.11

‌

8.89

‌

12.29

‌

10.00

‌

Net

investment

income

(b)

................................

.11

‌

.14

‌

.17

‌

.13

‌

.02

‌

Net

realized

and

unrealized

gain

(loss)

.......................

.60

‌

.40

‌

(

.77

)

(

.36

)

.31

‌

Net

increase

(decrease)

from

investment

operations

...............

0.71

‌

0.54

‌

(0.60

)

(2.23

)

2.33

‌

Distributions

(c)

–

From

net

investment

income

.............................

(

.05

)

(

.17

)

(

.18

)

(

.12

)

(

.04

)

From

net

realized

gain

..................................

—

‌

—

‌

—

‌

(

.05

)

—

‌

Total

distributions

.......................................

(0.05

)

(0.17

)

(0.18

)

(1.17

)

(0.04

)

Net

asset

value,

end

period

.............................

9.14

‌

8.48

‌

8.11

‌

8.89

‌

12.29

‌

Total

Return

(d)

Based

net

asset

value

.................................

8.37

(e)

6.78

(6.72

(20.04

23.33

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

........................................

4.06

(g)

4.48

5.57

4.71

3.92

(g)

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............

1.11

(g)

1.11

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

...........................................

1.11

(g)

1.11

(g)

Net

investment

income

..................................

2.49

(g)

1.76

2.07

1.21

0.31

(g)

Supplemental

Data

Net

assets,

end

period

(000)

.............................

202

‌

187

‌

208

‌

149

‌

138

‌

Portfolio

turnover

rate

....................................

148

139

173

147

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.52%.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Class

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

04/30/21

Net

asset

value,

beginning

period

........................

8.48

‌

8.11

‌

8.90

‌

12.30

‌

10.00

‌

Net

investment

income

(b)

................................

.13

‌

.17

‌

.20

‌

.17

‌

.04

‌

Net

realized

and

unrealized

gain

(loss)

.......................

.59

‌

.40

‌

(

.77

)

(

.37

)

.31

‌

Net

increase

(decrease)

from

investment

operations

...............

0.72

‌

0.57

‌

(0.57

)

(2.20

)

2.35

‌

Distributions

(c)

–

From

net

investment

income

.............................

(

.06

)

(

.20

)

(

.22

)

(

.15

)

(

.05

)

From

net

realized

gain

..................................

—

‌

—

‌

—

‌

(

.05

)

—

‌

Total

distributions

.......................................

(0.06

)

(0.20

)

(0.22

)

(1.20

)

(0.05

)

Net

asset

value,

end

period

.............................

9.14

‌

8.48

‌

8.11

‌

8.90

‌

12.30

‌

Total

Return

(d)

Based

net

asset

value

.................................

8.48

(e)

7.11

(6.41

(19.80

23.55

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

........................................

3.61

(g)

4.10

5.18

4.24

3.39

(g)

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............

0.81

(g)

0.81

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

...........................................

0.81

(g)

0.81

(g)

Net

investment

income

..................................

2.80

(g)

2.03

2.42

1.56

0.52

(g)

Supplemental

Data

Net

assets,

end

period

(000)

.............................

10,794

‌

10,236

‌

9,847

‌

9,672

‌

12,056

‌

Portfolio

turnover

rate

....................................

148

139

173

147

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.00%.

See

notes

financial

statements.

Financial

Highlights

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Institutional

Six

Months

Ended

10/31/24

(unaudited)

Period

from

06/21/23

(a)

04/30/24

Net

asset

value,

beginning

period

...................................................................

11.40

‌

10.00

‌

Net

investment

income

(b)

...........................................................................

.08

‌

.10

‌

Net

realized

and

unrealized

gain

......................................................................

.28

‌

.38

‌

Net

increase

from

investment

operations

..................................................................

1.36

‌

1.48

‌

Distributions

(c)

–

From

net

investment

income

........................................................................

(

.06

)

(

.08

)

From

net

realized

gain

.............................................................................

(

.29

)

—

‌

Total

distributions

..................................................................................

(0.35

)

(0.08

)

Net

asset

value,

end

period

........................................................................

12.41

‌

11.40

‌

Total

Return

(d)

Based

net

asset

value

............................................................................

11.96

(e)

14.92

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

...................................................................................

3.56

(g)

(h)

(i)

5.32

(g)

(j)

(k)

Total

expenses

after

fees

waived

and/or

reimbursed

..........................................................

0.71

(g)

(h)

(i)

0.71

(g)

(j)

(k)

Net

investment

income

.............................................................................

1.23

(g)

1.11

(g)

Supplemental

Data

Net

assets,

end

period

(000)

........................................................................

127

‌

116

‌

Portfolio

turnover

rate

...............................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.88%

and

0.71%,

respectively.

(i)

Includes

non-recurring

expenses

offering

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.24%

and

0.71%,

respectively.

(j)

Includes

non-recurring

expenses

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.52%

and

0.71%,

respectively.

(k)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.71%

and

0.71%,

respectively.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Investor

Six

Months

Ended

10/31/24

(unaudited)

Period

from

06/21/23

(a)

04/30/24

Net

asset

value,

beginning

period

...................................................................

11.39

‌

10.00

‌

Net

investment

income

(b)

...........................................................................

.06

‌

.08

‌

Net

realized

and

unrealized

gain

......................................................................

.28

‌

.38

‌

Net

increase

from

investment

operations

..................................................................

1.34

‌

1.46

‌

Distributions

(c)

–

From

net

investment

income

........................................................................

(

.05

)

(

.07

)

From

net

realized

gain

.............................................................................

(

.29

)

—

‌

Total

distributions

..................................................................................

(0.34

)

(0.07

)

Net

asset

value,

end

period

........................................................................

12.39

‌

11.39

‌

Total

Return

(d)

Based

net

asset

value

............................................................................

11.80

(e)

14.71

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

...................................................................................

3.75

(g)

(h)

(i)

5.59

(g)

(j)

(k)

Total

expenses

after

fees

waived

and/or

reimbursed

..........................................................

0.96

(g)

(h)

(i)

0.96

(g)

(j)

(k)

Net

investment

income

.............................................................................

0.98

(g)

0.86

(g)

Supplemental

Data

Net

assets,

end

period

(000)

........................................................................

239

‌

213

‌

Portfolio

turnover

rate

...............................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

4.06%

and

0.96%,

respectively.

(i)

Includes

non-recurring

expenses

offering

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.43%

and

0.96%,

respectively.

(j)

Includes

non-recurring

expenses

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.87%

and

0.96%,

respectively.

(k)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.96%

and

0.96%,

respectively.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Class

Six

Months

Ended

10/31/24

(unaudited)

Period

from

06/21/23

(a)

04/30/24

Net

asset

value,

beginning

period

...................................................................

11.40

‌

10.00

‌

Net

investment

income

(b)

...........................................................................

.08

‌

.10

‌

Net

realized

and

unrealized

gain

......................................................................

.28

‌

.39

‌

Net

increase

from

investment

operations

..................................................................

1.36

‌

1.49

‌

Distributions

(c)

–

From

net

investment

income

........................................................................

(

.06

)

(

.09

)

From

net

realized

gain

.............................................................................

(

.29

)

—

‌

Total

distributions

..................................................................................

(0.35

)

(0.09

)

Net

asset

value,

end

period

........................................................................

12.41

‌

11.40

‌

Total

Return

(d)

Based

net

asset

value

............................................................................

11.97

(e)

14.95

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

...................................................................................

3.31

(g)

(h)

(i)

4.98

(g)

(j)

(k)

Total

expenses

after

fees

waived

and/or

reimbursed

..........................................................

0.66

(g)

(h)

(i)

0.66

(g)

(j)

(k)

Net

investment

income

.............................................................................

1.29

(g)

1.16

(g)

Supplemental

Data

Net

assets,

end

period

(000)

........................................................................

12,165

‌

11,175

‌

Portfolio

turnover

rate

...............................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.63%

and

0.66%,

respectively.

(i)

Includes

non-recurring

expenses

offering

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

2.99%

and

0.66%,

respectively.

(j)

Includes

non-recurring

expenses

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.18%

and

0.66%,

respectively.

(k)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.37%

and

0.66%,

respectively.

See

notes

financial

statements.

Financial

Highlights

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

BlackRock

Sustainable

Advantage

International

Equity

Fund

Institutional

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

04/30/21

Net

asset

value,

beginning

period

.........................

11.17

‌

10.39

‌

9.64

‌

12.08

‌

10.00

‌

Net

investment

income

(b)

.................................

.16

‌

.26

‌

.24

‌

.23

‌

.13

‌

Net

realized

and

unrealized

gain

(loss)

........................

.41

‌

.80

‌

.82

‌

(

.16

)

.01

‌

Net

increase

(decrease)

from

investment

operations

................

0.57

‌

1.06

‌

1.06

‌

(0.93

)

2.14

‌

Distributions

(c)

–

From

net

investment

income

..............................

(

.15

)

(

.28

)

(

.31

)

(

.27

)

(

.06

)

From

net

realized

gain

...................................

—

‌

—

‌

—

‌

(

.24

)

(

.00

)

(d)

Total

distributions

........................................

(0.15

)

(0.28

)

(0.31

)

(1.51

)

(0.06

)

Net

asset

value,

end

period

..............................

11.59

‌

11.17

‌

10.39

‌

9.64

‌

12.08

‌

Total

Return

(e)

Based

net

asset

value

..................................

5.05

(f)

10.40

11.43

(9.13

21.53

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

.........................................

2.30

(h)

3.07

4.29

3.72

3.40

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.50

(h)

0.50

(h)

Net

investment

income

...................................

2.63

(h)

2.44

2.60

2.04

1.69

(h)

Supplemental

Data

Net

assets,

end

period

(000)

..............................

220

‌

204

‌

192

‌

174

‌

156

‌

Portfolio

turnover

rate

.....................................

118

116

172

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.94%.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Sustainable

Advantage

International

Equity

Fund

Investor

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

04/30/21

Net

asset

value,

beginning

period

.........................

11.17

‌

10.39

‌

9.63

‌

12.07

‌

10.00

‌

Net

investment

income

(b)

.................................

.14

‌

.23

‌

.22

‌

.21

‌

.11

‌

Net

realized

and

unrealized

gain

(loss)

........................

.41

‌

.81

‌

.81

‌

(

.16

)

.01

‌

Net

increase

(decrease)

from

investment

operations

................

0.55

‌

1.04

‌

1.03

‌

(0.95

)

2.12

‌

Distributions

(c)

–

From

net

investment

income

..............................

(

.14

)

(

.26

)

(

.27

)

(

.25

)

(

.05

)

From

net

realized

gain

...................................

—

‌

—

‌

—

‌

(

.24

)

(

.00

)

(d)

Total

distributions

........................................

(0.14

)

(0.26

)

(0.27

)

(1.49

)

(0.05

)

Net

asset

value,

end

period

..............................

11.58

‌

11.17

‌

10.39

‌

9.63

‌

12.07

‌

Total

Return

(e)

Based

net

asset

value

..................................

4.90

(f)

10.14

11.12

(9.32

21.33

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

.........................................

2.55

(h)

3.41

4.56

4.02

3.76

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.75

(h)

0.75

0.74

0.75

(h)

Net

investment

income

...................................

2.31

(h)

2.18

2.36

1.85

1.45

(h)

Supplemental

Data

Net

assets,

end

period

(000)

..............................

527

‌

293

‌

265

‌

204

‌

140

‌

Portfolio

turnover

rate

.....................................

118

116

172

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.31%.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

BlackRock

Sustainable

Advantage

International

Equity

Fund

Class

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

04/30/21

Net

asset

value,

beginning

period

.........................

11.17

‌

10.39

‌

9.65

‌

12.08

‌

10.00

‌

Net

investment

income

(b)

.................................

.17

‌

.26

‌

.25

‌

.24

‌

.13

‌

Net

realized

and

unrealized

gain

(loss)

........................

.40

‌

.81

‌

.80

‌

(

.16

)

.01

‌

Net

increase

(decrease)

from

investment

operations

................

0.57

‌

1.07

‌

1.05

‌

(0.92

)

2.14

‌

Distributions

(c)

–

From

net

investment

income

..............................

(

.15

)

(

.29

)

(

.31

)

(

.27

)

(

.06

)

From

net

realized

gain

...................................

—

‌

—

‌

—

‌

(

.24

)

(

.00

)

(d)

Total

distributions

........................................

(0.15

)

(0.29

)

(0.31

)

(1.51

)

(0.06

)

Net

asset

value,

end

period

..............................

