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
SMBlackRock Emerging Markets ex-China Fund |
BlackRock Sustainable Advantage Emerging Markets Equity Fund BlackRock Sustainable Advantage Global Equity Fund |
BlackRock Sustainable Advantage International Equity Fund BlackRock Tactical Opportunities Portfolio |
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds
SM, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 04/30/2024
Date of reporting period: 04/30/2024
Item 1 – Report to Stockholders
(a)
The Report to Shareholders is attached herewith.
(b)
Not Applicable
APRIL
30,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Annual
Report
BlackRock
Funds
SM
BlackRock
Emerging
Markets
ex-China
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
Global
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
April
30,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
has
had
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks’
advance
was
slower
but
still
impressive.
Meanwhile,
both
international
developed
market
equities
and
emerging
market
stocks
also
gained,
albeit
at
a
notably
slower
pace
than
that
of
U.S.
stocks.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period,
and
recent
statements
from
the
Fed
seem
to
support
this
view.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
we
believe
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
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
April
30,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
20.98
%
22.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.66
13.32
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
18.63
9.28
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
15.40
9.88
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.66
5.36
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
3.66
(6.40
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.97
(1.47
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.06
2.08
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.99
9.01
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
.................................................................................................
19
Disclosure
of
Expenses
...................................................................................................
19
Derivative
Financial
Instruments
.............................................................................................
20
Financial
Statements:
Schedules
of
Investments
...............................................................................................
21
Statements
of
Assets
and
Liabilities
.........................................................................................
66
Statements
of
Operations
................................................................................................
71
Statements
of
Changes
in
Net
Assets
........................................................................................
73
Financial
Highlights
.....................................................................................................
76
Notes
to
Financial
Statements
...............................................................................................
93
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
110
Important
Tax
Information
.................................................................................................
111
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
112
Trustee
and
Officer
Information
..............................................................................................
113
Additional
Information
....................................................................................................
117
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
119
Fund
Summary
as
of
April
30,
2024
2024
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
Emerging
Markets
ex-China
Fund
Investment
Objective
BlackRock
Emerging
Markets
ex-China
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
long-term
capital
appreciation
by
investing
in
securities
of
issuers
in
countries
having
developing
capital
markets
(other
than
China).
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
April
30,
2024,
all
of
the
Fund’s
shares
classes
underperformed
its
benchmark,
the
MSCI
Emerging
Markets
ex-China
Index.
What
factors
influenced
performance?
From
a
country
perspective,
selection
in
India
and
an
overweight
to
Indonesia
detracted
the
most
from
relative
performance,
during
the
reporting
period.
In
sector
terms,
selection
in
consumer
staples
and
energy
were
the
primary
detractors.
At
the
individual
stock
level,
an
overweight
to
Indian
bank
HDFC
Bank
Ltd
was
the
largest
detractor
from
relative
performance.
The
company
posted
poor
results
with
another
quarter
of
net
interest
margin
deterioration,
counter
to
the
market's
expectations
amid
tighter
liquidity
conditions.
An
overweight
to
Brazilian
retail
stock
Arezzo
Industria
e
Comercio
SA
also
detracted
as
the
company’s
results
showed
weakening
margins.
In
terms
of
countries,
selection
in
Taiwan
and
Korea
contributed
the
most
to
relative
performance
during
the
period.
In
sector
terms,
an
underweight
to
materials
and
selection
in
industrials
were
the
primary
contributors.
At
the
individual
stock
level,
an
overweight
to
Brazilian
real
estate
company
Cyrela
Brazil
Realty
SA
contributed
the
most
to
performance
on
the
back
of
operational
momentum
and
lending
support
for
home
buyers.
Kazakh
fintech
Kaspi
KZ
JSCm
GDR
was
another
leading
contributor
as
the
stock
recorded
a
record
high
following
the
company’s
strong
fourth
quarter
earnings
report
and
successful
United
States
listing.
The
Fund’s
cash
position
had
no
material
impact
on
performance.
Describe
recent
portfolio
activity.
During
the
reporting
period,
the
Fund
initiated
a
position
in
Brazilian
mining
company
Vale
SA
on
stock
price
weakness
following
the
collapse
of
a
tailings
dam
at
one
of
its
mines
and
added
to
the
position
as
strong
iron
ore
prices
attracted
additional
supply.
The
Fund
added
to
Taiwan
Semiconductor
Manufacturing
Co
Ltd
on
expectations
of
accelerating
artificial
intelligence-driven
demand
and
a
bottoming
out
of
the
semiconductor
cycle.
The
Fund
trimmed
its
holdings
of
multinational
mining
company
Eldorado
Gold,
taking
profits
after
strong
performance.
The
Fund
exited
its
position
in
Lotes
Co
Ltd,
a
Taiwanese
electronic
component
manufacturer,
to
take
profits
and
rotate
into
higher
conviction
names
within
the
space.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund’s
largest
sector
overweights
were
to
information
technology
and
real
estate,
with
financials
and
communication
services
the
biggest
underweights.
On
a
country
basis,
the
Fund’s
largest
overweight
exposures
were
to
Brazil
and
Hungary,
while
the
largest
underweight
allocations
were
to
India
and
Saudi
Arabia.
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
April
30,
2024
(continued)
5
Fund
Summary
BlackRock
Emerging
Markets
ex-China
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
March
29,
2023.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
Under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
net
assets
plus
any
borrowings
for
investment
purposes
in
securities
of
issuers
located
in
countries
with
developing
capital
markets
(other
than
China),
and
derivatives
with
similar
economic
characteristics.
(c)
An
index
that
captures
large
and
mid
cap
representation
across
23
of
the
24
Emerging
Markets
(EM)
countries
excluding
China.
With
662
constituents,
the
index
covers
approximately
85%
of
the
free
float-adjusted
market
capitalization
in
each
country.
Performance
(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
commenced
operations
on
March
29,
2023.
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.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
17.18%
N/A
19.41%
N/A
Investor
A
...........................................................................
16.99
10.85%
19.13
13.37%
Class
K
............................................................................
17.22
N/A
19.45
N/A
MSCI
Emerging
Markets
ex-China
Index
.....................................................
17.60
N/A
18.07
N/A
Fund
Summary
as
of
April
30,
2024
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Emerging
Markets
ex-China
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,169.60
$
4.96
$
1,000.00
$
1,020.29
$
4.62
0.92%
Investor
A
................................
1,000.00
1,168.80
6.09
1,000.00
1,019.24
5.67
1.13
Class
K
..................................
1,000.00
1,170.00
4.48
1,000.00
1,020.74
4.17
0.83
(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
182/366
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Taiwan
...........................................
20.3
%
India
............................................
14.5
South
Korea
.......................................
13.9
Brazil
............................................
11.7
Indonesia
.........................................
4.6
Mexico
...........................................
3.0
Thailand
..........................................
2.6
Poland
...........................................
2.6
Philippines
........................................
2.6
United
Arab
Emirates
.................................
2.5
United
States
......................................
2.3
Saudi
Arabia
.......................................
2.3
Hungary
..........................................
2.0
Greece
..........................................
1.6
Canada
..........................................
1.5
Kazakhstan
.......................................
1.4
Italy
.............................................
1.0
Other
(a)
...........................................
6.4
Short-Term
Securities
.................................
3.6
Liabilities
in
Excess
of
Other
Assets
.......................
(0.4)
(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
April
30,
2024
7
Fund
Summary
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?
For
the
12-month
period
ended
April
30,
2024,
all
of
the
Fund’s
share
classes
underperformed
its
benchmark,
the
MSCI
Emerging
Markets
Index.
What
factors
influenced
performance?
While
emerging
market
equities
ended
the
reporting
period
in
positive
territory,
they
continued
to
significantly
trail
their
developed
market
counterparts.
The
period
was
highlighted
by
heightened
volatility
driven
by
concerns
around
geopolitical
tensions,
central
bank
policy
shifts
and
sector-specific
trends.
Performance
during
the
first
half
of
the
period
was
challenged
by
weakened
sentiment
with
respect
to
China
alongside
a
broader
risk-off
trend
on
concerns
around
inflation
and
interest
rates.
Indian
equities
were
a
bright
spot
as
global
investors
increasingly
viewed
that
market
as
an
alternative
to
China.
Additionally,
Poland
continued
its
rebound
since
the
onset
of
the
Ukraine
conflict.
Asian
equity
market
performance
was
supported
late
in
the
period
given
signs
of
stabilization
from
China
and
as
optimism
around
artificial
intelligence
(“AI”)
drove
the
semiconductor
sector
higher.
In
style
terms,
there
was
a
notable
rotation
in
performance
leadership,
with
value
dominating
early
while
momentum
came
to
the
forefront
late
in
the
period.
The
Fund
performance
relative
to
the
benchmark
was
negatively
impacted
as
macro
measures
detracted
amid
changing
leadership
and
sentiment
during
the
period.
As
investors
flipped
from
“higher-for-longer”
to
“peak-interest
rate”
scenarios
rewarding
growth,
performance
for
certain
country
insights
was
negatively
impacted.
Further,
an
environmental
measure
evaluating
companies
based
on
green
patents
drove
an
unsuccessful
underweight
to
India.
Finally,
certain
sentiment
measures
detracted
along
with
insights
designed
to
evaluate
informed
investor
positioning
and
broker
concentration.
Certain
stock
selection
insights
supported
the
Fund’s
performance
during
the
period
including
select
sentiment
insights.
Trend
based
insights
designed
to
evaluate
sentiment
from
analysts
and
informed
investors
were
top
contributors
as
they
helped
correctly
position
the
portfolio
around
the
AI
narrative,
most
notably
through
an
overweight
to
Taiwanese
technology
companies.
Additionally,
a
text-based
insight
looking
at
analyst
reports
drove
an
overweight
to
Poland
that
benefited
performance.
Fundamental
measures
proved
additive
as
these
benefited
from
interest
rate
moves
that
broadly
rewarded
value
styles
early
in
the
period.
Traditional
valuation
insights
tracking
company
sales,
cash
flow,
dividends
and
other
financial
metrics
highlighted
contributions,
driving
successful
positioning
around
Korean
offshore
names.
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.
The
Fund
built
upon
its
alternative
data
capabilities
with
enhanced
data
sets
that
capture
informed
investor
positioning
in
specific
regions.
Additionally,
the
Fund
added
to
its
complex
of
consumer
intent
insights
with
a
measure
that
looks
towards
web
activity
as
a
measure
of
potential
revenue
growth.
The
Fund
also
further
developed
its
country-specific
employee
sentiment
data
sets
in
Asia.
Finally,
given
geopolitical
tensions,
the
Fund
developed
a
new
insight
analyzing
the
impact
as
manufacturing
activity
is
shifted
across
countries.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
reporting
period
positioned
essentially
neutral
from
a
sector
and
country
perspective.
The
Fund
had
a
slight
overweight
to
the
information
technology
and
industrials
sectors
and
a
slight
underweight
to
consumer
discretionary
and
materials.
The
Fund
had
a
slight
overweight
to
Taiwan
and
a
slight
underweight
to
Mexico.
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
April
30,
2024
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
August
18,
2020.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(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)
An
index
that
captures
large-
and
mid-cap
representation
across
emerging
markets
countries.
The
index
covers
approximately
85%
of
the
free
float-adjusted
market
capitalization
in
each
country.
Performance
(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
commenced
operations
on
August
18,
2020.
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.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
7.06%
N/A
(0.23)%
N/A
Investor
A
...........................................................................
6.78
1.18%
(0.48)
(1.92)%
Class
K
............................................................................
7.11
N/A
(0.18)
N/A
MSCI
Emerging
Markets
Index
............................................................
9.88
N/A
0.88
N/A
Fund
Summary
as
of
April
30,
2024
(continued)
9
Fund
Summary
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,129.30
$
4.55
$
1,000.00
$
1,020.59
$
4.32
0.86%
Investor
A
................................
1,000.00
1,128.70
5.87
1,000.00
1,019.34
5.57
1.11
Class
K
..................................
1,000.00
1,129.70
4.29
1,000.00
1,020.84
4.07
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
182/366
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
China
............................................
26.2
%
Taiwan
...........................................
19.3
India
............................................
14.7
South
Korea
.......................................
10.7
Brazil
............................................
7.3
Thailand
..........................................
3.8
Malaysia
.........................................
3.3
Saudi
Arabia
.......................................
3.1
Indonesia
.........................................
2.0
Greece
..........................................
1.8
Chile
............................................
1.4
Poland
...........................................
1.4
Other
(a)
...........................................
3.0
Short-Term
Securities
.................................
3.3
Liabilities
in
Excess
of
Other
Assets
.......................
(1.3)
(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
April
30,
2024
2024
BlackRock
Annual
Report
to
Shareholders
10
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Investment
Objective
BlackRock
Sustainable
Advantage
Global
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?
For
the
abbreviated
period
starting
June
21,
2023
and
ended
April
30,
2024,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
MSCI
All
Country
World
Index.
What
factors
influenced
performance?
Select
measures
detracted
from
performance
for
the
reporting
period.
Environmental,
social
and
governance-related
insights
produced
mixed
results.
While
human
capital
related
measures
evaluating
hiring
diversity
benefitted
the
portfolio,
those
related
to
environmental
transition
underperformed.
Namely,
insights
evaluating
“green”
hiring
and
flows
into
sustainability-related
products
lagged.
Country
positioning
also
detracted
from
performance
in
the
first
half
of
the
period
amid
rapid
changes
in
leadership
and
market
sentiment.
An
overweight
in
China
local
shares
hurt
results
amid
continued
sluggishness
in
the
nation’s
economy.
On
the
other
hand,
global
equities
generally
produced
strong
returns
behind
resilient
economic
data
and
investor
excitement
about
innovations
in
information
technology
and
healthcare.
Market
performance
was
also
driven
by
shifting
views
between
a
soft
landing
for
the
economy
on
one
hand,
and
“higher
for
longer”
interest
rate
policy
on
the
other.
Market
breadth
improved
over
the
course
of
the
period,
with
leadership
expanding
beyond
U.S.
mega-cap
technology
stocks.
While
the
international
markets
trailed
the
United
States
by
a
considerable
margin,
market
participation
was
much
broader
overseas.
As
a
result,
the
value
style
kept
pace
with
momentum
stocks
outside
of
the
United
States.
Sentiment
measures,
which
correctly
captured
prevailing
market
leadership,
were
the
primary
driver
of
the
Fund’s
positive
relative
performance.
Insights
that
evaluate
trends
across
conference
call
text
and
smart
money
positioning
were
top
contributors
by
correctly
positioning
the
portfolio
in
the
artificial
intelligence
(“AI”)
and
GLP-1
weight-loss
treatment
themes.
Macro
thematic
insights
further
helped
performance
by
aligning
with
themes
captured
by
sentiment
measures.
These
included
insights
that
evaluate
inflation
data,
which
led
to
a
preference
for
technology
stocks
that
benefited
from
AI
enthusiasm.
Fundamental
measures
also
contributed,
with
traditional
valuation
measures
that
analyze
research
expenditures,
cash
flow
efficiency,
and
other
financial
statement
metrics
benefitting
from
the
surge
in
bond
yields
that
broadly
rewarded
value
styles
in
the
latter
half
of
2023.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
performance
drivers,
while
adding
several
new
signals
to
the
existing
set
of
stock
selection
insights.
The
Fund
developed
new
insights
to
identify
firms
that
are
leading
the
market
in
development,
deployment,
and
monetization
of
AI
capabilities.
These
included
measures
designed
to
capture
hiring
trends
for
skills
associated
with
AI,
as
well
as
executive
comments
highlighting
AI
capabilities
over
the
past
several
years.
Additionally,
the
Fund
developed
new
insights
to
identify
trends
around
GLP-1
weight
loss
drugs
to
better
understand
the
impact
on
firms
across
sectors.
Describe
portfolio
positioning
at
period
end.
The
Fund
maintained
a
largely
sector-neutral
positioning.
It
had
slight
overweights
in
the
information
technology
and
energy
sectors
and
small
underweights
in
financials
and
materials.
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
April
30,
2024
(continued)
11
Fund
Summary
BlackRock
Sustainable
Advantage
Global
Equity
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
June
21,
2023.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(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
and
equity-like
instruments
of
companies
that
are
components
of,
or
have
characteristics
similar
to,
the
companies
included
in
the
MSCI
All
Country
World
Index
and
derivatives
that
are
tied
economically
to
securities
of
the
MSCI
All
Country
World
Index.
(c)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
Performance
(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
commenced
operations
on
June
21,
2023.
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
Total
Returns
(a)
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Institutional
..................................................................................................
14.92%
N/A
Investor
A
...................................................................................................
14.71
8.69%
Class
K
....................................................................................................
14.95
N/A
MSCI
All
Country
World
Index
....................................................................................
1
3
.
43
N/A
Fund
Summary
as
of
April
30,
2024
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
12
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,209.70
$
3.90
$
1,000.00
$
1,021.33
$
3.57
0.71%
Investor
A
................................
1,000.00
1,208.80
5.27
1,000.00
1,020.09
4.82
0.96
Class
K
..................................
1,000.00
1,210.00
3.63
1,000.00
1,021.58
3.32
0.66
(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
182/366
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
States
......................................
65.5
%
Japan
...........................................
5.9
China
............................................
3.8
Germany
.........................................
2.7
United
Kingdom
.....................................
2.0
Switzerland
........................................
2.0
Denmark
.........................................
1.8
Brazil
............................................
1.7
France
...........................................
1.7
Italy
.............................................
1.4
Australia
..........................................
1.1
Canada
..........................................
1.0
Taiwan
...........................................
1.0
Other
(a)
...........................................
6.2
Short-Term
Securities
.................................
2.0
Other
Assets
Less
Liabilities
............................
0.2
(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
April
30,
2024
13
Fund
Summary
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?
For
the
12-month
period
that
ended
on
April
30,
2024,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
MSCI
EAFE
Index.
What
factors
influenced
performance?
International
equities
generally
produced
strong
returns
behind
resilient
economic
data
and
investor
excitement
about
innovations
in
information
technology
and
healthcare.
Market
performance
was
also
driven
by
shifting
views
between
a
soft
landing
for
the
economy
on
one
hand,
and
“higher
for
longer”
interest
rate
policy
on
the
other.
Market
breadth
improved
over
the
course
of
the
period,
with
leadership
expanding
beyond
U.S.
mega-cap
technology
stocks.
While
the
international
markets
trailed
the
United
States
by
a
considerable
margin,
market
participation
was
much
broader
overseas.
As
a
result,
the
value
style
kept
pace
with
momentum
stocks
outside
of
the
United
States.
Sentiment
measures,
which
correctly
captured
prevailing
market
leadership,
were
the
primary
driver
of
the
Fund’s
positive
relative
performance.
Insights
that
evaluate
trends
across
conference
call
text
and
smart
money
positioning
were
top
contributors
by
correctly
positioning
the
portfolio
in
the
artificial
intelligence
(“AI”)
and
GLP-1
weight-loss
treatment
themes.
Macro
thematic
insights
further
helped
performance
by
aligning
with
themes
captured
by
sentiment
measures.
These
included
insights
that
evaluate
inflation
data,
which
led
to
a
preference
for
technology
stocks
that
benefited
from
AI
enthusiasm.
Fundamental
measures
also
contributed,
with
traditional
valuation
measures
that
analyze
research
expenditures,
cash
flow
efficiency,
and
other
financial
statement
metrics
benefitting
from
the
surge
in
bond
yields
that
broadly
rewarded
value
styles
in
the
latter
half
of
2023.
These,
in
combination
with
insights
that
evaluate
earnings
yield
and
the
sustainability
of
company
growth,
helped
motivate
overweights
to
domestically
oriented
Japanese
stocks
that
were
expected
to
be
the
largest
beneficiaries
of
policy
normalization
by
the
Bank
of
Japan.
Despite
the
Fund’s
strong
overall
performance,
select
measures
detracted.
Environmental,
social,
and
governance-related
insights
produced
mixed
results.
While
human
capital
related
measures
evaluating
hiring
diversity
benefitted
the
portfolio,
those
related
to
environmental
transition
underperformed.
Namely,
insights
evaluating
“green”
hiring
and
flows
into
sustainability-related
products
lagged.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
performance
drivers,
while
adding
several
new
signals
to
the
existing
set
of
stock
selection
insights.
The
Fund
developed
new
insights
to
identify
firms
that
are
leading
the
market
in
development,
deployment,
and
monetization
of
AI
capabilities.
These
included
measures
designed
to
capture
hiring
trends
for
skills
associated
with
AI,
as
well
as
executive
comments
highlighting
AI
capabilities
over
the
past
several
years.
Additionally,
the
Fund
developed
new
insights
to
identify
trends
around
GLP-1
weight
loss
drugs
to
better
understand
the
impact
on
firms
across
sectors.
Describe
portfolio
positioning
at
period
end.
The
Fund
maintained
a
largely
sector-neutral
positioning.
It
had
slight
overweights
in
the
communication
services
and
industrials
sectors
and
small
underweights
in
materials
and
consumer
staples.
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
April
30,
2024
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
14
BlackRock
Sustainable
Advantage
International
Equity
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
August
18,
2020.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(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)
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.
Performance
(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
commenced
operations
on
August
18,
2020.
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)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
10.40%
N/A
8.64%
N/A
Investor
A
...........................................................................
10.14
4.36%
8.38
6.81%
Class
K
............................................................................
10.46
N/A
8.70
N/A
MSCI
EAFE
Index
.....................................................................
9.28
N/A
7.65
N/A
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,176.70
$
2.71
$
1,000.00
$
1,022.38
$
2.51
0.50%
Investor
A
................................
1,000.00
1,174.80
4.06
1,000.00
1,021.13
3.77
0.75
Class
K
..................................
1,000.00
1,177.10
2.44
1,000.00
1,022.63
2.26
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
182/366
(to
reflect
the
one-half
year
period
shown).
Fund
Summary
as
of
April
30,
2024
(continued)
15
Fund
Summary
BlackRock
Sustainable
Advantage
International
Equity
Fund
Portfolio
Information
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Japan
...........................................
23.2
%
United
Kingdom
.....................................
11.0
Germany
.........................................
9.2
United
States
......................................
8.9
France
...........................................
8.8
Switzerland
........................................
5.8
Netherlands
.......................................
5.5
Australia
..........................................
5.3
Denmark
.........................................
4.7
Sweden
..........................................
3.4
Spain
............................................
3.4
Italy
.............................................
2.0
Hong
Kong
........................................
1.4
Norway
..........................................
1.0
Other
(a)
...........................................
4.5
Short-Term
Securities
.................................
2.2
Liabilities
in
Excess
of
Other
Assets
.......................
(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
April
30,
2024
2024
BlackRock
Annual
Report
to
Shareholders
16
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
12-month
period
ended
April
30,
2024,
all
of
the
Fund’s
share
classes
outperformed
its
reference
benchmark
(75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index/25%
MSCI
All
Country
World
Index)
and
its
cash
benchmark,
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index.
What
factors
influenced
performance?
A
directional
overweight
to
equities
contributed
to
the
Fund’s
relative
performance
given
positive
returns
across
most
global
markets.
Relative
value
equity
positioning
also
helped
results.
In
particular,
long
positions
in
the
United
Kingdom
and
Japan
versus
short
positions
in
Germany,
France,
and
Sweden
contributed
during
the
third
quarter
of
2023
as
European
equities
struggled
on
weak
growth
and
persistent
inflation.
Positioning
in
the
Asia-Pacific
region
(long
positions
in
Taiwan
versus
short
positions
in
Korea
and
Thailand)
was
also
additive
due
to
easing
tensions
with
China
and
artificial
intelligence
related
tailwinds
for
Taiwan
semiconductor
companies.
In
the
first
quarter
of
2024,
long
positions
in
Japanese
and
Italian
equities
against
short
positions
in
Australia
and
South
Korea
contributed.
Directional
short
duration
positions
in
the
United
States,
Germany,
and
Japan
held
in
the
discretionary
macro
strategy
also
contributed
to
performance.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
Within
relative
value
fixed
income
positioning,
a
long
position
in
U.K.
gilts
versus
other
developed
market
bonds
benefited
the
Fund
as
moderating
U.K.
inflation
data
led
gilts
to
outperform
in
the
third
quarter
of
2023
and
early
2024.
Currency
positioning
in
the
Fund’s
discretionary
macro
strategy
detracted.
A
short
position
in
the
U.S.
dollar
against
a
basket
of
other
developed
market
currencies
weighed
on
results
given
that
the
U.S.
dollar
strengthened.
Short
positions
in
European
bonds
versus
long
positions
in
other
developed
markets
also
hurt
performance
over
most
of
the
period,
as
weaker-than-expected
growth
and
inflation
in
Europe
caused
bonds
in
the
region
to
outperform
their
global
peers.
The
investment
adviser
used
derivatives
as
an
efficient
means
to
take
active
views
on
interest
rates,
equity
indices,
and
currencies.
Derivatives
used
included
equity
index
and
sovereign
bond
futures,
total
return
swaps,
interest
rate
swaps,
and
currency
forward
contracts.
These
positions
will
make
up
a
significant
portion
of
NAV
given
the
Fund’s
investment
approach
of
establishing
positions
in
fixed-income
markets,
equity
indices,
and
currencies
across
the
global
markets.
The
use
of
derivatives
instead
of
physical
instruments
had
a
minimal,
negative
impact
on
performance.
The
Fund
held
an
allocation
to
cash
as
collateral
for
derivative
positions
and
as
a
means
of
earning
yield.
The
cash
position
was
a
positive
contributor
to
Fund
performance
given
the
increase
in
yields
over
the
period.
Describe
recent
portfolio
activity.
Within
equities,
the
Fund
increased
directional
long
exposure
to
the
United
States
and
Europe
given
indications
of
improving
global
growth
and
a
reacceleration
of
the
manufacturing
cycle
late
in
2023.
In
equity
relative
value
positioning,
the
Fund
increased
its
exposure
to
Japan
relative
to
other
Asia-Pacific
equities
given
indications
of
improving
growth
and
rising
investment
flows
into
the
country.
The
Fund
also
increased
its
allocation
to
emerging
market
equities
through
additions
in
Taiwan,
Brazil,
and
Poland.
In
fixed
income,
the
Fund
maintained
a
directional
short
duration
exposure
throughout
the
reporting
period
through
short
positions
in
U.S.,
German,
and
Japanese
government
bonds.
Later
in
the
period,
the
Fund
shifted
its
short
exposure
from
near-dated
bonds
to
longer-dated
bonds
based
on
the
investment
adviser’s
view
that
there
was
more
mispricing
in
the
latter
area.
In
terms
of
relative
value
bond
positioning,
the
Fund
had
a
preference
for
emerging
market
debt
versus
Switzerland
and
Germany
early
in
the
period.
The
Fund
subsequently
moved
long
in
Europe,
and
it
added
short
positions
in
U.S.
Treasuries
and
select
emerging
markets
(Thailand,
China,
and
Korea).
Describe
portfolio
positioning
at
period
end.
As
of
April
30,
2024,
the
Fund
was
positioned
long
equities
and
short
duration.
In
equities,
the
Fund
held
directional
long
positions
in
the
United
States
and
Europe.
Key
relative
value
positions
included
long
positions
in
Italy,
Japan,
and
Taiwan
versus
short
positions
in
South
Korea,
Australia,
Spain,
and
Sweden.
In
bonds,
the
Fund
was
long
in
U.K.
gilts
versus
a
short
in
U.S.
Treasuries.
The
Fund
also
maintained
a
directional
short
in
Japanese
government
bonds.
In
currencies,
the
Fund
was
short
the
U.S.
dollar
versus
a
basket
of
developed
market
currencies
that
included
the
Australian
dollar,
Canadian
dollar,
and
euro.
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
April
30,
2024
(continued)
17
Fund
Summary
BlackRock
Tactical
Opportunities
Fund
GROWTH
OF
$10,000
INVESTMENT
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(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
prior
to
January
29,
2016
were
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)
An
unmanaged
index
that
measures
returns
of
3-month
Treasury
Bills.
On
December
1,
2023,
the
Fund
began
to
compare
its
performance
to
the
standard
pricing
time
of
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(the
“Index”).
Index
data
prior
to
March
1,
2021
is
for
the
Index’s
standard
pricing
time
of
3pm.
Index
data
from
March
1,
2021
through
November
30,
2023
is
for
a
custom
4pm
pricing
variant
of
the
Index.
Index
returns
beginning
on
December
1,
2023
reflect
the
Index’s
new
standard
pricing
time
of
4pm.
The
change
of
the
Index’s
standard
pricing
time
from
3pm
to
4pm
resulted
in
the
discontinuation
of
the
custom
4pm
pricing
variant
used
from
March
1,
2021
through
November
30,
2023.
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
(e)
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.
(f)
A
customized
weighted
index
comprised
of
75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
and
25%
MSCI
All
Country
World
Index.
Performance
(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
prior
to
January
29,
2016
were
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.
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.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..................................................
10.19%
N/A
4.75%
N/A
3.93%
N/A
Service
....................................................
9.80
N/A
4.46
N/A
3.64
N/A
Investor
A
...................................................
9.84
4.07%
4.45
3.33%
3.62
3.06%
Investor
C
...................................................
9.00
8.02
3.68
3.68
3.03
3.03
Class
K
....................................................
10.33
N/A
4.89
N/A
3.95
N/A
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
........................
2.28
N/A
1.02
N/A
1.00
N/A
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
...........................
5.36
N/A
2.07
N/A
1.42
N/A
75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index/25%
MSCI
All
Country
World
Index
........................................
6.08
N/A
3.36
N/A
2.97
N/A
MSCI
All
Country
World
Index
....................................
17.46
N/A
9.44
N/A
8.19
N/A
Fund
Summary
as
of
April
30,
2024
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
18
BlackRock
Tactical
Opportunities
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,052.50
$
4.13
$
1,000.00
$
1,020.84
$
4.07
0.81%
Service
..................................
1,000.00
1,050.60
5.56
1,000.00
1,019.44
5.47
1.09
Investor
A
................................
1,000.00
1,050.40
5.51
1,000.00
1,019.49
5.42
1.08
Investor
C
................................
1,000.00
1,046.90
9.11
1,000.00
1,015.96
8.97
1.79
Class
K
..................................
1,000.00
1,052.80
3.47
1,000.00
1,021.48
3.42
0.68
(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
182/366
(to
reflect
the
one-half
year
period
shown).
TEN
LARGEST
HOLDINGS
—
%
Security
(a)
Percent
of
Net
Assets
—
Microsoft
Corp.
...................................
3.6
%
Apple,
Inc.
......................................
2.8
NVIDIA
Corp.
....................................
2.4
Amazon.com,
Inc.
.................................
2.2
Alphabet,
Inc.,
Class
A
..............................
1.3
Meta
Platforms,
Inc.,
Class
A
..........................
1.2
Eli
Lilly
&
Co.
....................................
1.2
Alphabet,
Inc.,
Class
C
..............................
1.1
Mastercard,
Inc.,
Class
A
.............................
1.0
Merck
&
Co.,
Inc.
..................................
0.8
—
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Common
Stocks
...................................
68.4
%
U.S.
Treasury
Obligations
.............................
9.6
Money
Market
Funds
................................
6.4
Preferred
Securities
.................................
0.2
Warrants
........................................
0.0
(b)
Rights
..........................................
0.0
(b)
Asset-Backed
Securities
..............................
—
Other
Interests
....................................
—
Other
Assets
Less
Liabilities
...........................
15.4
(a)
Excludes
short-term
investments.
(b)
Represents
less
than
0.1%
of
the
Fund's
net
assets.
About
Fund
Performance
19
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
2024
BlackRock
Annual
Report
to
Shareholders
20
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.
Schedule
of
Investments
April
30,
2024
BlackRock
Emerging
Markets
ex-China
Fund
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Austria
—
0.7%
Erste
Group
Bank
AG
...........
7,904
$
368,604
Brazil
—
10.4%
Ambev
SA
..................
150,426
353,136
Arezzo
Industria
e
Comercio
SA
....
41,410
415,009
B3
SA
-
Brasil
Bolsa
Balcao
.......
296,625
614,089
Banco
BTG
Pactual
SA
(a)
........
19,687
126,783
CCR
SA
....................
70,372
166,694
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
30,332
118,989
Ez
Tec
Empreendimentos
e
Participacoes
S/A
...........
150,576
401,625
Grupo
De
Moda
Soma
SA
........
214,438
250,259
Hapvida
Participacoes
e
Investimentos
SA
(a)
(b)
(c)
..................
621,998
442,008
IRB-Brasil
Resseguros
SA
(a)
......
30,928
253,673
Lojas
Renner
SA
..............
164,385
484,677
Rumo
SA
(a)
..................
55,336
215,159
Sendas
Distribuidora
SA
(a)
........
121,182
306,654
Vale
SA
,
ADR
................
70,105
853,178
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
SA
...
200,806
275,728
XP,
Inc.
,
Class
A
..............
21,725
444,711
5,722,372
Canada
—
1.5%
Barrick
Gold
Corp.
.............
17,142
285,243
Franco-Nevada
Corp.
...........
1,994
240,078
MAG
Silver
Corp.
(a)
............
23,583
289,599
814,920
Chile
—
0.4%
Sociedad
Quimica
y
Minera
de
Chile
SA
,
ADR
.................
5,056
231,009
Czech
Republic
—
0.5%
Komercni
Banka
A/S
(a)
..........
6,661
245,423
Egypt
—
0.1%
Commercial
International
Bank
Egypt
SAE
....................
47,618
71,551
Greece
—
1.6%
National
Bank
of
Greece
SA
(a)
.....
25,030
201,943
OPAP
SA
,
Class
R
.............
20,609
343,325
Piraeus
Financial
Holdings
SA
(a)
....
83,397
334,084
879,352
Hungary
—
2.0%
MOL
Hungarian
Oil
&
Gas
plc
.....
48,119
394,894
OTP
Bank
Nyrt.
...............
6,519
323,119
Richter
Gedeon
Nyrt.
...........
14,574
371,127
1,089,140
India
—
14.5%
Aditya
Birla
Capital
Ltd.
(a)
........
131,415
363,983
Axis
Bank
Ltd.
,
GDR
(c)
..........
2,081
145,670
Bharat
Electronics
Ltd.
..........
61,633
172,349
Cipla
Ltd.
...................
10,772
180,326
Dr.
Reddy's
Laboratories
Ltd.
,
ADR
..
4,481
329,219
Fortis
Healthcare
Ltd.
...........
29,896
157,317
GAIL
India
Ltd.
...............
151,416
378,255
Godrej
Consumer
Products
Ltd.
....
11,460
167,253
HDFC
Bank
Ltd.
,
ADR
..........
13,736
791,194
ICICI
Bank
Ltd.
,
ADR
...........
18,517
509,773
Infosys
Ltd.
,
ADR
..............
44,803
748,658
ITC
Ltd.
....................
28,737
149,842
Security
Shares
Shares
Value
India
(continued)
Larsen
&
Toubro
Ltd.
,
GDR
(c)
......
3,325
$
143,979
Macrotech
Developers
Ltd.
(b)
(c)
.....
33,366
494,233
Mahindra
&
Mahindra
Ltd.
,
GDR
(c)
...
10,056
262,462
Mankind
Pharma
Ltd.
(a)
..........
5,460
154,353
Marico
Ltd.
..................
24,527
152,209
NHPC
Ltd.
..................
149,508
172,108
NTPC
Ltd.
..................
37,343
162,290
Olectra
Greentech
Ltd.
..........
6,966
143,802
Power
Grid
Corp.
of
India
Ltd.
.....
44,917
162,006
Reliance
Industries
Ltd.
,
GDR
(b)
....
23,229
1,642,290
UltraTech
Cement
Ltd.
..........
3,148
375,444
7,959,015
Indonesia
—
4.6%
Astra
International
Tbk.
PT
.......
1,061,300
334,899
Bank
Central
Asia
Tbk.
PT
........
786,000
472,610
Bank
Mandiri
Persero
Tbk.
PT
.....
871,500
368,363
Bank
Negara
Indonesia
Persero
Tbk.
PT
.....................
1,701,900
547,564
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
.....................
1,906,400
577,074
Telkom
Indonesia
Persero
Tbk.
PT
..
1,132,700
219,584
2,520,094
Italy
—
1.0%
Wizz
Air
Holdings
plc
(a)
(b)
(c)
........
18,967
524,728
Kazakhstan
—
1.4%
Kaspi.KZ
JSC
,
ADR
(c)
...........
6,705
789,581
Malaysia
—
0.9%
Hartalega
Holdings
Bhd.
(a)
........
293,800
172,067
Malayan
Banking
Bhd.
..........
153,400
312,578
484,645
Mexico
—
3.0%
Becle
SAB
de
CV
.............
