BlackRock 20/80 Target Allocation Fund, Investor A (BACPX) N-CSRS Certified semi-annual shareholder report (management investment company)

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 Advantage ESG Emerging Markets Equity Fund

BlackRock Advantage ESG International Equity Fund

BlackRock Global Impact Fund

BlackRock International Impact Fund

BlackRock Tactical Opportunities Portfolio

BlackRock U.S. Impact Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds

^SM

, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2022

Date of reporting period: 10/31/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

October

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

SM

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

October

31,

2021

was

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

The

United

States

began

the

reporting

period

as

the

initial

reopening-led

economic

rebound

was

beginning

to

slow.

Nonetheless,

the

economy

continued

to

grow

at

a

solid

pace

for

the

reporting

period,

eventually

regaining

the

output

lost

from

the

pandemic.

However,

a

rapid

rebound

in

consumer

spending

pushed

up

against

supply

constraints

and

led

to

elevated

inflation.

Equity

prices

rose

with

the

broader

economy,

as

the

implementation

of

mass

vaccination

campaigns

and

passage

of

two

additional

fiscal

stimulus

packages

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

returns

of

small-capitalization

stocks,

which

benefited

the

most

from

the

resumption

of

in-person

activities,

outpaced

large-capitalization

stocks.

International

equities

also

gained,

as

both

developed

and

emerging

markets

continued

to

recover

from

the

effects

of

the

pandemic.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

in

early

2021,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

solid

returns

for

high-yield

corporate

bonds,

outpacing

investment-grade

corporate

bonds.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near-zero

interest

rates

and

by

reiterating

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

In

response

to

rising

inflation

late

in

the

period,

the

Fed

changed

its

market

guidance,

raising

the

possibility

of

higher

rates

in

2022

and

reducing

bond

purchasing

beginning

in

late

2021.

Looking

ahead,

we

believe

that

the

global

expansion

will

continue

to

broaden

as

Europe

and

other

developed

market

economies

gain

momentum,

although

the

Delta

variant

of

the

coronavirus

remains

a

threat,

particularly

in

emerging

markets.

While

we

expect

inflation

to

remain

elevated

in

the

medium-term

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

moderately

positive

stance

toward

risk,

with

an

overweight

in

equities.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

health

care,

are

particularly

attractive

in

the

long-term.

U.S.

small-capitalization

stocks

and

European

equities

are

likely

to

benefit

from

the

continuing

vaccine-led

restart,

while

Chinese

equities

stand

to

gain

from

a

more

accommodative

monetary

and

fiscal

environment

as

the

Chinese

economy

slows.

We

are

underweight

long-term

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

emerging

market

local-currency

bonds

offer

potential

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

October

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

10.91%

42.91%

U.S.

small

cap

equities

(Russell

2000

®

Index)

1.85

50.80

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

4.14

34.18

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(4.87)

16.96

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.01

0.06

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

1.59

(4.77)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

1.06

(0.48)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

0.33

2.76

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.36

10.53

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summaries

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

4

About

Fund

Performance

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

20

Disclosure

of

Expenses

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

20

Derivative

Financial

Instruments

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

21

Financial

Statements:

Schedules

of

Investments

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

22

Statements

of

Assets

and

Liabilities

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

67

Statements

of

Operations

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

72

Statements

of

Changes

in

Net

Assets

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

74

Financial

Highlights

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

77

Notes

to

Financial

Statements

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

97

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

113

Additional

Information

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

117

Glossary

of

Terms

Used

in

this

Report

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

121

Fund

Summary

as

of

October

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Investment

Objective

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation.

On

July

27,

2021,

the

Board

of

Trustees

of

the

Trust

(the

"Board")

approved

a

proposal

to

change

the

name

of

the

Fund

from

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

to

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

and

certain

changes

to

the

Fund's

investment

objective,

investment

strategy

and

investment

process.

These

changes

will

be

effective

on

December

1,

2021.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ending

October

31,

2021,

the

Fund

underperformed

its

benchmark,

the

MSCI

Emerging

Markets

Index.

What

factors

influenced

performance?

Overall,

the

Fund

struggled

against

a

highly

volatile

macroeconomic

and

market

backdrop

during

the

period.

The

continuation

of

the

strong

reflationary

market

tone

from

the

broad-based

economic

reopening

early

in

2021

produced

strong

equity

performance

early

in

the

period,

but

this

reversed

in

the

third

quarter

of

2021,

as

emerging

market

("EM")

equities

struggled

amid

macroeconomic

and

policy

concerns

related

to

China.

Electricity

shortages,

a

potential

debt

default

from

Chinese

real

estate

developer

Evergrande,

and

ongoing

regulatory

uncertainty

kept

EM

markets

under

pressure.

The

period

also

saw

considerable

volatility

across

market

style

preferences.

Early

in

the

period,

investors

preferred

value

styles.

However,

a

surprisingly

hawkish

pivot

from

the

Fed

in

June

2021

prompted

a

market

rotation

back

toward

secular

growth

positions.

This

pro-growth

theme

persisted

until

another

sharp

market

rotation

in

September

2021,

with

a

more

hawkish

Fed

prompting

investors

back

toward

value

stocks.

In

particular,

the

announcement

of

the

expected

tapering

of

Fed

bond

purchases

resulted

in

a

sharp

spike

in

bond

yields,

which

supported

cyclical

market

exposure.

The

simultaneous

sharp

rise

in

commodities

prices

put

further

pressure

on

inflation

and

compounded

the

impact

on

the

bond

market.

Ultimately,

though,

this

final

rotation

proved

short-lived,

as

the

market

returned

to

a

pro-growth

stance

in

October

2021.

Both

stock

selection

and

macro

thematic

positioning

proved

to

be

substantial

detractors

from

relative

performance.

Unsurprisingly,

China-specific

insights,

such

as

measures

that

evaluate

hiring

trends,

drove

losses

in

the

period,

as

the

pro-growth

quality

positioning

struggled

amid

eroding

economic

expectations.

The

Fund

experienced

bifurcated

performance

across

environmental.

Social

and

governance

(‘ESG”)

insights,

and

its

ESG-related

measures,

which

lean

in

a

pro-growth

direction,

declined

during

the

value

rotation

in

September

2021.

Environmental

measures

especially

struggled,

given

their

negative

sensitivity

to

the

sharp

run-up

in

commodities

prices.

The

Fund's

macro

positioning

detracted

as

well,

as

an

overweight

position

in

Taiwan

and

to

Asia

EM

more

broadly

suffered

from

heightened

political

volatility.

An

underweight

to

energy

also

detracted

amid

the

strong

oil-price

environment.

Despite

these

factors,

select

sentiment

measures

proved

to

be

key

contributors

to

performance,

providing

some

portfolio

ballast.

Specifically,

faster-moving

insights

designed

to

evaluate

analyst

sentiment

and

online

transaction

data

were

top

performers

as

they

prompted

more

favorable

positioning

in

the

Fund's

holdings.

Moreover,

some

ESG

signals

fared

well

despite

the

overall

negative

impact

from

ESG

insights

in

the

aggregate.

Specifically,

social-related

measures

that

evaluate

management

diversity

benefited

performance.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

model.

For

instance,

the

Fund

built

on

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

toward

retail

names.

Additionally,

given

the

dynamic

nature

of

the

current

market

environment,

the

Fund

instituted

enhanced

signal

constructs

to

identify

emerging

trends

such

as

sentiment

around

supply

chain

disruptions

and

wage

inflation.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

period

with

largely

neutral

positioning

from

sector

and

country

positioning

perspectives.

The

Fund

had

slight

overweight

positions

in

the

real

estate

and

utilities

sectors

and

maintained

slight

underweights

in

consumer

discretionary

and

communication

services

stocks.

From

a

geographical

perspective,

the

Fund

had

slight

overweights

to

South

Africa

and

maintained

underweights

to

Russia.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2021

(continued)

5

Fund

Summary

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Performance

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(6.05‌)%

14.91‌%

N/A‌

13.18‌%

N/A‌

Investor

A

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

(6.14‌)

14.72‌

8.70‌%

12.94‌

7.98‌%

Class

K

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

(5.95‌)

15.06‌

N/A‌

13.30‌

N/A‌

MSCI

Emerging

Markets

Index

(d)

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

(4.87‌)

16.96‌

N/A‌

14.09‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

equity

securities

issued

by,

or

tied

economically

to,

companies

in

emerging

markets

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

(c)

The

Fund

commenced

operations

on

August

18,

2020.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

Emerging

Markets

countries.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

939.50‌

$

4.20‌

$

1,000.00‌

$

1,020.87‌

$

4.38‌

0.86‌%

Investor

A

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

1,000.00‌

938.60‌

5.42‌

1,000.00‌

1,019.61‌

5.65‌

1.11‌

Class

K

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

1,000.00‌

940.50‌

3.96‌

1,000.00‌

1,021.12‌

4.13‌

0.81‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

six

months

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

six-month

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

China

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

33‌

%

Taiwan

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

15‌

South

Korea

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

11‌

India

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

11‌

South

Africa

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

5‌

Brazil

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

4‌

Malaysia

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

3‌

United

States

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

3‌

Mexico

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

2‌

Russia

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

2‌

Thailand

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

2‌

Chile

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

1‌

Other

(a)

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

5‌

Short-Term

Securities

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

2‌

Other

Assets

Less

Liabilities

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

1‌

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Advantage

ESG

International

Equity

Fund

Investment

Objective

BlackRock

Advantage

ESG

International

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation.

On

July

27,

2021,

the

Board

of

Trustees

of

the

Trust

(the

"Board")

approved

a

proposal

to

change

the

name

of

the

Fund

from

BlackRock

Advantage

ESG

International

Equity

Fund

to

BlackRock

Sustainable

Advantage

International

Equity

Fund

and

certain

changes

to

the

Fund's

investment

objective,

investment

strategy

and

investment

process.

These

changes

will

be

effective

on

December

1,

2021.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

During

the

six-month

period

ending

October

31,

2021,

the

Fund

outperformed

its

benchmark,

the

MSCI

EAFE

Index.

What

factors

influenced

performance?

Overall,

the

Fund

performed

well

in

a

volatile

market

environment.

The

continuation

of

the

strong

reflationary

market

tone

across

the

United

States,

China

and

Europe

from

the

broad-based

economic

reopening

early

in

2021

led

to

an

investor

preference

for

value

styles

early

in

the

period.

However,

a

surprisingly

hawkish

pivot

from

the

Fed

in

June

prompted

a

market

rotation

back

toward

secular

growth

positions.

This

led

to

a

return

to

themes

that

were

predominant

in

2020,

supported

by

declining

bond

yields

and

concerns

about

the

COVID-19

Delta

variant.

These

pro-growth

themes

persisted

until

another

sharp

market

rotation

in

September

2021,

with

a

more

hawkish

Fed

prompting

investors

back

toward

value

stocks.

In

particular,

the

announcement

of

the

expected

tapering

of

Fed

bond

purchases

resulted

in

a

sharp

spike

in

bond

yields,

which

supported

cyclical

market

exposure.

The

simultaneous

sharp

rise

in

commodities

prices

put

further

pressure

on

inflation

and

compounded

the

impact

on

the

bond

market.

Ultimately,

though,

this

final

rotation

proved

short-lived,

as

the

market

returned

to

a

pro-growth

stance

in

October

2021.

Sentiment

measures

were

the

most

significant

contributors

to

the

Fund's

relative

performance,

as

they

correctly

positioned

the

Fund

across

the

ever-changing

market

backdrop.

Specifically,

faster-moving

insights

that

look

at

internet

search

trends

and

mobile

app

usage

were

top

contributors,

as

they

motivated

overweight

positions

in

the

food

&

staples

retailing

industry.

Country-specific

sentiment

measures

that

focus

on

online

sales

in

China

also

added

to

performance.

The

Fund

experienced

bifurcated

performance

across

environmental,

social

and

governance

(“ESG”)

insights,

as

select

ESG

measures

performed

well.

For

instance,

a

risk

mitigation

insight

that

looks

at

potential

controversies,

along

with

social-related

insights

that

concentrate

on

employee

diversity

and

employee

sentiment,

benefited

performance.

Finally,

efficiency-related

fundamental

measures

also

performed

well.

Specifically,

insights

designed

to

evaluate

efficient

cash

usage

contributed

amid

the

volatile

environment.

Conversely,

the

fundamental-related

measures

that

have

a

growth

orientation

detracted

from

the

Fund's

relative

performance.

Nontraditional

measures

of

company

quality,

such

as

an

insight

that

prefers

founder-led

ownership

structures,

weighed

on

performance

amid

shifting

style

preferences

in

the

market.

In

addition,

some

ESG-related

measures

that

lean

in

a

pro-growth

direction

declined

during

the

value

rotation

in

September.

Specifically,

environmental

measures,

such

as

insights

designed

to

track

investor

positioning

in

ESG-related

holdings

and

that

look

at

"green"

patents,

struggled

due

to

their

negative

sensitivity

to

the

sharp

run-up

in

commodities

prices.

Similarly,

an

insight

that

prefers

companies

issuing

certified

"green"

bonds

was

a

top

detractor

amid

uncertainty

about

the

future

shape

of

the

yield

curve.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

model.

For

instance,

the

Fund

built

on

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

toward

retail

names.

Additionally,

given

the

dynamic

nature

of

the

current

market

environment,

the

Fund

instituted

enhanced

signal

constructs

to

identify

emerging

trends

such

as

sentiment

around

supply

chain

disruptions

and

wage

inflation.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

period

with

largely

neutral

positioning

from

sector

and

country-positioning

perspectives.

The

Fund

had

slight

overweight

positions

in

the

information

technology

and

industrials

sectors

and

maintained

slight

underweights

in

health

care

and

utilities

stocks.

From

a

geographical

perspective,

the

Fund

had

slight

overweights

to

Israel

and

maintained

underweights

to

Switzerland.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2021

(continued)

7

Fund

Summary

BlackRock

Advantage

ESG

International

Equity

Fund

Performance

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

4.42‌%

34.57‌%

N/A‌

21.91‌%

N/A‌

Investor

A

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

4.25‌

34.28‌

27.23‌%

21.58‌

16.25‌%

Class

K

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

4.43‌

34.61‌

N/A‌

21.94‌

N/A‌

MSCI

EAFE

Index

(d)

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

4.14‌

34.18‌

N/A‌

21.00‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

services

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

non-U.S.

equity

securities

and

equity-like

instruments

of

companies

that

are

components

of,

or

have

characteristics

similar

to,

the

companies

included

in

the

MSCI

EAFE

Index

and

derivatives

that

are

tied

economically

to

securities

of

the

MSCI

EAFE

Index.

(c)

The

Fund

commenced

operations

on

August

18,

2020.

(d)

An

equity

index

which

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries

around

the

world,

excluding

the

United

States

and

Canada.

The

index

covers

approximately

85%

of

the

free

float

adjusted

market

capitalization

in

each

country.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,044.20‌

$

2.52‌

$

1,000.00‌

$

1,022.74‌

$

2.50‌

0.49‌%

Investor

A

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

1,000.00‌

1,042.50‌

3.86‌

1,000.00‌

1,021.42‌

3.82‌

0.75‌

Class

K

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

1,000.00‌

1,044.30‌

2.32‌

1,000.00‌

1,022.94‌

2.29‌

0.45‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

six-month

period

shown).

Fund

Summary

as

of

October

31,

2021

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

BlackRock

Advantage

ESG

International

Equity

Fund

Portfolio

Information

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

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

22‌

%

United

Kingdom

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

11‌

France

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

10‌

Switzerland

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

9‌

Germany

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

8‌

Australia

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

7‌

Netherlands

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

6‌

Sweden

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

3‌

Denmark

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

3‌

Hong

Kong

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

3‌

Finland

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

3‌

United

States

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

3‌

Spain

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

2‌

Belgium

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

1‌

Israel

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

1‌

Italy

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

1‌

Other

(a)

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

6‌

Short-Term

Securities

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

1‌

Other

Assets

Less

Liabilities

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

—‌

(b)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

(b)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Summary

as

of

October

31,

2021

9

Fund

Summary

BlackRock

Global

Impact

Fund

Investment

Objective

BlackRock

Global

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2021,

the

Fund

underperformed

its

benchmark,

the

MSCI

All

Country

World

Index

(“ACWI”).

What

factors

influenced

performance?

Allocations

to

small-cap

equities

and

large-cap

growth

stocks

were

key

detractors

from

performance.

This

was

due

to

a

combination

of

idiosyncratic

stock

events,

growth

and

value

factor

rotation,

and

market

participants’

preference

for

stable

large-cap

companies

amid

persistent

worries

about

inflation.

Holdings

in

the

emerging

markets

also

weighed

on

Fund

performance.

Specifically,

Chinese

education-technology

providers,

including

17

Education

and

Technology

Group,

Inc.

and

New

Oriental

Education

&

Technology

Group,

Inc.

detracted

due

to

significant

regulatory

headwinds.

Private

online

tutoring

companies

were

compelled

to

convert

to

not-for-profit

status

as

part

of

the

country’s

“common

prosperity”

initiatives.

The

investment

adviser

sold

both

stocks

and

pivoted

toward

U.S.

education

companies.

The

Fund’s

holdings

in

Brazil

also

came

under

pressure

as

the

country

continued

to

combat

waves

of

COVID-19

infections.

Holdings

in

several

stocks

that

had

strongly

outperformed

in

2020

but

fell

out

of

favor

as

the

global

economy

emerged

from

the

pandemic

lockdown

detracted,

as

well.

Zero

weightings

in

energy

and

diversified

financials,

both

of

which

outpaced

the

broader

index,

further

weighed

on

relative

performance.

On

the

positive

side,

theme

diversification

and

stock

selection

contributed

to

performance.

Specifically,

having

exposure

to

themes

that

were

less

vulnerable

to

inflation

concerns

and

the

value/growth

rotation

helped

results.

These

included

the

Fund’s

public

health

and

safety

&

security

themes.

Shares

of

Danaher

Corp.,

a

U.S.-based

provider

of

innovative

diagnostics

tools

held

in

the

public

health

theme,

rallied

as

the

company

stayed

on

a

trajectory

of

highly

profitable

growth.

Zoetis,

Inc.,

the

world's

largest

producer

of

medicine

and

vaccinations

for

animals,

was

another

top

performer

in

the

theme.

Nuance

Communications,

Inc.,

a

physician

voice

recognition

and

transcription

company

that

also

was

held

in

the

public

health

theme,

moved

sharply

higher

after

being

acquired

by

Microsoft

Corp.

Within

the

safety

&

security

theme,

the

cybersecurity

solutions

provider

Rapid7,

Inc.

was

a

top

contributor.

The

Fund’s

green

energy

theme

also

added

value.

Describe

recent

portfolio

activity.

Despite

elevated

market

volatility

and

rising

inflation

expectations,

the

investment

adviser

remained

confident

in

the

long-term

fundamental

theses

of

its

portfolio

holdings.

Given

the

weak

relative

performance

for

small-cap,

early-stage

and

higher-growth

companies,

the

investment

adviser

increased

the

already

high

hurdle

rate

it

requires

to

invest

in

such

stocks.

This

shift

was

based

on

its

belief

that

a

larger

margin

of

error

is

required

to

capitalize

on

the

risk/reward

profiles

these

companies

offer.

The

investment

adviser

trimmed

or

exited

positions

in

certain

areas

where

stock

prices

exceeded

its

most

bullish

price

targets.

This

activity

was

most

notable

in

renewable

energy,

an

industry

that

faced

headwinds

from

rising

interest

rates

and

concerns

about

valuations.

The

Fund

redeployed

the

proceeds

of

these

sales

into

more

underappreciated

environmental

stocks.

In

an

effort

to

manage

the

risk

of

rising

inflation,

the

investment

adviser

increased

the

Fund’s

allocations

to

areas

that

are

less

susceptible

to

price

pressures.

This

led

to

an

increased

weighting

in

large-cap

companies,

particularly

in

the

public

health

and

financial

&

digital

inclusion

themes.

Describe

portfolio

positioning

at

period

end.

The

Fund

retained

its

large

allocation

to

the

public

health

theme.

While

the

investment

adviser

maintains

its

conviction

that

many

of

the

important

healthcare

trends

that

emerged

in

2020

are

set

to

continue,

it

shifted

the

portfolio’s

positioning

from

companies

that

strongly

benefited

from

the

virus

to

those

focused

on

bringing

more

digitization

and

efficiency

to

the

healthcare

system.

Within

the

environmental

portion

of

the

portfolio,

the

investment

adviser

continued

to

favor

less

appreciated

renewable

companies

and

sought

to

capitalize

on

opportunities

in

green

energy

through

the

efficiency,

electrification

and

digitization

theme.

The

investment

adviser

continued

to

observe

positive

structural

trends

in

the

sustainable

food

theme.

The

global

food

system

will

need

to

increase

its

production

in

a

sustainable

fashion

by

2050,

while

developing

less

carbon-intensive

methods.

This

remains

an

area

of

focus

for

the

investment

adviser’s

research,

and

it

believes

the

innovative

sustainable

food

companies

held

in

the

portfolio

are

well

positioned

for

long-term

growth.

Regionally,

the

investment

adviser

has

a

favorable

view

on

the

United

States

due

to

the

outlook

for

increased

infrastructure

spending.

It

also

favors

the

Asian

developed

markets

over

emerging

markets

from

a

valuation

perspective.

The

investment

adviser

continues

to

search

for

underappreciated

drivers

of

long-term

returns.

It

seeks

to

use

its

deep

engagements

and

partnerships

with

portfolio

companies

to

learn

more

about

their

strategic

directions

and

to

uncover

business

risks

that

could

arise

from

macro

events.

The

investment

adviser

strives

to

understand

the

strong

links

between

impact

outcomes

and

company

performance,

while

using

engagement

to

identify

new

ways

of

advancing

these

outcomes.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2021

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

BlackRock

Global

Impact

Fund

Performance

Expense

Example

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(0.19‌)%

26.89‌%

N/A‌

37.83‌%

N/A‌

Investor

A

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

(0.34‌)

26.55‌

19.90‌%

37.49‌

32.41‌%

Class

K

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

(0.17‌)

27.10‌

N/A‌

37.99‌

N/A‌

MSCI

All

Country

World

Index

(d)

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

7.01‌

37.28‌

N/A‌

33.05‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

invests

in

equity

securities

of

issuers

located

throughout

the

world,

including

non-dollar

denominated

securities

and

securities

of

emerging

market

issuers.

Equity

securities

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

convertible

securities,

depositary

receipts

and

other

financial

instruments

that

have

similar

economic

characteristics

to

such

equity

securities.

The

Fund

may

invest

in

issuers

of

any

market

capitalization,

including

small

to

mid-capitalization

companies.

(c)

The

Fund

commenced

operations

on

May

27,

2020.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

certain

emerging

markets.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

998.10‌

$

4.28‌

$

1,000.00‌

$

1,020.92‌

$

4.33‌

0.85‌%

Investor

A

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

1,000.00‌

996.60‌

5.54‌

1,000.00‌

1,019.66‌

5.60‌

1.10‌

Class

K

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

1,000.00‌

998.30‌

3.78‌

1,000.00‌

1,021.42‌

3.82‌

0.75‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

six-month

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Fund

Summary

as

of

October

31,

2021

(continued)

11

Fund

Summary

BlackRock

Global

Impact

Fund

Portfolio

Information

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

United

States

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

53‌

%

Japan

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

7‌

United

Kingdom

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

5‌

Denmark

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

5‌

Netherlands

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

4‌

Indonesia

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

3‌

Canada

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

3‌

Spain

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

3‌

India

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

2‌

Germany

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

2‌

Argentina

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

2‌

Kenya

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

2‌

Brazil

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

2‌

South

Korea

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

2‌

France

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

2‌

Colombia

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

1‌

Other

(a)

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

2‌

Short-Term

Securities

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

8‌

Liabilities

in

Excess

of

Other

Assets

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

(8‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

BlackRock

International

Impact

Fund

Investment

Objective

BlackRock

International

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

that

ended

October

31,

2021,

the

Fund

underperformed

its

benchmark,

the

MSCI

All

Country

World

Index

ex-U.S.

What

factors

influenced

performance?

Holdings

in

the

emerging

markets

weighed

on

relative

performance.

Specifically,

Chinese

education-technology

companies,

including

17

Education

and

Technology

Group,

Inc.

and

New

Oriental

Education

&

Technology

Group,

Inc.

detracted

due

to

significant

regulatory

headwinds.

Private

online

tutoring

companies

were

compelled

to

convert

to

not-for-profit

status

as

part

of

the

country’s

“common

prosperity”

initiatives.

The

investment

adviser

sold

both

stocks

and

pivoted

toward

U.S.

education

companies.

The

Fund’s

holdings

in

Brazil

also

came

under

pressure

as

the

country

continued

to

combat

waves

of

COVID-19

infections.

Holdings

in

several

stocks

that

had

strongly

outperformed

in

2020

but

fell

out

of

favor

as

the

global

economy

emerged

from

lockdown

detracted,

as

well.

Zero

weightings

in

energy

and

diversified

financials,

both

of

which

outpaced

the

broader

index,

further

weighed

on

relative

performance.

On

the

positive

side,

theme

diversification

and

stock

selection

contributed

to

performance.

Financial

&

digital

inclusion

and

safety

&

security

were

top

performers

at

the

thematic

level.

In

the

former,

360

Digitech,

Inc.—a

Chinese

company

that

enables

financial

institutions

to

provide

better

and

targeted

products

and

services

to

a

broader

consumer

base—contributed

to

performance.

The

cybersecurity

solutions

provider

Mimecast,

Inc.

was

a

top

contributor

in

the

safety

&

security

theme.

The

green

energy

theme,

which

benefited

from

holdings

in

less

appreciated

renewable

stocks,

further

helped

results.

Describe

recent

portfolio

activity.

Despite

elevated

market

volatility

and

rising

inflation

expectations,

the

investment

adviser

remained

confident

in

the

long-term

fundamental

theses

of

its

portfolio

holdings.

Given

the

weak

relative

performance

for

small-cap,

early-stage

and

higher-growth

companies,

the

investment

adviser

increased

the

already

high

hurdle

rate

it

requires

to

invest

in

such

stocks.

This

shift

was

based

on

its

belief

that

a

larger

margin

of

error

is

required

to

capitalize

on

the

risk/reward

profiles

these

companies

offer.

In

an

effort

to

manage

the

risk

of

rising

inflation,

the

investment

adviser

increased

the

Fund’s

allocations

to

areas

that

are

less

susceptible

to

price

pressures.

This

led

to

an

increased

weighting

in

large-cap

companies,

particularly

in

the

public

health

and

financial

&

digital

inclusion

themes.

Describe

portfolio

positioning

at

period

end.

The

Fund

retained

a

large

allocation

to

the

public

health

theme.

While

the

investment

adviser

maintains

its

conviction

that

many

of

the

important

healthcare

trends

that

emerged

in

2020

are

set

to

continue,

it

shifted

the

portfolio’s

positioning

from

companies

that

strongly

benefited

from

the

virus

to

those

focused

on

bringing

more

digitization

and

efficiency

to

the

healthcare

system.

Within

the

environmental

portion

of

the

portfolio,

the

investment

adviser

continued

to

favor

less

appreciated

renewable

companies

and

seek

to

capitalize

on

opportunities

in

green

energy

through

the

efficiency,

electrification

and

digitization

theme.

The

investment

adviser

continued

to

observe

positive

structural

trends

in

the

sustainable

food

theme.

The

global

food

system

will

need

to

increase

its

production

in

a

sustainable

fashion

by

2050,

while

developing

less

carbon-intensive

methods.

This

remains

an

area

of

focus

for

the

investment

advisers

research,

and

it

believes

the

innovative

sustainable

food

companies

held

in

the

portfolio

are

well

positioned

for

long-term

growth.

The

investment

adviser

also

continues

to

search

for

underappreciated

drivers

of

long-term

returns.

It

seeks

to

use

its

deep

engagements

and

partnerships

with

portfolio

companies

to

learn

more

about

their

strategic

directions

and

to

uncover

business

risks

that

could

arise

from

macro

events.

The

investment

adviser

strives

to

understand

the

strong

links

between

impact

outcomes

and

company

performance,

while

using

engagement

to

identify

new

ways

of

advancing

these

outcomes.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2021

(continued)

13

Fund

Summary

BlackRock

International

Impact

Fund

Performance

Expense

Example

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(2.13‌)%

23.21‌%

N/A‌

27.41‌%

N/A‌

Investor

A

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

(2.20‌)

22.91‌

16.46‌%

27.09‌

22.07‌%

Class

K

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

(2.02‌)

23.30‌

N/A‌

27.56‌

N/A‌

MSCI

All

Country

World

Index

ex-U.S

(d)

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

1.77‌

29.66‌

N/A‌

25.11‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

equity

securities

of

foreign

issuers

and

other

financial

instruments

that

have

similar

economic

characteristics

to

such

securities.

Equity

securities

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

convertible

securities

and

depositary

receipts.

The

Fund

may

invest

in

emerging

market

issuers,

and

may

invest

in

issuers

of

any

market

capitalization,

including

small-

to

mid-capitalization

companies.

(c)

The

Fund

commenced

operations

on

June

30,

2020.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries

(excluding

the

U.S.)

and

certain

emerging

markets

countries.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

978.70‌

$

4.24‌

$

1,000.00‌

$

1,020.92‌

$

4.33‌

0.85‌%

Investor

A

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

1,000.00‌

978.00‌

5.48‌

1,000.00‌

1,019.66‌

5.60‌

1.10‌

Class

K

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

1,000.00‌

979.80‌

3.74‌

1,000.00‌

1,021.42‌

3.82‌

0.75‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

six-month

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Fund

Summary

as

of

October

31,

2021

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

BlackRock

International

Impact

Fund

Portfolio

Information

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

United

States

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

17‌

%

Japan

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

12‌

Denmark

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

8‌

United

Kingdom

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

8‌

Netherlands

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

8‌

Canada

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

7‌

Indonesia

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

5‌

Spain

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

5‌

Brazil

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

5‌

India

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

4‌

Argentina

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

4‌

Germany

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

3‌

South

Korea

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

3‌

France

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

3‌

Kenya

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

3‌

Colombia

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

2‌

Belgium

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

1‌

Switzerland

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

1‌

Other

(a)

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

—‌

(b)

Short-Term

Securities

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

3‌

Liabilities

in

Excess

of

Other

Assets

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

(2‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

(b)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Summary

as

of

October

31,

2021

15

Fund

Summary

BlackRock

Tactical

Opportunities

Fund

Investment

Objective

BlackRock

Tactical

Opportunities

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2021,

the

Fund

underperformed

its

reference

benchmark

(75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

(“ACWI”))

and

its

cash

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

Directional

positions

in

a

basket

of

developed

market

sovereign

bonds

(including

Australia,

Canada,

Germany,

United

States

and

United

Kingdom)

were

the

most

significant

detractors.

The

Fund

began

the

period

short

this

basket

of

developed

market

sovereigns,

which

weighed

on

Fund

returns

over

the

summer

months

as

concerns

about

the

effect

of

the

Delta

variant

on

economic

growth

caused

bonds

to

rally.

A

switch

to

a

long

position

late

in

the

period

also

detracted

as

volatility

subsequently

hit

the

bond

markets,

particularly

in

Australia.

Relative

value

views

within

developed

market

bonds

further

pressured

results

due

to

a

long

position

in

Australia.

Short

positions

in

emerging

market

bonds

were

key

contributors.

Specifically,

shorts

in

Brazil

and

Thailand

boosted

returns

given

interest

rate

hikes

in

the

former

and

the

combination

of

reduced

tourism

and

currency

weakness

in

the

latter.

Sector

positioning

in

equities

was

also

additive

to

performance,

led

by

long

positions

in

consumer

discretionary

and

healthcare

versus

short

positions

in

consumer

staples

and

telecommunication

services.

The

longs

benefitted

from

relatively

contained

labor

and

input

costs

and

attractive

pricing,

whereas

the

shorts

underperformed

due

to

falling

earning

expectations

caused

by

rising

cost

pressures.

Directional

long

equity

positions

also

contributed.

The

Investment

adviser

uses

derivatives

as

an

efficient

means

to

take

active

views

on

interest

rates,

equity

indices

and

currencies.

The

derivatives

used

included

equity

index

and

sovereign

bond

futures,

total

return

swaps,

interest

rate

swaps

and

currency

forward

contracts.

These

exposures

will

make

up

a

significant

portion

of

the

portfolio

given

the

Fund’s

investment

approach

of

holding

positions

in

interest

rates,

equity

indices,

and

currencies

across

global

markets.

The

use

of

derivatives,

instead

of

physical

instruments,

had

a

negative

impact

on

results.

The

Fund

held

an

allocation

to

cash

as

collateral

for

the

derivative

positions

and

as

a

means

of

earning

a

modest

yield.

The

cash

weighting

did

not

have

a

material

effect

on

performance.

Describe

recent

portfolio

activity.

The

Fund

began

the

period

net

long

in

equities

and

net

short

in

bonds.

This

positioning

reflected

the

investment

adviser’s

view

that

the

continued

resumption

of

global

economic

activity

following

the

COVID-19

outbreak

would

be

a

tailwind

for

stocks.

In

addition,

it

anticipated

that

monetary

and

fiscal

stimulus

across

the

world

would

add

further

support

to

stocks

but

keep

bond

yields

at

extreme

lows.

The

Fund

maintained

its

net

long

in

equities

but

trimmed

its

short

position

in

bonds,

finishing

the

period

roughly

flat

in

terms

of

its

duration.

Within

equities,

the

Fund

began

the

period

with

longs

in

Japan,

North

America,

Europe

and

the

emerging

markets.

The

Fund

also

sought

opportunities

intra-Europe,

preferring

France,

Italy

and

the

United

Kingdom

to

the

Netherlands,

Sweden

and

Switzerland.

As

the

period

progressed,

the

Fund

added

to

Japan

given

its

compelling

valuation

and

the

potential

for

a

weaker

yen

to

boost

the

heavily

export-oriented

economy.

The

Fund

subsequently

trimmed

the

extent

of

the

long

as

the

market

rallied.

It

also

moved

to

a

short

in

North

America,

driven

by

an

expansion

of

the

short

position

in

the

United

States.

This

move

reflected

weakening

investor

sentiment

and

a

deteriorating

balance

of

payments.

The

Fund

maintained

its

short

in

Canada

in

this

time

frame.

It

also

added

to

Asia-Pacific

ex-Japan,

specifically

South

Korea,

Taiwan

and

Australia,

in

an

effort

to

capitalize

on

the

attractive

valuations

and

favorable

growth

outlook

in

these

nations.

In

Europe,

the

Fund

maintained

its

short

in

the

Netherlands

while

increasing

its

long

in

Italy

and

adding

longs

in

Spain

and

Sweden.

It

also

closed

its

short

in

Switzerland

and

shifted

to

shorts

in

the

United

Kingdom

and

France.

Within

bonds,

the

Fund

entered

May

2021

with

a

long

in

Australia

and

select

emerging

markets

versus

Germany,

the

United

Kingdom

and

the

United

States.

Australian

growth

and

inflation

trends

appeared

unfavorable

at

this

time,

and

the

country’s

central

bank

was

expected

to

remain

dovish.

This

position

weighed

on

returns

late

in

the

period,

however,

following

a

higher-than-anticipated

inflation

report

and

the

central

bank’s

unexpected

termination

of

its

yield

curve

control

policy.

The

Fund

maintained

the

position

at

the

end

of

October

on

the

belief

that

the

price

moves

were

at

odds

with

continued

weakness

in

the

country’s

growth

and

inflation

outlook.

The

Fund

added

to

Canadian

fixed

income

and

maintained

shorts

in

the

United

States

and

United

Kingdom.

In

addition,

the

Fund

moved

short

in

the

emerging

markets

and

reduced

the

extent

of

its

short

in

Germany.

In

currencies,

the

Fund

started

the

period

with

a

short

in

the

U.S.

dollar

against

a

developed

market

basket

that

primarily

consisted

of

the

euro.

Given

the

potential

for

U.S.

dollar

strength

following

the

U.S.

Fed’s

change

in

tone

at

its

June

2021

meeting,

the

Fund

closed

the

U.S.

dollar

short

and

rotated

to

a

long

position

in

the

euro

versus

a

basket

consisting

of

the

Canadian

dollar,

Australian

dollar,

and

Japanese

yen.

It

maintained

this

positioning

through

the

end

of

the

period.

Describe

portfolio

positioning

at

period

end.

The

Fund

ended

October

2021

positioned

for

continued

economic

growth,

with

a

net

long

in

equities.

Within

equities,

the

Fund

was

long

in

Asia

versus

the

United

States.

The

Fund’s

aggregate

duration

profile

(interest

rate

sensitivity)

shifted

from

a

net

short

position

to

neutral

late

in

the

period.

It

was

overweight

in

Australian

and

Canadian

bonds

against

the

United

Kingdom

and

United

States.

