N-CSR 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-05742
 
Name of Fund: 
BlackRock Funds
BlackRock Emerging Markets ex-China Fund
BlackRock Global Impact Fund
BlackRock International Impact Fund
BlackRock Sustainable Advantage Emerging Markets Equity Fund
BlackRock Sustainable Advantage International Equity Fund
BlackRock Tactical Opportunities Portfolio
BlackRock U.S. Impact Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 04/30/2023
 
Date of reporting period: 04/30/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
  
Not Applicable
APRIL
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Annual
Report
BlackRock
Funds
SM
BlackRock
Emerging
Markets
ex-China
Fund
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
Dear
Shareholder,
Investors
faced
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
April
30,
2023,
amid
mixed
indicators
and
rapidly
changing
market
conditions.
The
U.S.
economy
returned
to
modest
growth
beginning
in
the
third
quarter
of
2022,
although
the
pace
of
growth
slowed
thereafter.
Inflation
was
elevated,
reaching
a
40-year
high
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
as
the
period
continued,
while
continued
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
varied
substantially,
as
large-capitalization
U.S.
stocks
gained
for
the
period
amid
a
rebound
in
big
tech
stocks,
whereas
small-capitalization
U.S.
stocks
declined.
International
equities
from
developed
markets
advanced
strongly,
while
emerging
market
stocks
declined,
pressured
by
higher
interest
rates
and
volatile
commodities
prices.
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.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bonds
posted
a
positive
return
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
In
addition,
the
Fed
added
liquidity
to
markets
amid
the
failure
of
prominent
regional
banks.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
was
modest
in
the
last
year,
we
believe
that
stickiness
in
services
inflation
and
continued
wage
growth
will
keep
inflation
above
central
bank
targets
for
some
time.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
indicated
a
pause
could
be
its
next
step,
we
believe
that
the
Fed
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near
term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
rapid
increase
in
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
could
provide
a
supportive
backdrop.
We
also
see
selective,
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing,
and
higher
yields
offer
attractive
income.
However,
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
significant
opportunities
in
short-
term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
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,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
8.63
%
2.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(3.45
)
(3.65
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
24.19
8.42
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
16.36
(6.51
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.09
2.83
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
7.14
(1.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
6.91
(0.43
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.65
2.87
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.21
1.21
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summary
........................................................................................................
5
About
Fund
Performance
.................................................................................................
23
Disclosure
of
Expenses
...................................................................................................
23
Derivative
Financial
Instruments
.............................................................................................
24
Financial
Statements:
Schedules
of
Investments
...............................................................................................
25
Statements
of
Assets
and
Liabilities
.........................................................................................
68
Statements
of
Operations
................................................................................................
73
Statements
of
Changes
in
Net
Assets
........................................................................................
75
Financial
Highlights
.....................................................................................................
79
Notes
to
Financial
Statements
...............................................................................................
102
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
120
Important
Tax
Information
.................................................................................................
122
Disclosure
of
Investment
Advisory
Agreement
.....................................................................................
123
Disclosure
of
Investment
Sub-Advisory
Agreements
.................................................................................
125
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
126
Trustee
and
Officer
Information
..............................................................................................
127
Additional
Information
....................................................................................................
131
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
133
Fund
Summary
as
of
April
30,
2023
2023
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).
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
(03/29/23)
(a)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,035.00‌
$
0.77‌
$
1,000.00‌
$
1,020.53‌
$
4.31‌
0.86‌%
Investor
A
................................
1,000.00‌
1,034.00‌
0.99‌
1,000.00‌
1,019.29‌
5.56‌
1.11‌
Class
K
..................................
1,000.00‌
1,035.00‌
0.72‌
1,000.00‌
1,020.78‌
4.06‌
0.81‌
(a)
Commencement
of
operations
.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
32/365
for
actual
expenses
and
181/365
for
hypothetical
expenses
(
to
reflect
the
one-half
year
period
shown
).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Taiwan
...........................................
17.9‌
%
South
Korea
.......................................
16.1‌
India
............................................
13.4‌
Brazil
............................................
10.2‌
Mexico
...........................................
5.2‌
Indonesia
.........................................
5.1‌
Poland
...........................................
2.9‌
Saudi
Arabia
.......................................
2.4‌
United
States
......................................
2.3‌
South
Africa
.......................................
2.2‌
Thailand
..........................................
2.1‌
Hungary
..........................................
2.1‌
Australia
..........................................
1.4‌
United
Arab
Emirates
.................................
1.4‌
Malaysia
.........................................
1.3‌
Switzerland
........................................
1.1‌
Greece
..........................................
1.0‌
Kazakhstan
.......................................
1.0‌
Other
(a)
...........................................
3.3‌
Short-Term
Securities
.................................
6.6‌
Other
Assets
Less
Liabilities
............................
1.0‌
(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,
2023
5
Fund
Summary
BlackRock
Global
Impact
Fund
Investment
Objective
BlackRock
Global
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
April
30,
2023,
all
of
the
Fund’s
share
classes
underperformed
its
benchmark,
the
MSCI
All
Country
World
Index.
What
factors
influenced
performance?
The
investment
adviser
seeks
to
invest
in
companies
with
strong
long-term
fundamentals
whose
core
businesses
address
unmet
needs.
The
Fund
typically
holds
small-
to-mid
cap
stocks
with
long-term
growth
potential,
which
detracted
from
performance
in
the
annual
reporting
period.
Rising
inflation
expectations
fueled
a
preference
for
value-oriented,
large-cap
stocks
relative
to
smaller,
higher-growth
companies.
This
trend
was
especially
pronounced
in
the
first
half
of
the
period,
leading
to
sizable
underperformance
for
even
fundamentally
sound
small-cap
growth
stocks.
The
Fund
was
also
hurt
by
steep
price
declines
in
certain
companies
that
reported
negative
earnings
surprises.
This
was
particularly
notable
among
those
most
susceptible
to
inflationary
pressure
and
supply/demand
disruptions,
as
well
as
those
that
provided
lower
or
ambiguous
guidance.
An
underweight
in
the
consumer
discretionary
sector,
together
with
stock
selection
in
the
group,
contributed
to
performance.
At
the
individual
stock
level,
an
overweight
position
in
the
medical
device
manufacturer
Boston
Scientific
Corp.
was
the
top
contributor
to
relative
returns,
followed
by
out-of-benchmark
holdings
in
the
U.S.-based
global
consulting
and
technology
services
company
ICF
International,
Inc.
and
the
U.S.-based
healthcare
services
provider
1Life
Healthcare,
Inc.
The
Fund
doesn’t
use
derivatives
as
part
of
its
investment
strategy.
However,
it
does
use
foreign
currency
forward
contracts
to
manage
the
risk
of
currency
movements.
These
holdings
had
a
minimal
impact
on
performance.
Describe
recent
portfolio
activity.
The
investment
adviser
increased
the
Fund’s
weightings
in
more
resilient
companies
that
are
less
susceptible
to
inflation,
as
well
as
those
that
may
benefit
from
price
pressures.
Specifically,
it
added
positions
in
pharmaceutical,
consumer
staples,
and
education
companies,
as
well
as
those
that
stand
to
benefit
from
rising
government
spending.
Many
of
these
stocks
exhibited
resilience
in
the
risk-off
environment,
providing
ballast
to
the
portfolio
in
the
latter
half
of
the
reporting
period.
At
the
same
time,
the
investment
adviser
reduced
the
Fund’s
weightings
in
growth
stocks.
It
also
took
a
more
conservative
approach
to
modelling
company
performance.
Describe
portfolio
positioning
at
period
end.
The
investment
adviser
remained
committed
to
investing
in
good
businesses
whose
products
and
services
address
important
world
problems.
The
investment
adviser
believes
governments
and
corporations
will
continue
to
find
creative
ways
to
address
income
disparity
and
climate
change
even
in
the
face
of
ongoing
inflationary
pressures
and
recessionary
concerns.
The
investment
adviser
continues
to
build
a
defensive,
yet
well
diversified
portfolio
across
a
variety
of
impact
themes:
First,
accessible
and
affordable
food
has
become
crucial
for
a
larger
segment
of
the
global
population
due
to
the
erosion
of
consumer
savings
from
inflation.
The
Fund
therefore
held
positions
in
market-leading
food
retailers
with
innovative
supply
chain
management
and
the
ability
to
mitigate
price
pressures.
The
global
food
system
faces
the
challenge
of
significantly
increasing
production
by
2050,
underscoring
the
importance
of
access
and
affordability
as
a
long-term
investment
area.
Second,
the
investment
adviser
increased
the
portfolio’s
allocation
to
education
companies,
with
an
emphasis
on
providers
of
high-quality
solutions
in
adult
learning,
workforce
training,
low-income
education
and
language
learning.
Third,
the
investment
adviser
continued
to
focus
on
public
health
companies,
with
a
focus
on
those
offering
tools
and
resources
that
drive
advancement.
Labor
shortages
in
healthcare
remain;
with
patients
returning
to
the
healthcare
setting,
the
Fund
has
invested
in
companies
that
manufacture
essential
medical
devices
used
in
surgical
procedures.
The
world's
ongoing
move
towards
a
Net
Zero
economy
remains
a
positive
tailwind
for
green
energy
and
related
industries.
Here,
the
investment
adviser
focused
on
market
leaders
in
renewable
energy
and
energy
efficiency
with
innovative
technology
and
strong
growth
prospects.
The
electrification
and
digitization
industries
also
appear
poised
for
growth,
and
the
Fund
held
stocks
the
investment
adviser
believes
can
benefit
from
increasing
adoption
of
electric
vehicles.
More
broadly
speaking,
the
investment
adviser
continued
to
seek
durable,
sustainable
business
models
that
have
demonstrated
the
ability
to
withstand
economic
down
cycles.
The
investment
adviser
strives
to
establish
deep
relationships
with
portfolio
companies
to
learn
more
about
their
strategic
directions
and
engage
with
these
partners
to
help
advance
their
impact
outcomes.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Global
Impact
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
May
27,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(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
invests
in
equity
securities
of
issuers
located
throughout
the
world,
including
non-dollar
denominated
securities
and
securities
of
emerging
market
issuers.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities,
depositary
receipts
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
equity
securities.
The
Fund
may
invest
in
issuers
of
any
market
capitalization,
including
small
to
mid-capitalization
companies.
(c)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(7.97‌)%
N/A‌
3.12‌%
N/A‌
Investor
A
...........................................................................
(8.32‌)
(13.13‌)%
2.85‌
0.97‌%
Class
K
............................................................................
(7.90‌)
N/A‌
3.21‌
N/A‌
MSCI
All
Country
World
Index
............................................................
2.06‌
N/A‌
10.94‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
May
27,
2020.
Fund
Summary
as
of
April
30,
2023
(continued)
7
Fund
Summary
BlackRock
Global
Impact
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
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,035.90‌
$
4.29‌
$
1,000.00‌
$
1,020.58‌
$
4.26‌
0.85‌%
Investor
A
................................
1,000.00‌
1,034.60‌
5.55‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Class
K
..................................
1,000.00‌
1,036.10‌
3.79‌
1,000.00‌
1,021.08‌
3.76‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
States
......................................
53.7‌
%
Indonesia
.........................................
6.7‌
United
Kingdom
.....................................
6.5‌
Denmark
.........................................
5.7‌
Spain
............................................
3.9‌
Switzerland
........................................
3.3‌
Brazil
............................................
3.1‌
Canada
..........................................
3.0‌
Japan
...........................................
2.9‌
Germany
.........................................
2.3‌
South
Korea
.......................................
1.7‌
Australia
..........................................
1.5‌
China
............................................
1.4‌
India
............................................
1.2‌
Short-Term
Securities
.................................
5.1‌
Liabilities
in
Excess
of
Other
Assets
.......................
(2.0‌)
Fund
Summary
as
of
April
30,
2023
2023
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
International
Impact
Fund
Investment
Objective
BlackRock
International
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
On
May
23,
2023,
the
Board
approved
a
proposal
to
close
the
Fund
to
purchases
and
thereafter
to
liquidate
the
Fund.
Accordingly,
effective
on
August
24,
2023,
the
Fund
will
no
longer
accept
purchase
orders.
On
or
about
August
31,
2023
(the
“Liquidation
Date”),
the
Fund’s
assets
will
be
liquidated
completely,
the
shares
of
any
shareholders
on
the
Liquidation
Date
will
be
redeemed
at
the
NAV
per
share
and
the
Fund
will
then
be
terminated.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
April
30,
2023,
all
of
the
Fund’s
share
classes
underperformed
its
benchmark,
the
MSCI
All
Country
World
Index
ex-U.S.
What
factors
influenced
performance?
The
investment
adviser
seeks
to
invest
in
companies
with
strong
long-term
fundamentals
whose
core
businesses
address
unmet
needs.
The
Fund
typically
holds
small-to-
mid
cap
stocks
with
long-term
growth
potential,
which
detracted
from
performance
in
the
reporting
period.
Rising
inflation
expectations
fueled
a
preference
for
value-oriented,
large-cap
stocks
relative
to
smaller,
higher-growth
companies.
This
trend
was
especially
pronounced
in
the
first
half
of
the
period,
leading
to
sizable
underperformance
for
even
fundamentally
sound
small-cap
growth
stocks.
The
Fund
was
also
hurt
by
steep
price
declines
in
certain
companies
that
reported
negative
earnings
surprises.
This
was
particularly
notable
among
those
most
susceptible
to
inflationary
pressure
and
supply/demand
disruptions,
as
well
as
those
that
provided
lower
or
ambiguous
guidance.
On
the
positive
side,
stock
selection
in
information
technology
was
the
top
contributor
to
relative
returns.
Among
individual
holdings,
an
overweight
position
in
the
energy
management
solutions
company
Schneider
Electric
SE
had
the
largest
positive
effect.
This
was
followed
by
out-of-benchmark
positions
in
the
Swiss
smart
electricity
and
gas
metering
solutions
provider
Landis+Gyr
AG
and
the
U.K.-based
financial
technology
company
Wise
PLC.
The
Fund
doesn’t
use
derivatives
as
part
of
its
investment
strategy.
However,
it
does
use
foreign
currency
forward
contracts
to
manage
the
risk
of
currency
movements.
These
holdings
had
a
minimal
impact
on
performance.
The
cash
position
did
not
have
a
material
effect
on
performance.
Describe
recent
portfolio
activity.
The
investment
adviser
increased
the
Fund’s
weightings
in
more
resilient
companies
that
are
less
susceptible
to
inflation,
as
well
as
those
that
may
benefit
from
price
pressures.
Specifically,
it
added
positions
in
pharmaceutical,
consumer
staples,
and
education
companies,
as
well
as
those
that
stand
to
benefit
from
rising
government
spending.
Many
of
these
stocks
exhibited
resilience
in
the
risk-off
environment,
providing
ballast
to
the
portfolio
in
the
latter
half
of
the
reporting
period.
At
the
same
time,
the
investment
adviser
reduced
the
Fund’s
weightings
in
growth
stocks.
It
also
took
a
more
conservative
approach
to
modelling
company
performance.
Describe
portfolio
positioning
at
period
end.
The
investment
adviser
remained
committed
to
investing
in
good
businesses
whose
products
and
services
address
important
world
problems.
The
investment
adviser
believes
governments
and
corporations
will
continue
to
find
creative
ways
to
address
income
disparity
and
climate
change
even
in
the
face
of
ongoing
inflationary
pressures
and
recessionary
concerns.
The
investment
adviser
continues
to
build
a
defensive,
yet
well
diversified
portfolio
across
a
variety
of
impact
themes:
First,
accessible
and
affordable
food
has
become
crucial
for
a
larger
segment
of
the
global
population
due
to
the
erosion
of
consumer
savings
from
inflation.
The
Fund
therefore
held
positions
in
market-leading
food
retailers
with
innovative
supply
chain
management
and
the
ability
to
mitigate
price
pressures.
The
global
food
system
faces
the
challenge
of
significantly
increasing
production
by
2050,
underscoring
the
importance
of
access
and
affordability
as
a
long-term
investment
area.
Second,
the
investment
adviser
increased
the
portfolio’s
allocation
to
education
companies,
with
an
emphasis
on
providers
of
high-quality
solutions
in
adult
learning,
workforce
training,
low-income
education
and
language
learning.
Third,
the
investment
adviser
continued
to
focus
on
public
health
companies,
with
a
focus
on
those
offering
tools
and
resources
that
drive
advancement.
Labor
shortages
in
healthcare
remain;
with
patients
returning
to
the
healthcare
setting,
the
Fund
has
invested
in
companies
that
manufacture
essential
medical
devices
used
in
surgical
procedures.
The
world's
ongoing
move
towards
a
Net
Zero
economy
remains
a
positive
tailwind
for
green
energy
and
related
industries.
Here,
the
investment
adviser
focused
on
market
leaders
in
renewable
energy
and
energy
efficiency
with
innovative
technology
and
strong
growth
prospects.
The
electrification
and
digitization
industries
also
appear
poised
for
growth,
and
the
Fund
held
stocks
the
investment
adviser
believes
can
benefit
from
increasing
adoption
of
electric
vehicles.
More
broadly
speaking,
the
investment
adviser
continued
to
seek
durable,
sustainable
business
models
that
have
demonstrated
the
ability
to
withstand
economic
down
cycles.
The
investment
adviser
strives
to
establish
deep
relationships
with
portfolio
companies
to
learn
more
about
their
strategic
directions
and
engage
with
these
partners
to
help
advance
their
impact
outcomes.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
April
30,
2023
(continued)
9
Fund
Summary
BlackRock
International
Impact
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
June
30,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(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
will
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
equity
securities
of
foreign
issuers
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
securities.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities
and
depositary
receipts.
The
Fund
may
invest
in
emerging
market
issuers,
and
may
invest
in
issuers
of
any
market
capitalization,
including
small-
to
mid-capitalization
companies.
(c)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries
(excluding
the
U.S.)
and
certain
emerging
markets
countries.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(10.73‌)%
N/A‌
(2.27‌)%
N/A‌
Investor
A
...........................................................................
(11.06‌)
(15.73‌)%
(2.52‌)
(4.36‌)%
Class
K
............................................................................
(10.67‌)
N/A‌
(2.19‌)
N/A‌
MSCI
All
Country
World
Index
ex-U.S.
......................................................
3.05‌
N/A‌
7.40‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
June
30,
2020.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
10
BlackRock
International
Impact
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
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,063.70‌
$
4.35‌
$
1,000.00‌
$
1,020.58‌
$
4.26‌
0.85‌%
Investor
A
................................
1,000.00‌
1,060.70‌
5.62‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Class
K
..................................
1,000.00‌
1,062.90‌
3.84‌
1,000.00‌
1,021.08‌
3.76‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
States
......................................
15.7‌
%
United
Kingdom
.....................................
12.6‌
Denmark
.........................................
10.8‌
Indonesia
.........................................
10.1‌
Japan
...........................................
6.3‌
Brazil
............................................
5.8‌
Spain
............................................
5.6‌
Switzerland
........................................
5.4‌
Germany
.........................................
5.3‌
Canada
..........................................
4.4‌
Australia
..........................................
3.4‌
India
............................................
2.8‌
China
............................................
2.7‌
South
Korea
.......................................
2.7‌
Other
(a)
...........................................
0.6‌
Short-Term
Securities
.................................
5.5‌
Other
Assets
Less
Liabilities
............................
0.3‌
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
Fund
Summary
as
of
April
30,
2023
11
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,
2023,
the
Fund’s
Institutional
Shares
Class
performed
in
line
and
Class
K
Shares
outperformed
its
benchmark,
the
MSCI
Emerging
Markets
Index,
while
Investor
A
Shares
underperformed.
What
factors
influenced
performance?
Emerging
market
("EM")
equities
fell
during
the
period,
as
investor
skepticism
about
risk
assets
deepened.
Initially,
inflationary
pressures
benefited
commodities
markets,
but
as
fears
of
a
U.S.
recession
intensified,
equities
in
commodity-driven
markets
came
under
pressure.
Interest
rate
increases
in
the
United
States,
coupled
with
more
hawkish
commentary
from
the
Fed,
continued
to
lead
the
retreat
in
the
EM
benchmark.
There
was
a
notable
recovery
toward
the
end
of
2022
and
the
beginning
of
2023,
however,
as
sentiment
in
China
improved
due
to
a
potential
COVID
reopening,
while
hopes
for
a
soft
landing
in
the
United
States
seemed
to
have
evaporated
as
inflation
in
services
prices
and
wages
proved
to
be
stickier
than
initially
expected,
prompting
the
Fed
to
reiterate
a
hawkish
stance.
Late
in
the
reporting
period,
EM
equities
took
a
pause
from
their
broad-based
rally
in
the
first
quarter
of
2023
as
investors
shifted
their
attention
to
U.S.-China
tensions,
while
a
strong
U.S.
jobs
report
and
reduced
growth
in
the
Consumer
Price
Index
contributed
to
a
preference
for
developed
markets
over
EM.
Asia
drove
losses
as
concerns
about
the
property
sector
and
ongoing
COVID-19
lockdowns
weighed
on
China,
and
Korea
and
Taiwan
also
struggled
amid
global
recessionary
fears
and
continued
tech
weakness.
Commodity
outperformance
provided
a
tailwind
for
Latin
America
and
for
parts
of
Europe,
the
Middle
East,
and
Africa,
but
parts
of
Eastern
Europe
continued
to
struggle
as
the
Russian
invasion
of
Ukraine
continued
and
high
inflation
rates
persisted.
The
real
estate,
utilities,
materials,
and
information
technology
("IT")
sectors
led
detractors
within
the
benchmark,
while
consumer
staples
and
energy
fared
better.
Traditional
fundamental
measures
drove
the
Fund's
outperformance,
as
they
benefited
from
the
prevailing
market
style
preference.
Value-related
insights
measuring
cash
flow,
asset
usage,
and
other
financial
statement
metrics
performed
the
best.
Elsewhere,
defensive
quality
measures
performed
well
amid
broader
market
stability
concerns
stemming
from
developed
market
banking
turmoil.
Insights
designed
to
evaluate
company
financing
ability
did
best
amid
a
broader
market
focus
on
the
financial
health
of
businesses.
Other
nontraditional
quality
measures,
such
as
ESG-related
insights,
also
benefited
performance.
Measures
evaluating
green
patents
helped
motivate
successful
positioning
across
utilities
stocks.
Sentiment
measures
also
contributed
to
positive
performance,
as
they
were
able
to
correctly
capture
EM
themes.
Insights
designed
to
track
analyst,
broker,
and
informed
investor
views
contributed
to
performance
and
positioned
the
portfolio
around
the
China
reopening
theme.
This
was
most
observable
from
the
Fund's
positioning
in
offshore
Chinese
equities.
Other
consumer
intent-related
sentiment
measures
evaluating
mobile
app
usage
and
downloads
also
helped
to
correctly
position
the
portfolio.
Performance
from
macro-thematic
insights
was
mixed.
Select
insights
designed
to
evaluate
effects
of
monetary
policy
performed
well
amid
the
market's
focus
on
interest
rates.
Conversely,
despite
strong
contributions
from
stock
selection
insights,
broader
macro
positioning
detracted
from
performance.
Underweight
allocations
across
India,
fueled
by
an
overweight
position
in
China,
were
detractors
as
India
continued
to
outperform
despite
investor
outflows
and
surprisingly
high
valuations
compared
to
historical
norms.
Also,
macro-thematic
insights
evaluating
money
supply,
inventory
cycles,
and
activity
in
the
private
space
all
proved
wrong-footed.
This
was
most
evident
in
the
Fund's
positioning
among
materials
and
consumer
discretionary
stocks,
which
detracted
from
performance
in
the
market
environment.
Describe
recent
portfolio
activity.
Over
the
course
of
the
reporting
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
model.
The
Fund
built
upon
its
alternative
data
capabilities
with
enhanced
data
sets
that
capture
informed-investor
positioning
as
well
as
news
flow.
Additionally,
the
Fund
added
to
its
complex
of
consumer
intent
insights
with
a
measure
that
looks
toward
social
media
activity
as
a
measure
of
potential
revenue
growth.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
reporting
period
with
largely
neutral
positioning
from
a
sector
and
country
positioning
perspective.
The
Fund
had
slight
overweight
positions
in
the
consumer
discretionary
and
utilities
sectors,
and
maintained
slight
underweights
in
materials
and
real
estate
stocks.
From
a
geographical
perspective,
the
Fund
had
a
slight
overweight
to
Brazil
and
maintained
a
slight
underweight
to
Korea.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
12
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
August
18,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(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.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(6.47‌)%
N/A‌
(2.80‌)%
N/A‌
Investor
A
...........................................................................
(6.72‌)
(11.62‌)%
(3.05‌)
(4.96‌)%
Class
K
............................................................................
(6.41‌)
N/A‌
(2.76‌)
N/A‌
MSCI
Emerging
Markets
Index
............................................................
(6.51‌)
N/A‌
(2.26‌)
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
August
18,
2020.
Fund
Summary
as
of
April
30,
2023
(continued)
13
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
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,171.80‌
$
4.6
3‌
$
1,000.00‌
$
1,020.
53‌
$
4.3
1‌
0.86‌
%
Investor
A
................................
1,000.00‌
1,170.10‌
5.97‌
1,000.00‌
1,019.29‌
5.56‌
1.11‌
Class
K
..................................
1,000.00‌
1,172.20‌
4.36‌
1,000.00‌
1,020.78‌
4.06‌
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
181/365
(to
reflect
the
one-half
year
period
shown
).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
China
............................................
32.3‌
%
Taiwan
...........................................
14.5‌
India
............................................
11.9‌
South
Korea
.......................................
9.2‌
Brazil
............................................
7.5‌
Saudi
Arabia
.......................................
4.0‌
Indonesia
.........................................
3.5‌
Thailand
..........................................
3.3‌
South
Africa
.......................................
2.7‌
Malaysia
.........................................
2.1‌
Greece
..........................................
1.4‌
Mexico
...........................................
1.0‌
Other
(a)
...........................................
3.1‌
Short-Term
Securities
.................................
3.3‌
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,
2023
2023
BlackRock
Annual
Report
to
Shareholders
14
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
ended
April
30,
2023,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
MSCI
EAFE
Index.
What
factors
influenced
performance?
The
period
was
highlighted
by
market
volatility
as
investors
weighed
the
trajectory
of
monetary
policy
amid
stubbornly
high
inflation
and
an
evolving
economic
backdrop.
While
inflation
in
goods
prices
moderated,
inflation
in
services
prices
remained
well
above
expectations,
leading
to
continued
aggressive
policy
tightening.
This
resulted
in
a
persistently
inverted
yield
curve,
which
is
often
a
precursor
to
a
recession.
Despite
this
backdrop,
though,
equity
markets
were
roughly
flat
during
the
reporting
period,
masking
the
intra-period
volatility.
Global
equities
performed
strongly
in
early
2023
despite
cracks
threatening
the
stability
of
the
financial
system,
with
the
banking
sector
coming
under
pressure
beginning
in
March
2023
and
accelerating
into
April
2023
as
the
U.S.
banking
system
experienced
the
second-largest
bank
failure
in
history.
Yet
despite
the
turmoil
taking
a
toll
on
consumer
confidence,
as
spending
data
showed
signs
of
weakness,
investors'
focus
shifted
to
measures
to
support
banks
and
depositors.
This
appears
to
have
prevented
a
widespread
crisis,
and
although
measures
of
economic
activity
slowed,
online
job
postings
continued
to
point
to
labor
market
strength
and
sticky
inflation.
This
was
corroborated
by
the
latest
Employment
Cost
Index
report,
and
taken
together,
these
varying
data
points
identified
the
challenges
markets
faced
between
keeping
monetary
policy
tight
versus
pivoting
to
support
growth.
Sentiment
measures
were
key
contributors
to
performance
and
helped
to
correctly
capture
emergent
market
themes.
Measures
designed
to
evaluate
informed
investor
sentiment,
as
well
as
insights
that
evaluate
manager
sentiment
from
conference
call
text,
both
contributed
to
performance,
as
they
helped
to
position
the
portfolio
around
the
China
reopening
theme
and
motivated
a
successful
overweight
to
European
luxury
goods
stocks.
Other
insights
tracking
job-posting
data
also
benefited
performance,
highlighted
through
an
underweight
to
financials
stocks.
Elsewhere,
both
traditional
fundamental
and
ESG-related
insights
contributed
to
performance.
Traditional
valuation
metrics,
such
as
measures
tracking
company
earnings
yield,
company
spending
and
investment,
and
other
financial
statement
metrics
benefited
from
the
market's
style
preference.
Similarly,
within
ESG
metrics,
a
measure
that
takes
a
social
view
of
tax
collection
and
penalizes
companies
that
pay
lower
levels
of
taxes
versus
peers
was
a
top
contributor
to
performance.
This
measure
motivated
an
overweight
allocation
to
beverage
stocks,
which
outperformed
over
the
reporting
period
as
investors
rewarded
companies
with
less
sensitivity
to
high
inflation
rates.
Additionally,
risk
mitigation
insights,
which
look
to
predict
potential
controversies,
helped
correctly
position
the
portfolio
within
financial
stocks
across
Japan
and
Europe.
Macro-thematic
insights
also
helped
to
correctly
position
the
portfolio.
Insights
designed
to
identify
themes
such
as
rising
interest
rates
and
stagflation
were
notably
strong
performers
as
they
correctly
positioned
the
portfolio
to
capture
the
evolving
rates
regime.
This
was
most
evident
from
a
successful
overweight
allocation
to
telecommunication
services
stocks
that
proved
to
be
additive
to
performance.
Conversely,
despite
positive
performance
from
fundamental
and
ESG-related
measures
in
the
aggregate,
select
measures
detracted
from
overall
performance.
Fundamental
quality
insights
with
a
growth
flavor
struggled
amid
the
market's
style
preference,
specifically
insights
favoring
founder-led
companies.
Similarly,
ESG-related
measures
evaluating
company
culture,
shareholder
voting,
and
green
patent
issuance
all
ran
counter
to
the
market's
focus
on
interest
rates
and
inflation.
Lastly,
while
sentiment
insights
contributed
to
performance
on
an
overall
basis,
measures
designed
to
capture
retail
investor
sentiment
proved
overly
defensive,
motivating
unsuccessful
position
in
the
consumer
discretionary
sector.
Describe
recent
portfolio
activity.
Over
the
course
of
the
reporting
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
group
of
insights.
Given
the
dynamic
investing
environment,
the
Fund
built
upon
its
alternative
data
capabilities
and
instituted
enhanced
signal
constructs
to
best
identify
emerging
trends
such
as
sentiment
around
supply
chain
disruptions
and
wage
inflation.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
reporting
period
with
largely
neutral
positioning
from
a
sector
and
country-positioning
perspective.
The
Fund
had
slight
overweight
positions
in
the
information
technology
and
communication
services
sectors,
and
maintained
slight
underweights
in
utilities
and
energy
stocks.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
April
30,
2023
(continued)
15
Fund
Summary
BlackRock
Sustainable
Advantage
International
Equity
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
August
18,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
(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.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
11.43‌%
N/A‌
7.99‌%
N/A‌
Investor
A
...........................................................................
11.12‌
5.29‌%
7.73‌
5.60‌%
Class
K
............................................................................
11.42‌
N/A‌
8.05‌
N/A‌
MSCI
EAFE
Index
.....................................................................
8.42‌
N/A‌
7.05‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
August
18,
2020.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,249.60‌
$
2.79‌
$
1,000.00‌
$
1,022.32‌
$
2.51‌
0.50‌%
Investor
A
................................
1,000.00‌
1,247.60‌
4.18‌
1,000.00‌
1,021.08‌
3.76‌
0.75‌
Class
K
..................................
1,000.00‌
1,250.00‌
2.51‌
1,000.00‌
1,022.56‌
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
181/365
(to
reflect
the
one-half
year
period
shown).
Fund
Summary
as
of
April
30,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
16
BlackRock
Sustainable
Advantage
International
Equity
Fund
Portfolio
Information
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Japan
...........................................
19.6‌
%
United
Kingdom
.....................................
11.3‌
France
...........................................
9.9‌
United
States
......................................
9.5‌
Germany
.........................................
9.3‌
Australia
..........................................
7.7‌
Netherlands
.......................................
5.7‌
Switzerland
........................................
4.9‌
Denmark
.........................................
3.2‌
Sweden
..........................................
2.9‌
Spain
............................................
2.1‌
Hong
Kong
........................................
2.0‌
Finland
..........................................
1.4‌
Italy
.............................................
1.3‌
Belgium
..........................................
1.2‌
Singapore
.........................................
1.1‌
Norway
..........................................
1.1‌
Other
(a)
...........................................
3.2‌
Short-Term
Securities
.................................
2.6‌
Other
Assets
Less
Liabilities
............................
—‌
(b)
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
(b)
Represents
less
than
0.1%
of
the
Fund's
net
assets.
Fund
Summary
as
of
April
30,
2023
17
Fund
Summary
BlackRock
Tactical
Opportunities
Fund
Investment
Objective
BlackRock
Tactical
Opportunities
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
April
30,
2023,
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
(“ACWI”))
and
its
cash
benchmark,
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index.
What
factors
influenced
performance?
The
Fund’s
relative
value
bond
positioning
was
the
largest
contributor
to
performance.
In
the
latter
half
of
2022
through
the
first
months
of
2023,
the
Fund
was
long
U.S.
Treasuries
and
short
German
bonds,
which
helped
results
given
expectations
for
larger
relative
interest
rate
increases
by
the
European
Central
Bank
(“ECB”).
A
long
in
China
versus
Poland
and
Mexico
also
contributed
to
performance,
given
that
China’s
monetary
policy
remained
dovish
compared
to
its
emerging
market
peers.
Directional
short
positions
in
German
and
U.S.
government
issues
were
also
additive,
as
the
ECB
and
U.S.
Fed
continued
to
raise
interest
rates
to
combat
inflationary
pressures.
Sector
positioning
in
U.S.
equities
was
the
largest
detractor
from
performance.
Specifically,
a
long
in
utilities
versus
shorts
in
industrials
and
telecommunication
services
detracted
from
performance
in
the
final
four
months
of
the
reporting
period.
Relative
value
equity
positioning
across
countries
also
detracted
from
performance,
driven
by
longs
in
the
United
States
and
Asia
ex-Japan
versus
a
short
in
Europe
from
the
fourth
quarter
of
2022
onward.
European
equities
continued
to
outperform
their
developed-
market
peers
due
to
strong
industrial
production,
healthy
consumer
activity
and
an
abatement
of
the
energy
crisis.
The
Fund
used
derivatives
as
an
efficient
means
to
take
active
views
on
interest
rates,
equity
indexes
and
currencies.
The
derivatives
used
included
equity
index
and
sovereign
bond
futures,
total
return
swaps,
interest
rate
swaps
and
currency
forward
contracts.
These
holdings
made
up
a
significant
portion
of
the
portfolio.
The
use
of
derivatives
instead
of
physical
instruments
had
a
minimal
impact
on
results.
The
Fund
held
an
allocation
to
cash
as
collateral
for
derivative
positions
and
as
a
means
of
earning
a
modest
yield.
The
cash
position
was
a
positive
contributor
to
Fund
performance
given
the
increase
in
yields
over
the
reporting
period.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
net
long
position
in
equities
for
the
majority
of
the
reporting
period
in
an
effort
to
capitalize
on
continued
strength
in
global
growth
in
the
reflationary
post-COVID
environment.
Early
in
the
reporting
period,
the
Fund
preferred
European
versus
U.S.
equities,
as
pricing