80,488
163,553
Fibra
Uno
Administracion
SA
de
CV
.
52,900
75,718
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
................
26,319
290,771
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
ADR
...............
1,702
309,475
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
..................
105,111
219,417
Wal-Mart
de
Mexico
SAB
de
CV
....
163,476
609,310
1,668,244
Philippines
—
2.6%
Ayala
Land,
Inc.
...............
546,800
271,060
BDO
Unibank,
Inc.
.............
114,330
293,303
Bloomberry
Resorts
Corp.
(a)
.......
1,034,900
186,312
International
Container
Terminal
Services,
Inc.
..............
50,280
288,093
Jollibee
Foods
Corp.
...........
32,700
132,960
Metropolitan
Bank
&
Trust
Co.
.....
200,960
243,161
1,414,889
Poland
—
2.6%
Allegro.eu
SA
(a)
(b)
(c)
.............
31,653
263,863
Bank
Polska
Kasa
Opieki
SA
......
9,884
409,200
LPP
SA
....................
77
296,696
Powszechny
Zaklad
Ubezpieczen
SA
36,686
461,726
1,431,485
Portugal
—
0.5%
Jeronimo
Martins
SGPS
SA
.......
13,717
282,183
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Emerging
Markets
ex-China
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Qatar
—
0.7%
Qatar
National
Bank
QPSC
.......
95,211
$
361,899
Saudi
Arabia
—
2.3%
Abdullah
Al
Othaim
Markets
Co.
....
41,229
136,697
Al
Rajhi
Bank
................
6,538
139,058
Almarai
Co.
JSC
..............
9,657
146,248
Etihad
Etisalat
Co.
.............
10,543
146,173
Saudi
Basic
Industries
Corp.
......
15,703
353,794
Saudi
National
Bank
(The)
........
14,202
142,169
Yanbu
National
Petrochemical
Co.
..
19,610
202,660
1,266,799
Singapore
—
0.4%
Jardine
Cycle
&
Carriage
Ltd.
.....
9,800
189,123
South
Africa
—
0.3%
Foschini
Group
Ltd.
(The)
........
27,376
144,842
Gold
Fields
Ltd.
,
ADR
...........
1,402
22,670
167,512
South
Korea
—
12.9%
Hansol
Chemical
Co.
Ltd.
........
2,708
375,612
Hugel,
Inc.
(a)
.................
1,358
207,621
Hyundai
Rotem
Co.
Ltd.
.........
23,767
637,214
JYP
Entertainment
Corp.
.........
2,792
133,538
KT
Corp.
...................
9,730
243,269
KT&G
Corp.
.................
5,840
376,305
Samsung
Electronics
Co.
Ltd.
.....
58,601
3,257,433
Samsung
Electronics
Co.
Ltd.
,
GDR
(b)
(c)
202
281,882
Samsung
SDI
Co.
Ltd.
..........
1,102
341,035
SK
Hynix,
Inc.
................
8,213
1,013,531
S-Oil
Corp.
..................
4,217
220,168
7,087,608
Taiwan
—
20.3%
Accton
Technology
Corp.
........
44,000
616,414
Chroma
ATE,
Inc.
..............
47,000
381,721
Delta
Electronics,
Inc.
...........
70,000
685,531
eMemory
Technology,
Inc.
........
9,000
604,913
Giant
Manufacturing
Co.
Ltd.
......
22,000
147,182
Hiwin
Technologies
Corp.
........
26,000
183,858
Lite-On
Technology
Corp.
........
39,000
118,044
Phison
Electronics
Corp.
.........
18,000
384,232
President
Chain
Store
Corp.
......
52,000
437,301
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
274,000
6,560,592
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..............
2,638
362,303
Wistron
Corp.
................
80,000
273,925
Yageo
Corp.
.................
18,000
343,341
11,099,357
Thailand
—
2.6%
Advanced
Info
Service
PCL
,
NVDR
..
47,600
252,901
Airports
of
Thailand
PCL
,
NVDR
....
83,100
145,900
CP
ALL
PCL
,
NVDR
............
129,600
200,299
Land
&
Houses
PCL
,
NVDR
......
796,600
159,889
Siam
Cement
PCL
(The)
,
NVDR
....
21,100
141,356
Thai
Beverage
PCL
............
463,100
167,695
True
Corp.
PCL
,
NVDR
(a)
.........
1,790,900
369,305
1,437,345
Turkey
—
0.5%
Eldorado
Gold
Corp.
(a)
..........
18,297
260,915
Security
Shares
Shares
Value
United
Arab
Emirates
—
2.5%
Aldar
Properties
PJSC
..........
94,082
$
139,859
Americana
Restaurants
International
plc
(a)
....................
411,587
374,926
Borouge
plc
.................
571,749
381,384
Emaar
Properties
PJSC
(a)
........
200,091
447,262
1,343,431
United
Kingdom
—
0.9%
Anglogold
Ashanti
plc
...........
5,813
133,641
Anglogold
Ashanti
plc
...........
15,024
345,531
479,172
United
States
—
2.3%
Cognizant
Technology
Solutions
Corp.
,
Class
A
..................
11,583
760,771
EPAM
Systems,
Inc.
(a)
...........
1,287
302,780
Globant
SA
(a)
.................
1,146
204,664
1,268,215
Zambia
—
0.5%
First
Quantum
Minerals
Ltd.
.......
23,519
298,632
Total
Common
Stocks
—
94.5%
(Cost:
$
52,743,052
)
..............................
51,757,243
Preferred
Securities
Preferred
Stocks
—
2.3%
Brazil
—
1.3%
Alpargatas
SA
(Preference)
(a)
......
157,760
287,715
Banco
Bradesco
SA
............
164,130
443,151
730,866
South
Korea
—
1.0%
Samsung
Electronics
Co.
Ltd.
(Preference)
...............
12,007
560,620
Total
Preferred
Stocks
—
2.3%
(Cost:
$
1,342,356
)
..............................
1,291,486
Total
Long-Term
Investments
—
96
.8
%
(Cost:
$
54,085,408
)
..............................
53,048,729
Short-Term
Securities
Money
Market
Funds
—
3.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.18
%
(d)
(e)
....
1,946,371
1,946,371
Total
Short-Term
Securities
—
3
.6
%
(Cost:
$
1,946,371
)
..............................
1,946,371
Total
Investments
—
100.4%
(Cost:
$
56,031,779
)
..............................
54,995,100
Liabilities
in
Excess
of
Other
Assets
—
(
0.4
)
%
............
(
202,716
)
Net
Assets
—
100.0%
..............................
$
54,792,384
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Emerging
Markets
ex-China
Fund
Schedules
of
Investments
23
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(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.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
340,604
$
1,605,767
(a)
$
—
$
—
$
—
$
1,946,371
1,946,371
$
50,828
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Emerging
Markets
ex-China
Fund
24
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
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
IFSC
NIFTY
50
Index
.......................................................
9
05/30/24
$
410
$
6,100
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Goldman
Sachs
Bank
USA
(b)
08/19/26
$
1,046,124
$
99,416
(c)
$
1,150,960
1
.9
%
(b)
Range:
40-45
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
(b)
Goldman
Sachs
USA
(c)
Amount
includes
$(5,420)
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Goldman
Sachs
Bank
USA,
as
of
period
end,
termination
date
August
19,
2026:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
India
Axis
Bank
Ltd.
,
GDR
.......
16,216
$
1,135,120
98
.6
%
Portugal
Jeronimo
Martins
SGPS
SA
..
770
15,840
1
.4
Total
Reference
Entity
—
Long
............
1,150,960
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
...........................
$
1,150,960
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
...................................................................
$
—
$
—
$
99,416
$
—
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Emerging
Markets
ex-China
Fund
Schedules
of
Investments
25
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
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)
......
$
—
$
—
$
6,100
$
—
$
—
$
—
$
6,100
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
99,416
—
—
—
99,416
$
—
$
—
$
105,516
$
—
$
—
$
—
$
105,516
(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
April
30,
2024,
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
c
ontracts
.......................
$
—
$
—
$
24,383
$
—
$
—
$
—
$
24,383
Swaps
..............................
—
—
(
7,240
)
—
—
—
(
7,240
)
$
—
$
—
$
17,143
$
—
$
—
$
—
$
17,143
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
2,631
$
—
$
—
$
—
$
2,631
Swaps
..............................
—
—
100,014
—
—
—
100,014
$
—
$
—
$
102,645
$
—
$
—
$
—
$
102,645
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
254,381
Total
return
swaps
Average
notional
value
...............................................................................................
$
267,231
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
388
Swaps
—
OTC
(a)
.....................................................................................
99,416
—
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
99,416
$
388
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
(
388
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
99,416
$
—
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Emerging
Markets
ex-China
Fund
26
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.
The
following
table
presents
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
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(a)
Goldman
Sachs
Bank
USA
..........................
$
99,416
$
—
$
—
$
—
$
99,416
(a)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Austria
..............................................
$
—
$
368,604
$
—
$
368,604
Brazil
...............................................
5,722,372
—
—
5,722,372
Canada
.............................................
814,920
—
—
814,920
Chile
...............................................
231,009
—
—
231,009
Czech
Republic
........................................
—
245,423
—
245,423
Egypt
...............................................
71,551
—
—
71,551
Greece
..............................................
545,268
334,084
—
879,352
Hungary
.............................................
766,021
323,119
—
1,089,140
India
...............................................
4,429,266
3,529,749
—
7,959,015
Indonesia
............................................
—
2,520,094
—
2,520,094
Italy
................................................
—
524,728
—
524,728
Kazakhstan
...........................................
789,581
—
—
789,581
Malaysia
.............................................
—
484,645
—
484,645
Mexico
..............................................
1,668,244
—
—
1,668,244
Philippines
...........................................
767,708
647,181
—
1,414,889
Poland
..............................................
—
1,431,485
—
1,431,485
Portugal
.............................................
—
282,183
—
282,183
Qatar
...............................................
—
361,899
—
361,899
Saudi
Arabia
..........................................
292,421
974,378
—
1,266,799
Singapore
............................................
—
189,123
—
189,123
South
Africa
...........................................
167,512
—
—
167,512
South
Korea
..........................................
—
7,087,608
—
7,087,608
Taiwan
..............................................
362,303
10,737,054
—
11,099,357
Thailand
.............................................
—
1,437,345
—
1,437,345
Turkey
..............................................
260,915
—
—
260,915
United
Arab
Emirates
....................................
968,505
374,926
—
1,343,431
United
Kingdom
........................................
133,641
345,531
—
479,172
United
States
..........................................
1,268,215
—
—
1,268,215
Zambia
..............................................
298,632
—
—
298,632
Preferred
Securities
Brazil
...............................................
730,866
—
—
730,866
South
Korea
..........................................
—
560,620
—
560,620
Short-Term
Securities
Money
Market
Funds
......................................
1,946,371
—
—
1,946,371
$
22,235,321
$
32,759,779
$
—
$
54,995,100
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
—
$
105,516
$
—
$
105,516
$
—
$
105,516
$
—
$
105,516
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Emerging
Markets
ex-China
Fund
Schedules
of
Investments
27
See
notes
to
financial
statements.
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2024
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Brazil
—
5.2%
Ambev
SA
..................
38,819
$
91,130
Auren
Energia
SA
.............
20,031
44,671
CCR
SA
....................
15,678
37,137
CPFL
Energia
SA
..............
11,491
70,970
EcoRodovias
Infraestrutura
e
Logistica
SA
.....................
42,054
59,284
Energisa
SA
.................
6,990
60,859
Movida
Participacoes
SA
(a)
.......
30,581
41,579
Santos
Brasil
Participacoes
SA
....
29,096
75,926
Ultrapar
Participacoes
SA
........
15,093
75,485
557,041
Chile
—
1.4%
Empresas
Copec
SA
...........
10,985
78,390
Enel
Americas
SA
.............
813,966
76,305
154,695
China
—
26.2%
3SBio,
Inc.
(b)
(c)
................
106,500
85,132
Alibaba
Group
Holding
Ltd.
.......
15,092
141,307
Baidu,
Inc.
,
Class
A
(a)
...........
3,478
45,060
Baoshan
Iron
&
Steel
Co.
Ltd.
,
Class
A
24,600
23,518
BOE
Technology
Group
Co.
Ltd.
,
Class
A
......................
142,400
85,329
Bosideng
International
Holdings
Ltd.
.
76,000
43,994
BYD
Co.
Ltd.
,
Class
A
...........
166
4,975
BYD
Co.
Ltd.
,
Class
H
..........
1,500
41,119
China
Construction
Bank
Corp.
,
Class
H
......................
266,000
172,100
China
Life
Insurance
Co.
Ltd.
,
Class
H
15,000
19,754
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................
6,500
28,151
China
Vanke
Co.
Ltd.
,
Class
H
.....
22,900
13,431
CMOC
Group
Ltd.
,
Class
H
.......
90,000
84,439
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
A
..................
52,200
84,701
ENN
Energy
Holdings
Ltd.
........
1,200
10,224
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
A
......................
390
1,888
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
H
(b)
(c)
....................
560
1,642
Geely
Automobile
Holdings
Ltd.
....
9,000
10,832
Goldwind
Science
&
Technology
Co.
Ltd.
,
Class
A
...............
361
378
Huatai
Securities
Co.
Ltd.
,
Class
A
..
13,400
25,298
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
...............
249,000
133,521
JD.com,
Inc.
,
Class
A
...........
8,106
116,794
Jiangsu
Yanghe
Distillery
Co.
Ltd.
,
Class
A
..................
2,900
37,896
Kweichow
Moutai
Co.
Ltd.
,
Class
A
..
400
93,624
Lenovo
Group
Ltd.
.............
80,000
89,981
Li
Auto,
Inc.
,
Class
A
(a)
..........
3,500
45,856
Li
Auto,
Inc.
,
ADR
(a)
(d)
...........
1,642
43,152
LONGi
Green
Energy
Technology
Co.
Ltd.
,
Class
A
...............
760
1,900
Meituan
,
Class
B
(a)
(b)
(c)
...........
13,310
181,742
Midea
Group
Co.
Ltd.
,
Class
A
.....
3,900
37,444
NetEase,
Inc.
................
6,870
128,776
NIO,
Inc.
,
ADR
(a)
..............
1,960
9,251
PDD
Holdings,
Inc.
,
ADR
(a)
.......
263
32,922
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
Class
H
...............
28,000
126,898
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
,
Class
H
...............
52,400
74,464
Security
Shares
Shares
Value
China
(continued)
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
Class
A
....
1,000
$
41,917
Tencent
Holdings
Ltd.
...........
11,300
495,880
Weichai
Power
Co.
Ltd.
,
Class
A
....
32,800
78,555
Weichai
Power
Co.
Ltd.
,
Class
H
...
3,000
6,130
Wuliangye
Yibin
Co.
Ltd.
,
Class
A
...
4,000
82,581
Xinyi
Solar
Holdings
Ltd.
.........
8,000
5,504
2,788,060
Greece
—
1.8%
Eurobank
Ergasias
Services
&
Holdings
SA
(a)
....................
41,078
88,115
Motor
Oil
Hellas
Corinth
Refineries
SA
905
26,232
OPAP
SA
,
Class
R
.............
4,528
75,432
189,779
Hungary
—
0.0%
MOL
Hungarian
Oil
&
Gas
plc
.....
382
3,135
India
—
14.7%
Asian
Paints
Ltd.
..............
2,846
97,897
Birlasoft
Ltd.
.................
9,083
70,474
Blue
Star
Ltd.
................
4,175
74,677
Canara
Bank
.................
9,908
73,648
Castrol
India
Ltd.
..............
7,962
20,054
HCL
Technologies
Ltd.
..........
5,578
91,005
ICICI
Bank
Ltd.
...............
4,368
60,187
Indian
Oil
Corp.
Ltd.
............
31,435
63,479
Infosys
Ltd.
..................
3,917
66,137
Jindal
Saw
Ltd.
...............
1,884
12,466
Piramal
Enterprises
Ltd.
.........
5,484
60,579
Power
Grid
Corp.
of
India
Ltd.
.....
30,183
108,863
Praj
Industries
Ltd.
.............
12,488
81,925
Redington
Ltd.
................
15,090
39,454
Reliance
Industries
Ltd.
.........
4,451
156,249
Siemens
Ltd.
.................
812
56,733
State
Bank
of
India
.............
10,877
107,443
Strides
Pharma
Science
Ltd.
......
1,830
19,653
Supreme
Industries
Ltd.
.........
474
28,708
Tata
Consumer
Products
Ltd.
......
6,259
82,883
Trent
Ltd.
...................
1,789
94,432
Zomato
Ltd.
(a)
................
43,266
99,855
1,566,801
Indonesia
—
2.0%
Bank
Central
Asia
Tbk.
PT
........
204,800
123,143
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
.....................
294,000
88,995
212,138
Kuwait
—
0.3%
Kuwait
Finance
House
KSCP
......
13,956
32,556
Malaysia
—
3.3%
CIMB
Group
Holdings
Bhd.
.......
65,200
90,108
Malayan
Banking
Bhd.
..........
44,900
91,491
Public
Bank
Bhd.
..............
104,100
89,787
Sime
Darby
Bhd.
..............
133,500
78,157
349,543
Mexico
—
0.2%
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
.............
263
9,056
Wal-Mart
de
Mexico
SAB
de
CV
....
3,164
11,793
20,849
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Poland
—
1.4%
Budimex
SA
.................
462
$
78,153
Santander
Bank
Polska
SA
.......
504
69,065
147,218
Qatar
—
0.5%
Commercial
Bank
PSQC
(The)
.....
2,766
3,150
Industries
Qatar
QSC
...........
2,125
7,118
Masraf
Al
Rayan
QSC
...........
5,545
3,819
Qatar
Islamic
Bank
SAQ
.........
1,752
8,784
Qatar
National
Bank
QPSC
.......
6,851
26,041
48,912
Russia
—
0.0%
(a)(e)
LUKOIL
PJSC
................
2,410
—
Novatek
PJSC
................
1,500
—
PhosAgro
PJSC
..............
1,413
—
PhosAgro
PJSC
,
GDR
..........
27
1
1
Saudi
Arabia
—
3.1%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
347
28,693
Saudi
Arabian
Oil
Co.
(b)
(c)
.........
9,310
74,598
Saudi
Basic
Industries
Corp.
......
5,137
115,738
Saudi
Telecom
Co.
.............
10,366
104,016
Seera
Group
Holding
(a)
..........
1,733
12,614
335,659
South
Africa
—
0.4%
Anglo
American
plc
............
1,238
40,338
South
Korea
—
10.7%
Amorepacific
Group
............
3,455
83,407
CJ
Corp.
...................
706
64,742
HL
Mando
Co.
Ltd.
.............
836
23,577
KB
Financial
Group,
Inc.
.........
1,907
103,430
LG
Chem
Ltd.
................
352
101,147
LG
H&H
Co.
Ltd.
..............
41
12,354
NAVER
Corp.
................
572
75,446
POSCO
Holdings,
Inc.
..........
114
32,910
Samsung
C&T
Corp.
...........
374
40,330
Samsung
Electronics
Co.
Ltd.
.....
8,014
445,471
Samsung
SDI
Co.
Ltd.
..........
51
15,783
SK
Hynix,
Inc.
................
483
59,605
SK,
Inc.
....................
677
80,673
1,138,875
Taiwan
—
19.3%
Acer,
Inc.
...................
40,000
55,038
ASE
Technology
Holding
Co.
Ltd.
...
20,000
89,972
Cathay
Financial
Holding
Co.
Ltd.
...
67,978
105,118
Compal
Electronics,
Inc.
.........
65,000
70,899
CTBC
Financial
Holding
Co.
Ltd.
...
104,000
108,547
Delta
Electronics,
Inc.
...........
5,000
48,967
E.Sun
Financial
Holding
Co.
Ltd.
...
116,926
98,253
Elan
Microelectronics
Corp.
.......
5,000
25,166
First
Financial
Holding
Co.
Ltd.
.....
48,771
40,886
Fubon
Financial
Holding
Co.
Ltd.
...
13,000
27,502
Hon
Hai
Precision
Industry
Co.
Ltd.
..
17,000
80,926
MediaTek,
Inc.
................
4,000
120,605
Phison
Electronics
Corp.
.........
1,000
21,346
Primax
Electronics
Ltd.
..........
16,000
47,428
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
36,000
861,975
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..............
558
76,636
United
Microelectronics
Corp.
.....
65,000
99,868
Security
Shares
Shares
Value
Taiwan
(continued)
WPG
Holdings
Ltd.
............
27,000
$
72,922
2,052,054
Thailand
—
3.8%
Bangchak
Corp.
PCL
,
NVDR
......
65,100
73,327
Bangkok
Dusit
Medical
Services
PCL
,
NVDR
...................
95,900
74,887
Home
Product
Center
PCL
,
NVDR
..
284,700
79,470
PTT
Exploration
&
Production
PCL
,
NVDR
...................
19,900
83,248
PTT
PCL
,
NVDR
..............
98,000
88,815
399,747
Turkey
—
0.7%
Migros
Ticaret
A/S
.............
5,004
68,293
Yapi
ve
Kredi
Bankasi
A/S
........
8,699
8,711
77,004
United
Arab
Emirates
—
0.2%
Abu
Dhabi
Commercial
Bank
PJSC
.
10,398
23,611
United
States
—
0.7%
Genpact
Ltd.
.................
2,346
72,116
Total
Common
Stocks
—
95.9%
(Cost:
$
9,862,844
)
..............................
10,210,132
Preferred
Securities
Preferred
Stocks
—
2.1%
Brazil
—
2.1%
Banco
Bradesco
SA
(Preference)
...
26,687
72,106
Cia
Energetica
de
Minas
Gerais
(Preference)
...............
44,229
82,706
Companhia
Paranaense
de
Energia
(Preference)
...............
1,388
2,425
Itau
Unibanco
Holding
SA
(Preference)
7,083
42,831
Petroleo
Brasileiro
SA
(Preference)
..
3,222
26,011
226,079
Total
Preferred
Stocks
—
2.1%
(Cost:
$
227,784
)
................................
226,079
Total
Long-Term
Investments
—
98
.0
%
(Cost:
$
10,090,628
)
..............................
10,436,211
Short-Term
Securities
Money
Market
Funds
—
3.3%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.49
%
(h)
.......
24,743
24,750
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.18
%
......
326,161
326,161
Total
Short-Term
Securities
—
3
.3
%
(Cost:
$
350,911
)
................................
350,911
Total
Investments
—
101.3%
(Cost:
$
10,441,539
)
..............................
10,787,122
Liabilities
in
Excess
of
Other
Assets
—
(
1.3
)
%
............
(
142,949
)
Net
Assets
—
100.0%
..............................
$
10,644,173
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
30
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
24,750
(a)
$
—
$
—
$
—
$
24,750
24,743
$
192
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
329,574
—
(
3,413
)
(a)
—
—
326,161
326,161
14,120
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
3,625
—
(
3,624
)
(a)
1
(
2
)
—
—
—
—
$
1
$
(
2
)
$
350,911
$
14,312
$
—
—
—
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
31
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.
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.
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
............................................
6
06/21/24
$
313
$
(
2,159
)
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)
......
$
—
$
—
$
2,159
$
—
$
—
$
—
$
2,159
(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
April
30,
2024,
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
c
ontracts
.......................
$
—
$
—
$
17,974
$
—
$
—
$
—
$
17,974
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
10,754
)
$
—
$
—
$
—
$
(
10,754
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
289,151
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Brazil
...............................................
$
557,041
$
—
$
—
$
557,041
Chile
...............................................
154,695
—
—
154,695
China
...............................................
170,026
2,618,034
—
2,788,060
Greece
..............................................
189,779
—
—
189,779
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
32
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Hungary
.............................................
$
3,135
$
—
$
—
$
3,135
India
...............................................
19,653
1,547,148
—
1,566,801
Indonesia
............................................
—
212,138
—
212,138
Kuwait
..............................................
—
32,556
—
32,556
Malaysia
.............................................
—
349,543
—
349,543
Mexico
..............................................
20,849
—
—
20,849
Poland
..............................................
—
147,218
—
147,218
Qatar
...............................................
6,969
41,943
—
48,912
Russia
..............................................
—
—
1
1
Saudi
Arabia
..........................................
—
335,659
—
335,659
South
Africa
...........................................
—
40,338
—
40,338
South
Korea
..........................................
—
1,138,875
—
1,138,875
Taiwan
..............................................
76,636
1,975,418
—
2,052,054
Thailand
.............................................
—
399,747
—
399,747
Turkey
..............................................
68,293
8,711
—
77,004
United
Arab
Emirates
....................................
—
23,611
—
23,611
United
States
..........................................
72,116
—
—
72,116
Preferred
Securities
.......................................
226,079
—
—
226,079
Short-Term
Securities
Money
Market
Funds
......................................
350,911
—
—
350,911
$
1,916,182
$
8,870,939
$
1
$
10,787,122
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
2,159
)
$
—
$
—
$
(
2,159
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
April
30,
2024
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Australia
—
1.1%
Ampol
Ltd.
..................
20
$
472
ANZ
Group
Holdings
Ltd.
........
19
343
Aristocrat
Leisure
Ltd.
...........
315
8,039
Cochlear
Ltd.
................
26
5,424
Coles
Group
Ltd.
..............
122
1,272
Fortescue
Ltd.
................
361
5,983
Macquarie
Group
Ltd.
...........
402
48,135
Orica
Ltd.
...................
210
2,432
Rio
Tinto
Ltd.
................
142
11,818
Rio
Tinto
plc
.................
541
36,605
Worley
Ltd.
..................
616
5,946
126,469
Austria
—
0.2%
BAWAG
Group
AG
(a)(b)
..........
241
14,390
Erste
Group
Bank
AG
...........
47
2,192
OMV
AG
...................
50
2,373
18,955
Belgium
—
0.2%
Groupe
Bruxelles
Lambert
NV
.....
211
15,662
KBC
Group
NV
...............
52
3,863
Sofina
SA
...................
13
3,043
22,568
Brazil
—
1.6%
Ambev
SA
..................
12,638
29,669
Auren
Energia
SA
.............
103
230
CCR
SA
....................
4,689
11,107
Cia
Brasileira
de
Aluminio
(c)
.......
1,044
1,031
Cogna
Educacao
SA
(c)
..........
15,743
6,640
CPFL
Energia
SA
..............
180
1,112
CSN
Mineracao
SA
............
250
238
EcoRodovias
Infraestrutura
e
Logistica
SA
.....................
1,448
2,041
Embraer
SA
(c)
................
615
3,932
Energisa
SA
.................
621
5,407
Marfrig
Global
Foods
SA
(c)
........
6,837
12,508
Natura
&
Co.
Holding
SA
.........
1,971
6,305
Telefonica
Brasil
SA
............
530
4,872
TOTVS
SA
(c)
.................
1,689
9,003
Transmissora
Alianca
de
Energia
Eletrica
SA
................
33
224
Ultrapar
Participacoes
SA
........
2,013
10,068
Wheaton
Precious
Metals
Corp.
....
1,572
81,897
186,284
Canada
—
1.0%
Alamos
Gold,
Inc.
,
Class
A
.......
22
324
Barrick
Gold
Corp.
.............
349
5,800
Canadian
Imperial
Bank
of
Commerce
193
9,009
CGI,
Inc.
,
Class
A
(c)
............
3
304
Empire
Co.
Ltd.
,
Class
A
.........
100
2,330
Enbridge,
Inc.
................
16
569
FirstService
Corp.
.............
63
9,253
Franco-Nevada
Corp.
...........
18
2,167
Great-West
Lifeco,
Inc.
..........
16
473
iA
Financial
Corp.,
Inc.
..........
9
546
Keyera
Corp.
................
277
7,107
Nutrien
Ltd.
..................
138
7,277
Royal
Bank
of
Canada
..........
78
7,546
Shopify,
Inc.
,
Class
A
(c)
..........
263
18,464
Stantec,
Inc.
.................
446
35,511
Toronto-Dominion
Bank
(The)
.....
195
11,568
Security
Shares
Shares
Value
Canada
(continued)
WSP
Global,
Inc.
..............
16
$
2,428
120,676
Chile
—
0.0%
Antofagasta
plc
...............
116
3,182
China
—
3.8%
3SBio,
Inc.
(a)(b)
................
500
400
Alibaba
Group
Holding
Ltd.
.......
3,600
33,707
Baidu,
Inc.
,
Class
A
(c)
...........
750
9,717
Beijing
Capital
International
Airport
Co.
Ltd.
,
Class
H
(c)
..............
2,000
636
Bilibili,
Inc.
,
Class
Z
(c)(d)
..........
320
4,063
BOE
Technology
Group
Co.
Ltd.
,
Class
A
......................
3,500
2,097
BYD
Co.
Ltd.
,
Class
A
...........
1,700
50,952
CECEP
Solar
Energy
Co.
Ltd.
,
Class
A
15,500
11,006
China
Datang
Corp.
Renewable
Power
Co.
Ltd.
,
Class
H
............
1,000
213
China
Eastern
Airlines
Corp.
Ltd.
,
Class
A
(c)
.....................
900
475
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................
500
2,165
China
State
Construction
Engineering
Corp.
Ltd.
,
Class
A
...........
400
295
China
Vanke
Co.
Ltd.
,
Class
H
.....
300
176
CMOC
Group
Ltd.
,
Class
A
.......
1,800
2,209
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
A
..................
800
1,298
CRRC
Corp.
Ltd.
,
Class
A
........
100
96
ENN
Energy
Holdings
Ltd.
........
100
852
Geely
Automobile
Holdings
Ltd.
....
6,000
7,221
Goldwind
Science
&
Technology
Co.
Ltd.
,
Class
A
...............
9,200
9,642
Goneo
Group
Co.
Ltd.
,
Class
A
....
100
1,644
Gree
Electric
Appliances,
Inc.
of
Zhuhai
,
Class
A
..................
1,300
7,529
Guangzhou
Automobile
Group
Co.
Ltd.
,
Class
A
..................
100
121
Guotai
Junan
Securities
Co.
Ltd.
,
Class
A
......................
600
1,134
Haitong
Securities
Co.
Ltd.
,
Class
A
.
1,900
2,187
Huatai
Securities
Co.
Ltd.
,
Class
A
..
18,700
35,304
Industrial
Securities
Co.
Ltd.
,
Class
A
300
230
JD.com,
Inc.
,
Class
A
...........
1,300
18,731
Jiangxi
Copper
Co.
Ltd.
,
Class
A
...
500
1,790
Jinko
Solar
Co.
Ltd.
,
Class
A
......
3,762
3,903
Jiumaojiu
International
Holdings
Ltd.
(a)(b)
1,000
628
Kingsoft
Cloud
Holdings
Ltd.
(c)
.....
2,000
417
Lenovo
Group
Ltd.
.............
6,000
6,749
Li
Ning
Co.
Ltd.
...............
500
1,309
Meituan
,
Class
B
(a)(b)(c)
...........
3,700
50,522
Midea
Group
Co.
Ltd.
,
Class
A
.....
200
1,920
NetEase,
Inc.
................
900
16,870
NIO,
Inc.
,
Class
A
(c)
............
90
425
Oriental
Pearl
Group
Co.
Ltd.
,
Class
A
400
380
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
Class
A
...........
500
360
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
Class
H
...............
3,500
15,862
SAIC
Motor
Corp.
Ltd.
,
Class
A
....
3,587
7,332
SDIC
Capital
Co.
Ltd.
,
Class
A
.....
700
616
Shanghai
Electric
Group
Co.
Ltd.
,
Class
A
(c)
.....................
1,300
770
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
,
Class
A
...............
600
1,481
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Global
Equity
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
China
(continued)
Shenwan
Hongyuan
Group
Co.
Ltd.
,
Class
A
..................
2,100
$
1,357
Shenzhen
Goodix
Technology
Co.
Ltd.
,
Class
A
(c)
.................
200
1,685
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.
,
Class
A
(c)
..............
2,500
907
Sunny
Optical
Technology
Group
Co.
Ltd.
.....................
200
968
Tencent
Holdings
Ltd.
...........
2,300
100,931
Trip.com
Group
Ltd.
(c)
...........
300
14,612
Weichai
Power
Co.
Ltd.
,
Class
A
....
200
479
Wuliangye
Yibin
Co.
Ltd.
,
Class
A
...
100
2,065
Yutong
Bus
Co.
Ltd.
,
Class
A
......
200
705
Zoomlion
Heavy
Industry
Science
&
Technology
Co.
Ltd.
,
Class
A
....
200
234
439,377
Denmark
—
1.8%
Genmab
A/S
(c)
................
31
8,606
Novo
Nordisk
A/S
,
Class
B
.......
1,230
157,738
Novonesis
(Novozymes)
B
,
Class
B
.
586
32,451
Orsted
A/S
(a)(b)(c)
...............
23
1,264
Pandora
A/S
.................
8
1,218
Vestas
Wind
Systems
A/S
(c)
.......
156
4,181
205,458
Finland
—
0.2%
Nordea
Bank
Abp
.............
455
5,332
Wartsila
OYJ
Abp
..............
831
15,330
20,662
France
—
1.7%
Carrefour
SA
.................
406
6,830
Credit
Agricole
SA
.............
245
3,791
Danone
SA
..................
427
26,725
Dassault
Aviation
SA
...........
4
856
Eiffage
SA
..................
151
16,112
Engie
SA
(c)
..................
2,416
41,943
Gecina
SA
..................
6
613
Hermes
International
SCA
........
39
93,366
Thales
SA
...................
5
840
Worldline
SA
(a)(b)(c)
.............
38
394
191,470
Germany
—
2.6%
Allianz
SE
(Registered)
..........
4
1,135
Bayerische
Motoren
Werke
AG
....
107
11,658
Deutsche
Lufthansa
AG
(Registered)
(c)
488
3,492
Deutsche
Telekom
AG
(Registered)
.
1,972
45,170
E.ON
SE
...................
671
8,885
Mercedes-Benz
Group
AG
........
980
74,128
SAP
SE
....................
275
49,656
Siemens
AG
(Registered)
........
591
110,714
304,838
Hong
Kong
—
0.3%
AIA
Group
Ltd.
...............
4,600
33,692
India
—
0.0%
WNS
Holdings
Ltd.
(c)
............
2
84
Indonesia
—
0.0%
Bank
Central
Asia
Tbk.
PT
........
2,800
1,684
Bank
Mandiri
Persero
Tbk.
PT
.....
2,700
1,141
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
.....................
8,900
2,694
5,519
Security
Shares
Shares
Value
Israel
—
0.2%
(c)
Nice
Ltd.
...................
6
$
1,342
Wix.com
Ltd.
.................
189
22,466
23,808
Italy
—
1.4%
A2A
SpA
...................
3,939
7,768
Enel
SpA
...................
13,662
89,793
Intesa
Sanpaolo
SpA
...........
5,695
21,316
UniCredit
SpA
................
1,194
43,825
162,702
Japan
—
5.9%
Amada
Co.
Ltd.
...............
900
9,830
ANA
Holdings,
Inc.
.............
200
3,798
Astellas
Pharma,
Inc.
...........
2,700
25,914
Central
Japan
Railway
Co.
.......
100
2,287
Daiichi
Sankyo
Co.
Ltd.
..........
800
26,926
Daito
Trust
Construction
Co.
Ltd.
...
100
10,719
ENEOS
Holdings,
Inc.
..........
2,900
13,399
Kakaku.com,
Inc.
..............
400
4,601
Kirin
Holdings
Co.
Ltd.
..........
1,400
20,437
Marubeni
Corp.
...............
400
7,127
Mitsubishi
UFJ
Financial
Group,
Inc.
.
10,600
105,590
Mitsui
Fudosan
Co.
Ltd.
.........
5,500
55,974
Mizuho
Financial
Group,
Inc.
......
5,000
96,646
Nintendo
Co.
Ltd.
..............
100
4,877
Nippon
Express
Holdings,
Inc.
.....
100
5,116
Nippon
Telegraph
&
Telephone
Corp.
800
864
Ono
Pharmaceutical
Co.
Ltd.
......
300
4,321
ORIX
Corp.
..................
1,200
24,558
Otsuka
Holdings
Co.
Ltd.
........
200
8,551
Panasonic
Holdings
Corp.
........
5,500
48,007
Sega
Sammy
Holdings,
Inc.
.......
400
5,236
Sekisui
House
Ltd.
.............
1,200
27,576
Shimadzu
Corp.
...............
200
5,434
SoftBank
Corp.
...............
400
4,825
SoftBank
Group
Corp.
..........
100
4,918
Sompo
Holdings,
Inc.
...........
600
11,874
Sumitomo
Corp.
..............
300
7,889
Sumitomo
Mitsui
Financial
Group,
Inc.
1,400
79,525
Toho
Co.
