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 Global Impact Fund

BlackRock International Impact Fund

BlackRock Sustainable Advantage Emerging Markets Equity Fund (Formerly          

BlackRock Advantage ESG Emerging Markets Equity Fund)

BlackRock Sustainable Advantage International Equity Fund (Formerly BlackRock Advantage ESG International Equity Fund)

BlackRock Tactical Opportunities Portfolio

BlackRock U.S. Impact Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

^SM

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

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

Date of fiscal year end: 04/30/2023

Date of reporting period: 10/31/2022

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

OCTOBER

31,

2022

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2022

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

SM

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

October

31,

2022,

disrupting

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

moderate

growth

in

the

third

quarter,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

as

inflation

decreased

the

value

of

future

cash

flows

and

investors

shifted

focus

to

balance

sheet

resilience.

Both

large-

and

small-capitalization

U.S.

stocks

fell,

although

declines

for

small-capitalization

U.S.

stocks

were

slightly

steeper.

Emerging

market

stocks

and

international

equities

from

developed

markets

also

declined

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

rose

notably

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-

currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

October

31,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(5.50

)%

(14.61

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.20

)

(18.54

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(12.70

)

(23.00

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(19.66

)

(31.03

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.72

0.79

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(8.24

)

(17.68

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.86

)

(15.68

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.43

)

(11.98

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(4.71

)

(11.76

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

17

Disclosure

of

Expenses

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

17

Derivative

Financial

Instruments

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

18

Financial

Statements:

Schedules

of

Investments

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

19

Statements

of

Assets

and

Liabilities

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

60

Statements

of

Operations

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

65

Statements

of

Changes

in

Net

Assets

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

67

Financial

Highlights

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

70

Notes

to

Financial

Statements

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

90

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

106

Additional

Information

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

110

Glossary

of

Terms

Used

in

this

Report

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

112

Fund

Summary

as

of

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Global

Impact

Fund

Investment

Objective

BlackRock

Global

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2022,

the

Fund

underperformed

its

benchmark,

the

MSCI

All

Country

World

Index.

What

factors

influenced

performance?

Holdings

in

European

stocks,

particularly

companies

in

the

Green

Energy

theme

that

was

affected

by

the

region’s

energy

crisis,

detracted

from

performance.

Affordable

Housing

also

detracted

as

real

estate

developers

came

under

pressure

from

continued

interest

rate

increases.

Outside

of

Europe,

Ball

Corp.—a

leading

provider

in

sustainable

aluminium

packaging

in

the

United

States—was

the

leading

detractor

as

concerns

about

demand

led

it

to

shut

down

some

of

its

facilities.

Holdings

in

the

Fund’s

Financial

&

Digital

Inclusion

theme,

especially

those

susceptible

to

credit-related

losses,

were

hurt

by

rising

rates.

By

design,

the

Fund

has

no

position

in

the

energy

sector

or

diversified

financials.

Both

sectors

outperformed,

so

the

zero

weightings

detracted

from

relative

performance.

On

the

positive

side,

stocks

that

were

better

able

to

navigate

the

inflationary

environment

added

value.

ICF

International,

Inc.,

which

advises

companies

on

U.S.

policy-related

issues

such

as

climate

change

and

disaster

relief,

benefited

from

the

passage

of

the

Inflation

Reduction

Act.

The

portfolio’s

Public

Health

theme

was

the

top

contributor

from

a

thematic

standpoint.

Medical

device

and

life

science

tools

companies,

including

Boston

Scientific

Corp.

and

Agilent

Technologies,

Inc.

delivered

strong

results.

In

addition,

shares

of

the

value-based

healthcare

provider

1Life

Healthcare

rallied

following

Amazon.com’s

announcement

that

it

would

acquire

the

company.

While

the

Fund’s

Financial

&

Digital

Inclusion

theme

detracted

overall,

Wise

PLC—a

U.K.-based

financial

technology

company

focused

on

low-cost

remittances—was

a

top

contributor.

The

company

demonstrated

the

ability

to

benefit

from

rising

rates,

and

its

management

announced

improved

guidance.

Describe

recent

portfolio

activity.

The

investment

adviser

used

market

weakness

as

an

opportunity

to

identify

high-quality

companies

at

attractive

valuations.

However,

the

investment

adviser

remained

cautious

due

to

ongoing

inflation

pressures

and

recessionary

concerns.

The

investment

adviser

therefore

maintained

an

effort

to

build

a

defensive,

yet

well

diversified,

portfolio.

The

Fund’s

largest

weighting

continued

to

be

in

healthcare

stocks

via

the

Public

Health

theme,

where

it

emphasized

what

it

believed

were

the

more

resilient

segments

of

the

sector.

These

included

companies

considered

the

"picks

and

shovels"

of

the

industry;

in

other

words,

businesses

that

make

it

possible

for

scientists

to

develop

new

drugs

and

the

manufacturers

of

devices

that

are

used

routinely

in

surgeries.

The

investment

adviser

also

increased

the

portfolio’s

allocation

to

U.S.

Green

Energy

stocks

on

the

view

that

these

companies

are

poised

to

benefit

from

the

recently

enacted

Inflation

Reduction

Act.

The

investment

adviser

continued

to

seek

opportunities

to

own

profitable

companies

with

sustainable

growth

in

the

consumer

discretionary

and

information

technology

sectors.

More

broadly

speaking,

the

investment

adviser

emphasized

durable,

sustainable

business

models

that

have

demonstrated

the

ability

to

withstand

economic

down

cycles.

The

investment

adviser

reduced

the

Fund’s

holdings

in

the

real

estate

sector

by

decreasing

its

allocation

to

the

Affordable

Housing

theme.

While

the

demand

for

affordable

housing

remains

intact,

rising

interest

rates

could

lead

to

potential

slowdown

in

growth

prospects

as

developers

may

be

deterred

from

new

projects.

Describe

portfolio

positioning

at

period

end.

Public

Health

was

the

largest

weighting

from

a

thematic

standpoint,

followed

Financial

&

Digital

Inclusion.

The

Fund

increased

its

allocation

to

Green

Energy,

supported

by

the

passage

of

the

Inflation

Reduction

Act.

From

a

sector

perspective,

the

Fund

was

overweight

in

healthcare

and

utilities.

In

addition

to

being

underweight

in

energy

and

diversified

financials,

the

Fund

was

underweight

in

information

technology

due

to

its

zero

weightings

in

the

sector’s

mega-cap

companies.

Instead,

the

investment

adviser

favored

payments

providers

and

those

that

service

small-

to

medium-sized

enterprises,

and

that

exhibit

durable

long-term

growth.

From

a

regional

perspective,

the

Fund

was

underweight

in

the

United

States

and

overweight

in

Europe

and

the

emerging

markets.

However,

the

investment

adviser

reduced

the

extent

of

the

overweight

in

Europe

over

the

course

of

the

period.

The

investment

adviser

continued

to

use

deep

engagements

and

partnerships

with

corporate

management

teams

to

learn

more

about

strategic

directions

of

its

portfolio

companies

and

uncover

business

risks

which

may

arise

due

to

macro

events.

The

investment

adviser

understands

the

strong

links

between

impact

outcomes

and

company

performance,

and

it

uses

engagement

to

identify

new

ways

of

advancing

these

outcomes.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2022

(continued)

5

Fund

Summary

BlackRock

Global

Impact

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(11.17‌)%

(33.25‌)%

N/A‌

2.27‌%

N/A‌

Investor

A

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

(11.38‌)

(33.45‌)

(36.94‌)%

2.00‌

(0.23‌)

%

Class

K

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

(11.11‌)

(33.20‌)

N/A‌

2.38‌

N/A‌

MSCI

All

Country

World

Index

(d)

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

(9.42‌)

(19.96‌)

N/A‌

7.90‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

invests

in

equity

securities

of

issuers

located

throughout

the

world,

including

non-dollar

denominated

securities

and

securities

of

emerging

market

issuers.

Equity

securities

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

convertible

securities,

depositary

receipts

and

other

financial

instruments

that

have

similar

economic

characteristics

to

such

equity

securities.

The

Fund

may

invest

in

issuers

of

any

market

capitalization,

including

small

to

mid-capitalization

companies.

(c)

The

Fund

commenced

operations

on

May

27,

2020.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

and

emerging

markets.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

888.30‌

$

4.05‌

$

1,000.00‌

$

1,020.92‌

$

4.33‌

0.85‌%

Investor

A

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

1,000.00‌

886.20‌

5.23‌

1,000.00‌

1,019.66‌

5.60‌

1.10‌

Class

K

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

1,000.00‌

888.90‌

3.57‌

1,000.00‌

1,021.42‌

3.82‌

0.75‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

United

States

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

53.6‌

%

United

Kingdom

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

7.0‌

Indonesia

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

6.6‌

Denmark

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

5.0‌

Spain

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

4.7‌

Japan

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

3.4‌

Brazil

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

3.3‌

Canada

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

3.2‌

India

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

2.7‌

Australia

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

2.5‌

South

Korea

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

2.5‌

Germany

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

1.6‌

Netherlands

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

1.2‌

Other

(a)

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

1.6‌

Other

Assets

Less

Liabilities

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

1.1‌

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

International

Impact

Fund

Investment

Objective

BlackRock

International

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2022,

the

Fund

underperformed

its

benchmark,

the

MSCI

All

Country

World

Index

ex-U.S.

What

factors

influenced

performance?

Holdings

in

European

stocks,

particularly

companies

in

the

Green

Energy

theme

that

were

affected

by

the

region’s

energy

crisis,

detracted

from

performance.

Affordable

Housing

also

detracted

as

real

estate

developers

came

under

pressure

from

continued

interest

rate

increases.

Holdings

in

the

Fund’s

Financial

&

Digital

Inclusion

theme,

especially

those

susceptible

to

credit-related

losses,

were

hurt

by

rising

rates.

By

design,

the

Fund

has

no

position

in

the

energy

sector

or

diversified

financials.

Both

sectors

outperformed,

so

the

zero

weightings

detracted

from

relative

performance.

On

the

positive

side,

stocks

that

were

better

able

to

navigate

the

inflationary

environment

added

value.

This

trait

was

most

notable

among

companies

that

help

bridge

the

education

gap,

such

as

Pearson

PLC,

and

those

focused

on

addressing

Net

Zero

goals

by

bringing

more

efficiency,

electrification,

and

digitization,

including

Samsung

SDI

Co.

Ltd.

and

Landis+Gyr

Group

AG.

While

the

Fund’s

Financial

&

Digital

Inclusion

theme

detracted

overall,

Wise

PLC—a

U.K.-based

financial

technology

company

focused

on

low-cost

remittances—was

a

top

contributor

due

to

its

ability

to

benefit

from

rising

rates

and

improved

guidance

from

its

management.

The

Indonesia-based

micro-lender

Bank

Rakyat

Indonesia

Tbk.PT

was

also

to

buck

the

broader

market

downtrend

thanks

to

its

strong

fundamentals.

Describe

recent

portfolio

activity.

The

investment

adviser

used

market

weakness

as

an

opportunity

to

identify

high-quality

companies

at

attractive

valuations.

However,

the

investment

adviser

remained

cautious

due

to

ongoing

inflation

pressures

and

recessionary

concerns.

The

investment

adviser

therefore

maintained

an

effort

to

build

a

defensive,

yet

well

diversified,

portfolio.

The

investment

adviser

increased

the

Fund’s

allocation

to

the

Efficiency,

Electrification

&

Digitization

theme

by

adding

positions

in

companies

indirectly

benefitting

from

the

adoption

of

electric

vehicles,

with

an

emphasis

on

those

where

the

market

appears

to

underappreciate

their

value-added

products

and

services.

More

broadly

speaking,

the

investment

adviser

continued

to

seek

durable,

sustainable

business

models

that

have

demonstrated

the

ability

to

withstand

economic

down

cycles.

The

Fund

reduced

holdings

in

the

real

estate

sector

by

decreasing

its

allocation

to

the

Affordable

Housing

theme.

While

the

demand

for

affordable

housing

remains

intact,

the

investment

adviser

believed

that

rising

interest

rates

could

lead

to

potential

slowdown

in

growth

prospects

as

developers

may

be

deterred

from

new

projects.

Describe

portfolio

positioning

at

period

end.

Financial

&

Digital

Inclusion

was

the

largest

weighting

from

a

thematic

standpoint,

followed

Green

Energy.

However,

the

investment

adviser

reduced

the

allocation

to

the

latter

due

to

the

challenges

that

continued

to

weigh

on

the

European

markets.

The

Fund

was

overweight

in

utilities

and

industrials.

It

was

overweight

in

the

emerging

markets

and

Europe

and

underweight

in

the

Asia

Pacific

region.

The

investment

adviser

continued

to

use

deep

engagements

and

partnerships

with

corporate

management

teams

to

learn

more

about

strategic

directions

of

its

portfolio

companies

and

uncover

business

risks

which

may

arise

due

to

macro

events.

The

investment

adviser

understood

the

strong

links

between

impact

outcomes

and

company

performance,

and

it

uses

engagement

to

identify

new

ways

of

advancing

these

outcomes.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2022

(continued)

7

Fund

Summary

BlackRock

International

Impact

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(16.08‌)%

(36.27‌)%

N/A‌

(5.28‌)%

N/A‌

Investor

A

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

(16.14‌)

(36.35‌)

(39.69‌)%

(5.46‌)

(7.62‌)

%

Class

K

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

(15.96‌)

(36.19‌)

N/A‌

(5.16‌)

N/A‌

MSCI

All

Country

World

Index

ex-U.S.

(d)

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

(14.59‌)

(24.73‌)

N/A‌

0.63‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

equity

securities

of

foreign

issuers

and

other

financial

instruments

that

have

similar

economic

characteristics

to

such

securities.

Equity

securities

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

convertible

securities

and

depositary

receipts.

The

Fund

may

invest

in

emerging

market

issuers,

and

may

invest

in

issuers

of

any

market

capitalization,

including

small-

to

mid-capitalization

companies.

(c)

The

Fund

commenced

operations

on

June

30,

2020.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries

(excluding

the

U.S.)

and

certain

emerging

markets

countries.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

839.20‌

$

3.94‌

$

1,000.00‌

$

1,020.92‌

$

4.33‌

0.85‌%

Investor

A

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

1,000.00‌

838.60‌

5.10‌

1,000.00‌

1,019.66‌

5.60‌

1.10‌

Class

K

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

1,000.00‌

840.40‌

3.48‌

1,000.00‌

1,021.42‌

3.82‌

0.75‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

United

States

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

17.7‌

%

United

Kingdom

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

11.6‌

Indonesia

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

11.6‌

Denmark

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

9.1‌

Spain

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

7.5‌

Brazil

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

7.2‌

Japan

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

6.4‌

South

Korea

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

4.4‌

India

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

4.3‌

Australia

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

4.1‌

Canada

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

3.8‌

Germany

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

3.6‌

Switzerland

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

2.5‌

Netherlands

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

2.0‌

South

Africa

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

1.3‌

China

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

1.1‌

Short-Term

Securities

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

0.6‌

Other

Assets

Less

Liabilities

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

1.2‌

Fund

Summary

as

of

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

8

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Investment

Objective

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation

while

seeking

to

maintain

certain

environmental,

social

and

governance

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

During

the

six-month

period

ending

October

31,

2022,

the

Fund

underperformed

its

benchmark,

the

MSCI

Emerging

Markets

Index.

What

factors

influenced

performance?

Emerging

market

("EM")

equities

fell

during

the

period,

as

investor

skepticism

about

risk

assets

deepened.

Early

in

the

period,

inflationary

pressures

benefited

commodities

markets,

but

as

fears

of

a

recession

in

the

United

States

intensified,

equities

in

commodity-driven

markets

came

under

pressure.

Interest

rate

increases

in

the

United

States,

coupled

with

more

hawkish

commentary

from

the

Fed,

continued

to

lead

the

retreat

in

the

EM

benchmark.

Asia

drove

losses

as

concerns

about

the

property

sector

and

ongoing

COVID-19

lockdowns

weighed

on

China,

and

Korea

and

Taiwan

also

struggled

amid

global

recessionary

fears

and

continued

tech

weakness.

Commodity

outperformance

provided

a

tailwind

for

Latin

America

and

for

parts

of

Europe,

the

Middle

East,

and

Africa,

but

parts

of

Eastern

Europe

continued

to

struggle

as

the

Russian

invasion

of

Ukraine

continued.

Performance

in

all

sectors

was

negative,

with

information

technology

("IT"),

communication

services,

and

consumer

discretionary

stocks

faring

the

worst.

Defensive

sectors

and

beneficiaries

of

higher

commodity

prices

performed

better.

Despite

strength

toward

the

end

of

the

period,

weakness

earlier

in

the

summer

months

led

to

underperformance.

Stock

selection

insights

and

country

allocation

detracted

from

performance.

Among

fundamental

measures

motivating

stock

selection,

traditional

value

insights

were

the

most

significant

detractors,

as

measures

evaluating

cash

flows,

price,

and

other

financial

statement

measures

detracted

from

returns

amid

volatile

changes

in

market

style

preferences

during

the

period.

In

addition,

although

innovation

and

efficiency-

related

ESG

insights

benefited

performance,

other

environmental

transition-related

signals

struggled.

A

measure

tracking

flows

into

sustainable

products

detracted

from

performance

as

its

positioning

ran

against

parts

of

the

market

that

showed

favorable

trends

amid

the

Russian

invasion

of

Ukraine,

such

as

energy

and

defense.

Within

portfolio

positioning,

underweight

allocations

to

India

and

an

overweight

allocation

to

China

also

detracted

from

performance.

India

continued

to

outperform

despite

investor

outflows

and

surprisingly

high

valuations

compared

to

historical

norms.

Although

China

is

the

only

market

in

which

monetary

policy

has

led

to

interest

rate

cuts

this

year,

the

overweight

position

detracted

from

performance,

as

the

country

led

emerging

markets

lower

amid

property

sector

concerns

and

COVID-19

lockdowns.

Conversely,

stock

selection

sentiment

measures

helped

provide

ballast,

as

they

helped

position

the

portfolio

effectively

amid

the

changeable

market

backdrop.

Measures

capturing

forward-looking

views

of

company

fundamentals

across

comments

from

informed

investors

were

additive.

In

addition,

select

macro-thematic

insights

also

contributed

to

relative

performance.

An

insight

favoring

countries

with

increasing

money

supply

growth

in

their

economies

as

well

as

other

macroeconomic

measures

evaluating

monetary

policy

contributed

to

performance,

motivating

a

successful

underweight

allocation

to

Malaysia.

Lastly,

select

ESG

insights,

such

as

measures

capturing

company

"green"

patent

filings

and

evaluating

operations

based

on

carbon

emissions,

were

beneficial

for

the

Fund’s

performance.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

model.

The

Fund

built

upon

its

alternative

data

capabilities

with

enhanced

data

sets

that

capture

informed-investor

positioning

as

well

as

news

flow.

Additionally,

the

Fund

added

to

its

complex

of

consumer

intent

insights

with

a

measure

that

looks

toward

social

media

activity

as

a

measure

of

potential

revenue

growth.

The

Fund

uses

derivatives

to

gain

equity

exposure

from

holdings

of

cash

and

cash

equivalents,

allowing

it

to

remain

fully

invested

in

the

stock

market

while

maintaining

some

liquidity.

The

Fund’s

use

of

derivatives

detracted

from

performance.

The

derivative

position

typically

represents

less

than

5%

of

the

Fund’s

assets.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

period

with

largely

neutral

positioning

from

a

sector

and

country

positioning

perspective.

The

Fund

had

slight

overweight

positions

in

the

IT

and

healthcare

sectors,

and

maintained

slight

underweights

in

materials

and

communication

services

stocks.

From

a

geographical

perspective,

the

Fund

had

slight

overweights

to

South

Africa

and

maintained

slight

underweights

to

Korea.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2022

(continued)

9

Fund

Summary

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(20.18‌)%

(31.90‌)%

N/A‌

(10.13‌)%

N/A‌

Investor

A

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

(20.28‌)

(32.08‌)

(35.65‌)%

(10.35‌)

(12.51‌)

%

Class

K

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

(20.16‌)

(31.92‌)

N/A‌

(10.09‌)

N/A‌

MSCI

Emerging

Markets

Index

(d)

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

(19.66‌)

(31.03‌)

N/A‌

(9.24‌)

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

equity

securities

issued

by,

or

tied

economically

to,

companies

in

emerging

markets

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

(c)

The

Fund

commenced

operations

on

August

18,

2020.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

emerging

m

arkets

countries.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

798.20‌

$

3.90‌

$

1,000.00‌

$

1,020.87‌

$

4.38‌

0.86‌%

Investor

A

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

1,000.00‌

797.20‌

5.03‌

1,000.00‌

1,019.61‌

5.65‌

1.11‌

Class

K

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

1,000.00‌

798.40‌

3.67‌

1,000.00‌

1,021.12‌

4.13‌

0.81‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown

).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

China

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

26.9‌

%

India

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

14.1‌

Taiwan

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

13.6‌

South

Korea

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

9.0‌

Brazil

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

7.4‌

South

Africa

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

5.4‌

Saudi

Arabia

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

4.8‌

Thailand

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

3.4‌

Malaysia

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

3.2‌

Mexico

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

2.7‌

Indonesia

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

2.6‌

Other

(a)

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

3.4‌

Short-Term

Securities

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

3.2‌

Other

Assets

Less

Liabilities

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

0.3‌

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

10

BlackRock

Sustainable

Advantage

International

Equity

Fund

Investment

Objective

BlackRock

Sustainable

Advantage

International

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation

while

seeking

to

maintain

certain

environmental,

social

and

governance

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

During

the

six-month

period

ending

October

31,

2022,

the

Fund

outperformed

its

benchmark,

the

MSCI

EAFE

Index.

What

factors

influenced

performance?

Overall,

the

Fund

performed

well

in

a

highly

changeable

market

backdrop.

The

brief

respite

at

the

beginning

of

the

period

in

May

2022

proved

short-lived,

as

the

focus

among

central

banks

around

the

world

returned

to

monetary

policy

normalization

to

fight

persistent

inflation.

The

Fed

raised

rates

by

three-quarters

of

a

percentage

point

in

June,

July,

and

September

2022

in

the

fastest

rate-hiking

cycle

since

1980.

This

resulted

in

a

persistently

inverted

yield

curve,

which

is

often

a

precursor

to

an

imminent

recession.

However,

equities

staged

a

bear-market

rally

during

the

summer,

as

investors

hoped

for

a

dovish

monetary

policy

pivot

given

growth

concerns.

The

resulting

rally

helped

equities

recover

half

their

losses.

Still,

central

banks

reiterated

their

focus

on

bringing

down

inflation,

causing

a

selloff

that

saw

equities

set

new

lows.

Toward

the

end

of

the

period,

though,

despite

manufacturing

data

beginning

to

decline

and

analysts

downgrading

earnings

forecasts,

markets

reacted

favorably

to

robust

corporate

earnings,

resulting

in

a

rally.

Going

forward,

the

focus

remains

on

inflation,

labor

markets,

and

the

direction

of

monetary

policy.

Macro-thematic

insights

contributed

to

performance

as

they

delivered

positive

results

from

top-down

positioning.

Several

recently

added

signals

that

seek

to

identify

themes

such

as

stagflation

were

notable

performers,

as

they

correctly

positioned

the

portfolio

to

capture

the

evolving

interest

rate

environment.

Particularly,

this

insight

motivated

an

underweight

to

industrial

and

healthcare

stocks

that

added

to

performance.

Furthermore,

stock

selection

from

sentiment-based

insights

provided

persistent

gains,

as

these

faster-moving

insights

correctly

captured

evolving

and

emerging

trends

during

the

period.

In

particular,

text-based

insights

that

forecast

company

events

as

well

as

insights

looking

at

sentiment

among

informed

investors

were

additive,

especially

across

financial

and

industrial

stocks.

Performance

of

ESG-related

insights

was

mixed

during

the

period.

Risk

mitigation

insights,

which

look

to

predict

firm-level

controversy,

helped

correctly

position

the

portfolio

within

financial

names

across

developed

markets.

However,

performance

of

human

capital-related

measures

was

bifurcated.

Insights

evaluating

companies

based

on

board

turnover

as

well

as

on

women

employee

hiring

positively

contributed

to

performance.

Conversely,

certain

other

ESG-related

measures

related

to

human

capital

struggled

during

the

period.

In

particular,

measures

evaluating

employee

satisfaction

and

corporate

culture

detracted

from

performance

among

materials

stocks.

In

addition,

ESG

insights

looking

at

environmental

measures

were

leading

detractors

over

the

period,

amid

the

market

volatility

stemming

from

the

Russian

invasion

of

Ukraine.

A

forward-looking

measure

analyzing

companies’

commitments

to

carbon

reductions

as

well

as

greenhouse

gas

emissions

drove

unsuccessful

positioning

among

information

technology

(“IT”)

stocks.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

group

of

insights.

Given

the

dynamic

investing

environment,

the

Fund

built

upon

its

alternative

data

capabilities

and

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends

such

as

sentiment

around

supply

chain

disruptions

and

wage

inflation.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

period

with

largely

neutral

positioning

from

a

sector

and

country-positioning

perspective.

The

Fund

had

slight

overweight

positions

in

the

communication

services

and

IT

sectors,

and

maintained

slight

underweights

in

healthcare,

financials,

and

materials

stocks.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2022

(continued)

11

Fund

Summary

BlackRock

Sustainable

Advantage

International

Equity

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(10.82‌)%

(22.39‌)%

N/A‌

(0.69‌)%

N/A‌

Investor

A

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

(10.93‌)

(22.53‌)

(26.60‌)%

(0.92‌)

(3.31‌)

%

Class

K

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

(10.87‌)

(22.33‌)

N/A‌

(0.64‌)

N/A‌

MSCI

EAFE

Index

(d)

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

(12.70‌)

(23.00‌)

N/A‌

(1.47‌)

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

non-U.S.

equity

securities

and

equity-like

instruments

of

companies

that

are

components

of,

or

have

characteristics

similar

to,

the

companies

included

in

the

MSCI

EAFE

Index

and

derivatives

that

are

tied

economically

to

securities

of

the

MSCI

EAFE

Index.

(c)

The

Fund

commenced

operations

on

August

18,

2020.

(d)

An

equity

index

which

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries

around

the

world,

excluding

the

United

States

and

Canada.

The

index

covers

approximately

85%

of

the

free

float

adjusted

market

capitalization

in

each

country.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

891.80‌

$

2.38‌

$

1,000.00‌

$

1,022.68‌

$

2.55‌

0.50‌%

Investor

A

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

1,000.00‌

890.70‌

3.57‌

1,000.00‌

1,021.42‌

3.82‌

0.75‌

Class

K

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

1,000.00‌

891.30‌

2.15‌

1,000.00‌

1,022.94‌

2.29‌

0.45‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

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

20.9‌

%

France

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

10.4‌

United

Kingdom

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

10.1‌

Germany

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

8.7‌

Australia

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

8.4‌

United

States

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

8.1‌

Netherlands

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

5.8‌

Switzerland

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

5.8‌

Denmark

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

3.5‌

Sweden

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

3.0‌

Italy

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

2.2‌

Hong

Kong

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

1.8‌

Spain

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

1.5‌

Belgium

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

1.5‌

Norway

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

1.2‌

Other

(a)

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

4.8‌

Short-Term

Securities

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

2.0‌

Other

Assets

Less

Liabilities

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

0.3‌

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

12

BlackRock

Tactical

Opportunities

Fund

Investment

Objective

BlackRock

Tactical

Opportunities

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2022,

the

Fund

outperformed

its

reference

benchmark

(75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

(“ACWI”))

and

its

cash

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

The

Fund’s

global

relative

value

interest

rate

strategy

contributed

to

performance,

led

by

short

positions

in

Poland

and

South

Korea

versus

a

long

position

in

China.

The

Polish

and

Korean

central

banks

adopted

decisively

hawkish

policies

to

combat

rising

inflation,

while

policy

in

China

remained

relatively

accommodative

to

alleviate

the

economic

pressures

from

the

country’s

zero-COVID

restrictions.

The

macro

thematic

strategy

also

contributed.

The

strategy

was

positioned

for

global

reflation

and

interest-

rate

increases

by

the

Fed,

both

of

which

occurred

in

the

past

six

months.

The

Fund’s

relative

value

developed

market

bond

strategy

detracted

from

performance.

Long

positions

in

German

Bunds

underperformed

short

positions

in

Canada,

the

United

Kingdom

and

Australia

over

the

summer

months.

The

relative

value

equity

strategy

also

detracted.

A

long

position

in

Singapore

versus

a

basket

of

developed

market

equities

detracted

early

in

the

period.

Long

positions

in

select

European

markets

against

a

short

position

in

the

United

States

detracted

later

in

the

period

as

the

latter

outperformed

due

to

upside

earning

surprises.

The

Fund

maintained

a

net

long

in

equities

throughout

the

full

six

months

as

part

of

its

macro

thematic

strategy,

which

detracted

given

that

tightening

financial

conditions

caused

stock

prices

to

decline.

The

investment

adviser

used

derivatives

as

an

efficient

means

to

take

active

views

on

interest

rates,

equity

indexes

and

currencies.

The

derivatives

used

included

equity

index

and

sovereign

bond

futures,

total

return

swaps,

interest

rate

swaps

and

currency

forward

contracts.

These

holdings

made

up

a

significant

portion

of

the

portfolio.

The

use

of

derivatives

instead

of

physical

instruments

had

a

minimal

positive

impact

on

results.

The

Fund

held

an

allocation

to

cash

as

collateral

for

derivative

positions

and

as

a

means

of

earning

a

modest

yield.

The

cash

position

did

not

have

a

material

effect

on

performance,

and

the

Fund

was

not

in

a

defensive

posture.

Describe

recent

portfolio

activity.

The

Fund

remained

focused

on

positioning

in

stocks,

bonds

and

currencies

based

on

macroeconomic

fundamentals

and

pricing

developments.

The

macro

backdrop

was

volatile

over

the

past

six

months

as

countries

diverged

on

key

variables

such

as

economic

growth

and

monetary

policy.

Slowing

growth,

persistent

inflation

and

central

bank

tightening

prompted

the

investment

adviser

to

position

the

Fund

for

an

expanding

opportunity

set

in

cross-country

and

cross-industry

positions

while

maintaining

relatively

muted

directional

positioning

in

both

stocks

and

bonds.

The

Fund

maintained

its

net

long

in

equities

throughout

the

period.

Within

equities,

the

Fund

began

the

period

with

long

positions

in

North

America,

Asia

ex-Japan,

and

to

a

lesser

extent

the

emerging

markets,

together

with

modest

short

positions

in

Japan

and

Europe.

The

Fund

subsequently

moved

from

long

in

the

United

States

to

long

in

Europe.

This

shift

was

based

on

the

potential

for

European

equities

to

outperform

on

waning

Ukraine

fears

and

the

possibility

that

a

weaker

Euro

would

support

exports.

Within

Europe,

the

Fund

preferred

German,

French

and

Italian

equities

over

the

United

Kingdom

and

Spain.

In

Asia,

the

Fund

held

longs

in

Taiwan

and

Singapore

versus

Japan

and

Korea.

In

August,

the

Fund

moved

short

Italy

and

France

in

favor

of

Spain,

and

it

shifted

from

a

short

in

the

United

Kingdom

to

a

sizable

long.

In

fixed

income,

the

Fund

began

the

period

net

long

duration,

with

a

preference

for

Europe

and

the

emerging

markets

over

the

United

States

and

Asia

ex-Japan.

(Duration

is

a

measure

of

interest

rate

sensitivity.)

It

moved

to

a

short

duration

in

May

as

the

medium-term

outlook

for

bonds

weakened

due

to

persistently

high

inflation,

energy

challenges

in

Europe,

slowing

activity

in

China

and

hawkish

monetary

policy

signaling.

The

Fund

was

positioned

short

in

U.S.

Treasuries

at

the

beginning

of

the

period,

as

the

Fed

indicated

that

it

would

tighten

policy.

The

Fund

moved

overweight

in

the

United

States

in

May

2022

in

anticipation

of

an

economic

slowdown,

and

it

maintained

a

relatively

flat

position

from

June

through

the

end

of

October

2022.

Within

the

emerging

markets,

the

Fund

was

long

in

China

versus

Poland

for

the

full

six

months.

The

Fund

shifted

from

a

long

in

Germany

versus

the

United

Kingdom

to

the

opposite

positioning

in

September.

The

Fund

did

not

hold

any

active

currency

positions.

Describe

portfolio

positioning

at

period

end.

At

the

end

of

the

period,

the

Fund

was

positioned

net

long

equities

and

net

short

duration.

Within

equities,

the

Fund

preferred

Asia-ex

Japan,

Europe

and

the

emerging

markets

to

Japan

and

the

United

States.

In

bonds,

the

Fund

was

long

Asia

ex-Japan

(primarily

China)

and

the

emerging

markets

versus

Japan.

The

Fund

held

a

relatively

flat

position

in

U.S.

Treasuries.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2022

(continued)

13

Fund

Summary

BlackRock

Tactical

Opportunities

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

2.14‌%

5.28‌%

N/A‌

3.20‌%

N/A‌

3.99‌%

N/A‌

Service

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

1.94‌

4.95‌

N/A‌

2.92‌

N/A‌

3.68‌

N/A‌

Investor

A

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

1.94‌

4.96‌

(0.55‌)%

2.89‌

1.78‌%

3.68‌

3.12‌%

Investor

C

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

1.56‌

4.19‌

3.19‌

2.13‌

2.13‌

3.09‌

3.09‌

Class

K

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

2.14‌

5.36‌

N/A‌

3.30‌

N/A‌

3.93‌

N/A‌

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

(c)

...........

(1.69‌)

(4.85‌)

N/A‌

0.53‌

N/A‌

0.58‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(d)

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

0.72‌

0.79‌

N/A‌

1.17‌

N/A‌

0.70‌

N/A‌

75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

(e)

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

(3.47‌)

(8.58‌)

N/A‌

1.98‌

N/A‌

2.58‌

N/A‌

MSCI

All

Country

World

Index

(f)

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

(9.42‌)

(19.96‌)

N/A‌

5.24‌

N/A‌

7.98‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

uses

a

macro

asset

allocation

strategy,

investing

varying

percentages

of

its

portfolio

in

global

stocks,

bonds,

money

market

instruments,

foreign

currencies

and

cash.

The

Fund’s

total

returns

from

May

15,

2012

through

January

28,

2016

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

strategy

by

investing

a

significant

portion

of

its

assets

in

other

investment

companies

and

directly

in

securities

under

the

name

BlackRock

Managed

Volatility

Portfolio.

(c)

A

sub-index

of

the

Bloomberg

U.S.

Treasury

Index,

which

measures

U.S.

dollar

denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury

and

includes

a

maturity

constraint

of

at

least

one

year

and

up

to,

but

not

including,

three

years

until

final

maturity.