and
growth
insights
indicated
more
potential
upside
in
Europe.
Later
in
the
reporting
period,
the
Fund
pivoted
to
long
Asia
Pacific
and
long
U.S.
equities
against
a
short
in
Europe.
Insights
around
pricing
were
the
primary
motivators
for
this
shift,
as
U.S.
equities
had
underperformed
their
European
counterparts
for
several
quarters
and
earnings
remained
strong.
The
Fund
initiated
the
long
in
Asia
Pacific
stocks
in
anticipation
of
tailwinds
from
China’s
re-opening.
Within
bonds,
the
Fund
entered
the
reporting
period
directionally
short
in
the
United
States
and
Germany
on
the
view
that
persistent
inflationary
pressures
would
necessitate
a
significant
tightening
in
monetary
policy.
Early
in
the
period,
the
Fund
initiated
a
directional
short
position
in
Japan
on
the
view
that
the
Bank
of
Japan
would
need
to
modify
its
yield
curve
control
policy
as
the
country’s
inflation
ticked
up
for
the
first
time
in
several
decades.
In
terms
of
relative
value
views
in
bonds,
the
Fund
began
the
reporting
period
with
a
preference
for
Germany
versus
the
United
States.
It
then
shifted
to
the
opposite
view
later
in
the
period
as
the
Fed
appeared
further
along
in
its
hiking
cycle
than
the
ECB.
In
the
emerging
markets,
the
Fund
held
a
long
in
China
versus
the
broader
category
given
divergences
in
monetary
policy
and
the
belief
that
the
country’s
continued
support
for
the
COVID-battered
economy
would
prove
helpful
for
its
bond
market.
Describe
portfolio
positioning
at
period
end.
The
Fund
had
minimal
directional
exposure
to
stocks
and
bonds
at
the
end
of
April
2023.
The
potential
for
rising
risk,
particularly
with
respect
to
the
U.S.
debt
ceiling
limit,
caused
the
Fund
to
prefer
to
allocate
risk
to
relative
value
positions
where
higher
dispersion
across
policy
and
inflation
created
opportunities.
The
Fund
was
modestly
short
duration
(interest
rate
sensitivity),
primarily
in
Europe,
given
that
high
and
sticky
core
inflation
was
expected
to
restrict
the
ECB’s
ability
to
loosen
policy.
The
Fund
also
found
opportunities
in
relative
value
positions,
where
it
was
long
in
certain
emerging
markets
with
low
inflation
(China)
or
falling
inflation
(Brazil).
The
Fund
ended
the
reporting
period
with
a
relatively
flat
net
equity
exposure.
The
Fund
was
short
in
South
Korea,
Germany
and
Switzerland.
It
was
long
in
the
United
States
based
on
attractive
pricing
and
continued
strength
in
corporate
earnings.
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,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
18
BlackRock
Tactical
Opportunities
Fund
GROWTH
OF
$10,000
INVESTMENT
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(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
3/1/2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(the
"Index").
Historical
index
data
prior
to
3/1/2021
is
for
the
3pm
pricing
variant
of
the
Index.
Index
data
on
and
after
3/1/2021
is
for
the
4pm
pricing
variant
of
the
Index.
(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.
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
..................................................
6.22‌%
N/A‌
3.08‌%
N/A‌
3.59‌%
N/A‌
Service
....................................................
5.93‌
N/A‌
2.78‌
N/A‌
3.30‌
N/A‌
Investor
A
...................................................
5.86‌
0.30‌%
2.76‌
1.65‌%
3.28‌
2.72‌%
Investor
C
...................................................
5.19‌
4.19‌
2.03‌
2.03‌
2.70‌
2.70‌
Class
K
....................................................
6.36‌
N/A‌
3.21‌
N/A‌
3.56‌
N/A‌
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
........................
0.98‌
N/A‌
1.18‌
N/A‌
0.82‌
N/A‌
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
...........................
2.83‌
N/A‌
1.45‌
N/A‌
0.90‌
N/A‌
75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index/25%
MSCI
All
Country
World
Index
..................................................
1.57‌
N/A‌
2.92‌
N/A‌
2.75‌
N/A‌
MSCI
All
Country
World
Index
....................................
2.06‌
N/A‌
7.03‌
N/A‌
7.91‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
The
Fund
uses
a
macro
asset
allocation
strategy,
investing
varying
percentages
of
its
portfolio
in
global
stocks,
bonds,
money
market
instruments,
foreign
currencies
and
cash.
The
Fund’s
total
returns
prior
to
January
29,
2016
we
re
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.
Fund
Summary
as
of
April
30,
2023
(continued)
19
Fund
Summary
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
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,040.00‌
$
4.35‌
$
1,000.00‌
$
1,020.53‌
$
4.31‌
0.86‌%
Service
..................................
1,000.00‌
1,039.10‌
5.56‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Investor
A
................................
1,000.00‌
1,038.40‌
5.86‌
1,000.00‌
1,019.04‌
5.81‌
1.16‌
Investor
C
................................
1,000.00‌
1,035.70‌
9.29‌
1,000.00‌
1,015.67‌
9.20‌
1.84‌
Class
K
..................................
1,000.00‌
1,041.40‌
3.59‌
1,000.00‌
1,021.27‌
3.56‌
0.71‌
(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
181/365
(to
reflect
the
one-half
year
period
shown).
TEN
LARGEST
HOLDINGS
—
%
Security
(a)
Percent
of
Net
Assets
—
Apple,
Inc.
......................................
3.7‌
%
Microsoft
Corp.
...................................
3.6‌
Amazon.com,
Inc.
.................................
1.5‌
Procter
&
Gamble
Co.
(The)
..........................
1.3‌
NVIDIA
Corp.
....................................
0.9‌
Home
Depot,
Inc.
(The)
.............................
0.9‌
Alphabet,
Inc.,
Class
A
..............................
0.9‌
Alphabet,
Inc.,
Class
C
..............................
0.8‌
Berkshire
Hathaway,
Inc.,
Class
B
......................
0.8‌
Meta
Platforms,
Inc.,
Class
A
..........................
0.8‌
—
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Common
Stocks
...................................
69.5‌
%
U.S.
Treasury
Obligations
.............................
15.5‌
Money
Market
Funds
................................
6.9‌
Preferred
Securities
.................................
0.2‌
Warrants
........................................
0.0‌
(b)
Rights
..........................................
0.0‌
(b)
Asset-Backed
Securities
..............................
—‌
Other
Interests
....................................
—‌
Other
Assets
Less
Liabilities
...........................
7.9‌
(a)
Excludes
short-term
investments.
(b)
Represents
less
than
0.1%
of
the
Fund's
net
assets.
Fund
Summary
as
of
April
30,
2023
2023
BlackRock
Annual
Report
to
Shareholders
20
BlackRock
U.S.
Impact
Fund
Investment
Objective
BlackRock
U.S.
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
On
May
23,
2023,
the
Board
approved
a
proposal
to
close
the
Fund
to
purchases
and
thereafter
to
liquidate
the
Fund.
Accordingly,
effective
on
August
24,
2023,
the
Fund
will
no
longer
accept
purchase
orders.
On
or
about
August
31,
2023
(the
“Liquidation
Date”),
the
Fund’s
assets
will
be
liquidated
completely,
the
shares
of
any
shareholders
on
the
Liquidation
Date
will
be
redeemed
at
the
NAV
per
share
and
the
Fund
will
then
be
terminated.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
April
30,
2023,
all
of
the
Fund’s
share
classes
underperformed
its
benchmark,
the
Russell
Midcap
®
Index.
What
factors
influenced
performance?
The
investment
adviser
seeks
to
invest
in
companies
with
strong
long-term
fundamentals
whose
core
businesses
address
unmet
needs.
The
Fund
typically
holds
small-to-
mid
cap
stocks
with
long-term
growth
potential,
which
detracted
from
performance
in
the
reporting
period.
Rising
inflation
expectations
fueled
a
preference
for
value-oriented,
large-cap
stocks
relative
to
smaller,
higher-growth
companies.
This
trend
was
especially
pronounced
in
the
first
half
of
the
period,
leading
to
sizable
underperformance
for
even
fundamentally
sound
small-cap
growth
stocks.
The
Fund
was
also
hurt
by
steep
price
declines
in
certain
companies
that
reported
negative
earnings
surprises.
This
was
particularly
notable
among
those
most
susceptible
to
inflationary
pressure
and
supply/demand
disruptions,
as
well
as
those
that
provided
lower
or
ambiguous
guidance.
At
the
sector
level,
stock
selection
within
information
technology
and
materials
detracted
the
most
from
relative
performance.
Overweight
positions
in
the
packaging
manufacturer
Ball
Corporation
and
the
industrial
technology
company
Trimble,
Inc.
were
the
largest
detractors
at
the
individual
stock
level,
followed
by
an
out-of-benchmark
position
in
Zurn
Elkay
Water
Solutions
Corp.
The
Fund
doesn’t
use
derivatives
as
part
of
its
investment
strategy.
However,
it
does
use
foreign
currency
forward
contracts
to
manage
the
risk
of
currency
movements.
These
holdings
had
a
minimal
impact
on
performance.
Describe
recent
portfolio
activity.
The
investment
adviser
increased
the
Fund’s
weightings
in
more
resilient
companies
that
are
less
susceptible
to
inflation,
as
well
as
those
that
may
benefit
from
price
pressures.
Specifically,
it
added
positions
in
pharmaceutical,
consumer
staples,
and
education
companies,
as
well
as
those
that
stand
to
benefit
from
rising
government
spending.
Many
of
these
stocks
exhibited
resilience
in
the
risk-off
environment,
providing
ballast
to
the
portfolio
in
the
latter
half
of
the
reporting
period.
At
the
same
time,
the
investment
adviser
reduced
the
Fund’s
weightings
in
growth
stocks.
It
also
took
a
more
conservative
approach
to
modelling
company
performance.
Describe
portfolio
positioning
at
period
end.
The
investment
adviser
remained
committed
to
investing
in
good
businesses
whose
products
and
services
address
important
world
problems.
The
investment
adviser
believes
governments
and
corporations
will
continue
to
find
creative
ways
to
address
income
disparity
and
climate
change
even
in
the
face
of
ongoing
inflationary
pressures
and
recessionary
concerns.
The
investment
adviser
continues
to
build
a
defensive,
yet
well
diversified
portfolio
across
a
variety
of
impact
themes:
First,
accessible
and
affordable
food
has
become
crucial
for
a
larger
segment
of
the
global
population
due
to
the
erosion
of
consumer
savings
from
inflation.
The
Fund
therefore
holds
positions
in
market-leading
food
retailers
with
innovative
supply
chain
management
and
the
ability
to
mitigate
price
pressures.
The
global
food
system
faces
the
challenge
of
significantly
increasing
production
by
2050,
underscoring
the
importance
of
access
and
affordability
as
a
long-term
investment
area.
Second,
the
investment
adviser
increased
the
portfolio’s
allocation
to
education
companies,
with
an
emphasis
on
providers
of
high-quality
solutions
in
adult
learning,
workforce
training,
low-income
education
and
language
learning.
Third,
the
investment
adviser
continued
to
focus
on
public
health
companies,
with
a
focus
on
those
offering
tools
and
resources
that
drive
advancement.
Labor
shortages
in
healthcare
remain;
with
patients
returning
to
the
healthcare
setting,
the
Fund
has
invested
in
companies
that
manufacture
essential
medical
devices
used
in
surgical
procedures.
The
world's
ongoing
move
towards
a
Net
Zero
economy
remains
a
positive
tailwind
for
green
energy
and
related
industries.
Here,
the
investment
adviser
focuses
on
market
leaders
in
renewable
energy
and
energy
efficiency
with
innovative
technology
and
strong
growth
prospects.
The
electrification
and
digitization
industries
also
appear
poised
for
growth,
and
the
Fund
holds
stocks
the
investment
adviser
believes
can
benefit
from
increasing
adoption
of
electric
vehicles.
More
broadly
speaking,
the
investment
adviser
continues
to
seek
durable,
sustainable
business
models
that
have
demonstrated
the
ability
to
withstand
economic
down
cycles.
The
investment
adviser
strives
to
establish
deep
relationships
with
portfolio
companies
to
learn
more
about
their
strategic
directions
and
engage
with
these
partners
to
help
advance
their
impact
outcomes.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
April
30,
2023
(continued)
21
Fund
Summary
BlackRock
U.S.
Impact
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
June
30,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(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
will
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
U.S.
securities.
The
Fund
will
invest
primarily
in
equity
securities
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
securities.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities
and
depositary
receipts.
The
Fund
may
invest
in
issuers
of
any
market
capitalization,
including
small-
to
mid-capitalization
companies.
(c)
An
index
that
includes
approximately
800
of
the
smallest
companies
in
the
Russell
1000
®
Index,
which
represent
approximately
27%
of
the
total
market
capitalization
of
the
Russell
1000
®
Index,
as
of
the
most
recent
constitution.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(5.19‌)%
N/A‌
4.25‌%
N/A‌
Investor
A
...........................................................................
(5.42‌)
(10.38‌)%
3.98‌
2.02‌%
Class
K
............................................................................
(5.01‌)
N/A‌
4.38‌
N/A‌
Russell
Midcap
®
Index
.................................................................
(1.69‌)
N/A‌
11.23‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
June
30,
2020.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
22
BlackRock
U.S.
Impact
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
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,014.70‌
$
4.25‌
$
1,000.00‌
$
1,020.58‌
$
4.26‌
0.85‌%
Investor
A
................................
1,000.00‌
1,013.60‌
5.49‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Class
K
..................................
1,000.00‌
1,016.70‌
3.75‌
1,000.00‌
1,021.08‌
3.76‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Health
Care
.....................................
38.5‌
%
Industrials
.......................................
13.8‌
Consumer
Discretionary
.............................
11.7‌
Utilities
.........................................
10.2‌
Information
Technology
..............................
7.3‌
Financials
.......................................
6.3‌
Consumer
Staples
.................................
5.4‌
Materials
.......................................
4.7‌
Communication
Services
.............................
1.3‌
Short-Term
Securities
...............................
3.3‌
Liabilities
in
Excess
of
Other
Assets
.....................
(2.5‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
About
Fund
Performance
23
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
2023
BlackRock
Annual
Report
to
Shareholders
24
The
Funds
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
Pursuant
to
Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Funds
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk. The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
BlackRock
Emerging
Markets
ex-China
Fund
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2023
Schedule
of
Investments
April
30,
2023
Security
Shares
Shares
Value
Common
Stocks
Australia
—
1.4%
AngloGold
Ashanti
Ltd.
..........
1,606
$
42,923
AngloGold
Ashanti
Ltd.,
ADR
......
1,134
30,142
73,065
Brazil
—
9.0%
Ambev
SA
(a)
.................
21,816
61,672
Arezzo
Industria
e
Comercio
SA
....
4,196
56,364
B3
SA
-
Brasil
Bolsa
Balcao
.......
31,629
73,876
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
15,381
47,644
Hapvida
Participacoes
e
Investimentos
SA
(a)(b)(c)
..................
68,435
37,457
Iguatemi
SA
.................
10,802
44,028
Petroleo
Brasileiro
SA,
ADR
......
5,160
54,799
Rumo
SA
...................
10,707
42,203
Sendas
Distribuidora
SA
(a)
........
18,617
45,387
463,430
Burkina
Faso
—
0.8%
Endeavour
Mining
plc
...........
1,539
39,621
Colombia
—
0.5%
Ecopetrol
SA,
ADR
.............
2,503
24,329
Greece
—
1.0%
National
Bank
of
Greece
SA
(a)
.....
5,258
27,516
OPAP
SA,
Class
R
.............
1,567
26,722
54,238
Hungary
—
2.1%
MOL
Hungarian
Oil
&
Gas
plc
.....
4,096
33,216
OTP
Bank
Nyrt
.
...............
1,147
34,952
Richter
Gedeon
Nyrt
.
...........
1,614
38,982
107,150
India
—
13.4%
Axis
Bank
Ltd.,
GDR
(c)
..........
2,081
109,877
Dr
Reddy's
Laboratories
Ltd.,
ADR
..
996
60,218
HDFC
Bank
Ltd.,
ADR
..........
1,359
94,858
ICICI
Bank
Ltd.,
ADR
...........
6,202
141,095
Larsen
&
Toubro
Ltd.,
GDR
(c)
......
3,384
98,294
Mahindra
&
Mahindra
Ltd.,
GDR
(c)
...
6,057
90,964
Reliance
Industries
Ltd.,
GDR
(b)
....
1,660
98,930
694,236
Indonesia
—
5.1%
Astra
International
Tbk
.
PT
.......
161,300
74,403
Bank
Central
Asia
Tbk
.
PT
........
87,100
53,902
Bank
Mandiri
Persero
Tbk
.
PT
.....
96,600
34,148
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
127,900
44,571
Telkom
Indonesia
Persero
Tbk
.
PT
..
187,200
54,222
261,246
Kazakhstan
—
1.0%
Kaspi.KZ
JSC,
GDR
(c)
...........
597
49,330
Malaysia
—
1.3%
Malayan
Banking
Bhd.
..........
17,000
33,036
Public
Bank
Bhd.
..............
36,900
32,223
65,259
Mexico
—
5.2%
Cemex
SAB
de
CV,
ADR
(a)
........
5,625
33,750
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.................
579
56,175
Security
Shares
Shares
Value
Mexico
(continued)
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
ADR
...............
308
$
54,691
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
..................
10,371
89,881
Wal-Mart
de
Mexico
SAB
de
CV
....
8,129
32,765
267,262
Panama
—
0.7%
Copa
Holdings
SA,
Class
A
(a)
......
423
38,205
Peru
—
0.7%
Credicorp
Ltd.
................
277
37,528
Philippines
—
0.6%
BDO
Unibank
,
Inc.
.............
12,660
32,999
Poland
—
2.9%
Bank
Polska
Kasa
Opieki
SA
......
2,505
57,958
Polski
Koncern
Naftowy
ORLEN
SA
.
1,684
25,692
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
.................
3,952
30,557
Powszechny
Zaklad
Ubezpieczen
SA
4,061
37,414
151,621
Saudi
Arabia
—
2.4%
Saudi
Basic
Industries
Corp.
......
2,908
71,952
Yanbu
National
Petrochemical
Co.
..
4,344
52,153
124,105
South
Africa
—
2.2%
Absa
Group
Ltd.
..............
3,522
34,261
Bid
Corp.
Ltd.
................
1,540
35,047
Gold
Fields
Ltd.
...............
2,955
46,049
115,357
South
Korea
—
16.1%
Hansol
Chemical
Co.
Ltd.
(a)
.......
300
50,004
HYBE
Co.
Ltd.
(a)
..............
127
25,681
Hyundai
Mobis
Co.
Ltd.
..........
302
49,184
JYP
Entertainment
Corp.
(a)
.......
293
19,821
KT
Corp.
(a)
..................
1,077
24,171
LG
Chem
Ltd.
................
66
36,662
Lotte
Tour
Development
Co.
Ltd.
(a)
..
2,394
19,630
Orion
Corp.
(a)
................
271
29,381
Samsung
Electro-Mechanics
Co.
Ltd.
336
36,337
Samsung
Electronics
Co.
Ltd.
.....
7,524
370,212
Samsung
SDI
Co.
Ltd.
..........
122
63,314
SK
Hynix,
Inc.
................
1,203
80,942
S-Oil
Corp.
..................
478
26,772
832,111
Switzerland
—
1.1%
Wizz
Air
Holdings
plc
(a)(b)(c)
........
1,548
58,959
Taiwan
—
17.9%
Accton
Technology
Corp.
........
7,000
68,382
Alchip
Technologies
Ltd.
.........
1,000
38,835
Delta
Electronics,
Inc.
...........
9,000
88,164
Eclat
Textile
Co.
Ltd.
............
4,000
63,700
eMemory
Technology,
Inc.
........
1,000
59,792
Lotes
Co.
Ltd.
................
2,000
57,349
President
Chain
Store
Corp.
......
6,000
52,859
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
26,000
425,765
Wiwynn
Corp.
................
1,000
38,057
Yageo
Corp.
(a)
................
2,000
32,422
925,325
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Emerging
Markets
ex-China
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
Commencement
of
operations.
Security
Shares
Shares
Value
Thailand
—
2.1%
Advanced
Info
Service
PCL,
NVDR
..
5,400
$
33,903
Bangkok
Bank
PCL,
NVDR
.......
5,700
26,285
Land
&
Houses
PCL,
NVDR
......
88,300
25,384
Thai
Beverage
PCL
............
51,300
24,653
110,225
United
Arab
Emirates
—
1.4%
Abu
Dhabi
Commercial
Bank
PJSC
.
14,328
34,425
Emaar
Properties
PJSC
.........
22,143
35,900
70,325
United
States
—
2.3%
Cognizant
Technology
Solutions
Corp.,
Class
A
..................
1,271
75,891
Globant
SA
(a)
.................
286
44,865
120,756
Total
Common
Stocks
—
91.2%
(Cost:
$4,581,909)
..............................
4,716,682
Security
Shares
Shares
Value
Preferred
Securities
Preferred
Stocks
—
1.2%
Brazil
—
1.2%
Banco
Bradesco
SA
............
17,944
$
50,243
Petroleo
Brasileiro
SA
(Preference)
..
2,709
12,845
63,088
Total
Preferred
Stocks
—
1.2%  
(Cost:
$57,983)
................................
63,088
Total
Long-Term
Investments
—
92.4%
(Cost:
$4,639,892)
..............................
4,779,770
Short-Term
Securities
Money
Market
Funds
—
6.6%
BlackRock
Liquidity
Funds,
T
-Fund,
Institutional
Class,
4.72
%
(d)(e)
....
340,604
340,604
Total
Short-Term
Securities
—
6.6%
(Cost:
$340,604)
................................
340,604
Total
Investments
—
99.0%
(Cost:
$4,980,496)
..............................
5,120,374
Other
Assets
Less
Liabilities
—
1.0%
...................
52,472
Net
Assets
—
100.0%
..............................
$
5,172,846
(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
03/29/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
—
$
340,604
(b)
$
—
$
—
$
—
$
340,604
340,604
$
1,624
$
—
—
—
(b)
Represents
net
amount
purchased
(sold).
BlackRock
Emerging
Markets
ex-China
Fund
Schedules
of
Investments
27
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
(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
SGX
NIFTY
50
Index
.......................................................
5
05/25/23
$
182
$
3,469
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
$
32,117
$
(598)
(c)
$
31,519
0.6
%
(b)
Range:
95
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
(c)
Amount
includes
$0
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
Egypt
Commercial
International
Bank
Egypt
SAE
............
18,176
$
31,519
100.0
%
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
...........................
$
31,519
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
...................................................................
$
—
$
—
$
—
$
(598)
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Emerging
Markets
ex-China
Fund
28
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
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)
.....
$
—
$
—
$
3,469
$
—
$
—
$
—
$
3,469
Liabilities
—
Derivative
Financial
Instruments
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
$
—
$
—
$
598
$
—
$
—
$
—
$
598
(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,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
3,651
$
—
$
—
$
—
$
3,651
Swaps
..............................
—
—
2,689
—
—
—
2,689
$
—
$
—
$
6,340
$
—
$
—
$
—
$
6,340
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
3,469
$
—
$
—
$
—
$
3,469
Swaps
..............................
—
—
(598)
—
—
—
(598)
$
—
$
—
$
2,871
$
—
$
—
$
—
$
2,871
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
182
,
035
Total
return
swaps
Average
notional
value
...............................................................................................
$
32
,
117
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
2,105
$
—
Swaps
—
OTC
(a)
.....................................................................................
—
598
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
2,105
$
598
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(2,105)
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
—
$
598
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
BlackRock
Emerging
Markets
ex-China
Fund
Schedules
of
Investments
29
Schedule
of
Investments
(continued)
April
30,
2023
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.
See
notes
to
financial
statements.
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
pledged
by
the
Fund:
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(a)
Goldman
Sachs
Bank
USA
..........................
$
598
$
—
$
—
$
—
$
598
(a)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
30,142
$
42,923
$
—
$
73,065
Brazil
...............................................
463,430
—
—
463,430
Burkina
Faso
..........................................
39,621
—
—
39,621
Colombia
............................................
24,329
—
—
24,329
Greece
..............................................
—
54,238
—
54,238
Hungary
.............................................
—
107,150
—
107,150
India
...............................................
406,048
288,188
—
694,236
Indonesia
............................................
—
261,246
—
261,246
Kazakhstan
...........................................
—
49,330
—
49,330
Malaysia
.............................................
—
65,259
—
65,259
Mexico
..............................................
267,262
—
—
267,262
Panama
.............................................
38,205
—
—
38,205
Peru
................................................
37,528
—
—
37,528
Philippines
...........................................
—
32,999
—
32,999
Poland
..............................................
—
151,621
—
151,621
Saudi
Arabia
..........................................
—
124,105
—
124,105
South
Africa
...........................................
35,047
80,310
—
115,357
South
Korea
..........................................
—
832,111
—
832,111
Switzerland
...........................................
—
58,959
—
58,959
Taiwan
..............................................
—
925,325
—
925,325
Thailand
.............................................
—
110,225
—
110,225
United
Arab
Emirates
....................................
—
70,325
—
70,325
United
States
..........................................
120,756
—
—
120,756
Preferred
Securities
.......................................
63,088
—
—
63,088
Short-Term
Securities
Money
Market
Funds
......................................
340,604
—
—
340,604
$
1,866,060
$
3,254,314
$
—
$
5,120,374
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
—
$
3,469
$
—
$
3,469
Liabilities
Equity
contracts
...........................................
—
(598)
—
(598)
$
—
$
2,871
$
—
$
2,871
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Impact
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2023
Schedule
of
Investments
April
30,
2023
Security
Shares
Shares
Value
Common
Stocks
Australia
—
1.5%
APM
Human
Services
International
Ltd.
132,679
$
166,253
Brazil
—
3.1%
Atacadao
SA
.................
38,149
81,838
MercadoLibre,
Inc.
(a)
............
118
150,744
Sendas
Distribuidora
SA
(a)
........
39,059
95,224
327,806
Canada
—
3.0%
North
West
Co.,
Inc.
(The)
........
11,166
327,517
China
—
1.4%
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
.......
101,300
79,403
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
1,980
66,267
145,670
Denmark
—
5.7%
Chr
Hansen
Holding
A/S
.........
845
65,766
Orsted
A/S
(b)(c)
................
3,876
347,871
Vestas
Wind
Systems
A/S
........
7,380
204,209
617,846
Germany
—
2.3%
Carl
Zeiss
Meditec
AG
..........
859
115,538
LEG
Immobilien
SE
............
2,109
131,271
246,809
India
—
1.2%
Bandhan
Bank
Ltd.
(a)(b)(c)
.........
47,658
134,206
Indonesia
—
6.7%
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
.....................
1,399,400
487,662
Dayamitra
Telekomunikasi
Tbk.
PT
(a)
.
4,964,400
237,055
724,717
Japan
—
2.9%
Daikin
Industries
Ltd.
...........
700
127,142
Katitas
Co.
Ltd.
...............
6,900
134,750
Nidec
Corp.
.................
1,100
54,430
316,322
South
Korea
—
1.7%
Samsung
SDI
Co.
Ltd.
..........
349
181,121
Spain
—
3.9%
EDP
Renovaveis
SA
............
18,827
418,481
Switzerland
—
3.3%
(a)
DSM-Firmenich
AG
............
1,062
138,975
Landis+Gyr
Group
AG
..........
2,571
213,003
351,978
United
Kingdom
—
6.5%
Halma
plc
...................
10,760
312,937
Pearson
plc
.................
6,227
69,280
RELX
plc
...................
4,913
163,695
Wise
plc,
Class
A
(a)
.............
21,400
148,170
694,082
United
States
—
53.7%
Agilent
Technologies,
Inc.
........
1,196
161,974
Aptiv
plc
(a)
...................
1,284
132,072
Autodesk,
Inc.
(a)
...............
619
120,575
AZEK
Co.,
Inc.
(The),
Class
A
(a)
....
2,125
57,672
Ball
Corp.
...................
2,432
129,334
Security
Shares
Shares
Value
United
States
(continued)
Block,
Inc.,
Class
A
(a)
...........
1,633
$
99,270
Boston
Scientific
Corp.
(a)
.........
8,519
444,010
Brookfield
Renewable
Corp.,
Class
A
8,048
268,910
Cable
One,
Inc.
...............
89
67,498
Crown
Holdings,
Inc.
...........
1,587
136,133
Danaher
Corp.
...............
888
210,376
Duolingo,
Inc.,
Class
A
(a)
.........
374
50,924
Encompass
Health
Corp.
........
2,785
178,658
Enphase
Energy,
Inc.
(a)
..........
123
20,197
Etsy,
Inc.
(a)
..................
529
53,445
Exact
Sciences
Corp.
(a)
..........
1,145
73,360
Global
Payments,
Inc.
..........
235
26,487
Grand
Canyon
Education,
Inc.
(a)
....
1,307
155,141
Grocery
Outlet
Holding
Corp.
(a)
.....
4,512
134,367
Hologic,
Inc.
(a)
................
630
54,186
ICF
International,
Inc.
...........
2,843
324,102
Inspire
Medical
Systems,
Inc.
(a)
....
663
177,439
Instructure
Holdings,
Inc.
(a)(d)
......
5,049
133,950
Jack
Henry
&
Associates,
Inc.
.....
1,281
209,239
NextEra
Energy,
Inc.
...........
2,541
194,717
Palo
Alto
Networks,
Inc.
(a)
........
278
50,724
Phreesia,
Inc.
(a)
...............
1,608
50,877
Quanta
Services,
Inc.
...........
1,108
187,961
Royalty
Pharma
plc,
Class
A
......
11,999
421,765
Schneider
Electric
SE
...........
1,968
343,203
SolarEdge
Technologies,
Inc.
(a)
.....
85
24,279
STERIS
plc
..................
410
77,305
Stride,
Inc.
(a)(d)
................
4,620
198,475
Tesla,
Inc.
(a)
..................
306
50,279
Thermo
Fisher
Scientific,
Inc.
......
134
74,357
Trane
Technologies
plc
..........
671
124,679
Trimble,
Inc.
(a)
................
1,102
51,904
Veeva
Systems,
Inc.,
Class
A
(a)
....
1,125
201,465
Zoetis,
Inc.,
Class
A
............
1,255
220,604
Zurn
Elkay
Water
Solutions
Corp.
...
3,757
80,963
5,772,876
Total
Long-Term
Investments
—
96.9%
(Cost:
$10,033,517)
..............................
10,425,684
Short-Term
Securities
Money
Market
Funds
—
5.1%
(e)(f)
BlackRock
Liquidity
Funds,
T
-Fund,
Institutional
Class,
4.72
%
......
337,374
337,374
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.02%
(g)
.............
209,076
209,097
Total
Short-Term
Securities
—
5.1%
(Cost:
$546,452)
................................
546,471
Total
Investments
—
102.0%
(Cost:
$10,579,969)
..............................
10,972,155
Liabilities
in
Excess
of
Other
Assets
—
(2.0)%
............
(219,848)
Net
Assets
—
100.0%
..............................
$
10,752,307
BlackRock
Global
Impact
Fund
Schedules
of
Investments
31
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
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)
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
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
—
$
337,374
(a)
$
—
$
—
$
—
$
337,374
337,374
$
6,173
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
—
209,271
(a)
—
(193)
19
209,097
209,076
221
(b)
—
$
(193)
$
19
$
546,471
$
6,394
$
—
—
—
(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.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Impact
Fund
32
Schedule
of
Investments
(continued)
April
30,
2023
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
166,253
$
—
$
166,253
Brazil
...............................................
327,806
—
—
327,806
Canada
.............................................
327,517
—
—
327,517
China
...............................................
—
145,670
—
145,670
Denmark
.............................................
—
617,846
—
617,846
Germany
............................................
—
246,809
—
246,809
India
...............................................
—
134,206
—
134,206
Indonesia
............................................
—
724,717
—
724,717
Japan
...............................................
—
316,322
—
316,322
South
Korea
..........................................
—
181,121
—
181,121
Spain
...............................................
—
418,481
—
418,481
Switzerland
...........................................
138,975
213,003
—
351,978
United
Kingdom
........................................
—
694,082
—
694,082
United
States
..........................................
5,429,673
343,203
—
5,772,876
Short-Term
Securities
Money
Market
Funds
......................................
337,374
—
—
337,374
$
6,561,345
$
4,201,713
$
—
$
10,763,058
Investments
valued
at
NAV
(a)
......................................
209,097
$
—
$
10,972,155
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
BlackRock
International
Impact
Fund
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2023
Schedule
of
Investments
April
30,
2023
Security
Shares
Shares
Value
Common
Stocks
Australia
—
3.4%
APM
Human
Services
International
Ltd.
121,698
$
152,494
Brazil
—
5.8%
Atacadao
SA
.................
28,827
61,841
MercadoLibre
,
Inc.
(a)
............
102
130,304
Sendas
Distribuidora
SA
(a)
........
29,515
71,956
264,101
Canada
—
4.4%
North
West
Co.,
Inc.
(The)
........
6,797
199,367
China
—
2.7%
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
.......
90,200
70,703
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
1,620
54,218
124,921
Denmark
—
10.8%
Chr
Hansen
Holding
A/S
.........
659
51,290
Orsted
A/S
(b)(c)
................
2,961
265,750
Vestas
Wind
Systems
A/S
........
6,363
176,068
493,108
Germany
—
5.3%
Carl
Zeiss
Meditec
AG
..........
704
94,689
LEG
Immobilien
SE
............
1,677
104,382
Vonovia
SE
..................
2,007
43,529
242,600
India
—
2.8%
Bandhan
Bank
Ltd.
(a)(b)(c)
.........
45,131
127,090
Indonesia
—
10.1%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
807,900
281,536
Dayamitra
Telekomunikasi
Tbk
.
PT
(a)
.
3,787,900
180,876
462,412
Japan
—
6.3%
Daikin
Industries
Ltd.
...........
600
108,979
GMO
Payment
Gateway,
Inc.
......
500
39,106
Katitas
Co.
Ltd.
...............
4,900
95,691
Nidec
Corp.
.................
900
44,534
288,310
Security
Shares
Shares
Value
South
Africa
—
0.6%
Capitec
Bank
Holdings
Ltd.
.......
294
$
25,601
South
Korea
—
2.7%
Samsung
SDI
Co.
Ltd.
..........
234
121,440
Spain
—
5.6%
EDP
Renovaveis
SA
............
11,466
254,863
Switzerland
—
5.4%
(a)
DSM-
Firmenich
AG
............
790
103,381
Landis+Gyr
Group
AG
..........
1,723
142,747
246,128
United
Kingdom
—
12.6%
Halma
plc
...................
9,804
285,134
Pearson
plc
.................
5,116
56,919
RELX
plc
...................
3,690
122,946
Wise
plc,
Class
A
(a)
.............
15,856
109,784
574,783
United
States
—
15.7%
Agilent
Technologies,
Inc.
........
365
49,432
Brookfield
Renewable
Corp.,
Class
A
5,619
187,749
Danaher
Corp.
...............
462
109,453
Schneider
Electric
SE
...........
1,771
308,847
Thermo
Fisher
Scientific,
Inc.
......
107
59,374
714,855
Total
Long-Term
Investments
—
94.2%
(Cost:
$4,585,814)
..............................
4,292,073
Short-Term
Securities
Money
Market
Funds
—
5.5%
BlackRock
Liquidity
Funds,
T
-Fund,
Institutional
Class,
4.72
%
(d)(e)
....
252,410
252,410
Total
Short-Term
Securities
—
5.5%
(Cost:
$252,410)
................................
252,410
Total
Investments
—
99.7%
(Cost:
$4,838,224)
..............................
4,544,483
Other
Assets
Less
Liabilities
—
0.3%
...................
13,723
Net
Assets
—
100.0%
..............................
$
4,558,206
(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.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
International
Impact
Fund
34
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
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.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
—
$
252,410
(a)
$
—
$
—
$
—
$
252,410
252,410
$
4,255
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
..........
—
—
(24)
(a)
24
—
—
—
3,397
(c
)
—
$
24
$
—
$
252,410
$
7,652
$
—
—
—
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
152,494
$
—
$
152,494
Brazil
...............................................
264,101
—
—
264,101
Canada
.............................................
199,367
—
—
199,367
China
...............................................
—
124,921
—
124,921
Denmark
.............................................
—
493,108
—
493,108
Germany
............................................
—
242,600
—
242,600
India
...............................................
—
127,090
—
127,090
Indonesia
............................................
—
462,412
—
462,412
Japan
...............................................
—
288,310
—
288,310
South
Africa
...........................................
25,601
—
—
25,601
South
Korea
..........................................
—
121,440
—
121,440
Spain
...............................................
—
254,863
—
254,863
Switzerland
...........................................
103,381
142,747
—
246,128
United
Kingdom
........................................
—
574,783
—
574,783
United
States
..........................................
406,008
308,847
—
714,855
Short-Term
Securities
Money
Market
Funds
......................................
252,410
—
—
252,410
$
1,250,868
$
3,293,615
$
—
$
4,544,483
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2023
Schedule
of
Investments
April
30,
2023
Security
Shares
Shares
Value
Common
Stocks
Australia
—
0.2%
AngloGold
Ashanti
Ltd.
..........
637
$
17,025
Brazil
—
5.9%
Ambev
SA
(a)
.................
33,546
94,831
B3
SA
-
Brasil
Bolsa
Balcao
.......
28,690
67,011
Banco
do
Brasil
SA
(a)
...........
8,913
76,393
Dexco
SA
(a)
..................
31,525
36,848
Fleury
SA
(a)
..................
3,570
10,292
Lojas
Renner
SA
(a)
.............
26,157
82,858
Natura
&
Co.
Holding
SA
.........
35,327
78,335
Ultrapar
Participacoes
SA
(a)
.......
27,472
79,588
Ultrapar
Participacoes
SA,
ADR
(a)
...
25,541
73,303
599,459
Chile
—
0.3%
Enel
Americas
SA
.............
208,806
28,453
China
—
32.3%
3SBio,
Inc.
(b)(c)
................
76,000
76,149
Alibaba
Group
Holding
Ltd.
(a)
......
29,192
308,665
Baidu,
Inc.,
Class
A
(a)
...........
3,628
54,608
Bosideng
International
Holdings
Ltd.
.
122,000
60,168
BYD
Co.
Ltd.,
Class
A
...........
2,166
80,275
BYD
Co.
Ltd.,
Class
H
..........
1,500
45,490
China
Aoyuan
Group
Ltd.
(a)(d)(e)
.....
42,000
3,284
China
Construction
Bank
Corp.,
Class
H
......................
245,000
163,789
China
Life
Insurance
Co.
Ltd.,
Class
H
4,000
7,685
China
Medical
System
Holdings
Ltd.
.
27,000
44,823
China
Merchants
Bank
Co.
Ltd.,
Class
A
......................
17,013
82,815
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
6,000
28,962
China
Resources
Gas
Group
Ltd.
...
1,500
4,734
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
..................
18,000
7,885
CMOC
Group
Ltd.,
Class
A
.......
40,891
35,296
CMOC
Group
Ltd.,
Class
H
.......
66,000
40,459
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
2,700
90,363
ENN
Energy
Holdings
Ltd.
........
6,600
90,497
Fosun
International
Ltd.
.........
77,500
54,353
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
......................
390
3,671
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H
(b)(c)
....................
560
3,695
Geely
Automobile
Holdings
Ltd.
....
69,000
85,660
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.,
Class
A
............
1,655
4,548
Huatai
Securities
Co.
Ltd.,
Class
H
(b)(c)
59,600
76,980
JA
Solar
Technology
Co.
Ltd.,
Class
A
5,695
33,233
JD.com,
Inc.,
Class
A
...........
6,006
107,194
Kingdee
International
Software
Group
Co.
Ltd.
(a)
.................
14,000
21,527
Kunlun
Energy
Co.
Ltd.
..........
26,000
24,102
Kweichow
Moutai
Co.
Ltd.,
Class
A
..
49
12,475
Lenovo
Group
Ltd.
.............
78,000
79,800
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
...............
13,360
67,498
Meituan,
Class
B
(a)(b)(c)
...........
4,110
70,242
MMG
Ltd.
(a)
..................
20,000
7,318
NetEase,
Inc.
................
6,370
113,401
NIO,
Inc.,
ADR
(a)
..............
1,960
15,425
Ping
An
Bank
Co.
Ltd.,
Class
A
.....
19,973
36,272
Security
Shares
Shares
Value
China
(continued)
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
...............
5,300
$
39,747
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
...............
16,000
116,728
Sangfor
Technologies,
Inc.,
Class
A
.
1,700
29,290
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
...............
38,400
78,066
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
............
2,200
79,055
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
..............
600
8,928
Shimao
Group
Holdings
Ltd.
(a)
.....
16,000
4,077
Sinopharm
Group
Co.
Ltd.,
Class
H
.
4,000
14,169
Tencent
Holdings
Ltd.
...........
11,000
488,577
Tongcheng
Travel
Holdings
Ltd.
(a)(c)
..
28,400
60,413
Topsports
International
Holdings
Ltd.
(b)(c)
24,000
21,395
Trip.com
Group
Ltd.
(a)
...........
250
8,889
Trip.com
Group
Ltd.,
ADR
(a)
.......
803
28,514
Vipshop
Holdings
Ltd.,
ADR
(a)
......
4,121
64,700
WuXi
AppTec
Co.
Ltd.,
Class
A
.....
2,200
21,518
WuXi
AppTec
Co.
Ltd.,
Class
H
(b)(c)
..
1,080
9,498
Wuxi
Biologics
Cayman,
Inc.
(a)(b)(c)
...
3,000
17,889
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
....
461
731
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
....
84,800
69,541
Xinyi
Solar
Holdings