Ltd.
................
200
6,700
Tokyo
Electron
Ltd.
............
200
43,869
677,388
Luxembourg
—
0.5%
ArcelorMittal
SA
...............
2,176
54,363
Mexico
—
0.2%
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
.............
30
1,033
Southern
Copper
Corp.
..........
158
18,434
Wal-Mart
de
Mexico
SAB
de
CV
....
325
1,211
20,678
Netherlands
—
0.9%
ABN
AMRO
Bank
NV
,
CVA
(a)(b)
.....
207
3,316
ASML
Holding
NV
.............
13
11,323
ING
Groep
NV
................
2,422
38,293
NN
Group
NV
................
1,078
49,729
Wolters
Kluwer
NV
.............
13
1,946
104,607
New
Zealand
—
0.0%
Xero
Ltd.
(c)
..................
66
5,124
Norway
—
0.4%
Aker
BP
ASA
.................
37
897
DNB
Bank
ASA
...............
1,917
33,412
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Norway
(continued)
Equinor
ASA
.................
384
$
10,217
Kongsberg
Gruppen
ASA
........
37
2,612
Norsk
Hydro
ASA
..............
577
3,546
50,684
Singapore
—
0.3%
DBS
Group
Holdings
Ltd.
........
220
5,601
Singapore
Airlines
Ltd.
..........
5,300
25,289
Singapore
Telecommunications
Ltd.
.
700
1,214
United
Overseas
Bank
Ltd.
.......
200
4,438
36,542
South
Africa
—
0.2%
Anglo
American
plc
............
732
23,851
MTN
Group
Ltd.
...............
42
202
MultiChoice
Group
(c)
............
143
915
Standard
Bank
Group
Ltd.
........
40
376
25,344
South
Korea
—
0.8%
Amorepacific
Group
............
358
8,643
BGF
retail
Co.
Ltd.
.............
23
2,168
Cheil
Worldwide,
Inc.
...........
357
4,869
CJ
Corp.
...................
11
1,009
CJ
ENM
Co.
Ltd.
(c)
.............
110
6,018
Coupang,
Inc.
,
Class
A
(c)
.........
136
3,060
HDC
Hyundai
Development
Co-
Engineering
&
Construction
.....
56
710
Hugel,
Inc.
(c)
.................
36
5,504
Hyosung
Advanced
Materials
Corp.
.
2
528
KCC
Corp.
..................
5
905
LG
Chem
Ltd.
................
130
37,355
NCSoft
Corp.
................
60
7,581
PharmaResearch
Co.
Ltd.
........
59
5,404
SK
Telecom
Co.
Ltd.
............
331
12,241
95,995
Spain
—
0.9%
Banco
Santander
SA
...........
1,701
8,276
Iberdrola
SA
.................
240
2,943
Industria
de
Diseno
Textil
SA
......
1,192
54,273
Repsol
SA
..................
2,062
32,365
97,857
Sweden
—
0.8%
Atlas
Copco
AB
,
Class
A
.........
384
6,726
Atlas
Copco
AB
,
Class
B
.........
22
330
Investor
AB
,
Class
B
............
2,022
49,524
Saab
AB
,
Class
B
.............
84
6,650
Swedbank
AB
,
Class
A
..........
1,105
21,130
Tele2
AB
,
Class
B
.............
301
2,808
Trelleborg
AB
,
Class
B
..........
7
247
87,415
Switzerland
—
2.0%
ABB
Ltd.
(Registered)
...........
2,199
106,846
Flughafen
Zurich
AG
(Registered)
...
33
6,607
Kuehne
+
Nagel
International
AG
(Registered)
...............
191
50,481
Novartis
AG
(Registered)
........
617
59,884
Sonova
Holding
AG
(Registered)
...
12
3,317
227,135
Taiwan
—
1.0%
Makalot
Industrial
Co.
Ltd.
........
1,000
11,973
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
4,000
95,775
Security
Shares
Shares
Value
Taiwan
(continued)
Wisdom
Marine
Lines
Co.
Ltd.
.....
2,000
$
4,179
111,927
Turkey
—
0.1%
Anadolu
Efes
Biracilik
ve
Malt
Sanayii
A/S
,
Class
A
...............
390
2,198
Coca-Cola
Icecek
A/S
...........
22
492
Enerjisa
Enerji
A/S
(a)(b)(c)
..........
327
685
Migros
Ticaret
A/S
.............
231
3,153
6,528
United
Kingdom
—
2.0%
AstraZeneca
plc
..............
106
16,032
Auto
Trader
Group
plc
(a)(b)
........
1,165
10,100
BAE
Systems
plc
..............
1,397
23,235
Barclays
plc
.................
5,488
13,837
British
Land
Co.
plc
(The)
........
1,760
8,487
Drax
Group
plc
...............
180
1,165
easyJet
plc
..................
324
2,170
Informa
plc
..................
1,665
16,483
Johnson
Matthey
plc
...........
40
878
Land
Securities
Group
plc
........
52
420
National
Grid
plc
..............
123
1,613
Smiths
Group
plc
..............
594
11,975
Spectris
plc
..................
384
15,884
Standard
Chartered
plc
..........
94
808
Taylor
Wimpey
plc
.............
2,782
4,559
Tesco
plc
...................
14,920
55,086
United
Utilities
Group
plc
.........
1,113
14,508
Vodafone
Group
plc
............
35,321
29,786
WPP
plc
....................
32
321
227,347
United
States
—
65.5%
3M
Co.
.....................
490
47,290
AbbVie,
Inc.
.................
324
52,695
Acuity
Brands,
Inc.
.............
70
17,381
Adobe,
Inc.
(c)
.................
146
67,573
AECOM
....................
940
86,818
Agilent
Technologies,
Inc.
........
535
73,316
Alaska
Air
Group,
Inc.
(c)
..........
44
1,893
Alkermes
plc
(c)
................
39
957
Alphabet,
Inc.
,
Class
A
(c)
.........
1,153
187,685
Alphabet,
Inc.
,
Class
C
(c)
.........
1,026
168,921
Amazon.com,
Inc.
(c)
............
2,019
353,325
American
Express
Co.
..........
455
106,484
American
Tower
Corp.
..........
40
6,862
Amgen,
Inc.
.................
109
29,859
Aon
plc
,
Class
A
..............
35
9,870
Apple,
Inc.
..................
2,920
497,364
Applied
Materials,
Inc.
..........
540
107,271
AptarGroup,
Inc.
..............
17
2,454
Autodesk,
Inc.
(c)
...............
25
Automatic
Data
Processing,
Inc.
....
7
1,693
Baker
Hughes
Co.
,
Class
A
.......
33
1,076
Bank
of
America
Corp.
..........
2,075
76,796
Becton
Dickinson
&
Co.
.........
4
938
Berkshire
Hathaway,
Inc.
,
Class
B
(c)
.
154
61,096
Best
Buy
Co.,
Inc.
.............
957
70,473
Block,
Inc.
,
Class
A
(c)
...........
203
14,819
Booking
Holdings,
Inc.
..........
30
103,561
Box,
Inc.
,
Class
A
(c)
............
464
12,073
Bristol-Myers
Squibb
Co.
.........
1,015
44,599
Brixmor
Property
Group,
Inc.
......
38
840
Broadcom,
Inc.
...............
22
28,606
Bunge
Global
SA
..............
266
27,068
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Global
Equity
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Cadence
Design
Systems,
Inc.
(c)
...
330
$
90,958
Cardinal
Health,
Inc.
............
310
31,942
CBRE
Group,
Inc.
,
Class
A
(c)
......
105
9,123
Centene
Corp.
(c)
..............
45
3,288
Chevron
Corp.
................
699
112,728
Cigna
Group
(The)
.............
43
15,353
Cirrus
Logic,
Inc.
(c)
.............
98
8,680
Coca-Cola
Co.
(The)
...........
1,780
109,951
Colgate-Palmolive
Co.
..........
1,124
103,318
Comcast
Corp.
,
Class
A
.........
1,498
57,089
ConocoPhillips
...............
890
111,802
Costco
Wholesale
Corp.
.........
34
24,579
Crowdstrike
Holdings,
Inc.
,
Class
A
(c)
.
12
3,510
CSL
Ltd.
....................
47
8,351
Curtiss-Wright
Corp.
............
169
42,828
Deckers
Outdoor
Corp.
(c)
.........
12
9,822
Dell
Technologies,
Inc.
,
Class
C
....
225
28,044
DR
Horton,
Inc.
...............
44
6,270
eBay,
Inc.
...................
346
17,833
Elevance
Health,
Inc.
...........
131
69,244
Eli
Lilly
&
Co.
................
132
103,105
EMCOR
Group,
Inc.
............
138
49,289
EOG
Resources,
Inc.
...........
218
28,804
Equinix,
Inc.
.................
40
28,444
ExlService
Holdings,
Inc.
(c)
.......
77
2,233
Expeditors
International
of
Washington,
Inc.
.....................
8
890
Experian
plc
.................
521
21,014
Exxon
Mobil
Corp.
.............
897
106,088
Flowserve
Corp.
..............
11
519
Fortinet,
Inc.
(c)
................
47
2,969
Fox
Corp.
,
Class
A
.............
324
10,047
Franklin
Resources,
Inc.
.........
176
4,020
General
Mills,
Inc.
.............
941
66,303
Gilead
Sciences,
Inc.
...........
288
18,778
GoDaddy,
Inc.
,
Class
A
(c)
.........
86
10,525
Graco,
Inc.
..................
368
29,514
HCA
Healthcare,
Inc.
...........
12
3,718
Hexcel
Corp.
.................
7
449
Home
Depot,
Inc.
(The)
.........
245
81,884
Honeywell
International,
Inc.
......
529
101,954
HP,
Inc.
....................
3,263
91,658
Huntington
Ingalls
Industries,
Inc.
...
9
2,492
Huntsman
Corp.
..............
202
4,820
IDEXX
Laboratories,
Inc.
(c)
........
9
4,435
Incyte
Corp.
(c)
................
139
7,235
Intel
Corp.
..................
223
6,795
Intuitive
Surgical,
Inc.
(c)
..........
38
14,084
Invesco
Ltd.
.................
491
6,957
James
Hardie
Industries
plc
,
CDI
(c)
..
222
7,632
Johnson
&
Johnson
............
804
116,250
Jones
Lang
LaSalle,
Inc.
(c)
........
13
2,349
JPMorgan
Chase
&
Co.
.........
129
24,734
KB
Home
...................
37
2,396
Keysight
Technologies,
Inc.
(c)
......
46
6,805
Kimberly-Clark
Corp.
...........
298
40,686
KLA
Corp.
...................
47
32,397
Lam
Research
Corp.
...........
99
88,547
Leidos
Holdings,
Inc.
...........
25
3,506
Lennar
Corp.
,
Class
A
...........
138
20,924
Louisiana-Pacific
Corp.
..........
3
220
Manhattan
Associates,
Inc.
(c)
......
345
71,091
Marathon
Petroleum
Corp.
.......
273
49,610
Marsh
&
McLennan
Cos.,
Inc.
.....
86
17,151
Mastercard,
Inc.
,
Class
A
.........
324
146,189
Security
Shares
Shares
Value
United
States
(continued)
Maximus,
Inc.
................
12
$
963
McDonald's
Corp.
.............
76
20,751
Medtronic
plc
................
1,291
103,590
Merck
&
Co.,
Inc.
..............
1,026
132,580
Meta
Platforms,
Inc.
,
Class
A
......
289
124,319
MetLife,
Inc.
.................
1,085
77,122
Microsoft
Corp.
...............
1,366
531,825
Mondelez
International,
Inc.
,
Class
A
.
68
4,892
Moody's
Corp.
................
109
40,366
Motorola
Solutions,
Inc.
.........
4
1,357
MSCI,
Inc.
..................
21
9,782
Nasdaq,
Inc.
.................
75
4,489
NetApp,
Inc.
.................
26
2,657
Netflix,
Inc.
(c)
.................
87
47,906
Neurocrine
Biosciences,
Inc.
(c)
.....
58
7,977
Northrop
Grumman
Corp.
........
76
36,862
Nutanix,
Inc.
,
Class
A
(c)
..........
313
18,999
NVIDIA
Corp.
................
508
438,922
Old
Dominion
Freight
Line,
Inc.
....
2
363
Oshkosh
Corp.
...............
162
18,188
Otis
Worldwide
Corp.
...........
450
41,040
Owens
Corning
...............
117
19,681
PepsiCo,
Inc.
................
555
97,630
PPG
Industries,
Inc.
............
48
6,192
Procter
&
Gamble
Co.
(The)
......
334
54,509
Prologis,
Inc.
.................
148
15,103
QUALCOMM,
Inc.
.............
708
117,422
Regeneron
Pharmaceuticals,
Inc.
(c)
..
11
9,797
Reinsurance
Group
of
America,
Inc.
.
31
5,797
Reliance,
Inc.
................
12
3,417
Robert
Half,
Inc.
..............
57
3,941
RPM
International,
Inc.
..........
95
10,156
S&P
Global,
Inc.
..............
102
42,415
SBA
Communications
Corp.
......
2
372
Schlumberger
NV
.............
858
40,738
Schneider
Electric
SE
...........
315
71,824
ServiceNow,
Inc.
(c)
.............
107
74,186
Shell
plc
....................
962
34,198
Sherwin-Williams
Co.
(The)
.......
1
300
Signify
NV
(a)(b)
................
31
845
Solventum
Corp.
(c)
.............
185
12,027
Spotify
Technology
SA
(c)
.........
185
51,881
Stryker
Corp.
................
82
27,593
Synchrony
Financial
............
111
4,882
Taylor
Morrison
Home
Corp.
(c)
.....
67
3,753
TE
Connectivity
Ltd.
............
669
94,650
Teradata
Corp.
(c)
..............
156
5,788
Tesla,
Inc.
(c)
..................
257
47,103
Tetra
Tech,
Inc.
...............
97
18,888
TJX
Cos.,
Inc.
(The)
............
151
14,208
Toll
Brothers,
Inc.
..............
38
4,526
Travelers
Cos.,
Inc.
(The)
........
274
58,132
Uber
Technologies,
Inc.
(c)
........
466
30,882
UGI
Corp.
...................
1,181
30,186
UnitedHealth
Group,
Inc.
.........
188
90,936
Valero
Energy
Corp.
............
461
73,700
Veeva
Systems,
Inc.
,
Class
A
(c)
.....
7
1,390
VeriSign,
Inc.
(c)
...............
175
29,659
Vertex
Pharmaceuticals,
Inc.
(c)
.....
57
22,390
Visa,
Inc.
,
Class
A
.............
105
28,204
Workday,
Inc.
,
Class
A
(c)
.........
95
23,249
WW
Grainger,
Inc.
.............
1
921
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
United
States
(continued)
Zillow
Group,
Inc.
,
Class
C
(c)
......
249
$
10,600
7,530,221
Total
Common
Stocks
—
97.6%
(Cost:
$10,121,377)
..............................
11,224,899
Preferred
Securities
Preferred
Stocks
—
0.2%
Brazil
—
0.1%
Braskem
SA
(Preference),
Series
A,
Class
A
(c)
.................
1,969
8,088
Cia
Energetica
de
Minas
Gerais
(Preference)
...............
96
180
Energisa
SA
(Preference)
........
2
3
Itau
Unibanco
Holding
SA
(Preference)
730
4,414
Marcopolo
SA
(Preference)
.......
866
1,108
13,793
Security
Shares
Shares
Value
Germany
—
0.1%
Volkswagen
AG
(Preference)
......
117
$
14,333
Total
Preferred
Stocks
—
0.2%
(Cost:
$29,031)
................................
28,126
Total
Long-Term
Investments
—
97.8%
(Cost:
$10,150,408)
..............................
11,253,025
Short-Term
Securities
Money
Market
Funds
—
2.0%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.49%
(g)
.......
4,143
4,143
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.18%
......
228,055
228,055
Total
Short-Term
Securities
—
2.0%
(Cost:
$232,198)
................................
232,198
Total
Investments
—
99.8%
(Cost:
$10,382,606)
..............................
11,485,223
Other
Assets
Less
Liabilities
—
0.2%
...................
19,357
Net
Assets
—
100.0%
..............................
$
11,504,580
(a)
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.
(b)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(c)
Non-income
producing
security.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
06/21/23
(a)
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
4,143
(b)
$
—
$
—
$
—
$
4,143
4,143
$
8
(c)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
—
228,055
(b)
—
—
—
228,055
228,055
11,004
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(d)
........
—
3
(b)
—
(3)
—
—
—
—
—
iShares
MSCI
Brazil
ETF
(d)
..
—
61,038
(63,563)
2,525
—
—
—
2,181
—
iShares
MSCI
South
Korea
ETF
(d)
..............
—
111,686
(108,449)
(3,237)
—
—
—
2,652
—
$
(715)
$
—
$
232,198
$
15,845
$
—
—
—
(a)
Commencement
of
operations.
(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.
(d)
As
of
period
end,
the
entity
is
no
longer
held.
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Global
Equity
Fund
38
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.
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.
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
India
Index
..........................................................
1
06/21/24
$
123
$
(
336
)
S&P
500
Micro
E-Mini
Index
...................................................
4
06/21/24
101
(
3,132
)
$
(
3,468
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
3,468
$
—
$
—
$
—
$
3,468
(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
April
30,
2024,
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
c
ontracts
.......................
$
—
$
—
$
30,169
$
—
$
—
$
—
$
30,169
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
3,468
)
$
—
$
—
$
—
$
(
3,468
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
191,578
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
126,469
$
—
$
126,469
Austria
..............................................
—
18,955
—
18,955
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Schedules
of
Investments
39
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Belgium
.............................................
$
—
$
22,568
$
—
$
22,568
Brazil
...............................................
186,284
—
—
186,284
Canada
.............................................
120,676
—
—
120,676
Chile
...............................................
—
3,182
—
3,182
China
...............................................
1,298
438,079
—
439,377
Denmark
.............................................
—
205,458
—
205,458
Finland
..............................................
—
20,662
—
20,662
France
..............................................
—
191,470
—
191,470
Germany
............................................
—
304,838
—
304,838
Hong
Kong
...........................................
—
33,692
—
33,692
India
...............................................
84
—
—
84
Indonesia
............................................
—
5,519
—
5,519
Israel
...............................................
22,466
1,342
—
23,808
Italy
................................................
—
162,702
—
162,702
Japan
...............................................
—
677,388
—
677,388
Luxembourg
..........................................
—
54,363
—
54,363
Mexico
..............................................
20,678
—
—
20,678
Netherlands
...........................................
—
104,607
—
104,607
New
Zealand
..........................................
—
5,124
—
5,124
Norway
..............................................
—
50,684
—
50,684
Singapore
............................................
—
36,542
—
36,542
South
Africa
...........................................
1,117
24,227
—
25,344
South
Korea
..........................................
3,060
92,935
—
95,995
Spain
...............................................
—
97,857
—
97,857
Sweden
.............................................
—
87,415
—
87,415
Switzerland
...........................................
—
227,135
—
227,135
Taiwan
..............................................
—
111,927
—
111,927
Turkey
..............................................
5,843
685
—
6,528
United
Kingdom
........................................
2,043
225,304
—
227,347
United
States
..........................................
7,386,357
143,864
—
7,530,221
Preferred
Securities
Brazil
...............................................
13,793
—
—
13,793
Germany
............................................
—
14,333
—
14,333
Short-Term
Securities
Money
Market
Funds
......................................
232,198
—
—
232,198
$
7,995,897
$
3,489,326
$
—
$
11,485,223
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
3,132
)
$
(
336
)
$
—
$
(
3,468
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Australia
—
5.3%
Ampol
Ltd.
..................
427
$
10,083
Aristocrat
Leisure
Ltd.
...........
3,402
86,819
Brambles
Ltd.
................
5,934
55,825
Cochlear
Ltd.
................
385
80,314
Coles
Group
Ltd.
..............
50
521
Commonwealth
Bank
of
Australia
...
414
30,334
Evolution
Mining
Ltd.
...........
2,926
7,546
Flight
Centre
Travel
Group
Ltd.
....
196
2,664
Fortescue
Ltd.
................
1,846
30,596
IGO
Ltd.
....................
127
633
Iluka
Resources
Ltd.
............
2,447
11,899
JB
Hi-Fi
Ltd.
.................
70
2,732
Macquarie
Group
Ltd.
...........
1,096
131,233
Orica
Ltd.
...................
546
6,322
QBE
Insurance
Group
Ltd.
.......
1,970
22,535
REA
Group
Ltd.
...............
406
46,539
Rio
Tinto
Ltd.
................
842
70,075
Rio
Tinto
plc
.................
871
58,933
South32
Ltd.
.................
15,807
36,063
Stockland
(a)
..................
4,656
13,191
Transurban
Group
(a)
............
556
4,464
Wesfarmers
Ltd.
..............
594
25,446
Woodside
Energy
Group
Ltd.
......
1,347
24,134
Worley
Ltd.
..................
7,810
75,391
834,292
Austria
—
0.7%
BAWAG
Group
AG
(b)
(c)
...........
589
35,170
Erste
Group
Bank
AG
...........
1,311
61,139
OMV
AG
...................
49
2,325
Verbund
AG
.................
206
15,736
114,370
Belgium
—
0.6%
Groupe
Bruxelles
Lambert
NV
.....
296
21,972
KBC
Group
NV
...............
879
65,296
Sofina
SA
...................
5
1,170
Warehouses
De
Pauw
CVA
.......
223
5,897
94,335
China
—
0.3%
BOC
Hong
Kong
Holdings
Ltd.
.....
15,000
45,976
Budweiser
Brewing
Co.
APAC
Ltd.
(b)
(c)
500
696
Wilmar
International
Ltd.
.........
400
940
47,612
Denmark
—
4.7%
Genmab
A/S
(d)
................
89
24,709
Novo
Nordisk
A/S
,
Class
B
.......
4,013
514,637
Novonesis
(Novozymes)
B
,
Class
B
.
2,058
113,965
Pandora
A/S
.................
271
41,246
Vestas
Wind
Systems
A/S
(d)
.......
1,215
32,560
727,117
Finland
—
0.5%
Nordea
Bank
Abp
.............
1,399
16,394
Sampo
OYJ
,
Class
A
...........
17
690
Wartsila
OYJ
Abp
..............
3,597
66,355
83,439
France
—
8.8%
Air
Liquide
SA
................
82
16,037
Airbus
SE
...................
56
9,215
Arkema
SA
..................
66
6,810
AXA
SA
....................
3,760
129,914
Carrefour
SA
.................
4,512
75,906
Security
Shares
Shares
Value
France
(continued)
Cie
Generale
des
Etablissements
Michelin
SCA
..............
732
$
28,123
Credit
Agricole
SA
.............
6,906
106,858
Danone
SA
..................
2,505
156,781
Dassault
Aviation
SA
...........
76
16,268
Dassault
Systemes
SE
..........
1,720
67,513
Eiffage
SA
..................
850
90,694
Engie
SA
(d)
..................
5,578
96,838
Eurazeo
SE
(d)
................
135
12,161
Gecina
SA
..................
169
17,255
Hermes
International
SCA
........
76
181,943
La
Francaise
des
Jeux
SAEM
(b)
(c)
...
358
13,491
Legrand
SA
.................
16
1,644
L'Oreal
SA
..................
52
24,380
LVMH
Moet
Hennessy
Louis
Vuitton
SE
163
133,894
Pernod
Ricard
SA
.............
295
44,616
Publicis
Groupe
SA
............
126
13,904
Rexel
SA
...................
71
1,840
Safran
SA
...................
3
651
Thales
SA
...................
8
1,345
TotalEnergies
SE
..............
948
68,824
Ubisoft
Entertainment
SA
(d)
.......
457
10,762
Valeo
SE
...................
4,041
51,214
Worldline
SA
(b)
(c)
(d)
.............
219
2,272
1,381,153
Germany
—
8.4%
Allianz
SE
(Registered)
..........
655
185,879
Bayerische
Motoren
Werke
AG
....
276
30,070
Beiersdorf
AG
................
5
752
Continental
AG
...............
61
3,954
Deutsche
Boerse
AG
...........
57
10,989
Deutsche
Lufthansa
AG
(Registered)
(d)
1,617
11,572
Deutsche
Telekom
AG
(Registered)
.
8,137
186,383
Evonik
Industries
AG
...........
1,223
25,488
Fresenius
SE
&
Co.
KGaA
........
186
5,550
Henkel
AG
&
Co.
KGaA
.........
379
27,253
Mercedes-Benz
Group
AG
........
2,236
169,133
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
....
239
105,114
Nordex
SE
(d)
.................
634
8,924
SAP
SE
....................
1,623
293,060
Scout24
SE
(b)
(c)
...............
58
4,261
Siemens
AG
(Registered)
........
1,342
251,402
1,319,784
Hong
Kong
—
1.4%
AIA
Group
Ltd.
...............
24,400
178,715
CK
Asset
Holdings
Ltd.
..........
2,000
8,531
Swire
Properties
Ltd.
...........
3,800
7,859
Wharf
Real
Estate
Investment
Co.
Ltd.
8,000
24,820
219,925
Ireland
—
0.1%
Kerry
Group
plc
,
Class
A
.........
136
11,704
Kingspan
Group
plc
............
33
2,935
14,639
Israel
—
0.5%
Bank
Hapoalim
BM
............
1,959
17,648
Elbit
Systems
Ltd.
.............
74
15,063
Nice
Ltd.
(d)
..................
213
47,629
80,340
Italy
—
2.0%
A2A
SpA
...................
16,033
31,619
Assicurazioni
Generali
SpA
.......
940
22,919
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Italy
(continued)
Enel
SpA
...................
17,098
$
112,376
Eni
SpA
....................
945
15,178
Intesa
Sanpaolo
SpA
...........
13,778
51,571
Mediobanca
Banca
di
Credito
Finanziario
SpA
.............
115
1,634
Poste
Italiane
SpA
(b)
(c)
...........
429
5,450
Terna
-
Rete
Elettrica
Nazionale
....
1,319
10,568
UniCredit
SpA
................
1,601
58,764
310,079
Japan
—
23.2%
Advantest
Corp.
...............
1,100
34,431
Asahi
Group
Holdings
Ltd.
........
900
30,788
Asahi
Kasei
Corp.
.............
5,000
34,861
Astellas
Pharma,
Inc.
...........
8,400
80,622
Canon,
Inc.
..................
100
2,707
Central
Japan
Railway
Co.
.......
500
11,434
Dai-ichi
Life
Holdings,
Inc.
........
900
20,845
Daiichi
Sankyo
Co.
Ltd.
..........
4,800
161,557
Daito
Trust
Construction
Co.
Ltd.
...
100
10,719
Daiwa
House
Industry
Co.
Ltd.
.....
2,700
75,975
Daiwa
Securities
Group,
Inc.
......
1,000
7,349
Disco
Corp.
..................
100
28,485
ENEOS
Holdings,
Inc.
..........
4,500
20,791
Hitachi
Ltd.
..................
2,100
193,747
Honda
Motor
Co.
Ltd.
...........
300
3,413
Hoya
Corp.
..................
200
23,188
Hulic
Co.
Ltd.
................
300
2,764
ITOCHU
Corp.
...............
1,000
45,115
Japan
Exchange
Group,
Inc.
......
200
4,684
Japan
Post
Bank
Co.
Ltd.
........
1,300
13,195
Japan
Post
Holdings
Co.
Ltd.
......
400
3,841
KDDI
Corp.
..................
200
5,550
Kirin
Holdings
Co.
Ltd.
..........
3,800
55,471
Komatsu
Ltd.
................
1,200
35,827
Marubeni
Corp.
...............
8,300
147,876
Mitsubishi
Estate
Co.
Ltd.
........
4,400
80,629
Mitsubishi
HC
Capital,
Inc.
........
100
648
Mitsubishi
UFJ
Financial
Group,
Inc.
.
22,300
222,138
Mitsui
&
Co.
Ltd.
..............
1,900
91,724
Mitsui
Fudosan
Co.
Ltd.
.........
4,200
42,744
Mizuho
Financial
Group,
Inc.
......
8,500
164,297
MS&AD
Insurance
Group
Holdings,
Inc.
1,300
23,373
Murata
Manufacturing
Co.
Ltd.
.....
4,800
87,706
Nikon
Corp.
.................
2,000
20,679
Nintendo
Co.
Ltd.
..............
2,600
126,799
Nippon
Express
Holdings,
Inc.
.....
400
20,463
Nippon
Telegraph
&
Telephone
Corp.
4,500
4,858
Nitto
Denko
Corp.
.............
500
41,343
Nomura
Real
Estate
Holdings,
Inc.
..
200
5,599
Nomura
Research
Institute
Ltd.
....
1,600
38,717
Obayashi
Corp.
...............
500
5,580
Ono
Pharmaceutical
Co.
Ltd.
......
200
2,881
Oriental
Land
Co.
Ltd.
..........
2,900
80,016
ORIX
Corp.
..................
5,000
102,327
Otsuka
Corp.
................
1,200
23,866
Otsuka
Holdings
Co.
Ltd.
........
900
38,481
Panasonic
Holdings
Corp.
........
13,900
121,326
Recruit
Holdings
Co.
Ltd.
........
4,100
176,576
Renesas
Electronics
Corp.
.......
1,000
16,236
Resona
Holdings,
Inc.
..........
1,900
12,015
Sankyo
Co.
Ltd.
...............
1,300
14,121
Sega
Sammy
Holdings,
Inc.
.......
2,800
36,649
Sekisui
House
Ltd.
.............
3,500
80,431
Shimadzu
Corp.
...............
400
10,867
Shin-Etsu
Chemical
Co.
Ltd.
......
200
7,742
Security
Shares
Shares
Value
Japan
(continued)
SoftBank
Corp.
...............
2,700
$
32,567
SoftBank
Group
Corp.
..........
900
44,263
Sompo
Holdings,
Inc.
...........
2,100
41,559
Sony
Group
Corp.
.............
200
16,530
Sumitomo
Corp.
..............
4,000
105,189
Sumitomo
Metal
Mining
Co.
Ltd.
....
300
10,023
Sumitomo
Mitsui
Financial
Group,
Inc.
3,200
181,772
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.
200
4,205
Suntory
Beverage
&
Food
Ltd.
.....
200
6,507
T&D
Holdings,
Inc.
.............
500
8,159
Tokio
Marine
Holdings,
Inc.
.......
1,900
60,052
Tokyo
Electron
Ltd.
............
900
197,411
Toyota
Motor
Corp.
............
6,200
141,413
Toyota
Tsusho
Corp.
............
100
6,358
Unicharm
Corp.
...............
500
14,857
3,626,931
Luxembourg
—
0.8%
ArcelorMittal
SA
...............
4,744
118,519
Netherlands
—
5.5%
Adyen
NV
(b)
(c)
(d)
...............
15
17,970
Aegon
Ltd.
..................
1,138
7,087
Argenx
SE
(d)
.................
34
12,701
ASML
Holding
NV
.............
508
442,475
Euronext
NV
(b)
(c)
...............
294
26,475
ING
Groep
NV
................
9,644
152,474
NN
Group
NV
................
2,766
127,598
Wolters
Kluwer
NV
.............
463
69,314
856,094
New
Zealand
—
0.3%
Meridian
Energy
Ltd.
...........
2,688
9,504
Xero
Ltd.
(d)
..................
525
40,760
50,264
Norway
—
1.0%
Aker
BP
ASA
.................
68
1,649
Equinor
ASA
.................
3,249
86,451
Kongsberg
Gruppen
ASA
........
223
15,742
Norsk
Hydro
ASA
..............
7,217
44,351
Orkla
ASA
...................
376
2,558
150,751
Singapore
—
0.7%
Singapore
Airlines
Ltd.
..........
1,500
7,157
Singapore
Telecommunications
Ltd.
.
41,100
71,279
United
Overseas
Bank
Ltd.
.......
1,100
24,410
102,846
Spain
—
3.4%
Acciona
SA
..................
266
30,751
Amadeus
IT
Group
SA
..........
197
12,505
Banco
de
Sabadell
SA
..........
3,163
6,042
Banco
Santander
SA
...........
37,901
184,412
Iberdrola
SA
.................
3,817
46,803
Industria
de
Diseno
Textil
SA
......
3,368
153,348
Repsol
SA
..................
5,978
93,831
Telefonica
SA
................
917
4,108
531,800
Sweden
—
3.4%
Alfa
Laval
AB
................
109
4,641
Assa
Abloy
AB
,
Class
B
.........
3,249
85,843
Atlas
Copco
AB
,
Class
A
.........
3,782
66,246
Atlas
Copco
AB
,
Class
B
.........
3,056
45,822
Boliden
AB
..................
103
3,385
Hexagon
AB
,
Class
B
...........
8,141
85,163
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Sweden
(continued)
Industrivarden
AB
,
Class
A
.......
27
$
870
Investor
AB
,
Class
B
............
5,690
139,364
SKF
AB
,
Class
B
..............
31
637
Swedbank
AB
,
Class
A
..........
1,730
33,082
Tele2
AB
,
Class
B
.............
4,236
39,509
Trelleborg
AB
,
Class
B
..........
959
33,797
538,359
Switzerland
—
5.8%
ABB
Ltd.
(Registered)
...........
4,064
197,463
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................
4
46,076
Flughafen
Zurich
AG
(Registered)
...
154
30,831
Givaudan
SA
(Registered)
........
7
29,937
Kuehne
+
Nagel
International
AG
(Registered)
...............
423
111,798
Logitech
International
SA
(Registered)
642
49,984
Novartis
AG
(Registered)
........
3,174
308,061
Sonova
Holding
AG
(Registered)
...
463
127,988
902,138
United
Kingdom
—
11.0%
3i
Group
plc
.................
164
5,859
AstraZeneca
plc
..............
2,353
355,889
Auto
Trader
Group
plc
(b)
(c)
........
8,015
69,486
Aviva
plc
...................
1,361
7,902
BAE
Systems
plc
..............
10,180
169,316
British
Land
Co.
plc
(The)
........
5,793
27,935
BT
Group
plc
.................
17,600
22,507
Bunzl
plc
...................
498
19,097
Compass
Group
plc
............
1,990
55,349
ConvaTec
Group
plc
(b)
(c)
.........
8,409
26,163
Drax
Group
plc
...............
2,860
18,512
HSBC
Holdings
plc
............
7,465
64,706
IG
Group
Holdings
plc
..........
84
784
Informa
plc
..................
9,029
89,386
Intertek
Group
plc
.............
729
44,867
J
Sainsbury
plc
...............
10,195
33,441
Johnson
Matthey
plc
...........
2,417
53,034
Kingfisher
plc
................
4,590
14,139
London
Stock
Exchange
Group
plc
..
410
45,199
Man
Group
plc
...............
170
545
Marks
&
Spencer
Group
plc
.......
1,096
3,492
RELX
plc
...................
2,518
103,457
Rightmove
plc
................
914
5,855
Rolls-Royce
Holdings
plc
(d)
.......
1,081
5,543
Smiths
Group
plc
..............
3,271
65,943
Spectris
plc
..................
499
20,640
Standard
Chartered
plc
..........
2,990
25,689
Tesco
plc
...................
39,303
145,110
Unilever
plc
..................
1,881
97,304
Vodafone
Group
plc
............
142,242
119,953
Weir
Group
plc
(The)
...........
80
2,041
WPP
plc
....................
636
6,375
1,725,518
United
States
—
8.9%
BP
plc
.....................
17,957
115,744
CRH
plc
....................
461
35,700
CSL
Ltd.
....................
409
72,669
Experian
plc
.................
472
19,038
GSK
plc
....................
5,675
117,739
Holcim
AG
(d)
.................
106
8,873
James
Hardie
Industries
plc
,
CDI
(d)
..
1,394
47,923
Nestle
SA
(Registered)
..........
2,630
264,052
Roche
Holding
AG
.............
336
81,073
Security
Shares
Shares
Value
United
States
(continued)
Sanofi
SA
...................
265
$
26,180
Schneider
Electric
SE
...........
1,022
233,030
Shell
plc
....................
8,197
291,392
Signify
NV
(b)
(c)
................
1,186
32,344
Stellantis
NV
.................
2,076
45,935
1,391,692
Total
Common
Stocks
—
97.3%
(Cost:
$
13,178,890
)
..............................
15,221,997
Preferred
Securities
Preferred
Stocks
—
0.8%
Germany
—
0.8%
Bayerische
Motoren
Werke
AG
(Preference)
...............
80
8,220
Henkel
AG
&
Co.
KGaA
(Preference)
737
58,549
Porsche
Automobil
Holding
SE
(Preference)
...............
35
1,783
Volkswagen
AG
(Preference)
......
410
50,227
118,779
Total
Preferred
Stocks
—
0.8%
(Cost:
$
118,493
)
................................