(d)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

On

March

1,

2021

the

Fund

began

to

track

the

4pm

pricing

variant

of

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

“Index”).

Historical

index

data

prior

to

March

1,

2021

is

for

the

3pm

pricing

variant

of

the

Index.

Index

data

on

and

after

March

1,

2021

is

for

the

4pm

pricing

variant

of

the

Index.

(e)

A

customized

weighted

index

comprised

of

75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

and

25%

MSCI

All

Country

World

Index.

(f)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

and

emerging

markets.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,021.40‌

$

4.03‌

$

1,000.00‌

$

1,021.22‌

$

4.02‌

0.79‌%

Service

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

1,000.00‌

1,019.40‌

5.60‌

1,000.00‌

1,019.66‌

5.60‌

1.10‌

Investor

A

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

1,000.00‌

1,019.40‌

5.55‌

1,000.00‌

1,019.71‌

5.55‌

1.09‌

Investor

C

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

1,000.00‌

1,015.60‌

9.20‌

1,000.00‌

1,016.08‌

9.20‌

1.81‌

Class

K

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

1,000.00‌

1,021.40‌

3.41‌

1,000.00‌

1,021.83‌

3.41‌

0.67‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Fund

Summary

as

of

October

31,

2022

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

14

BlackRock

Tactical

Opportunities

Fund

Portfolio

Information

TEN

LARGEST

HOLDINGS

—

%

Security

(a)

Percent

of

Net

Assets

—

Apple,

Inc.

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

3.6‌

%

Microsoft

Corp.

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

2.7‌

Amazon.com,

Inc.

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

1.4‌

Tesla,

Inc.

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

1.3‌

Alphabet,

Inc.,

Class

A

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

0.9‌

Johnson

&

Johnson

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

0.9‌

Berkshire

Hathaway,

Inc.,

Class

B

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

0.8‌

Alphabet,

Inc.,

Class

C

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

0.8‌

Costco

Wholesale

Corp.

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

0.8‌

Walmart,

Inc.

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

0.6‌

—

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Common

Stocks

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

69.0‌

%

Preferred

Securities

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

0.1‌

Warrants

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

0.0‌

(b)

Other

Interests

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

—‌

Asset-Backed

Securities

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

—‌

Short-Term

Securities

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

4.

0‌ 

Other

Assets

Less

Liabilities

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

26.9‌

(a)

Excludes

short-term

investments.

(b)

Represents

less

than

0.1%

of

the

Fund’s

net

assets.

Fund

Summary

as

of

October

31,

2022

15

Fund

Summary

BlackRock

U.S.

Impact

Fund

Investment

Objective

BlackRock

U.S.

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2022,

the

Fund

underperformed

its

benchmark,

the

Russell

Midcap

®

Index.

What

factors

influenced

performance?

Holdings

in

the

Fund’s

Sustainable

Food

&

Water

theme

detracted

the

most,

as

stocks

in

this

segment

of

the

market

were

impacted

by

the

“risk-off”

environment

despite

little

change

in

fundamentals.

The

Pollution

&

Remediation

theme

also

detracted,

largely

driven

by

Ball

Corp.

Ball,

the

leading

provider

in

sustainable

aluminium

packaging

in

the

United

States,

faced

concerns

about

demand

that

led

it

to

shut

down

some

of

its

facilities.

By

design,

the

Fund

has

no

position

in

the

energy

sector

or

diversified

financials.

Both

sectors

outperformed,

so

the

zero

weightings

detracted

from

relative

performance.

On

the

positive

side,

stocks

that

were

better

able

to

navigate

the

inflationary

environment

added

value.

ICF

International,

Inc.,

which

advises

companies

on

U.S.

policy-related

issues

such

as

climate

change

and

disaster

relief,

benefited

from

the

passage

of

the

Inflation

Reduction

Act.

The

portfolio’s

Public

Health

theme

was

the

top

contributor

from

a

thematic

standpoint.

Medical

devices

and

life

science

tools

companies,

including

Boston

Scientific

Corp.

and

Agilent

Technologies,

Inc.

delivered

strong

results.

In

addition,

shares

of

the

value-based

healthcare

provider

1Life

Healthcare

rallied

following

Amazon.com’s

announcement

that

it

would

acquire

the

company.

Describe

recent

portfolio

activity.

The

investment

adviser

used

market

weakness

as

an

opportunity

to

identify

high-quality

companies

at

attractive

valuations.

However,

the

investment

adviser

remained

cautious

due

to

ongoing

inflation

pressures

and

recessionary

concerns.

It

therefore

maintained

its

focus

on

building

a

defensive,

yet

well

diversified,

portfolio.

The

Fund’s

largest

weighting

continued

to

be

in

healthcare

stocks

via

the

Public

Health

theme,

where

the

investment

adviser

emphasized

what

it

believed

to

be

more

resilient

segments

of

the

sector.

These

included

companies

considered

the

“picks

and

shovels”

of

the

industry;

in

other

words,

businesses

that

make

it

possible

for

scientists

to

develop

new

drugs

and

the

manufacturers

of

devices

that

are

used

routinely

in

surgeries.

The

investment

adviser

also

increased

the

portfolio’s

allocation

to

Green

Energy

theme

on

the

view

that

these

companies

are

poised

to

benefit

from

the

recently

enacted

Inflation

Reduction

Act.

The

investment

adviser

continued

to

seek

opportunities

to

own

profitable

companies

with

sustainable

growth

in

the

consumer

discretionary

and

information

technology

sectors.

Describe

portfolio

positioning

at

period

end.

Sustainable

Food

&

Water

was

the

second-largest

theme

behind

Public

Health.

The

Fund

increased

its

allocation

to

Green

Energy,

supported

by

the

passage

of

the

Inflation

Reduction

Act.

From

a

sector

perspective,

the

Fund

was

overweight

in

healthcare,

information

technology

and

utilities

and

underweight

in

real

estate

and

industrials.

The

investment

adviser

continued

to

seek

durable,

sustainable

business

models

that

have

demonstrated

the

ability

to

withstand

economic

down

cycles.

It

uses

deep

engagements

and

partnerships

with

corporate

management

teams

to

learn

more

about

strategic

directions

of

its

portfolio

companies

and

uncover

business

risks

which

may

arise

due

to

macro

events.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2022

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

16

BlackRock

U.S.

Impact

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(6.57‌)%

(29.36‌)%

N/A‌

4.52‌%

N/A‌

Investor

A

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

(6.69‌)

(29.61‌)

(33.30‌)%

4.24‌

1.86‌

%

Class

K

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

(6.56‌)

(29.36‌)

N/A‌

4.59‌

N/A‌

Russell

Midcap

®

Index

(d)

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

(5.29‌)

(17.17‌)

N/A‌

11.99‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

U.S.

securities.

The

Fund

will

invest

primarily

in

equity

securities

and

other

financial

instruments

that

have

similar

economic

characteristics

to

such

securities.

Equity

securities

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

convertible

securities

and

depositary

receipts.

The

Fund

may

invest

in

issuers

of

any

market

capitalization,

including

small-

to

mid-capitalization

companies.

(c)

The

Fund

commenced

operations

on

June

30,

2020.

(d)

An

index

that

includes

approximately

800

of

the

smallest

companies

in

the

Russell

1000

®

Index,

which

represent

approximately

27%

of

the

total

market

capitalization

of

the

Russell

1000

®

Index,

as

of

the

most

recent

constitution.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

934.30‌

$

4.14‌

$

1,000.00‌

$

1,020.92‌

$

4.33‌

0.85‌%

Investor

A

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

1,000.00‌

933.10‌

5.36‌

1,000.00‌

1,019.66‌

5.60‌

1.10‌

Class

K

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

1,000.00‌

934.40‌

3.66‌

1,000.00‌

1,021.42‌

3.82‌

0.75‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

SECTOR

ALLOCATION

Sector

(a)

Percent

of

Net

Assets

Health

Care

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

37.1‌

%

Information

Technology

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

21.6‌

Consumer

Discretionary

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

13.3‌

Utilities

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

10.4‌

Industrials

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

8.3‌

Consumer

Staples

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

6.0‌

Materials

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

1.5‌

Communication

Services

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

1.5‌

Short-Term

Securities

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

4.3‌

Liabilities

in

Excess

of

Other

Assets

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

(4.0‌)

(a)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

About

Fund

Performance

17

About

Fund

Performance

/

Disclosure

Of

Expenses

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

For

BlackRock

Tactical

Opportunities

Fund's

Class

K

Shares,

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

August

1,

2016

is

that

of

Investor

A

Shares,

excluding

any

front-end

sales

charges,

which

are

not

applicable

to

Class

K

Shares.

The

performance

of

the

BlackRock

Tactical

Opportunities

Fund's

Class

K

Shares

would

be

substantially

similar

to

Investor

A

Shares

because

Class

K

Shares

and

Investor

A

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Investor

A

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Investor

A

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Investor

A

Shares.

Service

Shares

(available

only

in

BlackRock

Tactical

Opportunities

Fund)

are

not

subject

to

any

sales

charge.

These

shares

are

subject

to

a

service

fee

of 

0.25%

per

year

(but

no

distribution

fee)

and

are

only

available

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

5.25

%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

(available

only

in

BlackRock

Tactical

Opportunities

Fund)

are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75

%

per

year

and

a

service

fee

of 

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

(“NAV”)

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund’s

performance

would

have

been

lower.

With

respect

to

each

Fund’s

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund’s

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees,

administration

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

2022

BlackRock

Semi-Annual

Report

to

Shareholders

18

The

Funds

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

BlackRock

Global

Impact

Fund

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2022

Security

Shares

Shares

Value

Common

Stocks

Australia

—

2.5%

APM

Human

Services

International

Ltd.

251,189

$

525,899

Brazil

—

3.3%

Atacadao

SA

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

28,124

106,060

MercadoLibre

,

Inc.

(a)

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

363

327,288

MRV

Engenharia

e

Participacoes

SA

.

70,384

137,893

Sendas

Distribuidora

SA

.........

29,071

111,433

682,674

Canada

—

3.2%

North

West

Co.,

Inc.

(The)

........

21,831

568,069

Shopify,

Inc.,

Class

A

(a)

..........

2,805

96,015

664,084

China

—

0.6%

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

.......

171,000

130,048

Denmark

—

5.0%

Chr

Hansen

Holding

A/S

.........

1,481

82,256

Orsted

A/S

(b)(c)

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

7,803

643,793

Vestas

Wind

Systems

A/S

........

16,883

332,826

1,058,875

Germany

—

1.6%

LEG

Immobilien

SE

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

5,300

346,012

India

—

2.7%

Bandhan

Bank

Ltd.

(a)(b)(c)

.........

193,054

557,497

Indonesia

—

6.6%

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

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

2,816,300

840,196

Dayamitra

Telekomunikasi

Tbk

.

PT

..

12,032,000

550,436

1,390,632

Japan

—

3.4%

Katitas

Co.

Ltd.

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

20,400

456,504

Nidec

Corp.

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

4,800

263,923

720,427

Netherlands

—

1.2%

Koninklijke

DSM

NV

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

2,178

256,199

South

Korea

—

2.5%

Samsung

SDI

Co.

Ltd.

..........

1,013

522,622

Spain

—

4.7%

Corp.

ACCIONA

Energias

Renovables

SA

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

4,763

187,286

EDP

Renovaveis

SA

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

37,890

797,300

984,586

Security

Shares

Shares

Value

Switzerland

—

1.0%

Landis+Gyr

Group

AG

(a)

.........

2,622

$

151,098

SGS

SA

(Registered)

...........

24

52,908

204,006

United

Kingdom

—

7.0%

Halma

plc

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

24,197

586,760

Pearson

plc

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

24,889

275,101

RELX

plc

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

11,919

320,150

Wise

plc,

Class

A

(a)

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

37,600

286,392

1,468,403

United

States

—

53.6%

Agilent

Technologies,

Inc.

........

3,749

518,674

Aptiv

plc

(a)

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

4,309

392,421

Autodesk,

Inc.

(a)

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

1,129

241,945

Avangrid

,

Inc.

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

3,594

146,204

Ball

Corp.

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

2,210

109,152

Block,

Inc.,

Class

A

(a)

...........

1,570

94,310

Boston

Scientific

Corp.

(a)

.........

23,898

1,030,243

Brookfield

Renewable

Corp.

......

26,551

824,974

Cable

One,

Inc.

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

178

152,979

Crown

Holdings,

Inc.

...........

1,189

81,553

Danaher

Corp.

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

3,000

755,010

Duolingo

,

Inc.,

Class

A

(a)

.........

1,586

129,798

Encompass

Health

Corp.

........

4,528

246,504

Enphase

Energy,

Inc.

(a)

..........

529

162,403

Etsy,

Inc.

(a)

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

1,576

148,002

Global

Payments,

Inc.

..........

2,307

263,598

Grand

Canyon

Education,

Inc.

(a)

....

2,392

240,707

Grocery

Outlet

Holding

Corp.

(a)

.....

10,483

362,397

ICF

International,

Inc.

...........

6,559

784,653

Jack

Henry

&

Associates,

Inc.

.....

3,171

631,219

Palo

Alto

Networks,

Inc.

(a)

........

1,225

210,198

Royalty

Pharma

plc,

Class

A

......

24,150

1,022,028

Schneider

Electric

SE

...........

4,257

538,325

STERIS

plc

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

488

84,219

Stride,

Inc.

(a)

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

9,664

323,841

Tesla,

Inc.

(a)

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

351

79,867

Thermo

Fisher

Scientific,

Inc.

......

455

233,856

Trimble,

Inc.

(a)

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

8,281

498,185

Veeva

Systems,

Inc.,

Class

A

(a)

....

2,098

352,338

Zoetis,

Inc.,

Class

A

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

2,759

416,002

Zurn

Elkay

Water

Solutions

Corp.

...

7,562

177,631

11,253,236

Total

Long-Term

Investments

—

98.9%

(Cost:

$22,038,453)

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

20,765,200

Total

Investments

—

98.9%

(Cost:

$22,038,453)

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

20,765,200

Other

Assets

Less

Liabilities

—

1.1%

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

223,545

Net

Assets

—

100.0%

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

$

20,988,745

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Impact

Fund

20

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

—

$

—

$

—

$

—

$

—

$

—

—

$

524

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

—

236

(b)

—

(236)

—

—

—

152

(c)

—

$

(236)

$

—

$

—

$

676

$

—

—

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

BlackRock

Global

Impact

Fund

Schedules

of

Investments

21

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

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

$

—

$

525,899

$

—

$

525,899

Brazil

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

682,674

—

—

682,674

Canada

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

664,084

—

—

664,084

China

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

—

130,048

—

130,048

Denmark

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

—

1,058,875

—

1,058,875

Germany

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

—

346,012

—

346,012

India

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

—

557,497

—

557,497

Indonesia

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

—

1,390,632

—

1,390,632

Japan

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

—

720,427

—

720,427

Netherlands

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

—

256,199

—

256,199

South

Korea

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

—

522,622

—

522,622

Spain

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

—

984,586

—

984,586

Switzerland

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

—

204,006

—

204,006

United

Kingdom

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

—

1,468,403

—

1,468,403

United

States

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

10,714,911

538,325

—

11,253,236

$

12,061,669

$

8,703,531

$

—

$

20,765,200

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Impact

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2022

Security

Shares

Shares

Value

Common

Stocks

Australia

—

4.1%

APM

Human

Services

International

Ltd.

101,994

$

213,539

Brazil

—

7.2%

Atacadao

SA

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

15,848

59,766

MercadoLibre

,

Inc.

(a)

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

157

141,554

MRV

Engenharia

e

Participacoes

SA

.

62,889

123,209

Sendas

Distribuidora

SA

.........

11,749

45,035

369,564

Canada

—

3.8%

North

West

Co.,

Inc.

(The)

........

6,475

168,487

Shopify,

Inc.,

Class

A

(a)

..........

883

30,225

198,712

China

—

1.1%

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

.......

72,900

55,441

Denmark

—

9.1%

Chr

Hansen

Holding

A/S

.........

1,053

58,485

Orsted

A/S

(b)(c)

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

3,335

275,156

Vestas

Wind

Systems

A/S

........

6,814

134,329

467,970

Germany

—

3.6%

LEG

Immobilien

SE

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

2,198

143,497

Vonovia

SE

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

2,028

44,840

188,337

India

—

4.3%

Bandhan

Bank

Ltd.

(a)(b)(c)

.........

76,147

219,896

Indonesia

—

11.6%

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

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

1,157,800

345,410

Dayamitra

Telekomunikasi

Tbk

.

PT

..

5,489,600

251,137

596,547

Japan

—

6.4%

GMO

Payment

Gateway,

Inc.

......

1,000

71,906

Katitas

Co.

Ltd.

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

6,400

143,217

Nidec

Corp.

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

2,100

115,466

330,589

Netherlands

—

2.0%

Koninklijke

DSM

NV

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

879

103,397

South

Africa

—

1.3%

Capitec

Bank

Holdings

Ltd.

.......

663

68,652

Security

Shares

Shares

Value

South

Korea

—

4.4%

Samsung

SDI

Co.

Ltd.

..........

439

$

226,487

Spain

—

7.5%

Corp.

ACCIONA

Energias

Renovables

SA

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

2,350

92,404

EDP

Renovaveis

SA

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

13,879

292,049

384,453

Switzerland

—

2.5%

Landis+Gyr

Group

AG

(a)

.........

1,823

105,054

SGS

SA

(Registered)

...........

10

22,045

127,099

United

Kingdom

—

11.6%

Halma

plc

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

10,091

244,700

Pearson

plc

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

11,672

129,012

RELX

plc

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

5,490

147,464

Wise

plc,

Class

A

(a)

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

10,055

76,587

597,763

United

States

—

17.7%

Agilent

Technologies,

Inc.

........

477

65,993

Brookfield

Renewable

Corp.

......

10,045

312,111

Danaher

Corp.

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

528

132,882

Schneider

Electric

SE

...........

2,348

296,920

Thermo

Fisher

Scientific,

Inc.

......

199

102,280

910,186

Total

Long-Term

Investments

—

98.2%

(Cost:

$6,019,646)

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

5,058,632

Short-Term

Securities

Money

Market

Funds

—

0.6%

(d)(e)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.92%

......

31,460

31,460

SL

Liquidity

Series,

LLC,

Money

Market

Series,

3.37%

(f)

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

18

18

Total

Short-Term

Securities

—

0.6%

(Cost:

$31,478)

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

31,478

Total

Investments

—

98.8%

(Cost:

$6,051,124)

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

5,090,110

Other

Assets

Less

Liabilities

—

1.2%

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

62,956

Net

Assets

—

100.0%

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

$

5,153,066

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

BlackRock

International

Impact

Fund

Schedules

of

Investments

23

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

—

$

31,460

(a)

$

—

$

—

$

—

$

31,460

31,460

$

425

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

—

8

(a)

—

10

—

18

18

1,287

(b)

—

$

10

$

—

$

31,478

$

1,712

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Impact

Fund

24

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

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

$

—

$

213,539

$

—

$

213,539

Brazil

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

369,564

—

—

369,564

Canada

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

198,712

—

—

198,712

China

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

—

55,441

—

55,441

Denmark

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

—

467,970

—

467,970

Germany

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

—

188,337

—

188,337

India

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

—

219,896

—

219,896

Indonesia

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

—

596,547

—

596,547

Japan

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

—

330,589

—

330,589

Netherlands

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

—

103,397

—

103,397

South

Africa

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

—

68,652

—

68,652

South

Korea

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

—

226,487

—

226,487

Spain

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

—

384,453

—

384,453

Switzerland

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

—

127,099

—

127,099

United

Kingdom

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

—

597,763

—

597,763

United

States

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

613,266

296,920

—

910,186

Short-Term

Securities

Money

Market

Funds

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

31,460

—

—

31,460

$

1,213,002

$

3,877,090

$

—

$

5,090,092

Investments

valued

at

NAV

(a)

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

18

$

—

$

5,090,110

$

—

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2022

Security

Shares

Shares

Value

Common

Stocks

Brazil

—

4.4%

AES

Brasil

Energia

SA

..........

4,409

$

8,467

Ambev

SA

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

26,883

83,322

B3

SA

-

Brasil

Bolsa

Balcao

.......

11,140

32,349

Banco

do

Brasil

SA

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

5,276

37,863

CCR

SA

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

2,611

6,586

Cielo

SA

(a)

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

14,755

16,996

CPFL

Energia

SA

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

5,160

35,412

Energisa

SA

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

3,149

29,616

Fleury

SA

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

3,570

12,820

Light

SA

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

10,086

11,052

Localiza

Rent

a

Car

SA

..........

676

9,218

Lojas

Renner

SA

(a)

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

3,658

21,889

M

Dias

Branco

SA

(a)

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

862

7,263

Natura

&

Co.

Holding

SA

.........

4,320

12,486

Petroleo

Brasileiro

SA,

ADR

......

527

6,066

Transmissora

Alianca

de

Energia

Eletrica

SA

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

2,188

17,011

Ultrapar

Participacoes

SA

........

12,882

33,567

381,983

China

—

26.9%

3SBio,

Inc.

(b)(c)

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

67,500

47,669

Alibaba

Group

Holding

Ltd.

(a)

......

23,492

182,648

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

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

500

9,709

Baidu,

Inc.,

Class

A

(a)

...........

4,078

39,096

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

.

13,472

22,235

Bosideng

International

Holdings

Ltd.

.

32,000

13,821

BYD

Co.

Ltd.,

Class

A

...........

1,566

52,746

BYD

Co.

Ltd.,

Class

H

..........

2,000

44,806

China

Aoyuan

Group

Ltd.

(a)(d)

......

42,000

2,534

China

Construction

Bank

Corp.,

Class

H

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

144,000

76,419

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(a)

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

7,300

4,789

China

Lesso

Group

Holdings

Ltd.

...

26,000

21,103

China

Medical

System

Holdings

Ltd.

.

33,000

36,066

China

Merchants

Bank

Co.

Ltd.,

Class

H

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

23,000

75,300

China

Petroleum

&

Chemical

Corp.,

Class

H

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

38,000

15,060

China

Resources

Gas

Group

Ltd.

...

10,700

27,405

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

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

37,000

14,032

China

Vanke

Co.

Ltd.,

Class

A

.....

1,900

3,503

China

Vanke

Co.

Ltd.,

Class

H

.....

7,300

9,369

CMOC

Group

Ltd.,

Class

H

.......

90,000

28,976

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

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

1,300

66,366

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

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

10,000

4,524

ENN

Energy

Holdings

Ltd.

........

4,800

47,722

Eve

Energy

Co.

Ltd.,

Class

A

......

3,500

39,732

Far

East

Horizon

Ltd.

...........

9,000

6,950

Fosun

International

Ltd.

.........

102,500

62,638

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

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

1,300

5,926

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

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

3,290

35,433

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(b)(c)

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

560

3,788

Geely

Automobile

Holdings

Ltd.

....

15,000

16,143

GoerTek

,

Inc.,

Class

A

..........

3,800

11,222

H

World

Group

Ltd.,

ADR

........

193

5,226

Security

Shares

Shares

Value

China

(continued)

Huatai

Securities

Co.

Ltd.,

Class

H

(b)(c)

31,000

$

30,357

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

84,000

36,470

JD.com,

Inc.,

Class

A

...........

2,956

53,830

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

......

19,004

30,284

KE

Holdings,

Inc.,

ADR

(a)

.........

961

9,783

Kingdee

International

Software

Group

Co.

Ltd.

(a)

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

17,000

27,856

Kunlun

Energy

Co.

Ltd.

..........

10,000

5,977

Lenovo

Group

Ltd.

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

92,000

73,527

Li

Auto,

Inc.,

ADR

(a)

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

875

11,917

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

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

10,060

66,090

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

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

11,415

44,181

Meituan

,

Class

B

(a)(b)(c)

...........

3,500

56,037

NetEase

,

Inc.

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

3,870

42,939

NIO,

Inc.,

ADR

(a)

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

1,960

18,953

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

...........

72,700

48,114

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

...........

84,000

23,214

PetroChina

Co.

Ltd.,

Class

A

......

9,400

6,126

Pinduoduo

,

Inc.,

ADR

(a)

..........

703

38,545

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

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

9,000

36,030

SF

Holding

Co.

Ltd.,

Class

A

......

2,505

16,506

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

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

32,800

44,453

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

....

300

13,340

Shimao

Group

Holdings

Ltd.

(a)(d)

....

16,000

2,264

Sinopharm

Group

Co.

Ltd.,

Class

H

.

14,000

26,560

Sinotruk

Hong

Kong

Ltd.

.........

1,500

1,337

Sunny

Optical

Technology

Group

Co.

Ltd.

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

3,000

25,998

Sunwoda

Electronic

Co.

Ltd.,

Class

A

2,800

8,882

Tencent

Holdings

Ltd.

...........

8,500

223,353

Tianneng

Power

International

Ltd.

...

10,000

9,622

Tongcheng

Travel

Holdings

Ltd.

(a)(c)

..

15,600

24,350

Trip.com

Group

Ltd.,

ADR

(a)

.......

931

21,069

Vipshop

Holdings

Ltd.,

ADR

(a)

......

2,038

14,205

WuXi

AppTec

Co.

Ltd.,

Class

H

(b)(c)

..

1,480

11,879

Wuxi

Biologics

Cayman,

Inc.

(a)(b)(c)

...

6,000

26,998

Xiamen

Tungsten

Co.

Ltd.,

Class

A

..

3,218

8,810

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

....

461

658

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

....

7,600

6,585

Xinyi

Solar

Holdings

Ltd.

.........

8,000

7,942

Yadea

Group

Holdings

Ltd.

(b)(c)

.....

38,000

58,021

Yum

China

Holdings,

Inc.

........

560

23,156

ZTE

Corp.,

Class

A

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

13,748

41,664

2,310,838

Colombia

—

0.1%

Bancolombia

SA,

ADR

..........

401

10,173

Greece

—

0.8%

OPAP

SA

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

5,506

67,466

India

—

14.1%

Adani

Green

Energy

Ltd.

(a)

........

901

22,909

Adani

Total

Gas

Ltd.

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

702

30,552

Asian

Paints

Ltd.

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

2,144

80,707

AU

Small

Finance

Bank

Ltd.

(b)(c)

....

4,999

35,611

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

India

(continued)

Axis

Bank

Ltd.

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

4,698

$

51,520

Bajaj

Finance

Ltd.

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

674

58,261

Berger

Paints

India

Ltd.

.........

2,440

17,302

Havells

India

Ltd.

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

2,847

41,889

Housing

Development

Finance

Corp.

Ltd.

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

1,822

54,475

ICICI

Bank

Ltd.

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

5,564

61,178

Infosys

Ltd.

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

5,858

109,182

Infosys

Ltd.,

ADR

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

2,561

47,967

Kotak

Mahindra

Bank

Ltd.

........

2,234

51,438

Mahindra

&

Mahindra

Financial

Services

Ltd.

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

5,482

13,391

Mahindra

&

Mahindra

Ltd.

........

5,031

82,111

Marico

Ltd.

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

11,021

69,919

Nestle

India

Ltd.

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

326

80,277

Piramal

Enterprises

Ltd.

.........

1,890

19,423

Reliance

Industries

Ltd.

.........

3,567

110,066

Tata

Consultancy

Services

Ltd.

....

3,101

119,675

TVS

Motor

Co.

Ltd.

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

916

12,695

UPL

Ltd.

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

5,093

44,962

1,215,510

Indonesia

—

2.6%

Bank

Central

Asia

Tbk

.

PT

........

198,100

111,981

Bank

Negara

Indonesia

Persero

Tbk

.

PT

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

33,300

20,078

Kalbe

Farma

Tbk

.

PT

...........

398,000

52,340

Perusahaan

Gas

Negara

Tbk

.

PT

...

158,600

20,096

Sumber

Alfaria

Trijaya

Tbk

.

PT

.....

63,200

11,420

Unilever

Indonesia

Tbk

.

PT

.......

35,600

10,591

226,506

Kuwait

—

0.1%

Kuwait

Finance

House

KSCP

......

1,912

5,000

Malaysia

—

3.2%

Axiata

Group

Bhd.

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

63,100

37,974

CIMB

Group

Holdings

Bhd.

.......

54,200

63,313

Maxis

Bhd.

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

11,500

9,361

Petronas

Dagangan

Bhd.

........

13,400

61,445

Public

Bank

Bhd.

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

6,700

6,336

RHB

Bank

Bhd.

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

32,100

38,873

Sime

Darby

Bhd.

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

115,400

54,948

272,250

Mexico

—

2.7%

Coca-Cola

Femsa

SAB

de

CV

.....

10,115

63,621

Coca-Cola

Femsa

SAB

de

CV,

ADR

.

330

20,721

Fomento

Economico

Mexicano

SAB

de

CV

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

5,684

40,778

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

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

160

11,459

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

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

9,484

77,205

Wal-Mart

de

Mexico

SAB

de

CV

....

5,188

20,042

233,826

Philippines

—

0.1%

GT

Capital

Holdings,

Inc.

........

1,430

10,225

Qatar

—

0.8%

Commercial

Bank

PSQC

(The)

.....

2,766

4,736

Industries

Qatar

QSC

...........

2,125

9,112

Masraf

Al

Rayan

QSC

...........

5,545

5,787

Qatar

Islamic

Bank

SAQ

.........

1,752

11,613

Qatar

National

Bank

QPSC

.......

6,851

37,159

68,407

Security

Shares

Shares

Value

Romania

—

0.3%

NEPI

Rockcastle

NV

...........

4,809

$

24,171

Russia

—

0.0%

(d)

LUKOIL

PJSC

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

2,410

—

Novatek

PJSC

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

1,500

—

PhosAgro

PJSC

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

1,413

—

PhosAgro

PJSC,

GDR

(a)

.........

27

1

1

Saudi

Arabia

—

4.8%

Al

Rajhi

Bank

(a)

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

3,166

71,792

Alinma

Bank

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

705

7,033

Bank

AlBilad

(a)

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

846

11,425

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

347

20,932

Sahara

International

Petrochemical

Co.

357

3,843

Saudi

Arabian

Mining

Co.

(a)

.......

508

11,307

Saudi

Arabian

Oil

Co.

(b)(c)

.........

6,983

64,806

Saudi

Basic

Industries

Corp.

......

3,958

92,936

Savola

Group

(The)

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

7,923

61,728

Seera

Group

Holding

(a)

..........

12,625

64,080

409,882

South

Africa

—

5.4%

Anglo

American

Platinum

Ltd.

.....

883

70,310

Anglo

American

plc

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

2,112

63,731

Aspen

Pharmacare

Holdings

Ltd.

...

1,555

12,791

Bidvest

Group

Ltd.

(The)

.........

2,031

23,494

Foschini

Group

Ltd.

(The)

........

1,853

11,585

Gold

Fields

Ltd.

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

4,309

34,519

Growthpoint

Properties

Ltd.

.......

7,725

5,446

Impala

Platinum

Holdings

Ltd.

.....

651

6,665

Kumba

Iron

Ore

Ltd.

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

1,666

31,342

Life

Healthcare

Group

Holdings

Ltd.

.

10,317

11,093

Naspers

Ltd.,

Class

N

...........

188

19,379

Nedbank

Group

Ltd.

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

3,952

46,808

Old

Mutual

Ltd.

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

74,891

42,510

Sanlam

Ltd.

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

3,038

8,856

Vodacom

Group

Ltd.

...........

9,776

66,589

Woolworths

Holdings

Ltd.

........

1,412

4,842

459,960

South

Korea

—

9.0%

Amorepacific

Group

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

798

13,817

CJ

Logistics

Corp.

(a)

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

237

14,596

Coway

Co.

Ltd.

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

252

9,772

Hanwha

Solutions

Corp.

(a)

........

645

21,316

KB

Financial

Group,

Inc.

.........

2,618

88,093

KB

Financial

Group,

Inc.,

ADR

.....

1,988

66,678

NAVER

Corp.

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

472

55,988

POSCO

Holdings,

Inc.

..........

516

89,934

POSCO

Holdings,

Inc.,

ADR

......

7

304

Samsung

C&T

Corp.

...........

301

24,986

Samsung

Electronics

Co.

Ltd.

.....

7,270

302,576

Shinhan

Financial

Group

Co.

Ltd.

...

822

20,892

SK

Innovation

Co.

Ltd.

(a)

.........

207

25,065

SK,

Inc.

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

195

29,221

Woori

Financial

Group,

Inc.

.......

1,401

11,561

774,799

Taiwan

—

13.6%

Accton

Technology

Corp.

........

3,000

22,560

Acer,

Inc.

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

42,000

28,738

ASE

Technology

Holding

Co.

Ltd.

...

20,000

49,383

Cathay

Financial

Holding

Co.

Ltd.

...

61,000

71,389

Chailease

Holding

Co.

Ltd.

.......

6,300

29,060

CTBC

Financial

Holding

Co.

Ltd.

...

103,000

65,069

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Taiwan

(continued)

Delta

Electronics,

Inc.

...........

10,000

$

79,568

E.Sun

Financial

Holding

Co.

Ltd.

...

44,000

31,621

Eva

Airways

Corp.

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

18,000

12,998

First

Financial

Holding

Co.

Ltd.

.....

96,720

74,194

Fubon

Financial

Holding

Co.

Ltd.

...

7,000

11,057

Hon

Hai

Precision

Industry

Co.

Ltd.

..

8,000

25,409

MediaTek

,

Inc.

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

5,000

91,141

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

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

8,000

11,514

Taishin

Financial

Holding

Co.

Ltd.

...

21,000

8,618

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

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

1,660

1,286

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

37,000

444,822

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

1,015

62,473

United

Microelectronics

Corp.

(a)

....

4,000

4,810

Voltronic

Power

Technology

Corp.

...

1,000

40,544

Wistron

Corp.

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

8,000

6,459

1,172,713

Thailand

—

3.4%

Bangchak

Corp.

PCL,

NVDR

......

50,100

40,263

Bangkok

Dusit

Medical

Services

PCL,

NVDR

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

101,500

78,779

Delta

Electronics

Thailand

PCL,

NVDR

1,300

19,878

Energy

Absolute

PCL,

NVDR

......

3,800

9,674

Home

Product

Center

PCL,

NVDR

..

176,500

67,825

PTT

Exploration

&

Production

PCL,

NVDR

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

9,500

45,422

PTT

PCL,

NVDR

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

35,900

33,974

295,815

Turkey

—

0.5%

(a)

Migros

Ticaret

A/S

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

3,697

24,032

Turk

Hava

Yollari

AO

...........

2,970

16,165

40,197

United

Arab

Emirates

—

0.7%

Abu

Dhabi

Commercial

Bank

PJSC

.

2,410

6,204

Abu

Dhabi

Islamic

Bank

PJSC

.....

2,039

5,276

Aldar

Properties

PJSC

..........

5,454

6,415

Emirates

NBD

Bank

PJSC

........

3,524

12,725

Emirates

Telecommunications

Group

Co.

PJSC

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

611

4,294

First

Abu

Dhabi

Bank

PJSC

.......