11.59

‌

11.17

‌

10.39

‌

9.65

‌

12.08

‌

Total

Return

(e)

Based

net

asset

value

..................................

5.06

(f)

10.46

11.42

(9.00

21.55

(f)

Ratios

Average

Net

Assets

(g)

Total

expen

ses

.........................................

2.18

(h)

2.98

4.05

3.64

3.15

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.45

(h)

0.45

(h)

Net

investment

income

...................................

2.77

(h)

2.48

2.65

2.10

1.72

(h)

Supplemental

Data

Net

assets,

end

period

(000)

..............................

11,654

‌

15,140

‌

12,466

‌

10,770

‌

11,842

‌

Portfolio

turnover

rate

.....................................

118

116

172

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

the

calculation

the

expense

ratios.

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.70%.

See

notes

financial

statements.

Financial

Highlights

(For

outstanding

throughout

each

period)

Financial

Highlights

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Amount

less

than

0.005%.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Includes

recoupment

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

follows:

(i)

Annualized.

BlackRock

Tactical

Opportunities

Fund

Institutional

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

period

14.20

‌

14.41

‌

14.05

‌

14.05

‌

13.59

‌

13.67

‌

15.44

‌

Net

investment

income

(a)

.........

.12

‌

.29

‌

.15

‌

.05

‌

.05

‌

.06

‌

.19

‌

Net

realized

and

unrealized

gain

(loss)

.08

‌

.07

‌

.72

‌

(

.05

)

.79

‌

.32

‌

(

.57

)

Net

increase

(decrease)

from

investment

operations

................

0.20

‌

1.36

‌

0.87

‌

0.00

‌

0.84

‌

0.38

‌

(0.38

)

Distributions

(b)

–

From

net

investment

income

......

—

‌

(

.57

)

—

‌

—

‌

(

.38

)

(

.46

)

(

.55

)

From

net

realized

gain

...........

—

‌

—

‌

(

.51

)

—

‌

—

‌

—

‌

(

.84

)

Return

capital

...............

—

‌

—

‌

—

‌

—

‌

(

.00

)

(c)

—

‌

—

‌

Total

distributions

...............

—

‌

(1.57

)

(0.51

)

—

‌

(0.38

)

(0.46

)

(1.39

)

Net

asset

value,

end

period

......

14.40

‌

14.20

‌

14.41

‌

14.05

‌

14.05

‌

13.59

‌

13.67

‌

Total

Return

(d)

—

Based

net

asset

value

..........

1.41

(e)

10.19

6.22

0.00

(f)

6.18

2.79

(e)

(2.43

Ratios

Average

Net

Assets

(g)

Total

expen

ses

(h)

................

0.77

(i)

0.81

0.84

0.79

0.81

0.86

(i)

0.80

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.76

(i)

0.81

0.83

0.79

0.80

0.85

(i)

0.79

Total

expenses

after

fees

waived

and/

reimbursed

and

excluding

interest

expense

....................

0.76

(i)

0.79

0.83

0.79

0.80

0.85

(i)

0.79

Net

investment

income

...........

1.63

(i)

2.02

1.08

0.33

0.38

0.77

(i)

1.36

Supplemental

Data

Net

assets,

end

period

(000)

......

1,734,545

‌

1,258,548

‌

954,744

‌

672,822

‌

464,694

‌

289,127

‌

290,851

‌

Portfolio

turnover

rate

.............

146

172

110

136

167

288

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

04/30/20

Year

Ended

09/30/19

Expense

ratios

....................................

N/A

0.79%

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

(a)

Based

average

outstanding.

(b)

Amount

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Includes

recoupment

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

follows:

(i)

Annualized.

(j)

Amount

less

than

0.005%.

See

notes

financial

statements.

BlackRock

Tactical

Opportunities

Fund

Service

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

period

14.03

‌

14.27

‌

13.94

‌

13.97

‌

13.54

‌

13.56

‌

15.33

‌

Net

investment

income

(a)

.........

.10

‌

.24

‌

.12

‌

.00

(b)

.01

‌

.04

‌

.16

‌

Net

realized

and

unrealized

gain

(loss)

.09

‌

.06

‌

.70

‌

(

.03

)

.78

‌

.31

‌

(

.58

)

Net

increase

(decrease)

from

investment

operations

................

0.19

‌

1.30

‌

0.82

‌

(0.03

)

0.79

‌

0.35

‌

(0.42

)

Distributions

(c)

–

From

net

investment

income

......

—

‌

(

.54

)

—

‌

—

‌

(

.36

)

(

.37

)

(

.51

)

From

net

realized

gain

...........

—

‌

—

‌

(

.49

)

—

‌

—

‌

—

‌

(

.84

)

Return

capital

...............

—

‌

—

‌

—

‌

—

‌

(

.00

)

(d)

—

‌

—

‌

Total

distributions

...............

—

‌

(1.54

)

(0.49

)

—

‌

(0.36

)

(0.37

)

(1.35

)

Net

asset

value,

end

period

......

14.22

‌

14.03

‌

14.27

‌

13.94

‌

13.97

‌

13.54

‌

13.56

‌

Total

Return

(e)

—

Based

net

asset

value

..........

1.35

(f)

9.80

5.93

(0.21

5.86

2.63

(f)

(2.74

Ratios

Average

Net

Assets

(g)

Total

expen

ses

(h)

................

1.05

(i)

1.08

1.11

1.06

1.07

1.16

(i)

1.06

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.04

(i)

1.07

1.10

1.06

1.14

(i)

1.06

Total

expenses

after

fees

waived

and/

reimbursed

and

excluding

interest

expense

....................

1.04

(i)

1.05

1.10

1.06

1.14

(i)

1.06

Net

investment

income

...........

1.35

(i)

1.73

0.82

0.00

(j)

0.08

0.53

(i)

1.14

Supplemental

Data

Net

assets,

end

period

(000)

......

1,983

‌

1,560

‌

1,053

‌

953

‌

1,972

‌

836

‌

767

‌

Portfolio

turnover

rate

.............

146

172

110

136

167

288

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

04/30/20

Year

Ended

09/30/19

Expense

ratios

....................................

N/A

1.04%

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Tactical

Opportunities

Fund

Investor

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

period

14.00

‌

14.23

‌

13.90

‌

13.93

‌

13.49

‌

13.54

‌

15.31

‌

Net

investment

income

(a)

..........

.10

‌

.24

‌

.10

‌

.00

(b)

.01

‌

.04

‌

.14

‌

Net

realized

and

unrealized

gain

(loss)

.08

‌

.06

‌

.71

‌

(

.03

)

.77

‌

.32

‌

(

.56

)

Net

increase

(decrease)

from

investment

operations

.................

0.18

‌

1.30

‌

0.81

‌

(0.03

)

0.78

‌

0.36

‌

(0.42

)

Distributions

(c)

–

From

net

investment

income

.......

—

‌

(

.53

)

—

‌

—

‌

(

.34

)

(

.41

)

(

.51

)

From

net

realized

gain

............

—

‌

—

‌

(

.48

)

—

‌

—

‌

—

‌

(

.84

)

Return

capital

................

—

‌

—

‌

—

‌

—

‌

(

.00

)

(d)

—

‌

—

‌

Total

distributions

................

—

‌

(1.53

)

(0.48

)

—

‌

(0.34

)

(0.41

)

(1.35

)

Net

asset

value,

end

period

.......

14.18

‌

14.00

‌

14.23

‌

13.90

‌

13.93

‌

13.49

‌

13.54

‌

Total

Return

(e)

—

Based

net

asset

value

...........

1.29

(f)

9.84

5.86

(0.22

5.77

2.70

(f)

(2.77

Ratios

Average

Net

Assets

(g)

Total

expen

ses

..................

1.06

(h)

1.08

1.13

1.08

1.09

1.15

(h)

1.10

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

...................

1.05

(h)

1.08

1.13

1.08

1.09

1.14

(h)

1.09

Total

expenses

after

fees

waived

and/

reimbursed

and

excluding

interest

expense

.....................

1.05

(h)

1.06

1.13

1.08

1.09

1.14

(h)

1.09

Net

investment

income

............

1.38

(h)

1.71

0.75

0.03

0.09

0.48

(h)

1.01

Supplemental

Data

Net

assets,

end

period

(000)

.......

177,210

‌

185,827

‌

192,584

‌

187,461

‌

202,884

‌

208,746

‌

218,634

‌

Portfolio

turnover

rate

..............

146

172

110

136

167

288

(a)

Based

average

outstanding.

(b)

Amount

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Includes

recoupment

past

waived

and/or

reimbursed

fees

with

financial

impact

the

expense

ratios.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

BlackRock

Tactical

Opportunities

Fund

Investor

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

period

13.46

‌

13.74

‌

13.47

‌

13.60

‌

13.13

‌

13.14

‌

14.81

‌

Net

investment

income

(loss)

(a)

.....

.04

‌

.14

‌

.01

‌

(

.10

)

(

.09

)

(

.02

)

.04

‌

Net

realized

and

unrealized

gain

(loss)

.09

‌

.01

‌

.68

‌

(

.03

)

.75

‌

.31

‌

(

.54

)

Net

increase

(decrease)

from

investment

operations

................

0.13

‌

1.15

‌

0.69

‌

(0.13

)

0.66

‌

0.29

‌

(0.50

)

Distributions

(b)

–

From

net

investment

income

......

—

‌

(

.43

)

—

‌

—

‌

(

.19

)

(

.30

)

(

.33

)

From

net

realized

gain

...........

—

‌

—

‌

(

.42

)

—

‌

—

‌

—

‌

(

.84

)

Return

capital

...............

—

‌

—

‌

—

‌

—

‌

(

.00

)

(c)

—

‌

—

‌

Total

distributions

...............

—

‌

(1.43

)

(0.42

)

—

‌

(0.19

)

(0.30

)

(1.17

)

Net

asset

value,

end

period

......

13.59

‌

13.46

‌

13.74

‌

13.47

‌

13.60

‌

13.13

‌

13.14

‌

Total

Return

(d)

—

Based

net

asset

value

..........

0.97

(e)

9.00

5.19

(0.96

5.02

2.21

(e)

(3.45

Ratios

Average

Net

Assets

(f)

Total

expen

ses

.................

1.77

(g)

1.79

1.83

1.84

1.86

(g)

1.82

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.76

(g)

1.79

1.83

1.84

1.85

(g)

1.81

Total

expenses

after

fees

waived

and/

reimbursed

and

excluding

interest

expense

....................

1.76

(g)

1.77

1.83

1.84

1.85

(g)

1.81

Net

investment

income

(loss)

.......

0.66

(g)

1.00

0.07

(0.72

(0.65

(0.24

(g)

0.26

Supplemental

Data

Net

assets,

end

period

(000)

......

8,513

‌

8,768

‌

9,665

‌

7,478

‌

8,665

‌

13,187

‌

17,171

‌

Portfolio

turnover

rate

.............

146

172

110

136

167

288

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

past

waived

and/or

reimbursed

fees

with

financial

impact

the

expense

ratios.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Tactical

Opportunities

Fund

Class

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

period

14.20

‌

14.41

‌

14.04

‌

14.02

‌

13.57

‌

13.65

‌

15.43

‌

Net

investment

income

(a)

..........

.13

‌

.30

‌

.15

‌

.06

‌

.07

‌

.07

‌

.21

‌

Net

realized

and

unrealized

gain

(loss)

.08

‌

.08

‌

.74

‌

(

.04

)

.78

‌

.32

‌

(

.57

)

Net

increase

(decrease)

from

investment

operations

.................

0.21

‌

1.38

‌

0.89

‌

0.02

‌

0.85

‌

0.39

‌

(0.36

)

Distributions

(b)

–

From

net

investment

income

.......

—

‌

(

.59

)

—

‌

—

‌

(

.40

)

(

.47

)

(

.58

)

From

net

realized

gain

............

—

‌

—

‌

(

.52

)

—

‌

—

‌

—

‌

(

.84

)

Return

capital

................

—

‌

—

‌

—

‌

—

‌

(

.00

)

(c)

—

‌

—

‌

Total

distributions

................

—

‌

(1.59

)

(0.52

)

—

‌

(0.40

)

(0.47

)

(1.42

)

Net

asset

value,

end

period

.......

14.41

‌

14.20

‌

14.41

‌

14.04

‌

14.02

‌

13.57

‌

13.65

‌

Total

Return

(d)

—

Based

net

asset

value

...........

1.48

(e)

10.33

6.36

0.14

6.25

2.93

(e)

(2.34

Ratios

Average

Net

Assets

(f)

Total

expen

ses

..................