118,779
Total
Long-Term
Investments
—
98
.1
%
(Cost:
$
13,297,383
)
..............................
15,340,776
Short-Term
Securities
Money
Market
Funds
—
2.2%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.18
%
(e)
(f)
....
345,282
345,282
Total
Short-Term
Securities
—
2
.2
%
(Cost:
$
345,282
)
................................
345,282
Total
Investments
—
100.3%
(Cost:
$
13,642,665
)
..............................
15,686,058
Liabilities
in
Excess
of
Other
Assets
—
(
0.3
)
%
............
(
49,487
)
Net
Assets
—
100.0%
..............................
$
15,636,571
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
43
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(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)
Non-income
producing
security.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
330,572
$
14,710
(a)
$
—
$
—
$
—
$
345,282
345,282
$
16,037
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
........
—
—
(a)
—
—
—
—
—
25
(c)
—
$
—
$
—
$
345,282
$
16,062
$
—
—
—
(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.
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
44
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.
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.
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
.....................................................
3
06/21/24
$
340
$
(
7,777
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
7,777
$
—
$
—
$
—
$
7,777
(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
April
30,
2024,
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
c
ontracts
.......................
$
—
$
—
$
2,349
$
—
$
—
$
—
$
2,349
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
10,695
)
$
—
$
—
$
—
$
(
10,695
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
270,030
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
834,292
$
—
$
834,292
Austria
..............................................
—
114,370
—
114,370
Belgium
.............................................
—
94,335
—
94,335
China
...............................................
—
47,612
—
47,612
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
45
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Denmark
.............................................
$
—
$
727,117
$
—
$
727,117
Finland
..............................................
—
83,439
—
83,439
France
..............................................
—
1,381,153
—
1,381,153
Germany
............................................
—
1,319,784
—
1,319,784
Hong
Kong
...........................................
—
219,925
—
219,925
Ireland
..............................................
—
14,639
—
14,639
Israel
...............................................
—
80,340
—
80,340
Italy
................................................
—
310,079
—
310,079
Japan
...............................................
—
3,626,931
—
3,626,931
Luxembourg
..........................................
—
118,519
—
118,519
Netherlands
...........................................
—
856,094
—
856,094
New
Zealand
..........................................
9,504
40,760
—
50,264
Norway
..............................................
—
150,751
—
150,751
Singapore
............................................
—
102,846
—
102,846
Spain
...............................................
—
531,800
—
531,800
Sweden
.............................................
—
538,359
—
538,359
Switzerland
...........................................
—
902,138
—
902,138
United
Kingdom
........................................
71,546
1,653,972
—
1,725,518
United
States
..........................................
—
1,391,692
—
1,391,692
Preferred
Securities
.......................................
—
118,779
—
118,779
Short-Term
Securities
Money
Market
Funds
......................................
345,282
—
—
345,282
$
426,332
$
15,259,726
$
—
$
15,686,058
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
7,777
)
$
—
$
—
$
(
7,777
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
Knollwood
CDO
Ltd.,
Series
2004-1A,
Class
C,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.76%,
01/10/39
(a)
(b)
................
USD
212
$
—
Total
Asset-Backed
Securities
—
0.0
%
(Cost:
$
207,964
)
.................................
—
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
1.1%
Airbus
SE
.........................
14,055
2,312,859
Axon
Enterprise,
Inc.
(c)
................
403
126,405
BAE
Systems
plc
....................
43,794
728,391
Curtiss-Wright
Corp.
..................
4,604
1,166,746
Dassault
Aviation
SA
.................
817
174,878
General
Dynamics
Corp.
...............
7,993
2,294,710
General
Electric
Co.
..................
12,875
2,083,432
Lockheed
Martin
Corp.
................
10,202
4,743,216
Mercury
Systems,
Inc.
(c)
...............
1,063
29,977
Northrop
Grumman
Corp.
..............
2,785
1,350,809
Rheinmetall
AG
.....................
2,290
1,261,893
Rolls-Royce
Holdings
plc
(c)
.............
66,769
342,393
Safran
SA
.........................
7,398
1,604,123
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(c)
..
2,281
72,992
Textron,
Inc.
.......................
7,271
615,054
Thales
SA
.........................
1,589
267,059
19,174,937
Automobile
Components
—
0.2%
Aptiv
plc
(c)
.........................
1,775
126,025
Cie
Generale
des
Etablissements
Michelin
SCA
10,704
411,233
Denso
Corp.
.......................
119,800
2,041,766
Magna
International,
Inc.
...............
2,259
107,974
Phinia,
Inc.
........................
924
36,036
QuantumScape
Corp.
,
Class
A
(c)
..........
6,700
36,314
2,759,348
Automobiles
—
1.4%
Bayerische
Motoren
Werke
AG
..........
8,335
908,093
Ferrari
NV
........................
1,361
559,745
General
Motors
Co.
..................
32,670
1,454,795
Honda
Motor
Co.
Ltd.
.................
428,700
4,877,569
Lucid
Group,
Inc.
(c)
(d)
..................
14,757
37,630
Mazda
Motor
Corp.
..................
10,500
118,855
Mercedes-Benz
Group
AG
..............
21,540
1,629,304
Nissan
Motor
Co.
Ltd.
.................
115,300
421,964
Renault
SA
........................
3,825
189,465
Stellantis
NV
.......................
39,014
863,243
Subaru
Corp.
......................
11,100
247,852
Tesla,
Inc.
(c)
........................
46,282
8,482,565
Toyota
Motor
Corp.
..................
194,400
4,433,991
24,225,071
Banks
—
2.8%
ABN
AMRO
Bank
NV
,
CVA
(b)
(e)
...........
86,002
1,377,628
ANZ
Group
Holdings
Ltd.
..............
12,990
234,391
Banco
Bilbao
Vizcaya
Argentaria
SA
.......
115,610
1,250,203
Banco
de
Sabadell
SA
................
72,759
138,985
Banco
Santander
SA
.................
279,580
1,360,333
Bank
of
America
Corp.
................
177,752
6,578,601
Bank
of
Ireland
Group
plc
..............
11,494
122,634
Banque
Cantonale
Vaudoise
(Registered)
...
2,110
220,652
Barclays
plc
.......................
254,363
641,324
BAWAG
Group
AG
(b)
(e)
................
3,088
184,387
BNP
Paribas
SA
....................
21,210
1,526,311
Security
Shares
Shares
Value
Banks
(continued)
BOC
Hong
Kong
Holdings
Ltd.
...........
213,000
$
652,865
BOK
Financial
Corp.
..................
548
48,624
CaixaBank
SA
......................
40,389
212,994
Citigroup,
Inc.
......................
12,713
779,688
Citizens
Financial
Group,
Inc.
...........
4,112
140,260
Commerzbank
AG
...................
61,005
906,665
Credit
Agricole
SA
...................
18,929
292,893
DBS
Group
Holdings
Ltd.
..............
32,560
828,893
FinecoBank
Banca
Fineco
SpA
..........
23,610
361,700
First
Hawaiian,
Inc.
..................
2,519
53,126
Hang
Seng
Bank
Ltd.
.................
53,400
704,163
HSBC
Holdings
plc
..................
341,386
2,959,118
Huntington
Bancshares,
Inc.
............
25,416
342,353
ING
Groep
NV
......................
11,057
174,814
Intesa
Sanpaolo
SpA
.................
599,821
2,245,132
JPMorgan
Chase
&
Co.
...............
40,230
7,713,700
KeyCorp
..........................
16,165
234,231
Mitsubishi
UFJ
Financial
Group,
Inc.
.......
417,700
4,160,859
Mizuho
Financial
Group,
Inc.
............
104,950
2,028,590
National
Australia
Bank
Ltd.
.............
24,813
537,885
NatWest
Group
plc
...................
127,353
480,679
New
York
Community
Bancorp,
Inc.
.......
12,526
33,194
NU
Holdings
Ltd.
,
Class
A
(c)
.............
46,095
500,592
Regions
Financial
Corp.
...............
13,733
264,635
Resona
Holdings,
Inc.
................
50,100
316,820
Societe
Generale
SA
.................
8,844
238,302
Standard
Chartered
plc
................
43,427
373,105
Sumitomo
Mitsui
Financial
Group,
Inc.
......
57,100
3,243,498
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.......
41,300
868,326
TFS
Financial
Corp.
..................
942
11,313
Toronto-Dominion
Bank
(The)
...........
9,711
576,107
Truist
Financial
Corp.
.................
22,194
833,385
UniCredit
SpA
......................
40,056
1,470,230
United
Overseas
Bank
Ltd.
.............
15,900
352,834
Wells
Fargo
&
Co.
...................
12,579
746,186
Westpac
Banking
Corp.
...............
18,111
300,757
49,623,965
Beverages
—
0.4%
Brown-Forman
Corp.
,
Class
A
...........
970
47,598
Coca-Cola
Co.
(The)
.................
32,615
2,014,628
Coca-Cola
HBC
AG
..................
12,063
389,378
Diageo
plc
........................
34,042
1,176,481
Monster
Beverage
Corp.
(c)
..............
39,826
2,128,700
Pernod
Ricard
SA
...................
3,592
543,261
6,300,046
Biotechnology
—
1.9%
AbbVie,
Inc.
.......................
52,532
8,543,804
Alkermes
plc
(c)
......................
5,474
134,332
Alnylam
Pharmaceuticals,
Inc.
(c)
..........
5,170
744,222
Amgen,
Inc.
.......................
16,966
4,647,666
Biogen,
Inc.
(c)
......................
4,691
1,007,721
BioMarin
Pharmaceutical,
Inc.
(c)
..........
7,461
602,550
CSL
Ltd.
..........................
10,066
1,788,488
Exact
Sciences
Corp.
(c)
................
8,990
533,556
Exelixis,
Inc.
(c)
......................
6,208
145,640
Genmab
A/S
(c)
......................
2,875
798,187
Gilead
Sciences,
Inc.
.................
53,367
3,479,528
Halozyme
Therapeutics,
Inc.
(c)
...........
5,859
223,228
Incyte
Corp.
(c)
......................
40,703
2,118,591
Moderna,
Inc.
(c)
.....................
5,847
644,983
Natera,
Inc.
(c)
.......................
1,849
171,735
Neurocrine
Biosciences,
Inc.
(c)
...........
3,573
491,430
Regeneron
Pharmaceuticals,
Inc.
(c)
........
3,147
2,802,907
Sarepta
Therapeutics,
Inc.
(c)
............
3,694
467,882
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Ultragenyx
Pharmaceutical,
Inc.
(c)
.........
1,557
$
66,235
United
Therapeutics
Corp.
(c)
.............
4,162
975,281
Vertex
Pharmaceuticals,
Inc.
(c)
...........
7,844
3,081,202
33,469,168
Broadline
Retail
—
2.6%
Amazon.com,
Inc.
(c)
..................
218,684
38,269,700
Coupang,
Inc.
,
Class
A
(c)
...............
21,604
486,090
eBay,
Inc.
.........................
49,535
2,553,034
Etsy,
Inc.
(c)
........................
7,830
537,686
Kohl's
Corp.
.......................
2,189
52,405
MercadoLibre,
Inc.
(c)
..................
698
1,018,173
Nordstrom,
Inc.
.....................
2,260
42,963
Prosus
NV
........................
32,698
1,094,073
Wesfarmers
Ltd.
....................
33,185
1,421,619
45,475,743
Building
Products
—
1.1%
A
O
Smith
Corp.
....................
6,482
536,969
Advanced
Drainage
Systems,
Inc.
........
6,065
952,205
Assa
Abloy
AB
,
Class
B
...............
95,827
2,531,885
AZEK
Co.,
Inc.
(The)
,
Class
A
(c)
..........
20,316
927,222
Builders
FirstSource,
Inc.
(c)
.............
10,560
1,930,579
Carlisle
Cos.,
Inc.
...................
2,937
1,140,290
Carrier
Global
Corp.
..................
7,543
463,819
Cie
de
Saint-Gobain
SA
...............
7,830
619,217
Daikin
Industries
Ltd.
.................
1,700
232,035
Fortune
Brands
Innovations,
Inc.
.........
20,378
1,489,632
Hayward
Holdings,
Inc.
(c)
...............
2,629
35,702
Kingspan
Group
plc
..................
1,676
149,076
Lennox
International,
Inc.
..............
2,410
1,116,842
Masco
Corp.
.......................
28,623
1,959,244
Nibe
Industrier
AB
,
Class
B
.............
30,006
138,455
Owens
Corning
.....................
6,615
1,112,709
Trane
Technologies
plc
................
9,958
3,160,072
Trex
Co.,
Inc.
(c)
.....................
13,085
1,158,677
19,654,630
Capital
Markets
—
1.4%
3i
Group
plc
.......................
27,177
970,965
abrdn
plc
.........................
31,728
57,859
Amundi
SA
(b)
(e)
......................
2,815
196,387
Ares
Management
Corp.
,
Class
A
.........
3,295
438,531
Blackstone,
Inc.
,
Class
A
...............
14,060
1,639,537
Brookfield
Corp.
,
Class
A
...............
3,435
137,784
Carlyle
Group,
Inc.
(The)
...............
4,158
186,278
Charles
Schwab
Corp.
(The)
............
28,576
2,113,195
CME
Group,
Inc.
,
Class
A
..............
2,258
473,367
Coinbase
Global,
Inc.
,
Class
A
(c)
..........
3,133
638,913
Daiwa
Securities
Group,
Inc.
............
55,700
409,343
Deutsche
Bank
AG
(Registered)
..........
35,620
568,941
Deutsche
Boerse
AG
.................
5,464
1,053,415
Euronext
NV
(b)
(e)
.....................
2,891
260,337
Franklin
Resources,
Inc.
...............
10,647
243,177
Hargreaves
Lansdown
plc
..............
17,654
178,400
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....
20,300
645,021
Japan
Exchange
Group,
Inc.
............
14,900
348,966
KKR
&
Co.,
Inc.
.....................
15,842
1,474,415
London
Stock
Exchange
Group
plc
........
10,115
1,115,079
Macquarie
Group
Ltd.
.................
6,982
836,014
Moody's
Corp.
......................
5,133
1,900,904
MSCI,
Inc.
........................
5,550
2,585,134
Nasdaq,
Inc.
.......................
7,290
436,306
Nomura
Holdings,
Inc.
................
110,900
631,019
Partners
Group
Holding
AG
.............
854
1,098,727
S&P
Global,
Inc.
....................
6,585
2,738,241
Security
Shares
Shares
Value
Capital
Markets
(continued)
SBI
Holdings,
Inc.
...................
14,800
$
360,352
Schroders
plc
......................
67,265
294,895
SEI
Investments
Co.
..................
2,388
157,489
St.
James's
Place
plc
.................
19,183
103,805
UBS
Group
AG
(Registered)
............
21,964
576,847
Virtu
Financial,
Inc.
,
Class
A
.............
1,678
36,413
XP,
Inc.
,
Class
A
....................
6,397
130,947
25,037,003
Chemicals
—
0.3%
Air
Liquide
SA
......................
6,740
1,318,200
Arkema
SA
........................
2,623
270,659
Chemours
Co.
(The)
..................
2,944
78,752
Croda
International
plc
................
3,304
189,242
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(c)
(d)
..
29,587
26,365
Linde
plc
.........................
5,344
2,356,490
NewMarket
Corp.
....................
123
64,811
RPM
International,
Inc.
................
1,455
155,554
Scotts
Miracle-Gro
Co.
(The)
............
829
56,820
Shin-Etsu
Chemical
Co.
Ltd.
............
31,100
1,203,848
5,720,741
Commercial
Services
&
Supplies
—
1.1%
Brambles
Ltd.
......................
113,697
1,069,622
Cintas
Corp.
.......................
6,818
4,488,562
Clean
Harbors,
Inc.
(c)
.................
1,994
377,763
Copart,
Inc.
(c)
.......................
18,092
982,577
Driven
Brands
Holdings,
Inc.
(c)
...........
1,205
17,268
GFL
Environmental,
Inc.
...............
8,439
269,295
MSA
Safety,
Inc.
....................
730
131,692
RB
Global,
Inc.
.....................
3,581
256,328
Republic
Services,
Inc.
................
16,777
3,216,151
Rollins,
Inc.
........................
2,728
121,560
Stericycle,
Inc.
(c)
....................
1,824
81,588
Veralto
Corp.
.......................
11,818
1,107,110
Vestis
Corp.
.......................
2,320
42,734
Waste
Connections,
Inc.
...............
10,426
1,689,950
Waste
Management,
Inc.
...............
27,210
5,660,224
19,512,424
Communications
Equipment
—
0.4%
Arista
Networks,
Inc.
(c)
................
8,061
2,068,130
Ciena
Corp.
(c)
......................
6,173
285,378
F5,
Inc.
(c)
.........................
6,003
992,356
Juniper
Networks,
Inc.
................
6,274
218,461
Lumentum
Holdings,
Inc.
(c)
.............
1,324
57,938
Motorola
Solutions,
Inc.
...............
9,131
3,096,779
Ubiquiti,
Inc.
.......................
82
8,821
Viasat,
Inc.
(c)
.......................
2,315
36,832
6,764,695
Construction
&
Engineering
—
0.9%
AECOM
..........................
33,391
3,083,993
Bouygues
SA
......................
5,267
194,117
Comfort
Systems
USA,
Inc.
.............
572
176,982
Eiffage
SA
........................
3,884
414,417
EMCOR
Group,
Inc.
..................
4,775
1,705,487
Ferrovial
SE
(d)
......................
33,625
1,209,335
Fluor
Corp.
(c)
.......................
4,112
165,837
Kajima
Corp.
.......................
12,900
247,126
MasTec,
Inc.
(c)
......................
7,456
661,273
MDU
Resources
Group,
Inc.
............
4,002
98,849
Obayashi
Corp.
.....................
27,400
305,806
Quanta
Services,
Inc.
.................
17,867
4,619,691
Shimizu
Corp.
......................
61,800
382,817
Skanska
AB
,
Class
B
.................
23,787
408,621
Stantec,
Inc.
.......................
1,338
106,533
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
Taisei
Corp.
.......................
11,800
$
432,003
Vinci
SA
..........................
8,731
1,023,064
WillScot
Mobile
Mini
Holdings
Corp.
(c)
(d)
.....
15,618
577,241
WSP
Global,
Inc.
....................
1,149
174,347
15,987,539
Construction
Materials
—
0.7%
CRH
plc
..........................
27,216
2,107,630
Heidelberg
Materials
AG
...............
12,053
1,212,961
Holcim
AG
(c)
.......................
36,908
3,089,487
James
Hardie
Industries
plc
,
CDI
(c)
........
53,018
1,822,650
Summit
Materials,
Inc.
,
Class
A
(c)
.........
9,553
371,612
Vulcan
Materials
Co.
.................
11,442
2,947,802
11,552,142
Consumer
Finance
—
0.1%
American
Express
Co.
................
5,643
1,320,631
Capital
One
Financial
Corp.
.............
4,113
589,928
Synchrony
Financial
..................
9,548
419,921
2,330,480
Consumer
Staples
Distribution
&
Retail
—
0.7%
Albertsons
Cos.,
Inc.
,
Class
A
...........
8,251
168,320
Costco
Wholesale
Corp.
...............
8,240
5,956,696
Grocery
Outlet
Holding
Corp.
(c)
...........
1,880
48,824
Kroger
Co.
(The)
....................
7,033
389,488
Target
Corp.
.......................
6,836
1,100,459
Walmart,
Inc.
.......................
59,907
3,555,481
Woolworths
Group
Ltd.
................
42,743
876,963
12,096,231
Containers
&
Packaging
—
0.3%
Amcor
plc
.........................
221,575
1,980,880
Ardagh
Metal
Packaging
SA
............
2,841
11,222
Ball
Corp.
.........................
5,528
384,583
International
Paper
Co.
................
17,406
608,166
Packaging
Corp.
of
America
............
4,569
790,346
Sealed
Air
Corp.
....................
12,525
394,287
Silgan
Holdings,
Inc.
..................
1,598
74,563
WestRock
Co.
......................
15,838
759,590
5,003,637
Distributors
—
0.0%
Pool
Corp.
........................
740
268,272
Diversified
Consumer
Services
—
0.0%
ADT,
Inc.
.........................
5,066
32,929
Grand
Canyon
Education,
Inc.
(c)
..........
589
76,582
Mister
Car
Wash,
Inc.
(c)
................
1,428
9,553
119,064
Diversified
REITs
—
0.0%
Land
Securities
Group
plc
..............
16,160
130,606
Diversified
Telecommunication
Services
—
0.0%
Iridium
Communications,
Inc.
............
2,429
74,789
Electric
Utilities
—
0.4%
Acciona
SA
........................
1,051
121,502
CK
Infrastructure
Holdings
Ltd.
...........
101,000
570,563
CLP
Holdings
Ltd.
...................
43,000
338,241
Endesa
SA
........................
8,292
151,210
Enel
SpA
.........................
191,664
1,259,700
Hawaiian
Electric
Industries,
Inc.
.........
2,171
21,384
Iberdrola
SA
.......................
134,757
1,652,333
IDACORP,
Inc.
.....................
1,000
94,780
Origin
Energy
Ltd.
...................
32,403
204,509
Power
Assets
Holdings
Ltd.
.............
156,000
894,840
SSE
plc
..........................
29,172
606,381
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Terna
-
Rete
Elettrica
Nazionale
..........
33,640
$
269,521
6,184,964
Electrical
Equipment
—
0.7%
ABB
Ltd.
(Registered)
.................
62,457
3,034,688
AMETEK,
Inc.
......................
14,495
2,531,697
Atkore,
Inc.
........................
723
126,742
ChargePoint
Holdings,
Inc.
,
Class
A
(c)
(d)
.....
6,701
8,912
Eaton
Corp.
plc
.....................
5,484
1,745,338
Fuji
Electric
Co.
Ltd.
..................
3,600
223,934
GE
Vernova,
Inc.
(c)
...................
5,103
784,382
Legrand
SA
.......................
8,372
860,362
Mitsubishi
Electric
Corp.
...............
13,200
230,075
Plug
Power,
Inc.
(c)
...................
10,414
24,056
Schneider
Electric
SE
.................
13,229
3,016,388
Sunrun,
Inc.
(c)
......................
4,226
43,486
12,630,060
Electronic
Equipment,
Instruments
&
Components
—
0.7%
Arrow
Electronics,
Inc.
(c)
...............
4,142
528,809
Avnet,
Inc.
........................
3,058
149,445
Azbil
Corp.
........................
6,900
192,717
Crane
NXT
Co.
.....................
953
57,952
Flex
Ltd.
(c)
.........................
43,047
1,233,297
Hexagon
AB
,
Class
B
.................
42,525
444,853
IPG
Photonics
Corp.
(c)
................
594
49,884
Keyence
Corp.
.....................
5,700
2,506,688
Keysight
Technologies,
Inc.
(c)
............
1,673
247,504
Littelfuse,
Inc.
......................
480
110,707
Murata
Manufacturing
Co.
Ltd.
...........
37,600
687,034
TD
SYNNEX
Corp.
...................
10,885
1,282,688
TE
Connectivity
Ltd.
..................
30,953
4,379,230
11,870,808
Energy
Equipment
&
Services
—
0.4%
Baker
Hughes
Co.
,
Class
A
.............
63,504
2,071,501
Halliburton
Co.
.....................
17,371
650,891
Schlumberger
NV
...................
89,468
4,247,941
Tenaris
SA
........................
12,943
214,947
7,185,280
Entertainment
—
0.6%
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(c)
(d)
4,877
14,290
Electronic
Arts,
Inc.
..................
4,463
565,998
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(c)
...........................
471
29,329
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(c)
...........................
7,090
496,087
Liberty
Media
Corp.-Liberty
Live
,
Class
A
(c)
...
388
13,914
Liberty
Media
Corp.-Liberty
Live
,
Class
C
(c)
..
925
34,521
Madison
Square
Garden
Sports
Corp.
(c)
.....
368
68,419
Netflix,
Inc.
(c)
.......................
9,441
5,198,592
Nintendo
Co.
Ltd.
....................
20,300
990,011
Playtika
Holding
Corp.
................
439
3,183
ROBLOX
Corp.
,
Class
A
(c)
..............
6,949
247,106
Spotify
Technology
SA
(c)
...............
5,167
1,449,033
Toho
Co.
Ltd.
......................
9,400
314,922
Walt
Disney
Co.
(The)
................
6,948
771,923
Warner
Bros
Discovery,
Inc.
(c)
............
121,445
893,835
11,091,163
Financial
Services
—
2.9%
Adyen
NV
(b)
(c)
(e)
.....................
649
777,502
Berkshire
Hathaway,
Inc.
,
Class
B
(c)
.......
34,399
13,647,115
Block,
Inc.
,
Class
A
(c)
.................
15,096
1,102,008
Edenred
SE
.......................
5,256
249,407
EXOR
NV
.........................
4,263
465,415
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Financial
Services
(continued)
Fidelity
National
Information
Services,
Inc.
...
4,198
$
285,128
Fiserv,
Inc.
(c)
.......................
13,076
1,996,313
Global
Payments,
Inc.
................
5,541
680,269
Groupe
Bruxelles
Lambert
NV
...........
3,635
269,826
Industrivarden
AB
,
Class
C
.............
7,683
247,007
Investor
AB
,
Class
B
..................
130,893
3,205,931
Jack
Henry
&
Associates,
Inc.
...........
1,554
252,820
L
E
Lundbergforetagen
AB
,
Class
B
.......
6,808
335,552
M&G
plc
..........................
76,477
191,462
Mastercard,
Inc.
,
Class
A
...............
38,974
17,585,069
NCR
Atleos
Corp.
(c)
..................
1,278
25,471
Nexi
SpA
(b)
(c)
(e)
......................
31,497
183,254
ORIX
Corp.
........................
45,600
933,223
PayPal
Holdings,
Inc.
(c)
................
15,738
1,068,925
UWM
Holdings
Corp.
,
Class
A
...........
1,746
11,000
Visa,
Inc.
,
Class
A
...................
29,366
7,888,001
WEX,
Inc.
(c)
........................
491
103,729
51,504,427
Food
Products
—
0.8%
Archer-Daniels-Midland
Co.
.............
29,910
1,754,521
Bunge
Global
SA
....................
7,662
779,685
Chocoladefabriken
Lindt
&
Spruengli
AG
....
16
184,304
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
.....................
7
807,819
Kerry
Group
plc
,
Class
A
...............
1,829
157,401
Mondelez
International,
Inc.
,
Class
A
.......
21,046
1,514,049
Nestle
SA
(Registered)
................
59,329
5,956,643
Nissin
Foods
Holdings
Co.
Ltd.
..........
4,500
120,085
Pilgrim's
Pride
Corp.
(c)
.................
814
29,320
Post
Holdings,
Inc.
(c)
..................
19,682
2,089,244
Seaboard
Corp.
.....................
4
13,240
Tyson
Foods,
Inc.
,
Class
A
.............
5,669
343,825
WK
Kellogg
Co.
.....................
1,287
30,039
13,780,175
Gas
Utilities
—
0.0%
National
Fuel
Gas
Co.
................
1,760
93,456
Snam
SpA
........................
47,547
217,540
310,996
Ground
Transportation
—
0.1%
Central
Japan
Railway
Co.
.............
20,700
473,367
Hertz
Global
Holdings,
Inc.
(c)
............
2,601
11,835
Schneider
National,
Inc.
,
Class
B
.........
1,068
22,086
Uber
Technologies,
Inc.
(c)
..............
16,684
1,105,649
U-Haul
Holding
Co.
(c)
.................
153
9,674
1,622,611
Health
Care
Equipment
&
Supplies
—
0.6%
Abbott
Laboratories
..................
5,813
616,003
Alcon,
Inc.
........................
5,254
402,860
Becton
Dickinson
&
Co.
...............
3,184
746,966
Cochlear
Ltd.
......................
564
117,655
Dexcom,
Inc.
(c)
......................
5,067
645,485
Enovis
Corp.
(c)
......................
1,039
57,384
EssilorLuxottica
SA
..................
6,569
1,400,719
Hoya
Corp.
........................
1,300
150,722
ICU
Medical,
Inc.
(c)
...................
401
39,266
IDEXX
Laboratories,
Inc.
(c)
..............
1,449
714,009
Integra
LifeSciences
Holdings
Corp.
(c)
......
1,351
39,409
Intuitive
Surgical,
Inc.
(c)
................
1,343
497,743
Medtronic
plc
......................
37,808
3,033,714
Novocure
Ltd.
(c)
.....................
2,079
25,447
QuidelOrtho
Corp.
(c)
..................
1,058
42,902
Stryker
Corp.
......................
4,496
1,512,904
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Tandem
Diabetes
Care,
Inc.
(c)
...........
1,276
$
46,816
10,090,004
Health
Care
Providers
&
Services
—
0.8%
agilon
health,
Inc.
(c)
..................
5,755
31,652
Amedisys,
Inc.
(c)
....................
635
58,452
Cardinal
Health,
Inc.
..................
5,743
591,759
Cigna
Group
(The)
...................
4,688
1,673,804
CVS
Health
Corp.
...................
5,526
374,165
DaVita,
Inc.
(c)
.......................
3,045
423,285
HCA
Healthcare,
Inc.
.................
12,348
3,825,657
McKesson
Corp.
....................
4,489
2,411,536
Premier,
Inc.
,
Class
A
.................
2,349
49,047
UnitedHealth
Group,
Inc.
...............
10,684
5,167,851
14,607,208
Health
Care
REITs
—
0.0%
Medical
Properties
Trust,
Inc.
............
11,757
54,082
Health
Care
Technology
—
0.1%
(c)
Certara,
Inc.
.......................
2,365
40,465
Teladoc
Health,
Inc.
..................
3,266
41,642
Veeva
Systems,
Inc.
,
Class
A
............
4,649
923,105
1,005,212
Hotel
&
Resort
REITs
—
0.0%
Park
Hotels
&
Resorts,
Inc.
.............
4,117
66,407
Hotels,
Restaurants
&
Leisure
—
0.3%
Aristocrat
Leisure
Ltd.
.................
7,254
185,122
Booking
Holdings,
Inc.
................
543
1,874,452
Carnival
Corp.
(c)
.....................
19,926
295,303
DoorDash,
Inc.
,
Class
A
(c)
..............
1,351
174,630
Evolution
AB
(b)
(e)
.....................
1,205
133,135
Flight
Centre
Travel
Group
Ltd.
..........
7,963
108,233
Flutter
Entertainment
plc
(c)
..............
2,936
543,920
Galaxy
Entertainment
Group
Ltd.
.........
46,000
206,397
Marriott
Vacations
Worldwide
Corp.
........
693
66,604
Oriental
Land
Co.
Ltd.
................
8,900
245,566
Penn
Entertainment,
Inc.
(c)
..............
2,964
49,025
Royal
Caribbean
Cruises
Ltd.
(c)
..........
2,096
292,665
Travel
+
Leisure
Co.
..................
1,396
60,782
Wendy's
Co.
(The)
...................
3,333
66,627
4,302,461
Household
Durables
—
0.4%
Barratt
Developments
plc
..............
63,317
357,749
Berkeley
Group
Holdings
plc
............
7,650
449,251
DR
Horton,
Inc.
.....................
20,718
2,952,108
Leggett
&
Platt,
Inc.
..................
2,624
47,416
Lennar
Corp.
,
Class
A
.................
2,929
444,095
Lennar
Corp.
,
Class
B
................
257
36,080
Newell
Brands,
Inc.
..................
7,534
59,820
NVR,
Inc.
(c)
........................
14
104,144
Panasonic
Holdings
Corp.
..............
36,200
315,970
Persimmon
plc
.....................
7,491
121,302
PulteGroup,
Inc.
....................
9,449
1,052,807
Sekisui
House
Ltd.
...................
16,500
379,176
Sony
Group
Corp.
...................
11,700
967,021
Taylor
Wimpey
plc
...................
237,023
388,392
7,675,331
Household
Products
—
1.4%
Colgate-Palmolive
Co.
................
72,352
6,650,596
Essity
AB
,
Class
B
...................
8,162
203,640
Henkel
AG
&
Co.
KGaA
...............
4,610
331,498
Kimberly-Clark
Corp.
.................
48,212
6,582,385
Procter
&
Gamble
Co.
(The)
............
60,396
9,856,627
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Products
(continued)
Reckitt
Benckiser
Group
plc
.............
12,773
$
714,100
Reynolds
Consumer
Products,
Inc.
........
1,076
30,806
Spectrum
Brands
Holdings,
Inc.
..........
598
48,958
24,418,610
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
....................
88,034
1,575,809
Brookfield
Renewable
Corp.
............
2,639
61,330
Clearway
Energy,
Inc.
,
Class
A
...........
687
14,915
Clearway
Energy,
Inc.
,
Class
C
..........
1,456
34,041
1,686,095
Industrial
Conglomerates
—
0.4%
CK
Hutchison
Holdings
Ltd.
.............
82,500
400,684
Hikari
Tsushin,
Inc.
...................
2,000
325,044
Hitachi
Ltd.
........................
18,700
1,725,275
Jardine
Cycle
&
Carriage
Ltd.
(d)
..........
15,600
301,053
Jardine
Matheson
Holdings
Ltd.
..........
5,200
199,524
Keppel
Ltd.
........................
140,900
704,770
Siemens
AG
(Registered)
..............
19,185
3,593,994
7,250,344
Industrial
REITs
—
0.0%
Nippon
Prologis
REIT,
Inc.
..............
14
24,198
Segro
plc
.........................
25,857
271,967
296,165
Insurance
—
2.3%
Ageas
SA
.........................
11,722
538,058
AIA
Group
Ltd.
.....................
267,800
1,961,463
Allianz
SE
(Registered)
................
493
139,906
Aon
plc
,
Class
A
....................
12,195
3,439,112
Arch
Capital
Group
Ltd.
(c)
..............
11,971
1,119,767
Assicurazioni
Generali
SpA
.............
9,787
238,631
Assured
Guaranty
Ltd.
................
1,087
83,373
AXA
SA
..........................
32,526
1,123,825
Axis
Capital
Holdings
Ltd.
..............
25,524
1,565,387
Brighthouse
Financial,
Inc.
(c)
(d)
...........
1,259
60,747
Cincinnati
Financial
Corp.
..............
9,835
1,137,811
CNA
Financial
Corp.
..................
516
22,673
Globe
Life,
Inc.
.....................
15,892
1,210,494
Hanover
Insurance
Group,
Inc.
(The)
......
703
91,264
Hartford
Financial
Services
Group,
Inc.
(The)
.
19,097
1,850,308
Kemper
Corp.
......................
1,192
69,506
Marsh
&
McLennan
Cos.,
Inc.
...........
25,875
5,160,251
MS&AD
Insurance
Group
Holdings,
Inc.
....
40,000
719,162
Muenchener
Rueckversicherungs-Gesellschaft
AG
(Registered)
..................
3,429
1,508,103
NN
Group
NV
......................
53,299
2,458,730
Power
Corp.
of
Canada
...............
13,160
350,640
Principal
Financial
Group,
Inc.
...........
22,756
1,800,910
Progressive
Corp.
(The)
...............
20,077
4,181,035
Prudential
plc
......................
43,090
374,769
QBE
Insurance
Group
Ltd.
.............
88,145
1,008,288
Reinsurance
Group
of
America,
Inc.
.......
16,355
3,058,221
RLI
Corp.
.........................
797
112,656
Sompo
Holdings,
Inc.
.................
17,400
344,348
Tokio
Marine
Holdings,
Inc.
.............
51,300
1,621,408
Travelers
Cos.,
Inc.
(The)
..............
4,857
1,030,461
Unum
Group
.......................
26,041
1,320,279
White
Mountains
Insurance
Group
Ltd.
.....
49
87,129
39,788,715
Interactive
Media
&
Services
—
3.6%
Adevinta
ASA
(c)
.....................
6,578
67,151
Alphabet,
Inc.
,
Class
A
(c)
...............
141,216
22,987,140
Alphabet,
Inc.
,
Class
C
(c)
...............
111,920
18,426,509
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
Auto
Trader
Group
plc
(b)
(e)
..............
15,459
$
134,022
LY
Corp.
..........................
73,100
175,633
Meta
Platforms,
Inc.
,
Class
A
............
48,453
20,843,027
Pinterest,
Inc.
,
Class
A
(c)
...............
17,230
576,343
TripAdvisor,
Inc.
(c)
....................
2,130
56,083
63,265,908
IT
Services
—
1.1%
Accenture
plc
,
Class
A
................
1,463
440,231
Akamai
Technologies,
Inc.
(c)
.............
10,098
1,019,191
Amdocs
Ltd.
.......................
1,603
134,636
Bechtle
AG
........................