In

currencies,

the

Fund

was

long

in

the

euro

against

a

basket

of

consisting

of

the

Canadian

dollar,

Australian

dollar

and

Japanese

yen.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2021

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

BlackRock

Tactical

Opportunities

Fund

Performance

Expense

Example

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(2.99‌)%

0.56‌%

N/A‌

3.97‌%

N/A‌

4.18‌%

N/A‌

Service

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

(3.08‌)

0.31‌

N/A‌

3.70‌

N/A‌

3.88‌

N/A‌

Investor

A

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

(3.09‌)

0.28‌

(4.99‌)%

3.67‌

2.55‌%

3.87‌

3.31‌%

Investor

C

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

(3.46‌)

(0.51‌)

(1.49‌)

2.93‌

2.93‌

3.29‌

3.29‌

Class

K

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

(2.92‌)

0.69‌

N/A‌

4.08‌

N/A‌

4.08‌

N/A‌

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

(c)

...........

(0.34‌)

(0.26‌)

N/A‌

1.59‌

N/A‌

1.13‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(d)

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

0.01‌

0.06‌

N/A‌

1.15‌

N/A‌

0.63‌

N/A‌

75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

(e)

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

1.50‌

8.28‌

N/A‌

4.96‌

N/A‌

3.77‌

N/A‌

MSCI

All

Country

World

Index

(f)

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

7.01‌

37.28‌

N/A‌

14.72‌

N/A‌

11.32‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

uses

an

asset

allocation

strategy,

investing

varying

percentages

of

its

portfolio

in

three

major

categories:

stocks,

bonds

and

money

market

instruments.

The

Fund’s

total

returns

from

May

15,

2012

through

January

28,

2016

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

strategy

by

investing

a

significant

portion

of

its

assets

in

other

investment

companies

and

directly

in

securities

under

the

name

BlackRock

Managed

Volatility

Portfolio.

The

Fund’s

total

returns

prior

to

May

15,

2012

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

BlackRock

Asset

Allocation

Portfolio.

(c)

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

(formerly

Bloomberg

Barclays

U.S.

1-3

Year

Treasury

Bond

Index)

is

a

sub-index

of

the

Bloomberg

U.S.

Treasury

Index,

which

measures

U.S.

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury

and

includes

a

maturity

constraint

of

at

least

one

year

and

up

to,

but

not

including,

three

years

until

final

maturity.

(d)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

On

3/1/2021

the

Fund

began

to

track

the

4pm

pricing

variant

of

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

"Index").

Historical

index

data

prior

to

3/1/2021

is

for

the

3pm

pricing

variant

of

the

lndex

.

Index

data

on

and

after

3/1/2021

is

for

the

4pm

pricing

variant

of

the

Index.

(e)

A

customized

weighted

index

comprised

of

75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

and

25%

MSCI

All

Country

World

Index.

(f)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

certain

emerging

markets.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

970.10‌

$

3.87‌

$

1,000.00‌

$

1,021.27‌

$

3.97‌

0.78‌%

Service

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

1,000.00‌

969.20‌

5.21‌

1,000.00‌

1,019.91‌

5.35‌

1.05‌

Investor

A

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

1,000.00‌

969.10‌

5.21‌

1,000.00‌

1,019.91‌

5.35‌

1.05‌

Investor

C

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

1,000.00‌

965.40‌

9

.

02‌

1,000.00‌

1,016.0

3‌

9.2

5‌

1.8

2‌

Class

K

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

1,000.00‌

970.80‌

3.23‌

1,000.00‌

1,021.93‌

3.31‌

0.65‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

six-month

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Fund

Summary

as

of

October

31,

2021

(continued)

17

Fund

Summary

BlackRock

Tactical

Opportunities

Fund

Portfolio

Information

TEN

LARGEST

HOLDINGS

Security

(a)

Percent

of

Net

Assets

U.S.

Treasury

Notes,

0.13%, 12/15/23

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

5‌

%

Microsoft

Corp.

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

4‌

Apple,

Inc.

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

3‌

Amazon.com,

Inc.

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

3‌

Tesla,

Inc.

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

1‌ 

Alphabet,

Inc.,

Class

A

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

1‌

Alphabet,

Inc.,

Class

C

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

1‌

Facebook,

Inc.,

Class

A

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

1‌

U.S.

Treasury

Notes,

1.50%, 09/15/22

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

1‌

Berkshire

Hathaway,

Inc.,

Class

B

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

1‌

(a)

Excludes

short-term

investments.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Common

Stocks

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

73‌

%

U.S.

Treasury

Obligations

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

6‌

Preferred

Stocks

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

—‌

(a)

Warrants

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

—‌

(a)

Rights

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

—‌

(a)

Other

Interests

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

—‌

(a)

Asset-Backed

Securities

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

—‌

(a)

Short-Term

Securities

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

2‌

Other

Assets

Less

Liabilities

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

19‌

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Summary

as

of

October

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

BlackRock

U.S.

Impact

Fund

Investment

Objective

BlackRock

U.S.

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2021,

the

Fund

underperformed

its

benchmark,

the

Russell

MidCap

®

Index.

What

factors

influenced

performance?

The

Fund’s

allocation

to

small-cap

equities

and

large-cap

growth

stocks

detracted

from

results.

This

was

due

to

a

combination

of

idiosyncratic

stock

events,

growth

and

value

factor

rotation,

and

market

participants’

preference

stable

large-cap

companies

amid

persistent

worries

about

inflation.

In

addition,

several

stocks

that

strongly

outperformed

in

2020

fell

out

of

favor

as

the

global

economy

emerged

from

lockdown.

The

Fund

was

also

hurt

by

having

zero

weightings

in

energy

and

diversified

financials,

both

of

which

outpaced

the

broader

index.

On

the

positive

side,

theme

diversification

and

stock

selection

contributed

to

performance.

Specifically,

having

exposure

to

themes

that

were

less

vulnerable

to

inflation

concerns

and

the

value/growth

rotation

helped

results.

These

included

the

Fund’s

financial

&

digital

Inclusion,

safety

&

security

and

public

health

themes.

Notably,

Square,

Inc.

—

a

financial

services

and

digital

payments

company

focused

on

small-

and

medium-sized

businesses

—

boosted

returns

in

the

financial

&

digital

inclusion

theme.

Zoetis,

Inc.,

the

world's

largest

producer

of

medicine

and

vaccinations

for

animals,

was

a

top

performer

in

the

public

health

theme.

Nuance

Communications,

Inc.,

a

physician

voice

recognition

and

transcription

company

that

was

held

in

the

public

health

theme,

also

rallied

after

being

acquired

by

Microsoft

Corp.

Within

the

safety

&

security

theme,

the

cybersecurity

solutions

providers

Rapid

7,

Inc.

and

Mimecast

Ltd.

were

top

contributors.

The

Fund’s

green

energy

theme

added

value,

as

well.

Describe

recent

portfolio

activity.

Despite

elevated

market

volatility

and

rising

inflation

expectations,

the

investment

adviser

remained

confident

in

the

long-term

fundamental

theses

of

its

portfolio

holdings.

Given

the

weak

relative

performance

for

small-cap,

early-stage

and

higher-growth

companies,

the

investment

adviser

increased

the

already

high

hurdle

rate

it

requires

to

invest

in

such

stocks.

This

shift

was

based

on

its

belief

that

a

larger

margin

of

error

is

required

to

capitalize

on

the

risk/reward

profiles

these

companies

offer.

The

investment

adviser

trimmed

or

exited

positions

in

certain

areas

where

stock

prices

exceeded

its

most

bullish

price

targets.

This

activity

was

most

notable

in

renewable

energy,

an

industry

that

faced

headwinds

from

rising

interest

rates

and

concerns

about

valuations.

The

investment

adviser

redeployed

the

proceeds

of

these

sales

into

more

underappreciated

environmental

stocks.

In

an

effort

to

manage

the

risk

of

rising

inflation,

the

investment

adviser

increased

the

Fund’s

allocations

to

areas

that

are

less

susceptible

to

price

pressures.

This

led

to

a

higher

weighting

in

large-cap

companies,

particularly

in

the

public

health

and

financial

&

digital

inclusion

themes.

Describe

portfolio

positioning

at

period

end.

The

Fund

retained

a

large

allocation

to

the

public

health

theme.

While

the

investment

adviser

maintains

its

conviction

that

many

of

the

important

healthcare

trends

that

emerged

in

2020

are

set

to

continue,

it

shifted

the

portfolio’s

positioning

from

companies

that

strongly

benefited

from

the

virus

to

those

focused

on

bringing

more

digitization

and

efficiency

to

the

healthcare

system.

Within

the

environmental

portion

of

the

portfolio,

the

team

favored

less

appreciated

renewable

companies

and

sought

to

capitalize

on

opportunities

in

green

energy

through

the

Efficiency,

Electrification

and

Digitization

theme.

Management

continued

to

observe

positive

structural

trends

in

the

Sustainable

Food

theme.

The

global

food

system

needs

to

increase

its

production

in

a

sustainable

fashion

by

2050,

while

developing

less

carbon-intensive

methods.

This

remains

an

area

of

focus

for

the

team’s

research,

and

it

believes

the

innovative

sustainable

food

companies

held

in

the

portfolio

are

well

positioned

for

long-term

growth.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2021

(continued)

19

Fund

Summary

BlackRock

U.S.

Impact

Fund

Performance

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

2.00‌%

28.35‌%

N/A‌

40.20‌%

N/A‌

Investor

A

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

1.88‌

27.98‌

21.26‌%

39.81‌

34.28‌%

Class

K

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

2.03‌

28.35‌

N/A‌

40.28‌

N/A‌

Russell

Midcap

®

Index

(d)

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

7.37‌

45.40‌

N/A‌

40.42‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

services

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

U.S.

securities.

The

Fund

will

invest

primarily

in

equity

securities

and

other

financial

instruments

that

have

similar

economic

characteristics

to

such

securities.

Equity

securities

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

convertible

securities

and

depositary

receipts.

The

Fund

may

invest

in

issuers

of

any

market

capitalization,

including

small-

to

mid-capitalization

companies.

(c)

The

Fund

commenced

operations

on

June

30,

2020.

(d)

Market

capitalization-weighted

index

comprised

of

800

publicly

traded

U.S.

companies

with

market

caps

of

between

$2

and

$10

billion.

The

800

companies

in

the

Russell

Midcap

Index

are

the

800

smallest

of

the

1,000

companies

that

comprise

Russell

1000

Index.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,020.00‌

$

4.33‌

$

1,000.00‌

$

1,020.92‌

$

4.33‌

0.85‌%

Investor

A

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

1,000.00‌

1,018.80‌

5.60‌

1,000.00‌

1,019.66‌

5.60‌

1.10‌

Class

K

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

1,000.00‌

1,020.30‌

3.82‌

1,000.00‌

1,021.42‌

3.82‌

0.75‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

six-month

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Health

Care

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

31‌

%

Information

Technology

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

30‌

Consumer

Discretionary

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

17‌

Utilities

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

7‌

Industrials

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

6‌

Consumer

Staples

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

4‌

Real

Estate

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

3‌

Financials

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

1‌

Short-Term

Securities

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

5‌

Liabilities

in

Excess

of

Other

Assets

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

(4‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

About

Fund

Performance

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

For

BlackRock

Tactical

Opportunities

Fund's

Class

K

Shares,

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

August

1,

2016

is

that

of

Investor

A

Shares,

excluding

any

front-end

sales

charges,

which

are

not

applicable

to

Class

K

Shares.

The

performance

of

the

BlackRock

Tactical

Opportunities

Fund's

Class

K

Shares

would

be

substantially

similar

to

Investor

A

Shares

because

Class

K

Shares

and

Investor

A

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Investor

A

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Investor

A

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Investor

A

Shares.

Service

Shares

(available

only

in

BlackRock

Tactical

Opportunities

Fund)

are

not

subject

to

any

sales

charge.

These

shares

are

subject

to

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee)

and

are

only

available

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of

5.25%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

(available

only

in

BlackRock

Tactical

Opportunities

Fund)

are

subject

to

a

1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75%

per

year

and

a

service

fee

of

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately

eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

each

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund's

performance

would

have

been

lower.

With

respect

to

each

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees,

administration

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

on May

1,

2021 and

held

through

October

31,

2021) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

21

Derivative

Financial

Instruments

The

Funds may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2021

Security

Shares

Shares

Value

Common

Stocks

—

93.4%

Brazil

—

3.0%

Ambev

SA

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

6,757

$

20,389

B3

SA

-

Brasil

Bolsa

Balcao

.......

56,894

120,365

CPFL

Energia

SA

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

20,187

94,000

Energisa

SA

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

7,847

54,906

Light

SA

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

10,000

17,258

Lojas

Renner

SA

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

4,881

27,822

Natura

&

Co.

Holding

SA

(a)

.......

1,961

13,516

Ultrapar

Participacoes

SA

........

1,048

2,423

350,679

Chile

—

1.0%

CAP

SA

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

1,093

10,818

Enel

Americas

SA

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

110,511

12,576

Enel

Americas

SA,

ADR

.........

13,134

74,338

Falabella

SA

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

5,140

14,214

111,946

China

—

33.4%

3SBio,

Inc.

(a)(b)(c)

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

26,000

23,793

Agricultural

Bank

of

China

Ltd.,

Class

H

92,000

31,262

Akeso

,

Inc.

(a)(b)(c)

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

3,000

16,724

Alibaba

Group

Holding

Ltd.

(a)

......

14,192

291,825

Angang

Steel

Co.

Ltd.,

Class

H

....

18,000

9,676

BeiGene

Ltd.,

ADR

(a)

...........

68

24,325

BYD

Co.

Ltd.,

Class

A

...........

2,800

136,674

BYD

Co.

Ltd.,

Class

H

..........

2,000

76,495

China

Coal

Energy

Co.

Ltd.,

Class

H

.

28,000

17,082

China

Construction

Bank

Corp.,

Class

H

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

23,000

15,653

China

Gas

Holdings,

Ltd.

........

4,600

11,482

China

Life

Insurance

Co.

Ltd.,

Class

H

7,000

12,161

China

Medical

System

Holdings

Ltd.

.

16,000

27,092

China

Merchants

Bank

Co.

Ltd.,

Class

A

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

9,800

82,439

China

Merchants

Bank

Co.

Ltd.,

Class

H

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

13,000

108,942

China

Petroleum

&

Chemical

Corp.,

Class

H

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

20,000

9,745

China

Resources

Gas

Group

Ltd.

...

2,000

10,745

China

Vanke

Co.

Ltd.,

Class

H

.....

7,100

16,589

Chongqing

Brewery

Co.

Ltd.,

Class

A

(a)

300

7,029

CIFI

Holdings

Group

Co.

Ltd.

......

66,000

36,635

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

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

1,190

119,049

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(a)

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

4,300

11,085

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(a)

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

14,500

22,459

Country

Garden

Services

Holdings

Co.

Ltd.

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

5,000

38,492

CSPC

Pharmaceutical

Group

Ltd.

...

18,000

18,783

ENN

Energy

Holdings

Ltd.

........

1,300

22,397

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(b)(c)

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

2,000

11,515

Ganfeng

Lithium

Co.

Ltd.,

Class

A

..

100

2,615

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(b)(c)

1,800

33,724

G-bits

Network

Technology

Xiamen

Co.

Ltd.,

Class

A

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

300

15,994

Geely

Automobile

Holdings

Ltd.

....

10,000

34,706

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

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

8,000

20,225

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

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

6,606

32,275

Security

Shares

Shares

Value

China

(continued)

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(b)(c)

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

600

$

11,702

Huatai

Securities

Co.

Ltd.,

Class

H

(b)(c)

47,600

70,787

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

59,000

32,342

Industrial

Bank

Co.

Ltd.,

Class

A

....

9,600

27,903

JD.com,

Inc.,

ADR

(a)

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

1,278

100,042

Jinxin

Fertility

Group

Ltd.

(a)(b)(c)

.....

6,000

8,463

Kingdee

International

Software

Group

Co.

Ltd.

(a)

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

9,000

29,613

Kuaishou

Technology

(a)(b)(c)

........

1,200

15,698

Lenovo

Group

Ltd.

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

130,000

141,176

Li

Auto,

Inc.,

ADR

(a)

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

957

31,227

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

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

560

8,527

Meituan

Dianping

,

Class

B

(a)(c)

.....

3,300

112,295

MMG

Ltd.

(a)

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

68,000

31,409

NetEase

,

Inc.

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

4,400

85,350

NetEase

,

Inc.,

ADR

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

574

56,016

NIO,

Inc.,

ADR

(a)

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

1,960

77,244

Pinduoduo

,

Inc.,

ADR

(a)

..........

136

12,093

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

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

32,000

229,207

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

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

35,470

23,945

Shanghai

Bairun

Investment

Holding

Group

Co.

Ltd.,

Class

A

.......

880

8,735

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

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

8,200

15,008

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

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

300

14,114

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

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

3,750

38,158

Sinopharm

Group

Co.

Ltd.,

Class

H

.

4,400

10,448

Sinotrans

Ltd.,

Class

H

..........

79,000

25,969

Sinotruk

Hong

Kong

Ltd.

.........

1,500

2,070

Sunac

China

Holdings

Ltd.

.......

19,000

40,632

Suning.com

Co.

Ltd.,

Class

A

(a)

....

22,200

15,487

TCL

Technology

Group

Corp.,

Class

A

39,000

36,924

Tencent

Holdings

Ltd.

...........

10,800

656,962

TongFu

Microelectronics

Co.

Ltd.,

Class

A

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

6,100

19,066

Vipshop

Holdings

Ltd.,

ADR

(a)

......

4,503

50,253

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

778

16,744

WuXi

AppTec

Co.

Ltd.,

Class

H

(b)(c)

..

7,580

161,842

Wuxi

Biologics

Cayman,

Inc.

(a)(b)(c)

...

7,000

106,029

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

....

361

1,042

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

....

10,800

24,152

Xinyi

Solar

Holdings

Ltd.

.........

8,000

16,618

XPeng

,

Inc.,

Class

A

(a)

..........

1,100

25,524

XPeng

,

Inc.,

ADR

(a)

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

931

43,413

Yadea

Group

Holdings

Ltd.

(b)(c)

.....

12,000

20,618

Yutong

Bus

Co.

Ltd.,

Class

A

......

18,400

32,564

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

.....

13,900

39,007

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

....

33,200

23,913

3,900,018

Colombia

—

0.1%

Bancolombia

SA,

ADR

..........

250

8,983

Czech

Republic

—

0.7%

Moneta

Money

Bank

A/S

(a)(b)(c)

.....

21,531

84,170

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Greece

—

0.7%

OPAP

SA

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

5,054

$

78,930

Hungary

—

0.7%

MOL

Hungarian

Oil

&

Gas

plc

.....

8,937

76,370

India

—

11.2%

Asian

Paints

Ltd.

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

4,996

207,051

AstraZeneca

Pharma

India

Ltd.

....

238

9,558

Bandhan

Bank

Ltd.

(b)(c)

..........

3,142

12,276

Dabur

India

Ltd.

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

11,658

91,312

Havells

India

Ltd.

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

2,019

34,123

HCL

Technologies

Ltd.

..........

6,619

101,351

Housing

Development

Finance

Corp.

Ltd.

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

6,045

230,476

IndusInd

Bank

Ltd.

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

4,218

64,522

Info

Edge

India

Ltd.

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

386

31,412

Infosys

Ltd.

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

4,946

110,686

Kotak

Mahindra

Bank

Ltd.

........

5,459

148,496

Mahindra

&

Mahindra

Ltd.

........

3,265

38,684

Marico

Ltd.

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

5,375

40,869

Persistent

Systems

Ltd.

.........

108

5,671

Reliance

Industries

Ltd.

.........

478

16,221

Tata

Steel

BSL

Ltd.

(a)

...........

4,438

5,131

Titan

Co.

Ltd.

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

927

29,578

TVS

Motor

Co.

Ltd.

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

2,327

20,661

Wipro

Ltd.

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

1,971

17,068

Wipro

Ltd.,

ADR

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

10,771

96,508

1,311,654

Indonesia

—

0.2%

Bank

Central

Asia

Tbk

.

PT

........

37,500

19,829

Malaysia

—

3.2%

CIMB

Group

Holdings

Bhd.

.......

84,100

106,112

Petronas

Dagangan

Bhd.

........

10,200

50,155

Public

Bank

Bhd.

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

120,600

121,444

RHB

Bank

Bhd.

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

72,200

97,419

375,130

Mexico

—

2.4%

Arca

Continental

SAB

de

CV

......

3,900

23,738

Cemex

SAB

de

CV

(a)

...........

21,525

13,884

Coca-Cola

Femsa

SAB

de

CV

.....

20,019

107,611

Coca-Cola

Femsa

SAB

de

CV,

ADR

.

418

22,468

Fomento

Economico

Mexicano

SAB

de

CV

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

6,012

49,517

Grupo

Bimbo

SAB

de

CV

........

5,737

17,054

Wal-Mart

de

Mexico

SAB

de

CV

....

12,427

43,296

277,568

Peru

—

0.1%

Credicorp

Ltd.

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

101

13,096

Poland

—

0.2%

Bank

Polska

Kasa

Opieki

SA

......

679

22,434

Qatar

—

0.5%

Masraf

Al

Rayan

QSC

...........

5,545

7,236

Qatar

Islamic

Bank

SAQ

.........

1,752

8,820

Qatar

National

Bank

QPSC

.......

6,851

38,382

54,438

Romania

—

0.5%

NEPI

Rockcastle

plc

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

9,369

62,808

Russia

—

2.1%

LUKOIL

PJSC

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

10

1,020

LUKOIL

PJSC,

ADR

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

2,030

206,920

Security

Shares

Shares

Value

Russia

(continued)

Novatek

PJSC,

GDR

(c)

..........

150

$

38,081

246,021

South

Africa

—

5.1%

AVI

Ltd.

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

6,809

35,260

Bidvest

Group

Ltd.

(The)

.........

12,240

153,260

Capitec

Bank

Holdings

Ltd.

.......

437

48,829

Clicks

Group

Ltd.

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

7,293

133,131

Foschini

Group

Ltd.

(The)

(a)

.......

4,078

34,626

Gold

Fields

Ltd.

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

1,270

11,801

Mr

Price

Group

Ltd.

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

1,654

21,652

MultiChoice

Group

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

657

5,225

Naspers

Ltd.,

Class

N

...........

91

15,411

Northam

Platinum

Holdings

Ltd.

(a)

...

1,455

21,789

Royal

Bafokeng

Platinum

Ltd.

.....

6,676

47,875

Sanlam

Ltd.

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

8,073

33,164

Sappi

Ltd.

(a)

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

2,958

9,086

Telkom

SA

SOC

Ltd.

(a)

..........

4,920

16,340

Truworths

International

Ltd.

.......

1,797

6,343

593,792

South

Korea

—

11.4%

Amorepacific

Corp.

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

170

26,454

AMOREPACIFIC

Group

.........

603

25,665

CJ

CheilJedang

Corp.

...........

28

9,100

Doosan

Co.

Ltd.

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

409

36,188

Hyundai

Mobis

Co.

Ltd.

..........

63

13,619

Kakao

Corp.

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

799

85,960

KB

Financial

Group,

Inc.

.........

570

27,590

KB

Financial

Group,

Inc.,

ADR

.....

792

38,072

KT

Corp.

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

695

18,146

KT

Corp.,

ADR

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

5,525

70,775

LG

Display

Co.

Ltd.

(a)

...........

341

5,763

LG

Display

Co.

Ltd.,

ADR

(d)

.......

3,300

27,555

LG

Electronics,

Inc.

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

388

40,140

LG

Household

&

Health

Care

Ltd.

...

20

20,018

LG

Innotek

Co.

Ltd.

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

36

6,471

LX

International

Corp.

...........

555

12,937

Mando

Corp.

(a)

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

252

13,526

NAVER

Corp.

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

81

28,162

POSCO

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

239

60,618

Samsung

Electro-Mechanics

Co.

Ltd.

597

81,303

Samsung

Electronics

Co.

Ltd.

.....

7,876

471,561

Samsung

Engineering

Co.

Ltd.

(a)

....

564

11,996

Samsung

SDI

Co.

Ltd.

..........

13

8,202

Shinhan

Financial

Group

Co.

Ltd.

...

2,389

77,994

Shinhan

Financial

Group

Co.

Ltd.,

ADR

1,436

46,411

SK

Innovation

Co.

Ltd.

(a)

.........

190

39,624

SK

Telecom

Co.

Ltd.

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

57

15,093

SK,

Inc.

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

30

6,261

1,325,204

Taiwan

—

15.2%

AU

Optronics

Corp.

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

48,000

32,987

Cathay

Financial

Holding

Co.

Ltd.

...

49,000

102,140

China

Steel

Corp.

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

70,000

84,396

CTBC

Financial

Holding

Co.

Ltd.

...

164,000

136,950

Delta

Electronics,

Inc.

...........

9,000

79,446

E.Sun

Financial

Holding

Co.

Ltd.

...

19,100

18,250

Evergreen

Marine

Corp.

Taiwan

Ltd.

.

11,000

39,586

Hon

Hai

Precision

Industry

Co.

Ltd.

..

14,000

54,045

MediaTek

,

Inc.

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

5,000

164,563

Nan

Ya

Plastics

Corp.

...........

5,000

15,344

Nanya

Technology

Corp.

.........

15,000

35,966

Novatek

Microelectronics

Corp.

....

3,000

44,997

Realtek

Semiconductor

Corp.

.....

1,000

17,988

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Taiwan

(continued)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

37,000

$

785,151

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

1,388

157,816

1,769,625

Thailand

—

1.5%

Bangkok

Dusit

Medical

Services

PCL,

NVDR

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

31,300

22,196

Kasikornbank

PCL,

NVDR

........

5,800

24,726

PTT

PCL,

NVDR

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

17,500

20,037

Siam

Cement

PCL

(The),

NVDR

....

8,800

104,753

171,712

Turkey

—

0.2%

KOC

Holding

A/S

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

4,406

10,806

Turkiye

Garanti

Bankasi

A/S

......

18,081

18,525

29,331

United

Arab

Emirates

—

0.0%

Abu

Dhabi

Commercial

Bank

PJSC

.

2,410

5,446

Total

Common

Stocks

—

93.4%

(Cost:

$10,454,457)

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

10,889,184

Investment

Companies

—

2.4%

iShares

MSCI

Saudi

Arabia

ETF

(e)

..

6,358

274,920

Total

Investment

Companies

—

2.4%

(Cost:

$186,480)

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

274,920

Preferred

Stocks

—

1.2%

Brazil

—

1.1%

Banco

Bradesco

SA

(Preference)

...

8,774

31,015

Cia

Energetica

de

Minas

Gerais

(Preference)

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

10,187

23,104

Cia

Paranaense

de

Energia

(Preference)

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

1,471

1,548

Security

Shares

Shares

Value

Brazil

(continued)

Itausa

SA

(Preference)

..........

42,294

$

77,037

132,704

Chile

—

0.1%

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference)

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

194

10,557

Total

Preferred

Stocks

—

1.2%  

(Cost:

$152,882)

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

143,261

Rights

—

0.0%

Brazil

—

0.0%

Ultrapar

Participacoes

SA

(Expires

11/03/21)

(a)

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

—

—

Total

Rights

—

0.0%

(Cost:

$–)

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

—

Total

Long-Term

Investments

—

97.0%

(Cost:

$10,793,819)

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

11,307,365

Short-Term

Securities

—

2.2%

(e)(f)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

......

241,082

241,082

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.14%

(g)

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

17,452

17,456

Total

Short-Term

Securities

—

2.2%

(Cost:

$258,538)

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

258,538

Total

Investments

—

99.2%

(Cost:

$11,052,357)

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

11,565,903

Other

Assets

Less

Liabilities

—

0.8%

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

98,708

Net

Assets

—

100.0%

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

$

11,664,611

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Schedules

of

Investments

25

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/21

Shares

Held

at

10/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

379,782

$

—

$

(138,700)

$

—

$

—

$

241,082

241,082

$

10

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

—

17,456

—

—

—

17,456

17,452

140

(b)

—

iShares

MSCI

Saudi

Arabia

ETF

.

237,410

15,332

(11,685)

3,255

30,608

274,920

6,358

2,298

—

$

3,255

$

30,608

$

533,458

$

2,448

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

26

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

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

5

12/17/21

$

316

$

(7,309)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

7,309

$

—

$

—

$

—

$

7,309

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(15,050)

$

—

$

—

$

—

$

(15,050)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

—

—

(6,143)

—

—

—

(6,143)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

349,405

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Schedules

of

Investments

27

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

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

$

350,679

$

—

$

—

$

350,679

Chile

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

99,370

12,576

—

111,946

China

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

485,937

3,414,081

—

3,900,018

Colombia

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

8,983

—

—

8,983

Czech

Republic

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

84,170

—

—

84,170

Greece

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

—

78,930

—

78,930

Hungary

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

—

76,370

—

76,370

India

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

106,066

1,205,588

—

1,311,654

Indonesia

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

—

19,829

—

19,829

Malaysia

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

121,444

253,686

—

375,130

Mexico

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

277,568

—

—

277,568

Peru

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

13,096

—

—

13,096

Poland

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

—

22,434

—

22,434

Qatar

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

54,438

—

—

54,438

Romania

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

62,808

—

—

62,808

Russia

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

—

246,021

—

246,021

South

Africa

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

404,234

189,558

—

593,792

South

Korea

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

182,813

1,142,391

—

1,325,204

Taiwan

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

157,816

1,611,809

—

1,769,625

Thailand

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

—

171,712

—

171,712

Turkey

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

29,331

—

—

29,331

United

Arab

Emirates

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

5,446

—

—

5,446

Investment

Companies

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

274,920

—

—

274,920

Preferred

Stocks

Brazil

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

132,704

—

—

132,704

Chile

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

—

10,557

—

10,557

Rights

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

—

—

—

—

Short-Term

Securities

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

241,082

—

—

241,082

$

3,092,905

$

8,455,542

$

—

$

11,548,447

Investments

valued

at

NAV

(a)

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

17,456

$

—

$

11,565,903

$

—

Derivative

Financial

Instruments

(b)

Liabilities

Equity

contracts

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

$

(7,309)

$

—

$

—

$

(7,309)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

International

Equity

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2021

Security

Shares

Shares

Value

Common

Stocks

—

97.3%

Australia

—

6.7%

Aristocrat

Leisure

Ltd.

...........

2,309

$

81,893

Aurizon

Holdings

Ltd.

...........

10,029

25,568

Australia

&

New

Zealand

Banking

Group

Ltd.

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

4,185

89,059

BHP

Group

Ltd.

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

723

19,859

BHP

Group

plc

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

1,227

32,407

BlueScope

Steel

Ltd.

...........

2,297

35,893

Cochlear

Ltd.

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

49

8,196

Commonwealth

Bank

of

Australia

...

483

38,284

CSL

Ltd.

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

302

68,717

Glencore

plc

(a)

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

11,803

59,022

Goodman

Group

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

2,542

42,088

Harvey

Norman

Holdings

Ltd.

.....

2,526

9,477

JB

Hi-Fi

Ltd.

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

2,065

78,840

Macquarie

Group

Ltd.

...........

56

8,267

Medibank

Pvt

Ltd.

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

31,889

80,141

Mineral

Resources

Ltd.

..........

1,092

32,103

Nufarm

Ltd.

(a)

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

844

2,779

QBE

Insurance

Group

Ltd.

.......

597

5,345

REA

Group

Ltd.

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

429

52,067

Rio

Tinto

plc

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

188

11,722

Scentre

Group

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

24,165

55,118

Stockland

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

4,247

14,639

Worley

Ltd.

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

1,092

8,972

860,456

Austria

—

0.7%

ANDRITZ

AG

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

1,098

62,365

Erste

Group

Bank

AG

...........

192

8,234

Raiffeisen

Bank

International

AG

...

491

14,347

Verbund

AG

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

30

3,127

88,073

Belgium

—

1.4%

Ageas

SA

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

340

16,540

Anheuser-Busch

InBev

SA/NV

.....

1,828

111,814

Groupe

Bruxelles

Lambert

SA

.....

257

29,820

Telenet

Group

Holding

NV

........

562

20,190

178,364

China

—

0.5%

BOC

Hong

Kong

Holdings

Ltd.

.....

22,000

69,715

Denmark

—

3.1%

Coloplast

A/S,

Class

B

..........

507

82,802

Genmab

A/S

(a)

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

43

19,318

ISS

A/S

(a)

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

466

9,299

Novo

Nordisk

A/S,

Class

B

.......

1,979

217,007

Novozymes

A/S,

Class

B

.........

766

56,346

Orsted

A/S

(b)(c)

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

120

16,949

401,721

Finland

—

2.5%

Kesko

OYJ,

Class

B

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

517

16,825

Kone

OYJ,

Class

B

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

1,284

87,568

Neste

OYJ

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

155

8,629

Nokia

OYJ

(a)

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

6,206

35,619

Nordea

Bank

Abp

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

8,714

106,719

Sampo

OYJ,

Class

A

...........

35

1,861

UPM-

Kymmene

OYJ

...........

1,509

53,254

Valmet

OYJ

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

361

14,655

325,130

France

—

10.3%

Air

Liquide

SA

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

337

56,265

ALD

SA

(b)(c)

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

566

8,437

Security

Shares

Shares

Value

France

(continued)

AXA

SA

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

1,423

$

41,399

BNP

Paribas

SA

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

1,881

125,909

Cie

de

Saint-Gobain

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

362

24,983

CNP

Assurances

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

2,615

65,519

Credit

Agricole

SA

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

1,367

20,624

Dassault

Systemes

SE

..........

1,840

107,451

Electricite

de

France

SA

.........

1,225

18,054

Engie

SA

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

1,311

18,649

Hermes

International

...........

63

100,039

Kering

SA

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

139

104,324

Klepierre

SA

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

528

12,570

Legrand

SA

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

191

20,836

L'Oreal

SA

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

359

164,226

LVMH

Moet

Hennessy

Louis

Vuitton

SE

167

130,948

Orange

SA

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

922

10,054

Pernod

Ricard

SA

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

392

90,184

Renault

SA

(a)

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

134

4,829

Rubis

SCA

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

1,194

38,267

Sanofi

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

214

21,495

Societe

Generale

SA

...........

1,731

57,822

Sodexo

SA

(a)

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

63

6,129

Teleperformance

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

31

12,949

TOTAL

SE

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

619

30,997

Unibail

-

Rodamco

-Westfield

(a)

......

148

10,568

Valeo

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

282

8,286

Vinci

SA

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

41

4,383

1,316,196

Germany

—

7.2%

adidas

AG

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

207

67,751

Allianz

SE

(Registered)

..........

124

28,794

alstria

office

REIT-AG

...........

855

15,982

Aurubis

AG

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

49

4,222

BASF

SE

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

103

7,413

Bayer

AG

(Registered)

..........

285

16,062

Bayerische

Motoren

Werke

AG

....

783

79,111

Covestro

AG

(b)(c)

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

19

1,217

Deutsche

Boerse

AG

...........

365

60,593

Deutsche

Lufthansa

AG

(Registered)

(a)

2,257

14,920

Deutsche

Post

AG

(Registered)

....

1,906

117,995

E.ON

SE

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

1,518

19,248

Evonik

Industries

AG

...........

216

6,999

Freenet

AG

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

548

14,114

Fresenius

Medical

Care

AG

&

Co.

KGaA

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

11

731

Hannover

Rueck

SE

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

11

2,008

HelloFresh

SE

(a)

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

69

5,592

Henkel

AG

&

Co.

KGaA

.........

16

1,336

HOCHTIEF

AG

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

83

6,403

MTU

Aero

Engines

AG

..........

83

18,487

Muenchener

Rueckversicherungs-

Gesellschaft

AG

(Registered)

....

13

3,849

ProSiebenSat.1

Media

SE

........

634

10,620

Rheinmetall

AG

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

196

19,017

SAP

SE

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

1,299

188,110

Scout24

AG

(b)(c)

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

315

21,939

Siemens

AG

(Registered)

........

1,024

166,484

Siemens

Energy

AG

(a)

...........

26

746

Symrise

AG

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

48

6,639

Volkswagen

AG

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

23

7,477

Wacker

Chemie

AG

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

11

1,988

915,847

Hong

Kong

—

2.8%

AIA

Group

Ltd.

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

15,200

170,347

Kerry

Properties

Ltd.

...........

2,000

5,653

BlackRock

Advantage

ESG

International

Equity

Fund

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Hong

Kong

(continued)

MTR

Corp.

Ltd.

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

8,000

$

43,641

Sun

Hung

Kai

Properties

Ltd.

......

1,500

19,887

Swire

Properties

Ltd.

...........

11,400

30,563

Techtronic

Industries

Co.

Ltd.

......

4,000

82,181

352,272

Ireland

—

0.5%

Flutter

Entertainment

plc

(a)

........

108

20,445

Kerry

Group

plc,

Class

A

.........

136

18,253

Kingspan

Group

plc

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

162

18,650

57,348

Israel

—

1.4%

Bank

Hapoalim

BM

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

5,133

50,555

Israel

Discount

Bank

Ltd.,

Class

A

(a)

.

1,234

7,456

Nice

Ltd.

(a)

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

271

76,612

Teva

Pharmaceutical

Industries

Ltd.

(a)

4,608

40,634

175,257

Italy

—

1.3%

Amplifon

SpA

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

410

20,864

Assicurazioni

Generali

SpA

.......

669

14,567

BPER

Banca

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

477

1,046

Davide

Campari-Milano

NV

.......

39

554

Enel

SpA

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

7,533

63,065

Intesa

Sanpaolo

SpA

...........

10,304

29,286

Mediobanca

Banca

di

Credito

Finanziario

SpA

(a)

...........