0.63

(g)

0.68

0.69

0.66

0.67

0.72

(g)

0.67

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.63

(g)

0.67

0.68

0.66

0.72

(g)

0.67

Total

expenses

after

fees

waived

and/

reimbursed

and

excluding

interest

expense

.....................

0.63

(g)

0.66

0.68

0.66

0.72

(g)

0.67

Net

investment

income

............

1.81

(g)

2.11

1.05

0.44

0.49

0.91

(g)

1.51

Supplemental

Data

Net

assets,

end

period

(000)

.......

247,941

‌

296,528

‌

337,297

‌

777,280

‌

779,750

‌

363,505

‌

366,664

‌

Portfolio

turnover

rate

..............

146

172

110

136

167

288

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

past

waived

and/or

reimbursed

fees

with

financial

impact

the

expense

ratios.

See

notes

financial

statements.

Notes

Financial

Statements

(unaudited)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

ORGANIZATION

BlackRock

Funds

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Massachusetts

business trust.

The

following,

each

which

series

the

Trust, are

referred

herein

collectively

the

“Funds”

individually

“Fund”:

Each

Fund

offers

multiple

classes

shares.

All

classes

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

the

shareholder

servicing

and

distribution

such

shares.

Institutional,

Service

and

Class

are

sold

only

certain

eligible

investors.

Service,

Investor

and

Investor

bear

certain

expenses

shareholder

servicing

such

shares,

and

Investor

also

bear

certain

expenses

the

distribution

such

shares.

Investor

and

Investor

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

matters

relating

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

shareholders

may

vote

material

changes

the

Investor

distribution

and

service

plan).

(a)

Investor

may

subject

CDSC

for

certain

redemptions

where

initial

sales

charge

was

paid

the

time

purchase.

(b)

CDSC

1.00%

assessed

certain

redemptions

Investor

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

are

included

complex

funds

referred

the BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

dates.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

dates

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities,

recognized

daily

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

each

class

based

its

relative

net

assets.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

the

trading

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

investments

are

recorded

the

rates

exchange

prevailing

the

respective

dates

such

transactions.

Generally,

when

the

U.S.

dollar

rises

value

against

foreign

currency,

the

investments

denominated

that

currency

will

lose

value;

the

opposite

effect

occurs

the

U.S.

dollar

falls

relative

value.

Each

Fund

does

not

isolate

the

effect

fluctuations

foreign

exchange

rates

from

the

effect

fluctuations

the

market

prices

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

changes

exchange

rates

investments

are

not

segregated

the

Statements

Operations

from

the

effects

changes

market

prices

those

investments,

but

are

included

component

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

foreign

currency

transactions

components

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

subject

foreign

taxes

portion

which

may

reclaimable)

income,

stock

dividends,

capital

gains

investments,

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

each

Fund

invests.

These

foreign

taxes,

any,

are

paid

each

Fund

and

are

reflected

its

Statements

Operations

follows:

foreign

taxes

withheld

source

are

presented

reduction

income,

foreign

taxes

securities

lending

income

are

presented

reduction

securities

lending

income,

foreign

taxes

stock

dividends

Fund

Name

Herein

Referred

Diversification

Classification

BlackRock

Emerging

Markets

ex-China

Fund

......................................

Emerging

Markets

ex-China

Non-Diversified

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

........................

Sustainable

Advantage

Emerging

Markets

Equity

Diversified

BlackRock

Sustainable

Advantage

Global

Equity

Fund

................................

Sustainable

Advantage

Global

Equity

Diversified

BlackRock

Sustainable

Advantage

International

Equity

Fund

............................

Sustainable

Advantage

International

Equity

Diversified

BlackRock

Tactical

Opportunities

Fund

..........................................

Tactical

Opportunities

Diversified

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charges

(“CDSC”)

Conversion

Privilege

Institutional,

Service

and

Class

.............................

None

Investor

............................................

Yes

(a)

None

Investor

...........................................

Yes

(b)

Investor

after

approximately

years

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

are

presented

“Foreign

taxes

withheld”,

and

foreign

taxes

capital

gains

from

sales

investments

and

foreign

taxes

foreign

currency

transactions

are

included

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

deferred

October

31,

2024

any,

are

disclosed

the Statements

Assets

and

Liabilities.

Consistent

with

U.S.

GAAP

accrual

requirements

for

uncertain

tax

positions,

each

Fund

recognizes

tax

reclaims

when

the

Fund

determines

that

likely

than

not

that each

Fund

will

sustain

its

position

that

due

the

reclaim.

The

Funds

file

withholding

tax

reclaims

certain

jurisdictions

recover

portion

amounts

previously

withheld.

The

Funds

may

record

reclaim

receivable

based

collectability,

which

includes

factors

such

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

Operations

include

tax

reclaims

recorded

well

professional

and

other

fees,

any,

associated

with

recovery

foreign

withholding

taxes.

Bank

Overdraft

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

the

custodian during

the

reporting

period.

The

Funds are

obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statements

Operations.

Collateralization:

required

exchange

counterparty

agreement,

the

Funds

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-

dealer

custodian

collateral

for

certain

investments.

Distributions:

Distributions

paid

the

Funds

are

recorded

the

ex-dividend

dates.

The

character

and

timing

distributions

are

determined

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Offering

Costs:

Offering

costs

are

amortized

over

12-month

period

beginning

with

the

commencement

operations

class

shares.

Indemnifications:

the

normal

course

business,

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

Fund’s

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

Fund,

which

cannot

predicted

with

any

certainty.

Other:

Expenses

directly

Fund

its

classes

are

charged

that

Fund

the

applicable

class.

Expenses

directly

the

Funds

and

other

shared

expenses

prorated

the

Funds

are

allocated

daily

each

class

based

their

relative

net

assets

other

appropriate

methods.

Other

operating

expenses

shared

several

funds,

including

other

funds

managed

the

Manager,

are

prorated

among

those

funds

the

basis

relative

net

assets

other

appropriate

methods.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

open

for

business

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

Trustees

the

Trust

(the

“Board”)

has

approved

the

designation

each

Fund’s

Manager

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

the

Manager’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

the

Manager’s

policies

and

procedures

reflecting

fair

value.

The

Manager

has

formed

committee

(the

“Valuation

Committee”)

develop

pricing

policies

and

procedures

and

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

establish

the

fair

value

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day’s official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

trade

last

available

bid

(long

positions)

ask

(short

positions)

price.

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

current

market

quotations

provided

independent

dealers

third-party

pricing

services. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

institutional

round

lot

size,

but

fund

may

hold

transact

such

securities

smaller,

odd

lot

sizes.

Odd

lots

may

trade

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

valuation

models

that

utilize

certain

inputs

and

assumptions

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

securities

may

valued

based

valuation

models

that

consider

the

estimated

cash

flows

each

tranche

the

entity,

establish

benchmark

yield

and

develop

estimated

tranche

specific

spread

the

benchmark

yield

based

the

unique

attributes

the

tranche.

The

amortized

cost

method

valuation

may

used

with

respect

debt

obligations

with

sixty

days

less

remaining

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds traded

recognized

securities

exchange

are

valued

that

day’s

official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

ETFs

and

closed-end

funds

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

trade

or last

available

bid

(long

positions)

ask

(short

positions)

price.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

that

day’s

net

asset

value

(“NAV”).

Futures

contracts

are valued

based

that

day’s

last

reported

settlement

trade price

the

exchange

where

the

contract

traded.

Forward

foreign

currency

exchange

contracts

are

valued

the

mean

between

the

bid

and

ask

prices

and

are

determined

the

trading

the

NYSE

based

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Interest

rate,

credit

default,

inflation

and

currency

swap

agreements

are

valued

utilizing

quotes

received

daily

independent pricing

services

through

brokers,

which

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

are

derived

using

daily

swap

curves

and

models

that

incorporate

market

data

and discounted

cash

flows.

Total

return

swap

agreements

are

valued

utilizing

quotes

received

daily

independent

pricing

services

through

brokers,

which

are

derived

using

models

that

incorporate

market

trades

and

fair

value

the

underlying

reference

instruments.

Generally,

trading

foreign

instruments

substantially

completed

each

day

various

times

prior

the

trading

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

independent

pricing

services

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

designed

value

such

foreign

securities

fair

value

the

trading

the

NYSE,

which occurs

after

the

local

markets.

events

(e.g.,

market

volatility,

company

announcement or

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Valuation

Committee

accordance

with

the

Manager’s

policies

and

procedures

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

determine

the

price

that

each

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement

the

measurement

date.

For

investments

equity

debt

issued

privately

held

companies

funds

(“Private

Company”

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

the

Valuation

Committee

and

third-party

pricing

services

utilized

the

Valuation

Committee

include one

combination

of,

but

not

limited

to,

the

following

inputs:

(i)

recent

market

transactions,

including

secondary

market

transactions,

merger

acquisition

activity

and

subsequent

rounds

financing

the

underlying

investment

comparable

issuers

(ii)

recapitalizations

and

other

transactions

across

the

capital

structure

(iii)

market

relevant

indices

multiples

comparable

issuers

(iv)

future

cash

flows

discounted

present

and

adjusted

appropriate

for

liquidity,

credit,

and/or

market

risks

(v)

quoted

prices

for

similar

investments

assets

active

markets

(vi)

other

risk

factors,

such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/

or default

rates

(vii) audited

unaudited

financial

statements,

investor

communications

and

Private

Company

financial

operational

metrics

(viii) relevant

market

news

and

other

public

sources.

Investments

series

preferred

stock

issued

Private

Companies

are

typically

valued

utilizing

market

approach to

determine the

enterprise

value

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

preferred

and

common

stock

the

same

issuer.

Enterprise

valuation

techniques

such

option

pricing

model

(“OPM”),

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

hybrid

those

techniques

are

used

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

determination

the

exit

scenarios

the

investment

order

appropriately

allocate

the

enterprise

value

the

company

among

the

various

parts

its

capital

structure.

Private

Companies

are

not

subject

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

Fund. Certain

information

made

available

Private

Company

date

that

earlier

than

the

date

Fund

calculating

its

NAV.

This

factor

may

result

difference

between

the

value

the

investment

and

the

price

Fund

could

receive

upon

the

sale

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial reporting purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

that

each

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

the

entire

fair

value

measurement

for the

asset

liability

(including

the

Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety. Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

Private

Companies

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

SECURITIES

AND

OTHER

INVESTMENTS

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

pass-through

certificates

debt

instruments.

Asset-backed

securities

issued

pass-through

certificates

represent

undivided

fractional

ownership

interests

underlying

pool

assets.

Asset-backed

securities

issued

debt

instruments,

which

are

also

known

collateralized

obligations,

are

typically

issued

the

debt

special

purpose

entity

organized

solely

for

the

purpose

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

pool

assets

representing

the

obligations

number

different

parties.

The

yield

characteristics

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

that

all

principal

part

the

obligations

may

prepaid

any

time

because

the

underlying

assets

(i.e.,

loans)

may

prepaid

any

time.

result,

decrease

interest

rates

the

market

may

result

increases

the

level

prepayments

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

increased

prepayment

rate

with

respect

asset-backed

security

will

have

the

effect

shortening

the

maturity

the

security.

addition,

fund

may

subsequently

have

reinvest

the

proceeds

lower

interest

rates.

fund

has

purchased

such

asset-backed

security

premium,

faster

than

anticipated

prepayment

rate

could

result

loss

principal

the

extent

the

premium

paid.

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

number

important

differences

among

the

agencies

and

instrumentalities

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

Ginnie

Mae

are

guaranteed

the

timely

payment

principal

and

interest

Ginnie

Mae

and

such

guarantee

backed

the

full

faith

and

credit

the

United

States.

However,

mortgage-related

securities

issued

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

Freddie

Mac

and

Fannie

Mae,

are

not

backed

entitled

the

full

faith

and

credit

the

United

States,

but

are

supported

the

right

the

issuer

borrow

from

the

U.S.

Treasury.

Non-agency

mortgage-backed

securities

are

securities

issued

non-governmental

issuers

and

have

direct

indirect

government

guarantees

payment

and

are

subject

various

risks.

Non-agency

mortgage

loans

are

obligations

the

borrowers

thereunder

only

and

are

not

typically

insured

guaranteed

any

other

person

entity.

The

ability

borrower

repay

loan

dependent

upon

the

income

assets

the

borrower.

number

factors,

including

general

economic

downturn,

acts

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrower’s

ability

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

asset-backed

securities.

CDO

entity

that

backed

diversified

pool

debt

securities

(CBOs)

syndicated

bank

loans

(CLOs).