4,564

22,257

57,171

Total

Common

Stocks

—

93.5%

(Cost:

$9,976,935)

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

8,036,893

Security

Shares

Shares

Value

Preferred

Securities

Preferred

Stocks

—

3.0%

Brazil

—

3.0%

Banco

Bradesco

SA

(Preference)

...

12,049

$

46,232

Centrais

Eletricas

Brasileiras

SA

(Preference)

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

1,455

15,070

Cia

Energetica

de

Minas

Gerais

(Preference)

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

23,450

51,571

Cia

Paranaense

de

Energia

(Preference)

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

3,380

4,848

Gerdau

SA

(Preference)

.........

1,196

5,967

Itau

Unibanco

Holding

SA

(Preference)

8,501

49,931

Petroleo

Brasileiro

SA

(Preference)

..

14,311

82,561

256,180

Total

Preferred

Securities

—

3.0%

(Cost:

$245,256)

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

256,180

Rights

Brazil

—

0.0%

Fleury

SA

(Expires

11/21/22,

Strike

Price

BRL

17.27)

(a)

...........

382

96

Taiwan

—

0.0%

Shanghai

Commercial

(Expires

12/08/22,

Strike

Price

TWD

37.00)

(a)

586

171

Total

Rights

—

0.0%

(Cost:

$0)

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

267

Total

Long-Term

Investments

—

96.5%

(Cost:

$10,222,191)

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

8,293,340

Short-Term

Securities

Money

Market

Funds

—

3.2%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.92%

(e)(f)

....

274,545

274,545

Total

Short-Term

Securities

—

3.2%

(Cost:

$274,545)

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

274,545

Total

Investments

—

99.7%

(Cost:

$10,496,736)

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

8,567,885

Other

Assets

Less

Liabilities

—

0.3%

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

28,654

Net

Assets

—

100.0%

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

$

8,596,539

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

Affiliate

of

the

Fund.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

28

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

301,820

$

—

$

(27,275)

(a)

$

—

$

—

$

274,545

274,545

$

2,530

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(b)

..........

8,928

—

(8,928)

(a)

—

—

—

—

176

(c)

—

iShares

MSCI

Saudi

Arabia

ETF

(b)

413,416

43,996

(394,809)

77,691

(140,294)

—

—

2,998

—

$

77,691

$

(140,294)

$

274,545

$

5,704

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

of

Investments

29

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

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

7

12/16/22

$

299

$

(25,488)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

25,488

$

—

$

—

$

—

$

25,488

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(45,541)

$

—

$

—

$

—

$

(45,541)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(13,235)

$

—

$

—

$

—

$

(13,235)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

324,118

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

30

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

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

$

381,983

$

—

$

—

$

381,983

China

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

142,854

2,163,186

4,798

2,310,838

Colombia

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

10,173

—

—

10,173

Greece

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

—

67,466

—

67,466

India

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

47,967

1,167,543

—

1,215,510

Indonesia

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

—

226,506

—

226,506

Kuwait

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

—

5,000

—

5,000

Malaysia

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

61,445

210,805

—

272,250

Mexico

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

233,826

—

—

233,826

Philippines

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

—

10,225

—

10,225

Qatar

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

—

68,407

—

68,407

Romania

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

—

24,171

—

24,171

Russia

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

—

—

1

1

Saudi

Arabia

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

—

409,882

—

409,882

South

Africa

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

86,841

373,119

—

459,960

South

Korea

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

66,982

707,817

—

774,799

Taiwan

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

62,473

1,110,240

—

1,172,713

Thailand

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

—

295,815

—

295,815

Turkey

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

24,032

16,165

—

40,197

United

Arab

Emirates

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

—

57,171

—

57,171

Preferred

Securities

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

256,180

—

—

256,180

Rights

Brazil

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

96

—

—

96

Taiwan

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

—

171

—

171

Short-Term

Securities

Money

Market

Funds

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

274,545

—

—

274,545

$

1,649,397

$

6,913,689

$

4,799

$

8,567,885

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(25,488)

$

—

$

—

$

(25,488)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2022

Security

Shares

Shares

Value

Common

Stocks

Australia

—

8.4%

Allkem

Ltd.

(a)

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

787

$

7,272

Aristocrat

Leisure

Ltd.

...........

3,308

78,519

Australia

&

New

Zealand

Banking

Group

Ltd.

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

4,886

80,051

BHP

Group

Ltd.

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

5,295

127,187

Commonwealth

Bank

of

Australia

...

412

27,623

CSR

Ltd.

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

856

2,536

Downer

EDI

Ltd.

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

412

1,184

Flight

Centre

Travel

Group

Ltd.

(a)

...

1,232

13,113

Glencore

plc

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

8,171

46,845

GPT

Group

(The)

(b)

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

1,807

4,994

Harvey

Norman

Holdings

Ltd.

.....

457

1,216

Macquarie

Group

Ltd.

...........

876

95,031

Medibank

Pvt

Ltd.

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

4,730

8,517

Mineral

Resources

Ltd.

..........

53

2,485

National

Australia

Bank

Ltd.

.......

3,754

77,978

Pilbara

Minerals

Ltd.

(a)

..........

763

2,480

Pro

Medicus

Ltd.

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

34

1,211

QBE

Insurance

Group

Ltd.

.......

92

721

Ramsay

Health

Care

Ltd.

........

99

3,713

REA

Group

Ltd.

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

379

29,375

Rio

Tinto

plc

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

306

15,992

SEEK

Ltd.

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

137

1,886

Sonic

Healthcare

Ltd.

...........

267

5,590

South32

Ltd.

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

6,451

14,800

Stockland

(b)

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

26,485

61,024

Telstra

Group

Ltd.

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

11,846

29,703

Treasury

Wine

Estates

Ltd.

.......

61

505

Westpac

Banking

Corp.

.........

4,756

73,437

WiseTech

Global

Ltd.

...........

54

1,997

Woodside

Energy

Group

Ltd.

......

80

1,849

Worley

Ltd.

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

2,214

20,223

839,057

Austria

—

0.6%

ams

-OSRAM

AG

(a)

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

126

713

ANDRITZ

AG

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

1,120

52,054

Erste

Group

Bank

AG

...........

258

6,358

59,125

Belgium

—

1.5%

Ackermans

&

van

Haaren

NV

.....

343

47,787

Ageas

SA

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

42

1,454

Anheuser-Busch

InBev

SA/NV

.....

2,013

100,691

Galapagos

NV

(a)

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

64

2,919

152,851

China

—

0.6%

BOC

Hong

Kong

Holdings

Ltd.

.....

19,000

59,039

Wilmar

International

Ltd.

.........

100

274

59,313

Denmark

—

3.5%

AP

Moller

-

Maersk

A/S,

Class

A

....

3

6,002

AP

Moller

-

Maersk

A/S,

Class

B

....

6

12,535

Carlsberg

A/S,

Class

B

..........

72

8,478

Demant

A/S

(a)

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

230

6,281

DSV

A/S

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

95

12,837

Genmab

A/S

(a)

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

63

24,268

H

Lundbeck

A/S

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

1,148

4,295

Novo

Nordisk

A/S,

Class

B

.......

1,720

187,018

Novozymes

A/S,

Class

B

.........

1,403

73,644

Pandora

A/S

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

35

1,841

Security

Shares

Shares

Value

Denmark

(continued)

Tryg

A/S

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

642

$

13,886

351,085

Finland

—

0.8%

Kone

OYJ,

Class

B

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

71

2,907

Nokia

OYJ

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

6,112

27,161

Nordea

Bank

Abp

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

2,448

23,385

Sampo

OYJ,

Class

A

...........

279

12,758

Valmet

OYJ

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

131

2,980

Wartsila

OYJ

Abp

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

956

6,517

75,708

France

—

10.4%

Airbus

SE

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

26

2,813

ALD

SA

(c)(d)(e)

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

566

6,039

BioMerieux

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

6

531

BNP

Paribas

SA

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

1,851

86,801

Capgemini

SE

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

9

1,475

Cie

Generale

des

Etablissements

Michelin

SCA

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

383

9,760

Dassault

Systemes

SE

..........

1,950

65,362

Engie

SA

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

4,422

57,457

Faurecia

SE

(a)

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

132

1,971

Gecina

SA

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

37

3,299

Hermes

International

...........

73

94,490

Ipsen

SA

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

64

6,577

Kering

SA

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

98

44,880

Klepierre

SA

(a)

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

559

11,235

La

Francaise

des

Jeux

SAEM

(d)(e)

...

115

3,748

Legrand

SA

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

14

1,067

L'Oreal

SA

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

349

109,587

LVMH

Moet

Hennessy

Louis

Vuitton

SE

259

163,428

Orange

SA

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

922

8,785

Pernod

Ricard

SA

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

513

90,037

Publicis

Groupe

SA

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

49

2,744

Remy

Cointreau

SA

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

9

1,376

Renault

SA

(a)

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

291

8,960

Rexel

SA

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

897

16,007

Safran

SA

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

232

25,838

Sanofi

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

1,399

120,395

Societe

Generale

SA

...........

1,466

33,626

Teleperformance

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

36

9,645

Thales

SA

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

8

1,017

TotalEnergies

SE

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

779

42,497

Vinci

SA

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

131

12,057

1,043,504

Germany

—

8.1%

1&1

AG

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

119

1,568

adidas

AG

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

111

10,835

Aurubis

AG

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

135

8,519

Bayer

AG

(Registered)

..........

715

37,595

Bayerische

Motoren

Werke

AG

....

779

61,145

Carl

Zeiss

Meditec

AG

..........

41

4,963

Deutsche

Bank

AG

(Registered)

....

2,877

27,423

Deutsche

Boerse

AG

...........

141

22,929

Deutsche

Post

AG

(Registered)

....

2,274

80,385

Deutsche

Telekom

AG

(Registered)

.

3,302

62,327

Evonik

Industries

AG

...........

679

12,508

Hochtief

AG

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

115

6,109

Infineon

Technologies

AG

........

1,639

39,771

LANXESS

AG

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

379

12,817

Mercedes-Benz

Group

AG

........

1,089

63,033

MTU

Aero

Engines

AG

..........

8

1,432

Nemetschek

SE

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

444

21,169

Puma

SE

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

41

1,813

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Advantage

International

Equity

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Germany

(continued)

SAP

SE

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

1,444

$

138,989

Scout24

SE

(d)(e)

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

281

14,400

Siemens

AG

(Registered)

........

1,207

131,815

Talanx

AG

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

52

1,953

Volkswagen

AG

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

54

9,230

Wacker

Chemie

AG

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

286

33,298

806,026

Hong

Kong

—

1.8%

AIA

Group

Ltd.

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

15,600

118,167

Kerry

Properties

Ltd.

...........

2,000

3,164

New

World

Development

Co.

Ltd.

...

5,000

10,227

PCCW

Ltd.

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

2,000

764

Prudential

plc

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

1,015

9,429

Sun

Hung

Kai

Properties

Ltd.

......

2,500

26,866

Swire

Properties

Ltd.

...........

8,400

16,144

184,761

Ireland

—

0.2%

Kerry

Group

plc,

Class

A

.........

136

11,812

Kingspan

Group

plc

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

162

8,168

19,980

Israel

—

0.8%

Alony

Hetz

Properties

&

Investments

Ltd.

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

573

6,721

Bank

Hapoalim

BM

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

599

5,774

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

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

27,508

48,695

Harel

Insurance

Investments

&

Financial

Services

Ltd.

........

46

443

ICL

Group

Ltd.

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

1,494

13,472

Nice

Ltd.

(a)

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

8

1,508

76,613

Italy

—

2.2%

Assicurazioni

Generali

SpA

.......

830

12,456

Banca

Mediolanum

SpA

.........

2,006

15,009

Davide

Campari-Milano

NV

.......

39

350

Enel

SpA

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

9,592

42,851

Eni

SpA

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

2,845

37,365

Intesa

Sanpaolo

SpA

...........

3,104

5,918

Mediobanca

Banca

di

Credito

Finanziario

SpA

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

2,287

20,719

Pirelli

&

C

SpA

(d)(e)

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

1,116

4,210

Poste

Italiane

SpA

(d)(e)

...........

2,277

19,842

Reply

SpA

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

103

11,204

Snam

SpA

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

753

3,348

Terna

-

Rete

Elettrica

Nazionale

....

3,301

21,891

UniCredit

SpA

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

1,636

20,289

215,452

Japan

—

20.9%

Advantest

Corp.

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

100

5,264

Alfresa

Holdings

Corp.

..........

3,200

36,841

Amada

Co.

Ltd.

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

8,700

61,192

Astellas

Pharma,

Inc.

...........

3,000

41,395

Benesse

Holdings,

Inc.

..........

2,000

29,505

Central

Japan

Railway

Co.

.......

100

11,578

Cosmos

Pharmaceutical

Corp.

.....

100

9,672

Dai-ichi

Life

Holdings,

Inc.

........

2,100

33,354

Daiwa

House

Industry

Co.

Ltd.

.....

900

18,133

DeNA

Co.

Ltd.

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

100

1,304

Disco

Corp.

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

100

23,918

DMG

Mori

Co.

Ltd.

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

900

10,415

Ebara

Corp.

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

500

16,246

EXEO

Group,

Inc.

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

700

10,256

Security

Shares

Shares

Value

Japan

(continued)

FANUC

Corp.

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

100

$

13,085

Fast

Retailing

Co.

Ltd.

..........

100

55,714

Fuji

Media

Holdings,

Inc.

.........

4,300

29,907

FUJIFILM

Holdings

Corp.

........

1,200

54,900

Fujitsu

Ltd.

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

300

34,518

Hakuhodo

DY

Holdings,

Inc.

......

100

843

Honda

Motor

Co.

Ltd.

...........

4,000

91,210

Horiba

Ltd.

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

200

8,206

Inpex

Corp.

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

2,600

26,240

ITOCHU

Corp.

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

3,000

77,534

Itochu

Techno-Solutions

Corp.

.....

100

2,318

J

Front

Retailing

Co.

Ltd.

.........

200

1,617

Japan

Post

Bank

Co.

Ltd.

........

600

3,998

Kajima

Corp.

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

1,400

13,178

Kamigumi

Co.

Ltd.

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

100

1,902

Kandenko

Co.

Ltd.

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

900

5,059

KDDI

Corp.

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

3,300

97,538

Lawson,

Inc.

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

1,000

31,947

Marubeni

Corp.

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

200

1,751

Medipal

Holdings

Corp.

..........

900

11,158

Mitsubishi

Corp.

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

3,200

86,684

Mitsubishi

Estate

Co.

Ltd.

........

2,900

36,468

Mitsubishi

Gas

Chemical

Co.,

Inc.

..

400

5,083

Mitsubishi

Heavy

Industries

Ltd.

....

200

6,889

Mitsui

&

Co.

Ltd.

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

1,900

42,045

Mitsui

Fudosan

Co.

Ltd.

.........

3,500

67,019

MS&AD

Insurance

Group

Holdings,

Inc.

100

2,648

NEC

Corp.

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

600

19,861

NEC

Networks

&

System

Integration

Corp.

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

100

1,072

Nikon

Corp.

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

200

1,934

Nintendo

Co.

Ltd.

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

700

28,419

Nippon

Telegraph

&

Telephone

Corp.

2,200

60,678

Nitto

Denko

Corp.

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

900

47,417

Nomura

Research

Institute

Ltd.

....

200

4,426

Obayashi

Corp.

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

400

2,567

Odakyu

Electric

Railway

Co.

Ltd.

...

100

1,189

Omron

Corp.

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

1,200

55,966

Otsuka

Corp.

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

500

15,746

Pola

Orbis

Holdings,

Inc.

.........

1,200

13,254

Recruit

Holdings

Co.

Ltd.

........

1,900

58,465

Ricoh

Co.

Ltd.

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

4,000

29,311

Sankyu,

Inc.

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

100

2,982

Santen

Pharmaceutical

Co.

Ltd.

....

3,600

24,635

SCSK

Corp.

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

200

2,951

Sega

Sammy

Holdings,

Inc.

.......

1,700

21,745

SG

Holdings

Co.

Ltd.

...........

400

5,300

Shimizu

Corp.

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

5,700

28,443

SoftBank

Corp.

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

2,100

20,715

SoftBank

Group

Corp.

..........

900

38,634

Sohgo

Security

Services

Co.

Ltd.

...

100

2,493

Sony

Group

Corp.

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

300

20,230

Sumitomo

Chemical

Co.

Ltd.

......

17,000

57,243

Sysmex

Corp.

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

100

5,382

T&D

Holdings,

Inc.

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

3,300

32,638

Takeda

Pharmaceutical

Co.

Ltd.

....

3,600

95,072

TBS

Holdings,

Inc.

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

900

9,323

TDK

Corp.

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

100

3,124

Toda

Corp.

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

100

500

Tokio

Marine

Holdings,

Inc.

.......

2,900

52,505

Tokyo

Electron

Ltd.

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

100

26,310

Toshiba

Corp.

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

300

10,410

Toyota

Industries

Corp.

..........

700

36,061

Toyota

Motor

Corp.

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

4,200

58,273

Tsuruha

Holdings,

Inc.

..........

900

52,286

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Japan

(continued)

Yamada

Holdings

Co.

Ltd.

........

1,700

$

5,478

Yaskawa

Electric

Corp.

..........

400

11,076

ZOZO,

Inc.

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

500

10,609

2,093,255

Luxembourg

—

0.2%

APERAM

SA

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

68

1,775

ArcelorMittal

SA

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

590

13,189

14,964

Netherlands

—

5.8%

ABN

AMRO

Bank

NV,

CVA

(d)(e)

.....

157

1,543

Adyen

NV

(a)(d)(e)

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

5

7,138

Aegon

NV

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

4,144

19,183

Argenx

SE

(a)

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

28

10,871

ASML

Holding

NV

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

309

144,948

ASR

Nederland

NV

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

487

21,444

Heineken

NV

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

189

15,788

IMCD

NV

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

29

3,761

Koninklijke

DSM

NV

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

228

26,820

Koninklijke

Philips

NV

...........

5,512

69,919

Koninklijke

Vopak

NV

...........

270

5,517

Randstad

NV

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

16

798

Shell

plc

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

6,856

189,922

Wolters

Kluwer

NV

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

635

67,474

585,126

New

Zealand

—

0.6%

Contact

Energy

Ltd.

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

6,249

27,410

Mercury

NZ

Ltd.

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

236

798

Meridian

Energy

Ltd.

...........

10,552

29,911

58,119

Norway

—

1.2%

Aker

BP

ASA

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

661

20,998

DNB

Bank

ASA

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

2,742

48,497

Equinor

ASA

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

1,034

37,672

Mowi

ASA

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

520

7,761

Nordic

Semiconductor

ASA

(a)

......

357

5,040

Norsk

Hydro

ASA

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

484

3,072

TOMRA

Systems

ASA

..........

117

1,890

124,930

Singapore

—

0.8%

ComfortDelGro

Corp.

Ltd.

........

4,400

3,950

Mapletree

Industrial

Trust

........

1,500

2,332

Oversea-Chinese

Banking

Corp.

Ltd.

2,400

20,602

Singapore

Telecommunications

Ltd.

.

6,700

11,797

STMicroelectronics

NV

..........

867

26,959

United

Overseas

Bank

Ltd.

.......

900

17,657

83,297

South

Africa

—

0.2%

Anglo

American

plc

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

684

20,489

Spain

—

1.5%

Acciona

SA

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

332

59,780

Aena

SME

SA

(a)(d)(e)

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

15

1,763

Banco

Bilbao

Vizcaya

Argentaria

SA

.

11,486

59,254

Banco

Santander

SA

...........

6,661

17,275

Grifols

SA

(a)

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

126

1,072

Iberdrola

SA

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

75

763

Industria

de

Diseno

Textil

SA

......

566

12,847

Telefonica

SA

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

409

1,410

154,164

Security

Shares

Shares

Value

Sweden

—

3.0%

Boliden

AB

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

517

$

15,035

EQT

AB

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

30

590

H

&

M

Hennes

&

Mauritz

AB,

Class

B

227

2,286

Industrivarden

AB,

Class

A

.......

449

10,169

Industrivarden

AB,

Class

C

.......

2,058

46,213

Investor

AB,

Class

A

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

1,955

33,245

Investor

AB,

Class

B

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

5,618

91,689

Kinnevik

AB,

Class

B

(a)

..........

42

519

Saab

AB,

Class

B

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

1,157

40,881

Sweco

AB,

Class

B

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

134

1,007

Tele2

AB,

Class

B

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

3,018

24,736

Telefonaktiebolaget

LM

Ericsson,

Class

B

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

2,216

12,320

Telia

Co.

AB

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

838

2,220

Trelleborg

AB,

Class

B

..........

515

11,340

Volvo

AB,

Class

B

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

252

4,124

296,374

Switzerland

—

5.8%

ABB

Ltd.

(Registered)

...........

2,639

73,286

Alcon,

Inc.

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

649

39,515

Belimo

Holding

AG

(Registered)

....

8

3,258

Chocoladefabriken

Lindt

&

Spruengli

AG

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

2

19,194

Givaudan

SA

(Registered)

........

27

80,647

Helvetia

Holding

AG

(Registered)

...

48

4,766

Novartis

AG

(Registered)

........

2,428

196,403

Sika

AG

(Registered)

...........

119

26,832

Sonova

Holding

AG

(Registered)

...

24

5,673

Swatch

Group

AG

(The)

.........

78

17,527

Swiss

Life

Holding

AG

(Registered)

..

48

23,243

Temenos

AG

(Registered)

........

655

39,011

UBS

Group

AG

(Registered)

......

3,372

53,460

582,815

United

Kingdom

—

10.1%

3i

Group

plc

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

164

2,184

Associated

British

Foods

plc

......

1,414

21,916

AstraZeneca

plc

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

1,316

154,409

Auto

Trader

Group

plc

(d)(e)

........

1,647

9,859

Aviva

plc

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

988

4,739

Barclays

plc

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

4,946

8,405

Barratt

Developments

plc

........

948

4,089

Bellway

plc

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

184

3,913

BP

plc

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

17,955

99,338

British

Land

Co.

plc

(The)

........

1,408

5,906

Centrica

plc

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

18,592

16,337

Compass

Group

plc

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

1,470

30,961

Croda

International

plc

..........

56

4,338

Dechra

Pharmaceuticals

plc

......

55

1,653

Diageo

plc

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

3,118

128,314

Direct

Line

Insurance

Group

plc

....

576

1,331

Drax

Group

plc

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

2,390

14,272

Experian

plc

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

1,330

42,407

Greggs

plc

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

802

18,592

Haleon

plc

(a)

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

1,395

4,278

Halma

plc

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

51

1,237

HSBC

Holdings

plc

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

10,983

56,365

Intermediate

Capital

Group

plc

.....

76

926

Intertek

Group

plc

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

609

25,513

J

Sainsbury

plc

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

8,637

19,253

Johnson

Matthey

plc

...........

138

3,063

Kingfisher

plc

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

4,590

11,532

Lloyds

Banking

Group

plc

........

105,991

50,904

Marks

&

Spencer

Group

plc

(a)

......

2,251

2,726

NatWest

Group

plc

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

2,224

5,990

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Advantage

International

Equity

Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

United

Kingdom

(continued)

RELX

plc

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

2,902

$

77,949

Rightmove

plc

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

1,217

6,853

Segro

plc

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

661

5,949

Smiths

Group

plc

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

1,060

18,987

Spirax-Sarco

Engineering

plc

......

6

739

SSE

plc

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

1,279

22,857

Standard

Chartered

plc

..........

763

4,559

Travis

Perkins

plc

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

604

5,693

Tritax

Big

Box

REIT

plc

..........

312

502

Unilever

plc

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

1,859

84,621

WPP

plc

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

3,067

26,990

1,010,449

United

States

—

8.1%

CSL

Ltd.

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

340

60,865

Ferguson

plc

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

552

60,201

GSK

plc

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

6,501

106,494

James

Hardie

Industries

plc,

CDI

...

752

16,418

Nestle

SA

(Registered)

..........

2,718

295,878

Roche

Holding

AG

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

397

133,650

Schneider

Electric

SE

...........

895

113,179

Signify

NV

(d)(e)

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

462

12,800

Sims

Ltd.

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

156

1,220

Stellantis

NV

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

548

7,393

808,098

Total

Common

Stocks

—

97.1%

(Cost:

$10,505,913)

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

9,715,555

Security

Shares

Shares

Value

Preferred

Securities

Preferred

Stocks

—

0.6%

Germany

—

0.6%

Fuchs

Petrolub

SE

(Preference)

....

80

$

2,291

Volkswagen

AG

(Preference)

......

471

60,289

62,580

Total

Preferred

Securities

—

0.6%

(Cost:

$66,791)

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

62,580

Total

Long-Term

Investments

—

97.7%

(Cost:

$10,572,704)

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

9,778,135

Short-Term

Securities

Money

Market

Funds

—

2.0%

(f)(g)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.92%

......

198,061

198,061

SL

Liquidity

Series,

LLC,

Money

Market

Series,

3.37%

(h)

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

4,506

4,503

Total

Short-Term

Securities

—

2.0%

(Cost:

$202,567)

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

202,564

Total

Investments

—

99.7%

(Cost:

$10,775,271)

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

9,980,699

Other

Assets

Less

Liabilities

—

0.3%

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

29,949

Net

Assets

—

100.0%

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

$

10,010,648

(a)

Non-income

producing

security.

(b)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

235,086

$

—

$

(37,025)

(a)

$

—

$

—

$

198,061

198,061

$

1,709

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

—

4,506

(a)

—

—

(3)

4,503

4,506

24

(b)

—

$

—

$

(3)

$

202,564

$

1,733

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

35

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

EAFE

E-Mini

Index

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

2

12/16/22

$

176

$

3,065

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

3,065

$

—

$

—

$

—

$

3,065

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(32,272)

$

—

$

—

$

—

$

(32,272)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

7,275

$

—

$

—

$

—

$

7,275

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

185,400

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Advantage

International

Equity

Fund

36

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

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

$

29,703

$

809,354

$

—

$

839,057

Austria

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

—

59,125

—

59,125

Belgium

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

—

152,851

—

152,851

China

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

—

59,313

—

59,313

Denmark

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

—

351,085

—

351,085

Finland

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

—

75,708

—

75,708

France

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

—

1,043,504

—

1,043,504

Germany

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

—

806,026

—

806,026

Hong

Kong

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

—

184,761

—

184,761

Ireland

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

—

19,980

—

19,980

Israel

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

—

76,613

—

76,613

Italy

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

—

215,452

—

215,452

Japan

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

—

2,093,255

—

2,093,255

Luxembourg

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

—

14,964

—

14,964

Netherlands

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

—

585,126

—

585,126

New

Zealand

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

—

58,119

—

58,119

Norway

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

—

124,930

—

124,930

Singapore

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

—

83,297

—

83,297

South

Africa

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

—

20,489

—

20,489

Spain

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

—

154,164

—

154,164

Sweden

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

—

296,374

—

296,374

Switzerland

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

—

582,815

—

582,815

United

Kingdom

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

—

1,010,449

—

1,010,449

United

States

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

—

808,098

—

808,098

Preferred

Securities

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

—

62,580

—

62,580

Short-Term

Securities

Money

Market

Funds

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

198,061

—

—

198,061

$

227,764

$

9,748,432

$

—

$

9,976,196

Investments

valued

at

NAV

(a)

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

4,503

$

—

$

9,980,699

$

—

Derivative

Financial

Instruments

(b)

Assets

Equity

contracts

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

$

3,065

$

—

$

—

$

3,065

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

Knollwood

CDO

Ltd.,

Series

2004-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.20%),

7.11%,

01/10/39

(a)(b)(c)

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

USD

194

$

—

Total

Asset-Backed

Securities

—

0.0%

(Cost:

$189,887)

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

—

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

1.9%

Airbus

SE

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

16,930

1,831,890

BAE

Systems

plc

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

88,199

824,976

Boeing

Co.

(The)

(d)

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

20,291

2,891,670

Dassault

Aviation

SA

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

3,612

536,449

General

Dynamics

Corp.

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

13,020

3,252,396

HEICO

Corp.

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

3,263

530,694

HEICO

Corp.,

Class

A

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

2,866

364,842

Huntington

Ingalls

Industries,

Inc.

........

3,561

915,426

Kongsberg

Gruppen

ASA

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

15,544

557,414

L3Harris

Technologies,

Inc.

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

9,927

2,446,708

Lockheed

Martin

Corp.

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

10,530

5,124,740

MTU

Aero

Engines

AG

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

1,284

229,783

Northrop

Grumman

Corp.

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

6,784

3,724,484

Raytheon

Technologies

Corp.

..........

61,026

5,786,485

Rheinmetall

AG

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

1,468

238,626

Safran

SA

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

10,263

1,142,990

Textron,

Inc.

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

13,120

897,933

Thales

SA

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

1,721

218,877

TransDigm

Group,

Inc.

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

2,167

1,247,672

32,764,055

Air

Freight

&

Logistics

—

0.0%

Deutsche

Post

AG

(Registered)

.........

9,341

330,203

Airlines

—

0.0%

(d)

Alaska

Air

Group,

Inc.

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

3,127

139,026

American

Airlines

Group,

Inc.

...........

16,088

228,128

United

Airlines

Holdings,

Inc.

...........

8,043

346,493

713,647

Auto

Components

—

0.1%

Aptiv

plc

(d)

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

13,157

1,198,208

Cie

Generale

des

Etablissements

Michelin

SCA

18,988

483,891

Denso

Corp.

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

8,300

411,812

2,093,911

Automobiles

—

2.5%

Bayerische

Motoren

Werke

AG

.........

18,831

1,478,082

Ferrari

NV

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

6,955

1,371,098

Ford

Motor

Co.

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

185,423

2,479,105

General

Motors

Co.

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

75,288

2,955,054

Honda

Motor

Co.

Ltd.

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

36,200

825,450

Isuzu

Motors

Ltd.

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

18,400

216,378

Lucid

Group,

Inc.

(d)(e)

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

82,286

1,175,867

Mercedes-Benz

Group

AG

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

32,246

1,866,449

Renault

SA

(d)

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

7,354

226,424

Rivian

Automotive,

Inc.,

Class

A

(d)

........

34,771

1,215,942

Stellantis

NV

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

106,531

1,437,271

Subaru

Corp.

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

15,100

236,026

Suzuki

Motor

Corp.

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

10,700

361,765

Tesla,

Inc.

(d)

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

98,010

22,301,195

Toyota

Motor

Corp.

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

280,100

3,886,279

42,032,385

Security

Shares

Shares

Value

Banks

—

3.2%

Australia

&

New

Zealand

Banking

Group

Ltd.

72,743

$

1,191,802

Banco

Bilbao

Vizcaya

Argentaria

SA

......

125,267

646,227

Banco

Santander

SA

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

230,081

596,710

Bank

Hapoalim

BM

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

17,175

165,554

Bank

Leumi

Le-Israel

BM

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

27,963

266,760

Bank

of

America

Corp.

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

178,666

6,439,123

Barclays

plc

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

375,651

638,326

BNP

Paribas

SA

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

22,814

1,069,838

BOC

Hong

Kong

Holdings

Ltd.

..........

77,500

240,816

CaixaBank

SA

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

43,762

145,117

Citigroup,

Inc.

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

44,724

2,051,043

Citizens

Financial

Group,

Inc.

..........

7,859

321,433

Comerica,

Inc.

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

3,246

228,843

Commonwealth

Bank

of

Australia

........

41,296

2,768,764

Credit

Agricole

SA

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

20,510

186,101

Danske

Bank

A/S

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

11,276

181,893

DBS

Group

Holdings

Ltd.

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

55,600

1,344,203

DNB

Bank

ASA

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

110,075

1,946,883

Fifth

Third

Bancorp

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

12,370

441,485

FinecoBank

Banca

Fineco

SpA

.........

25,581

344,719

First

Republic

Bank

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

3,489

419,029

Hang

Seng

Bank

Ltd.

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

20,900

294,226

HSBC

Holdings

plc

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

468,826

2,406,040

Huntington

Bancshares,

Inc.

...........

31,157

472,963

ING

Groep

NV

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

74,973

737,704

Intesa

Sanpaolo

SpA

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

279,638

533,138

Israel

Discount

Bank

Ltd.,

Class

A

.......

23,808

135,374

Japan

Post

Bank

Co.

Ltd.

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

26,000

173,241

JPMorgan

Chase

&

Co.

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

76,481

9,627,428

KBC

Group

NV

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

6,212

311,319

KeyCorp

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

10,594

189,315

M&T

Bank

Corp.

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

4,298

723,654

Mitsubishi

UFJ

Financial

Group,

Inc.

......

239,700

1,132,307

Mizuho

Financial

Group,

Inc.

...........

50,650

547,804

National

Australia

Bank

Ltd.

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

73,708

1,531,066

NatWest

Group

plc

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

183,809

495,054

Nordea

Bank

Abp

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

44,930

429,195

Oversea-Chinese

Banking

Corp.

Ltd.

.....

77,600

666,125

PNC

Financial

Services

Group,

Inc.

(The)

..

9,820

1,589,171

Regions

Financial

Corp.

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

17,180

377,101

Signature

Bank

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

1,655

262,367

Societe

Generale

SA

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

9,583

219,806

Standard

Chartered

plc

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

47,053

281,130

Sumitomo

Mitsui

Financial

Group,

Inc.

.....

25,600

718,888

SVB

Financial

Group

(d)

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

1,537

354,985

Truist

Financial

Corp.

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

18,943

848,457

UniCredit

SpA

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

33,385

414,017

United

Overseas

Bank

Ltd.

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

22,800

447,309

US

Bancorp

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

34,906

1,481,760

Wells

Fargo

&

Co.

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

98,539

4,531,809

Westpac

Banking

Corp.

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

79,656

1,229,966

Zions

Bancorp

NA

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

3,766

195,606

54,992,994

Beverages

—

1.4%

Anheuser-Busch

InBev

SA/NV

..........

24,950

1,248,009

Asahi

Group

Holdings

Ltd.

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

7,600

212,654

Brown-Forman

Corp.,

Class

B

..........

5,538

376,584

Carlsberg

A/S,

Class

B

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

5,248

617,929

Coca-Cola

Co.

(The)

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

77,080

4,613,238

Coca-Cola

HBC

AG

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

22,224

485,446

Constellation

Brands,

Inc.,

Class

A

.......

3,618

893,935

Diageo

plc

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

72,323

2,976,273

Heineken

Holding

NV

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

10,489

715,709

Heineken

NV

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

9,926

829,161

Keurig

Dr

Pepper,

Inc.

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

9,446

366,883

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Beverages

(continued)

Kirin

Holdings

Co.

Ltd.

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

37,000

$

543,898

Monster

Beverage

Corp.

(d)

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

4,247

398,029

PepsiCo,

Inc.

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

35,358

6,420,306

Pernod

Ricard

SA

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

9,881

1,734,227

Remy

Cointreau

SA

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

1,061

162,267

Treasury

Wine

Estates

Ltd.