897

10,704

Pirelli

&

C

SpA

(b)(c)

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

2,030

12,485

PRADA

SpA

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

600

3,782

Telecom

Italia

SpA

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

16,483

6,179

Terna

-

Rete

Elettrica

Nazionale

....

204

1,520

Unipol

Gruppo

SpA

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

514

2,952

167,004

Japan

—

22.1%

Advantest

Corp.

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

300

24,596

Amada

Co.

Ltd.

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

6,700

66,192

Asahi

Kasei

Corp.

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

6,700

70,386

Azbil

Corp.

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

800

34,106

Bridgestone

Corp.

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

1,800

79,631

Calbee

,

Inc.

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

600

15,459

Canon

Marketing

Japan,

Inc.

......

1,000

19,810

Canon,

Inc.

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

3,500

79,588

Casio

Computer

Co.

Ltd.

.........

1,600

22,642

Chugai

Pharmaceutical

Co.

Ltd.

....

900

33,650

COMSYS

Holdings

Corp.

........

700

17,333

CyberAgent

,

Inc.

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

800

13,404

Daiichi

Sankyo

Co.

Ltd.

..........

400

10,093

Daikin

Industries

Ltd.

...........

500

109,507

Daito

Trust

Construction

Co.

Ltd.

...

500

61,992

Disco

Corp.

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

200

53,920

DMG

Mori

Co.

Ltd.

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

200

3,444

Ebara

Corp.

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

200

10,913

FANUC

Corp.

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

400

79,049

Fuji

Oil

Holdings,

Inc.

...........

3,200

75,097

FUJIFILM

Holdings

Corp.

........

300

23,183

Hikari

Tsushin,

Inc.

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

200

30,831

Honda

Motor

Co.

Ltd.

...........

3,600

106,480

Hoya

Corp.

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

400

58,883

Hulic

Co.

Ltd.

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

900

8,654

ITOCHU

Corp.

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

800

22,817

Japan

Post

Holdings

Co.

Ltd.

(a)

.....

1,600

12,294

KDDI

Corp.

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

2,700

82,566

Keyence

Corp.

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

100

60,362

Komatsu

Ltd.

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

100

2,619

Marubeni

Corp.

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

5,400

45,821

Security

Shares

Shares

Value

Japan

(continued)

Mitsubishi

Estate

Co.

Ltd.

........

500

$

7,599

Mitsubishi

HC

Capital,

Inc.

........

3,600

18,051

Mitsubishi

Materials

Corp.

........

2,400

46,591

Mitsubishi

UFJ

Financial

Group,

Inc.

.

9,100

49,900

Mitsui

Mining

&

Smelting

Co.

Ltd.

...

600

17,217

MS&AD

Insurance

Group

Holdings,

Inc.

2,400

77,538

NEC

Corp.

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

200

10,240

NGK

Spark

Plug

Co.

Ltd.

........

300

4,793

Nintendo

Co.

Ltd.

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

200

88,331

Nippon

Paint

Holdings

Co.

Ltd.

.....

2,700

28,890

Nitto

Denko

Corp.

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

500

39,070

Olympus

Corp.

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

100

2,166

Omron

Corp.

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

900

86,071

Oracle

Corp.

Japan

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

100

9,462

Recruit

Holdings

Co.

Ltd.

........

1,800

119,734

Relo

Group,

Inc.

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

100

2,080

Rengo

Co.

Ltd.

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

200

1,517

Sanwa

Holdings

Corp.

..........

400

4,666

Sekisui

House

Ltd.

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

3,800

79,005

Shiseido

Co.

Ltd.

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

100

6,673

SoftBank

Corp.

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

2,100

28,664

SoftBank

Group

Corp.

..........

900

48,724

Sony

Corp.

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

400

46,319

Sumitomo

Chemical

Co.

Ltd.

......

13,500

66,505

Sumitomo

Corp.

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

800

11,400

Sumitomo

Mitsui

Financial

Group,

Inc.

3,100

100,594

Sundrug

Co.

Ltd.

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

200

5,853

Suntory

Beverage

&

Food

Ltd.

.....

300

11,641

Takeda

Pharmaceutical

Co.

Ltd.

....

3,400

95,424

Terumo

Corp.

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

1,500

66,174

Tokyo

Electron

Ltd.

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

200

93,207

Tokyo

Gas

Co.

Ltd.

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

600

10,412

Toray

Industries,

Inc.

...........

700

4,362

Toshiba

Corp.

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

300

12,940

Toyota

Motor

Corp.

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

4,100

72,341

Trend

Micro,

Inc.

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

400

22,608

Unicharm

Corp.

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

100

4,044

Yamada

Holdings

Co.

Ltd.

........

100

382

Yamaha

Motor

Co.

Ltd.

..........

1,600

44,598

Yamazaki

Baking

Co.

Ltd.

........

2,500

37,977

Yaskawa

Electric

Corp.

..........

100

4,331

2,823,416

Netherlands

—

5.9%

Adyen

NV

(a)(b)(c)

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

23

69,398

Argenx

SE

(a)

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

11

3,312

ASML

Holding

NV

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

381

309,715

ASR

Nederland

NV

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

129

6,030

EXOR

NV

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

436

41,128

JDE

Peet's

NV

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

1,569

45,688

Koninklijke

Ahold

Delhaize

NV

.....

2,738

89,074

Koninklijke

KPN

NV

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

5,563

16,622

PostNL

NV

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

4,705

20,420

Randstad

NV

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

8

575

Royal

Dutch

Shell

plc,

Class

A

.....

3,663

83,915

Royal

Dutch

Shell

plc,

Class

B

.....

1,040

23,867

Wolters

Kluwer

NV

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

368

38,536

748,280

New

Zealand

—

1.0%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

2,608

58,429

Infratil

Ltd.

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

1,197

7,102

Mercury

NZ

Ltd.

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

584

2,568

Meridian

Energy

Ltd.

...........

9,872

35,365

Spark

New

Zealand

Ltd.

.........

670

2,193

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

International

Equity

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

New

Zealand

(continued)

Xero

Ltd.

(a)

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

189

$

21,550

127,207

Norway

—

1.0%

DNB

Bank

ASA

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

811

19,299

Equinor

ASA

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

3,639

92,206

Norsk

Hydro

ASA

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

1,668

12,253

123,758

Portugal

—

0.4%

Galp

Energia

SGPS

SA

.........

4,731

49,145

Singapore

—

0.6%

Oversea-Chinese

Banking

Corp.

Ltd.

2,400

20,980

Singapore

Telecommunications

Ltd.

.

17,900

33,209

United

Overseas

Bank

Ltd.

.......

800

15,903

70,092

Spain

—

2.0%

Acciona

SA

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

370

71,056

Banco

Bilbao

Vizcaya

Argentaria

SA

.

10,728

75,076

Banco

Santander

SA

...........

593

2,249

Fluidra

SA

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

20

764

Industria

de

Diseno

Textil

SA

......

2,768

100,269

Telefonica

SA

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

1,973

8,570

257,984

Sweden

—

3.3%

Assa

Abloy

AB,

Class

B

.........

2,987

87,647

Atlas

Copco

AB,

Class

A

.........

1,311

84,427

Atlas

Copco

AB,

Class

B

.........

673

36,472

Boliden

AB

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

64

2,256

Elekta

AB,

Class

B

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

1,883

21,926

Evolution

AB

(b)(c)

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

19

3,085

Hexagon

AB,

Class

B

...........

1,001

16,110

Husqvarna

AB,

Class

B

..........

620

8,836

Investor

AB,

Class

B

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

3,333

76,905

L

E

Lundbergforetagen

AB,

Class

B

.

97

5,592

Lundin

Energy

AB

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

338

13,349

Saab

AB,

Class

B

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

2,435

67,883

424,488

Switzerland

—

8.9%

ABB

Ltd.

(Registered)

...........

1,314

43,471

Adecco

Group

AG

(Registered)

....

619

31,185

Baloise

Holding

AG

(Registered)

...

99

15,777

Givaudan

SA

(Registered)

........

23

108,375

Kuehne

+

Nagel

International

AG

(Registered)

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

115

36,219

Nestle

SA

(Registered)

..........

2,297

302,992

Novartis

AG

(Registered)

........

2,524

208,767

Roche

Holding

AG

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

471

184,941

Sika

AG

(Registered)

...........

247

83,679

Sonova

Holding

AG

(Registered)

...

10

4,144

Temenos

AG

(Registered)

........

52

7,961

UBS

Group

AG

(Registered)

......

5,863

106,722

1,134,233

United

Kingdom

—

11.3%

3i

Group

plc

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

576

10,757

Associated

British

Foods

plc

......

1,453

35,534

AstraZeneca

plc

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

1,509

188,778

Auto

Trader

Group

plc

(b)(c)

........

412

3,416

Aviva

plc

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

1,300

7,015

Barratt

Developments

plc

........

948

8,606

Bellway

plc

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

184

8,349

BP

plc

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

14,807

70,939

British

Land

Co.

plc

(The)

........

1,408

9,507

Security

Shares

Shares

Value

United

Kingdom

(continued)

Burberry

Group

plc

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

1,399

$

36,974

CNH

Industrial

NV

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

127

2,188

Compass

Group

plc

(a)

...........

1,470

31,194

Diageo

plc

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

900

44,776

Experian

plc

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

553

25,356

GlaxoSmithKline

plc

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

1,395

28,961

Greggs

plc

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

972

40,627

HomeServe

plc

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

4,440

51,953

HSBC

Holdings

plc

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

27,427

165,252

International

Consolidated

Airlines

Group

SA

(a)

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

4,337

9,713

ITV

plc

(a)

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

46,923

69,061

J

Sainsbury

plc

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

16,220

66,435

Johnson

Matthey

plc

...........

138

5,158

Kingfisher

plc

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

4,590

21,066

Lloyds

Banking

Group

plc

........

135,237

92,554

Micro

Focus

International

plc

......

3

15

Next

plc

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

136

14,822

Prudential

plc

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

1,405

28,673

RELX

plc

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

2,515

77,983

Rightmove

plc

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

2,366

22,365

Sage

Group

plc

(The)

...........

780

7,586

Segro

plc

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

460

8,130

Smiths

Group

plc

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

1,091

20,258

SSE

plc

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

1,029

23,173

Standard

Chartered

plc

..........

7,481

50,594

Unilever

plc

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

445

23,826

Unilever

plc

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

1,495

80,034

Vodafone

Group

plc

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

10,203

15,038

Whitbread

plc

(a)

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

712

31,853

1,438,519

United

States

—

2.4%

Ferguson

plc

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

561

84,410

Jackson

Financial,

Inc.,

Class

A

(a)

...

35

948

James

Hardie

Industries

plc,

CDI

...

1,733

68,083

Schneider

Electric

SE

...........

845

145,693

Sims

Ltd.

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

673

7,326

Stellantis

NV

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

250

4,991

311,451

Total

Common

Stocks

—

97.3%

(Cost:

$11,265,939)

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

12,415,956

Preferred

Stocks

—

1.0%

Germany

—

1.0%

Henkel

AG

&

Co.

KGaA

(Preference)

699

62,621

Sartorius

AG

(Preference)

........

8

5,182

Volkswagen

AG

(Preference)

......

282

63,290

131,093

Total

Preferred

Stocks

—

1.0%  

(Cost:

$139,560)

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

131,093

BlackRock

Advantage

ESG

International

Equity

Fund

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Rights

—

0.0%

Australia

—

0.0%

Aristocrat

Leisure

Ltd.

(Expires

11/08/21)

(a)

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

72

$

256

Total

Rights

—

0.0%

(Cost:

$–)

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

256

Total

Long-Term

Investments

—

98.3%

(Cost:

$11,405,499)

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

12,547,305

Short-Term

Securities

—

1.4%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

(d)(e)

....

173,052

173,052

Total

Short-Term

Securities

—

1.4%

(Cost:

$173,052)

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

173,052

Total

Investments

—

99.7%

(Cost:

$11,578,551)

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

12,720,357

Other

Assets

Less

Liabilities

—

0.3%

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

39,158

Net

Assets

—

100.0%

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

$

12,759,515

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

Affiliate

of

the

Fund.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/21

Shares

Held

at

10/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

305,672

$

—

$

(132,620)

$

—

$

—

$

173,052

173,052

$

11

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)(b)

.........

—

—

—

—

—

—

—

35

(c)

—

$

—

$

—

$

173,052

$

46

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

International

Equity

Fund

32

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

EAFE

E-Mini

Index

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

2

12/17/21

$

234

$

(3,565)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

3,565

$

—

$

—

$

—

$

3,565

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

26,333

$

—

$

—

$

—

$

26,333

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

—

—

(10,187)

—

—

—

(10,187)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

290,935

BlackRock

Advantage

ESG

International

Equity

Fund

Schedules

of

Investments

33

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

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

$

—

$

860,456

$

—

$

860,456

Austria

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

—

88,073

—

88,073

Belgium

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

—

178,364

—

178,364

China

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

—

69,715

—

69,715

Denmark

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

—

401,721

—

401,721

Finland

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

—

325,130

—

325,130

France

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

—

1,316,196

—

1,316,196

Germany

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

—

915,847

—

915,847

Hong

Kong

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

—

352,272

—

352,272

Ireland

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

18,253

39,095

—

57,348

Israel

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

—

175,257

—

175,257

Italy

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

—

167,004

—

167,004

Japan

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

—

2,823,416

—

2,823,416

Netherlands

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

—

748,280

—

748,280

New

Zealand

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

7,102

120,105

—

127,207

Norway

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

—

123,758

—

123,758

Portugal

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

—

49,145

—

49,145

Singapore

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

—

70,092

—

70,092

Spain

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

—

257,984

—

257,984

Sweden

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

—

424,488

—

424,488

Switzerland

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

—

1,134,233

—

1,134,233

United

Kingdom

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

131,987

1,306,532

—

1,438,519

United

States

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

948

310,503

—

311,451

Preferred

Stocks

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

—

131,093

—

131,093

Rights

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

256

—

—

256

Short-Term

Securities

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

173,052

—

—

173,052

$

331,598

$

12,388,759

$

—

$

12,720,357

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(3,565)

$

—

$

—

$

(3,565)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Impact

Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.6%

Argentina

—

2.1%

MercadoLibre

,

Inc.

(a)

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

821

$

1,215,917

Belgium

—

0.8%

Umicore

SA

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

8,481

486,271

Brazil

—

1.9%

Pagseguro

Digital

Ltd.,

Class

A

(a)(b)

..

19,840

718,208

YDUQS

Participacoes

SA

........

101,915

375,604

1,093,812

Canada

—

3.2%

(a)

Li-Cycle

Holdings

Corp.

(b)

........

38,930

503,754

Shopify,

Inc.,

Class

A

...........

931

1,365,526

1,869,280

Cayman

Islands

—

0.6%

AEA-Bridges

Impact

Corp.,

Class

A

(a)

32,752

321,297

Colombia

—

1.5%

Millicom

International

Cellular

SA,

SDR

(a)

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

24,924

872,724

Denmark

—

4.5%

Atlantic

Sapphire

ASA

(a)

.........

66,949

337,337

Orsted

A/S

(c)(d)

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

8,236

1,163,274

Vestas

Wind

Systems

A/S

........

26,705

1,154,447

2,655,058

France

—

1.5%

Nexity

SA

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

19,836

906,846

Germany

—

2.2%

LEG

Immobilien

SE

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

8,799

1,308,790

India

—

2.4%

Bandhan

Bank

Ltd.

(c)(d)

..........

365,289

1,427,254

Indonesia

—

3.3%

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

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

6,366,200

1,911,030

Japan

—

6.7%

Katitas

Co.

Ltd.

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

35,500

1,296,239

M3,

Inc.

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

14,200

836,811

Shionogi

&

Co.

Ltd.

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

11,400

743,283

Takeda

Pharmaceutical

Co.

Ltd.

....

37,700

1,058,082

3,934,415

Kenya

—

1.9%

Safaricom

plc

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

2,869,909

1,103,613

Netherlands

—

4.5%

Koninklijke

DSM

NV

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

5,485

1,198,353

Koninklijke

Philips

NV

...........

30,511

1,439,362

2,637,715

South

Korea

—

1.7%

KakaoBank

Corp.

(a)

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

2,274

122,793

Samsung

SDI

Co.

Ltd.

..........

1,347

849,860

972,653

Spain

—

3.0%

EDP

Renovaveis

SA

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

62,541

1,742,367

United

Kingdom

—

5.1%

Genus

plc

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

14,769

1,119,959

Halma

plc

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

14,093

571,517

Pearson

plc

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

60,378

496,828

Security

Shares

Shares

Value

United

Kingdom

(continued)

Wise

plc,

Class

A

(a)

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

72,388

$

812,544

3,000,848

United

States

—

52.7%

1Life

Healthcare,

Inc.

(a)

..........

42,565

921,958

Agilent

Technologies,

Inc.

........

1,387

218,439

Alkami

Technology,

Inc.

(a)

........

33,953

1,018,590

Aptiv

plc

(a)

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

10,325

1,785,089

Avangrid

,

Inc.

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

7,363

388,030

Boston

Scientific

Corp.

(a)(b)

........

42,267

1,822,976

Brookfield

Renewable

Corp.

......

34,026

1,409,319

Cano

Health,

Inc.,

Class

A

(a)

.......

95,237

1,046,655

Chegg

,

Inc.

(a)(b)

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

12,221

726,416

Coursera,

Inc.

(a)

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

11,326

395,391

Danaher

Corp.

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

4,038

1,258,927

Definitive

Healthcare

Corp.

(a)

......

2,654

106,532

Duolingo

,

Inc.,

Class

A

(a)

.........

101

17,543

Etsy,

Inc.

(a)

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

4,407

1,104,791

Everbridge

,

Inc.

(a)

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

6,945

1,106,408

EVgo

,

Inc.,

Class

A

(a)

...........

30,726

286,366

Evgo

,

Inc.,

(Acquired

07/01/21,

cost

$135,146)

(a)(e)

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

13,535

126,146

Grocery

Outlet

Holding

Corp.

(a)

.....

42,747

948,556

ICF

International,

Inc.

...........

15,145

1,521,921

Itron

,

Inc.

(a)

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

2,681

208,501

Jack

Henry

&

Associates,

Inc.

.....

10,509

1,749,538

Mimecast

Ltd.

(a)(b)

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

16,233

1,224,617

Natural

Order

Acquisition

Corp.

(a)

...

31,934

312,634

Oak

Street

Health,

Inc.

(a)

.........

13,193

623,105

Otonomo

Technologies

Ltd.

(a)(b)

.....

38,450

186,098

PayPal

Holdings,

Inc.

(a)

..........

6,730

1,565,331

Royalty

Pharma

plc,

Class

A

......

49,726

1,965,669

Schneider

Electric

SE

...........

7,688

1,325,551

Square,

Inc.,

Class

A

(a)

..........

4,182

1,064,319

Sun

Communities,

Inc.

..........

2,690

527,186

Veeva

Systems,

Inc.,

Class

A

(a)

....

4,838

1,533,694

View,

Inc.,

Class

A

(a)(b)

...........

100,123

534,657

Zoetis,

Inc.

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

8,760

1,893,912

30,924,865

Total

Common

Stocks

—

99.6%

(Cost:

$55,868,063)

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

58,384,755

Warrants

—

0.1%

Cayman

Islands

—

0.0%

AEA-Bridges

Impact

Corp.

(Issued/

exercisable

11/10/20,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

(a)

..........

27,191

19,034

United

States

—

0.1%

(a)

Natural

Order

Acquisition

Corp.

(Issued/

exercisable

02/23/21,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

48,400

26,620

View,

Inc.

(Issued/exercisable

03/11/21,

1

share

for

1

warrant,

Expires

03/08/26,

Strike

Price

USD

11.50)

3,759

3,259

29,879

Total

Warrants

—

0.1%

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

48,913

Total

Long-Term

Investments

—

99.7%

(Cost:

$55,868,063)

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

58,433,668

BlackRock

Global

Impact

Fund

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

8.0%

(f)(g)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

......

329,566

$

329,566

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.14%

(h)

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

4,384,107

4,384,984

Security

Shares

Shares

Value

Total

Short-Term

Securities

—

8.0%

(Cost:

$4,714,692)

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

$

4,714,550

Total

Investments

—

107.7%

(Cost:

$60,582,755)

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

63,148,218

Liabilities

in

Excess

of

Other

Assets

—

(7.7)%

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

(4,518,877)

Net

Assets

—

100.0%

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

$

58,629,341

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$126,146,

representing

0.22%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$135,146.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/21

Shares

Held

at

10/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

801,201

$

—

$

(471,635)

$

—

$

—

$

329,566

329,566

$

17

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

2,573,250

1,811,919

—

(43)

(142)

4,384,984

4,384,107

50,865

(b)

—

$

(43)

$

(142)

$

4,714,550

$

50,882

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Impact

Fund

36

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

251,412

BRL

1,393,897

Citibank

NA

11/18/21

$

5,225

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

$

—

$

—

$

—

$

5,225

$

—

$

—

$

5,225

For

the

period

ended

October

31,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Forward

foreign

currency

exchange

contracts

....

$

—

$

—

$

—

$

(16,660)

$

—

$

—

$

(16,660)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Forward

foreign

currency

exchange

contracts

....

—

—

—

13,200

—

—

13,200

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

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

$

342,357

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Derivative

Financial

Instruments

$

—

Forward

foreign

currency

exchange

contracts

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

$

5,225

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

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

$

5,225

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

5,225

BlackRock

Global

Impact

Fund

Schedules

of

Investments

37

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(a)(b)

Citibank

NA

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

$

5,225

$

—

$

—

$

—

$

5,225

(a)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Impact

Fund

38

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Argentina

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

$

1,215,917

$

—

$

—

$

1,215,917

Belgium

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

—

486,271

—

486,271

Brazil

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

1,093,812

—

—

1,093,812

Canada

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

1,869,280

—

—

1,869,280

Cayman

Islands

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

321,297

—

—

321,297

Colombia

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

—

872,724

—

872,724

Denmark

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

—

2,655,058

—

2,655,058

France

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

—

906,846

—

906,846

Germany

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

—

1,308,790

—

1,308,790

India

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

—

1,427,254

—

1,427,254

Indonesia

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

—

1,911,030

—

1,911,030

Japan

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

—

3,934,415

—

3,934,415

Kenya

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

1,103,613

—

—

1,103,613

Netherlands

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

—

2,637,715

—

2,637,715

South

Korea

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

122,793

849,860

—

972,653

Spain

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

1,742,367

—

—

1,742,367

United

Kingdom

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

812,544

2,188,304

—

3,000,848

United

States

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

29,473,168

1,451,697

—

30,924,865

Warrants

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

48,913

—

—

48,913

Short-Term

Securities

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

329,566

—

—

329,566

$

38,133,270

$

20,629,964

$

—

$

58,763,234

Investments

valued

at

NAV

(a)

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

4,384,984

$

—

$

63,148,218

$

—

Derivative

Financial

Instruments

(b)

Assets

Foreign

currency

exchange

contracts

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

$

—

$

5,225

$

—

$

5,225

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

forward

foreign

currency

exchange

contracts.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

International

Impact

Fund

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.0%

Argentina

—

3.5%

MercadoLibre

,

Inc.

(a)

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

189

$

279,913

Belgium

—

1.4%

Umicore

SA

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

1,892

108,481

Brazil

—

4.4%

MRV

Engenharia

e

Participacoes

SA

.

63,801

115,420

Pagseguro

Digital

Ltd.,

Class

A

(a)(b)

..

4,285

155,117

YDUQS

Participacoes

SA

........

23,108

85,164

355,701

Canada

—

6.8%

Li-Cycle

Holdings

Corp.

(a)(b)

.......

11,025

142,663

Shopify,

Inc.,

Class

A

(a)

..........

209

306,547

TransAlta

Renewables,

Inc.

.......

6,696

99,120

548,330

China

—

0.3%

China

Feihe

Ltd.

(c)(d)

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

16,000

26,565

Colombia

—

2.3%

Millicom

International

Cellular

SA,

SDR

(a)

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

5,324

186,422

Denmark

—

8.2%

Atlantic

Sapphire

ASA

(a)

.........

14,063

70,859

Chr

Hansen

Holding

A/S

.........

687

54,661

Orsted

A/S

(c)(d)

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

1,875

264,830

Vestas

Wind

Systems

A/S

........

6,243

269,883

660,233

France

—

2.7%

Nexity

SA

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

4,709

215,282

Germany

—

3.3%

LEG

Immobilien

SE

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

1,777

264,316

India

—

3.8%

Bandhan

Bank

Ltd.

(c)(d)

..........

77,616

303,260

Indonesia

—

5.4%

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

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

1,435,500

430,914

Japan

—

12.4%

Katitas

Co.

Ltd.

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

6,600

240,991

M3,

Inc.

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

3,100

182,684

Shionogi

&

Co.

Ltd.

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

2,700

176,041

Sysmex

Corp.

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

1,100

136,390

Takeda

Pharmaceutical

Co.

Ltd.

....

9,200

258,205

994,311

Kenya

—

2.5%

Safaricom

plc

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

516,266

198,528

Security

Shares

Shares

Value

Netherlands

—

7.9%

Koninklijke

DSM

NV

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

1,296

$

283,148

Koninklijke

Philips

NV

...........

7,386

348,436

631,584

South

Korea

—

2.8%

KakaoBank

Corp.

(a)

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

329

17,766

Samsung

SDI

Co.

Ltd.

..........

331

208,837

226,603

Spain

—

5.3%

EDP

Renovaveis

SA

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

15,127

421,432

Switzerland

—

1.2%

Landis+Gyr

Group

AG

(a)

.........

1,380

94,872

United

Kingdom

—

7.9%

Genus

plc

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

2,222

168,498

Halma

plc

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

2,663

107,993

Pearson

plc

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

22,168

182,412

Wise

plc,

Class

A

(a)

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

15,401

172,874

631,777

United

States

—

16.9%

Alkami

Technology,

Inc.

(a)

........

1,853

55,590

Brookfield

Renewable

Corp.

......

7,720

319,754

Mimecast

Ltd.

(a)

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

3,859

291,123

Otonomo

Technologies

Ltd.

(a)(b)

.....

10,375

50,215

PayPal

Holdings,

Inc.

(a)

..........

932

216,774

Schneider

Electric

SE

...........

2,435

419,838

1,353,294

Total

Common

Stocks

—

99.0%

(Cost:

$7,244,994)

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

7,931,818

Total

Long-Term

Investments

—

99.0%

(Cost:

$7,244,994)

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

7,931,818

Short-Term

Securities

—

3.5%

(e)(f)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

......

80,927

80,927

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.14%

(g)

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

196,995

197,034

Total

Short-Term

Securities

—

3.5%

(Cost:

$277,979)

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

277,961

Total

Investments

—

102.5%

(Cost:

$7,522,973)

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

8,209,779

Liabilities

in

Excess

of

Other

Assets

—

(2.5)%

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

(196,716)

Net

Assets

—

100.0%

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

$

8,013,063

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Impact

Fund

40

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/21

Shares

Held

at

10/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

141,431

$

—

$

(60,504)

$

—

$

—

$

80,927

80,927

$

3

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

698,919

—

(501,865)

(2)

(18)

197,034

196,995

8,729

(b)

—

$

(2)

$

(18)

$

277,961

$

8,732

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

BlackRock

International

Impact

Fund

Schedules

of

Investments

41

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

77,651

BRL

430,517

Citibank

NA

11/18/21

$

1,614

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

$

—

$

—

$

—

$

1,614

$

—

$

—

$

1,614

For

the

period

ended

October

31,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Forward

foreign

currency

exchange

contracts

....

$

—

$

—

$

—

$

(5,695)

$

—

$

—

$

(5,695)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Forward

foreign

currency

exchange

contracts

....

—

—

—

4,115

—

—

4,115

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

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

$

117,085

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Derivative

Financial

Instruments

$

—

Forward

foreign

currency

exchange

contracts

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

$

1,614

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

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

$

1,614

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

1,614

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Impact

Fund

42

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

See

notes

to

financial

statements.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(a)(b)

Citibank

NA

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

$

1,614

$

—

$

—

$

—

$

1,614

(a)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Argentina

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

$

279,913

$

—

$

—

$

279,913

Belgium

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

—

108,481

—

108,481

Brazil

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

355,701

—

—

355,701

Canada

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

548,330

—

—

548,330

China

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

—

26,565

—

26,565

Colombia

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

—

186,422

—

186,422

Denmark

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

54,661

605,572

—

660,233

France

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

—

215,282

—

215,282

Germany

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

—

264,316

—

264,316

India

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

—

303,260

—

303,260

Indonesia

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

—

430,914

—

430,914

Japan

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

—

994,311

—

994,311

Kenya

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

198,528

—

—

198,528

Netherlands

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

—

631,584

—

631,584

South

Korea

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

17,766

208,837

—

226,603

Spain

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

421,432

—

—

421,432

Switzerland

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

—

94,872

—

94,872

United

Kingdom

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

172,874

458,903

—

631,777

United

States

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

933,456

419,838

—

1,353,294

Short-Term

Securities

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

80,927

—

—

80,927

$

3,063,588

$

4,949,157

$

—

$

8,012,745

Investments

valued

at

NAV

(a)

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

197,034

$

—

$

8,209,779

$

—

Derivative

Financial

Instruments

(b)

Assets

Foreign

currency

exchange

contracts

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

$

—

$

1,614

$

—

$

1,614

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

forward

foreign

currency

exchange

contracts.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

0.0%

Knollwood

CDO

Ltd.,

Series

2004-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.20%),

3.32%,

01/10/39

(a)(b)(c)

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

USD

186

$

—

Total

Asset-Backed

Securities

—

0.0%

(Cost:

$181,227)

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

—

Shares

Shares

Common

Stocks

—

73.3%

Aerospace

&

Defense

—

0.1%

MTU

Aero

Engines

AG

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

2,857

636,361

Singapore

Technologies

Engineering

Ltd.

....

266,700

757,382

1,393,743

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

...........

2,669

258,866

Deutsche

Post

AG

(Registered)

..........

12,326

763,066

DSV

Panalpina

A/S

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

3,051

709,105

Expeditors

International

of

Washington,

Inc.

..

2,336

287,936

FedEx

Corp.

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

5,293

1,246,660

SG

Holdings

Co.

Ltd.

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

2,800

70,311

United

Parcel

Service,

Inc.,

Class

B

.......

16,347

3,489,594

6,825,538

Airlines

—

0.3%

(d)

Alaska

Air

Group,

Inc.

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

2,836

149,741

American

Airlines

Group,

Inc.

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

14,661

281,491

ANA

Holdings,

Inc.

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

3,600

83,884

Delta

Air

Lines,

Inc.

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

41,837

1,637,082

Japan

Airlines

Co.

Ltd.

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

2,400

51,651

Singapore

Airlines

Ltd.

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

24,100

92,835

Southwest

Airlines

Co.

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

41,526

1,963,349

United

Airlines

Holdings,

Inc.

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

7,328

338,114

4,598,147

Auto

Components

—

0.3%

Aptiv

plc

(d)

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

5,032

869,983

Bridgestone

Corp.

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

31,100

1,375,842

Cie

Generale

des

Etablissements

Michelin

SCA

199

31,286

Continental

AG

(d)

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

1,853

217,860

Denso

Corp.

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

14,500

1,051,180

Faurecia

SE

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

876

45,752

Faurecia

SE

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

286

14,752

Koito

Manufacturing

Co.

Ltd.

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

1,200

68,086

Toyota

Industries

Corp.

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

8,900

756,612

Vitesco

Technologies

Group

AG

(d)

.........

596

34,173

4,465,526

Automobiles

—

2.3%

Bayerische

Motoren

Werke

AG

..........

5,380

543,574

Daimler

AG

(Registered)

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

13,591

1,349,076

Ferrari

NV

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

1,200

284,744

Ford

Motor

Co.

(d)

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

70,261

1,200,058

General

Motors

Co.

(d)

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

26,303

1,431,672

Honda

Motor

Co.

Ltd.

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

50,700

1,499,598

Mazda

Motor

Corp.

(d)

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

5,300

47,670

Nissan

Motor

Co.

Ltd.

(d)

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

77,700

395,482

Stellantis

NV

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

30,357

606,080

Subaru

Corp.

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

83,200

1,631,951

Suzuki

Motor

Corp.

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

4,100

182,847

Tesla,

Inc.

(d)

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

20,755

23,121,070

Toyota

Motor

Corp.

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

203,400

3,588,823

Volkswagen

AG

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

1,184

384,916

Yamaha

Motor

Co.

Ltd.

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

5,200

144,944

36,412,505

Security

Shares

Shares

Value

Banks

—

3.6%

ABN

AMRO

Bank

NV,

CVA

(c)(e)

...........

6,603

$

97,115

Australia

&

New

Zealand

Banking

Group

Ltd.

.

46,486

989,244

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

89,931

629,349

Banco

Santander

SA

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

264,525

1,003,366

Bank

Hapoalim

BM

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

18,586

183,053

Bank

Leumi

Le-Israel

BM

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

23,771

227,117

Bank

of

America

Corp.

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

152,334

7,278,518

Banque

Cantonale

Vaudoise

(Registered)

...

1,457

117,306

Barclays

plc

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

264,417

729,652

BNP

Paribas

SA

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

17,444

1,167,653

BOC

Hong

Kong

Holdings

Ltd.

...........

43,500

137,845

CaixaBank

SA

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

58,093

166,998

Citigroup,

Inc.

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

39,860

2,756,718

Citizens

Financial

Group,

Inc.

...........

2,893

137,070

Comerica,

Inc.

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

3,033

258,078

Commonwealth

Bank

of

Australia

.........

29,225

2,316,439

Credit

Agricole

SA

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

20,510

309,434

Danske

Bank

A/S

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

9,090

153,818

DBS

Group

Holdings

Ltd.

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

46,600

1,088,942

Erste

Group

Bank

AG

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

3,232

138,607

Fifth

Third

Bancorp

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

8,395

365,434

FinecoBank

Banca

Fineco

SpA

(d)

.........

9,979

190,577

First

Republic

Bank

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

2,523

545,801

Hang

Seng

Bank

Ltd.

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

11,600

220,434

HSBC

Holdings

plc

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

351,070

2,115,257

Huntington

Bancshares,

Inc.

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

17,299

272,286

ING

Groep

NV

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

71,311

1,081,710

Intesa

Sanpaolo

SpA

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

192,618

547,455

Israel

Discount

Bank

Ltd.,

Class

A

(d)

.......

19,044

115,068

Japan

Post

Bank

Co.

Ltd.

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

32,800

255,906

JPMorgan

Chase

&

Co.

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

61,708

10,483,572

KBC

Group

NV

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

3,537

329,376

KeyCorp

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

9,464

220,227

M&T

Bank

Corp.

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

780

114,754

Mitsubishi

UFJ

Financial

Group,

Inc.

.......

274,300

1,504,124

Mizuho

Financial

Group,

Inc.

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

57,450

758,224

National

Australia

Bank

Ltd.

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

56,184

1,221,551

NatWest

Group

plc

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

97,042

292,599

Nordea

Bank

Abp

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

65,249

799,093

Oversea-Chinese

Banking

Corp.

Ltd.

......

55,000

480,801

People's

United

Financial,

Inc.

...........

9,690

166,087

Regions

Financial

Corp.

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

13,969

330,786

Resona

Holdings,

Inc.

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

41,000

154,020

Skandinaviska

Enskilda

Banken

AB,

Class

A

.

31,018

485,054

Societe

Generale

SA

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

9,583

320,110

Standard

Chartered

plc

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

37,714

255,060

Sumitomo

Mitsui

Financial

Group,

Inc.

......

31,000

1,005,939

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.......

5,600

184,206

SVB

Financial

Group

(d)

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

819

587,551

Svenska

Handelsbanken

AB,

Class

A

......

17,969

205,967

Swedbank

AB,

Class

A

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

13,739

297,981

Truist

Financial

Corp.

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

32,590

2,068,487

UniCredit

SpA

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

23,890

315,813

United

Overseas

Bank

Ltd.

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

19,200

381,664

US

Bancorp

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

27,600

1,666,212

Wells

Fargo

&

Co.

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

80,779

4,132,654

Westpac

Banking

Corp.

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

67,044

1,304,350

Zions

Bancorp

NA

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

3,670

231,173

55,893,685

Beverages

—

0.1%

Anheuser-Busch

InBev

SA/NV

...........

6,987

427,375

Coca-Cola

Europacific

Partners

plc

........

1,813

95,454

Diageo

plc

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

27,418

1,364,092

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Beverages

(continued)

Pernod

Ricard

SA

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

738

$

169,785

2,056,706

Biotechnology

—

1.3%

AbbVie,

Inc.

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

42,166

4,835,175

Alnylam

Pharmaceuticals,

Inc.

(d)

..........

539

86,003

Amgen,

Inc.

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

13,652

2,825,554

Argenx

SE

(d)

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

647

194,785

Biogen,

Inc.

(d)

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

3,559

949,114

BioMarin

Pharmaceutical,

Inc.

(d)(f)

.........

808

64,018

CSL

Ltd.

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

8,032

1,827,604

Exact

Sciences

Corp.

(d)

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

715

68,082

Genmab

A/S

(d)

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

1,049

471,265

Gilead

Sciences,

Inc.