The

cash

flows

the

CDO

can

split

into

multiple

segments,

called

“tranches,”

which

will

vary

risk

profile

and

yield.

The

riskiest

segment

the

subordinated

“equity”

tranche.

This

tranche

bears

the

greatest

risk

defaults

from

the

underlying

assets

the

CDO

and

serves

protect

the

other,

senior,

tranches

from

default

all

but

the

most

severe

circumstances.

Since

shielded

from

defaults

the

junior

tranches,

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

actual

defaults,

increased

sensitivity

future

defaults

and

the

disappearance

one

protecting

tranches

result

changes

the

credit

profile

the

underlying

pool

assets.

Preferred

Stocks:

Preferred

stock

has

preference

over

common

stock

liquidation

(and

generally

receiving

dividends

well),

but

subordinated

the

liabilities

the

issuer

all

respects.

general

rule,

the

market

value

preferred

stock

with

fixed

dividend

rate

and

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

convertible

preferred

stock

generally

also

reflects

some

element

conversion

value.

Because

preferred

stock

junior

debt

securities

and

other

obligations

the

issuer,

deterioration

the

credit

quality

the

issuer

will

cause

greater

changes

the

value

preferred

stock

than

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

debt

securities,

preferred

stock

dividends

are

payable

only

declared

the

issuer’s

board

directors.

Preferred

stock

also

may

subject

optional

mandatory

redemption

provisions.

Warrants:

Warrants

entitle

fund

purchase

specified

number

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

are

subject

adjustment

under

certain

conditions

until

the

expiration

date

the

warrants,

any.

the

price

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

fund

will

lose

any

amount

paid

for

the

warrant.

Thus,

investments

warrants

may

involve

risk

than

investments

common

stock.

Warrants

may

trade

the

same

markets

their

underlying

stock;

however,

the

price

the

warrant

does

not

necessarily

move

with

the

price

the

underlying

stock.

Securities

Lending:

Certain

Funds

may

lend

their

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

cash,

irrevocable

letter

credit

issued

bank,

securities

issued

guaranteed

the

U.S.

Government.

The

initial

collateral

received

each

Fund

required

have

value

least

102%

the

current

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

market

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

of the

Fund

and

any

additional

required

collateral

delivered

the

Fund,

excess

collateral returned

the

Fund,

the

business

day.

During

the

term

the

loan,

the

Funds

are

entitled

all

distributions

made

or in

respect

the

loaned

securities,

but

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

any,

disclosed

the

Schedules

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

disclosed

the

Funds’

Schedules

Investments.

The

market

value

any

securities

loan

and

the

value

collateral,

any,

are

shown

separately

the Statements

Assets

and

Liabilities

component

investments

value

–

unaffiliated

and

collateral

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

the

Funds

under

Master

Securities

Lending

Agreements

(each,

“MSLA”),

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency),

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Funds,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

period

end,

the

following

tables

are

summary

the

Funds'

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

Fund

Name/Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

Net

Amount

(b)

Sustainable

Advantage

Emerging

Markets

Equity

Barclays

Capital,

Inc.

..........................

12,505‌

(12,505‌)

—‌

Tactical

Opportunities

Credit

Suisse

Securities

(USA)

LLC

................

2,411‌

(1,988‌)

—‌

423‌

Morgan

Stanley

..............................

11,492‌

(10,315‌)

—‌

1,177‌

13,903‌

(12,303‌)

—‌

1,600‌

(a)

Collateral

received,

any,

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

each

Fund

disclosed

the

Funds’

Statements

Assets

and

Liabilities

(b)

The

market

value

the

loaned

securities

determined

October

31,

2024.

Additional

collateral

delivered

the

Fund

the

business

day

accordance

with

the

MSLA.

The

net

amount

would

subject

the

borrower

default

indemnity

the

event

default

the

counterparty.

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks, each

Fund benefits

from

borrower

default

indemnity

provided

BIM.

BIM’s

indemnity

allows

for

full

replacement

the

securities

loaned

the

extent the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

Each

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

the loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by each

Fund.

Derivative

Financial

Instruments

The

Funds

engage

various

portfolio

investment

strategies

using

derivative

contracts

both

increase

the

returns

the

Funds

and/or

manage

their

exposure

certain

risks

such

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

risk

exposure

are

included

the

Schedules

Investments.

These

contracts

may

transacted

exchange

over-the-counter

(“OTC”).

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk)

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the

Funds

are

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Securities

deposited

initial

margin

are

designated

the

Schedules

Investments

and

cash

deposited,

any, are

shown

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Pursuant

the

contract,

the

Funds

agree

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statements

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statements

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

Forward

foreign

currency

exchange

contracts

are

entered

into

gain

reduce

exposure

foreign

currencies

(foreign

currency

exchange

rate

risk).

forward

foreign

currency

exchange

contract

agreement

between

two

parties

buy

and

sell

currency

set

exchange

rate

specified

date.

These

contracts

help

manage

the

overall

exposure

the

currencies

which

some

the

investments

held

the

Funds

are

denominated

and

some

cases,

may

used

obtain

exposure

particular

market.

The

contracts

are

traded

OTC

and

not

organized

exchange.

The

contract

marked-to-market

daily

and

the

change

market

value

recorded

unrealized

appreciation

(depreciation)

the

Statements

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

Statements

Operations

equal

the

difference

between

the

value

the

time

was

opened

and

the

value

the

time

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

cash

without

the

delivery

foreign

currency.

The

use

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

forward

foreign

currency

exchange

contract

changes

unfavorably

due

movements

the

value

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

the

Statements

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

cash

pledged

collateral

for

OTC

derivatives

the

Statements

Assets

and

Liabilities. The

Fund’s

risk

loss

from

counterparty

credit

risk

OTC

derivatives

generally

limited

the

aggregate

unrealized

gain

netted

against

any

collateral

held

the

Fund.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

Swaps:

Swap

contracts

are

entered

into

manage

exposure

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

counterparty

make

periodic

net

payments

specified

notional

amount

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

the

OTC

market

and

may

entered

into

bilateral

contract

(“OTC

swaps”)

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

swap

premiums

paid

and

swap

premiums

received,

respectively,

the

Statements

Assets

and

Liabilities

and

amortized

over

the

term

the

contract.

The

daily

fluctuation

market

value

recorded

unrealized

appreciation

(depreciation)

OTC

swaps

the

Statements

Assets

and

Liabilities.

Payments

received

paid

are

recorded

the

Statements

Operations

realized

gains

losses,

respectively.

When

OTC

swap

terminated,

realized

gain

loss

recorded

the

Statements

Operations

equal

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

the

contract,

any.

Generally,

the

basis

the

contract

the

premium

received

paid.

centrally

cleared

swap,

immediately

following

execution

the

swap

contract,

the

swap

contract

novated

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

the

swap. Each

Fund is

required

interface

with

the

CCP

through

the

broker.

Upon

entering

into

centrally

cleared

swap, each

Fund is

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

the

size

and

risk

profile

the

particular

swap.

Securities

deposited

initial

margin

are

designated

the

Schedules

Investments

and

cash

deposited

shown

cash

pledged

for

centrally

cleared

swaps

the

Statements

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

cash

pledged

for

centrally

cleared

swaps

the

Statements

Assets

and

Liabilities.

Pursuant

the

contract, each

Fund

agrees

receive

from

pay

the

broker

variation

margin.

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and

shown

variation

margin

receivable

(or

payable)

centrally

cleared

swaps

the

Statements

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

the

contract

and recorded

realized

gains

(losses)

the

Statements

Operations,

including

those

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

manage

exposure

the

market

certain

sectors

the

market,

reduce

risk

exposure

defaults

corporate

and/or

sovereign

issuers

create

exposure

corporate

and/or

sovereign

issuers

which

fund

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

sell

(write)

credit

default

swaps

single-name

issuers

(corporate

sovereign),

combination

basket

single-name

issuers

traded

indexes.

Credit

default

swaps

are

agreements

which

the

protection

buyer

pays

fixed

periodic

payments

the

seller

consideration

for

promise

from

the

protection

seller

make

specific

payment

should

negative

credit

event

take

place

with

respect

the

referenced

entity

(e.g.,

bankruptcy,

failure

pay,

obligation

acceleration,

repudiation,

moratorium

restructuring).

buyer,

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

amount

equal

the

notional

amount

the

swap

and

deliver

the

referenced

security

underlying

securities

comprising

the

index,

(ii)

receive

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

seller

(writer),

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

amount

equal

the

notional

amount

the

swap

and

take

delivery

the

referenced

security

underlying

securities

comprising

the

index

pay

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

obtain

exposure

security

market

without

owning

such

security

investing

directly

such

market

exchange

the

risk/return

one

security

market

(e.g.,

fixed-income)

with

another

security

market

(e.g.,

equity

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

which

there

exchange

cash

flows

whereby

one

party

commits

make

payments

based

the

total

return

(distributions

plus

capital

gains/losses)

underlying

instrument,

basket

underlying

instruments,

exchange

for

fixed

floating

rate

interest

payments.

the

total

return

the

instrument(s)

index

underlying

the

transaction

exceeds

falls

short

the

offsetting

fixed

floating

interest

rate

obligation,

the

Funds

receive

payment

from

make

payment

the

counterparty.

Certain

total

return

swaps

are

designed

function

portfolio

direct

investments

long

and

short

equity

positions.

This

means

that

each

Fund

has

the

ability

trade

and

out

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

direct

investment

these

positions,

subject

certain

adjustments

due

events

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

which

are

reflected

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

the

notional

values

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

specified

benchmark

rate

plus

minus

specified

spread

determined

based

upon

the

country

and/or

currency

the

positions

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

reset,

any

unrealized

appreciation

(depreciation)

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Funds

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

realized

gains

losses

the

Statements

Operations.

Cash

settlement

and

out

the

swap

may

occur

reset

date

any

other

date,

the

discretion

the

Funds

and

the

counterparty,

over

the

life

the

agreement.

Certain

swaps

have

stated

expiration

and

can

terminated

either

party

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

gain

reduce

exposure

interest

rates

manage

duration,

the

yield

curve

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

which

one

party

pays

stream

interest

payments,

either

fixed

floating,

exchange

for

another

party’s

stream

interest

payments,

either

fixed

floating,

the

same

notional

amount

for

specified

period

time.

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.

forward

swap,

each

Fund

and

the

counterparty

agree

make

periodic

net

payments

beginning

specified

date

net

payment

termination.

Swap

transactions

involve,

varying

degrees,

elements

interest

rate,

credit

and

market

risks

excess

the

amounts

recognized

the

Statements

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

liquid

market

for

these

agreements,

that

the

counterparty

the

agreements

may

default

its

obligation

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

perform

disagree

the

meaning

the

contractual

terms

the

agreements,

and

that

there

may

unfavorable

changes

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

order

define

its

contractual

rights

and

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

its

derivative

contract

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between a

Fund

and

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event.

Under

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

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

including

the

bankruptcy

insolvency

the

counterparty.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

the

right

offset

bankruptcy,

insolvency

other

events.

Collateral

Requirements:

For

derivatives

traded

under

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

the

value

any

collateral

currently

pledged

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

cover

obligations

the

Funds

and

cash

collateral

received

from

the

counterparty,

any,

reported

separately

the

Statements

Assets

and

Liabilities

cash

pledged

collateral

and

cash

received

collateral,

respectively.

Non-cash

collateral

pledged

the

Funds,

any,

noted

the

Schedules

Investments.

Generally,

the

amount

collateral

due

from

counterparty

subject

certain

minimum

transfer

amount

threshold

before

transfer

required,

which

determined

the

business

the

Funds.

Any

additional

required

collateral

delivered

to/pledged

the

Funds

the

business

day.

Typically,

the

counterparty

not

permitted

sell,

re-pledge

use

cash

and

non-cash

collateral

receives.

Fund

generally

agrees

not

use

non-cash

collateral

that

receives

but

may,

absent

default

certain

other

circumstances

defined

the

underlying

ISDA

Master

Agreement,

permitted

use

cash

collateral

received.

such

cases,

interest

may

paid

pursuant

the

collateral

arrangement

with

the

counterparty.

the

extent

amounts

due

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

loss

from

counterparty

non-performance.

Likewise,

the

extent

the

Funds have

delivered

collateral

counterparty

and

stand

ready

perform

under

the

terms

their

agreement

with

such

counterparty, each

Fund bears

the

risk

loss

from

counterparty

the

amount

the

value

the

collateral

the

event

the

counterparty

fails

return

such

collateral.