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

60,104

498,068

23,092,616

Biotechnology

—

1.6%

AbbVie,

Inc.

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

49,675

7,272,420

Alnylam

Pharmaceuticals,

Inc.

(d)

.........

847

175,549

Amgen,

Inc.

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

15,404

4,164,471

Argenx

SE

(d)

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

1,503

583,541

Biogen,

Inc.

(d)

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

4,458

1,263,576

CSL

Ltd.

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

12,372

2,214,779

Genmab

A/S

(d)

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

1,728

665,639

Gilead

Sciences,

Inc.

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

36,685

2,878,305

Horizon

Therapeutics

plc

(d)

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

3,829

238,623

Incyte

Corp.

(d)

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

6,247

464,402

Moderna

,

Inc.

(d)

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

10,432

1,568,243

Regeneron

Pharmaceuticals,

Inc.

(d)

.......

3,179

2,380,276

Seagen

,

Inc.

(d)

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

2,003

254,702

Vertex

Pharmaceuticals,

Inc.

(d)

..........

7,304

2,278,848

26,403,374

Building

Products

—

1.0%

Allegion

plc

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

9,885

1,035,651

AO

Smith

Corp.

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

8,783

481,133

Assa

Abloy

AB,

Class

B

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

48,880

986,989

Carlisle

Cos.,

Inc.

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

2,185

521,778

Carrier

Global

Corp.

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

50,352

2,001,996

Daikin

Industries

Ltd.

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

4,800

718,978

Fortune

Brands

Home

&

Security,

Inc.

.....

9,989

602,536

Geberit

AG

(Registered)

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

1,416

629,465

Johnson

Controls

International

plc

.......

48,618

2,812,065

Kingspan

Group

plc

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

10,215

515,007

Lennox

International,

Inc.

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

2,728

637,179

Lixil

Corp.

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

10,900

164,648

Masco

Corp.

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

20,349

941,548

Nibe

Industrier

AB,

Class

B

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

21,124

168,501

Owens

Corning

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

5,474

468,629

Rockwool

A/S,

Class

B

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

2,634

524,572

TOTO

Ltd.

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

11,600

330,863

Trane

Technologies

plc

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

21,522

3,435,557

16,977,095

Capital

Markets

—

1.5%

3i

Group

plc

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

41,737

555,869

Abrdn

plc

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

34,377

62,641

Amundi

SA

(c)(f)

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

3,050

143,899

ASX

Ltd.

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

15,924

689,963

Bank

of

New

York

Mellon

Corp.

(The)

.....

7,698

324,163

Cboe

Global

Markets,

Inc.

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

2,608

324,696

Charles

Schwab

Corp.

(The)

...........

37,403

2,979,897

CME

Group,

Inc.,

Class

A

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

9,228

1,599,212

Deutsche

Bank

AG

(Registered)

.........

36,135

344,430

Deutsche

Boerse

AG

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

6,263

1,018,488

Euronext

NV

(c)(f)

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

3,132

198,785

FactSet

Research

Systems,

Inc.

.........

593

252,316

Goldman

Sachs

Group,

Inc.

(The)

.......

6,836

2,355,070

Hargreaves

Lansdown

plc

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

19,129

167,180

Hong

Kong

Exchanges

&

Clearing

Ltd.

....

26,200

695,443

Intercontinental

Exchange,

Inc.

.........

12,014

1,148,178

Invesco

Ltd.

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

5,211

79,832

Japan

Exchange

Group,

Inc.

...........

20,300

266,778

London

Stock

Exchange

Group

plc

.......

10,763

932,959

Security

Shares

Shares

Value

Capital

Markets

(continued)

Macquarie

Group

Ltd.

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

8,272

$

897,370

MarketAxess

Holdings,

Inc.

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

954

232,814

Moody's

Corp.

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

2,754

729,452

Morgan

Stanley

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

28,914

2,375,863

MSCI,

Inc.

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

986

462,296

Nasdaq,

Inc.

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

5,150

320,536

Northern

Trust

Corp.

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

3,274

276,162

Partners

Group

Holding

AG

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

550

493,671

Raymond

James

Financial,

Inc.

.........

2,407

284,363

S&P

Global,

Inc.

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

7,947

2,552,974

Schroders

plc

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

109,617

492,181

St.

James's

Place

plc

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

10,695

130,603

State

Street

Corp.

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

4,892

362,008

T.

Rowe

Price

Group,

Inc.

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

4,419

469,121

UBS

Group

AG

(Registered)

...........

49,307

781,721

25,000,934

Chemicals

—

1.1%

Air

Liquide

SA

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

10,439

1,365,565

Air

Products

&

Chemicals,

Inc.

..........

948

237,379

Akzo

Nobel

NV

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

20,581

1,270,578

Albemarle

Corp.

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

3,713

1,039,157

Asahi

Kasei

Corp.

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

19,800

126,956

BASF

SE

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

25,785

1,156,990

Corteva

,

Inc.

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

7,600

496,584

Croda

International

plc

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

7,027

544,379

Ecolab,

Inc.

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

18,927

2,972,864

EMS-

Chemie

Holding

AG

(Registered)

....

989

621,874

Evonik

Industries

AG

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

20,451

376,743

International

Flavors

&

Fragrances,

Inc.

....

6,288

613,772

Johnson

Matthey

plc

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

6,643

147,459

Koninklijke

DSM

NV

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

1,931

227,144

Linde

plc

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

3,569

1,061,242

Novozymes

A/S,

Class

B

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

4,329

227,232

Orica

Ltd.

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

13,949

124,080

PPG

Industries,

Inc.

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

7,994

912,755

Sherwin-Williams

Co.

(The)

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

9,842

2,214,745

Shin-Etsu

Chemical

Co.

Ltd.

...........

6,700

696,331

Sika

AG

(Registered)

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

654

147,461

Symrise

AG

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

4,906

500,768

Westlake

Corp.

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

1,354

130,864

Yara

International

ASA

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

18,385

820,549

18,033,471

Commercial

Services

&

Supplies

—

0.2%

Brambles

Ltd.

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

21,972

164,499

Copart

,

Inc.

(d)

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

1,510

173,680

Dai

Nippon

Printing

Co.

Ltd.

...........

6,900

138,212

Republic

Services,

Inc.

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

4,703

623,712

Secom

Co.

Ltd.

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

22,100

1,259,048

Waste

Management,

Inc.

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

6,965

1,103,047

3,462,198

Communications

Equipment

—

0.3%

Cisco

Systems,

Inc.

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

75,640

3,436,325

Nokia

OYJ

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

141,450

628,592

Telefonaktiebolaget

LM

Ericsson,

Class

B

..

97,497

542,020

4,606,937

Construction

&

Engineering

—

0.4%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

15,633

401,163

Bouygues

SA

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

39,590

1,129,549

Eiffage

SA

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

12,675

1,146,096

Kajima

Corp.

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

33,500

315,342

Obayashi

Corp.

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

72,900

467,921

Quanta

Services,

Inc.

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

3,060

434,643

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Shimizu

Corp.

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

92,200

$

460,077

Skanska

AB,

Class

B

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

13,281

206,538

Taisei

Corp.

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

29,400

800,874

Vinci

SA

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

23,969

2,206,035

7,568,238

Construction

Materials

—

0.1%

CRH

plc

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

3,719

133,950

James

Hardie

Industries

plc,

CDI

........

9,886

215,841

Martin

Marietta

Materials,

Inc.

..........

2,294

770,738

Vulcan

Materials

Co.

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

5,394

882,998

2,003,527

Consumer

Finance

—

0.2%

American

Express

Co.

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

14,409

2,139,016

Capital

One

Financial

Corp.

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

6,208

658,172

Discover

Financial

Services

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

4,965

518,644

Synchrony

Financial

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

6,946

247,000

3,562,832

Containers

&

Packaging

—

0.2%

Ball

Corp.

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

5,528

273,028

International

Paper

Co.

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

51,701

1,737,671

Packaging

Corp.

of

America

...........

4,392

527,962

2,538,661

Distributors

—

0.2%

D'ieteren

Group

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

1,782

296,575

LKQ

Corp.

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

23,468

1,305,760

Pool

Corp.

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

7,274

2,212,969

3,815,304

Diversified

Financial

Services

—

0.9%

Berkshire

Hathaway,

Inc.,

Class

B

(d)

......

45,926

13,552,303

Groupe

Bruxelles

Lambert

NV

..........

5,537

408,223

Investor

AB,

Class

A

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

14,948

254,187

Investor

AB,

Class

B

.................

46,962

766,449

M&G

plc

.........................

82,864

166,526

ORIX

Corp.

.......................

26,700

392,162

15,539,850

Diversified

Telecommunication

Services

—

0.0%

Telenor

ASA

......................

29,563

268,665

Electric

Utilities

—

2.5%

Acciona

SA

.......................

1,936

348,599

Alliant

Energy

Corp.

.................

15,432

805,087

American

Electric

Power

Co.,

Inc.

........

30,853

2,712,596

CK

Infrastructure

Holdings

Ltd.

..........

74,500

353,929

CLP

Holdings

Ltd.

..................

41,500

278,540

Constellation

Energy

Corp.

............

17,875

1,689,902

Duke

Energy

Corp.

.................

34,270

3,193,279

Edison

International

.................

25,730

1,544,829

EDP

-

Energias

de

Portugal

SA

.........

61,015

266,594

Electricite

de

France

SA

..............

26,918

317,901

Elia

Group

SA/NV

..................

1,570

198,499

Endesa

SA

.......................

45,521

760,567

Enel

SpA

........................

253,355

1,131,825

Entergy

Corp.

.....................

13,303

1,425,283

Evergy

,

Inc.

.......................

15,643

956,257

Eversource

Energy

.................

18,286

1,394,856

Exelon

Corp.

......................

58,807

2,269,362

FirstEnergy

Corp.

..................

32,753

1,235,116

Iberdrola

SA

......................

186,910

1,900,740

NextEra

Energy,

Inc.

................

112,826

8,744,015

NRG

Energy,

Inc.

...................

20,194

896,614

Origin

Energy

Ltd.

..................

71,096

253,996

Orsted

A/S

(c)(f)

.....................

5,469

451,224

Security

Shares

Shares

Value

Electric

Utilities

(continued)

PG&E

Corp.

(d)

.....................

123,343

$

1,841,511

Pinnacle

West

Capital

Corp.

...........

1,462

98,261

Power

Assets

Holdings

Ltd.

............

46,500

222,342

PPL

Corp.

.......................

73,279

1,941,161

Red

Electrica

Corp.

SA

...............

2,461

39,808

Southern

Co.

(The)

.................

26,186

1,714,659

SSE

plc

.........................

55,182

986,151

Terna

-

Rete

Elettrica

Nazionale

.........

78,590

521,183

Verbund

AG

......................

2,827

221,453

Xcel

Energy,

Inc.

...................

27,197

1,770,797

42,486,936

Electrical

Equipment

—

0.3%

ABB

Ltd.

(Registered)

................

42,486

1,179,849

Fuji

Electric

Co.

Ltd.

.................

9,000

347,985

Legrand

SA

......................

14,603

1,112,817

Mitsubishi

Electric

Corp.

..............

61,800

543,754

Schneider

Electric

SE

................

14,471

1,829,951

Vestas

Wind

Systems

A/S

.............

31,696

624,845

5,639,201

Electronic

Equipment,

Instruments

&

Components

—

0.5%

Arrow

Electronics,

Inc.

(d)

..............

4,380

443,519

Azbil

Corp.

.......................

21,000

570,689

CDW

Corp.

.......................

7,356

1,271,190

Halma

plc

........................

17,234

417,913

Hexagon

AB,

Class

B

................

55,779

551,425

Keyence

Corp.

....................

5,600

2,111,566

Kyocera

Corp.

.....................

5,500

266,346

Murata

Manufacturing

Co.

Ltd.

..........

11,800

558,605

Omron

Corp.

......................

14,000

652,937

Shimadzu

Corp.

....................

5,600

147,520

Teledyne

Technologies,

Inc.

(d)

...........

1,346

535,681

Trimble,

Inc.

(d)

.....................

3,792

228,127

Yokogawa

Electric

Corp.

..............

8,800

147,146

Zebra

Technologies

Corp.,

Class

A

(d)

......

1,075

304,461

8,207,125

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.,

Class

A

............

20,904

578,205

Halliburton

Co.

....................

12,729

463,590

Schlumberger

NV

..................

25,409

1,322,030

Tenaris

SA

.......................

22,608

353,841

2,717,666

Entertainment

—

1.1%

Activision

Blizzard,

Inc.

...............

18,128

1,319,718

AMC

Entertainment

Holdings,

Inc.,

Class

A

(d)

18,279

121,738

Bollore

SE

.......................

77,622

388,230

Electronic

Arts,

Inc.

.................

6,075

765,207

Konami

Group

Corp.

................

1,100

48,215

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(d)

......................

6,117

353,134

Live

Nation

Entertainment,

Inc.

(d)

........

7,103

565,470

Netflix,

Inc.

(d)

......................

16,829

4,912,049

Nexon

Co.

Ltd.

....................

7,300

122,160

Nintendo

Co.

Ltd.

...................

32,400

1,315,411

Sea

Ltd.,

ADR

(d)

....................

5,444

270,458

Take-Two

Interactive

Software,

Inc.

(d)

......

3,033

359,350

Toho

Co.

Ltd.

.....................

3,000

106,675

Ubisoft

Entertainment

SA

(d)

............

1,790

49,110

Universal

Music

Group

NV

............

16,112

316,366

Walt

Disney

Co.

(The)

(d)

..............

52,611

5,605,176

Warner

Bros

Discovery,

Inc.

(d)

..........

109,000

1,417,000

18,035,467

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.0%

Alexandria

Real

Estate

Equities,

Inc.

......

5,112

$

742,774

American

Tower

Corp.

...............

16,158

3,347,776

AvalonBay

Communities,

Inc.

..........

4,837

847,055

British

Land

Co.

plc

(The)

.............

14,215

59,630

Camden

Property

Trust

...............

2,491

287,835

CapitaLand

Integrated

Commercial

Trust

...

103,000

136,697

CapLand

Ascendas

REIT

.............

147,900

273,643

Covivio

.........................

827

44,279

Crown

Castle,

Inc.

..................

15,231

2,029,683

Daiwa

House

REIT

Investment

Corp.

.....

92

185,683

Dexus

(g)

.........................

128,037

638,022

Digital

Realty

Trust,

Inc.

..............

10,097

1,012,224

Equinix

,

Inc.

......................

3,302

1,870,385

Equity

Residential

..................

11,285

711,181

Essex

Property

Trust,

Inc.

.............

1,581

351,361

Extra

Space

Storage,

Inc.

.............

5,039

894,120

Federal

Realty

Investment

Trust

.........

1,758

174,007

Gecina

SA

.......................

1,795

160,032

GLP

J-

Reit

.......................

162

168,007

Goodman

Group

...................

81,593

887,790

GPT

Group

(The)

(g)

..................

83,996

232,129

Healthpeak

Properties,

Inc.

............

10,318

244,846

Host

Hotels

&

Resorts,

Inc.

............

24,392

460,521

Invitation

Homes,

Inc.

................

17,253

546,748

Iron

Mountain,

Inc.

..................

11,018

551,671

Japan

Metropolitan

Fund

Investment

Corp.

.

117

86,197

Japan

Real

Estate

Investment

Corp.

......

44

184,373

Kimco

Realty

Corp.

.................

14,582

311,763

Land

Securities

Group

plc

.............

17,509

114,489

Link

REIT

........................

76,100

449,798

Mapletree

Pan

Asia

Commercial

Trust

.....

97,300

109,191

Mid-America

Apartment

Communities,

Inc.

..

3,182

501,006

Mirvac

Group

(g)

....................

170,249

225,574

Nippon

Building

Fund,

Inc.

.............

59

262,269

Nippon

Prologis

REIT,

Inc.

.............

15

31,474

Nomura

Real

Estate

Master

Fund,

Inc.

....

97

110,661

Prologis,

Inc.

......................

33,169

3,673,467

Public

Storage

.....................

6,035

1,869,341

Realty

Income

Corp.

.................

23,251

1,447,840

Regency

Centers

Corp.

..............

2,218

134,211

SBA

Communications

Corp.,

Class

A

......

3,152

850,725

Scentre

Group

.....................

184,868

344,044

Segro

plc

........................

51,028

459,252

Simon

Property

Group,

Inc.

............

9,137

995,750

Stockland

(g)

.......................

178,322

410,872

UDR,

Inc.

........................

6,928

275,457

Ventas,

Inc.

......................

8,170

319,692

VICI

Properties,

Inc.

.................

30,926

990,251

Vicinity

Ltd.

.......................

245,094

305,550

Warehouses

De

Pauw

CVA

............

6,056

155,433

Welltower

,

Inc.

.....................

15,948

973,466

Weyerhaeuser

Co.

..................

24,849

768,580

33,218,825

Food

&

Staples

Retailing

—

2.2%

Aeon

Co.

Ltd.

.....................

20,300

378,607

Carrefour

SA

......................

28,088

452,089

Coles

Group

Ltd.

...................

79,949

835,920

Costco

Wholesale

Corp.

..............

25,234

12,654,851

Endeavour

Group

Ltd.

...............

79,186

362,459

J

Sainsbury

plc

....................

78,135

174,170

Jeronimo

Martins

SGPS

SA

............

46,326

958,625

Kesko

OYJ,

Class

B

.................

32,169

626,030

Kobe

Bussan

Co.

Ltd.

................

6,300

136,651

Koninklijke

Ahold

Delhaize

NV

..........

39,134

1,091,381

Kroger

Co.

(The)

...................

46,880

2,216,955

Security

Shares

Shares

Value

Food

&

Staples

Retailing

(continued)

Ocado

Group

plc

(d)

..................

18,813

$

101,991

Seven

&

i

Holdings

Co.

Ltd.

............

18,300

683,109

Sysco

Corp.

......................

32,198

2,787,059

Tesco

plc

........................

134,556

332,338

Walgreens

Boots

Alliance,

Inc.

..........

51,050

1,863,325

Walmart,

Inc.

......................

72,670

10,343,121

Woolworths

Group

Ltd.

...............

56,737

1,198,160

37,196,841

Food

Products

—

1.4%

Archer-Daniels-Midland

Co.

............

16,664

1,616,075

Associated

British

Foods

plc

...........

15,416

238,937

Campbell

Soup

Co.

.................

6,297

333,174

Chocoladefabriken

Lindt

&

Spruengli

AG

...

11

105,567

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

....................

9

874,700

Conagra

Brands,

Inc.

................

21,610

793,087

Danone

SA

.......................

9,995

496,747

General

Mills,

Inc.

..................

22,034

1,797,534

Hershey

Co.

(The)

..................

5,704

1,361,944

Hormel

Foods

Corp.

.................

15,945

740,645

JDE

Peet's

NV

....................

6,149

176,016

JM

Smucker

Co.

(The)

...............

965

145,387

Kerry

Group

plc,

Class

A

..............

1,982

172,146

Kraft

Heinz

Co.

(The)

................

29,892

1,149,945

Lamb

Weston

Holdings,

Inc.

...........

3,607

310,995

McCormick

&

Co.,

Inc.

(Non-Voting)

......

10,477

823,911

MEIJI

Holdings

Co.

Ltd.

..............

16,100

662,501

Mondelez

International,

Inc.,

Class

A

......

28,975

1,781,383

Mowi

ASA

........................

25,471

380,175

Nestle

SA

(Registered)

...............

68,035

7,406,209

Orkla

ASA

........................

222,278

1,499,300

Salmar

ASA

......................

11,637

394,514

Tyson

Foods,

Inc.,

Class

A

............

11,313

773,244

24,034,136

Gas

Utilities

—

0.1%

APA

Group

(g)

......................

51,808

348,792

Hong

Kong

&

China

Gas

Co.

Ltd.

........

586,222

451,842

Naturgy

Energy

Group

SA

.............

15,014

385,297

Osaka

Gas

Co.

Ltd.

.................

13,200

195,462

Snam

SpA

.......................

192,841

857,470

Tokyo

Gas

Co.

Ltd.

.................

10,800

193,012

2,431,875

Health

Care

Equipment

&

Supplies

—

1.8%

Abbott

Laboratories

.................

56,471

5,587,241

ABIOMED,

Inc.

(d)

...................

492

124,023

Alcon,

Inc.

.......................

5,288

321,962

Align

Technology,

Inc.

(d)

...............

1,917

372,473

Baxter

International,

Inc.

..............

11,428

621,112

Becton

Dickinson

and

Co.

.............

8,665

2,044,680

BioMerieux

.......................

1,451

128,382

Boston

Scientific

Corp.

(d)

..............

40,793

1,758,586

Carl

Zeiss

Meditec

AG

...............

1,944

235,308

Cochlear

Ltd.

.....................

3,781

482,999

Coloplast

A/S,

Class

B

...............

1,494

166,536

Dexcom

,

Inc.

(d)

....................

13,372

1,615,070

Edwards

Lifesciences

Corp.

(d)

..........

18,765

1,359,149

EssilorLuxottica

SA

.................

7,874

1,245,102

Hologic

,

Inc.

(d)

.....................

3,351

227,198

Hoya

Corp.

.......................

9,200

855,245

IDEXX

Laboratories,

Inc.

(d)

.............

2,319

834,098

Intuitive

Surgical,

Inc.

(d)

...............

11,011

2,713,881

Koninklijke

Philips

NV

................

14,532

184,337

Medtronic

plc

.....................

43,336

3,784,966

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Olympus

Corp.

....................

25,100

$

529,221

ResMed

,

Inc.

.....................

4,493

1,005,039

Siemens

Healthineers

AG

(c)(f)

...........

11,172

511,818

Smith

&

Nephew

plc

.................

33,243

392,830

STERIS

plc

.......................

1,590

274,402

Stryker

Corp.

.....................

10,294

2,359,797

Sysmex

Corp.

.....................

1,800

96,883

Terumo

Corp.

.....................

17,900

543,247

Zimmer

Biomet

Holdings,

Inc.

..........

4,828

547,254

30,922,839

Health

Care

Providers

&

Services

—

0.7%

Elevance

Health,

Inc.

................

2,817

1,540,251

Fresenius

SE

&

Co.

KGaA

.............

6,100

140,380

Ramsay

Health

Care

Ltd.

.............

4,901

183,833

Sonic

Healthcare

Ltd.

................

19,356

405,227

UnitedHealth

Group,

Inc.

..............

18,532

10,288,040

12,557,731

Health

Care

Technology

—

0.0%

M3,

Inc.

.........................

10,400

309,922

Hotels,

Restaurants

&

Leisure

—

0.0%

Norwegian

Cruise

Line

Holdings

Ltd.

(d)

.....

10,355

174,896

Household

Durables

—

0.7%

Barratt

Developments

plc

.............

58,633

252,889

Berkeley

Group

Holdings

plc

...........

4,230

168,301

DR

Horton,

Inc.

....................

39,518

3,038,144

Lennar

Corp.,

Class

A

................

32,513

2,623,799

NVR,

Inc.

(d)

.......................

450

1,906,987

Persimmon

plc

....................

22,495

336,612

PulteGroup,

Inc.

...................

38,406

1,535,856

Sony

Group

Corp.

..................

23,300

1,571,228

Taylor

Wimpey

plc

..................

223,222

239,993

11,673,809

Household

Products

—

0.5%

Colgate-Palmolive

Co.

...............

9,927

733,010

Essity

AB,

Class

B

..................

12,850

271,499

Henkel

AG

&

Co.

KGaA

..............

6,761

396,905

Procter

&

Gamble

Co.

(The)

...........

46,374

6,245,187

Reckitt

Benckiser

Group

plc

............

21,375

1,418,531

Unicharm

Corp.

....................

4,700

142,840

9,207,972

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

...................

72,350

1,892,676

EDP

Renovaveis

SA

.................

10,019

210,825

RWE

AG

........................

20,227

778,642

Vistra

Corp.

......................

35,125

806,821

3,688,964

Industrial

Conglomerates

—

0.9%

3M

Co.

..........................

21,245

2,672,409

CK

Hutchison

Holdings

Ltd.

............

56,000

278,759

DCC

plc

.........................

8,113

450,279

General

Electric

Co.

.................

16,153

1,256,865

Hitachi

Ltd.

.......................

24,700

1,120,733

Honeywell

International,

Inc.

...........

23,305

4,754,686

Investment

AB

Latour

,

Class

B

..........

14,798

249,972

Jardine

Matheson

Holdings

Ltd.

.........

2,800

128,990

Keppel

Corp.

Ltd.

...................

177,000

871,197

Lifco

AB,

Class

B

...................

17,356

250,791

Siemens

AG

(Registered)

.............

20,792

2,270,674

Smiths

Group

plc

...................

20,356

364,628

Security

Shares

Shares

Value

Industrial

Conglomerates

(continued)

Toshiba

Corp.

.....................

12,300

$

426,829

15,096,812

Insurance

—

0.3%

AIA

Group

Ltd.

....................

99,000

749,905

American

International

Group,

Inc.

.......

20,222

1,152,654

Assurant,

Inc.

.....................

782

106,242

Aviva

plc

........................

90,394

433,586

Prudential

Financial,

Inc.

..............

9,788

1,029,600

Prudential

plc

.....................

55,576

516,283

Willis

Towers

Watson

plc

..............

2,719

593,313

4,581,583

Interactive

Media

&

Services

—

2.0%

Alphabet,

Inc.,

Class

A

(d)

..............

158,046

14,936,928

Alphabet,

Inc.,

Class

C

(d)

..............

140,823

13,330,305

Auto

Trader

Group

plc

(c)(f)

..............

26,122

156,360

Meta

Platforms,

Inc.,

Class

A

(d)

..........

59,739

5,565,285

REA

Group

Ltd.

....................

1,658

128,505

34,117,383

Internet

&

Direct

Marketing

Retail

—

1.5%

Amazon.com,

Inc.

(d)

.................

228,349

23,392,072

Prosus

NV

(d)

......................

19,994

864,574

Zalando

SE

(c)(d)(f)

....................

11,559

266,414

ZOZO,

Inc.

.......................

5,600

118,822

24,641,882

IT

Services

—

2.3%

Accenture

plc,

Class

A

...............

14,391

4,085,605

Adyen

NV

(c)(d)(f)

.....................

311

443,983

Amadeus

IT

Group

SA

(d)

..............

6,891

359,402

Automatic

Data

Processing,

Inc.

.........

11,466

2,771,332

Bechtle

AG

.......................

4,787

165,375

Capgemini

SE

.....................

1,711

280,417

Cognizant

Technology

Solutions

Corp.,

Class

A

7,228

449,943

DXC

Technology

Co.

(d)

...............

6,072

174,570

Edenred

.........................

6,840

350,661

EPAM

Systems,

Inc.

(d)

................

702

245,700

Fidelity

National

Information

Services,

Inc.

..

12,952

1,074,887

Fiserv,

Inc.

(d)

......................

16,795

1,725,518

Fujitsu

Ltd.

.......................

6,100

701,857

Global

Payments,

Inc.

...............

6,274

716,867

GMO

Payment

Gateway,

Inc.

...........

3,900

280,433

International

Business

Machines

Corp.

....

15,263

2,110,720

Itochu

Techno-Solutions

Corp.

..........

24,000

556,410

Jack

Henry

&

Associates,

Inc.

..........

2,963

589,815

Mastercard

,

Inc.,

Class

A

..............

19,419

6,372,927

NEC

Corp.

.......................

5,100

168,815

Nexi

SpA

(c)(d)(f)

.....................

14,547

125,766

Nomura

Research

Institute

Ltd.

.........

13,000

287,693

NTT

Data

Corp.

....................

10,200

147,735

Obic

Co.

Ltd.

......................

7,500

1,125,472

Otsuka

Corp.

.....................

18,800

592,053

Paychex,

Inc.

.....................

13,312

1,574,943

PayPal

Holdings,

Inc.

(d)

...............

28,338

2,368,490

SCSK

Corp.

......................

38,500

568,009

TIS,

Inc.

.........................

16,400

442,172

Visa,

Inc.,

Class

A

..................

41,671

8,632,564

39,490,134

Leisure

Products

—

0.0%

Hasbro,

Inc.

......................

3,319

216,565

Life

Sciences

Tools

&

Services

—

1.1%

Agilent

Technologies,

Inc.

.............

7,781

1,076,501

Bio-Rad

Laboratories,

Inc.,

Class

A

(d)

......

573

201,530

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Bio-

Techne

Corp.

...................

1,144

$

338,921

Charles

River

Laboratories

International,

Inc.

(d)

991

210,340

Danaher

Corp.

....................

18,761

4,721,581

Eurofins

Scientific

SE

................

5,074

324,811

Illumina,

Inc.

(d)

.....................

5,094

1,165,609

IQVIA

Holdings,

Inc.

(d)

................

4,816

1,009,771

Lonza

Group

AG

(Registered)

..........

1,434

738,201

Mettler

-Toledo

International,

Inc.

(d)

.......

485

613,491

PerkinElmer,

Inc.

...................

3,314

442,684

QIAGEN

NV

(d)

.....................

12,893

556,761

Sartorius

Stedim

Biotech

..............

1,072

340,187

Thermo

Fisher

Scientific,

Inc.

...........

11,003

5,655,212

Waters

Corp.

(d)

....................

1,713

512,478

West

Pharmaceutical

Services,

Inc.

......

1,718

395,312

18,303,390

Machinery

—

2.1%

Alstom

SA

.......................

13,781

283,630

Atlas

Copco

AB,

Class

B

..............

28,032

271,102

Caterpillar,

Inc.

....................

18,999

4,112,524

Cummins,

Inc.

.....................

14,172

3,465,196

Daimler

Truck

Holding

AG

(d)

............

7,346

195,937

Deere

&

Co.

......................

23,687

9,375,788

Dover

Corp.

......................

3,473

453,886

Fortive

Corp.

......................

15,267

975,561

Hoshizaki

Corp.

....................

6,800

194,820

IDEX

Corp.

.......................

594

132,052

Illinois

Tool

Works,

Inc.

...............

9,032

1,928,603

Indutrade

AB

......................

11,871

207,837

Ingersoll

Rand,

Inc.

.................

9,749

492,325

Kone

OYJ,

Class

B

.................

8,501

348,080

PACCAR,

Inc.

.....................

41,442

4,012,829

Parker-Hannifin

Corp.

................

6,553

1,904,433

Pentair

plc

.......................

12,483

536,145

Schindler

Holding

AG

................

1,764

287,648

SMC

Corp.

.......................

500

200,701

Snap-on,

Inc.

.....................

3,332

739,871

Stanley

Black

&

Decker,

Inc.

...........

9,550

749,580

Westinghouse

Air

Brake

Technologies

Corp.

.

32,966

3,075,068

Xylem,

Inc.

.......................

7,419

759,928

34,703,544

Marine

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

.........

82

164,056

AP

Moller

-

Maersk

A/S,

Class

B

.........

268

559,898

Kuehne

+

Nagel

International

AG

(Registered)

1,004

213,718

937,672

Media

—

0.7%

Charter

Communications,

Inc.,

Class

A

(d)

...

5,113

1,879,641

Comcast

Corp.,

Class

A

..............

166,030

5,269,792

Dentsu

Group,

Inc.

..................

1,700

52,876

Fox

Corp.,

Class

A

..................

9,310

268,780

Informa

plc

.......................

30,060

191,540

Interpublic

Group

of

Cos.,

Inc.

(The)

......

19,760

588,650

Liberty

Broadband

Corp.,

Class

C

(d)

......

2,407

203,223

News

Corp.,

Class

B

................

3,007

51,510

Omnicom

Group,

Inc.

................

8,689

632,125

Paramount

Global,

Class

B

............

28,150

515,708

Pearson

plc

......................

21,356

236,051

Publicis

Groupe

SA

.................

4,403

246,587

Sirius

XM

Holdings,

Inc.

..............

71,998

434,868

Trade

Desk,

Inc.

(The),

Class

A

(d)

........

4,372

232,765

Vivendi

SE

.......................

25,959

212,474

WPP

plc

.........................

24,884

218,983

11,235,573

Security

Shares

Shares

Value

Metals

&

Mining

—

0.3%

Anglo

American

plc

.................

26,705

$

799,927

BHP

Group

Ltd.

....................

97,111

2,332,626

Boliden

AB

.......................

14,613

424,960

Glencore

plc

......................

190,090

1,089,800

Mineral

Resources

Ltd.

...............

3,807

178,479

Norsk

Hydro

ASA

...................

26,010

165,068

Northern

Star

Resources

Ltd.

...........

27,507

153,519

Rio

Tinto

plc

......................

6,129

320,312

5,464,691

Multiline

Retail

—

1.2%

Dollar

General

Corp.

................

24,965

6,367,323

Dollar

Tree,

Inc.

(d)

...................

29,762

4,717,277

Next

plc

.........................

9,467

534,693

Target

Corp.

......................

46,403

7,621,693

Wesfarmers

Ltd.

...................

55,550

1,612,008

20,852,994

Multi-Utilities

—

1.3%

Ameren

Corp.

.....................

22,028

1,795,723

CenterPoint

Energy,

Inc.

..............

17,794

509,086

CMS

Energy

Corp.

..................

13,268

756,939

Consolidated

Edison,

Inc.

.............

22,694

1,996,164

Dominion

Energy,

Inc.

................

53,095

3,715,057

DTE

Energy

Co.

...................

14,593

1,636,021

E.ON

SE

........................

71,188

596,128

Engie

SA

........................

45,983

597,474

National

Grid

plc

...................

150,693

1,641,819

Public

Service

Enterprise

Group,

Inc.

.....

59,239

3,321,531

Sempra

Energy

....................

17,752

2,679,487

Veolia

Environnement

SA

.............

23,351

521,102

WEC

Energy

Group,

Inc.

..............

22,084

2,016,932

21,783,463

Oil,

Gas

&

Consumable

Fuels

—

2.2%

Aker

BP

ASA

......................

29,021

921,892

BP

plc

..........................

439,920

2,433,905

Chevron

Corp.

.....................

32,594

5,896,255

ConocoPhillips

....................

22,160

2,794,154

Devon

Energy

Corp.

.................

6,634

513,140

Eni

SpA

.........................

31,209

409,891

EOG

Resources,

Inc.

................

8,168

1,115,095

Equinor

ASA

......................

37,142

1,353,221

Exxon

Mobil

Corp.

..................

83,662

9,270,586

Inpex

Corp.

.......................

20,800

209,922

Matador

Resources

Co.

..............

939

62,396

Neste

OYJ

.......................

8,336

365,354

Pioneer

Natural

Resources

Co.

.........

2,516

645,128

Santos

Ltd.

.......................

135,052

659,278

Shell

plc

.........................

168,813

4,676,391

Texas

Pacific

Land

Corp.

..............

171

393,962

TotalEnergies

SE

...................

55,791

3,043,587

Valero

Energy

Corp.

.................

10,680

1,340,874

Woodside

Energy

Group

Ltd.