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

28,291

1,835,520

Horizon

Therapeutics

plc

(d)

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

5,845

700,874

Incyte

Corp.

(d)

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

2,762

184,999

Moderna

,

Inc.

(d)

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

8,601

2,969,151

Novavax

,

Inc.

(d)

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

461

68,611

Regeneron

Pharmaceuticals,

Inc.

(d)

........

2,586

1,654,885

Seagen

,

Inc.

(d)

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

817

144,062

Vertex

Pharmaceuticals,

Inc.

(d)

...........

6,257

1,157,107

20,036,809

Building

Products

—

0.6%

Allegion

plc

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

2,647

339,610

Assa

Abloy

AB,

Class

B

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

27,997

821,507

Carrier

Global

Corp.

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

25,354

1,324,239

Cie

de

Saint-Gobain

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

7,926

546,993

Daikin

Industries

Ltd.

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

4,900

1,073,173

Fortune

Brands

Home

&

Security,

Inc.

......

2,956

299,738

Johnson

Controls

International

plc

........

25,638

1,881,060

Kingspan

Group

plc

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

2,752

316,824

Lennox

International,

Inc.

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

449

134,377

Masco

Corp.

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

12,867

843,432

Nibe

Industrier

AB,

Class

B

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

20,663

307,335

Rockwool

International

A/S,

Class

B

.......

186

85,061

Trane

Technologies

plc

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

9,156

1,656,595

9,629,944

Capital

Markets

—

2.0%

3i

Group

plc

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

11,669

217,919

Abrdn

plc

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

34,377

119,498

Ameriprise

Financial,

Inc.

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

4,478

1,352,938

Amundi

SA

(c)(e)

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

3,050

271,746

ASX

Ltd.

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

992

62,385

Bank

of

New

York

Mellon

Corp.

(The)

......

14,322

847,862

Cboe

Global

Markets,

Inc.

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

890

117,427

Charles

Schwab

Corp.

(The)

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

29,519

2,421,444

CME

Group,

Inc.

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

6,546

1,443,720

Credit

Suisse

Group

AG

(Registered)

......

50,542

525,723

Daiwa

Securities

Group,

Inc.

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

41,100

230,906

Deutsche

Bank

AG

(Registered)

(d)

.........

33,590

431,474

Deutsche

Boerse

AG

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

3,649

605,760

EQT

AB

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

6,706

354,210

Franklin

Resources,

Inc.

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

2,607

82,094

Futu

Holdings

Ltd.,

ADR

(d)

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

458

24,512

Goldman

Sachs

Group,

Inc.

(The)

........

6,899

2,851,702

Hargreaves

Lansdown

plc

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

3,145

66,180

Hong

Kong

Exchanges

&

Clearing

Ltd.

.....

14,300

861,457

Intercontinental

Exchange,

Inc.

..........

12,587

1,742,796

Invesco

Ltd.

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

2,828

71,860

Japan

Exchange

Group,

Inc.

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

8,800

208,367

Julius

Baer

Group

Ltd.

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

6,012

434,861

London

Stock

Exchange

Group

plc

........

5,519

537,240

Macquarie

Group

Ltd.

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

6,762

998,268

MarketAxess

Holdings,

Inc.

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

351

143,443

Security

Shares

Shares

Value

Capital

Markets

(continued)

Moody's

Corp.

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

3,231

$

1,305,809

Morgan

Stanley

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

29,622

3,044,549

MSCI,

Inc.

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

1,590

1,057,159

Nasdaq,

Inc.

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

1,897

398,123

Nomura

Holdings,

Inc.

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

80,400

382,906

Northern

Trust

Corp.

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

3,745

460,785

Partners

Group

Holding

AG

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

603

1,053,414

Raymond

James

Financial,

Inc.

..........

2,748

270,925

S&P

Global,

Inc.

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

6,144

2,913,239

SBI

Holdings,

Inc.

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

2,000

51,839

Schroders

plc

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

2,048

101,445

St.

James's

Place

plc

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

3,511

75,848

State

Street

Corp.

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

5,715

563,213

T.

Rowe

Price

Group,

Inc.

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

4,129

895,498

UBS

Group

AG

(Registered)

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

74,832

1,362,144

30,962,688

Chemicals

—

1.2%

Air

Liquide

SA

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

10,033

1,675,088

Air

Products

&

Chemicals,

Inc.

...........

2,174

651,787

Albemarle

Corp.

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

2,604

652,224

Asahi

Kasei

Corp.

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

19,500

204,854

BASF

SE

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

22,971

1,653,307

CF

Industries

Holdings,

Inc.

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

1,701

96,617

Chr

Hansen

Holding

A/S

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

2,199

174,963

Corteva

,

Inc.

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

8,709

375,793

Covestro

AG

(c)(e)

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

1,522

97,467

Dow,

Inc.

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

6,939

388,376

DuPont

de

Nemours,

Inc.

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

7,329

510,098

Ecolab,

Inc.

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

6,115

1,358,875

Givaudan

SA

(Registered)

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

168

791,605

International

Flavors

&

Fragrances,

Inc.

.....

6,761

996,910

Koninklijke

DSM

NV

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

8,202

1,791,959

Linde

plc

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

5,080

1,621,536

LyondellBasell

Industries

NV,

Class

A

......

2,696

250,243

Nippon

Sanso

Holdings

Corp.

...........

8,000

188,869

Novozymes

A/S,

Class

B

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

4,451

327,410

Orica

Ltd.

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

5,339

61,288

PPG

Industries,

Inc.

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

5,128

823,403

Sherwin-Williams

Co.

(The)

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

4,552

1,441,209

Shin-Etsu

Chemical

Co.

Ltd.

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

9,200

1,640,664

Sika

AG

(Registered)

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

1,239

419,748

Solvay

SA

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

3,528

419,381

Sumitomo

Chemical

Co.

Ltd.

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

13,200

65,027

Symrise

AG

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

646

89,356

Umicore

SA

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

2,789

159,912

18,927,969

Commercial

Services

&

Supplies

—

0.5%

Brambles

Ltd.

......................

63,118

478,857

Cintas

Corp.

.......................

2,808

1,216,145

Copart

,

Inc.

(d)

......................

9,940

1,543,583

Rentokil

Initial

plc

....................

66,811

537,758

Republic

Services,

Inc.

................

5,905

794,813

Rollins,

Inc.

........................

12,970

456,933

Secom

Co.

Ltd.

.....................

3,800

259,055

Securitas

AB,

Class

B

.................

23,112

382,889

Waste

Connections,

Inc.

...............

3,627

493,308

Waste

Management,

Inc.

...............

12,551

2,011,047

8,174,388

Construction

&

Engineering

—

0.1%

Ferrovial

SA

.......................

24,963

788,034

Obayashi

Corp.

.....................

7,100

59,940

Quanta

Services,

Inc.

.................

3,151

382,153

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Vinci

SA

..........................

5,986

$

639,965

1,870,092

Construction

Materials

—

0.1%

CRH

plc

..........................

13,532

647,558

HeidelbergCement

AG

................

10,066

758,020

Holcim

Ltd.

(d)

.......................

2,989

149,099

James

Hardie

Industries

plc,

CDI

.........

13,341

524,117

2,078,794

Consumer

Finance

—

0.3%

American

Express

Co.

................

13,035

2,265,222

Capital

One

Financial

Corp.

.............

8,804

1,329,668

Discover

Financial

Services

.............

5,115

579,632

Synchrony

Financial

..................

8,352

387,951

4,562,473

Containers

&

Packaging

—

0.2%

Avery

Dennison

Corp.

.................

773

168,297

Ball

Corp.

.........................

13,473

1,232,510

Crown

Holdings,

Inc.

.................

3,144

326,945

Smurfit

Kappa

Group

plc

...............

2,366

124,018

WestRock

Co.

......................

10,773

518,181

2,369,951

Distributors

—

0.5%

Genuine

Parts

Co.

...................

23,741

3,112,683

LKQ

Corp.

(d)

.......................

32,197

1,773,411

Pool

Corp.

........................

4,178

2,152,338

7,038,432

Diversified

Financial

Services

—

1.1%

Berkshire

Hathaway,

Inc.,

Class

B

(d)

.......

47,410

13,607,144

Equitable

Holdings,

Inc.

...............

4,530

151,755

EXOR

NV

.........................

554

52,259

Groupe

Bruxelles

Lambert

SA

...........

4,565

529,683

Industrivarden

AB,

Class

A

.............

276

9,105

Industrivarden

AB,

Class

C

.............

1,820

59,202

Investor

AB,

Class

B

..................

49,363

1,138,999

Jackson

Financial,

Inc.,

Class

A

(d)

.........

1,020

27,612

Kinnevik

AB,

Class

B

(d)

................

4,574

179,533

L

E

Lundbergforetagen

AB,

Class

B

.......

1,245

71,778

M&G

plc

..........................

32,713

89,375

Mitsubishi

HC

Capital,

Inc.

..............

9,900

49,641

ORIX

Corp.

........................

29,700

590,326

Sofina

SA

.........................

481

212,845

Wendel

SE

........................

408

54,350

16,823,607

Electric

Utilities

—

2.2%

AusNet

Services

Ltd.

.................

265,894

494,470

CK

Infrastructure

Holdings

Ltd.

...........

135,500

816,929

Edison

International

..................

39,540

2,488,252

Electricite

de

France

SA

...............

28,906

426,016

Elia

Group

SA/NV

...................

6,756

788,179

Endesa

SA

........................

43,674

1,007,241

Enel

SpA

.........................

223,579

1,871,756

Entergy

Corp.

......................

20,636

2,125,921

Eversource

Energy

..................

27,332

2,320,487

Exelon

Corp.

.......................

76,950

4,092,971

FirstEnergy

Corp.

...................

49,432

1,904,615

Fortum

OYJ

.......................

36,755

1,093,097

Iberdrola

SA

.......................

224,386

2,649,671

Longview

Energy

Co.

(Acquired

08/13/04,

cost

$48,000)

(a)(d)(g)

....................

3,200

5,166

Mercury

NZ

Ltd.

.....................

69,407

305,242

NextEra

Energy,

Inc.

.................

102,296

8,728,918

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Orsted

A/S

(c)(e)

......................

6,316

$

892,088

Red

Electrica

Corp.

SA

................

2,461

51,242

SSE

plc

..........................

42,501

957,105

Terna

-

Rete

Elettrica

Nazionale

..........

94,440

703,654

Verbund

AG

.......................

5,160

537,890

34,260,910

Electrical

Equipment

—

0.3%

ABB

Ltd.

(Registered)

.................

31,438

1,040,071

Legrand

SA

.......................

6,947

757,849

Mitsubishi

Electric

Corp.

...............

23,000

308,877

Nidec

Corp.

.......................

5,100

564,865

Schneider

Electric

SE

.................

6,659

1,148,133

Siemens

Gamesa

Renewable

Energy

SA

(d)

..

1,539

41,762

Vestas

Wind

Systems

A/S

..............

27,539

1,190,500

5,052,057

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Halma

plc

.........................

4,064

164,808

Hamamatsu

Photonics

KK

..............

9,900

587,589

Hexagon

AB,

Class

B

.................

32,118

516,897

Keyence

Corp.

.....................

2,800

1,690,121

Kyocera

Corp.

......................

8,000

468,376

Murata

Manufacturing

Co.

Ltd.

...........

9,500

704,697

Zebra

Technologies

Corp.,

Class

A

(d)

.......

181

96,645

4,229,133

Entertainment

—

1.3%

Activision

Blizzard,

Inc.

................

16,684

1,304,522

AMC

Entertainment

Holdings,

Inc.,

Class

A

(d)

.

4,433

156,795

Bollore

SA

........................

15,735

91,455

Electronic

Arts,

Inc.

..................

5,535

776,284

Live

Nation

Entertainment,

Inc.

(d)

.........

4,077

412,389

Netflix,

Inc.

(d)

.......................

11,154

7,699,718

Nexon

Co.

Ltd.

.....................

2,800

47,659

Nintendo

Co.

Ltd.

....................

1,900

839,148

Sea

Ltd.,

ADR

(d)

.....................

1,533

526,693

Take-Two

Interactive

Software,

Inc.

(d)

.......

1,977

357,837

Ubisoft

Entertainment

SA

(d)

.............

237

12,410

Universal

Music

Group

NV

.............

14,137

410,439

Walt

Disney

Co.

(The)

(d)

...............

46,092

7,792,774

20,428,123

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.8%

Alexandria

Real

Estate

Equities,

Inc.

.......

4,063

829,421

American

Tower

Corp.

................

11,295

3,184,851

Ascendas

REIT

.....................

175,400

401,742

AvalonBay

Communities,

Inc.

...........

3,413

807,789

Boston

Properties,

Inc.

................

3,622

411,604

British

Land

Co.

plc

(The)

..............

887

5,989

CapitaLand

Integrated

Commercial

Trust

....

202,945

323,181

Covivio

..........................

827

71,630

Crown

Castle

International

Corp.

.........

10,960

1,976,088

Daiwa

House

REIT

Investment

Corp.

......

40

114,785

Dexus

...........................

4,471

36,675

Digital

Realty

Trust,

Inc.

...............

7,099

1,120,293

Duke

Realty

Corp.

...................

8,328

468,367

Equinix

,

Inc.

.......................

2,299

1,924,424

Equity

Residential

...................

7,728

667,699

Essex

Property

Trust,

Inc.

..............

1,552

527,571

Extra

Space

Storage,

Inc.

..............

3,465

683,887

Federal

Realty

Investment

Trust

..........

1,585

190,755

Gecina

SA

........................

912

127,624

GLP

J-

Reit

........................

76

123,960

Goodman

Group

....................

26,092

432,002

GPT

Group

(The)

....................

7,500

29,280

Healthpeak

Properties,

Inc.

.............

11,281

400,588

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Host

Hotels

&

Resorts,

Inc.

(d)

............

14,963

$

251,827

Invitation

Homes,

Inc.

.................

4,895

201,919

Iron

Mountain,

Inc.

...................

7,509

342,711

Japan

Metropolitan

Fund

Invest

..........

117

107,467

Japan

Real

Estate

Investment

Corp.

.......

26

159,360

Kimco

Realty

Corp.

..................

13,892

313,959

Klepierre

SA

.......................

3,605

85,822

Land

Securities

Group

plc

..............

9,353

87,866

Link

REIT

.........................

44,900

397,789

Mapletree

Commercial

Trust

............

76,200

123,255

Mapletree

Logistics

Trust

..............

86,700

130,010

Medical

Properties

Trust,

Inc.

............

4,337

92,508

Mid-America

Apartment

Communities,

Inc.

...

2,765

564,641

Nippon

Building

Fund,

Inc.

..............

35

227,393

Nippon

Prologis

REIT,

Inc.

..............

15

50,100

Nomura

Real

Estate

Master

Fund,

Inc.

.....

54

80,863

Orix

JREIT,

Inc.

.....................

37

61,387

Prologis,

Inc.

.......................

18,507

2,682,775

Public

Storage

......................

3,792

1,259,627

Realty

Income

Corp.

..................

9,548

682,014

Regency

Centers

Corp.

...............

3,382

238,127

SBA

Communications

Corp.

............

2,966

1,024,249

Scentre

Group

......................

63,817

145,559

Segro

plc

.........................

19,352

342,038

Simon

Property

Group,

Inc.

.............

8,434

1,236,256

Stockland

.........................

16,843

58,057

Sun

Communities,

Inc.

................

653

127,975

UDR,

Inc.

.........................

6,776

376,271

Unibail

-

Rodamco

-Westfield

(d)

............

1,822

130,099

Ventas,

Inc.

.......................

9,507

507,389

VEREIT,

Inc.

.......................

1,484

74,645

VICI

Properties,

Inc.

..................

2,444

71,731

Vicinity

Centres

.....................

41,078

53,647

Vornado

Realty

Trust

.................

3,402

145,027

Welltower

,

Inc.

......................

10,284

826,834

Weyerhaeuser

Co.

...................

17,251

616,206

28,737,608

Food

&

Staples

Retailing

—

0.8%

Aeon

Co.

Ltd.

......................

4,200

96,620

Carrefour

SA

.......................

4,404

79,729

Costco

Wholesale

Corp.

...............

8,666

4,259,686

Jeronimo

Martins

SGPS

SA

.............

24,281

550,149

Koninklijke

Ahold

Delhaize

NV

...........

27,434

892,496

Ocado

Group

plc

(d)

...................

5,396

133,176

Sysco

Corp.

.......................

11,245

864,741

Walgreens

Boots

Alliance,

Inc.

...........

10,067

473,350

Walmart,

Inc.

.......................

29,162

4,357,386

11,707,333

Food

Products

—

0.3%

Kerry

Group

plc,

Class

A

...............

1,982

266,007

Kikkoman

Corp.

.....................

1,800

147,222

Nestle

SA

(Registered)

................

36,069

4,757,762

5,170,991

Gas

Utilities

—

0.3%

APA

Group

(h)

.......................

94,025

583,392

Hong

Kong

&

China

Gas

Co.

Ltd.

.........

177,222

275,320

Naturgy

Energy

Group

SA

..............

45,107

1,185,226

Osaka

Gas

Co.

Ltd.

..................

35,500

572,189

Snam

SpA

........................

143,429

812,352

Toho

Gas

Co.

Ltd.

...................

2,800

82,943

Tokyo

Gas

Co.

Ltd.

..................

27,300

473,735

3,985,157

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

1.6%

Abbott

Laboratories

..................

40,342

$

5,199,680

Alcon,

Inc.

........................

8,502

704,974

Align

Technology,

Inc.

(d)

................

625

390,231

Baxter

International,

Inc.

...............

13,382

1,056,643

Becton

Dickinson

and

Co.

..............

3,114

746,083

Boston

Scientific

Corp.

(d)

...............

12,926

557,498

Carl

Zeiss

Meditec

AG

................

1,579

317,995

Coloplast

A/S,

Class

B

................

2,125

347,051

Danaher

Corp.

.....................

12,615

3,932,978

DexCom

,

Inc.

(d)

.....................

898

559,643

Edwards

Lifesciences

Corp.

(d)

...........

6,093

730,063

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

......

8,562

191,819

GN

Store

Nord

A/S

...................

629

38,223

Hoya

Corp.

........................

6,600

971,576

IDEXX

Laboratories,

Inc.

(d)

..............

669

445,648

Intuitive

Surgical,

Inc.

(d)

................

4,764

1,720,423

Koninklijke

Philips

NV

.................

16,457

776,362

Medtronic

plc

......................

20,553

2,463,483

Olympus

Corp.

.....................

19,600

424,596

ResMed

,

Inc.

......................

995

261,595

Siemens

Healthineers

AG

(c)(e)

............

11,058

735,423

Smith

&

Nephew

plc

..................

10,553

182,251

Sonova

Holding

AG

(Registered)

.........

642

266,027

Straumann

Holding

AG

(Registered)

.......

129

268,539

Stryker

Corp.

......................

3,892

1,035,544

Sysmex

Corp.

......................

2,900

359,574

Terumo

Corp.

......................

12,000

529,390

West

Pharmaceutical

Services,

Inc.

.......

532

228,696

25,442,008

Health

Care

Providers

&

Services

—

1.2%

Anthem,

Inc.

.......................

6,557

2,853,147

Centene

Corp.

(d)

....................

17,029

1,213,146

Cigna

Corp.

.......................

5,690

1,215,441

CVS

Health

Corp.

...................

11,459

1,023,060

Fresenius

Medical

Care

AG

&

Co.

KGaA

....

5,707

379,111

Fresenius

SE

&

Co.

KGaA

..............

11,315

514,309

HCA

Healthcare,

Inc.

.................

222

55,602

Humana,

Inc.

......................

3,556

1,646,997

UnitedHealth

Group,

Inc.

...............

23,046

10,611,992

19,512,805

Health

Care

Technology

—

0.0%

M3,

Inc.

..........................

8,100

477,336

Hotels,

Restaurants

&

Leisure

—

1.9%

Airbnb,

Inc.,

Class

A

(d)

.................

3,036

518,124

Aramark

..........................

13,751

501,636

Aristocrat

Leisure

Ltd.

.................

2,821

100,052

Booking

Holdings,

Inc.

(d)

...............

1,370

3,316,469

Caesars

Entertainment,

Inc.

(d)

...........

7,047

771,365

Carnival

Corp.

(d)

.....................

39,992

886,223

Chipotle

Mexican

Grill,

Inc.

(d)

............

1,032

1,835,959

Compass

Group

plc

(d)

.................

41,520

881,081

Darden

Restaurants,

Inc.

..............

5,685

819,436

Domino's

Pizza,

Inc.

..................

1,271

621,481

DraftKings

,

Inc.,

Class

A

(d)

..............

5,317

247,719

Entain

plc

(d)

........................

2,514

70,445

Evolution

AB

(c)(e)

.....................

3,380

548,716

Expedia

Group,

Inc.

(d)

.................

4,916

808,239

Flutter

Entertainment

plc

(d)

..............

3,129

592,340

Hilton

Worldwide

Holdings,

Inc.

(d)

.........

8,103

1,166,427

InterContinental

Hotels

Group

plc

(d)

........

3,911

273,954

La

Francaise

des

Jeux

SAEM

(c)(e)

.........

1,384

71,865

Las

Vegas

Sands

Corp.

(d)

..............

6,439

249,897

Marriott

International,

Inc.,

Class

A

(d)

.......

7,950

1,272,159

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

McDonald's

Corp.

...................

21,851

$

5,365,513

MGM

Resorts

International

.............

11,922

562,241

Norwegian

Cruise

Line

Holdings

Ltd.

(d)

......

8,379

215,508

Oriental

Land

Co.

Ltd.

................

4,100

647,553

Penn

National

Gaming,

Inc.

(d)

............

3,550

254,180

Royal

Caribbean

Cruises

Ltd.

(d)

..........

7,234

610,767

Sodexo

SA

(d)

.......................

4,512

438,969

Starbucks

Corp.

.....................

37,662

3,994,808

Vail

Resorts,

Inc.

....................

708

244,055

Wynn

Resorts

Ltd.

(d)

..................

3,476

312,145

Yum!

Brands,

Inc.

...................

11,947

1,492,658

29,691,984

Household

Durables

—

0.7%

Casio

Computer

Co.

Ltd.

...............

6,400

90,567

DR

Horton,

Inc.

.....................

28,188

2,516,343

Husqvarna

AB,

Class

B

................

16,473

234,755

Leggett

&

Platt,

Inc.

..................

3,019

141,440

Lennar

Corp.,

Class

A

.................

24,171

2,415,408

NVR,

Inc.

(d)

........................

308

1,507,599

Panasonic

Corp.

....................

43,900

542,869

PulteGroup,

Inc.

....................

29,261

1,406,869

Sekisui

House

Ltd.

...................

4,300

89,400

Sony

Corp.

........................

23,700

2,744,374

11,689,624

Household

Products

—

0.1%

Procter

&

Gamble

Co.

(The)

............

4,058

580,253

Reckitt

Benckiser

Group

plc

.............

13,918

1,129,902

1,710,155

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

EDP

Renovaveis

SA

..................

21,997

612,828

Meridian

Energy

Ltd.

.................

84,959

304,348

Uniper

SE

.........................

20,153

890,897

1,808,073

Industrial

Conglomerates

—

0.2%

CK

Hutchison

Holdings

Ltd.

.............

91,500

613,455

Hitachi

Ltd.

........................

11,900

685,732

Siemens

AG

(Registered)

..............

12,809

2,082,512

Smiths

Group

plc

....................

5,619

104,334

Toshiba

Corp.

......................

5,100

219,974

3,706,007

Insurance

—

4.1%

Admiral

Group

plc

...................

2,958

116,197

Aegon

NV

.........................

37,438

189,897

Aflac,

Inc.

.........................

34,767

1,865,945

Ageas

SA

.........................

2,577

125,365

AIA

Group

Ltd.

.....................

227,800

2,552,957

Alleghany

Corp.

(d)

....................

1,094

712,610

Allianz

SE

(Registered)

................

9,182

2,132,156

Allstate

Corp.

(The)

..................

19,445

2,404,763

American

Financial

Group,

Inc.

..........

4,960

674,758

American

International

Group,

Inc.

........

19,365

1,144,278

Aon

plc,

Class

A

....................

13,076

4,183,274

Arch

Capital

Group

Ltd.

(d)

..............

25,846

1,080,880

Arthur

J

Gallagher

&

Co.

...............

15,135

2,537,685

Assicurazioni

Generali

SpA

.............

11,196

243,795

Assurant,

Inc.

......................

1,332

214,865

Athene

Holding

Ltd.,

Class

A

(d)

...........

8,903

774,650

Aviva

plc

.........................

79,367

428,258

AXA

SA

..........................

46,740

1,359,807

Baloise

Holding

AG

(Registered)

.........

1,931

307,724

Brown

&

Brown,

Inc.

..................

22,463

1,417,640

Cincinnati

Financial

Corp.

..............

9,253

1,123,684

Security

Shares

Shares

Value

Insurance

(continued)

CNP

Assurances

....................

4,629

$

115,980

Dai-ichi

Life

Holdings,

Inc.

..............

21,200

446,018

Erie

Indemnity

Co.,

Class

A

.............

3,757

773,228

Everest

Re

Group

Ltd.

................

3,939

1,030,049

Fidelity

National

Financial,

Inc.

...........

18,423

882,646

Globe

Life,

Inc.

.....................

3,367

299,730

Hannover

Rueck

SE

..................

2,773

506,305

Hartford

Financial

Services

Group,

Inc.

(The)

.

22,981

1,676,004

Insurance

Australia

Group

Ltd.

...........

12,588

45,612

Japan

Post

Holdings

Co.

Ltd.

(d)

...........

75,200

577,830

Japan

Post

Insurance

Co.

Ltd.

...........

7,300

118,440

Legal

&

General

Group

plc

.............

108,929

429,592

Lincoln

National

Corp.

................

9,023

651,009

Loews

Corp.

.......................

21,240

1,190,927

Markel

Corp.

(d)

......................

589

773,434

Marsh

&

McLennan

Cos.,

Inc.

...........

23,660

3,946,488

MetLife,

Inc.

.......................

38,404

2,411,771

MS&AD

Insurance

Group

Holdings,

Inc.

....

16,600

536,302

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

..................

4,024

1,191,452

NN

Group

NV

......................

14,425

771,114

Phoenix

Group

Holdings

plc

............

6,011

53,970

Principal

Financial

Group,

Inc.

...........

10,484

703,372

Progressive

Corp.

(The)

...............

35,632

3,380,764

Prudential

Financial,

Inc.

...............

15,837

1,742,862

Prudential

plc

......................

44,189

901,807

QBE

Insurance

Group

Ltd.

.............

15,479

138,590

RenaissanceRe

Holdings

Ltd.

...........

4,020

570,036

Sampo

OYJ,

Class

A

.................

16,177

859,991

SCOR

SE

.........................

1,051

35,382

Sompo

Holdings,

Inc.

.................

9,800

424,995

Suncorp

Group

Ltd.

..................

22,391

198,135

Swiss

Life

Holding

AG

(Registered)

........

1,293

709,297

Swiss

Re

AG

.......................

9,316

902,492

T&D

Holdings,

Inc.

...................

9,600

123,126

Tokio

Marine

Holdings,

Inc.

.............

19,100

1,005,998

Travelers

Cos.,

Inc.

(The)

..............

16,933

2,724,181

Tryg

A/S

..........................

19,963

473,784

Willis

Towers

Watson

plc

...............

9,399

2,277,190

WR

Berkley

Corp.

...................

14,991

1,193,284

Zurich

Insurance

Group

AG

.............

4,234

1,876,597

64,260,972

Interactive

Media

&

Services

—

3.8%

Alphabet,

Inc.,

Class

A

(d)

...............

6,916

20,477,723

Alphabet,

Inc.,

Class

C

(d)

...............

6,499

19,272,199

Facebook,

Inc.,

Class

A

(d)

..............

54,676

17,691,513

Match

Group,

Inc.

(d)

..................

6,821

1,028,470

Pinterest,

Inc.,

Class

A

(d)

...............

2,270

101,333

Snap,

Inc.,

Class

A

(d)

.................

2,968

156,057

Twitter,

Inc.

(d)

.......................

20,031

1,072,460

Z

Holdings

Corp.

....................

43,000

266,945

Zillow

Group,

Inc.,

Class

A

(d)

............

476

50,323

Zillow

Group,

Inc.,

Class

C

(d)

............

914

94,718

60,211,741

Internet

&

Direct

Marketing

Retail

—

3.4%

Amazon.com,

Inc.

(d)

..................

12,000

40,469,160

Chewy,

Inc.,

Class

A

(d)

................

8,186

620,499

Delivery

Hero

SE

(c)(d)(e)

.................

4,340

541,307

DoorDash

,

Inc.,

Class

A

(d)

..............

7,996

1,557,621

eBay,

Inc.

.........................

35,296

2,707,909

Etsy,

Inc.

(d)

........................

7,901

1,980,702

HelloFresh

SE

(d)

.....................

4,554

369,051

Just

Eat

Takeaway.com

NV

(c)(d)(e)

..........

3,435

246,754

MercadoLibre

,

Inc.

(d)

..................

795

1,177,411

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Internet

&

Direct

Marketing

Retail

(continued)

Mercari

,

Inc.

(d)

......................

3,000

$

162,328

Prosus

NV

(d)

.......................

18,699

1,647,064

Rakuten

Group,

Inc.

..................

20,600

225,529

Wayfair,

Inc.,

Class

A

(d)

................

3,659

911,457

Zalando

SE

(c)(d)(e)

....................

4,775

451,145

ZOZO,

Inc.

........................

1,600

51,358

53,119,295

IT

Services

—

2.9%

Accenture

plc,

Class

A

................

14,101

5,059,298

Adyen

NV

(c)(d)(e)

.....................

428

1,291,409

Afterpay

Ltd.

(d)

......................

2,021

187,224

Akamai

Technologies,

Inc.

(d)

.............

3,032

319,755

Amadeus

IT

Group

SA

(d)

...............

4,022

269,063

Atos

SE

..........................

5,014

261,594

Automatic

Data

Processing,

Inc.

..........

11,158

2,504,859

Broadridge

Financial

Solutions,

Inc.

.......

1,444

257,624

Capgemini

SE

......................

5,333

1,243,459

Cognizant

Technology

Solutions

Corp.,

Class

A

12,776

997,678

Computershare

Ltd.

..................

33,304

473,895

DXC

Technology

Co.

(d)

................

5,704

185,779

Edenred

..........................

2,239

121,155

EPAM

Systems,

Inc.

(d)

.................

285

191,873

Fidelity

National

Information

Services,

Inc.

...

13,505

1,495,544

Fiserv,

Inc.

(d)

.......................

12,932

1,273,673

FleetCor

Technologies,

Inc.

(d)

............

1,969

487,150

Fujitsu

Ltd.

........................

1,700

293,811

Gartner,

Inc.

(d)

......................

1,850

614,033

Global

Payments,

Inc.

................

6,196

885,966

International

Business

Machines

Corp.

.....

21,500

2,689,650

Jack

Henry

&

Associates,

Inc.

...........

439

73,085

Mastercard

,

Inc.,

Class

A

...............

20,001

6,710,735

MongoDB,

Inc.

(d)

....................

388

202,261

NTT

Data

Corp.

.....................

22,800

457,387

Obic

Co.

Ltd.

.......................

400

73,969

Okta

,

Inc.,

Class

A

(d)

..................

164

40,538

Paychex,

Inc.

......................

5,442

670,890

PayPal

Holdings,

Inc.

(d)

................

27,120

6,307,841

Snowflake,

Inc.,

Class

A

(d)

..............

740

261,842

Square,

Inc.,

Class

A

(d)

................

1,216

309,472

Twilio

,

Inc.,

Class

A

(d)

.................

380

110,717

VeriSign,

Inc.

(d)

.....................

1,188

264,532

Visa,

Inc.,

Class

A

...................

38,251

8,100,414

Wix.com

Ltd.

(d)

......................

919

170,897

Worldline

SA

(c)(d)(e)

...................

5,844

340,800

45,199,872

Leisure

Products

—

0.3%

Bandai

Namco

Holdings,

Inc.

............

5,500

420,302

Hasbro,

Inc.

.......................

13,824

1,323,786

Peloton

Interactive,

Inc.,

Class

A

(d)

........

26,019

2,379,178

Shimano,

Inc.

......................

2,000

558,027

Yamaha

Corp.

......................

5,300

334,844

5,016,137

Life

Sciences

Tools

&

Services

—

0.9%

Agilent

Technologies,

Inc.

..............

7,017

1,105,107

Avantor

,

Inc.

(d)

......................

7,311

295,218

Bio-Rad

Laboratories,

Inc.,

Class

A

(d)

.......

445

353,633

Bio-

Techne

Corp.

....................

747

391,167

Charles

River

Laboratories

International,

Inc.

(d)

628

281,771

Eurofins

Scientific

SE

.................

1,597

188,470

Illumina,

Inc.

(d)

......................

3,568

1,480,934

IQVIA

Holdings,

Inc.

(d)

.................

4,290

1,121,492

Lonza

Group

AG

(Registered)

...........

1,104

907,268

Mettler

-Toledo

International,

Inc.

(d)

........

500

740,440

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

PerkinElmer,

Inc.

....................

2,614

$

462,390

QIAGEN

NV

(d)

......................

5,780

317,981

Sartorius

Stedim

Biotech

...............

325

179,131

Thermo

Fisher

Scientific,

Inc.

............

9,218

5,835,639

Waters

Corp.

(d)

.....................

1,248

458,702

14,119,343

Machinery

—

0.6%

Atlas

Copco

AB,

Class

A

...............

5,876

378,407

Atlas

Copco

AB,

Class

B

...............

6,902

374,046

Daifuku

Co.

Ltd.

.....................

3,300

303,796

Deere

&

Co.

.......................

1,923

658,262

FANUC

Corp.

......................

2,800

553,339

Harmonic

Drive

Systems,

Inc.

...........

4,100

185,860

Hoshizaki

Corp.

.....................

1,300

109,318

Illinois

Tool

Works,

Inc.

................

3,021

688,395

KION

Group

AG

.....................

848

92,626

Komatsu

Ltd.

......................

26,700

699,308

Kubota

Corp.

......................

42,300

901,118

Makita

Corp.

.......................

8,500

394,501

Mitsubishi

Heavy

Industries

Ltd.

..........

3,800

97,177

NGK

Insulators

Ltd.

..................

7,700

128,214

Rational

AG

.......................

74

73,449

Sandvik

AB

........................

9,169

232,514

Schindler

Holding

AG

(Registered)

........

597

153,266

SKF

AB,

Class

B

....................

3,466

80,499

SMC

Corp.

........................

600

358,059

Snap-on,

Inc.

......................

260

52,840

Spirax-Sarco

Engineering

plc

............

1,360

290,318

Stanley

Black

&

Decker,

Inc.

............

1,377

247,488

Techtronic

Industries

Co.

Ltd.

............

56,000

1,150,534

Volvo

AB,

Class

B

...................

34,607

807,006

Xylem,

Inc.

........................

1,779

232,320

Yaskawa

Electric

Corp.

................

2,300

99,618

9,342,278

Marine

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

..........

133

365,173

AP

Moller

-

Maersk

A/S,

Class

B

..........

54

156,489

Kuehne

+

Nagel

International

AG

(Registered)

2,382

750,212

Nippon

Yusen

KK

....................

1,000

72,057

SITC

International

Holdings

Co.

Ltd.

.......

14,000

47,318

1,391,249

Media

—

0.7%

Charter

Communications,

Inc.,

Class

A

(d)

....

3,723

2,512,615

Comcast

Corp.,

Class

A

...............

114,806

5,904,473

CyberAgent

,

Inc.

....................

2,900

48,591

Dentsu

Group,

Inc.

...................

1,700

62,124

Discovery,

Inc.,

Class

A

(d)

..............

4,825

113,098

Discovery,

Inc.,

Class

C

(d)

..............

8,582

193,610

Fox

Corp.,

Class

A

...................

7,677

305,084

Fox

Corp.,

Class

B

...................

1,369

50,598

I-CABLE

Communications

Ltd.

(d)

..........

12,579

110

Informa

plc

(d)

.......................

30,060

213,845

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

7,742

283,125

Liberty

Broadband

Corp.,

Class

C

(d)

.......

634

102,993

News

Corp.,

Class

A

..................

7,005

160,415

News

Corp.,

Class

B

.................

2,758

62,220

Omnicom

Group,

Inc.

.................

4,081

277,834

Pearson

plc

.......................

9,416

77,481

Publicis

Groupe

SA

..................

1,919

128,829

Sirius

XM

Holdings,

Inc.

...............

14,918

90,851

ViacomCBS

,

Inc.

....................

17,217

623,600

Vivendi

SE

........................

14,137

182,121

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Media

(continued)

WPP

plc

..........................

15,616

$

225,726

11,619,343

Metals

&

Mining

—

0.2%

Antofagasta

plc

.....................

35,589

694,172

ArcelorMittal

SA

.....................

4,357

147,354

Boliden

AB

........................

11,976

422,204

Glencore

plc

(d)

......................

144,076

720,464

Rio

Tinto

Ltd.

......................

7,699

527,480

Rio

Tinto

plc

.......................

10,476

653,194

Sumitomo

Metal

Mining

Co.

Ltd.

..........

10,700

415,078

3,579,946

Multiline

Retail

—

0.9%

Dollar

General

Corp.