Based

the

terms

agreements,

collateral

may

not

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements,

any,

the

Statements

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES

Investment

Advisory:

The

Trust,

behalf

of the

Funds,

entered

into

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

indirect,

wholly-owned

subsidiary

BlackRock,

Inc.

(“BlackRock”),

provide

investment

advisory

services.

The

Manager

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

monthly

fee

annual

rate

equal

the

following

percentages

the

average

daily

value

each

Fund’s

net

assets:

With

respect

Emerging

Markets

ex-China

and

Tactical

Opportunities,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

BlackRock

International

Limited

(“BIL”),

BlackRock

(Singapore)

Limited

(“BSL”)

and

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA")

(collectively,

the

“Sub-Advisers”),

each

affiliate

the

Manager,

applicable.

The

Manager

pays

BIL

and

BAMNA

for

services

they

provide

for

that

portion

Emerging

Markets

ex-China

for

which

BIL

and

BAMNA,

applicable,

acts

sub-adviser,

monthly

fee

that

equal

percentage

the

investment

advisory

fees

paid

Emerging

Markets

ex-China

the

Manager.

The

Manager

pays

BSL

and

BAMNA

for

services

they

provide

for

that

portion

Tactical

Opportunities

for

which

BSL

and

BAMNA,

applicable,

acts

sub-adviser,

monthly

fee

that

equal

percentage

the

investment

advisory

fees

paid

Tactical

Opportunities

the

Manager.

Investment

Advisory

Fees

Average

Daily

Net

Assets

Emerging

Markets

ex-

China

Sustainable

Advantage

Emerging

Markets

Equity

Sustainable

Advantage

Global

Equity

Sustainable

Advantage

International

Equity

First

billion

..............................................................

0.810%

0.800%

0.660%

0.450%

billion

..........................................................

0.760

0.750

0.620

0.420

billion

..........................................................

0.730

0.720

0.590

0.410

billion

$10

billion

.........................................................

0.700

0.570

0.390

Greater

than

$10

billion

........................................................

0.690

0.680

0.560

0.380

Investment

Advisory

Fees

Average

Daily

Net

Assets

Tactical

Opportunities

First

billion

.........................................................................................................

0.550%

billion

.....................................................................................................

0.500

billion

.....................................................................................................

0.475

Greater

than

billion

...................................................................................................

0.450

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

Service

and

Distribution

Fees:

The

Trust,

behalf

the

Funds,

entered

into

Distribution

Agreement

and

Distribution

and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

the

Manager.

Pursuant

the

Distribution

and

Service

Plan

and

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

annual

rates

based

upon

the

average

daily

net

assets

the

relevant

class

each

Fund

follows:

BRIL

and

broker-dealers,

pursuant

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

the

Funds.

The

ongoing

service

and/or

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution

services

shareholders.

For

the six

months

ended

October

31,

2024,the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

each

class

each

Fund:

Administration:

The

Trust,

behalf

each

Fund,

entered

into

Administration

Agreement

with

the

Manager,

indirect,

wholly-owned

subsidiary

BlackRock,

provide

administrative

services.

For

these

services,

the

Manager

receives

administration

fee

computed

daily

and

payable

monthly,

based

percentage

the

average

daily

net

assets

each

Fund.

The

administration

fee,

which

shown

administration

the

Statements

Operations,

paid

the

annual

rates

below.

addition,

the

Manager

charges

each

the

classes

administration

fee,

which

shown

administration —

class

specific

the

Statements

Operations,

annual

rate

0.02% of

the

average

daily

net

assets

each

respective

class.

For

the

six

months

ended

October

31,

2024, the

following

table

shows

the

class

specific

administration

fees

borne

directly

each

class

each

Fund:

Transfer

Agent:

Pursuant

written

agreements,

certain

financial

intermediaries,

some

which

may

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

servicing

underlying

investor

accounts.

For

these

services,

these

entities

receive

asset-based

fee

annual

fee

per

shareholder

account,

which

will

vary

depending

class

and/or

net

assets.

For

the six

months ended October

31,

2024, Tactical

Opportunities

paid

the

following

amounts

affiliates

BlackRock

return

for

these

services,

which

are

included

transfer

agent

—

class

specific

the

Statements

Operations:

The

Manager

maintains

call

center

that

responsible

for

providing

certain

shareholder

services

the

Funds.

Shareholder

services

include

responding

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

October

31,

2024,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

running

the

call

center,

which

are

included

transfer

agent

—

class

specific

the

Statements

Operations:

Class

Service

Fees

Distribution

Fees

Service

..................................................................................................

0.25‌

—‌

Investor

.................................................................................................

0.25‌

—‌

Investor

.................................................................................................

0.25‌

0.75‌

Fund

Name

Service

Investor

Total

Emerging

Markets

ex-China

..............................................................

—‌

182‌

—‌

182‌

Sustainable

Advantage

Emerging

Markets

Equity

................................................

—‌

250‌

—‌

250‌

Sustainable

Advantage

Global

Equity

........................................................

—‌

292‌

—‌

292‌

Sustainable

Advantage

International

Equity

....................................................

—‌

471‌

—‌

471‌

Tactical

Opportunities

...................................................................

2,303‌

226,985‌

43,548‌

272,836‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

......................................................................................................

0.0425%

$500

million

billion

..................................................................................................

0.0400

billion

....................................................................................................

0.0375

billion

....................................................................................................

0.0350

billion

$13

billion

...................................................................................................

0.0325

Greater

than

$13

billion

..................................................................................................

0.0300

Fund

Name

Institutional

Service

Investor

Class

Total

Emerging

Markets

ex-China

..............................................

5,121‌

—‌

14‌

—‌

608‌

5,743‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

24‌

—‌

20‌

—‌

1,087‌

1,131‌

Sustainable

Advantage

Global

Equity

........................................

13‌

—‌

23‌

—‌

1,208‌

1,244‌

Sustainable

Advantage

International

Equity

....................................

23‌

—‌

38‌

—‌

1,625‌

1,686‌

Tactical

Opportunities

...................................................

149,230‌

184‌

18,159‌

871‌

28,530‌

196,974‌

Fund

Name

Institutional

Tactical

Opportunities

.......................................................................................................

111,818‌

Fund

Name

Institutional

Service

Investor

Class

Total

Sustainable

Advantage

Emerging

Markets

Equity

................................

14‌

—‌

15‌

—‌

15‌

44‌

Sustainable

Advantage

International

Equity

....................................

39‌

—‌

52‌

—‌

17‌

108‌

Tactical

Opportunities

...................................................

1,390‌

39‌

31,246‌

619‌

265‌

33,559‌

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

For

the

six

months ended

October

31,

2024,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

each

class

each

Fund:

Other

Fees:

For

the

six

months

ended

October

31,

2024

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

sales

of each

Fund’s Investor

Shares as

follows:

For

the six

months

ended

October

31,

2024,

affiliates

received

CDSCs

follows:

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

With

respect

each

Fund,

the

Manager

contractually

agreed

waive

its

investment

advisory

fees

the

amount

investment

advisory

fees

each

Fund

pays

the

Manager

indirectly

through

its

investment

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2026.

The

contractual

agreement

may

terminated

upon

days’

notice

majority

the

trustees

who

are

not

"interested

persons"

the

Trust,

defined

the

1940

Act

("Independent

Trustees"),

vote

majority

the

outstanding

voting

securities

Fund.

The

amount

waivers

and/or

reimbursements

fees

and

expenses

made

pursuant

the

expense

limitations

described

below

will

reduced

the

amount

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

fees

waived

and/or

reimbursed

the

Manager

the

Statements

Operations.

For

the six

months

ended

October

31,

2024,

the

amounts

waived

were

follows:

The

Manager

has

contractually

agreed

waive

its

investment

advisory

fee

with

respect

any

portion

each

Fund’s

assets

invested

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

contractual

management

fee

through

June

30,

2026.

The

contractual

agreement

may

terminated

upon

days’

notice

majority

the

Independent

Trustees,

vote

majority

the

outstanding

voting

securities

Fund.

These

amounts

are

included

fees

waived

and/or

reimbursed

the

Manager

the

Statements

Operations.

For

the

six

months

ended

October

31,

2024,

the

Manager

waived

$2,085

investment

advisory

fees

with

respect

Emerging

Markets

ex-China

pursuant

these

arrangements.

With

respect

each

Fund,

the

Manager

contractually

agreed

waive

and/or

reimburse

fees

expenses

order

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

the

ordinary

course

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

percentage

average

daily

net

assets

are

follows:

The

Manager

has

agreed

not

reduce

discontinue

the

contractual

expense

limitations

through

June

30,

2026

for

Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity,

unless

approved

the

Board,

including

majority

the

Independent

Trustees,

vote

majority

the

outstanding

voting

securities

Fund.

For

the

six

months

ended

October

31,

2024,

the

amounts

included

fees

waived

and/

reimbursed

the

Manager

the

Statements

Operations

were

follows:

Fund

Name

Institutional

Service

Investor

Class

Total

Emerging

Markets

ex-China

..............................................

167‌

—‌

167‌

—‌

166‌

500‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

73‌

—‌

206‌

—‌

146‌

425‌

Sustainable

Advantage

Global

Equity

........................................

160‌

—‌

235‌

—‌

152‌

547‌

Sustainable

Advantage

International

Equity

....................................

129‌

—‌

247‌

—‌

239‌

615‌

Tactical

Opportunities

...................................................

1,002,149‌

1,493‌

157,538‌

5,848‌

265‌

1,167,293‌

Fund

Name

Other

Fees

Tactical

Opportunities

......................................................................................................

1,030‌

Fund

Name

Investor

Tactical

Opportunities

.......................................................................................................

1,920‌

Fund

Name

Amounts

Waived

Emerging

Markets

ex-China

.............................................................................................

809‌

Sustainable

Advantage

Emerging

Markets

Equity

...............................................................................

113‌

Sustainable

Advantage

Global

Equity

.......................................................................................

64‌

Sustainable

Advantage

International

Equity

...................................................................................

137‌

Tactical

Opportunities

..................................................................................................

40,732‌

Fund

Name

Institutional

Service

Investor

Class

Emerging

Markets

ex-China

...................................................

0.86‌

N/A‌

1.11‌

N/A‌

0.81‌

Sustainable

Advantage

Emerging

Markets

Equity

.....................................

0.86‌

N/A‌

1.11‌

N/A‌

0.81‌

Sustainable

Advantage

Global

Equity

.............................................

0.71‌

N/A‌

0.96‌

N/A‌

0.66‌

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

the

Manager

Emerging

Markets

ex-China

...................................................................................................

143,528‌

Sustainable

Advantage

Emerging

Markets

Equity

.....................................................................................

154,283‌

Sustainable

Advantage

Global

Equity

.............................................................................................

180,611‌

Sustainable

Advantage

International

Equity

.........................................................................................

140,082‌

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

The

following

Funds

also

had

waiver

administration

fees,

which

are

included

Administration

fees

waived

the

Statements

Operations.

For

the six

months ended

October

31,

2024,

the

amounts

were as

follows:

addition,

these

amounts

waived

and/or

reimbursed

the

Manager are

included

in administration

fees

waived

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

the

Manager

—

class

specific,

respectively,

the

Statements

Operations.

For

the

six

months ended

October

31,

2024,

class

specific

expense

waivers

and/or

reimbursements were

follows:

With

respect

the

contractual

expense

limitation,

during

Fund’s

fiscal

year

the

operating

expenses

class,

that

any

time

during

the

prior

two

fiscal

years

received

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

class,

the

Manager

entitled

reimbursed

such

class

the

lesser

of:

(a)

the

amount

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

amount

not

exceed

either

the

current

expense

limitation

that

class

the

expense

limitation

the

class

effect

the

time

that

the

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

each

Fund,

which

the

class

part,

has

than

$50

million

assets

for

the

fiscal

year,

and

(2)

the

Manager

affiliate

continues

serve

Fund’s

investment

adviser

administrator.

This

repayment

applies

only

the

contractual

expense

limitation

net

expenses

and

does

not

apply

the

contractual

investment

advisory

fee

waiver

described

above

any

voluntary

waivers

that

may

effect

from

time

time.

Effective

March

15,

2030,

the

repayment

arrangement

between

Emerging

Markets

ex-China

and

the

Manager

pursuant

which

such

Fund

may

required

repay

amounts

waived

and/or

reimbursed

under

Emerging

Markets

ex-China's

contractual

caps

net

expenses

will

terminated.