...........

21,448

495,845

36,600,876

Paper

&

Forest

Products

—

0.0%

Mondi

plc

........................

16,256

272,751

Personal

Products

—

0.5%

Beiersdorf

AG

.....................

5,445

522,694

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

2,736

548,541

Haleon

plc

(d)

......................

118,957

364,776

Kao

Corp.

........................

14,400

537,868

Kobayashi

Pharmaceutical

Co.

Ltd.

.......

2,100

111,440

L'Oreal

SA

.......................

9,266

2,909,565

Shiseido

Co.

Ltd.

...................

1,000

34,537

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Personal

Products

(continued)

Unilever

plc

.......................

77,518

$

3,523,531

8,552,952

Pharmaceuticals

—

5.1%

Astellas

Pharma,

Inc.

................

63,400

874,805

AstraZeneca

plc

...................

38,098

4,470,122

Bayer

AG

(Registered)

...............

29,062

1,528,111

Bristol-Myers

Squibb

Co.

..............

78,583

6,087,825

Catalent

,

Inc.

(d)

....................

10,286

676,099

Chugai

Pharmaceutical

Co.

Ltd.

.........

26,700

618,689

Daiichi

Sankyo

Co.

Ltd.

...............

46,500

1,488,501

Eisai

Co.

Ltd.

.....................

5,800

349,758

Eli

Lilly

&

Co.

.....................

27,671

10,019,392

GSK

plc

.........................

95,165

1,558,907

Hikma

Pharmaceuticals

plc

............

8,429

121,000

Ipsen

SA

........................

1,811

186,113

Jazz

Pharmaceuticals

plc

(d)

............

2,719

390,965

Johnson

&

Johnson

.................

84,604

14,718,558

Kyowa

Kirin

Co.

Ltd.

.................

7,000

164,862

Merck

&

Co.,

Inc.

...................

87,189

8,823,527

Merck

KGaA

......................

5,494

895,330

Novartis

AG

(Registered)

.............

50,452

4,081,101

Novo

Nordisk

A/S,

Class

B

............

37,286

4,054,154

Ono

Pharmaceutical

Co.

Ltd.

...........

11,000

258,869

Organon

&

Co.

....................

6,298

164,882

Orion

OYJ,

Class

B

.................

4,299

197,832

Otsuka

Holdings

Co.

Ltd.

.............

16,500

528,899

Pfizer,

Inc.

.......................

197,423

9,190,041

Roche

Holding

AG

..................

16,347

5,474,065

Royalty

Pharma

plc,

Class

A

...........

5,862

248,080

Sanofi

..........................

33,745

2,904,023

Shionogi

&

Co.

Ltd.

.................

8,500

394,717

Takeda

Pharmaceutical

Co.

Ltd.

.........

45,800

1,209,532

UCB

SA

.........................

5,607

422,588

Viatris

,

Inc.

.......................

62,599

634,128

Zoetis,

Inc.,

Class

A

.................

18,930

2,854,265

85,589,740

Professional

Services

—

0.2%

CoStar

Group,

Inc.

(d)

.................

8,081

668,460

Experian

plc

......................

11,312

360,686

Nihon

M&A

Center

Holdings,

Inc.

........

12,200

137,662

Recruit

Holdings

Co.

Ltd.

.............

27,300

840,053

RELX

plc

........................

44,107

1,184,736

Teleperformance

...................

1,189

318,569

3,510,166

Real

Estate

Management

&

Development

—

0.3%

CBRE

Group,

Inc.,

Class

A

(d)

...........

10,776

764,449

CK

Asset

Holdings

Ltd.

...............

61,500

340,007

Daito

Trust

Construction

Co.

Ltd.

........

2,700

267,364

Daiwa

House

Industry

Co.

Ltd.

..........

20,700

417,050

ESR

Group

Ltd.

(c)(f)

..................

66,800

113,918

Henderson

Land

Development

Co.

Ltd.

....

84,000

205,654

Lendlease

Corp.

Ltd.

(g)

...............

45,772

254,527

Mitsubishi

Estate

Co.

Ltd.

.............

35,000

440,135

Mitsui

Fudosan

Co.

Ltd.

..............

25,100

480,624

Sino

Land

Co.

Ltd.

..................

82,000

87,561

Sun

Hung

Kai

Properties

Ltd.

...........

58,500

628,660

Swire

Properties

Ltd.

................

98,000

188,348

Vonovia

SE

.......................

11,768

260,198

Wharf

Real

Estate

Investment

Co.

Ltd.

....

33,000

130,022

4,578,517

Road

&

Rail

—

0.4%

Aurizon

Holdings

Ltd.

................

188,136

435,980

Central

Japan

Railway

Co.

............

3,200

370,485

Security

Shares

Shares

Value

Road

&

Rail

(continued)

CSX

Corp.

.......................

38,698

$

1,124,564

East

Japan

Railway

Co.

..............

8,100

431,612

Hankyu

Hanshin

Holdings,

Inc.

..........

7,600

225,726

Norfolk

Southern

Corp.

...............

3,998

911,824

Old

Dominion

Freight

Line,

Inc.

.........

1,004

275,698

Tokyu

Corp.

......................

15,400

177,570

Union

Pacific

Corp.

.................

12,404

2,445,324

West

Japan

Railway

Co.

..............

6,500

257,703

6,656,486

Semiconductors

&

Semiconductor

Equipment

—

3.6%

Advanced

Micro

Devices,

Inc.

(d)

.........

42,582

2,557,475

Advantest

Corp.

....................

8,500

447,454

Analog

Devices,

Inc.

.................

19,183

2,735,880

Applied

Materials,

Inc.

...............

47,311

4,177,088

ASM

International

NV

................

2,237

494,869

ASML

Holding

NV

..................

7,353

3,449,198

Broadcom,

Inc.

....................

10,209

4,799,455

Enphase

Energy,

Inc.

(d)

...............

8,973

2,754,711

Entegris

,

Inc.

......................

36,188

2,871,156

Infineon

Technologies

AG

.............

64,046

1,554,107

Intel

Corp.

.......................

100,259

2,850,363

KLA

Corp.

........................

3,829

1,211,687

Lam

Research

Corp.

................

9,391

3,801,289

Microchip

Technology,

Inc.

.............

12,648

780,888

Micron

Technology,

Inc.

...............

31,704

1,715,186

NVIDIA

Corp.

.....................

62,069

8,377,453

NXP

Semiconductors

NV

.............

8,954

1,308,000

ON

Semiconductor

Corp.

(d)

............

11,666

716,642

Qorvo

,

Inc.

(d)

......................

3,499

301,194

QUALCOMM,

Inc.

..................

22,888

2,693,002

Renesas

Electronics

Corp.

(d)

...........

106,800

893,462

Rohm

Co.

Ltd.

.....................

12,200

857,228

Skyworks

Solutions,

Inc.

..............

11,065

951,701

SolarEdge

Technologies,

Inc.

(d)

..........

7,914

1,820,458

STMicroelectronics

NV

...............

26,918

836,987

Teradyne,

Inc.

.....................

10,509

854,907

Texas

Instruments,

Inc.

...............

23,489

3,773,038

Tokyo

Electron

Ltd.

.................

2,900

762,980

60,347,858

Software

—

4.4%

Adobe,

Inc.

(d)

......................

12,984

4,135,404

Autodesk,

Inc.

(d)

....................

3,454

740,192

AVEVA

Group

plc

...................

3,476

124,400

Cadence

Design

Systems,

Inc.

(d)

........

6,612

1,000,991

Dassault

Systemes

SE

...............

20,052

672,119

Fortinet,

Inc.

(d)

.....................

15,207

869,232

Intuit,

Inc.

........................

8,878

3,795,345

Microsoft

Corp.

....................

198,297

46,030,683

Nemetschek

SE

....................

2,478

118,144

Oracle

Corp.

......................

35,249

2,751,889

Oracle

Corp.

Japan

.................

7,200

383,555

Paycom

Software,

Inc.

(d)

..............

1,832

633,872

Roper

Technologies,

Inc.

..............

3,103

1,286,318

Sage

Group

plc

(The)

................

85,861

715,629

Salesforce,

Inc.

(d)

...................

26,919

4,376,760

SAP

SE

.........................

35,525

3,419,383

ServiceNow

,

Inc.

(d)

..................

4,700

1,977,478

Synopsys,

Inc.

(d)

...................

2,819

824,698

Temenos

AG

(Registered)

.............

1,536

91,482

Trend

Micro,

Inc.

...................

1,900

95,805

Tyler

Technologies,

Inc.

(d)

.............

1,732

560,008

WiseTech

Global

Ltd.

................

7,210

266,647

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Shares

Shares

Value

Software

(continued)

Xero

Ltd.

(d)

.......................

6,222

$

308,977

75,179,011

Specialty

Retail

—

1.6%

Advance

Auto

Parts,

Inc.

..............

1,380

262,090

AutoZone,

Inc.

(d)

...................

402

1,018,218

Best

Buy

Co.,

Inc.

..................

4,985

341,024

Burlington

Stores,

Inc.

(d)

..............

7,436

1,063,051

Fast

Retailing

Co.

Ltd.

...............

1,200

668,569

H

&

M

Hennes

&

Mauritz

AB,

Class

B

.....

44,036

443,538

Home

Depot,

Inc.

(The)

..............

27,794

8,230,637

Industria

de

Diseno

Textil

SA

...........

27,117

615,507

JD

Sports

Fashion

plc

................

127,039

141,957

Kingfisher

plc

.....................

281,093

706,228

Lowe's

Cos.,

Inc.

...................

16,789

3,273,016

Nitori

Holdings

Co.

Ltd.

...............

4,000

362,468

O'Reilly

Automotive,

Inc.

(d)

.............

1,418

1,187,107

Ross

Stores,

Inc.

...................

33,360

3,192,218

TJX

Cos.,

Inc.

(The)

.................

78,198

5,638,076

USS

Co.

Ltd.

......................

8,500

128,254

27,271,958

Technology

Hardware,

Storage

&

Peripherals

—

3.9%

Apple,

Inc.

.......................

399,580

61,271,597

Canon,

Inc.

.......................

30,400

644,404

FUJIFILM

Holdings

Corp.

.............

35,500

1,624,121

HP,

Inc.

.........................

26,930

743,807

Logitech

International

SA

(Registered)

.....

10,485

521,439

Ricoh

Co.

Ltd.

.....................

15,700

115,046

Seagate

Technology

Holdings

plc

........

6,803

337,837

65,258,251

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

Cie

Financiere

Richemont

SA

(Registered)

..

9,463

924,853

Hermes

International

................

294

380,549

Kering

SA

........................

929

425,446

Lululemon

Athletica

,

Inc.

(d)

.............

5,672

1,866,315

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

5,313

3,352,476

NIKE,

Inc.,

Class

B

.................

66,373

6,151,450

Ralph

Lauren

Corp.,

Class

A

...........

1,150

106,593

Tapestry,

Inc.

......................

6,557

207,726

VF

Corp.

........................

26,493

748,427

14,163,835

Tobacco

—

0.6%

Altria

Group,

Inc.

...................

34,384

1,590,948

British

American

Tobacco

plc

...........

61,929

2,445,791

Imperial

Brands

plc

.................

36,523

889,668

Japan

Tobacco,

Inc.

.................

57,700

966,327

Philip

Morris

International,

Inc.

..........

31,160

2,862,046

Swedish

Match

AB

..................

68,718

706,757

9,461,537

Trading

Companies

&

Distributors

—

0.2%

Brenntag

SE

......................

9,927

602,334

ITOCHU

Corp.

....................

55,400

1,431,788

Mitsubishi

Corp.

....................

20,200

547,196

Mitsui

&

Co.

Ltd.

...................

24,600

544,378

MonotaRO

Co.

Ltd.

.................

15,800

239,842

Reece

Ltd.

.......................

30,210

299,981

3,665,519

Transportation

Infrastructure

—

0.1%

Aena

SME

SA

(c)(d)(f)

..................

1,817

213,555

Aeroports

de

Paris

(d)

.................

3,087

417,457

Atlantia

SpA

......................

10,037

223,901

854,913

Security

Shares

Shares

Value

Water

Utilities

—

0.3%

American

Water

Works

Co.,

Inc.

.........

21,721

$

3,156,930

Essential

Utilities,

Inc.

................

8,173

361,410

Severn

Trent

plc

...................

23,435

672,578

United

Utilities

Group

plc

..............

55,878

602,153

4,793,071

Wireless

Telecommunication

Services

—

0.0%

SoftBank

Group

Corp.

...............

13,700

588,089

Total

Common

Stocks

—

69.0%

(Cost:

$1,063,943,896)

...........................

1,167,076,318

Beneficial

Interest

(000)

Other

Interests

(h)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(a)(d)(

i

)

......

USD

300

—

Total

Other

Interests

—

0.0%

(Cost:

$—)

....................................

—

Shares

Shares

Preferred

Securities

Preferred

Stocks

—

0.1%

Automobiles

—

0.0%

Porsche

Automobil

Holding

SE

(Preference)

.

3,605

201,420

Volkswagen

AG

(Preference)

...........

5,935

759,688

961,108

Household

Products

—

0.1%

Henkel

AG

&

Co.

KGaA

(Preference)

......

12,505

787,798

Life

Sciences

Tools

&

Services

—

0.0%

Sartorius

AG

(Preference)

.............

972

342,718

Total

Preferred

Securities

—

0.1%

(Cost:

$2,677,913)

..............................

2,091,624

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Occidental

Petroleum

Corp.

(Issued/

Exercisable

07/06/20,

1

Share

for

1

Warrant,

Expires

08/03/27,

Strike

Price

USD

22.00)

(d)

1,719

86,981

Total

Warrants

—

0.0%

(Cost:

$8,509)

.................................

86,981

Total

Long-Term

Investments

—

69.1%

(Cost:

$1,066,820,205)

...........................

1,169,254,923

Short-Term

Securities

Money

Market

Funds

—

3.6%

(j)(k)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.92%

...................

61,076,310

61,076,310

SL

Liquidity

Series,

LLC,

Money

Market

Series,

3.37%

(l)

.......................

4,003

4,001

Total

Money

Market

Funds

—

3.6%

(Cost:

$61,080,311)

..............................

61,080,311

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

0.4%

U.S.

Treasury

Bills

(m)

2.46%, 11/03/22

.................

USD

600

$

599,929

2.92%, 12/08/22

.................

700

697,526

3.34%, 01/26/23

.................

1,000

990,474

3.48%, 02/02/23

.................

1,000

989,563

3.72%, 03/23/23

.................

2,027

1,993,140

3.60%, 04/20/23

.................

1,930

1,890,407

Total

U.S.

Treasury

Obligations

—

0.4%

(Cost:

$7,176,471)

..............................

7,161,039

Total

Short-Term

Securities

—

4.0%

(Cost:

$68,256,782)

..............................

68,241,350

Total

Investments

—

73.1%

(Cost:

$1,135,076,987

)

...........................

1,237,496,273

Other

Assets

Less

Liabilities

—

26.9%

..................

455,020,986

Net

Assets

—

100.0%

..............................

$

1,692,517,259

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Non-income

producing

security.

(e)

All

or

a

portion

of

this

security

is

on

loan.

(f)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(i)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

Affiliate

of

the

Fund.

(k)

Annualized

7-day

yield

as

of

period

end.

(l)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(m)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

127,278,609

$

—

$

(66,202,299)

(a)

$

—

$

—

$

61,076,310

61,076,310

$

764,036

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

10,572,576

—

(10,568,584)

(a)

477

(468)

4,001

4,003

26,081

(b)

—

$

477

$

(468)

$

61,080,311

$

790,117

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

46

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Amsterdam

Exchange

Index

..................................................

622

11/18/22

$

82,008

$

2,303,046

IBEX

35

Index

............................................................

2,435

11/18/22

191,497

8,295,454

FTSE

China

A50

Index

......................................................

4

11/29/22

45

(2,848)

FTSE/JSE

Top

40

Index

.....................................................

2,411

12/15/22

79,259

(3,044,232)

S&P/TSX

60

Index

.........................................................

614

12/15/22

106,147

2,828,381

SPI

200

Index

............................................................

734

12/15/22

80,564

2,917,902

DAX

Index

..............................................................

184

12/16/22

60,327

3,553,488

FTSE

100

Index

..........................................................

2,753

12/16/22

224,566

(2,194,435)

Mini-DAX

Index

...........................................................

91

12/16/22

5,967

401,340

S&P

500

E-Mini

Index

......................................................

548

12/16/22

106,394

1,494,986

Canada

10

Year

Bonds

......................................................

138

12/19/22

12,462

(46,116)

U.S.

Treasury

10

Year

Note

...................................................

4,263

12/20/22

471,861

(518,161)

Long

Gilt

...............................................................

1,673

12/28/22

195,946

5,856,238

21,845,043

Short

Contracts

CAC

40

10

Euro

Index

......................................................

2,034

11/18/22

125,906

(3,381,323)

OMX

Stockholm

30

Index

....................................................

8,108

11/18/22

144,048

(1,859,108)

SGX

NIFTY

50

Index

.......................................................

2,278

11/24/22

82,439

(1,114,058)

MSCI

Singapore

Index

......................................................

179

11/29/22

3,515

(100,257)

Euro-Bobl

...............................................................

2,232

12/08/22

263,965

6,994,224

Euro-Bund

..............................................................

4,760

12/08/22

651,231

(7,834,867)

TOPIX

Index

.............................................................

436

12/08/22

56,381

(1,254,616)

Japan

10

Year

Bond

........................................................

229

12/13/22

229,116

(583,422)

Australia

10

Year

Bonds

.....................................................

403

12/15/22

30,542

(290,802)

FTSE/MIB

Index

..........................................................

1,290

12/16/22

143,719

(9,356,945)

MSCI

EAFE

E-Mini

Index

....................................................

3,358

12/16/22

294,816

12,087,059

S&P

500

E-Mini

Index

......................................................

5,702

12/16/22

1,107,043

841,540

WIG20

Index

............................................................

1,502

12/16/22

9,685

(1,024,233)

U.S.

Treasury

Ultra

Bond

....................................................

261

12/20/22

33,490

5,580,482

SET50

Index

.............................................................

10,807

12/29/22

55,676

(712,371)

(2,008,697)

$

19,836,346

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

36,540,000

USD

6,977,277

Citibank

NA

12/21/22

$

21,101

EUR

17,390,000

USD

16,797,919

Bank

of

America

NA

12/21/22

460,285

GBP

12,787,000

USD

14,445,314

Standard

Chartered

Bank

12/21/22

244,759

JPY

397,605,000

USD

2,687,555

Bank

of

New

York

Mellon

12/21/22

3,900

MXN

23,080,000

USD

1,141,084

UBS

AG

12/21/22

13,392

SGD

5,000,000

USD

3,475,959

State

Street

Bank

and

Trust

Co.

12/21/22

57,178

USD

25,516,880

AUD

37,762,000

Morgan

Stanley

&

Co.

International

plc

12/21/22

1,322,795

USD

5,195,547

BRL

27,021,000

Morgan

Stanley

&

Co.

International

plc

12/21/22

20,310

USD

15,291,640

CAD

19,856,000

HSBC

Bank

plc

12/21/22

708,192

USD

194,370

CHF

184,000

Canadian

Imperial

Bank

of

Commerce

12/21/22

9,480

USD

7,351,248

EUR

7,379,000

Bank

of

America

NA

12/21/22

28,172

USD

5,313,974

EUR

5,318,000

JPMorgan

Chase

Bank

NA

12/21/22

36,278

USD

34,732,628

EUR

34,115,000

Morgan

Stanley

&

Co.

International

plc

12/21/22

876,179

USD

9,220,577

EUR

9,238,000

Standard

Chartered

Bank

12/21/22

52,590

USD

28,293,201

GBP

24,174,000

UBS

AG

12/21/22

521,416

USD

90,892

INR

7,270,000

Bank

of

America

NA

12/21/22

3,596

USD

4,223,634

JPY

619,548,000

JPMorgan

Chase

Bank

NA

12/21/22

29,806

USD

13,617,600

JPY

1,924,323,000

Morgan

Stanley

&

Co.

International

plc

12/21/22

591,536

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

47

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

7,995,256

KRW

11,306,731,000

Bank

of

America

NA

12/21/22

$

65,936

USD

7,279,377

KRW

10,053,548,000

BNP

Paribas

SA

12/21/22

228,904

USD

7,561,150

KRW

10,758,760,000

Citibank

NA

12/21/22

16,118

USD

4,177,415

NOK

41,133,000

Citibank

NA

12/21/22

213,886

USD

6,224,721

PLN

29,234,000

UBS

AG

12/21/22

156,650

USD

10,253,956

SEK

107,118,000

Bank

of

America

NA

12/21/22

510,537

USD

9,067,790

SGD

12,652,000

HSBC

Bank

plc

12/21/22

127,540

USD

6,298,030

THB

226,981,000

Goldman

Sachs

International

12/21/22

307,192

USD

11,753,470

ZAR

203,215,000

Goldman

Sachs

International

12/21/22

733,194

7,360,922

AUD

3,797,000

USD

2,437,342

JPMorgan

Chase

Bank

NA

12/21/22

(4,609)

AUD

9,299,000

USD

6,242,470

Standard

Chartered

Bank

12/21/22

(284,608)

CAD

8,103,000

USD

6,104,647

Standard

Chartered

Bank

12/21/22

(153,313)

CHF

4,848,000

USD

5,120,813

HSBC

Bank

plc

12/21/22

(249,357)

CLP

12,048,968,000

USD

13,138,118

Bank

of

America

NA

12/21/22

(476,749)

CLP

7,330,684,000

USD

7,770,082

JPMorgan

Chase

Bank

NA

12/21/22

(66,809)

EUR

3,706,000

USD

3,678,757

Bank

of

New

York

Mellon

12/21/22

(844)

EUR

2,585,000

USD

2,631,751

BNP

Paribas

SA

12/21/22

(66,342)

EUR

17,364,000

USD

17,380,425

HSBC

Bank

plc

12/21/22

(148,023)

GBP

167,000

USD

195,436

HSBC

Bank

plc

12/21/22

(3,582)

GBP

6,952,000

USD

8,041,780

JPMorgan

Chase

Bank

NA

12/21/22

(55,123)

JPY

1,094,914,000

USD

7,750,401

Citibank

NA

12/21/22

(338,745)

JPY

1,383,383,000

USD

9,562,083

Nomura

International

plc

12/21/22

(197,732)

KRW

10,923,425,000

USD

7,716,928

BNP

Paribas

SA

12/21/22

(56,416)

KRW

10,305,505,000

USD

7,428,663

Citibank

NA

12/21/22

(201,495)

KRW

12,690,809,000

USD

8,940,690

Morgan

Stanley

&

Co.

International

plc

12/21/22

(40,727)

NZD

555,000

USD

340,489

UBS

AG

12/21/22

(17,562)

SEK

53,238,000

USD

5,095,702

Bank

of

New

York

Mellon

12/21/22

(253,190)

USD

10,486,937

AUD

16,655,000

Northern

Trust

Co.

12/21/22

(183,910)

USD

6,311,617

CAD

8,645,000

BNP

Paribas

SA

12/21/22

(37,794)

USD

16,662,351

CLP

16,099,145,000

BNP

Paribas

SA

12/21/22

(255,048)

USD

8,993,492

EUR

9,250,000

HSBC

Bank

plc

12/21/22

(186,404)

USD

2,695,891

EUR

2,735,000

State

Street

Bank

and

Trust

Co.

12/21/22

(18,381)

USD

10,225,501

GBP

8,985,000

Bank

of

America

NA

12/21/22

(96,725)

USD

3,761,027

GBP

3,421,000

Bank

of

New

York

Mellon

12/21/22

(169,116)

USD

8,963,197

GBP

7,995,000

HSBC

Bank

plc

12/21/22

(221,688)

USD

7,122,257

KRW

10,279,055,000

Citibank

NA

12/21/22

(86,362)

USD

5,638,172

MXN

113,992,000

Toronto

Dominion

Bank

12/21/22

(63,778)

USD

2,837,595

SEK

32,150,000

Bank

of

New

York

Mellon

12/21/22

(86,759)

(4,021,191)

$

3,339,731

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

8.85%

Monthly

28

day

MXIBTIIE

Monthly

03/15/23

(a)

03/08/28

MXN

516,000

$

328,189

$

—

$

328,189

9.47%

Monthly

28

day

MXIBTIIE

Monthly

03/15/23

(a)

03/08/28

MXN

1,384,000

(793,344)

—

(793,344)

8.93%

Monthly

28

day

MXIBTIIE

Monthly

03/15/23

(a)

03/08/28

MXN

688,000

327,766

—

327,766

9.34%

Monthly

28

day

MXIBTIIE

Monthly

03/15/23

(a)

03/08/28

MXN

1,508,000

(472,813)

—

(472,813)

9.32%

Monthly

28

day

MXIBTIIE

Monthly

03/15/23

(a)

03/08/28

MXN

287,000

(81,223)

—

(81,223)

3.74%

Annual

1

day

SOFR

Annual

03/15/23

(a)

03/15/28

USD

31,000

299,813

—

299,813

3.83%

Annual

1

day

SOFR

Annual

03/15/23

(a)

03/15/28

USD

90,667

508,378

—

508,378

3.83%

Annual

1

day

SOFR

Annual

03/15/23

(a)

03/15/28

USD

181,333

1,028,767

—

1,028,767

3.87%

Annual

1

day

SOFR

Annual

03/15/23

(a)

03/15/28

USD

9,000

34,162

—

34,162

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

48

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.69%

Annual

1

day

SOFR

Annual

03/15/23

(a)

03/15/28

USD

20,000

$

235,838

$

—

$

235,838

3.83%

Annual

1

day

SOFR

Annual

03/15/23

(a)

03/15/28

USD

35,000

200,887

—

200,887

3.92%

Semi-Annual

1

day

SORA

Semi-Annual

03/15/23

(a)

03/15/28

SGD

41,000

(294,951)

—

(294,951)

3.71%

Semi-Annual

1

day

SORA

Semi-Annual

03/15/23

(a)

03/15/28

SGD

26,000

(112,704)

—

(112,704)

3

month

TWCPBA

Quarterly

1.34%

Quarterly

03/15/23

(a)

03/15/28

TWD

216,750

(68,304)

—

(68,304)

3

month

TWCPBA

Quarterly

1.34%

Quarterly

03/15/23

(a)

03/15/28

TWD

2,369,750

(729,280)

—

(729,280)

3

month

TWCPBA

Quarterly

1.56%

Quarterly

03/15/23

(a)

03/15/28

TWD

745,000

9,946

—

9,946

3

month

TWCPBA

Quarterly

1.60%

Quarterly

03/15/23

(a)

03/15/28

TWD

605,000

43,804

—

43,804

3

month

TWCPBA

Quarterly

1.65%

Quarterly

03/15/23

(a)

03/15/28

TWD

360,400

52,697

—

52,697

3

month

TWCPBA

Quarterly

1.69%

Quarterly

03/15/23

(a)

03/15/28

TWD

63,600

13,055

—

13,055

3

month

TWCPBA

Quarterly

1.70%

Quarterly

03/15/23

(a)

03/15/28

TWD

789,000

173,607

—

173,607

1

week

CNREPOFI

Quarterly

2.43%

Quarterly

03/15/23

(a)

03/15/28

CNY

1,299,051

(128,746)

—

(128,746)

1

week

CNREPOFI

Quarterly

2.44%

Quarterly

03/15/23

(a)

03/15/28

CNY

1,487,500

(75,224)

—

(75,224)

1

day

THOR

Quarterly

2.52%

Quarterly

03/15/23

(a)

03/15/28

THB

4,445,000

(2,439,870)

—

(2,439,870)

1

week

CNREPOFI

Quarterly

2.53%

Quarterly

03/15/23

(a)

03/15/28

CNY

248,000

119,114

—

119,114

1

week

CNREPOFI

Quarterly

2.54%

Quarterly

03/15/23

(a)

03/15/28

CNY

37,000

21,587

—

21,587

1

week

CNREPOFI

Quarterly

2.56%

Quarterly

03/15/23

(a)

03/15/28

CNY

26,000

17,772

—

17,772

1

day

THOR

Quarterly

2.65%

Quarterly

03/15/23

(a)

03/15/28

THB

353,500

(137,716)

—

(137,716)

1

day

THOR

Quarterly

2.66%

Quarterly

03/15/23

(a)

03/15/28

THB

353,500

(134,667)

—

(134,667)

3.91%

Semi-Annual

3

month

BA

Semi-Annual

03/15/23

(a)

03/15/28

CAD

51,000

(348,563)

(1,762)

(346,801)

3.97%

Semi-Annual

3

month

BA

Semi-Annual

03/15/23

(a)

03/15/28

CAD

27,000

(237,858)

2,390

(240,248)

3.86%

Semi-Annual

3

month

BA

Semi-Annual

03/15/23

(a)

03/15/28

CAD

6,000

(31,133)

—

(31,133)

3.90%

Semi-Annual

3

month

BA

Semi-Annual

03/15/23

(a)

03/15/28

CAD

84,000

(546,454)

476,046

(1,022,500)

3.89%

Semi-Annual

3

month

BA

Semi-Annual

03/15/23

(a)

03/15/28

CAD

15,000

(92,644)

—

(92,644)

4.15%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

42,900,000

(73,959)

—

(73,959)

3.71%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

271,800,730

3,340,582

—

3,340,582

4.39%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

17,834,500

(168,499)

—

(168,499)

4.40%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

17,834,500

(175,031)

—

(175,031)

4.32%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

24,650,000

(172,043)

—

(172,043)

4.16%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

47,379,850

(93,001)

—

(93,001)

4.18%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

87,991,150

(235,774)

—

(235,774)

4.31%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

24,650,000

(164,192)

—

(164,192)

3.82%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

37,745,000

328,657

—

328,657

4.27%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

42,039,000

(226,459)

—

(226,459)

4.24%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

42,039,000

(198,340)

—

(198,340)

4.14%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

23,732,000

(32,599)

—

(32,599)

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

49

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

4.05%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

24,091,000

$

39,037

$

—

$

39,037

4.09%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

25,575,000

2,748

—

2,748

4.09%

Quarterly

3

month

CD_KSDA

Quarterly

03/15/23

(a)

03/15/28

KRW

25,575,000

5,599

—

5,599

4.31%

Quarterly

3

month

HIBOR

Quarterly

03/15/23

(a)

03/15/28

HKD

68,000

93,918

—

93,918

4.34%

Quarterly

3

month

HIBOR

Quarterly

03/15/23

(a)

03/15/28

HKD

68,000

82,392

—

82,392

4.30%

Quarterly

3

month

HIBOR

Quarterly

03/15/23

(a)

03/15/28

HKD

150,000

217,767

—

217,767

4.61%

Quarterly

3

month

HIBOR

Quarterly

03/15/23

(a)

03/15/28

HKD

147,000

(44,074)

—

(44,074)

3.26%

Annual

3

month

STIBOR

Quarterly

03/15/23

(a)

03/15/28

SEK

180,000

(24,524)

42,984

(67,508)

3.27%

Annual

3

month

STIBOR

Quarterly

03/15/23

(a)

03/15/28

SEK

221,000

(39,577)

6,376

(45,953)

3.28%

Annual

3

month

STIBOR

Quarterly

03/15/23

(a)

03/15/28

SEK

318,000

(71,879)

33,147

(105,026)

3.19%

Annual

3

month

STIBOR

Quarterly

03/15/23

(a)

03/15/28

SEK

2,201,000

333,579

594,052

(260,473)

3.32%

Annual

3

month

STIBOR

Quarterly

03/15/23

(a)

03/15/28

SEK

125,000

(47,866)

35,486

(83,352)

1

day

THOR

Quarterly

3.04%

Quarterly

03/15/23

(a)

03/15/28

THB

655,000

55,557

—

55,557

1

day

THOR

Quarterly

3.09%

Quarterly

03/15/23

(a)

03/15/28

THB

650,000

101,587

—

101,587

6

month

BBR

Semi-Annual

4.02%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

252,500

(2,574,710)

—

(2,574,710)

6

month

BBR

Semi-Annual

4.04%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

31,000

(292,638)

—

(292,638)

6

month

BBR

Semi-Annual

4.05%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

44,500

(412,451)

—

(412,451)

6

month

BBR

Semi-Annual

4.08%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

31,000

(258,547)

—

(258,547)

6

month

BBR

Semi-Annual

4.17%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

38,750

(231,870)

—

(231,870)

6

month

BBR

Semi-Annual

4.19%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

58,125

(301,318)

—

(301,318)

6

month

BBR

Semi-Annual

4.20%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

58,125

(291,357)

—

(291,357)

6

month

BBR

Semi-Annual

4.26%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

13,000

(42,141)

—

(42,141)

6

month

BBR

Semi-Annual

4.26%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

13,000

(43,905)

—

(43,905)

6

month

BBR

Semi-Annual

4.37%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

52,000

(5,183)

—

(5,183)

6

month

BBR

Semi-Annual

4.37%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

18,000

(3,336)

—

(3,336)

6

month

BBR

Semi-Annual

4.38%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

18,000

3,862

—

3,862

6

month

BBR

Semi-Annual

4.41%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

96,115

90,627

—

90,627

6

month

BBR

Semi-Annual

4.41%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

28,885

28,473

—

28,473

6

month

BBR

Semi-Annual

4.41%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

16,000

16,229

—

16,229

6

month

BBR

Semi-Annual

4.42%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

167,029

217,129

—

217,129

6

month

BBR

Semi-Annual

4.43%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

65,717

102,323

—

102,323

6

month

BBR

Semi-Annual

4.44%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

69,029

124,239

—

124,239

6

month

BBR

Semi-Annual

4.45%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

60,300

130,058

—

130,058

6

month

BBR

Semi-Annual

4.49%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

29,700

98,416

—

98,416

6

month

BBR

Semi-Annual

4.50%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

81,225

279,594

—

279,594

6

month

BBR

Semi-Annual

4.55%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

39,000

198,300

—

198,300

6

month

BBR

Semi-Annual

4.57%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

14,350

81,367

—

81,367

6

month

BBR

Semi-Annual

4.58%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

26,650

156,439

—

156,439

6

month

BBR

Semi-Annual

4.67%

Semi-Annual

03/15/23

(a)

03/15/28

AUD

48,000

401,732

—

401,732

1

day

SONIA

Annual

4.85%

Annual

03/15/23

(a)

03/15/28

GBP

87,000

2,476,467

187,457

2,289,010

1

day

SONIA

Annual

5.32%

Annual

03/15/23

(a)

03/15/28

GBP

28,000

1,457,258

118,241

1,339,017

1

day

SONIA

Annual

5.33%

Annual

03/15/23

(a)

03/15/28

GBP

59,000

3,089,452

2,127

3,087,325

3.00%

Annual

6

month

EURIBOR

Semi-Annual

03/15/23

(a)

03/15/28

EUR

84,000

29,710

111,101

(81,391)

3.08%

Annual

6

month

EURIBOR

Semi-Annual

03/15/23

(a)

03/15/28

EUR

47,000

(162,039)

56,020

(218,059)

3.23%

Annual

6

month

EURIBOR

Semi-Annual

03/15/23

(a)

03/15/28

EUR

14,000

(142,033)

9,997

(152,030)

3.29%

Annual

6

month

EURIBOR

Semi-Annual

03/15/23

(a)

03/15/28

EUR

28,000

(362,627)

44,211

(406,838)

3.16%

Annual

6

month

EURIBOR

Semi-Annual

03/15/23

(a)

03/15/28

EUR

52,000

(360,239)

(15,443)

(344,796)

7.02%

Annual

6

month

WIBOR

Semi-Annual

03/15/23

(a)

03/15/28

PLN

128,400

491,118

—

491,118

7.02%

Annual

6

month

WIBOR

Annual

03/15/23

(a)

03/15/28

PLN

79,600

307,595

—

307,595

7.04%

Annual

6

month

WIBOR

Semi-Annual

03/15/23

(a)

03/15/28

PLN

208,000

762,836

—

762,836

1

day

MIBOR

Semi-Annual

6.91%

Semi-Annual

03/15/23

(a)

03/15/28

INR

2,381,000

(47,896)

—

(47,896)

1

day

MIBOR

Semi-Annual

7.13%

Semi-Annual

03/15/23

(a)

03/15/28

INR

1,323,000

118,571

—

118,571

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

50

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

JIBAR

Quarterly

8.56%

Quarterly

03/15/23

(a)

03/15/28

ZAR

22,000

$

(10,003)

$

—

$

(10,003)

3

month

JIBAR

Quarterly

8.65%

Quarterly

03/15/23

(a)

03/15/28

ZAR

534,600

(132,661)

—

(132,661)

3

month

JIBAR

Quarterly

8.66%

Quarterly

03/15/23

(a)

03/15/28

ZAR

906,000

(205,127)

—

(205,127)

3

month

JIBAR

Quarterly

8.77%

Quarterly

03/15/23

(a)

03/15/28

ZAR

653,400

8,322

—

8,322

3

month

JIBAR

Quarterly

8.85%

Quarterly

03/15/23

(a)

03/15/28

ZAR

775,000

136,237

—

136,237

3

month

JIBAR

Quarterly

8.98%

Quarterly

03/15/23

(a)

03/15/28

ZAR

59,000

27,688

—

27,688

3

month

JIBAR

Quarterly

9.08%

Quarterly

03/15/23

(a)

03/15/28

ZAR

291,000

199,828

—

199,828

3

month

JIBAR

Quarterly

9.10%

Quarterly

03/15/23

(a)

03/15/28

ZAR

610,000

438,775

—

438,775

3

month

JIBAR

Quarterly

9.12%

Quarterly

03/15/23

(a)

03/15/28

ZAR

338,000

261,495

—

261,495

$

5,377,553

$

1,702,430

$

3,675,123

(a)

Forward

swap.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

11.27%

At

Termination

Bank

of

America

NA

N/A

01/04/27

BRL

90,000

$

(76,378)

$

—

$

(76,378)

1

day

BZDIOVER

At

Termination

11.66%

At

Termination

Bank

of

America

NA

N/A

01/04/27

BRL

90,000

206,643

—

206,643

1

day

BZDIOVER

At

Termination

11.31%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

117,000

(55,538)

—

(55,538)

1

day

BZDIOVER

At

Termination

11.50%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

102,000

109,510

—

109,510

1

day

BZDIOVER

At

Termination

11.65%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

147,000

327,607

—

327,607

1

day

BZDIOVER

At

Termination

11.38%

At

Termination

Morgan

Stanley

&

Co.