.................

16,932

3,750,777

Dollar

Tree,

Inc.

(d)

....................

23,167

2,496,476

Pan

Pacific

International

Holdings

Corp.

....

7,600

159,576

Ryohin

Keikaku

Co.

Ltd.

...............

3,300

65,031

Target

Corp.

.......................

29,000

7,528,980

14,000,840

Multi-Utilities

—

1.1%

CenterPoint

Energy,

Inc.

...............

42,686

1,111,544

Consolidated

Edison,

Inc.

..............

32,970

2,485,938

E.ON

SE

.........................

144,613

1,833,666

Engie

SA

.........................

94,976

1,351,048

National

Grid

plc

....................

147,606

1,889,882

Public

Service

Enterprise

Group,

Inc.

......

57,070

3,641,066

Sempra

Energy

.....................

19,561

2,496,570

Suez

SA

..........................

30,815

701,222

Veolia

Environnement

SA

..............

29,297

956,810

16,467,746

Oil,

Gas

&

Consumable

Fuels

—

2.6%

Ampol

Ltd.

........................

4,961

114,754

APA

Corp.

........................

8,560

224,358

BP

plc

...........................

453,706

2,173,661

Cabot

Oil

&

Gas

Corp.

................

18,396

392,203

Chevron

Corp.

......................

68,652

7,859,967

ConocoPhillips

.....................

36,964

2,753,448

Devon

Energy

Corp.

..................

12,876

516,070

Diamondback

Energy,

Inc.

..............

3,854

413,110

ENEOS

Holdings,

Inc.

................

171,400

691,128

Eni

SpA

..........................

84,571

1,212,109

EOG

Resources,

Inc.

.................

12,615

1,166,383

Exxon

Mobil

Corp.

...................

95,861

6,180,159

Galp

Energia

SGPS

SA

...............

35,329

366,996

Hess

Corp.

........................

10,210

843,040

Idemitsu

Kosan

Co.

Ltd.

...............

14,900

406,953

Inpex

Corp.

........................

31,000

258,519

Kinder

Morgan,

Inc.

..................

42,096

705,108

Koninklijke

Vopak

NV

.................

8,210

326,741

Lundin

Energy

AB

...................

4,961

195,927

Marathon

Oil

Corp.

...................

17,852

291,345

Marathon

Petroleum

Corp.

.............

13,770

907,856

Matador

Resources

Co.

...............

939

39,297

Neste

OYJ

........................

13,347

743,052

Occidental

Petroleum

Corp.

.............

38,511

1,291,274

OMV

AG

.........................

10,625

643,273

ONEOK,

Inc.

.......................

9,630

612,661

Phillips

66

.........................

9,465

707,793

Pioneer

Natural

Resources

Co.

..........

6,911

1,292,219

Repsol

SA

........................

53,644

687,101

Santos

Ltd.

........................

12,867

67,565

TOTAL

SE

........................

64,523

3,230,987

Valero

Energy

Corp.

..................

20,860

1,613,104

Williams

Cos.,

Inc.

(The)

...............

78,216

2,197,087

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Woodside

Petroleum

Ltd.

..............

14,184

$

247,959

41,373,207

Paper

&

Forest

Products

—

0.0%

Mondi

plc

.........................

6,292

157,135

Stora

Enso

OYJ,

Class

R

..............

4,703

78,255

235,390

Personal

Products

—

0.3%

L'Oreal

SA

........................

3,172

1,451,046

Shiseido

Co.

Ltd.

....................

3,700

246,890

Unilever

plc

........................

30,737

1,645,717

Unilever

plc

........................

13,278

710,829

4,054,482

Pharmaceuticals

—

5.0%

Astellas

Pharma,

Inc.

.................

31,100

524,308

AstraZeneca

plc

....................

25,722

3,217,857

AstraZeneca

plc,

ADR

................

6,175

385,196

Bristol-Myers

Squibb

Co.

...............

98,322

5,742,005

Catalent

,

Inc.

(d)

.....................

11,835

1,631,573

Chugai

Pharmaceutical

Co.

Ltd.

..........

13,600

508,496

Daiichi

Sankyo

Co.

Ltd.

................

29,700

749,402

Eisai

Co.

Ltd.

......................

4,000

283,425

Elanco

Animal

Health,

Inc.

(d)

.............

28,502

937,146

Eli

Lilly

&

Co.

......................

34,228

8,719,925

GlaxoSmithKline

plc

..................

81,227

1,686,340

Jazz

Pharmaceuticals

plc

(d)

.............

4,284

569,943

Johnson

&

Johnson

..................

75,255

12,257,534

Kyowa

Kirin

Co.

Ltd.

..................

3,300

108,531

Merck

&

Co.,

Inc.

....................

96,933

8,534,951

Merck

KGaA

.......................

3,310

782,236

Novartis

AG

(Registered)

..............

38,205

3,160,040

Novo

Nordisk

A/S,

Class

B

.............

28,865

3,165,189

Ono

Pharmaceutical

Co.

Ltd.

............

2,600

54,552

Organon

&

Co.

.....................

5,741

210,982

Otsuka

Holdings

Co.

Ltd.

..............

5,500

217,521

Pfizer,

Inc.

........................

217,628

9,519,049

Roche

Holding

AG

...................

13,336

5,232,476

Royalty

Pharma

plc,

Class

A

............

8,214

324,699

Sanofi

...........................

18,000

1,807,995

Shionogi

&

Co.

Ltd.

..................

3,600

234,721

Takeda

Pharmaceutical

Co.

Ltd.

..........

32,100

900,913

UCB

SA

..........................

978

116,896

Viatris

,

Inc.

........................

88,599

1,182,797

Zoetis,

Inc.

........................

22,400

4,842,880

77,609,578

Professional

Services

—

0.8%

Adecco

Group

AG

(Registered)

..........

1,494

75,268

Booz

Allen

Hamilton

Holding

Corp.

........

1,997

173,459

Clarivate

plc

(d)

......................

6,019

141,146

CoStar

Group,

Inc.

(d)

..................

5,375

462,519

Equifax,

Inc.

.......................

3,224

894,434

Experian

plc

.......................

24,154

1,107,489

IHS

Markit

Ltd.

.....................

9,056

1,183,800

Intertek

Group

plc

...................

3,885

260,170

Nielsen

Holdings

plc

..................

8,125

164,531

Randstad

NV

......................

4,724

339,407

Recruit

Holdings

Co.

Ltd.

..............

27,500

1,829,273

RELX

plc

.........................

53,724

1,665,841

Robert

Half

International,

Inc.

............

3,663

414,175

Teleperformance

....................

1,008

421,054

TransUnion

........................

2,564

295,604

Verisk

Analytics,

Inc.

..................

4,551

956,939

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Professional

Services

(continued)

Wolters

Kluwer

NV

...................

17,221

$

1,803,357

12,188,466

Real

Estate

Management

&

Development

—

0.4%

Aroundtown

SA

.....................

24,092

167,428

Capitaland

Investment

Ltd.

(d)

............

129,600

330,607

CBRE

Group,

Inc.,

Class

A

(d)

............

8,236

857,203

CK

Asset

Holdings

Ltd.

................

52,500

324,296

Daito

Trust

Construction

Co.

Ltd.

.........

900

111,586

Daiwa

House

Industry

Co.

Ltd.

...........

12,500

412,377

ESR

Cayman

Ltd.

(c)(d)(e)

................

14,000

45,302

Fastighets

AB

Balder,

Class

B

(d)

..........

2,467

178,877

Hang

Lung

Properties

Ltd.

..............

24,000

55,700

Henderson

Land

Development

Co.

Ltd.

.....

55,000

230,295

Hongkong

Land

Holdings

Ltd.

...........

50,900

281,084

Hulic

Co.

Ltd.

......................

4,300

41,347

LEG

Immobilien

SE

..................

1,434

213,298

Mitsubishi

Estate

Co.

Ltd.

..............

35,300

536,454

Mitsui

Fudosan

Co.

Ltd.

...............

22,100

505,291

New

World

Development

Co.

Ltd.

.........

49,000

212,534

Sino

Land

Co.

Ltd.

...................

40,000

52,575

Sumitomo

Realty

&

Development

Co.

Ltd.

...

7,500

271,049

Sun

Hung

Kai

Properties

Ltd.

............

39,000

517,075

Swire

Pacific

Ltd.,

Class

A

..............

8,500

53,436

Swire

Properties

Ltd.

.................

18,200

48,794

Swiss

Prime

Site

AG

(Registered)

.........

3,511

356,951

UOL

Group

Ltd.

.....................

22,600

121,213

Vonovia

SE

........................

11,753

712,970

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

20,000

112,965

6,750,707

Road

&

Rail

—

0.8%

Central

Japan

Railway

Co.

.............

1,400

207,677

CSX

Corp.

........................

58,489

2,115,547

East

Japan

Railway

Co.

...............

2,800

174,402

JB

Hunt

Transport

Services,

Inc.

.........

1,811

357,111

Kansas

City

Southern

.................

4,541

1,408,845

Lyft,

Inc.,

Class

A

(d)

...................

3,080

141,280

MTR

Corp.

Ltd.

.....................

47,500

259,118

Norfolk

Southern

Corp.

................

6,314

1,850,318

Old

Dominion

Freight

Line,

Inc.

..........

2,135

728,782

Uber

Technologies,

Inc.

(d)

..............

9,352

409,805

Union

Pacific

Corp.

..................

17,087

4,124,802

West

Japan

Railway

Co.

...............

1,300

61,367

11,839,054

Semiconductors

&

Semiconductor

Equipment

—

2.6%

Advanced

Micro

Devices,

Inc.

(d)

..........

16,276

1,956,864

Analog

Devices,

Inc.

..................

8,505

1,475,532

Applied

Materials,

Inc.

................

18,548

2,534,584

ASM

International

NV

.................

911

412,305

ASML

Holding

NV

...................

5,054

4,108,398

Broadcom,

Inc.

.....................

7,017

3,730,728

Enphase

Energy,

Inc.

(d)

................

2,930

678,676

Infineon

Technologies

AG

..............

13,944

653,016

Intel

Corp.

........................

59,977

2,938,873

KLA

Corp.

.........................

1,288

480,115

Lam

Research

Corp.

.................

2,921

1,646,188

Lasertec

Corp.

.....................

1,200

260,299

Microchip

Technology,

Inc.

..............

9,924

735,269

Micron

Technology,

Inc.

................

11,922

823,810

NVIDIA

Corp.

......................

42,730

10,924,779

NXP

Semiconductors

NV

..............

9,286

1,865,186

QUALCOMM,

Inc.

...................

10,794

1,436,034

Renesas

Electronics

Corp.

(d)

............

27,200

334,599

Skyworks

Solutions,

Inc.

...............

534

89,247

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

SolarEdge

Technologies,

Inc.

(d)

...........

773

$

274,168

STMicroelectronics

NV

................

10,148

481,815

Texas

Instruments,

Inc.

................

11,046

2,070,904

Tokyo

Electron

Ltd.

..................

1,600

745,653

Xilinx,

Inc.

.........................

2,591

466,380

41,123,422

Software

—

6.1%

Adobe,

Inc.

(d)

.......................

11,072

7,200,786

ANSYS,

Inc.

(d)

......................

2,155

817,995

Autodesk,

Inc.

(d)

.....................

5,984

1,900,578

Cadence

Design

Systems,

Inc.

(d)

.........

4,154

719,099

Ceridian

HCM

Holding,

Inc.

(d)

............

4,037

505,634

Citrix

Systems,

Inc.

..................

2,238

212,006

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

.......

319

89,894

Dassault

Systemes

SE

................

22,447

1,310,847

DocuSign,

Inc.

(d)

....................

265

73,747

Dynatrace

,

Inc.

(d)

....................

4,636

347,700

Fortinet,

Inc.

(d)

......................

2,673

899,037

HubSpot

,

Inc.

(d)

.....................

308

249,551

Intuit,

Inc.

.........................

5,748

3,598,190

Microsoft

Corp.

.....................

167,521

55,553,314

NortonLifeLock

,

Inc.

..................

16,535

420,816

Oracle

Corp.

.......................

37,387

3,586,909

Palantir

Technologies,

Inc.,

Class

A

(d)

......

5,692

147,309

Paycom

Software,

Inc.

(d)

...............

1,026

562,094

PTC,

Inc.

(d)

........................

1,828

232,796

salesforce.com,

Inc.

(d)

.................

22,175

6,645,626

SAP

SE

..........................

24,637

3,567,713

ServiceNow

,

Inc.

(d)

...................

5,978

4,171,209

Sinch

AB

(c)(d)(e)

......................

14,907

283,751

Synopsys,

Inc.

(d)

....................

2,868

955,560

Temenos

AG

(Registered)

..............

1,024

156,771

Trade

Desk,

Inc.

(The),

Class

A

(d)

.........

788

59,029

Trend

Micro,

Inc.

....................

2,300

129,997

Tyler

Technologies,

Inc.

(d)

..............

521

283,018

Unity

Software,

Inc.

(d)

.................

416

62,945

WiseTech

Global

Ltd.

.................

1,494

58,227

Zoom

Video

Communications,

Inc.,

Class

A

(d)

.

236

64,817

94,866,965

Specialty

Retail

—

1.5%

ABC-Mart,

Inc.

.....................

1,100

52,870

Bath

&

Body

Works,

Inc.

...............

21,454

1,482,257

Best

Buy

Co.,

Inc.

...................

383

46,818

Burlington

Stores,

Inc.

(d)

...............

1,935

534,621

Fast

Retailing

Co.

Ltd.

................

1,400

929,345

Gap,

Inc.

(The)

.....................

4,874

110,591

H

&

M

Hennes

&

Mauritz

AB,

Class

B

......

20,972

394,543

Home

Depot,

Inc.

(The)

...............

18,600

6,914,364

Industria

de

Diseno

Textil

SA

............

23,446

849,314

Lowe's

Cos.,

Inc.

....................

10,212

2,387,770

Nitori

Holdings

Co.

Ltd.

................

1,200

220,453

Ross

Stores,

Inc.

....................

15,262

1,727,658

TJX

Cos.,

Inc.

(The)

..................

48,405

3,170,043

Tractor

Supply

Co.

...................

9,557

2,075,494

Ulta

Beauty,

Inc.

(d)

...................

5,172

1,899,986

22,796,127

Technology

Hardware,

Storage

&

Peripherals

—

3.2%

Apple,

Inc.

........................

322,806

48,356,339

Brother

Industries

Ltd.

................

8,600

166,272

Canon,

Inc.

........................

20,000

454,787

FUJIFILM

Holdings

Corp.

..............

5,200

401,842

HP,

Inc.

..........................

12,914

391,682

Logitech

International

SA

(Registered)

......

2,976

248,951

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Ricoh

Co.

Ltd.

......................

4,300

$

41,873

Seiko

Epson

Corp.

...................

3,400

60,541

50,122,287

Textiles,

Apparel

&

Luxury

Goods

—

1.8%

adidas

AG

........................

3,698

1,210,361

EssilorLuxottica

SA

..................

5,763

1,192,350

Hanesbrands,

Inc.

...................

7,906

134,718

Hermes

International

.................

345

547,831

Kering

SA

.........................

1,107

830,842

Lululemon

Athletica

,

Inc.

(d)

..............

8,403

3,915,882

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

4,855

3,806,911

NIKE,

Inc.,

Class

B

..................

71,452

11,953,205

Pandora

A/S

.......................

2,657

371,809

Puma

SE

.........................

3,033

376,243

PVH

Corp.

(d)

.......................

1,616

176,677

Ralph

Lauren

Corp.

..................

1,101

140,014

Tapestry,

Inc.

.......................

6,314

246,120

Under

Armour

,

Inc.,

Class

A

(d)

............

4,272

93,813

Under

Armour

,

Inc.,

Class

C

(d)

...........

4,719

89,095

VF

Corp.

.........................

42,954

3,130,488

28,216,359

Trading

Companies

&

Distributors

—

0.6%

Ashtead

Group

plc

...................

15,216

1,275,255

Brenntag

SE

.......................

780

74,208

Bunzl

plc

.........................

14,477

535,071

Fastenal

Co.

.......................

17,829

1,017,679

Ferguson

plc

.......................

12,010

1,807,066

ITOCHU

Corp.

.....................

7,400

211,054

Marubeni

Corp.

.....................

93,300

791,681

Mitsubishi

Corp.

.....................

27,900

887,163

Mitsui

&

Co.

Ltd.

....................

6,500

148,749

Sumitomo

Corp.

....................

42,300

602,761

United

Rentals,

Inc.

(d)

.................

2,806

1,063,783

WW

Grainger,

Inc.

...................

1,665

771,078

9,185,548

Transportation

Infrastructure

—

0.1%

Auckland

International

Airport

Ltd.

(d)

.......

10,894

62,443

Transurban

Group

(h)

..................

91,280

930,066

992,509

Water

Utilities

—

0.4%

American

Water

Works

Co.,

Inc.

..........

18,555

3,231,910

Essential

Utilities,

Inc.

.................

17,278

813,275

Severn

Trent

plc

....................

23,618

884,547

United

Utilities

Group

plc

...............

54,452

773,934

5,703,666

Wireless

Telecommunication

Services

—

0.0%

SoftBank

Group

Corp.

................

11,800

638,821

Total

Common

Stocks

—

73.3%

(Cost:

$851,946,208)

..............................

1,147,755,651

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(i)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(a)(d)(j)

.......

USD

300

—

Total

Other

Interests

—

0.0%

(Cost:

$0)

.....................................

—

Security

Shares

Shares

Value

Preferred

Stocks

—

0.1%

Automobiles

—

0.1%

Bayerische

Motoren

Werke

AG

(Preference)

..

2,202

$

187,702

Porsche

Automobil

Holding

SE

(Preference)

..

1,907

198,474

Volkswagen

AG

(Preference)

............

3,007

674,866

1,061,042

Health

Care

Equipment

&

Supplies

—

0.0%

Sartorius

AG

(Preference)

..............

821

531,793

Total

Preferred

Stocks

—

0.1%

(Cost:

$1,414,227)

...............................

1,592,835

Rights

—

0.0%

Hotels,

Restaurants

&

Leisure

—

0.0%

Aristocrat

Leisure

Ltd.(Expires

11/08/21)

(d)

...

137

487

Total

Rights

—

0.0%

(Cost:

$0)

.....................................

487

Par

(000)

Par

(000)

U.S.

Treasury

Obligations

—

5.7%

U.S.

Treasury

Notes

1.50%, 09/15/22

..................

USD

15,000

15,176,953

0.13%, 12/15/23

(k)

.................

75,000

74,326,172

Total

U.S.

Treasury

Obligations

—

5.7%

(Cost:

$89,906,003)

...............................

89,503,125

Shares

Shares

Warrants

—

0.0%

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Occidental

Petroleum

Corp.

(Issued/exercisable

07/06/20,

1

share

for

1

warrant,

Expires

08/03/27,

Strike

Price

USD

22.00)

(d)

.....

1,719

25,854

Total

Warrants

—

0.0%

(Cost:

$8,509)

..................................

25,854

Total

Long-Term

Investments

—

79.1%

(Cost:

$943,456,174)

..............................

1,238,877,952

Short-Term

Securities

—

1.9%

(l)(m)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

....................

30,177,426

30,177,426

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.14%

(n)

........................

63,901

63,914

Total

Short-Term

Securities

—

1.9%

(Cost:

$30,241,346)

...............................

30,241,340

Total

Investments

—

81.0%

(Cost:

$973,697,520

)

..............................

1,269,119,292

Other

Assets

Less

Liabilities

—

19.0%

...................

298,341,734

Net

Assets

—

100.0%

...............................

$

1,567,461,026

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

52

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Non-income

producing

security.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$5,166,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$48,000.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(j)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(k)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(l)

Affiliate

of

the

Fund.

(m)

Annualized

7-day

yield

as

of

period

end.

(n)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/21

Shares

Held

at

10/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

35,759,937

$

—

$

(5,582,511)

$

—

$

—

$

30,177,426

30,177,426

$

1,873

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

34,743

29,177

—

—

(6)

63,914

63,901

10

(b)

—

$

—

$

(6)

$

30,241,340

$

1,883

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

53

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

IBEX

35

Index

............................................................

582

11/19/21

$

60,858

$

1,203,425

OMXS30

Index

...........................................................

1,275

11/19/21

33,961

(311,200)

FTSE

China

A50

Index

......................................................

481

11/29/21

7,632

(127,473)

MSCI

Singapore

Index

......................................................

821

11/29/21

22,405

3,896

Euro-Bund

..............................................................

1,379

12/08/21

268,004

(1,075,454)

TOPIX

Index

.............................................................

227

12/09/21

39,684

(323,300)

Australia

10

Year

Bond

......................................................

8,464

12/15/21

858,605

(52,932,061)

FTSE/JSE

Top

40

Index

.....................................................

1,226

12/15/21

49,054

2,610,155

SPI

200

Index

............................................................

437

12/16/21

59,829

(108,797)

FTSE

100

Index

..........................................................

102

12/17/21

10,084

327,702

FTSE/MIB

Index

..........................................................

1,377

12/17/21

212,881

9,419,531

Mini-DAX

Index

...........................................................

117

12/17/21

10,593

94,629

S&P

500

E-Mini

Index

......................................................

39

12/17/21

8,964

488,705

WIG20

Index

............................................................

19

12/17/21

230

9,082

Canada

10

Year

Bond

......................................................

1,245

12/20/21

141,793

(2,930,999)

(43,652,159)

Short

Contracts

AEX

Index

..............................................................

772

11/19/21

144,346

(7,070,295)

CAC

40

10

Euro

Index

......................................................

641

11/19/21

50,584

(2,246,967)

IBEX

35

Index

............................................................

219

11/19/21

22,900

(449,461)

SGX

NIFTY

50

Index

.......................................................

697

11/25/21

24,744

701,132

Euro-

Buxl

...............................................................

534

12/08/21

129,004

598,780

S&P/TSX

60

Index

.........................................................

199

12/16/21

40,536

(1,668,917)

DAX

Index

..............................................................

97

12/17/21

43,911

(91,940)

FTSE

100

Index

..........................................................

140

12/17/21

13,841

(23,365)

MSCI

EAFE

E-Mini

Index

....................................................

2,474

12/17/21

289,409

2,663,015

S&P

500

E-Mini

Index

......................................................

4,364

12/17/21

1,003,065

(29,820,480)

U.S.

Treasury

10

Year

Note

...................................................

1,284

12/21/21

167,783

399,985

U.S.

Treasury

Ultra

Bond

....................................................

277

12/21/21

54,405

(57,846)

Long

Gilt

...............................................................

2,430

12/29/21

415,431

(250,989)

SET50

Index

.............................................................

10,351

12/29/21

60,810

141,555

(37,175,793)

$

(80,827,952)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

3,889,000

USD

2,870,451

Bank

of

New

York

Mellon

12/15/21

$

55,552

AUD

39,742,000

USD

29,358,674

Goldman

Sachs

International

12/15/21

542,378

AUD

4,746,000

USD

3,469,193

UBS

AG

12/15/21

101,599

CAD

7,487,000

USD

5,918,239

Goldman

Sachs

International

12/15/21

131,807

CHF

5,176,000

USD

5,628,839

HSBC

Bank

plc

12/15/21

31,671

CHF

4,218,000

USD

4,539,418

State

Street

Bank

and

Trust

Co.

12/15/21

73,416

GBP

3,136,000

USD

4,252,980

Morgan

Stanley

&

Co.

International

plc

12/15/21

39,490

GBP

13,192,000

USD

17,843,229

Standard

Chartered

Bank

12/15/21

213,614

NZD

555,000

USD

393,924

UBS

AG

12/15/21

3,521

PLN

23,789,000

USD

5,947,348

Toronto

Dominion

Bank

12/15/21

9,573

RUB

722,345,000

USD

9,694,462

HSBC

Bank

plc

12/15/21

392,059

SEK

37,600,000

USD

4,364,382

HSBC

Bank

plc

12/15/21

16,513

USD

6,431,797

BRL

36,186,000

HSBC

Bank

plc

12/15/21

78,058

USD

10,436,665

BRL

55,981,000

UBS

AG

12/15/21

607,210

USD

3,692,720

EUR

3,120,000

Citibank

NA

12/15/21

82,152

USD

11,790,681

EUR

10,049,000

HSBC

Bank

plc

12/15/21

161,642

USD

32,315,525

EUR

27,286,000

Morgan

Stanley

&

Co.

International

plc

12/15/21

739,254

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

54

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

6,465,921

GBP

4,710,000

Banco

Santander

SA

12/15/21

$

19,004

USD

9,476,316

GBP

6,878,000

HSBC

Bank

plc

12/15/21

61,902

USD

901,776

JPY

99,330,000

Bank

of

New

York

Mellon

12/15/21

29,838

USD

40,096,825

JPY

4,416,396,580

HSBC

Bank

plc

12/15/21

1,328,862

USD

7,033,077

KRW

8,252,261,000

Citibank

NA

12/15/21

15,024

USD

23,368,870

MXN

471,567,000

Toronto

Dominion

Bank

12/15/21

618,260

USD

5,881,078

PLN

23,090,000

HSBC

Bank

plc

12/15/21

99,191

USD

4,688,383

THB

153,801,000

Citibank

NA

12/15/21

54,812

USD

6,477,617

ZAR

93,373,000

BNP

Paribas

SA

12/15/21

398,062

5,904,464

CLP

2,170,057,000

USD

2,735,860

Citibank

NA

12/15/21

(81,548)

EUR

87,982,054

USD

104,199,452

Morgan

Stanley

&

Co.

International

plc

12/15/21

(2,383,677)

EUR

7,799,000

USD

9,119,538

Standard

Chartered

Bank

12/15/21

(94,274)

EUR

2,110,000

USD

2,489,553

Toronto

Dominion

Bank

12/15/21

(47,790)

EUR

6,342,000

USD

7,362,891

UBS

AG

12/15/21

(23,717)

GBP

2,537,000

USD

3,495,362

Bank

of

New

York

Mellon

12/15/21

(22,787)

INR

3,123,000

USD

41,916

BNP

Paribas

SA

12/15/21

(477)

JPY

430,725,000

USD

3,863,738

HSBC

Bank

plc

12/15/21

(82,753)

KRW

1,369,746,000

USD

1,172,126

HSBC

Bank

plc

12/15/21

(7,239)

SGD

802,000

USD

595,812

HSBC

Bank

plc

12/15/21

(1,193)

USD

14,009,384

AUD

18,679,000

Bank

of

America

NA

12/15/21

(44,307)

USD

6,634,998

AUD

8,938,000

BNP

Paribas

SA

12/15/21

(89,767)

USD

11,125,707

AUD

15,380,000

Goldman

Sachs

International

12/15/21

(445,885)

USD

45,764,774

AUD

62,004,480

Morgan

Stanley

&

Co.

International

plc

12/15/21

(886,105)

USD

6,357,451

AUD

8,707,000

Standard

Chartered

Bank

12/15/21

(193,514)

USD

45,802,808

CAD

58,036,975

Morgan

Stanley

&

Co.

International

plc

12/15/21

(1,095,333)

USD

3,250,438

CHF

2,989,000

Morgan

Stanley

&

Co.

International

plc

12/15/21

(18,353)

USD

5,838,449

CHF

5,360,000

UBS

AG

12/15/21

(23,285)

USD

6,141,244

EUR

5,320,000

BNP

Paribas

SA

12/15/21

(15,238)

USD

15,964,188

GBP

11,674,000

Bank

of

America

NA

12/15/21

(14,858)

USD

2,571,962

JPY

293,797,000

Bank

of

Montreal

12/15/21

(7,044)

USD

6,268,848

KRW

7,412,959,000

BNP

Paribas

SA

12/15/21

(35,429)

USD

97,645

NOK

852,000

Goldman

Sachs

International

12/15/21

(3,175)

USD

9,564,073

RUB

707,048,000

Morgan

Stanley

&

Co.

International

plc

12/15/21

(308,848)

USD

5,291,943

SEK

45,581,000

Commonwealth

Bank

of

Australia

12/15/21

(18,844)

USD

6,462,121

THB

216,072,000

Citibank

NA

12/15/21

(47,492)

(5,992,932)

$

(88,468)

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

7.51%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

331,000

$

141,531

$

—

$

141,531

7.54%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

843,000

309,635

—

309,635

7.44%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

564,000

326,159

—

326,159

7.34%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

996,000

766,120

—

766,120

7.67%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

631,000

70,100

—

70,100

7.73%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

533,000

(2,373)

—

(2,373)

7.55%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

446,000

159,335

—

159,335

7.72%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

658,000

3,682

—

3,682

7.41%

Monthly

28

day

MXIBTIIE

Monthly

03/16/22

(a)

03/10/27

MXN

606,000

383,936

—

383,936

1.13%

Semi-Annual

3

month

LIBOR

Quarterly

03/16/22

(a)

03/15/27

USD

35,000

375,711

12,002

363,709

1.37%

Semi-Annual

3

month

LIBOR

Quarterly

03/16/22

(a)

03/15/27

USD

19,000

(20,428)

1,578

(22,006)

1.35%

Semi-Annual

3

month

LIBOR

Quarterly

03/16/22

(a)

03/15/27

USD

36,000

742

14,907

(14,165)

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

55

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.12%

Semi-Annual

3

month

LIBOR

Quarterly

03/16/22

(a)

03/15/27

USD

95,000

$

1,068,365

$

356,529

$

711,836

1

day

SORA

Semi-Annual

0.92%

Semi-Annual

03/16/22

(a)

03/16/27

SGD

36,000

(727,440)

—

(727,440)

1

day

SORA

Semi-Annual

0.92%

Semi-Annual

03/16/22

(a)

03/16/27

SGD

24,000

(485,827)

—

(485,827)

6

month

BBR

Semi-Annual

0.96%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

282,260

(9,513,528)

—

(9,513,528)

6

month

BBR

Semi-Annual

0.97%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

326,240

(10,925,588)

—

(10,925,588)

6

month

BBR

Semi-Annual

0.98%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

32,500

(1,066,236)

—

(1,066,236)

6

month

BBR

Semi-Annual

0.98%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

32,500

(1,073,237)

—

(1,073,237)

1

day

SORA

Semi-Annual

0.99%

Semi-Annual

03/16/22

(a)

03/16/27

SGD

61,000

(1,078,733)

—

(1,078,733)

0.94%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

56,000

572,286

15,980

556,306

0.83%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

31,000

534,069

(3,668)

537,737

0.81%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

39,000

747,264

22,911

724,353

0.80%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

73,000

1,432,885

22,345

1,410,540

0.81%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

49,000

933,364

(68,942)

1,002,306

0.54%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

37,000

1,351,934

(10,875)

1,362,809

0.51%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

141,000

5,492,304

1,242

5,491,062

1.08%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

110,000

91,233

(234,814)

326,047

1.07%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

50,000

77,392

42,786

34,606

1.06%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

29,000

69,479

(27,485)

96,964

0.98%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

45,000

336,233

11,967

324,266

0.96%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

46,000

419,410

21,613

397,797

1.05%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

85,000

250,218

57,032

193,186

0.94%

Annual

1

day

SONIA

Annual

03/16/22

(a)

03/16/27

GBP

65,000

645,057

(9,097)

654,154

6

month

BBR

Semi-Annual

1.03%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

93,130

(2,898,186)

—

(2,898,186)

6

month

BBR

Semi-Annual

1.03%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

45,870

(1,424,171)

—

(1,424,171)

6

month

BBR

Semi-Annual

1.16%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

64,000

(1,702,140)

—

(1,702,140)

6

month

BBR

Semi-Annual

1.19%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

42,900

(1,090,137)

—

(1,090,137)

1

day

SORA

Semi-Annual

1.19%

Semi-Annual

03/16/22

(a)

03/16/27

SGD

40,000

(426,274)

—

(426,274)

6

month

BBR

Semi-Annual

1.20%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

44,200

(1,114,443)

—

(1,114,443)

6

month

BBR

Semi-Annual

1.20%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

42,900

(1,082,436)

—

(1,082,436)

6

month

BBR

Semi-Annual

1.21%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

38,000

(936,972)

—

(936,972)

6

month

BBR

Semi-Annual

1.23%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

23,000

(550,186)

—

(550,186)

6

month

BBR

Semi-Annual

1.24%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

23,000

(545,231)

—

(545,231)

1

day

SORA

Semi-Annual

1.25%

Semi-Annual

03/16/22

(a)

03/16/27

SGD

44,000

(364,249)

—

(364,249)

6

month

BBR

Semi-Annual

1.29%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

33,500

(735,807)

—

(735,807)

6

month

BBR

Semi-Annual

1.31%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

33,500

(712,954)

—

(712,954)

6

month

BBR

Semi-Annual

1.32%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

58,000

(1,201,050)

—

(1,201,050)

6

month

BBR

Semi-Annual

1.36%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

25,000

(482,688)

—

(482,688)

6

month

BBR

Semi-Annual

1.36%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

27,000

(520,334)

—

(520,334)

6

month

BBR

Semi-Annual

1.36%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

25,000

(482,239)

—

(482,239)

3

month

BA

Semi-Annual

1.40%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

282,000

(7,786,744)

(413,000)

(7,373,744)

3

month

HIBOR

Quarterly

1.45%

Quarterly

03/16/22

(a)

03/16/27

HKD

105,000

(19,407)

—

(19,407)

6

month

BBR

Semi-Annual

1.53%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

31,000

(407,930)

—

(407,930)

6

month

BBR

Semi-Annual

1.54%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

57,000

(738,298)

—

(738,298)

6

month

BBR

Semi-Annual

1.57%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

117,000

(1,397,833)

—

(1,397,833)

3

month

BA

Semi-Annual

1.67%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

45,000

(774,448)

(43,224)

(731,224)

3

month

BA

Semi-Annual

1.68%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

52,000

(879,891)

—

(879,891)

3

month

BA

Semi-Annual

1.69%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

170,000

(2,811,070)

38,877

(2,849,947)

3

month

BA

Semi-Annual

1.71%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

57,000

(904,103)

3,529

(907,632)

6

month

BBR

Semi-Annual

1.75%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

44,500

(244,067)

—

(244,067)

3

month

BA

Semi-Annual

1.79%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

85,000

(1,079,683)

18,791

(1,098,474)

3

month

BA

Semi-Annual

1.80%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

46,000

(566,576)

(25,780)

(540,796)

3

month

BA

Semi-Annual

1.81%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

48,000

(572,716)

41,534

(614,250)

6

month

BBR

Semi-Annual

1.87%

Semi-Annual

03/16/22

(a)

03/16/27

AUD

44,500

(52,342)

—

(52,342)

3

month

BA

Semi-Annual

1.90%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

46,000

(378,712)

(29,990)

(348,722)

3

month

BA

Semi-Annual

2.10%

Semi-Annual

03/16/22

(a)

03/16/27

CAD

63,000

(40,497)

24,466

(64,963)

1.22%

Semi-Annual

3

month

LIBOR

Quarterly

03/16/22

(a)

03/16/27

USD

73,000

482,358

22,804

459,554

1.08%

Semi-Annual

3

month

LIBOR

Quarterly

03/16/22

(a)

03/16/27

USD

36,000

474,684

(6,297)

480,981

1.06%

Semi-Annual

3

month

LIBOR

Quarterly

03/16/22

(a)

03/16/27

USD

12,000

169,922

(1,709)

171,631

0.06%

Annual

6

month

EURIBOR

Semi-Annual

03/16/22

(a)

03/16/27

EUR

49,000

127,571

6,202

121,369

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

56

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

(0.07)%

Annual

6

month

EURIBOR

Semi-Annual

03/16/22

(a)

03/16/27

EUR

26,000

$

254,570

$

(1,189)

$

255,759

(0.28)%

Annual

6

month

EURIBOR

Semi-Annual

03/16/22

(a)

03/16/27

EUR

39,000

870,706

7,103

863,603

2.63%

Annual

6

month

WIBOR

Semi-Annual

03/16/22

(a)

03/16/27

PLN

281,000

677,351

—

677,351

2.63%

Annual

6

month

WIBOR

Semi-Annual

03/16/22

(a)

03/16/27

PLN

126,000

307,377

—

307,377

2.69%

Annual

6

month

WIBOR

Semi-Annual

03/16/22

(a)

03/16/27

PLN

380,000

666,962

—

666,962

2.74%

Annual

6

month

WIBOR

Semi-Annual

03/16/22

(a)

03/16/27

PLN

101,000

118,111

—

118,111

2.75%

Annual

6

month

WIBOR

Semi-Annual

03/16/22

(a)

03/16/27

PLN

206,000

221,786

—

221,786

3

month

JIBAR

Quarterly

6.28%

Quarterly

03/16/22

(a)

03/16/27

ZAR

4,332,000

(11,442,444)

—

(11,442,444)

3

month

JIBAR

Quarterly

6.30%

Quarterly

03/16/22

(a)

03/16/27

ZAR

919,000

(2,376,630)

—

(2,376,630)

3

month

JIBAR

Quarterly

6.41%

Quarterly

03/16/22

(a)

03/16/27

ZAR

470,000

(1,079,244)

—

(1,079,244)

3

month

JIBAR

Quarterly

6.67%

Quarterly

03/16/22

(a)

03/16/27

ZAR

519,000

(823,737)

—

(823,737)

3

month

JIBAR

Quarterly

6.88%

Quarterly

03/16/22

(a)

03/16/27

ZAR

486,000

(496,842)

—

(496,842)

3

month

JIBAR

Quarterly

6.94%

Quarterly

03/16/22

(a)

03/16/27

ZAR

215,000

(183,566)

—

(183,566)

3

month

JIBAR

Quarterly

7.01%

Quarterly

03/16/22

(a)

03/16/27

ZAR

540,000

(366,413)

—

(366,413)

$

(55,656,238)

$

(131,872)

$

(55,524,366)

(a)

Forward

swap.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

8.07%

At

Termination

1

day

BZDIOVER

At

Termination

Bank

of

America

NA

N/A

01/02/25

BRL

101,000

$

1,687,376

$

—

$

1,687,376

9.34%

At

Termination

1

day

BZDIOVER

At

Termination

Bank

of

America

NA

N/A

01/02/25

BRL

72,000

898,813

—

898,813

7.18%

At

Termination

1

day

BZDIOVER

At

Termination

Barclays

Bank

plc

N/A

01/02/25

BRL

138,000

2,949,012

—

2,949,012

6.42%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

37,000

917,690

—

917,690

7.86%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

159,000

2,949,502

—

2,949,502

7.91%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

78,000

1,467,732

—

1,467,732

8.32%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

81,000

1,379,558

—

1,379,558

7.82%

At

Termination

1

day

BZDIOVER

At

Termination

HSBC

Bank

plc

N/A

01/02/25

BRL

82,000

1,568,506

—

1,568,506

8.67%

At

Termination

1

day

BZDIOVER

At

Termination

HSBC

Bank

plc

N/A

01/02/25

BRL

101,000

1,568,646

—

1,568,646

6.75%

At

Termination

1

day

BZDIOVER

At

Termination

Morgan

Stanley

&

Co.