Ltd.
.........
8,000
8,601
Yadea
Group
Holdings
Ltd.
(b)(c)
.....
14,000
32,732
Yum
China
Holdings,
Inc.
........
638
39,033
3,285,432
Greece
—
1.4%
Hellenic
Telecommunications
Organization
SA,
Class
R
......
3,741
54,662
OPAP
SA,
Class
R
.............
4,856
82,808
137,470
Hungary
—
0.2%
MOL
Hungarian
Oil
&
Gas
plc
.....
2,539
20,590
India
—
11.9%
ABB
India
Ltd.
................
1,014
42,472
Adani
Green
Energy
Ltd.
(a)
........
406
4,739
Adani
Total
Gas
Ltd.
............
106
1,228
Asian
Paints
Ltd.
..............
2,801
99,683
Britannia
Industries
Ltd.
.........
1,607
89,603
Cummins
India
Ltd.
............
1,390
26,843
Havells
India
Ltd.
..............
5,526
83,357
HCL
Technologies
Ltd.
..........
2,118
27,691
HDFC
Bank
Ltd.,
ADR
..........
687
47,952
Housing
Development
Finance
Corp.
Ltd.
.....................
2,539
86,508
ICICI
Bank
Ltd.
...............
1,194
13,470
Infosys
Ltd.
..................
5,858
90,384
Infosys
Ltd.,
ADR
..............
3,093
48,065
Kotak
Mahindra
Bank
Ltd.
........
4,078
97,057
Marico
Ltd.
..................
13,311
80,954
Nestle
India
Ltd.
..............
361
96,170
Piramal
Enterprises
Ltd.
.........
6,681
60,370
Reliance
Industries
Ltd.
.........
2,002
59,454
Siemens
Ltd.
.................
1,105
46,705
Tata
Consultancy
Services
Ltd.
....
2,655
104,970
1,207,675
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Indonesia
—
3.5%
Bank
Central
Asia
Tbk.
PT
........
211,100
$
130,639
Bank
Negara
Indonesia
Persero
Tbk.
PT
.....................
129,000
83,134
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
.....................
174,400
60,775
Kalbe
Farma
Tbk.
PT
...........
217,100
31,433
Perusahaan
Gas
Negara
Tbk.
PT
...
158,600
15,515
Unilever
Indonesia
Tbk.
PT
.......
116,900
35,112
356,608
Malaysia
—
2.1%
Axiata
Group
Bhd.
.............
63,100
42,398
CIMB
Group
Holdings
Bhd.
.......
69,200
78,620
Maxis
Bhd.
..................
11,500
11,360
Petronas
Dagangan
Bhd.
........
14,900
75,627
208,005
Mexico
—
1.0%
Wal-Mart
de
Mexico
SAB
de
CV
....
25,373
102,271
Poland
—
0.8%
Santander
Bank
Polska
SA
.......
939
76,377
Qatar
—
0.5%
Commercial
Bank
PSQC
(The)
.....
2,766
4,478
Industries
Qatar
QSC
...........
2,125
7,476
Masraf
Al
Rayan
QSC
...........
5,545
3,907
Qatar
Islamic
Bank
SAQ
.........
1,752
8,645
Qatar
National
Bank
QPSC
.......
6,851
28,962
53,468
Romania
—
0.2%
NEPI
Rockcastle
NV
...........
3,998
24,160
Russia
—
0.0%
(e)
LUKOIL
PJSC
................
2,410
—
Novatek
PJSC
................
1,500
—
PhosAgro
PJSC
..............
1,413
—
PhosAgro
PJSC,
GDR
(a)(c)
........
27
1
1
Saudi
Arabia
—
4.0%
Al
Rajhi
Bank
(a)
...............
2,094
43,220
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
347
26,655
Sahara
International
Petrochemical
Co.
1,952
20,353
Saudi
Arabian
Oil
Co.
(b)(c)
.........
11,674
112,527
Saudi
Basic
Industries
Corp.
......
4,245
105,033
Savola
Group
(The)
............
9,300
79,217
Seera
Group
Holding
(a)
..........
2,949
19,588
406,593
South
Africa
—
2.7%
Anglo
American
Platinum
Ltd.
.....
144
8,538
Anglo
American
plc
............
2,301
70,714
Bidvest
Group
Ltd.
(The)
.........
426
5,835
Gold
Fields
Ltd.
...............
1,357
21,147
Kumba
Iron
Ore
Ltd.
............
3,127
76,038
Vodacom
Group
Ltd.
...........
2,397
16,430
Woolworths
Holdings
Ltd.
........
20,864
74,194
272,896
South
Korea
—
9.2%
CJ
Logistics
Corp.
(a)
............
421
24,317
Hana
Financial
Group,
Inc.
.......
622
19,546
KB
Financial
Group,
Inc.
.........
2,594
96,279
KB
Financial
Group,
Inc.,
ADR
.....
1,186
44,226
Mirae
Asset
Securities
Co.
Ltd.
(a)
...
1,300
6,755
NAVER
Corp.
................
714
103,441
Security
Shares
Shares
Value
South
Korea
(continued)
NCSoft
Corp.
(a)
...............
172
$
48,671
POSCO
Holdings,
Inc.
..........
358
101,316
Samsung
Electronics
Co.
Ltd.
.....
6,857
337,392
Samsung
SDI
Co.
Ltd.
..........
71
36,847
Samsung
SDS
Co.
Ltd.
..........
429
37,721
SK
Innovation
Co.
Ltd.
(a)
.........
7
911
SK,
Inc.
....................
653
79,633
937,055
Taiwan
—
14.5%
Acer,
Inc.
...................
81,000
79,900
Cathay
Financial
Holding
Co.
Ltd.
...
64,978
90,019
Delta
Electronics,
Inc.
...........
10,000
97,960
E.Sun
Financial
Holding
Co.
Ltd.
...
114,623
93,218
First
Financial
Holding
Co.
Ltd.
.....
96,720
85,431
Lite-On
Technology
Corp.
........
27,000
64,679
MediaTek,
Inc.
................
5,000
108,719
Mega
Financial
Holding
Co.
Ltd.
....
53,000
58,800
momo.com,
Inc.
...............
2,000
54,192
Sinbon
Electronics
Co.
Ltd.
.......
1,000
11,087
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
..................
7,660
6,677
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
36,000
589,521
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
..............
79
6,660
United
Microelectronics
Corp.
(a)
....
17,000
27,342
United
Microelectronics
Corp.,
ADR
(a)
5,168
41,499
Voltronic
Power
Technology
Corp.
...
1,000
57,500
1,473,204
Thailand
—
3.3%
Bangkok
Dusit
Medical
Services
PCL,
NVDR
...................
101,500
87,196
Delta
Electronics
Thailand
PCL,
NVDR
13,000
27,826
Energy
Absolute
PCL,
NVDR
......
38,100
75,849
Home
Product
Center
PCL,
NVDR
..
194,300
79,946
PTT
Exploration
&
Production
PCL,
NVDR
...................
13,600
59,174
329,991
Turkey
—
0.6%
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
A/S,
Class
A
...............
10,887
35,259
Enerjisa
Enerji
A/S
(b)(c)
...........
15,239
21,854
Turkcell
Iletisim
Hizmetleri
A/S,
Class
A
4,090
6,967
64,080
United
Arab
Emirates
—
0.3%
Abu
Dhabi
Commercial
Bank
PJSC
.
12,084
29,034
Emirates
Telecommunications
Group
Co.
PJSC
.................
611
3,999
33,033
Total
Common
Stocks
—
94.9%
(Cost:
$10,115,240)
..............................
9,633,846
Preferred
Securities
Preferred
Stocks
—
1.6%
Brazil
—
1.6%
Cia
Energetica
de
Minas
Gerais
....
30,376
73,510
Cia
Energetica
de
Minas
Gerais
(Preference)
...............
31,935
78,816
Cia
Paranaense
de
Energia
(Preference)
...............
3,854
6,182
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Brazil
(continued)
Itau
Unibanco
Holding
SA
(Preference)
1,489
$
7,714
166,222
Total
Preferred
Stocks
—
1.6%  
(Cost:
$143,474)
................................
166,222
Rights
Taiwan
—
0.0%
Acer,
Inc.(Expires
06/16/23,
Strike
Price
TWD
1.00)
(a)
...............
3
—
Total
Rights
—
0.0%
(Cost:
$0)
....................................
—
Total
Long-Term
Investments
—
96.5%
(Cost:
$10,258,714)
..............................
9,800,068
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
3.3%
(f)(g)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.7
2
%
......
329,574
$
329,574
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.02%
(h)
.............
3,625
3,625
Total
Short-Term
Securities
—
3.3%
(Cost:
$333,197)
................................
333,199
Total
Investments
—
99.8%
(Cost:
$10,591,911)
..............................
10,133,267
Other
Assets
Less
Liabilities
—
0.2%
...................
24,586
Net
Assets
—
100.0%
..............................
$
10,157,853
(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
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
301,820
$
27,754
(a)
$
—
$
—
$
—
$
329,574
329,574
$
7,657
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
8,928
—
(5,417)
(a)
112
2
3,625
3,625
504
(b)
—
iShares
MSCI
Saudi
Arabia
ETF
(c)
413,416
43,995
(394,809)
77,692
(140,294)
—
—
2,999
—
$
77,804
$
(140,292)
$
333,199
$
11,160
$
—
—
—
(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.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
38
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
7
06/16/23
$
344
$
8,595
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)
.....
$
—
$
—
$
8,595
$
—
$
—
$
—
$
8,595
(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,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(33,538)
$
—
$
—
$
—
$
(33,538)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
20,848
$
—
$
—
$
—
$
20,848
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
326,521
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
39
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
17,025
$
—
$
17,025
Brazil
...............................................
599,459
—
—
599,459
Chile
...............................................
28,453
—
—
28,453
China
...............................................
147,672
3,134,476
3,284
3,285,432
Greece
..............................................
—
137,470
—
137,470
Hungary
.............................................
—
20,590
—
20,590
India
...............................................
96,017
1,111,658
—
1,207,675
Indonesia
............................................
—
356,608
—
356,608
Malaysia
.............................................
75,627
132,378
—
208,005
Mexico
..............................................
102,271
—
—
102,271
Poland
..............................................
—
76,377
—
76,377
Qatar
...............................................
—
53,468
—
53,468
Romania
.............................................
24,160
—
—
24,160
Russia
..............................................
—
—
1
1
Saudi
Arabia
..........................................
—
406,593
—
406,593
South
Africa
...........................................
80,029
192,867
—
272,896
South
Korea
..........................................
44,226
892,829
—
937,055
Taiwan
..............................................
48,159
1,425,045
—
1,473,204
Thailand
.............................................
—
329,991
—
329,991
Turkey
..............................................
—
64,080
—
64,080
United
Arab
Emirates
....................................
—
33,033
—
33,033
Preferred
Securities
.......................................
166,222
—
—
166,222
Rights
................................................
—
—
—
—
Short-Term
Securities
Money
Market
Funds
......................................
329,574
—
—
329,574
$
1,741,869
$
8,384,488
$
3,285
$
10,129,642
Investments
valued
at
NAV
(a)
......................................
3,625
$
—
$
10,133,267
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
8,595
$
—
$
—
$
8,595
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2023
Schedule
of
Investments
April
30,
2023
Security
Shares
Shares
Value
Common
Stocks
Australia
—
7.7%
ANZ
Group
Holdings
Ltd.
........
2,911
$
47,269
Aristocrat
Leisure
Ltd.
...........
3,743
94,681
Beach
Energy
Ltd.
.............
3,577
3,521
Brambles
Ltd.
................
220
2,084
Challenger
Ltd.
...............
699
2,813
Cochlear
Ltd.
................
5
820
Commonwealth
Bank
of
Australia
...
1,383
91,521
CSR
Ltd.
...................
194
679
Evolution
Mining
Ltd.
...........
284
670
Flight
Centre
Travel
Group
Ltd.
(a)
...
923
12,121
Fortescue
Metals
Group
Ltd.
......
7,268
101,691
Glencore
plc
(a)
................
1,142
6,741
GPT
Group
(The)
(b)
.............
944
2,776
Lottery
Corp.
Ltd.
(The)
(a)
........
166
557
Macquarie
Group
Ltd.
...........
969
118,210
Mineral
Resources
Ltd.
..........
106
5,229
National
Australia
Bank
Ltd.
.......
6,169
118,760
Orora
Ltd.
...................
3,947
9,021
OZ
Minerals
Ltd.
..............
3,234
56,708
Pro
Medicus
Ltd.
..............
23
944
Qantas
Airways
Ltd.
(a)
...........
940
4,145
Rio
Tinto
Ltd.
................
294
22,051
Rio
Tinto
plc
.................
842
53,528
Sonic
Healthcare
Ltd.
...........
1,113
26,237
Stockland
(b)
..................
8,930
26,472
Telstra
Group
Ltd.
.............
11,036
32,018
Westpac
Banking
Corp.
.........
4,191
62,736
Woodside
Energy
Group
Ltd.
......
401
9,099
Worley
Ltd.
..................
7,625
76,612
989,714
Austria
—
0.7%
ams-OSRAM
AG
(a)
.............
303
2,092
ANDRITZ
AG
................
1,130
73,389
BAWAG
Group
AG
(a)(c)(d)
.........
37
1,805
Raiffeisen
Bank
International
AG
(a)
..
1,127
17,313
Verbund
AG
.................
8
712
95,311
Belgium
—
1.2%
Ackermans
&
van
Haaren
NV
.....
235
41,336
Ageas
SA
...................
132
5,881
Anheuser-Busch
InBev
SA/NV
.....
1,448
94,148
Groupe
Bruxelles
Lambert
NV
.....
181
16,245
Sofina
SA
...................
14
3,214
160,824
China
—
0.6%
BOC
Hong
Kong
Holdings
Ltd.
.....
18,500
58,400
Prosus
NV
(a)
.................
203
15,191
73,591
Denmark
—
3.2%
Carlsberg
A/S,
Class
B
..........
162
26,810
Genmab
A/S
(a)
................
68
27,946
H
Lundbeck
A/S,
Class
B
........
1,148
6,078
Jyske
Bank
A/S
(Registered)
(a)
.....
41
2,998
Novo
Nordisk
A/S,
Class
B
.......
1,398
232,564
Novozymes
A/S,
Class
B
.........
1,762
91,734
Pandora
A/S
.................
253
23,418
411,548
Finland
—
1.4%
Kone
OYJ,
Class
B
............
37
2,111
Nokia
OYJ
..................
10,723
45,371
Security
Shares
Shares
Value
Finland
(continued)
Sampo
OYJ,
Class
A
...........
1,965
$
99,655
Wartsila
OYJ
Abp
..............
2,879
33,388
180,525
France
—
9.9%
Airbus
SE
...................
47
6,582
Arkema
SA
..................
77
7,618
AXA
SA
....................
162
5,288
BioMerieux
..................
6
628
BNP
Paribas
SA
..............
946
61,124
Capgemini
SE
................
71
12,947
Carrefour
SA
.................
432
8,986
Dassault
Aviation
SA
...........
4
782
Dassault
Systemes
SE
..........
1,764
71,611
Engie
SA
...................
4,385
70,179
Hermes
International
...........
63
136,778
Kering
SA
...................
182
116,547
Klepierre
SA
(a)
................
940
23,810
L'Oreal
SA
..................
372
177,785
LVMH
Moet
Hennessy
Louis
Vuitton
SE
303
291,450
Pernod
Ricard
SA
.............
513
118,477
Renault
SA
(a)
.................
245
9,100
Safran
SA
...................
232
36,080
Societe
Generale
SA
...........
1,101
26,741
Teleperformance
..............
14
2,798
Thales
SA
...................
8
1,221
TotalEnergies
SE
..............
870
55,593
Ubisoft
Entertainment
SA
(a)
.......
751
21,995
Valeo
......................
801
15,641
1,279,761
Germany
—
8.9%
Allianz
SE
(Registered)
..........
31
7,784
Aurubis
AG
..................
69
6,473
BASF
SE
...................
67
3,466
Bayer
AG
(Registered)
..........
380
25,079
Bayerische
Motoren
Werke
AG
....
301
33,737
Beiersdorf
AG
................
284
39,655
Continental
AG
...............
15
1,052
Covestro
AG
(c)(d)
...............
31
1,360
Daimler
Truck
Holding
AG
(a)
.......
830
27,426
Deutsche
Post
AG
(Registered)
....
1,904
91,582
Deutsche
Telekom
AG
(Registered)
.
1,468
35,396
Evonik
Industries
AG
...........
1,574
34,355
Freenet
AG
..................
753
21,467
Fresenius
SE
&
Co.
KGaA
........
90
2,608
GEA
Group
AG
...............
252
11,852
HUGO
BOSS
AG
..............
21
1,583
Infineon
Technologies
AG
........
1,622
59,068
Knorr-Bremse
AG
.............
36
2,523
Mercedes-Benz
Group
AG
........
1,700
132,576
Merck
KGaA
.................
3
538
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
....
100
37,583
Nemetschek
SE
...............
457
35,721
ProSiebenSat.1
Media
SE
........
7,590
68,160
SAP
SE
....................
1,470
198,915
Scout24
SE
(c)(d)
...............
316
19,695
Siemens
AG
(Registered)
........
1,112
183,293
Siemens
Energy
AG
............
1,183
29,036
Talanx
AG
...................
297
14,938
TeamViewer
SE
(a)(c)(d)
...........
43
794
thyssenkrupp
AG
(a)
.............
2,880
20,725
1,148,440
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Hong
Kong
—
2.0%
AIA
Group
Ltd.
...............
16,600
$
180,724
ASMPT
Ltd.
.................
600
4,717
Kerry
Properties
Ltd.
...........
3,000
7,740
New
World
Development
Co.
Ltd.
...
9,000
24,002
Sun
Hung
Kai
Properties
Ltd.
......
2,000
27,847
Swire
Properties
Ltd.
...........
5,400
14,514
259,544
Ireland
—
0.2%
Kerry
Group
plc,
Class
A
.........
136
14,324
Kingspan
Group
plc
............
162
11,227
25,551
Israel
—
0.6%
Bank
Hapoalim
BM
............
2,074
17,867
Bank
Leumi
Le-Israel
BM
........
342
2,711
Bezeq
Israeli
Telecommunication
Corp.
Ltd.
.....................
28,772
39,171
Elbit
Systems
Ltd.
.............
5
925
Israel
Discount
Bank
Ltd.,
Class
A
..
867
4,309
Nice
Ltd.
(a)
..................
42
8,609
Teva
Pharmaceutical
Industries
Ltd.
(a)
865
7,581
81,173
Italy
—
1.3%
Assicurazioni
Generali
SpA
.......
854
17,787
Banca
Generali
SpA
(a)
...........
64
2,125
Enel
SpA
...................
5,427
37,078
Ferrari
NV
..................
3
836
FinecoBank
Banca
Fineco
SpA
....
473
7,170
Intesa
Sanpaolo
SpA
...........
13,220
34,761
Italgas
SpA
..................
150
979
Mediobanca
Banca
di
Credito
Finanziario
SpA
.............
1,317
14,143
Moncler
SpA
.................
32
2,374
Reply
SpA
..................
96
11,184
Terna
-
Rete
Elettrica
Nazionale
....
1,630
14,109
UniCredit
SpA
................
1,161
23,006
165,552
Japan
—
19.6%
Aeon
Co.
Ltd.
................
1,400
28,535
Aisin
Corp.
..................
100
2,935
Alfresa
Holdings
Corp.
..........
3,800
55,022
Amada
Co.
Ltd.
...............
1,200
11,204
Asahi
Kasei
Corp.
.............
1,600
11,301
Astellas
Pharma,
Inc.
...........
5,400
81,349
Benesse
Holdings,
Inc.
..........
800
11,482
Bridgestone
Corp.
.............
100
4,016
Brother
Industries
Ltd.
..........
400
6,282
COMSYS
Holdings
Corp.
........
200
3,827
Dai-ichi
Life
Holdings,
Inc.
(a)
.......
900
16,741
Daiwa
House
Industry
Co.
Ltd.
.....
900
22,940
Daiwa
Securities
Group,
Inc.
......
1,000
4,645
Denso
Corp.
.................
100
6,036
Dowa
Holdings
Co.
Ltd.
(a)
........
100
3,267
Fast
Retailing
Co.
Ltd.
..........
400
94,721
FUJIFILM
Holdings
Corp.
........
1,800
93,816
Hitachi
Ltd.
..................
1,700
94,035
Honda
Motor
Co.
Ltd.
...........
3,300
87,526
ITOCHU
Corp.
...............
300
9,952
Japan
Exchange
Group,
Inc.
......
200
3,248
Japan
Post
Bank
Co.
Ltd.
(a)
.......
1,200
9,583
Japan
Post
Holdings
Co.
Ltd.
(a)
.....
200
1,646
Kao
Corp.
...................
100
4,041
KDDI
Corp.
..................
2,200
68,680
Kubota
Corp.
................
600
9,092
Security
Shares
Shares
Value
Japan
(continued)
Kyocera
Corp.
................
100
$
5,249
Lawson,
Inc.
.................
1,900
86,301
Marubeni
Corp.
...............
1,400
19,870
Mitsubishi
Corp.
...............
3,200
118,643
Mitsubishi
Estate
Co.
Ltd.
........
2,800
34,508
Mitsubishi
Gas
Chemical
Co.,
Inc.
..
3,500
50,955
Mitsubishi
UFJ
Financial
Group,
Inc.
.
9,500
59,466
Mitsui
&
Co.
Ltd.
..............
1,600
49,950
Mitsui
Chemicals,
Inc.
...........
100
2,530
Mitsui
Fudosan
Co.
Ltd.
.........
2,600
51,641
Mizuho
Financial
Group,
Inc.
......
100
1,450
MS&AD
Insurance
Group
Holdings,
Inc.
1,100
36,105
Nidec
Corp.
.................
100
4,948
Nintendo
Co.
Ltd.
..............
400
16,911
Nippon
Express
Holdings,
Inc.
.....
100
5,868
Nippon
Telegraph
&
Telephone
Corp.
1,200
36,617
Nitto
Denko
Corp.
.............
800
51,719
Nomura
Research
Institute
Ltd.
....
2,000
50,319
Olympus
Corp.
(a)
..............
700
12,254
Omron
Corp.
.................
1,400
82,123
Oriental
Land
Co.
Ltd.
..........
1,900
67,239
ORIX
Corp.
..................
3,600
61,245
Otsuka
Corp.
................
300
10,920
Otsuka
Holdings
Co.
Ltd.
........
1,800
61,237
Recruit
Holdings
Co.
Ltd.
........
4,000
112,214
Resona
Holdings,
Inc.
..........
500
2,492
Ricoh
Co.
Ltd.
................
2,800
23,183
Santen
Pharmaceutical
Co.
Ltd.
....
1,500
12,620
SCSK
Corp.
.................
100
1,510
Sega
Sammy
Holdings,
Inc.
.......
300
5,607
Shimizu
Corp.
................
3,300
20,153
Shiseido
Co.
Ltd.
..............
300
15,038
SoftBank
Corp.
...............
2,300
25,895
SoftBank
Group
Corp.
..........
900
33,752
Sompo
Holdings,
Inc.
...........
600
25,038
Sony
Group
Corp.
.............
300
27,142
Sumitomo
Chemical
Co.
Ltd.
......
19,900
67,246
T&D
Holdings,
Inc.
.............
3,500
42,862
Takeda
Pharmaceutical
Co.
Ltd.
....
1,200
39,791
TDK
Corp.
..................
400
13,752
Terumo
Corp.
................
800
23,957
Tokio
Marine
Holdings,
Inc.
.......
4,300
86,460
Tokyo
Electron
Ltd.
............
200
22,901
Toshiba
Corp.
................
300
9,666
Toyota
Motor
Corp.
............
4,600
63,158
Trend
Micro,
Inc.
..............
500
24,432
Tsuruha
Holdings,
Inc.
..........
800
52,397
Yamada
Holdings
Co.
Ltd.
(a)
.......
900
3,136
Yokogawa
Electric
Corp.
.........
100
1,624
ZOZO,
Inc.
..................
2,500
52,611
2,532,627
Luxembourg
—
0.5%
ArcelorMittal
SA
...............
2,154
61,194
Netherlands
—
5.7%
Aegon
NV
...................
99
452
Argenx
SE
(a)
.................
28
10,801
ASML
Holding
NV
.............
453
287,480
ASR
Nederland
NV
............
764
33,603
ING
Groep
NV
................
6,134
76,076
Koninklijke
KPN
NV
............
15,059
54,918
Koninklijke
Philips
NV
...........
765
16,151
Shell
plc
....................
6,510
200,040
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Netherlands
(continued)
Wolters
Kluwer
NV
.............
481
$
63,729
743,250
New
Zealand
—
0.4%
Contact
Energy
Ltd.
............
6,249
30,308
Meridian
Energy
Ltd.
...........
7,575
25,654
55,962
Norway
—
1.1%
Aker
BP
ASA
.................
359
8,582
DNB
Bank
ASA
...............
2,010
35,356
Equinor
ASA
.................
2,089
60,144
Gjensidige
Forsikring
ASA
........
1,503
26,182
Telenor
ASA
.................
677
8,448
Var
Energi
ASA
...............
623
1,635
140,347
Singapore
—
1.1%
DBS
Group
Holdings
Ltd.
........
300
7,413
Oversea-Chinese
Banking
Corp.
Ltd.
1,600
15,137
Singapore
Airlines
Ltd.
..........
15,500
68,174
STMicroelectronics
NV
..........
873
37,344
United
Overseas
Bank
Ltd.
.......
900
19,114
147,182
South
Africa
—
0.2%
Anglo
American
plc
............
727
22,402
Spain
—
2.1%
Acciona
SA
..................
408
75,598
Aena
SME
SA
(a)(c)(d)
............
5
842
Amadeus
IT
Group
SA
(a)
.........
240
16,868
Banco
Bilbao
Vizcaya
Argentaria
SA
.
12,344
90,370
Banco
Santander
SA
...........
1,121
3,938
Iberdrola
SA
.................
168
2,177
Industria
de
Diseno
Textil
SA
......
1,128
38,777
Mapfre
SA
..................
1,150
2,304
Repsol
SA
..................
433
6,361
Telefonica
SA
................
6,659
30,246
267,481
Sweden
—
2.9%
Assa
Abloy
AB,
Class
B
.........
1,511
36,001
Atlas
Copco
AB,
Class
A
.........
150
2,170
Atlas
Copco
AB,
Class
B
.........
505
6,477
Boliden
AB
(a)
.................
2,569
91,808
Elekta
AB,
Class
B
.............
2,386
20,062
Epiroc
AB,
Class
A
.............
45
902
EQT
AB
....................
444
9,563
Evolution
AB
(c)(d)
...............
10
1,336
Getinge
AB,
Class
B
............
129
3,274
Industrivarden
AB,
Class
A
.......
104
2,976
Industrivarden
AB,
Class
C
.......
1,594
45,519
Investor
AB,
Class
A
............
1,938
42,496
L
E
Lundbergforetagen
AB,
Class
B
.
292
14,011
Saab
AB,
Class
B
.............
763
42,842
Swedbank
AB,
Class
A
..........
1,454
25,265
Swedish
Orphan
Biovitrum
AB
(a)
....
90
2,190
Trelleborg
AB,
Class
B
..........
75
1,885
Volvo
AB,
Class
A
.............
38
805
Volvo
AB,
Class
B
.............
1,069
21,979
371,561
Switzerland
—
4.9%
ABB
Ltd.
(Registered)
...........
3,639
131,272
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................
4
49,388
Clariant
AG
(Registered)
(a)
........
2,174
36,263
Security
Shares
Shares
Value
Switzerland
(continued)
Givaudan
SA
(Registered)
........
15
$
52,470
Helvetia
Holding
AG
(Registered)
...
10
1,496
Julius
Baer
Group
Ltd.
(a)
.........
272
19,490
Kuehne
+
Nagel
International
AG
(Registered)
...............
85
25,182
Novartis
AG
(Registered)
........
2,583
264,225
Sika
AG
(Registered)
...........
109
30,108
Temenos
AG
(Registered)
........
308
25,944
635,838
United
Kingdom
—
11.3%
3i
Group
plc
.................
164
3,649
AstraZeneca
plc
..............
1,639
241,200
Auto
Trader
Group
plc
(c)(d)
........
2,241
17,921
Aviva
plc
...................
1,361
7,246
Barclays
plc
.................
12,684
25,551
Barratt
Developments
plc
........
1,100
6,921
Bellway
plc
..................
184
5,579
BP
plc
.....................
17,408
116,790
British
Land
Co.
plc
(The)
........
1,123
5,658
BT
Group
plc
.................
19,901
39,748
Centrica
plc
.................
19,838
28,506
CNH
Industrial
NV
.............
1,213
17,069
Compass
Group
plc
............
1,685
44,452
ConvaTec
Group
plc
(c)(d)
.........
9,345
25,835
Croda
International
plc
..........
56
4,920
Diageo
plc
..................
3,118
142,231
Drax
Group
plc
...............
2,390
18,911
Greggs
plc
..................
602
21,381
HSBC
Holdings
plc
............
10,329
74,445
Intermediate
Capital
Group
plc
.....
16
263
Intertek
Group
plc
.............
609
31,859
J
Sainsbury
plc
...............
6,912
24,019
Johnson
Matthey
plc
...........
954
23,567
Just
Eat
Takeaway.com
NV
(a)(c)(d)
....
114
1,999
Kingfisher
plc
................
4,590
14,877
Legal
&
General
Group
plc
.......
5,301
15,641
Lloyds
Banking
Group
plc
........
140,985
85,651
London
Stock
Exchange
Group
plc
..
81
8,504
Man
Group
plc
...............
170
486
Marks
&
Spencer
Group
plc
(a)
......
2,251
4,658
RELX
plc
...................
2,728
90,893
Rightmove
plc
................
2,196
15,895
Segro
plc
...................
661
6,959
Smiths
Group
plc
..............
1,060
22,413
Spectris
plc
..................
74
3,505
Spirax-Sarco
Engineering
plc
......
6
838
SSE
plc
....................
631
14,559
Standard
Chartered
plc
..........
2,990
23,690
Subsea
7
SA
.................
336
3,841
Taylor
Wimpey
plc
.............
2,987
4,821
Tesco
plc
...................
10,044
35,510
TORM
plc,
Class
A
.............
28
876
Travis
Perkins
plc
.............
604
7,290
Unilever
plc
..................
1,859
103,523
Vodafone
Group
plc
............
21,324
25,613
WPP
plc
....................
3,067
35,744
1,455,507
United
States
—
9.5%
CSL
Ltd.
....................
352
70,272
Experian
plc
.................
1,888
66,844
GSK
plc
....................
6,501
117,234
Nestle
SA
(Registered)
..........
2,828
362,803
Roche
Holding
AG
.............
740
233,012
Sanofi
.....................
599
64,553
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
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)
Schneider
Electric
SE
...........
939
$
163,754
Signify
NV
(c)(d)
................
1,053
35,167
Sims
Ltd.
...................
102
1,069
Swiss
Re
AG
.................
1,052
105,941
Tenaris
SA
..................
666
9,527
1,230,176
Total
Common
Stocks
—
97.0%
(Cost:
$11,223,837)
..............................
12,535,061
Preferred
Securities
Preferred
Stocks
—
0.4%
Germany
—
0.4%
Bayerische
Motoren
Werke
AG
(Preference)
...............
8
851
Volkswagen
AG
(Preference)
......
395
53,937
54,788
Total
Preferred
Stocks
—
0.4%  
(Cost:
$55,414)
................................
54,788
Total
Long-Term
Investments
—
97.4%
(Cost:
$11,279,251)
..............................
12,589,849
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
2.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.72%
(e)(f)
....
330,572
$
330,572
Total
Short-Term
Securities
—
2.6%
(Cost:
$330,572)
................................
330,572
Total
Investments
—
100.0%
(Cost:
$11,609,823)
..............................
12,920,421
Other
Assets
Less
Liabilities
—
0.0%
...................
1,536
Net
Assets
—
100.0%
..............................
$
12,921,957
(a)
Non-income
producing
security.
(b)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
235,086
$
95,486
(a)
$
—
$
—
$
—
$
330,572
330,572
$
7,599
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
..........
—
13
(a)
—
(13)
—
—
—
55
(c)
—
$
(13)
$
—
$
330,572
$
7,654
$
—
—
—
(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.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
44
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
EAFE
E-Mini
Index
.....................................................
3
06/16/23
$
322
$
2,918
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)
.....
$
—
$
—
$
2,918
$
—
$
—
$
—
$
2,918
(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,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
4,527
$
—
$
—
$
—
$
4,527
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
7,128
$
—
$
—
$
—
$
7,128
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
226,285
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
45
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
56,708
$
933,006
$
—
$
989,714
Austria
..............................................
—
95,311
—
95,311
Belgium
.............................................
—
160,824
—
160,824
China
...............................................
—
73,591
—
73,591
Denmark
.............................................
—
411,548
—
411,548
Finland
..............................................
—
180,525
—
180,525
France
..............................................
—
1,279,761
—
1,279,761
Germany
............................................
—
1,148,440
—
1,148,440
Hong
Kong
...........................................
—
259,544
—
259,544
Ireland
..............................................
—
25,551
—
25,551
Israel
...............................................
—
81,173
—
81,173
Italy
................................................
—
165,552
—
165,552
Japan
...............................................
—
2,532,627
—
2,532,627
Luxembourg
..........................................
—
61,194
—
61,194
Netherlands
...........................................
—
743,250
—
743,250
New
Zealand
..........................................
—
55,962
—
55,962
Norway
..............................................
—
140,347
—
140,347
Singapore
............................................
—
147,182
—
147,182
South
Africa
...........................................
—
22,402
—
22,402
Spain
...............................................
—
267,481
—
267,481
Sweden
.............................................
—
371,561
—
371,561
Switzerland
...........................................
—
635,838
—
635,838
United
Kingdom
........................................
18,911
1,436,596
—
1,455,507
United
States
..........................................
—
1,230,176
—
1,230,176
Preferred
Securities
.......................................
—
54,788
—
54,788
Short-Term
Securities
Money
Market
Funds
......................................
330,572
—
—
330,572
$
406,191
$
12,514,230
$
—
$
12,920,421
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
2,918
$
—
$
—
$
2,918
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2023
Schedule
of
Investments
April
30,
2023
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
Knollwood
CDO
Ltd.,
Series
2004-1A,
Class
C,
(3-mo.
LIBOR
USD
+
3.20%),
8.41%,
01/10/39
(a)(b)
....................
USD
197
$
—
Total
Asset-Backed
Securities
—
0.0%
(Cost:
$193,411)
................................
—
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.5%
Airbus
SE
........................
10,841
1,518,115
BAE
Systems
plc
...................
31,519
401,551
Boeing
Co.
(The)
(c)
..................
6,001
1,240,887
Dassault
Aviation
SA
................
817
159,656
Elbit
Systems
Ltd.
..................
1,122
207,704
Kongsberg
Gruppen
ASA
.............
7,380
331,479
Lockheed
Martin
Corp.
...............
1,853
860,626
Northrop
Grumman
Corp.
.............
501
231,096
Raytheon
Technologies
Corp.
..........
12,414
1,240,159
Rheinmetall
AG
....................
671
196,531
Safran
SA
........................
4,869
757,226
Thales
SA
........................
1,589
242,487
7,387,517
Air
Freight
&
Logistics
—
0.3%
CH
Robinson
Worldwide,
Inc.
..........
1,891
190,745
Deutsche
Post
AG
(Registered)
.........
16,249
781,570
DSV
A/S
.........................
1,841
346,481
Expeditors
International
of
Washington,
Inc.
.
2,645
301,107
FedEx
Corp.
......................
3,277
746,435
United
Parcel
Service,
Inc.,
Class
B
......
13,661
2,456,384
4,822,722
Automobile
Components
—
0.0%
Aptiv
plc
(c)
........................
1,828
188,028
Continental
AG
....................
1,380
96,831
Denso
Corp.
......................
5,700
344,072
628,931
Automobiles
—
1.3%
Bayerische
Motoren
Werke
AG
.........
11,441
1,282,358
Ferrari
NV
.......................
1,920
535,005
Ford
Motor
Co.
....................
78,242
929,515
General
Motors
Co.
.................
24,177
798,808
Honda
Motor
Co.
Ltd.
................
5,400
143,224
Isuzu
Motors
Ltd.
...................
16,600
196,030
Mercedes-Benz
Group
AG
.............
20,503
1,598,948
Renault
SA
(c)
......................
6,787
252,089
Stellantis
NV
......................
33,183
550,392
Suzuki
Motor
Corp.
.................
9,900
345,198
Tesla,
Inc.
(c)
.......................
56,840
9,339,380
Toyota
Motor
Corp.
.................
178,500
2,450,812
Volvo
Car
AB,
Class
B
(c)
..............
52,114
215,113
18,636,872
Banks
—
4.0%
ANZ
Group
Holdings
Ltd.
.............
78,263
1,270,854
Banco
Bilbao
Vizcaya
Argentaria
SA
......
115,610
846,379
Banco
Santander
SA
................
245,500
862,461
Bank
Hapoalim
BM
.................
21,711
187,031
Bank
Leumi
Le-Israel
BM
.............
26,392
209,201
Bank
of
America
Corp.
...............
187,419
5,487,628
Bank
of
Ireland
Group
plc
.............
11,494
118,882
Barclays
plc
......................
254,363
512,392
BNP
Paribas
SA
...................
21,210
1,370,450
Security
Shares
Shares
Value
Banks
(continued)
BOC
Hong
Kong
Holdings
Ltd.
..........
132,500
$
418,266
CaixaBank
SA
.....................
40,389
149,504
Citigroup,
Inc.
.....................
50,282
2,366,774
Citizens
Financial
Group,
Inc.
..........
12,406
383,842
Comerica,
Inc.
.....................
2,993
129,806
Commerzbank
AG
(c)
.................
20,536
228,219
Commonwealth
Bank
of
Australia
........
37,463
2,479,155
Credit
Agricole
SA
..................
18,929
231,379
Danske
Bank
A/S
(c)
..................
10,407
219,950
DBS
Group
Holdings
Ltd.
.............
34,700
857,436
DNB
Bank
ASA
....................
84,455
1,485,570
Erste
Group
Bank
AG
................
3,928
142,819
Fifth
Third
Bancorp
.................
25,671
672,580
FinecoBank
Banca
Fineco
SpA
.........
23,610
357,873
First
Citizens
BancShares,
Inc.,
Class
A
....
333
335,391
First
Horizon
Corp.
..................
9,696
170,165
First
International
Bank
of
Israel
Ltd.
(The)
..
8,874
322,428
First
Republic
Bank
(d)
................
6,010
21,095
Hang
Seng
Bank
Ltd.
................
19,300
286,081
HSBC
Holdings
plc
.................
369,853
2,665,660
Huntington
Bancshares,
Inc.
...........
40,176
449,971
ING
Groep
NV
.....................
58,506
725,608
Intesa
Sanpaolo
SpA
................
258,076
678,583
Israel
Discount
Bank
Ltd.,
Class
A
.......
87,643
435,572
Japan
Post
Bank
Co.
Ltd.
(c)
............
24,000
191,654
JPMorgan
Chase
&
Co.
..............
76,230
10,538,035
KBC
Group
NV
....................
5,752
411,201
KeyCorp
.........................
35,748
402,523
M&T
Bank
Corp.
...................
5,543
697,309
Mitsubishi
UFJ
Financial
Group,
Inc.
......
215,200
1,347,052
Mizrahi
Tefahot
Bank
Ltd.
.............
10,811
354,528
Mizuho
Financial
Group,
Inc.
...........
47,650
690,726
National
Australia
Bank
Ltd.
............
71,637
1,379,095
NatWest
Group
plc
..................
169,638
558,804
Nordea
Bank
Abp
..................
94,242
1,046,960
Oversea-Chinese
Banking
Corp.
Ltd.
.....
57,700
545,894
PNC
Financial
Services
Group,
Inc.
(The)
..
11,809
1,538,122
Regions
Financial
Corp.
..............
34,192
624,346
Resona
Holdings,
Inc.
...............
29,200
145,532
Skandinaviska
Enskilda
Banken
AB,
Class
A
64,206
730,072
Societe
Generale
SA
................
8,844
214,806
Standard
Chartered
plc
...............
43,427
344,078
Sumitomo
Mitsui
Financial
Group,
Inc.
.....
24,700
1,009,579
Sumitomo
Mitsui
Trust
Holdings,
Inc.
......
5,600
201,867
Svenska
Handelsbanken
AB,
Class
A
.....
52,362
462,869
Swedbank
AB,
Class
A
...............
28,873
501,710
Truist
Financial
Corp.
................
34,477
1,123,261
UniCredit
SpA
.....................
31,904
632,193
United
Overseas
Bank
Ltd.
............
18,400
390,779
US
Bancorp
......................
23,568
807,911
Wells
Fargo
&
Co.
..................
110,984
4,411,614
Westpac
Banking
Corp.
..............
80,166
1,200,019
Zions
Bancorp
NA
..................
3,401
94,752
59,676,296
Beverages
—
1.0%
Anheuser-Busch
InBev
SA/NV
..........
16,442
1,069,050
Asahi
Group
Holdings
Ltd.
.............
12,200
471,336
Carlsberg
A/S,
Class
B
...............
3,388
560,703
Coca-Cola
Co.
(The)
................
43,769
2,807,781
Coca-Cola
HBC
AG
.................
20,049
612,030
Constellation
Brands,
Inc.,
Class
A
.......
788
180,822
Diageo
plc
.......................
47,990
2,189,117
Heineken
Holding
NV
................
2,692
258,381
Heineken
NV
.....................
10,505
1,206,238
Kirin
Holdings
Co.
Ltd.
...............
30,800
500,356
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Beverages
(continued)
PepsiCo,
Inc.
.....................
21,885
$
4,177,628
Pernod
Ricard
SA
..................
4,733
1,093,083
Suntory
Beverage
&
Food
Ltd.
..........
6,700
252,224
Treasury
Wine
Estates
Ltd.
............
16,484
152,693
15,531,442
Biotechnology
—
1.5%
AbbVie,
Inc.
......................
42,418
6,410,208
Amgen,
Inc.
......................
13,237
3,173,438
Argenx
SE
(c)
......................
1,023
394,620
Biogen,
Inc.
(c)
.....................
3,508
1,067,239
CSL
Ltd.
.........................
10,338
2,063,845
Genmab
A/S
(c)
.....................
1,273
523,158
Gilead
Sciences,
Inc.
................
30,509
2,508,145
Horizon
Therapeutics
plc
(c)
.............
1,710
190,084
Incyte
Corp.
(c)
.....................
4,578
340,649
Moderna,
Inc.
(c)
....................
8,704
1,156,675
Regeneron
Pharmaceuticals,
Inc.
(c)
.......
2,735
2,192,896
Seagen,
Inc.
(c)
.....................
951
190,200
Swedish
Orphan
Biovitrum
AB
(c)
.........
8,964
218,143
Vertex
Pharmaceuticals,
Inc.
(c)
..........
6,448
2,197,027
22,626,327
Broadline
Retail
—
1.9%
Amazon.com,
Inc.
(c)
.................
216,610
22,841,525
eBay,
Inc.
........................
13,072
606,933
Etsy,
Inc.
(c)
.......................
6,101
616,384
MercadoLibre,
Inc.
(c)
.................
663
846,976
Next
plc
.........................
4,702
398,950
Prosus
NV
(c)
......................
12,427
929,956
Wesfarmers
Ltd.
...................
40,813
1,411,861
27,652,585
Building
Products
—
0.0%
Kingspan
Group
plc
.................
1,676
116,147
Nibe
Industrier
AB,
Class
B
............
19,496
218,294
Rockwool
A/S,
Class
B
...............
826
200,059
534,500
Capital
Markets
—
1.9%
3i
Group
plc
......................
31,557
702,113
abrdn
plc
........................
31,728
85,022
Ameriprise
Financial,
Inc.
.............
1,231
375,603
Amundi
SA
(b)(e)
.....................
2,815
184,424
ASX
Ltd.
........................
8,136
370,266
Bank
of
New
York
Mellon
Corp.
(The)
.....
11,143
474,580
Blackstone,
Inc.,
Class
A
..............
2,834
253,161
CBOE
Global
Markets,
Inc.
............
2,155
301,053
Charles
Schwab
Corp.
(The)
...........
40,001
2,089,652
CME
Group,
Inc.,
Class
A
.............
8,830
1,640,349
Deutsche
Bank
AG
(Registered)
.........
25,465
279,929
Deutsche
Boerse
AG
................
4,061
774,468
EQT
AB
.........................
8,205
176,721
Euronext
NV
(b)(e)
....................
2,891
229,919
FactSet
Research
Systems,
Inc.
.........
1,017
418,689
Goldman
Sachs
Group,
Inc.
(The)
.......
7,236
2,485,132
Hargreaves
Lansdown
plc
.............
17,654
178,734
Hong
Kong
Exchanges
&
Clearing
Ltd.
....
20,300
842,793
Intercontinental
Exchange,
Inc.
.........
8,127
885,274
Japan
Exchange
Group,
Inc.
...........
18,700
303,646
Julius
Baer
Group
Ltd.
(c)
..............
4,372
313,281
London
Stock
Exchange
Group
plc
.......
7,265
762,776
Macquarie
Group
Ltd.
................
7,989
974,593
MarketAxess
Holdings,
Inc.
............
1,152
366,762
Moody's
Corp.
.....................
4,219
1,321,053
Morgan
Stanley
....................
30,600
2,753,082
MSCI,
Inc.
.......................
2,026
977,444
Security
Shares
Shares
Value
Capital
Markets
(continued)
Nasdaq,
Inc.
......................
8,221
$
455,197
Northern
Trust
Corp.
.................
3,022
236,200
Partners
Group
Holding
AG
............
628
609,621
Raymond
James
Financial,
Inc.
.........
4,825
436,807
S&P
Global,
Inc.
...................
6,768
2,453,941
Schroders
plc
.....................
67,265
411,992
St.
James's
Place
plc
................
19,183
291,737
State
Street
Corp.
..................
7,560
546,286
T.
Rowe
Price
Group,
Inc.
.............
5,065
568,951
UBS
Group
AG
(Registered)
...........
50,261
1,022,940
27,554,191
Chemicals
—
3.3%
Air
Liquide
SA
.....................
7,233
1,301,146
Air
Products
&
Chemicals,
Inc.
..........
12,145
3,575,002
Akzo
Nobel
NV
....................
10,835
898,852
Albemarle
Corp.
...................
14,058
2,607,197
Arkema
SA
.......................
2,623
259,528
BASF
SE
........................
18,150
938,793
Celanese
Corp.
....................
6,714
713,295
CF
Industries
Holdings,
Inc.
............
16,429
1,175,988
Clariant
AG
(Registered)
(c)
.............
24,168
403,128
Corteva,
Inc.
......................
36,647
2,239,865
Croda
International
plc
...............
6,485
569,769
Dow,
Inc.
........................
38,181
2,077,046
DuPont
de
Nemours,
Inc.
.............
24,452
1,704,793
Eastman
Chemical
Co.
...............
9,139
770,144
Ecolab,
Inc.
......................
29,429
4,939,363
EMS-Chemie
Holding
AG
(Registered)
....
613
503,458
FMC
Corp.
.......................
5,937
733,694
Givaudan
SA
(Registered)
.............
149
521,197
International
Flavors
&
Fragrances,
Inc.
....
26,205
2,540,837
Johnson
Matthey
plc