International

plc

N/A

01/04/27

BRL

47,000

6,075

—

6,075

1

week

CNREPOFI

Quarterly

2.43%

Quarterly

Bank

of

America

NA

03/15/23

(a)

03/15/28

CNY

25,000

(2,478)

—

(2,478)

$

515,441

$

—

$

515,441

(a)

Forward

swap.

OTC

Total

Return

Swap

s

-

Future

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2022

........

TWD

656,298,240

Merrill

Lynch

International

&

Co.

11/16/22

TWD

656,298

$

37,432

$

—

$

37,432

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2022

........

TWD

1,023,049,782

Merrill

Lynch

International

&

Co.

11/16/22

TWD

1,023,050

464,856

—

464,856

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2022

........

TWD

2,520,312,020

Merrill

Lynch

International

&

Co.

11/16/22

TWD

2,520,312

(692,467)

—

(692,467)

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

51

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

i

OTC

Total

Return

Swaps

-

Future

(continued)

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

KOSPI

200

Index

Futures

December

2022

........

KRW

10,771,515,450

Merrill

Lynch

International

&

Co.

12/08/22

KRW

10,771,515

$

301,562

$

—

$

301,562

BOVESPA

Index

Futures

December

2022

........

BRL

(194,474,096)

Merrill

Lynch

International

&

Co.

12/14/22

BRL

194,474

33,301

—

33,301

MEX

BOLSA

Index

Futures

December

2022

........

MXN

46,036,937

Merrill

Lynch

International

&

Co.

12/16/22

MXN

46,037

124,560

—

124,560

Swiss

Market

Index

Futures

December

2022

........

CHF

(3,972,767)

HSBC

Bank

plc

12/16/22

CHF

3,973

(246,310)

—

(246,310)

Swiss

Market

Index

Futures

December

2022

........

CHF

(24,772,410)

HSBC

Bank

plc

12/16/22

CHF

24,772

(1,839,847)

—

(1,839,847)

Swiss

Market

Index

Futures

December

2022

........

CHF

(5,913,024)

HSBC

Bank

plc

12/16/22

CHF

5,913

(145,419)

—

(145,419)

Swiss

Market

Index

Futures

December

2022

........

CHF

(8,800,013)

HSBC

Bank

plc

12/16/22

CHF

8,800

(395,603)

—

(395,603)

Swiss

Market

Index

Futures

December

2022

........

CHF

(9,710,476)

HSBC

Bank

plc

12/16/22

CHF

9,710

(566,809)

—

(566,809)

Swiss

Market

Index

Futures

December

2022

........

CHF

(8,251,231)

HSBC

Bank

plc

12/16/22

CHF

8,251

(511,468)

—

(511,468)

$

(3,436,212)

$

—

$

(3,436,212)

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

MSCI

Chile

Net

Return

Index

..........

Quarterly

1

day

SOFR

minus

1.25%

Quarterly

Citibank

NA

06/09/23

USD

5,647

$

809,314

$

—

$

809,314

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.05

%

1

day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

6.25

1

day

SOFR

.........................................

Secured

Overnight

Financing

Rate

3.04

1

day

SORA

.........................................

Singapore

Overnight

Rate

Average

2.85

1

day

THOR

.........................................

Thailand

Overnight

Repo

Rate

ON

0.98

1

week

CNREPOFI

....................................

China

Fixing

Repo

Rates

1.94

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

9.60

3

month

CD_KSDA

....................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3.96

3

month

HIBOR

.......................................

Hong

Kong

Interbank

Offered

Rate

4.59

3

month

JIBAR

.......................................

Johannesburg

Interbank

Average

Rate

6.52

3

month

STIBOR

......................................

Stockholm

Interbank

Offered

Rate

(0.10)

3

month

TWCPBA

.....................................

Taiwan

Secondary

Markets

Bills

Rate

1.16

6

month

BBR

........................................

Australian

Bank

Bill

Rate

3.66

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

2.13

6

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

7.62

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

52

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

$

1,719,635

$

(17,205)

$

19,079,831

$

(15,404,708)

OTC

Swaps

...................................................................

—

—

2,420,860

(4,532,317)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

34,723,196

$

—

$

18,430,944

$

—

$

53,154,140

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

7,360,922

—

—

7,360,922

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

19,079,831

—

19,079,831

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

1,771,025

—

649,835

—

2,420,860

$

—

$

—

$

36,494,221

$

7,360,922

$

38,160,610

$

—

$

82,015,753

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

24,044,426

$

—

$

9,273,368

$

—

$

33,317,794

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

4,021,191

—

—

4,021,191

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

15,404,708

—

15,404,708

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

4,397,923

—

134,394

—

4,532,317

$

—

$

—

$

28,442,349

$

4,021,191

$

24,812,470

$

—

$

57,276,010

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

94,507,101

$

—

$

32,531,334

$

—

$

127,038,435

Forward

foreign

currency

exchange

contracts

....

—

—

—

3,461,395

—

—

3,461,395

Swaps

..............................

—

—

(6,779)

—

44,375,821

—

44,369,042

$

—

$

—

$

94,500,322

$

3,461,395

$

76,907,155

$

—

$

174,868,872

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(44,181,696)

$

—

$

(16,132,280)

$

—

$

(60,313,976)

Forward

foreign

currency

exchange

contracts

....

—

—

—

4,182,357

—

—

4,182,357

Swaps

..............................

—

—

(6,462,458)

—

3,368,543

—

(3,093,915)

$

—

$

—

$

(50,644,154)

$

4,182,357

$

(12,763,737)

$

—

$

(59,225,534)

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

53

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,614,303,815

Average

notional

value

of

contracts

—

short

.................................................................................

$

3,428,707,682

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

294,293,930

Average

amounts

sold

—

in

USD

........................................................................................

$

142,403,435

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

1,730,386,397

Average

notional

value

—

receives

fixed

rate

................................................................................

$

2,235,545,222

Total

return

swaps

Average

notional

value

...............................................................................................

$

252,648,205

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

22,751,052

$

6,271,335

Forward

foreign

currency

exchange

contracts

.................................................................

7,360,922

4,021,191

Swaps

—

centrally

cleared

..............................................................................

5,281,576

—

Swaps

—

OTC

(a)

....................................................................................

2,420,860

4,532,317

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

37,814,410

$

14,824,843

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(28,032,628)

(6,271,335)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

9,781,782

$

8,553,508

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

1,275,169

$

(652,330)

$

—

$

—

$

622,839

Bank

of

New

York

Mellon

...........................

3,900

(3,900)

—

—

—

BNP

Paribas

SA

.................................

666,021

(471,138)

—

—

194,883

Canadian

Imperial

Bank

of

Commerce

..................

9,480

—

—

—

9,480

Citibank

NA

....................................

1,060,419

(626,602)

—

(433,817)

—

Goldman

Sachs

International

........................

1,040,386

—

—

—

1,040,386

HSBC

Bank

plc

..................................

835,732

(835,732)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

66,084

(66,084)

—

—

—

Merrill

Lynch

International

&

Co.

......................

961,711

(692,467)

—

—

269,244

Morgan

Stanley

&

Co.

International

plc

..................

2,816,895

(40,727)

—

(20,000)

2,756,168

Standard

Chartered

Bank

...........................

297,349

(297,349)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

57,178

(18,381)

—

—

38,797

UBS

AG

......................................

691,458

(17,562)

—

—

673,896

$

9,781,782

$

(3,722,272)

$

—

$

(453,817)

$

5,605,693

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

54

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(d)(e)

Bank

of

America

NA

..............................

$

652,330

$

(652,330)

$

—

$

—

$

—

Bank

of

New

York

Mellon

...........................

509,909

(3,900)

—

—

506,009

BNP

Paribas

SA

.................................

471,138

(471,138)

—

—

—

Citibank

NA

....................................

626,602

(626,602)

—

—

—

HSBC

Bank

plc

..................................

4,514,510

(835,732)

—

(3,450,000)

228,778

JPMorgan

Chase

Bank

NA

..........................

126,541

(66,084)

—

—

60,457

Merrill

Lynch

International

&

Co.

......................

692,467

(692,467)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

40,727

(40,727)

—

—

—

Nomura

International

plc

...........................

197,732

—

—

—

197,732

Northern

Trust

Co.

...............................

183,910

—

—

—

183,910

Standard

Chartered

Bank

...........................

437,921

(297,349)

—

—

140,572

State

Street

Bank

and

Trust

Co.

......................

18,381

(18,381)

—

—

—

Toronto

Dominion

Bank

............................

63,778

—

—

—

63,778

UBS

AG

......................................

17,562

(17,562)

—

—

—

$

8,553,508

$

(3,722,272)

$

—

$

(3,450,000)

$

1,381,236

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

—

$

—

$

—

Common

Stocks

Aerospace

&

Defense

....................................

27,183,050

5,581,005

—

32,764,055

Air

Freight

&

Logistics

....................................

—

330,203

—

330,203

Airlines

..............................................

713,647

—

—

713,647

Auto

Components

......................................

1,198,208

895,703

—

2,093,911

Automobiles

..........................................

30,127,163

11,905,222

—

42,032,385

Banks

...............................................

30,555,572

24,437,422

—

54,992,994

Beverages

...........................................

13,068,975

10,023,641

—

23,092,616

Biotechnology

.........................................

22,939,415

3,463,959

—

26,403,374

Building

Products

.......................................

12,938,072

4,039,023

—

16,977,095

Capital

Markets

........................................

17,128,953

7,871,981

—

25,000,934

Chemicals

............................................

9,679,362

8,354,109

—

18,033,471

Commercial

Services

&

Supplies

.............................

1,900,439

1,561,759

—

3,462,198

Communications

Equipment

................................

3,436,325

1,170,612

—

4,606,937

Construction

&

Engineering

................................

434,643

7,133,595

—

7,568,238

Construction

Materials

....................................

1,653,736

349,791

—

2,003,527

Consumer

Finance

......................................

3,562,832

—

—

3,562,832

Containers

&

Packaging

..................................

2,538,661

—

—

2,538,661

Distributors

...........................................

3,518,729

296,575

—

3,815,304

Diversified

Financial

Services

...............................

13,552,303

1,987,547

—

15,539,850

Diversified

Telecommunication

Services

........................

—

268,665

—

268,665

Electric

Utilities

........................................

34,233,585

8,253,351

—

42,486,936

Electrical

Equipment

.....................................

—

5,639,201

—

5,639,201

Electronic

Equipment,

Instruments

&

Components

.................

2,782,978

5,424,147

—

8,207,125

Energy

Equipment

&

Services

..............................

2,363,825

353,841

—

2,717,666

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

55

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Level

1

Level

2

Level

3

Total

Entertainment

.........................................

$

15,689,300

$

2,346,167

$

—

$

18,035,467

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

27,183,736

6,035,089

—

33,218,825

Food

&

Staples

Retailing

..................................

29,865,311

7,331,530

—

37,196,841

Food

Products

.........................................

11,627,324

12,406,812

—

24,034,136

Gas

Utilities

...........................................

—

2,431,875

—

2,431,875

Health

Care

Equipment

&

Supplies

...........................

25,228,969

5,693,870

—

30,922,839

Health

Care

Providers

&

Services

............................

11,828,291

729,440

—

12,557,731

Health

Care

Technology

..................................

—

309,922

—

309,922

Hotels,

Restaurants

&

Leisure

..............................

174,896

—

—

174,896

Household

Durables

.....................................

9,104,786

2,569,023

—

11,673,809

Household

Products

.....................................

6,978,197

2,229,775

—

9,207,972

Independent

Power

and

Renewable

Electricity

Producers

............

2,699,497

989,467

—

3,688,964

Industrial

Conglomerates

..................................

8,683,960

6,412,852

—

15,096,812

Insurance

............................................

2,881,809

1,699,774

—

4,581,583

Interactive

Media

&

Services

...............................

33,832,518

284,865

—

34,117,383

Internet

&

Direct

Marketing

Retail

............................

23,392,072

1,249,810

—

24,641,882

IT

Services

...........................................

32,893,881

6,596,253

—

39,490,134

Leisure

Products

.......................................

216,565

—

—

216,565

Life

Sciences

Tools

&

Services

..............................

16,343,430

1,959,960

—

18,303,390

Machinery

............................................

32,713,789

1,989,755

—

34,703,544

Marine

..............................................

—

937,672

—

937,672

Media

...............................................

10,077,062

1,158,511

—

11,235,573

Metals

&

Mining

........................................

—

5,464,691

—

5,464,691

Multiline

Retail

.........................................

18,706,293

2,146,701

—

20,852,994

Multi-Utilities

..........................................

18,426,940

3,356,523

—

21,783,463

Oil,

Gas

&

Consumable

Fuels

...............................

22,031,590

14,569,286

—

36,600,876

Paper

&

Forest

Products

..................................

—

272,751

—

272,751

Personal

Products

......................................

548,541

8,004,411

—

8,552,952

Pharmaceuticals

.......................................

53,807,762

31,781,978

—

85,589,740

Professional

Services

....................................

668,460

2,841,706

—

3,510,166

Real

Estate

Management

&

Development

.......................

764,449

3,814,068

—

4,578,517

Road

&

Rail

...........................................

4,757,410

1,899,076

—

6,656,486

Semiconductors

&

Semiconductor

Equipment

....................

51,051,573

9,296,285

—

60,347,858

Software

.............................................

68,982,870

6,196,141

—

75,179,011

Specialty

Retail

........................................

24,205,437

3,066,521

—

27,271,958

Technology

Hardware,

Storage

&

Peripherals

....................

62,353,241

2,905,010

—

65,258,251

Textiles,

Apparel

&

Luxury

Goods

............................

9,080,511

5,083,324

—

14,163,835

Tobacco

.............................................

4,452,994

5,008,543

—

9,461,537

Trading

Companies

&

Distributors

............................

—

3,665,519

—

3,665,519

Transportation

Infrastructure

...............................

—

854,913

—

854,913

Water

Utilities

.........................................

3,518,340

1,274,731

—

4,793,071

Wireless

Telecommunication

Services

.........................

—

588,089

—

588,089

Other

Interests

..........................................

—

—

—

—

Preferred

Stocks

.........................................

—

2,091,624

—

2,091,624

Warrants

..............................................

86,981

—

—

86,981

Short-Term

Securities

Money

Market

Funds

......................................

61,076,310

—

—

61,076,310

U.S.

Treasury

Obligations

...................................

—

7,161,039

—

7,161,039

$

941,445,568

$

296,046,704

$

—

$

1,237,492,272

Investments

valued

at

NAV

(a)

......................................

4,001

$

—

$

1,237,496,273

$

—

Derivative

Financial

Instruments

(b)

Assets

Equity

contracts

...........................................

$

17,251,966

$

19,242,255

$

—

$

36,494,221

Foreign

currency

exchange

contracts

............................

—

7,360,922

—

7,360,922

Interest

rate

contracts

.......................................

18,430,944

19,729,666

—

38,160,610

Liabilities

Equity

contracts

...........................................

—

(28,442,349)

—

(28,442,349)

Foreign

currency

exchange

contracts

............................

—

(4,021,191)

—

(4,021,191)

Interest

rate

contracts

.......................................

(9,273,368)

(15,539,102)

—

(24,812,470)

$

26,409,542

$

(1,669,799)

$

—

$

24,739,743

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

56

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

See

notes

to

financial

statements.

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

U.S.

Impact

Fund

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

October

31,

2022

Security

Shares

Shares

Value

Common

Stocks

Auto

Components

—

4.4%

Aptiv

plc

(a)

........................

2,609

$

237,602

Automobiles

—

0.7%

Tesla,

Inc.

(a)

.......................

178

40,502

Building

Products

—

1.7%

Zurn

Elkay

Water

Solutions

Corp.

........

3,825

89,849

Containers

&

Packaging

—

1.5%

Ball

Corp.

........................

999

49,340

Crown

Holdings,

Inc.

................

481

32,992

82,332

Diversified

Consumer

Services

—

6.5%

(a)

Duolingo

,

Inc.,

Class

A

...............

920

75,293

Grand

Canyon

Education,

Inc.

..........

1,270

127,800

Stride,

Inc.

.......................

4,368

146,372

349,465

Electric

Utilities

—

4.0%

Avangrid

,

Inc.

.....................

5,304

215,767

Electronic

Equipment,

Instruments

&

Components

—

5.4%

Trimble,

Inc.

(a)

.....................

4,829

290,513

Food

&

Staples

Retailing

—

6.0%

Grocery

Outlet

Holding

Corp.

(a)

..........

5,481

189,478

North

West

Co.,

Inc.

(The)

.............

5,136

133,645

323,123

Health

Care

Equipment

&

Supplies

—

9.0%

Boston

Scientific

Corp.

(a)

..............

10,417

449,077

STERIS

plc

.......................

220

37,968

487,045

Health

Care

Providers

&

Services

—

2.4%

Encompass

Health

Corp.

.............

2,384

129,785

Health

Care

Technology

—

3.3%

Veeva

Systems,

Inc.,

Class

A

(a)

.........

1,075

180,536

Independent

Power

and

Renewable

Electricity

Producers

—

6.4%

Brookfield

Renewable

Corp.

...........

11,214

347,970

Internet

&

Direct

Marketing

Retail

—

1.7%

Etsy,

Inc.

(a)

.......................

979

91,938

IT

Services

—

9.9%

Block,

Inc.,

Class

A

(a)

................

658

39,526

Global

Payments,

Inc.

...............

1,358

155,165

Security

Shares

Shares

Value

IT

Services

(continued)

Jack

Henry

&

Associates,

Inc.

..........

1,565

$

311,529

Shopify,

Inc.,

Class

A

(a)

...............

926

31,697

537,917

Life

Sciences

Tools

&

Services

—

12.0%

Agilent

Technologies,

Inc.

(b)

............

1,749

241,974

Danaher

Corp.

....................

1,173

295,209

Thermo

Fisher

Scientific,

Inc.

...........

225

115,643

652,826

Media

—

1.5%

Cable

One,

Inc.

....................

93

79,927

Pharmaceuticals

—

10.4%

Royalty

Pharma

plc,

Class

A

...........

8,289

350,790

Zoetis,

Inc.,

Class

A

.................

1,420

214,108

564,898

Professional

Services

—

6.6%

ICF

International,

Inc.

................

3,002

359,129

Semiconductors

&

Semiconductor

Equipment

—

2.0%

Enphase

Energy,

Inc.

(a)

...............

355

108,985

Software

—

4.3%

(a)

Autodesk,

Inc.

.....................

583

124,937

Palo

Alto

Networks,

Inc.

..............

621

106,557

231,494

Total

Long-Term

Investments

—

99.7%

(Cost:

$5,458,366)

..............................

5,401,603

Short-Term

Securities

Money

Market

Funds

—

4.3%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.92%

...................

34,783

34,783

SL

Liquidity

Series,

LLC,

Money

Market

Series,

3.37%

(e)

.......................

198,293

198,154

Total

Short-Term

Securities

—

4.3%

(Cost:

$232,937)

................................

232,937

Total

Investments

—

104.0%

(Cost:

$5,691,303

)

..............................

5,634,540

Liabilities

in

Excess

of

Other

Assets

—

(4.0)%

............

(216,153)

Net

Assets

—

100.0%

..............................

$

5,418,387

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

U.S.

Impact

Fund

58

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

Shares

Held

at

10/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

111,926

$

—

$

(77,143)

(a)

$

—

$

—

$

34,783

34,783

$

1,269

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

—

198,108

(a)

—

46

—

198,154

198,293

215

(b)

—

$

46

$

—

$

232,937

$

1,484

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

U.S.

Impact

Fund

Schedules

of

Investments

59

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

5,401,603

$

—

$

—

$

5,401,603

Short-Term

Securities

Money

Market

Funds

......................................

34,783

—

—

34,783

$

5,436,386

$

—

$

—

$

5,436,386

Investments

valued

at

NAV

(a)

......................................

198,154

$

—

$

5,634,540

$

—

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

20,765,200‌

$

5,058,632‌

$

8,293,340‌

$

9,778,135‌

Investments,

at

value

—

affiliated

(c)

............................................

—‌

31,478‌

274,545‌

202,564‌

Cash  

...............................................................

—‌

—‌

17‌

—‌

Cash

pledged:

Futures

contracts

......................................................

—‌

—‌

17,000‌

11,000‌

Foreign

currency,

at

value

(d)

.................................................

245,569‌

76,099‌

25,993‌

8,193‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

—‌

—‌

34,060‌

—‌

Securities

lending

income

—

affiliated

........................................

69‌

347‌

3‌

1‌

Capital

shares

sold

.....................................................

—‌

—‌

4,174‌

1,497‌

Dividends

—

unaffiliated

.................................................

10,209‌

3,583‌

17,954‌

37,910‌

Dividends

—

affiliated

...................................................

96‌

35‌

677‌

467‌

From

the

Manager

.....................................................

1,266‌

1,346‌

27,140‌

31,447‌

Prepaid

expenses

.......................................................

3,039‌

3,015‌

38,488‌

38,483‌

Total

assets

...........................................................

21,025,448‌

5,174,535‌

8,733,391‌

10,109,697‌

LIABILITIES

Bank

overdraft

..........................................................

3,681‌

—‌

—‌

—‌

Collateral

on

securities

loaned

...............................................

—‌

—‌

—‌

4,531‌

Payables:

–‌

–‌

–‌

–‌

Accounting

services

fees

.................................................

—‌

—‌

16,423‌

16,436‌

Administration

fees

.....................................................

2,997‌

447‌

—‌

—‌

Custodian

fees

........................................................

—‌

—‌

25,241‌

22,584‌

Investment

advisory

fees

.................................................

11,341‌

2,774‌

—‌

—‌

Trustees'

and

Officer's

fees

...............................................

670‌

509‌

626‌

624‌

Other

affiliate

fees

.....................................................

—‌

—‌

—‌

77‌

Printing

and

postage

fees

................................................

—‌

—‌

10,865‌

10,898‌

Professional

fees

......................................................

17,633‌

17,641‌

68,758‌

28,751‌

Registration

fees

......................................................

—‌

—‌

787‌

817‌

Service

fees

.........................................................

37‌

33‌

38‌

37‌

Transfer

agent

fees

....................................................

—‌

—‌

532‌

486‌

Other

accrued

expenses

.................................................

344‌

65‌

12,619‌

12,188‌

Variation

margin

on

futures

contracts

.........................................

—‌

—‌

963‌

1,620‌

Total

liabilities

..........................................................

36,703‌

21,469‌

136,852‌

99,049‌

NET

ASSETS

..........................................................

$

20,988,745‌

$

5,153,066‌

$

8,596,539‌

$

10,010,648‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

34,865,881‌

$

7,417,299‌

$

12,049,949‌

$

11,921,234‌

Accumulated

loss

.......................................................

(13,877,136‌)

(2,264,233‌)

(3,453,410‌)

(1,910,586‌)

NET

ASSETS

..........................................................

$

20,988,745‌

$

5,153,066‌

$

8,596,539‌

$

10,010,648‌

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

22,038,453‌

$

6,019,646‌

$

10,222,191‌

$

10,572,704‌

(b)

  Securities

loaned,

at

value

................................................

$

—‌

$

—‌

$

—‌

$

4,300‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

—‌

$

31,478‌

$

274,545‌

$

202,567‌

(d)

  Foreign

currency,

at

cost

.................................................

$

254,831‌

$

78,474‌

$

17,715‌

$

8,130‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2022

61

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.............................................................

$

14,879,049‌

$

85,264‌

$

95,612‌

$

154,966‌

Shares

outstanding

......................................................

1,561,351‌

11,786‌

13,524‌

18,233‌

Net

asset

value

.........................................................

$

9.53‌

$

7.23‌

$

7.07‌

$

8.50‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.............................................................

$

178,645‌

$

159,241‌

$

174,585‌

$

180,352‌

Shares

outstanding

......................................................

18,742‌

22,069‌

24,702‌

21,228‌

Net

asset

value

.........................................................

$

9.53‌

$

7.22‌

$

7.07‌

$

8.50‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Class

K

Net

assets

.............................................................

$

5,931,051‌

$

4,908,561‌

$

8,326,342‌

$

9,675,330‌

Shares

outstanding

......................................................

623,210‌

678,964‌

1,177,522‌

1,138,343‌

Net

asset

value

.........................................................

$

9.52‌

$

7.23‌

$

7.07‌

$

8.50‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

62

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

1,176,415,962‌

$

5,401,603‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

61,080,311‌

232,937‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

12,398,000‌

—‌

Futures

contracts

.....................................................................................

250,571,173‌

—‌

Centrally

cleared

swaps

.................................................................................

55,955,000‌

—‌

Foreign

currency,

at

value

(d)

................................................................................

118,935,207‌

70‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

81,294,845‌

—‌

Securities

lending

income

—

affiliated

.......................................................................

18‌

14‌

Swaps  

...........................................................................................

2,048,164‌

—‌

Capital

shares

sold

....................................................................................

2,377,226‌

—‌

Dividends

—

unaffiliated

................................................................................

1,614,359‌

574‌

Dividends

—

affiliated

..................................................................................

172,902‌

558‌

Interest

—

unaffiliated

..................................................................................

803‌

—‌

From

the

Manager

....................................................................................

—‌

1,501‌

Variation

margin

on

futures

contracts

........................................................................

22,751,052‌

—‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

5,281,576‌

—‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

7,360,922‌

—‌

OTC

swaps

.........................................................................................

2,420,860‌

—‌

Prepaid

expenses

......................................................................................

81,405‌

—‌

Total

assets

..........................................................................................

1,800,759,785‌

5,637,257‌

LIABILITIES

Bank

overdraft

.........................................................................................

80,422,229‌

—‌

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

820,000‌

—‌

Collateral

on

securities

loaned

..............................................................................

4,327‌

198,150‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

21,167‌

—‌

Swaps  

...........................................................................................

611,815‌

—‌

Accounting

services

fees

................................................................................

74,480‌

—‌

Administration

fees

....................................................................................

86,046‌

491‌

Capital

shares

redeemed

................................................................................

9,677,313‌

—‌

Custodian

fees

.......................................................................................

47,396‌

—‌

Investment

advisory

fees

................................................................................

758,111‌

2,915‌

Trustees'

and

Officer's

fees

..............................................................................

66‌

506‌

Other

affiliate

fees

....................................................................................

65,771‌

—‌

Printing

and

postage

fees

...............................................................................

53,000‌

—‌

Professional

fees

.....................................................................................

105,435‌

16,733‌

Registration

fees

.....................................................................................

202,017‌

—‌

Service

and

distribution

fees

..............................................................................

48,892‌

75‌

Transfer

agent

fees

...................................................................................

417,446‌

—‌

Other

accrued

expenses

................................................................................

2,172‌

—‌

Variation

margin

on

futures

contracts

........................................................................

6,271,335‌

—‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

4,021,191‌

—‌

OTC

swaps

.........................................................................................

4,532,317‌

—‌

Total

liabilities

.........................................................................................

108,242,526‌

218,870‌

NET

ASSETS

.........................................................................................

$

1,692,517,259‌

$

5,418,387‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2022

63

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

1,659,259,898‌

$

6,969,456‌

Accumulated

earnings

(loss)

...............................................................................

33,257,361‌

(1,551,069‌)

NET

ASSETS

.........................................................................................

$

1,692,517,259‌

$

5,418,387‌

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

1,073,996,676‌

$

5,458,366‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

4,287‌

$

193,690‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

61,080,311‌

$

232,937‌

(d)

  Foreign

currency,

at

cost

................................................................................

$

118,758,204‌

$

70‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

64

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

NET

ASSET

VALUE

Institutional

Net

assets

...........................................................................................

$

779,847,260‌

$

105,001‌

Shares

outstanding

....................................................................................

54,360,459‌

12,986‌

Net

asset

value

.......................................................................................

$

14.35‌

$

8.09‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Service

Net

assets

...........................................................................................

$

943,087‌

$

—‌

Shares

outstanding

....................................................................................

66,379‌

—‌

Net

asset

value

.......................................................................................

$

14.21‌

$

—‌

Shares

authorized

.....................................................................................

Unlimited

—

Par

value

...........................................................................................

$

0.001‌

$

—‌

Investor

A

Net

assets

...........................................................................................

$

188,017,700‌

$

369,493‌

Shares

outstanding

....................................................................................

13,273,196‌

45,833‌

Net

asset

value

.......................................................................................

$

14.17‌

$

8.06‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

...........................................................................................

$

8,711,005‌

$

—‌

Shares

outstanding

....................................................................................

636,763‌

—‌

Net

asset

value

.......................................................................................

$

13.68‌

$

—‌

Shares

authorized

.....................................................................................

Unlimited

—

Par

value

...........................................................................................

$

0.001‌

$

—‌

Class

K

Net

assets

...........................................................................................

$

714,998,207‌

$

4,943,893‌

Shares

outstanding

....................................................................................

49,847,835‌

611,659‌

Net

asset

value

.......................................................................................

$

14.34‌

$

8.08‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2022

65

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

215,949‌

$

70,090‌

$

217,105‌

$

174,820‌

Dividends

—

affiliated

...................................................

524‌

425‌

5,528‌

1,709‌

Securities

lending

income

—

affiliated

—

net

...................................

152‌

1,287‌

176‌

24‌

Foreign

taxes

withheld

..................................................

(23,435‌)

(6,825‌)

(23,504‌)

(22,950‌)

Total

investment

income

...................................................

193,190‌

64,977‌

199,305‌

153,603‌

EXPENSES

Investment

advisory

....................................................

87,124‌

18,189‌

37,595‌

23,563‌

Administration

—

class

specific

............................................

23,652‌

2,929‌

940‌

1,047‌

Trustees

and

Officer

....................................................

3,202‌

2,901‌

2,722‌

2,728‌

Professional

.........................................................

2,922‌

3,280‌

88,492‌

65,298‌

Service

and

distribution

—

class

specific

......................................

235‌

211‌

229‌

239‌

Accounting

services

....................................................

—‌

—‌

24,932‌

24,963‌

Administration

.......................................................

—‌

—‌

1,997‌

2,225‌

Custodian

...........................................................

—‌

—‌

56,326‌

29,016‌

Registration

.........................................................

—‌

—‌

38,420‌

38,433‌

Transfer

agent

—

class

specific

............................................

—‌

—‌

446‌

522‌

Printing

and

postage

...................................................

—‌

—‌

14,550‌

14,477‌

Miscellaneous

........................................................

—‌

—‌

202‌

19‌

Total

expenses

.........................................................

117,135‌

27,510‌

266,851‌

202,530‌

Less:

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(6,153‌)

(6,200‌)

(225,176‌)

(174,933‌)

Administration

fees

waived

...............................................

—‌

—‌

(1,997‌)

(2,225‌)

Administration

fees

waived

by

the

Manager

—

class

specific

.........................

—‌

—‌

(940‌)

(1,047‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

............

—‌

—‌

(373‌)

(434‌)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

110,982‌

21,310‌

38,365‌

23,891‌

Net

investment

income

....................................................

82,208‌

43,667‌

160,940‌

129,712‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(3,137,526‌)

$

(1,026,332‌)

$

(2,240,890‌)

$

(1,343,649‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(5,332,728‌)

$

(921,148‌)

$

(829,709‌)

$

(915,236‌)

Investments

—

affiliated

...............................................

(236‌)

10‌

77,691‌

—‌

Foreign

currency

transactions

...........................................

(11,167‌)

(631‌)

(4,564‌)

(3,488‌)

Futures

contracts

....................................................

