N-CSR

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 Advantage ESG Emerging Markets Equity Fund

BlackRock Advantage ESG International Equity Fund

BlackRock Global Impact Fund

BlackRock International Impact Fund

BlackRock Tactical Opportunities Portfolio

BlackRock U.S. Impact Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2021

Date of reporting period: 04/30/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

April

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Annual

Report

BlackRock

Funds

SM

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

April

30,

2021

reflected

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

As

the

period

began,

the

response

to

the

virus’s

spread

was

well

underway,

and

countries

around

the

world

felt

the

effect

of

economically

disruptive

countermeasures.

Stay-at-home

orders

and

closures

of

non-essential

businesses

were

imposed

in

many

parts

of

the

world,

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession.

As

May

2020

began,

stocks

had

just

begun

to

recover

from

the

lowest

point

following

the

onset

of

the

pandemic.

This

recovery

continued

throughout

the

reporting

period,

as

businesses

continued

re-opening

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

rose

through

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

The

implementation

of

mass

vaccination

campaigns

and

passage

of

an

additional

$1.9

trillion

of

fiscal

stimulus

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

also

gained,

as

both

developed

countries

and

emerging

markets

rebounded

substantially.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

late

in

the

reporting

period,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

substantial

returns

for

high-yield

corporate

bonds,

although

investment-grade

corporates

declined

slightly.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near

zero

interest

rates

and

by

announcing

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

To

stabilize

credit

markets,

the

Fed

also

continued

purchasing

significant

quantities

of

bonds,

as

did

other

influential

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

will

continue

to

accelerate

as

vaccination

efforts

ramp

up

and

pent-up

consumer

demand

leads

to

higher

spending.

While

we

expect

inflation

to

increase

somewhat

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

equities.

We

see

U.S.

and

Asian

equities

outside

of

Japan

benefiting

from

structural

growth

trends

in

technology,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

While

we

are

underweight

overall

on

credit,

global

high-yield

and

Asian

bonds

present

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

April

30,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

28.85%

45.98%

U.S.

small

cap

equities

(Russell

2000

®

Index)

48.06

74.91

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

28.84

39.88

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

22.95

48.71

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.05

0.11

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.26)

(7.79)

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(1.52)

(0.27)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

2.42

7.40

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.98

19.57

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Fund

Summaries

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

4

About

Fund

Performance

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

22

Disclosure

of

Expenses

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

22

Derivative

Financial

Instruments

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

23

Financial

Statements:

Schedules

of

Investments

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

24

Statements

of

Assets

and

Liabilities

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

70

Statements

of

Operations

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

75

Statements

of

Changes

in

Net

Assets

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

77

Financial

Highlights

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

80

Notes

to

Financial

Statements

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

100

Report

of

Independent

Registered

Public

Accounting

Firm

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

117

Important

Tax

Information

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

118

Statement

Regarding

Liquidity

Risk

Management

Program

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

119

Trustee

and

Officer

Information

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

120

Additional

Information

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

124

Glossary

of

Terms

Used

in

this

Report

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

126

Fund

Summary

as

of

April

30,

2021

2021

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Investment

Objective

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

Since

inception

(August

18,

2020)

through

April

30,

2021,

the

Fund

outperformed

its

benchmark,

the

MSCI

Emerging

Markets

Index.

What

factors

influenced

performance?

Overall,

the

Fund

performed

well

in

a

generally

favorable

market

environment.

Emerging

market

(“EM”)

equities

got

off

to

a

strong

start,

buoyed

by

U.S.

dollar

weakness,

and

continued

to

benefit

from

the

broader

reopening

theme

throughout

the

first

half

of

the

period.

During

the

fourth

quarter

of

2020,

however,

momentum

styles

experienced

their

sharpest

drawdown

since

the

global

financial

crisis,

as

investors

shifted

to

cyclical

exposures

due

to

positive

news

on

COVID-19

vaccine

development.

As

2021

began,

EM

equities

regained

their

upward

momentum,

driven

by

reflationary

trends

that

made

investors

more

risk

tolerant

as

well

as

by

vaccine

rollouts.

EM

equities

outperformed

their

developed

market

(“DM”)

counterparts

until

February

2021,

when

a

sudden

spike

in

U.S.

interest

rates

in

response

to

inflationary

pressures

weighed

on

the

market.

This

ultimately

benefited

styles

focusing

on

reflationary

trends,

especially

within

the

energy

and

financials

sectors,

as

value

outperformed

growth

and

momentum.

Toward

the

end

of

the

period,

equities

saw

a

rotation

back

toward

physical

world

stocks

away

from

virtual

world

stocks,

which

reversed

their

performance

during

most

of

2020.

EM

equities

were

relatively

weak

going

into

period-end

compared

to

their

DM

counterparts,

largely

due

to

a

wave

of

COVID-19

cases

and

deaths

in

India.

The

biggest

contributors

to

the

Fund's

relative

performance

were

sentiment-based

insights

that

were

able

to

position

the

portfolio

correctly

across

the

ever-changing

market

backdrop.

Specifically,

an

insight

designed

to

combine

signals

and

data

sources

optimally

was

additive.

A

version

of

this

insight

designed

to

do

well

during

momentum

drawdowns

was

the

top

contributor,

given

the

style

weakness

during

the

period.

This

insight

motivated

an

overweight

to

machinery

and

semiconductor

stocks,

boosting

performance

as

economies

reopened

and

production

levels

recovered

from

shutdowns.

The

Fund's

environmental,

social

and

government

(“ESG”)

related

measures

contributed

to

performance,

with

an

insight

that

looks

to

capture

investor

flow

into

ESG-related

positions

driving

gains.

Notably,

these

proprietary

ESG

insights

continued

to

demonstrate

differentiation

and

resilience

across

different

market

environments.

Other

fundamental

measures

were

also

contributors.

Value-based

measures

notably

performed

well

in

the

first

quarter

of

2021

amid

reflationary

market

trends.

Reversal-

based

and

flow-based

value

signals

supported

fund

performance,

as

did

more

traditional

measures.

Despite

the

Fund's

outperformance,

however,

there

were

measures

that

struggled

during

the

period.

Specifically,

select

dynamic

timing

signals

detracted

from

performance,

as

related

insights

prompted

underweight

positions

to

metals

&

mining

stocks,

which

weighed

on

results

amid

the

style

preference

shift

during

the

period.

Other

macro

thematic

insights

that

evaluate

companies'

fragility

during

COVID-19-related

shutdowns

also

dragged

on

performance.

Additionally,

top-down

country

positioning

dragged

on

performance.

Specifically,

an

overweight

to

India

weighed

on

relative

returns,

given

the

country's

severe

COVID-19

outbreak

late

in

the

period.

The

Fund

was

fully

invested

throughout

the

period.

The

investment

adviser

kept

a

higher

average

cash

balance

over

the

period,

which

was

hedged

by

MSCI

Emerging

Markets

Index

futures

to

manage

client

flows.

The

Fund’s

cash

exposure

had

no

material

impact

on

Fund

performance.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

Fund

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

model.

For

instance,

the

Fund

built

on

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

toward

retail

names.

Additionally,

given

the

dynamic

nature

of

the

current

market

environment,

the

Fund

instituted

enhanced

signal

constructs

to

identify

emerging

trends

such

as

sentiment

around

vaccine

development

and

its

impact

on

economic

reopening.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

period

with

largely

neutral

positioning

from

a

sector

perspective.

The

Fund

had

slight

overweight

positions

in

the

industrials

and

information

technology

sectors

and

maintained

slight

underweights

in

financials

and

consumer

discretionary

stocks.

From

a

geographical

perspective,

the

Fund

had

slight

overweight

positions

to

South

Africa

and

Brazil

and

maintained

underweights

to

India

and

China.

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,

2021

(continued)

5

Fund

Summary

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

April

30,

2021

(a)

Commencement

of

operations.

(b)

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.

(c)

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.

(d)

A

capitalization-weighted

index

from

a

broad

range

of

industries

chosen

for

market

size,

liquidity

and

industry

group

representation.

Total

Returns

(a)

Since

Inception

(b)

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

Institutional

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

22.31‌%

23.53‌%

N/A‌

Investor

A

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

22.23‌

23.33‌

16.86‌%

Class

K

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

22.33‌

23.55‌

N/A‌

MSCI

Emerging

Markets

Index

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

22.95‌

23.13‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Aggregate

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

August

18,

2020.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

April

30,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Expense

Example

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,223.10‌

$

4.74‌

$

1,000.00‌

$

1,020.53‌

$

4.31‌

0.86‌%

Investor

A

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

1,000.00‌

1,222.30‌

6.12‌

1,000.00‌

1,019.29‌

5.56‌

1.11‌

Class

K

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

1,000.00‌

1,223.30‌

4.47‌

1,000.00‌

1,020.78‌

4.06‌

0.81‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

six

months

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

China

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

36‌

%

Taiwan

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

15‌

South

Korea

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

14‌

India

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

7‌

Brazil

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

6‌

South

Africa

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

5‌

Malaysia

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

3‌

Mexico

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

2‌

United

States

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

2‌

Russia

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

2‌

Thailand

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

1‌

Other

(a)

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

4‌

Short-Term

Securities

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

3‌

Other

Assets

Less

Liabilities

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

—‌

(b)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

(b)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Summary

as

of

April

30,

2021

7

Fund

Summary

BlackRock

Advantage

ESG

International

Equity

Fund

Investment

Objective

BlackRock

Advantage

ESG

International

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

Since

inception

(August

18,

2020)

through

April

30,

2021,

the

Fund

outperformed

its

benchmark,

the

MSCI

EAFE

Index.

What

factors

influenced

performance?

Overall,

the

Fund

performed

well

in

a

volatile

market

environment.

Global

equities

had

solid

performance,

hitting

new

highs

in

the

second

half

of

2020

amid

accommodative

policy

support

and

improving

macroeconomic

data.

However,

the

overall

rise

overshadowed

changes

in

market

leadership.

Notably,

following

positive

news

on

COVID-19

vaccine

development,

momentum

styles

experienced

their

sharpest

drawdown

since

the

global

financial

crisis,

after

having

driven

market

gains

to

that

point.

As

investors

brought

forward

expectations

for

a

robust

economic

rebound,

they

increasingly

sought

out

contrarian

investing

opportunities.

Later

in

the

period,

global

equities

regained

their

upward

momentum,

driven

by

reflationary

trends

and

bolstered

by

accelerated

vaccine

rollouts

and

sustained

policy

support.

This

ultimately

benefited

styles

focusing

on

reflationary

trends,

especially

within

the

energy

and

financials

sectors,

as

value

outperformed

growth

and

momentum.

Also,

volatility

rose

in

stocks

in

which

smart-money

hedge

funds

had

positions,

particularly

in

January,

as

several

common

hedge

fund

short

positions

attracted

strong

trading

activity

from

retail

investors.

The

biggest

contributors

to

the

Fund's

relative

performance

were

sentiment-based

insights

that

were

able

to

position

the

portfolio

correctly

across

the

ever-changing

market

backdrop.

Specifically,

an

insight

designed

to

combine

signals

and

data

sources

optimally

was

additive.

This

insight

motivated

an

overweight

to

retail

stocks,

boosting

performance

as

economies

reopened.

Other

higher-frequency

trend-based

measures

also

drove

outperformance.

Collectively,

the

combination

of

online,

transactional,

and

mobile

application-based

activity

correctly

positioned

the

Fund

during

earnings

season

as

economies

reopened.

The

Fund's

environmental,

social

and

governance

(“ESG”)

related

measures

had

mixed

performance.

Risk

mitigation

insights

that

evaluated

company

controversies

and

cyber-defense

aided

gains.

These

insights

helped

motivate

overweight

positions

in

select

machinery

stocks,

which

contributed

to

performance

as

economies

reopened

and

production

levels

recovered

from

shutdowns.

The

Fund's

fundamental

measures

were

also

contributors.

Value-based

measures

notably

performed

well

in

the

first

quarter

of

2021

amid

reflationary

market

trends.

Traditional

measures

like

comparing

book

values

to

stock

prices

supported

Fund

performance.

Despite

the

Fund's

outperformance,

however,

there

were

measures

that

detracted

from

relative

returns

during

the

period.

Among

ESG-related

measures,

select

insights

related

to

human

capital

that

evaluate

employee

sentiment

dragged

on

performance.

Other

measures

came

under

pressure

as

2021

began,

as

they

proved

overly

defensive

in

an

environment

that

favored

risk

taking.

This

was

especially

evident

across

environmental

insights,

which

ran

against

the

prevailing

preference

for

value

stocks.

From

a

geographical

standpoint,

an

overweight

to

Denmark

that

was

motivated

by

"green"

stimulus-related

measures

was

a

top

detractor

from

performance.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

Fund

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

model.

For

instance,

the

Fund

built

on

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

toward

retail

names.

Additionally,

given

the

dynamic

nature

of

the

current

market

environment,

the

Fund

instituted

enhanced

signal

constructs

to

identify

emerging

trends

such

as

sentiment

around

vaccine

development

and

its

impact

on

economic

reopening.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

period

with

largely

neutral

positioning

from

a

sector

perspective.

The

Fund

had

slight

overweight

positions

in

the

industrials

and

information

technology

sectors

and

maintained

slight

underweights

in

utilities

and

communication

services

stocks.

From

a

geographical

perspective,

the

Fund

had

slight

overweight

positions

to

Netherlands

and

France

and

maintained

underweights

to

Spain

and

Italy.

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,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

8

BlackRock

Advantage

ESG

International

Equity

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

April

30,

2021

(a)

Commencement

of

operations.

(b)

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.

(c)

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.

(d)

An

equity

index

which

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries

around

the

world,

excluding

the

United

States

and

Canada.

Total

Returns

(a)

Since

Inception

(b)

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

Institutional

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

28.88‌%

21.53‌%

N/A‌

Investor

A

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

28.80‌

21.33‌

14.96‌%

Class

K

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

28.90‌

21.55‌

N/A‌

MSCI

EAFE

Index

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

28.84‌

20.70‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Aggregate

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

services

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

August

18,

2020.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

April

30,

2021

(continued)

9

Fund

Summary

BlackRock

Advantage

ESG

International

Equity

Fund

Expense

Example

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,288.80‌

$

2.84‌

$

1,000.00‌

$

1,022.32‌

$

2.51‌

0.50‌%

Investor

A

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

1,000.00‌

1,288.00‌

4.25‌

1,000.00‌

1,021.08‌

3.76‌

0.75‌

Class

K

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

1,000.00‌

1,289.00‌

2.55‌

1,000.00‌

1,022.56‌

2.26‌

0.45‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

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

23‌

%

France

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

11‌

United

Kingdom

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

11‌

Germany

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

9‌

Switzerland

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

8‌

Australia

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

7‌

Netherlands

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

6‌

Sweden

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

3‌

Denmark

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

3‌

Hong

Kong

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

3‌

Italy

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

2‌

Spain

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

2‌

Finland

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

1‌

Norway

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

1‌

Other

(a)

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

6‌

Short-Term

Securities

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

3‌

Other

Assets

Less

Liabilities

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

1‌

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

April

30,

2021

2021

BlackRock

Annual

Report

to

Shareholders

10

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?

Since

inception

(May

27,

2020)

to

April

30,

2021,

the

Fund

outperformed

its

benchmark,

the

MSCI

All

Country

World

Index

(“ACWI”).

What

factors

influenced

performance?

The

Fund’s

positive

performance

was

attributable

to

a

broad

set

of

impact

themes,

specifically

public

health,

green

energy

and

financial

inclusion.

Five

holdings

in

the

financial

inclusion

theme—Square,

Inc.,

360

Digitech,

Inc.,

MercadoLibre,

Inc.,

Safaricom

PLC

and

PT

Bank

Rakyat

Indonesia

Tbk—were

among

the

top

contributors.

The

first

four

were

well

positioned

to

service

both

individuals

and

small

businesses

that

were

in

need

of

digitalized

financial

solutions,

scalability

and

access

during

the

pandemic.

Bank

Rakyat,

a

microlending

institution,

rallied

strongly

off

of

its

May

2020

low

before

giving

back

some

of

its

gains

toward

the

end

of

the

period.

Nuance

Communications,

Inc.

stood

out

as

the

strongest

performer

in

both

the

public

health

theme

and

the

portfolio

as

a

whole.

The

healthcare-focused

software

provider

performed

strongly

2020

and

further

extended

its

gains

after

Microsoft

Corp.

announced

its

acquisition

of

the

company

in

April

2021.

Among

green

energy

companies,

Vestas

Wind

Systems

A/S—which

benefited

benefiting

from

the

long-term

trend

towards

a

net-zero

economy—led

performance.

The

public

health

theme

detracted

from

relative

performance.

A

holding

in

the

online

Medicare

Advantage

broker

group

eHealth,

Inc.

detracted

the

most

amid

weakening

investor

sentiment.

In

addition,

shares

of

Teva

Pharmaceutical

Industries,

Ltd.

slumped

due

to

mounting

litigation

concerns.

Atlantic

Sapphire

ASA,

which

seeks

to

deliver

salmon

to

the

U.S.

market

in

an

environmentally

friendly

way,

was

a

key

detractor

in

the

sustainable

food

and

water

theme.

Describe

recent

portfolio

activity.

The

investment

adviser

either

trimmed

or

exited

positions

where

stock

prices

exceeded

their

price

targets.

This

activity

was

most

notable

in

the

renewable

energy

industry,

which

faced

headwinds

from

rising

interest

rates

and

valuation

concerns.

However,

the

investment

adviser

believes

long-term

trends

in

the

industry

remain

intact

due

to

an

increased

focus

on

green

energy

and

a

net-zero

future

by

governments,

companies

and

individuals.

The

investment

adviser

sought

to

maintain

a

well-balanced

style

exposure

by

adding

cyclical

stocks

through

the

financial

inclusion,

digitization

and

affordable

housing

themes.

The

Fund

maintained

its

largest

weighting

in

the

public

health

theme

on

the

belief

that

many

of

the

key

health

care

trends

that

occurred

in

2020

are

set

to

continue

or

perhaps

even

accelerate.

This

includes

the

continued

transition

toward

value-based

care

arrangements

in

the

United

States

from

traditional

volume-based

care,

increased

interest

in

precision

medicine

and

targeted

therapies,

and

a

general

focus

on

increasing

the

quality

of

care

while

decreasing

costs.

The

investment

adviser

continued

to

observe

a

positive

structural

trend

within

the

sustainable

food

theme.

The

global

food

system

needs

to

double

its

production

by

2050,

while

simultaneously

developing

less

carbon-intensive

methods.

Describe

portfolio

positioning

at

period

end.

The

investment

adviser

maintains

a

favorable

view

on

the

United

States,

as

well

as

countries

with

high

sales

exposure

to

the

United

States,

due

to

the

increasing

likelihood

that

a

sweeping

set

of

infrastructure

spending

proposals

could

pass

the

U.S.

Congress.

The

investment

adviser

continues

to

search

for

underappreciated

drivers

of

long-term

returns.

It

seeks

to

use

its

deep

engagements

and

partnerships

with

portfolio

companies

to

learn

more

about

their

strategic

directions

and

to

uncover

business

risks

that

could

arise

from

macro

events.

The

investment

adviser

strives

to

understand

the

strong

links

between

impact

outcomes

and

company

performance,

while

using

engagement

to

identify

new

ways

of

advancing

these

outcomes.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

April

30,

2021

(continued)

11

Fund

Summary

BlackRock

Global

Impact

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

April

30,

2021

(a)

Commencement

of

operations.

(b)

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.

(c)

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.

(d)

MSCI

All

Country

World

Index

comprises

large

and

mid-capitalization

developed

and

emerging

market

equities.

Total

Returns

(a)

Since

Inception

(b)

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

Institutional

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

27.13‌%

58.53‌%

N/A‌

Investor

A

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

26.98‌

58.22‌

49.91‌%

Class

K

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

27.21‌

58.75‌

N/A‌

MSCI

All

Country

World

Index

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

28.29‌

40.39‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Aggregate

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.

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.

Fund

Summary

as

of

April

30,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

12

BlackRock

Global

Impact

Fund

Expense

Example

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,271.30‌

$

4.79‌

$

1,000.00‌

$

1,020.58‌

$

4.26‌

0.85‌%

Investor

A

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

1,000.00‌

1,269.80‌

6.19‌

1,000.00‌

1,019.34‌

5.51‌

1.10‌

Class

K

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

1,000.00‌

1,272.10‌

4.28‌

1,000.00‌

1,021.03‌

3.81‌

0.76‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

United

States

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

55‌

%

China

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

7‌

Netherlands

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

4‌

Brazil

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

3‌

Kenya

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

3‌

Germany

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

3‌

Denmark

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

3‌

Indonesia

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

3‌

Japan

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

2‌

Argentina

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

2‌

Spain

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

2‌

Colombia

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

2‌

Canada

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

2‌

United

Kingdom

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

2‌

France

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

2‌

India

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

2‌

South

Korea

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

2‌

Cayman

Islands

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

1‌

Short-Term

Securities

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

6‌

Liabilities

in

Excess

of

Other

Assets

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

(6‌)

Fund

Summary

as

of

April

30,

2021

13

Fund

Summary

BlackRock

International

Impact

Fund

Investment

Objective

BlackRock

International

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

Since

inception

(June

30,

2020)

to

April

30,

2021,

the

Fund

outperformed

its

benchmark,

the

MSCI

All

Country

World

Index

ex

USA.

What

factors

influenced

performance?

The

Fund’s

positive

performance

was

attributable

to

broad

base

of

impact

themes,

including

green

energy;

efficiency,

electrification

&

digitization;

and

financial

inclusion.

In

the

financial

inclusion

category,

360

Digitech,

Inc.,

Safaricom

PLC

and

MercadoLibre,

Inc.

were

top

performers.

The

companies

were

well

positioned

to

service

both

individuals

and

small

businesses

that

were

in

need

of

digitalized

financial

solutions,

scalability

and

access

during

the

pandemic.

Among

green

energy

companies,

Vestas

Wind

Systems

A/S

and

LONGi

Green

Energy

Technology

Co.

Ltd.

led

performance.

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

and

Samsung

SDI,

Ltd.,

two

major

electric

vehicle

battery

equipment

makers,

were

top

performers

in

efficiency,

electrification

&

digitization.

Both

companies

benefited

from

the

positive

impact

of

the

long-term

trend

toward

a

net-zero

economy.

Teva

Pharmaceutical

Industries,

Inc.,

which

continued

to

face

mounting

litigation

concerns,

was

the

largest

detractor

in

the

public

health

theme.

Atlantic

Sapphire

ASA,

which

seeks

to

deliver

salmon

to

the

U.S.

market

in

an

environmentally

friendly

way,

was

a

key

detractor

in

the

sustainable

food

and

water

theme.

Jinyu

Bio-Technology

Co.,

Ltd.,

a

Chinese

biopharmaceutical

company

focused

on

animal

health,

was

an

additional

detractor

as

a

long-awaited

vaccine

has

yet

to

clear

clinical

trials.

Describe

recent

portfolio

activity.

The

investment

adviser

either

trimmed

or

exited

positions

where

stock

prices

exceeded

their

price

targets.

This

activity

was

most

notable

in

the

renewable

energy

industry,

which

faced

headwinds

from

rising

interest

rates

and

valuation

concerns.

However,

the

investment

adviser

believes

long-term

trends

in

the

industry

remain

intact

due

to

an

increased

focus

on

green

energy

and

a

net-zero

future

by

governments,

companies

and

individuals.

The

investment

adviser

sought

to

maintain

a

well-balanced

style

exposure

by

adding

cyclical

stocks

through

the

financial

inclusion,

digitization

and

affordable

housing

themes.

The

investment

adviser

continued

to

observe

a

positive

structural

trend

within

the

sustainable

food

theme.

The

global

food

system

needs

to

double

its

production

by

2050,

while

simultaneously

developing

less

carbon-intensive

methods.

Describe

portfolio

positioning

at

period

end.

The

investment

adviser

maintains

a

favorable

view

on

the

United

States,

as

well

as

countries

with

high

sales

exposure

to

the

United

States,

due

to

the

increasing

likelihood

that

a

sweeping

set

of

infrastructure

spending

proposals

could

pass

the

U.S.

Congress.

The

investment

adviser

continues

to

search

for

underappreciated

drivers

of

long-term

returns.

It

seeks

to

use

its

deep

engagements

and

partnerships

with

portfolio

companies

to

learn

more

about

their

strategic

directions

and

to

uncover

business

risks

that

could

arise

from

macro

events.

The

investment

adviser

strives

to

understand

the

strong

links

between

impact

outcomes

and

company

performance,

while

using

engagement

to

identify

new

ways

of

advancing

these

outcomes.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

April

30,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

14

BlackRock

International

Impact

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

April

30,

2021

(a)

Commencement

of

operations.

(b)

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.

(c)

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

in

clude,

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.

(d)

A

free

float-adjusted

market

capitalization

weighted

index

designed

to

measure

the

combined

equity

market

performance

of

developed

and

emerging

market

countries,

excluding

the

United

States.

Total

Returns

(a)

Since

Inception

(b)

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

Institutional

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

25.89‌%

41.25‌%

N/A‌

Investor

A

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

25.68‌

40.89‌

33.49‌%

Class

K

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

25.84‌

41.32‌

N/A‌

MSCI

All

Country

World

Index

ex

USA

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

27.40‌

32.46‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Aggregate

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.

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.

Fund

Summary

as

of

April

30,

2021

(continued)

15

Fund

Summary

BlackRock

International

Impact

Fund

Expense

Example

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,258.90‌

$

4.76‌

$

1,000.00‌

$

1,020.58‌

$

4.26‌

0.85‌%

Investor

A

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

1,000.00‌

1,256.80‌

6.16‌

1,000.00‌

1,019.34‌

5.51‌

1.10‌

Class

K

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

1,000.00‌

1,258.40‌

4.20‌

1,000.00‌

1,021.08‌

3.76‌

0.75‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

China

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

14‌

%

United

States

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

13‌

Brazil

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

8‌

Netherlands

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

8‌

Kenya

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

5‌

Germany

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

5‌

Japan

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

5‌

Spain

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

5‌

Denmark

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

5‌

Indonesia

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

5‌

Argentina

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

4‌

Colombia

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

3‌

United

Kingdom

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

3‌

France

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

3‌

Canada

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

3‌

India

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

3‌

South

Korea

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

3‌

Switzerland

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

2‌

Cayman

Islands

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

1‌

Short-Term

Securities

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

10‌

Liabilities

in

Excess

of

Other

Assets

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

(8‌)

Fund

Summary

as

of

April

30,

2021

2021

BlackRock

Annual

Report

to

Shareholders

16

BlackRock

Tactical

Opportunities

Fund

Investment

Objective

BlackRock

Tactical

Opportunities

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

reporting

period

ended

April

30,

2021,

the

Fund

underperformed

its

reference

benchmark

(75%

Bloomberg

Barclays

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

(“ACWI”).

For

the

same

period,

the

Fund

outperformed

its

cash

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

The

Fund’s

relative

value

positions

across

developed

market

bonds

detracted

from

performance.

A

relative

underweight

in

European

bonds

versus

Australian

and

Canadian

bonds

hurt

performance

late

in

the

period,

as

Europe

outperformed

amid

a

sharp

increase

in

nominal

yields

worldwide.

Thematic

macro

views

were

a

key

contributor

to

performance.

A

short

position

in

the

U.S.

dollar

against

a

basket

of

developed

market

currencies

(primarily

the

Euro)

boosted

returns,

as

did

longs

in

global

equities

and

shorts

in

U.S.

and

German

bonds.

In

equities,

the

Fund

was

positioned

for

economic

reopening.

Long

positions

in

retail

and

energy

stocks

versus

short

positions

in

technology

and

healthcare

contributed

to

results,

as

did

an

outright

long

in

global

equities

given

the

significant

recovery

in

the

stock

market.

During

the

period,

the

Fund

used

derivatives

as

an

efficient

means

to

take

active

views

on

interest

rates,

equity

indices

and

currencies.

The

derivatives

used

included

equity

index

and

sovereign

bond

futures,

total

return

swaps,

interest

rate

swaps

and

currency

forward

contracts.

These

positions

make

up

a

significant

portion

of

the

portfolio

given

the

Fund’s

investment

approach

of

trading

interest

rates,

equity

indices

and

currencies

across

global

markets.

The

use

of

derivatives

instead

of

physical

instruments

had

a

negative

impact

on

the

Fund’s

returns.

The

Fund

also

held

an

elevated

allocation

to

cash

as

collateral

for

derivative

positions

and

as

a

means

of

earning

a

modest

yield.

The

cash

position

did

not

have

a

material

impact

on

performance

for

the

period.

Describe

recent

portfolio

activity.

The

Fund

began

the

period

with

a

net

long

in

stocks

and

a

net

short

in

bonds,

based

on

the

belief

that

the

gradual

resumption

of

activity

following

the

initial

COVID-19

outbreak

represented

a

strong

tailwind

for

global

equities.

In

addition,

the

investment

adviser

believed

massive

monetary

and

fiscal

stimulus

across

the

world

would

support

stocks

but

keep

bond

yields

at

extreme

lows.

The

Fund

maintained

this

high-level

positioning

over

the

period,

but

with

some

changes

to

its

regional

allocations.

In

equities,

the

Fund

began

the

period

with

long

positions

in

Asia

ex-Japan

and

Europe

and

short

positions

in

Japan

and

the

emerging

markets.

The

Fund

subsequently

moved

to

a

short

in

North

America

and

a

long

in

Japan

early

in

the

period.

In

late

2020,

the

Fund

increased

its

overall

long

in

equities,

moving

to

a

long

in

North

America

and

adding

exposure

to

Japan

and

the

emerging

markets

based

on

expectations

that

renewed

consumer

spending

and

the

distribution

of

COVID-19

vaccines

would

lead

to

further

upside.

The

Fund

maintained

this

sizable

long

position

before

trimming

overall

equity

exposure

to

a

more

modest

long

in

April

2021

in

response

to

the

market’s

strong

performance.

The

Fund

moved

to

a

short

in

Asia

ex-Japan,

but

it

maintained

longs

in

Japan,

North

America,

Europe

and

the

emerging

markets

at

the

close

of

the

period.

The

Fund

moved

further

short

in

fixed

income.

This

positioning

was

driven

by

a

significant

short

in

Europe,

where

growth

continued

to

firm

but

increased

inflationary

pressures

appeared

to

be

underappreciated

by

the

market.

The

Fund

also

initiated

a

modest

short

in

U.S.

bonds

in

the

third

quarter

2020

and

generally

maintained

this

stance

for

the

rest

of

the

period.

The

Fund

held

modest

long

positions

in

emerging

market

and

Asia

ex-Japan

bonds

(specifically

Australia),

before

moving

to

a

roughly

neutral

stance

on

the

emerging

markets

by

the

end

of

the

period.

In

currencies,

the

Fund

maintained

a

short

in

the

U.S.

dollar

versus

a

developed

market

basket

(primarily

the

euro,

but

also

the

Canadian

dollar,

Australian

dollar

and

Japanese

yen).

Describe

portfolio

positioning

at

period

end.

The

Fund

ended

April

2021

net

long

in

equities

and

net

short

in

bonds

on

the

view

that

the

current

cyclical

recovery

has

scope

to

continue

given

the

historic

levels

of

policy

support

and

easing

of

COVID-19

restrictions.

While

inflation

is

bouncing

back,

there

is

no

evidence

yet

of

broad-based

overheating

despite

a

continued

rise

in

annual

inflation

rates.

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,

2021

(continued)

17

Fund

Summary

BlackRock

Tactical

Opportunities

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

The

Fund

uses

an

asset

allocation

strategy,

investing

varying

percentages

of

its

portfolio

in

three

major

categories:

stocks,

bonds

and

money

market

instruments.

The

Fund’s

total

returns

from

May

15,

2012

through

January

28,

2016

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

strategy

by

investing

a

significant

portion

of

its

assets

in

other

investment

companies

and

directly

in

securities

under

the

name

BlackRock

Managed

Volatility

Portfolio.

The

Fund’s

total

returns

prior

to

May

15,

2012

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

BlackRock

Asset

Allocation

Portfolio.

(c)

An

unmanaged

index

that

tracks

3-month

U.S.

Treasury

securities.

On

3/1/2021

the

Fund

began

to

track

the

4pm

pricing

variant

of

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

"Index").

Historical

index

data

prior

to

3/1/2021

is

for

the

3pm

pricing

variant

of

the

lndex

.