Effective

June

21,

2030,

the

repayment

arrangement

between

Sustainable

Advantage

Global

Equity

and

the

Manager

pursuant

which

such

Fund

may

required

repay

amounts

waived

and/or

reimbursed

under

Sustainable

Advantage

Global

Equity's

contractual

caps

net

expenses

will

terminated.

Fund

Name

Administration

Fees

Waived

Sustainable

Advantage

Emerging

Markets

Equity

.....................................................................................

2,40

5‌

Sustainable

Advantage

Global

Equity

.............................................................................................

2,64

2‌

Sustainable

Advantage

International

Equity

.........................................................................................

3,58

3‌

Fund

Name/Share

Class

Administration

Fees

Waived

the

Manager

—

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

the

Manager

—

Class

Specific

Emerging

Markets

ex-China

Investor

.....................................................................................

14‌

131‌

Class

......................................................................................

608‌

166‌

622‌

297‌

Sustainable

Advantage

Emerging

Markets

Equity

Institutional

....................................................................................

12‌

32‌

Investor

.....................................................................................

20‌

157‌

Class

......................................................................................

1,087‌

145‌

1,119‌

334‌

Sustainable

Advantage

Global

Equity

Institutional

....................................................................................

13‌

128‌

Investor

.....................................................................................

23‌

176‌

Class

......................................................................................

1,208‌

152‌

1,244‌

456‌

Sustainable

Advantage

International

Equity

Institutional

....................................................................................

23‌

72‌

Investor

.....................................................................................

38‌

153‌

Class

......................................................................................

1,625‌

238‌

1,686‌

463‌

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

of October

31,

2024,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

possible

future

recoupment

under

the

expense

limitation

agreement were

follows:

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

exemptive

order

which

permits

BIM,

affiliate

the

Manager,

serve

securities

lending

agent

for

the

Funds,

subject

applicable

conditions.

securities

lending

agent,

BIM

bears

all

operational

costs

directly

securities

lending.

The

Funds

are

responsible

for fees

connection

with

the

investment

cash

collateral

received

for

securities

loan

(the

“collateral

investment

fees”).

The

cash

collateral

invested

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

the

Manager

its

affiliates.

However,

BIM

has

agreed

reduce

the

amount

securities

lending

income

receives

order

effectively

limit

the

collateral

investment

fees

the

Funds

bear

annual

rate

0.04%.

The

Agency

such

money

market

fund

will

not

subject

sales

load,

distribution

fee

service

fee.

The

money

market

fund

which

the

cash

collateral

has

been

reinvested

may

impose

discretionary

liquidity

fee

all

redemptions.

Discretionary

liquidity

fees

may

imposed

terminated

any

time

the

discretion

the

board

directors

the

money

market

fund,

its

delegate,

determined

that

such

fee

would

be,

would

not

be,

respectively,

the

best

interest

the

money

market

fund.

Additionally,

the

money

market

fund

will

impose

mandatory

liquidity

fee

the

money

market

fund's

total

net

redemptions

single

day

exceed

the

money

market

fund's

net

assets,

unless

the

amount

the

fee

less

than

0.01%

the

value

the

redeemed.

The

money

market

fund

will

determine

the

size

the

mandatory

liquidity

fee

making

good

faith

estimate

certain

costs

the

money

market

fund

would

incur

were

sell

pro

rata

amount

each

security

the

portfolio

satisfy

the

amount

net

redemptions

that

day.

There

limit

the

size

mandatory

liquidity

fee.

the

money

market

fund

cannot

estimate

the

costs

selling

pro

rata

amount

each

portfolio

security

good

faith

and

supported

data,

required

apply

default

liquidity

fee

the

value

redeemed

that

day.

Securities

lending

income

generally

equal

the

total

income

earned

from

the

reinvestment

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

other

payments

and

from

borrowers

securities.

Each

Fund

retains

portion

the

securities

lending

income

and

remits the

remaining

portion

BIM

compensation

for

its

services

securities

lending

agent.

Pursuant

the

current

securities

lending

agreement,

Tactical

Opportunities retains

81%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset Complex

calendar

year

exceeds

specified

threshold,

Tactical

Opportunities,

pursuant

the

securities

lending

agreement,

will

retain

for

the

remainder

that

calendar

year

securities

lending

income

amount

equal

81%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

Pursuant

the

current

securities

lending

agreement,

Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity retain

82%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

calendar

year

exceeds

specified

threshold,

Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity,

pursuant

the

securities

lending

agreement,

will

retain

for

the

remainder

that

calendar

year

securities

lending

income

amount

equal

85%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

The

securities

lending

income

earned

by each

Fund

shown

securities

lending

income

—

affiliated

—

net

the Statements

Operations.

For

the six

months

ended

October

31,

2024, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services:

Interfund

Lending:

accordance

with

exemptive

order

(the

“Order”)

from

the

SEC, each

Fund

may

participate

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

compliance

with

the

terms

and

conditions

the

Order,

and

the

extent

permitted

by each

Fund’s

investment

policies

and

restrictions. Each

Fund

currently

permitted

borrow

and

lend

and

Emerging

Markets

ex-China and

Tactical

Opportunities

are

currently

permitted

borrow

under

the

Interfund

Lending

Program.

lending

BlackRock

fund

may

lend

aggregate

15%

its

net

assets

but

may

not

lend

than

its

net

assets

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

from

any

other

source

than

1/3%

its

total

assets

(or

any

lower

threshold

provided

for

the fund’s

investment

restrictions).

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

its

total

assets,

each

its

Expiring

April

30,

2025

2026

2027

Emerging

Markets

ex-China

Fund

Level

.....................................................................

76,494‌

422,649‌

143,528‌

Institutional

.....................................................................

301‌

—‌

Investor

......................................................................

340‌

145‌

Class

........................................................................

118

1,457‌

774‌

Sustainable

Advantage

Global

Equity

Fund

Level

.....................................................................

—‌

399,706‌

183,253‌

Institutional

.....................................................................

—

278‌

141‌

Investor

......................................................................

—

275‌

199‌

Class

........................................................................

—

2,081‌

1,360‌

Fund

Name

Amounts

Emerging

Markets

ex-China

.................................................................................................

207‌

Sustainable

Advantage

Emerging

Markets

Equity

...................................................................................

13‌

Sustainable

Advantage

Global

Equity

...........................................................................................

12‌

Tactical

Opportunities

......................................................................................................

4,236‌

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

outstanding

interfund

loans

will

subject

collateralization

least

102%

the

outstanding

principal

value

the

loan.

All

interfund

loans

are

for

temporary

emergency

purposes

and

the

interest

rate

charged

will

the

average

the

highest

current

overnight

repurchase

agreement

rate

available

lending

fund

and

the

bank

loan

rate,

calculated

according

formula

established

the

Board.

During the

period

ended

October

31,

2024,

the

Funds

did

not

participate

the

Interfund

Lending

Program.

Trustees

and

Officers:

Certain

trustees

and/or

officers

the Trust are directors and/or

officers

of BlackRock

its

affiliates.

The

Funds

reimburse

the

Manager

for

portion

the

compensation

paid

the

Trust’s

Chief

Compliance

Officer,

which

included

Trustees and

Officer

the

Statements

Operations.

Other

Transactions:

The

Funds

may

purchase

securities

from,

sell

securities

to,

affiliated

fund

provided

the

affiliation

due

solely

having

common

investment

adviser,

common

officers,

common trustees.

For

the

six

months

ended

October

31,

2024,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

compliance

with

Rule

17a-7

under

the

1940

Act

were

follows:

PURCHASES

AND

SALES

For

the six

months ended

October

31,

2024,

purchases

and

sales

investments,

including

paydowns/payups, and

excluding

short-term

securities,

were

follows:

INCOME

TAX

INFORMATION

each

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

income

tax

returns

are

currently

under

examination.

The

statute

limitations

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

period

three

years

after

they

are

filed.

The

statutes

limitations

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

additional

year

depending

upon

the

jurisdiction.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the Funds

October

31,

2024,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Funds’

financial

statements.

Management’s

analysis

based

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

effect

date

these

financial

statements,

all

which

are

subject

change,

possibly

with

retroactive

effect

which

may

impact

the

Funds’

NAV.

April

30,

2024, the

Funds

had

non-expiring

capital

loss

carryforwards

available

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows:

October

31,

2024, gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Tactical

Opportunities

...................................................................

71,504,621‌

114,278,522‌

4,609,229‌

Other

Securities

Fund

Name

Purchases

Sales

Emerging

Markets

ex-China

..............................................................................

21,571,689‌

20,446,039‌

Sustainable

Advantage

Emerging

Markets

Equity

................................................................

9,653,682‌

9,831,497‌

Sustainable

Advantage

Global

Equity

........................................................................

6,112,782‌

6,132,118‌

Sustainable

Advantage

International

Equity

....................................................................

7,406,914‌

11,244,985‌

Tactical

Opportunities

...................................................................................

719,284,727‌

573,995,702‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

Qualified

Late-

Year

Ordinary

Losses

Sustainable

Advantage

Emerging

Markets

Equity

......................................................................

2,007,789‌

–‌

Sustainable

Advantage

International

Equity

..........................................................................

730,406‌

–‌

Tactical

Opportunities

.........................................................................................

36,043,433‌

113,719,863‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Markets

ex-China

..........................................

58,513,478‌

4,592,305‌

(5,012,644‌)

(420,339‌)

Sustainable

Advantage

Emerging

Markets

Equity

............................

10,459,865‌

1,618,395‌

(731,085‌)

887,310‌

Sustainable

Advantage

Global

Equity

....................................

10,811,244‌

2,047,959‌

(225,447‌)

1,822,512‌

Sustainable

Advantage

International

Equity

................................

10,991,677‌

2,101,086‌

(258,630‌)

1,842,456‌

Tactical

Opportunities

..............................................

1,518,083,010‌

515,559,509‌

(99,797,728‌)

415,761,781‌

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

BANK

BORROWINGS

The

Trust,

behalf

each

Fund,

along

with

certain

other

funds

managed

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

364-day,

$2.40

billion

credit

agreement

with

group

lenders.

Under

this

agreement,

the

Funds

may

borrow

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

aggregate

commitment

amount

$1.75

billion

any

time

outstanding,

subject

asset

coverage

and

other

limitations

specified

the

agreement.

The

credit

agreement

has

the

following

terms:

fee

0.10%

per

annum

unused

commitment

amounts

and

interest

rate

equal

the

higher

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

any

event,

not

less

than

0.00%)

effect

from

time

plus

0.80%

per

annum

amounts

borrowed

(c)

the

sum

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

April

2025

unless

extended

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

the

aggregate

commitment

available

them

and

relative

net

assets

Participating

Funds.

During

the

six

months ended

October

31,

2024,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

PRINCIPAL

RISKS

the

normal

course

business,

the

Funds

invest

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

various

risks,

including

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

the

risks

which

each

Fund

subject.

The

Funds

may

exposed

additional

risks

when

reinvesting

cash

collateral

money

market

funds

that

not

seek

maintain

stable

NAV

per

$1.00,

which

may

subject

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Market

Risk:

Investments

the

securities

issuers

domiciled

countries

with

emerging

capital

markets

involve

certain

additional

risks

that

not

generally

apply

investments

securities

issuers

developed

capital

markets,

such

(i)

low

nonexistent

trading

volume,

resulting

lack

liquidity

and

increased

volatility

prices

for

such

securities;

(ii)

lack

reliable

settlement

procedures

and

significant

delays

registering

the

transfer

securities;

(iii) uncertain

national

policies

and

social,

political

and

economic

instability,

increasing

the

potential

for

expropriation

assets,

confiscatory

taxation,

high

rates

inflation

unfavorable

diplomatic

developments;

(iv)

lack

publicly

available

reliable

information

about

issuers

result

not

being

subject

the

same

degree

regulatory

requirements

and

accounting,

auditing

and

financial

reporting

standards;

and

(v)

possible

fluctuations

exchange

rates,

differing

legal

systems

and

the

existence

possible

imposition

exchange

controls,

custodial

restrictions

other

foreign

U.S.

governmental

laws

restrictions

applicable

such

investments.

Each

Fund

may

exposed

prepayment

risk,

which

the

risk

that

borrowers

may

exercise

their

option

prepay

principal

earlier

than

scheduled

during

periods

declining

interest

rates,

which

would

force

each

Fund

reinvest

lower

yielding

securities. Each

Fund

may

also

exposed

reinvestment

risk,

which

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

each

Fund

invests

the

proceeds

from

matured,

traded

called

fixed-income

securities

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries. A

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that a

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment. A

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which a

Fund

invests.

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/

errors

pricing

services

other

third-party

service

providers.