—‌

—‌

(45,541‌)

(32,272‌)

(5,344,131‌)

(921,769‌)

(802,123‌)

(950,996‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(a)

............................................

2,214,233‌

(102,576‌)

(1,284,348‌)

(401,244‌)

Investments

—

affiliated

...............................................

—‌

—‌

(140,294‌)

(3‌)

Foreign

currency

translations

............................................

(7,628‌)

(1,987‌)

(890‌)

1,319‌

Futures

contracts

....................................................

—‌

—‌

(13,235‌)

7,275‌

2,206,605‌

(104,563‌)

(1,438,767‌)

(392,653‌)

Net

realized

and

unrealized

loss

..............................................

(3,137,526‌)

(1,026,332‌)

(2,240,890‌)

(1,343,649‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................

$

(3,055,318‌)

$

(982,665‌)

$

(2,079,950‌)

$

(1,213,937‌)

(a)

Net

of

reduction

in

deferred

foreign

capital

gain

tax

of

..............................

$

—

$

1,695

$

3,996

$

—

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

66

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

11,209,486‌

$

20,672‌

Dividends

—

affiliated

..................................................................................

764,036‌

1,269‌

Interest

—

unaffiliated

..................................................................................

1,354,465‌

—‌

Securities

lending

income

—

affiliated

—

net

..................................................................

26,081‌

215‌

Foreign

taxes

withheld

.................................................................................

(417,496‌)

(1,410‌)

Total

investment

income

..................................................................................

12,936,572‌

20,746‌

EXPENSES

Investment

advisory

...................................................................................

4,414,328‌

18,359‌

Transfer

agent

—

class

specific

...........................................................................

684,572‌

—‌

Administration

......................................................................................

331,075‌

—‌

Service

and

distribution

—

class

specific

.....................................................................

273,054‌

461‌

Custodian

..........................................................................................

189,070‌

—‌

Administration

—

class

specific

...........................................................................

166,491‌

3,064‌

Registration

........................................................................................

136,475‌

—‌

Accounting

services

...................................................................................

96,613‌

—‌

Professional

........................................................................................

92,032‌

4,084‌

Printing

and

postage

..................................................................................

55,821‌

—‌

Trustees

and

Officer

...................................................................................

9,017‌

2,899‌

Miscellaneous

.......................................................................................

15,373‌

—‌

Total

expenses

........................................................................................

6,463,921‌

28,867‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(33,098‌)

(7,029‌)

Administration

fees

waived

by

the

Manager

—

class

specific

........................................................

(841‌)

—‌

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

...........................................

(53‌)

—‌

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

6,429,929‌

21,838‌

Net

investment

income

(loss)

...............................................................................

6,506,643‌

(1,092‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

29,316,604‌

$

(374,805‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

$

(46,188,556‌)

$

(787,089‌)

Investments

—

affiliated

..............................................................................

477‌

46‌

Forward

foreign

currency

exchange

contracts

................................................................

3,461,395‌

—‌

Foreign

currency

transactions

..........................................................................

(9,674,344‌)

(463‌)

Futures

contracts

...................................................................................

127,038,435‌

—‌

Swaps  

.........................................................................................

44,369,042‌

—‌

119,006,449‌

(787,506‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

(33,020,884‌)

412,699‌

Investments

—

affiliated

..............................................................................

(468‌)

—‌

Forward

foreign

currency

exchange

contracts

................................................................

4,182,357‌

—‌

Foreign

currency

translations

...........................................................................

2,557,041‌

2‌

Futures

contracts

...................................................................................

(60,313,976‌)

—‌

Swaps  

.........................................................................................

(3,093,915‌)

—‌

(89,689,845‌)

412,701‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

29,316,604‌

(374,805‌)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.........................................

$

35,823,247‌

$

(375,897‌)

Statements

of

Changes

in

Net

Assets

(unaudited)

67

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

82,208‌

$

111,845‌

$

43,667‌

$

62,188‌

Net

realized

loss

........................................................

(5,344,131‌)

(5,418,211‌)

(921,769‌)

(94,130‌)

Net

change

in

unrealized

appreciation

(depreciation)

................................

2,206,605‌

(7,702,538‌)

(104,563‌)

(2,075,213‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(3,055,318‌)

(13,008,904‌)

(982,665‌)

(2,107,155‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(63,989‌)

(2,817,685‌)

(52‌)

(20,559‌)

  Investor

A

............................................................

(98‌)

(16,079‌)

—‌

(29,376‌)

  Class

K

..............................................................

(34,136‌)

(542,065‌)

(10,292‌)

(1,190,636‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(98,223‌)

(3,375,829‌)

(10,344‌)

(1,240,571‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(11,026,576‌)

(903,296‌)

32,525‌

1,290,141‌

NET

ASSETS

Total

decrease

in

net

assets

..................................................

(14,180,117‌)

(17,288,029‌)

(960,484‌)

(2,057,585‌)

Beginning

of

period

........................................................

35,168,862‌

52,456,891‌

6,113,550‌

8,171,135‌

End

of

period

............................................................

$

20,988,745‌

$

35,168,862‌

$

5,153,066‌

$

6,113,550‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

68

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

160,940‌

$

179,975‌

$

129,712‌

$

260,749‌

Net

realized

gain

(loss)

....................................................

(802,123‌)

(812,574‌)

(950,996‌)

188,161‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(1,438,767‌)

(1,814,329‌)

(392,653‌)

(1,559,323‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(2,079,950‌)

(2,446,928‌)

(1,213,937‌)

(1,110,413‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(516‌)

(13,987‌)

(1,761‌)

(24,721‌)

  Investor

A

............................................................

(401‌)

(13,504‌)

(1,660‌)

(20,157‌)

  Class

K

..............................................................

(44,418‌)

(1,183,989‌)

(113,869‌)

(1,532,269‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(45,335‌)

(1,211,480‌)

(117,290‌)

(1,577,147‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.........................

781,479‌

1,279,931‌

192,982‌

1,698,938‌

NET

ASSETS

Total

decrease

in

net

assets

..................................................

(1,343,806‌)

(2,378,477‌)

(1,138,245‌)

(988,622‌)

Beginning

of

period

........................................................

9,940,345‌

12,318,822‌

11,148,893‌

12,137,515‌

End

of

period

............................................................

$

8,596,539‌

$

9,940,345‌

$

10,010,648‌

$

11,148,893‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(unaudited)

(continued)

69

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

6,506,643‌

$

5,557,625‌

$

(1,092‌)

$

(9,662‌)

Net

realized

gain

(loss)

....................................................

119,006,449‌

(2,980,437‌)

(787,506‌)

153,071‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(89,689,845‌)

(1,108,016‌)

412,701‌

(1,852,868‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

35,823,247‌

1,469,172‌

(375,897‌)

(1,709,459‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

—‌

—‌

(263‌)

(31,728‌)

  Investor

A

............................................................

—‌

—‌

(524‌)

(71,225‌)

  Class

K

..............................................................

—‌

—‌

(18,803‌)

(1,511,112‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

—‌

—‌

(19,590‌)

(1,614,065‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.........................

10,699,927‌

186,560,420‌

110,823‌

1,809,870‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

46,523,174‌

188,029,592‌

(284,664‌)

(1,513,654‌)

Beginning

of

period

........................................................

1,645,994,085‌

1,457,964,493‌

5,703,051‌

7,216,705‌

End

of

period

............................................................

$

1,692,517,259‌

$

1,645,994,085‌

$

5,418,387‌

$

5,703,051‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

70

BlackRock

Global

Impact

Fund

Institutional

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

10.76

‌

$

15.27

‌

$

10.00

‌

Net

investment

income

(loss)

(b)

............................................................

0.03

‌

0.03

‌

(0.02

)

Net

realized

and

unrealized

gain

(loss)

.......................................................

(1.23

)

(3.66

)

5.82

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(1.20

)

(3.63

)

5.80

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(0.03

)

(0.10

)

(0.07

)

From

net

realized

gain

..................................................................

—

‌

(0.78

)

(0.46

)

Total

distributions

......................................................................

(0.03

)

(0.88

)

(0.53

)

Net

asset

value,

end

of

period

.............................................................

$

9.53

‌

$

10.76

‌

$

15.27

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(11.17

)%

(e)

(25.01

)%

58.53

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

0.90

%

(g)

0.92

%

0.98

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.85

%

(g)

0.85

%

0.84

%

(g)

Net

investment

income

(loss)

..............................................................

0.64

%

(g)

0.20

%

(0.14

)%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

14,879

‌

$

28,252

‌

$

42,999

‌

Portfolio

turnover

rate

....................................................................

36

%

114

%

100

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.98%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

71

Financial

Highlights

BlackRock

Global

Impact

Fund

Investor

A

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

10.76

‌

$

15.26

‌

$

10.00

‌

Net

investment

income

(loss)

(b)

............................................................

0.01

‌

(0.01

)

(0.02

)

Net

realized

and

unrealized

gain

(loss)

.......................................................

(1.23

)

(3.65

)

5.79

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(1.22

)

(3.66

)

5.77

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(0.01

)

(0.07

)

(0.05

)

From

net

realized

gain

..................................................................

—

‌

(0.77

)

(0.46

)

Total

distributions

......................................................................

(0.01

)

(0.84

)

(0.51

)

Net

asset

value,

end

of

period

.............................................................

$

9.53

‌

$

10.76

‌

$

15.26

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(11.38

)%

(e)

(25.15

)%

58.22

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

1.15

%

(g)

1.17

%

1.27

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

1.10

%

(g)

1.10

%

1.10

%

(g)

Net

investment

income

(loss)

..............................................................

0.17

%

(g)

(0.06

)%

(0.18

)%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

179

‌

$

198

‌

$

272

‌

Portfolio

turnover

rate

....................................................................

36

%

114

%

100

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.28%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

72

BlackRock

Global

Impact

Fund

Class

K

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

10.77

‌

$

15.29

‌

$

10.00

‌

Net

investment

income

(b)

................................................................

0.03

‌

0.04

‌

0.04

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

(1.23

)

(3.67

)

5.78

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(1.20

)

(3.63

)

5.82

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(0.05

)

(0.11

)

(0.07

)

From

net

realized

gain

..................................................................

—

‌

(0.78

)

(0.46

)

Total

distributions

......................................................................

(0.05

)

(0.89

)

(0.53

)

Net

asset

value,

end

of

period

.............................................................

$

9.52

‌

$

10.77

‌

$

15.29

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(11.11

)%

(e)

(24.97

)%

58.75

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

0.80

%

(g)

0.82

%

0.93

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.75

%

(g)

0.75

%

0.75

%

(g)

Net

investment

income

..................................................................

0.53

%

(g)

0.32

%

0.34

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

5,931

‌

$

6,718

‌

$

9,186

‌

Portfolio

turnover

rate

....................................................................

36

%

114

%

100

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.94%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

73

Financial

Highlights

BlackRock

International

Impact

Fund

Institutional

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................

$

8.62

‌

$

13.65

‌

$

10.00

‌

Net

investment

income

(b)

.................................................................

0.06

‌

0.08

‌

0.05

‌

Net

realized

and

unrealized

gain

(loss)

........................................................

(1.45

)

(3.12

)

4.04

‌

Net

increase

(decrease)

from

investment

operations

................................................

(1.39

)

(3.04

)

4.09

‌

Distributions

(c)

–

–

–

From

net

investment

income

..............................................................

(0.00

)

(d)

(0.17

)

(0.08

)

From

net

realized

gain

...................................................................

—

‌

(1.82

)

(0.36

)

Total

distributions

.......................................................................

(0.00

)

(1.99

)

(0.44

)

Net

asset

value,

end

of

period

..............................................................

$

7.23

‌

$

8.62

‌

$

13.65

‌

Total

Return

(e)

—

—

—

Based

on

net

asset

value

..................................................................

(16.08

)%

(f)

(25.68

)%

41.25

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.........................................................................

1.07

%

(h)

1.33

%

1.37

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

0.85

%

(h)

0.85

%

0.85

%

(h)

Net

investment

income

...................................................................

1.48

%

(h)

0.74

%

0.50

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................

$

85

‌

$

102

‌

$

137

‌

Portfolio

turnover

rate

.....................................................................

34

%

85

%

87

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.44%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

74

BlackRock

International

Impact

Fund

Investor

A

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

8.61

‌

$

13.63

‌

$

10.00

‌

Net

investment

income

(b)

................................................................

0.04

‌

0.02

‌

0.02

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

(1.43

)

(3.07

)

4.04

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(1.39

)

(3.05

)

4.06

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

—

‌

(0.16

)

(0.07

)

From

net

realized

gain

..................................................................

—

‌

(1.81

)

(0.36

)

Total

distributions

......................................................................

—

‌

(1.97

)

(0.43

)

Net

asset

value,

end

of

period

.............................................................

$

7.22

‌

$

8.61

‌

$

13.63

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(16.14

)%

(e)

(25.77

)%

40.89

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

1.32

%

(g)

1.54

%

1.63

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

1.10

%

(g)

1.10

%

1.10

%

(g)

Net

investment

income

..................................................................

1.00

%

(g)

0.20

%

0.23

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

159

‌

$

158

‌

$

169

‌

Portfolio

turnover

rate

....................................................................

34

%

85

%

87

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.71%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

75

Financial

Highlights

BlackRock

International

Impact

Fund

Class

K

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

8.62

‌

$

13.65

‌

$

10.00

‌

Net

investment

income

(b)

................................................................

0.06

‌

0.09

‌

0.06

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

(1.43

)

(3.12

)

4.04

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(1.37

)

(3.03

)

4.10

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(0.02

)

(0.18

)

(0.09

)

From

net

realized

gain

..................................................................

—

‌

(1.82

)

(0.36

)

Total

distributions

......................................................................

(0.02

)

(2.00

)

(0.45

)

Net

asset

value,

end

of

period

.............................................................

$

7.23

‌

$

8.62

‌

$

13.65

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(15.96

)%

(e)

(25.60

)%

41.32

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

0.97

%

(g)

1.23

%

1.26

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.75

%

(g)

0.75

%

0.75

%

(g)

Net

investment

income

..................................................................

1.58

%

(g)

0.84

%

0.54

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

4,909

‌

$

5,854

‌

$

7,865

‌

Portfolio

turnover

rate

....................................................................

34

%

85

%

87

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.34%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

76

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Institutional

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

8.90

‌

$

12.30

‌

$

10.00

‌

Net

investment

income

(b)

................................................................

0.14

‌

0.16

‌

0.04

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

(1.93

)

(2.37

)

2.31

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(1.79

)

(2.21

)

2.35

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(0.04

)

(0.14

)

(0.05

)

From

net

realized

gain

..................................................................

—

‌

(1.05

)

—

‌

Total

distributions

......................................................................

(0.04

)

(1.19

)

(0.05

)

Net

asset

value,

end

of

period

.............................................................

$

7.07

‌

$

8.90

‌

$

12.30

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(20.18

)%

(e)

(19.84

)%

23.53

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

5.94

%

(g)

4.37

%

3.70

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.86

%

(g)

0.86

%

0.86

%

(g)

Net

investment

income

..................................................................

3.42

%

(g)

1.51

%

0.47

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

96

‌

$

119

‌

$

125

‌

Portfolio

turnover

rate

....................................................................

71

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.30%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

77

Financial

Highlights

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Investor

A

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

8.89

‌

$

12.29

‌

$

10.00

‌

Net

investment

income

(b)

................................................................

0.13

‌

0.13

‌

0.02

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

(1.93

)

(2.36

)

2.31

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(1.80

)

(2.23

)

2.33

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(0.02

)

(0.12

)

(0.04

)

From

net

realized

gain

..................................................................

—

‌

(1.05

)

—

‌

Total

distributions

......................................................................

(0.02

)

(1.17

)

(0.04

)

Net

asset

value,

end

of

period

.............................................................

$

7.07

‌

$

8.89

‌

$

12.29

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(20.28

)%

(e)

(20.04

)%

23.33

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

6.08

%

(g)

4.71

%

3.92

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

1.11

%

(g)

1.11

%

1.11

%

(g)

Net

investment

income

..................................................................

3.07

%

(g)

1.21

%

0.31

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

175

‌

$

149

‌

$

138

‌

Portfolio

turnover

rate

....................................................................

71

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.52%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

78

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Class

K

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

8.90

‌

$

12.30

‌

$

10.00

‌

Net

investment

income

(b)

................................................................

0.14

‌

0.17

‌

0.04

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................

(1.93

)

(2.37

)

2.31

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(1.79

)

(2.20

)

2.35

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(0.04

)

(0.15

)

(0.05

)

From

net

realized

gain

..................................................................

—

‌

(1.05

)

—

‌

Total

distributions

......................................................................

(0.04

)

(1.20

)

(0.05

)

Net

asset

value,

end

of

period

.............................................................

$

7.07

‌

$

8.90

‌

$

12.30

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(20.16

)%

(e)

(19.80

)%

23.55

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

5.67

%

(g)

4.24

%

3.39

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

0.81

%

(g)

0.81

%

0.81

%

(g)

Net

investment

income

..................................................................

3.43

%

(g)

1.56

%

0.52

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

8,326

‌

$

9,672

‌

$

12,056

‌

Portfolio

turnover

rate

....................................................................

71

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.00%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

79

Financial

Highlights

BlackRock

Sustainable

Advantage

International

Equity

Fund

Institutional

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................

$

9.64

‌

$

12.08

‌

$

10.00

‌

Net

investment

income

(b)

.................................................................

0.11

‌

0.23

‌

0.13

‌

Net

realized

and

unrealized

gain

(loss)

........................................................

(1.15

)

(1.16

)

2.01

‌

Net

increase

(decrease)

from

investment

operations

................................................

(1.04

)

(0.93

)

2.14

‌

Distributions

(c)

–

–

–

From

net

investment

income

..............................................................

(0.10

)

(0.27

)

(0.06

)

From

net

realized

gain

...................................................................

—

‌

(1.24

)

(0.00

)

(d)

Total

distributions

.......................................................................

(0.10

)

(1.51

)

(0.06

)

Net

asset

value,

end

of

period

..............................................................

$

8.50

‌

$

9.64

‌

$

12.08

‌

Total

Return

(e)

—

—

—

Based

on

net

asset

value

..................................................................

(10.82

)%

(f)

(9.13

)%

21.53

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.........................................................................

4.10

%

(h)

3.72

%

3.40

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

0.50

%

(h)

0.50

%

0.50

%

(h)

Net

investment

income

...................................................................

2.43

%

(h)

2.04

%

1.69

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................

$

155

‌

$

174

‌

$

156

‌

Portfolio

turnover

rate

.....................................................................

60

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.94%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

80

BlackRock

Sustainable

Advantage

International

Equity

Fund

Investor

A

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................

$

9.63

‌

$

12.07

‌

$

10.00

‌

Net

investment

income

(b)

.................................................................

0.10

‌

0.21

‌

0.11

‌

Net

realized

and

unrealized

gain

(loss)

........................................................

(1.15

)

(1.16

)

2.01

‌

Net

increase

(decrease)

from

investment

operations

................................................

(1.05

)

(0.95

)

2.12

‌

Distributions

(c)

–

–

–

From

net

investment

income

..............................................................

(0.08

)

(0.25

)

(0.05

)

From

net

realized

gain

...................................................................

—

‌

(1.24

)

(0.00

)

(d)

Total

distributions

.......................................................................

(0.08

)

(1.49

)

(0.05

)

Net

asset

value,

end

of

period

..............................................................

$

8.50

‌

$

9.63

‌

$

12.07

‌

Total

Return

(e)

—

—

—

Based

on

net

asset

value

..................................................................

(10.93

)%

(f)

(9.32

)%

21.33

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.........................................................................

4.38

%

(h)

4.02

%

3.76

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

0.75

%

(h)

0.74

%

0.75

%

(h)

Net

investment

income

...................................................................

2.18

%

(h)

1.85

%

1.45

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................

$

180

‌

$

204

‌

$

140

‌

Portfolio

turnover

rate

.....................................................................

60

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.31%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

81

Financial

Highlights

BlackRock

Sustainable

Advantage

International

Equity

Fund

Class

K

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................

$

9.65

‌

$

12.08

‌

$

10.00

‌

Net

investment

income

(b)

.................................................................

0.11

‌

0.24

‌

0.13

‌

Net

realized

and

unrealized

gain

(loss)

........................................................

(1.16

)

(1.16

)

2.01

‌

Net

increase

(decrease)

from

investment

operations

................................................

(1.05

)

(0.92

)

2.14

‌

Distributions

(c)

–

–

–

From

net

investment

income

..............................................................

(0.10

)

(0.27

)

(0.06

)

From

net

realized

gain

...................................................................

—

‌

(1.24

)

(0.00

)

(d)

Total

distributions

.......................................................................

(0.10

)

(1.51

)

(0.06

)

Net

asset

value,

end

of

period

..............................................................

$

8.50

‌

$

9.65

‌

$

12.08

‌

Total

Return

(e)

—

—

—

Based

on

net

asset

value

..................................................................

(10.87

)%

(f)

(9.00

)%

21.55

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.........................................................................

3.85

%

(h)

3.64

%

3.15

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

0.45

%

(h)

0.45

%

0.45

%

(h)

Net

investment

income

...................................................................

2.48

%

(h)

2.10

%

1.72

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................

$

9,675

‌

$

10,770

‌

$

11,842

‌

Portfolio

turnover

rate

.....................................................................

60

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.70%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

82

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Amount

is

less

than

0.005%.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(i)

Annualized.

See

notes

to

financial

statements

BlackRock

Tactical

Opportunities

Fund

Institutional

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Year

Ended

09/30/17

Net

asset

value,

beginning

of

period

.

$

14.05

‌

$

14.05

‌

$

13.59

‌

$

13.67

‌

$

15.44

‌

$

14.11

‌

$

13.41

‌

Net

investment

income

(a)

.........

0.05

‌

0.05

‌

0.05

‌

0.06

‌

0.19

‌

0.14

‌

0.09

‌

Net

realized

and

unrealized

gain

(loss)

0.25

‌

(0.05

)

0.79

‌

0.32

‌

(0.57

)

1.31

‌

0.82

‌

Net

increase

(decrease)

from

investment

operations

................

0.30

‌

0.00

‌

0.84

‌

0.38

‌

(0.38

)

1.45

‌

0.91

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

......

—

‌

—

‌

(0.38

)

(0.46

)

(0.55

)

(0.12

)

(0.23

)

From

net

realized

gain

...........

—

‌

—

‌

—

‌

—

‌

(0.84

)

—

‌

—

‌

Return

of

capital

...............

—

‌

—

‌

(0.00

)

(c)

—

‌

—

‌

—

‌

—

‌

Total

distributions

...............

—

‌

—

‌

(0.38

)

(0.46

)

(1.39

)

(0.12

)

(0.23

)

Capital

Contribution

.............

—

‌

—

‌

—

‌

—

‌

—

‌

—

‌

0.02

‌

Net

asset

value,

end

of

period

......

$

14.35

‌

$

14.05

‌

$

14.05

‌

$

13.59

‌

$

13.67

‌

$

15.44

‌

$

14.11

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

2.14

%

(e)

0.00

%

(f)

6.18

%

2.79

%

(e)

(2.43

)%

10.36

%

7.05

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

(h)

................

0.79

%

(i)

0.79

%

0.81

%

0.86

%

(i)

0.80

%

0.93

%

0.92

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.79

%

(i)

0.79

%

0.80

%

0.85

%

(i)

0.79

%

0.89

%

0.89

%

Net

investment

income

...........

0.76

%

(i)

0.33

%

0.38

%

0.77

%

(i)

1.36

%

0.94

%

0.65

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

779,847

‌

$

672,822

‌

$

464,694

‌

$

289,127

‌

$

290,851

‌

$

220,711

‌

$

189,242

‌

Portfolio

turnover

rate

.............

86

%

110

%

136

%

167

%

288

%

265

%

257

%

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Year

Ended

09/30/17

Expense

ratios

.............................

N/A  

‌

N/A  

‌

N/A  

‌

N/A  

‌

0.79%  

‌

N/A  

‌

N/A  

‌

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

83

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(i)

Annualized.

(j)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

Service

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Year

Ended

09/30/17

Net

asset

value,

beginning

of

period

.

$

13.94

‌

$

13.97

‌

$

13.54

‌

$

13.56

‌

$

15.33

‌

$

14.02

‌

$

13.34

‌

Net

investment

income

(a)

.........

0.03

‌

0.00

(b)

0.01

‌

0.04

‌

0.16

‌

0.10

‌

0.05

‌

Net

realized

and

unrealized

gain

(loss)

0.24

‌

(0.03

)

0.78

‌

0.31

‌

(0.58

)

1.32

‌

0.81

‌

Net

increase

(decrease)

from

investment

operations

................

0.27

‌

(0.03

)

0.79

‌

0.35

‌

(0.42

)

1.42

‌

0.86

‌

Distributions

(c)

–

–

–

–

–

–

–

From

net

investment

income

......

—

‌

—

‌

(0.36

)

(0.37

)

(0.51

)

(0.11

)

(0.20

)

From

net

realized

gain

...........

—

‌

—

‌

—

‌

—

‌

(0.84

)

—

‌

—

‌

Return

of

capital

...............

—

‌

—

‌

(0.00

)

(d)

—

‌

—

‌

—

‌

—

‌

Total

distributions

...............

—

‌

—

‌

(0.36

)

(0.37

)

(1.35

)

(0.11

)

(0.20

)

Capital

Contribution

.............

—

‌

—

‌

—

‌

—

‌

—

‌

—

‌

0.02

‌

Net

asset

value,

end

of

period

......

$

14.21

‌

$

13.94

‌

$

13.97

‌

$

13.54

‌

$

13.56

‌

$

15.33

‌

$

14.02

‌

Total

Return

(e)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

1.94

%

(f)

(0.21

)%

5.86

%

2.63

%

(f)

(2.74

)%

10.21

%

6.66

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

(h)

................

1.12

%

(i)

1.06

%

1.07

%

1.16

%

(i)

1.06

%

1.22

%

1.23

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.10

%

(i)

1.06

%

1.06

%

1.14

%

(i)

1.06

%

1.16

%

1.17

%

Net

investment

income

...........

0.50

%

(i)

0.00

%

(j)

0.08

%

0.53

%

(i)

1.14

%

0.65

%

0.38

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

943

‌

$

953

‌

$

1,972

‌

$

836

‌

$

767

‌

$

832

‌

$

828

‌

Portfolio

turnover

rate

.............

86

%

110

%

136

%

167

%

288

%

265

%

257

%

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Year

Ended

09/30/17

Expense

ratios

.............................

N/A  

‌

N/A  

‌

N/A  

‌

N/A  

‌

1.04%  

‌

N/A  

‌

N/A  

‌

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

84

BlackRock

Tactical

Opportunities

Fund

Investor

A

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Year

Ended

09/30/17

Net

asset

value,

beginning

of

period

..

$

13.90

‌

$

13.93

‌

$

13.49

‌

$

13.54

‌

$

15.31

‌

$

14.02

‌

$

13.33

‌

Net

investment

income

(a)

..........

0.03

‌

0.00

(b)

0.01

‌

0.04

‌

0.14

‌

0.09

‌

0.05

‌

Net

realized

and

unrealized

gain

(loss)

.

0.24

‌

(0.03

)

0.77

‌

0.32

‌

(0.56

)

1.31

‌

0.81

‌

Net

increase

(decrease)

from

investment

operations

.................

0.27

‌

(0.03

)

0.78

‌

0.36

‌

(0.42

)

1.40

‌

0.86

‌

Distributions

(c)

–

–

–

–

–

–

–

From

net

investment

income

.......

—

‌

—

‌

(0.34

)

(0.41

)

(0.51

)

(0.11

)

(0.19

)

From

net

realized

gain

............

—

‌

—

‌

—

‌

—

‌

(0.84

)

—

‌

—

‌

Return

of

capital

................

—

‌

—

‌

(0.00

)

(d)

—

‌

—

‌

—

‌

—

‌

Total

distributions

................

—

‌

—

‌

(0.34

)

(0.41

)

(1.35

)

(0.11

)

(0.19

)

Capital

Contribution

..............

—

‌

—

‌

—

‌

—

‌

—

‌

—

‌

0.02

‌

Net

asset

value,

end

of

period

.......

$

14.17

‌

$

13.90

‌

$

13.93

‌

$

13.49

‌

$

13.54

‌

$

15.31

‌

$

14.02

‌

Total

Return

(e)

—

—

—

—

—

—

—

Based

on

net

asset

value

...........

1.94

%

(f)

(0.22

)%

5.77

%

2.70

%

(f)

(2.77

)%

10.06

%

6.66

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

..................

1.10

%

(h)

1.08

%

1.09

%

1.15

%

(h)

1.10

%

(i)

1.21

%

1.20

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

...................

1.09

%

(h)

1.08

%

1.09

%

1.14

%

(h)

1.09

%

1.20

%

1.20

%

Net

investment

income

............

0.46

%

(h)

0.03

%

0.09

%

0.48

%

(h)

1.01

%

0.61

%

0.37

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......

$

188,018

‌

$

187,461

‌

$

202,884

‌

$

208,746

‌

$

218,634

‌

$

237,442

‌

$

244,101

‌

Portfolio

turnover

rate

..............

86

%

110

%

136

%

167

%

288

%

265

%

257

%

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

85

Financial

Highlights

BlackRock

Tactical

Opportunities

Fund

Investor

C

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Year

Ended

09/30/17

Net

asset

value,

beginning

of

period

.

$

13.47

‌

$

13.60

‌

$

13.13

‌

$

13.14

‌

$

14.81

‌

$

13.64

‌

$

12.95

‌

Net

investment

income

(loss)

(a)

.....

(0.02

)

(0.10

)

(0.09

)

(0.02

)

0.04

‌

(0.01

)

(0.05

)

Net

realized

and

unrealized

gain

(loss)

0.23

‌

(0.03

)

0.75

‌

0.31

‌

(0.54

)

1.27

‌

0.80

‌

Net

increase

(decrease)

from

investment

operations

................

0.21

‌

(0.13

)

0.66

‌

0.29

‌

(0.50

)

1.26

‌

0.75

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

......

—

‌

—

‌

(0.19

)

(0.30

)

(0.33

)

(0.09

)

(0.08

)

From

net

realized

gain

...........

—

‌

—

‌

—

‌

—

‌

(0.84

)

—

‌

—

‌

Return

of

capital

...............

—

‌

—

‌

(0.00

)

(c)

—

‌

—

‌

—

‌

—

‌

Total

distributions

...............

—

‌

—

‌

(0.19

)

(0.30

)

(1.17

)

(0.09

)

(0.08

)

Capital

Contribution

.............

—

‌

—

‌

—

‌

—

‌

—

‌

—

‌

0.02

‌

Net

asset

value,

end

of

period

......

$

13.68

‌

$

13.47

‌

$

13.60

‌

$

13.13

‌

$

13.14

‌

$

14.81

‌

$

13.64

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

1.56

%

(e)

(0.96

)%

5.02

%

2.21

%

(e)

(3.45

)%

9.27

%

5.99

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................

1.82

%

(g)

1.83

%

1.84

%

1.86

%

(g)

1.82

%

(h)

1.89

%

1.89

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.81

%

(g)

1.83

%

1.84

%

1.85

%

(g)

1.81

%

1.88

%

1.89

%

Net

investment

income

(loss)

.......

(0.27

)%

(g)

(0.72

)%

(0.65

)%

(0.24

)%

(g)

0.26

%

(0.08

)%

(0.34

)%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

8,711

‌

$

7,478

‌

$

8,665

‌

$

13,187

‌

$

17,171

‌

$

31,022

‌

$

35,343

‌

Portfolio

turnover

rate

.............

86

%

110

%

136

%

167

%

288

%

265

%

257

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

86

BlackRock

Tactical

Opportunities

Fund

Class

K

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Year

Ended

09/30/17

Net

asset

value,

beginning

of

period

..

$

14.04

‌

$

14.02

‌

$

13.57

‌

$

13.65

‌

$

15.43

‌

$

14.08

‌

$

13.42

‌

Net

investment

income

(a)

..........

0.06

‌

0.06

‌

0.07

‌

0.07

‌

0.21

‌

0.16

‌

0.13

‌

Net

realized

and

unrealized

gain

(loss)

.

0.24

‌

(0.04

)

0.78

‌

0.32

‌

(0.57

)

1.32

‌

0.79

‌

Net

increase

(decrease)

from

investment

operations

.................

0.30

‌

0.02

‌

0.85

‌

0.39

‌

(0.36

)

1.48

‌

0.92

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

.......

—

‌

—

‌

(0.40

)

(0.47

)

(0.58

)

(0.13

)

(0.26

)

From

net

realized

gain

............

—

‌

—

‌

—

‌

—

‌

(0.84

)

—

‌

—

‌

Return

of

capital

................

—

‌

—

‌

(0.00

)

(c)

—

‌

—

‌

—

‌

—

‌

Total

distributions

................

—

‌

—

‌

(0.40

)

(0.47

)

(1.42

)

(0.13

)

(0.26

)

Net

asset

value,

end

of

period

.......

$

14.34

‌

$

14.04

‌

$

14.02

‌

$

13.57

‌

$

13.65

‌

$

15.43

‌

$

14.08

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

...........

2.14

%

(e)

0.14

%

6.25

%

2.93

%

(e)

(2.34

)%

10.57

%

6.93

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..................

0.67

%

(g)

0.66

%

0.67

%

0.72

%

(g)

0.67

%

(h)

0.76

%

0.77

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.67

%

(g)

0.66

%

0.66

%

0.72

%

(g)

0.67

%

0.75

%

0.77

%

Net

investment

income

............

0.90

%

(g)

0.44

%

0.49

%

0.91

%

(g)

1.51

%

1.09

%

0.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......

$

714,998

‌

$

777,280

‌

$

779,750

‌

$

363,505

‌

$

366,664

‌

$

198,487

‌

$

138,018

‌

Portfolio

turnover

rate

..............

86

%

110

%

136

%

167

%

288

%

265

%

257

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

87

Financial

Highlights

BlackRock

U.S.

Impact

Fund

Institutional

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................

$

8.68

‌

$

14.33

‌

$

10.00

‌

Net

investment

loss

(b)

...................................................................

(

0.00

)

(c)

(0.03

)

(0.03

)

Net

realized

and

unrealized

gain

(loss)

........................................................

(0.57

)

(2.65

)

5.33

‌

Net

increase

(decrease)

from

investment

operations

................................................

(0.57

)

(2.68

)

5.30

‌

Distributions

(d)

–

–

–

From

net

investment

income

..............................................................

(0.02

)

—

‌

(0.00

)

(c)

From

net

realized

gain

...................................................................

—

‌

(2.97

)

(0.97

)

Total

distributions

.......................................................................

(0.02

)

(2.97

)

(0.97

)

Net

asset

value,

end

of

period

..............................................................

$

8.09

‌

$

8.68

‌

$

14.33

‌

Total

Return

(e)

—

—

—

Based

on

net

asset

value

..................................................................