................
6,131
151,458
Linde
plc
(c)
.......................
17,054
6,300,600
LyondellBasell
Industries
NV,
Class
A
.....
15,842
1,498,812
Nippon
Paint
Holdings
Co.
Ltd.
..........
21,500
193,978
Nitto
Denko
Corp.
..................
11,300
730,525
Orica
Ltd.
........................
30,781
332,245
PPG
Industries,
Inc.
.................
24,260
3,402,708
RPM
International,
Inc.
...............
4,092
335,667
Sherwin-Williams
Co.
(The)
............
22,567
5,360,565
Shin-Etsu
Chemical
Co.
Ltd.
...........
20,500
584,984
Sika
AG
(Registered)
................
1,976
545,817
Symrise
AG
......................
2,139
258,439
Toray
Industries,
Inc.
................
17,400
98,611
Tosoh
Corp.
......................
11,900
158,988
Westlake
Corp.
....................
2,958
336,561
Yara
International
ASA
...............
22,302
898,076
49,661,129
Commercial
Services
&
Supplies
—
0.0%
Secom
Co.
Ltd.
....................
6,900
441,835
Communications
Equipment
—
0.1%
Cisco
Systems,
Inc.
.................
19,274
910,696
Nokia
OYJ
.......................
38,157
161,448
Telefonaktiebolaget
LM
Ericsson,
Class
B
..
67,243
370,220
1,442,364
Construction
&
Engineering
—
0.2%
Bouygues
SA
.....................
3,607
132,086
Eiffage
SA
.......................
4,837
575,718
Ferrovial
SA
......................
8,620
270,266
Skanska
AB,
Class
B
................
15,479
253,182
Vinci
SA
.........................
11,699
1,447,063
2,678,315
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Construction
Materials
—
0.0%
CRH
plc
.........................
13,117
$
632,947
Consumer
Finance
—
0.3%
American
Express
Co.
...............
15,592
2,515,613
Capital
One
Financial
Corp.
............
7,156
696,279
Discover
Financial
Services
............
7,256
750,778
Synchrony
Financial
.................
9,732
287,192
4,249,862
Consumer
Staples
Distribution
&
Retail
—
1.6%
Aeon
Co.
Ltd.
.....................
22,600
460,633
Carrefour
SA
......................
20,594
428,368
Coles
Group
Ltd.
...................
76,445
923,469
Costco
Wholesale
Corp.
..............
10,968
5,519,317
Dollar
General
Corp.
................
7,096
1,571,480
Dollar
Tree,
Inc.
(c)
...................
5,514
847,557
Endeavour
Group
Ltd.
...............
44,435
200,278
J
Sainsbury
plc
....................
120,033
417,115
Jeronimo
Martins
SGPS
SA
............
32,956
831,652
Kesko
OYJ,
Class
B
.................
24,019
500,745
Kobe
Bussan
Co.
Ltd.
................
5,600
156,623
Koninklijke
Ahold
Delhaize
NV
..........
6,555
225,391
Kroger
Co.
(The)
...................
15,835
770,056
MatsukiyoCocokara
&
Co.
.............
3,100
166,005
Sysco
Corp.
......................
10,565
810,758
Target
Corp.
......................
12,562
1,981,655
Tesco
plc
........................
150,335
531,502
Walgreens
Boots
Alliance,
Inc.
..........
7,733
272,588
Walmart,
Inc.
......................
36,166
5,459,981
Welcia
Holdings
Co.
Ltd.
..............
7,600
159,122
Woolworths
Group
Ltd.
...............
38,448
991,837
23,226,132
Containers
&
Packaging
—
0.9%
Avery
Dennison
Corp.
................
1,496
261,022
Ball
Corp.
........................
25,064
1,332,903
Crown
Holdings,
Inc.
................
7,147
613,070
International
Paper
Co.
...............
206,869
6,849,433
Packaging
Corp.
of
America
...........
25,800
3,489,708
SIG
Group
AG
(c)
....................
4,855
129,947
Smurfit
Kappa
Group
plc
..............
4,866
180,281
WestRock
Co.
.....................
15,802
472,954
13,329,318
Distributors
—
0.1%
D'ieteren
Group
....................
1,057
199,022
Pool
Corp.
.......................
1,976
694,208
893,230
Diversified
REITs
—
0.0%
British
Land
Co.
plc
(The)
.............
13,120
66,101
Daiwa
House
REIT
Investment
Corp.
.....
85
180,852
Land
Securities
Group
plc
.............
16,160
137,131
Stockland
(f)
.......................
37,540
111,283
495,367
Electric
Utilities
—
1.5%
Acciona
SA
.......................
1,051
194,739
Alliant
Energy
Corp.
.................
2,686
148,106
American
Electric
Power
Co.,
Inc.
........
12,735
1,176,969
CLP
Holdings
Ltd.
..................
38,500
286,660
Constellation
Energy
Corp.
............
11,537
892,964
Duke
Energy
Corp.
.................
14,214
1,405,480
Edison
International
.................
10,166
748,218
EDP
-
Energias
de
Portugal
SA
.........
70,353
387,645
Endesa
SA
.......................
17,405
390,442
Enel
SpA
........................
143,673
981,590
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Entergy
Corp.
.....................
3,777
$
406,330
Evergy,
Inc.
.......................
4,157
258,191
Eversource
Energy
.................
5,053
392,163
Exelon
Corp.
......................
26,825
1,138,453
FirstEnergy
Corp.
..................
11,961
476,048
Iberdrola
SA
......................
127,091
1,646,858
Mercury
NZ
Ltd.
....................
97,904
384,559
NextEra
Energy,
Inc.
................
64,775
4,963,708
NRG
Energy,
Inc.
...................
9,581
327,383
Origin
Energy
Ltd.
..................
43,076
238,836
Orsted
A/S
(b)(e)
.....................
2,436
218,631
PG&E
Corp.
(c)
.....................
60,014
1,026,839
Pinnacle
West
Capital
Corp.
...........
2,586
202,898
Power
Assets
Holdings
Ltd.
............
43,000
245,715
PPL
Corp.
.......................
27,782
797,899
Red
Electrica
Corp.
SA
...............
2,272
41,308
Southern
Co.
(The)
.................
18,934
1,392,596
SSE
plc
.........................
33,861
781,281
Terna
-
Rete
Elettrica
Nazionale
.........
33,640
291,179
Verbund
AG
......................
1,144
101,885
Xcel
Energy,
Inc.
...................
10,542
736,991
22,682,564
Electrical
Equipment
—
0.2%
ABB
Ltd.
(Registered)
................
22,242
802,350
Mitsubishi
Electric
Corp.
..............
17,200
213,261
Schneider
Electric
SE
................
8,440
1,471,868
Vestas
Wind
Systems
A/S
.............
12,604
348,760
2,836,239
Electronic
Equipment,
Instruments
&
Components
—
0.5%
Amphenol
Corp.,
Class
A
.............
13,169
993,864
Azbil
Corp.
.......................
4,300
120,257
CDW
Corp.
.......................
2,699
457,723
Corning,
Inc.
......................
9,372
311,338
Hexagon
AB,
Class
B
................
60,992
698,341
Ibiden
Co.
Ltd.
.....................
7,700
302,966
Keyence
Corp.
....................
3,400
1,533,251
Murata
Manufacturing
Co.
Ltd.
..........
4,200
238,292
Omron
Corp.
......................
8,800
516,201
Shimadzu
Corp.
....................
8,600
268,980
TDK
Corp.
.......................
21,700
746,023
Venture
Corp.
Ltd.
..................
20,500
261,903
Yokogawa
Electric
Corp.
..............
15,900
258,229
6,707,368
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.,
Class
A
............
16,293
476,407
Halliburton
Co.
....................
13,071
428,075
Schlumberger
NV
..................
16,422
810,426
Tenaris
SA
.......................
7,979
114,142
1,829,050
Entertainment
—
0.6%
Activision
Blizzard,
Inc.
...............
17,342
1,347,647
Capcom
Co.
Ltd.
...................
3,100
116,491
Electronic
Arts,
Inc.
.................
7,042
896,306
Netflix,
Inc.
(c)
......................
5,351
1,765,455
Nexon
Co.
Ltd.
....................
6,700
151,355
Nintendo
Co.
Ltd.
...................
21,300
900,508
ROBLOX
Corp.,
Class
A
(c)
.............
3,147
112,033
Sea
Ltd.,
ADR
(c)
....................
6,557
499,447
Square
Enix
Holdings
Co.
Ltd.
..........
2,300
113,181
Take-Two
Interactive
Software,
Inc.
(c)
......
4,155
516,425
Walt
Disney
Co.
(The)
(c)
..............
19,879
2,037,598
8,456,446
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Financial
Services
—
2.7%
Adyen
NV
(b)(c)(e)
....................
312
$
501,338
Berkshire
Hathaway,
Inc.,
Class
B
(c)
......
36,078
11,853,427
Block,
Inc.,
Class
A
(c)
................
2,989
181,701
Edenred
.........................
8,491
551,691
Fidelity
National
Information
Services,
Inc.
..
14,820
870,230
Fiserv,
Inc.
(c)
......................
16,284
1,988,602
Global
Payments,
Inc.
...............
7,677
865,275
GMO
Payment
Gateway,
Inc.
...........
2,600
203,351
Industrivarden
AB,
Class
A
............
13,065
373,831
Industrivarden
AB,
Class
C
............
14,800
422,636
Investor
AB,
Class
A
.................
12,466
273,353
Investor
AB,
Class
B
.................
47,690
1,024,531
Jack
Henry
&
Associates,
Inc.
..........
2,940
480,220
L
E
Lundbergforetagen
AB,
Class
B
......
5,989
287,359
M&G
plc
.........................
76,477
197,658
Mastercard,
Inc.,
Class
A
..............
19,208
7,299,616
Nexi
SpA
(b)(c)(e)
.....................
61,287
508,179
ORIX
Corp.
.......................
22,500
382,782
PayPal
Holdings,
Inc.
(c)
...............
29,783
2,263,508
Toast,
Inc.,
Class
A
(c)
................
9,437
171,753
Visa,
Inc.,
Class
A
..................
38,972
9,069,954
Worldline
SA
(b)(c)(e)
..................
14,496
630,615
40,401,610
Food
Products
—
1.9%
Ajinomoto
Co.,
Inc.
..................
3,000
107,893
Archer-Daniels-Midland
Co.
............
24,278
1,895,626
Associated
British
Foods
plc
...........
14,228
350,558
Bunge
Ltd.
.......................
4,599
430,466
Campbell
Soup
Co.
.................
12,484
677,881
Chocoladefabriken
Lindt
&
Spruengli
AG
...
24
296,331
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
....................
4
493,048
Conagra
Brands,
Inc.
................
27,354
1,038,358
Danone
SA
.......................
9,052
599,095
General
Mills,
Inc.
..................
25,124
2,226,740
Hershey
Co.
(The)
..................
7,556
2,063,241
Hormel
Foods
Corp.
.................
23,036
931,576
J
M
Smucker
Co.
(The)
...............
4,123
636,632
Kellogg
Co.
.......................
10,167
709,352
Kerry
Group
plc,
Class
A
..............
1,829
192,639
Kraft
Heinz
Co.
(The)
................
36,452
1,431,470
Lamb
Weston
Holdings,
Inc.
...........
9,155
1,023,621
McCormick
&
Co.,
Inc.
(Non-Voting)
......
14,618
1,284,191
MEIJI
Holdings
Co.
Ltd.
..............
21,900
528,441
Mondelez
International,
Inc.,
Class
A
......
37,320
2,863,190
Mowi
ASA
........................
22,037
420,450
Nestle
SA
(Registered)
...............
45,870
5,884,643
Nissin
Foods
Holdings
Co.
Ltd.
.........
1,200
115,695
Orkla
ASA
........................
138,855
998,060
Salmar
ASA
......................
5,296
235,293
Tyson
Foods,
Inc.,
Class
A
............
14,854
928,226
Wilmar
International
Ltd.
..............
104,100
307,482
Yakult
Honsha
Co.
Ltd.
...............
2,300
172,992
28,843,190
Gas
Utilities
—
0.1%
APA
Group
(f)
......................
47,815
326,454
Hong
Kong
&
China
Gas
Co.
Ltd.
........
197,222
175,119
Naturgy
Energy
Group
SA
.............
9,837
306,288
Snam
SpA
.......................
47,547
264,251
1,072,112
Ground
Transportation
—
0.4%
Aurizon
Holdings
Ltd.
................
121,854
277,053
Central
Japan
Railway
Co.
............
3,000
371,396
Security
Shares
Shares
Value
Ground
Transportation
(continued)
CSX
Corp.
.......................
34,122
$
1,045,498
East
Japan
Railway
Co.
..............
7,500
429,162
Grab
Holdings
Ltd.,
Class
A
(c)
...........
94,739
275,691
Hankyu
Hanshin
Holdings,
Inc.
..........
7,000
218,549
Keisei
Electric
Railway
Co.
Ltd.
.........
3,900
137,627
MTR
Corp.
Ltd.
....................
45,000
224,844
Norfolk
Southern
Corp.
...............
3,334
676,902
Old
Dominion
Freight
Line,
Inc.
.........
1,248
399,847
Tokyu
Corp.
......................
14,200
200,448
Union
Pacific
Corp.
.................
10,702
2,094,381
West
Japan
Railway
Co.
..............
6,000
260,051
6,611,449
Health
Care
Equipment
&
Supplies
—
1.7%
Abbott
Laboratories
.................
35,642
3,937,372
Alcon,
Inc.
.......................
6,843
498,282
Align
Technology,
Inc.
(c)
...............
1,291
419,962
Baxter
International,
Inc.
..............
5,123
244,265
Becton
Dickinson
&
Co.
..............
4,606
1,217,412
BioMerieux
.......................
1,339
140,201
Boston
Scientific
Corp.
(c)
..............
25,831
1,346,312
Carl
Zeiss
Meditec
AG
...............
1,794
241,297
Cochlear
Ltd.
.....................
2,709
444,188
Coloplast
A/S,
Class
B
...............
1,572
226,495
Cooper
Cos.,
Inc.
(The)
..............
376
143,425
Dexcom,
Inc.
(c)
.....................
7,468
906,167
Edwards
Lifesciences
Corp.
(c)
..........
10,504
924,142
EssilorLuxottica
SA
.................
7,388
1,462,676
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
.....
31,668
543,199
GE
HealthCare
Technologies,
Inc.
(c)
......
6,566
534,078
Getinge
AB,
Class
B
.................
6,678
169,494
Hologic,
Inc.
(c)
.....................
3,300
283,833
Hoya
Corp.
.......................
6,800
713,014
IDEXX
Laboratories,
Inc.
(c)
.............
1,556
765,801
Insulet
Corp.
(c)
.....................
1,355
430,944
Intuitive
Surgical,
Inc.
(c)
...............
6,875
2,070,888
Koninklijke
Philips
NV
................
7,433
156,926
Medtronic
plc
.....................
23,212
2,111,131
Olympus
Corp.
(c)
...................
23,200
406,149
ResMed,
Inc.
.....................
2,512
605,292
Siemens
Healthineers
AG
(b)(e)
...........
7,752
483,148
Smith
&
Nephew
plc
.................
30,681
505,309
Sonova
Holding
AG
(Registered)
........
848
268,923
STERIS
plc
.......................
937
176,671
Straumann
Holding
AG
(Registered)
......
2,139
321,814
Stryker
Corp.
.....................
6,362
1,906,373
Sysmex
Corp.
.....................
3,400
218,699
Terumo
Corp.
.....................
16,500
494,106
Zimmer
Biomet
Holdings,
Inc.
..........
2,716
376,003
25,693,991
Health
Care
Providers
&
Services
—
0.9%
Cigna
Group
(The)
..................
2,160
547,106
CVS
Health
Corp.
..................
10,500
769,755
EBOS
Group
Ltd.
...................
15,708
431,075
Elevance
Health,
Inc.
................
3,236
1,516,551
Fresenius
SE
&
Co.
KGaA
.............
9,410
272,645
HCA
Healthcare,
Inc.
................
696
199,982
Humana,
Inc.
.....................
1,070
567,624
Ramsay
Health
Care
Ltd.
.............
4,524
194,538
Sonic
Healthcare
Ltd.
................
13,186
310,833
UnitedHealth
Group,
Inc.
..............
17,317
8,521,523
13,331,632
Health
Care
REITs
—
0.0%
Welltower,
Inc.
.....................
1,657
131,268
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Health
Care
Technology
—
0.0%
M3,
Inc.
(c)
........................
9,600
$
235,641
Hotel
&
Resort
REITs
—
0.0%
CapitaLand
Ascott
Trust
(f)
.............
5,177
4,203
Hotels,
Restaurants
&
Leisure
—
1.2%
Accor
SA
(c)
.......................
9,158
324,899
Amadeus
IT
Group
SA
(c)
..............
2,074
145,771
Aristocrat
Leisure
Ltd.
................
9,925
251,058
Booking
Holdings,
Inc.
(c)
..............
635
1,705,807
Chipotle
Mexican
Grill,
Inc.
(c)
...........
583
1,205,422
Compass
Group
plc
.................
25,430
670,868
Darden
Restaurants,
Inc.
.............
1,195
181,556
Entain
plc
........................
21,709
395,566
Evolution
AB
(b)(e)
....................
4,745
633,972
Flutter
Entertainment
plc
(c)
.............
1,351
269,954
Galaxy
Entertainment
Group
Ltd.
........
75,000
533,797
Hilton
Worldwide
Holdings,
Inc.
.........
1,675
241,234
InterContinental
Hotels
Group
plc
........
4,352
299,229
Lottery
Corp.
Ltd.
(The)
(c)
..............
69,385
232,647
Marriott
International,
Inc.,
Class
A
.......
3,651
618,260
McDonald's
Corp.
..................
15,955
4,718,691
McDonald's
Holdings
Co.
Japan
Ltd.
......
13,300
554,081
Norwegian
Cruise
Line
Holdings
Ltd.
(c)
.....
9,630
128,561
Oriental
Land
Co.
Ltd.
...............
27,400
969,664
Sands
China
Ltd.
(c)
..................
42,400
151,852
Starbucks
Corp.
....................
22,347
2,554,039
Whitbread
plc
.....................
17,192
703,703
Yum!
Brands,
Inc.
..................
1,526
214,525
17,705,156
Household
Durables
—
0.2%
Barratt
Developments
plc
.............
33,680
211,895
Berkeley
Group
Holdings
plc
...........
3,904
218,476
Sony
Group
Corp.
..................
16,900
1,529,006
Taylor
Wimpey
plc
..................
132,188
213,334
2,172,711
Household
Products
—
2.9%
Church
&
Dwight
Co.,
Inc.
.............
46,434
4,509,670
Clorox
Co.
(The)
...................
24,720
4,094,127
Colgate-Palmolive
Co.
...............
87,203
6,958,800
Essity
AB,
Class
B
..................
23,048
698,476
Henkel
AG
&
Co.
KGaA
..............
4,610
340,929
Kimberly-Clark
Corp.
................
41,833
6,061,183
Procter
&
Gamble
Co.
(The)
...........
123,953
19,383,770
Reckitt
Benckiser
Group
plc
............
12,278
992,183
Unicharm
Corp.
....................
12,500
504,624
43,543,762
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
AES
Corp.
(The)
...................
34,205
809,290
Meridian
Energy
Ltd.
................
139,485
472,393
RWE
AG
........................
14,495
679,616
Vistra
Corp.
......................
12,809
305,623
2,266,922
Industrial
Conglomerates
—
0.4%
Hitachi
Ltd.
.......................
13,500
746,748
Honeywell
International,
Inc.
...........
11,092
2,216,625
Jardine
Cycle
&
Carriage
Ltd.
..........
26,000
662,187
Keppel
Corp.
Ltd.
...................
75,000
348,254
Siemens
AG
(Registered)
.............
10,840
1,786,782
5,760,596
Industrial
REITs
—
0.2%
CapitaLand
Ascendas
REIT
............
187,000
402,410
GLP
J-REIT
(c)
.....................
150
171,386
Security
Shares
Shares
Value
Industrial
REITs
(continued)
Goodman
Group
...................
37,991
$
489,766
Mapletree
Logistics
Trust
.............
106,400
139,243
Nippon
Prologis
REIT,
Inc.
(c)
............
14
31,893
Prologis,
Inc.
......................
13,285
1,663,946
Segro
plc
........................
25,857
272,221
3,170,865
Insurance
—
1.1%
Admiral
Group
plc
..................
4,974
144,565
Aflac,
Inc.
........................
3,329
232,531
Ageas
SA
........................
2,788
124,221
AIA
Group
Ltd.
....................
205,600
2,238,383
Allianz
SE
(Registered)
...............
8,506
2,135,915
Assicurazioni
Generali
SpA
............
6,835
142,360
Aviva
plc
........................
67,909
361,571
AXA
SA
.........................
39,112
1,276,622
Dai-ichi
Life
Holdings,
Inc.
(c)
............
15,200
282,732
Gjensidige
Forsikring
ASA
.............
56,585
985,696
Hannover
Rueck
SE
.................
1,464
312,797
Insurance
Australia
Group
Ltd.
..........
75,095
248,796
Legal
&
General
Group
plc
............
179,880
530,740
Lincoln
National
Corp.
...............
3,522
76,533
Marsh
&
McLennan
Cos.,
Inc.
..........
3,145
566,698
Medibank
Pvt
Ltd.
..................
119,344
282,435
MetLife,
Inc.
......................
2,624
160,930
MS&AD
Insurance
Group
Holdings,
Inc.
...
7,800
256,014
Muenchener
Rueckversicherungs-Gesellschaft
AG
(Registered)
.................
2,669
1,003,084
Phoenix
Group
Holdings
plc
...........
19,896
148,236
Progressive
Corp.
(The)
..............
2,710
369,644
Prudential
plc
.....................
43,090
659,322
QBE
Insurance
Group
Ltd.
............
35,169
359,631
Sampo
OYJ,
Class
A
................
9,990
506,642
Sompo
Holdings,
Inc.
................
5,100
212,821
Suncorp
Group
Ltd.
.................
12,807
106,631
Swiss
Life
Holding
AG
(Registered)
.......
494
326,068
Swiss
Re
AG
......................
4,848
488,213
Tokio
Marine
Holdings,
Inc.
............
33,600
675,596
Zurich
Insurance
Group
AG
............
2,706
1,312,281
16,527,708
Interactive
Media
&
Services
—
2.6%
Adevinta
ASA
(c)
....................
16,981
130,804
Alphabet,
Inc.,
Class
A
(c)
..............
127,508
13,686,709
Alphabet,
Inc.,
Class
C
(c)
..............
110,497
11,957,985
Auto
Trader
Group
plc
(b)(e)
.............
49,631
396,898
Meta
Platforms,
Inc.,
Class
A
(c)
..........
47,550
11,427,216
REA
Group
Ltd.
....................
2,608
245,278
Scout24
SE
(b)(e)
....................
2,079
129,578
SEEK
Ltd.
.......................
9,080
148,152
38,122,620
IT
Services
—
0.7%
Accenture
plc,
Class
A
...............
12,934
3,625,271
Bechtle
AG
.......................
4,418
205,478
Capgemini
SE
.....................
2,734
498,565
Cognizant
Technology
Solutions
Corp.,
Class
A
8,555
510,819
DXC
Technology
Co.
(c)
...............
5,203
124,092
Fujitsu
Ltd.
.......................
4,600
613,076
International
Business
Machines
Corp.
....
16,472
2,082,225
Itochu
Techno-Solutions
Corp.
..........
17,900
463,531
NEC
Corp.
.......................
12,100
465,309
Nomura
Research
Institute
Ltd.
.........
6,600
166,053
Obic
Co.
Ltd.
......................
3,900
600,893
Otsuka
Corp.
.....................
12,200
444,068
SCSK
Corp.
......................
33,300
502,757
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
IT
Services
(continued)
TIS,
Inc.
.........................
15,100
$
414,642
VeriSign,
Inc.
(c)
....................
819
181,654
10,898,433
Leisure
Products
—
0.1%
Hasbro,
Inc.
......................
13,677
809,952
Life
Sciences
Tools
&
Services
—
1.0%
Agilent
Technologies,
Inc.
.............
5,653
765,586
Bio-Techne
Corp.
...................
1,379
110,154
Charles
River
Laboratories
International,
Inc.
(c)
915
173,960
Danaher
Corp.
....................
14,439
3,420,743
Eurofins
Scientific
SE
................
3,330
232,600
Illumina,
Inc.
(c)
.....................
3,919
805,590
IQVIA
Holdings,
Inc.
(c)
................
3,281
617,583
Lonza
Group
AG
(Registered)
..........
1,198
747,121
Mettler-Toledo
International,
Inc.
(c)
........
428
638,362
PerkinElmer,
Inc.
...................
1,938
252,889
QIAGEN
NV
(c)
.....................
8,603
384,732
Sartorius
Stedim
Biotech
..............
989
264,952
Thermo
Fisher
Scientific,
Inc.
...........
9,011
5,000,204
Waters
Corp.
(c)
....................
911
273,628
West
Pharmaceutical
Services,
Inc.
......
1,586
572,927
14,261,031
Machinery
—
0.1%
Alstom
SA
.......................
9,354
235,109
Atlas
Copco
AB,
Class
A
..............
19,406
280,691
FANUC
Corp.
.....................
10,000
337,712
Kone
OYJ,
Class
B
.................
5,845
333,461
Sandvik
AB
.......................
7,679
156,420
SMC
Corp.
.......................
800
398,996
1,742,389
Marine
Transportation
—
0.0%
Mitsui
OSK
Lines
Ltd.
................
4,400
109,079
Nippon
Yusen
KK
...................
5,600
132,378
241,457
Media
—
0.1%
Comcast
Corp.,
Class
A
..............
32,802
1,357,019
Informa
plc
.......................
27,744
252,223
News
Corp.,
Class
B
................
2,697
47,872
Publicis
Groupe
SA
(c)
................
1,374
112,334
WPP
plc
.........................
22,966
267,655
2,037,103
Metals
&
Mining
—
0.8%
Anglo
American
plc
.................
18,995
585,315
BHP
Group
Ltd.
....................
94,973
2,818,561
Cleveland-Cliffs,
Inc.
(c)
...............
27,953
429,917
Fortescue
Metals
Group
Ltd.
...........
54,271
759,340
Glencore
plc
(c)
.....................
203,390
1,200,537
Mineral
Resources
Ltd.
...............
5,488
270,726
Nucor
Corp.
......................
14,385
2,131,569
Pilbara
Minerals
Ltd.
(c)
...............
50,965
145,057
Reliance
Steel
&
Aluminum
Co.
.........
2,701
669,308
Rio
Tinto
Ltd.
.....................
5,337
400,300
Rio
Tinto
plc
......................
25,756
1,637,371
Steel
Dynamics,
Inc.
.................
11,002
1,143,658
12,191,659
Multi-Utilities
—
0.7%
Ameren
Corp.
.....................
7,589
675,193
CenterPoint
Energy,
Inc.
..............
6,274
191,169
CMS
Energy
Corp.
..................
3,818
237,709
Consolidated
Edison,
Inc.
.............
11,160
1,098,925
Dominion
Energy,
Inc.
................
24,957
1,426,043
Security
Shares
Shares
Value
Multi-Utilities
(continued)
DTE
Energy
Co.
...................
5,092
$
572,392
E.ON
SE
........................
45,188
597,735
Engie
SA
........................
34,039
544,770
National
Grid
plc
...................
99,410
1,425,333
Public
Service
Enterprise
Group,
Inc.
.....
24,586
1,553,835
Sempra
Energy
....................
8,032
1,248,896
Veolia
Environnement
SA
.............
17,626
558,126
WEC
Energy
Group,
Inc.
..............
9,163
881,206
11,011,332
Office
REITs
—
0.0%
Gecina
SA
.......................
1,657
184,462
Japan
Real
Estate
Investment
Corp.
......
41
162,458
Nippon
Building
Fund,
Inc.
.............
54
226,434
573,354
Oil,
Gas
&
Consumable
Fuels
—
3.0%
Aker
BP
ASA
......................
26,975
644,860
APA
Corp.
.......................
8,879
327,191
BP
plc
..........................
336,899
2,260,254
Chevron
Corp.
.....................
38,686
6,521,686
ConocoPhillips
....................
27,321
2,811,058
Coterra
Energy,
Inc.
.................
11,753
300,877
Devon
Energy
Corp.
.................
13,874
741,288
Diamondback
Energy,
Inc.
.............
3,415
485,613
Eni
SpA
.........................
44,859
677,703
EOG
Resources,
Inc.
................
13,207
1,577,840
EQT
Corp.
.......................
4,489
156,397
Equinor
ASA
......................
36,522
1,051,506
Exxon
Mobil
Corp.
..................
95,774
11,333,895
Hess
Corp.
.......................
5,863
850,487
Inpex
Corp.
.......................
28,900
316,254
Kinder
Morgan,
Inc.
.................
8,449
144,900
Marathon
Oil
Corp.
..................
9,325
225,292
Marathon
Petroleum
Corp.
............
8,740
1,066,280
Matador
Resources
Co.
..............
939
46,039
Neste
OYJ
.......................
7,380
357,667
Occidental
Petroleum
Corp.
............
16,892
1,039,365
ONEOK,
Inc.
......................
5,893
385,461
Phillips
66
........................
8,037
795,663
Pioneer
Natural
Resources
Co.
.........
5,407
1,176,293
Repsol
SA
.......................
16,670
244,877
Santos
Ltd.
.......................
108,555
514,236
Shell
plc
.........................
131,384
4,037,190
Texas
Pacific
Land
Corp.
..............
174
257,111
TotalEnergies
SE
...................
43,859
2,802,588
Valero
Energy
Corp.
.................
8,109
929,859
Williams
Cos.,
Inc.
(The)
..............
11,439
346,144
Woodside
Energy
Group
Ltd.
...........
36,890
837,046
45,262,920
Paper
&
Forest
Products
—
0.0%
Mondi
plc
........................
27,566
439,273
Passenger
Airlines
—
1.1%
Alaska
Air
Group,
Inc.
(c)
...............
2,902
126,121
American
Airlines
Group,
Inc.
(c)
..........
14,868
202,800
ANA
Holdings,
Inc.
(c)
.................
11,600
253,031
Delta
Air
Lines,
Inc.
(c)
................
196,384
6,737,935
Qantas
Airways
Ltd.
(c)
................
139,260
614,129
Singapore
Airlines
Ltd.
...............
24,100
105,999
Southwest
Airlines
Co.
(c)
..............
240,942
7,298,133
United
Airlines
Holdings,
Inc.
(c)
..........
7,471
327,230
15,665,378
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
52
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Personal
Care
Products
—
1.0%
Beiersdorf
AG
.....................
4,835
$
675,108
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
29,538
7,287,615
Haleon
plc
(c)
......................
83,811
368,492
Kao
Corp.
........................
19,600
792,007
Kobayashi
Pharmaceutical
Co.
Ltd.
.......
3,600
224,647
L'Oreal
SA
.......................
5,931
2,834,527
Shiseido
Co.
Ltd.
...................
4,900
245,616
Unilever
plc
.......................
55,462
3,088,243
15,516,255
Pharmaceuticals
—
4.1%
Astellas
Pharma,
Inc.
................
46,300
697,489
AstraZeneca
plc
...................
27,806
4,092,014
Bayer
AG
(Registered)
...............
18,284
1,206,676
Bristol-Myers
Squibb
Co.
..............
50,595
3,378,228
Catalent,
Inc.
(c)
....................
5,017
251,452
Chugai
Pharmaceutical
Co.
Ltd.
.........
19,100
492,888
Daiichi
Sankyo
Co.
Ltd.
...............
32,000
1,098,068
Eisai
Co.
Ltd.
.....................
5,400
311,598
Eli
Lilly
&
Co.
.....................
18,373
7,273,136
GSK
plc
.........................
81,450
1,468,801
Ipsen
SA
........................
1,672
202,755
Johnson
&
Johnson
.................
58,011
9,496,401
Kyowa
Kirin
Co.
Ltd.
.................
6,500
144,634
Merck
&
Co.,
Inc.
...................
58,276
6,729,130
Merck
KGaA
......................
3,402
610,213
Novartis
AG
(Registered)
.............
36,439
3,727,487
Novo
Nordisk
A/S,
Class
B
............
28,054
4,666,909
Ono
Pharmaceutical
Co.
Ltd.
...........
10,200
205,378
Organon
&
Co.
....................
5,813
143,174
Otsuka
Holdings
Co.
Ltd.
.............
8,100
275,568
Pfizer,
Inc.
.......................
131,411
5,110,574
Roche
Holding
AG
..................
11,753
3,680,337
Sanofi
..........................
21,452
2,311,845
Shionogi
&
Co.
Ltd.
.................
7,800
349,163
Takeda
Pharmaceutical
Co.
Ltd.
.........
34,200
1,134,043
Teva
Pharmaceutical
Industries
Ltd.,
ADR
(c)
.
24,939
217,718
UCB
SA
.........................
1,245
115,732
Zoetis,
Inc.,
Class
A
.................
11,268
1,980,689
61,372,100
Professional
Services
—
0.2%
Automatic
Data
Processing,
Inc.
.........
1,951
429,220
Bureau
Veritas
SA
..................
12,745
367,503
Intertek
Group
plc
..................
2,887
151,031
Paycom
Software,
Inc.
(c)
..............
2,393
694,855
Paylocity
Holding
Corp.
(c)
..............
1,392
269,060
Recruit
Holdings
Co.
Ltd.
.............
11,800
331,033
RELX
plc
........................
17,778
592,340
Teleperformance
...................
544
108,721
2,943,763
Real
Estate
Management
&
Development
—
0.2%
Capitaland
Investment
Ltd.
............
90,800
254,170
CK
Asset
Holdings
Ltd.
...............
57,000
337,048
Daito
Trust
Construction
Co.
Ltd.
........
2,800
265,378
Daiwa
House
Industry
Co.
Ltd.
..........
26,100
665,249
Hulic
Co.
Ltd.
.....................
18,000
154,981
Mitsubishi
Estate
Co.
Ltd.
.............
15,400
189,794
Mitsui
Fudosan
Co.
Ltd.
..............
10,100
200,606
Sino
Land
Co.
Ltd.
..................
76,000
102,415
Sun
Hung
Kai
Properties
Ltd.
...........
54,000
751,858
Swire
Properties
Ltd.
................
90,400
242,971
Wharf
Real
Estate
Investment
Co.
Ltd.
....
48,000
276,803
3,441,273
Security
Shares
Shares
Value
Retail
REITs
—
0.1%
CapitaLand
Integrated
Commercial
Trust
...
95,100
$
145,212
Federal
Realty
Investment
Trust
.........
1,673
165,443
Link
REIT
........................
81,740
534,653
Simon
Property
Group,
Inc.
............
1,960
222,107
1,067,415
Semiconductors
&
Semiconductor
Equipment
—
3.3%
Advanced
Micro
Devices,
Inc.
(c)
.........
28,026
2,504,684
Advantest
Corp.
....................
12,100
942,976
Analog
Devices,
Inc.
.................
6,006
1,080,359
Applied
Materials,
Inc.
...............
18,678
2,111,174
ASM
International
NV
................
978
355,062
ASML
Holding
NV
..................
7,509
4,765,307
Broadcom,
Inc.
....................
7,552
4,731,328
Disco
Corp.
.......................
9,000
1,024,697
Enphase
Energy,
Inc.
(c)
...............
1,944
319,205
First
Solar,
Inc.
(c)
...................
847
154,645
Infineon
Technologies
AG
.............
40,444
1,472,840
Intel
Corp.
.......................
77,034
2,392,676
KLA
Corp.
........................
3,327
1,286,019
Lam
Research
Corp.
................
2,398
1,256,744
Micron
Technology,
Inc.
...............
19,266
1,239,960
Monolithic
Power
Systems,
Inc.
.........
382
176,472
NVIDIA
Corp.
.....................
50,891
14,121,744
ON
Semiconductor
Corp.
(c)
............
9,924
714,131
Qorvo,
Inc.
(c)
......................
1,875
172,650
QUALCOMM,
Inc.
..................
17,538
2,048,438
Renesas
Electronics
Corp.
(c)
...........
29,300
381,851
Rohm
Co.
Ltd.
.....................
2,000
150,576
Skyworks
Solutions,
Inc.
..............
974
103,147
SolarEdge
Technologies,
Inc.
(c)
..........
1,100
314,193
SUMCO
Corp.
.....................
67,400
928,210
Texas
Instruments,
Inc.
...............
16,665
2,786,388
Tokyo
Electron
Ltd.
.................
8,400
961,846
48,497,322
Software
—
5.8%
Adobe,
Inc.
(c)
......................
11,927
4,503,158
ANSYS,
Inc.
(c)
.....................
836
262,437
Atlassian
Corp.,
Class
A
(c)
.............
1,114
164,493
Autodesk,
Inc.
(c)
....................
3,571
695,595
Black
Knight,
Inc.
(c)
..................
3,192
174,411
Cadence
Design
Systems,
Inc.
(c)
........
7,401
1,550,139
Check
Point
Software
Technologies
Ltd.
(c)
..
2,680
341,325
Crowdstrike
Holdings,
Inc.,
Class
A
(c)
......
1,607
192,920
CyberArk
Software
Ltd.
(c)
..............
1,648
205,341
Dassault
Systemes
SE
...............
11,865
481,667
Datadog,
Inc.,
Class
A
(c)
..............
2,177
146,686
DocuSign,
Inc.
(c)
...................
3,965
196,030
Fair
Isaac
Corp.
(c)
...................
836
608,566
Fortinet,
Inc.
(c)
.....................
18,309
1,154,383
HubSpot,
Inc.
(c)
....................
635
267,303
Intuit,
Inc.
........................
7,047
3,128,516
Microsoft
Corp.
....................
172,582
53,027,545
Nice
Ltd.
(c)
.......................
1,795
367,939
Oracle
Corp.
......................
39,100
3,703,552
Oracle
Corp.
Japan
(c)
................
6,600
473,674
Palantir
Technologies,
Inc.,
Class
A
(c)
......
21,367
165,594
Roper
Technologies,
Inc.
..............
3,347
1,522,149
Sage
Group
plc
(The)
................
35,753
368,718
Salesforce,
Inc.
(c)
...................
25,596
5,077,479
SAP
SE
.........................
17,038
2,305,517
ServiceNow,
Inc.
(c)
..................
5,480
2,517,622
Splunk,
Inc.
(c)
.....................
2,521
217,411
Synopsys,
Inc.
(c)
...................
2,713
1,007,391
Temenos
AG
(Registered)
.............
2,157
181,692
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Software
(continued)
Tyler
Technologies,
Inc.
(c)
.............
1,775
$
672,778
VMware,
Inc.,
Class
A
(c)
..............
2,234
279,317
WiseTech
Global
Ltd.
................
3,749
171,726
Workday,
Inc.,
Class
A
(c)
..............
1,573
292,798
Xero
Ltd.
(c)
.......................
1,862
116,237
Zoom
Video
Communications,
Inc.,
Class
A
(c)
3,162
194,242
86,736,351
Specialized
REITs
—
0.2%
American
Tower
Corp.
...............
6,439
1,316,067
Crown
Castle,
Inc.
..................
4,077
501,838
Equinix,
Inc.
......................
1,084
784,903
Public
Storage
.....................
1,376
405,686
3,008,494
Specialty
Retail
—
2.8%
Advance
Auto
Parts,
Inc.
..............
8,452
1,060,980
AutoZone,
Inc.
(c)
...................
1,369
3,646,071
Best
Buy
Co.,
Inc.
..................
25,124
1,872,240
Burlington
Stores,
Inc.
(c)
..............
3,400
655,554
CarMax,
Inc.
(c)
.....................
20,746
1,452,842
Fast
Retailing
Co.
Ltd.
...............
2,400
568,324
H
&
M
Hennes
&
Mauritz
AB,
Class
B
.....
22,175
325,103
Home
Depot,
Inc.
(The)
..............
46,622
14,011,776
Industria
de
Diseno
Textil
SA
...........
14,274
490,694
JD
Sports
Fashion
plc
................
59,060
119,866
Kingfisher
plc
.....................
45,035
145,963
Lowe's
Cos.,
Inc.
...................
34,297
7,127,946
Nitori
Holdings
Co.
Ltd.
...............
1,900
241,938
O'Reilly
Automotive,
Inc.
(c)
.............
4,384
4,021,487
Ross
Stores,
Inc.
...................
19,352
2,065,439
TJX
Cos.,
Inc.
(The)
.................
46,876
3,694,766
USS
Co.
Ltd.
......................
7,800
131,071
Zalando
SE
(b)(c)(e)
...................
6,293
258,828
ZOZO,
Inc.
.......................
5,400
113,640
42,004,528
Technology
Hardware,
Storage
&
Peripherals
—
3.7%
Apple,
Inc.
.......................
323,515
54,894,025
FUJIFILM
Holdings
Corp.
.............
10,800
562,896
HP,
Inc.
.........................
4,437
131,823
Logitech
International
SA
(Registered)
.....
5,124
303,224
55,891,968
Textiles,
Apparel
&
Luxury
Goods
—
1.5%
adidas
AG
.......................
2,159
380,213
Cie
Financiere
Richemont
SA
(Registered)
..
7,529
1,244,550
Hermes
International
................
348
755,535
Kering
SA
........................
918
587,857
Lululemon
Athletica,
Inc.
(c)
.............
8,968
3,407,212
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
4,144
3,986,036
Moncler
SpA
......................
3,189
236,564
NIKE,
Inc.,
Class
B
.................
82,863
10,500,399
Ralph
Lauren
Corp.,
Class
A
...........
934
107,214
Tapestry,
Inc.
......................
5,395
220,170
VF
Corp.
........................
68,298
1,605,686
23,031,436
Tobacco
—
0.3%
Altria
Group,
Inc.
...................
13,748
653,168
British
American
Tobacco
plc
...........
39,783
1,469,814
Imperial
Brands
plc
.................
23,194
574,147
Japan
Tobacco,
Inc.
.................
25,000
537,922
Philip
Morris
International,
Inc.
..........
14,952
1,494,751
4,729,802
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
—
0.1%
ITOCHU
Corp.
....................
23,700
$
786,244
Mitsubishi
Corp.
....................
9,100
337,391
Mitsui
&
Co.
Ltd.
...................
15,200
474,524
1,598,159
Transportation
Infrastructure
—
0.1%
Aena
SME
SA
(b)(c)(e)
.................
3,898
656,489
Aeroports
de
Paris
(c)
.................
2,849
452,723
Auckland
International
Airport
Ltd.
(c)
......
154,313
844,919
Getlink
SE
.......................
6,110
114,191
2,068,322
Water
Utilities
—
0.2%
American
Water
Works
Co.,
Inc.
.........
10,190
1,510,668
Severn
Trent
plc
...................
10,850
399,644
United
Utilities
Group
plc
..............
26,318
357,516
2,267,828
Total
Common
Stocks
—
69.5%
(Cost:
$828,425,127)
.............................
1,039,518,282
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
—
0.1%
Dr.
Ing
h
c
F
Porsche
AG
(Preference)
(e)
...
4,628
579,513
Volkswagen
AG
(Preference)
...........
4,798
655,166
1,234,679
Household
Products
—
0.1%
Henkel
AG
&
Co.
KGaA
(Preference)
......
7,637
617,440
Life
Sciences
Tools
&
Services
—
0.0%
Sartorius
AG
(Preference)
.............
619
240,599
Total
Preferred
Securities
—
0.2%
(Cost:
$2,066,021)
..............................
2,092,718
Rights
Health
Care
Equipment
&
Supplies
—
0.0%
ABIOMED,
Inc.,
CVR
(c)(i)
..............
843
2,377
Total
Rights
—
0.0%
(Cost:
$860)
...................................
2,377
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
54
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
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
$
63,798
Total
Warrants
—
0.0%
(Cost:
$7,856)
.................................
63,798
Total
Long-Term
Investments
—
69.7%
(Cost:
$830,693,275)
.............................
1,041,677,175
Short-Term
Securities
Money
Market
Funds
—
6.9%
(j)(k)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.72%
...................
102,641,987
102,641,987
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.02%
(l)
.......................
38,624
38,627
Total
Money
Market
Funds
—
6.9%
(Cost:
$102,680,609)
.............................
102,680,614
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
15.5%
U.S.
Treasury
Bills
4.62%, 06/08/23
(m)(n)
...............
USD
31,854
$
31,693,856
4.46%, 07/13/23
(m)
................
31,881
31,561,586
4.57%, 08/10/23
(m)(n)
...............
45,812
45,182,880
0.00%, 08/29/23
(o)
................
28,000
27,536,528
4.82%, 09/07/23
(m)(n)
...............
28,603
28,107,509
4.88%, 10/05/23
(m)(n)
...............
28,694
28,091,001
5.06%, 02/22/24
(m)
................
22,000
21,177,503
4.59%, 03/21/24
(m)(n)
...............
20,000
19,167,639
Total
U.S.
Treasury
Obligations
—
15.5%
(Cost:
$232,639,451)
.............................
232,518,502
Total
Short-Term
Securities
—
22.4%
(Cost:
$335,320,060)
.............................
335,199,116
Total
Investments
—
92.1%
(Cost:
$1,166,013,335
)
...........................
1,376,876,291
Other
Assets
Less
Liabilities
—
7.9%
...................
118,466,987
Net
Assets
—
100.0%
..............................
$
1,495,343,278
(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.
(n)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
futures
contracts.
(o)
Zero-coupon
bond.
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
127,278,609
$
—
$
(24,636,622)
(a)
$
—
$
—
$
102,641,987
102,641,987
$
2,648,779
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
10,572,576
—
(10,534,676)
(a)
1,190
(463)
38,627
38,624
33,322
(b)
—
$
1,190
$
(463)
$
102,680,614
$
2,682,101
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
55
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
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
10
Euro
Index
......................................................
1,682
05/19/23
$
138,358
$
(44,053)
OMX
Stockholm
30
Index
....................................................
3,255
05/19/23
72,024
573,538
SGX
NIFTY
50
Index
.......................................................
366
05/25/23
13,325
338,904
Euro-Bund
..............................................................
489
06/08/23
73,044
691,590
TOPIX
Index
.............................................................
591
06/08/23
89,558
3,777,997
Australia
10
Year
Bond
......................................................
522
06/15/23
42,297
47,037
FTSE/JSE
Top
40
Index
.....................................................
1,087
06/15/23
43,568
1,269,255
S&P/TSX
60
Index
.........................................................
150
06/15/23
27,645
910,154
SPI
200
Index
............................................................
690
06/15/23
84,160
1,936,462
S&P
500
E-Mini
Index
.......................................................
100
06/16/23
20,943
1,316,508
WIG20
Index
.............................................................
502
06/16/23
4,712
40,211
U.S.
Treasury
10
Year
Note
...................................................
4,177
06/21/23
482,248
2,795,572
13,653,175
Short
Contracts
IBEX
35
Index
............................................................
970
05/19/23
98,723
1,533,388
Euro-
Bobl
...............................................................
2,703
06/08/23
351,366
(6,457,275)
Euro-Bund
..............................................................
408