Index

data

on

and

after

3/1/2021

is

for

the

4pm

pricing

variant

of

the

Index.

(d)

MSCI

All

Country

World

Index

comprises

large

and

mid-capitalization

developed

and

emerging

market

equities.

(e)

A

sub-index

of

the

Bloomberg

Barclays

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

Barclays

U.S.

1-3

Year

Treasury

Bond

Index

and

25%

MSCI

All

Country

World

Index.

Fund

Summary

as

of

April

30,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

18

BlackRock

Tactical

Opportunities

Fund

Performance

Summary

for

the

Period

Ended

April

30,

2021

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

Institutional

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

3.66‌%

6.18‌%

N/A‌

4.73‌%

N/A‌

3.64‌%

N/A‌

Service

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

3.49‌

5.86‌

N/A‌

4.45‌

N/A‌

3.34‌

N/A‌

Investor

A

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

3.47‌

5.77‌

0.22‌%

4.40‌

3.28‌%

3.32‌

2.77‌%

Investor

C

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

3.05‌

5.02‌

4.02‌

3.65‌

3.65‌

2.76‌

2.76‌

Class

K

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

3.73‌

6.25‌

N/A‌

4.79‌

N/A‌

3.52‌

N/A‌

Bloomberg

Barclays

U.S.

1-3

Year

Treasury

Bond

Index

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

0.08‌

0.24‌

N/A‌

1.72‌

N/A‌

1.26‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

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

0.05‌

0.11‌

N/A‌

1.18‌

N/A‌

0.63‌

N/A‌

75%

Bloomberg

Barclays

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

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

6.67‌

10.38‌

N/A‌

4.86‌

N/A‌

3.39‌

N/A‌

MSCI

All

Country

World

Index

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

28.29‌

45.75‌

N/A‌

13.85‌

N/A‌

9.17‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

uses

an

asset

allocation

strategy,

investing

varying

percentages

of

its

portfolio

in

three

major

categories:

stocks,

bonds

and

money

market

instruments.

The

Fund’s

total

returns

from

May

15,

2012

through

January

28,

2016

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

strategy

by

investing

a

significant

portion

of

its

assets

in

other

investment

companies

and

directly

in

securities

under

the

name

BlackRock

Managed

Volatility

Portfolio.

The

Fund’s

total

returns

prior

to

May

15,

2012

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

BlackRock

Asset

Allocation

Portfolio.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,036.60‌

$

3.99‌

$

1,000.00‌

$

1,020.88‌

$

3.96‌

0.79‌%

Service

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

1,000.00‌

1,034.90‌

5.35‌

1,000.00‌

1,019.54‌

5.31‌

1.06‌

Investor

A

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

1,000.00‌

1,034.70‌

5.90‌

1,000.00‌

1,018.99‌

5.86‌

1.17‌

Investor

C

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

1,000.00‌

1,030.50‌

9.57‌

1,000.00‌

1,015.37‌

9.49‌

1.90‌

Class

K

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

1,000.00‌

1,037.30‌

3.28‌

1,000.00‌

1,021.57‌

3.26‌

0.65‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

TEN

LARGEST

HOLDINGS

Security

(a)

Percent

of

Net

Assets

U.S.

Treasury

Notes,

1.50%, 09/15/22

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

10‌

%

U.S.

Treasury

Notes,

0.13%, 12/15/23

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

10‌

Apple,

Inc.

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

2‌

Microsoft

Corp.

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

2‌

Amazon.com,

Inc.

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

2‌

Facebook,

Inc.,

Class

A

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

1‌

Alphabet,

Inc.,

Class

A

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

1‌

Alphabet,

Inc.,

Class

C

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

1‌

Berkshire

Hathaway,

Inc.,

Class

B

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

1‌

Tesla,

Inc.

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

1‌

(a)

Excludes

short-term

investments.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Common

Stocks

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

58‌

%

U.S.

Treasury

Obligations

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

19‌

Preferred

Stocks

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

—‌

(a)

Warrants

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

—‌

(a)

Rights

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

—‌

(a)

Other

Interests

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

—‌

(a)

Asset-Backed

Securities

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

—‌

(a)

Short-Term

Securities

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

3‌

Other

Assets

Less

Liabilities

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

20‌

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Summary

as

of

April

30,

2021

19

Fund

Summary

BlackRock

U.S.

Impact

Fund

Investment

Objective

BlackRock

U.S.

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

Since

inception

(June

30,

2020)

to

April

30,

2021,

the

Fund

outperformed

its

benchmark,

the

Russell

Midcap

®

Index.

What

factors

influenced

performance?

The

Fund’s

positive

performance

is

attributable

to

a

broad

set

of

impact

themes,

specifically

public

health,

sustainable

food

&

water

and

financial

inclusion.

Nuance

Communications,

Inc.

stood

out

as

the

strongest

performer

in

both

the

public

health

theme

and

the

portfolio

as

a

whole.

The

healthcare-focused

software

provider

performed

strongly

2020

and

further

extended

its

gains

after

Microsoft

Corp.

announced

its

acquisition

of

the

company

in

April

2021.

Square,

Inc.

was

a

top

performer

among

financial

inclusion

companies.

Square

was

well

positioned

to

service

both

individuals

and

small

businesses

that

were

in

need

of

digitalized

financial

solutions,

scalability

and

access

during

the

pandemic.

Within

sustainable

food

&

water,

the

agri-food

company

Darling

Ingredients,

Inc.

and

the

water-technology

provider

Xylem

Inc.

were

top

performers.

The

public

health

theme

detracted

from

relative

performance.

The

online

Medicare

Advantage

broker

group

eHealth,

Inc.

detracted

the

most

amid

weakening

investor

sentiment.

Atlantic

Sapphire

ASA,

which

seeks

to

deliver

salmon

to

the

U.S.

market

in

an

environmentally

friendly

way,

was

a

key

detractor

in

the

sustainable

food

&

water

theme.

View,

Inc.,

a

manufacturer

of

Smart

Windows

for

both

commercial

building

and

residential

properties

that

falls

within

the

Fund’s

efficiency,

eElectrification

&

digitization

theme,

was

a

further

detractor

of

note.

Describe

recent

portfolio

activity.

The

investment

adviser

either

trimmed

or

exited

positions

where

stock

prices

exceeded

their

price

targets.

This

activity

was

most

notable

in

the

renewable

energy

industry,

which

faced

headwinds

from

rising

interest

rates

and

valuation

concerns.

However,

the

investment

adviser

believes

long-term

trends

in

the

industry

remain

intact

due

to

an

increased

focus

on

green

energy

and

a

net-zero

future

by

governments,

companies

and

individuals.

The

investment

adviser

sought

to

maintain

a

well-balanced

style

exposure

by

adding

cyclical

stocks

through

the

financial

inclusion,

digitization

and

affordable

housing

themes.

The

Fund

maintained

its

largest

weighting

in

the

public

health

theme

on

the

belief

that

many

of

the

key

health

care

trends

that

occurred

in

2020

are

set

to

continue

or

perhaps

even

accelerate.

This

includes

the

ongoing

transition

toward

value-based

care

arrangements

in

the

United

States

from

traditional

volume-based

care,

increased

interest

in

precision

medicine

and

targeted

therapies,

and

a

general

focus

on

increasing

the

quality

of

care

while

decreasing

costs.

The

investment

adviser

continued

to

observe

a

positive

structural

trend

within

the

sustainable

food

theme.

The

global

food

system

needs

to

double

its

production

by

2050,

while

simultaneously

developing

less

carbon-intensive

methods.

Describe

portfolio

positioning

at

period

end.

The

investment

adviser

retains

a

favorable

view

on

companies

that

it

believes

are

well

positioned

to

benefit

from

the

sweeping

set

of

infrastructure

spending

proposals

likely

to

pass

Congress.

These

include

companies

within

the

green

energy

and

efficiency,

electrification

&

digitization

themes.

The

investment

adviser

continues

to

search

for

underappreciated

drivers

of

long-term

returns.

It

seeks

to

use

its

deep

engagements

and

partnerships

with

portfolio

companies

to

learn

more

about

their

strategic

directions

and

to

uncover

business

risks

that

could

arise

from

macro

events.

The

investment

adviser

strives

to

understand

the

strong

links

between

impact

outcomes

and

company

performance,

while

using

engagement

to

identify

new

ways

of

advancing

these

outcomes.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

April

30,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

20

BlackRock

U.S.

Impact

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

April

30,

2021

(a)

Commencement

of

operations.

(b)

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.

(c)

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.

(d)

Market

capitalization-weighted

index

comprised

of

800

publicly

traded

U.S.

companies

with

market

caps

of

between

$2

and

$10

billion.

The

800

companies

in

the

Russell

Midcap

Index

are

the

800

smallest

of

the

1,000

companies

that

comprise

Russell

1000

Index.

Total

Returns

(a)

Since

Inception

(b)

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

Institutional

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

25.84‌%

54.03‌%

N/A‌

Investor

A

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

25.63‌

53.64‌

45.57‌%

Class

K

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

25.79‌

54.09‌

N/A‌

Russell

Mid

c

ap

®

Index

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

35.42‌

46.45‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Aggregate

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

services

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

June

30,

2020.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

April

30,

2021

(continued)

21

Fund

Summary

BlackRock

U.S.

Impact

Fund

Expense

Example

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(11/01/20)

Ending

Account

Value

(04/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,258.40‌

$

4.76‌

$

1,000.00‌

$

1,020.58‌

$

4.26‌

0.85‌%

Investor

A

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

1,000.00‌

1,256.30‌

6.15‌

1,000.00‌

1,019.34‌

5.51‌

1.10‌

Class

K

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

1,000.00‌

1,257.90‌

4.20‌

1,000.00‌

1,021.08‌

3.76‌

0.75‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annuali

zed

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).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Health

Care

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

29‌

%

Information

Technology

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

27‌

Financials

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

11‌

Industrials

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

10‌

Utilities

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

7‌

Consumer

Staples

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

6‌

Real

Estate

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

5‌

Consumer

Discretionary

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

3‌

Short-Term

Securities

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

15‌

Liabilities

in

Excess

of

Other

Assets

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

(13‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

About

Fund

Performance

2021

BlackRock

Annual

Report

to

Shareholders

22

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

the

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)

on the

previous

page(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

on

the

previous

pages

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

on November

1,

2020 and

held

through

April

30,

2021)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

23

Derivative

Financial

Instruments

The

Funds may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

April

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

93.8%

Brazil

—

5.2%

Ambev

SA

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

14,000

$

38,608

Banco

Bradesco

SA,

ADR

(a)

.......

820

3,567

Banco

do

Brasil

SA

(a)

...........

19,856

107,832

Cia

Energetica

de

Minas

Gerais

,

ADR

33,851

84,289

Cia

Paranaense

de

Energia

,

ADR

...

6,559

35,683

CPFL

Energia

SA

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

14,384

77,851

Duratex

SA

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

6,120

26,668

Energisa

SA

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

7,847

63,735

Light

SA

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

10,124

32,541

Localiza

Rent

a

Car

SA

(a)

........

7,294

85,843

Marfrig

Global

Foods

SA

.........

4,346

15,465

Ultrapar

Participacoes

SA

........

16,389

63,329

Ultrapar

Participacoes

SA,

ADR

....

1,284

4,982

640,393

Chile

—

0.7%

Empresas

CMPC

SA

...........

1,748

4,857

Enel

Americas

SA

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

110,511

15,731

Enel

Americas

SA,

ADR

.........

9,398

67,478

88,066

China

—

36.1%

21Vianet

Group,

Inc.,

ADR

(a)

......

122

3,405

3SBio,

Inc.

(a)(b)

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

6,000

5,672

Addsino

Co.

Ltd.,

Class

A

........

200

524

Alibaba

Group

Holding

Ltd.

(a)

......

1,300

37,580

Alibaba

Group

Holding

Ltd.,

ADR

(a)

..

2,751

635,343

Baidu,

Inc.,

ADR

(a)

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

323

67,937

BeiGene

Ltd.,

ADR

(a)

...........

66

22,674

Beijing

Enterprises

Water

Group

Ltd.

(a)

240,000

91,664

Beijing

Sinnet

Technology

Co.

Ltd.,

Class

A

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

200

434

BOE

Technology

Group

Co.

Ltd.,

Class

A

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

57,600

64,918

BYD

Co.

Ltd.,

Class

A

...........

1,100

26,985

BYD

Co.

Ltd.,

Class

H

..........

3,500

72,781

CAR,

Inc.

(a)

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

18,000

9,202

China

Conch

Venture

Holdings

Ltd.

..

3,000

14,155

China

Medical

System

Holdings

Ltd.

.

15,000

34,646

China

Molybdenum

Co.

Ltd.,

Class

H

105,000

70,923

China

Resources

Gas

Group

Ltd.

...

2,000

10,821

China

Vanke

Co.

Ltd.,

Class

H

.....

35,300

123,441

Country

Garden

Services

Holdings

Co.

Ltd.

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

1,000

10,476

East

Group

Co.

Ltd.,

Class

A

......

200

192

ENN

Energy

Holdings

Ltd.

........

1,200

20,478

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

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

32,100

53,299

Fu

Jian

Anjoy

Foods

Co.

Ltd.,

Class

A

400

15,537

Ganfeng

Lithium

Co.

Ltd.,

Class

A

..

300

5,026

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(b)

.

1,200

16,075

GCL-Poly

Energy

Holdings

Ltd.

(a)(c)

..

17,000

4,333

GDS

Holdings

Ltd.,

ADR

(a)

........

186

15,432

Geely

Automobile

Holdings

Ltd.

....

10,000

26,047

GoerTek

,

Inc.,

Class

A

..........

13,800

79,911

Gotion

High-tech

Co.

Ltd.,

Class

A

(a)

.

200

1,068

Greentown

Service

Group

Co.

Ltd.

..

26,000

41,332

Haitong

Securities

Co.

Ltd.,

Class

H

.

15,200

13,593

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(a)(b)

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

800

15,676

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

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

300

535

Huatai

Securities

Co.

Ltd.,

Class

H

(b)

.

45,000

64,212

Iflytek

Co.

Ltd.,

Class

A

..........

1,181

9,256

Security

Shares

Shares

Value

China

(continued)

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

55,000

$

35,689

Industrial

Bank

Co.

Ltd.,

Class

A

....

12,000

40,224

Innovent

Biologics,

Inc.

(a)(b)

........

1,000

10,847

Jafron

Biomedical

Co.

Ltd.,

Class

A

..

1,770

26,302

JD.com,

Inc.,

ADR

(a)

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

1,922

148,686

Kingdee

International

Software

Group

Co.

Ltd.

(a)

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

17,000

55,984

Lenovo

Group

Ltd.

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

118,000

161,230

Li

Ning

Co.

Ltd.

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

5,500

44,636

Longfor

Group

Holdings

Ltd.

(b)

.....

1,500

9,317

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

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

400

6,100

Meituan

Dianping

,

Class

B

(a)(b)

.....

6,400

244,956

MMG

Ltd.

(a)

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

44,000

28,424

NARI

Technology

Co.

Ltd.,

Class

A

..

400

1,969

NetEase

,

Inc.,

ADR

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

602

67,460

NIO,

Inc.,

ADR

(a)

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

1,848

73,624

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

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

46,000

45,034

Pinduoduo

,

Inc.,

ADR

(a)

..........

104

13,929

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

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

5,900

65,910

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

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

14,500

158,083

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

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

900

709

Shanghai

Electric

Group

Co.

Ltd.,

Class

H

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

68,000

23,600

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

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

1,100

13,034

Shenzhen

Investment

Ltd.

........

66,000

24,150

Sinopharm

Group

Co.

Ltd.,

Class

H

.

8,000

24,675

Sinotrans

Ltd.,

Class

A

..........

68,000

51,137

Sinotrans

Ltd.,

Class

H

..........

169,000

77,146

Sinotruk

Hong

Kong

Ltd.

.........

1,500

3,686

Sunac

China

Holdings

Ltd.

.......

1,000

3,879

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

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

200

2,758

Sunny

Optical

Technology

Group

Co.

Ltd.

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

200

4,848

TAL

Education

Group,

ADR

(a)

......

86

4,898

Tencent

Holdings

Ltd.

...........

10,000

797,720

Tianjin

Zhonghuan

Semiconductor

Co.

Ltd.,

Class

A

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

300

1,274

Tianneng

Power

International

Ltd.

...

12,000

22,003

Tongwei

Co.

Ltd.,

Class

A

........

1,300

7,020

Tsingtao

Brewery

Co.

Ltd.,

Class

A

..

3,800

53,289

Vipshop

Holdings

Ltd.,

ADR

(a)

......

284

8,739

Weichai

Power

Co.

Ltd.,

Class

A

....

600

1,670

Weichai

Power

Co.

Ltd.,

Class

H

...

3,000

6,944

WuXi

AppTec

Co.

Ltd.,

Class

H

(b)

...

2,400

56,546

WuXi

Biologics

Cayman,

Inc.

(a)(b)

....

8,500

119,321

WuXi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

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

100

1,358

Xiaomi

Corp.,

Class

B

(a)(b)

........

6,400

20,169

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

....

6,661

12,481

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

....

14,200

23,397

Xinyi

Solar

Holdings

Ltd.

.........

8,000

13,343

XPeng

,

Inc.,

ADR

(a)

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

733

21,924

Yadea

Group

Holdings

Ltd.

(b)

......

4,000

8,757

Zai

Lab

Ltd.,

ADR

(a)

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

22

3,657

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

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

200

1,025

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

China

(continued)

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

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

11,730

$

38,653

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

.....

11,400

41,315

Zhengzhou

Yutong

Bus

Co.

Ltd.,

Class

A

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

200

420

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

....

15,200

21,011

ZTE

Corp.,

Class

A

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

400

1,781

ZTE

Corp.,

Class

H

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

1,200

2,990

4,445,314

Colombia

—

0.1%

Bancolombia

SA,

ADR

..........

250

7,483

Greece

—

0.7%

OPAP

SA

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

5,531

84,824

Hungary

—

0.2%

MOL

Hungarian

Oil

&

Gas

plc

(a)

....

4,345

30,016

India

—

7.2%

Adani

Green

Energy

Ltd.

(a)

........

568

7,803

Asian

Paints

Ltd.

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

2,970

101,551

Axis

Bank

Ltd.

(a)

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

5,188

49,872

Dabur

India

Ltd.

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

6,481

47,039

EID

Parry

India

Ltd.

(a)

...........

2,770

12,930

HCL

Technologies

Ltd.

..........

999

12,104

HDFC

Bank

Ltd.

(a)

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

1,403

26,657

HDFC

Bank

Ltd.,

ADR

(a)

.........

692

48,634

Housing

Development

Finance

Corp.

Ltd.

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

5,292

172,335

Infosys

Ltd.

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

4,946

89,887

Infosys

Ltd.,

ADR

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

496

8,968

Kotak

Mahindra

Bank

Ltd.

(a)

.......

926

21,803

Reliance

Industries

Ltd.

.........

1,653

44,410

Tata

Consultancy

Services

Ltd.

....

3,487

142,700

Thermax

Ltd.

(a)

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

391

7,786

Titan

Co.

Ltd.

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

1,035

20,805

UPL

Ltd.

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

7,351

60,104

Wipro

Ltd.

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

1,659

10,972

886,360

Indonesia

—

0.5%

Bank

Central

Asia

Tbk

.

PT

........

30,300

67,077

Malaysia

—

2.8%

CIMB

Group

Holdings

Bhd.

.......

4,700

4,745

Malayan

Banking

Bhd.

..........

53,300

107,049

Petronas

Dagangan

Bhd.

........

10,200

50,131

Public

Bank

Bhd.

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

70,200

71,072

RHB

Bank

Bhd.

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

64,400

81,833

Telekom

Malaysia

Bhd.

..........

21,600

30,090

344,920

Mexico

—

2.1%

Arca

Continental

SAB

de

CV

......

1,403

7,549

Coca-Cola

Femsa

SAB

de

CV

.....

9,599

45,026

Coca-Cola

Femsa

SAB

de

CV,

ADR

.

379

17,802

Fomento

Economico

Mexicano

SAB

de

CV

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

5,312

41,230

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

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

615

47,663

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

(a)

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

1,519

9,491

Grupo

Bimbo

SAB

de

CV

........

8,329

16,627

Security

Shares

Shares

Value

Mexico

(continued)

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

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

12,850

$

72,963

258,351

Peru

—

0.1%

Credicorp

Ltd.

(a)

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

101

12,059

Poland

—

0.5%

(a)

Bank

Polska

Kasa

Opieki

SA

......

2,115

44,618

Santander

Bank

Polska

SA

.......

257

15,203

59,821

Qatar

—

0.4%

Masraf

Al

Rayan

QSC

...........

5,545

6,681

Qatar

Islamic

Bank

SAQ

.........

1,752

8,221

Qatar

National

Bank

QPSC

.......

6,851

33,073

47,975

Romania

—

0.2%

NEPI

Rockcastle

plc

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

4,584

30,881

Russia

—

1.9%

LUKOIL

PJSC

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

10

771

LUKOIL

PJSC,

ADR

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

2,684

205,426

Novatek

PJSC,

GDR

...........

150

27,013

233,210

South

Africa

—

5.1%

Barloworld

Ltd.

(a)

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

2,580

17,016

Bidvest

Group

Ltd.

(The)

.........

1,321

15,254

Clicks

Group

Ltd.

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

1,701

28,408

FirstRand

Ltd.

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

8,879

31,233

Gold

Fields

Ltd.

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

3,421

32,103

Gold

Fields

Ltd.,

ADR

...........

3,285

30,813

Growthpoint

Properties

Ltd.

.......

9,409

9,420

Investec

Ltd.

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

24,227

92,112

Naspers

Ltd.,

Class

N

...........

965

219,615

Nedbank

Group

Ltd.

(a)

...........

664

6,765

Old

Mutual

Ltd.

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

78,195

68,065

Standard

Bank

Group

Ltd.

........

3,455

28,098

Vodacom

Group

Ltd.

...........

5,041

43,703

622,605

South

Korea

—

14.1%

AMOREPACIFIC

Group

.........

655

43,216

CJ

CheilJedang

Corp.

...........

157

55,727

Dongkuk

Steel

Mill

Co.

Ltd.

.......

1,771

37,933

Doosan

Bobcat,

Inc.

(a)

...........

454

18,565

Doosan

Co.

Ltd.

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

409

23,197

Hanon

Systems

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

771

11,231

Hanwha

Solutions

Corp.

(a)

........

730

29,963

Hyundai

Elevator

Co.

Ltd.

........

541

22,002

Hyundai

Mobis

Co.

Ltd.

..........

102

24,687

Kakao

Corp.

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

177

18,023

KB

Financial

Group,

Inc.

.........

570

28,060

KT

Corp.,

ADR

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

6,707

84,508

LG

Chem

Ltd.

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

112

93,496

LG

Display

Co.

Ltd.

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

341

7,405

LG

Electronics,

Inc.

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

285

40,040

LG

Hausys

Ltd.

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

366

29,835

LG

Household

&

Health

Care

Ltd.

...

54

74,581

LG

Innotek

Co.

Ltd.

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

86

15,433

NAVER

Corp.

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

289

93,064

POSCO

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

196

64,056

Samsung

C&T

Corp.

...........

225

27,381

Samsung

Electronics

Co.

Ltd.

.....

8,821

642,923

Samsung

Engineering

Co.

Ltd.

(a)

....

651

10,098

Samsung

SDI

Co.

Ltd.

..........

80

46,695

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

South

Korea

(continued)

Seah

Besteel

Corp.

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

258

$

6,038

Shinhan

Financial

Group

Co.

Ltd.

...

1,790

64,325

Shinhan

Financial

Group

Co.

Ltd.,

ADR

703

25,125

SK

Hynix,

Inc.

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

225

25,668

SK

Innovation

Co.

Ltd.

(a)

.........

228

55,147

SK

Telecom

Co.

Ltd.

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

57

15,525

1,733,947

Taiwan

—

14.4%

Acer,

Inc.

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

76,000

92,887

AU

Optronics

Corp.

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

13,000

15,219

Cathay

Financial

Holding

Co.

Ltd.

...

71,000

132,545

CTBC

Financial

Holding

Co.

Ltd.

...

131,000

106,613

Delta

Electronics,

Inc.

...........

21,000

224,971

Eva

Airways

Corp.

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

12,000

8,078

Hotai

Motor

Co.

Ltd.

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

1,000

21,518

MediaTek

,

Inc.

(a)

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

3,000

125,768

Taiwan

High

Speed

Rail

Corp.

.....

3,000

3,372

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

36,000

758,147

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

1,437

167,755

Tung

Ho

Steel

Enterprise

Corp.

....

35,000

74,149

Voltronic

Power

Technology

Corp.

(a)

.

1,000

45,450

1,776,472

Thailand

—

1.2%

Home

Product

Center

PCL,

NVDR

..

182,400

82,425

PTT

PCL,

NVDR

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

14,300

18,304

Siam

Cement

PCL

(The),

NVDR

....

3,300

48,903

149,632

Turkey

—

0.3%

Arcelik

A/S

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

4,817

20,000

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

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

3,487

6,318

Turkiye

Is

Bankasi

A/S,

Class

C

....

14,723

8,695

35,013

Total

Common

Stocks

—

93.8%

(Cost:

$10,328,571)

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

11,554,419

Security

Shares

Shares

Value

Investment

Companies

—

1.9%

iShares

MSCI

Saudi

Arabia

ETF

*

...

6,284

$

237,410

Total

Investment

Companies

—

1.9%

(Cost:

$179,578)

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

237,410

Preferred

Stocks

—

0.9%

Brazil

—

0.9%

Banco

Bradesco

SA

(Preference)

...

17,881

78,443

Cia

Energetica

de

Minas

Gerais

(Preference)

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

4,216

10,788

Cia

Paranaense

de

Energia

(Preference)

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

22,564

26,211

115,442

Total

Preferred

Stocks

—

0.9%  

(Cost:

$100,555)

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

115,442

Total

Long-Term

Investments

—

96.6%

(Cost:

$10,608,704)

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

11,907,271

Short-Term

Securities

—

3.1%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

(d)*

.....

379,782

379,782

Total

Short-Term

Securities

—

3.1%

(Cost:

$379,782)

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

379,782

Total

Investments

—

99.7%

(Cost:

$10,988,486)

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

12,287,053

Other

Assets

Less

Liabilities

—

0.3%

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

31,769

Net

Assets

—

100.0%

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

$

12,318,822

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Annualized

7-day

yield

as

of

period

end.

*

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Schedules

of

Investments

27

Schedule

of

Investments

(continued)

April

30,

2021

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

April

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

      amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/18/20

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/21

Shares

Held

at

04/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(b

)

..

$

—

$

379,782

$

—

$

—

$

—

$

379,782

379,782

$

138

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(b)(c

)

.........

—

2

—

(2)

—

—

—

18

(d

)

—

iShares

MSCI

India

ETF

(

c

)

.....

—

681,417

(683,531)

2,114

—

—

—

18

—

iShares

MSCI

Saudi

Arabia

ETF

.

—

245,941

(72,803)

6,440

57,832

237,410

6,284

637

—

$

8,552

$

57,832

$

617,192

$

811

$

—

—

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

As

of

period

end,

the

entity

is

no

longer

held.

(d)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

28

Schedule

of

Investments

(continued)

April

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

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

5

06/18/21

$

334

$

(1,166)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

1,166

$

—

$

—

$

—

$

1,166

(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,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

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

$

—

$

—

$

261,618

$

—

$

—

$

—

$

261,618

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

(1,166)

—

—

—

(1,166)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

861,714

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Schedules

of

Investments

29

Schedule

of

Investments

(continued)

April

30,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Brazil

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

$

604,710

$

35,683

$

—

$

640,393

Chile

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

88,066

—

—

88,066

China

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

1,087,708

3,353,273

4,333

4,445,314

Colombia

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

7,483

—

—

7,483

Greece

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

—

84,824

—

84,824

Hungary

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

—

30,016

—

30,016

India

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

57,602

828,758

—

886,360

Indonesia

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

—

67,077

—

67,077

Malaysia

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

—

344,920

—

344,920

Mexico

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

258,351

—

—

258,351

Peru

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

12,059

—

—

12,059

Poland

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

—

59,821

—

59,821

Qatar

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

41,294

6,681

—

47,975

Romania

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

30,881

—

—

30,881

Russia

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

—

233,210

—

233,210

South

Africa

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

85,657

536,948

—

622,605

South

Korea

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

109,633

1,624,314

—

1,733,947

Taiwan

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

167,755

1,608,717

—

1,776,472

Thailand

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

—

149,632

—

149,632

Turkey

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

6,318

28,695

—

35,013

Investment

Companies

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

237,410

—

—

237,410

Preferred

Stocks

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

115,442

—

—

115,442

Short-Term

Securities

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

379,782

—

—

379,782

$

3,290,151

$

8,992,569

$

4,333

$

12,287,053

Derivative

Financial

Instruments

(a)

Liabilities:

Equity

contracts

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

$

(1,166)

$

—

$

—

$

(1,166)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

International

Equity

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

April

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

95.4%

Australia

—

7.2%

Afterpay

Ltd.

(a)

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

72

$

6,485

Alumina

Ltd.

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

756

1,002

Aristocrat

Leisure

Ltd.

...........

1,250

35,653

BHP

Group

Ltd.

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

3,395

123,564

BHP

Group

plc

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

1,227

36,951

BlueScope

Steel

Ltd.

...........

1,590

26,285

Challenger

Ltd.

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

1,275

5,005

Cochlear

Ltd.

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

328

56,147

Commonwealth

Bank

of

Australia

...

1,097

75,097

Computershare

Ltd.

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

138

1,500

Corporate

Travel

Management

Ltd.

(a)

.

400

5,669

CSL

Ltd.

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

289

60,370

Fortescue

Metals

Group

Ltd.

......

353

6,107

Glencore

plc

(a)

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

12,824

52,238

IDP

Education

Ltd.

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

162

2,830

IOOF

Holdings

Ltd.

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

8,563

24,052

Lendlease

Corp.

Ltd.

(b)

..........

822

8,032

Link

Administration

Holdings

Ltd.

...

594

2,276

Macquarie

Group

Ltd.

...........

144

17,750

Medibank

Pvt

Ltd.

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

24,426

57,955

Mineral

Resources

Ltd.

..........

119

4,346

Mirvac

Group

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

1,950

4,040

National

Australia

Bank

Ltd.

.......

993

20,321

Northern

Star

Resources

Ltd.

......

3,280

26,353

Qantas

Airways

Ltd.

(a)

...........

3,283

12,453

REA

Group

Ltd.

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

284

34,553

Rio

Tinto

plc

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

361

30,236

Scentre

Group

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

21,342

44,668

Stockland

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

7,554

27,222

Tabcorp

Holdings

Ltd.

...........

2,632

10,035

Technology

One

Ltd.

...........

672

4,903

Vicinity

Centres

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

2,403

2,937

Westpac

Banking

Corp.

.........

953

18,365

WiseTech

Global

Ltd.

...........

483

11,625

Worley

Ltd.

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

1,477

12,256

869,281

Austria

—

0.6%

ANDRITZ

AG

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

344

18,693

Raiffeisen

Bank

International

AG

...

1,195

26,108

Telekom

Austria

AG

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

720

5,886

Wienerberger

AG

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

659

25,836

76,523

Belgium

—

0.8%

Anheuser-Busch

InBev

SA/NV

.....

814

57,658

Telenet

Group

Holding

NV

........

140

5,987

UCB

SA

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

19

1,759

Umicore

SA

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

352

21,388

Warehouses

De

Pauw

CVA

.......

198

6,983

93,775

China

—

0.8%

BOC

Hong

Kong

Holdings

Ltd.

.....

22,000

77,358

Prosus

NV

(a)

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

196

21,272

Wilmar

International

Ltd.

.........

100

391

99,021

Denmark

—

2.9%

AP

Moller

-

Maersk

A/S,

Class

B

....

12

29,852

Coloplast

A/S,

Class

B

..........

403

66,753

Genmab

A/S

(a)

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

30

11,009

GN

Store

Nord

A/S

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

651

58,712

ISS

A/S

(a)

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

329

6,238

Novo

Nordisk

A/S,

Class

B

.......

2,211

163,100

Security

Shares

Shares

Value

Denmark

(continued)

Orsted

A/S

(c)

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

119

$

17,298

ROCKWOOL

International

A/S,

Class

B

6

2,684

355,646

Finland

—

1.3%

Kone

OYJ,

Class

B

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

80

6,283

Konecranes

OYJ

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

510

23,474

Neste

OYJ

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

302

18,262

Nordea

Bank

Abp

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

6,967

72,210

Sampo

OYJ,

Class

A

...........