The

price a

Fund

could

receive

upon

the

sale

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

the

investment,

particularly

for

securities

that

trade

thin

volatile

markets

that

are

valued

using

fair

valuation

technique

price

provided

independent

pricing

service.

Changes

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

exit)

due

the

lack

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

operations.

result,

the

price

received

upon

the

sale

investment

may

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

greater

than

expected

loss

lesser

than

expected

gain

upon

the

sale

the

investment.

Counterparty

Credit

Risk:

The

Funds

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Funds’

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statements

Assets

and

Liabilities,

less

any

collateral

held

the

Funds.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

less

counterparty

credit

risk

the

Funds

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Funds.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

is appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

its Schedule

Investments.

Certain

Funds

invest

significant

portion

of their

assets

securities

within

single

limited

number

market

sectors.

When

fund

concentrates

its

investments

this

manner,

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

significant

impact

the

Fund

and

could

affect

the

income

from,

the

value

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

specific

sectors

are

presented

the

Schedules

Investments.

Certain Funds invest

substantial

amount

their

assets

issuers

located

single

country

limited

number

countries.

When a

fund

concentrates its investments

this

manner,

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

those

countries

may

have

significant

impact

their

investment

performance

and

could

affect

the

income

from,

the

value

liquidity

of,

the

Fund's

portfolio.

Unanticipated

sudden

political

social

developments

may

cause

uncertainty

the

markets

and

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

subject

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

used

the

United

States.

Foreign

securities

markets

may

also

volatile

and

less

liquid

than

U.S.

securities

and

may

less

subject

governmental

supervision

not

typically

associated

with

investing

U.S.

securities.

Investment

percentages

specific

countries

are

presented

the

Schedules

Investments.

The

Funds invest

significant

portion

of their

assets

securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Funds

invest.

Certain

Funds

invest a

significant

portion

their

assets

securities

issuers

located

Europe

with

significant

exposure

European

issuers

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

concerns

about

economic

downturns

in,

rising

government

debt

levels

of,

several

European

countries

well

acts

war

the

region.

These

events

may

spread

other

countries

Europe

and

may

affect

the

value

and

liquidity

certain

the

Funds’

investments.

Responses

the

financial

problems

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

social

unrest

and

may

limit

future

growth

and

economic

recovery

have

other

unintended

consequences.

Further

defaults

restructurings

governments

and

others

their

debt

could

have

additional

adverse

effects

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

the

future

adversely

affect,

the

value

and

exchange

rate

the

Euro

and

may

continue

significantly

affect

the

economies

every

country

Europe,

including

countries

that

not

use

the

Euro

and

non-European

Union

member

states.

The

impact

these

actions,

especially

they

occur

disorderly

fashion,

not

clear

but

could

significant

and

far

reaching.

addition,

Russia

launched

large-scale

invasion

Ukraine

February

24,

2022.

The

extent

and

duration

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

the

region

are

impossible

predict,

but

have

been,

and

may

continue

be,

significant

and

have

severe

adverse

effect

the

region,

including

significant

negative

impacts

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

oil

and

natural

gas,

well

other

sectors.

Certain

Funds

invest

significant

portion

their

assets

securities

issuers

located

Asia

with

significant

exposure

Asian

issuers

countries.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

concerns

several

Asian

countries

regarding

monetary

policy,

government

intervention

the

markets,

rising

government

debt

levels

economic

downturns.

These

events

may

spread

other

countries

Asia

and

may

affect

the

value

and

liquidity

certain

the

Funds’

investments.

Certain Funds

invest

significant

portion

of their

assets

securities

issuers

located

China

with

significant

exposure

Chinese

issuers. Investments

Chinese

securities,

including

certain

Hong

Kong-listed

securities,

involve

risks

specific

China.

China

may

subject

considerable

degrees

economic,

political

and

social

instability

and

demonstrates

significantly

higher

volatility

from

time

comparison

developed

markets.

Chinese

markets

generally

continue

experience

inefficiency,

volatility

and

pricing

anomalies

resulting

from

governmental

influence,

lack

publicly

available

information

and/or

political

and

social

instability.

Internal

social

unrest

confrontations

with

other

neighboring

countries

may

disrupt

economic

development

China

and

result

greater

risk

currency

fluctuations,

currency

non-convertibility,

interest

rate

fluctuations

and

higher

rates

inflation.

Incidents

involving

China’s

the

region’s

security

may

cause

uncertainty

Chinese

markets

and

may

adversely

affect

the

Chinese

economy

and

the

Fund’s

investments.

Reduction

spending

Chinese

products

and

services,

supply

chain

diversification,

institution

tariffs,

sanctions

other

trade

barriers,

downturn

any

the

economies

China’s

key

trading

partners

may

have

adverse

impact

the

Chinese

economy. In

addition,

measures

may

taken

limit

the

flow

capital

and/or

sanctions

may

imposed,

which

could

prohibit

restrict

the

ability

own

transfer

fund

assets

and

may

also

include

retaliatory

actions,

such

seizure

fund

assets.

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

period

end,

Emerging

Markets

ex-China’s

investments

had

the

following

industry

classifications:

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

11.

CAPITAL

TRANSACTIONS

Transactions

capital

for

each

class

were

follows:

INDUSTRY

ALLOCATION

Industry

Percent

Long-Term

Investments

Semiconductors

Semiconductor

Equipment

...................................................................................

24.

0‌%

Banks

.............................................................................................................

11.

2‌

Other

(a)

.............................................................................................................

64.

8‌

(a)

All

other

industries

held

were

less

than

long-term

investments.

Six

Months

Ended

10/31/24

Year

Ended

04/30/24

Fund

Name/Share

Class

Amount

Emerging

Markets

ex-China

Institutional

sold

..........................................

214,770‌

2,588,092‌

4,237,618‌

50,003,645‌

issued

reinvestment

distributions

.....................

6‌

67‌

546‌

5,923‌

redeemed

......................................

(2,060‌)

(24,366‌)

(329‌)

(3,609‌)

212,716‌

2,563,793‌

4,237,835‌

50,005,959‌

Investor

sold

..........................................

3,353‌

40,727‌

2,184‌

24,298‌

issued

reinvestment

distributions

.....................

124‌

1,502‌

591‌

6,409‌

redeemed

......................................

(568‌)

(6,785‌)

(1,476‌)

(16,610‌)

2,909‌

35,444‌

1,299‌

14,097‌

Class

sold

..........................................

1,902‌

22,599‌

—‌

issued

reinvestment

distributions

.....................

—‌

26,410‌

286,289‌

redeemed

......................................

(3‌)

(33‌)

—‌

1,899‌

22,566‌

26,410‌

286,289‌

217,524‌

2,621,803‌

4,265,544‌

50,306,345‌

Sustainable

Advantage

Emerging

Markets

Equity

Institutional

sold

..........................................

1,729‌

15,300‌

14,253‌

117,635‌

issued

reinvestment

distributions

.....................

101‌

900‌

28‌

229‌

redeemed

......................................

(636‌)

(5,587‌)

(767‌)

(6,034‌)

1,194‌

10,613‌

13,514‌

111,830‌

Investor

sold

..........................................

—‌

1,129‌

9,694‌

issued

reinvestment

distributions

.....................

61‌

539‌

285‌

2,309‌

redeemed

......................................

(55‌)

(500‌)

(5,024‌)

(41,699‌)

6‌

39‌

(3,610‌)

(29,696‌)

Class

sold

..........................................

19,487‌

173,986‌

53,401‌

437,194‌

issued

reinvestment

distributions

.....................

796‌

7,102‌

2,876‌

23,335‌

redeemed

......................................

(46,858‌)

(426,352‌)

(62,494‌)

(506,615‌)

(26,575‌)

(245,264‌)

(6,217‌)

(46,086‌)

(25,375‌)

(234,612‌)

3,687‌

36,048‌

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

Six

Months

Ended

10/31/24

Period

from

06/21/23

(a)

04/30/24

Fund

Name/Share

Class

Amount

Sustainable

Advantage

Global

Equity

Institutional

sold

..........................................

99‌

1,200‌

10,162‌

101,800‌

issued

reinvestment

distributions

.....................

7‌

90‌

—‌

106‌

1,290‌

10,162‌

101,800‌

Investor

sold

..........................................

644‌

7,845‌

19,807‌

203,109‌

issued

reinvestment

distributions

.....................

235‌

2,842‌

36‌

378‌

redeemed

......................................

(304‌)

(3,630‌)

(1,099‌)

(12,624‌)

575‌

7,057‌

18,744‌

190,863‌

Class

sold

..........................................

—‌

980,000‌

9,800,000‌

—‌

980,000‌

9,800,000‌

681‌

8,347‌

1,008,906‌

10,092,663‌

Six

Months

Ended

10/31/24

Year

Ended

04/30/24

Fund

Name/Share

Class

Amount

Sustainable

Advantage

International

Equity

Institutional

sold

..........................................

3,863‌

45,314‌

578‌

6,246‌

issued

reinvestment

distributions

.....................

116‌

1,363‌

192‌

2,005‌

redeemed

......................................

(3,202‌)

(37,170‌)

(996‌)

(11,133‌)

777‌

9,507‌

(226‌)

(2,882‌)

Investor

sold

..........................................

19,021‌

225,612‌

1,977‌

21,741‌

issued

reinvestment

distributions

.....................

235‌

2,769‌

347‌

3,639‌

redeemed

......................................

(1‌)

(99‌)

(1,586‌)

(17,077‌)

19,255‌

228,282‌

738‌

8,303‌

Class

sold

..........................................

116,601‌

1,376,123‌

257,013‌

2,712,340‌

issued

reinvestment

distributions

.....................

3,305‌

38,866‌

4,855‌

50,788‌

redeemed

......................................

(469,964‌)

(5,532,939‌)

(106,661‌)

(1,129,846‌)

(350,058‌)

(4,117,950‌)

155,207‌

1,633,282‌

(330,026‌)

(3,880,161‌)

155,719‌

1,638,703‌

Tactical

Opportunities

Institutional

sold

..........................................

43,752,619‌

621,474,221‌

51,047,388‌

721,103,598‌

issued

reinvestment

distributions

.....................

—‌

6,807,607‌

92,812,966‌

redeemed

......................................

(11,949,156‌)

(168,563,272‌)

(35,440,679‌)

(500,994,297‌)

31,803,463‌

452,910,949‌

22,414,316‌

312,922,267‌

Service

sold

..........................................

61,983‌

861,002‌

49,087‌

690,610‌

issued

reinvestment

distributions

.....................

—‌

9,658‌

129,951‌

redeemed

......................................

(33,674‌)

(477,258‌)

(21,380‌)

(299,252‌)

28,309‌

383,744‌

37,365‌

521,309‌

Investor

sold

and

automatic

conversion

....................

279,998‌

3,911,200‌

800,016‌

11,194,310‌

issued

reinvestment

distributions

.....................

—‌

1,443,647‌

19,461,095‌

redeemed

......................................

(1,056,221‌)

(14,750,157‌)

(2,503,639‌)

(35,049,284‌)

(776,223‌)

(10,838,957‌)

(259,976‌)

(4,393,879‌)

Investor

sold

..........................................

55,181‌

745,458‌

118,340‌

1,597,374‌

issued

reinvestment

distributions

.....................

—‌

69,329‌

902,134‌

redeemed

and

automatic

conversion

...............

(79,882‌)

(1,059,372‌)

(240,031‌)

(3,250,247‌)

(24,701‌)

(313,914‌)

(52,362‌)

(750,739‌)

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

(a)

Commencement

operations.

October

31,

2024,

owned

BlackRock

Financial

Management,

Inc.,

affiliate

the

Funds,

were

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

all

subsequent

events

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Six

Months

Ended

10/31/24

Year

Ended

04/30/24

Fund

Name/Share

Class

Amount

Class

sold

..........................................

1,345,119‌

18,922,945‌

3,575,140‌

50,290,070‌

issued

reinvestment

distributions

.....................

—‌

1,161,761‌

15,842,177‌

redeemed

......................................

(5,025,837‌)

(70,650,017‌)

(7,251,413‌)

(103,586,996‌)

(3,680,718‌)

(51,727,072‌)

(2,514,512‌)

(37,454,749‌)

27,350,130‌

390,414,750‌

19,624,831‌

270,844,209‌

Fund

Name

Institutional

Investor

Class

Emerging

Markets

ex-China

..........................................................................

4,247,835‌

10,633‌

506,410‌

Sustainable

Advantage

Emerging

Markets

Equity

............................................................