06/08/23
60,944
(1,992,132)
Japan
10
Year
Bond
........................................................
227
06/13/23
247,585
(4,509,833)
DAX
Index
..............................................................
174
06/16/23
76,954
(3,353,607)
FTSE
100
Index
...........................................................
315
06/16/23
31,127
56,157
FTSE/MIB
Index
...........................................................
257
06/16/23
38,131
270,582
Mini-DAX
Index
...........................................................
56
06/16/23
4,953
(27,648)
MSCI
EAFE
E-Mini
Index
.....................................................
2,467
06/16/23
265,153
(17,255,070)
S&P
500
E-Mini
Index
.......................................................
3,260
06/16/23
682,726
(40,502,972)
Canada
10
Year
Bond
.......................................................
1,585
06/21/23
147,497
(142,589)
U.S.
Treasury
Ultra
Bond
.....................................................
206
06/21/23
29,162
(1,095,321)
Long
Gilt
................................................................
2,821
06/28/23
359,705
5,467,774
SET50
Index
.............................................................
448
06/29/23
2,422
98,465
(67,910,081)
$
(54,256,906)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
9,887,000
USD
1,863,338
Goldman
Sachs
International
06/21/23
$
99,585
CHF
383,000
USD
410,919
Bank
of
America
NA
06/21/23
20,116
CHF
4,884,000
USD
5,244,806
UBS
AG
06/21/23
251,735
EUR
29,676,879
USD
31,495,775
Citibank
NA
06/21/23
1,301,588
EUR
32,462,880
USD
34,481,636
Goldman
Sachs
International
06/21/23
1,394,672
EUR
3,864,000
USD
4,135,169
JPMorgan
Chase
Bank
NA
06/21/23
135,125
EUR
2,242,000
USD
2,421,224
Morgan
Stanley
&
Co.
International
plc
06/21/23
56,519
GBP
1,943,000
USD
2,364,050
Morgan
Stanley
&
Co.
International
plc
06/21/23
80,456
MXN
27,245,000
USD
1,473,371
Morgan
Stanley
&
Co.
International
plc
06/21/23
25,999
SEK
280,000
USD
26,774
Goldman
Sachs
International
06/21/23
602
SEK
23,361,000
USD
2,260,464
HSBC
Bank
plc
06/21/23
23,640
SGD
921,000
USD
685,468
UBS
AG
06/21/23
6,063
USD
3,107,992
AUD
4,612,000
Bank
of
America
NA
06/21/23
49,496
USD
5,471,190
AUD
8,101,000
HSBC
Bank
plc
06/21/23
98,923
USD
8,335,472
AUD
12,427,000
UBS
AG
06/21/23
94,370
USD
4,012,612
JPY
540,940,000
Commonwealth
Bank
of
Australia
06/21/23
11,074
USD
3,524,555
JPY
465,831,000
HSBC
Bank
plc
06/21/23
78,627
USD
7,154,854
KRW
9,397,042,000
Bank
of
America
NA
06/21/23
109,563
USD
6,172,429
NOK
64,862,000
BNP
Paribas
SA
06/21/23
70,683
USD
5,321,120
NOK
55,292,000
Goldman
Sachs
International
06/21/23
119,650
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
56
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
3,000,173
SEK
30,671,000
Morgan
Stanley
&
Co.
International
plc
06/21/23
$
1,339
CLP
784,757,000
USD
954,668
Morgan
Stanley
&
Co.
International
plc
06/22/23
10,735
CLP
6,068,632,000
USD
7,392,657
Standard
Chartered
Bank
06/22/23
72,932
CLP
7,826,899,000
USD
9,461,347
Toronto
Dominion
Bank
06/22/23
167,249
4,280,741
AUD
6,850,000
USD
4,594,116
JPMorgan
Chase
Bank
NA
06/21/23
(51,463)
AUD
5,780,000
USD
3,875,600
Morgan
Stanley
&
Co.
International
plc
06/21/23
(42,529)
CHF
1,987,000
USD
2,251,252
BNP
Paribas
SA
06/21/23
(15,047)
CHF
5,140,000
USD
5,819,039
Goldman
Sachs
International
06/21/23
(34,391)
EUR
4,782,000
USD
5,294,066
HSBC
Bank
plc
06/21/23
(9,245)
JPY
684,121,000
USD
5,285,326
Goldman
Sachs
International
06/21/23
(224,624)
JPY
281,007,000
USD
2,098,762
JPMorgan
Chase
Bank
NA
06/21/23
(20,047)
JPY
648,590,000
USD
4,816,316
Morgan
Stanley
&
Co.
International
plc
06/21/23
(18,450)
KRW
12,525,472,000
USD
9,585,923
BNP
Paribas
SA
06/21/23
(195,138)
KRW
7,656,669,000
USD
5,811,333
Nomura
International
plc
06/21/23
(70,861)
NOK
61,322,000
USD
5,860,971
Morgan
Stanley
&
Co.
International
plc
06/21/23
(92,243)
NZD
555,000
USD
344,975
Morgan
Stanley
&
Co.
International
plc
06/21/23
(1,834)
USD
5,315,876
BRL
28,489,000
HSBC
Bank
plc
06/21/23
(340,209)
USD
1,807,787
CAD
2,459,000
Bank
of
America
NA
06/21/23
(9,075)
USD
649,357
CAD
882,000
HSBC
Bank
plc
06/21/23
(2,320)
USD
5,370,713
CHF
4,850,000
HSBC
Bank
plc
06/21/23
(87,563)
USD
2,377,497
EUR
2,173,000
Bank
of
New
York
Mellon
06/21/23
(23,991)
USD
2,140,657
EUR
1,946,000
HSBC
Bank
plc
06/21/23
(9,962)
USD
898,305
EUR
843,000
JPMorgan
Chase
Bank
NA
06/21/23
(33,335)
USD
2,020,969
EUR
1,883,000
Morgan
Stanley
&
Co.
International
plc
06/21/23
(60,026)
USD
9,275,491
EUR
8,705,000
Westpac
Banking
Corp.
06/21/23
(344,824)
USD
3,499,625
GBP
2,801,000
Bank
of
New
York
Mellon
06/21/23
(24,338)
USD
4,416,752
GBP
3,690,000
HSBC
Bank
plc
06/21/23
(225,670)
USD
1,860,724
GBP
1,555,000
Morgan
Stanley
&
Co.
International
plc
06/21/23
(95,640)
USD
87,580
INR
7,270,000
BNP
Paribas
SA
06/21/23
(1,135)
USD
2,448,746
NZD
3,973,000
HSBC
Bank
plc
06/21/23
(7,646)
USD
1,261,874
PLN
5,634,000
Goldman
Sachs
International
06/21/23
(87,809)
USD
1,514,683
SEK
15,844,000
Toronto
Dominion
Bank
06/21/23
(34,456)
USD
1,676,081
SGD
2,253,000
Toronto
Dominion
Bank
06/21/23
(15,579)
USD
6,567,110
THB
226,981,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/21/23
(114,053)
USD
1,238,382
ZAR
22,766,000
Citibank
NA
06/21/23
(317)
CLP
14,343,671,000
USD
17,654,835
Morgan
Stanley
&
Co.
International
plc
06/22/23
(9,351)
USD
29,444,795
CLP
24,266,928,000
HSBC
Bank
plc
06/22/23
(408,210)
(2,711,381)
$
1,569,360
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
8.94%
Monthly
28-day
MXIBTIIE
Monthly
09/20/23
(a)
09/13/28
MXN
273,000
$
(462,901)
$
—
$
(462,901)
8.14%
Monthly
28-day
MXIBTIIE
Monthly
09/20/23
(a)
09/13/28
MXN
1,807,000
64,536
—
64,536
8.89%
Monthly
28-day
MXIBTIIE
Monthly
09/20/23
(a)
09/13/28
MXN
663,000
(1,059,621)
—
(1,059,621)
8.22%
Monthly
28-day
MXIBTIIE
Monthly
09/20/23
(a)
09/13/28
MXN
534,000
(79,159)
—
(79,159)
8.35%
Monthly
28-day
MXIBTIIE
Monthly
09/20/23
(a)
09/13/28
MXN
629,000
(264,215)
—
(264,215)
1-day
SARON
Annual
1.85%
Annual
09/20/23
(a)
09/20/28
CHF
20,000
3,294
(9,021)
12,315
1-day
SARON
Annual
1.93%
Annual
09/20/23
(a)
09/20/28
CHF
22,000
101,858
(56,649)
158,507
1-day
SARON
Annual
1.94%
Annual
09/20/23
(a)
09/20/28
CHF
20,000
101,561
16,497
85,064
1-day
THOR
Quarterly
2.28%
Quarterly
09/20/23
(a)
09/20/28
THB
316,000
25,822
—
25,822
1-day
THOR
Quarterly
2.53%
Quarterly
09/20/23
(a)
09/20/28
THB
1,714,183
740,208
—
740,208
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
57
Schedule
of
Investments
(continued)
April
30,
2023
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
THOR
Quarterly
2.55%
Quarterly
09/20/23
(a)
09/20/28
THB
1,849,317
$
857,419
$
—
$
857,419
1-week
CNREPOFIX_
CFXS
Quarterly
2.86%
Quarterly
09/20/23
(a)
09/20/28
CNY
93,000
41,667
—
41,667
1-week
CNREPOFIX_
CFXS
Quarterly
2.88%
Quarterly
09/20/23
(a)
09/20/28
CNY
157,842
97,007
—
97,007
1-week
CNREPOFIX_
CFXS
Quarterly
2.88%
Quarterly
09/20/23
(a)
09/20/28
CNY
112,000
67,341
—
67,341
1-week
CNREPOFIX_
CFXS
Quarterly
2.88%
Quarterly
09/20/23
(a)
09/20/28
CNY
22,000
12,788
—
12,788
1-week
CNREPOFIX_
CFXS
Quarterly
2.89%
Quarterly
09/20/23
(a)
09/20/28
CNY
157,842
103,316
—
103,316
1-week
CNREPOFIX_
CFXS
Quarterly
2.89%
Quarterly
09/20/23
(a)
09/20/28
CNY
34,508
23,737
—
23,737
1-week
CNREPOFIX_
CFXS
Quarterly
2.90%
Quarterly
09/20/23
(a)
09/20/28
CNY
37,985
26,635
—
26,635
1-week
CNREPOFIX_
CFXS
Quarterly
2.90%
Quarterly
09/20/23
(a)
09/20/28
CNY
109,000
77,882
—
77,882
1-week
CNREPOFIX_
CFXS
Quarterly
2.90%
Quarterly
09/20/23
(a)
09/20/28
CNY
158,316
112,064
—
112,064
1-week
CNREPOFIX_
CFXS
Quarterly
2.90%
Quarterly
09/20/23
(a)
09/20/28
CNY
107,000
80,730
—
80,730
1-week
CNREPOFIX_
CFXS
Quarterly
2.91%
Quarterly
09/20/23
(a)
09/20/28
CNY
97,000
77,062
—
77,062
1-week
CNREPOFIX_
CFXS
Quarterly
2.91%
Quarterly
09/20/23
(a)
09/20/28
CNY
34,508
26,265
—
26,265
1-week
CNREPOFIX_
CFXS
Quarterly
2.92%
Quarterly
09/20/23
(a)
09/20/28
CNY
101,000
88,651
—
88,651
1-week
CNREPOFIX_
CFXS
Quarterly
2.97%
Quarterly
09/20/23
(a)
09/20/28
CNY
373,772
451,331
—
451,331
1-day
SOFR
Annual
3.10%
Annual
09/20/23
(a)
09/20/28
USD
29,000
(34,656)
(13,707)
(20,949)
1-day
SOFR
Annual
3.11%
Annual
09/20/23
(a)
09/20/28
USD
46,000
(21,791)
—
(21,791)
1-day
SOFR
Annual
3.11%
Annual
09/20/23
(a)
09/20/28
USD
12,000
(6,767)
—
(6,767)
1-day
SOFR
Annual
3.21%
Annual
09/20/23
(a)
09/20/28
USD
39,000
146,800
(3,308)
150,108
3-mo.
HIBOR
Quarterly
3.24%
Quarterly
09/20/23
(a)
09/20/28
HKD
107,000
(88,909)
—
(88,909)
3-mo.
HIBOR
Quarterly
3.27%
Quarterly
09/20/23
(a)
09/20/28
HKD
80,000
(52,567)
—
(52,567)
3-mo.
HIBOR
Quarterly
3.30%
Quarterly
09/20/23
(a)
09/20/28
HKD
80,000
(37,502)
—
(37,502)
1-day
SOFR
Annual
3.36%
Annual
09/20/23
(a)
09/20/28
USD
14,000
149,897
267
149,630
3-mo.
HIBOR
Quarterly
3.37%
Quarterly
09/20/23
(a)
09/20/28
HKD
167,000
(15,387)
—
(15,387)
3-mo.
HIBOR
Quarterly
3.40%
Quarterly
09/20/23
(a)
09/20/28
HKD
103,000
6,923
—
6,923
1-day
SORA
Semi-Annual
3.41%
Semi-Annual
09/20/23
(a)
09/20/28
SGD
67,000
1,658,401
—
1,658,401
1-day
SORA
Semi-Annual
3.44%
Semi-Annual
09/20/23
(a)
09/20/28
SGD
10,000
257,828
—
257,828
3-mo.
HIBOR
Quarterly
3.46%
Quarterly
09/20/23
(a)
09/20/28
HKD
116,000
51,486
—
51,486
1-day
SOFR
Annual
3.48%
Annual
09/20/23
(a)
09/20/28
USD
39,000
621,525
103,374
518,151
3-mo.
HIBOR
Quarterly
3.50%
Quarterly
09/20/23
(a)
09/20/28
HKD
119,000
76,951
—
76,951
1-day
SONIA
Annual
3.68%
Annual
09/20/23
(a)
09/20/28
GBP
17,000
(185,763)
(9,336)
(176,427)
1-day
SONIA
Annual
3.68%
Annual
09/20/23
(a)
09/20/28
GBP
44,000
(469,045)
2,707
(471,752)
1-day
SONIA
Annual
3.78%
Annual
09/20/23
(a)
09/20/28
GBP
72,000
(383,688)
(443,083)
59,395
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
58
Schedule
of
Investments
(continued)
April
30,
2023
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SONIA
Annual
3.78%
Annual
09/20/23
(a)
09/20/28
GBP
18,000
$
(95,725)
$
1,293
$
(97,018)
1-day
SOFR
Annual
3.80%
Annual
09/20/23
(a)
09/20/28
USD
34,000
1,038,479
(11,506)
1,049,985
1-day
SONIA
Annual
3.83%
Annual
09/20/23
(a)
09/20/28
GBP
12,000
(33,652)
(72,722)
39,070
1-day
SONIA
Annual
3.86%
Annual
09/20/23
(a)
09/20/28
GBP
34,000
(37,424)
6,695
(44,119)
1-day
SONIA
Annual
3.90%
Annual
09/20/23
(a)
09/20/28
GBP
24,000
31,489
134,402
(102,913)
1-day
SONIA
Annual
3.90%
Annual
09/20/23
(a)
09/20/28
GBP
36,000
43,282
116,498
(73,216)
1-day
SONIA
Annual
3.91%
Annual
09/20/23
(a)
09/20/28
GBP
21,000
7,605
7,605
—
1-day
SONIA
Annual
3.92%
Annual
09/20/23
(a)
09/20/28
GBP
31,000
62,792
(48,292)
111,084
1-day
SONIA
Annual
3.95%
Annual
09/20/23
(a)
09/20/28
GBP
26,000
95,474
(76,017)
171,491
1-day
SONIA
Annual
3.97%
Annual
09/20/23
(a)
09/20/28
GBP
28,000
142,882
6,605
136,277
3-mo.
HIBOR
Quarterly
4.14%
Quarterly
09/20/23
(a)
09/20/28
HKD
257,360
1,128,275
—
1,128,275
6-mo.
PRIBOR
Semi-Annual
4.48%
Annual
09/20/23
(a)
09/20/28
CZK
781,000
20,637
—
20,637
6-mo.
PRIBOR
Semi-Annual
4.67%
Annual
09/20/23
(a)
09/20/28
CZK
167,000
73,077
—
73,077
6-mo.
PRIBOR
Semi-Annual
4.72%
Annual
09/20/23
(a)
09/20/28
CZK
514,000
273,773
—
273,773
6-mo.
PRIBOR
Semi-Annual
4.85%
Annual
09/20/23
(a)
09/20/28
CZK
620,000
496,765
—
496,765
6-mo.
WIBOR
Semi-Annual
5.33%
Annual
09/20/23
(a)
09/20/28
PLN
91,000
30,536
—
30,536
6-mo.
WIBOR
Semi-Annual
5.44%
Annual
09/20/23
(a)
09/20/28
PLN
99,000
141,322
—
141,322
6-mo.
WIBOR
Semi-Annual
5.45%
Annual
09/20/23
(a)
09/20/28
PLN
202,000
314,421
—
314,421
6-mo.
WIBOR
Semi-Annual
5.48%
Annual
09/20/23
(a)
09/20/28
PLN
174,000
316,955
—
316,955
6-mo.
WIBOR
Semi-Annual
5.85%
Annual
09/20/23
(a)
09/20/28
PLN
410,000
2,253,945
—
2,253,945
6-mo.
WIBOR
Semi-Annual
5.92%
Annual
09/20/23
(a)
09/20/28
PLN
54,000
334,920
—
334,920
6-mo.
BUBOR
Semi-Annual
8.45%
Annual
09/20/23
(a)
09/20/28
HUF
844,000
59,454
—
59,454
6.06%
Semi-Annual
1-day
MIBOR
Semi-Annual
09/20/23
(a)
09/20/28
INR
3,274,000
(84,832)
—
(84,832)
3.01%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/20/23
(a)
09/20/28
CNY
462,450
675,483
—
675,483
3.62%
Semi-Annual
3-mo.
BA
Semi-Annual
09/20/23
(a)
09/20/28
CAD
15,000
(221,200)
(114,448)
(106,752)
3.30%
Semi-Annual
3-mo.
BA
Semi-Annual
09/20/23
(a)
09/20/28
CAD
20,000
(80,612)
(1,579)
(79,033)
3.14%
Semi-Annual
3-mo.
BA
Semi-Annual
09/20/23
(a)
09/20/28
CAD
1,000
1,277
(76)
1,353
3.73%
Semi-Annual
3-mo.
BA
Semi-Annual
09/20/23
(a)
09/20/28
CAD
133,000
(2,449,709)
131,584
(2,581,293)
3.19%
Semi-Annual
3-mo.
BA
Semi-Annual
09/20/23
(a)
09/20/28
CAD
49,000
(15,926)
13,223
(29,149)
3.12%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/20/23
(a)
09/20/28
KRW
34,699,000
—
—
—
3.04%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/20/23
(a)
09/20/28
KRW
30,439,000
57,704
—
57,704
3.13%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/20/23
(a)
09/20/28
KRW
97,842,000
(125,040)
—
(125,040)
3.06%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/20/23
(a)
09/20/28
KRW
14,791,000
20,386
—
20,386
8.56%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
509,000
22,349
—
22,349
8.51%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
173,900
24,750
—
24,750
8.66%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
509,000
(86,552)
—
(86,552)
8.58%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
1,334,000
1,491
—
1,491
8.53%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
457,100
49,409
—
49,409
3.26%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
156,000
(256,431)
(128,506)
(127,925)
3.31%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
235,000
(434,115)
14,864
(448,979)
3.26%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
200,000
(325,218)
(88,220)
(236,998)
2.96%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
152,000
(3,728)
(3,728)
—
3.24%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
3,641,000
(5,582,329)
2,221,186
(7,803,515)
2.95%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
2,000
(518)
1,030
(1,548)
3.73%
Annual
3-mo.
TELBOR01
Quarterly
09/20/23
(a)
09/20/28
ILS
95,000
(170,845)
—
(170,845)
3.76%
Annual
3-mo.
TELBOR01
Quarterly
09/20/23
(a)
09/20/28
ILS
108,000
(232,329)
—
(232,329)
3.49%
Annual
3-mo.
TELBOR01
Quarterly
09/20/23
(a)
09/20/28
ILS
72,000
86,443
—
86,443
1.28%
Quarterly
3-mo.
TWCPBA
Quarterly
09/20/23
(a)
09/20/28
TWD
118,000
9,141
—
9,141
1.30%
Quarterly
3-mo.
TWCPBA
Quarterly
09/20/23
(a)
09/20/28
TWD
465,060
20,867
—
20,867
1.30%
Quarterly
3-mo.
TWCPBA
Quarterly
09/20/23
(a)
09/20/28
TWD
546,940
28,998
—
28,998
3.76%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
16,500
(117,554)
—
(117,554)
3.69%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
16,500
(83,720)
—
(83,720)
3.68%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
17,000
(83,585)
—
(83,585)
3.58%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
40,000
(67,650)
—
(67,650)
3.00%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
49,000
(35,512)
(122,816)
87,304
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
59
Schedule
of
Investments
(continued)
April
30,
2023
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)
3.37%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
8,000
$
(154,034)
$
8,025
$
(162,059)
2.92%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
49,000
158,240
42,364
115,876
2.96%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
36,000
51,224
247,772
(196,548)
3.13%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
142,000
(1,010,706)
746,108
(1,756,814)
3.18%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
14,000
(133,909)
(116,574)
(17,335)
3.12%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
45,000
(291,073)
121,311
(412,384)
3.33%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
21,000
(355,043)
(114,787)
(240,256)
3.05%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
14,000
(42,590)
(3,922)
(38,668)
3.02%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
31,000
(48,787)
565
(49,352)
3.18%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
20,000
(196,293)
(59,205)
(137,088)
3.39%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
29,000
(585,891)
17,769
(603,660)
$
(2,379,673)
$
2,464,242
$
(4,843,915)
(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
11.66%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
73,000
$
(65,749)
$
—
$
(65,749)
1-day
BZDIOVER
At
Termination
12.77%
At
Termination
BNP
Paribas
SA
01/04/27
BRL
303,000
1,929,297
—
1,929,297
1-day
BZDIOVER
At
Termination
12.78%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
37,000
248,716
—
248,716
1-day
BZDIOVER
At
Termination
12.84%
At
Termination
HSBC
Bank
plc
01/04/27
BRL
74,000
530,173
—
530,173
1-day
BZDIOVER
At
Termination
12.91%
At
Termination
BNP
Paribas
SA
01/04/27
BRL
70,000
539,208
—
539,208
1-day
BZDIOVER
At
Termination
12.92%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
72,000
556,113
—
556,113
1-day
BZDIOVER
At
Termination
13.00%
At
Termination
Barclays
Bank
plc
01/04/27
BRL
69,000
575,164
—
575,164
1-day
BZDIOVER
At
Termination
13.36%
At
Termination
Bank
of
America
NA
01/04/27
BRL
69,000
776,631
—
776,631
$
5,089,553
$
—
$
5,089,553
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
2023
................
TWD
(159,241,274)
Merrill
Lynch
International
&
Co.
05/17/23
TWD
159,241
$
13,235
$
—
$
13,235
Taiwan
Capitalization
Weighted
Stock
Index
Futures
May
2023
................
TWD
(228,832,904)
Merrill
Lynch
International
&
Co.
05/17/23
TWD
228,833
149,503
—
149,503
KOSPI
200
Index
Futures
June
2023
................
KRW
(163,098,796,300)
Merrill
Lynch
International
&
Co.
06/08/23
KRW
163,098,796
(2,392,412)
—
(2,392,412)
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
60
Schedule
of
Investments
(continued)
April
30,
2023
OTC
Total
Return
Swaps
-
Future
(continued)
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
KOSPI
200
Index
Futures
June
2023
................
KRW
(11,721,245,250)
Merrill
Lynch
International
&
Co.
06/08/23
KRW
11,721,245
$
—
$
—
$
—
KOSPI
200
Index
Futures
June
2023
................
KRW
(8,457,178,350)
Merrill
Lynch
International
&
Co.
06/08/23
KRW
8,457,178
(204,738)
—
(204,738)
KOSPI
200
Index
Futures
June
2023
................
KRW
(27,478,214,775)
Merrill
Lynch
International
&
Co.
06/08/23
KRW
27,478,215
(259,553)
—
(259,553)
KOSPI
200
Index
Futures
June
2023
................
KRW
(66,102,455,000)
Merrill
Lynch
International
&
Co.
06/08/23
KRW
66,102,455
(604,860)
—
(604,860)
KOSPI
200
Index
Futures
June
2023
................
KRW
(5,561,992,800)
Merrill
Lynch
International
&
Co.
06/08/23
KRW
5,561,993
(234,016)
—
(234,016)
KOSPI
200
Index
Futures
June
2023
................
KRW
(8,470,064,700)
Merrill
Lynch
International
&
Co.
06/08/23
KRW
8,470,065
(256,078)
—
(256,078)
BOVESPA
Index
Futures
June
2023
................
BRL
(38,961,937)
Merrill
Lynch
International
&
Co.
06/14/23
BRL
38,962
58,951
—
58,951
Mexican
Bolsa
Index
Futures
June
2023
............
MXN
(260,406,495)
Merrill
Lynch
International
&
Co.
06/16/23
MXN
260,406
(531,444)
—
(531,444)
Mexican
Bolsa
Index
Futures
June
2023
............
MXN
(81,412,483)
Merrill
Lynch
International
&
Co.
06/16/23
MXN
81,412
(148,720)
—
(148,720)
Mexican
Bolsa
Index
Futures
June
2023
............
MXN
(120,777,750)
Merrill
Lynch
International
&
Co.
06/16/23
MXN
120,778
(266,896)
—
(266,896)
Swiss
Market
Index
Futures
June
2023
................
CHF
(22,109,480)
HSBC
Bank
plc
06/16/23
CHF
22,109
(2,352,789)
—
(2,352,789)
Swiss
Market
Index
Futures
June
2023
................
CHF
(8,677,201)
HSBC
Bank
plc
06/16/23
CHF
8,677
(897,498)
—
(897,498)
Swiss
Market
Index
Futures
June
2023
................
CHF
(10,220,339)
HSBC
Bank
plc
06/16/23
CHF
10,220
(832,154)
—
(832,154)
Swiss
Market
Index
Futures
June
2023
................
CHF
(7,344,357)
HSBC
Bank
plc
06/16/23
CHF
7,344
(599,802)
—
(599,802)
Swiss
Market
Index
Futures
June
2023
................
CHF
(13,620,728)
HSBC
Bank
plc
06/16/23
CHF
13,621
(605,596)
—
(605,596)
Swiss
Market
Index
Futures
June
2023
................
CHF
(11,924,270)
HSBC
Bank
plc
06/16/23
CHF
11,924
(331,376)
—
(331,376)
Swiss
Market
Index
Futures
June
2023
................
CHF
(6,316,128)
HSBC
Bank
plc
06/16/23
CHF
6,316
(89,088)
—
(89,088)
Swiss
Market
Index
Futures
June
2023
................
CHF
(6,463,374)
HSBC
Bank
plc
06/16/23
CHF
6,463
(52,130)
—
(52,130)
Swiss
Market
Index
Futures
June
2023
................
CHF
(7,971,808)
HSBC
Bank
plc
06/16/23
CHF
7,972
(920,022)
—
(920,022)
Swiss
Market
Index
Futures
June
2023
................
CHF
(4,548,122)
HSBC
Bank
plc
06/16/23
CHF
4,548
—
—
—
$
(11,357,483)
$
—
$
(11,357,483)
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
MSCI
Chile
Net
Return
Index
..........
At
Termination
1-day
SOFR
minus
0.20%
At
Termination
Merrill
Lynch
International
&
Co.
06/09/23
USD
5,689
$
(124,013)
$
—
$
(124,013)
1-day
SOFR
plus
0.27%
Quarterly
Russel
1000
Value
Index
Total
Return
Quarterly
JPMorgan
Chase
Bank
NA
11/10/23
USD
62,197
(1,862,664)
—
(1,862,664)
1-day
SOFR
plus
0.29%
Quarterly
Russel
1000
Value
Index
Total
Return
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/11/24
USD
6,153
267,273
—
267,273
$
(1,719,404)
$
—
$
(1,719,404)
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
61
Schedule
of
Investments
(continued)
April
30,
2023
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
0.51
%
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
6.90
1-day
SARON
........................................
Swiss
Average
Rate
Overnight
1.42
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4.81
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
4.18
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
3.79
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
1.73
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
2.40
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11.55
3-mo.
BA
...........................................
Canadian
Bankers
Acceptances
5.04
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3.52
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
3.68
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
7.96
3-mo.
STIBOR
.......................................
Stockholm
Interbank
Offered
Rate
3.60
3-mo.
TELBOR01
.....................................
Tel
Aviv
Interbank
Offered
Rate
4.64
3-mo.
TWCPBA
.......................................
Taiwan
Secondary
Markets
Bills
Rate
1.49
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
3.86
6-mo.
BUBOR
........................................
Budapest
Interbank
Offered
Rate
15.82
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3.65
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
7.21
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
6.86
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)
.........................................................
$
3,961,744
$
(1,497,502)
$
14,312,761
$
(19,156,676)
OTC
Swaps
...................................................................
—
—
5,644,264
(13,631,598)
(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.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
62
Schedule
of
Investments
(continued)
April
30,
2023
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.
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)
.....
$
—
$
—
$
12,121,621
$
—
$
9,001,973
$
—
$
21,123,594
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
4,280,741
—
—
4,280,741
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
14,312,761
—
14,312,761
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
488,962
—
5,155,302
—
5,644,264
$
—
$
—
$
12,610,583
$
4,280,741
$
28,470,036
$
—
$
45,361,360
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
61,183,350
$
—
$
14,197,150
$
—
$
75,380,500
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
2,711,381
—
—
2,711,381
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
19,156,676
—
19,156,676
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
13,565,849
—
65,749
—
13,631,598
$
—
$
—
$
74,749,199
$
2,711,381
$
33,419,575
$
—
$
110,880,155
(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,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
77,342,698
$
—
$
71,284,536
$
—
$
148,627,234
Forward
foreign
currency
exchange
contracts
....
—
—
—
(2,490,260)
—
—
(2,490,260)
Swaps
..............................
—
—
14,217,475
—
32,223,360
—
46,440,835
$
—
$
—
$
91,560,173
$
(2,490,260)
$
103,507,896
$
—
$
192,577,809
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(103,922,195)
$
—
$
(30,485,033)
$
—
$
(134,407,228)
Forward
foreign
currency
exchange
contracts
....
—
—
—
2,411,986
—
—
2,411,986
Swaps
..............................
—
—
(16,912,448)
—
(576,382)
—
(17,488,830)
$
—
$
—
$
(120,834,643)
$
2,411,986
$
(31,061,415)
$
—
$
(149,484,072)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,392,930,931
Average
notional
value
of
contracts
—
short
.................................................................................
$
2,969,113,429
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
225,445,068
Average
amounts
sold
—
in
USD
........................................................................................
$
144,204,773
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
1,622,819,408
Average
notional
value
—
receives
fixed
rate
................................................................................
$
1,858,406,908
Total
return
swaps
Average
notional
value
...............................................................................................
$
293,341,416
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
63
Schedule
of
Investments
(continued)
April
30,
2023
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
....................................................................................
$
6,103,618
$
5,038,433
Forward
foreign
currency
exchange
contracts
.................................................................
4,280,741
2,711,381
Swaps
—
centrally
cleared
..............................................................................
—
4,164,440
Swaps
—
OTC
(a)
.....................................................................................
5,644,264
13,631,598
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
16,028,623
$
25,545,852
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(6,103,618)
(9,202,873)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
9,925,005
$
16,342,979
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
955,806
$
(9,075)
$
(
904
,
950
)
$
—
$
41,781
Barclays
Bank
plc
................................
575,164
—
—
(420,000)
155,164
BNP
Paribas
SA
.................................
2,539,188
(211,320)
—
(1,920,000)
407,868
Citibank
NA
....................................
1,301,588
(317)
—
—
1,301,271
Commonwealth
Bank
of
Australia
.....................
11,074
—
—
—
11,074
Goldman
Sachs
International
........................
1,614,509
(346,824)
—
—
1,267,685
HSBC
Bank
plc
..................................
731,363
(731,363)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
135,125
(135,125)
—
—
—
Merrill
Lynch
International
&
Co.
......................
221,689
(221,689)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
1,247,150
(385,822)
—
(861,328)
—
Standard
Chartered
Bank
...........................
72,932
—
—
—
72,932
Toronto
Dominion
Bank
............................
167,249
(50,035)
—
—
117,214
UBS
AG
......................................
352,168
—
—
—
352,168
$
9,925,005
$
(2,091,570)
$
(
904
,
950
)
$
(3,201,328)
$
3
,
727
,
157
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
9,075
$
(9,075)
$
—
$
—
$
—
Bank
of
New
York
Mellon
...........................
48,329
—
—
—
48,329
BNP
Paribas
SA
.................................
211,320
(211,320)
—
—
—
Citibank
NA
....................................
317
(317)
—
—
—
Credit
Agricole
Corporate
&
Investment
Bank
SA
...........
114,053
—
—
—
114,053
Goldman
Sachs
International
........................
346,824
(346,824)
—
—
—
HSBC
Bank
plc
..................................
7,771,280
(731,363)
—
(816,000)
6,223,917
JPMorgan
Chase
Bank
NA
..........................
1,967,509
(135,125)
—
(1,832,384)
—
Merrill
Lynch
International
&
Co.
......................
5,022,730
(221,689)
—
(3,080,000)
1,721,041
Morgan
Stanley
&
Co.
International
plc
..................
385,822
(385,822)
—
—
—
Nomura
International
plc
...........................
70,861
—
—
—
70,861
Toronto
Dominion
Bank
............................
50,035
(50,035)
—
—
—
Westpac
Banking
Corp.
............................
344,824
—
—
—
344,824
$
16,342,979
$
(2,091,570)
$
—
$
(5,728,384)
$
8,523,025
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received/pledged,
if
any,
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
64
Schedule
of
Investments
(continued)
April
30,
2023
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
....................................
3,572,768
3,814,749
—
7,387,517
Air
Freight
&
Logistics
....................................
3,694,671
1,128,051
—
4,822,722
Automobile
Components
..................................
188,028
440,903
—
628,931
Automobiles
..........................................
11,067,703
7,569,169
—
18,636,872
Banks
...............................................
30,255,125
29,421,171
—
59,676,296
Beverages
...........................................
7,166,231
8,365,211
—
15,531,442
Biotechnology
.........................................
19,426,561
3,199,766
—
22,626,327
Broadline
Retail
........................................
24,911,818
2,740,767
—
27,652,585
Building
Products
.......................................
—
534,500
—
534,500
Capital
Markets
........................................
19,039,216
8,514,975
—
27,554,191
Chemicals
............................................
40,312,137
9,348,992
—
49,661,129
Commercial
Services
&
Supplies
.............................
—
441,835
—
441,835
Communications
Equipment
................................
910,696
531,668
—
1,442,364
Construction
&
Engineering
................................
—
2,678,315
—
2,678,315
Construction
Materials
....................................
—
632,947
—
632,947
Consumer
Finance
......................................
4,249,862
—
—
4,249,862
Consumer
Staples
Distribution
&
Retail
........................
17,233,392
5,992,740
—
23,226,132
Containers
&
Packaging
..................................
13,019,090
310,228
—
13,329,318
Distributors
...........................................
694,208
199,022
—
893,230
Diversified
REITs
.......................................
—
495,367
—
495,367
Electric
Utilities
........................................
16,491,236
6,191,328
—
22,682,564
Electrical
Equipment
.....................................
—
2,836,239
—
2,836,239
Electronic
Equipment,
Instruments
&
Components
.................
1,762,925
4,944,443
—
6,707,368
Energy
Equipment
&
Services
..............................
1,714,908
114,142
—
1,829,050
Entertainment
.........................................
7,174,911
1,281,535
—
8,456,446
Financial
Services
......................................
35,044,286
5,357,324
—
40,401,610
Food
Products
.........................................
18,140,570
10,702,620
—
28,843,190
Gas
Utilities
...........................................
—
1,072,112
—
1,072,112
Ground
Transportation
...................................
4,492,319
2,119,130
—
6,611,449
Health
Care
Equipment
&
Supplies
...........................
18,400,071
7,293,920
—
25,693,991
Health
Care
Providers
&
Services
............................
12,122,541
1,209,091
—
13,331,632
Health
Care
REITs
......................................
131,268
—
—
131,268
Health
Care
Technology
..................................
—
235,641
—
235,641
Hotel
&
Resort
REITs
....................................
—
4,203
—
4,203
Hotels,
Restaurants
&
Leisure
..............................
11,568,095
6,137,061
—
17,705,156
Household
Durables
.....................................
—
2,172,711
—
2,172,711
Household
Products
.....................................
41,007,550
2,536,212
—
43,543,762
Independent
Power
and
Renewable
Electricity
Producers
............
1,114,913
1,152,009
—
2,266,922
Industrial
Conglomerates
..................................
2,216,625
3,543,971
—
5,760,596
Industrial
REITs
........................................
1,663,946
1,506,919
—
3,170,865
Insurance
............................................
1,406,336
15,121,372
—
16,527,708
Interactive
Media
&
Services
...............................
37,071,910
1,050,710
—
38,122,620
IT
Services
...........................................
6,524,061
4,374,372
—
10,898,433
Leisure
Products
.......................................
809,952
—
—
809,952
Life
Sciences
Tools
&
Services
..............................
12,631,626
1,629,405
—
14,261,031
Machinery
............................................
—
1,742,389
—
1,742,389
Marine
Transportation
....................................
—
241,457
—
241,457
Media
...............................................
1,404,891
632,212
—
2,037,103
Metals
&
Mining
........................................
4,374,452
7,817,207
—
12,191,659
Multi-Utilities
..........................................
7,885,368
3,125,964
—
11,011,332
Office
REITs
..........................................
—
573,354
—
573,354
Oil,
Gas
&
Consumable
Fuels
...............................
31,518,739
13,744,181
—
45,262,920
Paper
&
Forest
Products
..................................
—
439,273
—
439,273
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
65
Schedule
of
Investments
(continued)
April
30,
2023
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Passenger
Airlines
......................................
$
14,692,219
$
973,159
$
—
$
15,665,378
Personal
Care
Products
..................................
7,287,615
8,228,640
—
15,516,255
Pharmaceuticals
.......................................
34,580,502
26,791,598
—
61,372,100
Professional
Services
....................................
1,393,135
1,550,628
—
2,943,763
Real
Estate
Management
&
Development
.......................
—
3,441,273
—
3,441,273
Retail
REITs
..........................................
387,550
679,865
—
1,067,415
Semiconductors
&
Semiconductor
Equipment
....................
37,513,957
10,983,365
—
48,497,322
Software
.............................................
82,269,181
4,467,170
—
86,736,351
Specialized
REITs
......................................
3,008,494
—
—
3,008,494
Specialty
Retail
........................................
39,609,101
2,395,427
—
42,004,528
Technology
Hardware,
Storage
&
Peripherals
....................
55,025,848
866,120
—
55,891,968
Textiles,
Apparel
&
Luxury
Goods
............................
15,840,681
7,190,755
—
23,031,436
Tobacco
.............................................
2,147,919
2,581,883
—
4,729,802
Trading
Companies
&
Distributors
............................
—
1,598,159
—
1,598,159
Transportation
Infrastructure
...............................
—
2,068,322
—
2,068,322
Water
Utilities
.........................................
1,510,668
757,160
—
2,267,828
Other
Interests
..........................................
—
—
—
—
Preferred
Stocks
.........................................
—
2,092,718
—
2,092,718
Rights
................................................
—
—
2,377
2,377
Warrants
..............................................
63,798
—
—
63,798
Short-Term
Securities
Money
Market
Funds
......................................
102,641,987
—
—
102,641,987
U.S.
Treasury
Obligations
...................................
—
232,518,502
—
232,518,502
$
870,387,660
$
506,447,627
$
2,377
$
1,376,837,664
Investments
valued
at
NAV
(a)
......................................
38,627
$
—
$
1,376,876,291
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
2,226,662
$
10,383,921
$
—
$
12,610,583
Foreign
currency
exchange
contracts
............................
—
4,280,741
—
4,280,741
Interest
rate
contracts
.......................................
9,001,973
19,468,063
—
28,470,036
Liabilities
Equity
contracts
...........................................
(57,758,042)
(16,991,157)
—
(74,749,199)
Foreign
currency
exchange
contracts
............................
—
(2,711,381)
—
(2,711,381)
Interest
rate
contracts
.......................................
(14,197,150)
(19,222,425)
—
(33,419,575)
$
(60,726,557)
$
(4,792,238)
$
—
$
(65,518,795)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Impact
Fund
66
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2023
Schedule
of
Investments
April
30,
2023
Security
Shares
Shares
Value
Common
Stocks
Automobile
Components
—
2.3%
Aptiv
plc
(a)
........................
1,251
$
128,678
Automobiles
—
1.1%
Tesla,
Inc.
(a)
.......................
370
60,795
Biotechnology
—
1.2%
Exact
Sciences
Corp.
(a)
...............
1,030
65,992
Broadline
Retail
—
1.1%
Etsy,
Inc.
(a)
.......................
572
57,789
Building
Products
—
4.9%
AZEK
Co.,
Inc.
(The),
Class
A
(a)
.........
1,916
52,000
Trane
Technologies
plc
...............
705
130,996
Zurn
Elkay
Water
Solutions
Corp.
........
3,954
85,209
268,205
Construction
&
Engineering
—
3.3%
Quanta
Services,
Inc.
................
1,073
182,024
Consumer
Staples
Distribution
&
Retail
—
5.4%
Grocery
Outlet
Holding
Corp.
(a)
..........
4,767
141,961
North
West
Co.,
Inc.
(The)
.............
5,309
155,722
297,683
Containers
&
Packaging
—
4.7%
Ball
Corp.
........................
2,346
124,760
Crown
Holdings,
Inc.
................
1,530
131,244
256,004
Diversified
Consumer
Services
—
7.2%
(a)
Duolingo
,
Inc.,
Class
A
...............
404
55,009
Grand
Canyon
Education,
Inc.
..........
1,356
160,957
Stride,
Inc.
(b)
......................
4,162
178,799
394,765
Electric
Utilities
—
5.9%
Avangrid
,
Inc.
.....................
3,392
136,562
NextEra
Energy,
Inc.
................
2,452
187,897
324,459
Electronic
Equipment,
Instruments
&
Components
—
1.2%
Trimble,
Inc.
(a)
.....................
1,391
65,516
Financial
Services
—
6.3%
Block,
Inc.,
Class
A
(a)
................
1,623
98,662
Global
Payments,
Inc.
...............
425
47,902
Jack
Henry
&
Associates,
Inc.
..........
1,219
199,111
345,675
Health
Care
Equipment
&
Supplies
—
12.8%
Boston
Scientific
Corp.
(a)
..............
7,735
403,148
Hologic
,
Inc.
(a)
.....................
567
48,768
Inspire
Medical
Systems,
Inc.
(a)
.........
639
171,016
STERIS
plc
.......................
426
80,322
703,254
Health
Care
Providers
&
Services
—
3.3%
Encompass
Health
Corp.
.............
2,858
183,341
Health
Care
Technology
—
4.1%
(a)
Phreesia
,
Inc.
.....................
1,447
45,783
Veeva
Systems,
Inc.,
Class
A
...........
1,013
181,408
227,191
Independent
Power
and
Renewable
Electricity
Producers
—
4.3%
Brookfield
Renewable
Corp.
...........
7,145
238,714
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
—
7.7%
Agilent
Technologies,
Inc.
.............
1,076
$
145,723
Danaher
Corp.
....................
839
198,767
Thermo
Fisher
Scientific,
Inc.
...........
138
76,576
421,066
Media
—
1.3%
Cable
One,
Inc.
....................
96
72,807
Pharmaceuticals
—
9.4%
Royalty
Pharma
plc,
Class
A
...........
8,569
301,200
Zoetis,
Inc.,
Class
A
.................
1,243
218,495
519,695
Professional
Services
—
5.6%
ICF
International,
Inc.
................
2,719
309,966
Semiconductors
&
Semiconductor
Equipment
—
0.8%
(a)
Enphase
Energy,
Inc.
................
113
18,555
SolarEdge
Technologies,
Inc.
...........
92
26,278
44,833
Software
—
5.3%
(a)
Autodesk,
Inc.
.....................
654
127,393
Instructure
Holdings,
Inc.
(b)
............
4,548
120,658
Palo
Alto
Networks,
Inc.
(b)
.............
246
44,885
292,936
Total
Long-Term
Investments
—
99.2%
(Cost:
$5,182,116)
..............................
5,461,388
Short-Term
Securities
Money
Market
Funds
—
3.3%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.7
2
%
...................
65,973
65,973
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.02%
(e)
.......................
113,320
113,331
Total
Short-Term
Securities
—
3.3%
(Cost:
$179,296)
................................
179,304
Total
Investments
—
102.5%
(Cost:
$5,361,412
)
..............................
5,640,692
Liabilities
in
Excess
of
Other
Assets
—
(2.5)%
............
(135,742)
Net
Assets
—
100.0%
..............................
$
5,504,950
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
BlackRock
U.S.
Impact
Fund
Schedules
of
Investments
67
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
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.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
111,926
$
—
$
(45,953)
(a)
$
—
$
—
$
65,973
65,973
$
6,035
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
—
113,232
(a)
—
91
8
113,331
113,320
284
(b)
—
$
91
$
8
$
179,304
$
6,319
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
5,461,388
$
—
$
—
$
5,461,388
Short-Term
Securities
Money
Market
Funds
......................................
65,973
—
—
65,973
$
5,527,361
$
—
$
—
$
5,527,361
Investments
valued
at
NAV
(a)
......................................
113,331
$
—
$
5,640,692
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
Statements
of
Assets
and
Liabilities