189

8,965

UPM-

Kymmene

OYJ

...........

523

20,453

Valmet

OYJ

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

140

5,848

Wartsila

OYJ

Abp

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

452

5,833

161,328

France

—

11.3%

Air

Liquide

SA

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

330

55,573

ALD

SA

(c)

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

1,941

30,517

Alstom

SA

(a)

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

185

10,103

Alten

SA

(a)

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

39

4,883

Amundi

SA

(a)(c)

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

745

66,393

Atos

SE

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

358

24,380

AXA

SA

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

1,470

41,520

BNP

Paribas

SA

(a)

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

954

61,168

Casino

Guichard

Perrachon

SA

(a)

...

693

24,197

Cie

de

Saint-Gobain

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

354

22,336

CNP

Assurances

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

591

10,337

Danone

SA

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

388

27,389

Dassault

Systemes

SE

..........

244

56,601

Electricite

de

France

SA

(a)

........

431

6,289

Engie

SA

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

1,271

18,932

Faurecia

SE

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

81

4,376

Hermes

International

...........

47

58,990

Imerys

SA

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

383

19,909

Kering

SA

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

151

120,998

Legrand

SA

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

186

18,105

L'Oreal

SA

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

358

146,591

LVMH

Moet

Hennessy

Louis

Vuitton

SE

160

120,536

Orange

SA

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

1,150

14,321

Pernod

Ricard

SA

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

497

102,067

Remy

Cointreau

SA

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

93

18,582

Renault

SA

(a)

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

134

5,401

Rexel

SA

(a)

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

323

6,349

Rubis

SCA

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

14

657

Sanofi

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

175

18,348

Schneider

Electric

SE

...........

828

132,112

SCOR

SE

(a)

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

171

5,525

Societe

Generale

SA

(a)

..........

325

9,245

SPIE

SA

(a)

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

580

14,661

TOTAL

SE

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

575

25,414

Unibail

-

Rodamco

-Westfield

(a)

......

169

13,918

Valeo

SA

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

647

20,967

Vinci

SA

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

363

39,832

1,377,522

Germany

—

7.7%

adidas

AG

(a)

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

265

81,848

Allianz

SE

(Registered)

..........

64

16,616

Aroundtown

SA

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

1,998

15,385

Aurubis

AG

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

170

14,614

BASF

SE

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

641

51,659

Bayer

AG

(Registered)

..........

307

19,865

Bayerische

Motoren

Werke

AG

....

230

23,048

Beiersdorf

AG

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

735

82,960

Covestro

AG

(c)

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

127

8,306

Daimler

AG

(Registered)

.........

596

53,043

BlackRock

Advantage

ESG

International

Equity

Fund

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Germany

(continued)

Deutsche

Boerse

AG

...........

528

$

90,988

Deutsche

Post

AG

(Registered)

....

1,930

113,672

E.ON

SE

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

2,902

34,992

Hannover

Rueck

SE

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

41

7,571

HelloFresh

SE

(a)

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

425

35,256

Infineon

Technologies

AG

........

909

36,451

Knorr-

Bremse

AG

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

50

6,129

ProSiebenSat.1

Media

SE

(a)

.......

39

847

Puma

SE

(a)

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

99

10,437

Rheinmetall

AG

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

113

11,790

SAP

SE

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

294

41,166

Siemens

AG

(Registered)

........

947

157,993

Siemens

Energy

AG

(a)

...........

278

9,298

Volkswagen

AG

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

23

7,302

Zalando

SE

(a)(c)

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

94

9,776

941,012

Hong

Kong

—

2.7%

AIA

Group

Ltd.

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

11,600

147,234

ASM

Pacific

Technology

Ltd.

......

200

3,021

Haitong

International

Securities

Group

Ltd.

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

11,000

3,457

Hong

Kong

Exchanges

&

Clearing

Ltd.

100

6,031

Kerry

Properties

Ltd.

...........

3,000

10,108

MTR

Corp.

Ltd.

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

6,500

36,202

New

World

Development

Co.

Ltd.

...

2,000

10,583

Sun

Hung

Kai

Properties

Ltd.

......

2,000

30,085

Swire

Properties

Ltd.

...........

11,400

34,019

Techtronic

Industries

Co.

Ltd.

......

1,500

27,217

Wharf

Real

Estate

Investment

Co.

Ltd.

4,000

22,988

330,945

Ireland

—

0.4%

Flutter

Entertainment

plc

(a)

........

108

22,017

Kerry

Group

plc,

Class

A

.........

136

17,629

Kingspan

Group

plc

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

162

14,409

54,055

Israel

—

1.0%

(a)

Bank

Hapoalim

BM

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

4,219

33,531

Israel

Discount

Bank

Ltd.,

Class

A

..

5,595

25,187

Nice

Ltd.

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

185

44,615

Teva

Pharmaceutical

Industries

Ltd.

.

1,484

15,782

119,115

Italy

—

1.7%

Amplifon

SpA

(a)

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

50

2,110

Enel

SpA

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

5,659

56,190

FinecoBank

Banca

Fineco

SpA

(a)

...

288

4,954

Intesa

Sanpaolo

SpA

(a)

..........

21,988

61,301

Pirelli

&

C

SpA

(a)(c)

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

5,970

33,543

Prysmian

SpA

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

168

5,256

Terna

Rete

Elettrica

Nazionale

SpA

..

2,591

19,100

Unipol

Gruppo

SpA

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

3,716

20,308

202,762

Japan

—

22.7%

AEON

Financial

Service

Co.

Ltd.

...

300

3,415

Alfresa

Holdings

Corp.

..........

500

8,963

Alps

Alpine

Co.

Ltd.

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

1,700

20,598

Amada

Co.

Ltd.

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

1,400

15,185

ANA

Holdings,

Inc.

(a)

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

300

6,888

Asahi

Kasei

Corp.

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

3,800

40,031

Asics

Corp.

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

1,500

23,835

Astellas

Pharma,

Inc.

...........

2,300

34,617

Azbil

Corp.

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

200

8,075

Bandai

Namco

Holdings,

Inc.

......

100

7,338

Security

Shares

Shares

Value

Japan

(continued)

Benesse

Holdings,

Inc.

..........

500

$

11,041

Calbee

,

Inc.

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

400

9,586

Canon

Marketing

Japan,

Inc.

......

800

19,314

Canon,

Inc.

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

400

9,512

Casio

Computer

Co.

Ltd.

.........

900

15,936

Central

Japan

Railway

Co.

.......

100

14,651

COMSYS

Holdings

Corp.

........

400

12,418

Credit

Saison

Co.

Ltd.

...........

200

2,306

Daikin

Industries

Ltd.

...........

100

20,171

Daito

Trust

Construction

Co.

Ltd.

...

100

10,633

Daiwa

House

Industry

Co.

Ltd.

.....

500

14,826

DIC

Corp.

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

300

7,668

Disco

Corp.

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

100

32,292

Ebara

Corp.

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

700

29,910

Eisai

Co.

Ltd.

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

100

6,522

FANUC

Corp.

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

200

46,057

Fast

Retailing

Co.

Ltd.

..........

100

82,043

FUJIFILM

Holdings

Corp.

........

800

51,820

Hitachi

Transport

System

Ltd.

.....

300

9,320

Inpex

Corp.

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

3,800

25,859

Itoham

Yonekyu

Holdings,

Inc.

.....

500

3,217

Japan

Post

Holdings

Co.

Ltd.

(a)

.....

800

6,723

KDDI

Corp.

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

2,400

72,551

Keisei

Electric

Railway

Co.

Ltd.

....

100

3,123

Keyence

Corp.

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

200

96,011

Kirin

Holdings

Co.

Ltd.

..........

4,300

80,751

Kobe

Bussan

Co.

Ltd.

...........

200

5,343

Koito

Manufacturing

Co.

Ltd.

......

300

18,714

Komatsu

Ltd.

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

700

20,583

K's

Holdings

Corp.

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

300

4,093

Kubota

Corp.

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

1,700

39,994

Kyoritsu

Maintenance

Co.

Ltd.

.....

100

3,179

Kyowa

Exeo

Corp.

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

600

15,961

Lintec

Corp.

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

400

8,704

M3,

Inc.

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

300

20,724

Maeda

Corp.

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

1,800

15,380

Medipal

Holdings

Corp.

..........

2,300

42,321

Mitsubishi

HC

Capital,

Inc.

........

2,500

14,368

Mitsubishi

Heavy

Industries

Ltd.

....

600

17,861

Mitsubishi

Materials

Corp.

........

1,400

31,453

Mitsui

Mining

&

Smelting

Co.

Ltd.

...

100

3,404

Morinaga

&

Co.

Ltd.

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

100

3,332

MS&AD

Insurance

Group

Holdings,

Inc.

1,300

36,882

Murata

Manufacturing

Co.

Ltd.

.....

300

23,852

NET

One

Systems

Co.

Ltd.

.......

100

3,273

NGK

Spark

Plug

Co.

Ltd.

........

200

3,340

Nichirei

Corp.

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

300

7,587

Nihon

Unisys

Ltd.

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

100

3,168

Nikon

Corp.

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

1,500

14,124

Nintendo

Co.

Ltd.

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

100

57,365

Nippon

Paint

Holdings

Co.

Ltd.

.....

1,400

19,997

Nippon

Telegraph

&

Telephone

Corp.

1,200

30,255

Nippon

Yusen

KK

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

400

15,721

Nitto

Denko

Corp.

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

300

24,826

NOK

Corp.

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

700

9,022

Nomura

Holdings,

Inc.

..........

14,000

75,252

Nomura

Research

Institute

Ltd.

....

200

6,138

Obayashi

Corp.

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

3,200

29,278

Omron

Corp.

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

400

30,290

Oriental

Land

Co.

Ltd.

..........

100

14,176

Otsuka

Corp.

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

200

10,061

Panasonic

Corp.

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

100

1,174

Persol

Holdings

Co.

Ltd.

.........

400

7,366

Recruit

Holdings

Co.

Ltd.

........

2,000

90,175

Relo

Group,

Inc.

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

600

12,330

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

International

Equity

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Japan

(continued)

Rengo

Co.

Ltd.

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

1,400

$

11,620

Resorttrust

,

Inc.

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

100

1,593

Ricoh

Co.

Ltd.

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

1,300

13,892

Sanwa

Holdings

Corp.

..........

800

10,335

Sekisui

House

Ltd.

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

1,200

24,303

SG

Holdings

Co.

Ltd.

...........

200

4,542

Shimadzu

Corp.

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

100

3,504

Shimizu

Corp.

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

1,700

13,930

SMC

Corp.

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

100

58,108

SoftBank

Corp.

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

2,000

25,781

SoftBank

Group

Corp.

..........

1,100

99,122

Sompo

Holdings,

Inc.

...........

200

7,433

Sony

Group

Corp.

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

400

39,992

Stanley

Electric

Co.

Ltd.

.........

500

14,313

Sumitomo

Chemical

Co.

Ltd.

......

14,400

73,500

Sumitomo

Forestry

Co.

Ltd.

.......

1,000

23,090

Sumitomo

Metal

Mining

Co.

Ltd.

....

100

4,234

Sumitomo

Mitsui

Financial

Group,

Inc.

2,600

91,335

Sumitomo

Rubber

Industries

Ltd.

...

5,500

68,133

Suntory

Beverage

&

Food

Ltd.

.....

300

10,127

Sysmex

Corp.

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

200

19,977

T&D

Holdings,

Inc.

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

300

3,682

Taisei

Corp.

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

300

11,084

Takeda

Pharmaceutical

Co.

Ltd.

....

3,000

100,202

Tokio

Marine

Holdings,

Inc.

.......

1,300

62,344

Tokyo

Electron

Ltd.

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

200

90,838

Tokyo

Gas

Co.

Ltd.

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

300

6,088

Toshiba

Corp.

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

200

8,266

Toyo

Seikan

Group

Holdings

Ltd.

...

600

7,032

Toyo

Suisan

Kaisha

Ltd.

.........

100

4,078

Toyoda

Gosei

Co.

Ltd.

..........

400

9,804

Toyota

Boshoku

Corp.

..........

300

5,597

Toyota

Motor

Corp.

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

700

52,377

Unicharm

Corp.

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

2,100

81,628

Welcia

Holdings

Co.

Ltd.

.........

800

24,961

Yamada

Holdings

Co.

Ltd.

........

2,300

11,450

Yaoko

Co.

Ltd.

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

100

6,379

2,758,946

Luxembourg

—

0.1%

Aperam

SA

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

192

9,937

Netherlands

—

6.5%

Adyen

NV

(a)(c)

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

5

12,305

Aegon

NV

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

6,591

30,545

Akzo

Nobel

NV

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

388

46,587

Argenx

SE

(a)

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

10

2,874

ASML

Holding

NV

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

302

196,041

Euronext

NV

(c)

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

263

26,453

Flow

Traders

(c)

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

409

16,886

Heineken

NV

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

247

28,652

ING

Groep

NV

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

4,498

57,462

JDE

Peet's

NV

(a)

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

460

17,885

Koninklijke

Ahold

Delhaize

NV

.....

1,470

39,560

NN

Group

NV

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

876

43,693

PostNL

NV

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

1,947

10,170

Randstad

NV

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

1,044

75,327

Royal

Dutch

Shell

plc,

Class

A

.....

5,184

97,544

Royal

Dutch

Shell

plc,

Class

B

.....

4,566

81,702

783,686

New

Zealand

—

0.7%

Air

New

Zealand

Ltd.

(a)

..........

9,543

11,857

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

640

16,495

Mercury

NZ

Ltd.

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

2,608

12,919

Meridian

Energy

Ltd.

...........

291

1,109

Security

Shares

Shares

Value

New

Zealand

(continued)

Xero

Ltd.

(a)

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

359

$

39,108

81,488

Norway

—

1.1%

DNB

ASA

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

1,449

31,075

Entra

ASA

(c)

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

374

8,447

Equinor

ASA

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

2,142

43,253

Gjensidige

Forsikring

ASA

........

1,795

40,763

Norsk

Hydro

ASA

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

870

5,540

129,078

Saudi

Arabia

—

0.0%

Delivery

Hero

SE

(a)(c)

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

5

793

Singapore

—

0.8%

DBS

Group

Holdings

Ltd.

........

1,200

26,893

Keppel

Corp.

Ltd.

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

1,100

4,469

NetLink

NBN

Trust

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

1,100

802

Oversea-Chinese

Banking

Corp.

Ltd.

1,400

12,798

Singapore

Airlines

Ltd.

(a)

.........

3,500

13,265

Singapore

Post

Ltd.

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

2,500

1,445

Singapore

Telecommunications

Ltd.

.

9,800

18,386

United

Overseas

Bank

Ltd.

.......

800

15,946

94,004

Spain

—

1.6%

Acciona

SA

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

219

38,071

Amadeus

IT

Group

SA

(a)

.........

62

4,222

Banco

Bilbao

Vizcaya

Argentaria

SA

.

6,001

33,603

CaixaBank

SA

(a)

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

205

656

Grifols

SA

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

321

8,695

Iberdrola

SA

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

4,273

57,745

Industria

de

Diseno

Textil

SA

......

382

13,592

Naturgy

Energy

Group

SA

........

202

5,189

Repsol

SA

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

1,048

12,509

Siemens

Gamesa

Renewable

Energy

SA

(a)

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

166

5,996

Telefonica

SA

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

2,919

13,528

193,806

Sweden

—

3.2%

Alfa

Laval

AB

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

152

5,133

Assa

Abloy

AB,

Class

B

.........

302

8,610

Atlas

Copco

AB,

Class

A

.........

1,262

76,528

Atlas

Copco

AB,

Class

B

.........

792

41,096

Dometic

Group

AB

(c)

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

241

3,793

Electrolux

AB

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

322

9,037

Elekta

AB,

Class

B

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

181

2,420

Evolution

Gaming

Group

AB

(c)

.....

160

31,585

ICA

Gruppen

AB

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

88

4,056

Intrum

AB

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

271

9,320

Kinnevik

AB,

Class

B

(a)

..........

838

46,251

Loomis

AB

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

192

6,288

Nibe

Industrier

AB,

Class

B

.......

273

9,970

Pandox

AB

(a)

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

522

9,114

Saab

AB,

Class

B

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

1,255

37,147

SKF

AB,

Class

B

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

37

956

SSAB

AB,

Class

A

(a)

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

6

33

Svenska

Handelsbanken

AB,

Class

A

184

2,131

Telefonaktiebolaget

LM

Ericsson,

Class

B

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

5,956

81,801

385,269

Switzerland

—

8.4%

Adecco

Group

AG

(Registered)

....

475

32,195

Alcon,

Inc.

(a)

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

466

35,002

Givaudan

SA

(Registered)

........

24

100,564

BlackRock

Advantage

ESG

International

Equity

Fund

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Switzerland

(continued)

Kuehne

+

Nagel

International

AG

(Registered)

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

145

$

43,354

Landis+Gyr

Group

AG

(a)

.........

91

6,308

Nestle

SA

(Registered)

..........

2,630

313,840

Novartis

AG

(Registered)

........

872

74,413

Roche

Holding

AG

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

587

194,341

Sika

AG

(Registered)

...........

155

46,293

Sonova

Holding

AG

(Registered)

(a)

..

119

35,236

STMicroelectronics

NV

..........

444

16,584

Straumann

Holding

AG

(Registered)

.

18

25,725

Swiss

Life

Holding

AG

(Registered)

..

3

1,462

Swiss

Re

AG

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

264

24,510

UBS

Group

AG

(Registered)

......

4,881

74,536

1,024,363

United

Kingdom

—

11.3%

3i

Group

plc

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

1,239

21,945

AstraZeneca

plc

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

1,509

160,624

Auto

Trader

Group

plc

(a)(c)

........

412

3,243

Aviva

plc

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

1,300

7,187

Barratt

Developments

plc

........

948

10,108

Bellway

plc

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

184

9,179

BP

plc

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

12,013

50,291

British

Land

Co.

plc

(The)

........

2,940

21,069

Burberry

Group

plc

(a)

...........

1,286

36,604

Centrica

plc

(a)

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

12,194

9,545

CNH

Industrial

NV

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

622

9,233

Compass

Group

plc

(a)

...........

1,470

31,979

ConvaTec

Group

plc

(c)

...........

3,943

11,882

DCC

plc

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

54

4,686

Diageo

plc

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

536

24,062

Dunelm

Group

plc

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

1,670

34,010

Entain

plc

(a)

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

399

9,327

Experian

plc

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

553

21,319

GlaxoSmithKline

plc

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

4,767

88,093

HomeServe

plc

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

2,036

30,769

Howden

Joinery

Group

plc

(a)

......

1,302

14,545

HSBC

Holdings

plc

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

12,945

80,825

ITV

plc

(a)

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

8,430

14,090

J

Sainsbury

plc

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

23,003

75,553

JD

Sports

Fashion

plc

(a)

.........

1,347

17,086

JET2

plc

(a)

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

462

9,516

Johnson

Matthey

plc

...........

791

35,496

Kingfisher

plc

(a)

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

13,117

64,754

Lloyds

Banking

Group

plc

........

135,237

84,804

Micro

Focus

International

plc

......

4,291

30,607

Pets

at

Home

Group

plc

.........

649

3,983

Prudential

plc

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

1,405

29,750

Redrow

plc

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

652

6,224

RELX

plc

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

1,626

42,187

Rentokil

Initial

plc

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

536

3,704

Rightmove

plc

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

2,366

20,057

Royal

Mail

plc

(a)

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

2,394

16,402

Sage

Group

plc

(The)

...........

780

6,872

Segro

plc

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

460

6,391

Smiths

Group

plc

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

1,091

24,502

SSE

plc

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

1,029

20,861

Standard

Chartered

plc

..........

501

3,594

Travis

Perkins

plc

(a)

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

1,069

22,704

Unilever

plc

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

932

54,434

Unilever

plc

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

370

21,673

Vodafone

Group

plc

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

10,203

19,255

Wickes

Group

plc

(a)

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

1,198

4,135

Wm

Morrison

Supermarkets

plc

....

15,591

37,445

1,366,604

Security

Shares

Shares

Value

United

States

—

0.6%

Ferguson

plc

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

309

$

38,973

James

Hardie

Industries

plc,

CDI

...

149

4,910

Sims

Ltd.

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

2,143

25,981

69,864

Total

Common

Stocks

—

95.4%

(Cost:

$10,429,800)

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

11,578,823

Preferred

Stocks

—

0.8%

Germany

—

0.8%

Henkel

AG

&

Co.

KGaA

(Preference)

413

47,441

Schaeffler

AG

(Preference)

.......

1,504

13,556

Volkswagen

AG

(Preference)

......

129

33,587

94,584

Total

Preferred

Stocks

—

0.8%  

(Cost:

$95,032)

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

94,584

Rights

—

0.0%

Netherlands

—

0.0%

Euronext

NV

(Expires

05/10/21)

(a)

...

263

3,083

Switzerland

—

0.0%

Credit

Suisse

Group

AG

(Expires

05/06/21)

(a)(d)

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

998

—

Total

Rights

—

0.0%

(Cost:

$–)

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

3,083

Total

Long-Term

Investments

—

96.2%

(Cost:

$10,524,832)

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

11,676,490

Short-Term

Securities

—

2.5%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

(e)*

.....

305,672

305,672

Total

Short-Term

Securities

—

2.5%

(Cost:

$305,672)

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

305,672

Total

Investments

—

98.7%

(Cost:

$10,830,504)

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

11,982,162

Other

Assets

Less

Liabilities

—

1.3%

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

155,353

Net

Assets

—

100.0%

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

$

12,137,515

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

International

Equity

Fund

34

Schedule

of

Investments

(continued)

April

30,

2021

(a)

Commencement

of

operations.

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

*

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

April

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

      amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/18/20

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/21

Shares

Held

at

04/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(b)

..

$

—

$

305,672

$

—

$

—

$

—

$

305,672

305,672

$

58

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(b)(c)

.........

—

—

—

—

—

—

—

7

(d)

—

$

—

$

—

$

305,672

$

65

$

—

—

—

(b)

Represents

net

amount

purchased

(sold).

(c)

As

of

period

end,

the

entity

is

no

longer

held.

(d)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

BlackRock

Advantage

ESG

International

Equity

Fund

Schedules

of

Investments

35

Schedule

of

Investments

(continued)

April

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

EAFE

E-Mini

Index

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

3

06/18/21

$

339

$

6,622

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

6,622

$

—

$

—

$

—

$

6,622

(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,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

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

$

—

$

—

$

51,393

$

—

$

—

$

—

$

51,393

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

6,622

—

—

—

6,622

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

307,835

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

ESG

International

Equity

Fund

36

Schedule

of

Investments

(continued)

April

30,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Australia

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

$

—

$

869,281

$

—

$

869,281

Austria

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

5,886

70,637

—

76,523

Belgium

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

—

93,775

—

93,775

China

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

—

99,021

—

99,021

Denmark

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

—

355,646

—

355,646

Finland

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

—

161,328

—

161,328

France

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

—

1,377,522

—

1,377,522

Germany

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

35,256

905,756

—

941,012

Hong

Kong

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

—

330,945

—

330,945

Ireland

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

—

54,055

—

54,055

Israel

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

—

119,115

—

119,115

Italy

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

—

202,762

—

202,762

Japan

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

34,547

2,724,399

—

2,758,946

Luxembourg

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

—

9,937

—

9,937

Netherlands

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

16,886

766,800

—

783,686

New

Zealand

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

—

81,488

—

81,488

Norway

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

8,447

120,631

—

129,078

Saudi

Arabia

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

—

793

—

793

Singapore

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

—

94,004

—

94,004

Spain

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

—

193,806

—

193,806

Sweden

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

9,037

376,232

—

385,269

Switzerland

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

—

1,024,363

—

1,024,363

United

Kingdom

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

79,967

1,286,637

—

1,366,604

United

States

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

—

69,864

—

69,864

Preferred

Stocks

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

—

94,584

—

94,584

Rights

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

3,083

—

—

3,083

Short-Term

Securities

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

305,672

—

—

305,672

$

498,781

$

11,483,381

$

—

$

11,982,162

Derivative

Financial

Instruments

(a)

Assets:

Equity

contracts

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

$

6,622

$

—

$

—

$

6,622

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

Global

Impact

Fund

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

April

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.2%

Argentina

—

2.1%

MercadoLibre

,

Inc.

(a)

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

713

$

1,120,109

Brazil

—

3.2%

Pagseguro

Digital

Ltd.,

Class

A

(a)(b)

..

19,153

876,058

YDUQS

Participacoes

SA

........

148,080

802,547

1,678,605

Canada

—

1.8%

Shopify,

Inc.,

Class

A

(a)

..........

355

419,791

TransAlta

Renewables,

Inc.

.......

34,175

541,339

961,130

Cayman

Islands

—

1.1%

AEA-Bridges

Impact

Corp.,

Class

A

(a)

55,577

550,212

China

—

7.2%

17

Education

&

Technology

Group,

Inc.,

ADR

(a)(b)

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

67,068

440,637

360

DigiTech

,

Inc.,

ADR

(a)

........

14,352

367,555

China

Feihe

Ltd.

(c)

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

239,000

679,096

Jinyu

Bio-Technology

Co.

Ltd.,

Class

A

237,735

799,222

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

(a)

...........

70,245

1,071,939

WuXi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

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

31,376

426,088

3,784,537

Colombia

—

1.9%

Millicom

International

Cellular

SA,

SDR

(a)

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

25,276

998,876

Denmark

—

2.8%

Atlantic

Sapphire

ASA

(a)

.........

52,610

548,895

Vestas

Wind

Systems

A/S

........

21,895

913,973

1,462,868

France

—

1.7%

Nexity

SA

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

16,867

914,085

Germany

—

3.0%

LEG

Immobilien

SE

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

11,162

1,553,028

India

—

1.6%

Bandhan

Bank

Ltd.

(a)(c)

..........

191,192

847,434

Indonesia

—

2.6%

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

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

4,904,200

1,372,367

Japan

—

2.3%

Katitas

Co.

Ltd.

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

40,800

1,222,289

Kenya

—

3.2%

Safaricom

plc

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

4,455,975

1,667,117

Netherlands

—

4.4%

Koninklijke

DSM

NV

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

6,241

1,119,013

Koninklijke

Philips

NV

(a)

..........

20,827

1,177,624

2,296,637

South

Korea

—

1.6%

Samsung

SDI

Co.

Ltd.

..........

1,391

811,899

Spain

—

2.0%

EDP

Renovaveis

SA

(a)

..........

43,617

1,039,332

United

Kingdom

—

1.8%

Genus

plc

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

13,570

953,046

Security

Shares

Shares

Value

United

States

—

54.9%

1Life

Healthcare,

Inc.

(a)(b)

.........

16,220

$

705,732

Agilent

Technologies,

Inc.

........

8,037

1,074,065

agilon

health,

Inc.

(a)

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

2,988

94,212

Alkami

Technology,

Inc.

(a)

........

575

27,422

Avangrid

,

Inc.

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

14,136

719,522

Boston

Scientific

Corp.

(a)

.........

39,087

1,704,193

Brookfield

Renewable

Corp.

......

31,279

1,296,559

Chegg

,

Inc.

(a)

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

8,051

727,247

Climate

Change

Crisis

Real

Impact

I

Acquisition

Corp.,

Class

A

(a)(b)

....

28,636

373,700

Danaher

Corp.

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

7,457

1,893,631

Darling

Ingredients,

Inc.

(a)

........

15,311

1,063,349

Everbridge

,

Inc.

(a)

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

7,730

1,025,848

First

Solar,

Inc.

(a)

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

6,333

484,665

Grocery

Outlet

Holding

Corp.

(a)

.....

6,490

262,131

ICF

International,

Inc.

...........

14,674

1,336,214

Invitae

Corp.

(a)

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

13,697

478,025

Itron

,

Inc.

(a)

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

11,782

1,059,673

Jack

Henry

&

Associates,

Inc.

.....

8,917

1,451,955

Jaws

Acquisition

Corp.,

Class

A

(a)

...

60,777

787,670

Laureate

Education,

Inc.,

Class

A

(a)(b)

.

23,258

319,798

Mimecast

Ltd.

(a)

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

27,646

1,200,389

Natural

Order

Acquisition

Corp.

(a)

...

54,480

569,316

Nuance

Communications,

Inc.

(a)

....

29,458

1,566,282

Oak

Street

Health,

Inc.

(a)(b)

........

16,340

1,007,034

Peridot

Acquisition

Corp.,

Class

A

(a)(b)

43,265

443,034

Rapid7,

Inc.

(a)

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

9,633

782,681

Software

Acquisition

Group,

Inc.

II,

Class

A

(a)(b)

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

35,745

358,165

Square,

Inc.,

Class

A

(a)

..........

2,432

595,402

Sun

Communities,

Inc.

..........

5,799

967,447

TPG

Pace

Tech

Opportunities

Corp.,

Class

A

(a)

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

39,045

403,725

Veeva

Systems,

Inc.,

Class

A

(a)

....

2,395

676,468

View,

Inc.

(a)

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

94,003

819,706

Xylem,

Inc.

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

5,886

651,286

Zoetis,

Inc.

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

10,739

1,858,169

28,784,715

Total

Common

Stocks

—

99.2%

(Cost:

$47,897,829)

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

52,018,286

Warrants

—

0.2%

Cayman

Islands

—

0.0%

AEA-Bridges

Impact

Corp.

(Issued/

exercisable

11/10/20,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

(a)

..........

27,191

23,384

United

States

—

0.2%

(a)

Climate

Change

Crisis

Real

Impact

I

Acquisition

Corp.

(Issued/

exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

9,805

30,886

Natural

Order

Acquisition

Corp.

(Issued/

exercisable

02/23/21,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

48,400

38,720

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Impact

Fund

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

View,

Inc.

(Issued/exercisable

03/11/21,

1

share

for

1

warrant,

Expires

03/08/26,

Strike

Price

USD

11.50)

3,759

$

7,480

Total

Warrants

—

0.2%

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

100,470

Total

Long-Term

Investments

—

99.4%

(Cost:

$47,897,829)

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

52,118,756

Security

Shares

Shares

Value

Short-Term

Securities

—

6.4%

(d)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

......

801,201

$

801,201

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)

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

2,572,478

2,573,250

Total

Short-Term

Securities

—

6.4%

(Cost:

$3,374,451)

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

3,374,451

Total

Investments

—

105.8%

(Cost:

$51,272,280)

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

55,493,207

Liabilities

in

Excess

of

Other

Assets

—

(5.8)%

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

(3,036,316)

Net

Assets

—

100.0%

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

$

52,456,891

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

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.

*

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

April

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

      amended,

were

as

follows:

Affiliated

Issuer

Value

at

05/27/20

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/21

Shares

Held

at

04/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(b

)

..

$

—

$

801,201

$

—

$

—

$

—

$

801,201

801,201

$

215

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(b

)

..........

—

2,573,250

—

—

—

2,573,250

2,572,478

2,479

(c

)

—

$

—

$

—

$

3,374,451

$

2,694

$

—

—

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

BlackRock

Global

Impact

Fund

Schedules

of

Investments

39

Schedule

of

Investments

(continued)

April

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

213,599

BRL

1,143,907

Citibank

NA

05/13/21

$

3,187

USD

103,272

BRL

564,999

Citibank

NA

05/13/21

(655)

USD

153,624

BRL

877,470

Goldman

Sachs

International

05/13/21

(7,779)

USD

174,806

IDR

2,567,871,532

Citibank

NA

05/17/21

(2,728)

(11,162)

$

(7,975)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

$

—

$

—

$

—

$

3,187

$

—

$

—

$

3,187

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

11,162

—

—

11,162

For

the

period

ended

April

30,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Forward

foreign

currency

exchange

contracts

....

$

—

$

—

$

—

$

27,578

$

—

$

—

$

27,578

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Forward

foreign

currency

exchange

contracts

....