(6.57

)%

(f)

(22.94

)%

54.03

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.........................................................................

1.10

%

(h)

1.37

%

1.42

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

0.85

%

(h)

0.86

%

0.85

%

(h)

Net

investment

loss

......................................................................

(0.11

)%

(h)

(0.22

)%

(0.28

)%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................

$

105

‌

$

113

‌

$

143

‌

Portfolio

turnover

rate

.....................................................................

45

%

112

%

98

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.50%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

88

BlackRock

U.S.

Impact

Fund

Investor

A

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................

$

8.65

‌

$

14.31

‌

$

10.00

‌

Net

investment

loss

(b)

..................................................................

(0.02

)

(0.08

)

(0.06

)

Net

realized

and

unrealized

gain

(loss)

.......................................................

(0.56

)

(2.63

)

5.33

‌

Net

increase

(decrease)

from

investment

operations

...............................................

(0.58

)

(2.71

)

5.27

‌

Distributions

(c)

–

–

–

From

net

investment

income

.............................................................

(0.01

)

—

‌

—

‌

From

net

realized

gain

..................................................................

—

‌

(2.95

)

(0.96

)

Total

distributions

......................................................................

(0.01

)

(2.95

)

(0.96

)

Net

asset

value,

end

of

period

.............................................................

$

8.06

‌

$

8.65

‌

$

14.31

‌

Total

Return

(d)

—

—

—

Based

on

net

asset

value

.................................................................

(6.69

)%

(e)

(23.14

)%

53.64

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

........................................................................

1.35

%

(g)

1.51

%

1.68

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................

1.10

%

(g)

1.10

%

1.10

%

(g)

Net

investment

loss

.....................................................................

(0.37

)%

(g)

(0.76

)%

(0.58

)%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................

$

369

‌

$

282

‌

$

192

‌

Portfolio

turnover

rate

....................................................................

45

%

112

%

98

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.77%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

89

Financial

Highlights

BlackRock

U.S.

Impact

Fund

Class

K

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................................

$

8.68

‌

$

14.33

‌

$

10.00

‌

Net

investment

loss

(b)

...................................................................

(

0.00

)

(

c)

(0.01

)

(0.02

)

Net

realized

and

unrealized

gain

(loss)

........................................................

(0.57

)

(2.66

)

5.33

‌

Net

increase

(decrease)

from

investment

operations

................................................

(0.57

)

(2.67

)

5.31

‌

Distributions

(d)

–

–

–

From

net

investment

income

..............................................................

(0.03

)

—

‌

(0.01

)

From

net

realized

gain

...................................................................

—

‌

(2.98

)

(0.97

)

Total

distributions

.......................................................................

(0.03

)

(2.98

)

(0.98

)

Net

asset

value,

end

of

period

..............................................................

$

8.08

‌

$

8.68

‌

$

14.33

‌

Total

Return

(e)

—

—

—

Based

on

net

asset

value

..................................................................

(6.56

)%

(f)

(22.86

)%

54.09

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.........................................................................

1.00

%

(h)

1.27

%

1.32

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

0.75

%

(h)

0.75

%

0.75

%

(h)

Net

investment

loss

......................................................................

(0.01

)%

(h)

(0.11

)%

(0.18

)%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................

$

4,944

‌

$

5,308

‌

$

6,881

‌

Portfolio

turnover

rate

.....................................................................

45

%

112

%

98

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.40%.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

90

1.

ORGANIZATION 

BlackRock

Funds

SM

 (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business trust.

The

following,

each

of

which

is

a

series

of

the

Trust, are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional,

Service

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Service,

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Global

Impact

Fund

...............................................

Global

Impact

Non-Diversified

BlackRock

International

Impact

Fund

...........................................

International

Impact

Non-Diversified

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

........................

Sustainable

Advantage

Emerging

Markets

Equity

Diversified

BlackRock

Sustainable

Advantage

International

Equity

Fund

............................

Sustainable

Advantage

International

Equity

Diversified

BlackRock

Tactical

Opportunities

Fund

..........................................

Tactical

Opportunities

Diversified

BlackRock

U.S.

Impact

Fund

.................................................

U.S.

Impact

Non-Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charges

(“CDSC”)

Conversion

Privilege

Institutional,

Service

and

Class

K

Shares

.............................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

91

Notes

to

Financial

Statements

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

October

31,

2022

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

(the

“Board”)

has

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.  Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

The

Funds

value

their

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

their

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

92

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

October

31,

2022,

certain

investments

of

International

Impact,

Sustainable

Advantage

International

Equity,

Tactical

Opportunities

and

U.S.

Impact were

fair

valued

using

NAV per

share as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy. 

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

93

Notes

to

Financial

Statements

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Securities

Lending:

 Certain

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

94

As

of

period

end,

the

following

tables

are

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Fund

Name/Counterparty 

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Sustainable

Advantage

International

Equity

J.P.

Morgan

Securities

LLC

......................

$

4,300‌

$

(4,300‌)

$

—‌

$

—‌

Tactical

Opportunities

Jefferies

LLC

...............................

$

4,287‌

$

(4,001‌)

$

—‌

$

286‌

U.S.

Impact

Citigroup

Global

Markets,

Inc.

....................

$

193,690‌

$

(193,690‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

October

31,

2022.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Funds

benefit

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Funds.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

(“OTC”).

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

Notes

to

Financial

Statements

(unaudited)

(continued)

95

Notes

to

Financial

Statements

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Funds

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

96

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

With

respect

to

Tactical

Opportunities,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

(Singapore)

Limited

(“BSL”)

and

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA")

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BSL

and

BAMNA

for

services

they

provide

for

that

portion

of

Tactical

Opportunities

for

which

BSL

and

BAMNA,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Tactical

Opportunities to

the

Manager.

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of

the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Funds.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six-months

ended

October

31,

2022,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

International

Equity

and

Tactical

Opportunities entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

Investment

Advisory

Fees

Average

Daily

Net

Assets

Global

Impact

International

Impact

Sustainable

Advantage

Emerging

Markets

Equity

Sustainable

Advantage

International

Equity

U.S.

Impact

First

$1

billion

...................................................

0.650‌%

0.650‌%

0.800‌%

0.450‌%

0.650‌%

$1

billion

-

$3

billion

...............................................

0.610‌

0.610‌

0.750‌

0.420‌

0.610‌

$3

billion

-

$5

billion

...............................................

0.590‌

0.590‌

0.720‌

0.410‌

0.590‌

$5

billion

-

$10

billion

..............................................

0.570‌

0.570‌

0.700‌

0.390‌

0.570‌

Greater

than

$10

billion

.............................................

0.550‌

0.550‌

0.680‌

0.380‌

0.550‌

Investment

Advisory

Fees

Average

Daily

Net

Assets

Tactical

Opportunities

First

$1

billion

..........................................................................................................

0.550‌%

$1

billion

-

$2

billion

......................................................................................................

0.500‌

$2

billion

-

$3

billion

......................................................................................................

0.475‌

Greater

than

$3

billion

....................................................................................................

0.450‌

Share

Class

Service

Fees

Distribution

Fees

Service

..................................................................................................

0.25‌%

—‌%

Investor

A

.................................................................................................

0.25‌

—‌

Investor

C

.................................................................................................

0.25‌

0.75‌

Fund

Name

Service

Investor

A

Investor

C

Total

Global

Impact

........................................................................

$

—‌

$

235‌

$

—‌

$

235‌

International

Impact

....................................................................

—‌

211‌

—‌

211‌

Sustainable

Advantage

Emerging

Markets

Equity

................................................

—‌

229‌

—‌

229‌

Sustainable

Advantage

International

Equity

....................................................

—‌

239‌

—‌

239‌

Tactical

Opportunities

...................................................................

948‌

232,775‌

39,331‌

273,054‌

U.S.

Impact

..........................................................................

—‌

461‌

—‌

461‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

%

$500

million

-

$1

billion

0.0400

$1

billion

-

$2

billion

0.0375

$2

billion

-

$4

billion

0.0350

$4

billion

-

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Notes

to

Financial

Statements

(unaudited)

(continued)

97

Notes

to

Financial

Statements

In

addition,

the

Manager

charges

each

of

the

share

classes

of

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

International

Equity

and

Tactical

Opportunities an

administration

fee,

which

is

shown

as

administration

—

class

specific

in

the Statements

of

Operations,

at

an

annual

rate

of 0.02%

of

the

average

daily

net

assets

of

each

respective

class.

The

Trust,

on

behalf

of

Global

Impact,

International

Impact

and

U.S.

Impact,

entered

into

an

Administration

Agreement

with

the

Manager,

which

has

agreed

to

provide

general

administrative

services

(other

than

investment

advice

and

related

portfolio

activities).

The

Manager

has

agreed

to

bear

all

of

the

Funds'

ordinary

operating

expenses,

excluding,

generally,

investment

advisory

fees,

distribution

fees,

brokerage

and

other

expenses

related

to

the

execution

of

portfolio

transactions,

extraordinary

expenses

and

certain

other

expenses

which

are

borne

by

the

Funds.

The

Manager

is

entitled

to

receive

for

these

administrative

services

an

annual

fee

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

For

the

six-months

ended

October

31,

2022, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended October

31,

2022, Tactical

Opportunities

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six-months

ended

October

31,

2022,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

six-months ended

October

31,

2022,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the 

six

months

ended 

October

31,

2022

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of each

Fund’s Investor

A

Shares as

follows:

For

the six

months

ended

October

31,

2022,

affiliates

received

CDSCs

as

follows:

Institutional

.............................................................................................................

0.20‌%

Investor

A

..............................................................................................................

0.20‌

Class

K

...............................................................................................................

0.10‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Global

Impact

........................................................

$

20,308‌

$

—‌

$

188‌

$

—‌

$

3,156‌

$

23,652‌

International

Impact

....................................................

93‌

—‌

169‌

—‌

2,667‌

2,929‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

11‌

—‌

18‌

—‌

911‌

940‌

Sustainable

Advantage

International

Equity

....................................

16‌

—‌

19‌

—‌

1,012‌

1,047‌

Tactical

Opportunities

...................................................

72,326‌

76‌

18,622‌

787‌

74,680‌

166,491‌

U.S.

Impact

..........................................................

110‌

—‌

369‌

—‌

2,585‌

3,064‌

Fund

Name

Institutional

Tactical

Opportunities

.......................................................................................................

$

65,851‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Sustainable

Advantage

Emerging

Markets

Equity

.........................

$

51‌

$

—‌

$

64‌

$

—‌

$

22‌

$

137‌

Sustainable

Advantage

International

Equity

.............................

48‌

—‌

51‌

—‌

20‌

119‌

Tactical

Opportunities

............................................

1,041‌

90‌

41,942‌

1,042‌

721‌

44,836‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Sustainable

Advantage

Emerging

Markets

Equity

................................

$

150‌

$

—‌

$

222‌

$

—‌

$

74‌

$

446‌

Sustainable

Advantage

International

Equity

....................................

205‌

—‌

264‌

—‌

53‌

522‌

Tactical

Opportunities

...................................................

470,481‌

777‌

171,636‌

6,103‌

35,575‌

684,572‌

Fund

Name

Other

Fees

Global

Impact

...........................................................................................................

$

2‌

Tactical

Opportunities

......................................................................................................

1,565‌

U.S.

Impact

.............................................................................................................

73‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Tactical

Opportunities

........................................................

$

–‌

$

–‌

$

115‌

$

12‌

$

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

98

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the six

months

ended

October

31,

2022,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of each

Fund’s

assets

invested

in

affiliated

equity

and

fixed-

income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

October

31,

2022,

the

Manager

waived

$398

in

investment

advisory

fees

with

respect

to

Sustainable

Advantage

Emerging

Markets

Equity

pursuant

to

these

arrangements.

With

respect

to

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

International

Equity

and

Tactical

Opportunities,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024

for Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

International

Equity

and

Tactical

Opportunities, unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the

six-months ended October

31,

2022,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

The

following

Funds

also

had

a

waiver

of

administration

fees,

which

are

included

in

Administration

fees

waived

in

the

Statements

of

Operations.

For

the six

months

ended

October

31,

2022,

the

amounts

were as

follows:  

Fund

Name

Amounts

Waived

Global

Impact

.......................................................................................................

$

28‌

International

Impact

...................................................................................................

18‌

Sustainable

Advantage

Emerging

Markets

Equity

...............................................................................

107‌

Sustainable

Advantage

International

Equity

...................................................................................

7

2‌

Tactical

Opportunities

..................................................................................................

33,098‌

U.S.

Impact

.........................................................................................................

4

6‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Sustainable

Advantage

Emerging

Markets

Equity

.....................................

0.86‌%

N/A‌

1.11‌%

N/A‌

0.81‌%

Sustainable

Advantage

International

Equity

.........................................

0.50‌

N/A‌

0.75‌

N/A‌

0.45‌

Tactical

Opportunities

........................................................

0.89‌

1.17‌%

1.37‌

2.14‌%

0.84‌

Fund

Name

Fees

waived

and/or

Reimbursed

by

the

Manager

Sustainable

Advantage

Emerging

Markets

Equity

.....................................................................................

$

224

,

671‌

Sustainable

Advantage

International

Equity

.........................................................................................

174,86

1‌

Sustainable

Advantage

Emerging

Markets

Equity

.....................................................................................

$

1

,

997‌

Sustainable

Advantage

International

Equity

.........................................................................................

2

,

225‌

Notes

to

Financial

Statements

(unaudited)

(continued)

99

Notes

to

Financial

Statements

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

by

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

six

months ended

October

31,

2022,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

With

respect

to

Global

Impact,

International

Impact

and

U.S.

Impact,

the

fees

and

expenses

of

the

Funds'

Independent

Trustees,

counsel

to

the

Independent

Trustees

and

the

Funds'

independent

registered

public

accounting

firm

(together

the

"Independent

Expenses")

are

paid

directly

by

the

Funds.

The

Manager

has

contractually

agreed

to

reimburse

the

Funds

or

provide

an

offsetting

credit

against

the

investment

advisory

fees

paid

by

the

Funds

in

an

amount

equal

to

these

independent

expenses

through

June

30,

2033.

Such

contractual

arrangements

may

not

be

terminated

prior

to

July

1,

2033

without

the

consent

of

the

Board.

For the six

months ended October

31,

2022,

the

amounts

reimbursed

were

as

follows:

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

Money

Market

Series,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the

Money

Market

Series

will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Funds.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

Tactical

Opportunities

and

U.S.

Impact

retain

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Tactical

Opportunities

and

U.S.

Impact,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Pursuant

to

the

current

securities

lending

agreement,

Global

Impact,

International

Impact,

Sustainable

Advantage

Emerging

Markets

Equity

and

Sustainable

Advantage

International

Equity retain

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Global

Impact,

International

Impact,

Sustainable

Advantage

Emerging

Markets

Equity

and

Sustainable

Advantage

International

Equity,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Fund

Name/Share

Class

Administration

Fees

Waived

by

the

Manager

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Sustainable

Advantage

Emerging

Markets

Equity

Institutional

....................................................................................

$

11‌

$

122‌

Investor

A

.....................................................................................

18‌

178‌

Class

K

......................................................................................

911‌

73‌

$

940‌

$

373‌

Sustainable

Advantage

International

Equity

Institutional

....................................................................................

16‌

164‌

Investor

A

.....................................................................................

19‌

217‌

Class

K

......................................................................................

1,012‌

53‌

$

1,047‌

$

434‌

Tactical

Opportunities

Institutional

....................................................................................

83

1‌

—‌

Service

......................................................................................

10‌

53‌

$

84

1‌

$

53‌

Global

Impact

...............................................................................................................

$

6

,

12

5‌

International

Impact

...........................................................................................................

6

,

182‌

U.S.

Impact

.................................................................................................................

6

,

983‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

100

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the six

months

ended

October

31,

2022, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the six-months

ended

October

31,

2022,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common trustees.

For

the

six

months

ended

October

31,

2022,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the six-months ended

October

31,

2022,

purchases

and

sales

of

investments,

including

paydowns/payups and

excluding

short-term

securities,

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

October

31,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

April

30,

2022, Sustainable

Advantage

Emerging

Markets

Equity

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$683,452. 

Fund

Name

Amounts

Global

Impact

...........................................................................................................

$

40‌

International

Impact

.......................................................................................................

248‌

Sustainable

Advantage

Emerging

Markets

Equity

...................................................................................

37‌

Sustainable

Advantage

International

Equity

.......................................................................................

5‌

Tactical

Opportunities

......................................................................................................

6,167‌

U.S.

Impact

.............................................................................................................

64‌

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Tactical

Opportunities

...................................................................

$

—‌

$

15,152,904‌

$

(2,082,016‌)

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Global

Impact

........................................................

$

—‌

$

—‌

$

9,779,505‌

$

20,972,981‌

International

Impact

....................................................

—‌

—‌

1,945,754‌

1,860,946‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

—‌

—‌

7,207,387‌

6,376,785‌

Sustainable

Advantage

International

Equity

....................................

—‌

—‌

6,398,004‌

6,114,612‌

Tactical

Opportunities

...................................................

184,712,335‌

261,732,994‌

919,397,020‌

759,955,906‌

U.S.

Impact

..........................................................

—‌

—‌

2,618,081‌

2,507,861‌

Notes

to

Financial

Statements

(unaudited)

(continued)

101

Notes

to

Financial

Statements

As

of

October

31,

2022, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2023

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

October

31,

2022,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

Investments

in

the

securities

of

issuers

domiciled

in

countries

with

emerging

capital

markets

involve

certain

additional

risks

that

do

not

generally

apply

to

investments

in

securities

of

issuers

in

more

developed

capital

markets,

such

as

(i)

low

or

nonexistent

trading

volume,

resulting

in

a

lack

of

liquidity

and

increased

volatility

in

prices

for

such

securities;

(ii)

uncertain

national

policies

and

social,

political

and

economic

instability,

increasing

the

potential

for

expropriation

of

assets,

confiscatory

taxation,

high

rates

of

inflation

or

unfavorable

diplomatic

developments;

(iii)

lack

of

publicly

available

or

reliable

information

about

issuers

as

a

result

of

not

being

subject

to

the

same

degree

of

regulatory

requirements

and

accounting,

auditing

and

financial

reporting

standards;

and

(iv)

possible

fluctuations

in

exchange

rates,

differing

legal

systems

and

the

existence

or

possible

imposition

of

exchange

controls,

custodial

restrictions

or

other

foreign

or

U.S.

governmental

laws

or

restrictions

applicable

to

such

investments.

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Global

Impact

....................................................

$

22,586,606‌

$

1,191,524‌

$

(3,012,930‌)

$

(1,821,406‌)

International

Impact

................................................

6,067,094‌

181,663‌

(1,158,647‌)

(976,984‌)

Sustainable

Advantage

Emerging

Markets

Equity

............................

10,682,129‌

57,811‌

(2,197,543‌)

(2,139,732‌)

Sustainable

Advantage

International

Equity

................................

10,811,771‌

350,450‌

(1,178,457‌)

(828,007‌)

Tactical

Opportunities

..............................................

1,165,240,104‌

207,979,288‌

(110,983,376‌

)

96,995,912‌

U.S.

Impact

.....................................................

5,753,639‌

422,578‌

(541,677‌)

(119,099‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

102

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Certain Funds invest

a

substantial

amount

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

Fund

concentrates its investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedules

of

Investments. 

Certain

Funds

invest a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

China

or

with

significant

exposure

to

Chinese

issuers. Investments

in

Chinese

securities,

including

certain

Hong

Kong-listed

securities,

involve

risks

specific

to

China.

China

may

be

subject

to

considerable

degrees

of

economic,

political

and

social

instability

and

demonstrates

significantly

higher

volatility

from

time

to

time

in

comparison

to

developed

markets.

Chinese

markets

generally

continue

to

experience

inefficiency,

volatility

and

pricing

anomalies

resulting

from

governmental

influence,

a

lack

of

publicly

available

information

and/or

political

and

social

instability.

Internal

social

unrest

or

confrontations

with

other

neighboring

countries

may

disrupt

economic

development

in

China

and

result

in

a

greater

risk

of

currency

fluctuations,

currency

non-convertibility,

interest

rate

fluctuations

and

higher

rates

of

inflation.

Incidents

involving

China’s

or

the

region’s

security

may

cause

uncertainty

in

Chinese

markets

and

may

adversely

affect

the

Chinese

economy

and

the

Fund’s

investments.

Reduction

in

spending

on

Chinese

products

and

services,

institution

of

tariffs

or

other

trade

barriers,

or

a

downturn

in

any

of

the

economies

of

China’s

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy. In

addition,

measures

may

be

taken

to

limit

the

flow

of

capital

and/or

sanctions

may

be

imposed,

which

could

prohibit

or

restrict

the

ability

to

own

or

transfer

fund

assets

and

may

also

include

retaliatory

actions,

such

as

seizure

of

fund

assets.

Notes

to

Financial

Statements

(unaudited)

(continued)

103

Notes

to

Financial

Statements

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased to

be

published

or

no

longer

are representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Global

Impact

Institutional

Shares

sold

.............................................

26,378‌

$

261,774‌

1,241,785‌

$

16,146,124‌

Shares

issued

in

reinvestment

of

distributions

........................

6,013‌

58,991‌

193,332‌

2,672,730‌

Shares

redeemed

.........................................

(1,095,570‌)

(11,346,482‌)

(1,625,595‌)

(20,063,396‌)

(1,063,179‌)

$

(11,025,717‌)

(190,478‌)

$

(1,244,542‌)

Investor

A

Shares

sold

.............................................

329‌

$

3,316‌

2,218‌

$

32,292‌

Shares

issued

in

reinvestment

of

distributions

........................

4‌

44‌

844‌

11,948‌

Shares

redeemed

.........................................

(20‌)

(190‌)

(2,446‌)

(30,311‌)

313‌

$

3,170‌

616‌

$

13,929‌

Class

K

Shares

sold

.............................................

—‌

$

—‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

........................

716‌

7,007‌

22,605‌

327,332‌

Shares

redeemed

.........................................

(1,058‌)

(11,036‌)

(1‌)

(15‌)

(342‌)

$

(4,029‌)

22,604‌

$

327,317‌

(1,063,208‌)

$

(11,026,576‌)

(167,258‌)

$

(903,296‌)

d

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

International

Impact

Institutional

Shares

sold

.............................................

—‌

$

—‌

6,125‌

$

72,999‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

1,771‌

20,559‌

Shares

redeemed

.........................................

—‌

—‌

(6,125‌)

(73,000‌)

—‌

$

—‌

1,771‌

$

20,558‌

Investor

A

Shares

sold

.............................................

3,707‌

$

30,864‌

7,105‌

$

84,098‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

2,560‌

29,376‌

Shares

redeemed

.........................................

(7‌)

(56‌)

(3,725‌)

(34,505‌)

3,700‌

$

30,808‌

5,940‌

$

78,969‌

Class

K

Shares

sold

.............................................

—‌

$

—‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

........................

228‌

1,717‌

102,614‌

1,190,614‌

228‌

$

1,717‌

102,614‌

$

1,190,614‌

3,928‌

$

32,525‌

110,325‌

$

1,290,141‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

104

d

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Sustainable

Advantage

Emerging

Markets

Equity

Institutional

Shares

sold

.............................................

163‌

$

1,356‌

1,974‌

$

23,233‌

Shares

issued

in

reinvestment

of

distributions

........................

11‌

91‌

1,254‌

13,987‌

Shares

redeemed

.........................................

(9‌)

(74‌)

(22‌)

(241‌)

165‌

$

1,373‌

3,206‌

$

36,979‌

Investor

A

Shares

sold

.............................................

8,631‌

$

71,809‌

4,677‌

$

49,140‌

Shares

issued

in

reinvestment

of

distributions

........................

23‌

186‌

1,212‌

13,504‌

Shares

redeemed

.........................................

(727‌)

(6,043‌)

(332‌)

(3,561‌)

7,927‌

$

65,952‌

5,557‌

$

59,083‌

Class

K

Shares

sold

.............................................

91,450‌

$

714,856‌

1,969‌

$

20,553‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

106,167‌

1,183,989‌

Shares

redeemed

.........................................

(95‌)

(702‌)

(1,969‌)

(20,673‌)

91,355‌

$

714,154‌

106,167‌

$

1,183,869‌

99,447‌

$

781,479‌

114,930‌

$

1,279,931‌

d

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Sustainable

Advantage

International

Equity

Institutional

Shares

sold

.............................................

67‌

$

600‌

3,031‌

$

36,699‌

Shares

issued

in

reinvestment

of

distributions

........................

77‌

654‌

2,200‌

24,721‌

Shares

redeemed

.........................................

—‌

—‌

(45‌)

(478‌)

144‌

$

1,254‌

5,186‌

$

60,942‌

Investor

A

Shares

sold

.............................................

409‌

$

3,690‌

7,797‌

$

85,901‌

Shares

issued

in

reinvestment

of

distributions

........................

90‌

773‌

1,800‌

20,157‌

Shares

redeemed

.........................................

(445‌)

(4,021‌)

(29‌)

(320‌)

54‌

$

442‌

9,568‌

$

105,738‌

Class

K

Shares

sold

.............................................

27,020‌

$

232,493‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

136,348‌

1,532,258‌

Shares

redeemed

.........................................

(5,025‌)

(41,207‌)

—‌

—‌

21,995‌

$

191,286‌

136,348‌

$

1,532,258‌

22,193‌

$

192,982‌

151,102‌

$

1,698,938‌

d

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Tactical

Opportunities

Institutional

Shares

sold

.............................................

17,633,975‌

$

247,090,835‌

30,252,481‌

$

423,172,681‌

Shares

redeemed

.........................................

(11,151,902‌)

(156,635,894‌)

(15,458,607‌)

(215,869,878‌)

6,482,073‌

$

90,454,941‌

14,793,874‌

$

207,302,803‌

Service

Shares

sold

.............................................

15,748‌

$

223,017‌

18,849‌

$

262,355‌

Shares

redeemed

.........................................

(17,736‌)

(243,822‌)

(91,577‌)

(1,276,661‌)

(1,988‌)

$

(20,805‌)

(72,728‌)

$

(1,014,306‌)

Investor

A

Shares

sold

.............................................

588,182‌

$

8,164,129‌

670,082‌

$

9,277,789‌

Shares

redeemed

.........................................

(804,156‌)

(11,158,746‌)

(1,744,623‌)

(24,165,827‌)

(215,974‌)

$

(2,994,617‌)

(1,074,541‌)

$

(14,888,038‌)

Investor

C

Shares

sold

.............................................

140,063‌

$

1,882,039‌

63,731‌

$

862,927‌

Shares

redeemed

.........................................

(58,440‌)

(786,028‌)

(145,553‌)

(1,963,817‌)

81,623‌

$

1,096,011‌

(81,822‌)

$

(1,100,890‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

105

Notes

to

Financial

Statements

As

of

October

31,

2022,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Class

K

Shares

sold

.............................................

3,269,385‌

$

46,150,519‌

15,341,154‌

$

214,130,089‌

Shares

redeemed

.........................................

(8,776,783‌)

(123,986,122‌)

(15,612,283‌)

(217,869,238‌)

(5,507,398‌)

$

(77,835,603‌)

(271,129‌)

$

(3,739,149‌)

838,336‌

$

10,699,927‌

13,293,654‌

$

186,560,420‌

d

Six

Months

Ended

10/31/22

Year

Ended

04/30/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

U.S.

Impact

Institutional

Shares

sold

.............................................

—‌

$

—‌

17,527‌

$

227,071‌

Shares

issued

in

reinvestment

of

distributions

........................

1‌

5‌

2,759‌

31,728‌

Shares

redeemed

.........................................

—‌

—‌

(17,309‌)

(224,146‌)

1‌

$

5‌

2,977‌

$

34,653‌

Investor

A

Shares

sold

.............................................

15,839‌

$

132,155‌

27,537‌

$

331,513‌

Shares

issued

in

reinvestment

of

distributions

........................

46‌

377‌

6,437‌

71,225‌

Shares

redeemed

.........................................

(2,692‌)

(23,524‌)

(14,780‌)

(139,873‌)

13,193‌

$

109,008‌

19,194‌

$

262,865‌

Class

K

Shares

sold

.............................................

218‌

$

1,803‌

125‌

$

1,240‌

Shares

issued

in

reinvestment

of

distributions

........................

1‌

7‌

131,290‌

1,511,112‌

219‌

$

1,810‌

131,415‌

$

1,512,352‌

13,413‌

$

110,823‌

153,586‌

$

1,809,870‌

Institutional

Investor

A

Class

K

Global

Impact

....................................................................................

10,305‌

10,296‌

494,726‌

International

Impact

................................................................................

11,769‌

11,751‌

565,493‌

Sustainable

Advantage

Emerging

Markets

Equity

............................................................

11,079‌

11,055‌

1,086,167‌

Sustainable

Advantage

International

Equity

................................................................

11,387‌

11,365‌

1,116,348‌

U.S.

Impact

......................................................................................

12,722‌

12,714‌

611,277‌

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

2022

BlackRock

Semi-Annual

Report

to

Shareholders

106

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

(the

“Trust”)

met

on

April

20,

2022

(the

“April

Meeting”)

and

May

10-11,

2022

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Tactical

Opportunities

Fund

(“Tactical

Opportunities

Fund”),

BlackRock

U.S.

Impact

Fund

(“U.S.

Impact

Fund”),

BlackRock

International

Impact

Fund

(“International

Impact

Fund”),

BlackRock

Global

Impact

Fund

(“Global

Impact

Fund”),

BlackRock

Sustainable

Advantage

International

Equity

Fund

(“Sustainable

Advantage

International

Equity

Fund”)

and

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(“Sustainable

Advantage

Emerging

Markets

Equity

Fund”)

(each

a

“Fund”

and

collectively,

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

Asset

Management

North

Asia

Limited

(“BAMNA”)

with

respect

to

Tactical

Opportunities

Fund

(the

“BAMNA

Sub-Advisory

Agreement”)

and

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

(Singapore)

Limited

(“BSL”

and,

together

with

BAMNA,

the

“Sub-Advisors”)

with

respect

to

Tactical

Opportunities

Fund

(the

“BSL

Sub-Advisory

Agreement,”

and

together

with

the

BAMNA

Sub-Advisory

Agreement,

the

“Sub-Advisory

Agreements”).

The

Manager

and

the

Sub-Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

an

applicable

benchmark,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Funds;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Funds’

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

107

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2021,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and,

with

respect

to

Tactical

Opportunities

Fund,

Sustainable

Advantage

International

Equity

Fund

and

Sustainable

Advantage

Emerging

Markets

Equity

Fund

in

light

of

each

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

reviewed

and

considered

Sustainable

Advantage

International

Equity

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

a

total

return

benchmark.

The

Board

noted

that

for

each

of

the

one-year

and

since

inception

periods

reported,

the

Fund

outperformed

its

total

return

benchmark.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

effective

December

1,

2021,

the

Fund

had

undergone

a

change

in

its

investment

strategy

and

in

that

connection

had

changed

its

name

from

BlackRock

Advantage

ESG

International

Equity

Fund

to

BlackRock

Sustainable

Advantage

International

Equity

Fund.

The

Board

reviewed

and

considered

Sustainable

Advantage

Emerging

Markets

Equity

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

a

total

return

benchmark.

The

Board

noted

that

for

each

of

the

one-year

and

since

inception

periods

reported,

the

Fund

underperformed

its

total

return

benchmark.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

total

return

benchmark

during

the

applicable

periods.

The

Board

noted

that

effective

December

1,

2021,

the

Fund

had

undergone

a

change

in

its

investment

strategy

and

in

that

connection

had

changed

its

name

from

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

to

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

108

The

Board

noted

that

for

each

of

the

one-year

and

since-inception

periods

reported,

each

of

Global

Impact

Fund,

U.S.

Impact

Fund

and

International

Impact

Fund

ranked

in

the

fourth

quartile

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

each

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

period.

The

Board

was

informed

that,

among

other

things,

a

key

driver

of

underperformance

was

each

Fund’s

lack

of

exposure

to

certain

areas

of

the

market

that

outperformed.

Each

Fund

was

underweight

in

semiconductors,

energy,

diversified

financials,

and

many

IT

mega

cap

names;

segments

of

the

market

which

strongly

performed

in

2021.

The

Board

and

BlackRock

discussed

BlackRock’s

strategy

for

improving

each

Fund’s

investment

performance.

Discussions

covered

topics

such

as

performance

attribution,

the

Fund’s

investment

personnel,

and

the

resources

appropriate

to

support

the

Fund’s

investment

processes.

The

Board

reviewed

and

considered

Tactical

Opportunities

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

a

total

return

target.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

the

Fund

underperformed

its

total

return

target.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

total

return

target

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2021

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

each

of

Tactical

Opportunities

Fund’s,

Sustainable

Advantage

International

Equity

Fund’s

and

Sustainable

Advantage

Emerging

Markets

Equity

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

pertinent

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

each

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

The

Board

noted

that

U.S.

Impact

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

its

affiliates

have

contractually

agreed

to

reimburse

or

otherwise

compensate

the

Fund

for

certain

other

fees

and

expenses.

The

Board

noted

that

Global

Impact

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

third

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

its

affiliates

have

contractually

agreed

to

reimburse

or

otherwise

compensate

the

Fund

for

certain

other

fees

and

expenses.

The

Board

noted

that

International

Impact

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

third

and

second

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

its

affiliates

have

contractually

agreed

to

reimburse

or

otherwise

compensate

the

Fund

for

certain

other

fees

and

expenses.

The

Board

also

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

pertinent

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

109

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Funds

benefit

from

such

economies

of

scale

in

a

variety

of

ways

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

At

the

May

Meeting,

as

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

(i)

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2023;

and

(ii)

the

Sub-Advisory

Agreements

between

the

Manager

and

the

pertinent

Sub-Advisor

with

respect

to

Tactical

Opportunities

Fund,

for

a

one-year

term

ending

June

30,

2023.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and,

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

2022

BlackRock

Semi-Annual

Report

to

Shareholders

110

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

111

Additional

Information

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

(a)

BlackRock

Asset

Management

North

Asia

Limited

Hong

Kong

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Tactical

Opportunities

Fund.

Glossary

of

Terms

Used

in

this

Report

2022

BlackRock

Semi-Annual

Report

to

Shareholders

112

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

BBR

Australian

Bank

Bill

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDO

Collateralized

Debt

Obligation

CDI

Crest

Depository

Interests

CNREPOFI

Day

China

Fixing

Repo

Rates

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

HIBOR

Hong

Kong

Interbank

Offered

Rate

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SORA

Singapore

Overnight

Rate

Average

STIBOR

Stockholm

Interbank

Offered

Rate

TWCPBA

Taiwan

Secondary

Markets

Bills

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

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-10/22-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable                  

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

section302

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –

Not Applicable

(a)(4) Change in Registrant’s independent public accountant –

Not Applicable

(b) Section 906 Certifications are attached

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: December 21, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

^SM

Date: December 21, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

^SM

Date: December 21, 2022