April
30,
2023
2023
BlackRock
Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
ex-
China
Fund
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
..........................
$
4,779,770‌
$
10,425,684‌
$
4,292,073‌
$
9,800,068‌
$
12,589,849‌
Investments,
at
value
—
affiliated
(c)
.............................
340,604‌
546,471‌
252,410‌
333,199‌
330,572‌
Cash  
................................................
326‌
686‌
—‌
—‌
519‌
Cash
pledged:
Futures
contracts
.......................................
10,000‌
—‌
—‌
12,000‌
12,000‌
Foreign
currency,
at
value
(d)
..................................
—‌
665‌
920‌
69,710‌
25,915‌
Receivables:
–‌
–‌
–‌
–‌
–‌
Investments
sold
.......................................
25,912‌
—‌
20,945‌
36,170‌
190,558‌
Securities
lending
income
—
affiliated
.........................
—‌
17‌
237‌
37‌
4‌
Swaps  
.............................................
2,689‌
—‌
—‌
—‌
—‌
Capital
shares
sold
......................................
—‌
—‌
—‌
4‌
101‌
Dividends
—
unaffiliated
..................................
14,177‌
12,668‌
8,281‌
18,455‌
72,008‌
Dividends
—
affiliated
....................................
1,066‌
1,256‌
625‌
1,224‌
1,360‌
From
the
Manager
......................................
72,779‌
11,084‌
10,619‌
60,282‌
83,902‌
Variation
margin
on
futures
contracts
..........................
2,105‌
—‌
—‌
1,582‌
—‌
Prepaid
expenses
........................................
443‌
4,293‌
4,283‌
18,777‌
18,939‌
Total
assets
............................................
5,249,871‌
11,002,824‌
4,590,393‌
10,351,508‌
13,325,727‌
LIABILITIES
Collateral
on
securities
loaned
................................
—‌
209,490‌
—‌
3,514‌
—‌
Payables:
–‌
–‌
–‌
–‌
–‌
Investments
purchased
...................................
—‌
—‌
91‌
62,871‌
271,277‌
Accounting
services
fees
..................................
1,796‌
—‌
—‌
16,858‌
16,892‌
Offering
costs
.........................................
18,349‌
—‌
—‌
—‌
—‌
Administration
fees
......................................
—‌
2,633‌
788‌
4‌
—‌
Capital
shares
redeemed
..................................
—‌
—‌
—‌
—‌
450‌
Custodian
fees
.........................................
6,575‌
—‌
—‌
20,335‌
29,167‌
Investment
advisory
fees
..................................
—‌
11,757‌
4,818‌
—‌
—‌
Trustees'
and
Officer's
fees
................................
526‌
—‌
—‌
725‌
719‌
Printing
and
postage
fees
.................................
263‌
—‌
—‌
16,779‌
36,901‌
Professional
fees
.......................................
48,374‌
26,597‌
26,423‌
61,671‌
40,297‌
Registration
fees
.......................................
—‌
—‌
—‌
787‌
817‌
Service
fees
..........................................
20‌
40‌
34‌
43‌
52‌
Transfer
agent
fees
.....................................
96‌
—‌
—‌
502‌
526‌
Other
accrued
expenses
..................................
428‌
—‌
33‌
9,566‌
6,238‌
Variation
margin
on
futures
contracts
..........................
—‌
—‌
—‌
—‌
434‌
Unrealized
depreciation
on:
–‌
–‌
–‌
–‌
–‌
OTC
swaps
...........................................
598‌
—‌
—‌
—‌
—‌
Total
liabilities
...........................................
77,025‌
250,517‌
32,187‌
193,655‌
403,770‌
NET
ASSETS
...........................................
$
5,172,846‌
$
10,752,307‌
$
4,558,206‌
$
10,157,853‌
$
12,921,957‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
...........................................
$
4,999,119‌
$
24,252,331‌
$
6,568,891‌
$
12,326,439‌
$
12,570,004‌
Accumulated
earnings
(loss)
.................................
173,727‌
(13,500,024‌)
(2,010,685‌)
(2,168,586‌)
351,953‌
NET
ASSETS
...........................................
$
5,172,846‌
$
10,752,307‌
$
4,558,206‌
$
10,157,853‌
$
12,921,957‌
(a)
  Investments,
at
cost
—
unaffiliated
...........................
$
4,639,892‌
$
10,033,517‌
$
4,585,814‌
$
10,258,714‌
$
11,279,251‌
(b)
  Securities
loaned,
at
value
.................................
$
—‌
$
207,068‌
$
—‌
$
3,050‌
$
—‌
(c)
  Investments,
at
cost
—
affiliated
.............................
$
340,604‌
$
546,452‌
$
252,410‌
$
333,197‌
$
330,572‌
(d)
  Foreign
currency,
at
cost
..................................
$
—‌
$
668‌
$
916‌
$
69,729‌
$
25,935‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
69
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
ex-China
Fund
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
NET
ASSET
VALUE
Institutional
Net
assets
............................................
$
103,451‌
$
4,424,390‌
$
89,643‌
$
102,450‌
$
191,609‌
Shares
outstanding
.....................................
10,000‌
451,075‌
11,787‌
12,627‌
18,448‌
Net
asset
value
........................................
$
10.35‌
$
9.81‌
$
7.61‌
$
8.11‌
$
10.39‌
Shares
authorized
......................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
............................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Investor
A
Net
assets
............................................
$
103,428‌
$
218,117‌
$
169,307‌
$
208,191‌
$
264,694‌
Shares
outstanding
.....................................
10,000‌
22,236‌
22,309‌
25,661‌
25,483‌
Net
asset
value
........................................
$
10.34‌
$
9.81‌
$
7.59‌
$
8.11‌
$
10.39‌
Shares
authorized
......................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
............................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Class
K
Net
assets
............................................
$
4,965,967‌
$
6,109,800‌
$
4,299,256‌
$
9,847,212‌
$
12,465,654‌
Shares
outstanding
.....................................
480,000‌
624,173‌
565,755‌
1,213,528‌
1,200,206‌
Net
asset
value
........................................
$
10.35‌
$
9.79‌
$
7.60‌
$
8.11‌
$
10.39‌
Shares
authorized
......................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
............................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
2023
BlackRock
Annual
Report
to
Shareholders
70
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
1,274,195,677‌
$
5,461,388‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
102,680,614‌
179,304‌
Cash
pledged:
Collateral
—
OTC
derivatives
.............................................................................
9,626,000‌
—‌
Futures
contracts
.....................................................................................
88,267,000‌
—‌
Centrally
cleared
swaps
.................................................................................
38,459,000‌
—‌
Foreign
currency,
at
value
(d)
................................................................................
26,970,148‌
181‌
Receivables:
–‌
–‌
Investments
sold
.....................................................................................
3,088‌
—‌
Securities
lending
income
—
affiliated
.......................................................................
1,111‌
13‌
Swaps  
...........................................................................................
1,270,167‌
—‌
Capital
shares
sold
....................................................................................
4,279,424‌
—‌
Dividends
—
unaffiliated
................................................................................
2,252,716‌
466‌
Dividends
—
affiliated
..................................................................................
419,920‌
316‌
Interest
—
unaffiliated
..................................................................................
921‌
—‌
From
the
Manager
....................................................................................
3,520‌
6,583‌
Variation
margin
on
futures
contracts
........................................................................
6,103,618‌
—‌
Unrealized
appreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
4,280,741‌
—‌
OTC
swaps
.........................................................................................
5,644,264‌
—‌
Prepaid
expenses
......................................................................................
82,722‌
1,271‌
Total
assets
..........................................................................................
1,564,540,651‌
5,649,522‌
LIABILITIES
Bank
overdraft
.........................................................................................
5,763,489‌
—‌
Cash
received:
Collateral
—
OTC
derivatives
.............................................................................
3,390,000‌
—‌
Collateral
on
securities
loaned
..............................................................................
38,235‌
113,274‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
27,580,478‌
—‌
Swaps  
...........................................................................................
287,093‌
—‌
Accounting
services
fees
................................................................................
88,674‌
—‌
Administration
fees
....................................................................................
129,586‌
981‌
Capital
shares
redeemed
................................................................................
3,890,973‌
—‌
Custodian
fees
.......................................................................................
216,010‌
—‌
Investment
advisory
fees
................................................................................
1,283,621‌
5,835‌
Trustees'
and
Officer's
fees
..............................................................................
1,067‌
—‌
Other
affiliate
fees
....................................................................................
54,134‌
—‌
Printing
and
postage
fees
...............................................................................
26,200‌
—‌
Professional
fees
.....................................................................................
110,120‌
24,407‌
Registration
fees
.....................................................................................
202,017‌
—‌
Service
and
distribution
fees
..............................................................................
49,151‌
75‌
Transfer
agent
fees
...................................................................................
530,416‌
—‌
Other
accrued
expenses
................................................................................
10,257‌
—‌
Variation
margin
on
futures
contracts
........................................................................
5,038,433‌
—‌
Variation
margin
on
centrally
cleared
swaps
...................................................................
4,164,440‌
—‌
Unrealized
depreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
2,711,381‌
—‌
OTC
swaps
.........................................................................................
13,631,598‌
—‌
Total
liabilities
.........................................................................................
69,197,373‌
144,572‌
NET
ASSETS
.........................................................................................
$
1,495,343,278‌
$
5,504,950‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
71
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
1,455,833,147‌
$
6,976,942‌
Accumulated
earnings
(loss)
...............................................................................
39,510,131‌
(1,471,992‌)
NET
ASSETS
.........................................................................................
$
1,495,343,278‌
$
5,504,950‌
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
1,063,332,726‌
$
5,182,116‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
20,741‌
$
111,504‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
102,680,609‌
$
179,296‌
(d)
  Foreign
currency,
at
cost
................................................................................
$
26,937,712‌
$
180‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
2023
BlackRock
Annual
Report
to
Shareholders
72
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................
$
954,743,728‌
$
111,546‌
Shares
outstanding
...................................................................................
66,240,564‌
13,603‌
Net
asset
value
......................................................................................
$
14.41‌
$
8.20‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Service
Net
assets
..........................................................................................
$
1,052,956‌
—‌
Shares
outstanding
...................................................................................
73,791‌
—‌
Net
asset
value
......................................................................................
$
14.27‌
—‌
Shares
authorized
....................................................................................
Unlimited
—
Par
value
..........................................................................................
$
0.001‌
$
—‌
Investor
A
Net
assets
..........................................................................................
$
192,584,304‌
$
378,593‌
Shares
outstanding
...................................................................................
13,530,664‌
46,315‌
Net
asset
value
......................................................................................
$
14.23‌
$
8.17‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Investor
C
Net
assets
..........................................................................................
$
9,665,197‌
—‌
Shares
outstanding
...................................................................................
703,568‌
—‌
Net
asset
value
......................................................................................
$
13.74‌
—‌
Shares
authorized
....................................................................................
Unlimited
—
Par
value
..........................................................................................
$
0.001‌
$
—‌
Class
K
Net
assets
..........................................................................................
$
337,297,093‌
$
5,014,811‌
Shares
outstanding
...................................................................................
23,401,584‌
611,919‌
Net
asset
value
......................................................................................
$
14.41‌
$
8.20‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Statements
of
Operations