—

—

—

(7,975)

—

—

(7,975)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

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

$

423,701

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Impact

Fund

40

Schedule

of

Investments

(continued)

April

30,

2021

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:

$

—

Forward

foreign

currency

exchange

contracts

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

$

3,187

$

11,162

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

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

$

3,187

$

11,162

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

—

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

3,187

$

11,162

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

Citibank

NA

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

$

3,187

$

(3,187)

$

—

$

—

$

—

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)(c)

Citibank

NA

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

$

3,383

$

(3,187)

$

—

$

—

$

196

Goldman

Sachs

International

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

7,779

—

—

—

7,779

$

11,162

$

(3,187)

$

—

$

—

$

7,975

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

BlackRock

Global

Impact

Fund

Schedules

of

Investments

41

Schedule

of

Investments

(continued)

April

30,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Argentina

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

$

1,120,109

$

—

$

—

$

1,120,109

Brazil

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

1,678,605

—

—

1,678,605

Canada

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

961,130

—

—

961,130

Cayman

Islands

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

550,212

—

—

550,212

China

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

1,880,131

1,904,406

—

3,784,537

Colombia

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

—

998,876

—

998,876

Denmark

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

913,973

548,895

—

1,462,868

France

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

—

914,085

—

914,085

Germany

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

—

1,553,028

—

1,553,028

India

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

—

847,434

—

847,434

Indonesia

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

—

1,372,367

—

1,372,367

Japan

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

—

1,222,289

—

1,222,289

Kenya

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

1,667,117

—

—

1,667,117

Netherlands

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

—

2,296,637

—

2,296,637

South

Korea

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

—

811,899

—

811,899

Spain

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

1,039,332

—

—

1,039,332

United

Kingdom

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

—

953,046

—

953,046

United

States

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

28,784,715

—

—

28,784,715

Warrants

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

100,470

—

—

100,470

Short-Term

Securities

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

801,201

—

—

801,201

Subtotal

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

$

39,496,995

$

13,422,962

$

—

$

52,919,957

Investments

valued

at

NAV

(a)

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

2,573,250

$

—

Total

Investments

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

$

55,493,207

$

—

Derivative

Financial

Instruments

(b)

Assets:

Foreign

currency

exchange

contracts

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

$

—

$

3,187

$

—

$

3,187

Liabilities:

Foreign

currency

exchange

contracts

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

—

(11,162)

—

(11,162)

$

—

$

(7,975)

$

—

$

(7,975)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

forward

foreign

currency

exchange

contracts.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

International

Impact

Fund

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

April

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

97.6%

Argentina

—

3.7%

MercadoLibre

,

Inc.

(a)(b)

...........

191

$

300,057

Brazil

—

8.2%

MRV

Engenharia

e

Participacoes

SA

.

67,361

215,895

Pagseguro

Digital

Ltd.,

Class

A

(a)(b)

..

5,121

234,235

YDUQS

Participacoes

SA

........

40,441

219,177

669,307

Canada

—

2.8%

Shopify,

Inc.,

Class

A

(a)

..........

94

111,156

TransAlta

Renewables,

Inc.

.......

7,661

121,352

232,508

Cayman

Islands

—

1.3%

AEA-Bridges

Impact

Corp.,

Class

A

(a)

11,160

110,484

China

—

14.2%

17

Education

&

Technology

Group,

Inc.,

ADR

(a)(b)

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

16,289

107,019

360

DigiTech

,

Inc.,

ADR

(a)

........

3,877

99,290

China

Feihe

Ltd.

(c)

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

64,000

181,850

Jinyu

Bio-Technology

Co.

Ltd.,

Class

A

69,355

233,159

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

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

9,169

139,828

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

(a)

...........

18,895

288,338

WuXi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

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

8,401

114,086

1,163,570

Colombia

—

3.3%

Millicom

International

Cellular

SA,

SDR

(a)

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

6,759

267,107

Denmark

—

4.8%

Atlantic

Sapphire

ASA

(a)

.........

14,063

146,723

Vestas

Wind

Systems

A/S

........

5,835

243,573

390,296

France

—

3.1%

Nexity

SA

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

4,635

251,188

Germany

—

5.2%

LEG

Immobilien

SE

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

3,029

421,441

India

—

2.7%

Bandhan

Bank

Ltd.

(a)(c)

..........

50,749

224,939

Indonesia

—

4.4%

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

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

1,294,000

362,106

Japan

—

5.0%

Eisai

Co.

Ltd.

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

1,200

78,266

Katitas

Co.

Ltd.

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

11,000

329,539

407,805

Kenya

—

5.3%

Safaricom

plc

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

1,159,665

433,866

Security

Shares

Shares

Value

Netherlands

—

7.6%

Koninklijke

DSM

NV

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

1,694

$

303,734

Koninklijke

Philips

NV

(a)

..........

5,569

314,889

618,623

South

Korea

—

2.6%

Samsung

SDI

Co.

Ltd.

..........

366

213,627

Spain

—

4.9%

Acciona

SA

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

703

122,211

EDP

Renovaveis

SA

(a)

..........

11,544

275,077

397,288

Switzerland

—

2.1%

Landis+Gyr

Group

AG

(a)

.........

2,432

168,584

United

Kingdom

—

3.1%

Genus

plc

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

3,640

255,644

United

States

—

13.3%

Brookfield

Renewable

Corp.

......

8,277

343,093

European

Sustainable

Growth

Acquisition

Corp.,

Class

A

(a)

.....

10,245

99,991

Laureate

Education,

Inc.,

Class

A

(a)(b)

.

6,179

84,961

Mimecast

Ltd.

(a)

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

7,395

321,091

Peridot

Acquisition

Corp.,

Class

A

(a)(b)

13,085

133,991

Software

Acquisition

Group,

Inc.

II,

Class

A

(a)

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

10,375

103,958

1,087,085

Total

Common

Stocks

—

97.6%

(Cost:

$6,759,629)

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

7,975,525

Warrants

—

0.0%

United

States

—

0.0%

European

Sustainable

Growth

Acquisition

Corp.

(Issued/

exercisable

04/06/21,

1

share

for

1

warrant,

Expires

01/21/28,

Strike

Price

USD

11.50)

(a)

..........

4,705

2,870

Total

Warrants

—

0.0%

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

2,870

Total

Long-Term

Investments

—

97.6%

(Cost:

$6,759,629)

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

7,978,395

Short-Term

Securities

—

10.3%

(d)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

......

141,431

141,431

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)

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

698,710

698,919

Total

Short-Term

Securities

—

10.3%

(Cost:

$840,350)

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

840,350

Total

Investments

—

107.9%

(Cost:

$7,599,979)

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

8,818,745

Liabilities

in

Excess

of

Other

Assets

—

(7.9)%

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

(647,610)

Net

Assets

—

100.0%

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

$

8,171,135

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

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

International

Impact

Fund

Schedules

of

Investments

43

Schedule

of

Investments

(continued)

April

30,

2021

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

April

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

      amended,

were

as

follows:

Affiliated

Issuer

Value

at

06/30/20

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/21

Shares

Held

at

04/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(b

)

..

$

—

$

141,431

$

—

$

—

$

—

$

141,431

141,431

$

42

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(b

)

..........

—

698,919

—

—

—

698,919

698,710

1,730

(c

)

—

$

—

$

—

$

840,350

$

1,772

$

—

—

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

International

Impact

Fund

44

Schedule

of

Investments

(continued)

April

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

78,773

BRL

421,862

Citibank

NA

05/13/21

$

1,175

USD

38,725

BRL

211,861

Citibank

NA

05/13/21

(246)

USD

53,748

BRL

306,999

Goldman

Sachs

International

05/13/21

(2,722)

USD

45,432

IDR

667,390,825

Citibank

NA

05/17/21

(708)

(3,676)

$

(2,501)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

$

—

$

—

$

—

$

1,175

$

—

$

—

$

1,175

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

3,676

—

—

3,676

For

the

period

ended

April

30,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Forward

foreign

currency

exchange

contracts

....

$

—

$

—

$

—

$

5,429

$

—

$

—

$

5,429

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Forward

foreign

currency

exchange

contracts

....

—

—

—

(2,501)

—

—

(2,501)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

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

$

250,780

BlackRock

International

Impact

Fund

Schedules

of

Investments

45

Schedule

of

Investments

(continued)

April

30,

2021

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:

$

—

Forward

foreign

currency

exchange

contracts

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

$

1,175

$

3,676

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

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

$

1,175

$

3,676

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

—

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

1,175

$

3,676

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Citibank

NA

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

$

1,175

$

(954)

$

—

$

—

$

221

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)(d)

Citibank

NA

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

$

954

$

(954)

$

—

$

—

$

—

Goldman

Sachs

International

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

2,722

—

—

—

2,722

$

3,676

$

(954)

$

—

$

—

$

2,722

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(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

payable

due

to

the

counterparty

in

the

event

of

default.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

International

Impact

Fund

46

Schedule

of

Investments

(continued)

April

30,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Argentina

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

$

300,057

$

—

$

—

$

300,057

Brazil

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

669,307

—

—

669,307

Canada

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

232,508

—

—

232,508

Cayman

Islands

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

110,484

—

—

110,484

China

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

494,647

668,923

—

1,163,570

Colombia

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

—

267,107

—

267,107

Denmark

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

243,573

146,723

—

390,296

France

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

—

251,188

—

251,188

Germany

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

—

421,441

—

421,441

India

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

—

224,939

—

224,939

Indonesia

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

—

362,106

—

362,106

Japan

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

—

407,805

—

407,805

Kenya

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

433,866

—

—

433,866

Netherlands

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

—

618,623

—

618,623

South

Korea

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

—

213,627

—

213,627

Spain

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

275,077

122,211

—

397,288

Switzerland

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

—

168,584

—

168,584

United

Kingdom

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

—

255,644

—

255,644

United

States

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

1,087,085

—

—

1,087,085

Warrants

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

2,870

—

—

2,870

Short-Term

Securities

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

141,431

—

—

141,431

Subtotal

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

$

3,990,905

$

4,128,921

$

—

$

8,119,826

Investments

valued

at

NAV

(a)

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

698,919

$

—

Total

Investments

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

$

8,818,745

$

—

Derivative

Financial

Instruments

(b)

Assets:

Foreign

currency

exchange

contracts

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

$

—

$

1,175

$

—

$

1,175

Liabilities:

Foreign

currency

exchange

contracts

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

—

(3,676)

—

(3,676)

$

—

$

(2,501)

$

—

$

(2,501)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

forward

foreign

currency

exchange

contracts.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

April

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

0.0%

Knollwood

CDO

Ltd.,

Series

2004-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.20%),

3.40%,

01/10/39

(a)(b)(c)

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

USD

183

$

—

Total

Asset-Backed

Securities

—

0.0%

(Cost:

$178,082)

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

—

Shares

Shares

Common

Stocks

—

58.3%

Aerospace

&

Defense

—

0.2%

HEICO

Corp.

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

1,162

163,609

HEICO

Corp.,

Class

A

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

1,568

198,007

Howmet

Aerospace,

Inc.

(d)

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

20,156

644,186

MTU

Aero

Engines

AG

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

1,155

291,473

Singapore

Technologies

Engineering

Ltd.

....

77,500

224,204

Teledyne

Technologies,

Inc.

(d)

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

889

398,050

TransDigm

Group,

Inc.

(d)

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

1,658

1,017,581

2,937,110

Air

Freight

&

Logistics

—

1.0%

CH

Robinson

Worldwide,

Inc.

...........

9,007

874,400

Deutsche

Post

AG

(Registered)

..........

16,900

995,362

DSV

Panalpina

A/S

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

4,229

942,180

Expeditors

International

of

Washington,

Inc.

..

18,833

2,068,993

FedEx

Corp.

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

10,268

2,980,903

United

Parcel

Service,

Inc.,

Class

B

.......

26,352

5,372,119

XPO

Logistics,

Inc.

(d)

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

5,346

743,736

13,977,693

Airlines

—

0.4%

(d)

Alaska

Air

Group,

Inc.

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

1,735

119,958

American

Airlines

Group,

Inc.

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

10,052

218,329

ANA

Holdings,

Inc.

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

3,600

82,650

Delta

Air

Lines,

Inc.

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

56,000

2,627,520

Japan

Airlines

Co.

Ltd.

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

6,900

147,812

Singapore

Airlines

Ltd.

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

6,500

24,634

Southwest

Airlines

Co.

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

47,347

2,972,445

United

Airlines

Holdings,

Inc.

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

5,160

280,704

6,474,052

Auto

Components

—

0.3%

Aisin

Corp.

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

3,600

138,564

Aptiv

plc

(d)

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

847

121,875

Bridgestone

Corp.

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

32,600

1,306,547

Continental

AG

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

3,327

449,609

Denso

Corp.

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

6,400

413,779

Faurecia

SE

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

1,162

62,801

Koito

Manufacturing

Co.

Ltd.

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

1,200

74,857

Lear

Corp.

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

292

53,681

NGK

Spark

Plug

Co.

Ltd.

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

33,500

559,442

Stanley

Electric

Co.

Ltd.

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

3,100

88,742

Sumitomo

Electric

Industries

Ltd.

.........

15,100

224,686

Toyoda

Gosei

Co.

Ltd.

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

2,100

51,472

Toyota

Industries

Corp.

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

5,800

465,676

Valeo

SA

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

718

23,267

4,034,998

Automobiles

—

1.1%

Bayerische

Motoren

Werke

AG

..........

4,259

426,795

Daimler

AG

(Registered)

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

8,898

791,911

Ferrari

NV

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

613

131,315

Ford

Motor

Co.

(d)

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

20,981

242,121

General

Motors

Co.

(d)

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

9,157

523,964

Honda

Motor

Co.

Ltd.

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

35,700

1,064,568

Mazda

Motor

Corp.

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

2,000

15,530

Nissan

Motor

Co.

Ltd.

(d)

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

48,700

244,471

Security

Shares

Shares

Value

Automobiles

(continued)

Stellantis

NV

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

19,649

$

325,714

Subaru

Corp.

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

40,200

747,457

Suzuki

Motor

Corp.

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

3,300

125,224

Tesla,

Inc.

(d)

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

13,302

9,436,971

Toyota

Motor

Corp.

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

30,300

2,267,173

16,343,214

Banks

—

3.4%

ABN

AMRO

Bank

NV,

CVA

(c)

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

5,982

77,240

Australia

&

New

Zealand

Banking

Group

Ltd.

.

34,321

757,268

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

89,931

503,576

Banco

Santander

SA

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

256,703

990,246

Bank

Leumi

Le-Israel

BM

(d)

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

15,370

107,893

Bank

of

America

Corp.

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

153,915

6,238,175

Banque

Cantonale

Vaudoise

(Registered)

...

761

77,581

Barclays

plc

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

202,066

489,196

BNP

Paribas

SA

(d)

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

14,137

906,433

BOC

Hong

Kong

Holdings

Ltd.

...........

43,500

152,957

CaixaBank

SA

(d)

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

58,093

185,837

Citigroup,

Inc.

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

45,924

3,271,626

Citizens

Financial

Group,

Inc.

...........

11,410

528,055

Comerica,

Inc.

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

2,061

154,905

Commonwealth

Bank

of

Australia

.........

23,055

1,578,266

Credit

Agricole

SA

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

11,880

183,762

Danske

Bank

A/S

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

17,119

325,393

DBS

Group

Holdings

Ltd.

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

20,900

468,391

Erste

Group

Bank

AG

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

3,547

126,068

Fifth

Third

Bancorp

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

14,686

595,370

First

Republic

Bank

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

3,739

685,134

Hang

Seng

Bank

Ltd.

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

11,600

227,094

HSBC

Holdings

plc

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

275,003

1,717,040

Huntington

Bancshares,

Inc.

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

20,194

309,372

ING

Groep

NV

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

53,721

686,286

Intesa

Sanpaolo

SpA

(d)

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

192,618

537,003

Japan

Post

Bank

Co.

Ltd.

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

25,300

231,355

JPMorgan

Chase

&

Co.

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

60,155

9,252,441

KBC

Group

NV

(d)

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

3,537

274,431

KeyCorp

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

24,302

528,812

M&T

Bank

Corp.

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

3,629

572,257

Mitsubishi

UFJ

Financial

Group,

Inc.

.......

214,300

1,140,097

Mizuho

Financial

Group,

Inc.

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

57,450

808,576

National

Australia

Bank

Ltd.

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

39,933

817,196

Natwest

Group

plc

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

64,953

176,270

Nordea

Bank

Abp

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

20,207

209,437

Oversea-Chinese

Banking

Corp.

Ltd.

......

37,800

345,550

People's

United

Financial,

Inc.

...........

5,848

106,024

Regions

Financial

Corp.

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

20,576

448,557

Resona

Holdings,

Inc.

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

41,000

168,782

Skandinaviska

Enskilda

Banken

AB,

Class

A

.

3,770

48,306

Societe

Generale

SA

(d)

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

9,583

272,610

Standard

Chartered

plc

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

37,714

270,558

Sumitomo

Mitsui

Financial

Group,

Inc.

......

26,500

930,911

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.......

5,600

190,863

SVB

Financial

Group

(d)

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

996

569,543

Svenska

Handelsbanken

AB,

Class

A

......

7,493

86,771

Swedbank

AB,

Class

A

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

6,175

108,403

Truist

Financial

Corp.

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

33,098

1,963,042

UniCredit

SpA

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

30,890

317,302

United

Overseas

Bank

Ltd.

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

13,600

271,086

US

Bancorp

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

33,211

1,971,073

Wells

Fargo

&

Co.

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

90,202

4,063,600

Westpac

Banking

Corp.

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

45,342

873,771

Zions

Bancorp

NA

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

2,389

133,306

49,031,097

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Beverages

—

0.4%

Anheuser-Busch

InBev

SA/NV

...........

11,203

$

793,537

Budweiser

Brewing

Co.

APAC

Ltd.

(c)

.......

11,800

37,183

Coca-Cola

Co.

(The)

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

40,516

2,187,054

Diageo

plc

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

32,582

1,462,652

Kirin

Holdings

Co.

Ltd.

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

1,300

24,413

PepsiCo,

Inc.

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

12,986

1,872,062

Pernod

Ricard

SA

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

356

73,110

6,450,011

Biotechnology

—

0.6%

AbbVie,

Inc.

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

26,034

2,902,791

Alexion

Pharmaceuticals,

Inc.

(d)

..........

1,429

241,044

Amgen,

Inc.

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

8,011

1,919,756

Biogen,

Inc.

(d)

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

1,367

365,440

CSL

Ltd.

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

4,624

965,928

Genmab

A/S

(d)

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

226

82,933

Gilead

Sciences,

Inc.

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

15,334

973,249

Regeneron

Pharmaceuticals,

Inc.

(d)

........

981

472,155

Vertex

Pharmaceuticals,

Inc.

(d)

...........

1,901

414,798

8,338,094

Building

Products

—

0.6%

AGC,

Inc.

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

2,000

91,199

Allegion

plc

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

4,401

591,406

AO

Smith

Corp.

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

2,254

152,709

Assa

Abloy

AB,

Class

B

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

5,036

143,574

Carrier

Global

Corp.

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

24,073

1,049,101

Cie

de

Saint-Gobain

..................

7,397

466,715

Daikin

Industries

Ltd.

.................

4,900

988,403

Fortune

Brands

Home

&

Security,

Inc.

......

3,752

393,885

Geberit

AG

(Registered)

...............

1,358

893,576

Johnson

Controls

International

plc

........

23,773

1,482,009

Kingspan

Group

plc

..................

2,752

244,777

Lennox

International,

Inc.

..............

1,024

343,388

Masco

Corp.

.......................

7,261

463,833

Nibe

Industrier

AB,

Class

B

.............

1,348

49,230

Rockwool

International

A/S,

Class

B

.......

260

116,297

Trane

Technologies

plc

................

8,570

1,489,723

8,959,825

Capital

Markets

—

1.8%

3i

Group

plc

.......................

11,669

206,679

Ameriprise

Financial,

Inc.

..............

2,867

740,833

Amundi

SA

(c)(d)

......................

1,014

90,366

Apollo

Global

Management,

Inc.

..........

409

22,646

ASX

Ltd.

.........................

2,261

127,043

Bank

of

New

York

Mellon

Corp.

(The)

......

19,178

956,599

Blackstone

Group,

Inc.

(The),

Class

A

......

1,848

163,530

Cboe

Global

Markets,

Inc.

..............

2,222

231,910

Charles

Schwab

Corp.

(The)

............

27,728

1,952,051

CME

Group,

Inc.

....................

7,260

1,466,447

Credit

Suisse

Group

AG

(Registered)

......

50,534

529,595

Daiwa

Securities

Group,

Inc.

............

25,400

135,537

Deutsche

Bank

AG

(Registered)

(d)

.........

27,995

390,006

Deutsche

Boerse

AG

.................

3,255

560,919

FactSet

Research

Systems,

Inc.

..........

268

90,107

Franklin

Resources,

Inc.

...............

7,847

235,410

Goldman

Sachs

Group,

Inc.

(The)

........

6,735

2,346,811

Hargreaves

Lansdown

plc

..............

3,145

74,668

Hong

Kong

Exchanges

&

Clearing

Ltd.

.....

14,300

862,448

Intercontinental

Exchange,

Inc.

..........

13,040

1,534,938

Invesco

Ltd.

.......................

5,048

136,296

Japan

Exchange

Group,

Inc.

............

6,300

147,757

Julius

Baer

Group

Ltd.

................

2,949

185,603

London

Stock

Exchange

Group

plc

........

3,948

403,361

Macquarie

Group

Ltd.

.................

4,754

585,990

Security

Shares

Shares

Value

Capital

Markets

(continued)

Magellan

Financial

Group

Ltd.

...........

1,069

$

39,825

MarketAxess

Holdings,

Inc.

.............

713

348,272

Moody's

Corp.

......................

3,572

1,167,008

Morgan

Stanley

.....................

29,804

2,460,320

MSCI,

Inc.

........................

1,664

808,321

Nasdaq,

Inc.

.......................

2,628

424,527

Natixis

SA

.........................

3,766

18,389

Nomura

Holdings,

Inc.

................

52,400

281,658

Northern

Trust

Corp.

..................

4,777

543,623

Partners

Group

Holding

AG

.............

265

377,484

Raymond

James

Financial,

Inc.

..........

1,832

239,589

S&P

Global,

Inc.

....................

6,051

2,362,250

SBI

Holdings,

Inc.

...................

2,000

56,530

Schroders

plc

......................

2,048

102,038

SEI

Investments

Co.

..................

1,208

74,220

St.

James's

Place

plc

.................

3,511

66,036

Standard

Life

Aberdeen

plc

.............

34,377

131,741

State

Street

Corp.

...................

8,051

675,881

T.

Rowe

Price

Group,

Inc.

..............

4,408

789,914

UBS

Group

AG

(Registered)

............

70,511

1,076,746

26,221,922

Chemicals

—

1.2%

Air

Liquide

SA

......................

9,147

1,540,377

Air

Products

&

Chemicals,

Inc.

...........

2,553

736,489

Akzo

Nobel

NV

.....................

1,776

213,243

Albemarle

Corp.

....................

1,550

260,663

Arkema

SA

........................

373

46,631

Asahi

Kasei

Corp.

...................

11,000

115,879

Axalta

Coating

Systems

Ltd.

(d)

...........

1,697

54,117

BASF

SE

.........................

16,385

1,320,489

Chr

Hansen

Holding

A/S

(d)

..............

2,828

259,631

Corteva,

Inc.

.......................

1,696

82,697

Covestro

AG

(c)

......................

1,157

75,667

Dow,

Inc.

.........................

11,117

694,813

DuPont

de

Nemours,

Inc.

..............

8,303

640,244

Ecolab,

Inc.

.......................

3,895

872,947

FMC

Corp.

........................

419

49,543

Givaudan

SA

(Registered)

..............

292

1,223,531

International

Flavors

&

Fragrances,

Inc.

.....

4,491

638,485

Kansai

Paint

Co.

Ltd.

.................

2,200

55,394

Koninklijke

DSM

NV

..................

4,054

726,883

Kuraray

Co.

Ltd.

....................

27,400

297,844

Linde

plc

.........................

9,464

2,705,190

LyondellBasell

Industries

NV,

Class

A

......

2,744

284,663

Nippon

Paint

Holdings

Co.

Ltd.

...........

9,000

128,555

Nippon

Sanso

Holdings

Corp.

...........

5,700

107,231

Novozymes

A/S,

Class

B

...............

3,324

235,747

Orica

Ltd.

.........................

7,775

80,947

PPG

Industries,

Inc.

..................

1,722

294,875

Sherwin-Williams

Co.

(The)

.............

3,296

902,676

Shin-Etsu

Chemical

Co.

Ltd.

............

5,900

995,933

Sika

AG

(Registered)

.................

2,540

758,603

Solvay

SA

.........................

2,658

337,998

Umicore

SA

.......................

2,789

169,467

16,907,452

Commercial

Services

&

Supplies

—

0.5%

Brambles

Ltd.

......................

69,743

558,706

Cintas

Corp.

.......................

2,882

994,693

Copart,

Inc.

(d)

......................

5,631

701,116

Dai

Nippon

Printing

Co.

Ltd.

............

2,500

49,538

Rentokil

Initial

plc

....................

66,811

461,749

Republic

Services,

Inc.

................

8,007

851,144

Rollins,

Inc.

........................

14,489

540,150

Secom

Co.

Ltd.

.....................

2,600

216,669

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Securitas

AB,

Class

B

.................

4,566

$

77,724

Toppan

Printing

Co.

Ltd.

...............

1,000

17,078

Waste

Connections,

Inc.

...............

6,378

759,684

Waste

Management,

Inc.

...............

12,573

1,734,697

6,962,948

Communications

Equipment

—

0.1%

Cisco

Systems,

Inc.

..................

13,097

666,768

Nokia

OYJ

(d)

.......................

42,438

201,027

Telefonaktiebolaget

LM

Ericsson,

Class

B

...

4,930

67,709

935,504

Construction

&

Engineering

—

0.2%

ACS

Actividades

de

Construccion

y

Servicios

SA

...........................

8,462

275,698

Ferrovial

SA

.......................

29,426

835,435

HOCHTIEF

AG

(d)

....................

5,475

513,397

Obayashi

Corp.

.....................

25,400

232,396

Quanta

Services,

Inc.

.................

2,147

207,486

Vinci

SA

..........................

5,986

656,842

2,721,254

Construction

Materials

—

0.2%

CRH

plc

..........................

11,579

546,346

HeidelbergCement

AG

................

3,843

352,147

James

Hardie

Industries

plc,

CDI

.........

7,266

239,446

LafargeHolcim

Ltd.

(Registered)

(d)

.........

22,634

1,396,692

Taiheiyo

Cement

Corp.

................

2,200

55,235

2,589,866

Consumer

Finance

—

0.3%

Ally

Financial,

Inc.

...................

1,114

57,315

American

Express

Co.

................

13,388

2,053,050

Capital

One

Financial

Corp.

.............

8,726

1,300,872

Discover

Financial

Services

.............

5,718

651,852

Synchrony

Financial

..................

10,036

438,975

4,502,064

Containers

&

Packaging

—

0.6%

Avery

Dennison

Corp.

.................

5,325

1,140,455

Ball

Corp.

.........................

27,746

2,598,136

Crown

Holdings,

Inc.

.................

12,653

1,389,299

International

Paper

Co.

................

14,274

827,892

Packaging

Corp.

of

America

............

6,858

1,012,584

Sealed

Air

Corp.

....................

10,871

537,027

Smurfit

Kappa

Group

plc

...............

2,366

120,951

WestRock

Co.

......................

27,840

1,552,080

9,178,424

Distributors

—

0.2%

Genuine

Parts

Co.

...................

16,466

2,057,756

LKQ

Corp.

(d)

.......................

17,297

807,943

Pool

Corp.

........................

1,579

667,159

3,532,858

Diversified

Financial

Services

—

0.9%

Berkshire

Hathaway,

Inc.,

Class

B

(d)

.......

40,151

11,039,518

Equitable

Holdings,

Inc.

...............

3,028

103,648

EXOR

NV

.........................

1,284

105,381

Groupe

Bruxelles

Lambert

SA

...........

3,471

379,565

Investor

AB,

Class

B

..................

3,937

334,199

M&G

plc

..........................

32,713

98,192

Mitsubishi

HC

Capital,

Inc.

..............

9,900

56,897

ORIX

Corp.

........................

25,900

418,126

12,535,526

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

—

0.5%

AT&T,

Inc.

.........................

96,778

$

3,039,797

BT

Group

plc

(d)

.....................

135,445

308,943

Cellnex

Telecom

SA

(c)

.................

4,383

247,920

Deutsche

Telekom

AG

(Registered)

.......

32,251

620,672

Nippon

Telegraph

&

Telephone

Corp.

......

11,200

282,384

Orange

SA

........................

24,189

301,231

Swisscom

AG

(Registered)

.............

91

49,408

Telefonica

SA

......................

64,446

298,664

Verizon

Communications,

Inc.

...........

45,859

2,650,192

7,799,211

Electric

Utilities

—

1.3%

AusNet

Services

....................

109,974

160,972

Edison

International

..................

29,293

1,741,469

Electricite

de

France

SA

(d)

..............

17,878

260,861

Elia

Group

SA/NV

...................

2,625

284,153

Enel

SpA

.........................

170,907

1,696,992

Eversource

Energy

..................

19,240

1,658,873

Exelon

Corp.

.......................

58,253

2,617,890

Fortum

OYJ

.......................

27,491

722,431

Iberdrola

SA

.......................

163,719

2,212,492

Longview

Energy

Co.

(Acquired

08/13/04,

cost

$48,000)

(a)(d)(e)

....................

3,200

4,704

NextEra

Energy,

Inc.

.................

68,136

5,281,221

Orsted

A/S

(c)

.......................

5,107

742,378

Red

Electrica

Corp.

SA

................

2,461

45,179

SSE

plc

..........................

28,312

573,985

Terna

Rete

Elettrica

Nazionale

SpA

........

79,702

587,520

Verbund

AG

.......................

3,713

304,923

18,896,043

Electrical

Equipment

—

0.5%

ABB

Ltd.

(Registered)

.................

16,841

547,032

AMETEK,

Inc.

......................

1,754

236,667

Eaton

Corp.

plc

.....................

6,129

876,018

Emerson

Electric

Co.

.................

9,757

882,911

Legrand

SA

.......................

5,010

487,673

Mitsubishi

Electric

Corp.

...............

41,400

637,906

Nidec

Corp.

.......................

6,100

704,361

Prysmian

SpA

......................

6,364

199,108

Rockwell

Automation,

Inc.

..............

877

231,756

Schneider

Electric

SE

.................

8,146

1,299,742

Siemens

Energy

AG

(d)

.................

6,818

228,042

Siemens

Gamesa

Renewable

Energy

SA

(d)

..

3,882

140,217

Vestas

Wind

Systems

A/S

..............

21,945

916,060

7,387,493

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Corning,

Inc.

.......................

10,326

456,512

FLIR

Systems,

Inc.

...................

1,731

103,808

Halma

plc

.........................

2,791

99,730

Hamamatsu

Photonics

KK

..............

5,300

307,200

Hexagon

AB,

Class

B

.................

744

71,066

Hitachi

Ltd.

........................

10,200

504,877

Keyence

Corp.

.....................

2,800

1,344,149

Kyocera

Corp.

......................

8,600

522,133

Murata

Manufacturing

Co.

Ltd.

...........

1,200

95,409

Omron

Corp.

.......................

3,100

234,750

TDK

Corp.

........................

1,100

149,174

TE

Connectivity

Ltd.

..................

6,393

859,667

Trimble,

Inc.

(d)

......................

2,085

170,970

Zebra

Technologies

Corp.,

Class

A

(d)

.......

432

210,704

5,130,149

Energy

Equipment

&

Services

—

0.0%

NOV,

Inc.

(d)

........................

4,940

73,853

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Entertainment

—

1.0%

Activision

Blizzard,

Inc.

................

16,600

$

1,513,754

Electronic

Arts,

Inc.

..................

6,427

913,148

Live

Nation

Entertainment,

Inc.

(d)

.........

1,686

138,050

Netflix,

Inc.

(d)

.......................

8,022

4,119,056

Nexon

Co.

Ltd.

.....................

2,800

92,617

Nintendo

Co.

Ltd.

....................

1,300

745,749

Roku,

Inc.

(d)

........................

500

171,485

Take-Two

Interactive

Software,

Inc.

(d)

.......

2,363

414,423

Ubisoft

Entertainment

SA

(d)

.............

237

17,786

Vivendi

SE

(d)

.......................

11,613

404,835

Walt

Disney

Co.

(The)

(d)

...............

35,163

6,541,021

15,071,924

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.3%

Alexandria

Real

Estate

Equities,

Inc.

.......

2,688

486,797

American

Tower

Corp.

................