4,418
213,211
Capgemini
SE
......................
2,296
482,576
Cloudflare,
Inc.
,
Class
A
(c)
..............
11,141
973,723
Fujitsu
Ltd.
........................
50,300
777,042
Gartner,
Inc.
(c)
......................
2,739
1,130,084
Globant
SA
(c)
.......................
822
146,801
GoDaddy,
Inc.
,
Class
A
(c)
...............
20,752
2,539,630
MongoDB,
Inc.
,
Class
A
(c)
..............
998
364,450
NEC
Corp.
........................
5,200
376,490
Nomura
Research
Institute
Ltd.
..........
18,100
437,982
Obic
Co.
Ltd.
.......................
5,200
668,026
Otsuka
Corp.
......................
37,400
743,816
SCSK
Corp.
.......................
17,500
318,136
Shopify,
Inc.
,
Class
A
(c)
................
20,095
1,410,803
Snowflake,
Inc.
,
Class
A
(c)
..............
10,058
1,561,002
TIS,
Inc.
..........................
9,300
198,616
VeriSign,
Inc.
(c)
.....................
24,980
4,233,610
Wix.com
Ltd.
(c)
......................
3,703
440,176
18,610,232
Leisure
Products
—
0.0%
Peloton
Interactive,
Inc.
,
Class
A
(c)
........
6,650
20,681
Life
Sciences
Tools
&
Services
—
1.1%
Agilent
Technologies,
Inc.
..............
28,845
3,952,919
Azenta,
Inc.
(c)
......................
1,088
57,076
Bio-Rad
Laboratories,
Inc.
,
Class
A
(c)
.......
373
100,617
Danaher
Corp.
.....................
12,902
3,181,891
Eurofins
Scientific
SE
.................
3,330
204,092
Fortrea
Holdings,
Inc.
(c)
................
1,745
63,850
Illumina,
Inc.
(c)
......................
1,949
239,824
IQVIA
Holdings,
Inc.
(c)
.................
2,470
572,472
Lonza
Group
AG
(Registered)
...........
2,230
1,230,946
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(c)
2,176
17,843
Medpace
Holdings,
Inc.
(c)
..............
621
241,165
Mettler-Toledo
International,
Inc.
(c)
.........
2,355
2,895,944
QIAGEN
NV
(c)
......................
4,104
173,722
Sartorius
Stedim
Biotech
...............
989
212,998
Sotera
Health
Co.
(c)
..................
2,452
27,462
Thermo
Fisher
Scientific,
Inc.
............
9,561
5,437,532
West
Pharmaceutical
Services,
Inc.
.......
2,342
837,218
19,447,571
Machinery
—
1.0%
Alstom
SA
........................
9,354
147,494
Atlas
Copco
AB
,
Class
A
...............
91,300
1,599,219
Atlas
Copco
AB
,
Class
B
...............
9,882
148,173
Caterpillar,
Inc.
.....................
4,705
1,574,152
Daimler
Truck
Holding
AG
..............
2,564
115,627
Esab
Corp.
........................
1,118
118,374
FANUC
Corp.
......................
12,900
382,089
Flowserve
Corp.
....................
2,506
118,183
Gates
Industrial
Corp.
plc
(c)
.............
3,265
57,529
GEA
Group
AG
(c)
....................
4,440
179,198
Graco,
Inc.
........................
3,229
258,966
Ingersoll
Rand,
Inc.
..................
3,543
330,633
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
ITT,
Inc.
..........................
3,680
$
475,971
Komatsu
Ltd.
......................
55,500
1,657,016
Kubota
Corp.
......................
40,700
652,817
Oshkosh
Corp.
.....................
1,014
113,842
Otis
Worldwide
Corp.
.................
36,581
3,336,187
Parker-Hannifin
Corp.
.................
3,806
2,073,927
Pentair
plc
........................
2,582
204,210
Schindler
Holding
AG
.................
2,095
522,192
Techtronic
Industries
Co.
Ltd.
............
30,500
421,489
Toyota
Industries
Corp.
................
4,100
389,610
Trelleborg
AB
,
Class
B
................
8,223
289,799
VAT
Group
AG
(b)
(e)
...................
231
115,006
Volvo
AB
,
Class
B
...................
35,462
902,621
Xylem,
Inc.
........................
13,928
1,820,390
18,004,714
Media
—
0.5%
Cable
One,
Inc.
.....................
111
43,717
Charter
Communications,
Inc.
,
Class
A
(c)
....
3,325
851,001
Comcast
Corp.
,
Class
A
...............
97,177
3,703,415
Fox
Corp.
,
Class
B
...................
14,523
416,520
Informa
plc
........................
53,512
529,763
Liberty
Broadband
Corp.
,
Class
A
(c)
........
327
16,393
Liberty
Media
Corp.-Liberty
SiriusXM
(c)
.....
19,669
473,236
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(c)
1,471
35,392
News
Corp.
,
Class
B
.................
2,306
56,589
Paramount
Global
,
Class
A
.............
173
3,579
Paramount
Global
,
Class
B
.............
65,989
751,615
Publicis
Groupe
SA
..................
3,902
430,573
Sirius
XM
Holdings,
Inc.
(d)
..............
258,971
761,375
Vivendi
SE
........................
25,669
261,148
WPP
plc
..........................
13,380
134,110
8,468,426
Metals
&
Mining
—
1.2%
Anglo
American
plc
..................
25,948
847,915
Antofagasta
plc
.....................
12,120
332,473
ArcelorMittal
SA
.....................
73,806
1,843,884
Barrick
Gold
Corp.
...................
12,609
209,562
BHP
Group
Ltd.
.....................
45,807
1,256,308
Cleveland-Cliffs,
Inc.
(c)
................
49,400
834,860
Endeavour
Mining
plc
.................
21,627
457,911
Evolution
Mining
Ltd.
.................
134,616
347,145
Fortescue
Ltd.
......................
163,180
2,704,618
Franco-Nevada
Corp.
.................
8,194
986,387
Glencore
plc
.......................
246,847
1,436,295
JFE
Holdings,
Inc.
...................
59,700
891,066
MP
Materials
Corp.
,
Class
A
(c)
...........
2,060
32,960
Newmont
Corp.
.....................
41,323
1,679,367
Nippon
Steel
Corp.
...................
75,500
1,692,629
Northern
Star
Resources
Ltd.
............
106,755
1,011,902
Nucor
Corp.
.......................
7,451
1,255,717
Reliance,
Inc.
......................
3,556
1,012,464
Rio
Tinto
plc
.......................
14,660
991,907
Royal
Gold,
Inc.
.....................
1,197
143,796
Southern
Copper
Corp.
................
1,682
196,239
SSR
Mining,
Inc.
....................
4,029
21,595
Steel
Dynamics,
Inc.
..................
3,649
474,808
United
States
Steel
Corp.
..............
4,365
159,323
Wheaton
Precious
Metals
Corp.
..........
8,398
437,515
21,258,646
Multi-Utilities
—
0.2%
Centrica
plc
.......................
95,180
151,933
Engie
SA
(c)
........................
11,338
196,835
National
Grid
plc
....................
76,158
998,977
Security
Shares
Shares
Value
Multi-Utilities
(continued)
NiSource,
Inc.
......................
21,590
$
601,497
Veolia
Environnement
SA
..............
22,574
701,774
2,651,016
Office
REITs
—
0.0%
Dexus
(f)
..........................
20,230
91,889
Gecina
SA
........................
1,657
169,183
Highwoods
Properties,
Inc.
.............
2,061
53,998
NET
Lease
Office
Properties
............
269
6,149
321,219
Oil,
Gas
&
Consumable
Fuels
—
2.6%
BP
plc
...........................
300,200
1,934,980
Canadian
Natural
Resources
Ltd.
.........
5,979
453,078
Cheniere
Energy,
Inc.
.................
4,088
645,168
Chevron
Corp.
......................
32,277
5,205,312
ConocoPhillips
.....................
40,126
5,040,628
Devon
Energy
Corp.
..................
36,649
1,875,696
Eni
SpA
..........................
56,546
908,224
EOG
Resources,
Inc.
.................
26,389
3,486,779
Equinor
ASA
.......................
24,366
648,340
Exxon
Mobil
Corp.
...................
81,719
9,664,906
Hess
Corp.
........................
20,824
3,279,572
Marathon
Petroleum
Corp.
.............
5,592
1,016,178
Matador
Resources
Co.
...............
939
58,500
Pioneer
Natural
Resources
Co.
..........
4,592
1,236,717
Repsol
SA
........................
16,670
261,653
Shell
plc
..........................
121,155
4,306,893
Targa
Resources
Corp.
................
4,359
497,187
TotalEnergies
SE
....................
42,288
3,070,055
Valero
Energy
Corp.
..................
5,151
823,490
Woodside
Energy
Group
Ltd.
............
8,584
153,800
44,567,156
Paper
&
Forest
Products
—
0.1%
Louisiana-Pacific
Corp.
................
11,826
865,545
Passenger
Airlines
—
0.0%
(c)
American
Airlines
Group,
Inc.
............
14,635
197,719
United
Airlines
Holdings,
Inc.
............
4,713
242,531
440,250
Personal
Care
Products
—
0.4%
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
.....
7,668
1,124,972
Haleon
plc
........................
83,811
353,963
L'Oreal
SA
........................
6,145
2,881,102
Olaplex
Holdings,
Inc.
(c)
................
2,459
3,418
Unilever
plc
........................
44,033
2,277,863
6,641,318
Pharmaceuticals
—
5.0%
Astellas
Pharma,
Inc.
.................
30,300
290,817
AstraZeneca
plc
....................
26,966
4,078,579
Bristol-Myers
Squibb
Co.
...............
75,201
3,304,332
Catalent,
Inc.
(c)
.....................
3,545
197,988
Daiichi
Sankyo
Co.
Ltd.
................
29,100
979,439
Eli
Lilly
&
Co.
......................
26,392
20,614,791
GSK
plc
..........................
67,995
1,410,687
Ipsen
SA
.........................
1,672
203,376
Johnson
&
Johnson
..................
77,717
11,237,101
Kyowa
Kirin
Co.
Ltd.
..................
6,500
109,160
Merck
&
Co.,
Inc.
....................
111,315
14,384,124
Novartis
AG
(Registered)
..............
23,493
2,280,173
Novo
Nordisk
A/S
,
Class
B
.............
97,969
12,563,771
Ono
Pharmaceutical
Co.
Ltd.
............
10,200
146,914
Otsuka
Holdings
Co.
Ltd.
..............
11,700
500,255
Pfizer,
Inc.
........................
188,461
4,828,371
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Roche
Holding
AG
...................
5,629
$
1,366,325
Royalty
Pharma
plc
,
Class
A
............
7,321
202,792
Sandoz
Group
AG
(c)
..................
7,430
252,523
Sanofi
SA
.........................
21,718
2,145,587
Takeda
Pharmaceutical
Co.
Ltd.
..........
20,300
533,526
Viatris,
Inc.
........................
59,856
692,534
Zoetis,
Inc.
,
Class
A
..................
34,313
5,464,002
87,787,167
Professional
Services
—
1.2%
Automatic
Data
Processing,
Inc.
..........
13,972
3,379,687
Booz
Allen
Hamilton
Holding
Corp.
........
5,241
773,938
Broadridge
Financial
Solutions,
Inc.
.......
5,689
1,100,310
Bureau
Veritas
SA
...................
10,722
312,714
CACI
International,
Inc.
,
Class
A
(c)
.........
2,798
1,125,440
Computershare
Ltd.
..................
6,527
114,669
Dayforce,
Inc.
(c)
.....................
5,468
335,571
Experian
plc
.......................
43,644
1,760,335
Genpact
Ltd.
.......................
3,506
107,774
Leidos
Holdings,
Inc.
.................
21,334
2,991,453
ManpowerGroup,
Inc.
.................
959
72,357
Paycom
Software,
Inc.
................
1,140
214,297
Paycor
HCM,
Inc.
(c)
..................
1,275
22,147
Recruit
Holdings
Co.
Ltd.
..............
60,000
2,584,042
RELX
plc
.........................
24,252
996,439
Robert
Half,
Inc.
....................
7,196
497,531
SS&C
Technologies
Holdings,
Inc.
........
8,737
540,733
TransUnion
........................
3,491
254,843
TriNet
Group,
Inc.
...................
883
88,627
Verisk
Analytics,
Inc.
..................
11,017
2,401,265
Wolters
Kluwer
NV
...................
7,183
1,075,341
20,749,513
Real
Estate
Management
&
Development
—
0.1%
CK
Asset
Holdings
Ltd.
................
128,500
548,126
Henderson
Land
Development
Co.
Ltd.
.....
76,000
229,127
Hongkong
Land
Holdings
Ltd.
(d)
..........
58,900
188,196
Howard
Hughes
Holdings,
Inc.
(c)
..........
667
43,462
Swire
Pacific
Ltd.
,
Class
A
..............
33,000
279,467
Swire
Properties
Ltd.
.................
90,400
186,962
Wharf
Real
Estate
Investment
Co.
Ltd.
.....
48,000
148,921
Zillow
Group,
Inc.
,
Class
A
(c)
............
1,067
44,814
1,669,075
Semiconductors
&
Semiconductor
Equipment
—
5.6%
Advanced
Micro
Devices,
Inc.
(c)
..........
33,429
5,294,485
Advantest
Corp.
.....................
21,000
657,314
Applied
Materials,
Inc.
................
22,311
4,432,080
ASM
International
NV
.................
407
256,019
ASML
Holding
NV
...................
7,775
6,772,122
Axcelis
Technologies,
Inc.
(c)
.............
1,105
114,390
BE
Semiconductor
Industries
NV
.........
2,330
309,131
Broadcom,
Inc.
.....................
7,208
9,372,346
Cirrus
Logic,
Inc.
(c)
...................
1,396
123,644
Disco
Corp.
........................
1,800
512,722
Intel
Corp.
........................
121,053
3,688,485
KLA
Corp.
.........................
3,919
2,701,327
Lam
Research
Corp.
.................
5,603
5,011,379
Lasertec
Corp.
.....................
3,100
668,687
Marvell
Technology,
Inc.
...............
20,207
1,331,843
Micron
Technology,
Inc.
................
27,240
3,077,030
Monolithic
Power
Systems,
Inc.
..........
301
201,468
NVIDIA
Corp.
......................
48,277
41,712,294
QUALCOMM,
Inc.
...................
25,720
4,265,662
Renesas
Electronics
Corp.
.............
40,000
649,430
SCREEN
Holdings
Co.
Ltd.
.............
6,100
629,381
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Skyworks
Solutions,
Inc.
...............
3,942
$
420,178
STMicroelectronics
NV
................
40,167
1,590,006
Teradyne,
Inc.
......................
5,350
622,312
Tokyo
Electron
Ltd.
..................
18,000
3,948,226
Wolfspeed,
Inc.
(c)
....................
2,456
66,386
98,428,347
Software
—
7.1%
Adobe,
Inc.
(c)
.......................
12,634
5,847,394
Atlassian
Corp.
,
Class
A
(c)
..............
5,209
897,511
Autodesk,
Inc.
(c)
.....................
1,446
307,781
Box,
Inc.
,
Class
A
(c)
..................
4,859
126,431
Cadence
Design
Systems,
Inc.
(c)
.........
9,140
2,519,258
CCC
Intelligent
Solutions
Holdings,
Inc.
(c)
....
6,708
75,264
Check
Point
Software
Technologies
Ltd.
(c)
...
8,381
1,252,289
Constellation
Software,
Inc.
.............
238
612,747
Crowdstrike
Holdings,
Inc.
,
Class
A
(c)
.......
11,583
3,388,491
CyberArk
Software
Ltd.
(c)
...............
2,458
588,077
Dassault
Systemes
SE
................
19,548
767,297
Datadog,
Inc.
,
Class
A
(c)
...............
11,521
1,445,886
DocuSign,
Inc.
(c)
....................
2,637
149,254
Dynatrace,
Inc.
(c)
....................
15,065
682,595
Elastic
NV
(c)
.......................
2,724
278,447
Fair
Isaac
Corp.
(c)
....................
1,553
1,760,061
Fortinet,
Inc.
(c)
(d)
.....................
42,376
2,677,316
HubSpot,
Inc.
(c)
.....................
1,952
1,180,706
Informatica,
Inc.
,
Class
A
(c)
.............
859
26,603
Intuit,
Inc.
.........................
4,301
2,690,792
Manhattan
Associates,
Inc.
(c)
............
6,316
1,301,475
Microsoft
Corp.
.....................
160,455
62,469,945
nCino,
Inc.
(c)
.......................
1,397
40,737
NCR
Voyix
Corp.
(c)
...................
2,556
31,311
Nemetschek
SE
.....................
1,545
136,530
Nice
Ltd.
(c)
........................
603
134,837
Nutanix,
Inc.
,
Class
A
(c)
................
15,952
968,286
Oracle
Corp.
.......................
29,187
3,320,021
Oracle
Corp.
Japan
..................
3,100
232,638
Palantir
Technologies,
Inc.
,
Class
A
(c)
.......
49,817
1,094,480
Palo
Alto
Networks,
Inc.
(c)
..............
8,118
2,361,445
Pegasystems,
Inc.
...................
831
49,378
RingCentral,
Inc.
,
Class
A
(c)
.............
1,656
49,051
Roper
Technologies,
Inc.
...............
4,081
2,087,268
Sage
Group
plc
(The)
.................
14,841
215,208
Salesforce,
Inc.
.....................
22,866
6,149,582
SAP
SE
..........................
25,915
4,679,395
ServiceNow,
Inc.
(c)
...................
7,299
5,060,616
Smartsheet,
Inc.
,
Class
A
(c)
.............
3,691
139,631
Synopsys,
Inc.
(c)
....................
3,565
1,891,553
Temenos
AG
(Registered)
..............
3,880
241,365
Teradata
Corp.
(c)
....................
9,464
351,114
Tyler
Technologies,
Inc.
(c)
..............
640
295,392
Workday,
Inc.
,
Class
A
(c)
...............
7,361
1,801,458
Xero
Ltd.
(c)
........................
7,256
563,343
Zoom
Video
Communications,
Inc.
,
Class
A
(c)
.
5,520
337,272
Zscaler,
Inc.
(c)
......................
9,678
1,673,713
124,951,244
Specialized
REITs
—
0.0%
EPR
Properties
.....................
1,470
59,668
Rayonier,
Inc.
......................
2,908
86,251
145,919
Specialty
Retail
—
2.5%
Abercrombie
&
Fitch
Co.
,
Class
A
(c)
........
6,401
777,850
Academy
Sports
&
Outdoors,
Inc.
.........
3,891
226,845
AutoNation,
Inc.
(c)
....................
4,469
720,179
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
AutoZone,
Inc.
(c)
....................
621
$
1,835,924
Avolta
AG
(c)
........................
7,380
279,088
Bath
&
Body
Works,
Inc.
...............
6,571
298,455
Burlington
Stores,
Inc.
(c)
...............
10,674
1,920,680
CarMax,
Inc.
(c)
......................
4,455
302,806
Carvana
Co.
,
Class
A
(c)
................
3,505
290,635
Fast
Retailing
Co.
Ltd.
................
1,900
496,791
Gap,
Inc.
(The)
.....................
59,995
1,231,097
Home
Depot,
Inc.
(The)
...............
29,586
9,888,233
Industria
de
Diseno
Textil
SA
............
6,540
297,772
Lowe's
Cos.,
Inc.
....................
15,433
3,518,570
Murphy
USA,
Inc.
...................
1,563
646,801
O'Reilly
Automotive,
Inc.
(c)
..............
4,746
4,808,932
Petco
Health
&
Wellness
Co.,
Inc.
(c)
.......
1,547
2,321
RH
(c)
............................
1,624
401,209
Ross
Stores,
Inc.
....................
27,963
3,622,607
TJX
Cos.,
Inc.
(The)
..................
105,816
9,956,227
Ulta
Beauty,
Inc.
(c)
...................
3,474
1,406,414
USS
Co.
Ltd.
.......................
24,000
183,343
Victoria's
Secret
&
Co.
(c)
...............
1,526
26,888
Wayfair,
Inc.
,
Class
A
(c)
................
6,748
338,412
Zalando
SE
(b)
(c)
(e)
....................
7,180
187,867
43,665,946
Technology
Hardware,
Storage
&
Peripherals
—
3.0%
Apple,
Inc.
........................
287,121
48,905,320
Canon,
Inc.
........................
23,300
630,621
Dell
Technologies,
Inc.
,
Class
C
..........
7,498
934,551
FUJIFILM
Holdings
Corp.
..............
25,100
533,939
HP,
Inc.
..........................
29,385
825,425
Logitech
International
SA
(Registered)
......
4,363
339,691
NetApp,
Inc.
.......................
5,094
520,658
52,690,205
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Capri
Holdings
Ltd.
(c)
.................
2,239
79,440
Carter's,
Inc.
.......................
712
48,708
Deckers
Outdoor
Corp.
(c)
...............
204
166,968
Hermes
International
SCA
..............
259
620,043
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.....
3,104
2,549,738
Moncler
SpA
.......................
5,180
352,665
Pandora
A/S
.......................
818
124,500
Under
Armour,
Inc.
,
Class
A
(c)
............
3,734
25,130
Under
Armour,
Inc.
,
Class
C
(c)
...........
4,004
26,106
3,993,298
Tobacco
—
0.0%
British
American
Tobacco
plc
............
12,156
356,855
Trading
Companies
&
Distributors
—
1.4%
AerCap
Holdings
NV
(c)
................
3,346
282,704
Applied
Industrial
Technologies,
Inc.
.......
845
154,846
Ashtead
Group
plc
...................
17,651
1,281,673
Beacon
Roofing
Supply,
Inc.
(c)
...........
4,783
471,269
Brenntag
SE
.......................
6,110
487,599
Bunzl
plc
.........................
4,065
155,884
Fastenal
Co.
.......................
11,192
760,384
Ferguson
plc
.......................
17,300
3,631,270
Herc
Holdings,
Inc.
...................
859
122,863
ITOCHU
Corp.
.....................
47,800
2,156,486
Marubeni
Corp.
.....................
81,600
1,453,815
Mitsubishi
Corp.
.....................
76,200
1,742,662
Mitsui
&
Co.
Ltd.
....................
54,600
2,635,853
Sojitz
Corp.
........................
5,500
141,608
Sumitomo
Corp.
....................
84,600
2,224,740
Toyota
Tsusho
Corp.
..................
4,200
267,036
United
Rentals,
Inc.
..................
1,518
1,014,009
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Watsco,
Inc.
.......................
2,060
$
922,303
WESCO
International,
Inc.
..............
3,291
502,700
WW
Grainger,
Inc.
...................
4,615
4,252,030
24,661,734
Transportation
Infrastructure
—
0.0%
Aena
SME
SA
(b)
(e)
....................
966
176,043
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
..........
3,466
423,961
Severn
Trent
plc
....................
10,850
334,444
United
Utilities
Group
plc
...............
26,318
343,060
1,101,465
Total
Common
Stocks
—
68
.4
%
(Cost:
$
900,123,743
)
..............................
1,197,641,142
Beneficial
Interest
(000)
Other
Interests
(g)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(c)
(h)
(i)
.......
USD
300
—
Total
Other
Interests
—
0.0
%
(Cost:
$
—
)
.....................................
—
Shares
Shares
Preferred
Securities
Preferred
Stocks
—
0.2%
Automobiles
—
0.2%
Porsche
Automobil
Holding
SE
(Preference)
..
5,144
262,094
Volkswagen
AG
(Preference)
............
27,676
3,390,451
3,652,545
Total
Preferred
Securities
—
0
.2
%
(Cost:
$
3,888,050
)
...............................
3,652,545
Rights
Biotechnology
—
0.0%
Mirati
Therapeutics,
Inc.,
CVR
(c)
(i)
.........
1,004
703
Health
Care
Equipment
&
Supplies
—
0.0%
ABIOMED,
Inc.,
CVR
(c)
(i)
...............
843
1,644
Total
Rights
—
0
.0
%
(Cost:
$
1,563
)
..................................
2,347
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
)
(c)
.....
1,587
70,304
Total
Warrants
—
0
.0
%
(Cost:
$
7,856
)
..................................
70,304
Total
Long-Term
Investments
—
68.6%
(Cost:
$
904,229,176
)
..............................
1,201,366,338
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
54
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
6.4%
(j)(k)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.49
%
(l)
...................
1,004,126
$
1,004,427
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.18
%
....................
110,930,805
110,930,805
Total
Money
Market
Funds
—
6
.4
%
(Cost:
$
111,935,256
)
..............................
111,935,232
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
9.6%
U.S.
Treasury
Bills
(m)
5.32
%
,
05/07/24
..................
USD
25,144
25,122,269
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
5.32
%
,
05/14/24
..................
USD
40,000
$
39,923,878
5.32
%
,
05/28/24
..................
78,000
77,691,705
5.30
%
,
06/04/24
..................
25,000
24,875,392
Total
U.S.
Treasury
Obligations
—
9
.6
%
(Cost:
$
167,613,297
)
..............................
167,613,244
Total
Short-Term
Securities
—
16.0%
(Cost:
$
279,548,553
)
..............................
279,548,476
Total
Investments
—
84
.6
%
(Cost:
$
1,183,777,729
)
............................
1,480,914,814
Other
Assets
Less
Liabilities
—
15.4
%
...................
270,315,705
Net
Assets
—
100.0%
...............................
$
1,751,230,519
(a)
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.
(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)
Non-income
producing
security.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(g)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(h)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(i)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
1,004,721
(a)
$
—
$
(
270
)
$
(
24
)
$
1,004,427
1,004,126
$
173,265
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
102,641,987
8,288,818
(a)
—
—
—
110,930,805
110,930,805
3,704,257
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
38,627
—
(
39,591
)
(a)
969
(
5
)
—
—
—
—
$
699
$
(
29
)
$
111,935,232
$
3,877,522
$
—
—
—
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
55
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
CAC
40
Index
............................................................
625
05/17/24
$
52,820
$
(
17,921
)
IFSC
NIFTY
50
Index
.......................................................
1,239
05/30/24
56,375
686,030
Euro-Bund
..............................................................
836
06/06/24
116,055
(
1,389,508
)
TOPIX
Index
.............................................................
1,183
06/13/24
204,846
2,548,067
Australia
10-Year
Bond
......................................................
531
06/17/24
38,708
(
172,674
)
U.S.
Treasury
Ultra
Bond
.....................................................
526
06/18/24
62,939
(
3,613,511
)
S&P/TSX
60
Index
.........................................................
43
06/20/24
8,156
(
66,953
)
EURO
STOXX
50
Index
.....................................................
871
06/21/24
45,283
(
595,881
)
FTSE/MIB
Index
...........................................................
963
06/21/24
171,359
314,630
Mini-DAX
Index
...........................................................
14
06/21/24
1,349
(
13,895
)
MSCI
EAFE
E-Mini
Index
.....................................................
210
06/21/24
23,809
(
863,020
)
S&P
500
E-Mini
Index
.......................................................
324
06/21/24
82,085
(
1,870,704
)
WIG20
Index
.............................................................
2,382
06/21/24
28,870
239,521
Long
Gilt
................................................................
4,530
06/26/24
542,159
(
13,445,587
)
(
18,261,406
)
Short
Contracts
IBEX
35
Index
............................................................
999
05/17/24
115,326
(
3,299,228
)
OMX
Stockholm
30
Index
....................................................
5,396
05/17/24
123,469
(
2,092,900
)
MSCI
Singapore
Index
......................................................
1,156
05/30/24
25,541
17,817
Japan
10-Year
Bond
........................................................
437
06/13/24
400,384
2,938,649
U.S.
Treasury
10-Year
Note
...................................................
6,581
06/18/24
707,252
7,194,308
U.S.
Treasury
Long
Bond
.....................................................
876
06/18/24
99,782
4,657,114
U.S.
Treasury
Ultra
Bond
.....................................................
1,186
06/18/24
141,912
9,406,204
Canada
10-Year
Bond
.......................................................
3,353
06/19/24
284,944
3,500,527
FTSE/JSE
Top
40
Index
.....................................................
953
06/20/24
35,800
(
1,336,501
)
SPI
200
Index
............................................................
683
06/20/24
83,908
1,668,397
DAX
Index
..............................................................
46
06/21/24
22,160
429,590
FTSE
100
Index
...........................................................
332
06/21/24
33,720
127,147
MSCI
EAFE
E-Mini
Index
.....................................................
2,679
06/21/24
303,732
9,909,305
S&P
500
E-Mini
Index
.......................................................
1,346
06/21/24
341,009
11,099,110
SET50
Index
.............................................................
13,048
06/27/24
58,558
43,043
44,262,582
$
26,001,176
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
BRL
32,954,000
USD
6,264,030
Citibank
NA
06/20/24
$
51,933
EUR
5,525,000
USD
5,898,588
BNP
Paribas
SA
06/20/24
9,958
EUR
4,069,000
USD
4,345,501
UBS
AG
06/20/24
5,970
USD
11,324,244
AUD
17,101,000
JPMorgan
Chase
Bank
NA
06/20/24
229,660
USD
7,114,212
BRL
36,868,000
UBS
AG
06/20/24
48,091
USD
3,707,746
CAD
5,099,000
Bank
of
New
York
Mellon
06/20/24
765
USD
8,013,450
CAD
10,773,000
HSBC
Bank
plc
06/20/24
181,461
USD
6,480,131
CHF
5,669,000
Bank
of
New
York
Mellon
06/20/24
278,277
USD
922,634
CHF
801,000
Westpac
Banking
Corp.
06/20/24
46,345
USD
5,352,166
EUR
4,865,000
Bank
of
New
York
Mellon
06/20/24
149,437
USD
2,152,052
EUR
1,956,000
Westpac
Banking
Corp.
06/20/24
60,266
USD
8,410,574
GBP
6,564,000
HSBC
Bank
plc
06/20/24
206,377
USD
87,487
INR
7,270,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
562
USD
10,312,291
JPY
1,543,054,000
Bank
of
New
York
Mellon
06/20/24
453,552
USD
3,657,120
JPY
531,871,000
JPMorgan
Chase
Bank
NA
06/20/24
258,939
USD
6,154,218
KRW
8,196,028,000
JPMorgan
Chase
Bank
NA
06/20/24
226,211
USD
9,536,046
KRW
13,157,932,000
Toronto
Dominion
Bank
06/20/24
19,203
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
56
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
1,439,905
PLN
5,634,000
UBS
AG
06/20/24
$
51,821
USD
1,557,883
SEK
15,844,000
HSBC
Bank
plc
06/20/24
116,921
USD
1,699,813
SGD
2,253,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
45,451
USD
12,335,433
THB
436,736,000
Citibank
NA
06/20/24
504,136
USD
6,512,558
THB
237,640,000
HSBC
Bank
plc
06/20/24
74,826
USD
676,426
ZAR
12,657,000
Toronto
Dominion
Bank
06/20/24
6,650
3,026,812
AUD
227,317,686
USD
151,164,235
Bank
of
New
York
Mellon
06/20/24
(
3,687,772
)
AUD
10,839,000
USD
7,081,986
Commonwealth
Bank
of
Australia
06/20/24
(
49,989
)
BRL
8,999,000
USD
1,794,864
Bank
of
America
NA
06/20/24
(
70,116
)
BRL
39,368,000
USD
7,763,025
BNP
Paribas
SA
06/20/24
(
217,754
)
CAD
13,261,000
USD
9,798,936
Bank
of
New
York
Mellon
06/20/24
(
158,167
)
CAD
57,257,869
USD
42,591,781
Nomura
International
plc
06/20/24
(
965,215
)
CHF
10,063,000
USD
11,589,933
Morgan
Stanley
&
Co.
International
plc
06/20/24
(
581,068
)
EUR
3,574,000
USD
3,888,504
JPMorgan
Chase
Bank
NA
06/20/24
(
66,396
)
EUR
7,656,000
USD
8,360,823
JPMorgan
Chase
Bank
NA
06/20/24
(
173,343
)
EUR
84,390,759
USD
92,828,510
Morgan
Stanley
&
Co.
International
plc
06/20/24
(
2,579,333
)
GBP
2,675,000
USD
3,384,681
Bank
of
New
York
Mellon
06/20/24
(
41,258
)
JPY
543,489,000
USD
3,737,003
Bank
of
New
York
Mellon
06/20/24
(
264,593
)
JPY
416,323,000
USD
2,783,607
JPMorgan
Chase
Bank
NA
06/20/24
(
123,674
)
KRW
6,789,904,000
USD
5,197,326
BNP
Paribas
SA
06/20/24
(
286,338
)
KRW
8,112,237,000
USD
6,067,256
JPMorgan
Chase
Bank
NA
06/20/24
(
199,853
)
MXN
27,245,000
USD
1,609,141
Toronto
Dominion
Bank
06/20/24
(
31,328
)
NOK
9,622,000
USD
921,343
Citibank
NA
06/20/24
(
54,057
)
NZD
811,000
USD
500,031
Morgan
Stanley
&
Co.
International
plc
06/20/24
(
22,151
)
SEK
4,621,000
USD
454,363
JPMorgan
Chase
Bank
NA
06/20/24
(
34,098
)
SGD
921,000
USD
694,843
BNP
Paribas
SA
06/20/24
(
18,559
)
CLP
10,731,762,000
USD
11,316,246
Morgan
Stanley
&
Co.
International
plc
06/21/24
(
143,269
)
(
9,768,331
)
$
(
6,741,519
)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
42.V1
...........
5
.00
%
Quarterly
06/20/29
B+
USD
24,658
$
1,592,685
$
1,667,997
$
(
75,312
)
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
.......
1
.00
Quarterly
06/20/29
BBB+
USD
172
3,815
3,741
74
$
1,596,500
$
1,671,738
$
(
75,238
)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
57
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)
28-day
MXIBTIIE
Monthly
8.41%
Monthly
09/18/24
(a)
09/12/29
MXN
2,355,000
$
(
5,931,501
)
$
—
$
(
5,931,501
)
28-day
MXIBTIIE
Monthly
8.44%
Monthly
09/18/24
(a)
09/12/29
MXN
792,000
(
1,954,961
)
—
(
1,954,961
)
28-day
MXIBTIIE
Monthly
8.51%
Monthly
09/18/24
(a)
09/12/29
MXN
1,401,000
(
3,238,969
)
—
(
3,238,969
)
28-day
MXIBTIIE
Monthly
8.53%
Monthly
09/18/24
(a)
09/12/29
MXN
822,000
(
1,854,440
)
—
(
1,854,440
)
28-day
MXIBTIIE
Monthly
8.69%
Monthly
09/18/24
(a)
09/12/29
MXN
476,000
(
903,603
)
—
(
903,603
)
28-day
MXIBTIIE
Monthly
8.77%
Monthly
09/18/24
(a)
09/12/29
MXN
396,000
(
680,915
)
—
(
680,915
)
28-day
MXIBTIIE
Monthly
9.26%
Monthly
09/18/24
(a)
09/12/29
MXN
662,000
(
413,138
)
—
(
413,138
)
28-day
MXIBTIIE
Monthly
9.33%
Monthly
09/18/24
(a)
09/12/29
MXN
280,000
(
130,925
)
—
(
130,925
)
28-day
MXIBTIIE
Monthly
9.53%
Monthly
09/18/24
(a)
09/12/29
MXN
527,000
—
—
—
28-day
MXIBTIIE
Monthly
9.55%
Monthly
09/18/24
(a)
09/12/29
MXN
348,000
4,541
—
4,541
1-day
SARON
Annual
1.09%
Annual
09/18/24
(a)
09/18/29
CHF
2,000
(
1,859
)
4,732
(
6,591
)
3-mo.
TWCPBA
Quarterly
1.51%
Quarterly
09/18/24
(a)
09/18/29
TWD
692,000
(
400,562
)
—
(
400,562
)
3-mo.
TWCPBA
Quarterly
1.55%
Quarterly
09/18/24
(a)
09/18/29
TWD
594,000
(
316,588
)
—
(
316,588
)
3-mo.
TWCPBA
Quarterly
1.56%
Quarterly
09/18/24
(a)
09/18/29
TWD
2,000
(
1,016
)
—
(
1,016
)
3-mo.
TWCPBA
Quarterly
1.57%
Quarterly
09/18/24
(a)
09/18/29
TWD
383,000
(
190,529
)
—
(
190,529
)
3-mo.
TWCPBA
Quarterly
1.58%
Quarterly
09/18/24
(a)
09/18/29
TWD
860,000
(
417,638
)
—
(
417,638
)
3-mo.
TWCPBA
Quarterly
1.62%
Quarterly
09/18/24
(a)
09/18/29
TWD
610,000
(
258,322
)
—
(
258,322
)
3-mo.