International

plc

N/A

01/02/25

BRL

116,000

2,727,580

—

2,727,580

0.66%

Quarterly

3

month

TWCPBA

Quarterly

Bank

of

America

NA

03/16/22

(a)

03/16/27

TWD

4,734,000

2,074,650

—

2,074,650

0.99%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

03/16/22

(a)

03/16/27

THB

2,761,000

2,047,730

—

2,047,730

1

day

MIBOR

Semi-Annual

5.38%

Semi-Annual

Bank

of

America

NA

03/16/22

(a)

03/16/27

INR

3,439,726

(903,710)

—

(903,710)

1

day

MIBOR

Semi-Annual

5.83%

Semi-Annual

Bank

of

America

NA

03/16/22

(a)

03/16/27

INR

2,934,400

(20,543)

—

(20,543)

1

week

CNREPOFI

Quarterly

2.68%

Quarterly

Bank

of

America

NA

03/16/22

(a)

03/16/27

CNY

57,600

(2,490)

—

(2,490)

1

week

CNREPOFI

Quarterly

2.68%

Quarterly

Bank

of

America

NA

03/16/22

(a)

03/16/27

CNY

86,400

(1,235)

—

(1,235)

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

57

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

week

CNREPOFI

Quarterly

2.69%

Quarterly

Bank

of

America

NA

03/16/22

(a)

03/16/27

CNY

109,500

$

2,395

$

—

$

2,395

1

week

CNREPOFI

Quarterly

2.69%

Quarterly

Bank

of

America

NA

03/16/22

(a)

03/16/27

CNY

109,500

7,147

—

7,147

1.47%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

03/16/22

(a)

03/16/27

THB

285,238

—

—

—

1.68%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

03/16/22

(a)

03/16/27

KRW

144,948,539

3,504,177

—

3,504,177

1.71%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

03/16/22

(a)

03/16/27

KRW

29,604,300

677,650

—

677,650

2.04%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

03/16/22

(a)

03/16/27

KRW

22,657,040

222,007

—

222,007

1

day

MIBOR

Semi-Annual

5.83%

Semi-Annual

BNP

Paribas

SA

03/16/22

(a)

03/16/27

INR

1,650,600

(13,427)

—

(13,427)

1

week

CNREPOFI

Quarterly

2.66%

Quarterly

BNP

Paribas

SA

03/16/22

(a)

03/16/27

CNY

100,000

(16,620)

—

(16,620)

1

week

CNREPOFI

Quarterly

2.70%

Quarterly

BNP

Paribas

SA

03/16/22

(a)

03/16/27

CNY

48,000

4,522

—

4,522

1.65%

Quarterly

3

month

CD_KSDA

Quarterly

BNP

Paribas

SA

03/16/22

(a)

03/16/27

KRW

59,141,100

1,515,256

—

1,515,256

2.05%

Quarterly

3

month

CD_KSDA

Quarterly

BNP

Paribas

SA

03/16/22

(a)

03/16/27

KRW

35,830,490

336,700

—

336,700

1

week

CNREPOFI

Quarterly

2.72%

Quarterly

Citibank

NA

03/16/22

(a)

03/16/27

CNY

98,784

23,598

—

23,598

1

week

CNREPOFI

Quarterly

2.73%

Quarterly

Citibank

NA

03/16/22

(a)

03/16/27

CNY

97,216

34,475

—

34,475

0.99%

Semi-Annual

6

month

THBFIX

Semi-Annual

Goldman

Sachs

International

03/16/22

(a)

03/16/27

THB

3,585,245

2,659,041

—

2,659,041

0.74%

Quarterly

3

month

TWCPBA

Quarterly

HSBC

Bank

plc

03/16/22

(a)

03/16/27

TWD

415,000

124,312

—

124,312

1

week

CNREPOFI

Quarterly

2.67%

Quarterly

HSBC

Bank

plc

03/16/22

(a)

03/16/27

CNY

100,000

(12,280)

—

(12,280)

1.42%

Semi-Annual

6

month

THBFIX

Semi-Annual

HSBC

Bank

plc

03/16/22

(a)

03/16/27

THB

465,388

54,167

—

54,167

2.05%

Quarterly

3

month

CD_KSDA

Quarterly

JPMorgan

Chase

Bank

NA

03/16/22

(a)

03/16/27

KRW

22,430,470

215,283

—

215,283

1.41%

Semi-Annual

6

month

THBFIX

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/16/22

(a)

03/16/27

THB

450,375

58,968

—

58,968

1.68%

Quarterly

3

month

CD_KSDA

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/22

(a)

03/16/27

KRW

186,717,619

4,566,446

—

4,566,446

1.74%

Quarterly

3

month

CD_KSDA

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/22

(a)

03/16/27

KRW

75,374,000

1,646,630

—

1,646,630

1.75%

Quarterly

3

month

CD_KSDA

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/22

(a)

03/16/27

KRW

33,878,500

726,509

—

726,509

1.77%

Quarterly

3

month

CD_KSDA

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/22

(a)

03/16/27

KRW

33,878,500

706,101

—

706,101

0.98%

Semi-Annual

6

month

THBFIX

Semi-Annual

Standard

Chartered

Bank

03/16/22

(a)

03/16/27

THB

3,676,200

2,766,591

—

2,766,591

$

41,118,465

$

—

$

41,118,465

(a)

Forward

swap.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

58

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

(Amount)/

Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.00%

...........

At

Termination

Taiwan

Capitalization

Weighted

Stock

Index

Futures

Novemebr

2021

At

Termination

Merrill

Lynch

International

&

Co.

11/17/21

TWD

874,354

$

367,782

$

—

$

367,782

0.00%

...........

At

Termination

Taiwan

Capitalization

Weighted

Stock

Index

Futures

Novemebr

2021

At

Termination

Merrill

Lynch

International

&

Co.

11/17/21

TWD

883,340

410,267

—

410,267

0.00%

...........

At

Termination

Taiwan

Capitalization

Weighted

Stock

Index

Futures

Novemebr

2021

At

Termination

Merrill

Lynch

International

&

Co.

11/17/21

TWD

306,954

52,615

—

52,615

0.00%

...........

At

Termination

Taiwan

Capitalization

Weighted

Stock

Index

Futures

Novemebr

2021

At

Termination

Merrill

Lynch

International

&

Co.

11/17/21

TWD

286,316

(58,362)

—

(58,362)

0.00%

...........

At

Termination

Taiwan

Capitalization

Weighted

Stock

Index

Futures

Novemebr

2021

At

Termination

Merrill

Lynch

International

&

Co.

11/17/21

TWD

67,912

(4,590)

—

(4,590)

0.00%

...........

At

Termination

KOSPI

200

Index

Futures

December

2021

At

Termination

Merrill

Lynch

International

&

Co.

12/09/21

KRW

4,661,511

79,865

—

79,865

0.00%

...........

At

Termination

KOSPI

200

Index

Futures

December

2021

At

Termination

Merrill

Lynch

International

&

Co.

12/09/21

KRW

2,620,870

(734)

—

(734)

0.00%

...........

At

Termination

KOSPI

200

Index

Futures

December

2021

At

Termination

Merrill

Lynch

International

&

Co.

12/09/21

KRW

9,113,832

(242,539)

—

(242,539)

0.00%

...........

At

Termination

KOSPI

200

Index

Futures

December

2021

At

Termination

Merrill

Lynch

International

&

Co.

12/09/21

KRW

17,491,798

(685,763)

—

(685,763)

0.00%

...........

At

Termination

KOSPI

200

Index

Futures

December

2021

At

Termination

Merrill

Lynch

International

&

Co.

12/09/21

KRW

74,960,218

(4,856,825)

—

(4,856,825)

0.00%

...........

At

Termination

KOSPI

200

Index

Futures

December

2021

At

Termination

Merrill

Lynch

International

&

Co.

12/09/21

KRW

5,926,434

(6,115)

—

(6,115)

0.00%

...........

At

Termination

BOVESPA

Index

Futures

December

2021

At

Termination

Merrill

Lynch

International

&

Co.

12/15/21

BRL

53,763

(749,117)

—

(749,117)

0.00%

...........

At

Termination

Swiss

Market

Index

Futures

December

2021

At

Termination

HSBC

Bank

plc

12/17/21

CHF

4,318

39,078

—

39,078

Russian

Depositary

Net

Total

Return

USD

Index

..........

Quarterly

3

month

LIBOR

minus

0.25%

Quarterly

Merrill

Lynch

International

&

Co.

02/11/22

USD

2,924

(399,431)

—

(399,431)

3

month

LIBOR

.....

Quarterly

MSCI

Mexico

Net

Return

Index

Quarterly

HSBC

Bank

plc

05/04/22

USD

15,913

(224,966)

—

(224,966)

3

month

LIBOR

plus

0.15%

.........

Quarterly

MSCI

Mexico

Net

Return

Index

Quarterly

Merrill

Lynch

International

&

Co.

05/04/22

USD

4,268

(61,828)

—

(61,828)

MSCI

Chile

Net

Return

Index

..........

Quarterly

3

month

LIBOR

plus

0.19%

Quarterly

HSBC

Bank

plc

06/10/22

USD

2,975

313,793

—

313,793

$

(6,026,870)

$

—

$

(6,026,870)

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

59

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.03

%

1

day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

3.42

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

0.05

1

day

SORA

.........................................

Singapore

Overnight

Rate

Average

0.22

1

week

CNREPOFI

....................................

China

Fixing

Repo

Rates

2.35

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

5.00

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.48

3

month

CD_KSDA

....................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

1.12

3

month

HIBOR

.......................................

Hong

Kong

Interbank

Offered

Rate

0.15

3

month

JIBAR

.......................................

Johannesburg

Interbank

Average

Rate

3.68

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.13

3

month

TWCPBA

.....................................

Taiwan

Secondary

Markets

Bills

Rate

0.48

6

month

BBR

........................................

Australian

Bank

Bill

Rate

0.20

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.53)

6

month

THBFIX

......................................

Thai

Baht

Interest

Rate

Fixing

0.37

6

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

0.86

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

...........................................

$

744,198

$

(876,070)

$

20,692,660

$

(76,217,026)

$

—

OTC

Swaps

.....................................................

—

—

43,352,170

(8,260,575)

—

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

17,662,827

$

—

$

998,765

$

—

$

18,661,592

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

5,904,464

—

—

5,904,464

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

20,692,660

—

20,692,660

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

1,263,400

—

42,088,770

—

43,352,170

$

—

$

—

$

18,926,227

$

5,904,464

$

63,780,195

$

—

$

88,610,886

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

42,242,195

—

57,247,349

—

99,489,544

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

5,992,932

—

—

5,992,932

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

76,217,026

—

76,217,026

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

7,290,270

—

970,305

—

8,260,575

$

—

$

—

$

49,532,465

$

5,992,932

$

134,434,680

$

—

$

189,960,077

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

60

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

October

31,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(81,688,434)

$

—

$

6,148,867

$

—

$

(75,539,567)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(3,925,954)

—

—

(3,925,954)

Swaps

..............................

—

—

(8,069,918)

—

33,541,142

—

25,471,224

$

—

$

—

$

(89,758,352)

$

(3,925,954)

$

39,690,009

$

—

$

(53,994,297)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

—

—

12,223,838

—

(62,713,121)

—

(50,489,283)

Forward

foreign

currency

exchange

contracts

....

—

—

—

1,096,446

—

—

1,096,446

Swaps

..............................

—

—

(3,439,899)

—

(27,621,767)

—

(31,061,666)

$

—

$

—

$

8,783,939

$

1,096,446

$

(90,334,888)

$

—

$

(80,454,503)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,783,698,886

Average

notional

value

of

contracts

—

short

.................................................................................

2,719,943,943

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

321,626,781

Average

amounts

sold

—

in

USD

........................................................................................

263,641,355

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

3,246,218,433

Average

notional

value

—

receives

fixed

rate

................................................................................

2,360,702,283

Total

return

swaps:

Average

notional

value

...............................................................................................

243,720,335

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

5,118,456

$

22,070,291

Forward

foreign

currency

exchange

contracts

.................................................................

5,904,464

5,992,932

Swaps

—

Centrally

cleared

.............................................................................

—

7,486,354

Swaps

—

OTC

(a)

....................................................................................

43,352,170

8,260,575

Total

derivative

assets

and

liabilities

in

the

Statement

s

of

Assets

and

Liabilities

............................................

$

54,375,090

$

43,810,152

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(5,118,456)

(29,556,645)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

49,256,634

$

14,253,507

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

61

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Banco

Santander

SA

..............................

$

19,004

$

—

$

—

$

—

$

19,004

Bank

of

America

NA

..............................

11,121,945

(987,143)

(6,824,155)

(1,520,000)

1,790,647

Bank

of

New

York

................................

85,390

(22,787)

—

—

62,603

Barclays

Bank

plc

................................

2,949,012

—

—

(2,380,000)

569,012

BNP

Paribas

SA

.................................

8,969,022

(170,958)

—

(8,798,064)

—

Citibank

NA

....................................

210,061

(129,040)

—

—

81,021

Goldman

Sachs

International

........................

3,333,226

(449,060)

—

(2,180,000)

704,166

HSBC

Bank

plc

..................................

5,838,400

(328,431)

(3,620,542)

—

1,889,427

JPMorgan

Chase

Bank

NA

..........................

215,283

—

—

—

215,283

Merrill

Lynch

International

&

Co.

......................

910,529

(910,529)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

11,210,978

(4,692,316)

—

(6,518,662)

—

Standard

Chartered

Bank

...........................

2,980,205

(287,788)

—

(2,270,000)

422,417

State

Street

Bank

and

Trust

Co.

......................

73,416

—

—

—

73,416

Toronto

Dominion

Bank

............................

627,833

(47,790)

—

—

580,043

UBS

AG

......................................

712,330

(47,002)

—

(420,000)

245,328

$

49,256,634

$

(8,072,844)

$

(10,444,697)

$

(24,086,726)

$

6,652,367

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(d)(e)

Bank

of

America

NA

..............................

$

987,143

$

(987,143)

$

—

$

—

$

—

Bank

of

Montreal

................................

7,044

—

—

—

7,044

Bank

of

New

York

................................

22,787

(22,787)

—

—

—

BNP

Paribas

SA

.................................

170,958

(170,958)

—

—

—

Citibank

NA

....................................

129,040

(129,040)

—

—

—

Commonwealth

Bank

of

Australia

.....................

18,844

—

—

—

18,844

Goldman

Sachs

International

........................

449,060

(449,060)

—

—

—

HSBC

Bank

plc

..................................

328,431

(328,431)

—

—

—

Merrill

Lynch

International

&

Co.

......................

7,065,304

(910,529)

(647,457)

(2,920,000)

2,587,318

Morgan

Stanley

&

Co.

International

plc

..................

4,692,316

(4,692,316)

—

—

—

Standard

Chartered

Bank

...........................

287,788

(287,788)

—

—

—

Toronto

Dominion

Bank

............................

47,790

(47,790)

—

—

—

UBS

AG

......................................

47,002

(47,002)

—

—

—

$

14,253,507

$

(8,072,844)

$

(647,457)

$

(2,920,000)

$

2,613,206

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

62

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

—

$

—

$

—

Common

Stocks

Aerospace

&

Defense

....................................

—

1,393,743

—

1,393,743

Air

Freight

&

Logistics

....................................

5,283,056

1,542,482

—

6,825,538

Airlines

..............................................

4,369,777

228,370

—

4,598,147

Auto

Components

......................................

918,908

3,546,618

—

4,465,526

Automobiles

..........................................

25,752,800

10,659,705

—

36,412,505

Banks

...............................................

31,615,408

24,278,277

—

55,893,685

Beverages

...........................................

95,454

1,961,252

—

2,056,706

Biotechnology

.........................................

17,543,155

2,493,654

—

20,036,809

Building

Products

.......................................

6,479,051

3,150,893

—

9,629,944

Capital

Markets

........................................

22,009,098

8,953,590

—

30,962,688

Chemicals

............................................

9,342,034

9,585,935

—

18,927,969

Commercial

Services

&

Supplies

.............................

6,515,829

1,658,559

—

8,174,388

Construction

&

Engineering

................................

382,153

1,487,939

—

1,870,092

Construction

Materials

....................................

—

2,078,794

—

2,078,794

Consumer

Finance

......................................

4,562,473

—

—

4,562,473

Containers

&

Packaging

..................................

2,245,933

124,018

—

2,369,951

Distributors

...........................................

7,038,432

—

—

7,038,432

Diversified

Financial

Services

...............................

13,786,511

3,037,096

—

16,823,607

Electric

Utilities

........................................

24,310,835

9,944,909

5,166

34,260,910

Electrical

Equipment

.....................................

—

5,052,057

—

5,052,057

Electronic

Equipment,

Instruments

&

Components

.................

96,645

4,132,488

—

4,229,133

Entertainment

.........................................

19,437,451

990,672

—

20,428,123

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

24,953,988

3,783,620

—

28,737,608

Food

&

Staples

Retailing

..................................

10,505,312

1,202,021

—

11,707,333

Food

Products

.........................................

266,007

4,904,984

—

5,170,991

Gas

Utilities

...........................................

1,185,226

2,799,931

—

3,985,157

Health

Care

Equipment

&

Supplies

...........................

19,328,208

6,113,800

—

25,442,008

Health

Care

Providers

&

Services

............................

18,619,385

893,420

—

19,512,805

Health

Care

Technology

..................................

—

477,336

—

477,336

Hotels,

Restaurants

&

Leisure

..............................

26,067,009

3,624,975

—

29,691,984

Household

Durables

.....................................

7,987,659

3,701,965

—

11,689,624

Household

Products

.....................................

580,253

1,129,902

—

1,710,155

Independent

Power

and

Renewable

Electricity

Producers

............

612,828

1,195,245

—

1,808,073

Industrial

Conglomerates

..................................

—

3,706,007

—

3,706,007

Insurance

............................................

44,362,007

19,898,965

—

64,260,972

Interactive

Media

&

Services

...............................

59,944,796

266,945

—

60,211,741

Internet

&

Direct

Marketing

Retail

............................

49,424,759

3,694,536

—

53,119,295

IT

Services

...........................................

40,186,106

5,013,766

—

45,199,872

Leisure

Products

.......................................

3,702,964

1,313,173

—

5,016,137

Life

Sciences

Tools

&

Services

..............................

12,844,474

1,274,869

—

14,119,343

Machinery

............................................

1,879,305

7,462,973

—

9,342,278

Marine

..............................................

—

1,391,249

—

1,391,249

Media

...............................................

10,680,516

938,827

—

11,619,343

Metals

&

Mining

........................................

—

3,579,946

—

3,579,946

Multiline

Retail

.........................................

13,776,233

224,607

—

14,000,840

Multi-Utilities

..........................................

10,436,340

6,031,406

—

16,467,746

Oil,

Gas

&

Consumable

Fuels

...............................

30,006,482

11,366,725

—

41,373,207

Paper

&

Forest

Products

..................................

—

235,390

—

235,390

Personal

Products

......................................

710,829

3,343,653

—

4,054,482

Pharmaceuticals

.......................................

54,858,680

22,750,898

—

77,609,578

Professional

Services

....................................

4,686,607

7,501,859

—

12,188,466

Real

Estate

Management

&

Development

.......................

1,187,810

5,562,897

—

6,750,707

Road

&

Rail

...........................................

11,136,490

702,564

—

11,839,054

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

63

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Semiconductors

&

Semiconductor

Equipment

....................

$

34,127,337

$

6,996,085

$

—

$

41,123,422

Software

.............................................

89,359,659

5,507,306

—

94,866,965

Specialty

Retail

........................................

20,349,602

2,446,525

—

22,796,127

Technology

Hardware,

Storage

&

Peripherals

....................

48,748,021

1,374,266

—

50,122,287

Textiles,

Apparel

&

Luxury

Goods

............................

19,880,012

8,336,347

—

28,216,359

Trading

Companies

&

Distributors

............................

2,852,540

6,333,008

—

9,185,548

Transportation

Infrastructure

...............................

—

992,509

—

992,509

Water

Utilities

.........................................

4,045,185

1,658,481

—

5,703,666

Wireless

Telecommunication

Services

.........................

—

638,821

—

638,821

Other

Interests

..........................................

—

—

—

—

Preferred

Stocks

.........................................

—

1,592,835

—

1,592,835

Rights

................................................

487

—

—

487

U.S.

Treasury

Obligations

...................................

—

89,503,125

—

89,503,125

Warrants

..............................................

25,854

—

—

25,854

Short-Term

Securities

.......................................

30,177,426

—

—

30,177,426

$

911,281,399

$

357,768,813

$

5,166

$

1,269,055,378

Investments

valued

at

NAV

(a)

......................................

63,914

$

—

$

1,269,119,292

$

—

Derivative

Financial

Instruments

(b)

Assets

Equity

contracts

...........................................

$

17,662,827

$

1,263,400

$

—

$

18,926,227

Foreign

currency

exchange

contracts

............................

—

5,904,464

—

5,904,464

Interest

rate

contracts

.......................................

998,765

62,781,430

—

63,780,195

Liabilities

Equity

contracts

...........................................

(42,242,195)

(7,290,270)

—

(49,532,465)

Foreign

currency

exchange

contracts

............................

—

(5,992,932)

—

(5,992,932)

Interest

rate

contracts

.......................................

(57,247,349)

(77,187,331)

—

(134,434,680)

$

(80,827,952)

$

(20,521,239)

$

—

$

(101,349,191)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

U.S.

Impact

Fund

64

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.2%

Auto

Components

—

5.7%

Aptiv

plc

(a)

.........................

2,437

$

421,333

Building

Products

—

1.6%

View,

Inc.,

Class

A

(a)

..................

22,338

119,285

Capital

Markets

—

1.2%

(a)

AEA-Bridges

Impact

Corp.,

Class

A

........

4,560

44,734

Natural

Order

Acquisition

Corp.

..........

4,570

44,740

89,474

Diversified

Consumer

Services

—

6.9%

(a)

Chegg

,

Inc.

(b)

.......................

3,635

216,065

Coursera,

Inc.

......................

5,453

190,364

Duolingo

,

Inc.,

Class

A

................

39

6,774

Stride,

Inc.

........................

2,724

96,702

509,905

Electric

Utilities

—

2.3%

Avangrid

,

Inc.

......................

3,206

168,956

Electrical

Equipment

—

0.8%

Sensata

Technologies

Holding

plc

(a)

.......

1,020

56,202

Electronic

Equipment,

Instruments

&

Components

—

1.1%

Itron

,

Inc.

(a)

........................

1,092

84,925

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.2%

Boston

Properties,

Inc.

................

1,071

121,708

Sun

Communities,

Inc.

................

576

112,885

234,593

Food

&

Staples

Retailing

—

2.7%

Grocery

Outlet

Holding

Corp.

(a)

...........

8,868

196,781

Food

Products

—

0.9%

Darling

Ingredients,

Inc.

(a)

..............

762

64,404

Health

Care

Equipment

&

Supplies

—

9.2%

Boston

Scientific

Corp.

(a)

...............

8,489

366,130

Danaher

Corp.

.....................

770

240,063

IDEXX

Laboratories,

Inc.

(a)

..............

112

74,608

680,801

Health

Care

Providers

&

Services

—

6.8%

(a)

1Life

Healthcare,

Inc.

.................

8,050

174,363

Cano

Health,

Inc.,

Class

A

..............

17,647

193,941

Oak

Street

Health,

Inc.

................

2,927

138,242

506,546

Health

Care

Technology

—

4.3%

Veeva

Systems,

Inc.,

Class

A

(a)

..........

997

316,059

Independent

Power

and

Renewable

Electricity

Producers

—

4.5%

Brookfield

Renewable

Corp.

............

8,008

331,611

Internet

&

Direct

Marketing

Retail

—

3.5%

Etsy,

Inc.

(a)

........................

1,039

260,467

IT

Services

—

18.2%

Jack

Henry

&

Associates,

Inc.

...........

2,449

407,710

PayPal

Holdings,

Inc.

(a)

................

1,486

345,629

Remitly

Global,

Inc.

(a)

.................

860

26,333

Shopify,

Inc.,

Class

A

(a)

................

211

309,480

Square,

Inc.,

Class

A

(a)

................

1,016

258,572

1,347,724

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

—

1.1%

Agilent

Technologies,

Inc.

..............

524

$

82,525

Machinery

—

0.4%

Xylem,

Inc.

........................

226

29,513

Pharmaceuticals

—

9.8%

Royalty

Pharma

plc,

Class

A

............

9,855

389,568

Zoetis,

Inc.

........................

1,554

335,975

725,543

Professional

Services

—

3.3%

ICF

International,

Inc.

.................

2,427

243,889

Semiconductors

&

Semiconductor

Equipment

—

0.4%

First

Solar,

Inc.

(a)

....................

270

32,289

Software

—

10.0%

(a)

Alkami

Technology,

Inc.

................

6,272

188,160

Everbridge

,

Inc.

.....................

1,469

234,026

Mimecast

Ltd.

......................

3,623

273,319

Rapid7,

Inc.

.......................

349

44,934

740,439

Specialty

Retail

—

1.3%

EVgo

,

Inc.,

Class

A

(a)

.................

10,535

98,186

Total

Common

Stocks

—

99.2%

(Cost:

$6,615,070)

...............................

7,341,450

Warrants

—

0.2%

Building

Products

—

0.0%

View,

Inc.

(Issued/exercisable

03/11/21,

1

share

for

1

warrant,

Expires

03/08/26,

Strike

Price

USD

11.50)

(a)

....................

1,004

870

Capital

Markets

—

0.2%

(a)

AEA-Bridges

Impact

Corp.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

......

9,067

6,347

Natural

Order

Acquisition

Corp.

(Issued/

exercisable

02/23/21,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

.

13,145

7,230

13,577

Total

Warrants

—

0.2%

(Cost:

$0)

.....................................

14,447

Total

Long-Term

Investments

—

99.4%

(Cost:

$6,615,070)

...............................

7,355,897

Short-Term

Securities

—

5.0%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

....................

176,542

176,542

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.14%

(e)

........................

192,784

192,823

Total

Short-Term

Securities

—

5.0%

(Cost:

$369,365)

.................................

369,365

Total

Investments

—

104.4%

(Cost:

$6,984,435

)

...............................

7,725,262

Liabilities

in

Excess

of

Other

Assets

—

(4.4)%

.............

(322,510)

Net

Assets

—

100.0%

...............................

$

7,402,752

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

BlackRock

U.S.

Impact

Fund

Schedules

of

Investments

65

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/21

Shares

Held

at

10/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

128,840

$

47,702

$

—

$

—

$

—

$

176,542

176,542

$

3

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

939,405

—

(746,561)

(21)

—

192,823

192,784

4,865

(b)

—

$

(21)

$

—

$

369,365

$

4,868

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

U.S.

Impact

Fund

66

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2021

See

notes

to

financial

statements

Fair

Value

Hiera

rchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

......................................

$

7,355,897

$

—

$

—

$

7,355,897

Short-Term

Securities

.......................................

176,542

—

—

176,542

$

7,532,439

$

—

$

—

$

7,532,439

Investments

valued

at

NAV

(a)

......................................

192,823

$

—

$

7,725,262

$

—

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2021

67

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

11,032,445‌

$

12,547,305‌

$

58,433,668‌

$

7,931,818‌

Investments,

at

value

—

affiliated

(c)

...........................................

533,458‌

173,052‌

4,714,550‌

277,961‌

Cash  

...............................................................

—‌

—‌

1,972‌

—‌

Cash

pledged:

Futures

contracts

......................................................

21,000‌

14,000‌

—‌

—‌

Foreign

currency,

at

value

(d)

................................................

63,969‌

8,187‌

1,600‌

1,967‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

30,970‌

11,783‌

6,292‌

14,141‌

Securities

lending

income

—

affiliated

........................................

7‌

—‌

15,406‌

3,063‌

Capital

shares

sold

.....................................................

48,747‌

48,736‌

—‌

—‌

Dividends

—

affiliated

...................................................

1‌

1‌

2‌

—‌

Dividends

—

unaffiliated

.................................................

18,598‌

36,304‌

52,741‌

12,540‌

From

the

Manager

.....................................................

16,593‌

18,420‌

3,496‌

3,900‌

Unrealized

appreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

—‌

5,225‌

1,614‌

Prepaid

expenses

.......................................................

48,372‌

48,377‌

3,038‌

3,015‌

Total

assets

...........................................................

11,814,160‌

12,906,165‌

63,237,990‌

8,250,019‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.........................................

17,458‌

—‌

4,385,168‌

197,053‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

—‌

—‌

149,734‌

—‌

Accounting

services

fees

.................................................

23,575‌

23,575‌

—‌

—‌

Administration

fees

.....................................................

3‌

4‌

9,019‌

704‌

Custodian

fees

........................................................

45,060‌

74,603‌

—‌

—‌

Deferred

foreign

capital

gain

tax

............................................

13,904‌

—‌

—‌

—‌

Investment

advisory

fees

.................................................

19‌

1‌

31,791‌

4,404‌

Trustees'

and

Officer's

fees

...............................................

5,291‌

5,291‌

1,903‌

3,574‌

Pricing

fees

..........................................................

19,867‌

23,057‌

—‌

—‌

Printing

and

postage

fees

................................................

14,766‌

14,770‌

—‌

—‌

Professional

fees

......................................................

721‌

158‌

30,975‌

31,185‌

Service

and

distribution

fees

...............................................

26‌

30‌

59‌

36‌

Transfer

agent

fees

....................................................

870‌

808‌

—‌

—‌

Other

accrued

expenses

.................................................

3,462‌

2,994‌

—‌

—‌

Variation

margin

on

futures

contracts

.........................................

4,527‌

1,359‌

—‌

—‌

Total

liabilities

..........................................................

149,549‌

146,650‌

4,608,649‌

236,956‌

NET

ASSETS

..........................................................

$

11,664,611‌

$

12,759,515‌

$

58,629,341‌

$

8,013,063‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

..........................................................

$

11,199,676‌

$

11,135,711‌

$

54,717,191‌

$

6,987,850‌

Accumulated

earnings

....................................................

464,935‌

1,623,804‌

3,912,150‌

1,025,213‌

NET

ASSETS

..........................................................

$

11,664,611‌

$

12,759,515‌

$

58,629,341‌

$

8,013,063‌

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

10,607,339‌

$

11,405,499‌

$

55,868,063‌

$

7,244,994‌

(b)

  Securities

loaned,

at

value

................................................

$

16,850‌

$

—‌

$

4,314,191‌

$

190,068‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

445,018‌

$

173,052‌

$

4,714,692‌

$

277,979‌

(d)

  Foreign

currency,

at

cost

.................................................

$

64,722‌

$

8,097‌

$

1,617‌

$

1,964‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

68

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.....................................................

$

134,367‌

$

200,189‌

$

49,168,451‌

$

133,836‌

Shares

outstanding

..............................................

12,780‌

17,278‌

3,323,988‌

11,233‌

Net

asset

value

.................................................

$

10.51‌

$

11.59‌

$

14.79‌

$

11.91‌

Shares

authorized

...............................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.....................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.....................................................

$

175,328‌

$

196,490‌

$

289,282‌

$

173,564‌

Shares

outstanding

..............................................

16,697‌

16,983‌

19,584‌

14,593‌

Net

asset

value

.................................................

$

10.50‌

$

11.57‌

$

14.77‌

$

11.89‌

Shares

authorized

...............................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.....................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Class

K

Net

assets

.....................................................

$

11,354,916‌

$

12,362,836‌

$

9,171,608‌

$

7,705,663‌

Shares

outstanding

..............................................

1,079,660‌

1,066,684‌

619,385‌

646,428‌

Net

asset

value

.................................................

$

10.52‌

$

11.59‌

$

14.81‌

$

11.92‌

Shares

authorized

...............................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.....................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2021

69

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

1,238,877,952‌

$

7,355,897‌

Investments,

at

value

—

affiliated

(c)

..........................................................................

30,241,340‌

369,365‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

2,920,000‌

—‌

Futures

contracts

.....................................................................................

191,401,093‌

—‌

Centrally

cleared

swaps

.................................................................................

53,368,000‌

—‌

Foreign

currency,

at

value

(d)

...............................................................................

71,947,825‌

—‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

2,254,943‌

48,805‌

Securities

lending

income

—

affiliated

.......................................................................

3‌

42‌

Capital

shares

sold

....................................................................................

2,025,909‌

—‌

Dividends

—

affiliated

..................................................................................

263‌

1‌

Dividends

—

unaffiliated

................................................................................

1,335,140‌

389‌

Interest

—

unaffiliated

..................................................................................

65,229‌

—‌

From

the

Manager

....................................................................................

—‌

3,822‌

Variation

margin

on

futures

contracts

........................................................................

5,118,456‌

—‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

5,904,464‌

—‌

OTC

swaps

.........................................................................................

43,352,170‌

—‌

Prepaid

expenses

......................................................................................

61,944‌

—‌

Total

assets

..........................................................................................

1,648,874,731‌

7,778,321‌

LIABILITIES

Bank

overdraft

.........................................................................................

4,685,625‌

—‌

Foreign

bank

overdraft

(e)

..................................................................................

—‌

48,783‌

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

29,967,000‌

—‌

Collateral

on

securities

loaned,

at

value

........................................................................

64,316‌

192,844‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

—‌

96,091‌

Accounting

services

fees

................................................................................

127,968‌

—‌

Administration

fees

....................................................................................

81,182‌

640‌

Capital

shares

redeemed

................................................................................

1,185,539‌

—‌

Custodian

fees

.......................................................................................

102,289‌

—‌

Investment

advisory

fees

................................................................................

719,318‌

3,950‌

Trustees'

and

Officer's

fees

..............................................................................

2,473‌

3,579‌

Other

affiliate

fees

....................................................................................

70,205‌

—‌

Printing

and

postage

fees

...............................................................................

40,339‌

—‌

Professional

fees

.....................................................................................

106,479‌

29,635‌

Registration

fees

.....................................................................................

33,620‌

—‌

Service

and

distribution

fees

..............................................................................

50,930‌

47‌

Transfer

agent

fees

...................................................................................

282,516‌

—‌

Other

accrued

expenses

................................................................................

83,754‌

—‌

Variation

margin

on

futures

contracts

........................................................................

22,070,291‌

—‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

7,486,354‌

—‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

5,992,932‌

—‌

OTC

swaps

.........................................................................................

8,260,575‌

—‌

Total

liabilities

.........................................................................................

81,413,705‌

375,569‌

NET

ASSETS

.........................................................................................

$

1,567,461,026‌

$

7,402,752‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

70

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

NET

ASSETS

CONSIST

OF

Paid-in

capital

.........................................................................................

$

1,619,564,523‌

$

5,914,752‌

Accumulated

earnings

(loss)

...............................................................................

(52,103,497‌)

1,488,000‌

NET

ASSETS

.........................................................................................

$

1,567,461,026‌

$

7,402,752‌

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

943,456,174‌

$

6,615,070‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

63,305‌

$

193,299‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

30,241,346‌

$

369,365‌

(d)

  Foreign

currency,

at

cost

................................................................................

$

72,185,380‌

$

—‌

(e)

  Foreign

bank

overdraft,

at

cost

............................................................................

$

—‌

$

48,783‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2021

71

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.......................................................................................

$

511,681,058‌

$

149,154‌

Shares

outstanding

................................................................................

37,549,666‌

11,494‌

Net

asset

value

...................................................................................

$

13.63‌

$

12.98‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.001‌

$

0.001‌

Service

Net

assets

.......................................................................................

$

1,717,423‌

$

—‌

Shares

outstanding

................................................................................

126,862‌

—‌

Net

asset

value

...................................................................................