8,254

2,102,872

AvalonBay

Communities,

Inc.

...........

2,714

521,088

Boston

Properties,

Inc.

................

2,943

321,817

British

Land

Co.

plc

(The)

..............

887

6,356

Covivio

..........................

827

73,777

Crown

Castle

International

Corp.

.........

7,838

1,481,852

Dexus

...........................

12,918

101,403

Digital

Realty

Trust,

Inc.

...............

4,956

764,760

Duke

Realty

Corp.

...................

7,360

342,387

Equinix,

Inc.

.......................

1,653

1,191,416

Equity

Residential

...................

6,435

477,670

Essex

Property

Trust,

Inc.

..............

1,152

334,679

Extra

Space

Storage,

Inc.

..............

1,723

256,193

Federal

Realty

Investment

Trust

..........

927

104,603

Gecina

SA

........................

428

62,650

GLP

J-Reit

........................

19

31,849

Goodman

Group

....................

15,168

221,188

GPT

Group

(The)

....................

20,564

73,193

Healthpeak

Properties,

Inc.

.............

11,643

399,821

Host

Hotels

&

Resorts,

Inc.

(d)

............

10,442

189,627

Invitation

Homes,

Inc.

.................

4,895

171,619

Iron

Mountain,

Inc.

...................

3,409

136,769

Japan

Metropolitan

Fund

Invest

..........

62

61,099

Japan

Real

Estate

Investment

Corp.

.......

12

74,378

Kimco

Realty

Corp.

..................

6,068

127,428

Klepierre

SA

.......................

3,605

95,681

Land

Securities

Group

plc

..............

9,353

93,203

Link

REIT

.........................

31,800

299,971

Medical

Properties

Trust,

Inc.

............

1,981

43,681

Mid-America

Apartment

Communities,

Inc.

...

2,069

325,516

Mirvac

Group

......................

31,511

65,291

Nippon

Building

Fund,

Inc.

..............

22

144,386

Nippon

Prologis

REIT,

Inc.

..............

15

48,067

Nomura

Real

Estate

Master

Fund,

Inc.

.....

54

85,323

Orix

JREIT,

Inc.

.....................

37

65,267

Prologis,

Inc.

.......................

13,936

1,623,962

Public

Storage

......................

2,751

773,471

Realty

Income

Corp.

..................

8,407

581,344

Regency

Centers

Corp.

...............

2,662

169,463

SBA

Communications

Corp.

............

2,093

627,314

Scentre

Group

......................

63,817

133,568

Segro

plc

.........................

6,994

97,165

Simon

Property

Group,

Inc.

.............

5,613

683,327

Stockland

.........................

16,843

60,697

Sun

Communities,

Inc.

................

314

52,385

UDR,

Inc.

.........................

4,849

225,236

Unibail-Rodamco-Westfield

(d)

............

1,822

150,045

Ventas,

Inc.

.......................

6,153

341,245

VEREIT,

Inc.

.......................

1,959

93,718

Vicinity

Centres

.....................

41,078

50,200

Vornado

Realty

Trust

.................

2,982

136,426

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Welltower,

Inc.

......................

7,489

$

561,900

Weyerhaeuser

Co.

...................

12,354

478,965

WP

Carey,

Inc.

.....................

2,075

155,397

18,379,505

Food

&

Staples

Retailing

—

1.2%

Aeon

Co.

Ltd.

......................

7,900

215,582

Carrefour

SA

.......................

12,273

237,691

Coles

Group

Ltd.

....................

27,504

345,386

Costco

Wholesale

Corp.

...............

18,453

6,866,177

Jeronimo

Martins

SGPS

SA

.............

31,107

568,082

Koninklijke

Ahold

Delhaize

NV

...........

40,194

1,081,698

Kroger

Co.

(The)

....................

52,241

1,908,886

Lawson,

Inc.

.......................

1,500

67,412

Sysco

Corp.

.......................

30,983

2,625,190

Tsuruha

Holdings,

Inc.

................

300

34,679

Walgreens

Boots

Alliance,

Inc.

...........

43,533

2,311,602

Welcia

Holdings

Co.

Ltd.

...............

2,200

68,643

Woolworths

Group

Ltd.

................

19,022

576,919

16,907,947

Food

Products

—

0.4%

Ajinomoto

Co.,

Inc.

...................

1,000

19,999

Associated

British

Foods

plc

(d)

...........

3,150

100,507

Danone

SA

........................

6,924

488,762

Kerry

Group

plc,

Class

A

...............

1,982

256,911

Kikkoman

Corp.

.....................

2,500

153,635

Nestle

SA

(Registered)

................

40,221

4,799,600

5,819,414

Gas

Utilities

—

0.3%

APA

Group

(f)

.......................

45,392

350,714

Atmos

Energy

Corp.

..................

3,354

347,441

Hong

Kong

&

China

Gas

Co.

Ltd.

.........

595,450

955,131

Naturgy

Energy

Group

SA

..............

23,085

593,044

Osaka

Gas

Co.

Ltd.

..................

26,200

507,127

Snam

SpA

........................

102,059

574,292

Toho

Gas

Co.

Ltd.

...................

500

27,866

Tokyo

Gas

Co.

Ltd.

..................

17,300

351,084

UGI

Corp.

.........................

2,970

129,819

3,836,518

Health

Care

Equipment

&

Supplies

—

1.0%

Abbott

Laboratories

..................

22,678

2,723,174

Alcon,

Inc.

(d)

.......................

5,017

376,831

Align

Technology,

Inc.

(d)

................

215

128,039

Ambu

A/S,

Class

B

...................

418

23,396

Baxter

International,

Inc.

...............

3,566

305,571

Becton

Dickinson

and

Co.

..............

2,636

655,863

Boston

Scientific

Corp.

(d)

...............

10,634

463,642

Carl

Zeiss

Meditec

AG

................

547

96,366

Coloplast

A/S,

Class

B

................

2,125

351,984

Danaher

Corp.

.....................

8,822

2,240,259

DexCom,

Inc.

(d)

.....................

262

101,158

Edwards

Lifesciences

Corp.

(d)

...........

4,618

441,111

GN

Store

Nord

A/S

...................

587

52,940

Hoya

Corp.

........................

4,400

500,127

IDEXX

Laboratories,

Inc.

(d)

..............

103

56,546

Intuitive

Surgical,

Inc.

(d)

................

1,154

998,210

Koninklijke

Philips

NV

(d)

................

9,246

522,798

Medtronic

plc

......................

17,403

2,278,401

Olympus

Corp.

.....................

13,700

281,967

ResMed,

Inc.

......................

96

18,045

Siemens

Healthineers

AG

(c)

.............

7,339

419,398

Smith

&

Nephew

plc

..................

10,553

228,407

Sonova

Holding

AG

(Registered)

(d)

........

480

142,128

Stryker

Corp.

......................

3,119

819,143

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Sysmex

Corp.

......................

1,200

$

119,860

Terumo

Corp.

......................

8,500

321,404

Zimmer

Biomet

Holdings,

Inc.

...........

655

116,040

14,782,808

Health

Care

Providers

&

Services

—

1.2%

AmerisourceBergen

Corp.

..............

2,876

347,421

Anthem,

Inc.

.......................

4,517

1,713,705

Cardinal

Health,

Inc.

..................

2,221

134,015

Centene

Corp.

(d)

....................

9,125

563,377

Cigna

Corp.

.......................

6,433

1,601,881

CVS

Health

Corp.

...................

28,210

2,155,244

DaVita,

Inc.

(d)

.......................

454

52,905

Fresenius

Medical

Care

AG

&

Co.

KGaA

....

5,595

445,509

Fresenius

SE

&

Co.

KGaA

..............

11,881

583,943

HCA

Healthcare,

Inc.

.................

5,369

1,079,491

Henry

Schein,

Inc.

(d)

..................

1,676

121,510

Humana,

Inc.

......................

1,974

878,904

Laboratory

Corp.

of

America

Holdings

(d)

.....

1,723

458,094

McKesson

Corp.

....................

3,203

600,755

Quest

Diagnostics,

Inc.

................

2,640

348,163

UnitedHealth

Group,

Inc.

...............

16,127

6,431,448

Universal

Health

Services,

Inc.,

Class

B

....

1,282

190,262

17,706,627

Health

Care

Technology

—

0.0%

M3,

Inc.

..........................

4,100

283,228

Hotels,

Restaurants

&

Leisure

—

1.4%

Airbnb,

Inc.,

Class

A

(d)

.................

2,448

422,794

Aristocrat

Leisure

Ltd.

.................

5,829

166,257

Booking

Holdings,

Inc.

(d)

...............

971

2,394,564

Caesars

Entertainment,

Inc.

(d)

...........

3,391

331,775

Carnival

Corp.

(d)

.....................

32,667

913,369

Chipotle

Mexican

Grill,

Inc.

(d)

............

432

644,557

Compass

Group

plc

(d)

.................

19,588

426,123

Darden

Restaurants,

Inc.

..............

2,044

299,896

Domino's

Pizza,

Inc.

..................

757

319,711

DraftKings,

Inc.,

Class

A

(d)

..............

6,033

341,830

Evolution

Gaming

Group

AB

(c)

...........

419

82,714

Expedia

Group,

Inc.

(d)

.................

4,085

719,899

Flutter

Entertainment

plc

(d)

..............

1,567

319,449

Hilton

Worldwide

Holdings,

Inc.

(d)

.........

8,121

1,045,173

Las

Vegas

Sands

Corp.

(d)

..............

14,983

917,859

Marriott

International,

Inc.,

Class

A

(d)

.......

7,936

1,178,655

McDonald's

Corp.

...................

14,765

3,485,721

MGM

Resorts

International

.............

14,116

574,803

Norwegian

Cruise

Line

Holdings

Ltd.

(d)

......

5,491

170,496

Oriental

Land

Co.

Ltd.

................

1,800

255,170

Penn

National

Gaming,

Inc.

(d)

............

2,346

209,075

Royal

Caribbean

Cruises

Ltd.

(d)

..........

8,252

717,511

Sodexo

SA

(d)

.......................

1,062

106,251

Starbucks

Corp.

.....................

22,544

2,581,063

Vail

Resorts,

Inc.

(d)

...................

482

156,727

Wynn

Resorts

Ltd.

(d)

..................

3,982

511,289

Yum!

Brands,

Inc.

...................

7,679

917,794

20,210,525

Household

Durables

—

0.6%

DR

Horton,

Inc.

.....................

9,349

918,913

Garmin

Ltd.

........................

12,299

1,687,915

Leggett

&

Platt,

Inc.

..................

1,667

82,800

Lennar

Corp.,

Class

A

.................

8,406

870,862

Mohawk

Industries,

Inc.

(d)

..............

4,168

856,524

Newell

Brands,

Inc.

..................

11,711

315,728

NVR,

Inc.

(d)

........................

98

491,774

Panasonic

Corp.

....................

23,300

273,589

Security

Shares

Shares

Value

Household

Durables

(continued)

PulteGroup,

Inc.

....................

8,932

$

528,060

Sony

Group

Corp.

...................

16,800

1,679,646

Whirlpool

Corp.

.....................

4,965

1,173,974

8,879,785

Household

Products

—

0.3%

Procter

&

Gamble

Co.

(The)

............

19,932

2,659,327

Reckitt

Benckiser

Group

plc

.............

11,445

1,019,036

Unicharm

Corp.

.....................

2,100

81,628

3,759,991

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Uniper

SE

.........................

13,834

504,778

Industrial

Conglomerates

—

0.4%

3M

Co.

...........................

9,850

1,941,829

CK

Hutchison

Holdings

Ltd.

.............

101,000

825,484

Roper

Technologies,

Inc.

...............

2,350

1,049,134

Siemens

AG

(Registered)

..............

10,561

1,761,944

Smiths

Group

plc

....................

5,619

126,193

Toshiba

Corp.

......................

6,400

264,520

5,969,104

Insurance

—

2.4%

Admiral

Group

plc

...................

925

39,968

Aegon

NV

.........................

16,812

77,912

Aflac,

Inc.

.........................

20,520

1,102,540

Ageas

SA

.........................

1,706

103,179

AIA

Group

Ltd.

.....................

158,600

2,013,043

Alleghany

Corp.

(d)

....................

454

308,252

Allianz

SE

(Registered)

................

7,487

1,943,752

Allstate

Corp.

(The)

..................

5,946

753,953

American

Financial

Group,

Inc.

..........

1,299

159,595

American

International

Group,

Inc.

........

15,389

745,597

Aon

plc,

Class

A

....................

7,087

1,781,955

Arch

Capital

Group

Ltd.

(d)

..............

9,720

385,981

Arthur

J

Gallagher

&

Co.

...............

6,115

886,369

Assicurazioni

Generali

SpA

.............

7,306

146,240

Assurant,

Inc.

......................

1,672

260,163

Athene

Holding

Ltd.,

Class

A

(d)

...........

3,192

190,467

Aviva

plc

.........................

26,924

148,851

AXA

SA

..........................

28,836

814,474

Baloise

Holding

AG

(Registered)

(d)

........

1,931

326,520

Brown

&

Brown,

Inc.

..................

6,791

361,145

Cincinnati

Financial

Corp.

..............

4,415

497,482

Dai-ichi

Life

Holdings,

Inc.

..............

17,600

317,804

Erie

Indemnity

Co.,

Class

A

.............

977

209,098

Everest

Re

Group

Ltd.

................

2,064

571,625

Globe

Life,

Inc.

.....................

2,587

265,142

Hannover

Rueck

SE

..................

1,078

199,065

Hartford

Financial

Services

Group,

Inc.

(The)

.

11,089

731,430

Insurance

Australia

Group

Ltd.

...........

12,588

47,429

Japan

Post

Holdings

Co.

Ltd.

(d)

...........

59,100

496,644

Japan

Post

Insurance

Co.

Ltd.

...........

4,300

82,908

Legal

&

General

Group

plc

.............

75,442

283,254

Lincoln

National

Corp.

................

5,062

324,626

Loews

Corp.

.......................

11,390

634,993

Markel

Corp.

(d)

......................

231

271,753

Marsh

&

McLennan

Cos.,

Inc.

...........

16,484

2,236,879

MetLife,

Inc.

.......................

21,867

1,391,397

MS&AD

Insurance

Group

Holdings,

Inc.

....

13,200

374,492

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

..................

2,156

622,942

NN

Group

NV

......................

5,070

252,884

Principal

Financial

Group,

Inc.

...........

6,953

444,088

Progressive

Corp.

(The)

...............

19,176

1,931,790

Prudential

Financial,

Inc.

...............

12,251

1,229,510

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

52

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Insurance

(continued)

Prudential

plc

......................

33,083

$

700,509

QBE

Insurance

Group

Ltd.

.............

15,479

117,092

Reinsurance

Group

of

America,

Inc.

.......

2,089

272,677

RenaissanceRe

Holdings

Ltd.

...........

1,814

306,221

Sampo

OYJ,

Class

A

.................

11,530

546,922

SCOR

SE

(d)

........................

1,051

33,959

Sompo

Holdings,

Inc.

.................

6,400

237,857

Suncorp

Group

Ltd.

..................

13,528

109,409

Swiss

Life

Holding

AG

(Registered)

........

910

443,381

Swiss

Re

AG

.......................

6,445

598,361

T&D

Holdings,

Inc.

...................

2,100

25,772

Tokio

Marine

Holdings,

Inc.

.............

14,100

676,192

Travelers

Cos.,

Inc.

(The)

..............

9,100

1,407,406

Tryg

A/S

..........................

14,598

333,811

Unum

Group

.......................

2,463

69,604

Willis

Towers

Watson

plc

...............

4,582

1,186,097

WR

Berkley

Corp.

...................

5,379

428,814

Zurich

Insurance

Group

AG

.............

3,401

1,395,289

34,856,564

Interactive

Media

&

Services

—

3.0%

Alphabet,

Inc.,

Class

A

(d)

...............

5,744

13,518,504

Alphabet,

Inc.,

Class

C

(d)

...............

5,531

13,330,374

Facebook,

Inc.,

Class

A

(d)

..............

45,732

14,866,558

Match

Group,

Inc.

(d)

..................

825

128,395

Pinterest,

Inc.,

Class

A

(d)

...............

1,605

106,524

Snap,

Inc.,

Class

A

(d)

.................

2,781

171,921

Twitter,

Inc.

(d)

.......................

15,737

868,997

Z

Holdings

Corp.

....................

16,200

74,719

43,065,992

Internet

&

Direct

Marketing

Retail

—

2.1%

Amazon.com,

Inc.

(d)

..................

8,063

27,957,807

Chewy,

Inc.,

Class

A

(d)

................

519

41,375

Delivery

Hero

SE

(c)(d)

..................

2,311

366,619

eBay,

Inc.

.........................

16,099

898,163

Etsy,

Inc.

(d)

........................

2,365

470,138

HelloFresh

SE

(d)

.....................

2,596

215,352

Just

Eat

Takeaway.com

NV

(c)(d)

...........

1,520

157,052

MercadoLibre,

Inc.

(d)

..................

106

166,524

Prosus

NV

(d)

.......................

6,490

704,371

Rakuten

Group,

Inc.

..................

9,800

124,579

Wayfair,

Inc.,

Class

A

(d)(g)

...............

275

81,282

Zalando

SE

(c)(d)

.....................

1,409

146,534

31,329,796

IT

Services

—

3.1%

Accenture

plc,

Class

A

................

14,369

4,166,579

Adyen

NV

(c)(d)

......................

217

534,057

Afterpay

Ltd.

(d)

......................

1,403

126,362

Akamai

Technologies,

Inc.

(d)

.............

3,872

420,886

Amadeus

IT

Group

SA

(d)

...............

7,963

542,265

Atos

SE

..........................

5,803

395,182

Automatic

Data

Processing,

Inc.

..........

9,648

1,804,079

Broadridge

Financial

Solutions,

Inc.

.......

1,831

290,451

Capgemini

SE

......................

2,577

472,228

Cognizant

Technology

Solutions

Corp.,

Class

A

11,759

945,424

Computershare

Ltd.

..................

35,927

390,623

DXC

Technology

Co.

(d)

................

3,368

110,841

EPAM

Systems,

Inc.

(d)

.................

769

352,010

Fidelity

National

Information

Services,

Inc.

...

13,634

2,084,639

Fiserv,

Inc.

(d)

.......................

10,713

1,286,845

FleetCor

Technologies,

Inc.

(d)

............

1,593

458,338

Fujitsu

Ltd.

........................

1,200

190,630

Gartner,

Inc.

(d)

......................

1,488

291,469

Global

Payments,

Inc.

................

5,743

1,232,620

Security

Shares

Shares

Value

IT

Services

(continued)

GoDaddy,

Inc.,

Class

A

(d)

...............

1,318

$

114,429

International

Business

Machines

Corp.

.....

23,082

3,274,874

Jack

Henry

&

Associates,

Inc.

...........

788

128,310

Mastercard,

Inc.,

Class

A

...............

19,007

7,261,814

MongoDB,

Inc.

(d)

....................

502

149,325

NTT

Data

Corp.

.....................

12,200

189,966

Paychex,

Inc.

......................

2,450

238,850

PayPal

Holdings,

Inc.

(d)

................

22,971

6,025,064

Snowflake,

Inc.,

Class

A

(d)

..............

1,184

274,203

Square,

Inc.,

Class

A

(d)

................

280

68,550

Twilio,

Inc.,

Class

A

(d)

.................

402

147,856

VeriSign,

Inc.

(d)

.....................

2,609

570,771

Visa,

Inc.,

Class

A

...................

35,047

8,185,577

Western

Union

Co.

(The)

..............

13,629

351,083

Wix.com

Ltd.

(d)

......................

276

87,735

Worldline

SA

(c)(d)

.....................

15,033

1,475,913

44,639,848

Leisure

Products

—

0.0%

Bandai

Namco

Holdings,

Inc.

............

1,900

139,424

Shimano,

Inc.

......................

1,400

320,117

Yamaha

Corp.

......................

2,700

147,354

606,895

Life

Sciences

Tools

&

Services

—

0.3%

Agilent

Technologies,

Inc.

..............

1,165

155,691

Illumina,

Inc.

(d)

......................

1,542

605,759

IQVIA

Holdings,

Inc.

(d)

.................

1,201

281,863

Lonza

Group

AG

(Registered)

(d)

..........

480

305,143

Mettler-Toledo

International,

Inc.

(d)

........

71

93,246

QIAGEN

NV

(d)

......................

1,646

80,248

Thermo

Fisher

Scientific,

Inc.

............

5,827

2,740,030

4,261,980

Machinery

—

1.6%

Alfa

Laval

AB

......................

2,213

74,739

Alstom

SA

(d)

.......................

7,460

407,403

Amada

Co.

Ltd.

.....................

29,000

314,546

Atlas

Copco

AB,

Class

A

...............

8,163

495,005

Atlas

Copco

AB,

Class

B

...............

5,457

283,158

Caterpillar,

Inc.

.....................

5,992

1,366,835

CNH

Industrial

NV

...................

14,346

212,960

Daifuku

Co.

Ltd.

.....................

2,900

286,643

Deere

&

Co.

.......................

1,503

557,388

Dover

Corp.

.......................

6,518

972,420

FANUC

Corp.

......................

3,400

782,962

Fortive

Corp.

.......................

12,483

884,046

GEA

Group

AG

.....................

2,585

113,519

Harmonic

Drive

Systems,

Inc.

...........

2,700

181,576

Hitachi

Construction

Machinery

Co.

Ltd.

....

2,500

76,852

Hoshizaki

Corp.

.....................

1,300

115,490

IDEX

Corp.

........................

4,189

939,174

Illinois

Tool

Works,

Inc.

................

10,135

2,335,712

Ingersoll

Rand,

Inc.

(d)

.................

11,889

587,435

Knorr-Bremse

AG

...................

1,941

237,920

Komatsu

Ltd.

......................

27,700

814,508

Kone

OYJ,

Class

B

..................

3,313

260,212

Kubota

Corp.

......................

35,200

828,107

Makita

Corp.

.......................

18,600

837,656

MISUMI

Group,

Inc.

..................

5,400

152,516

Mitsubishi

Heavy

Industries

Ltd.

..........

10,500

312,568

NGK

Insulators

Ltd.

..................

28,100

513,568

Nordson

Corp.

......................

1,889

399,353

Otis

Worldwide

Corp.

.................

15,606

1,215,239

PACCAR,

Inc.

......................

1,241

111,541

Parker-Hannifin

Corp.

.................

3,179

997,602

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Machinery

(continued)

Pentair

plc

........................

3,551

$

229,075

Rational

AG

.......................

204

169,699

Sandvik

AB

........................

8,148

201,496

Schindler

Holding

AG

(Registered)

........

1,328

369,512

SKF

AB,

Class

B

....................

1,887

48,752

SMC

Corp.

........................

1,400

813,508

Snap-on,

Inc.

......................

1,567

372,319

Stanley

Black

&

Decker,

Inc.

............

5,007

1,035,297

Techtronic

Industries

Co.

Ltd.

............

47,000

852,804

THK

Co.

Ltd.

.......................

4,300

146,693

Volvo

AB,

Class

B

...................

25,743

628,659

Wartsila

OYJ

Abp

....................

20,591

265,726

Xylem,

Inc.

........................

8,846

978,810

Yaskawa

Electric

Corp.

................

800

36,876

23,817,879

Marine

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

..........

78

183,275

AP

Moller

-

Maersk

A/S,

Class

B

..........

34

84,579

Kuehne

+

Nagel

International

AG

(Registered)

2,274

679,914

947,768

Media

—

0.5%

Charter

Communications,

Inc.,

Class

A

(d)

....

2,631

1,771,847

Comcast

Corp.,

Class

A

...............

85,085

4,777,523

Discovery,

Inc.,

Class

C

(d)

..............

1,773

57,286

Fox

Corp.,

Class

A

...................

3,096

115,852

I-CABLE

Communications

Ltd.

(d)

..........

12,579

113

Informa

plc

(d)

.......................

30,060

233,660

News

Corp.,

Class

B

.................

2,166

52,655

Omnicom

Group,

Inc.

.................

1,932

158,926

Pearson

plc

.......................

9,416

108,021

Publicis

Groupe

SA

..................

515

33,331

ViacomCBS,

Inc.

....................

8,558

351,049

WPP

plc

..........................

15,616

210,537

7,870,800

Metals

&

Mining

—

0.5%

Antofagasta

plc

.....................

12,067

310,848

ArcelorMittal

SA

.....................

14,681

426,786

BlueScope

Steel

Ltd.

.................

4,122

68,143

Boliden

AB

........................

13,717

533,557

Evraz

plc

.........................

13,215

117,195

Fortescue

Metals

Group

Ltd.

............

2,959

51,195

Glencore

plc

(d)

......................

134,841

549,265

Hitachi

Metals

Ltd.

...................

12,300

238,473

JFE

Holdings,

Inc.

...................

13,500

177,521

Nippon

Steel

Corp.

...................

13,800

241,155

Nucor

Corp.

.......................

19,444

1,599,463

Rio

Tinto

Ltd.

......................

3,467

322,240

Rio

Tinto

plc

.......................

13,712

1,148,480

Steel

Dynamics,

Inc.

..................

13,932

755,393

Sumitomo

Metal

Mining

Co.

Ltd.

..........

2,500

105,846

voestalpine

AG

.....................

3,833

166,292

6,811,852

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

AGNC

Investment

Corp.

...............

7,805

139,944

Annaly

Capital

Management,

Inc.

.........

16,345

148,412

288,356

Multiline

Retail

—

0.4%

Dollar

General

Corp.

.................

8,572

1,840,837

Dollar

Tree,

Inc.

(d)

....................

9,190

1,055,931

Target

Corp.

.......................

14,262

2,955,942

Security

Shares

Shares

Value

Multiline

Retail

(continued)

Wesfarmers

Ltd.

....................

4,158

$

173,330

6,026,040

Multi-Utilities

—

0.7%

CenterPoint

Energy,

Inc.

...............

28,529

698,675

Consolidated

Edison,

Inc.

..............

19,963

1,545,336

E.ON

SE

.........................

97,028

1,169,948

Engie

SA

.........................

53,119

791,232

National

Grid

plc

....................

97,314

1,226,697

Public

Service

Enterprise

Group,

Inc.

......

31,832

2,010,509

Sempra

Energy

.....................

12,411

1,707,381

Suez

SA

..........................

8,267

197,591

Veolia

Environnement

SA

..............

14,901

475,268

9,822,637

Oil,

Gas

&

Consumable

Fuels

—

2.2%

APA

Corp.

........................

5,368

107,360

BP

plc

...........................

301,634

1,262,746

Cabot

Oil

&

Gas

Corp.

................

18,288

304,861

Cheniere

Energy,

Inc.

(d)

................

6,858

531,632

Chevron

Corp.

......................

52,062

5,366,030

ConocoPhillips

.....................

39,551

2,022,638

Devon

Energy

Corp.

..................

20,402

476,999

Diamondback

Energy,

Inc.

..............

2,774

226,719

ENEOS

Holdings,

Inc.

................

63,400

272,678

Eni

SpA

..........................

38,310

456,306

EOG

Resources,

Inc.

.................

17,069

1,256,961

Exxon

Mobil

Corp.

...................

103,896

5,947,007

Galp

Energia

SGPS

SA

...............

14,517

167,160

Hess

Corp.

........................

9,341

695,998

HollyFrontier

Corp.

...................

1,812

63,420

Idemitsu

Kosan

Co.

Ltd.

...............

1,600

38,265

Inpex

Corp.

........................

24,500

166,723

Kinder

Morgan,

Inc.

..................

102,560

1,748,648

Koninklijke

Vopak

NV

.................

1,294

59,250

Marathon

Oil

Corp.

...................

11,610

130,729

Marathon

Petroleum

Corp.

.............

26,392

1,468,715

Matador

Resources

Co.

...............

939

24,705

Neste

OYJ

........................

7,749

468,588

Occidental

Petroleum

Corp.

.............

32,089

813,777

Oil

Search

Ltd.

.....................

30,487

88,059

OMV

AG

.........................

1,015

49,896

ONEOK,

Inc.

.......................

19,473

1,019,217

Phillips

66

.........................

18,582

1,503,470

Pioneer

Natural

Resources

Co.

..........

5,775

888,368

Repsol

SA

........................

23,833

284,478

Santos

Ltd.

........................

12,867

68,303

TOTAL

SE

........................

34,668

1,532,250

Valero

Energy

Corp.

..................

16,860

1,246,966

Williams

Cos.,

Inc.

(The)

...............

54,365

1,324,331

Woodside

Petroleum

Ltd.

..............

15,421

268,953

32,352,206

Paper

&

Forest

Products

—

0.1%

Mondi

plc

.........................

6,292

170,788

Stora

Enso

OYJ,

Class

R

..............

19,400

371,170

UPM-Kymmene

OYJ

.................

9,799

383,211

925,169

Personal

Products

—

0.2%

Kao

Corp.

.........................

1,500

96,440

L'Oreal

SA

........................

1,788

732,133

Shiseido

Co.

Ltd.

....................

1,500

109,157

Unilever

plc

........................

23,108

1,353,600

Unilever

plc

........................

13,278

775,506

3,066,836

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

54

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Pharmaceuticals

—

2.1%

Astellas

Pharma,

Inc.

.................

18,700

$

281,455

AstraZeneca

plc

....................

16,342

1,739,507

Bristol-Myers

Squibb

Co.

...............

28,250

1,763,365

Chugai

Pharmaceutical

Co.

Ltd.

..........

7,200

270,251

Daiichi

Sankyo

Co.

Ltd.

................

19,100

487,822

Eisai

Co.

Ltd.

......................

2,800

182,621

Eli

Lilly

&

Co.

......................

9,157

1,673,625

GlaxoSmithKline

plc

..................

65,947

1,218,685

Johnson

&

Johnson

..................

38,760

6,307,415

Merck

&

Co.,

Inc.

....................

36,648

2,730,276

Merck

KGaA

.......................

1,706

299,718

Novartis

AG

(Registered)

..............

30,530

2,605,320

Novo

Nordisk

A/S,

Class

B

.............

24,752

1,825,893

Otsuka

Holdings

Co.

Ltd.

..............

2,800

107,309

Perrigo

Co.

plc

.....................

1,604

66,774

Pfizer,

Inc.

........................

76,181

2,944,396

Roche

Holding

AG

...................

9,905

3,246,112

Sanofi

...........................

12,355

1,295,328

Shionogi

&

Co.

Ltd.

..................

2,200

115,982

Takeda

Pharmaceutical

Co.

Ltd.

..........

20,700

691,390

UCB

SA

..........................

978

90,561

Viatris,

Inc.

(d)

.......................

2,399

31,907

Zoetis,

Inc.

........................

4,325

748,355

30,724,067

Professional

Services

—

0.8%

Adecco

Group

AG

(Registered)

..........

10,169

689,251

Booz

Allen

Hamilton

Holding

Corp.

........

2,993

248,269

CoStar

Group,

Inc.

(d)

..................

562

480,190

Equifax,

Inc.

.......................

5,265

1,206,896

Experian

plc

.......................

24,154

931,175

IHS

Markit

Ltd.

.....................

12,382

1,332,056

Intertek

Group

plc

...................

3,885

329,329

Nielsen

Holdings

plc

..................

5,187

133,047

Persol

Holdings

Co.

Ltd.

...............

3,800

69,982

Randstad

NV

......................

3,121

225,187

Recruit

Holdings

Co.

Ltd.

..............

21,100

951,346

RELX

plc

.........................

48,880

1,268,215

Robert

Half

International,

Inc.

............

3,683

322,668

SGS

SA

(Registered)

.................

29

85,808

TransUnion

........................

3,743

391,480

Verisk

Analytics,

Inc.

..................

7,231

1,360,874

Wolters

Kluwer

NV

...................

11,526

1,042,539

11,068,312

Real

Estate

Management

&

Development

—

0.3%

Aroundtown

SA

.....................

11,014

84,809

CBRE

Group,

Inc.,

Class

A

(d)

............

4,726

402,655

CK

Asset

Holdings

Ltd.

................

58,000

363,116

Daito

Trust

Construction

Co.

Ltd.

.........

900

95,700

Daiwa

House

Industry

Co.

Ltd.

...........

9,800

290,592

Deutsche

Wohnen

SE

................

4,237

229,216

Henderson

Land

Development

Co.

Ltd.

.....

25,000

111,118

Hongkong

Land

Holdings

Ltd.

...........

22,700

112,256

Hulic

Co.

Ltd.

......................