TWCPBA
Quarterly
1.88%
Quarterly
09/18/24
(a)
09/18/29
TWD
690,000
(
28,787
)
—
(
28,787
)
3-mo.
TWCPBA
Quarterly
1.91%
Quarterly
09/18/24
(a)
09/18/29
TWD
702,000
4,991
—
4,991
3-mo.
TWCPBA
Quarterly
1.98%
Quarterly
09/18/24
(a)
09/18/29
TWD
447,000
47,427
—
47,427
3-mo.
STIBOR
Quarterly
2.52%
Annual
09/18/24
(a)
09/18/29
SEK
1,744,000
(
2,321,369
)
(
306,377
)
(
2,014,992
)
3-mo.
STIBOR
Quarterly
2.58%
Annual
09/18/24
(a)
09/18/29
SEK
198,000
(
219,442
)
(
20,231
)
(
199,211
)
3-mo.
STIBOR
Quarterly
2.64%
Annual
09/18/24
(a)
09/18/29
SEK
193,000
(
162,148
)
26,048
(
188,196
)
6-mo.
EURIBOR
Semi-Annual
2.66%
Annual
09/18/24
(a)
09/18/29
EUR
57,000
(
554,623
)
10,153
(
564,776
)
3-mo.
STIBOR
Quarterly
2.77%
Annual
09/18/24
(a)
09/18/29
SEK
1,026,000
(
320,214
)
272,764
(
592,978
)
6-mo.
EURIBOR
Semi-Annual
2.80%
Annual
09/18/24
(a)
09/18/29
EUR
82,000
(
265,818
)
124,171
(
389,989
)
6-mo.
EURIBOR
Semi-Annual
2.85%
Annual
09/18/24
(a)
09/18/29
EUR
32,000
(
24,709
)
(
48,396
)
23,687
3-mo.
STIBOR
Quarterly
2.88%
Annual
09/18/24
(a)
09/18/29
SEK
482,000
66,306
113,274
(
46,968
)
3-mo.
STIBOR
Quarterly
2.90%
Annual
09/18/24
(a)
09/18/29
SEK
173,000
37,359
(
22,493
)
59,852
6-mo.
PRIBOR
Semi-Annual
3.07%
Annual
09/18/24
(a)
09/18/29
CZK
1,991,000
(
3,922,206
)
—
(
3,922,206
)
1-day
SONIA
Annual
3.97%
Annual
09/18/24
(a)
09/18/29
GBP
6,000
(
47,176
)
(
40,213
)
(
6,963
)
1-day
SONIA
Annual
4.00%
Annual
09/18/24
(a)
09/18/29
GBP
53,000
(
356,470
)
137,500
(
493,970
)
1-day
SONIA
Annual
4.07%
Annual
09/18/24
(a)
09/18/29
GBP
31,000
(
84,315
)
(
41,633
)
(
42,682
)
6-mo.
WIBOR
Semi-Annual
4.65%
Annual
09/18/24
(a)
09/18/29
PLN
435,000
(
2,517,679
)
—
(
2,517,679
)
6-mo.
WIBOR
Semi-Annual
4.73%
Annual
09/18/24
(a)
09/18/29
PLN
118,000
(
591,800
)
—
(
591,800
)
6-mo.
WIBOR
Semi-Annual
4.91%
Annual
09/18/24
(a)
09/18/29
PLN
69,000
(
218,125
)
—
(
218,125
)
6-mo.
WIBOR
Semi-Annual
4.93%
Annual
09/18/24
(a)
09/18/29
PLN
70,000
(
203,261
)
—
(
203,261
)
6-mo.
WIBOR
Semi-Annual
4.95%
Annual
09/18/24
(a)
09/18/29
PLN
144,000
(
388,471
)
—
(
388,471
)
6-mo.
WIBOR
Semi-Annual
4.95%
Annual
09/18/24
(a)
09/18/29
PLN
75,000
(
205,419
)
—
(
205,419
)
6-mo.
WIBOR
Semi-Annual
5.14%
Annual
09/18/24
(a)
09/18/29
PLN
185,000
(
146,555
)
—
(
146,555
)
6-mo.
WIBOR
Semi-Annual
5.25%
Annual
09/18/24
(a)
09/18/29
PLN
88,000
29,993
—
29,993
6-mo.
WIBOR
Semi-Annual
5.34%
Annual
09/18/24
(a)
09/18/29
PLN
83,000
105,231
—
105,231
1-day
MIBOR
Semi-Annual
6.55%
Semi-Annual
09/18/24
(a)
09/18/29
INR
4,773,000
(
75,968
)
—
(
75,968
)
6.54%
Semi-Annual
1-day
MIBOR
Semi-Annual
09/18/24
(a)
09/18/29
INR
87
2
—
2
3.41%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
23,000
249,997
21,589
228,408
3.49%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
25,000
213,961
10,716
203,245
3.65%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
18,000
58,724
(
8,406
)
67,130
3.69%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
48,000
94,970
(
4,463
)
99,433
3.50%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
21,000
170,965
(
94,495
)
265,460
3.46%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
24,000
222,350
(
13,629
)
235,979
3.48%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
13,000
113,346
(
43,877
)
157,223
3.38%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
6,000
71,187
(
18,657
)
89,844
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
58
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)
3.66%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/18/24
(a)
09/18/29
CAD
26,000
$
73,974
$
(
8,497
)
$
82,471
4.24%
Annual
1-day
SOFR
Annual
09/18/24
(a)
09/18/29
USD
33,000
190,881
(
6,800
)
197,681
4.31%
Annual
1-day
SOFR
Annual
09/18/24
(a)
09/18/29
USD
14,000
39,567
35,745
3,822
4.28%
Annual
1-day
SOFR
Annual
09/18/24
(a)
09/18/29
USD
17,000
70,970
(
626
)
71,596
4.27%
Annual
1-day
SOFR
Annual
09/18/24
(a)
09/18/29
USD
30,000
131,767
41,514
90,253
4.24%
Annual
1-day
SOFR
Annual
09/18/24
(a)
09/18/29
USD
146,000
869,909
(
300,162
)
1,170,071
3.17%
Semi-Annual
1-day
SORA
Semi-Annual
09/18/24
(a)
09/18/29
SGD
24,000
18,252
—
18,252
2.92%
Semi-Annual
1-day
SORA
Semi-Annual
09/18/24
(a)
09/18/29
SGD
16,000
142,166
—
142,166
3.19%
Semi-Annual
1-day
SORA
Semi-Annual
09/18/24
(a)
09/18/29
SGD
32,000
(
2,193
)
—
(
2,193
)
2.94%
Semi-Annual
1-day
SORA
Semi-Annual
09/18/24
(a)
09/18/29
SGD
30,000
251,637
—
251,637
3.27%
Semi-Annual
1-day
SORA
Semi-Annual
09/18/24
(a)
09/18/29
SGD
23,000
(
58,782
)
—
(
58,782
)
2.66%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
1,179,000
5,169
—
5,169
2.68%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
728,000
(
8,375
)
—
(
8,375
)
2.21%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
593,000
337,887
—
337,887
2.20%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
923,879
543,894
—
543,894
2.28%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
1,126,000
550,718
—
550,718
2.21%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
3,086,250
1,772,143
—
1,772,143
2.65%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
681,000
—
—
—
2.19%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
233,250
138,522
—
138,522
2.29%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
1,126,000
540,779
—
540,779
2.23%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
2,108,000
1,153,278
—
1,153,278
2.20%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
334,628
197,842
—
197,842
2.68%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
681,000
—
—
—
2.25%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
1,486,000
788,625
—
788,625
2.58%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
1,334,000
139,407
—
139,407
2.36%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
978,000
377,209
—
377,209
2.22%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
182,000
103,243
—
103,243
2.22%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
1,272,000
719,965
—
719,965
2.22%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
294,372
165,875
—
165,875
2.19%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/29
THB
263,121
157,423
—
157,423
2.11%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/18/24
(a)
09/18/29
CNY
300,000
103,537
—
103,537
2.15%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/18/24
(a)
09/18/29
CNY
225,000
19,715
—
19,715
2.12%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/18/24
(a)
09/18/29
CNY
251,000
71,276
—
71,276
2.08%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/18/24
(a)
09/18/29
CNY
176,000
91,333
—
91,333
2.15%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/18/24
(a)
09/18/29
CNY
500,000
50,248
—
50,248
2.09%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/18/24
(a)
09/18/29
CNY
743,280
370,165
—
370,165
3.31%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/18/24
(a)
09/18/29
KRW
24,528,000
171,026
—
171,026
8.39%
Quarterly
3-mo.
JIBAR
Quarterly
09/18/24
(a)
09/18/29
ZAR
2,419,000
3,410,871
—
3,410,871
8.66%
Quarterly
3-mo.
JIBAR
Quarterly
09/18/24
(a)
09/18/29
ZAR
364,000
309,732
—
309,732
8.78%
Quarterly
3-mo.
JIBAR
Quarterly
09/18/24
(a)
09/18/29
ZAR
332,000
200,689
—
200,689
9.04%
Quarterly
3-mo.
JIBAR
Quarterly
09/18/24
(a)
09/18/29
ZAR
379,000
—
—
—
8.64%
Quarterly
3-mo.
JIBAR
Quarterly
09/18/24
(a)
09/18/29
ZAR
1,025,000
914,636
—
914,636
9.07%
Quarterly
3-mo.
JIBAR
Quarterly
09/18/24
(a)
09/18/29
ZAR
321,000
(
1,060
)
—
(
1,060
)
4.02%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
10,150
125,150
—
125,150
4.08%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
28,700
302,556
—
302,556
4.10%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
22,000
219,377
—
219,377
4.09%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
12,300
127,808
—
127,808
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
59
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)
4.00%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
57,257
$
726,878
$
—
$
726,878
4.53%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
8,750
(
20,866
)
—
(
20,866
)
4.55%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
16,250
(
46,489
)
—
(
46,489
)
4.17%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
32,000
254,303
—
254,303
4.25%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
47,000
268,295
—
268,295
4.25%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
47,000
268,965
—
268,965
4.30%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
36,000
151,606
—
151,606
4.02%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
18,850
233,657
—
233,657
3.31%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/19/24
(a)
09/19/29
KRW
44,056,000
305,934
—
305,934
3.42%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/19/24
(a)
09/19/29
KRW
125,094,000
385,719
—
385,719
3.29%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/19/24
(a)
09/19/29
KRW
107,623,000
806,105
—
806,105
3.48%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/19/24
(a)
09/19/29
KRW
106,267,000
115,675
—
115,675
3.45%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/19/24
(a)
09/19/29
KRW
32,899,000
67,375
—
67,375
3.50%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/19/24
(a)
09/19/29
KRW
21,367,000
13,362
—
13,362
3.22%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/19/24
(a)
09/19/29
KRW
29,276,000
282,428
—
282,428
3.33%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/19/24
(a)
09/19/29
KRW
20,613,000
126,774
—
126,774
4.17%
Quarterly
3-mo.
HIBOR
Quarterly
09/19/24
(a)
09/19/29
HKD
160,000
—
—
—
$
(
8,019,639
)
$
(
180,749
)
$
(
7,838,890
)
(a)
Forward
swap.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
10.27%
At
Termination
BNP
Paribas
SA
01/02/29
BRL
22,000
$
(
210,558
)
$
—
$
(
210,558
)
1-day
BZDIOVER
At
Termination
10.28%
At
Termination
HSBC
Bank
plc
01/02/29
BRL
354,003
(
3,393,936
)
—
(
3,393,936
)
1-day
BZDIOVER
At
Termination
10.29%
At
Termination
Bank
of
America
NA
01/02/29
BRL
222,663
(
2,105,775
)
—
(
2,105,775
)
1-day
BZDIOVER
At
Termination
10.29%
At
Termination
Barclays
Bank
plc
01/02/29
BRL
42,719
(
404,007
)
—
(
404,007
)
1-day
BZDIOVER
At
Termination
10.29%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/02/29
BRL
197,209
(
1,865,055
)
—
(
1,865,055
)
1-day
BZDIOVER
At
Termination
10.30%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/29
BRL
43,124
(
404,089
)
—
(
404,089
)
1-day
BZDIOVER
At
Termination
10.32%
At
Termination
BNP
Paribas
SA
01/02/29
BRL
141,602
(
1,302,298
)
—
(
1,302,298
)
1-day
BZDIOVER
At
Termination
10.42%
At
Termination
Bank
of
America
NA
01/02/29
BRL
119,000
(
970,755
)
—
(
970,755
)
$
(
10,656,473
)
$
—
$
(
10,656,473
)
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
60
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
May
2024
................
TWD
1,727,043,498
Merrill
Lynch
International
&
Co.
05/15/24
TWD
1,727,043
$
749,091
$
—
$
749,091
BOVESPA
Index
Futures
June
2024
................
BRL
47,057,300
Merrill
Lynch
International
&
Co.
06/12/24
BRL
47,057
(
64,778
)
—
(
64,778
)
BOVESPA
Index
Futures
June
2024
................
BRL
27,823,193
Merrill
Lynch
International
&
Co.
06/12/24
BRL
27,823
59,934
—
59,934
BOVESPA
Index
Futures
June
2024
................
BRL
265,475,566
Merrill
Lynch
International
&
Co.
06/12/24
BRL
265,476
579,802
—
579,802
KOSPI
200
Index
Futures
June
2024
................
KRW
(
9,247,048,125
)
Merrill
Lynch
International
&
Co.
06/13/24
KRW
9,247,048
(
288,340
)
—
(
288,340
)
KOSPI
200
Index
Futures
June
2024
................
KRW
(
7,140,645,050
)
Merrill
Lynch
International
&
Co.
06/13/24
KRW
7,140,645
48,645
—
48,645
KOSPI
200
Index
Futures
June
2024
................
KRW
(
11,502,569,475
)
Merrill
Lynch
International
&
Co.
06/13/24
KRW
11,502,569
147,227
—
147,227
KOSPI
200
Index
Futures
June
2024
................
KRW
(
16,014,097,775
)
Merrill
Lynch
International
&
Co.
06/13/24
KRW
16,014,098
354,052
—
354,052
KOSPI
200
Index
Futures
June
2024
................
KRW
(
9,826,588,750
)
Merrill
Lynch
International
&
Co.
06/13/24
KRW
9,826,589
(
201,350
)
—
(
201,350
)
KOSPI
200
Index
Futures
June
2024
................
KRW
(
8,905,339,625
)
Merrill
Lynch
International
&
Co.
06/13/24
KRW
8,905,340
(
3,851
)
—
(
3,851
)
KOSPI
200
Index
Futures
June
2024
................
KRW
(
144,255,892,100
)
Merrill
Lynch
International
&
Co.
06/13/24
KRW
144,255,892
(
1,771,594
)
—
(
1,771,594
)
Mexican
Bolsa
Index
Futures
June
2024
............
MXN
47,667,487
Merrill
Lynch
International
&
Co.
06/21/24
MXN
47,667
(
44,664
)
—
(
44,664
)
Swiss
Market
Index
Futures
June
2024
................
CHF
(
6,349,231
)
HSBC
Bank
plc
06/21/24
CHF
6,349
44,418
—
44,418
Swiss
Market
Index
Futures
June
2024
................
CHF
(
676,138
)
HSBC
Bank
plc
06/21/24
CHF
676
259
—
259
$
(
391,149
)
$
—
$
(
391,149
)
(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)
S&P
500
Total
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.33%
Quarterly
UBS
AG
05/24/24
USD
493,570
$
7,008,319
$
—
$
7,008,319
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
minus
0.45%
Quarterly
Merrill
Lynch
International
&
Co.
09/05/24
USD
4,252
(
311,869
)
—
(
311,869
)
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.22%
Quarterly
BNP
Paribas
SA
09/05/24
USD
8,347
(
603,772
)
—
(
603,772
)
1-day
SOFR
plus
0.38%
Quarterly
Russell
1000
Value
Index
Total
Return
Quarterly
Morgan
Stanley
&
Co.
International
plc
10/04/24
USD
10,142
(
265,540
)
—
(
265,540
)
1-day
SOFR
plus
0.40%
Quarterly
Russell
1000
Value
Index
Total
Return
Quarterly
Morgan
Stanley
&
Co.
International
plc
10/04/24
USD
17,817
(
466,698
)
—
(
466,698
)
1-day
SOFR
plus
0.45%
Quarterly
Russell
1000
Value
Index
Total
Return
Quarterly
Merrill
Lynch
International
&
Co.
10/04/24
USD
64,632
(
1,694,782
)
—
(
1,694,782
)
$
3,665,658
$
—
$
3,665,658
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
61
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0
.04
%
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
6
.75
1-day
REPO_CORRA
...................................
Canadian
Overnight
Repo
Rate
5
.01
1-day
SARON
........................................
Swiss
Average
Rate
Overnight
1
.44
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5
.33
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
5
.20
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
3
.51
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
2
.49
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
2
.10
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11
.24
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3
.57
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
4
.55
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8
.35
3-mo.
STIBOR
.......................................
Stockholm
Interbank
Offered
Rate
3
.87
3-mo.
TWCPBA
.......................................
Taiwan
Secondary
Markets
Bills
Rate
1
.62
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4
.70
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3
.80
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
5
.16
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5
.77
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)
..........................................................
$
2,469,944
$
(
978,955
)
$
21,837,643
$
(
29,751,771
)
OTC
Swaps
...................................................................
—
—
8,991,747
(
16,373,711
)
(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)
......
$
—
$
—
$
27,082,657
$
—
$
27,696,802
$
—
$
54,779,459
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
3,026,812
—
—
3,026,812
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
74
—
—
21,837,569
—
21,837,643
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
8,991,747
—
—
—
8,991,747
$
—
$
74
$
36,074,404
$
3,026,812
$
49,534,371
$
—
$
88,635,661
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
62
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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)
......
$
—
$
—
$
10,157,003
$
—
$
18,621,280
$
—
$
28,778,283
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
9,768,331
—
—
9,768,331
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
75,312
—
—
29,676,459
—
29,751,771
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
5,717,238
—
10,656,473
—
16,373,711
$
—
$
75,312
$
15,874,241
$
9,768,331
$
58,954,212
$
—
$
84,672,096
(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
April
30,
2024,
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
c
ontracts
.......................
$
—
$
—
$
(
71,266,996
)
$
—
$
45,033,214
$
—
$
(
26,233,782
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
4,220,728
)
—
—
(
4,220,728
)
Swaps
..............................
—
3,364,611
(
56,272,154
)
—
(
42,612,459
)
—
(
95,520,002
)
$
—
$
3,364,611
$
(127,539,150)
$
(4,220,728)
$
2,420,755
$
—
$
(125,974,512)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
65,987,383
$
—
$
14,270,699
$
—
$
80,258,082
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
8,310,879
)
—
—
(
8,310,879
)
Swaps
..............................
—
(
75,238
)
16,351,396
—
(
18,741,001
)
—
(
2,464,843
)
$
—
$
(75,238)
$
82,338,779
$
(8,310,879)
$
(4,470,302)
$
—
$
69,482,360
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,324,466,777
Average
notional
value
of
contracts
—
short
.................................................................................
$
2,534,275,911
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
127,074,476
Average
amounts
sold
—
in
USD
........................................................................................
$
305,738,166
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
31,180,352
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
1,824,863,614
Average
notional
value
—
receives
fixed
rate
................................................................................
$
1,727,034,213
Total
return
swaps
Average
notional
value
...............................................................................................
$
926,165,555
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
63
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
19,629,959
$
2,468,770
Forward
f
oreign
currency
exchange
contracts
.................................................................
3,026,812
9,768,331
Swaps
—
centrally
cleared
..............................................................................
—
1,322,212
Swaps
—
OTC
(a)
.....................................................................................
8,991,747
16,373,711
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
31,648,518
$
29,933,024
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
19,629,959
)
(
3,790,982
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
12,018,559
$
26,142,042
(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
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
New
York
Mellon
...........................
$
882,031
$
(
882,031
)
$
—
$
—
$
—
BNP
Paribas
SA
.................................
9,958
(
9,958
)
—
—
—
Citibank
NA
....................................
556,069
(
54,057
)
—
—
502,012
HSBC
Bank
plc
..................................
624,262
(
624,262
)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
714,810
(
714,810
)
—
—
—
Merrill
Lynch
International
&
Co.
......................
1,938,751
(
1,938,751
)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
46,013
(
46,013
)
—
—
—
Toronto
Dominion
Bank
............................
25,853
(
25,853
)
—
—
—
UBS
AG
......................................
7,114,201
—
—
—
7,114,201
Westpac
Banking
Corp.
............................
106,611
—
—
—
106,611
$
12,018,559
$
(
4,295,735
)
$
—
$
—
$
7,722,824
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(d)
Net
Amount
of
Derivative
Liabilities
(b)(e)
Bank
of
America
NA
..............................
$
3,146,646
$
—
$
—
$
(
2,960,000
)
$
186,646
Bank
of
New
York
Mellon
...........................
4,151,790
(
882,031
)
—
—
3,269,759
Barclays
Bank
plc
................................
404,007
—
—
(
404,007
)
—
BNP
Paribas
SA
.................................
2,639,279
(
9,958
)
—
(
2,320,000
)
309,321
Citibank
NA
....................................
54,057
(
54,057
)
—
—
—
Commonwealth
Bank
of
Australia
.....................
49,989
—
—
—
49,989
HSBC
Bank
plc
..................................
3,393,936
(
624,262
)
—
(
2,769,674
)
—
JPMorgan
Chase
Bank
NA
..........................
1,001,453
(
714,810
)
—
(
286,643
)
—
Merrill
Lynch
International
&
Co.
......................
4,381,228
(
1,938,751
)
—
—
2,442,477
Morgan
Stanley
&
Co.
International
plc
..................
5,923,114
(
46,013
)
—
(
1,870,000
)
4,007,101
Nomura
International
plc
...........................
965,215
—
—
—
965,215
Toronto
Dominion
Bank
............................
31,328
(
25,853
)
—
—
5,475
$
26,142,042
$
(
4,295,735
)
$
—
$
(
10,610,324
)
$
11,235,983
(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)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
64
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
....................................
12,483,341
6,691,596
—
19,174,937
Automobile
Components
..................................
306,349
2,452,999
—
2,759,348
Automobiles
..........................................
9,974,990
14,250,081
—
24,225,071
Banks
...............................................
18,855,995
30,767,970
—
49,623,965
Beverages
...........................................
4,190,926
2,109,120
—
6,300,046
Biotechnology
.........................................
30,882,493
2,586,675
—
33,469,168
Broadline
Retail
........................................
42,960,051
2,515,692
—
45,475,743
Building
Products
.......................................
15,983,962
3,670,668
—
19,654,630
Capital
Markets
........................................
15,330,631
9,706,372
—
25,037,003
Chemicals
............................................
2,738,792
2,981,949
—
5,720,741
Commercial
Services
&
Supplies
.............................
18,442,802
1,069,622
—
19,512,424
Communications
Equipment
................................
6,764,695
—
—
6,764,695
Construction
&
Engineering
................................
11,370,233
4,617,306
—
15,987,539
Construction
Materials
....................................
3,319,414
8,232,728
—
11,552,142
Consumer
Finance
......................................
2,330,480
—
—
2,330,480
Consumer
Staples
Distribution
&
Retail
........................
11,219,268
876,963
—
12,096,231
Containers
&
Packaging
..................................
5,003,637
—
—
5,003,637
Distributors
...........................................
268,272
—
—
268,272
Diversified
Consumer
Services
..............................
119,064
—
—
119,064
Diversified
REITs
.......................................
—
130,606
—
130,606
Diversified
Telecommunication
Services
........................
74,789
—
—
74,789
Electric
Utilities
........................................
116,164
6,068,800
—
6,184,964
Electrical
Equipment
.....................................
5,264,613
7,365,447
—
12,630,060
Electronic
Equipment,
Instruments
&
Components
.................
8,039,516
3,831,292
—
11,870,808
Energy
Equipment
&
Services
..............................
6,970,333
214,947
—
7,185,280
Entertainment
.........................................
9,786,230
1,304,933
—
11,091,163
Financial
Services
......................................
44,645,848
6,858,579
—
51,504,427
Food
Products
.........................................
6,553,923
7,226,252
—
13,780,175
Gas
Utilities
...........................................
93,456
217,540
—
310,996
Ground
Transportation
...................................
1,149,244
473,367
—
1,622,611
Health
Care
Equipment
&
Supplies
...........................
8,018,048
2,071,956
—
10,090,004
Health
Care
Providers
&
Services
............................
14,607,208
—
—
14,607,208
Health
Care
REITs
......................................
54,082
—
—
54,082
Health
Care
Technology
..................................
1,005,212
—
—
1,005,212
Hotel
&
Resort
REITs
....................................
66,407
—
—
66,407
Hotels,
Restaurants
&
Leisure
..............................
2,880,088
1,422,373
—
4,302,461
Household
Durables
.....................................
4,696,470
2,978,861
—
7,675,331
Household
Products
.....................................
23,169,372
1,249,238
—
24,418,610
Independent
Power
and
Renewable
Electricity
Producers
............
1,686,095
—
—
1,686,095
Industrial
Conglomerates
..................................
199,524
7,050,820
—
7,250,344
Industrial
REITs
........................................
24,198
271,967
—
296,165
Insurance
............................................
27,752,024
12,036,691
—
39,788,715
Interactive
Media
&
Services
...............................
62,956,253
309,655
—
63,265,908
IT
Services
...........................................
14,394,337
4,215,895
—
18,610,232
Leisure
Products
.......................................
20,681
—
—
20,681
Life
Sciences
Tools
&
Services
..............................
17,799,535
1,648,036
—
19,447,571
Machinery
............................................
10,482,364
7,522,350
—
18,004,714
Media
...............................................
7,112,832
1,355,594
—
8,468,426
Metals
&
Mining
........................................
7,444,593
13,814,053
—
21,258,646
Multi-Utilities
..........................................
601,497
2,049,519
—
2,651,016
Office
REITs
..........................................
60,147
261,072
—
321,219
Oil,
Gas
&
Consumable
Fuels
...............................
33,283,211
11,283,945
—
44,567,156
Paper
&
Forest
Products
..................................
865,545
—
—
865,545
Schedule
of
Investments
(continued)
April
30,
2024
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
65
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Passenger
Airlines
......................................
$
440,250
$
—
$
—
$
440,250
Personal
Care
Products
..................................
1,128,390
5,512,928
—
6,641,318
Pharmaceuticals
.......................................
60,926,035
26,861,132
—
87,787,167
Professional
Services
....................................
13,905,973
6,843,540
—
20,749,513
Real
Estate
Management
&
Development
.......................
88,276
1,580,799
—
1,669,075
Semiconductors
&
Semiconductor
Equipment
....................
82,435,309
15,993,038
—
98,428,347
Software
.............................................
117,980,631
6,970,613
—
124,951,244
Specialized
REITs
......................................
145,919
—
—
145,919
Specialty
Retail
........................................
42,221,085
1,444,861
—
43,665,946
Technology
Hardware,
Storage
&
Peripherals
....................
51,185,954
1,504,251
—
52,690,205
Textiles,
Apparel
&
Luxury
Goods
............................
346,352
3,646,946
—
3,993,298
Tobacco
.............................................
—
356,855
—
356,855
Trading
Companies
&
Distributors
............................
12,114,378
12,547,356
—
24,661,734
Transportation
Infrastructure
...............................
—
176,043
—
176,043
Water
Utilities
.........................................
423,961
677,504
—
1,101,465
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
.......................................
—
3,652,545
—
3,652,545
Rights
................................................
—
—
2,347
2,347
Warrants
..............................................
70,304
—
—
70,304
Short-Term
Securities
Money
Market
Funds
......................................
111,935,232
—
—
111,935,232
U.S.
Treasury
Obligations
...................................
—
167,613,244
—
167,613,244
$
1,029,767,283
$
451,145,184
$
2,347
$
1,480,914,814
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
74
$
—
$
74
Equity
contracts
...........................................
21,008,415
15,065,989
—
36,074,404
Foreign
currency
exchange
contracts
............................
—
3,026,812
—
3,026,812
Interest
rate
contracts
.......................................
27,696,802
21,837,569
—
49,534,371
Liabilities
Credit
contracts
...........................................
—
(
75,312
)
—
(
75,312
)
Equity
contracts
...........................................
(
2,800,677
)
(
13,073,564
)
—
(
15,874,241
)
Foreign
currency
exchange
contracts
............................
—
(
9,768,331
)
—
(
9,768,331
)
Interest
rate
contracts
.......................................
(
18,621,280
)
(
40,332,932
)
—
(
58,954,212
)
$
27,283,260
$
(
23,319,695
)
$
—
$
3,963,565
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statements
of
Assets
and
Liabilities
April
30,
2024
2024
BlackRock
Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
ex-
China
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
Global
Equity
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................................
$
53,048,729
$
10,436,211
$
11,253,025
Investments,
at
value
—
affiliated
(c)
............................................................
1,946,371
350,911
232,198
Cash
...............................................................................
124
—
—
Cash
pledged:
Futures
contracts
......................................................................
19,000
11,000
16,000
Foreign
currency,
at
value
(d)
.................................................................
9,808
15,254
16,795
Receivables:
–
–
–
Investment
s
sold
......................................................................
323,517
—
—
Securities
lending
income
—
affiliated
........................................................
—
2
1
Capital
shares
sold
.....................................................................
—
—
12,556
Dividends
—
unaffiliated
.................................................................
79,066
30,748
19,117
Dividends
—
affiliated
...................................................................
13,010
1,154
1,031
From
the
Manager
.....................................................................
33,384
19,619
81,471
Unrealized
appreciation
on:
–
–
–
OTC
swaps
..........................................................................
99,416
—
—
Deferred
offering
costs
....................................................................
—
—
17,049
Prepaid
e
xpenses
.......................................................................
32,235
19,905
5,256
Total
a
ssets
...........................................................................
55,604,660
10,884,804
11,654,499
LIABILITIES
Collateral
on
securities
loaned
...............................................................
—
24,641
4,146
Payables:
–
–
–
Investments
purchased
..................................................................
664,888
—
—
Swaps
............................................................................
7,446
—
—
Accounting
services
fees
.................................................................
17,797
20,798
13,907
Offering
costs
........................................................................
—
—
46,424
Administration
fees
.....................................................................
1,407
3
—
Capital
shares
redeemed
.................................................................
—
30
9,725
Custodian
fees
........................................................................
14,175
18,527
25,523
Deferred
foreign
capital
gain
tax
............................................................
49,850
28,675
—
Investment
advisory
fees
.................................................................
2,646
—
—
Trustees'
and
Officer's
fees
...............................................................
219
226
56
Printing
and
postage
fees
................................................................
98
32,219
10,659
Professional
fees
......................................................................
52,089
103,656
35,709
Registration
fees
......................................................................
—
671
—
Service
fees
.........................................................................
25
35
43
Transfer
agent
fees
....................................................................
1,035
523
818
Other
accrued
expenses
.................................................................
213
5,861
136
Variation
margin
on
futures
contracts
.........................................................
388
4,766
2,773
Total
li
abilities
..........................................................................
812,276
240,631
149,919
Commitments
and
contingent
liabilities
—
—
—
NET
ASSETS
..........................................................................
$
54,792,384
$
10,644,173
$
11,504,580
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
55,266,768
$
12,362,487
$
10,066,334
Accumulated
earnings
(loss)
................................................................
(
474,384
)
(
1,718,314
)
1,438,246
NET
ASSETS
..........................................................................
$
54,792,384
$
10,644,173
$
11,504,580
(a)
Investments,
at
cost
—
unaffiliated
.....................................................
$
54,085,408
$
10,090,628
$
10,150,408
(b)
Securities
loaned,
at
value
..........................................................
$
—
$
23,652
$
3,809
(c)
Investments,
at
cost
—
affiliated
.......................................................
$
1,946,371
$
350,911
$
232,198
(d)
Foreign
currency,
at
cost
...........................................................
$
9,815
$
15,293
$
17,101
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
67
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
ex-
China
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
Global
Equity
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................
$
48,839,278
$
221,600
$
115,859
Shares
outstanding
..................................................................
4,247,835
26,141
10,162
Net
asset
value
.....................................................................
$
11.50
$
8.48
$
11.40
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001
$
0.001
$
0.001
Investor
A
Net
assets
.........................................................................
$
129,770
$
186,937
$
213,435
Shares
outstanding
..................................................................
11,299
22,051
18,744
Net
asset
value
.....................................................................
$
11.49
$
8.48
$
11.39
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001
$
0.001
$
0.001
Class
K
Net
assets
.........................................................................
$
5,823,336
$
10,235,636
$
11,175,286
Shares
outstanding
..................................................................
506,410
1,207,311
980,000
Net
asset
value
.....................................................................
$
11.50
$
8.48
$
11.40
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001
$
0.001
$
0.001
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
2024
BlackRock
Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
15,340,776
$
1,368,979,582
Investments,
at
value
—
affiliated
(c)
...........................................................................
345,282
111,935,232
Cash
..............................................................................................
—
207,854
Cash
pledged:
Collateral
—
OTC
derivatives
.............................................................................
—
12,200,000
Futures
contracts
.....................................................................................
13,000
166,998,730
Centrally
cleared
swaps
.................................................................................
—
53,868,000
Foreign
currency,
at
value
(d)
................................................................................
15,168
28,592,567
Receivables:
–
–
Securities
lending
income
—
affiliated
.......................................................................
—
7,067
Swaps
...........................................................................................
—
844,114
Capital
shares
sold
....................................................................................
—
2,591,283
Dividends
—
unaffiliated
................................................................................
89,562
2,231,503
Dividends
—
affiliated
..................................................................................
1,397
580,114
Interest
—
unaffiliated
..................................................................................
—
1,184
From
the
Manager
....................................................................................
22,654
—
Due
from
broker
......................................................................................
—
5,785,926
Variation
margin
on
futures
contracts
........................................................................
—
19,629,959
Unrealized
appreciation
on:
–
–
Forward
foreign
currency
exchange
contracts
..................................................................
—
3,026,812
OTC
swaps
.........................................................................................
—
8,991,747
Prepaid
e
xpenses
......................................................................................
19,996
143,179
Total
a
ssets
..........................................................................................
15,847,835
1,786,614,853
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
—
1,003,365
Payables:
–
–
Investments
purchased
.................................................................................
—
9,921
Swaps
...........................................................................................
—
354,126
Accounting
services
fees
................................................................................
20,881
99,014
Administration
fees
....................................................................................
3
85,257
Capital
shares
redeemed
................................................................................
21,819
1,897,439
Custodian
fees
.......................................................................................
28,531
74,329
Investment
advisory
fees
................................................................................
—
747,128
Trustees'
and
Officer's
fees
..............................................................................
220
387
Other
affiliate
fees
....................................................................................
—
28,915
Printing
and
postage
fees
...............................................................................
52,353
50,309
Professional
fees
.....................................................................................
75,927
106,210
Registration
fees
.....................................................................................
726
202,017
Service
and
distribution
fees
..............................................................................
55
46,199
Transfer
agent
fees
...................................................................................
533
711,517
Other
accrued
expenses
................................................................................
5,115
35,177
Variation
margin
on
futures
contracts
........................................................................
5,101
2,468,770
Variation
margin
on
centrally
cleared
swaps
...................................................................
—
1,322,212
Unrealized
depreciation
on:
–
–
Forward
foreign
currency
exchange
contracts
..................................................................
—
9,768,331
OTC
swaps
.........................................................................................
—
16,373,711
Total
li
abilities
.........................................................................................
211,264
35,384,334
Commitments
and
contingent
liabilities
—
—
NET
ASSETS
.........................................................................................
$
15,636,571
$
1,751,230,519
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
69
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
14,208,707
$
1,711,797,828
Accumulated
earnings
...................................................................................
1,427,864
39,432,691
NET
ASSETS
.........................................................................................
$
15,636,571
$
1,751,230,519
(a)
Investments,
at
cost
—
unaffiliated
...................................................................
$
13,297,383
$
1,071,842,473
(b)
Securities
loaned,
at
value
........................................................................
$
—
$
927,290
(c)
Investments,
at
cost
—
affiliated
.....................................................................
$
345,282
$
111,935,256
(d)
Foreign
currency,
at
cost
.........................................................................
$
15,187
$
28,681,699
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
2024
BlackRock
Annual
Report
to
Shareholders
70
See
notes
to
financial
statements.
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................
$
203,549
$
1,258,547,819
Shares
outstanding
..................................................................................
18,222
88,654,880
Net
asset
value
.....................................................................................
$
11.17
$
14.20
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
0.001
$
0.001
Service
Net
assets
.........................................................................................
$
—
$
1,559,985
Shares
outstanding
..................................................................................
—
111,156
Net
asset
value
.....................................................................................