$

13.54‌

$

—‌

Shares

authorized

.................................................................................

Unlimited

—‌

Par

value

.......................................................................................

$

0.001‌

$

—‌

Investor

A

Net

assets

.......................................................................................

$

189,802,216‌

$

232,272‌

Shares

outstanding

................................................................................

14,062,514‌

17,934‌

Net

asset

value

...................................................................................

$

13.50‌

$

12.95‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

.......................................................................................

$

8,178,792‌

$

—‌

Shares

outstanding

................................................................................

622,908‌

—‌

Net

asset

value

...................................................................................

$

13.13‌

$

—‌

Shares

authorized

.................................................................................

Unlimited

—‌

Par

value

.......................................................................................

$

0.001‌

$

—‌

Class

K

Net

assets

.......................................................................................

$

856,081,537‌

$

7,021,326‌

Shares

outstanding

................................................................................

62,907,460‌

540,749‌

Net

asset

value

...................................................................................

$

13.61‌

$

12.98‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

72

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

INVESTMENT

INCOME

–

–

–

–

Dividends

—

affiliated

...................................................

$

2,308‌

$

11‌

$

17‌

$

3‌

Dividends

—

unaffiliated

.................................................

194,339‌

171,850‌

310,784‌

74,666‌

Securities

lending

income

—

affiliated

—

net

...................................

140‌

35‌

50,865‌

8,729‌

Non-cash

dividends

—

unaffiliated

..........................................

—‌

10,234‌

—‌

—‌

Foreign

taxes

withheld

..................................................

(21,302‌)

(20,280‌)

(29,158‌)

(8,079‌)

Total

investment

income

...................................................

175,485‌

161,850‌

332,508‌

75,319‌

EXPENSES

Custodian

...........................................................

54,884‌

93,847‌

—‌

—‌

Investment

advisory

....................................................

48,649‌

28,606‌

185,637‌

26,819‌

Professional

.........................................................

39,967‌

19,880‌

22,836‌

22,928‌

Accounting

services

....................................................

27,679‌

27,678‌

—‌

—‌

Offering

............................................................

21,777‌

40,721‌

—‌

—‌

Pricing

.............................................................

12,548‌

15,110‌

—‌

—‌

Trustees

and

Officer

....................................................

6,993‌

6,992‌

5,157‌

6,433‌

Administration

.......................................................

2,585‌

2,702‌

—‌

—‌

Registration

.........................................................

1,965‌

1,965‌

—‌

—‌

Administration

—

class

specific

............................................

1,215‌

1,272‌

52,482‌

4,283‌

Transfer

agent

—

class

specific

............................................

353‌

308‌

—‌

—‌

Service

and

distribution

—

class

specific

......................................

168‌

183‌

357‌

221‌

Miscellaneous

........................................................

14,969‌

12,261‌

57‌

57‌

Total

expenses

.........................................................

233,752‌

251,525‌

266,526‌

60,741‌

Less:

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(180,173‌)

(218,454‌)

(28,050‌)

(29,369‌)

Administration

fees

waived

...............................................

(2,585‌)

(2,700‌)

—‌

—‌

Administration

fees

waived

—

class

specific

....................................

(1,215‌)

(1,261‌)

—‌

—‌

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

.......................

(288‌)

(242‌)

—‌

—‌

Total

expenses

after

fees

waived

and/or

reimbursed

................................

49,491‌

28,868‌

238,476‌

31,372‌

Net

investment

income

....................................................

125,994‌

132,982‌

94,032‌

43,947‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(864,612‌)

$

402,503‌

$

(159,565‌)

$

(210,100‌)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

...............................................

$

3,255‌

$

—‌

$

(43‌)

$

(2‌)

Investments

—

unaffiliated

(a)

............................................

(43,038‌)

397,198‌

1,506,987‌

324,298‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

—‌

(16,660‌)

(5,695‌)

Foreign

currency

transactions

...........................................

(3,287‌)

(5‌)

(6,405‌)

(555‌)

Futures

contracts

....................................................

(15,050‌)

26,333‌

—‌

—‌

(58,120‌)

423,526‌

1,483,879‌

318,046‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

...............................................

30,608‌

—‌

(142‌)

(18‌)

Investments

—

unaffiliated

(b)

............................................

(829,533‌)

(9,852‌)

(1,655,322‌)

(531,942‌)

Forward

foreign

currency

exchange

contracts

.................................

—‌

—‌

13,200‌

4,115‌

Foreign

currency

translations

............................................

(1,424‌)

(984‌)

(1,180‌)

(301‌)

Futures

contracts

....................................................

(6,143‌)

(10,187‌)

—‌

—‌

(806,492‌)

(21,023‌)

(1,643,444‌)

(528,146‌)

Net

realized

and

unrealized

gain

(loss)

.........................................

(864,612‌)

402,503‌

(159,565‌)

(210,100‌)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........

$

(738,618‌)

$

535,485‌

$

(65,533‌)

$

(166,153‌)

(a)

  Net

of

foreign

capital

gain

tax

of

............................................

$

(8,483

)

$

—

$

—

$

—

(b)

Net

of

increase

in

deferred

foreign

capital

gain

tax

of

..............................

$

(13,904

)

$

—

$

—

$

—

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2021

73

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

INVESTMENT

INCOME

–

–

Dividends

—

affiliated

..................................................................................

$

1,873‌

$

3‌

Dividends

—

unaffiliated

................................................................................

7,818,085‌

17,315‌

Interest

—

unaffiliated

..................................................................................

156,050‌

—‌

Securities

lending

income

—

affiliated

—

net

..................................................................

10‌

4,865‌

Non-cash

dividends

—

unaffiliated

.........................................................................

196,491‌

—‌

Foreign

taxes

withheld

.................................................................................

(354,519‌)

(605‌)

Total

investment

income

..................................................................................

7,817,990‌

21,578‌

EXPENSES

Investment

advisory

...................................................................................

4,160,199‌

23,999‌

Transfer

agent

—

class

specific

...........................................................................

512,272‌

—‌

Administration

......................................................................................

312,018‌

—‌

Service

and

distribution

—

class

specific

.....................................................................

297,432‌

276‌

Administration

—

class

specific

...........................................................................

156,313‌

3,876‌

Accounting

services

...................................................................................

111,960‌

—‌

Professional

........................................................................................

87,638‌

21,977‌

Custodian

..........................................................................................

84,606‌

—‌

Registration

........................................................................................

50,400‌

—‌

Trustees

and

Officer

...................................................................................

4,920‌

6,435‌

Miscellaneous

.......................................................................................

106,340‌

57‌

Total

expenses

........................................................................................

5,884,098‌

56,620‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(6,754‌)

(28,424‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

5,877,344‌

28,196‌

Net

investment

income

(loss)

...............................................................................

1,940,646‌

(6,618‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(50,009,085‌)

$

153,638‌

Net

realized

gain

(loss)

from:

Investments

—

affiliated

..............................................................................

$

—‌

$

(21‌)

Investments

—

unaffiliated

............................................................................

29,692,438‌

796,633‌

Forward

foreign

currency

exchange

contracts

................................................................

(3,925,954‌)

—‌

Foreign

currency

transactions

..........................................................................

(2,423,086‌)

(398‌)

Futures

contracts

...................................................................................

(75,539,567‌)

—‌

Swaps  

.........................................................................................

25,471,224‌

—‌

(26,724,945‌)

796,214‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

..............................................................................

(6‌)

—‌

Investments

—

unaffiliated

............................................................................

56,642,811‌

(642,572‌)

Forward

foreign

currency

exchange

contracts

................................................................

1,096,446‌

—‌

Foreign

currency

translations

...........................................................................

527,558‌

(4‌)

Futures

contracts

...................................................................................

(50,489,283‌)

—‌

Swaps  

.........................................................................................

(31,061,666‌)

—‌

(23,284,140‌)

(642,576‌)

Net

realized

and

unrealized

gain

(loss)

........................................................................

(50,009,085‌)

153,638‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.........................................

$

(48,068,439‌)

$

147,020‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

74

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

125,994‌

$

41,472‌

$

132,982‌

$

132,206‌

Net

realized

gain

(loss)

....................................................

(58,120‌)

1,014,062‌

423,526‌

866,371‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(806,492‌)

1,297,751‌

(21,023‌)

1,158,873‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(738,618‌)

2,353,285‌

535,485‌

2,157,450‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

  Institutional

...........................................................

(12,954‌)

(493‌)

(15,928‌)

(836‌)

  Investor

A

............................................................

(12,424‌)

(408‌)

(11,572‌)

(569‌)

  Class

K

..............................................................

(1,096,101‌)

(50,099‌)

(986,458‌)

(66,875‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(1,121,479‌)

(51,000‌)

(1,013,958‌)

(68,280‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.........................

1,205,886‌

10,016,537‌

1,100,473‌

10,048,345‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(654,211‌)

12,318,822‌

622,000‌

12,137,515‌

Beginning

of

period

........................................................

12,318,822‌

—‌

12,137,515‌

—‌

End

of

period

............................................................

$

11,664,611‌

$

12,318,822‌

$

12,759,515‌

$

12,137,515‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

75

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

Six

Months

Ended

10/31/21

(unaudited)

Period

from

05/27/20

(a)

to

04/30/21

Six

Months

Ended

10/31/21

(unaudited)

Period

from

06/30/20

(a)

to

04/30/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

94,032‌

$

3,016‌

$

43,947‌

$

32,193‌

Net

realized

gain

........................................................

1,483,879‌

2,239,581‌

318,046‌

1,093,998‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(1,643,444‌)

4,212,699‌

(528,146‌)

1,216,203‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(65,533‌)

6,455,296‌

(166,153‌)

2,342,394‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

  Institutional

...........................................................

(1,402,168‌)

(470,005‌)

(14,754‌)

(4,436‌)

  Investor

A

............................................................

(8,062‌)

(6,678‌)

(18,981‌)

(4,284‌)

  Class

K

..............................................................

(273,225‌)

(317,475‌)

(851,401‌)

(257,172‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(1,683,455‌)

(794,158‌)

(885,136‌)

(265,892‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.........................

7,921,438‌

46,795,753‌

893,217‌

6,094,633‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

6,172,450‌

52,456,891‌

(158,072‌)

8,171,135‌

Beginning

of

period

........................................................

52,456,891‌

—‌

8,171,135‌

—‌

End

of

period

............................................................

$

58,629,341‌

$

52,456,891‌

$

8,013,063‌

$

8,171,135‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

76

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/21

Six

Months

Ended

10/31/21

(unaudited)

Period

from

06/30/20

(a)

to

04/30/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

1,940,646‌

$

4,394,969‌

$

(6,618‌)

$

(10,097‌)

Net

realized

gain

(loss)

....................................................

(26,724,945‌)

(143,840,740‌)

796,214‌

1,283,959‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(23,284,140‌)

203,100,134‌

(642,576‌)

1,383,404‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(48,068,439‌)

63,654,363‌

147,020‌

2,657,266‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

From

net

investment

income

and

net

realized

gain:

  Institutional

...........................................................

—‌

(8,252,526‌)

(16,399‌)

(9,744‌)

  Service

..............................................................

—‌

(54,595‌)

—‌

—‌

  Investor

A

............................................................

—‌

(5,029,093‌)

(25,167‌)

(9,665‌)

  Investor

C

............................................................

—‌

(136,513‌)

—‌

—‌

  Class

K

..............................................................

—‌

(18,476,253‌)

(785,396‌)

(469,915‌)

Return

of

capital:

–

–

–

–

  Institutional

...........................................................

—‌

(51,931‌)

—‌

—‌

  Service

..............................................................

—‌

(344‌)

—‌

—‌

  Investor

A

............................................................

—‌

(31,647‌)

—‌

—‌

  Investor

C

............................................................

—‌

(859‌)

—‌

—‌

  Class

K

..............................................................

—‌

(116,265‌)

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

—‌

(32,150,026‌)

(826,962‌)

(489,324‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.........................

157,564,972‌

551,060,076‌

865,989‌

5,048,763‌

NET

ASSETS

Total

increase

in

net

assets

...................................................

109,496,533‌

582,564,413‌

186,047‌

7,216,705‌

Beginning

of

period

........................................................

1,457,964,493‌

875,400,080‌

7,216,705‌

—‌

End

of

period

............................................................

$

1,567,461,026‌

$

1,457,964,493‌

$

7,402,752‌

$

7,216,705‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

77

Financial

Highlights

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.99%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.30%.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Institutional

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

12.30‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.12‌

0.04‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.80‌)

2.31‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.68‌)

2.35‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.06‌)

(0.05‌)

From

net

realized

gain

...................................................................................

(1.05‌)

—‌

Total

distributions

.......................................................................................

(1.11‌)

(0.05‌)

Net

asset

value,

end

of

period

..............................................................................

$

10.51‌

$

12.30‌

Total

Return

(d)

(6.05)%

23.53%

Based

on

net

asset

value

..................................................................................

(6.05)%

(e)

23.53%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................................................................

3.82%

(g)(h)

3.70%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.86%

(g)

0.86%

(g)

Net

investment

income

...................................................................................

2.04%

(g)

0.47%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

134‌

$

125‌

Portfolio

turnover

rate

....................................................................................

88%

147%

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Investments

in

underlying

funds

..............................................................................

0.02%

0.03%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

78

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.27%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.52%.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Investor

A

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

12.29‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.10‌

0.02‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.79‌)

2.31‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.69‌)

2.33‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.05‌)

(0.04‌)

From

net

realized

gain

...................................................................................

(1.05‌)

—‌

Total

distributions

.......................................................................................

(1.10‌)

(0.04‌)

Net

asset

value,

end

of

period

..............................................................................

$

10.50‌

$

12.29‌

Total

Return

(d)

(6.14)%

23.33%

Based

on

net

asset

value

..................................................................................

(6.14)%

(e)

23.33%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................................................................

4.09%

(g)(h)

3.92%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

1.11%

(g)

1.11%

(g)

Net

investment

income

...................................................................................

1.79%

(g)

0.31%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

175‌

$

138‌

Portfolio

turnover

rate

....................................................................................

88%

147%

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Investments

in

underlying

funds

..............................................................................

0.02%

0.03%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

79

Financial

Highlights

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.84%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.00%.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Class

K

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

12.30‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.12‌

0.04‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.79‌)

2.31‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.67‌)

2.35‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.06‌)

(0.05‌)

From

net

realized

gain

...................................................................................

(1.05‌)

—‌

Total

distributions

.......................................................................................

(1.11‌)

(0.05‌)

Net

asset

value,

end

of

period

..............................................................................

$

10.52‌

$

12.30‌

Total

Return

(d)

(5.95)%

23.55%

Based

on

net

asset

value

..................................................................................

(5.95)%

(e)

23.55%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................................................................

3.66%

(g)(h)

3.39%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.81%

(g)

0.81%

(g)

Net

investment

income

...................................................................................

2.08%

(g)

0.52%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

11,355‌

$

12,056‌

Portfolio

turnover

rate

....................................................................................

88%

147%

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Investments

in

underlying

funds

..............................................................................

0.02%

0.03%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

80

BlackRock

Advantage

ESG

International

Equity

Fund

Institutional

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

12.08‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.12‌

0.13‌

Net

realized

and

unrealized

gain

............................................................................

0.39‌

2.01‌

Net

increase

from

investment

operations

........................................................................

0.51‌

2.14‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.12‌)

(0.06‌)

From

net

realized

gain

...................................................................................

(0.88‌)

(0.00‌)

(d)

Total

distributions

.......................................................................................

(1.00‌)

(0.06‌)

Net

asset

value,

end

of

period

..............................................................................

$

11.59‌

$

12.08‌

Total

Return

(e)

4.42%

21.53%

Based

on

net

asset

value

..................................................................................

4.42%

(f)

21.53%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

3.65%

(g)(h)

3.40%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.49%

(g)

0.50%

(g)

Net

investment

income

...................................................................................

2.03%

(g)

1.69%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

200‌

$

156‌

Portfolio

turnover

rate

....................................................................................

74%

172%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.96%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.94%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

81

Financial

Highlights

BlackRock

Advantage

ESG

International

Equity

Fund

Investor

A

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

12.07‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.11‌

0.11‌

Net

realized

and

unrealized

gain

............................................................................

0.38‌

2.01‌

Net

increase

from

investment

operations

........................................................................

0.49‌

2.12‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.11‌)

(0.05‌)

From

net

realized

gain

...................................................................................

(0.88‌)

(0.00‌)

(d)

Total

distributions

.......................................................................................

(0.99‌)

(0.05‌)

Net

asset

value,

end

of

period

..............................................................................

$

11.57‌

$

12.07‌

Total

Return

(e)

4.25%

21.33%

Based

on

net

asset

value

..................................................................................

4.25%

(f)

21.33%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

4.02%

(g)(h)

3.76%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.75%

(g)

0.75%

(g)

Net

investment

income

...................................................................................

1.80%

(g)

1.45%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

196‌

$

140‌

Portfolio

turnover

rate

....................................................................................

74%

172%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.34%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.31%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

82

BlackRock

Advantage

ESG

International

Equity

Fund

Class

K

Six

Months

Ended

10/31/21

(unaudited)

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

12.08‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.13‌

0.13‌

Net

realized

and

unrealized

gain

............................................................................

0.38‌

2.01‌

Net

increase

from

investment

operations

........................................................................

0.51‌

2.14‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.12‌)

(0.06‌)

From

net

realized

gain

...................................................................................

(0.88‌)

(0.00‌)

(d)

Total

distributions

.......................................................................................

(1.00‌)

(0.06‌)

Net

asset

value,

end

of

period

..............................................................................

$

11.59‌

$

12.08‌

Total

Return

(e)

4.43%

21.55%

Based

on

net

asset

value

..................................................................................

4.43%

(f)

21.55%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

3.64%

(g)(h)

3.15%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.45%

(g)

0.45%

(g)

Net

investment

income

...................................................................................

2.10%

(g)

1.72%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

12,363‌

$

11,842‌

Portfolio

turnover

rate

....................................................................................

74%

172%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.95%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.70%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

83

Financial

Highlights

z

BlackRock

Global

Impact

Fund

Institutional

Six

Months

Ended

10/31/21

(unaudited)

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

15.27‌

$

10.00‌

Net

investment

income

(loss)

(b)

.............................................................................

0.02‌

(0.02‌)

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.05‌)

5.82‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.03‌)

5.80‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

—‌

(0.07‌)

From

net

realized

gain

...................................................................................

(0.45‌)

(0.46‌)

Total

distributions

.......................................................................................

(0.45‌)

(0.53‌)

Net

asset

value,

end

of

period

..............................................................................

$

14.79‌

$

15.27‌

Total

Return

(d)

(0.19)%

58.53%

Based

on

net

asset

value

..................................................................................

(0.19)%

(e)

58.53%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.95%

(f)

0.98%

(f)(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.85%

(f)

0.84%

(f)

Net

investment

income

(loss)

...............................................................................

0.31%

(f)

(0.14)%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

49,168‌

$

42,999‌

Portfolio

turnover

rate

....................................................................................

44%

100%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.98%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

84

BlackRock

Global

Impact

Fund

Investor

A

Six

Months

Ended

10/31/21

(unaudited)

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

15.26‌

$

10.00‌

Net

investment

income

(loss)

(b)

.............................................................................

0.01‌

(0.02‌)

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.06‌)

5.79‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.05‌)

5.77‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

—‌

(0.05‌)

From

net

realized

gain

...................................................................................

(0.44‌)

(0.46‌)

Total

distributions

.......................................................................................

(0.44‌)

(0.51‌)

Net

asset

value,

end

of

period

..............................................................................

$

14.77‌

$

15.26‌

Total

Return

(d)

(0.34)%

58.22%

Based

on

net

asset

value

..................................................................................

(0.34)%

(e)

58.22%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

1.20%

(f)

1.27%

(f)(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

1.10%

(f)

1.10%

(f)

Net

investment

income

(loss)

...............................................................................

0.07%

(f)

(0.18)%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

289‌

$

272‌

Portfolio

turnover

rate

....................................................................................

44%

100%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.28%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

85

Financial

Highlights

BlackRock

Global

Impact

Fund

Class

K

Six

Months

Ended

10/31/21

(unaudited)

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

15.29‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.03‌

0.04‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.06‌)

5.78‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.03‌)

5.82‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

—‌

(0.07‌)

From

net

realized

gain

...................................................................................

(0.45‌)

(0.46‌)

Total

distributions

.......................................................................................

(0.45‌)

(0.53‌)

Net

asset

value,

end

of

period

..............................................................................

$

14.81‌

$

15.29‌

Total

Return

(d)

(0.17)%

58.75%

Based

on

net

asset

value

..................................................................................

(0.17)%

(e)

58.75%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.85%

(f)

0.93%

(f)(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.75%

(f)

0.75%

(f)

Net

investment

income

...................................................................................

0.43%

(f)

0.34%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

9,172‌

$

9,186‌

Portfolio

turnover

rate

....................................................................................

44%

100%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.94%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

86

BlackRock

International

Impact

Fund

Institutional

Six

Months

Ended

10/31/21

(unaudited)

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

13.65‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.06‌

0.05‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.33‌)

4.04‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.27‌)

4.09‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

—‌

(0.08‌)

From

net

realized

gain

...................................................................................

(1.47‌)

(0.36‌)

Total

distributions

.......................................................................................

(1.47‌)

(0.44‌)

Net

asset

value,

end

of

period

..............................................................................

$

11.91‌

$

13.65‌

Total

Return

(d)

(2.13)%

41.25%

Based

on

net

asset

value

..................................................................................

(2.13)%

(e)

41.25%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

1.57%

(f)

1.37%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.85%

(f)

0.85%

(f)(g)

Net

investment

income

...................................................................................

0.97%

(f)

0.50%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

134‌

$

137‌

Portfolio

turnover

rate

....................................................................................

47%

87%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.44%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

87

Financial

Highlights

BlackRock

International

Impact

Fund

Investor

A

Six

Months

Ended

10/31/21

(unaudited)

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

13.63‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.05‌

0.02‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.32‌)

4.04‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.27‌)

4.06‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

—‌

(0.07‌)

From

net

realized

gain

...................................................................................

(1.47‌)

(0.36‌)

Total

distributions

.......................................................................................

(1.47‌)

(0.43‌)

Net

asset

value,

end

of

period

..............................................................................

$

11.89‌

$

13.63‌

Total

Return

(d)

(2.20)%

40.89%

Based

on

net

asset

value

..................................................................................

(2.20)%

(e)

40.89%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

1.81%

(f)

1.63%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

1.10%

(f)

1.10%

(f)(g)

Net

investment

income

...................................................................................

0.71%

(f)

0.23%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

174‌

$

169‌

Portfolio

turnover

rate

....................................................................................

47%

87%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.71%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

88

BlackRock

International

Impact

Fund

Class

K

Six

Months

Ended

10/31/21

(unaudited)

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

13.65‌

$

10.00‌

Net

investment

income

(b)

.................................................................................

0.07‌

0.06‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(0.32‌)

4.04‌

Net

increase

(decrease)

from

investment

operations

................................................................

(0.25‌)

4.10‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

—‌

(0.09‌)

From

net

realized

gain

...................................................................................

(1.48‌)

(0.36‌)

Total

distributions

.......................................................................................

(1.48‌)

(0.45‌)

Net

asset

value,

end

of

period

..............................................................................

$

11.92‌

$

13.65‌

Total

Return

(d)

(2.02)%

41.32%

Based

on

net

asset

value

..................................................................................

(2.02)%

(e)

41.32%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

1.46%

(f)

1.26%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.75%

(f)

0.75%

(f)(g)

Net

investment

income

...................................................................................

1.08%

(f)

0.54%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

7,706‌

$

7,865‌

Portfolio

turnover

rate

....................................................................................

47%

87%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.34%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

89

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(h)

Annualized.

BlackRock

Tactical

Opportunities

Fund

Institutional

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

$

14.05‌

$

13.59‌

$

13.67‌

$

15.44‌

$

14.11‌

$

13.41‌

$

14.20‌

Net

investment

income

(a)

........

0.02‌

0.05‌

0.06‌

0.19‌

0.14‌

0.09‌

0.07‌

Net

realized

and

unrealized

gain

(loss)

(0.44‌)

0.79‌

0.32‌

(0.57‌)

1.31‌

0.82‌

(0.16‌)

Net

increase

(decrease)

from

investment

operations

...............

(0.42‌)

0.84‌

0.38‌

(0.38‌)

1.45‌

0.91‌

(0.09‌)

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

.....

—‌

(0.38‌)

(0.46‌)

(0.55‌)

(0.12‌)

(0.23‌)

(0.51‌)

From

net

realized

gain

..........

—‌

—‌

—‌

(0.84‌)

—‌

—‌

(0.19‌)

Return

of

capital

..............

—‌

(0.00‌)

(c)

—‌

—‌

—‌

—‌

—‌

Total

distributions

..............

—‌

(0.38‌)

(0.46‌)

(1.39‌)

(0.12‌)

(0.23‌)

(0.70‌)

Capital

Contribution

............

—‌

—‌

—‌

—‌

—‌

0.02‌

—‌

Net

asset

value,

end

of

period

.....

$

13.63‌

$

14.05‌

$

13.59‌

$

13.67‌

$

15.44‌

$

14.11‌

$

13.41‌

Total

Return

(d)

(2.99)%

6.18%

2.79%

(2.43)%

10.36%

—

—

Based

on

net

asset

value

.........

(2.99)%

(e)

6.18%

2.79%

(e)

(2.43)%

10.36%

7.05%

(0.71)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

(g)

...............

0.78%

(h)

0.81%

0.86%

(h)

0.80%

0.93%

0.92%

0.91%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.78%

(h)

0.80%

0.85%

(h)

0.79%

0.89%

0.89%

0.87%

Net

investment

income

..........

0.22%

(h)

0.38%

0.77%

(h)

1.36%

0.94%

0.65%

0.49%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

511,681‌

$

464,694‌

$

289,127‌

$

290,851‌

$

220,711‌

$

189,242‌

$

271,623‌

Portfolio

turnover

rate

...........

45%

136%

167%

288%

265%

257%

359%

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Investments

in

underlying

funds

.....

—%

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Expense

ratios

................

N/A

N/A

N/A

0.79%

N/A

N/A

N/A

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

90

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

greater

than

$(0.005)

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(h)

Annualized.

BlackRock

Tactical

Opportunities

Fund

Service

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

$

13.97‌

$

13.54‌

$

13.56‌

$

15.33‌

$

14.02‌

$

13.34‌

$

14.12‌

Net

investment

income

(loss)

(a)

....

(0.00‌)

(b)

0.01‌

0.04‌

0.16‌

0.10‌

0.05‌

0.02‌

Net

realized

and

unrealized

gain

(loss)

(0.43‌)

0.78‌

0.31‌

(0.58‌)

1.32‌

0.81‌

(0.14‌)

Net

increase

(decrease)

from

investment

operations

...............

(0.43‌)

0.79‌

0.35‌

(0.42‌)

1.42‌

0.86‌

(0.12‌)

Distributions

(c)

–

–

–

–

–

–

–

From

net

investment

income

.....

—‌

(0.36‌)

(0.37‌)

(0.51‌)

(0.11‌)

(0.20‌)

(0.47‌)

From

net

realized

gain

..........

—‌

—‌

—‌

(0.84‌)

—‌

—‌

(0.19‌)

Return

of

capital

..............

—‌

(0.00‌)

(b)

—‌

—‌

—‌

—‌

—‌

Total

distributions

..............

—‌

(0.36‌)

(0.37‌)

(1.35‌)

(0.11‌)

(0.20‌)

(0.66‌)

Capital

Contribution

............

—‌

—‌

—‌

—‌

—‌

0.02‌

—‌

Net

asset

value,

end

of

period

.....

$

13.54‌

$

13.97‌

$

13.54‌

$

13.56‌

$

15.33‌

$

14.02‌

$

13.34‌

Total

Return

(d)

(3.08)%

5.86%

2.63%

(2.74)%

10.21%

—

—

Based

on

net

asset

value

.........

(3.08)%

(e)

5.86%

2.63%

(e)

(2.74)%

10.21%

6.66%

(0.95)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

(g)

...............

1.05%

(h)

1.07%

1.16%

(h)

1.06%

1.22%

1.23%

1.24%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

1.05%

(h)

1.06%

1.14%

(h)

1.06%

1.16%

1.17%

1.17%

Net

investment

income

(loss)

......

(0.04)%

(h)

0.08%

0.53%

(h)

1.14%

0.65%

0.38%

0.17%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

1,717‌

$

1,972‌

$

836‌

$

767‌

$

832‌

$

828‌

$

1,667‌

Portfolio

turnover

rate

...........

45%

136%

167%

288%

265%

257%

359%

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Investments

in

underlying

funds

.....

—%

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Expense

ratios

................

N/A

N/A

N/A

1.04%

N/A

N/A

1.23%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

91

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

greater

than

$(0.005)

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

BlackRock

Tactical

Opportunities

Fund

Investor

A

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

$

13.93‌

$

13.49‌

$

13.54‌

$

15.31‌

$

14.02‌

$

13.33‌

$

14.12‌

Net

investment

income

(loss)

(a)

....

(0.00‌)

(b)

0.01‌

0.04‌

0.14‌

0.09‌

0.05‌

0.02‌

Net

realized

and

unrealized

gain

(loss)

(0.43‌)

0.77‌

0.32‌

(0.56‌)

1.31‌

0.81‌

(0.15‌)

Net

increase

(decrease)

from

investment

operations

...............

(0.43‌)

0.78‌

0.36‌

(0.42‌)

1.40‌

0.86‌

(0.13‌)

Distributions

(c)

–

–

–

–

–

–

–

From

net

investment

income

.....

—‌

(0.34‌)

(0.41‌)

(0.51‌)

(0.11‌)

(0.19‌)

(0.47‌)

From

net

realized

gain

..........

—‌

—‌

—‌

(0.84‌)

—‌

—‌

(0.19‌)

Return

of

capital

..............

—‌

(0.00‌)

(b)

—‌

—‌

—‌

—‌

—‌

Total

distributions

..............

—‌

(0.34‌)

(0.41‌)

(1.35‌)

(0.11‌)

(0.19‌)

(0.66‌)

Capital

Contribution

............

—‌

—‌

—‌

—‌

—‌

0.02‌

—‌

Net

asset

value,

end

of

period

.....

$

13.50‌

$

13.93‌

$

13.49‌

$

13.54‌

$

15.31‌

$

14.02‌

$

13.33‌

Total

Return

(d)

(3.09)%

5.77%

2.70%

(2.77)%

10.06%

—

—

Based

on

net

asset

value

.........

(3.09)%

(e)

5.77%

2.70%

(e)

(2.77)%

10.06%

6.66%

(1.02)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................

1.05%

(g)

1.09%

1.15%

(g)

1.10%

(h)

1.21%

1.20%

(h)

1.21%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

1.05%

(g)

1.09%

1.14%

(g)

1.09%

1.20%

1.20%

1.18%

Net

investment

income

(loss)

......

(0.04)%

(g)

0.09%

0.48%

(g)

1.01%

0.61%

0.37%

0.15%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

189,802‌

$

202,884‌

$

208,746‌

$

218,634‌

$

237,442‌

$

244,101‌

$

271,941‌

Portfolio

turnover

rate

...........

45%

136%

167%

288%

265%

257%

359%

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Investments

in

underlying

funds

.....

—%

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

92

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

BlackRock

Tactical

Opportunities

Fund

Investor

C

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

$

13.60‌

$

13.13‌

$

13.14‌

$

14.81‌

$

13.64‌

$

12.95‌

$

13.73‌

Net

investment

income

(loss)

(a)

....

(0.06‌)

(0.09‌)

(0.02‌)

0.04‌

(0.01‌)

(0.05‌)

(0.07‌)

Net

realized

and

unrealized

gain

(loss)

(0.41‌)

0.75‌

0.31‌

(0.54‌)

1.27‌

0.80‌

(0.15‌)

Net

increase

(decrease)

from

investment

operations

...............

(0.47‌)

0.66‌

0.29‌

(0.50‌)

1.26‌

0.75‌

(0.22‌)

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

.....

—‌

(0.19‌)

(0.30‌)

(0.33‌)

(0.09‌)

(0.08‌)

(0.37‌)

From

net

realized

gain

..........

—‌

—‌

—‌

(0.84‌)

—‌

—‌

(0.19‌)

Return

of

capital

..............

—‌

(0.00‌)

(c)

—‌

—‌

—‌

—‌

—‌

Total

distributions

..............

—‌

(0.19‌)

(0.30‌)

(1.17‌)

(0.09‌)

(0.08‌)

(0.56‌)

Capital

Contribution

............

—‌

—‌

—‌

—‌

—‌

0.02‌

—‌

Net

asset

value,

end

of

period

.....

$

13.13‌

$

13.60‌

$

13.13‌

$

13.14‌

$

14.81‌

$

13.64‌

$

12.95‌

Total

Return

(d)

(3.46)%

5.02%

2.21%

(3.45)%

9.27%

—

—

Based

on

net

asset

value

.........

(3.46)%

(e)

5.02%

2.21%

(e)

(3.45)%

9.27%

5.99%

(1.70)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................

1.82%

(g)

1.84%

1.86%

(g)

1.82%

(h)

1.89%

1.89%

1.90%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

1.82%

(g)

1.84%

1.85%

(g)

1.81%

1.88%

1.89%

1.87%

Net

investment

income

(loss)

......

(0.81)%

(g)

(0.65)%

(0.24)%

(g)

0.26%

(0.08)%

(0.34)%

(0.54)%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

8,179‌

$

8,665‌

$

13,187‌

$

17,171‌

$

31,022‌

$

35,343‌

$

54,050‌

Portfolio

turnover

rate

...........

45%

136%

167%

288%

265%

257%

359%

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Investments

in

underlying

funds

.....

—%

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

93

Financial

Highlights

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(h)

Annualized.

(i)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

(j)

Portfolio

turnover

rate

is

representative

of

the

portfolio

for

the

entire

year.

BlackRock

Tactical

Opportunities

Fund

Class

K

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

Period

from

08/01/16

(a)

to

09/30/16

2019

2018

2017

Net

asset

value,

beginning

of

period

$

14.02‌

$

13.57‌

$

13.65‌

$

15.43‌

$

14.08‌

$

13.42‌

$

13.41‌

Net

investment

income

(b)

........

0.02‌

0.07‌

0.07‌

0.21‌

0.16‌

0.13‌

0.03‌

Net

realized

and

unrealized

gain

(loss)

(0.43‌)

0.78‌

0.32‌

(0.57‌)

1.32‌

0.79‌

(0.02‌)

Net

increase

(decrease)

from

investment

operations

...............

(0.41‌)

0.85‌

0.39‌

(0.36‌)

1.48‌

0.92‌

0.01‌

Distributions

(c)

–

–

–

–

–

–

–

From

net

investment

income

.....

—‌

(0.40‌)

(0.47‌)

(0.58‌)

(0.13‌)

(0.26‌)

—‌

From

net

realized

gain

..........

—‌

—‌

—‌

(0.84‌)

—‌

—‌

—‌

Return

of

capital

..............

—‌

(0.00‌)

(d)

—‌

—‌

—‌

—‌

—‌

Total

distributions

..............

—‌

(0.40‌)

(0.47‌)

(1.42‌)

(0.13‌)

(0.26‌)

—‌

Net

asset

value,

end

of

period

.....

$

13.61‌

$

14.02‌

$

13.57‌

$

13.65‌

$

15.43‌

$

14.08‌

$

13.42‌

Total

Return

(e)

(2.92)%

6.25%

2.93%

(2.34)%

10.57%

—

—

Based

on

net

asset

value

.........

(2.92)%

(f)

6.25%

2.93%

(f)

(2.34)%

10.57%

6.93%

0.07%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................

0.65%

(h)

0.67%

0.72%

(h)

0.67%

(

i

)

0.76%

0.77%

0.78%

(h)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.65%

(h)

0.66%

0.72%

(h)

0.67%

0.75%

0.77%

0.75%

(h)

Net

investment

income

..........

0.35%

(h)

0.49%

0.91%

(h)

1.51%

1.09%

0.94%

1.20%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

856,082‌

$

779,750‌

$

363,505‌

$

366,664‌

$

198,487‌

$

138,018‌

$

200‌

Portfolio

turnover

rate

...........

45%

136%

167%

288%

265%

257%

359%

(j)

Six

Months

Ended

10/31/21

(unaudited)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

Period

from

08/01/16

(a)

to

09/30/16

2019

2018

2017

Investments

in

underlying

funds

.....

—%

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

94

BlackRock

U.S.

Impact

Fund

Institutional

Six

Months

Ended

10/31/21

(unaudited)

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

14.33‌

$

10.00‌

Net

investment

loss

(b)

...................................................................................

(0.02‌)

(0.03‌)

Net

realized

and

unrealized

gain

............................................................................

0.30‌

5.33‌

Net

increase

from

investment

operations

........................................................................

0.28‌

5.30‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

—‌

(0.00‌)

(d)

From

net

realized

gain

...................................................................................

(1.63‌)

(0.97‌)

Total

distributions

.......................................................................................

(1.63‌)

(0.97‌)

Net

asset

value,

end

of

period

..............................................................................

$

12.98‌

$

14.33‌

Total

Return

(e)

2.00%

54.03%

Based

on

net

asset

value

..................................................................................