4,300

49,057

LEG

Immobilien

SE

..................

656

91,273

Lendlease

Corp.

Ltd.

(f)

................

4,416

43,152

Mitsubishi

Estate

Co.

Ltd.

..............

23,000

378,554

Mitsui

Fudosan

Co.

Ltd.

...............

14,000

304,350

New

World

Development

Co.

Ltd.

.........

31,000

164,042

Sumitomo

Realty

&

Development

Co.

Ltd.

...

5,300

176,919

Sun

Hung

Kai

Properties

Ltd.

............

25,500

383,580

Swire

Pacific

Ltd.,

Class

A

..............

16,500

132,928

Swire

Properties

Ltd.

.................

18,200

54,311

Swiss

Prime

Site

AG

(Registered)

.........

2,351

228,798

Vonovia

SE

........................

8,773

576,428

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

20,000

$

114,941

4,387,795

Road

&

Rail

—

0.4%

Central

Japan

Railway

Co.

.............

1,900

278,373

CSX

Corp.

........................

13,021

1,311,866

East

Japan

Railway

Co.

...............

2,000

136,975

MTR

Corp.

Ltd.

.....................

41,500

231,132

Norfolk

Southern

Corp.

................

4,081

1,139,578

Old

Dominion

Freight

Line,

Inc.

..........

516

133,030

Uber

Technologies,

Inc.

(d)

..............

2,725

149,248

Union

Pacific

Corp.

..................

12,798

2,842,308

6,222,510

Semiconductors

&

Semiconductor

Equipment

—

2.2%

Advanced

Micro

Devices,

Inc.

(d)

..........

17,207

1,404,435

Analog

Devices,

Inc.

..................

2,967

454,426

Applied

Materials,

Inc.

................

11,413

1,514,619

ASML

Holding

NV

...................

6,288

4,081,805

Broadcom,

Inc.

.....................

6,257

2,854,444

Disco

Corp.

........................

1,100

355,213

Intel

Corp.

........................

61,887

3,560,359

KLA

Corp.

.........................

2,956

932,175

Lam

Research

Corp.

.................

1,696

1,052,283

Lasertec

Corp.

.....................

3,500

616,311

Microchip

Technology,

Inc.

..............

2,656

399,170

Micron

Technology,

Inc.

(d)

..............

13,633

1,173,392

NVIDIA

Corp.

......................

10,401

6,244,552

NXP

Semiconductors

NV

..............

5,782

1,113,093

QUALCOMM,

Inc.

...................

13,711

1,903,087

STMicroelectronics

NV

................

5,697

212,790

Teradyne,

Inc.

......................

6,348

794,008

Texas

Instruments,

Inc.

................

11,148

2,012,326

Tokyo

Electron

Ltd.

..................

2,500

1,135,470

Xilinx,

Inc.

.........................

3,445

440,822

32,254,780

Software

—

4.2%

Adobe,

Inc.

(d)

.......................

9,657

4,909,039

ANSYS,

Inc.

(d)

......................

2,198

803,721

Autodesk,

Inc.

(d)

.....................

5,245

1,531,068

Cadence

Design

Systems,

Inc.

(d)

.........

4,941

651,076

Ceridian

HCM

Holding,

Inc.

(d)

............

1,202

113,565

Citrix

Systems,

Inc.

..................

2,723

337,244

Coupa

Software,

Inc.

(d)

................

370

99,545

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

.......

397

82,778

Dassault

Systemes

SE

................

1,875

434,949

Datadog,

Inc.,

Class

A

(d)

...............

1,034

88,686

DocuSign,

Inc.

(d)

....................

290

64,653

Dynatrace,

Inc.

(d)

....................

2,335

121,513

Fortinet,

Inc.

(d)

......................

2,647

540,597

Guidewire

Software,

Inc.

(d)

..............

502

52,966

HubSpot,

Inc.

(d)

.....................

169

88,970

Intuit,

Inc.

.........................

4,734

1,951,165

Microsoft

Corp.

.....................

141,226

35,614,373

NortonLifeLock,

Inc.

..................

9,447

204,150

Oracle

Corp.

.......................

40,068

3,036,754

Paycom

Software,

Inc.

(d)

...............

754

289,845

salesforce.com,

Inc.

(d)

.................

19,138

4,407,864

SAP

SE

..........................

15,302

2,142,597

ServiceNow,

Inc.

(d)

...................

4,589

2,323,732

Slack

Technologies,

Inc.,

Class

A

(d)

........

2,292

97,181

Splunk,

Inc.

(d)

......................

872

110,238

Synopsys,

Inc.

(d)

....................

3,115

769,592

Temenos

AG

(Registered)

..............

970

142,609

Trend

Micro,

Inc.

....................

2,300

109,477

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Software

(continued)

VMware,

Inc.,

Class

A

(d)

...............

945

$

151,984

Workday,

Inc.,

Class

A

(d)

...............

286

70,642

Zoom

Video

Communications,

Inc.,

Class

A

(d)

.

692

221,142

Zscaler,

Inc.

(d)

......................

581

109,019

61,672,734

Specialty

Retail

—

1.4%

Advance

Auto

Parts,

Inc.

...............

1,040

208,166

AutoZone,

Inc.

(d)

....................

488

714,491

Best

Buy

Co.,

Inc.

...................

5,882

683,900

CarMax,

Inc.

(d)

......................

3,127

416,642

Carvana

Co.

(d)

......................

561

160,031

Fast

Retailing

Co.

Ltd.

................

700

574,302

Gap,

Inc.

(The)

.....................

2,523

83,511

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(d)

.....

2,217

54,555

Home

Depot,

Inc.

(The)

...............

22,490

7,279,338

Industria

de

Diseno

Textil

SA

............

16,913

601,776

L

Brands,

Inc.

(d)

.....................

3,718

245,016

Lowe's

Cos.,

Inc.

....................

15,454

3,032,848

O'Reilly

Automotive,

Inc.

(d)

..............

1,478

817,157

Ross

Stores,

Inc.

....................

6,846

896,415

TJX

Cos.,

Inc.

(The)

..................

26,022

1,847,562

Tractor

Supply

Co.

...................

6,161

1,161,965

Ulta

Beauty,

Inc.

(d)

...................

3,435

1,131,317

19,908,992

Technology

Hardware,

Storage

&

Peripherals

—

2.6%

Apple,

Inc.

........................

273,476

35,951,155

Brother

Industries

Ltd.

................

4,900

103,895

Canon,

Inc.

........................

23,400

556,456

FUJIFILM

Holdings

Corp.

..............

2,500

161,938

Hewlett

Packard

Enterprise

Co.

..........

20,145

322,723

HP,

Inc.

..........................

15,314

522,361

NetApp,

Inc.

.......................

3,263

243,713

Ricoh

Co.

Ltd.

......................

4,000

42,745

Seiko

Epson

Corp.

...................

3,400

58,009

Western

Digital

Corp.

(d)

................

2,565

181,166

38,144,161

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

adidas

AG

(d)

.......................

2,781

858,942

EssilorLuxottica

SA

..................

3,163

526,449

Hanesbrands,

Inc.

...................

4,626

97,424

Hermes

International

.................

113

141,828

Kering

SA

.........................

789

632,235

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

3,080

2,320,319

NIKE,

Inc.,

Class

B

..................

5,403

716,546

Pandora

A/S

.......................

393

44,507

Puma

SE

(d)

........................

744

78,434

PVH

Corp.

(d)

.......................

961

108,766

Ralph

Lauren

Corp.

(d)

.................

589

78,508

Tapestry,

Inc.

(d)

.....................

4,308

206,138

Under

Armour,

Inc.,

Class

A

(d)

............

1,786

43,418

Under

Armour,

Inc.,

Class

C

(d)

...........

3,462

68,928

5,922,442

Trading

Companies

&

Distributors

—

0.6%

Ashtead

Group

plc

...................

9,908

636,598

Brenntag

SE

.......................

472

42,374

Bunzl

plc

.........................

14,477

465,477

Fastenal

Co.

.......................

14,558

761,092

Ferguson

plc

.......................

8,223

1,037,135

ITOCHU

Corp.

.....................

11,100

346,528

Marubeni

Corp.

.....................

89,200

742,968

Mitsubishi

Corp.

.....................

32,400

895,883

Mitsui

&

Co.

Ltd.

....................

39,900

842,035

Sumitomo

Corp.

....................

64,800

880,567

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Toyota

Tsusho

Corp.

..................

10,000

$

423,745

United

Rentals,

Inc.

(d)

.................

1,069

342,027

WW

Grainger,

Inc.

...................

1,730

750,024

8,166,453

Transportation

Infrastructure

—

0.0%

Atlantia

SpA

(d)

......................

3,324

64,802

Transurban

Group

(f)

..................

16,306

177,805

242,607

Water

Utilities

—

0.2%

American

Water

Works

Co.,

Inc.

..........

11,526

1,797,941

Essential

Utilities,

Inc.

.................

12,652

596,289

Severn

Trent

plc

....................

10,140

347,095

United

Utilities

Group

plc

...............

24,757

331,145

3,072,470

Wireless

Telecommunication

Services

—

0.2%

KDDI

Corp.

........................

16,700

504,832

SoftBank

Corp.

.....................

31,300

403,469

SoftBank

Group

Corp.

................

17,800

1,603,969

Vodafone

Group

plc

..................

381,392

719,763

3,232,033

Total

Common

Stocks

—

58.3%

(Cost:

$611,180,442)

..............................

849,742,789

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(h)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(a)(d)(i)

.......

USD

300

—

Total

Other

Interests

—

0.0%

(Cost:

$–)

.....................................

—

Shares

Shares

Preferred

Stocks

—

0.0%

Automobiles

—

0.0%

Bayerische

Motoren

Werke

AG

(Preference)

..

3,112

254,880

Health

Care

Equipment

&

Supplies

—

0.0%

Sartorius

AG

(Preference)

..............

575

324,427

Total

Preferred

Stocks

—

0.0%

(Cost:

$382,833)

.................................

579,307

Rights

—

0.0%

Capital

Markets

—

0.0%

Credit

Suisse

Group

AG

(Expires

05/06/2021)

(a)

(d)

............................

50,534

—

Total

Rights

—

0.0%

(Cost:

$–)

.....................................

—

Par

(000)

Par

(000)

U.S.

Treasury

Obligations

—

19.3%

U.S.

Treasury

Notes:

1.50%, 09/15/22

..................

140,000

142,668,750

0.13%, 12/15/23

..................

140,000

139,485,937

Total

U.S.

Treasury

Obligations

—

19.3%

(Cost:

$281,966,481)

..............................

282,154,687

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

56

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

April

30,

2021

Security

Shares

Shares

Value

Warrants

—

0.0%

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Occidental

Petroleum

Corp.

(Issued/exercisable

07/06/20,

1

share

for

1

warrant,

Expires

08/03/27,

Strike

Price

USD

22.00)

(d)

.....

1,719

$

18,531

Total

Warrants

—

0.0%

..............................

18,531

Total

Long-Term

Investments

—

77.6%

(Cost:

$893,716,347)

..............................

1,132,495,314

Short-Term

Securities

—

2.5%

(j)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

....................

35,759,937

35,759,937

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(k)

........................

34,733

34,743

Total

Short-Term

Securities

—

2.5%

(Cost:

$35,794,680)

...............................

35,794,680

Total

Investments

—

80.1%

(Cost:

$929,511,027

)

..............................

1,168,289,994

Other

Assets

Less

Liabilities

—

19.9%

...................

289,674,499

Net

Assets

—

100.0%

...............................

$

1,457,964,493

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Non-income

producing

security.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$4,704,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$48,000.

(f)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(i)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

Annualized

7-day

yield

as

of

period

end.

(k)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

April

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

      amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/21

Shares

Held

at

04/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

45,699,839

$

—

$

(9,939,902)

$

—

$

—

$

35,759,937

35,759,937

$

29,360

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

—

35,166

—

(423)

—

34,743

34,733

1,830

(b)

—

$

(423)

$

—

$

35,794,680

$

31,190

$

—

—

—

(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

57

Schedule

of

Investments

(continued)

April

30,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

CAC

40

10

Euro

Index

......................................................

1,853

05/21/21

$

138,478

$

2,059,872

IBEX

35

Index

............................................................

519

05/21/21

54,956

1,652,318

SGX

NIFTY

50

Index

.......................................................

1,119

05/27/21

32,768

(39,468)

FTSE

China

A50

Index

......................................................

2,274

05/28/21

39,288

234,719

TOPIX

Index

.............................................................

278

06/10/21

48,368

(734,418)

Australia

10

Year

Bond

......................................................

4,732

06/15/21

508,119

1,212,329

FTSE/JSE

Top

40

Index

.....................................................

532

06/17/21

22,520

(307,610)

DAX

Index

..............................................................

31

06/18/21

14,133

(262,145)

FTSE

100

Index

..........................................................

1,193

06/18/21

114,302

3,943,232

FTSE/MIB

Index

..........................................................

482

06/18/21

69,280

(404,855)

Mini-DAX

Index

...........................................................

24

06/18/21

2,188

87,635

S&P

500

E-Mini

Index

......................................................

81

06/18/21

16,906

1,163,747

WIG20

Index

............................................................

1,022

06/18/21

10,969

212,163

8,817,519

Short

Contracts

AEX

Index

..............................................................

1,016

05/21/21

172,012

(239,794)

IBEX

35

Index

............................................................

342

05/21/21

36,214

(1,304,373)

OMXS30

Index

...........................................................

3,993

05/21/21

104,665

493,578

MSCI

Singapore

Index

......................................................

1,903

05/28/21

51,731

(53,537)

Euro-Bund

..............................................................

552

06/08/21

112,819

870,167

Euro-

Buxl

...............................................................

289

06/08/21

70,150

2,100,624

S&P/TSX

60

Index

.........................................................

30

06/17/21

5,542

(121,375)

SPI

200

Index

............................................................

12

06/17/21

1,618

(61,702)

DAX

Index

..............................................................

27

06/18/21

12,309

68,158

MSCI

EAFE

E-Mini

Index

....................................................

1,897

06/18/21

214,105

(5,482,227)

S&P

500

E-Mini

Index

......................................................

2,816

06/18/21

587,756

(37,542,341)

Canada

10

Year

Bond

......................................................

2,625

06/21/21

297,620

73,825

U.S.

Treasury

10

Year

Note

...................................................

2,818

06/21/21

372,328

291,700

Long

Gilt

...............................................................

2,466

06/28/21

434,802

1,915,892

SET50

Index

.............................................................

2,855

06/29/21

17,522

(164,783)

(39,156,188)

$

(30,338,669)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

7,930,000

USD

6,044,567

Morgan

Stanley

&

Co.

International

plc

06/16/21

$

65,559

CAD

34,604,025

USD

27,409,830

State

Street

Bank

and

Trust

Co.

06/16/21

745,672

CHF

8,280,000

USD

8,925,875

Bank

of

America

NA

06/16/21

151,350

CHF

6,123,000

USD

6,683,904

Morgan

Stanley

&

Co.

International

plc

06/16/21

28,637

EUR

14,946,000

USD

17,586,381

Bank

of

America

NA

06/16/21

398,734

EUR

4,388,556

USD

5,249,718

Barclays

Bank

plc

06/16/21

31,206

EUR

1,849,425

USD

2,200,644

State

Street

Bank

and

Trust

Co.

06/16/21

24,842

KRW

9,621,292,000

USD

8,546,873

UBS

AG

06/16/21

59,430

SGD

802,000

USD

602,030

Citibank

NA

06/16/21

545

USD

5,168,478

AUD

6,621,000

Goldman

Sachs

International

06/16/21

66,947

USD

6,536,799

AUD

8,427,000

Westpac

Banking

Corp.

06/16/21

43,731

USD

13,455,333

EUR

11,126,000

Citibank

NA

06/16/21

66,976

USD

14,874,407

EUR

12,294,000

Morgan

Stanley

&

Co.

International

plc

06/16/21

80,549

USD

9,144,314

EUR

7,577,000

Standard

Chartered

Bank

06/16/21

26,609

USD

8,719,969

EUR

7,196,000

UBS

AG

06/16/21

60,737

USD

5,768,477

GBP

4,150,000

Citibank

NA

06/16/21

36,458

USD

10,518,454

INR

778,818,000

BNP

Paribas

SA

06/16/21

89,261

USD

9,866,757

INR

728,068,000

Citibank

NA

06/16/21

117,159

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

58

Schedule

of

Investments

(continued)

April

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

3,913,600

JPY

418,130,000

State

Street

Bank

and

Trust

Co.

06/16/21

$

86,362

USD

6,887,547

MXN

139,720,000

Bank

of

America

NA

06/16/21

24,247

USD

4,390,791

RUB

322,925,000

JPMorgan

Chase

Bank

NA

06/16/21

121,101

USD

5,405,896

SEK

45,581,000

UBS

AG

06/16/21

19,386

USD

5,872,569

THB

178,623,000

Bank

of

America

NA

06/16/21

137,538

2,483,036

AUD

2,068,370

USD

1,603,932

Morgan

Stanley

&

Co.

International

plc

06/16/21

(10,237)

AUD

39,120,150

USD

30,538,749

UBS

AG

06/16/21

(396,376)

EUR

98,265,117

USD

118,888,577

Citibank

NA

06/16/21

(642,263)

EUR

450,000

USD

544,459

HSBC

Bank

plc

06/16/21

(2,956)

GBP

2,537,000

USD

3,545,546

HSBC

Bank

plc

06/16/21

(41,418)

INR

1,100,733,000

USD

14,854,135

BNP

Paribas

SA

06/16/21

(114,160)

JPY

2,817,876,380

USD

26,376,226

Morgan

Stanley

&

Co.

International

plc

06/16/21

(583,569)

JPY

211,787,817

USD

1,941,345

Standard

Chartered

Bank

06/16/21

(2,803)

MXN

102,198,000

USD

5,050,516

Citibank

NA

06/16/21

(30,365)

NZD

555,000

USD

402,481

Goldman

Sachs

International

06/16/21

(5,389)

RUB

709,673,000

USD

9,481,491

UBS

AG

06/16/21

(98,249)

SEK

29,864,000

USD

3,550,912

State

Street

Bank

and

Trust

Co.

06/16/21

(21,750)

USD

6,238,126

AUD

8,167,000

Standard

Chartered

Bank

06/16/21

(54,610)

USD

4,839,331

BRL

26,897,000

Citibank

NA

06/16/21

(92,446)

USD

5,385,833

CAD

6,799,000

Banco

Santander

SA

06/16/21

(146,161)

USD

698,630

CAD

882,000

UBS

AG

06/16/21

(19,008)

USD

15,823,709

CHF

14,763,000

HSBC

Bank

plc

06/16/21

(360,718)

USD

3,262,945

CHF

2,989,000

State

Street

Bank

and

Trust

Co.

06/16/21

(13,845)

USD

6,722,801

CLP

4,896,477,000

BNP

Paribas

SA

06/16/21

(164,745)

USD

6,948,772

EUR

5,909,000

Bank

of

America

NA

06/16/21

(161,762)

USD

5,745,947

EUR

4,876,000

BNP

Paribas

SA

06/16/21

(121,537)

USD

5,273,972

EUR

4,488,000

HSBC

Bank

plc

06/16/21

(126,616)

USD

2,634,988

EUR

2,209,000

State

Street

Bank

and

Trust

Co.

06/16/21

(23,189)

USD

5,116,315

GBP

3,713,000

Standard

Chartered

Bank

06/16/21

(12,115)

USD

8,552,736

KRW

9,673,153,000

BNP

Paribas

SA

06/16/21

(99,957)

USD

11,019,291

MXN

230,837,000

Goldman

Sachs

International

06/16/21

(319,842)

USD

100,497

NOK

852,000

State

Street

Bank

and

Trust

Co.

06/16/21

(1,864)

(3,667,950)

$

(1,184,914)

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28

day

MXIBTIIE

Monthly

5.83%

Monthly

09/15/21

(a)

09/09/26

MXN

285,000

$

(288,800)

$

—

$

(288,800)

28

day

MXIBTIIE

Monthly

5.98%

Monthly

09/15/21

(a)

09/09/26

MXN

563,000

(391,483)

—

(391,483)

28

day

MXIBTIIE

Monthly

6.12%

Monthly

09/15/21

(a)

09/09/26

MXN

990,000

(377,824)

—

(377,824)

28

day

MXIBTIIE

Monthly

6.13%

Monthly

09/15/21

(a)

09/09/26

MXN

990,000

(371,485)

—

(371,485)

28

day

MXIBTIIE

Monthly

6.53%

Monthly

09/15/21

(a)

09/09/26

MXN

1,779,000

870,059

—

870,059

0.51%

Annual

1

day

SONIA

Annual

09/15/21

(a)

09/15/26

GBP

51,000

202,386

5,242

197,144

0.53%

Annual

1

day

SONIA

Annual

09/15/21

(a)

09/15/26

GBP

101,000

270,723

1,040

269,683

0.50%

Annual

1

day

SONIA

Annual

09/15/21

(a)

09/15/26

GBP

33,000

157,969

(1,350)

159,319

6

month

BBR

Semi-Annual

1.05%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

228,000

296,154

—

296,154

6

month

BBR

Semi-Annual

1.06%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

262,240

420,231

—

420,231

6

month

BBR

Semi-Annual

1.07%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

16,200

32,875

—

32,875

6

month

BBR

Semi-Annual

1.08%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

37,800

89,258

—

89,258

6

month

BBR

Semi-Annual

1.18%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

242,260

1,514,247

—

1,514,247

6

month

WIBOR

Semi-Annual

1.34%

Annual

09/15/21

(a)

09/15/26

PLN

232,000

(753,722)

—

(753,722)

6

month

WIBOR

Semi-Annual

1.39%

Annual

09/15/21

(a)

09/15/26

PLN

214,000

(552,937)

—

(552,937)

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

59

Schedule

of

Investments

(continued)

April

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

6

month

WIBOR

Semi-Annual

1.44%

Annual

09/15/21

(a)

09/15/26

PLN

134,000

$

(270,833)

$

—

$

(270,833)

6

month

WIBOR

Semi-Annual

1.46%

Annual

09/15/21

(a)

09/15/26

PLN

161,000

(280,108)

—

(280,108)

6

month

WIBOR

Semi-Annual

1.46%

Annual

09/15/21

(a)

09/15/26

PLN

125,000

(222,271)

—

(222,271)

3

month

BA

Semi-Annual

1.47%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

524,000

(857,205)

(601,174)

(256,031)

3

month

BA

Semi-Annual

1.52%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

70,000

32,552

20,194

12,358

3

month

BA

Semi-Annual

1.54%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

46,000

43,272

6,382

36,890

3

month

BA

Semi-Annual

1.55%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

179,000

257,079

30,184

226,895

3

month

BA

Semi-Annual

1.58%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

20,000

54,490

(5,819)

60,309

3

month

BA

Semi-Annual

1.60%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

26,000

91,449

2,129

89,320

1.03%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

85,000

203,807

(3,653)

207,460

1.04%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

54,000

109,524

354

109,170

1.07%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

72,000

39,618

(8,726)

48,344

1.04%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

44,000

98,997

(7,979)

106,976

1.02%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

47,000

153,215

(9,010)

162,225

1.12%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

94,000

(179,828)

(15,098)

(164,730)

1.15%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

139,000

(471,356)

(667)

(470,689)

0.43%

Annual

3

month

STIBOR

Quarterly

09/15/21

(a)

09/15/26

SEK

135,000

(1,307)

(1,944)

637

0.38%

Annual

3

month

STIBOR

Quarterly

09/15/21

(a)

09/15/26

SEK

365,000

106,479

16,059

90,420

0.41%

Annual

3

month

STIBOR

Quarterly

09/15/21

(a)

09/15/26

SEK

2,275,000

236,153

32,067

204,086

(0.31)%

Annual

6

month

EURIBOR

Semi-Annual

09/15/21

(a)

09/15/26

EUR

1,084,000

6,558,842

387,278

6,171,564

(0.27)%

Annual

6

month

EURIBOR

Semi-Annual

09/15/21

(a)

09/15/26

EUR

18,000

64,836

1,478

63,358

(0.26)%

Annual

6

month

EURIBOR

Semi-Annual

09/15/21

(a)

09/15/26

EUR

29,000

88,676

773

87,903

0.71%

Semi-Annual

6

month

GBP

LIBOR

Semi-Annual

09/15/21

(a)

09/15/26

GBP

22,000

167,257

38,096

129,161

0.73%

Semi-Annual

6

month

GBP

LIBOR

Semi-Annual

09/15/21

(a)

09/15/26

GBP

44,000

265,945

4,507

261,438

1.15%

Semi-Annual

6

month

SOR

Semi-Annual

09/15/21

(a)

09/15/26

SGD

27,520

45,490

—

45,490

1.16%

Semi-Annual

6

month

SOR

Semi-Annual

09/15/21

(a)

09/15/26

SGD

15,480

22,725

—

22,725

1.10%

Semi-Annual

6

month

SOR

Semi-Annual

09/15/21

(a)

09/15/26

SGD

40,000

146,033

—

146,033

3

month

JIBAR

Quarterly

6.27%

Quarterly

09/15/21

(a)

09/15/26

ZAR

464,000

8,393

—

8,393

3

month

JIBAR

Quarterly

6.34%

Quarterly

09/15/21

(a)

09/15/26

ZAR

363,000

83,021

—

83,021

3

month

JIBAR

Quarterly

6.47%

Quarterly

09/15/21

(a)

09/15/26

ZAR

282,000

171,737

—

171,737

$

7,884,333

$

(109,637)

$

7,993,970

(a)

Forward

swap.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

6.26%

At

Termination

1

day

BZDIOVER

At

Termination

Bank

of

America

NA

N/A

01/02/25

BRL

252,000

$

1,857,274

$

—

$

1,857,274

8.07%

At

Termination

1

day

BZDIOVER

At

Termination

Bank

of

America

NA

N/A

01/02/25

BRL

101,000

(355,128)

—

(355,128)

7.18%

At

Termination

1

day

BZDIOVER

At

Termination

Barclays

Bank

plc

N/A

01/02/25

BRL

138,000

264,311

—

264,311

6.14%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

116,000

933,681

—

933,681

6.42%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

207,000

1,215,521

—

1,215,521

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

60

Schedule

of

Investments

(continued)

April

30,

2021

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

6.75%

At

Termination

1

day

BZDIOVER

At

Termination

Morgan

Stanley

&

Co.

International

plc

N/A

01/02/25

BRL

116,000

$

511,065

$

—

$

511,065

0.79%

Quarterly

3

month

TWCPBA

Quarterly

Bank

of

America

NA

09/15/21

(a)

09/15/26

TWD

1,444,200

(129,018)

—

(129,018)

1

day

MIBOR

Semi-Annual

5.68%

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

INR

5,802,720

948,074

—

948,074

1

day

MIBOR

Semi-Annual

5.68%

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

INR

10,658,850

1,741,490

—

1,741,490

1.14%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

1,094,000

(43,644)

—

(43,644)

1.21%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

549,045

(83,848)

—

(83,848)

1.22%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

644,910

(110,615)

—

(110,615)

1.23%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

984,000

(181,111)

—

(181,111)

2.86%

Quarterly

1

week

CNREPOFI

Quarterly

Bank

of

America

NA

09/15/21

(a)

09/15/26

CNY

114,000

(53,513)

—

(53,513)

3

month

CD_KSDA

Quarterly

1.53%

Quarterly

Bank

of

America

NA

09/15/21

(a)

09/15/26

KRW

29,727,520

(78,360)

—

(78,360)

3

month

CD_KSDA

Quarterly

1.58%

Quarterly

Bank

of

America

NA

09/15/21

(a)

09/15/26

KRW

42,506,000

(22,030)

—

(22,030)

1.24%

Semi-Annual

6

month

THBFIX

Semi-Annual

BNP

Paribas

SA

09/15/21

(a)

09/15/26

THB

2,761,000

(529,812)

—

(529,812)

2.93%

Quarterly

1

week

CNREPOFI

Quarterly

BNP

Paribas

SA

09/15/21

(a)

09/15/26

CNY

173,000

(166,389)

—

(166,389)

1

day

MIBOR

Semi-Annual

5.71%

Semi-Annual

Goldman

Sachs

International

09/15/21

(a)

09/15/26

INR

2,113,020

379,130

—

379,130

1.20%

Semi-Annual

6

month

THBFIX

Semi-Annual

Goldman

Sachs

International

09/15/21

(a)

09/15/26

THB

556,000

(79,683)

—

(79,683)

1

day

MIBOR

Semi-Annual

5.71%

Semi-Annual

HSBC

Bank

plc

09/15/21

(a)

09/15/26

INR

6,493,880

1,165,169

—

1,165,169

1.23%

Semi-Annual

6

month

THBFIX

Semi-Annual

HSBC

Bank

plc

09/15/21

(a)

09/15/26

THB

549,045

(101,055)

—

(101,055)

3

month

CD_KSDA

Quarterly

1.64%

Quarterly

HSBC

Bank

plc

09/15/21

(a)

09/15/26

KRW

36,200,480

79,019

—

79,019

3

month

CD_KSDA

Quarterly

1.64%

Quarterly

HSBC

Bank

plc

09/15/21

(a)

09/15/26

KRW

35,135,760

73,658

—

73,658

0.79%

Quarterly

3

month

TWCPBA

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

TWD

1,152,600

(97,906)

—

(97,906)

0.82%

Quarterly

3

month

TWCPBA

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

TWD

1,884,600

(259,406)

—

(259,406)

1.17%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

1,270,800

(106,454)

—

(106,454)

1.19%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

3,036,200

(363,768)

—

(363,768)

1.19%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

830,500

(104,057)

—

(104,057)

1.22%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

556,000

(95,365)

—

(95,365)

1.23%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

984,000

(177,257)

—

(177,257)

2.87%

Quarterly

1

week

CNREPOFI

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

CNY

202,000

(102,029)

—

(102,029)

3

month

CD_KSDA

Quarterly

1.61%

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

KRW

45,760,000

40,557

—

40,557

0.76%

Quarterly

3

month

TWCPBA

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

TWD

520,000

(14,482)

—

(14,482)

0.81%

Quarterly

3

month

TWCPBA

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

TWD

281,600

(33,814)

—

(33,814)

1

day

MIBOR

Semi-Annual

5.69%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

INR

8,297,650

1,367,807

—

1,367,807

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

61

Schedule

of

Investments

(continued)

April

30,

2021

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.29%

Semi-Annual

6

month

THBFIX

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

THB

3,320,591

$

(897,357)

$

—

$

(897,357)

2.76%

Quarterly

1

week

CNREPOFI

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

CNY

141,000

38,452

—

38,452

1.18%

Semi-Annual

6

month

THBFIX

Semi-Annual

Standard

Chartered

Bank

09/15/21

(a)

09/15/26

THB

814,400

(79,710)

—

(79,710)

2.92%

Quarterly

1

week

CNREPOFI

Quarterly

Standard

Chartered

Bank

09/15/21

(a)

09/15/26

CNY

878,030

(763,026)

—

(763,026)

2.99%

Quarterly

1

week

CNREPOFI

Quarterly

Standard

Chartered

Bank

09/15/21

(a)

09/15/26

CNY

272,000

(364,475)

—

(364,475)

$

5,221,896

$

—

$

5,221,896

(a)

Forward

swap.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

(Amount)/

Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Russian

Depositary

Net

Total

Return

USD

Index

..........

At

Termination

3

month

LIBOR

plus

0.08%

At

Termination

Merrill

Lynch

International

&

Co.

05/12/21

USD

249

$

(58,648)

$

—

$

(58,648)

Russian

Depositary

Net

Total

Return

USD

Index

..........

At

Termination

3

month

LIBOR

plus

0.12%

At

Termination

Merrill

Lynch

International

&

Co.

05/12/21

USD

4,643

(827,839)

—

(827,839)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

May

2021

..........

At

Termination

0.00%

At

Termination

Merrill

Lynch

International

&

Co.

05/19/21

TWD

832,714

(630,995)

—

(630,995)

3

month

LIBOR

plus

0.15%

.........

At

Termination

MSCI

Daily

Total

Return

Net

Emerging

Markets

Mexico

Index

At

Termination

BNP

Paribas

SA

05/20/21

USD

6,865

121,230

—

121,230

3

month

LIBOR

plus

0.24%

.........

Quarterly

MSCI

Daily

Total

Return

Net

Emerging

Markets

Mexico

Index

Quarterly

HSBC

Bank

plc

05/20/21

USD

652

62,168

—

62,168

3

month

LIBOR

plus

0.25%

.........