$
—
$
14.03
Shares
authorized
...................................................................................
—
Unlimited
Par
value
.........................................................................................
$
—
$
0.001
Investor
A
Net
assets
.........................................................................................
$
292,861
$
185,827,266
Shares
outstanding
..................................................................................
26,221
13,270,688
Net
asset
value
.....................................................................................
$
11.17
$
14.00
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
0.001
$
0.001
Investor
C
Net
assets
.........................................................................................
$
—
$
8,767,891
Shares
outstanding
..................................................................................
—
651,206
Net
asset
value
.....................................................................................
$
—
$
13.46
Shares
authorized
...................................................................................
—
Unlimited
Par
value
.........................................................................................
$
—
$
0.001
Class
K
Net
assets
.........................................................................................
$
15,140,161
$
296,527,558
Shares
outstanding
..................................................................................
1,355,413
20,887,072
Net
asset
value
.....................................................................................
$
11.17
$
14.20
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
0.001
$
0.001
Statements
of
Operations
Year
Ended
April
30,
2024
71
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
ex-
China
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
Global
Equity
Fund
(a)
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
302,429
$
308,358
$
160,327
Dividends
—
affiliated
...................................................................
50,828
14,120
15,837
Interest
—
unaffiliated
...................................................................
423
230
—
Securities
lending
income
—
affiliated
—
net
...................................................
—
192
8
Foreign
taxes
withheld
..................................................................
(
35,367
)
(
31,527
)
(
10,825
)
Total
investment
income
...................................................................
318,313
291,373
165,347
EXPENSES
Offering
............................................................................
185,559
—
—
Professional
.........................................................................
100,944
130,766
105,403
Investment
advisory
....................................................................
83,520
81,973
59,909
Custodian
...........................................................................
36,031
58,837
72,059
Printing
and
postage
...................................................................
34,581
28,069
12,873
Accounting
services
....................................................................
25,916
48,688
13,908
Registration
.........................................................................
18,255
46,778
1,181
Trustees
and
Officer
....................................................................
6,047
5,887
5,167
Administration
.......................................................................
4,382
4,355
3,858
Administration
—
class
specific
............................................................
2,063
2,049
1,816
Transfer
agent
—
class
specific
............................................................
1,102
511
928
Service
and
distribution
—
class
specific
......................................................
306
493
328
Organization
and
offering
................................................................
—
—
198,203
Miscellaneous
........................................................................
11,593
12,483
12,780
Total
expenses
excluding
interest
expense
.......................................................
510,299
420,889
488,413
Interest
expense
......................................................................
4,508
—
—
Total
e
xpenses
.........................................................................
514,807
420,889
488,413
Less:
–
–
–
Administration
fees
waived
...............................................................
(
3,528
)
(
4,355
)
(
3,858
)
Administration
fees
waived
by
the
Manager
—
class
specific
.........................................
(
1,140
)
(
2,046
)
(
1,816
)
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(
419,627
)
(
330,428
)
(
421,572
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
............................
(
958
)
(
354
)
(
818
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
................................................
89,554
83,706
60,349
Net
investment
income
....................................................................
228,759
207,667
104,998
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
616,945
)
$
485,503
$
1,394,356
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(b)
............................................................
$
476,637
$
(
291,639
)
$
258,294
Investments
—
affiliated
...............................................................
—
1
(
715
)
Foreign
currency
transactions
...........................................................
14,050
(
4,891
)
8,124
Futures
contracts
....................................................................
24,383
17,974
30,169
Swaps
..........................................................................
(
7,240
)
—
—
507,830
(278,555)
295,872
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(c)
............................................................
(
1,226,407
)
775,554
1,102,617
Investments
—
affiliated
...............................................................
—
(
2
)
—
Foreign
currency
translations
............................................................
(
1,013
)
(
740
)
(
665
)
Futures
contracts
....................................................................
2,631
(
10,754
)
(
3,468
)
Swaps
..........................................................................
100,014
—
—
(1,124,775)
764,058
1,098,484
Net
realized
and
unrealized
gain
(loss)
.........................................................
(616,945)
485,503
1,394,356
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........................
$
(388,186)
$
693,170
$
1,499,354
(a)
Period
from
06/21/23
(commencement
of
operations)
to
04/30/24.
(b)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
.................................
$
—
$
(
13,454
)
$
—
(c)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
..............................................
$
(
49,850
)
$
(
28,675
)
$
—
Statements
of
Operations
(continued)
Year
Ended
April
30,
2024
2024
BlackRock
Annual
Report
to
Shareholders
72
See
notes
to
financial
statements.
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
446,219
$
20,198,569
Dividends
—
affiliated
..................................................................................
16,037
3,704,257
Interest
—
unaffiliated
..................................................................................
223
20,171,061
Securities
lending
income
—
affiliated
—
net
..................................................................
25
173,265
Foreign
taxes
withheld
.................................................................................
(
47,154
)
(
745,159
)
Total
investment
income
..................................................................................
415,350
43,501,993
EXPENSES
Professional
........................................................................................
115,197
137,282
Custodian
..........................................................................................
90,750
28,116
Investment
advisory
...................................................................................
63,780
8,220,953
Accounting
services
...................................................................................
48,866
245,040
Registration
........................................................................................
46,884
169,220
Printing
and
postage
..................................................................................
27,448
58,657
Administration
......................................................................................
6,024
616,572
Trustees
and
Officer
...................................................................................
5,914
16,332
Administration
—
class
specific
...........................................................................
2,835
308,838
Transfer
agent
—
class
specific
...........................................................................
749
1,896,660
Service
and
distribution
—
class
specific
.....................................................................
670
562,964
Miscellaneous
.......................................................................................
14,985
177,564
Total
expenses
excluding
interest
expense
......................................................................
424,102
12,438,198
Interest
expense
.....................................................................................
102
288,615
Total
e
xpenses
........................................................................................
424,204
12,726,813
Less:
–
–
Administration
fees
waived
..............................................................................
(
6,024
)
—
Administration
fees
waived
by
the
Manager
—
class
specific
........................................................
(
2,833
)
—
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(
349,985
)
(
53,174
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
...........................................
(
519
)
—
Total
ex
penses
after
fees
waived
and/or
reimbursed
...............................................................
64,843
12,673,639
Net
investment
income
...................................................................................
350,507
30,828,354
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
1,106,164
$
116,954,765
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
$
385,964
$
88,576,601
Investments
—
affiliated
..............................................................................
—
699
Forward
foreign
currency
exchange
contracts
................................................................
—
(
4,220,728
)
Foreign
currency
transactions
..........................................................................
(
3,064
)
718,624
Futures
contracts
...................................................................................
2,349
(
26,233,782
)
Swaps
.........................................................................................
—
(
95,520,002
)
385,249
(36,678,588)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
732,795
86,274,158
Investments
—
affiliated
..............................................................................
—
(
29
)
Forward
foreign
currency
exchange
contracts
................................................................
—
(
8,310,879
)
Foreign
currency
translations
...........................................................................
(
1,185
)
(
2,123,136
)
Futures
contracts
...................................................................................
(
10,695
)
80,258,082
Swaps
.........................................................................................
—
(
2,464,843
)
720,915
153,633,353
Net
realized
and
unrealized
gain
............................................................................
1,106,164
116,954,765
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
1,456,671
$
147,783,119
Statements
of
Changes
in
Net
Assets
73
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
ex-China
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Year
Ended
04/30/24
Period
from
03/29/23
(a)
to
04/30/23
Year
Ended
04/30/24
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
228,759
$
14,622
$
207,667
$
231,820
Net
realized
gain
(loss)
............................................
507,830
15,564
(
278,555
)
(
882,423
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
(
1,124,775
)
142,660
764,058
66,625
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
(388,186)
172,846
693,170
(583,978)
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Institutional
...................................................
(
5,923
)
—
(
2,357
)
(
2,862
)
Investor
A
....................................................
(
6,409
)
—
(
4,199
)
(
4,449
)
Class
K
......................................................
(
286,289
)
—
(
236,342
)
(
249,172
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(298,621)
—
(242,898)
(256,483)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
50,306,345
5,000,000
36,048
1,057,969
NET
ASSETS
Total
increase
in
net
assets
...........................................
49,619,538
5,172,846
486,320
217,508
Beginning
of
year
..................................................
5,172,846
—
10,157,853
9,940,345
End
of
year
......................................................
$
54,792,384
$
5,172,846
$
10,644,173
$
10,157,853
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
74
See
notes
to
financial
statements.
BlackRock
Sustainable
Advantage
Global
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
Period
from
06/21/23
(a)
to
04/30/24
Year
Ended
04/30/24
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.............................................................
$
104,998
$
350,507
$
293,215
Net
realized
gain
(loss)
.............................................................
295,872
385,249
(
707,937
)
Net
change
in
unrealized
appreciation
(depreciation)
.........................................
1,098,484
720,915
1,713,325
Net
increase
in
net
assets
resulting
from
operations
............................................
1,499,354
1,456,671
1,298,603
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Institutional
....................................................................
(
846
)
(
5,194
)
(
5,559
)
Investor
A
.....................................................................
(
1,121
)
(
6,540
)
(
5,756
)
Class
K
.......................................................................
(
85,470
)
(
369,026
)
(
355,976
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..................................
(87,437)
(380,760)
(367,291)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
..................................
10,092,663
1,638,703
841,752
NET
ASSETS
Total
increase
in
net
assets
............................................................
11,504,580
2,714,614
1,773,064
Beginning
of
year
...................................................................
—
12,921,957
11,148,893
End
of
year
.......................................................................
$
11,504,580
$
15,636,571
$
12,921,957
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
75
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
Year
Ended
04/30/24
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
30,828,354
$
15,725,423
Net
realized
gain
(loss)
..............................................................................
(
36,678,588
)
143,742,453
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
153,633,353
(
72,143,886
)
Net
increase
in
net
assets
resulting
from
operations
.............................................................
147,783,119
87,323,990
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
107,642,980
)
(
26,945,935
)
Service
........................................................................................
(
129,951
)
(
37,621
)
Investor
A
......................................................................................
(
20,015,105
)
(
6,306,615
)
Investor
C
......................................................................................
(
911,671
)
(
275,919
)
Class
K
........................................................................................
(
34,040,380
)
(
11,681,883
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(162,740,087)
(45,247,973)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
270,844,209
(192,726,824)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
255,887,241
(
150,650,807
)
Beginning
of
year
....................................................................................
1,495,343,278
1,645,994,085
End
of
year
........................................................................................
$
1,751,230,519
$
1,495,343,278
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Report
to
Shareholders
76
BlackRock
Emerging
Markets
ex-China
Fund
Institutional
Year
Ended
04/30/24
Period
from
03/29/23
(a)
to
04/30/23
Net
asset
value,
beginning
of
period
.......................................................................
$
10.35
$
10.00
Net
investment
income
(b)
...............................................................................
0
.24
0
.03
Net
realized
and
unrealized
gain
..........................................................................
1
.50
(c)
0
.32
Net
increase
from
investment
operations
......................................................................
1.74
0.35
Distributions
(d)
–
–
From
net
investment
income
............................................................................
(
0
.23
)
—
From
net
realized
gain
.................................................................................
(
0
.36
)
—
Total
distributions
......................................................................................
(0.59
)
—
Net
asset
value,
end
of
period
............................................................................
$
11.50
$
10.35
Total
Return
(e)
Based
on
net
asset
value
................................................................................
17.18
%
3.50
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.......................................................................................
2.61
%
5.43
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................
0.92
%
0.86
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
........................................
0.83
%
0.86
%
(h)
Net
investment
income
.................................................................................
2.08
%
3.22
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................
$
48,839
$
103
Portfolio
turnover
rate
...................................................................................
37
%
3
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
25.49%
and
0.86%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
BlackRock
Emerging
Markets
ex-China
Fund
Investor
A
Year
Ended
04/30/24
Period
from
03/29/23
(a)
to
04/30/23
Net
asset
value,
beginning
of
period
.......................................................................
$
10.34
$
10.00
Net
investment
income
(b)
...............................................................................
0
.23
0
.03
Net
realized
and
unrealized
gain
..........................................................................
1
.49
(c)
0
.31
Net
increase
from
investment
operations
......................................................................
1.72
0.34
Distributions
(d)
–
–
From
net
investment
income
............................................................................
(
0
.21
)
—
From
net
realized
gain
.................................................................................
(
0
.36
)
—
Total
distributions
......................................................................................
(0.57
)
—
Net
asset
value,
end
of
period
............................................................................
$
11.49
$
10.34
Total
Return
(e)
Based
on
net
asset
value
................................................................................
16.99
%
3.40
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.......................................................................................
7.51
%
5.68
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................
1.12
%
1.11
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
........................................
1.11
%
1.11
%
(h)
Net
investment
income
.................................................................................
2.03
%
2.97
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................
$
130
$
103
Portfolio
turnover
rate
...................................................................................
37
%
3
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(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,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
25.74%
and
1.11%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Report
to
Shareholders
78
BlackRock
Emerging
Markets
ex-China
Fund
Class
K
Year
Ended
04/30/24
Period
from
03/29/23
(a)
to
04/30/23
Net
asset
value,
beginning
of
period
.......................................................................
$
10.35
$
10.00
Net
investment
income
(b)
...............................................................................
0
.26
0
.03
Net
realized
and
unrealized
gain
..........................................................................
1
.49
(c)
0
.32
Net
increase
from
investment
operations
......................................................................
1.75
0.35
Distributions
(d)
–
–
From
net
investment
income
............................................................................
(
0
.24
)
—
From
net
realized
gain
.................................................................................
(
0
.36
)
—
Total
distributions
......................................................................................
(0.60
)
—
Net
asset
value,
end
of
period
............................................................................
$
11.50
$
10.35
Total
Return
(e)
Based
on
net
asset
value
................................................................................
17.22
%
3.50
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.......................................................................................
6.99
%
5.08
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................
0.82
%
0.81
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
........................................
0.81
%
0.81
%
(h)
Net
investment
income
.................................................................................
2.34
%
3.27
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................
$
5,823
$
4,966
Portfolio
turnover
rate
...................................................................................
37
%
3
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
25.14%
and
0.81%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Institutional
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................
$
8.11
$
8.90
$
12.30
$
10.00
Net
investment
income
(b)
................................................
0
.17
0
.20
0
.16
0
.04
Net
realized
and
unrealized
gain
(loss)
.......................................
0
.39
(
0
.78
)
(
2
.37
)
2
.31
Net
increase
(decrease)
from
investment
operations
...............................
0.56
(0.58
)
(2.21
)
2.35
Distributions
(c)
–
–
–
–
From
net
investment
income
.............................................
(
0
.19
)
(
0
.21
)
(
0
.14
)
(
0
.05
)
From
net
realized
gain
..................................................
—
—
(
1
.05
)
—
Total
distributions
......................................................
(0.19
)
(0.21
)
(1.19
)
(0.05
)
Net
asset
value,
end
of
period
.............................................
$
8.48
$
8.11
$
8.90
$
12.30
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
.................................................
7.06
%
(6.47
)%
(19.84
)%
23.53
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
........................................................
4.20
%
5.40
%
4.37
%
3.70
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................
0.86
%
0.86
%
0.86
%
0.86
%
(g)
Net
investment
income
..................................................
2.09
%
2.44
%
1.51
%
0.47
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................
$
222
$
102
$
119
$
125
Portfolio
turnover
rate
....................................................
148
%
139
%
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)
2024
BlackRock
Annual
Report
to
Shareholders
80
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Investor
A
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................
$
8.11
$
8.89
$
12.29
$
10.00
Net
investment
income
(b)
................................................
0
.14
0
.17
0
.13
0
.02
Net
realized
and
unrealized
gain
(loss)
.......................................
0
.40
(
0
.77
)
(
2
.36
)
2
.31
Net
increase
(decrease)
from
investment
operations
...............................
0.54
(0.60
)
(2.23
)
2.33
Distributions
(c)
–
–
–
–
From
net
investment
income
.............................................
(
0
.17
)
(
0
.18
)
(
0
.12
)
(
0
.04
)
From
net
realized
gain
..................................................
—
—
(
1
.05
)
—
Total
distributions
......................................................
(0.17
)
(0.18
)
(1.17
)
(0.04
)
Net
asset
value,
end
of
period
.............................................
$
8.48
$
8.11
$
8.89
$
12.29
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
.................................................
6.78
%
(6.72
)%
(20.04
)%
23.33
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
........................................................
4.48
%
5.57
%
4.71
%
3.92
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................
1.11
%
1.11
%
1.11
%
1.11
%
(g)
Net
investment
income
..................................................
1.76
%
2.07
%
1.21
%
0.31
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................
$
187
$
208
$
149
$
138
Portfolio
turnover
rate
....................................................
148
%
139
%
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)
81
Financial
Highlights
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Class
K
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
........................................
$
8.11
$
8.90
$
12.30
$
10.00
Net
investment
income
(b)
................................................
0
.17
0
.20
0
.17
0
.04
Net
realized
and
unrealized
gain
(loss)
.......................................
0
.40
(
0
.77
)
(
2
.37
)
2
.31
Net
increase
(decrease)
from
investment
operations
...............................
0.57
(0.57
)
(2.20
)
2.35
Distributions
(c)
–
–
–
–
From
net
investment
income
.............................................
(
0
.20
)
(
0
.22
)
(
0
.15
)
(
0
.05
)
From
net
realized
gain
..................................................
—
—
(
1
.05
)
—
Total
distributions
......................................................
(0.20
)
(0.22
)
(1.20
)
(0.05
)
Net
asset
value,
end
of
period
.............................................
$
8.48
$
8.11
$
8.90
$
12.30
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
.................................................
7.11
%
(6.41
)%
(19.80
)%
23.55
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
........................................................
4.10
%
5.18
%
4.24
%
3.39
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................
0.81
%
0.81
%
0.81
%
0.81
%
(g)
Net
investment
income
..................................................
2.03
%
2.42
%
1.56
%
0.52
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................
$
10,236
$
9,847
$
9,672
$
12,056
Portfolio
turnover
rate
....................................................
148
%
139
%
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
the
period)
2024
BlackRock
Annual
Report
to
Shareholders
82
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Institutional
Period
from
06/21/23
(a)
to
04/30/24
Net
asset
value,
beginning
of
period
.....................................................................................
$
10.00
Net
investment
income
(b)
.............................................................................................
0
.10
Net
realized
and
unrealized
gain
........................................................................................
1
.38
Net
increase
from
investment
operations
....................................................................................
1.48
Distributions
from
net
investment
income
(c)
................................................................................
(0.08
)
Net
asset
value,
end
of
period
..........................................................................................
$
11.40
Total
Return
(d)
Based
on
net
asset
value
..............................................................................................
14.92
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.....................................................................................................
5.32
%
(g)
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
............................................................................
0.71
%
(g)
(h)
(i)
Net
investment
income
...............................................................................................
1.11
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................................
$
116
Portfolio
turnover
rate
.................................................................................................
78
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
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
non-recurring
expenses
of
offering
and
organization
costs.
Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
3.52%
and
0.71%,
respectively.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
5.71%
and
0.71%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
83
Financial
Highlights
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Investor
A
Period
from
06/21/23
(a)
to
04/30/24
Net
asset
value,
beginning
of
period
.....................................................................................
$
10.00
Net
investment
income
(b)
.............................................................................................
0
.08
Net
realized
and
unrealized
gain
........................................................................................
1
.38
Net
increase
from
investment
operations
....................................................................................
1.46
Distributions
from
net
investment
income
(c)
................................................................................
(0.07
)
Net
asset
value,
end
of
period
..........................................................................................
$
11.39
Total
Return
(d)
Based
on
net
asset
value
..............................................................................................
14.71
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.....................................................................................................
5.59
%
(g)
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
............................................................................
0.96
%
(g)
(h)
(i)
Net
investment
income
...............................................................................................
0.86
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................................
$
213
Portfolio
turnover
rate
.................................................................................................
78
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
offering
and
organization
costs.
Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
3.87%
and
0.96%,
respectively.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
5.96%
and
0.96%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
2024
BlackRock
Annual
Report
to
Shareholders
84
BlackRock
Sustainable
Advantage
Global
Equity
Fund
Class
K
Period
from
06/21/23
(a)
to
04/30/24
Net
asset
value,
beginning
of
period
.....................................................................................
$
10.00
Net
investment
income
(b)
.............................................................................................
0
.10
Net
realized
and
unrealized
gain
........................................................................................
1
.39
Net
increase
from
investment
operations
....................................................................................
1.49
Distributions
from
net
investment
income
(c)
................................................................................
(0.09
)
Net
asset
value,
end
of
period
..........................................................................................
$
11.40
Total
Return
(d)
Based
on
net
asset
value
..............................................................................................
14.95
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.....................................................................................................
4.98
%
(g)
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
............................................................................
0.66
%
(g)
(h)
(i)
Net
investment
income
...............................................................................................
1.16
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................................
$
11,175
Portfolio
turnover
rate
.................................................................................................
78
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
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
non-recurring
expenses
of
offering
and
organization
costs.
Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
3.18%
and
0.66%,
respectively.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
5.37%
and
0.66%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
BlackRock
Sustainable
Advantage
International
Equity
Fund
Institutional
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................
$
10.39
$
9.64
$
12.08
$
10.00
Net
investment
income
(b)
.................................................
0
.26
0
.24
0
.23
0
.13
Net
realized
and
unrealized
gain
(loss)
........................................
0
.80
0
.82
(
1
.16
)
2
.01
Net
increase
(decrease)
from
investment
operations
................................
1.06
1.06
(0.93
)
2.14
Distributions
(c)
–
–
–
–
From
net
investment
income
..............................................
(
0
.28
)
(
0
.31
)
(
0
.27
)
(
0
.06
)
From
net
realized
gain
...................................................
—
—
(
1
.24
)
(
0
.00
)
(d)
Total
distributions
........................................................
(0.28
)
(0.31
)
(1.51
)
(0.06
)
Net
asset
value,
end
of
period
..............................................
$
11.17
$
10.39
$
9.64
$
12.08
Total
Return
(e)
Based
on
net
asset
value
..................................................
10.40
%
11.43
%
(9.13
)%
21.53
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.........................................................
3.07
%
4.29
%
3.72
%
3.40
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.50
%
0.50
%
0.50
%
0.50
%
(h)
Net
investment
income
...................................................
2.44
%
2.60
%
2.04
%
1.69
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
204
$
192
$
174
$
156
Portfolio
turnover
rate
.....................................................
89
%
118
%
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)
2024
BlackRock
Annual
Report
to
Shareholders
86
BlackRock
Sustainable
Advantage
International
Equity
Fund
Investor
A
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................
$
10.39
$
9.63
$
12.07
$
10.00
Net
investment
income
(b)
.................................................
0
.23
0
.22
0
.21
0
.11
Net
realized
and
unrealized
gain
(loss)
........................................
0
.81
0
.81
(
1
.16
)
2
.01
Net
increase
(decrease)
from
investment
operations
................................
1.04
1.03
(0.95
)
2.12
Distributions
(c)
–
–
–
–
From
net
investment
income
..............................................
(
0
.26
)
(
0
.27
)
(
0
.25
)
(
0
.05
)
From
net
realized
gain
...................................................
—
—
(
1
.24
)
(
0
.00
)
(d)
Total
distributions
........................................................
(0.26
)
(0.27
)
(1.49
)
(0.05
)
Net
asset
value,
end
of
period
..............................................
$
11.17
$
10.39
$
9.63
$
12.07
Total
Return
(e)
Based
on
net
asset
value
..................................................
10.14
%
11.12
%
(9.32
)%
21.33
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.........................................................
3.41
%
4.56
%
4.02
%
3.76
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.75
%
0.75
%
0.74
%
0.75
%
(h)
Net
investment
income
...................................................
2.18
%
2.36
%
1.85
%
1.45
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
293
$
265
$
204
$
140
Portfolio
turnover
rate
.....................................................
89
%
118
%
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)
87
Financial
Highlights
BlackRock
Sustainable
Advantage
International
Equity
Fund
Class
K
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................
$
10.39
$
9.65
$
12.08
$
10.00
Net
investment
income
(b)
.................................................
0
.26
0
.25
0
.24
0
.13
Net
realized
and
unrealized
gain
(loss)
........................................
0
.81
0
.80
(
1
.16
)
2
.01
Net
increase
(decrease)
from
investment
operations
................................
1.07
1.05
(0.92
)
2.14
Distributions
(c)
–
–
–
–
From
net
investment
income
..............................................
(
0
.29
)
(
0
.31
)
(
0
.27
)
(
0
.06
)
From
net
realized
gain
...................................................
—
—
(
1
.24
)
(
0
.00
)
(d)
Total
distributions
........................................................
(0.29
)
(0.31
)
(1.51
)
(0.06
)
Net
asset
value,
end
of
period
..............................................
$
11.17
$
10.39
$
9.65
$
12.08
Total
Return
(e)
Based
on
net
asset
value
..................................................
10.46
%
11.42
%
(9.00
)%
21.55
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.........................................................
2.98
%
4.05
%
3.64
%
3.15
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
0.45
%
0.45
%
0.45
%
0.45
%
(h)
Net
investment
income
...................................................
2.48
%
2.65
%
2.10
%
1.72
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................
$
15,140
$
12,466
$
10,770
$
11,842
Portfolio
turnover
rate
.....................................................
89
%
118
%
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)
2024
BlackRock
Annual
Report
to
Shareholders
88
(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)
Amount
is
less
than
0.005%.
(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.
BlackRock
Tactical
Opportunities
Fund
Institutional
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
14.41
$
14.05
$
14.05
$
13.59
$
13.67
$
15.44
Net
investment
income
(a)
...................
0
.29
0
.15
0
.05
0
.05
0
.06
0
.19
Net
realized
and
unrealized
gain
(loss)
..........
1
.07
0
.72
(
0
.05
)
0
.79
0
.32
(
0
.57
)
Net
increase
(decrease)
from
investment
operations
..
1.36
0.87
0.00
0.84
0.38
(0.38
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
1
.57
)
—
—
(
0
.38
)
(
0
.46
)
(
0
.55
)
From
net
realized
gain
.....................
—
(
0
.51
)
—
—
—
(
0
.84
)
Return
of
capital
.........................
—
—
—
(
0
.00
)
(c)
—
—
Total
distributions
..........................
(1.57
)
(0.51
)
—
(0.38
)
(0.46
)
(1.39
)
Net
asset
value,
end
of
period
................
$
14.20
$
14.41
$
14.05
$
14.05
$
13.59
$
13.67
Total
Return
(d)
Based
on
net
asset
value
....................
10.19
%
6.22
%
0.00
%
(e)
6.18
%
2.79
%
(f)
(2.43
)%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
(h)
..........................
0.81
%
0.84
%
0.79
%
0.81
%
0.86
%
(i)
0.80
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.81
%
0.83
%
0.79
%
0.80
%
0.85
%
(i)
0.79
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.................
0.79
%
0.83
%
0.79
%
0.80
%
0.85
%
(i)
0.79
%
Net
investment
income
.....................
2.02
%
1.08
%
0.33
%
0.38
%
0.77
%
(i)
1.36
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
1,258,548
$
954,744
$
672,822
$
464,694
$
289,127
$
290,851
Portfolio
turnover
rate
.......................
146
%
172
%
110
%
136
%
167
%
288
%
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Expense
ratios
................................................
N/A
N/A
N/A
N/A
N/A
0.79%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
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%.
BlackRock
Tactical
Opportunities
Fund
Service
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
14.27
$
13.94
$
13.97
$
13.54
$
13.56
$
15.33
Net
investment
income
(a)
...................
0
.24
0
.12
0
.00
(b)
0
.01
0
.04
0
.16
Net
realized
and
unrealized
gain
(loss)
..........
1
.06
0
.70
(
0
.03
)
0
.78
0
.31
(
0
.58
)
Net
increase
(decrease)
from
investment
operations
..
1.30
0.82
(0.03
)
0.79
0.35
(0.42
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
................
(
1
.54
)
—
—
(
0
.36
)
(
0
.37
)
(
0
.51
)
From
net
realized
gain
.....................
—
(
0
.49
)
—
—
—
(
0
.84
)
Return
of
capital
.........................
—
—
—
(
0
.00
)
(d)
—
—
Total
distributions
..........................
(1.54
)
(0.49
)
—
(0.36
)
(0.37
)
(1.35
)
Net
asset
value,
end
of
period
................
$
14.03
$
14.27
$
13.94
$
13.97
$
13.54
$
13.56
Total
Return
(e)
Based
on
net
asset
value
....................
9.80
%
5.93
%
(0.21
)%
5.86
%
2.63
%
(f)
(2.74
)%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
(h)
..........................
1.08
%
1.11
%
1.06
%
1.07
%
1.16
%
(i)
1.06
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.07
%
1.10
%
1.06
%
1.06
%
1.14
%
(i)
1.06
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.................
1.05
%
1.10
%
1.06
%
1.06
%
1.14
%
(i)
1.06
%
Net
investment
income
.....................
1.73
%
0.82
%
0.00
%
(j)
0.08
%
0.53
%
(i)
1.14
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
1,560
$
1,053
$
953
$
1,972
$
836
$
767
Portfolio
turnover
rate
.......................
146
%
172
%
110
%
136
%
167
%
288
%
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Expense
ratios
................................................
N/A
N/A
N/A
N/A
N/A
1.04%
Se
e
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Report
to
Shareholders
90
BlackRock
Tactical
Opportunities
Fund
Investor
A
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
14.23
$
13.90
$
13.93
$
13.49
$
13.54
$
15.31
Net
investment
income
(a)
....................
0
.24
0
.10
0
.00
(b)
0
.01
0
.04
0
.14
Net
realized
and
unrealized
gain
(loss)
...........
1
.06
0
.71
(
0
.03
)
0
.77
0
.32
(
0
.56
)
Net
increase
(decrease)
from
investment
operations
...
1.30
0.81
(0.03
)
0.78
0.36
(0.42
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.................
(
1
.53
)
—
—
(
0
.34
)
(
0
.41
)
(
0
.51
)
From
net
realized
gain
......................
—
(
0
.48
)
—
—
—
(
0
.84
)
Return
of
capital
..........................
—
—
—
(
0
.00
)
(d)
—
—
Total
distributions
...........................
(1.53
)
(0.48
)
—
(0.34
)
(0.41
)
(1.35
)
Net
asset
value,
end
of
period
.................
$
14.00
$
14.23
$
13.90
$
13.93
$
13.49
$
13.54
Total
Return
(e)
Based
on
net
asset
value
.....................
9.84
%
5.86
%
(0.22
)%
5.77
%
2.70
%
(f)
(2.77
)%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
............................
1.08
%
1.13
%
1.08
%
1.09
%
1.15
%
(h)
1.10
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
...
1.08
%
1.13
%
1.08
%
1.09
%
1.14
%
(h)
1.09
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
..................
1.06
%
1.13
%
1.08
%
1.09
%
1.14
%
(h)
1.09
%
Net
investment
income
......................
1.71
%
0.75
%
0.03
%
0.09
%
0.48
%
(h)
1.01
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
185,827
$
192,584
$
187,461
$
202,884
$
208,746
$
218,634
Portfolio
turnover
rate
........................
146
%
172
%
110
%
136
%
167
%
288
%
(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)
91
Financial
Highlights
BlackRock
Tactical
Opportunities
Fund
Investor
C
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
13.74
$
13.47
$
13.60
$
13.13
$
13.14
$
14.81
Net
investment
income
(loss)
(a)
...............
0
.14
0
.01
(
0
.10
)
(
0
.09
)
(
0
.02
)
0
.04
Net
realized
and
unrealized
gain
(loss)
..........
1
.01
0
.68
(
0
.03
)
0
.75
0
.31
(
0
.54
)
Net
increase
(decrease)
from
investment
operations
..
1.15
0.69
(0.13
)
0.66
0.29
(0.50
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
1
.43
)
—
—
(
0
.19
)
(
0
.30
)
(
0
.33
)
From
net
realized
gain
.....................
—
(
0
.42
)
—
—
—
(
0
.84
)
Return
of
capital
.........................
—
—
—
(
0
.00
)
(c)
—
—
Total
distributions
..........................
(1.43
)
(0.42
)
—
(0.19
)
(0.30
)
(1.17
)
Net
asset
value,
end
of
period
................
$
13.46
$
13.74
$
13.47
$
13.60
$
13.13
$
13.14
Total
Return
(d)
Based
on
net
asset
value
....................
9.00
%
5.19
%
(0.96
)%
5.02
%
2.21
%
(e)
(3.45
)%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.79
%
1.83
%
1.83
%
1.84
%
1.86
%
(g)
1.82
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.79
%
1.83
%
1.83
%
1.84
%
1.85
%
(g)
1.81
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.................
1.77
%
1.83
%
1.83
%
1.84
%
1.85
%
(g)
1.81
%
Net
investment
income
(loss)
.................
1.00
%
0.07
%
(0.72
)%
(0.65
)%
(0.24
)%
(g)
0.26
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
8,768
$
9,665
$
7,478
$
8,665
$
13,187
$
17,171
Portfolio
turnover
rate
.......................
146
%
172
%
110
%
136
%
167
%
288
%
(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)
2024
BlackRock
Annual
Report
to
Shareholders
92
BlackRock
Tactical
Opportunities
Fund
Class
K
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
14.41
$
14.04
$
14.02
$
13.57
$
13.65
$
15.43
Net
investment
income
(a)
....................
0
.30
0
.15
0
.06
0
.07
0
.07
0
.21
Net
realized
and
unrealized
gain
(loss)
...........
1
.08
0
.74
(
0
.04
)
0
.78
0
.32
(
0
.57
)
Net
increase
(decrease)
from
investment
operations
...
1.38
0.89
0.02
0.85
0.39
(0.36
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
1
.59
)
—
—
(
0
.40
)
(
0
.47
)
(
0
.58
)
From
net
realized
gain
......................
—
(
0
.52
)
—
—
—
(
0
.84
)
Return
of
capital
..........................
—
—
—
(
0
.00
)
(c)
—
—
Total
distributions
...........................
(1.59
)
(0.52
)
—
(0.40
)
(0.47
)
(1.42
)
Net
asset
value,
end
of
period
.................
$
14.20
$
14.41
$
14.04
$
14.02
$
13.57
$
13.65
Total
Return
(d)
Based
on
net
asset
value
.....................
10.33
%
6.36
%
0.14
%
6.25
%
2.93
%
(e)
(2.34
)%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
............................
0.68
%
0.69
%
0.66
%
0.67
%
0.72
%
(g)
0.67
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.67
%
0.68
%
0.66
%
0.66
%
0.72
%
(g)
0.67
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
..................
0.66
%
0.68
%
0.66
%
0.66
%
0.72
%
(g)
0.67
%
Net
investment
income
......................
2.11
%
1.05
%
0.44
%
0.49
%
0.91
%
(g)
1.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
296,528
$
337,297
$
777,280
$
779,750
$
363,505
$
366,664
Portfolio
turnover
rate
........................
146
%
172
%
110
%
136
%
167
%
288
%
(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.
Notes
to
Financial
Statements
93
Notes
to
Financial
Statements
1.
ORGANIZATION
BlackRock
Funds
SM
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Massachusetts
business
trust.
The
following
,
each
of
which
is
a
series
of
the
Trust,
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional,
Service
and
Class
K
Shares
are
sold
only
to
certain
eligible
investors.
Service,
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
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
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
April
30,
2024
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Emerging
Markets
ex-China
Fund
......................................
Emerging
Markets
ex-China
Non-Diversified
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
........................
Sustainable
Advantage
Emerging
Markets
Equity
Diversified
BlackRock
Sustainable
Advantage
Global
Equity
Fund
................................
Sustainable
Advantage
Global
Equity
Diversified
BlackRock
Sustainable
Advantage
International
Equity
Fund
............................
Sustainable
Advantage
International
Equity
Diversified
BlackRock
Tactical
Opportunities
Fund
..........................................
Tactical
Opportunities
Diversified
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
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
94
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.
Bank
Overdraft
:
Certain
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian during
the
reporting
period.
The
Funds are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
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.
Organization
and
Offering
Costs:
Upon
commencement
of
operations,
organization
costs
associated
with
the
establishment
of
the
Sustainable
Advantage
Global
Equity
was
expensed
by
the
Fund
and
reimbursed
by
the
Manager.
The
Manager
reimbursed
the
Fund
following
amounts,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
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”).
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.
Fund
Name
Amounts
Reimbursed
Sustainable
Advantage
Global
Equity
.....................................................................................
$
25,000
Notes
to
Financial
Statements
(continued)
95
Notes
to
Financial
Statements
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
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
involves
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
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
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
96
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
related
collateral,
if
any, 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
(continued)
97
Notes
to
Financial
Statements
As
of
period
end,
the
following
tables
are
a
summary
of
the
Funds'
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
Net
Amount
Sustainable
Advantage
Emerging
Markets
Equity
Credit
Suisse
Securities
(USA)
LLC
................