2.00%

(f)

54.03%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

1.62%

(g)

1.42%

(g)(h)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.85%

(g)

0.85%

(g)(h)

Net

investment

loss

......................................................................................

(0.27)%

(g)

(0.28)%

(g)(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

149‌

$

143‌

Portfolio

turnover

rate

....................................................................................

62%

98%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(i)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.50%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

95

Financial

Highlights

BlackRock

U.S.

Impact

Fund

Investor

A

Six

Months

Ended

10/31/21

(unaudited)

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

14.31‌

$

10.00‌

Net

investment

loss

(b)

...................................................................................

(0.03‌)

(0.06‌)

Net

realized

and

unrealized

gain

............................................................................

0.29‌

5.33‌

Net

increase

from

investment

operations

........................................................................

0.26‌

5.27‌

Distributions

from

net

realized

gain

(c)

........................................................................

(1.62‌)

(0.96‌)

Net

asset

value,

end

of

period

..............................................................................

$

12.95‌

$

14.31‌

Total

Return

(d)

1.88%

53.64%

Based

on

net

asset

value

..................................................................................

1.88%

(e)

53.64%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

1.86%

(f)

1.68%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

1.10%

(f)

1.10%

(f)(g)

Net

investment

loss

......................................................................................

(0.50)%

(f)

(0.58)%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

232‌

$

192‌

Portfolio

turnover

rate

....................................................................................

62%

98%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.77%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

96

BlackRock

U.S.

Impact

Fund

Class

K

Six

Months

Ended

10/31/21

(unaudited)

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................................

$

14.33‌

$

10.00‌

Net

investment

loss

(b)

...................................................................................

(0.01‌)

(0.02‌)

Net

realized

and

unrealized

gain

............................................................................

0.30‌

5.33‌

Net

increase

from

investment

operations

........................................................................

0.29‌

5.31‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

—‌

(0.01‌)

From

net

realized

gain

...................................................................................

(1.64‌)

(0.97‌)

Total

distributions

.......................................................................................

(1.64‌)

(0.98‌)

Net

asset

value,

end

of

period

..............................................................................

$

12.98‌

$

14.33‌

Total

Return

(d)

2.03%

54.09%

Based

on

net

asset

value

..................................................................................

2.03%

(e)

54.09%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

1.52%

(f)

1.32%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.75%

(f)

0.75%

(f)(g)

Net

investment

loss

......................................................................................

(0.17)%

(f)

(0.18)%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

7,021‌

$

6,881‌

Portfolio

turnover

rate

....................................................................................

62%

98%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.40%.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

97

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

SM

 (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business

 trust.

The

following

,

each

of

which

is

a

series

of

the

Trust,

 are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional,

Service

and

Class K

Shares

are

sold

only

to

certain

eligible

investors.

Service,

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

are

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

............................

Advantage

ESG

Emerging

Markets

Equity

Diversified

BlackRock

Advantage

ESG

International

Equity

Fund

................................

Advantage

ESG

International

Equity

Diversified

BlackRock

Global

Impact

Fund

...............................................

Global

Impact

Non-Diversified

BlackRock

International

Impact

Fund

...........................................

International

Impact

Non-Diversified

BlackRock

Tactical

Opportunities

Fund

..........................................

Tactical

Opportunities

Diversified

BlackRock

U.S.

Impact

Fund

.................................................

U.S.

Impact

Non-Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charges

("CDSC")

Conversion

Privilege

Institutional,

Service

and

Class

K

Shares

.............................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

98

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

October

31,

2021

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Segregation

and

Collateralization:

In

cases

where a

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

swaps)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, a

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investments

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

The

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.  

Offering

Costs:

Offering

costs

are

amortized

over

a

12-month

period

beginning

with

the

commencement

of

operations

of

a

class

of

shares.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund's

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Funds

value

their

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

their

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Notes

to

Financial

Statements

(unaudited)

(continued)

99

Notes

to

Financial

Statements

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.  

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third-party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

October

31,

2021,

certain

investments

of

Advantage

ESG

Emerging

Markets

Equity,

Global

Impact,

International

Impact,

Tactical

Opportunities

and

U.S.

Impact

were

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

Standard

Inputs

Generally

Considered

By

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

100

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Securities

Lending:

 Certain

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned

at

value,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

Notes

to

Financial

Statements

(unaudited)

(continued)

101

Notes

to

Financial

Statements

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

October

31,

2021.

Additional

collateral

is

delivered

to

the

Funds

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Funds

benefit

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Funds.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

(“OTC”).

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).  

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

As

of

period

end,

the

following

table

is

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

(b)

Advantage

ESG

Emerging

Markets

Equity

Citigroup

Global

Markets,

Inc.

....................

$

16,850‌

$

(16,850‌)

$

—‌

$

—‌

Global

Impact

Barclays

Capital,

Inc.

..........................

176,215‌

(176,215‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

2,888,871‌

(2,888,871‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

79,526‌

(79,526‌)

—‌

—‌

Morgan

Stanley

&

Co.

LLC

......................

717,011‌

(708,942‌)

—‌

8,069‌

State

Street

Bank

&

Trust

Co.

....................

452,568‌

(452,568‌)

—‌

—‌

$

4,314,191‌

$

(4,306,122‌)

$

—‌

$

8,069‌

International

Impact

BofA

Securities,

Inc.

...........................

45,240‌

(45,240‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

124,166‌

(124,166‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

20,662‌

(20,662‌)

—‌

—‌

$

190,068‌

$

(190,068‌)

$

—‌

$

—‌

Tactical

Opportunities

Toronto

Dominion

Bank

........................

$

63,305‌

$

(63,305‌)

$

—‌

$

—‌

U.S.

Impact

Citigroup

Global

Markets,

Inc.

....................

$

193,299‌

$

(192,844‌

)

$

—‌

$

455‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

these

tables.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

102

Forward

Foreign

Currency

Exchange

Contracts:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statements

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk). 

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Notes

to

Financial

Statements

(unaudited)

(continued)

103

Notes

to

Financial

Statements

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds'

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

With

respect

to

Tactical

Opportunities,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

(Singapore)

Limited

(“BRS”)

and

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA")

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BRS

and

BAMNA

for

services

they

provide

for

that

portion

of

Tactical

Opportunities

for

which

BRS

and

BAMNA,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Tactical

Opportunities

to

the

Manager.

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of

the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Funds.

The

ongoing

service

and/or

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

Advantage

ESG

Emerging

Markets

Equity

Advantage

ESG

International

Equity

Global

Impact

International

Impact

U.S.

Impact

Average

Daily

Net

Assets

Investment

Advisory

Fees

Investment

Advisory

Fees

Investment

Advisory

Fees

Investment

Advisory

Fees

Investment

Advisory

Fees

First

$1

b

illion

...................................................

0.800‌%

0.450‌%

0.650‌%

0.650‌%

0.650‌%

$1

billion

-

$3

b

illion

...............................................

0.750‌

0.420‌

0.610‌

0.610‌

0.610‌

$3

billion

-

$5

b

illion

...............................................

0.720‌

0.410‌

0.590‌

0.590‌

0.590‌

$5

b

illion

-

$10

b

illion

..............................................

0.700‌

0.390‌

0.570‌

0.570‌

0.570‌

Greater

than

$10

b

illion

.............................................

0.680‌

0.380‌

0.550‌

0.550‌

0.550‌

Tactical

Opportunities

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

..........................................................................................................

0.550‌%

$1

billion

-

$2

billion

......................................................................................................

0.500‌

$2

billion

-

$3

billion

......................................................................................................

0.475‌

Greater

than

$3

billion

....................................................................................................

0.450‌

Share

Class

Service

Fees

Distribution

Fees

Service

..................................................................................................

0.25‌%

—‌%

Investor

A

.................................................................................................

0.25‌

—‌

Investor

C

.................................................................................................

0.25‌

0.75‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

104

For

the

six

months

ended

October

31,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity

and

Tactical

Opportunities,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below

.

In

addition,

the

Manager

charges

each

of

the

share

classes

of

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity

and

Tactical

Opportunities

an

administration

fee,

which

is

shown

as

administration

—

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02%

of

the

average

daily

net

assets

of

each

respective

class.

The

Trust,

on

behalf

of

Global

Impact,

International

Impact

and

U.S.

Impact,

entered

into

an

Administration

Agreement

with

the

Manager,

which

has

agreed

to

provide

general

administrative

services

(other

than

investment

advice

and

related

portfolio

activities).

The

Manager

has

agreed

to

bear

all

of

the

Funds'

ordinary

operating

expenses,

excluding,

generally,

investment

advisory

fees,

distribution

fees,

brokerage

and

other

expenses

related

to

the

execution

of

portfolio

transactions,

extraordinary

expenses

and

certain

other

expenses

which

are

borne

by

the

Funds.

The

Manager

is

entitled

to

receive

for

these

administrative

services

an

annual

fee

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

For

the

six

months

ended

October

31,

2021, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months

ended

October

31,

2021

,

Tactical

Opportunities

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the

six

months

ended

October

31,

2021,

Tactical

Opportunities

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

Fund

Name

Service

Investor

A

Investor

C

Total

Advantage

ESG

Emerging

Markets

Equity

.....................................................

$

—‌

$

168‌

$

—‌

$

168‌

Advantage

ESG

International

Equity

.........................................................

—‌

183‌

—‌

183‌

Global

Impact

........................................................................

—‌

357‌

—‌

357‌

International

Impact

....................................................................

—‌

221‌

—‌

221‌

Tactical

Opportunities

...................................................................

2,487‌

251,42

3‌

43,522‌

297,43

2‌

U.S.

Impact

..........................................................................

—‌

276‌

—‌

276‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

%

$500

million

-

$1

billion

0.0400

$1

billion

-

$2

billion

0.0375

$2

billion

-

$4

billion

0.0350

$4

billion

-

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Institutional

.............................................................................................................

0.20‌%

Investor

A

..............................................................................................................

0.20‌

Class

K

...............................................................................................................

0.10‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Advantage

ESG

Emerging

Markets

Equity

.....................................

$

1

3‌

$

—‌

$

1

3‌

$

—‌

$

1,18

9‌

$

1,21

5‌

Advantage

ESG

International

Equity

.........................................

20‌

—‌

15‌

—‌

1,237‌

1,272‌

Global

Impact

........................................................

47,559‌

—‌

285‌

—‌

4,638‌

52,48

2‌

International

Impact

....................................................

138‌

—‌

177‌

—‌

3,96

8‌

4,28

3‌

Tactical

Opportunities

...................................................

51,333‌

199‌

20,112‌

870‌

83,799‌

156,313‌

U.S.

Impact

..........................................................

148‌

—‌

221‌

—‌

3,50

7‌

3,87

6‌

Institutional

Tactical

Opportunities

.......................................................................................................

$

85,773‌

Fund

Name

Class

K

Tactical

Opportunities

.......................................................................................................

$

272‌

Notes

to

Financial

Statements

(unaudited)

(continued)

105

Notes

to

Financial

Statements

For

the

six

months

ended

October

31,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the 

six

months

ended 

October

31,

2021

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of each

Fund’s Investor

A

Shares as

follows:

For

the

six

months

ended

October

31,

2021,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2023.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

October

31,

2021,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

each

Fund's

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2023.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

October

31,

2021,

the

Manager

waived

$1,011

in

investment

advisory

fees

with

respect

to

Advantage

ESG

Emerging

Markets

Equity

pursuant

to

these

arrangements.

With

respect

to

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity

and

Tactical

Opportunities,

the

Manager

contractually

agreed

to

waive

and/

or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2023

for

Tactical

Opportunities,

Advantage

ESG

Emerging

Markets

Equity

and

Advantage

ESG

International

Equity,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the

six

months

ended

October

31,

2021,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Advantage

ESG

Emerging

Markets

Equity

.....................................

$

118‌

—‌

$

1

20‌

$

—‌

$

115‌

$

35

3‌

Advantage

ESG

International

Equity

.........................................

88‌

—‌

104‌

—‌

116‌

308‌

Tactical

Opportunities

...................................................

343,715‌

1,468‌

151,288‌

7,245‌

8,556‌

512,272‌

Global

Impact

...........................................................................................................

$

4‌

International

Impact

.......................................................................................................

13‌

Tactical

Opportunities

......................................................................................................

1,725‌

U.S.

Impact

.............................................................................................................

73‌

Fund

Name

Investor

A

Investor

C

Tactical

Opportunities

...........................................................................................

$

63‌

$

9‌

Advantage

ESG

Emerging

Markets

Equity

............................................................................................

$

34‌

Advantage

ESG

International

Equity

................................................................................................

37‌

Global

Impact

...............................................................................................................

57‌

International

Impact

...........................................................................................................

9‌

Tactical

Opportunities

..........................................................................................................

6,754‌

U.S.

Impact

.................................................................................................................

12‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Advantage

ESG

Emerging

Markets

Equity

..........................................

0.86‌%

N/A‌

1.11‌%

N/A‌

0.81‌%

Advantage

ESG

International

Equity

..............................................

0.50‌

N/A‌

0.75‌

N/A‌

0.45‌

Tactical

Opportunities

........................................................

0.89‌

1.17‌%

1.37‌

2.14‌%

0.84‌

Advantage

ESG

Emerging

Markets

Equity

..........................................................................................

$

179,128‌

Advantage

ESG

International

Equity

..............................................................................................

218,417‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

106

The

following

Funds

also

had

a

waiver

of

administration

fees,

which

are

included

in

Administration

fees

waived,

in

the

Statements

of

Operations.

For

the

six

months

ended

October

31,

2021,

the

amounts

were

as

follows:

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager

are

included

in

administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

six

months

ended

October

31,

2021,

class

specific

expense

waivers

and/or

reimbursements

were

as

follows:

With

respect

to

Global

Impact,

International

Impact

and

U.S.

Impact,

the

fees

and

expenses

of

the

Funds'

Independent

Trustees,

counsel

to

the

Independent

Trustees

and

the

Funds'

independent

registered

public

accounting

firm

(together

the

"Independent

Expenses")

are

paid

directly

by

the

Funds.

The

Manager

has

contractually

agreed

to

reimburse

the

Funds

or

provide

an

offsetting

credit

against

the

investment

advisory

fees

paid

by

the

Funds

in

an

amount

equal

to

these

independent

expenses

through

June

30,

2032.

Such

contractual

arrangements

may

not

be

terminated

prior

to

July

1,

2032

without

the

consent

of

the

Board.

For

the

six

months

ended

October

31,

2021,

the

amounts

reimbursed

were

as

follows:

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

Money

Market

Series, managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the

Money

Market

Series

will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Funds.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

Tactical

Opportunities

and

U.S.

Impact

retain

77%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Tactical

Opportunities

and

U.S.

Impact,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Pursuant

to

the

current

securities

lending

agreement,

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity,

Global

Impact

and

International

Impact

retain

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity,

Global

Impact

and

International

Impact,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

Advantage

ESG

Emerging

Markets

Equity

..........................................................................................

$

2,585‌

Advantage

ESG

International

Equity

..............................................................................................

2,700‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

Advantage

ESG

Emerging

Markets

Equity

Institutional

....................................................................................

$

13‌

$

8

5‌

Investor

A

.....................................................................................

13‌

88‌

Class

K

......................................................................................

1,189‌

11

5‌

$

1,215‌

$

28

8‌

Advantage

ESG

International

Equity

Institutional

....................................................................................

11‌

56‌

Investor

A

.....................................................................................

14‌

70‌

Class

K

......................................................................................

1,236‌

116‌

$

1,261‌

$

242‌

Global

Impact

...............................................................................................................

$

27,993‌

International

Impact

...........................................................................................................

29,360‌

U.S.

Impact

.................................................................................................................

28,412‌

Notes

to

Financial

Statements

(unaudited)

(continued)

107

Notes

to

Financial

Statements

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses. 

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the

six

months

ended

October

31,

2021, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity,

Global

Impact,

International

Impact

and

U.S.

Impact

are

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program.

Tactical

Opportunities

is

currently

permitted

to

borrow

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the

period

ended

October

31,

2021,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the

six

months

ended

October

31,

2021,

purchases

and

sales

of

investments, including

paydowns/payups

and

excluding

short-term

investments,

were

as

follows:

RULEABOVE

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

October

31,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

April

30,

2021,

Tactical

Opportunities

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$98,975,161. 

Advantage

ESG

Emerging

Markets

Equity

........................................................................................

$

29‌

Advantage

ESG

International

Equity

............................................................................................

8‌

Global

Impact

...........................................................................................................

10,596‌

International

Impact

.......................................................................................................

1,725‌

Tactical

Opportunities

......................................................................................................

2‌

U.S.

Impact

.............................................................................................................

1,430‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Advantage

ESG

Emerging

Markets

Equity

.....................................

$

—‌

$

—‌

$

10,470,290‌

$

10,254,052‌

Advantage

ESG

International

Equity

.........................................

—‌

—‌

9,421,840‌

8,938,791‌

Global

Impact

........................................................

—‌

—‌

31,365,774‌

24,875,857‌

International

Impact

....................................................

—‌

—‌

3,958,300‌

3,791,487‌

Tactical

Opportunities

...................................................

24,911,956‌

216,378,350‌

533,725,544‌

320,892,250‌

U.S.

Impact

..........................................................

—‌

—‌

4,601,987‌

4,516,688‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

108

As

of

October

31,

2021, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

London

Interbank

Offered

Rate

(''LIBOR")

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2022

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

October

31,

2021,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

Investments

in

the

securities

of

issuers

domiciled

in

countries

with

emerging

capital

markets

involve

certain

additional

risks

that

do

not

generally

apply

to

investments

in

securities

of

issuers

in

more

developed

capital

markets,

such

as

(i)

low

or

nonexistent

trading

volume,

resulting

in

a

lack

of

liquidity

and

increased

volatility

in

prices

for

such

securities;

(ii)

uncertain

national

policies

and

social,

political

and

economic

instability,

increasing

the

potential

for

expropriation

of

assets,

confiscatory

taxation,

high

rates

of

inflation

or

unfavorable

diplomatic

developments;

(iii)

lack

of

publicly

available

or

reliable

information

about

issuers

as

a

result

of

not

being

subject

to

the

same

degree

of

regulatory

requirements

and

accounting,

auditing

and

financial

reporting

standards;

and

(iv)

possible

fluctuations

in

exchange

rates,

differing

legal

systems

and

the

existence

or

possible

imposition

of

exchange

controls,

custodial

restrictions

or

other

foreign

or

U.S.

governmental

laws

or

restrictions

applicable

to

such

investments.

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Advantage

ESG

Emerging

Markets

Equity

.................................

$

11,147,729‌

$

1,058,717‌

$

(647,852‌)

$

410,865‌

Advantage

ESG

International

Equity

.....................................

11,642,487‌

1,418,712‌

(344,407‌)

1,074,305‌

Global

Impact

....................................................

60,823,279‌

6,492,292‌

(4,162,128‌)

2,330,164‌

International

Impact

................................................

7,549,655‌

1,265,466‌

(603,728‌)

661,738‌

Tactical

Opportunities

..............................................

1,000,166,674‌

364,272,403‌

(196,668,976‌)

167,603,427‌

U.S.

Impact

.....................................................

7,026,918‌

1,119,594‌

(421,250‌)

698,344‌

Notes

to

Financial

Statements

(unaudited)

(continued)

109

Notes

to

Financial

Statements

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

fixed-income

securities

and/or

use

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

Certain

Funds

invest

a

substantial

amount

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

Fund

concentrates its investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedules

of

Investments. 

Certain

Funds

invest a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

In

addition,

the

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

China

or

with

significant

exposure

to

Chinese

issuers

or

countries.

Investments

in

Chinese

securities,

including

certain

Hong

Kong-listed

securities,

involves

risks

specific

to

China.

China

may

be

subject

to

considerable

degrees

of

economic,

political

and

social

instability

and

demonstrates

significantly

higher

volatility

from

time

to

time

in

comparison

to

developed

markets.

Chinese

markets

generally

continue

to

experience

inefficiency,

volatility

and

pricing

anomalies

resulting

from

governmental

influence,

a

lack

of

publicly

available

information

and/or

political

and

social

instability.

Internal

social

unrest

or

confrontations

with

other

neighboring

countries

may

disrupt

economic

development

in

China

and

result

in

a

greater

risk

of

currency

fluctuations,

currency

non-

convertibility,

interest

rate

fluctuations

and

higher

rates

of

inflation.

Incidents

involving

China’s

or

the

region’s

security

may

cause

uncertainty

in

Chinese

markets

and

may

adversely

affect

the

Chinese

economy

and

the

Fund’s

investments.

Reduction

in

spending

on

Chinese

products

and

services,

institution

of

tariffs

or

other

trade

barriers,

or

a

downturn

in

any

of

the

economies

of

China’s

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy.

In

addition,

measures

may

be

taken

to

limit

the

flow

of

capital

and/or

sanctions

may

be

imposed,

which

could

prohibit

or

restrict

the

ability

to

own

or

transfer

fund

assets

and

may

also

include

retaliatory

actions,

such

as

seizure

of

fund

assets.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

110

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out 

of

the

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

10/31/21

Period

from

08/18/20

to

04/30/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Advantage

ESG

Emerging

Markets

Equity

Institutional

Shares

sold

.............................................

1,480‌

$

18,099‌

10,346‌

$

104,336‌

Shares

issued

in

reinvestment

of

distributions

........................

1,155‌

12,954‌

—‌

—‌

Shares

redeemed

.........................................

(8‌)

(90‌)

(193‌)

(2,363‌)

2,627‌

$

30,963‌

10,153‌

$

101,973‌

Investor

A

Shares

sold

.............................................

4,673‌

$

49,094‌

12,163‌

$

126,170‌

Shares

issued

in

reinvestment

of

distributions

........................

1,107‌

12,424‌

1‌

11‌

Shares

redeemed

.........................................

(301‌)

(3,249‌)

(946‌)

(11,617‌)

5,479‌

$

58,269‌

11,218‌

$

114,564‌

Class

K

Shares

sold

.............................................

1,968‌

$

20,553‌

980,000‌

$

9,800,000‌

Shares

issued

in

reinvestment

of

distributions

........................

97,692‌

1,096,101‌

—‌

—‌

99,660‌

$

1,116,654‌

980,000‌

$

9,800,000‌

107,766‌

$

1,205,886‌

1,001,371‌

$

10,016,537‌

d

Six

Months

Ended

10/31/21

Period

from

08/18/20

to

04/30/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Advantage

ESG

International

Equity

Institutional

Shares

sold

.............................................

2,975‌

$

36,100‌

12,887‌

$

129,436‌

Shares

issued

in

reinvestment

of

distributions

........................

1,400‌

15,928‌

16‌

172‌

4,375‌

$

52,028‌

12,903‌

$

129,608‌

Investor

A

Shares

sold

.............................................

4,359‌

$

50,415‌

11,606‌

$

118,737‌

Shares

issued

in

reinvestment

of

distributions

........................

1,018‌

11,572‌

—‌

—‌

5,377‌

$

61,987‌

11,606‌

$

118,737‌

Class

K

Shares

sold

.............................................

—‌

$

—‌

980,000‌

$

9,800,000‌

Shares

issued

in

reinvestment

of

distributions

........................

86,684‌

986,458‌

—‌

—‌

86,684‌

$

986,458‌

980,000‌

$

9,800,000‌

96,436‌

$

1,100,473‌

1,004,509‌

$

10,048,345‌

d

Six

Months

Ended

10/31/21

Period

from

05/27/20

to

04/30/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Global

Impact

Institutional

Shares

sold

.............................................

459,176‌

$

6,885,930‌

2,805,083‌

$

40,410,905‌

Shares

issued

in

reinvestment

of

distributions

........................

89,790‌

1,329,795‌

33,432‌

464,697‌

Shares

redeemed

.........................................

(39,986‌)

(593,978‌)

(23,507‌)

(369,888‌)

508,980‌

$

7,621,747‌

2,815,008‌

$

40,505,714‌

Investor

A

Shares

sold

.............................................

1,566‌

$

23,429‌

21,923‌

$

271,546‌

Shares

issued

in

reinvestment

of

distributions

........................

545‌

8,062‌

112‌

1,562‌

Shares

redeemed

.........................................

(340‌)

(5,025‌)

(4,222‌)

(64,076‌)

1,771‌

$

26,466‌

17,813‌

$

209,032‌

Notes

to

Financial

Statements

(unaudited)

(continued)

111

Notes

to

Financial

Statements

d

Six

Months

Ended

10/31/21

Period

from

05/27/20

to

04/30/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Class

K

Shares

sold

.............................................

—‌

$

—‌

597,117‌

$

6,028,575‌

Shares

issued

in

reinvestment

of

distributions

........................

18,437‌

273,225‌

4,460‌

61,999‌

Shares

redeemed

.........................................

—‌

—‌

(629‌)

(9,567‌)

18,437‌

$

273,225‌

600,948‌

$

6,081,007‌

529,188‌

$

7,921,438‌

3,433,769‌

$

46,795,753‌

d

Six

Months

Ended

10/31/21

Period

from

06/30/20

to

04/30/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

International

Impact

Institutional

Shares

sold

.............................................

—‌

$

—‌

10,045‌

$

100,602‌

Shares

issued

in

reinvestment

of

distributions

........................

1,218‌

14,754‌

1‌

7‌

Shares

redeemed

.........................................

—‌

—‌

(31‌)

(431‌)

1,218‌

$

14,754‌

10,015‌

$

100,178‌

Investor

A

Shares

sold

.............................................

595‌

$

8,081‌

13,432‌

$

146,894‌

Shares

issued

in

reinvestment

of

distributions

........................

1,569‌

18,981‌

—‌

—‌

Shares

redeemed

.........................................

—‌

—‌

(1,003‌)

(14,121‌)

2,164‌

$

27,062‌

12,429‌

$

132,773‌

Class

K

Shares

sold

.............................................

—‌

$

—‌

572,845‌

$

5,820,000‌

Shares

issued

in

reinvestment

of

distributions

........................

70,306‌

851,401‌

3,277‌

41,682‌

70,306‌

$

851,401‌

576,122‌

$

5,861,682‌

73,688‌

$

893,217‌

598,566‌

$

6,094,633‌

d

Six

Months

Ended

10/31/21

Year

Ended

04/30/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Tactical

Opportunities

Institutional

Shares

sold

.............................................

9,057,154‌

$

127,364,957‌

19,159,552‌

$

267,673,798‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

551,314‌

7,729,427‌

Shares

redeemed

.........................................

(4,592,000‌)

(64,442,897‌)

(7,895,711‌)

(110,223,366‌)

4,465,154‌

$

62,922,060‌

11,815,155‌

$

165,179,859‌

Service

Shares

sold

.............................................

17,160‌

$

238,752‌

133,042‌

$

1,855,600‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

3,935‌

54,939‌

Shares

redeemed

.........................................

(31,393‌)

(437,820‌)

(57,600‌)

(806,611‌)

(14,233‌)

$

(199,068‌)

79,377‌

$

1,103,928‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

.......................

336,595‌

$

4,691,410‌

953,324‌

$

13,225,907‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

354,372‌

4,932,853‌

Shares

redeemed

.........................................

(837,792‌)

(11,676,663‌)

(2,223,072‌)

(30,766,044‌)

(501,197‌)

$

(6,985,253‌)

(915,376‌)

$

(12,607,284‌)

Investor

C

Shares

sold

.............................................

43,331‌

$

590,370‌

148,931‌

$

2,008,992‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

10,027‌

136,665‌

Shares

redeemed

and

automatic

conversion

of

shares

...................

(57,385‌)

(779,159‌)

(526,110‌)

(7,144,097‌)

(14,054‌)

$

(188,789‌)

(367,152‌)

$

(4,998,440‌)

Class

K

Shares

sold

.............................................

8,192,120‌

$

114,807,156‌

36,285,961‌

$

505,473,976‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

1,181,757‌

16,532,783‌

Shares

redeemed

.........................................

(911,022‌)

(12,791,134‌)

(8,636,301‌)

(119,624,746‌)

7,281,098‌

$

102,016,022‌

28,831,417‌

$

402,382,013‌

11,216,768‌

$

157,564,972‌

39,443,421‌

$

551,060,076‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

112

As

of

October

31,

2021,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:

12.

SUBSEQUENT

EVENTS

Management’s

evaluation

of

the

impact

of

all

subsequent

events

on

the

Funds’

financial

statements

was

completed

through

the

date

the

financial

statements

were

issued

and

the

following

items

were

noted:

On

July

27,

2021,

the

Board

approved

a

proposal

to

change

the

name

of

the

Fund

from

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

to

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

and

certain

changes

to

the

Fund's

investment

objective,

investment

strategy

and

investment

process.

These

changes

will

be

effective

on

December

1,

2021.

On

July

27,

2021,

the

Board

approved

a

proposal

to

change

the

name

of

the

Fund

from

BlackRock

Advantage

ESG

International

Equity

Fund

to

BlackRock

Sustainable

Advantage

International

Equity

Fund

and

certain

changes

to

the

Fund's

investment

objective,

investment

strategy

and

investment

process.

These

changes

will

be

effective

on

December

1,

2021.

d

Six

Months

Ended

10/31/21

Period

from

06/30/20

to

04/30/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

U.S.

Impact

Institutional

Shares

sold

.............................................

385‌

$

5,071‌

10,038‌

$

100,500‌

Shares

issued

in

reinvestment

of

distributions

........................

1,267‌

16,399‌

1‌

15‌

Shares

redeemed

.........................................

(166‌)

(2,145‌)

(31‌)

(442‌)

1,486‌

$

19,325‌

10,008‌

$

100,073‌

Investor

A

Shares

sold

.............................................

2,900‌

$

40,666‌

13,446‌

$

148,367‌

Shares

issued

in

reinvestment

of

distributions

........................

1,948‌

25,167‌

—‌

—‌

Shares

redeemed

.........................................

(360‌)

(4,965‌)

—‌

—‌

4,488‌

$

60,868‌

13,446‌

$

148,367‌

Class

K

Shares

sold

.............................................

29‌

$

400‌

480,023‌

$

4,800,300‌

Shares

issued

in

reinvestment

of

distributions

........................

60,695‌

785,396‌

2‌

23‌

60,724‌

$

785,796‌

480,025‌

$

4,800,323‌

66,698‌

$

865,989‌

503,479‌

$

5,048,763‌

Institutional

Investor

A

Class

K

Advantage

ESG

Emerging

Markets

Equity

.................................................................

10,995‌

10,986‌

1,077,692‌

Advantage

ESG

International

Equity

.....................................................................

10,883‌

10,876‌

1,066,683‌

Global

Impact

....................................................................................

10,305‌

10,296‌

494,726‌

International

Impact

................................................................................

11,217‌

11,211‌

538,576‌

U.S.

Impact

......................................................................................

11,261‌

11,258‌

540,690‌

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

113

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

(the

“Trust”)

met

on

April

7,

2021

(the

“April

Meeting”)

and

May

10-12,

2021

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Tactical

Opportunities

Fund

(“Tactical

Opportunities

Fund”),

BlackRock

U.S.

Impact

Fund

(“U.S.

Impact

Fund”),

BlackRock

International

Impact

Fund

(“International

Impact

Fund”)

and

BlackRock

Global

Impact

Fund

(“Global

Impact

Fund”)

(each

a

“Fund”

and

collectively,

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

of

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

Asset

Management

North

Asia

Limited

(“BAMNA”)

with

respect

to

Tactical

Opportunities

Fund

(the

“BAMNA

Sub-Advisory

Agreement”)

and

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

(Singapore)

Limited

(“BRS”

and,

together

with

BAMNA,

the

“Sub-Advisors”)

with

respect

to

Tactical

Opportunities

Fund

(the

“BRS

Sub-Advisory

Agreement,”

and

together

with

the

BAMNA

Sub-Advisory

Agreement,

the

“Sub-Advisory

Agreements”).

The

Manager

and

the

Sub-Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

whom

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

a

fifth

one-

day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

an

applicable

benchmark,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Funds;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Funds’

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements.

As

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

114

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

members

of

the

Board

gave

attention

to

all

of

the

information

that

was

furnished,

and

each

Board

Member

placed

varying

degrees

of

importance

on

the

various

pieces

of

information

that

were

provided

to

them.

The

Board

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Funds

by

third-parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2020,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and,

with

respect

to

Tactical

Opportunities

Fund,

in

light

of

the

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

the

since-inception

period

reported,

each

of

the

Global

Impact

Fund,

U.S.

Impact

Fund

and

International

Impact

Fund

ranked

in

the

first

quartile

against

its

Performance

Peers.

The

Board

reviewed

and

considered

Tactical

Opportunities

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

a

total

return

target.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

Fund

outperformed,

underperformed,

and

underperformed,

respectively,

its

total

return

target.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

total

return

target

during

the

applicable

periods.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

115

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2020

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly-traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

Tactical

Opportunities

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

The

Board

noted

that

International

Impact

Fund’s

contractual

advisory

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

advisory

fee

rate

and

total

expense

ratio

ranked

in

the

third

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

its

affiliates

have

contractually

agreed

to

reimburse

or

otherwise

compensate

the

Fund

for

certain

other

fees

and

expenses.

The

Board

noted

that

Global

Impact

Fund’s

contractual

advisory

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

advisory

fee

rate

and

total

expense

ratio

ranked

in

the

fourth

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

its

affiliates

have

contractually

agreed

to

reimburse

or

otherwise

compensate

the

Fund

for

certain

other

fees

and

expenses.

The

Board

noted

that

U.S.

Impact

Fund’s

contractual

advisory

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

advisory

fee

rate

and

total

expense

ratio

ranked

in

the

fourth

and

second

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

its

affiliates

have

contractually

agreed

to

reimburse

or

otherwise

compensate

the

Fund

for

certain

other

fees

and

expenses.

The

Board

also

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

pertinent

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Funds

benefit

from

such

economies

of

scale

in

a

variety

of

ways

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

116

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2022,

and

the

Sub-Advisory

Agreements

between

the

Manager

and

the

pertinent

Sub-Advisor

with

respect

to

Tactical

Opportunities

Fund,

for

a

one-year

term

ending

June

30,

2022.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and,

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

117

Additional

Information

Proxy

Results

At

a

Joint

Special

Meeting

of

Shareholders

of

BlackRock

Tactical

Opportunities

Fund,

held

on

Tuesday,

October

26,

2021,

Fund

shareholders

were

asked

to

vote

on

the

following

proposals:

Proposal

1.

To

approve

the

amendment

or

elimination,

as

applicable,

of

certain

of

the

fundamental

investment

restrictions

of

the

Fund.

Proposal

1a.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Concentration.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1b.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Borrowing

and

the

Issuance

of

Senior

Securities.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1e.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Investing

in

Real

Estate.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1f.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Underwriting.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1g.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Investing

in

Commodities.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1h.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Lending.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1i.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Diversification.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1j.

To

Approve

the

Elimination

of

the

Fundamental

Investment

Restriction

Regarding

Investing

for

the

Purpose

of

Exercising

Control

or

Management.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

For

Against

Abstain

70,771,247

123,432

263,501

For

Against

Abstain

70,746,895

159,504

251,782

For

Against

Abstain

70,769,434

147,723

241,023

For

Against

Abstain

70,747,995

145,934

264,251

For

Against

Abstain

70,756,474

161,024

240,682

For

Against

Abstain

70,737,690

157,975

262,515

For

Against

Abstain

70,808,260

106,117

243,803

For

Against

Abstain

70,700,499

185,172

272,509

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

118

Proposal

1k.

To

Approve

the

Elimination

of

the

Fundamental

Investment

Restriction

Regarding

Purchasing

Commodities

Contracts

and

Investing

in

Oil,

Gas

or

Mineral

Exploration

or

Development

Programs.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1l.

To

Approve

the

Elimination

of

the

Fundamental

Investment

Restriction

Regarding

Acquiring

Other

Investment

Companies.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1m.

To

Approve

the

Elimination

of

the

Fundamental

Investment

Restriction

Regarding

Writing

and

Selling

Options,

Straddles

and

Spreads.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1n.

To

Approve

the

Elimination

of

the

Fundamental

Investment

Restriction

Regarding

the

Purchase

of

Securities

on

Margin

and

Short

Sales.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Funds

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

For

Against

Abstain

70,712,296

192,099

253,785

For

Against

Abstain

70,728,379

164,301

265,500

For

Against

Abstain

70,665,502

203,544

289,134

For

Against

Abstain

70,659,640

231,254

267,286

Additional

Information

(continued)

119

Additional

Information

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

120

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

(a)

BlackRock

Asset

Management

North

Asia

Limited

Hong

Kong

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Tactical

Opportunities

Fund.

Glossary

of

Terms

Used

in

this

Report

121

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazili

an

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

RUB

New

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

BBR

Australian

Bank

Bill

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDO

Collateralized

Debt

Obligation

CDI

Crest

Depository

Interests

CNREPOFI

Day

China

Fixing

Repo

Rates

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

HIBOR

Hong

Kong

Interbank

Offered

Rate

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SDR

Swedish

Depositary

Receipts

THBFIX

Thai

Baht

Interest

Rate

Fixing

TWCPBA

Taiwan

Secondary

Markets

Bills

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

ESGIMPTO-10/21-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable                  

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –

Not Applicable

(a)(4) Change in Registrant’s independent public accountant –

Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

^SM

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

^SM

Date: January 4, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

^SM

Date: January 4, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

^SM

Date: January 4, 2022