Year
Ended
April
30,
2023
73
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
ex-
China
Fund
(a)
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
INVESTMENT
INCOME
–
–
–
–
–
Dividends
—
unaffiliated
..................................
$
17,672‌
$
311,634‌
$
112,810‌
$
335,365‌
$
386,488‌
Dividends
—
affiliated
....................................
1,624‌
6,173‌
4,255‌
10,656‌
7,599‌
Securities
lending
income
—
affiliated
—
net
....................
—‌
221‌
3,397‌
504‌
55‌
Foreign
taxes
withheld
...................................
(1,010‌)
(33,477‌)
(12,061‌)
(36,312‌)
(50,255‌)
Total
investment
income
....................................
18,286‌
284,551‌
108,401‌
310,213‌
343,887‌
EXPENSES
Organization
and
o
ffering
.................................
50,849‌
—‌
—‌
—‌
—‌
Professional
..........................................
48,377‌
16,669‌
16,790‌
157,308‌
139,846‌
Custodian
............................................
6,575‌
—‌
—‌
84,191‌
81,196‌
Investment
advisory
.....................................
3,634‌
132,872‌
33,130‌
76,742‌
49,903‌
Accounting
services
.....................................
1,796‌
—‌
—‌
50,457‌
50,540‌
Trustees
and
Officer
.....................................
526‌
5,154‌
4,967‌
6,683‌
6,693‌
Printing
and
postage
....................................
263‌
—‌
—‌
48,370‌
49,155‌
Administration
........................................
191‌
—‌
—‌
4,077‌
4,713‌
Transfer
agent
—
class
specific
.............................
96‌
—‌
—‌
704‌
1,059‌
Administration
—
class
specific
.............................
90‌
34,749‌
5,354‌
1,919‌
2,218‌
Service
and
distribution
—
class
specific
.......................
22‌
464‌
418‌
485‌
522‌
Registration
..........................................
—‌
—‌
—‌
64,453‌
64,489‌
Miscellaneous
.........................................
438‌
112‌
58‌
2,316‌
173‌
Total
expenses
..........................................
112,857‌
190,020‌
60,717‌
497,705‌
450,507‌
Less:
–‌
–‌
–‌
–‌
–‌
Administration
fees
waived
................................
(191‌)
—‌
—‌
(4,077‌)
(4,713‌)
Administration
fees
waived
by
the
Manager
—
class
specific
..........
(90‌)
—‌
—‌
(1,912‌)
(2,218‌)
Fees
waived
and/or
reimbursed
by
the
Manager
..................
(108,825‌)
(21,948‌)
(21,838‌)
(412,761‌)
(392,034‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
...........................................
(87‌)
—‌
—‌
(562‌)
(870‌)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
3,664‌
168,072‌
38,879‌
78,393‌
50,672‌
Net
investment
income
.....................................
14,622‌
116,479‌
69,522‌
231,820‌
293,215‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
158,224‌
$
(2,659,747‌)
$
(748,447‌)
$
(815,798‌)
$
1,005,387‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
..............................
$
10,730‌
$
(6,511,002‌)
$
(1,305,194‌)
$
(922,365‌)
$
(713,382‌)
Investments
—
affiliated
................................
—‌
(193‌)
24‌
77,804‌
(13‌)
Foreign
currency
transactions
............................
(1,506‌)
(30,534‌)
(8,584‌)
(4,324‌)
931‌
Futures
contracts
.....................................
3,651‌
—‌
—‌
(33,538‌)
4,527‌
Swaps  
...........................................
2,689‌
—‌
—‌
—‌
—‌
15,564‌
(6,541,729‌)
(1,313,754‌)
(882,423‌)
(707,937‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(b)
.............................
139,878‌
3,879,653‌
564,697‌
185,857‌
1,703,923‌
Investments
—
affiliated
................................
—‌
19‌
—‌
(140,292‌)
—‌
Foreign
currency
translations
.............................
(89‌)
2,310‌
610‌
212‌
2,274‌
Futures
contracts
.....................................
3,469‌
—‌
—‌
20,848‌
7,128‌
Swaps  
...........................................
(598‌)
—‌
—‌
—‌
—‌
142,660‌
3,881,982‌
565,307‌
66,625‌
1,713,325‌
Net
realized
and
unrealized
gain
(loss)
..........................
158,224‌
(2,659,747‌)
(748,447‌)
(815,798‌)
1,005,388‌
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
......................................
$
172,846‌
$
(2,543,268‌)
$
(678,925‌)
$
(583,978‌)
$
1,298,603‌
(a)
Period
from
03/29/23
(commencement
of
operations)
to
04/30/23.
(b)
N
et
of
reduction
in
deferred
foreign
capital
gain
tax
of
...............
$
—
$
—
$
1,695
$
3,996
$
—
Statements
of
Operations
(continued)
Year
Ended
April
30,
2023
2023
BlackRock
Annual
Report
to
Shareholders
74
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
21,815,948‌
$
45,361‌
Dividends
—
affiliated
..................................................................................
2,648,779‌
6,035‌
Interest
—
unaffiliated
..................................................................................
4,604,816‌
—‌
Securities
lending
income
—
affiliated
—
net
..................................................................
33,322‌
284‌
Foreign
taxes
withheld
.................................................................................
(842,414‌)
(2,752‌)
Total
investment
income
..................................................................................
28,260,451‌
48,928‌
EXPENSES
Investment
advisory
...................................................................................
8,168,521‌
35,781‌
Transfer
agent
—
class
specific
...........................................................................
1,549,507‌
—‌
Custodian
..........................................................................................
729,240‌
—‌
Administration
......................................................................................
612,639‌
—‌
Service
and
distribution
—
class
specific
.....................................................................
555,926‌
919‌
Administration
—
class
specific
...........................................................................
306,740‌
5,981‌
Accounting
services
...................................................................................
232,624‌
—‌
Registration
........................................................................................
195,581‌
—‌
Professional
........................................................................................
162,935‌
14,158‌
Printing
and
postage
..................................................................................
86,486‌
—‌
Trustees
and
Officer
...................................................................................
19,113‌
4,968‌
Miscellaneous
.......................................................................................
45,292‌
112‌
Total
expenses
........................................................................................
12,664,604‌
61,919‌
Less:
–‌
–‌
Administration
fees
waived
by
the
Manager
—
class
specific
........................................................
(43,810‌)
—‌
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(64,874‌)
(19,258‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
...........................................
(20,892‌)
—‌
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
12,535,028‌
42,661‌
Net
investment
income
...................................................................................
15,725,423‌
6,267‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
71,598,567‌
$
(297,388‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
$
(46,050,257‌)
$
(1,045,763‌)
Investments
—
affiliated
..............................................................................
1,190‌
91‌
Forward
foreign
currency
exchange
contracts
................................................................
(2,490,260‌)
—‌
Foreign
currency
transactions
..........................................................................
(2,786,289‌)
(461‌)
Futures
contracts
...................................................................................
148,627,234‌
—‌
Swaps  
.........................................................................................
46,440,835‌
—‌
143,742,453‌
(1,046,133‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
75,422,781‌
748,734‌
Investments
—
affiliated
..............................................................................
(463‌)
8‌
Forward
foreign
currency
exchange
contracts
................................................................
2,411,986‌
—‌
Foreign
currency
translations
...........................................................................
1,917,868‌
3‌
Futures
contracts
...................................................................................
(134,407,228‌)
—‌
Swaps  
.........................................................................................
(17,488,830‌)
—‌
(72,143,886‌)
748,745‌
Net
realized
and
unrealized
gain
(loss)
........................................................................
71,598,567‌
(297,388‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.........................................
$
87,323,990‌
$
(291,121‌)
Statements
of
Changes
in
Net
Assets