At

Termination

MSCI

Daily

Total

Return

Net

Emerging

Markets

Mexico

Index

At

Termination

BNP

Paribas

SA

05/20/21

USD

3,957

297,660

—

297,660

3

month

LIBOR

plus

0.30%

.........

Quarterly

MSCI

Chile

Net

Return

Index

Quarterly

Merrill

Lynch

International

&

Co.

05/20/21

USD

7,153

(92,864)

—

(92,864)

KOSPI

200

Index

Futures

June

2021

.

At

Termination

0.00%

At

Termination

Merrill

Lynch

International

&

Co.

06/10/21

KRW

31,511,201

(795,589)

—

(795,589)

0.00%

...........

At

Termination

BOVESPA

Index

Futures

June

2021

At

Termination

Merrill

Lynch

International

&

Co.

06/16/21

BRL

69,685

(15,591)

—

(15,591)

Swiss

Market

Index

Futures

June

2021

.

At

Termination

0.00%

At

Termination

HSBC

Bank

plc

06/18/21

CHF

44,432

(646,503)

—

(646,503)

$

(2,586,971)

$

–

$

(2,586,971)

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

62

Schedule

of

Investments

(continued)

April

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.01

%

1

day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

3.43

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

0.05

1

week

CNREPOFI

....................................

China

Fixing

Repo

Rates

2.36

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.29

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.44

3

month

CD_KSDA

....................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

0.73

3

month

JIBAR

.......................................

Johannesburg

Interbank

Average

Rate

3.68

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.18

3

month

STIBOR

......................................

Stockholm

Interbank

Offered

Rate

(0.14)

3

month

TWCPBA

.....................................

Taiwan

Secondary

Markets

Bills

Rate

0.48

6

month

BBR

........................................

Australian

Bank

Bill

Rate

0.10

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.52)

6

month

GBP

LIBOR

...................................

London

Interbank

Offered

Rate

0.11

6

month

SOR

........................................

Singapore

Interbank

Offered

Rate

0.32

6

month

THBFIX

......................................

Thai

Baht

Interest

Rate

Fixing

0.36

6

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

0.14

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

$

545,783

$

(655,420)

$

12,394,883

$

(4,400,913)

OTC

Swaps

...................................................................

—

—

11,096,266

(8,461,341)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

9,915,422

$

—

$

6,464,537

$

—

$

16,379,959

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

2,483,036

—

—

2,483,036

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

12,394,883

—

12,394,883

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

481,058

—

10,615,208

—

11,096,266

$

—

$

—

$

10,396,480

$

2,483,036

$

29,474,628

$

—

$

42,354,144

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

46,718,628

—

—

—

46,718,628

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

3,667,950

—

—

3,667,950

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

4,400,913

—

4,400,913

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

3,068,029

—

5,393,312

—

8,461,341

$

—

$

—

$

49,786,657

$

3,667,950

$

9,794,225

$

—

$

63,248,832

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

63

Schedule

of

Investments

(continued)

April

30,

2021

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

(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,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

(188,615,619)

$

—

$

(6,837,167)

$

—

$

(195,452,786)

Forward

foreign

currency

exchange

contracts

....

—

—

—

8,055,778

—

—

8,055,778

Swaps

..............................

—

—

(32,403,914)

—

(264)

—

(32,404,178)

$

—

$

—

$

(221,019,533)

$

8,055,778

$

(6,837,431)

$

—

$

(219,801,186)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

11,683,816

—

4,257,147

—

15,940,963

Forward

foreign

currency

exchange

contracts

....

—

—

—

6,443,690

—

—

6,443,690

Swaps

..............................

—

—

1,533,979

—

(1,659,576)

—

(125,597)

$

—

$

—

$

13,217,795

$

6,443,690

$

2,597,571

$

—

$

22,259,056

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,110,336,341

Average

notional

value

of

contracts

—

short

.................................................................................

2,068,683,785

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

79,180,631

Average

amounts

sold

—

in

USD

........................................................................................

232,034,059

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

2,754,268,922

Average

notional

value

—

receives

fixed

rate

................................................................................

1,798,114,466

Total

return

swaps:

Average

notional

value

...............................................................................................

112,914,881

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

9,897,672

$

—

Forward

foreign

currency

exchange

contracts

.................................................................

2,483,036

3,667,950

Swaps

—

Centrally

cleared

.............................................................................

—

3,463,872

Swaps

—

OTC

(a)

....................................................................................

11,096,266

8,461,341

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

23,476,974

$

15,593,163

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(9,897,672)

(3,463,872)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

13,579,302

$

12,129,291

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statements

of

Assets

and

Liabilities.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

64

Schedule

of

Investments

(continued)

April

30,

2021

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

5,258,707

$

(1,219,029)

$

—

$

(4,039,678)

$

—

Barclays

Bank

plc

................................

295,517

—

—

(295,517)

—

BNP

Paribas

SA

.................................

2,657,353

(1,196,600)

—

(1,460,753)

—

Citibank

NA

....................................

221,138

(221,138)

—

—

—

Goldman

Sachs

International

........................

446,077

(404,914)

—

(41,163)

—

HSBC

Bank

plc

..................................

1,380,014

(1,279,266)

(100,748)

—

—

JPMorgan

Chase

Bank

NA

..........................

161,658

(161,658)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

2,092,069

(1,539,459)

—

(552,610)

—

Standard

Chartered

Bank

...........................

26,609

(26,609)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

856,876

(60,648)

—

—

796,228

UBS

AG

......................................

139,553

(139,553)

—

—

—

Westpac

Banking

Corp.

............................

43,731

—

—

—

43,731

$

13,579,302

$

(6,248,874)

$

(100,748)

$

(6,389,721)

$

839,959

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(e)

Net

Amount

of

Derivative

Liabilities

(d)(f)

Banco

Santander

SA

..............................

$

146,161

$

—

$

—

$

—

$

146,161

Bank

of

America

NA

..............................

1,219,029

(1,219,029)

—

—

—

BNP

Paribas

SA

.................................

1,196,600

(1,196,600)

—

—

—

Citibank

NA

....................................

765,074

(221,138)

—

—

543,936

Goldman

Sachs

International

........................

404,914

(404,914)

—

—

—

HSBC

Bank

plc

..................................

1,279,266

(1,279,266)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

1,306,242

(161,658)

—

(730,000)

414,584

Merrill

Lynch

International

&

Co.

......................

2,421,526

—

—

(2,421,526)

—

Morgan

Stanley

&

Co.

International

plc

..................

1,539,459

(1,539,459)

—

—

—

Standard

Chartered

Bank

...........................

1,276,739

(26,609)

—

(830,000)

420,130

State

Street

Bank

and

Trust

Co.

......................

60,648

(60,648)

—

—

—

UBS

AG

......................................

513,633

(139,553)

—

—

374,080

$

12,129,291

$

(6,248,874)

$

—

$

(3,981,526)

$

1,898,891

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(f)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

65

Schedule

of

Investments

(continued)

April

30,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

2,421,433

$

515,677

$

—

$

2,937,110

Air

Freight

&

Logistics

....................................

12,040,151

1,937,542

—

13,977,693

Airlines

..............................................

6,218,956

255,096

—

6,474,052

Auto

Components

......................................

175,556

3,859,442

—

4,034,998

Automobiles

..........................................

10,203,056

6,140,158

—

16,343,214

Banks

...............................................

31,391,292

17,639,805

—

49,031,097

Beverages

...........................................

4,059,116

2,390,895

—

6,450,011

Biotechnology

.........................................

7,289,233

1,048,861

—

8,338,094

Building

Products

.......................................

5,966,054

2,993,771

—

8,959,825

Capital

Markets

........................................

19,771,503

6,450,419

—

26,221,922

Chemicals

............................................

8,217,402

8,690,050

—

16,907,452

Commercial

Services

&

Supplies

.............................

5,581,484

1,381,464

—

6,962,948

Communications

Equipment

................................

666,768

268,736

—

935,504

Construction

&

Engineering

................................

207,486

2,513,768

—

2,721,254

Construction

Materials

....................................

—

2,589,866

—

2,589,866

Consumer

Finance

......................................

4,502,064

—

—

4,502,064

Containers

&

Packaging

..................................

9,057,473

120,951

—

9,178,424

Distributors

...........................................

3,532,858

—

—

3,532,858

Diversified

Financial

Services

...............................

11,143,166

1,392,360

—

12,535,526

Diversified

Telecommunication

Services

........................

5,689,989

2,109,222

—

7,799,211

Electric

Utilities

........................................

11,299,453

7,591,886

4,704

18,896,043

Electrical

Equipment

.....................................

3,143,412

4,244,081

—

7,387,493

Electronic

Equipment,

Instruments

&

Components

.................

1,801,661

3,328,488

—

5,130,149

Energy

Equipment

&

Services

..............................

73,853

—

—

73,853

Entertainment

.........................................

13,810,937

1,260,987

—

15,071,924

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

16,316,597

2,062,908

—

18,379,505

Food

&

Staples

Retailing

..................................

14,348,580

2,559,367

—

16,907,947

Food

Products

.........................................

—

5,819,414

—

5,819,414

Gas

Utilities

...........................................

477,260

3,359,258

—

3,836,518

Health

Care

Equipment

&

Supplies

...........................

11,345,202

3,437,606

—

14,782,808

Health

Care

Providers

&

Services

............................

16,677,175

1,029,452

—

17,706,627

Health

Care

Technology

..................................

—

283,228

—

283,228

Hotels,

Restaurants

&

Leisure

..............................

18,854,561

1,355,964

—

20,210,525

Household

Durables

.....................................

6,926,550

1,953,235

—

8,879,785

Household

Products

.....................................

2,659,327

1,100,664

—

3,759,991

Independent

Power

and

Renewable

Electricity

Producers

............

—

504,778

—

504,778

Industrial

Conglomerates

..................................

2,990,963

2,978,141

—

5,969,104

Insurance

............................................

21,346,649

13,509,915

—

34,856,564

Interactive

Media

&

Services

...............................

42,991,273

74,719

—

43,065,992

Internet

&

Direct

Marketing

Retail

............................

29,830,641

1,499,155

—

31,329,796

IT

Services

...........................................

40,322,622

4,317,226

—

44,639,848

Leisure

Products

.......................................

—

606,895

—

606,895

Life

Sciences

Tools

&

Services

..............................

3,876,589

385,391

—

4,261,980

Machinery

............................................

12,982,246

10,835,633

—

23,817,879

Marine

..............................................

—

947,768

—

947,768

Media

...............................................

7,285,251

585,549

—

7,870,800

Metals

&

Mining

........................................

2,354,856

4,456,996

—

6,811,852

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

288,356

—

—

288,356

Multiline

Retail

.........................................

5,852,710

173,330

—

6,026,040

Multi-Utilities

..........................................

5,961,901

3,860,736

—

9,822,637

Oil,

Gas

&

Consumable

Fuels

...............................

27,168,551

5,183,655

—

32,352,206

Paper

&

Forest

Products

..................................

—

925,169

—

925,169

Personal

Products

......................................

775,506

2,291,330

—

3,066,836

Pharmaceuticals

.......................................

16,266,113

14,457,954

—

30,724,067

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Tactical

Opportunities

Fund

66

Schedule

of

Investments

(continued)

April

30,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Professional

Services

....................................

$

5,475,480

$

5,592,832

$

—

$

11,068,312

Real

Estate

Management

&

Development

.......................

402,655

3,985,140

—

4,387,795

Road

&

Rail

...........................................

5,576,030

646,480

—

6,222,510

Semiconductors

&

Semiconductor

Equipment

....................

25,853,191

6,401,589

—

32,254,780

Software

.............................................

58,843,102

2,829,632

—

61,672,734

Specialty

Retail

........................................

18,678,359

1,230,633

—

19,908,992

Technology

Hardware,

Storage

&

Peripherals

....................

37,221,118

923,043

—

38,144,161

Textiles,

Apparel

&

Luxury

Goods

............................

1,319,728

4,602,714

—

5,922,442

Trading

Companies

&

Distributors

............................

1,853,143

6,313,310

—

8,166,453

Transportation

Infrastructure

...............................

—

242,607

—

242,607

Water

Utilities

.........................................

2,394,230

678,240

—

3,072,470

Wireless

Telecommunication

Services

.........................

—

3,232,033

—

3,232,033

Preferred

Stocks

.........................................

—

579,307

—

579,307

U.S.

Treasury

Obligations

...................................

—

282,154,687

—

282,154,687

Warrants

..............................................

18,531

—

—

18,531

Short-Term

Securities

.......................................

35,759,937

—

—

35,759,937

Subtotal

....................................................

$

679,559,339

$

488,691,208

$

4,704

$

1,168,255,251

Investments

valued

at

NAV

(a)

......................................

34,743

$

—

Total

Investments

..............................................

$

1,168,289,994

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

9,915,422

$

481,058

$

—

$

10,396,480

Foreign

currency

exchange

contracts

............................

—

2,483,036

—

2,483,036

Interest

rate

contracts

.......................................

6,464,537

23,010,091

—

29,474,628

Liabilities:

Equity

contracts

...........................................

(46,718,628)

(3,068,029)

—

(49,786,657)

Foreign

currency

exchange

contracts

............................

—

(3,667,950)

—

(3,667,950)

Interest

rate

contracts

.......................................

—

(9,794,225)

—

(9,794,225)

$

(30,338,669)

$

9,443,981

$

—

$

(20,894,688)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

U.S.

Impact

Fund

Schedules

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

April

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

98.1%

Biotechnology

—

1.5%

Invitae

Corp.

(a)

......................

3,198

$

111,610

Building

Products

—

2.6%

View,

Inc.

(a)

........................

21,803

190,122

Capital

Markets

—

9.5%

(a)

AEA-Bridges

Impact

Corp.,

Class

A

........

18,135

179,537

Climate

Change

Crisis

Real

Impact

I

Acquisition

Corp.,

Class

A

(b)

...................

10,535

137,482

Jaws

Acquisition

Corp.,

Class

A

..........

11,240

145,670

Natural

Order

Acquisition

Corp.

..........

13,145

137,365

TPG

Pace

Tech

Opportunities

Corp.,

Class

A

.

8,055

83,289

683,343

Diversified

Consumer

Services

—

3.3%

(a)(b)

Chegg

,

Inc.

........................

1,788

161,510

Laureate

Education,

Inc.,

Class

A

.........

5,341

73,439

234,949

Electric

Utilities

—

2.3%

Avangrid

,

Inc.

......................

3,283

167,105

Electronic

Equipment,

Instruments

&

Components

—

3.4%

Itron

,

Inc.

(a)

........................

2,731

245,626

Equity

Real

Estate

Investment

Trusts

(REITs)

—

5.0%

Boston

Properties,

Inc.

................

1,261

137,891

Sun

Communities,

Inc.

................

1,346

224,553

362,444

Food

&

Staples

Retailing

—

1.3%

Grocery

Outlet

Holding

Corp.

(a)

...........

2,375

95,926

Food

Products

—

5.0%

(a)

Atlantic

Sapphire

ASA

.................

10,410

108,610

Darling

Ingredients,

Inc.

...............

3,593

249,534

358,144

Health

Care

Equipment

&

Supplies

—

10.4%

Boston

Scientific

Corp.

(a)

...............

7,975

347,710

Danaher

Corp.

.....................

1,585

402,495

750,205

Health

Care

Providers

&

Services

—

5.6%

(a)

1Life

Healthcare,

Inc.

(b)

................

3,805

165,555

agilon

health,

Inc.

...................

513

16,175

Oak

Street

Health,

Inc.

(b)

...............

3,601

221,930

403,660

Health

Care

Technology

—

2.2%

Veeva

Systems,

Inc.,

Class

A

(a)

..........

559

157,890

Independent

Power

and

Renewable

Electricity

Producers

—

4.4%

Brookfield

Renewable

Corp.

............

5,134

212,958

TransAlta

Renewables,

Inc.

.............

6,414

101,599

314,557

Insurance

—

0.9%

eHealth,

Inc.

(a)

......................

948

67,061

IT

Services

—

7.9%

Jack

Henry

&

Associates,

Inc.

...........

2,064

336,081

Shopify,

Inc.,

Class

A

(a)

................

82

96,966

Square,

Inc.,

Class

A

(a)

................

566

138,568

571,615

Life

Sciences

Tools

&

Services

—

3.5%

Agilent

Technologies,

Inc.

..............

1,866

249,372

Security

Shares

Shares

Value

Machinery

—

3.6%

Watts

Water

Technologies,

Inc.,

Class

A

.....

887

$

110,476

Xylem,

Inc.

........................

1,379

152,586

263,062

Pharmaceuticals

—

5.9%

Zoetis,

Inc.

........................

2,459

425,481

Professional

Services

—

4.3%

ICF

International,

Inc.

.................

3,393

308,967

Semiconductors

&

Semiconductor

Equipment

—

1.9%

First

Solar,

Inc.

(a)

....................

1,774

135,764

Software

—

13.6%

(a)

Alkami

Technology,

Inc.

................

99

4,721

Blackbaud

,

Inc.

.....................

1,071

76,170

Everbridge

,

Inc.

.....................

1,767

234,499

Mimecast

Ltd.

......................

4,557

197,865

Nuance

Communications,

Inc.

...........

5,448

289,670

Rapid7,

Inc.

(b)

......................

2,213

179,806

982,731

Total

Common

Stocks

—

98.1%

(Cost:

$5,733,137)

...............................

7,079,634

Warrants

—

0.5%

Building

Products

—

0.0%

View,

Inc.

(Issued/exercisable

03/11/21,

1

share

for

1

warrant,

Expires

03/08/26,

Strike

Price

USD

11.50)

(a)

....................

1,004

1,998

Capital

Markets

—

0.5%

(a)

AEA-Bridges

Impact

Corp.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

......

9,067

7,797

Climate

Change

Crisis

Real

Impact

I

Acquisition

Corp.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

......................

5,267

16,591

Natural

Order

Acquisition

Corp.

(Issued/

exercisable

02/23/21,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

.

13,145

10,516

34,904

Total

Warrants

—

0.5%

..............................

36,902

Total

Long-Term

Investments

—

98.6%

(Cost:

$5,733,137)

...............................

7,116,536

Short-Term

Securities

—

14.8%

(c)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

....................

128,840

128,840

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(d)

........................

939,123

939,405

Total

Short-Term

Securities

—

14.8%

(Cost:

$1,068,245)

...............................

1,068,245

Total

Investments

—

113.4%

(Cost:

$6,801,382

)

...............................

8,184,781

Liabilities

in

Excess

of

Other

Assets

—

(13.4)%

............

(968,076)

Net

Assets

—

100.0%

...............................

$

7,216,705

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Impact

Fund

68

Schedule

of

Investments

(continued)

April

30,

2021

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

April

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

      amended,

were

as

follows:

Affiliated

Issuer

Value

at

06/30/20

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/21

Shares

Held

at

04/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(

b

)

..

$

—

$

128,840

$

—

$

—

$

—

$

128,840

128,840

$

38

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(

b

)

..........

—

939,405

—

—

—

939,405

939,123

242

(

c

)

—

$

—

$

—

$

1,068,245

$

280

$

—

—

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

U.S.

Impact

Fund

Schedules

of

Investments

69

Schedule

of

Investments

(continued)

April

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

For

the

period

ended

April

30,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Forward

foreign

currency

exchange

contracts

....

$

—

$

—

$

—

$

(1,849)

$

—

$

—

$

(1,849)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

$

29,024

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

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Biotechnology

.........................................

$

111,610

$

—

$

—

$

111,610

Building

Products

.......................................

190,122

—

—

190,122

Capital

Markets

........................................

683,343

—

—

683,343

Diversified

Consumer

Services

..............................

234,949

—

—

234,949

Electric

Utilities

........................................

167,105

—

—

167,105

Electronic

Equipment,

Instruments

&

Components

.................

245,626

—

—

245,626

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

362,444

—

—

362,444

Food

&

Staples

Retailing

..................................

95,926

—

—

95,926

Food

Products

.........................................

249,534

108,610

—

358,144

Health

Care

Equipment

&

Supplies

...........................

750,205

—

—

750,205

Health

Care

Providers

&

Services

............................

403,660

—

—

403,660

Health

Care

Technology

..................................

157,890

—

—

157,890

Independent

Power

and

Renewable

Electricity

Producers

............

314,557

—

—

314,557

Insurance

............................................

67,061

—

—

67,061

IT

Services

...........................................

571,615

—

—

571,615

Life

Sciences

Tools

&

Services

..............................

249,372

—

—

249,372

Machinery

............................................

263,062

—

—

263,062

Pharmaceuticals

.......................................

425,481

—

—

425,481

Professional

Services

....................................

308,967

—

—

308,967

Semiconductors

&

Semiconductor

Equipment

....................

135,764

—

—

135,764

Software

.............................................

982,731

—

—

982,731

Warrants

..............................................

36,902

—

—

36,902

Short-Term

Securities

.......................................

128,840

—

—

128,840

Subtotal

....................................................

$

7,136,766

$

108,610

$

—

$

7,245,376

Investments

valued

at

NAV

(a)

......................................

939,405

$

—

Total

Investments

..............................................

$

8,184,781

$

—

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

Statements

of

Assets

and

Liabilities

April

30,

2021

2021

BlackRock

Annual

Report

to

Shareholders

70

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

ASSETS

Investments

at

value

—

unaffiliated

(a)

(b)

.........................................

$

11,669,861‌

$

11,676,490‌

$

52,118,756‌

$

7,978,395‌

Investments

at

value

—

affiliated

(c)

............................................

617,192‌

305,672‌

3,374,451‌

840,350‌

Cash  

...............................................................

9‌

—‌

—‌

—‌

Cash

pledged

for

futures

contracts

............................................

24,000‌

24,000‌

—‌

—‌

Foreign

currency

at

value

(d)

.................................................

83,656‌

66,142‌

3,021‌

2,126‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

599,139‌

158,830‌

643,473‌

148,779‌

Securities

lending

income

—

affiliated

........................................

8‌

—‌

2,036‌

372‌

Capital

shares

sold

.....................................................

—‌

500‌

100‌

—‌

Dividends

—

affiliated

...................................................

7‌

6‌

10‌

2‌

Dividends

—

unaffiliated

.................................................

18,772‌

43,564‌

21,663‌

9,348‌

From

the

Manager

.....................................................

28,199‌

62,412‌

10,938‌

10,239‌

Unrealized

appreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

—‌

3,187‌

1,175‌

Deferred

offering

costs

....................................................

21,777‌

40,721‌

—‌

—‌

Prepaid

expenses

.......................................................

3,172‌

3,173‌

3,039‌

3,016‌

Total

assets

...........................................................

13,065,792‌

12,381,510‌

56,180,674‌

8,993,802‌

LIABILITIES

Collateral

on

securities

loaned

at

value

.........................................

—‌

—‌

2,573,250‌

698,919‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

670,160‌

151,000‌

1,075,503‌

86,159‌

Administration

fees

.....................................................

—‌

—‌

7,766‌

694‌

Capital

shares

redeemed

.................................................

438‌

—‌

442‌

431‌

Custodian

fees

........................................................

19,887‌

21,403‌

—‌

—‌

Investment

advisory

fees

.................................................

—‌

—‌

27,648‌

4,348‌

Trustees'

and

Officer's

fees

...............................................

1,657‌

1,658‌

155‌

496‌

Pricing

fees

..........................................................

7,303‌

11,436‌

—‌

—‌

Printing

and

postage

fees

................................................

9,972‌

9,986‌

—‌

—‌

Professional

fees

......................................................

27,156‌

41,492‌

27,800‌

27,911‌

Service

and

distribution

fees

...............................................

27‌

28‌

57‌

33‌

Transfer

agent

fees

....................................................

696‌

684‌

—‌

—‌

Other

accrued

expenses

.................................................

3,822‌

1,802‌

—‌

—‌

Variation

margin

on

futures

contracts

.........................................

5,852‌

4,506‌

—‌

—‌

Unrealized

depreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

—‌

11,162‌

3,676‌

Total

liabilities

..........................................................

746,970‌

243,995‌

3,723,783‌

822,667‌

NET

ASSETS

..........................................................

$

12,318,822‌

$

12,137,515‌

$

52,456,891‌

$

8,171,135‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

..........................................................

$

9,993,790‌

$

10,035,238‌

$

46,795,753‌

$

6,094,633‌

Accumulated

earnings

....................................................

2,325,032‌

2,102,277‌

5,661,138‌

2,076,502‌

NET

ASSETS

..........................................................

$

12,318,822‌

$

12,137,515‌

$

52,456,891‌

$

8,171,135‌

(a)

  Investments

at

cost

—

unaffiliated

...........................................

$

10,429,126‌

$

10,524,832‌

$

47,897,829‌

$

6,759,629‌

(b)

  Securities

loaned

at

value

................................................

$

—‌

$

—‌

$

2,514,125‌

$

688,494‌

(c)

  Investments

at

cost

—

affiliated

............................................

$

559,360‌

$

305,672‌

$

3,374,451‌

$

840,350‌

(d)

  Foreign

currency

at

cost

.................................................

$

82,960‌

$

65,885‌

$

3,019‌

$

2,127‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2021

71

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.....................................................

$

124,876‌

$

155,876‌

$

42,998,990‌

$

136,673‌

Shares

outstanding

..............................................

10,153‌

12,903‌

2,815,008‌

10,015‌

Net

asset

value

.................................................

$

12.30‌

$

12.08‌

$

15.27‌

$

13.65‌

Shares

authorized

...............................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.....................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.....................................................

$

137,861‌

$

140,093‌

$

271,820‌

$

169,445‌

Shares

outstanding

..............................................

11,218‌

11,606‌

17,813‌

12,429‌

Net

asset

value

.................................................

$

12.29‌

$

12.07‌

$

15.26‌

$

13.63‌

Shares

authorized

...............................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.....................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Class

K

Net

assets

.....................................................

$

12,056,085‌

$

11,841,546‌

$

9,186,081‌

$

7,865,017‌

Shares

outstanding

..............................................

980,000‌

980,000‌

600,948‌

576,122‌

Net

asset

value

.................................................

$

12.30‌

$

12.08‌

$

15.29‌

$

13.65‌

Shares

authorized

...............................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.....................................................

$

0.00

1‌

$

0.00

1‌

$

0.00

1‌

$

0.00

1‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2021

2021

BlackRock

Annual

Report

to

Shareholders

72

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

ASSETS

Investments

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

1,132,495,314‌

$

7,116,536‌

Investments

at

value

—

affiliated

(c)

...........................................................................

35,794,680‌

1,068,245‌

Cash  

..............................................................................................

10,241‌

—‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

4

,

37

0,000‌

—‌

Futures

contracts

.....................................................................................

152,134,165‌

—‌

Centrally

cleared

swaps

.................................................................................

49,869,000‌

—‌

Foreign

currency

at

value

(d)

................................................................................

80,313,817‌

511‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

74,565‌

56,354‌

Securities

lending

income

—

affiliated

.......................................................................

3‌

237‌

Capital

shares

sold

....................................................................................

4,769,954‌

—‌

Dividends

—

affiliated

..................................................................................

1,190‌

3‌

Dividends

—

unaffiliated

................................................................................

1,586,264‌

615‌

Interest

—

unaffiliated

..................................................................................

327,066‌

—‌

From

the

Manager

....................................................................................

—‌

9,639‌

Variation

margin

on

futures

contracts

........................................................................

9,897,672‌

—‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

2,483,036‌

—‌

OTC

swaps

.........................................................................................

11,096,266‌

—‌

Prepaid

expenses

......................................................................................

59,344‌

—‌

Total

assets

..........................................................................................

1,48

5

,

28

2,577‌

8,252,140‌

LIABILITIES

Cash

received

as

collateral

for

OTC

derivatives

..................................................................

9,

07

5,015‌

—‌

Collateral

on

securities

loaned

at

value

........................................................................

35,199‌

939,405‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

—‌

63,354‌

Accounting

services

fees

................................................................................

82,240‌

—‌

Administration

fees

....................................................................................

70,424‌

609‌

Capital

shares

redeemed

................................................................................

1,226,014‌

442‌

Custodian

fees

.......................................................................................

73,321‌

—‌

Investment

advisory

fees

................................................................................

624,842‌

3,781‌

Trustees'

and

Officer's

fees

..............................................................................

2,653‌

497‌

Other

affiliate

fees

....................................................................................

69,933‌

—‌

Printing

and

postage

fees

...............................................................................

14,200‌

—‌

Professional

fees

.....................................................................................

114,137‌

27,311‌

Registration

fees

.....................................................................................

33,620‌

—‌

Service

and

distribution

fees

..............................................................................

51,714‌

36‌

Transfer

agent

fees

...................................................................................

224,219‌

—‌

Other

accrued

expenses

................................................................................

27,390‌

—‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

3,463,872‌

—‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

3,667,950‌

—‌

OTC

swaps

.........................................................................................

8,461,341‌

—‌

Total

liabilities

.........................................................................................

2

7

,

31

8,084‌

1,035,435‌

NET

ASSETS

.........................................................................................

$

1,457,964,493‌

$

7,216,705‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2021

73

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

NET

ASSETS

CONSIST

OF

Paid-in

capital

.........................................................................................

$

1,461,999,551‌

$

5,048,763‌

Accumulated

earnings

(loss)

...............................................................................

(4,035,058‌)

2,167,942‌

NET

ASSETS

.........................................................................................

$

1,457,964,493‌

$

7,216,705‌

(a)

  Investments

at

cost

—

unaffiliated

..........................................................................

$

893,716,347‌

$

5,733,137‌

(b)

  Securities

loaned

at

value

...............................................................................

$

32,808‌

$

922,356‌

(c)

  Investments

at

cost

—

affiliated

...........................................................................

$

35,794,680‌

$

1,068,245‌

(d)

  Foreign

currency

at

cost

................................................................................

$

80,578,494‌

$

506‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2021

2021

BlackRock

Annual

Report

to

Shareholders

74

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.......................................................................................

$

464,693,799‌

$

143,394‌

Shares

outstanding

................................................................................

33,084,512‌

10,008‌

Net

asset

value

...................................................................................

$

14.05‌

$

14.33‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.00

1‌

$

0.00

1‌

Service

Net

assets

.......................................................................................

$

1,971,528‌

$

—‌

Shares

outstanding

................................................................................

141,095‌

—‌

Net

asset

value

...................................................................................

$

13.97‌

$

—‌

Shares

authorized

.................................................................................

Unlimited

—‌

Par

value

.......................................................................................

$

0.00

1‌

$

—‌

Investor

A

Net

assets

.......................................................................................

$

202,883,859‌

$

192,476‌

Shares

outstanding

................................................................................

14,563,711‌

13,446‌

Net

asset

value

...................................................................................

$

13.93‌

$

14.31‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.00

1‌

$

0.00

1‌

Investor

C

Net

assets

.......................................................................................

$

8,665,476‌

$

—‌

Shares

outstanding

................................................................................

636,962‌

—‌

Net

asset

value

...................................................................................

$

13.60‌

$

—‌

Shares

authorized

.................................................................................

Unlimited

—‌

Par

value

.......................................................................................

$

0.00

1‌

$

—‌

Class

K

Net

assets

.......................................................................................

$

779,749,831‌

$

6,880,835‌

Shares

outstanding

................................................................................

55,626,362‌

480,025‌

Net

asset

value

...................................................................................

$

14.02‌

$

14.33‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.00

1‌

$

0.00

1‌

Statements

of

Operations

Period

Ended

April

30,

2021

75

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

(a)

BlackRock

Advantage

ESG

International

Equity

Fund

(a)

BlackRock

Global

Impact

Fund

(b)

BlackRock

International

Impact

Fund

(c)

INVESTMENT

INCOME

–

–

–

–

Dividends

—

affiliated

...................................................

$

793‌

$

58‌

$

215‌

$

42‌

Dividends

—

unaffiliated

.................................................

122,185‌

185,852‌

211,348‌

84,887‌

Securities

lending

income

—

affiliated

—

net

...................................

18‌

7‌

2,479‌

1,730‌

Foreign

taxes

withheld

..................................................

(16,641‌)

(18,871‌)

(20,031‌)

(8,786‌)

Total

investment

income

...................................................

106,355‌

167,046‌

194,011‌

77,873‌

EXPENSES

Organization

and

o

ffering

................................................

119,129‌

98,510‌

—‌

—‌

Investment

advisory

....................................................

63,789‌

34,539‌

151,650‌

39,224‌

Custodian

...........................................................

47,343‌

63,432‌

—‌

—‌

Professional

.........................................................