$
23,652
$
(23,652)
$
—
$
—
Sustainable
Advantage
Global
Equity
BofA
Securities,
Inc.
...........................
$
3,809
$
(3,809)
$
—
$
—
Tactical
Opportunities
Barclays
Capital,
Inc.
..........................
4,883
(4,883)
—
—
BofA
Securities,
Inc.
...........................
617,698
(617,698)
—
—
Citigroup
Global
Markets,
Inc.
....................
9,509
(9,509)
—
—
Credit
Suisse
Securities
(USA)
LLC
................
6,080
(6,080)
—
—
J.P.
Morgan
Securities
LLC
......................
24,327
(24,327)
—
—
Morgan
Stanley
..............................
264,386
(264,386)
—
—
SG
Americas
Securities
LLC
.....................
407
(407)
—
—
$
927,290
$
(927,290)
$
—
$
—
(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.
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. The
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.
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
98
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Funds
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Funds
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Funds
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
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.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
each
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Funds
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Funds
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
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
Notes
to
Financial
Statements
(continued)
99
Notes
to
Financial
Statements
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
derivative
contract
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
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds’
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
With
respect
to
Emerging
Markets
ex-China
and
Tactical
Opportunities,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
BlackRock
(Singapore)
Limited
(“BSL”)
and
BlackRock
Asset
Management
North
Asia
Limited
("BAMNA")
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager,
as
applicable.
The
Manager
pays
BIL
and
BAMNA
for
services
they
provide
for
that
portion
of
Emerging
Markets
ex-China
for
which
BIL
and
BAMNA,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Emerging
Markets
ex-China
to
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.
Investment
Advisory
Fees
Average
Daily
Net
Assets
Emerging
Markets
ex-
China
Sustainable
Advantage
Emerging
Markets
Equity
Sustainable
Advantage
Global
Equity
Sustainable
Advantage
International
Equity
First
$1
billion
..............................................................
0.810%
0.800%
0.660%
0.450%
$1
billion
-
$3
billion
..........................................................
0.760
0.750
0.620
0.420
$3
billion
-
$5
billion
..........................................................
0.730
0.720
0.590
0.410
$5
billion
-
$10
billion
.........................................................
0.700
0.700
0.570
0.390
Greater
than
$10
billion
........................................................
0.690
0.680
0.560
0.380
Investment
Advisory
Fees
Average
Daily
Net
Assets
Tactical
Opportunities
First
$1
billion
.........................................................................................................
0.550%
$1
billion
-
$2
billion
.....................................................................................................
0.500
$2
billion
-
$3
billion
.....................................................................................................
0.475
Greater
than
$3
billion
...................................................................................................
0.450
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
100
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
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 period
ended
April
30,
2024,
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 each
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes 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.
For
the
period
ended
April
30,
2024, 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
period ended April
30,
2024, 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 period
ended
April
30,
2024,
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:
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
Emerging
Markets
ex-China
..............................................................
$
—
$
306
$
—
$
306
Sustainable
Advantage
Emerging
Markets
Equity
................................................
—
493
—
493
Sustainable
Advantage
Global
Equity
........................................................
—
328
—
328
Sustainable
Advantage
International
Equity
....................................................
—
670
—
670
Tactical
Opportunities
...................................................................
3,314
471,602
88,048
562,964
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
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Emerging
Markets
ex-China
..............................................
$
944
$
—
$
25
$
—
$
1,094
$
2,063
Sustainable
Advantage
Emerging
Markets
Equity
................................
25
—
39
—
1,985
2,049
Sustainable
Advantage
Global
Equity
........................................
18
—
27
—
1,771
1,816
Sustainable
Advantage
International
Equity
....................................
39
—
54
—
2,742
2,835
Tactical
Opportunities
...................................................
206,231
265
37,728
1,761
62,853
308,838
Fund
Name
Institutional
Tactical
Opportunities
.......................................................................................................
$
212,483
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Sustainable
Advantage
Emerging
Markets
Equity
................................
$
27
$
—
$
20
$
—
$
41
$
88
Sustainable
Advantage
International
Equity
....................................
40
—
59
—
29
128
Tactical
Opportunities
...................................................
3,758
95
65,055
1,744
504
71,156
Notes
to
Financial
Statements
(continued)
101
Notes
to
Financial
Statements
For
the
period ended
April
30,
2024,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the period
ended April
30,
2024,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of each
Fund’s Investor
A
Shares as
follows:
For
the period
ended
April
30,
2024,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers,
Reimbursements
and
Recoupments:
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,
2025.
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 period
ended
April
30,
2024,
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,
2025.
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
period
ended
April
30,
2024,
the
Manager
waived
$567
in
investment
advisory
fees
with
respect
to
Sustainable
Advantage
Global
Equity
pursuant
to
this
arrangement.
With
respect
to
each
Fund,
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,
2025
for Emerging
Markets
ex-China,
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
Global
Equity
and
Sustainable
Advantage
International
Equity, unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the
period
ended
April
30,
2024,
the
amounts
included
in
fees
waived
and/
or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Emerging
Markets
ex-China
..............................................
$
363
$
—
$
376
$
—
$
363
$
1,102
Sustainable
Advantage
Emerging
Markets
Equity
................................
124
—
281
—
106
511
Sustainable
Advantage
Global
Equity
........................................
305
—
313
—
310
928
Sustainable
Advantage
International
Equity
....................................
168
—
465
—
116
749
Tactical
Opportunities
...................................................
1,520,714
2,126
320,391
11,489
41,940
1,896,660
Fund
Name
Other
Fees
Sustainable
Advantage
Global
Equity
...........................................................................................
$
148
Tactical
Opportunities
......................................................................................................
4,335
Fund
Name
Investor
A
Investor
C
Tactical
Opportunities
...........................................................................................
$
241
$
671
Fund
Name
Amounts
Waived
Emerging
Markets
ex-China
.............................................................................................
$
506
Sustainable
Advantage
Emerging
Markets
Equity
...............................................................................
205
Sustainable
Advantage
Global
Equity
.......................................................................................
157
Sustainable
Advantage
International
Equity
...................................................................................
233
Tactical
Opportunities
..................................................................................................
53,174
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Emerging
Markets
ex-China
...................................................
0.86%
N/A
1.11%
N/A
0.81%
Sustainable
Advantage
Emerging
Markets
Equity
.....................................
0.86
N/A
1.11
N/A
0.81
Sustainable
Advantage
Global
Equity
.............................................
0.71
N/A
0.96
N/A
0.66
Sustainable
Advantage
International
Equity
.........................................
0.50
N/A
0.75
N/A
0.45
Tactical
Opportunities
........................................................
0.89
1.17%
1.37
2.14%
0.84
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Emerging
Markets
ex-China
...................................................................................................
$
419,121
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................................................
330,223
Sustainable
Advantage
Global
Equity
.............................................................................................
395,848
Sustainable
Advantage
International
Equity
.........................................................................................
349,752
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
102
The
following
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
in
the
Statements
of
Operations.
For
the period ended
April
30,
2024,
the
amounts
were as
follows:
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
period ended
April
30,
2024,
class
specific
expense
waivers
and/or
reimbursements were
as
follows:
With
respect
to
the
contractual
expense
limitation,
if
during
a
Fund’s
fiscal
year
the
operating
expenses
of
a
share
class,
that
at
any
time
during
the
prior
two
fiscal
years
received
a
waiver
and/or
reimbursement
from
the
Manager,
are
less
than
the
current
expense
limitation
for
that
share
class,
the
Manager
is
entitled
to
be
reimbursed
by
such
share
class
up
to
the
lesser
of:
(a)
the
amount
of
fees
waived
and/or
expenses
reimbursed
during
those
prior
two
fiscal
years
under
the
agreement
and
(b)
an
amount
not
to
exceed
either
the
current
expense
limitation
of
that
share
class
or
the
expense
limitation
of
the
share
class
in
effect
at
the
time
that
the
share
class
received
the
applicable
waiver
and/or
reimbursement,
provided
that:
(1)
each
Fund,
of
which
the
share
class
is
a
part,
has
more
than
$50
million
in
assets
for
the
fiscal
year,
and
(2)
the
Manager
or
an
affiliate
continues
to
serve
as
a
Fund’s
investment
adviser
or
administrator.
This
repayment
applies
only
to
the
contractual
expense
limitation
on
net
expenses
and
does
not
apply
to
the
contractual
investment
advisory
fee
waiver
described
above
or
any
voluntary
waivers
that
may
be
in
effect
from
time
to
time.
Effective
March
30,
2030,
the
repayment
arrangement
between
Emerging
Markets
ex-China
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under
Emerging
Markets
ex-China's
contractual
caps
on
net
expenses
will
be
terminated.
Effective
June
22,
2030,
the
repayment
arrangement
between
Sustainable
Advantage
Global
Equity
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under
Sustainable
Advantage
Global
Equity's
contractual
caps
on
net
expenses
will
be
terminated.
Fund
Name
Administration
Fees
Waived
Emerging
Markets
ex-China
...................................................................................................
$
3,528
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................................................
4,355
Sustainable
Advantage
Global
Equity
.............................................................................................
3,858
Sustainable
Advantage
International
Equity
.........................................................................................
6,024
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Emerging
Markets
ex-China
Institutional
....................................................................................
$
21
$
280
Investor
A
.....................................................................................
25
315
Class
K
......................................................................................
1,094
363
$
1,140
$
958
Sustainable
Advantage
Emerging
Markets
Equity
Institutional
....................................................................................
22
66
Investor
A
.....................................................................................
39
182
Class
K
......................................................................................
1,985
106
$
2,046
$
354
Sustainable
Advantage
Global
Equity
Institutional
....................................................................................
18
260
Investor
A
.....................................................................................
27
248
Class
K
......................................................................................
1,771
310
$
1,816
$
818
Sustainable
Advantage
International
Equity
Institutional
....................................................................................
37
72
Investor
A
.....................................................................................
54
331
Class
K
......................................................................................
2,742
116
$
2,833
$
519
Notes
to
Financial
Statements
(continued)
103
Notes
to
Financial
Statements
As
of April
30,
2024,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement 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 fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
the
Funds
bear
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
reinvested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee,
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits the
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
Tactical
Opportunities retains
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,
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,
Emerging
Markets
ex-China,
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
Global
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,
Emerging
Markets
ex-China,
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
Global
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.
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 period
ended
April
30,
2024, 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
and
Emerging
Markets
ex-China
is
currently
permitted
to
borrow
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board.
During the
period
ended
April
30,
2024,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Expiring
April
30,
2025
2026
Emerging
Markets
ex-China
Fund
Level
......................................................................................
$
76,494
$
422,649
Institutional
......................................................................................
30
301
Investor
A
.......................................................................................
29
3
40
Class
K
.........................................................................................
118
1,457
Sustainable
Advantage
Global
Equity
Fund
Level
......................................................................................
—
399,70
6
Institutional
......................................................................................
—
278
Investor
A
.......................................................................................
—
27
5
Class
K
.........................................................................................
—
2,081
Fund
Name
Amounts
Sustainable
Advantage
Emerging
Markets
Equity
...................................................................................
$
33
Sustainable
Advantage
Global
Equity
...........................................................................................
2
Sustainable
Advantage
International
Equity
.......................................................................................
5
Tactical
Opportunities
......................................................................................................
40,594
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
104
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
period
ended
April
30,
2024,
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 period ended
April
30,
2024,
purchases
and
sales
of
investments,
including
paydowns,
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
April
30,
2024,
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.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or NAVs
per
share.
As
of
period
end,
permanent
differences
attributable
to
non-deductible
expenses
and
distributions
paid
in
excess
of
taxable
income
were reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Tactical
Opportunities
...................................................................
$
50,751,649
$
111,501,901
$
13,469,809
Other
Securities
Fund
Name
Purchases
Sales
Emerging
Markets
ex-China
..............................................................................
$
53,498,212
$
4,529,392
Sustainable
Advantage
Emerging
Markets
Equity
................................................................
14,942,170
14,823,612
Sustainable
Advantage
Global
Equity
........................................................................
17,933,264
8,040,357
Sustainable
Advantage
International
Equity
....................................................................
13,975,525
12,343,225
Tactical
Opportunities
...................................................................................
1,572,403,213
1,620,239,686
Fund
Name
Paid-In
Capital
Accumulated
Earnings
(Loss)
Emerging
Markets
ex-China
...................................................................
$
(38,696)
$
38,696
Sustainable
Advantage
Global
Equity
.............................................................
(26,329)
26,329
Tactical
Opportunities
........................................................................
(14,879,528)
14,879,528
—
Fund
Name
Period
Ended
04/30/24
Year
Ended
04/30/23
Emerging
Markets
ex-China
Ordinary
income
...........................................................................................
$
298,621
$
—
Sustainable
Advantage
Emerging
Markets
Equity
Ordinary
income
...........................................................................................
$
242,898
$
256,483
Sustainable
Advantage
Global
Equity
Ordinary
income
...........................................................................................
$
87,437
$
—
Sustainable
Advantage
International
Equity
Ordinary
income
...........................................................................................
$
380,760
$
367,291
Tactical
Opportunities
Ordinary
income
...........................................................................................
$
162,740,087
$
45,247,973
Notes
to
Financial
Statements
(continued)
105
Notes
to
Financial
Statements
As
of
April
30,
2024,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
straddles,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
and
foreign
currency
exchange
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements
and
the
characterization
of
corporate
actions.
(c)
The
Fund
has
elected
to
defer
these
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
During
the
year ended April
30,
2024,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards:
As
of
April
30,
2024, 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
party
to
a
364-day,
$2.40
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,
(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
2025
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
period ended
April
30,
2024,
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
discretionary
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)
lack
of
reliable
settlement
procedures
and
significant
delays
in
registering
the
transfer
of
securities;
(iii) 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;
(iv)
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
(v)
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
Fund
Name
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Ordinary
Losses
(c)
Total
Emerging
Markets
ex-China
.................
$
592,150
$
28,072
$
—
$
(1,094,606)
$
—
$
(474,384)
Sustainable
Advantage
Emerging
Markets
Equity
...
68,975
—
(2,007,789)
220,500
—
(1,718,314)
Sustainable
Advantage
Global
Equity
...........
332,785
16,021
—
1,089,440
—
1,438,246
Sustainable
Advantage
International
Equity
.......
211,327
—
(730,406)
1,946,943
—
1,427,864
Tactical
Opportunities
......................
—
—
(36,043,433)
189,195,987
(113,719,863)
39,432,691
Fund
Name
Amount
Utilized
Sustainable
Advantage
International
Equity
...................................................................................
$
319,132
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Emerging
Markets
ex-China
..........................................
$
56,046,571
$
1,310,255
$
(2,353,909)
$
(1,043,654)
Sustainable
Advantage
Emerging
Markets
Equity
............................
10,537,303
1,100,635
(850,816)
249,819
Sustainable
Advantage
Global
Equity
....................................
10,395,118
1,397,466
(307,361)
1,090,105
Sustainable
Advantage
International
Equity
................................
13,737,289
2,436,439
(487,670)
1,948,769
Tactical
Opportunities
..............................................
1,191,817,680
397,522,028
(121,723,518)
275,798,510
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
106
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.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests.
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
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.
Geographic/Asset
Class
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.
The
Funds invest
a
significant
portion
of their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
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.
Notes
to
Financial
Statements
(continued)
107
Notes
to
Financial
Statements
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.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states.
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
have
been,
and
may
continue
to
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,
supply
chain
diversification,
institution
of
tariffs,
sanctions
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.
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.
11.
CAPITAL
SHARE
TRANSACTIONS
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Year
Ended
04/30/24
Period
from
03/29/23
(a)
to
04/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Emerging
Markets
ex-China
Institutional
Shares
sold
..........................................
4,237,618
$
50,003,645
10,001
$
100,010
Shares
issued
in
reinvestment
of
distributions
.....................
546
5,923
—
—
Shares
redeemed
......................................
(329)
(3,609)
(1)
(10)
4,237,835
$
50,005,959
10,000
$
100,000
Investor
A
Shares
sold
..........................................
2,184
$
24,298
10,001
$
100,010
Shares
issued
in
reinvestment
of
distributions
.....................
591
6,409
—
—
Shares
redeemed
......................................
(1,476)
(16,610)
(1)
(10)
1,299
$
14,097
10,000
$
100,000
Class
K
Shares
sold
..........................................
—
$
—
480,001
$
4,800,010
Shares
issued
in
reinvestment
of
distributions
.....................
26,410
286,289
—
—
Shares
redeemed
......................................
—
—
(1)
(10)
26,410
$
286,289
480,000
$
4,800,000
4,265,544
$
50,306,345
500,000
$
5,000,000
d
Year
Ended
04/30/24
Year
Ended
04/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
Advantage
Emerging
Markets
Equity
Institutional
Shares
sold
..........................................
14,253
$
117,635
803
$
6,485
Shares
issued
in
reinvestment
of
distributions
.....................
28
229
65
523
Shares
redeemed
......................................
(767)
(6,034)
(1,600)
(12,520)
13,514
$
111,830
(732)
$
(5,512)
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
108
d
Year
Ended
04/30/24
Year
Ended
04/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Investor
A
Shares
sold
..........................................
1,129
$
9,694
9,306
$
77,173
Shares
issued
in
reinvestment
of
distributions
.....................
285
2,309
307
2,459
Shares
redeemed
......................................
(5,024)
(41,699)
(727)
(6,043)
(3,610)
$
(29,696)
8,886
$
73,589
Class
K
Shares
sold
..........................................
53,401
$
437,194
143,621
$
1,123,622
Shares
issued
in
reinvestment
of
distributions
.....................
2,876
23,335
1,776
14,227
Shares
redeemed
......................................
(62,494)
(506,615)
(18,036)
(147,957)
(6,217)
$
(46,086)
127,361
$
989,892
3,687
$
36,048
135,515
$
1,057,969
d
Period
from
06/21/23
(a)
to
04/30/24
Fund
Name/Share
Class
Shares
Amount
Sustainable
Advantage
Global
Equity
Institutional
Shares
sold
...........................................................................
10,162
$
101,800
10,162
$
101,800
Investor
A
Shares
sold
...........................................................................
19,807
$
203,109
Shares
issued
in
reinvestment
of
distributions
......................................................
36
378
Shares
redeemed
.......................................................................
(1,099)
(12,624)
18,744
$
190,863
Class
K
Shares
sold
...........................................................................
980,000
$
9,800,000
980,000
$
9,800,000
1,008,906
$
10,092,663
d
Year
Ended
04/30/24
Year
Ended
04/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
Advantage
International
Equity
Institutional
Shares
sold
..........................................
578
$
6,246
130
$
1,200
Shares
issued
in
reinvestment
of
distributions
.....................
192
2,005
229
2,082
Shares
redeemed
......................................
(996)
(11,133)
—
—
(226)
$
(2,882)
359
$
3,282
Investor
A
Shares
sold
..........................................
1,977
$
21,741
4,505
$
43,740
Shares
issued
in
reinvestment
of
distributions
.....................
347
3,639
294
2,676
Shares
redeemed
......................................
(1,586)
(17,077)
(490)
(4,451)
738
$
8,303
4,309
$
41,965
Class
K
Shares
sold
..........................................
257,013
$
2,712,340
153,885
$
1,477,858
Shares
issued
in
reinvestment
of
distributions
.....................
4,855
50,788
688
6,428
Shares
redeemed
......................................
(106,661)
(1,129,846)
(70,715)
(687,781)
155,207
$
1,633,282
83,858
$
796,505
155,719
$
1,638,703
88,526
$
841,752
Year
Ended
04/30/24
Year
Ended
04/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Tactical
Opportunities
Institutional
Shares
sold
..........................................
51,047,388
$
721,103,598
40,236,146
$
568,757,943
Shares
issued
in
reinvestment
of
distributions
.....................
6,807,607
92,812,966
1,683,135
23,967,839
Shares
redeemed
......................................
(35,440,679)
(500,994,297)
(23,557,103)
(333,506,609)
22,414,316
$
312,922,267
18,362,178
$
259,219,173
Notes
to
Financial
Statements
(continued)
109
Notes
to
Financial
Statements
(a)
Commencement
of
operations.
As
of
April
30,
2024,
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.
Year
Ended
04/30/24
Year
Ended
04/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Service
Shares
sold
..........................................
49,087
$
690,610
49,972
$
707,676
Shares
issued
in
reinvestment
of
distributions
.....................
9,658
129,951
2,666
37,621
Shares
redeemed
......................................
(21,380)
(299,252)
(47,214)
(656,407)
37,365
$
521,309
5,424
$
88,890
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
800,016
$
11,194,310
1,462,693
$
20,513,292
Shares
issued
in
reinvestment
of
distributions
.....................
1,443,647
19,461,095
435,362
6,129,901
Shares
redeemed
......................................
(2,503,639)
(35,049,284)
(1,856,561)
(25,990,685)
(259,976)
$
(4,393,879)
41,494
$
652,508
Investor
C
Shares
sold
..........................................
118,340
$
1,597,374
239,082
$
3,230,962
Shares
issued
in
reinvestment
of
distributions
.....................
69,329
902,134
20,187
274,938
Shares
redeemed
and
automatic
conversion
of
shares
...............
(240,031)
(3,250,247)
(110,841)
(1,499,100)
(52,362)
$
(750,739)
148,428
$
2,006,800
Class
K
Shares
sold
..........................................
3,575,140
$
50,290,070
7,189,864
$
102,210,770
Shares
issued
in
reinvestment
of
distributions
.....................
1,161,761
15,842,177
420,847
5,988,651
Shares
redeemed
......................................
(7,251,413)
(103,586,996)
(39,564,360)
(562,893,616)
(2,514,512)
$
(37,454,749)
(31,953,649)
$
(454,694,195)
19,624,831
$
270,844,209
(13,396,125)
$
(192,726,824)
Institutional
Investor
A
Class
K
Emerging
Markets
ex-China
..........................................................................
4,247,835
10,52
9
506,410
Sustainable
Advantage
Emerging
Markets
Equity
............................................................
11,079
11,055
1,086,167
Sustainable
Advantage
Global
Equity
....................................................................
10,000
10,000
980,000
Sustainable
Advantage
International
Equity
................................................................
11,387
11,365
1,116,348
Tactical
Opportunities
...............................................................................
—
—
211,736
Report
of
Independent
Registered
Public
Accounting
Firm
2024
BlackRock
Annual
Report
to
Shareholders
110
To
the
Shareholders
of
BlackRock
Emerging
Markets
ex-China
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund,
BlackRock
Sustainable
Advantage
Global
Equity
Fund,
BlackRock
Sustainable
Advantage
International
Equity
Fund,
BlackRock
Tactical
Opportunities
Fund,
and
the
Board
of
Trustees
of
BlackRock
Funds
SM
:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
Emerging
Markets
ex-China
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund,
BlackRock
Sustainable
Advantage
Global
Equity
Fund,
BlackRock
Sustainable
Advantage
International
Equity
Fund,
and
BlackRock
Tactical
Opportunities
Fund
of
BlackRock
Funds
SM
(the
“Funds”),
including
the
schedules
of
investments,
as
of
April
30,
2024,
the
related
statements
of
operations,
statements
of
changes
in
net
assets,
and
the
financial
highlights
for
the
periods
indicated
in
the
table
below,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
April
30,
2024,
and
the
results
of
their
operations,
the
changes
in
their
net
assets,
and
the
financial
highlights
for
the
periods
indicated
in
the
table
below,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
April
30,
2024,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
June
24,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Fund
Statements
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
BlackRock
Emerging
Markets
ex-China
Fund
For
the
year
ended
April
30,
2024
For
the
year
ended
April
30,
2024
and
for
the
period
from
March
29,
2023
(commencement
of
operations)
through
April
30,
2023
For
the
year
ended
April
30,
2024
and
for
the
period
from
March
29,
2023
(commencement
of
operations)
through
April
30,
2023
BlackRock
Sustainable
Advantage
Global
Equity
Fund
For
the
period
from
June
21,
2023
(commencement
of
operations)
through
April
30,
2024
For
the
period
from
June
21,
2023
(commencement
of
operations)
through
April
30,
2024
For
the
period
from
June
21,
2023
(commencement
of
operations)
through
April
30,
2024
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
and
BlackRock
Sustainable
Advantage
International
Equity
Fund
For
the
year
ended
April
30,
2024
For
each
of
the
two
years
in
the
period
ended
April
30,
2024
For
each
of
the
three
years
in
the
period
ended
April
30,
2024
and
for
the
period
from
August
18,
2020
(commencement
of
operations)
through
April
30,
2021
BlackRock
Tactical
Opportunities
Fund
For
the
year
ended
April
30,
2024
For
each
of
the
two
years
in
the
period
ended
April
30,
2024
For
each
of
the
four
years
in
the
period
ended
April
30,
2024,
for
the
period
from
October
1,
2019
through
April
30,
2020,
and
for
the
year
ended
September
30,
2019
Important
Tax
Information
(unaudited)
111
Important
Tax
Information
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
period
ended
April
30,
2024:
The
Funds
intend
to
pass
through
to
their
shareholders
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
foreign
source
income
earned
and
foreign
taxes
paid for
the
fiscal
period
ended
April
30,
2024:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
period
ended
April
30,
2024:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
period
ended
April
30,
2024
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
period
ended
April
30,
2024:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
and
qualified
short-term
capital
gains eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
period
ended
April
30,
2024:
Fund
Name
Qualified
Dividend
Income
Emerging
Markets
ex-China
...........................................................................................
$
237,721
Sustainable
Advantage
Emerging
Markets
Equity
.............................................................................
178,497
Sustainable
Advantage
Global
Equity
.....................................................................................
148,550
Sustainable
Advantage
International
Equity
.................................................................................
409,245
Tactical
Opportunities
................................................................................................
9,080,879
Fund
Name
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
Emerging
Markets
ex-China
........................................................................
$
267,764
$
23,358
Sustainable
Advantage
Emerging
Markets
Equity
..........................................................
235,931
44,093
Sustainable
Advantage
International
Equity
..............................................................
391,201
42,041
Fund
Name
Federal
Obligation
Interest
Emerging
Markets
ex-China
...........................................................................................
$
7,103
Sustainable
Advantage
Emerging
Markets
Equity
.............................................................................
1,694
Sustainable
Advantage
Global
Equity
.....................................................................................
1,398
Sustainable
Advantage
International
Equity
.................................................................................
2,205
Tactical
Opportunities
................................................................................................
11,492,315
Fund
Name
Dividends-Received
Deduction
Emerging
Markets
ex-China
...........................................................................................
0.37
%
Sustainable
Advantage
Emerging
Markets
Equity
.............................................................................
0.16
Sustainable
Advantage
Global
Equity
.....................................................................................
16.72
Tactical
Opportunities
................................................................................................
1.66
Fund
Name
Interest
Dividends
Emerging
Markets
ex-China
...........................................................................................
$
41,662
Sustainable
Advantage
Emerging
Markets
Equity
.............................................................................
10,979
Sustainable
Advantage
Global
Equity
.....................................................................................
8,921
Sustainable
Advantage
International
Equity
.................................................................................
14,156
Tactical
Opportunities
................................................................................................
20,280,407
Fund
Name
Interest-Related
Dividends
Qualified
Short-Term
Capital
Gains
Emerging
Markets
ex-China
........................................................................
$
45,299
$
180,092
Sustainable
Advantage
Global
Equity
..................................................................
8,921
—
Tactical
Opportunities
.............................................................................
18,809,134
—
Statement
Regarding
Liquidity
Risk
Management
Program
2024
BlackRock
Annual
Report
to
Shareholders
112
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
SM
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
Emerging
Markets
ex-China
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund,
BlackRock
Sustainable
Advantage
Global
Equity
Fund,
BlackRock
Sustainable
Advantage
International
Equity
Fund
and
BlackRock
Tactical
Opportunities
Fund
(the
“Funds”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
November
16-17,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
each
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
Each
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
each
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Trustee
and
Officer
Information
113
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Mark
Stalnecker
1951
Chair
of
the
Board
(Since
2019)
and
Trustee
(Since
2015)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
28
RICs
consisting
of
164
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2016)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
from
2018
to
2022;
Advisory
Board
Member,
Bridges
Fund
Management
from
2016
to
2018;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020;
Investment
Committee
Member,
Tostan
since
2021.;
Member
of
the
President's
Counsel,
Commonfund
since
2023.
28
RICs
consisting
of
164
Portfolios
None
Collette
Chilton
1958
Trustee
(Since
2015)
Senior
advisor,
Insignia
since
2024;
Chief
Investment
Officer,
Williams
College
from
2006
to
2023;
Chief
Investment
Officer,
Lucent
Asset
Management
Corporation
from
1998
to
2006;
Director,
Boys
and
Girls
Club
of
Boston
since
2017;
Director,
B1
Capital
since
2018;
Director,
David
and
Lucile
Packard
Foundation
since
2020.
28
RICs
consisting
of
164
Portfolios
None
Neil
A.
Cotty
1954
Trustee
(Since
2016)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
28
RICs
consisting
of
164
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2019)
Director,
Pioneer
Public
Interest
Law
Center
since
2023;
Director,
Charles
Stark
Draper
Laboratory,
Inc.
from
2013
to
2021;
Senior
Lecturer,
Harvard
Business
School
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
28
RICs
consisting
of
164
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2019)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
from
2010
to
2022.
28
RICs
consisting
of
164
Portfolios
GrafTech
International
Ltd.
(materials
manufacturing);
Sealed
Air
Corp.
(packaging);
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020;
Hertz
Global
Holdings
(car
rental)
from
2015
to
2021.
Cynthia
A.
Montgomery
1952
Trustee
(Since
2007)
Professor,
Harvard
Business
School
since
1989.
28
RICs
consisting
of
164
Portfolios
None
Trustee
and
Officer
Information
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
114
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Donald
C.
Opatrny
1952
Trustee
(Since
2019)
Chair
of
the
Board
of
Phoenix
Art
Museum
since
2022
and
Trustee
thereof
since
2018;
Chair
of
the
Investment
Committee
of
The
Arizona
Community
Foundation
since
2022
and
Trustee
thereof
since
2020;
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
from
2017
to
2022;
Member,
Investment
Funds
Committee,
State
of
Wyoming
from
2017
to
2023;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014.
28
RICs
consisting
of
164
Portfolios
None
Kenneth
L.
Urish
1951
Trustee
(Since
2007)
Managing
Partner,
Urish
Popeck
&
Co.,
LLC
(certified
public
accountants
and
consultants)
since
1976;
Past-Chairman
of
the
Professional
Ethics
Committee
of
the
Pennsylvania
Institute
of
Certified
Public
Accountants
and
Committee
Member
thereof
since
2007;
Member
of
External
Advisory
Board,
The
Pennsylvania
State
University
Accounting
Department
since
2001,
Emeritus
since
2022;
Principal,
UP
Strategic
Wealth
Investment
Advisors,
LLC
since
2013;
Trustee,
The
Holy
Family
Institute
from
2001
to
2010;
President
and
Trustee,
Pittsburgh
Catholic
Publishing
Associates
from
2003
to
2008;
Director,
Inter-
Tel
from
2006
to
2007;
Member,
Advisory
Board,
ESG
Competent
Boards
since
2020.
28
RICs
consisting
of
164
Portfolios
None
Claire
A.
Walton
1957
Trustee
(Since
2016)
Advisory
Board
Member,
Grossman
School
of
Business
at
the
University
of
Vermont
since
2023;
Advisory
Board
Member,
Scientific
Financial
Systems
since
2022;
General
Partner
of
Neon
Liberty
Capital
Management,
LLC
from
2003
to
2023
Chief
Operating
Officer
and
Chief
Financial
Officer
of
Liberty
Square
Asset
Management,
LP
from
1998
to
2015;
Director,
Boston
Hedge
Fund
Group
from
2009
to
2018;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015;
Director,
Woodstock
Ski
Runners
from
2013
to
2022.
28
RICs
consisting
of
164
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
115
Trustee
and
Officer
Information
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Independent
Trustees
serve
until
their
resignation,
retirement,
removal
or
death,
or
until
December
31
of
the
year
in
which
they
turn
75.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
("MLIM")
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Furthermore,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Trustee
joined
the
Board,
certain
Independent
Trustees
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Cynthia
A.
Montgomery,
1994;
Kenneth
L.
Urish,
1999;
Lena
G.
Goldberg,
2016;
Henry
R.
Keizer,
2016;
Donald
C.
Opatrny,
2015.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Robert
Fairbairn
1965
Trustee
(Since
2018)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
96
RICs
consisting
of
266
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
98
RICs
consisting
of
268
Portfolios
None
Trustee
and
Officer
Information
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
116
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
5
Years
Roland
Villacorta
1971
Vice
President
(Since
2022)
Managing
Director
of
BlackRock,
Inc.
since
2002;
Head
of
Global
Cash
Management
and
Head
of
Securities
Lending
within
BlackRock's
Global
Markets
Group
since
2022;
Member
of
BlackRock's
Global
Operating
Committee
since
2016
and
Human
Capital
Committee
since
2023.
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Aaron
Wasserman
1974
Chief
Compliance
Officer
(Since
2023)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Chief
Compliance
Officer
of
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
iShares
Complex
since
2023;
Deputy
Chief
Compliance
Officer
for
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-
Income
Complex
and
the
iShares
Complex
from
2014
to
2023.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018.
Effective
July
1,
2023,
Aaron
Wasserman
replaced
Charles
Park
as
Chief
Compliance
Officer
of
the
Trust.
Effective
June
1,
2024,
Lori
Richards
was
appointed
as
a
Trustee
of
the
Trust.
Additional
Information
117
Additional
Information
Tailored
Shareholder
Reports
for
Open-End Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
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)
2024
BlackRock
Annual
Report
to
Shareholders
118
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
BlackRock
Asset
Management
North
Asia
Limited
(a)(b)
Hong
Kong
BlackRock
(Singapore)
Limited
(a)
079912
Singapore
BlackRock
International
Limited
(b)
Edinburgh,
EH3
8JB,
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
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
10001
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.
(b)
For
BlackRock
Emerging
Markets
ex-China
Fund.
Glossary
of
Terms
Used
in
this
Report
119
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
CZK
Czech
Koruna
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
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
CNREPOFIX_CFXS
China
Fixing
Repo
Rates
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
CVR
Contingent
Value
Rights
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
OMX
Stockholm
Nordic
Exchange
OTC
Over-the-counter
PCL
Public
Company
Limited
PJSC
Public
Joint
Stock
Company
PRIBOR
Prague
Interbank
Offered
Rate
REIT
Real
Estate
Investment
Trust
REPO_CORRA
Canadian
Overnight
Repo
Rate
SARON
Swiss
Average
Rate
Overnight
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
THOR
Thailand
Overnight
Repo
Rate
ON
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-04/24-AR
Item 2 – Code of Ethics –
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock Emerging Markets ex-China Fund | $34,986 | $31,824 | $0 | $0 | $16,328 | $16,300 | $0 | $0 |
BlackRock Sustainable Advantage Emerging Markets Equity Fund | $31,212 | $31,212 | $407 | $4,044 | $16,328 | $18,700 | $0 | $218 |
BlackRock Sustainable Advantage Global Equity Fund | $28,091 | $0 | $0 | $0 | $16,300 | $8,150 | $0 | $0 |
BlackRock Sustainable Advantage International Equity Fund | $31,212 | $31,212 | $407 | $4,044 | $16,328 | $18,700 | $0 | $218 |
BlackRock Tactical Opportunities Portfolio | $57,222 | $57,222 | $407 | $44 | $28,960 | $29,000 | $0 | $218 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
Current Fiscal Year End | Previous Fiscal Year End | |
(b) Audit-Related Fees1 | $0 | $0 |
(c) Tax Fees2 | $0 | $0 |
(d) All Other Fees 3 | $2,149,000 | $2,154,000 |
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock Emerging Markets ex-China Fund | $16,328 | $16,300 |
BlackRock Sustainable Advantage Emerging Markets Equity Fund | $16,735 | $22,962 |
BlackRock Sustainable Advantage Global Equity Fund | $16,300 | $8,150 |
BlackRock Sustainable Advantage International Equity Fund | $16,735 | $22,962 |
BlackRock Tactical Opportunities Portfolio | $29,367 | $29,262 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End | Previous Fiscal Year End |
$2,149,000 | $2,154,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
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 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 14 – Exhibits attached hereto
(a)(1) Code of Ethics – See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 –
Not Applicable
(a)(5) Change in Registrant’s independent public accountant –
Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Funds
SMBy: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds
SMDate: June 24, 2024
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
SMDate: June 24, 2024
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
SMDate: June 24, 2024