75
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
ex-China
Fund
BlackRock
Global
Impact
Fund
Period
from
03/29/23
(a)
to
04/30/23
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...................................................................
$
14,622‌
$
116,479‌
$
111,845‌
Net
realized
gain
(loss)
...................................................................
15,564‌
(6,541,729‌)
(5,418,211‌)
Net
change
in
unrealized
appreciation
(depreciation)
...............................................
142,660‌
3,881,982‌
(7,702,538‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
172,846‌
(2,543,268‌)
(13,008,904‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
  Institutional
..........................................................................
—‌
(152,700‌)
(2,817,685‌)
  Investor
A
...........................................................................
—‌
(1,027‌)
(16,079‌)
  Class
K
.............................................................................
—‌
(79,434‌)
(542,065‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
........................................
—‌
(233,161‌)
(3,375,829‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
................................
5,000,000‌
(21,640,126‌)
(903,296‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..........................................................
5,172,846‌
(24,416,555‌)
(17,288,029‌)
Beginning
of
year
.........................................................................
—‌
35,168,862‌
52,456,891‌
End
of
year
.............................................................................
$
5,172,846‌
$
10,752,307‌
$
35,168,862‌
(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)
2023
BlackRock
Annual
Report
to
Shareholders
76
See
notes
to
financial
statements.
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
69,522‌
$
62,188‌
$
231,820‌
$
179,975‌
Net
realized
loss
........................................................
(1,313,754‌)
(94,130‌)
(882,423‌)
(812,574‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
565,307‌
(2,075,213‌)
66,625‌
(1,814,329‌)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(678,925‌)
(2,107,155‌)
(583,978‌)
(2,446,928‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(997‌)
(20,559‌)
(2,862‌)
(13,987‌)
  Investor
A
............................................................
(1,493‌)
(29,376‌)
(4,449‌)
(13,504‌)
  Class
K
..............................................................
(58,046‌)
(1,190,636‌)
(249,172‌)
(1,183,989‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(60,536‌)
(1,240,571‌)
(256,483‌)
(1,211,480‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(815,883‌)
1,290,141‌
1,057,969‌
1,279,931‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(1,555,344‌)
(2,057,585‌)
217,508‌
(2,378,477‌)
Beginning
of
year
..........................................................
6,113,550‌
8,171,135‌
9,940,345‌
12,318,822‌
End
of
year
..............................................................
$
4,558,206‌
$
6,113,550‌
$
10,157,853‌
$
9,940,345‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
77
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
293,215‌
$
260,749‌
$
15,725,423‌
$
5,557,625‌
Net
realized
gain
(loss)
....................................................
(707,937‌)
188,161‌
143,742,453‌
(2,980,437‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
1,713,325‌
(1,559,323‌)
(72,143,886‌)
(1,108,016‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
1,298,603‌
(1,110,413‌)
87,323,990‌
1,469,172‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(5,559‌)
(24,721‌)
(26,945,935‌)
—‌
  Service
..............................................................
—‌
—‌
(37,621‌)
—‌
  Investor
A
............................................................
(5,756‌)
(20,157‌)
(6,306,615‌)
—‌
  Investor
C
............................................................
—‌
—‌
(275,919‌)
—‌
  Class
K
..............................................................
(355,976‌)
(1,532,269‌)
(11,681,883‌)
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(367,291‌)
(1,577,147‌)
(45,247,973‌)
—‌
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
841,752‌
1,698,938‌
(192,726,824‌)
186,560,420‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
1,773,064‌
(988,622‌)
(150,650,807‌)
188,029,592‌
Beginning
of
year
..........................................................
11,148,893‌
12,137,515‌
1,645,994,085‌
1,457,964,493‌
End
of
year
..............................................................
$
12,921,957‌
$
11,148,893‌
$
1,495,343,278‌
$
1,645,994,085‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
78
See
notes
to
financial
statements.
BlackRock
U.S.
Impact
Fund
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
..............................................................................
$
6,267‌
$
(9,662‌)
Net
realized
gain
(loss)
..................................................................................
(1,046,133‌)
153,071‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
748,745‌
(1,852,868‌)
Net
decrease
in
net
assets
resulting
from
operations
................................................................
(291,121‌)
(1,709,459‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.........................................................................................
(378‌)
(31,728‌)
  Investor
A
..........................................................................................
(524‌)
(71,225‌)
  Class
K
............................................................................................
(27,618‌)
(1,511,112‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(28,520‌)
(1,614,065‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.......................................................
121,540‌
1,809,870‌
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(198,101‌)
(1,513,654‌)
Beginning
of
year
........................................................................................
5,703,051‌
7,216,705‌
End
of
year
............................................................................................
$
5,504,950‌
$
5,703,051‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
the
period)
79
Financial
Highlights
BlackRock
Emerging
Markets
ex-
China
Fund
Institutional
Period
from
03/29/23
(a)
to
04/30/23
Net
asset
value,
beginning
of
period
.......................................................................................
$
10.00
‌
Net
investment
income
(b)
...............................................................................................
0.03
‌
Net
realized
and
unrealized
gain
..........................................................................................
0.32
‌
Net
increase
from
investment
operations
......................................................................................
0.35
‌
Net
asset
value,
end
of
period
............................................................................................
$
10.35
‌
Total
Return
(c)
—
Based
on
net
asset
value
................................................................................................
3.50
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.......................................................................................................
5.43
%
(f)(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.86
%
(f)
(g)
Net
investment
income
.................................................................................................
3.22
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
103
‌
Portfolio
turnover
rate
...................................................................................................
3
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
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.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
2023
BlackRock
Annual
Report
to
Shareholders
80
BlackRock
Emerging
Markets
ex-
China
Fund
Investor
A
Period
from
03/29/23
(a)
to
04/30/23
Net
asset
value,
beginning
of
period
.......................................................................................
$
10.00
‌
Net
investment
income
(b)
...............................................................................................
0.03
‌
Net
realized
and
unrealized
gain
..........................................................................................
0.31
‌
Net
increase
from
investment
operations
......................................................................................
0.34
‌
Net
asset
value,
end
of
period
............................................................................................
$
10.34
‌
Total
Return
(c)
—
Based
on
net
asset
value
................................................................................................
3.40
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.......................................................................................................
5.68
%
(f)
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
1.11
%
(f)(g)
Net
investment
income
.................................................................................................
2.97
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
103
‌
Portfolio
turnover
rate
...................................................................................................
3
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
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.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
81
Financial
Highlights
BlackRock
Emerging
Markets
ex-
China
Fund
Class
K
Period
from
03/29/23
(a)
to
04/30/23
Net
asset
value,
beginning
of
period
.......................................................................................
$
10.00
‌
Net
investment
income
(b)
...............................................................................................
0.03
‌
Net
realized
and
unrealized
gain
..........................................................................................
0.32
‌
Net
increase
from
investment
operations
......................................................................................
0.35
‌
Net
asset
value,
end
of
period
............................................................................................
$
10.35
‌
Total
Return
(c)
—
Based
on
net
asset
value
................................................................................................
3.50
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.......................................................................................................
5.08
%
(f)
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.81
%
(f)(g)
Net
investment
income
.................................................................................................
3.27
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
4,966
‌
Portfolio
turnover
rate
...................................................................................................
3
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
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.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
82
BlackRock
Global
Impact
Fund
Institutional
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
10.76
‌
$
15.27
‌
$
10.00
‌
Net
investment
income
(loss)
(b)
.............................................................
0.06
‌
0.03
‌
(0.02
)
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.92
)
(3.66
)
5.82
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.86
)
(3.63
)
5.80
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.09
)
(0.10
)
(0.07
)
From
net
realized
gain
...................................................................
—
‌
(0.78
)
(0.46
)
Total
distributions
.......................................................................
(0.09
)
(0.88
)
(0.53
)
Net
asset
value,
end
of
period
..............................................................
$
9.81
‌
$
10.76
‌
$
15.27
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(7.97
)%
(25.01
)%
58.53
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
0.94
%
0.92
%
0.98
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.85
%
0.85
%
0.84
%
(g)
Net
investment
income
(loss)
...............................................................
0.56
%
0.20
%
(0.14
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
4,424
‌
$
28,252
‌
$
42,999
‌
Portfolio
turnover
rate
.....................................................................
65
%
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.98%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
BlackRock
Global
Impact
Fund
Investor
A
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
10.76
‌
$
15.26
‌
$
10.00
‌
Net
investment
income
(loss)
(b)
.............................................................
0.02
‌
(0.01
)
(0.02
)
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.92
)
(3.65
)
5.79
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.90
)
(3.66
)
5.77
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.05
)
(0.07
)
(0.05
)
From
net
realized
gain
...................................................................
—
‌
(0.77
)
(0.46
)
Total
distributions
.......................................................................
(0.05
)
(0.84
)
(0.51
)
Net
asset
value,
end
of
period
..............................................................
$
9.81
‌
$
10.76
‌
$
15.26
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(8.32
)%
(25.15
)%
58.22
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
1.26
%
1.17
%
1.27
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
1.10
%
1.10
%
1.10
%
(g)
Net
investment
income
(loss)
...............................................................
0.25
%
(0.06
)%
(0.18
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
218
‌
$
198
‌
$
272
‌
Portfolio
turnover
rate
.....................................................................
65
%
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.28%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
84
BlackRock
Global
Impact
Fund
Class
K
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
10.77
‌
$
15.29
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.06
‌
0.04
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.91
)
(3.67
)
5.78
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.85
)
(3.63
)
5.82
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.13
)
(0.11
)
(0.07
)
From
net
realized
gain
...................................................................
—
‌
(0.78
)
(0.46
)
Total
distributions
.......................................................................
(0.13
)
(0.89
)
(0.53
)
Net
asset
value,
end
of
period
..............................................................
$
9.79
‌
$
10.77
‌
$
15.29
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(7.90
)%
(24.97
)%
58.75
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
0.90
%
0.82
%
0.93
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.75
%
0.75
%
0.75
%
(g)
Net
investment
income
...................................................................
0.60
%
0.32
%
0.34
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
6,110
‌
$
6,718
‌
$
9,186
‌
Portfolio
turnover
rate
.....................................................................
65
%
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.94%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
BlackRock
International
Impact
Fund
Institutional
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
8.62
‌
$
13.65
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.10
‌
0.08
‌
0.05
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(1.03
)
(3.12
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.93
)
(3.04
)
4.09
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.08
)
(0.17
)
(0.08
)
From
net
realized
gain
...................................................................
—
‌
(1.82
)
(0.36
)
Total
distributions
.......................................................................
(0.08
)
(1.99
)
(0.44
)
Net
asset
value,
end
of
period
..............................................................
$
7.61
‌
$
8.62
‌
$
13.65
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(10.73
)%
(25.68
)%
41.25
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
1.30
%
1.33
%
1.37
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.85
%
0.85
%
0.85
%
(g)
Net
investment
income
...................................................................
1.28
%
0.74
%
0.50
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
90
‌
$
102
‌
$
137
‌
Portfolio
turnover
rate
.....................................................................
59
%
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.44%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
86
BlackRock
International
Impact
Fund
Investor
A
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
8.61
‌
$
13.63
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.07
‌
0.02
‌
0.02
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(1.02
)
(3.07
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.95
)
(3.05
)
4.06
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.07
)
(0.16
)
(0.07
)
From
net
realized
gain
...................................................................
—
‌
(1.81
)
(0.36
)
Total
distributions
.......................................................................
(0.07
)
(1.97
)
(0.43
)
Net
asset
value,
end
of
period
..............................................................
$
7.59
‌
$
8.61
‌
$
13.63
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(11.06
)%
(25.77
)%
40.89
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
1.56
%
1.54
%
1.63
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
1.10
%
1.10
%
1.10
%
(g)
Net
investment
income
...................................................................
0.91
%
0.20
%
0.23
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
169
‌
$
158
‌
$
169
‌
Portfolio
turnover
rate
.....................................................................
59
%
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.71%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
BlackRock
International
Impact
Fund
Class
K
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
8.62
‌
$
13.65
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.11
‌
0.09
‌
0.06
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(1.03
)
(3.12
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.92
)
(3.03
)
4.10
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.10
)
(0.18
)
(0.09
)
From
net
realized
gain
...................................................................
—
‌
(1.82
)
(0.36
)
Total
distributions
.......................................................................
(0.10
)
(2.00
)
(0.45
)
Net
asset
value,
end
of
period
..............................................................
$
7.60
‌
$
8.62
‌
$
13.65
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(10.67
)%
(25.60
)%
41.32
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
1.18
%
1.23
%
1.26
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.75
%
0.75
%
0.75
%
(g)
Net
investment
income
...................................................................
1.38
%
0.84
%
0.54
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
4,299
‌
$
5,854
‌
$
7,865
‌
Portfolio
turnover
rate
.....................................................................
59
%
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.34%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
88
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Institutional
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
.........................................................
$
8.90
‌
$
12.30
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.20
‌
0.16
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.78
)
(2.37
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.58
)
(2.21
)
2.35
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.21
)
(0.14
)
(0.05
)
From
net
realized
gain
...................................................................
—
‌
(1.05
)
—
‌
Total
distributions
.......................................................................
(0.21
)
(1.19
)
(0.05
)
Net
asset
value,
end
of
period
..............................................................
$
8.11
‌
$
8.90
‌
$
12.30
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(6.47
)%
(19.84
)%
23.53
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
5.40
%
4.37
%
3.70
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.86
%
0.86
%
0.86
%
(g)
Net
investment
income
...................................................................
2.44
%
1.51
%
0.47
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
102
‌
$
119
‌
$
125
‌
Portfolio
turnover
rate
.....................................................................
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)
89
Financial
Highlights
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Investor
A
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
.........................................................
$
8.89
‌
$
12.29
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.17
‌
0.13
‌
0.02
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.77
)
(2.36
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.60
)
(2.23
)
2.33
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.18
)
(0.12
)
(0.04
)
From
net
realized
gain
...................................................................
—
‌
(1.05
)
—
‌
Total
distributions
.......................................................................
(0.18
)
(1.17
)
(0.04
)
Net
asset
value,
end
of
period
..............................................................
$
8.11
‌
$
8.89
‌
$
12.29
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(6.72
)%
(20.04
)%
23.33
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
5.57
%
4.71
%
3.92
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
1.11
%
1.11
%
1.11
%
(g)
Net
investment
income
...................................................................
2.07
%
1.21
%
0.31
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
208
‌
$
149
‌
$
138
‌
Portfolio
turnover
rate
.....................................................................
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)
2023
BlackRock
Annual
Report
to
Shareholders
90
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Class
K
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
.........................................................
$
8.90
‌
$
12.30
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0.20
‌
0.17
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.77
)
(2.37
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.57
)
(2.20
)
2.35
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.22
)
(0.15
)
(0.05
)
From
net
realized
gain
...................................................................
—
‌
(1.05
)
—
‌
Total
distributions
.......................................................................
(0.22
)
(1.20
)
(0.05
)
Net
asset
value,
end
of
period
..............................................................
$
8.11
‌
$
8.90
‌
$
12.30
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(6.41
)%
(19.80
)%
23.55
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
5.18
%
4.24
%
3.39
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.81
%
0.81
%
0.81
%
(g)
Net
investment
income
...................................................................
2.42
%
1.56
%
0.52
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
9,847
‌
$
9,672
‌
$
12,056
‌
Portfolio
turnover
rate
.....................................................................
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
each
period)
91
Financial
Highlights
BlackRock
Sustainable
Advantage
International
Equity
Fund
Institutional
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
..........................................................
$
9.64
‌
$
12.08
‌
$
10.00
‌
Net
investment
income
(b)
..................................................................
0.24
‌
0.23
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
.........................................................
0.82
‌
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
.................................................
1.06
‌
(0.93
)
2.14
‌
Distributions
(c)
–
–
–
From
net
investment
income
...............................................................
(0.31
)
(0.27
)
(0.06
)
From
net
realized
gain
....................................................................
—
‌
(1.24
)
(0.00
)
(d)
Total
distributions
........................................................................
(0.31
)
(1.51
)
(0.06
)
Net
asset
value,
end
of
period
...............................................................
$
10.39
‌
$
9.64
‌
$
12.08
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
...................................................................
11.43
%
(9.13
)%
21.53
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
..........................................................................
4.29
%
3.72
%
3.40
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.50
%
0.50
%
0.50
%
(h)
Net
investment
income
....................................................................
2.60
%
2.04
%
1.69
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
192
‌
$
174
‌
$
156
‌
Portfolio
turnover
rate
......................................................................
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)
2023
BlackRock
Annual
Report
to
Shareholders
92
BlackRock
Sustainable
Advantage
International
Equity
Fund
Investor
A
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
..........................................................
$
9.63
‌
$
12.07
‌
$
10.00
‌
Net
investment
income
(b)
..................................................................
0.22
‌
0.21
‌
0.11
‌
Net
realized
and
unrealized
gain
(loss)
.........................................................
0.81
‌
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
.................................................
1.03
‌
(0.95
)
2.12
‌
Distributions
(c)
–
–
–
From
net
investment
income
...............................................................
(0.27
)
(0.25
)
(0.05
)
From
net
realized
gain
....................................................................
—
‌
(1.24
)
(0.00
)
(d)
Total
distributions
........................................................................
(0.27
)
(1.49
)
(0.05
)
Net
asset
value,
end
of
period
...............................................................
$
10.39
‌
$
9.63
‌
$
12.07
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
...................................................................
11.12
%
(9.32
)%
21.33
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
..........................................................................
4.56
%
4.02
%
3.76
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.75
%
0.74
%
0.75
%
(h)
Net
investment
income
....................................................................
2.36
%
1.85
%
1.45
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
265
‌
$
204
‌
$
140
‌
Portfolio
turnover
rate
......................................................................
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)
93
Financial
Highlights
BlackRock
Sustainable
Advantage
International
Equity
Fund
Class
K
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
..........................................................
$
9.65
‌
$
12.08
‌
$
10.00
‌
Net
investment
income
(b)
..................................................................
0.25
‌
0.24
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
.........................................................
0.80
‌
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
.................................................
1.05
‌
(0.92
)
2.14
‌
Distributions
(c)
–
–
–
From
net
investment
income
...............................................................
(0.31
)
(0.27
)
(0.06
)
From
net
realized
gain
....................................................................
—
‌
(1.24
)
(0.00
)
(d)
Total
distributions
........................................................................
(0.31
)
(1.51
)
(0.06
)
Net
asset
value,
end
of
period
...............................................................
$
10.39
‌
$
9.65
‌
$
12.08
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
...................................................................
11.42
%
(9.00
)%
21.55
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
..........................................................................
4.05
%
3.64
%
3.15
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.45
%
0.45
%
0.45
%
(h)
Net
investment
income
....................................................................
2.65
%
2.10
%
1.72
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
12,466
‌
$
10,770
‌
$
11,842
‌
Portfolio
turnover
rate
......................................................................
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)
2023
BlackRock
Annual
Report
to
Shareholders
94
(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
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Net
asset
value,
beginning
of
period
................
$
14.05
‌
$
14.05
‌
$
13.59
‌
$
13.67
‌
$
15.44
‌
$
14.11
‌
Net
investment
income
(a)
........................
0.15
‌
0.05
‌
0.05
‌
0.06
‌
0.19
‌
0.14
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.72
‌
(0.05
)
0.79
‌
0.32
‌
(0.57
)
1.31
‌
Net
increase
(decrease)
from
investment
operations
.......
0.87
‌
0.00
‌
0.84
‌
0.38
‌
(0.38
)
1.45
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
—
‌
(0.38
)
(0.46
)
(0.55
)
(0.12
)
From
net
realized
gain
..........................
(0.51
)
—
‌
—
‌
—
‌
(0.84
)
—
‌
Return
of
capital
..............................
—
‌
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
Total
distributions
..............................
(0.51
)
—
‌
(0.38
)
(0.46
)
(1.39
)
(0.12
)
Net
asset
value,
end
of
period
.....................
$
14.41
‌
$
14.05
‌
$
14.05
‌
$
13.59
‌
$
13.67
‌
$
15.44
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
6.22
%
0.00
%
(e)
6.18
%
2.79
%
(f)
(2.43
)%
10.36
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
...............................
0.84
%
0.79
%
0.81
%
0.86
%
(i)
0.80
%
0.93
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.83
%
0.79
%
0.80
%
0.85
%
(i)
0.79
%
0.89
%
Net
investment
income
..........................
1.08
%
0.33
%
0.38
%
0.77
%
(i)
1.36
%
0.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
954,744
‌
$
672,822
‌
$
464,694
‌
$
289,127
‌
$
290,851
‌
$
220,711
‌
Portfolio
turnover
rate
............................
172
%
110
%
136
%
167
%
288
%
265
%
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
Year
Ended
09/30/18
Expense
ratios
................................................
N/A  
N/A  
N/A  
N/A  
0.79%
N/A  
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
95
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
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Period
from
10/01/19
to
04/30/20
Year
Ended
09/30/19
Year
Ended
09/30/18
Net
asset
value,
beginning
of
period
................
$
13.94
‌
$
13.97
‌
$
13.54
‌
$
13.56
‌
$
15.33
‌
$
14.02
‌
Net
investment
income
(a)
........................
0.12
‌
0.00
(b)
0.01
‌
0.04
‌
0.16
‌
0.10
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.70
‌
(0.03
)
0.78
‌
0.31
‌
(0.58
)
1.32
‌
Net
increase
(decrease)
from
investment
operations
.......
0.82
‌
(0.03
)
0.79
‌
0.35
‌
(0.42
)
1.42
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
—
‌
(0.36
)
(0.37
)
(0.51
)
(0.11
)
From
net
realized
gain
..........................
(0.49
)
—
‌
—
‌
—
‌
(0.84
)
—
‌
Return
of
capital
..............................
—
‌
—
‌
(0.00
)
(d)
—
‌
—
‌
—
‌
Total
distributions
..............................
(0.49
)
—
‌
(0.36
)
(0.37
)
(1.35
)
(0.11
)
Net
asset
value,
end
of
period
.....................
$
14.27
‌
$
13.94
‌
$
13.97
‌
$
13.54
‌
$
13.56
‌
$
15.33
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
5.93
%
(0.21
)%
5.86
%
2.63
%
(f)
(2.74
)%
10.21
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
...............................
1.11
%
1.06
%
1.07
%
1.16
%
(i)
1.06
%
1.22
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
1.10
%
1.06
%
1.06
%
1.14
%
(i)
1.06
%
1.16
%
Net
investment
income
..........................
0.82
%
0.00
%
(j)
0.08
%
0.53
%
(i)
1.14
%
0.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
1,053
‌
$
953
‌
$
1,972
‌
$
836
‌
$
767
‌
$
832
‌
Portfolio
turnover
rate
............................
172
%
110
%
136
%
167
%
288
%
265
%
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
Year
Ended
09/30/18
Expense
ratios
................................................
N/A  
N/A  
N/A  
N/A  
1.04%
N/A  
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
96
BlackRock
Tactical
Opportunities
Fund
Investor
A
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
Year
Ended
09/30/18
Net
asset
value,
beginning
of
period
.................
$
13.90
‌
$
13.93
‌
$
13.49
‌
$
13.54
‌
$
15.31
‌
$
14.02
‌
Net
investment
income
(a)
.........................
0.10
‌
0.00
(b)
0.01
‌
0.04
‌
0.14
‌
0.09
‌
Net
realized
and
unrealized
gain
(loss)
................
0.71
‌
(0.03
)
0.77
‌
0.32
‌
(0.56
)
1.31
‌
Net
increase
(decrease)
from
investment
operations
........
0.81
‌
(0.03
)
0.78
‌
0.36
‌
(0.42
)
1.40
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
—
‌
—
‌
(0.34
)
(0.41
)
(0.51
)
(0.11
)
From
net
realized
gain
...........................
(0.48
)
—
‌
—
‌
—
‌
(0.84
)
—
‌
Return
of
capital
...............................
—
‌
—
‌
(0.00
)
(d)
—
‌
—
‌
—
‌
Total
distributions
...............................
(0.48
)
—
‌
(0.34
)
(0.41
)
(1.35
)
(0.11
)
Net
asset
value,
end
of
period
......................
$
14.23
‌
$
13.90
‌
$
13.93
‌
$
13.49
‌
$
13.54
‌
$
15.31
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
5.86
%
(0.22
)%
5.77
%
2.70
%
(f)
(2.77
)%
10.06
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.................................
1.13
%
1.08
%
1.09
%
1.15
%
(h)
1.10
%
(i)
1.21
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
1.13
%
1.08
%
1.09
%
1.14
%
(h)
1.09
%
1.20
%
Net
investment
income
...........................
0.75
%
0.03
%
0.09
%
0.48
%
(h)
1.01
%
0.61
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
192,584
‌
$
187,461
‌
$
202,884
‌
$
208,746
‌
$
218,634
‌
$
237,442
‌
Portfolio
turnover
rate
.............................
172
%
110
%
136
%
167
%
288
%
265
%
(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)
97
Financial
Highlights
BlackRock
Tactical
Opportunities
Fund
Investor
C
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
Year
Ended
09/30/18
Net
asset
value,
beginning
of
period
................
$
13.47
‌
$
13.60
‌
$
13.13
‌
$
13.14
‌
$
14.81
‌
$
13.64
‌
Net
investment
income
(loss)
(a)
....................
0.01
‌
(0.10
)
(0.09
)
(0.02
)
0.04
‌
(0.01
)
Net
realized
and
unrealized
gain
(loss)
...............
0.68
‌
(0.03
)
0.75
‌
0.31
‌
(0.54
)
1.27
‌
Net
increase
(decrease)
from
investment
operations
.......
0.69
‌
(0.13
)
0.66
‌
0.29
‌
(0.50
)
1.26
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
—
‌
(0.19
)
(0.30
)
(0.33
)
(0.09
)
From
net
realized
gain
..........................
(0.42
)
—
‌
—
‌
—
‌
(0.84
)
—
‌
Return
of
capital
..............................
—
‌
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
Total
distributions
..............................
(0.42
)
—
‌
(0.19
)
(0.30
)
(1.17
)
(0.09
)
Net
asset
value,
end
of
period
.....................
$
13.74
‌
$
13.47
‌
$
13.60
‌
$
13.13
‌
$
13.14
‌
$
14.81
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
5.19
%
(0.96
)%
5.02
%
2.21
%
(e)
(3.45
)%
9.27
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
1.83
%
1.83
%
1.84
%
1.86
%
(g)
1.82
%
(h)
1.89
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
1.83
%
1.83
%
1.84
%
1.85
%
(g)
1.81
%
1.88
%
Net
investment
income
(loss)
......................
0.07
%
(0.72
)%
(0.65
)%
(0.24
)%
(g)
0.26
%
(0.08
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
9,665
‌
$
7,478
‌
$
8,665
‌
$
13,187
‌
$
17,171
‌
$
31,022
‌
Portfolio
turnover
rate
............................
172
%
110
%
136
%
167
%
288
%
265
%
(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)
2023
BlackRock
Annual
Report
to
Shareholders
98
BlackRock
Tactical
Opportunities
Fund
Class
K
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
Year
Ended
09/30/18
Net
asset
value,
beginning
of
period
.................
$
14.04
‌
$
14.02
‌
$
13.57
‌
$
13.65
‌
$
15.43
‌
$
14.08
‌
Net
investment
income
(a)
.........................
0.15
‌
0.06
‌
0.07
‌
0.07
‌
0.21
‌
0.16
‌
Net
realized
and
unrealized
gain
(loss)
................
0.74
‌
(0.04
)
0.78
‌
0.32
‌
(0.57
)
1.32
‌
Net
increase
(decrease)
from
investment
operations
........
0.89
‌
0.02
‌
0.85
‌
0.39
‌
(0.36
)
1.48
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......................
—
‌
—
‌
(0.40
)
(0.47
)
(0.58
)
(0.13
)
From
net
realized
gain
...........................
(0.52
)
—
‌
—
‌
—
‌
(0.84
)
—
‌
Return
of
capital
...............................
—
‌
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
Total
distributions
...............................
(0.52
)
—
‌
(0.40
)
(0.47
)
(1.42
)
(0.13
)
Net
asset
value,
end
of
period
......................
$
14.41
‌
$
14.04
‌
$
14.02
‌
$
13.57
‌
$
13.65
‌
$
15.43
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
6.36
%
0.14
%
6.25
%
2.93
%
(e)
(2.34
)%
10.57
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
0.69
%
0.66
%
0.67
%
0.72
%
(g)
0.67
%
(h)
0.76
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.68
%
0.66
%
0.66
%
0.72
%
(g)
0.67
%
0.75
%
Net
investment
income
...........................
1.05
%
0.44
%
0.49
%
0.91
%
(g)
1.51
%
1.09
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
337,297
‌
$
777,280
‌
$
779,750
‌
$
363,505
‌
$
366,664
‌
$
198,487
‌
Portfolio
turnover
rate
.............................
172
%
110
%
136
%
167
%
288
%
265
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
BlackRock
U.S.
Impact
Fund
Institutional
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...........................................................
$
8.68
‌
$
14.33
‌
$
10.00
‌
Net
investment
income
(loss)
(b)
...............................................................
0.00
(c)
(0.03
)
(0.03
)
Net
realized
and
unrealized
gain
(loss)
..........................................................
(0.45
)
(2.65
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
..................................................
(0.45
)
(2.68
)
5.30
‌
Distributions
(d)
–
–
–
From
net
investment
income
................................................................
(0.03
)
—
‌
(0.00
)
(e)
From
net
realized
gain
.....................................................................
—
‌
(2.97
)
(0.97
)
Total
distributions
.........................................................................
(0.03
)
(2.97
)
(0.97
)
Net
asset
value,
end
of
period
................................................................
$
8.20
‌
$
8.68
‌
$
14.33
‌
Total
Return
(f)
—
—
—
Based
on
net
asset
value
....................................................................
(5.19
)%
(22.94
)%
54.03
%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expenses
...........................................................................
1.20
%
1.37
%
1.42
%
(i)(j)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.85
%
0.86
%
0.85
%
(j)
Net
investment
income
(loss)
.................................................................
0.04
%
(0.22
)%
(0.28
)%
(j)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
112
‌
$
113
‌
$
143
‌
Portfolio
turnover
rate
.......................................................................
79
%
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.50%.
(j)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
100
BlackRock
U.S.
Impact
Fund
Investor
A
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
8.65
‌
$
14.31
‌
$
10.00
‌
Net
investment
loss
(b)
...................................................................
(0.02
)
(0.08
)
(0.06
)
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.45
)
(2.63
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.47
)
(2.71
)
5.27
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.01
)
—
‌
—
‌
From
net
realized
gain
...................................................................
—
‌
(2.95
)
(0.96
)
Total
distributions
.......................................................................
(0.01
)
(2.95
)
(0.96
)
Net
asset
value,
end
of
period
..............................................................
$
8.17
‌
$
8.65
‌
$
14.31
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(5.42
)%
(23.14
)%
53.64
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
1.45
%
1.51
%
1.68
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
1.10
%
1.10
%
1.10
%
(h)
Net
investment
loss
......................................................................
(0.21
)%
(0.76
)%
(0.58
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
379
‌
$
282
‌
$
192
‌
Portfolio
turnover
rate
.....................................................................
79
%
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.77%.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
BlackRock
U.S.
Impact
Fund
Class
K
Year
Ended
04/30/23
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................
$
8.68
‌
$
14.33
‌
$
10.00
‌
Net
investment
income
(loss)
(b)
.............................................................
0.01
‌
(0.01
)
(0.02
)
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.44
)
(2.66
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
................................................
(0.43
)
(2.67
)
5.31
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.05
)
—
‌
(0.01
)
From
net
realized
gain
...................................................................
—
‌
(2.98
)
(0.97
)
Total
distributions
.......................................................................
(0.05
)
(2.98
)
(0.98
)
Net
asset
value,
end
of
period
..............................................................
$
8.20
‌
$
8.68
‌
$
14.33
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
..................................................................
(5.01
)%
(22.86
)%
54.09
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................
1.10
%
1.27
%
1.32
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.75
%
0.75
%
0.75
%
(h)
Net
investment
income
(loss)
...............................................................
0.14
%
(0.11
)%
(0.18
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
5,015
‌
$
5,308
‌
$
6,881
‌
Portfolio
turnover
rate
.....................................................................
79
%
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.40%.
(h)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2023
BlackRock
Annual
Report
to
Shareholders
102
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
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Emerging
Markets
ex-China
Fund
......................................
Emerging
Markets
ex-China
Non-Diversified
BlackRock
Global
Impact
Fund
...............................................
Global
Impact
Non-Diversified
BlackRock
International
Impact
Fund
...........................................
International
Impact
Non-Diversified
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
........................
Sustainable
Advantage
Emerging
Markets
Equity
Diversified
BlackRock
Sustainable
Advantage
International
Equity
Fund
............................
Sustainable
Advantage
International
Equity
Diversified
BlackRock
Tactical
Opportunities
Fund
..........................................
Tactical
Opportunities
Diversified
BlackRock
U.S.
Impact
Fund
.................................................
U.S.
Impact
Non-Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charges
(“CDSC”)
Conversion
Privilege
Institutional,
Service
and
Class
K
Shares
.............................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
103
Notes
to
Financial
Statements
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,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. 
Bank
Overdraft:
The
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
and
utilized
its
ability
to
temporarily
borrow
from
that
custodian
for
operational
purposes.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
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
Funds
were
expensed
by
the
Funds
and
reimbur
sed
by
Manager.
The
Manager
reimbursed
the
Funds
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”).
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Fund
Name
Amounts
Reimbursed
Emerging
Markets
ex-China
...........................................................................................
$
32,500‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
104
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
April
30,
2023,
certain
investments
of
Global
Impact,
Sustainable
Advantage
Emerging
Markets
Equity,
Tactical
Opportunities
and
U.S.
Impact were
fair
valued
using
NAV as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
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)
105
Notes
to
Financial
Statements
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
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
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
106
As
of
period
end,
the
following
table
is
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Fund
Name/Counterparty 
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Global
Impact
Citigroup
Global
Markets,
Inc.
....................
$
196,456‌
$
(196,456‌)
$
—‌
$
—‌
Morgan
Stanley
..............................
10,612‌
(10,612‌)
—‌
—‌
$
207,068‌
$
(207,068‌)
$
—‌
$
—‌
Sustainable
Advantage
Emerging
Markets
Equity
Barclays
Capital,
Inc.
..........................
$
3,050‌
$
(3,050‌)
$
—‌
$
—‌
Tactical
Opportunities
J.P.
Morgan
Securities
LLC
......................
18,252‌
(18,252‌)
—‌
—‌
Morgan
Stanley
..............................
2,489‌
(2,489‌)
—‌
—‌
$
20,741‌
$
(20,741‌)
$
—‌
$
—‌
U.S.
Impact
Citigroup
Global
Markets,
Inc.
....................
82,784‌
(82,784‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
......................
18,571‌
(18,571‌)
—‌
—‌
Toronto-Dominion
Bank
........................
10,149‌
(10,149‌)
—‌
—‌
$
111,504‌
$
(111,504‌)
$
—‌
$
—‌
(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.
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.
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.
Notes
to
Financial
Statements
(continued)
107
Notes
to
Financial
Statements
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
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
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
108
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.
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.
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
sha
re
class
of
each
Fund
as
follows:
Investment
Advisory
Fees
Average
Daily
Net
Assets
Emerging
Markets
ex-China
Global
Impact
International
Impact
Sustainable
Advantage
Emerging
Markets
Equity
Sustainable
Advantage
International
Equity
U.S.
Impact
First
$1
billion
..................................
0.810%
0.650%
0.650%
0.800%
0.450%
0.650%
$1
billion
-
$3
billion
..............................
0.760
0.610
0.610
0.750
0.420
0.610
$3
billion
-
$5
billion
..............................
0.730
0.590
0.590
0.720
0.410
0.590
$5
billion
-
$10
billion
.............................
0.700
0.570
0.570
0.700
0.390
0.570
Greater
than
$10
billion
............................
0.690
0.550
0.550
0.680
0.380
0.550
Investment
Advisory
Fees
Average
Daily
Net
Assets
Tactical
Opportunities
First
$1
billion
.........................................................................................................
0.550%
$1
billion
-
$2
billion
.....................................................................................................
0.500
$2
billion
-
$3
billion
.....................................................................................................
0.475
Greater
than
$3
billion
...................................................................................................
0.450
Share
Class
Service
Fees
Distribution
Fees
Service
..................................................................................................
0.25‌%
—‌%
Investor
A
.................................................................................................
0.25‌
—‌
Investor
C
.................................................................................................
0.25‌
0.75‌
Notes
to
Financial
Statements
(continued)
109
Notes
to
Financial
Statements
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Funds.
The
ongoing
service
and/or
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the period
ended
April
30,
2023,
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 Emerging
Markets
Ex-China,
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities, entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
of
Emerging
Markets
ex-China,
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities an
administration
fee,
which
is
shown
as
administration
—
class
specific
in
the Statements
of
Operations,
at
an
annual
rate
of 0.02%
of
the
average
daily
net
assets
of
each
respective
class.
The
Trust,
on
behalf
of
Global
Impact,
International
Impact
and
U.S.
Impact,
entered
into
an
Administration
Agreement
with
the
Manager,
which
has
agreed
to
provide
general
administrative
services
(other
than
investment
advice
and
related
portfolio
activities).
The
Manager
has
agreed
to
bear
all
of
the
Funds'
ordinary
operating
expenses,
excluding,
generally,
investment
advisory
fees,
distribution
fees,
brokerage
and
other
expenses
related
to
the
execution
of
portfolio
transactions,
extraordinary
expenses
and
certain
other
expenses
which
are
borne
by
the
Funds.
The
Manager
is
entitled
to
receive
for
these
administrative
services
an
annual
fee
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
For
the
period
ended
April
30,
2023, 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,
2023, 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:
Fund
Name
Service
Investor
A
Investor
C
Total
Emerging
Markets
ex-China
..............................................................
$
—‌
$
22‌
$
—‌
$
22‌
Global
Impact
........................................................................
—‌
464‌
—‌
464‌
International
Impact
....................................................................
—‌
418‌
—‌
418‌
Sustainable
Advantage
Emerging
Markets
Equity
................................................
—‌
485‌
—‌
485‌
Sustainable
Advantage
International
Equity
....................................................
—‌
522‌
—‌
522‌
Tactical
Opportunities
...................................................................
2,187‌
468,295‌
85,444‌
555,926‌
U.S.
Impact
..........................................................................
—‌
919‌
—‌
919‌
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
$500
million
-
$1
billion
..................................................................................................
0.0400
$1
billion
-
$2
billion
....................................................................................................
0.0375
$2
billion
-
$4
billion
....................................................................................................
0.0350
$4
billion
-
$13
billion
...................................................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Institutional
.............................................................................................................
0.20‌%
Investor
A
..............................................................................................................
0.20‌
Class
K
...............................................................................................................
0.10‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Emerging
Markets
ex-China
..............................................
$
2‌
$
—‌
$
2‌
$
—‌
$
86‌
$
90‌
Global
Impact
........................................................
28,243‌
—‌
371‌
—‌
6,135‌
34,749‌
International
Impact
....................................................
180‌
—‌
334‌
—‌
4,840‌
5,354‌
Sustainable
Advantage
Emerging
Markets
Equity
................................
21‌
—‌
39‌
—‌
1,859‌
1,919‌
Sustainable
Advantage
International
Equity
....................................
34‌
—‌
42‌
—‌
2,142‌
2,218‌
Tactical
Opportunities
...................................................
156,580‌
175‌
37,464‌
1,709‌
110,812‌
306,740‌
U.S.
Impact
..........................................................
217‌
—‌
735‌
—‌
5,029‌
5,981‌
Fund
Name
Institutional
Tactical
Opportunities
.......................................................................................................
$
172,295‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
110
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,
2023,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
For
the
period ended
April
30,
2023,
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,
2023
,
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,
2023,
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,
2024
(June
30,
2025
for
Emerging
Markets
ex-China).
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,
2023,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of each
Fund’s
assets
invested
in
affiliated
equity
and
fixed-
income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024
(June
30,
2025
for
Emerging
Markets
ex-China).
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,
2023,
the
Manager
waived
$397
in
investment
advisory
fees
with
respect
to
Sustainable
Advantage
Emerging
Markets
Equity
pursuant
to
these
arrangements.
With
respect
to
Emerging
Markets
ex-China,
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Sustainable
Advantage
Emerging
Markets
Equity
................................
$
65‌
$
—‌
$
106‌
$
—‌
$
43‌
$
214‌
Sustainable
Advantage
International
Equity
....................................
146‌
—‌
156‌
—‌
42‌
344‌
Tactical
Opportunities
...................................................
2,806‌
176‌
115,369‌
3,082‌
1,928‌
123,361‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Emerging
Markets
ex-China
..............................................
$
32‌
$
—‌
$
32‌
$
—‌
$
32‌
$
96‌
Sustainable
Advantage
Emerging
Markets
Equity
................................
205‌
—‌
388‌
—‌
111‌
704‌
Sustainable
Advantage
International
Equity
....................................
42
9‌
—‌
52
8‌
—‌
102‌
1,059‌
Tactical
Opportunities
...................................................
1,143,291‌
1,440‌
354,114‌
11,805‌
38,857‌
1,549,507‌
Fund
Name
Other
Fees
Global
Impact
...........................................................................................................
$
3‌
Tactical
Opportunities
......................................................................................................
4,560‌
U.S.
Impact
.............................................................................................................
102‌
Fund
Name
Investor
A
Investor
C
Tactical
Opportunities
...........................................................................................
$
526‌
$
120‌
Fund
Name
Amounts
Waived
Emerging
Markets
ex-China
.............................................................................................
$
2
2‌
Global
Impact
.......................................................................................................
125‌
International
Impact
...................................................................................................
81‌
Sustainable
Advantage
Emerging
Markets
Equity
...............................................................................
19
6‌
Sustainable
Advantage
International
Equity
...................................................................................
177‌
Tactical
Opportunities
..................................................................................................
64,874‌
U.S.
Impact
.........................................................................................................
132‌
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
International
Equity
.........................................
0.50‌
N/A‌
0.75‌
N/A‌
0.45‌
Tactical
Opportunities
........................................................
0.89‌
1.17‌%
1.37‌
2.14‌%
0.84‌
Notes
to
Financial
Statements
(continued)
111
Notes
to
Financial
Statements
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024
for Sustainable
Advantage
Emerging
Markets
Equity
and
Sustainable
Advantage
International
Equity
and
through
June
30,
2025
for
Emerging
Markets
ex-China, 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,
2023,
the
amounts
included
in
fees
waived
and/
or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
The
following
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
in
the
Statements
of
Operations.
For
the period
ended
April
30,
2023,
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
the
period ended
April
30,
2023,
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.
Fund
Name
Fees
waived
and/or
Reimbursed
by
the
Manager
Emerging
Markets
ex-China
...................................................................................................
$
76,
303‌
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................................................
41
2
,
168‌
Sustainable
Advantage
International
Equity
.........................................................................................
39
1
,
857‌
Emerging
Markets
ex-China
...................................................................................................
$
191‌
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................................................
4,077‌
Sustainable
Advantage
International
Equity
.........................................................................................
4,713‌
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
....................................................................................
$
2‌
$
28‌
Investor
A
.....................................................................................
2‌
27‌
Class
K
......................................................................................
86‌
32‌
$
90‌
$
87‌
Sustainable
Advantage
Emerging
Markets
Equity
Institutional
....................................................................................
14‌
160‌
Investor
A
.....................................................................................
39‌
291‌
Class
K
......................................................................................
1,859‌
111‌
$
1,912‌
$
562‌
Sustainable
Advantage
International
Equity
Institutional
....................................................................................
34‌
344‌
Investor
A
.....................................................................................
42‌
424‌
Class
K
......................................................................................
2,142‌
102‌
$
2,218‌
$
870‌
Tactical
Opportunities
Institutional
....................................................................................
43,800‌
20,839‌
Service
......................................................................................
10‌
53‌
$
43,810‌
$
20,892‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
112
As
of April
30,
2023,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement
are
as
follows:  
With
respect
to
Global
Impact,
International
Impact
and
U.S.
Impact,
the
fees
and
expenses
of
the
Funds'
Independent
Trustees,
counsel
to
the
Independent
Trustees
and
the
Funds'
independent
registered
public
accounting
firm
(together
the
"Independent
Expenses")
are
paid
directly
by
the
Funds.
The
Manager
has
contractually
agreed
to
reimburse
the
Funds
or
provide
an
offsetting
credit
against
the
investment
advisory
fees
paid
by
the
Funds
in
an
amount
equal
to
these
independent
expenses
through
June
30,
2033.
Such
contractual
arrangements
may
not
be
terminated
prior
to
July
1,
2033
without
the
consent
of
the
Board.
For the period ended April
30,
2023,
the
amounts
reimbursed
were
as
follows:
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
Tactical
Opportunities
and
U.S.
Impact
retain
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Tactical
Opportunities
and
U.S.
Impact,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Pursuant
to
the
current
securities
lending
agreement,
Emerging
Markets
ex-China,
Global
Impact,
International
Impact,
Sustainable
Advantage
Emerging
Markets
Equity
and
Sustainable
Advantage
International
Equity retain
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Emerging
Markets
ex-China,
Global
Impact,
International
Impact,
Sustainable
Advantage
Emerging
Markets
Equity
and
Sustainable
Advantage
International
Equity,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
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,
2023, 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
(except
for
Emerging
Markets
ex-China)
is
currently
permitted
to borrow
and
lend under
the
Interfund
Lending
Program.
Emerging
Markets
ex-
China
is
currently
permitted
to
borrow
under
the
Interfund
Lending
Program. 
Expiring
April
30,
Emerging
Markets
ex-China
2025
Fund
Level
.........................................................................................................
$
76,494‌
Institutional
.........................................................................................................
30‌
Investor
A
..........................................................................................................
29‌
Class
K
...........................................................................................................
118‌
Global
Impact
...............................................................................................................
$
21
,
823‌
International
Impact
...........................................................................................................
21
,
757‌
U.S.
Impact
.................................................................................................................
19
,
126‌
Fund
Name
Amounts
Global
Impact
...........................................................................................................
$
43‌
International
Impact
.......................................................................................................
675‌
Sustainable
Advantage
Emerging
Markets
Equity
...................................................................................
104‌
Sustainable
Advantage
International
Equity
.......................................................................................
11‌
Tactical
Opportunities
......................................................................................................
7,875‌
U.S.
Impact
.............................................................................................................
65‌
Notes
to
Financial
Statements
(continued)
113
Notes
to
Financial
Statements
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,
2023,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
period
ended
April
30,
2023,
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,
2023,
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,
2023,
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:
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Tactical
Opportunities
...................................................................
$
35,389,510‌
$
123,192,605‌
$
(5,996,019‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Emerging
Markets
ex-China
..............................................
$
—‌
$
—‌
$
4,791,509‌
$
162,338‌
Global
Impact
........................................................
—‌
—‌
13,454,529‌
35,474,622‌
International
Impact
....................................................
—‌
—‌
2,963,240‌
3,928,216‌
Sustainable
Advantage
Emerging
Markets
Equity
................................
—‌
—‌
13,979,612‌
12,998,029‌
Sustainable
Advantage
International
Equity
....................................
—‌
—‌
13,699,704‌
12,910,980‌
Tactical
Opportunities
...................................................
184,712,335‌
261,732,994‌
1,685,569,079‌
1,728,691,016‌
U.S.
Impact
..........................................................
—‌
—‌
4,389,270‌
4,295,743‌
Fund
Name
Paid-in
Capital
Accumulated
Earnings
(Loss)
Emerging
Markets
ex-China
...................................................................
$
(
881‌
)
$
881‌
U.S.
Impact
...............................................................................
(
3,231‌
)
3,231‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
114
The
tax
character
of
distributions
paid
was
as
follows: 
As
of
April
30,
2023,
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
contracts,
the
accounting
for
swap
agreements,
the
characterization
of
corporate
actions,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies
and
the
timing
and
recognition
of
partnership
income.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
As
of
April
30,
2023, 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,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fund
Name
Year
Ended
04/30/23
Year
Ended
04/30/22
Global
Impact
Ordinary
income
...........................................................................................
$
233,161‌
$
2,626,144‌
Long-term
capital
gains
......................................................................................
—‌
749,685‌
$
233,161‌
$
3,375,829‌
International
Impact
Ordinary
income
...........................................................................................
$
60,536‌
$
1,141,105‌
Long-term
capital
gains
......................................................................................
—‌
99,466‌
$
60,536‌
$
1,240,571‌
Sustainable
Advantage
Emerging
Markets
Equity
Ordinary
income
...........................................................................................
$
256,483‌
$
1,055,209‌
Long-term
capital
gains
......................................................................................
—‌
156,271‌
$
256,483‌
$
1,211,480‌
Sustainable
Advantage
International
Equity
Ordinary
income
...........................................................................................
$
367,291‌
$
1,499,888‌
Long-term
capital
gains
......................................................................................
—‌
77,259‌
$
367,291‌
$
1,577,147‌
Tactical
Opportunities
Ordinary
income
...........................................................................................
$
45,247,973‌
$
—‌
$
45,247,973‌
$
—‌
U.S.
Impact
Ordinary
income
...........................................................................................
$
28,520‌
$
1,171,293‌
Long-term
capital
gains
......................................................................................
—‌
442,772‌
$
28,520‌
$
1,614,065‌
Fund
Name
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Losses
(c)
Total
Emerging
Markets
ex-China
.................................
$
30,433‌
$
—‌
$
143,294‌
$
—‌
$
173,727‌
Global
Impact
...........................................
—‌
(13,713,737‌)
303,903‌
(90,190‌)
(13,500,024‌)
International
Impact
.......................................
10,659‌
(1,718,696‌)
(302,648‌)
—‌
(2,010,685‌)
Sustainable
Advantage
Emerging
Markets
Equity
...................
78,065‌
(1,510,749‌)
(735,902‌)
—‌
(2,168,586‌)
Sustainable
Advantage
International
Equity
.......................
173,068‌
(1,049,538‌)
1,228,423‌
—‌
351,953‌
Tactical
Opportunities
......................................
71,099,854‌
—‌
71,685,123‌
(103,274,846‌)
39,510,131‌
U.S.
Impact
.............................................
—‌
(1,693,056‌)
249,253‌
(28,189‌)
(1,471,992‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Emerging
Markets
ex-China
..........................................
$
4,980,496‌
$
223,072‌
$
(79,689‌)
$
143,383‌
Global
Impact
....................................................
10,669,082‌
1,254,499‌
(951,426‌)
303,073‌
International
Impact
................................................
4,850,844‌
349,754‌
(652,440‌)
(302,686‌)
Sustainable
Advantage
Emerging
Markets
Equity
............................
10,870,201‌
315,288‌
(1,052,234‌)
(736,946‌)
Sustainable
Advantage
International
Equity
................................
11,691,542‌
1,523,612‌
(294,548‌)
1,229,064‌
Tactical
Opportunities
..............................................
1,186,770,413‌
309,635,735‌
(124,428,061‌)
185,207,674‌
U.S.
Impact
.....................................................
5,392,150‌
531,891‌
(283,349‌)
248,542‌
Notes
to
Financial
Statements
(continued)
115
Notes
to
Financial
Statements
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
2024
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,
2023,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
Investments
in
the
securities
of
issuers
domiciled
in
countries
with
emerging
capital
markets
involve
certain
additional
risks
that
do
not
generally
apply
to
investments
in
securities
of
issuers
in
more
developed
capital
markets,
such
as
(i)
low
or
nonexistent
trading
volume,
resulting
in
a
lack
of
liquidity
and
increased
volatility
in
prices
for
such
securities;
(ii)
uncertain
national
policies
and
social,
political
and
economic
instability,
increasing
the
potential
for
expropriation
of
assets,
confiscatory
taxation,
high
rates
of
inflation
or
unfavorable
diplomatic
developments;
(iii)
lack
of
publicly
available
or
reliable
information
about
issuers
as
a
result
of
not
being
subject
to
the
same
degree
of
regulatory
requirements
and
accounting,
auditing
and
financial
reporting
standards;
and
(iv)
possible
fluctuations
in
exchange
rates,
differing
legal
systems
and
the
existence
or
possible
imposition
of
exchange
controls,
custodial
restrictions
or
other
foreign
or
U.S.
governmental
laws
or
restrictions
applicable
to
such
investments.
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
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
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
116
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments.
Certain Funds invest
a
substantial
amount
of
their
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When a
Fund
concentrates its investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
those
countries
may
have
a
significant
impact
on
their
investment
performance
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Investment
percentages
in
specific
countries
are
presented
in
the
Schedules
of
Investments. 
Certain
Fund
invests
a
significant
portion
of
its
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
the
Fund
invests. 
Certain
Funds
invest a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments. 
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
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,
institution
of
tariffs
or
other
trade
barriers,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy. In
addition,
measures
may
be
taken
to
limit
the
flow
of
capital
and/or
sanctions
may
be
imposed,
which
could
prohibit
or
restrict
the
ability
to
own
or
transfer
fund
assets
and
may
also
include
retaliatory
actions,
such
as
seizure
of
fund
assets.
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.
Notes
to
Financial
Statements
(continued)
117
Notes
to
Financial
Statements
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Period
from
03/29/23
(a)
to
04/30/23
Fund
Name/Share
Class
Shares
Amount
Emerging
Markets
ex-China
Institutional
Shares
sold
...........................................................................
10,001‌
$
100,010‌
Shares
redeemed
.......................................................................
(1‌)
(10‌)
10,000‌
$
100,000‌
Investor
A
Shares
sold
...........................................................................
10,001‌
$
100,010‌
Shares
redeemed
.......................................................................
(1‌)
(10‌)
10,000‌
$
100,000‌
Class
K
Shares
sold
...........................................................................
480,001‌
$
4,800,010‌
Shares
redeemed
.......................................................................
(1‌)
(10‌)
480,000‌
$
4,800,000‌
500,000‌
$
5,000,000‌
d
Year
Ended
04/30/23
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Global
Impact
Institutional
Shares
sold
..........................................
29,838‌
$
295,002‌
1,241,785‌
$
16,146,124‌
Shares
issued
in
reinvestment
of
distributions
.....................
14,055‌
137,152‌
193,332‌
2,672,730‌
Shares
redeemed
......................................
(2,217,348‌)
(22,114,890‌)
(1,625,595‌)
(20,063,396‌)
(2,173,455‌)
$
(21,682,736‌)
(190,478‌)
$
(1,244,542‌)
Investor
A
Shares
sold
..........................................
3,779‌
$
36,999‌
2,218‌
$
32,292‌
Shares
issued
in
reinvestment
of
distributions
.....................
48‌
463‌
844‌
11,948‌
Shares
redeemed
......................................
(20‌)
(193‌)
(2,446‌)
(30,311‌)
3,807‌
$
37,269‌
616‌
$
13,929‌
Class
K
Shares
issued
in
reinvestment
of
distributions
.....................
1,679‌
$
16,345‌
22,605‌
327,332‌
Shares
redeemed
......................................
(1,058‌)
(11,004‌)
(1‌)
(15‌)
621‌
$
5,341‌
22,604‌
$
327,317‌
(2,169,027‌)
$
(21,640,126‌)
(167,258‌)
$
(903,296‌)
International
Impact
Institutional
Shares
sold
..........................................
1‌
$
—‌
6,125‌
$
72,999‌
Shares
issued
in
reinvestment
of
distributions
.....................
—‌
2‌
1,771‌
20,559‌
Shares
redeemed
......................................
—‌
—‌
(6,125‌)
(73,000‌)
1‌
$
2‌
1,771‌
$
20,558‌
Investor
A
Shares
sold
..........................................
3,854‌
$
31,975‌
7,105‌
$
84,098‌
Shares
issued
in
reinvestment
of
distributions
.....................
93‌
698‌
2,560‌
29,376‌
Shares
redeemed
......................................
(7‌)
(56‌)
(3,725‌)
(34,505‌)
3,940‌
$
32,617‌
5,940‌
$
78,969‌
Class
K
Shares
sold
..........................................
263‌
$
1,943‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
227‌
1,717‌
102,614‌
1,190,614‌
Shares
redeemed
......................................
(113,471‌)
(852,162‌)
—‌
—‌
(112,981‌)
$
(848,502‌)
102,614‌
$
1,190,614‌
(109,040‌)
$
(815,883‌)
110,325‌
$
1,290,141‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
118
d
Year
Ended
04/30/23
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
Advantage
Emerging
Markets
Equity
Institutional
Shares
sold
..........................................
803‌
$
6,485‌
1,974‌
$
23,233‌
Shares
issued
in
reinvestment
of
distributions
.....................
65‌
523‌
1,254‌
13,987‌
Shares
redeemed
......................................
(1,600‌)
(12,520‌)
(22‌)
(241‌)
(732‌)
$
(5,512‌)
3,206‌
$
36,979‌
Investor
A
Shares
sold
..........................................
9,306‌
$
77,173‌
4,677‌
$
49,140‌
Shares
issued
in
reinvestment
of
distributions
.....................
307‌
2,459‌
1,212‌
13,504‌
Shares
redeemed
......................................
(727‌)
(6,043‌)
(332‌)
(3,561‌)
8,886‌
$
73,589‌
5,557‌
$
59,083‌
Class
K
Shares
sold
..........................................
143,621‌
$
1,123,622‌
1,969‌
$
20,553‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,776‌
14,227‌
106,167‌
1,183,989‌
Shares
redeemed
......................................
(18,036‌)
(147,957‌)
(1,969‌)
(20,673‌)
127,361‌
$
989,892‌
106,167‌
$
1,183,869‌
135,515‌
$
1,057,969‌
114,930‌
$
1,279,931‌
Sustainable
Advantage
International
Equity
Institutional
Shares
sold
..........................................
130‌
$
1,200‌
3,031‌
$
36,699‌
Shares
issued
in
reinvestment
of
distributions
.....................
229‌
2,082‌
2,200‌
24,721‌
Shares
redeemed
......................................
—‌
—‌
(45‌)
(478‌)
359‌
$
3,282‌
5,186‌
$
60,942‌
Investor
A
Shares
sold
..........................................
4,505‌
$
43,740‌
7,797‌
$
85,901‌
Shares
issued
in
reinvestment
of
distributions
.....................
294‌
2,676‌
1,800‌
20,157‌
Shares
redeemed
......................................
(490‌)
(4,451‌)
(29‌)
(320‌)
4,309‌
$
41,965‌
9,568‌
$
105,738‌
Class
K
Shares
sold
..........................................
153,885‌
$
1,477,858‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
688‌
6,428‌
136,348‌
1,532,258‌
Shares
redeemed
......................................
(70,715‌)
(687,781‌)
—‌
—‌
83,858‌
$
796,505‌
136,348‌
$
1,532,258‌
88,526‌
$
841,752‌
151,102‌
$
1,698,938‌
Tactical
Opportunities
Institutional
Shares
sold
..........................................
40,236,146‌
$
568,757,943‌
30,252,481‌
$
423,172,681‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,683,135‌
23,967,839‌
—‌
—‌
Shares
redeemed
......................................
(23,557,103‌)
(333,506,609‌)
(15,458,607‌)
(215,869,878‌)
18,362,178‌
$
259,219,173‌
14,793,874‌
$
207,302,803‌
Service
Shares
sold
..........................................
49,972‌
$
707,676‌
18,849‌
$
262,355‌
Shares
issued
in
reinvestment
of
distributions
.....................
2,666‌
37,621‌
—‌
—‌
Shares
redeemed
......................................
(47,214‌)
(656,407‌)
(91,577‌)
(1,276,661‌)
5,424‌
$
88,890‌
(72,728‌)
$
(1,014,306‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
1,462,693‌
$
20,513,292‌
670,082‌
$
9,277,789‌
Shares
issued
in
reinvestment
of
distributions
.....................
435,362‌
6,129,901‌
—‌
—‌
Shares
redeemed
......................................
(1,856,561‌)
(25,990,685‌)
(1,744,623‌)
(24,165,827‌)
41,494‌
$
652,508‌
(1,074,541‌)
$
(14,888,038‌)
Investor
C
Shares
sold
..........................................
239,082‌
$
3,230,962‌
63,731‌
$
862,927‌
Shares
issued
in
reinvestment
of
distributions
.....................
20,187‌
274,938‌
—‌
—‌
Shares
redeemed
and
automatic
conversion
of
shares
................
(110,841‌)
(1,499,100‌)
(145,553‌)
(1,963,817‌)
148,428‌
$
2,006,800‌
(81,822‌)
$
(1,100,890‌)
Class
K
Shares
sold
..........................................
7,189,864‌
$
102,210,770‌
15,341,154‌
$
214,130,089‌
Shares
issued
in
reinvestment
of
distributions
.....................
420,847‌
5,988,651‌
—‌
—‌
Shares
redeemed
......................................
(39,564,360‌)
(562,893,616‌)
(15,612,283‌)
(217,869,238‌)
(31,953,649‌)
$
(454,694,195‌)
(271,129‌)
$
(3,739,149‌)
Notes
to
Financial
Statements
(continued)
119
Notes
to
Financial
Statements
(a)
Commencement
of
operations.
As
of
April
30,
2023,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
were
as
follows:
12.
SUBSEQUENT
EVENTS
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
On
May
23,
2023,
the
Board
approved
a
proposal
to
close
International
Impact
and
U.S.
Impact
to
purchases
and
thereafter
to
liquidate
each
Fund.
Accordingly,
effective
on
August
24,
2023,
each
Fund
will
no
longer
accept
purchase
orders.
On
or
about
August
31,
2023
(the
“Liquidation
Date”),
each
Fund’s
assets
will
be
liquidated
completely,
the
shares
of
any
shareholders
on
the
Liquidation
Date
will
be
redeemed
at
the
NAV
per
share
and
each
Fund
will
then
be
terminated.
d
Year
Ended
04/30/23
Year
Ended
04/30/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
(13,396,125‌)
$
(192,726,824‌)
13,293,654‌
$
186,560,420‌
U.S.
Impact
Institutional
Shares
sold
..........................................
837‌
$
6,680‌
17,527‌
$
227,071‌
Shares
issued
in
reinvestment
of
distributions
.....................
1‌
8‌
2,759‌
31,728‌
Shares
redeemed
......................................
(220‌)
(1,801‌)
(17,309‌)
(224,146‌)
618‌
$
4,887‌
2,977‌
$
34,653‌
Investor
A
Shares
sold
..........................................
17,807‌
$
147,898‌
27,537‌
$
331,513‌
Shares
issued
in
reinvestment
of
distributions
.....................
46‌
377‌
6,437‌
71,225‌
Shares
redeemed
......................................
(4,178‌)
(35,538‌)
(14,780‌)
(139,873‌)
13,675‌
$
112,737‌
19,194‌
$
262,865‌
Class
K
Shares
sold
..........................................
477‌
$
3,903‌
125‌
$
1,240‌
Shares
issued
in
reinvestment
of
distributions
.....................
2‌
13‌
131,290‌
1,511,112‌
479‌
$
3,916‌
131,415‌
$
1,512,352‌
14,772‌
$
121,540‌
153,586‌
$
1,809,870‌
Institutional
Investor
A
Class
K
Emerging
Markets
ex-China
..........................................................................
10,000‌
10,000‌
480,000‌
Global
Impact
....................................................................................
10,305‌
10,296‌
494,726‌
International
Impact
................................................................................
11,769‌
11,751‌
565,493‌
Sustainable
Advantage
Emerging
Markets
Equity
............................................................
11,079‌
11,055‌
1,086,167‌
Sustainable
Advantage
International
Equity
................................................................
11,387‌
11,365‌
1,116,348‌
Tactical
Opportunities
...............................................................................
—‌
—‌
211,736‌
U.S.
Impact
......................................................................................
12,722‌
12,714‌
611,277‌
Report
of
Independent
Registered
Public
Accounting
Firm
2023
BlackRock
Annual
Report
to
Shareholders
120
To
the
Shareholders
of
BlackRock
Emerging
Markets
ex-China
Fund,
BlackRock
Global
Impact
Fund,
BlackRock
International
Impact
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund,
BlackRock
Sustainable
Advantage
International
Equity
Fund,
BlackRock
Tactical
Opportunities
Fund,
and
BlackRock
U.S.
Impact
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
Global
Impact
Fund,
BlackRock
International
Impact
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund,
BlackRock
Sustainable
Advantage
International
Equity
Fund,
BlackRock
Tactical
Opportunities
Fund,
and
BlackRock
U.S.
Impact
Fund
of
BlackRock
Funds
SM
(the
“Funds”),
including
the
schedules
of
investments,
as
of
April
30,
2023,
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,
2023,
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.
Fund
Statements
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
BlackRock
Emerging
Markets
ex-China
Fund
For
the
period
from
March
29,
2023
(commencement
of
operations)
through
April
30,
2023
For
the
period
from
March
29,
2023
(commencement
of
operations)
through
April
30,
2023
For
the
period
from
March
29,
2023
(commencement
of
operations)
through
April
30,
2023
BlackRock
Global
Impact
Fund
For
the
year
ended
April
30,
2023
For
each
of
the
two
years
in
the
period
ended
April
30,
2023
For
each
of
the
two
years
in
the
period
ended
April
30,
2023
and
for
the
period
from
May
27,
2020
(commencement
of
operations)
through
April
30,
2021
BlackRock
International
Impact
Fund
and
BlackRock
U.S.
Impact
Fund
For
the
year
ended
April
30,
2023
For
each
of
the
two
years
in
the
period
ended
April
30,
2023
For
each
of
the
two
years
in
the
period
ended
April
30,
2023
and
for
the
period
from
June
30,
2020
(commencement
of
operations)
through
April
30,
2021
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
and
BlackRock
Sustainable
Advantage
International
Equity
Fund
For
the
year
ended
April
30,
2023
For
each
of
the
two
years
in
the
period
ended
April
30,
2023
For
each
of
the
two
years
in
the
period
ended
April
30,
2023
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,
2023
For
each
of
the
two
years
in
the
period
ended
April
30,
2023
For
each
of
the
three
years
in
the
period
ended
April
30,
2023,
for
the
period
from
October
1,
2019
through
April
30,
2020,
and
for
each
of
the
two
years
in
the
period
ended
September
30,
2019
Report
of
Independent
Registered
Public
Accounting
Firm
(continued)
121
Report
of
Independent
Registered
Public
Accounting
Firm
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,
2023,
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
22,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
2023
BlackRock
Annual
Report
to
Shareholders
122
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2023:
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
year
ended
April
30,
2023:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
April
30,
2023:
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
year
ended
April
30,
2023
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
year
ended
April
30,
2023:
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
year
ended
April
30,
2023:
Fund
Name
Qualified
Dividend
Income
Emerging
Markets
ex-China
...........................................................................................
$
17,672‌
Global
Impact
.....................................................................................................
283,247‌
International
Impact
.................................................................................................
106,592‌
Sustainable
Advantage
Emerging
Markets
Equity
.............................................................................
217,066‌
Sustainable
Advantage
International
Equity
.................................................................................
368,103‌
Tactical
Opportunities
................................................................................................
4,202,915‌
U.S.
Impact
.......................................................................................................
37,169‌
Fund
Name
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
Emerging
Markets
ex-China
........................................................................
$
14,916‌
$
223‌
Global
Impact
..................................................................................
94,558‌
34,170‌
International
Impact
..............................................................................
68,489‌
11,946‌
Sustainable
Advantage
Emerging
Markets
Equity
..........................................................
265,959‌
34,882‌
Sustainable
Advantage
International
Equity
..............................................................
368,103‌
48,247‌
Fund
Name
Federal
Obligation
Interest
Emerging
Markets
ex-China
...........................................................................................
$
378‌
Tactical
Opportunities
................................................................................................
4,362,750‌
Fund
Name
Dividends-Received
Deduction
Global
Impact
.......................................................................................................
32.29
%
Tactical
Opportunities
..................................................................................................
1.39
‌
U.S.
Impact
.........................................................................................................
100.00
‌
Fund
Name
Interest
Dividends
Sustainable
Advantage
Emerging
Markets
Equity
.............................................................................
$
5,667‌
Sustainable
Advantage
International
Equity
.................................................................................
6,281‌
Tactical
Opportunities
................................................................................................
6,166,441‌
U.S.
Impact
.......................................................................................................
711‌
Fund
Name
Interest-Related
Dividends
Qualified
Short-Term
Capital
Gain
Emerging
Markets
ex-China
........................................................................
$
1,370‌
$
—‌
International
Impact
..............................................................................
2,503‌
—‌
Sustainable
Advantage
Emerging
Markets
Equity
..........................................................
5,686‌
—‌
Sustainable
Advantage
International
Equity
..............................................................
6,281‌
—‌
Tactical
Opportunities
.............................................................................
—‌
45,247,973‌
U.S.
Impact
....................................................................................
711‌
—‌
Disclosure
of
Investment
Advisory
Agreement
123
Disclosure
of
Investment
Advisory
Agreement
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
(the
“Trust”)
met
on
February
22-24,
2023
(the
“Organizational
Meeting”)
to
consider
the
approval
of
the
proposed
investment
advisory
agreement
(the
“Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Emerging
Markets
ex-China
Fund
(the
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”
or
“BlackRock”),
the
Fund’s
investment
advisor.
The
Agreement
was
the
same
agreement
that
had
been
previously
approved
by
the
Board
with
respect
to
certain
series
of
the
Trust.
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust
is
required
to
consider
the
initial
approval
of
the
Agreement.
The
Board
members
whom
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
In
connection
with
this
deliberative
process,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
to
be
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
At
the
Organizational
Meeting,
the
Board
received
and
reviewed
materials
relating
to
its
consideration
of
the
proposed
Agreement.
The
Board
considered
all
factors
it
believed
relevant
with
respect
to
the
Fund,
including,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
BlackRock;
(b)
the
investment
performance
of
the
Fund
as
compared
with
a
peer
group
of
funds
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d)
the
existence
and
sharing
of
potential
economies
of
scale;
(e)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
(f)
possible
alternatives
to
the
proposed
Agreement;
(g)
the
policies
and
practices
of
BlackRock
with
respect
to
portfolio
transactions
for
the
Fund;
(h)
BlackRock’s
portfolio
compliance
systems
and
capabilities;
and
(i)
other
factors
deemed
relevant
by
the
Board
Members.
In
considering
approval
of
the
Agreement,
the
Board
met
with
the
relevant
investment
advisory
personnel
from
BlackRock
and
considered
all
information
it
deemed
reasonably
necessary
to
evaluate
the
terms
of
the
Agreement.
The
Board
received
materials
in
advance
of
the
Organizational
Meeting
relating
to
its
consideration
of
the
Agreement,
including
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
regarding
the
Fund’s
fees
and
estimated
expense
ratio
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”);
(b)
information
regarding
BlackRock’s
economic
outlook
for
the
Fund
and
its
general
investment
outlook
for
the
markets;
(c)
information
regarding
fees
paid
to
service
providers
that
are
affiliates
of
BlackRock;
and
(d)
information
outlining
the
legal
duties
of
the
Board
under
the
1940
Act
with
respect
to
the
consideration
and
approval
of
the
Agreement.
The
Board
also
noted
information
received
at
prior
Board
meetings
concerning
compliance
records
and
regulatory
matters
relating
to
BlackRock.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
the
portfolio
holdings
of
the
Fund.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
to
be
provided
by
BlackRock,
including
the
investment
advisory
services
to
be
provided
to
the
Fund.
The
Board
received
information
concerning
the
investment
philosophy
and
investment
process
to
be
used
by
BlackRock
in
managing
the
Fund,
as
well
as
a
description
of
the
capabilities,
personnel
and
services
of
BlackRock.
The
Board
considered
the
scope
of
the
services
provided
by
BlackRock
to
the
Fund
under
the
Agreement
relative
to
services
typically
provided
by
third
parties
to
other
funds.
The
Board
noted
that
the
standard
of
care
applicable
under
the
Agreement
was
comparable
to
that
found
generally
in
investment
company
advisory
agreements.
The
Board
concluded
that
the
scope
of
BlackRock’s
services
to
be
provided
to
the
Fund
was
consistent
with
the
Fund’s
operational
requirements,
including,
in
addition
to
seeking
to
meet
the
Fund’s
investment
objective(s),
compliance
with
investment
restrictions,
tax
and
reporting
requirements
and
related
shareholder
services.
The
Board,
including
the
Independent
Board
Members,
also
considered
the
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
by
BlackRock
and
its
affiliates
to
the
Fund.
The
Board
evaluated
the
procedures
of
BlackRock
designed
to
fulfill
its
fiduciary
duty
to
the
Fund
with
respect
to
possible
conflicts
of
interest,
including
BlackRock’s
code
of
ethics
(regulating
the
personal
trading
of
BlackRock’s
officers
and
employees),
the
procedures
by
which
BlackRock
allocates
trades
among
its
various
investment
advisory
clients,
the
integrity
of
the
systems
in
place
to
ensure
compliance
with
the
foregoing
and
the
record
of
BlackRock
in
these
matters.
The
Board
also
noted
information
received
at
prior
Board
meetings
concerning
standards
of
BlackRock
with
respect
to
the
execution
of
portfolio
transactions.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
the
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
The
Board
also
considered
the
business
reputation
of
BlackRock
and
its
financial
resources
and
concluded
that
BlackRock
would
be
able
to
meet
any
reasonably
foreseeable
obligation
under
the
Agreement.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
to
the
Fund.
The
Board
considered
that
BlackRock
and
its
affiliates
will
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
will
provide
the
Fund
with
administrative
services,
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
the
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
Disclosure
of
Investment
Advisory
Agreement
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
124
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
B.
The
Investment
Performance
of
the
Fund
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
previously
received
and
considered
information
about
BlackRock’s
investment
performance
for
other
funds.
The
Board,
however,
did
not
consider
the
performance
history
of
the
Fund
because
the
Fund
was
newly
organized
and
had
not
yet
commenced
operations
as
of
the
date
of
the
Organizational
Meeting.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
to
be
Provided
and
Estimated
Profits
to
be
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
In
connection
with
the
initial
approval
of
the
Agreement,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund’s
estimated
total
expense
ratio,
as
well
as
its
estimated
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers
that
benefit
a
fund,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers
that
benefit
a
fund.
Additionally,
the
Board
noted
information
received
at
prior
Board
meetings
concerning
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
noted
that
the
Fund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
estimated
actual
management
fee
rate
and
estimated
total
expense
ratio
would
each
rank
in
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Following
consideration
of
this
information,
the
Board,
including
the
independent
Board
Members,
concluded
that
the
fees
to
be
paid
pursuant
to
the
Agreement
were
fair
and
reasonable
in
light
of
the
services
provided.
As
the
Fund
had
not
commenced
operations
as
of
the
date
of
the
Organizational
Meeting,
BlackRock
was
not
able
to
provide
the
Board
with
specific
information
concerning
the
expected
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationships
with
the
Fund.
BlackRock,
however,
will
provide
the
Board
with
such
information
at
future
meetings.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
expense
caps
had
been
approved
by
the
Board.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreement,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
or
sell
their
Fund
shares
if
they
believe
that
the
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
The
Board
Members
present
at
the
Organizational
Meeting,
including
the
Independent
Board
Members,
unanimously
approved
the
Agreement
between
the
Manager
and
the
Trust,
with
respect
to
the
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Agreement.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreement
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreement,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Disclosure
of
Investment
Sub-Advisory
Agreements
125
Disclosure
of
Investment
Sub-Advisory
Agreements
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
(the
“Trust”)
met
on
February
22-24,
2023
(the
“Meeting”)
to
consider
the
initial
approval
of
the
proposed
sub-advisory
agreement
(the
“BIL
Sub-Advisory
Agreement”)
between
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Trust’s
investment
advisor,
and
BlackRock
International
Limited
(“BIL”)
and
the
proposed
sub-advisory
agreement
(the
“BAMNAL
Sub-Advisory
Agreement”)
between
the
Manager
and
BlackRock
Asset
Management
North
Asia
Limited
(“BAMNAL”),
each
with
respect
to
BlackRock
Emerging
Markets
ex-China
Fund
(the
“Fund”),
a
series
of
the
Trust.
BIL
and
BAMNAL
are
referred
to
herein
individually
as
a
“Sub-Adviser”
or
collectively
as
the
“Sub-Advisers.”
The
BIL
Sub-Advisory
Agreement
and
the
BAMNAL
Sub-Advisory
Agreement
are
referred
to
herein
individually
as
a
“Sub-Advisory
Agreement”
or
collectively
as
the
“Sub-Advisory
Agreements.”
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
at
the
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Sub-Advisory
Agreements.
The
Board
Members
who
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
At
the
Meeting,
the
Board
also
considered
the
initial
approval
of
the
proposed
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust
and
the
Manager,
on
behalf
of
the
Fund.
At
the
Meeting,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
with
respect
to
the
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Advisory
Agreement.
A
discussion
of
the
basis
for
the
Board’s
approval
of
the
Advisory
Agreement
at
the
Meeting
is
included
in
the
annual
shareholder
report
for
the
Fund
for
the
period
ended
April
30,
2023.
The
factors
considered
by
the
Board
at
the
Meeting
in
connection
with
the
approval
of
the
proposed
Sub-Advisory
Agreement
were
substantially
the
same
as
the
factors
considered
at
the
Meeting
with
respect
to
approval
of
the
Advisory
Agreement.
Following
discussion,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
Sub-Advisory
Agreements
between
the
Manager
and
each
Sub-Advisor,
with
respect
to
the
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Sub-Advisory
Agreement.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
a
majority
of
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Sub-Advisory
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Sub-Advisory
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Statement
Regarding
Liquidity
Risk
Management
Program
2023
BlackRock
Annual
Report
to
Shareholders
126
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
Global
Impact
Fund,
BlackRock
International
Impact
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund,
BlackRock
Sustainable
Advantage
International
Equity
Fund,
BlackRock
Tactical
Opportunities
Fund
and
BlackRock
U.S.
Impact
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
8-9,
2022
(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,
2021
through
September
30,
2022
(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
127
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
166
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
since
2016;
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
166
Portfolios
None
Collette
Chilton
1958
Trustee
(Since
2015)
Chief
Investment
Officer,
Williams
College
since
2006;
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
166
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
166
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2019)
Director,
Pioneer
Legal
Institute
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
166
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2019)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
from
2010
to
2022.
28
RICs
consisting
of
166
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
166
Portfolios
None
Trustee
and
Officer
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
128
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;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
since
2017;
Member,
Investment
Funds
Committee,
State
of
Wyoming
since
2017;
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
166
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
166
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
since
2003;
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
166
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
129
Trustee
and
Officer
Information
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
NY
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.
98
RICs
consisting
of
266
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
(Since
2018)
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.
100
RICs
consisting
of
268
Portfolios
None
Trustee
and
Officer
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
130
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
NY
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
2022;
Head
of
Global
Cash
Management
and
Head
of
Securities
Lending
within
BlackRock's
Portfolio
Management
Group
since
2022;
Member
of
BlackRock's
Global
Operating
Committee
since
2022;
Head
of
Portfolio
Management
in
BlackRock's
Financial
Markets
Advisory
Group
within
BlackRock
Solutions
from
2008
to
2015;
Co-Head
of
BlackRock
Solutions'
Portfolio
Analytics
Group;
previously
Mr.
Villacorta
was
Co-Head
of
Fixed
Income
within
BlackRock's
Risk
&
Quantitative
Analysis
Group.
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
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;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
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;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
December
31,
2022,
Joseph
P.
Platt
retired
as
a
Trustee
of
the
Trust.
Additional
Information
131
Additional
Information
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)
2023
BlackRock
Annual
Report
to
Shareholders
132
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
133
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
HUF
Hungarian
Forint
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
A
merican
Depositary
Receipts
BA
Canadian
Bankers
Acceptances
BBR
Australian
Bank
Bill
Rate
BUBOR
Budapest
Interbank
Offered
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDO
Collateralized
Debt
Obligation
CNREPOFIX_CFXS
China
Fixing
Repo
Rates
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
KOSPI
Korea
Composite
Stock
Price
Index
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
SARON
Swiss
Average
Rate
Overnight
S&P
Standard
&
Poor's
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SORA
Singapore
Overnight
Rate
Average
STIBOR
Stockholm
Interbank
Offered
Rate
TELBOR01
Tel
Aviv
Interbank
Offered
Rate
THOR
Thailand
Overnight
Repo
Rate
TWCPBA
Taiwan
Secondary
Markets
Bills
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
ESGIMPTO-4/23-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
$31,824
N/A
$0
N/A
$16,300
N/A
$0
N/A
BlackRock Global Impact Fund
$22,950
$22,032
$44
$0
$18,700
$15,700
$0
$0
BlackRock International Impact Fund
$22,950
$22,032
$44
$0
$18,700
$16,000
$0
$0
BlackRock Sustainable Advantage Emerging Markets Equity Fund
$31,212
$29,988
$4,044
$0
$18,700
$15,700
$218
$213
BlackRock Sustainable Advantage International Equity Fund
$31,212
$29,988
$4,044
$0
$18,700
$15,700
$218
$213
BlackRock Tactical Opportunities Portfolio
$57,222
$54,978
$44
$0
$29,000
$24,000
$218
$423
BlackRock U.S. Impact Fund
$22,950
$22,032
$44
$0
$17,700
$15,000
$0
$0
 
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
$2,154,000
$2,098,000
 
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 $2,154,000 and $2,098,000 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
$16,300
N/A
BlackRock Global Impact Fund
$18,744
$15,700
BlackRock International Impact Fund
$18,744
$16,000
BlackRock Sustainable Advantage Emerging Markets Equity Fund
$22,962
$15,913
BlackRock Sustainable Advantage International Equity Fund
$22,962
$15,913
BlackRock Tactical Opportunities Portfolio
$24,423
$24,200
BlackRock U.S. Impact Fund
$17,744
$15,000
 
              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
$2,154,000
$2,098,000
 
 
              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 – Exhibits attached hereto
              (a)(1) Code of Ethics – See Item 2
              (a)(2) Section 302 Certifications are attached
           
  <<section302>>
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
 
Date: June 22, 2023 
 
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
 
Date: June 22, 2023 
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
 
Date: June 22, 2023