11,079‌

11,055‌

1,086,167‌

Sustainable

Advantage

Global

Equity

....................................................................

10,000‌

980,000‌

Sustainable

Advantage

International

Equity

................................................................

11,387‌

11,365‌

691,900‌

Tactical

Opportunities

...............................................................................

—‌

211,736‌

Additional

Information

Additional

Information

Changes

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

Trustees,

Officers,

and

Others

Compensation

the

independent

directors/trustees

the

Trust

paid

the

Trust,

behalf

the

Funds.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

found

BlackRock’s

website,

which

can

accessed

blackrock.com

Any

reference

BlackRock’s

website

this

report

intended

allow

investors

public

access

information

regarding

the

Funds

and

does

not,

and

not

intended

to,

incorporate

BlackRock’s

website

this

report.

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

enrolling

the

electronic

delivery

program.

enroll

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

Access

the

BlackRock

website

blackrock.com

Select

"Access

Your

Account"

Next,

select

"eDelivery"

the

"Related

Resources"

box

and

the

sign-up

instructions.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

diverse

lineup

open-end

mutual

funds

crossing

all

investment

styles

and

managed

experts

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

information.

Shareholder

Privileges

Account

Information

Call

(800)

441-7762

from

8:00

6:00

any

business

day

get

information

about

your

account

balances,

recent

transactions

and

prices.

You

can

also

visit

blackrock.com

for

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

invest

regularly

can

arrange

have

$50

automatically

deducted

from

their

checking

savings

account

and

invested

any

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

systematic

withdrawal

plan

and

receive

periodic

payments

$50

from

their

BlackRock

funds,

long

their

account

balance

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

19809

Sub-Adviser

BlackRock

Asset

Management

North

Asia

Limited

(a)(b)

Hong

Kong

BlackRock

(Singapore)

Limited

(a)

079912

Singapore

BlackRock

International

Limited

(b)

Edinburgh,

EH3

8JB,

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

Touche

LLP

Boston,

02110

Distributor

BlackRock

Investments,

LLC

New

York,

10001

Legal

Counsel

Sidley

Austin

LLP

New

York,

10019

Address

the

Trust

100

Bellevue

Parkway

Wilmington,

19809

(a)

For

BlackRock

Tactical

Opportunities

Fund.

(b)

For

BlackRock

Emerging

Markets

ex-China

Fund.

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

Trustees

(the

“Board,”

the

members

which

are

referred

“Board

Members”)

BlackRock

Funds

(the

“Trust”)

met

April

16,

2024

(the

“April

Meeting”)

and

May

16-17,

2024

(the

“May

Meeting”)

consider

the

approval

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

behalf

BlackRock

Tactical

Opportunities

Fund

(“Tactical

Opportunities

Fund”),

BlackRock

Emerging

Markets

ex-China

Fund

(“Emerging

Markets

ex-China

Fund”),

BlackRock

Sustainable

Advantage

International

Equity

Fund

(“Sustainable

Advantage

International

Equity

Fund”),

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(“Sustainable

Advantage

Emerging

Markets

Equity

Fund”)

and

BlackRock

Sustainable

Advantage

Global

Equity

Fund

(“Sustainable

Advantage

Global

Equity

Fund”)

(each

“Fund”

and

collectively,

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

continue

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

Asset

Management

North

Asia

Limited

(“BAMNA”)

with

respect

Tactical

Opportunities

Fund

(the

“BAMNA

Tactical

Opportunities

Fund

Sub-Advisory

Agreement”),

the

sub-advisory

agreement

between

the

Manager

and

BAMNA

with

respect

Emerging

Markets

Ex-China

Fund

(the

“BAMNA

Emerging

Markets

Ex-China

Fund

Sub-Advisory

Agreement”

and,

together

with

the

BAMNA

Tactical

Opportunities

Fund

Sub-Advisory

Agreement,

the

“BAMNA

Sub-Advisory

Agreements”),

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

International

Limited

(“BIL”)

with

respect

Emerging

Markets

Ex-China

Fund

(the

“BIL

Sub-Advisory

Agreement”)

and

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

(Singapore)

Limited

(“BRS”

and,

together

with

BAMNA

and

BIL,

the

“Sub-Advisors”)

with

respect

Tactical

Opportunities

Fund

(the

“BRS

Sub-Advisory

Agreement,”

and

together

with

the

BAMNA

Sub-Advisory

Agreements

and

the

BIL

Sub-Advisory

Agreement,

the

“Sub-Advisory

Agreements”).

The

Manager

and

the

Sub-

Advisors

are

referred

herein

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

herein

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Board

considers

the

approval

the

continuation

the

Agreements

for

each

Fund

annual

basis.

The

Board

members

who

are

not

“interested

persons”

the

Trust,

defined

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

each

Fund,

including

through

the

review

written

materials

and

oral

presentations,

and

the

review

additional

information

provided

response

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

which

extended

over

two-day

period,

well

additional

hoc

meetings

and

executive

sessions

throughout

the

year,

needed.

The

committees

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

additional

one-day

meeting

consider

specific

information

regarding

the

renewal

the

Agreements.

considering

the

renewal

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

the

services

provided

the

Fund

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

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

independent

legal

counsel,

and

met

with

independent

legal

counsel

various

executive

sessions

outside

the

presence

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

its

annual

consideration

the

renewal

the

Agreements,

including

the

services

and

support

provided

BlackRock

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

the

Board

response

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,

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

applicable,

well

BlackRock

senior

management’s

and

portfolio

managers’

investment

performance

analyses

and

the

reasons

for

any

outperformance

underperformance

relative

its

peers,

benchmarks,

and

other

performance

metrics,

applicable;

(b)

fees,

including

advisory,

administration,

applicable,

and

other

amounts

paid

BlackRock

and

its

affiliates

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

the

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

non-investment

management

services

provided

BlackRock

and

its

affiliates

and

the

estimated

cost

such

services,

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

the

proxy

voting

policies

approved

the

Board;

(i)

the

use

brokerage

commissions

and

execution

quality

portfolio

transactions;

(j)

BlackRock’s

implementation

the

Fund’s

valuation

and

liquidity

procedures;

(k)

analysis

management

fees

paid

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,

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

compared

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

creates,

along

with

investment

professionals’

investments

the

fund(s)

they

manage;

and

(m)

periodic

updates

BlackRock’s

business.

Prior

and

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

the

renewal

the

Agreements.

The

Independent

Board

Members

continuously

engaged

process

with

their

independent

legal

counsel

and

BlackRock

review

the

nature

and

scope

the

information

provided

the

Board

better

assist

its

deliberations.

The

materials

provided

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

either

Lipper

classification

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

compared

with

peer

group

funds

determined

Broadridge

(“Expense

Peers”)

and

the

investment

performance

each

Fund

compared

with

peer

group

funds

(“Performance

Peers”);

(b)

information

the

composition

the

Expense

Peers

and

Performance

Peers

and

description

Broadridge’s

methodology;

(c)

information

the

estimated

profits

realized

BlackRock

and

its

affiliates

pursuant

the

Agreements

and

discussion

fall-out

benefits

BlackRock

and

its

affiliates;

(d)

general

analysis

provided

BlackRock

concerning

investment

management

fees

received

connection

with

other

types

investment

products,

such

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

well

the

performance

such

other

products,

applicable;

(e)

review

non-management

fees;

(f)

the

existence,

impact

and

sharing

potential

economies

scale,

any,

with

the

Funds;

(g)

summary

aggregate

amounts

paid

each

Fund

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

the

Board

appropriate

regarding

BlackRock’s

and

the

Funds’

operations.

the

April

Meeting,

the

Board

reviewed

materials

relating

its

consideration

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

these

questions

and

requests

with

additional

written

information

advance

the

May

Meeting,

and

such

responses

were

reviewed

the

Board

Members.

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

the

services

provided

BlackRock;

(b)

the

investment

performance

each

Fund

compared

its

Performance

Peers

and

other

metrics,

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

the

services

and

estimated

profits

realized

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

its

Expense

Peers;

(e)

the

existence

and

sharing

potential

economies

scale;

(f)

any

fall-out

benefits

BlackRock

and

its

affiliates

result

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

the

Board

Members.

The

Board

also

considered

other

matters

deemed

important

the

approval

process,

such

other

payments

made

BlackRock

its

affiliates

relating

securities

lending

and

cash

management,

and

BlackRock’s

services

the

valuation

and

pricing

Fund

portfolio

holdings.

The

Board

noted

the

willingness

BlackRock’s

personnel

engage

open,

candid

discussions

with

the

Board.

The

Board

evaluated

the

information

available

fund-by-fund

basis.

The

following

paragraphs

provide

information

about

some

the

primary

factors

that

were

relevant

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

items

and

factors

considered.

Nature,

Extent

and

Quality

the

Services

Provided

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

services

provided

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

the

performance

comparable

group

mutual

funds,

relevant

benchmark,

and

performance

metrics,

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

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

BlackRock:

the

experience

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

portfolio

managers

the

funds

they

manage;

portfolio

trading

capabilities;

use

technology;

commitment

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

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

BlackRock

and

its

affiliates

address

cybersecurity

risks

and

the

role

BlackRock’s

Risk

Quantitative

Analysis

Group.

The

Board

engaged

review

BlackRock’s

compensation

structure

with

respect

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

attract

and

retain

high-quality

talent

and

create

performance

incentives.

addition

investment

advisory

services,

the

Board

considered

the

nature

and

quality

the

administrative

and

other

non-investment

advisory

services

provided

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

any

such

services

provided

the

Fund

third

parties)

and

officers

and

other

personnel

are

necessary

for

the

operations

the

Funds.

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

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

assist

the

Board

its

consideration

strategic

issues

such

the

merger,

consolidation

repurposing

certain

open-end

funds;

and

(viii)

performing

managing

administrative

functions

necessary

for

the

operation

the

Funds,

such

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

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

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

the

pertinent

Sub-Advisors

with

respect

Tactical

Opportunities

Fund

and

Emerging

Markets

Ex-China

Fund

facilitates

the

provision

investment

advice

and

trading

investment

personnel

out

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

the

portfolio

management

team,

which

may

benefit

the

pertinent

Fund

and

its

shareholders.

The

Investment

Performance

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

the

Fund

throughout

the

year

and

the

April

Meeting.

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

Broadridge,

which

included

analysis

the

Fund’s

performance

December

31,

2023,

compared

its

Performance

Peers.

Broadridge

ranks

funds

quartiles,

ranging

from

first

fourth,

where

first

the

most

desirable

quartile

position

and

fourth

the

least

desirable.

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

each

Fund

compared

its

Performance

Peers

and,

with

respect

Tactical

Opportunities

Fund,

light

the

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”)

and,

with

respect

Emerging

Markets

Ex-China

Fund,

Sustainable

Advantage

International

Equity

Fund,

Sustainable

Advantage

Emerging

Markets

Equity

Fund

and

Sustainable

Advantage

Global

Equity

Fund,

the

respective

Morningstar

open-end

fund

Category

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

noted

that

for

the

since-inception

period

reported,

Emerging

Markets

Ex-China

Fund

ranked

the

first

quartile

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

noted

that

for

the

since-inception

period

reported,

Sustainable

Advantage

Global

Equity

Fund

ranked

the

second

quartile

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

noted

that

for

each

the

one-year,

three-year

and

since-inception

periods

reported,

Sustainable

Advantage

Emerging

Markets

Equity

Fund

ranked

the

third

quartile

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

its

Morningstar

Category

during

the

applicable

periods.

The

Board

reviewed

and

considered

Tactical

Opportunities

Fund’s

performance

relative

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

total

return

target.

The

Board

noted

that

for

each

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

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

its

total

return

target

during

the

applicable

periods.

Consideration

the

Advisory/Management

Fees

and

the

Estimated

Cost

the

Services

and

Estimated

Profits

Realized

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

its

Expense

Peers.

The

contractual

management

fee

rate

represents

combination

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

well

its

actual

management

fee

rate,

those

its

Expense

Peers.

The

total

expense

ratio

represents

fund’s

total

net

operating

expenses,

including

any

12b-1

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

any

expense

reimbursements

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

any

management

fee

reimbursements

waivers.

The

Board

considered

that

the

fee

and

expense

information

the

Broadridge

report

for

the

Fund

reflected

information

for

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

period

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

BlackRock

and

its

affiliates

other

types

clients

with

similar

investment

mandates,

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

BlackRock High Yield Instl (BHYIX) N-CSRSCertified semi-annual shareholder report (management investment company)

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Geographic allocation

Additional information

What were the Fund costs for the last six months?

Fund performance