43,747‌

43,047‌

27,933‌

28,038‌

Printing

and

postage

...................................................

10,560‌

10,558‌

—‌

—‌

Trustees

and

Officer

....................................................

8,941‌

8,941‌

7,462‌

7,772‌

Pricing

.............................................................

7,303‌

11,436‌

—‌

—‌

Administration

.......................................................

3,389‌

3,262‌

—‌

—‌

Administration

—

class

specific

............................................

1,594‌

1,535‌

39,329‌

6,247‌

Transfer

agent

—

class

specific

............................................

765‌

765‌

—‌

—‌

Registration

.........................................................

743‌

743‌

—‌

—‌

Service

and

distribution

—

class

specific

......................................

212‌

198‌

420‌

271‌

Miscellaneous

........................................................

12,152‌

8,019‌

—‌

—‌

Total

expenses

.........................................................

319,667‌

284,985‌

226,794‌

81,552‌

Less:

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(249,121‌)

(244,672‌)

(35,799‌)

(35,872‌)

Administration

fees

waived

...............................................

(3,387‌)

(3,261‌)

—‌

—‌

Administration

fees

waived

—

class

specific

....................................

(1,594‌)

(1,535‌)

—‌

—‌

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

.......................

(682‌)

(677‌)

—‌

—‌

Total

expenses

after

fees

waived

and/or

reimbursed

................................

64,883‌

34,840‌

190,995‌

45,680‌

Net

investment

income

....................................................

41,472‌

132,206‌

3,016‌

32,193‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

2,311,813‌

$

2,025,244‌

$

6,452,280‌

$

2,310,201‌

Net

realized

gain

(loss)

from:

Investments

—

affiliated

...............................................

$

8,552‌

$

—‌

$

—‌

$

—‌

Investments

—

unaffiliated

.............................................

747,846‌

803,599‌

2,200,157‌

1,092,497‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

—‌

27,578‌

5,429‌

Foreign

currency

transactions

...........................................

(3,954‌)

11,379‌

11,846‌

(3,928‌)

Futures

contracts

....................................................

261,618‌

51,393‌

—‌

—‌

1,014,062‌

866,371‌

2,239,581‌

1,093,998‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

...............................................

57,832‌

—‌

—‌

—‌

Investments

—

unaffiliated

.............................................

1,240,735‌

1,151,658‌

4,220,927‌

1,218,766‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

—‌

(7,975‌)

(2,501‌)

Foreign

currency

translations

............................................

350‌

593‌

(253‌)

(62‌)

Futures

contracts

....................................................

(1,166‌)

6,622‌

—‌

—‌

1,297,751‌

1,158,873‌

4,212,699‌

1,216,203‌

Net

realized

and

unrealized

gain

.............................................

2,311,813‌

2,025,244‌

6,452,280‌

2,310,201‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

2,353,285‌

$

2,157,450‌

$

6,455,296‌

$

2,342,394‌

(a)

Period

from

08/18/20

(commencement

of

operations)

to

04/30/21.

(b)

Period

from

05/27/20

(commencement

of

operations)

to

04/30/21.

(c)

Period

from

06/30/20

(commencement

of

operations)

to

04/30/21.

Statements

of

Operations

(continued)

Period

Ended

April

30,

2021

2021

BlackRock

Annual

Report

to

Shareholders

76

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

(a)

INVESTMENT

INCOME

–

–

Dividends

—

affiliated

..................................................................................

$

29,360‌

$

38‌

Dividends

—

unaffiliated

................................................................................

12,836

,

093‌

32,006‌

Interest

—

unaffiliated

..................................................................................

1,167,192‌

—‌

Securities

lending

income

—

affiliated

—

net

..................................................................

1,830‌

242‌

Foreign

taxes

withheld

.................................................................................

(415,266‌)

(1,362‌)

Total

investment

income

..................................................................................

13,619,209‌

30,924‌

EXPENSES

Investment

advisory

...................................................................................

6,332,335‌

35,159‌

Transfer

agent

—

class

specific

...........................................................................

847,684‌

—‌

Service

and

distribution

—

class

specific

.....................................................................

641,591‌

291‌

Administration

......................................................................................

474,928‌

—‌

Administration

—

class

specific

...........................................................................

233,281‌

5,634‌

Custodian

..........................................................................................

222,158‌

—‌

Accounting

services

...................................................................................

174,731‌

—‌

Professional

........................................................................................

166,141‌

27,438‌

Registration

........................................................................................

87,942‌

—‌

Printing

and

postage

..................................................................................

35,747‌

—‌

Trustees

and

Officer

...................................................................................

6,856‌

7,772‌

Miscellaneous

.......................................................................................

43,132‌

—‌

Total

expenses

........................................................................................

9,266,526‌

76,294‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(42,286‌)

(35,273‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

9,224,240‌

41,021‌

Net

investment

income

(loss)

...............................................................................

4,394,969‌

(10,097‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

59,259,394‌

$

2,667,363‌

Net

realized

gain

(loss)

from:

Investments

—

affiliated

..............................................................................

$

(423‌)

$

—‌

Investments

—

unaffiliated

............................................................................

74,807,761‌

1,286,146‌

Forward

foreign

currency

exchange

contracts

................................................................

8,055,778‌

(1,849‌)

Foreign

currency

transactions

..........................................................................

1,153,108‌

(338‌)

Futures

contracts

...................................................................................

(195,452,786‌)

—‌

Swaps  

.........................................................................................

(32,404,178‌)

—‌

(143,840,740‌)

1,283,959‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

180,604,475‌

1,383,399‌

Forward

foreign

currency

exchange

contracts

................................................................

6,443,690‌

—‌

Foreign

currency

translations

...........................................................................

236,603‌

5‌

Futures

contracts

...................................................................................

15,940,963‌

—‌

Swaps  

.........................................................................................

(125,597‌)

—‌

203,100,134‌

1,383,404‌

Net

realized

and

unrealized

gain

............................................................................

59,259,394‌

2,667,363‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

63,654,363‌

$

2,657,266‌

(a)

Period

from

06/30/20

(commencement

of

operations)

to

04/30/21.

Statements

of

Changes

in

Net

Assets

77

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

BlackRock

Advantage

ESG

International

Equity

Fund

Period

from

08/18/20

(a)

to

04/30/21

Period

from

08/18/20

(a)

to

04/30/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

41,472‌

$

132,206‌

Net

realized

gain

......................................................................................

1,014,062‌

866,371‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

1,297,751‌

1,158,873‌

Net

increase

in

net

assets

resulting

from

operations

.................................................................

2,353,285‌

2,157,450‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

  Institutional

.........................................................................................

(493‌)

(836‌)

  Investor

A

..........................................................................................

(408‌)

(569‌)

  Class

K

............................................................................................

(50,099‌)

(66,875‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(51,000‌)

(68,280‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.......................................................

10,016,537‌

10,048,345‌

NET

ASSETS

Total

increase

in

net

assets

.................................................................................

12,318,822‌

12,137,515‌

Beginning

of

period

......................................................................................

—‌

—‌

End

of

period

..........................................................................................

$

12,318,822‌

$

12,137,515‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

78

See

notes

to

financial

statements.

BlackRock

Global

Impact

Fund

BlackRock

International

Impact

Fund

Period

from

05/27/20

(a)

to

04/30/21

Period

from

06/30/20

(a)

to

04/30/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

3,016‌

$

32,193‌

Net

realized

gain

......................................................................................

2,239,581‌

1,093,998‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

4,212,699‌

1,216,203‌

Net

increase

in

net

assets

resulting

from

operations

.................................................................

6,455,296‌

2,342,394‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

  Institutional

.........................................................................................

(470,005‌)

(4,436‌)

  Investor

A

..........................................................................................

(6,678‌)

(4,284‌)

  Class

K

............................................................................................

(317,475‌)

(257,172‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(794,158‌)

(265,892‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.......................................................

46,795,753‌

6,094,633‌

NET

ASSETS

Total

increase

in

net

assets

.................................................................................

52,456,891‌

8,171,135‌

Beginning

of

period

......................................................................................

—‌

—‌

End

of

period

..........................................................................................

$

52,456,891‌

$

8,171,135‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

79

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

BlackRock

U.S.

Impact

Fund

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Period

from

06/30/20

(a)

to

04/30/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

4,394,969‌

$

3,910,813‌

$

10,163,980‌

$

(10,097‌)

Net

realized

gain

(loss)

....................................................

(143,840,740‌)

51,795,552‌

(41,970,813‌)

1,283,959‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

203,100,134‌

(32,632,222‌)

9,901,303‌

1,383,404‌

Net

increase

in

net

assets

resulting

from

operations

...................................

63,654,363‌

23,074,143‌

(21,905,530‌)

2,657,266‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

From

net

investment

income

and

net

realized

gain:

  Institutional

...........................................................

(8,252,526‌)

(9,664,467‌)

(17,643,157‌)

(9,744‌)

  Service

..............................................................

(54,595‌)

(19,846‌)

(82,582‌)

—‌

  Investor

A

............................................................

(5,029,093‌)

(6,407,099‌)

(21,588,975‌)

(9,665‌)

  Investor

C

............................................................

(136,513‌)

(360,507‌)

(1,630,883‌)

—‌

  Class

K

..............................................................

(18,476,253‌)

(13,048,106‌)

(17,911,034‌)

(469,915‌)

Return

of

capital:

–

–

–

  Institutional

...........................................................

(51,931‌)

—‌

—‌

—‌

  Service

..............................................................

(344‌)

—‌

—‌

—‌

  Investor

A

............................................................

(31,647‌)

—‌

—‌

—‌

  Investor

C

............................................................

(859‌)

—‌

—‌

—‌

  Class

K

..............................................................

(116,265‌)

—‌

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(32,150,026‌)

(29,500,025‌)

(58,856,631‌)

(489,324‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

551,060,076‌

(12,259,692‌)

286,355,465‌

5,048,763‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

582,564,413‌

(18,685,574‌)

205,593,304‌

7,216,705‌

Beginning

of

period

........................................................

875,400,080‌

894,085,654‌

688,492,350‌

—‌

End

of

period

............................................................

$

1,457,964,493‌

$

875,400,080‌

$

894,085,654‌

$

7,216,705‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

the

period)

2021

BlackRock

Annual

Report

to

Shareholders

80

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Institutional

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.04‌

Net

realized

and

unrealized

gain

..........................................................................................

2.31‌

Net

increase

from

investment

operations

.......................................................................................

2.35‌

Distributions

from

net

investment

income

(c)

...................................................................................

(0.05‌)

Net

asset

value,

end

of

period

.............................................................................................

$

12.30‌

Total

Return

(d)

23.53%

Based

on

net

asset

value

.................................................................................................

23.53%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

3.70%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.86%

(f)(g)

Net

investment

income

..................................................................................................

0.47%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

125‌

Portfolio

turnover

rate

...................................................................................................

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)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.03%.

(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%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

81

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Investor

A

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.02‌

Net

realized

and

unrealized

gain

..........................................................................................

2.31‌

Net

increase

from

investment

operations

.......................................................................................

2.33‌

Distributions

from

net

investment

income

(c)

...................................................................................

(0.04‌)

Net

asset

value,

end

of

period

.............................................................................................

$

12.29‌

Total

Return

(d)

23.33%

Based

on

net

asset

value

.................................................................................................

23.33%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

3.92%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

1.11%

(f)(g)

Net

investment

income

..................................................................................................

0.31%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

138‌

Portfolio

turnover

rate

...................................................................................................

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)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.03%.

(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%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

2021

BlackRock

Annual

Report

to

Shareholders

82

See

notes

to

financial

statements.

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Class

K

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.04‌

Net

realized

and

unrealized

gain

..........................................................................................

2.31‌

Net

increase

from

investment

operations

.......................................................................................

2.35‌

Distributions

from

net

investment

income

(c)

...................................................................................

(0.05‌)

Net

asset

value,

end

of

period

.............................................................................................

$

12.30‌

Total

Return

(d)

23.55%

Based

on

net

asset

value

.................................................................................................

23.55%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

3.39%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.81%

(f)(g)

Net

investment

income

..................................................................................................

0.52%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

12,056‌

Portfolio

turnover

rate

...................................................................................................

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)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.03%.

(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%.

Financial

Highlights

(For

a

share

outstanding

throughout

the

period)

83

Financial

Highlights

BlackRock

Advantage

ESG

International

Equity

Fund

Institutional

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.13‌

Net

realized

and

unrealized

gain

..........................................................................................

2.01‌

Net

increase

from

investment

operations

.......................................................................................

2.14‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.06‌)

From

net

realized

gain

..................................................................................................

(0.00‌)

(d)

Total

distributions

......................................................................................................

(0.06‌)

Net

asset

value,

end

of

period

.............................................................................................

$

12.08‌

Total

Return

(e)

21.53%

Based

on

net

asset

value

.................................................................................................

21.53%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

3.40%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.50%

(g)

Net

investment

income

..................................................................................................

1.69%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

156‌

Portfolio

turnover

rate

...................................................................................................

172%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

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

the

period)

2021

BlackRock

Annual

Report

to

Shareholders

84

BlackRock

Advantage

ESG

International

Equity

Fund

Investor

A

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.11‌

Net

realized

and

unrealized

gain

..........................................................................................

2.01‌

Net

increase

from

investment

operations

.......................................................................................

2.12‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.05‌)

From

net

realized

gain

..................................................................................................

(0.00‌)

(d)

Total

distributions

......................................................................................................

(0.05‌)

Net

asset

value,

end

of

period

.............................................................................................

$

12.07‌

Total

Return

(e)

21.33%

Based

on

net

asset

value

.................................................................................................

21.33%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

3.76%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.75%

(g)

Net

investment

income

..................................................................................................

1.45%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

140‌

Portfolio

turnover

rate

...................................................................................................

172%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

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

the

period)

85

Financial

Highlights

BlackRock

Advantage

ESG

International

Equity

Fund

Class

K

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.13‌

Net

realized

and

unrealized

gain

..........................................................................................

2.01‌

Net

increase

from

investment

operations

.......................................................................................

2.14‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.06‌)

From

net

realized

gain

..................................................................................................

(0.00‌)

(d)

Total

distributions

......................................................................................................

(0.06‌)

Net

asset

value,

end

of

period

.............................................................................................

$

12.08‌

Total

Return

(e)

21.55%

Based

on

net

asset

value

.................................................................................................

21.55%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

3.15%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.45%

(g)

Net

investment

income

..................................................................................................

1.72%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

11,842‌

Portfolio

turnover

rate

...................................................................................................

172%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

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

the

period)

2021

BlackRock

Annual

Report

to

Shareholders

86

BlackRock

Global

Impact

Fund

Institutional

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

loss

(b)

..................................................................................................

(0.02‌)

Net

realized

and

unrealized

gain

..........................................................................................

5.82‌

Net

increase

from

investment

operations

.......................................................................................

5.80‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.07‌)

From

net

realized

gain

..................................................................................................

(0.46‌)

Total

distributions

......................................................................................................

(0.53‌)

Net

asset

value,

end

of

period

.............................................................................................

$

15.27‌

Total

Return

(d)

58.53%

Based

on

net

asset

value

.................................................................................................

58.53%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

0.98%

(f)(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.84%

(f)

Net

investment

loss

.....................................................................................................

(0.14)%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

42,999‌

Portfolio

turnover

rate

...................................................................................................

100%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.98%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

87

Financial

Highlights

BlackRock

Global

Impact

Fund

Investor

A

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

loss

(b)

..................................................................................................

(0.02‌)

Net

realized

and

unrealized

gain

..........................................................................................

5.79‌

Net

increase

from

investment

operations

.......................................................................................

5.77‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.05‌)

From

net

realized

gain

..................................................................................................

(0.46‌)

Total

distributions

......................................................................................................

(0.51‌)

Net

asset

value,

end

of

period

.............................................................................................

$

15.26‌

Total

Return

(d)

58.22%

Based

on

net

asset

value

.................................................................................................

58.22%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

1.27%

(f)(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

1.10%

(f)

Net

investment

loss

.....................................................................................................

(0.18)%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

272‌

Portfolio

turnover

rate

...................................................................................................

100%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.28%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

2021

BlackRock

Annual

Report

to

Shareholders

88

BlackRock

Global

Impact

Fund

Class

K

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.04‌

Net

realized

and

unrealized

gain

..........................................................................................

5.78‌

Net

increase

from

investment

operations

.......................................................................................

5.82‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.07‌)

From

net

realized

gain

..................................................................................................

(0.46‌)

Total

distributions

......................................................................................................

(0.53‌)

Net

asset

value,

end

of

period

.............................................................................................

$

15.29‌

Total

Return

(d)

58.75%

Based

on

net

asset

value

.................................................................................................

58.75%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

0.93%

(f)(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.75%

(f)

Net

investment

income

..................................................................................................

0.34%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

9,186‌

Portfolio

turnover

rate

...................................................................................................

100%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.94%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

the

period)

89

Financial

Highlights

BlackRock

International

Impact

Fund

Institutional

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.05‌

Net

realized

and

unrealized

gain

..........................................................................................

4.04‌

Net

increase

from

investment

operations

.......................................................................................

4.09‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.08‌)

From

net

realized

gain

..................................................................................................

(0.36‌)

Total

distributions

......................................................................................................

(0.44‌)

Net

asset

value,

end

of

period

.............................................................................................

$

13.65‌

Total

Return

(d)

41.25%

Based

on

net

asset

value

.................................................................................................

41.25%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

1.37%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.85%

(f)(g)

Net

investment

income

..................................................................................................

0.50%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

137‌

Portfolio

turnover

rate

...................................................................................................

87%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.44%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

2021

BlackRock

Annual

Report

to

Shareholders

90

BlackRock

International

Impact

Fund

Investor

A

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.02‌

Net

realized

and

unrealized

gain

..........................................................................................

4.04‌

Net

increase

from

investment

operations

.......................................................................................

4.06‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.07‌)

From

net

realized

gain

..................................................................................................

(0.36‌)

Total

distributions

......................................................................................................

(0.43‌)

Net

asset

value,

end

of

period

.............................................................................................

$

13.63‌

Total

Return

(d)

40.89%

Based

on

net

asset

value

.................................................................................................

40.89%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

1.63%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

1.10%

(f)(g)

Net

investment

income

..................................................................................................

0.23%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

169‌

Portfolio

turnover

rate

...................................................................................................

87%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.71%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

91

Financial

Highlights

BlackRock

International

Impact

Fund

Class

K

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

income

(b)

................................................................................................

0.06‌

Net

realized

and

unrealized

gain

..........................................................................................

4.04‌

Net

increase

from

investment

operations

.......................................................................................

4.10‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.09‌)

From

net

realized

gain

..................................................................................................

(0.36‌)

Total

distributions

......................................................................................................

(0.45‌)

Net

asset

value,

end

of

period

.............................................................................................

$

13.65‌

Total

Return

(d)

41.32%

Based

on

net

asset

value

.................................................................................................

41.32%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

1.26%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.75%

(f)(g)

Net

investment

income

..................................................................................................

0.54%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

7,865‌

Portfolio

turnover

rate

...................................................................................................

87%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.34%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

to

Shareholders

92

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(h)

Annualized.

BlackRock

Tactical

Opportunities

Fund

Institutional

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.59‌

$

13.67‌

$

15.44‌

$

14.11‌

$

13.41‌

$

14.20‌

Net

investment

income

(a)

.......................

0.05‌

0.06‌

0.19‌

0.14‌

0.09‌

0.07‌

Net

realized

and

unrealized

gain

(loss)

.............

0.79‌

0.32‌

(0.57‌)

1.31‌

0.82‌

(0.16‌)

Net

increase

(decrease)

from

investment

operations

......

0.84‌

0.38‌

(0.38‌)

1.45‌

0.91‌

(0.09‌)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.38‌)

(0.46‌)

(0.55‌)

(0.12‌)

(0.23‌)

(0.51‌)

From

net

realized

gain

.........................

—‌

—‌

(0.84‌)

—‌

—‌

(0.19‌)

Return

of

capital

.............................

(0.00‌)

(c)

—‌

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.38‌)

(0.46‌)

(1.39‌)

(0.12‌)

(0.23‌)

(0.70‌)

Capital

Contribution

...........................

—‌

—‌

—‌

—‌

0.02‌

—‌

Net

asset

value,

end

of

period

....................

$

14.05‌

$

13.59‌

$

13.67‌

$

15.44‌

$

14.11‌

$

13.41‌

Total

Return

(d)

6.18%

2.79%

(2.43)%

10.36%

—

—

Based

on

net

asset

value

........................

6.18%

2.79%

(e)

(2.43)%

10.36%

7.05%

(0.71)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

(g)

..............................

0.81%

0.86%

(h)

0.80%

0.93%

0.92%

0.91%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.80%

0.85%

(h)

0.79%

0.89%

0.89%

0.87%

Net

investment

income

.........................

0.38%

0.77%

(h)

1.36%

0.94%

0.65%

0.49%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

464,694‌

$

289,127‌

$

290,851‌

$

220,711‌

$

189,242‌

$

271,623‌

Portfolio

turnover

rate

..........................

136%

167%

288%

265%

257%

359%

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Expense

ratios

...............................

N/A

N/A

0.79%

N/A

N/A

N/A

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

93

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(h)

Annualized.

BlackRock

Tactical

Opportunities

Fund

Service

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.54‌

$

13.56‌

$

15.33‌

$

14.02‌

$

13.34‌

$

14.12‌

Net

investment

income

(a)

.......................

0.01‌

0.04‌

0.16‌

0.10‌

0.05‌

0.02‌

Net

realized

and

unrealized

gain

(loss)

.............

0.78‌

0.31‌

(0.58‌)

1.32‌

0.81‌

(0.14‌)

Net

increase

(decrease)

from

investment

operations

......

0.79‌

0.35‌

(0.42‌)

1.42‌

0.86‌

(0.12‌)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.36‌)

(0.37‌)

(0.51‌)

(0.11‌)

(0.20‌)

(0.47‌)

From

net

realized

gain

.........................

—‌

—‌

(0.84‌)

—‌

—‌

(0.19‌)

Return

of

capital

.............................

(0.00‌)

(c)

—‌

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.36‌)

(0.37‌)

(1.35‌)

(0.11‌)

(0.20‌)

(0.66‌)

Capital

Contribution

...........................

—‌

—‌

—‌

—‌

0.02‌

—‌

Net

asset

value,

end

of

period

....................

$

13.97‌

$

13.54‌

$

13.56‌

$

15.33‌

$

14.02‌

$

13.34‌

Total

Return

(d)

5.86%

2.63%

(2.74)%

10.21%

—

—

Based

on

net

asset

value

........................

5.86%

2.63%

(e)

(2.74)%

10.21%

6.66%

(0.95)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

(g)

..............................

1.07%

1.16%

(h)

1.06%

1.22%

1.23%

1.24%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.06%

1.14%

(h)

1.06%

1.16%

1.17%

1.17%

Net

investment

income

.........................

0.08%

0.53%

(h)

1.14%

0.65%

0.38%

0.17%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,972‌

$

836‌

$

767‌

$

832‌

$

828‌

$

1,667‌

Portfolio

turnover

rate

..........................

136%

167%

288%

265%

257%

359%

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Expense

ratios

...............................

N/A

N/A

1.04%

N/A

N/A

1.23%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

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,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

BlackRock

Tactical

Opportunities

Fund

Investor

A

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.49‌

$

13.54‌

$

15.31‌

$

14.02‌

$

13.33‌

$

14.12‌

Net

investment

income

(a)

.......................

0.01‌

0.04‌

0.14‌

0.09‌

0.05‌

0.02‌

Net

realized

and

unrealized

gain

(loss)

.............

0.77‌

0.32‌

(0.56‌)

1.31‌

0.81‌

(0.15‌)

Net

increase

(decrease)

from

investment

operations

......

0.78‌

0.36‌

(0.42‌)

1.40‌

0.86‌

(0.13‌)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.34‌)

(0.41‌)

(0.51‌)

(0.11‌)

(0.19‌)

(0.47‌)

From

net

realized

gain

.........................

—‌

—‌

(0.84‌)

—‌

—‌

(0.19‌)

Return

of

capital

.............................

(0.00‌)

(c)

—‌

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.34‌)

(0.41‌)

(1.35‌)

(0.11‌)

(0.19‌)

(0.66‌)

Capital

Contribution

...........................

—‌

—‌

—‌

—‌

0.02‌

—‌

Net

asset

value,

end

of

period

....................

$

13.93‌

$

13.49‌

$

13.54‌

$

15.31‌

$

14.02‌

$

13.33‌

Total

Return

(d)

5.77%

2.70%

(2.77)%

10.06%

—

—

Based

on

net

asset

value

........................

5.77%

2.70%

(e)

(2.77)%

10.06%

6.66%

(1.02)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.09%

1.15%

(g)

1.10%

(h)

1.21%

1.20%

(h)

1.21%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.09%

1.14%

(g)

1.09%

1.20%

1.20%

1.18%

Net

investment

income

.........................

0.09%

0.48%

(g)

1.01%

0.61%

0.37%

0.15%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

202,884‌

$

208,746‌

$

218,634‌

$

237,442‌

$

244,101‌

$

271,941‌

Portfolio

turnover

rate

..........................

136%

167%

288%

265%

257%

359%

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

95

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

BlackRock

Tactical

Opportunities

Fund

Investor

C

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.13‌

$

13.14‌

$

14.81‌

$

13.64‌

$

12.95‌

$

13.73‌

Net

investment

income

(loss)

(a)

...................

(0.09‌)

(0.02‌)

0.04‌

(0.01‌)

(0.05‌)

(0.07‌)

Net

realized

and

unrealized

gain

(loss)

.............

0.75‌

0.31‌

(0.54‌)

1.27‌

0.80‌

(0.15‌)

Net

increase

(decrease)

from

investment

operations

......

0.66‌

0.29‌

(0.50‌)

1.26‌

0.75‌

(0.22‌)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.19‌)

(0.30‌)

(0.33‌)

(0.09‌)

(0.08‌)

(0.37‌)

From

net

realized

gain

.........................

—‌

—‌

(0.84‌)

—‌

—‌

(0.19‌)

Return

of

capital

.............................

(0.00‌)

(c)

—‌

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.19‌)

(0.30‌)

(1.17‌)

(0.09‌)

(0.08‌)

(0.56‌)

Capital

Contribution

...........................

—‌

—‌

—‌

—‌

0.02‌

—‌

Net

asset

value,

end

of

period

....................

$

13.60‌

$

13.13‌

$

13.14‌

$

14.81‌

$

13.64‌

$

12.95‌

Total

Return

(d)

5.02%

2.21%

(3.45)%

9.27%

—

—

Based

on

net

asset

value

........................

5.02%

2.21%

(e)

(3.45)%

9.27%

5.99%

(1.70)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.84%

1.86%

(g)

1.82%

(h)

1.89%

1.89%

1.90%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.84%

1.85%

(g)

1.81%

1.88%

1.89%

1.87%

Net

investment

income

(loss)

.....................

(0.65)%

(0.24)%

(g)

0.26%

(0.08)%

(0.34)%

(0.54)%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

8,665‌

$

13,187‌

$

17,171‌

$

31,022‌

$

35,343‌

$

54,050‌

Portfolio

turnover

rate

..........................

136%

167%

288%

265%

257%

359%

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

to

Shareholders

96

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(h)

Annualized.

(i)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

(j)

Portfolio

turnover

rate

is

representative

of

the

portfolio

for

the

entire

year.

BlackRock

Tactical

Opportunities

Fund

Class

K

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

Period

from

08/01/16

(a)

to

09/30/16

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

13.57‌

$

13.65‌

$

15.43‌

$

14.08‌

$

13.42‌

$

13.41‌

Net

investment

income

(b)

.......................

0.07‌

0.07‌

0.21‌

0.16‌

0.13‌

0.03‌

Net

realized

and

unrealized

gain

(loss)

.............

0.78‌

0.32‌

(0.57‌)

1.32‌

0.79‌

(0.02‌)

Net

increase

(decrease)

from

investment

operations

......

0.85‌

0.39‌

(0.36‌)

1.48‌

0.92‌

0.01‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....................

(0.40‌)

(0.47‌)

(0.58‌)

(0.13‌)

(0.26‌)

—‌

From

net

realized

gain

.........................

—‌

—‌

(0.84‌)

—‌

—‌

—‌

Return

of

capital

.............................

(0.00‌)

(d)

—‌

—‌

—‌

—‌

—‌

Total

distributions

.............................

(0.40‌)

(0.47‌)

(1.42‌)

(0.13‌)

(0.26‌)

—‌

Net

asset

value,

end

of

period

....................

$

14.02‌

$

13.57‌

$

13.65‌

$

15.43‌

$

14.08‌

$

13.42‌

Total

Return

(e)

6.25%

2.93%

(2.34)%

10.57%

—

—

Based

on

net

asset

value

........................

6.25%

2.93%

(f)

(2.34)%

10.57%

6.93%

0.07%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

...............................

0.67%

0.72%

(h)

0.67%

(

i

)

0.76%

0.77%

0.78%

(h)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.66%

0.72%

(h)

0.67%

0.75%

0.77%

0.75%

(h)

Net

investment

income

.........................

0.49%

0.91%

(h)

1.51%

1.09%

0.94%

1.20%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

779,750‌

$

363,505‌

$

366,664‌

$

198,487‌

$

138,018‌

$

200‌

Portfolio

turnover

rate

..........................

136%

167%

288%

265%

257%

359%

(j)

Year

Ended

04/30/2021

Period

from

10/01/19

to

04/30/20

Year

Ended

September

30,

Period

from

08/01/16

(a)

to

09/30/16

2019

2018

2017

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.05%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

the

period)

97

Financial

Highlights

BlackRock

U.S.

Impact

Fund

Institutional

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

loss

(b)

..................................................................................................

(0.03‌)

Net

realized

and

unrealized

gain

..........................................................................................

5.33‌

Net

increase

from

investment

operations

.......................................................................................

5.30‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.00‌)

(d

)

From

net

realized

gain

..................................................................................................

(0.97‌)

Total

distributions

......................................................................................................

(0.97‌

)

Net

asset

value,

end

of

period

.............................................................................................

$

14.33‌

Total

Return

(e)

54.03%

Based

on

net

asset

value

.................................................................................................

54.03%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

1.42%

(g)(h)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.85%

(g)(h)

Net

investment

loss

.....................................................................................................

(0.28)%

(g)(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

143‌

Portfolio

turnover

rate

...................................................................................................

98%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

(h)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(i)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.50%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

2021

BlackRock

Annual

Report

to

Shareholders

98

BlackRock

U.S.

Impact

Fund

Investor

A

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

loss

(b)

..................................................................................................

(0.06‌)

Net

realized

and

unrealized

gain

..........................................................................................

5.33‌

Net

increase

from

investment

operations

.......................................................................................

5.27‌

Distributions

from

net

realized

gain

(c)

.......................................................................................

(0.96‌)

Net

asset

value,

end

of

period

.............................................................................................

$

14.31‌

Total

Return

(d)

53.64%

Based

on

net

asset

value

.................................................................................................

53.64%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

1.68%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

1.10%

(f)(g)

Net

investment

loss

.....................................................................................................

(0.58)%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

192‌

Portfolio

turnover

rate

...................................................................................................

98%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.77%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

99

Financial

Highlights

BlackRock

U.S.

Impact

Fund

Class

K

Period

from

06/30/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................................................................

$

10.00‌

Net

investment

loss

(b)

..................................................................................................

(0.02‌)

Net

realized

and

unrealized

gain

..........................................................................................

5.33‌

Net

increase

from

investment

operations

.......................................................................................

5.31‌

Distributions

(c)

–

From

net

investment

income

.............................................................................................

(0.01‌)

From

net

realized

gain

..................................................................................................

(0.97‌)

Total

distributions

......................................................................................................

(0.98‌)

Net

asset

value,

end

of

period

.............................................................................................

$

14.33‌

Total

Return

(d)

54.09%

Based

on

net

asset

value

.................................................................................................

54.09%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

1.32%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.75%

(f)(g)

Net

investment

loss

.....................................................................................................

(0.18)%

(f)(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

6,881‌

Portfolio

turnover

rate

...................................................................................................

98%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.40%.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2021

BlackRock

Annual

Report

to

Shareholders

100

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

contingent

deferred

sales

charge

(“CDSC”)

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

are

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

............................

Advantage

ESG

Emerging

Markets

Equity

Diversified

BlackRock

Advantage

ESG

International

Equity

Fund

................................

Advantage

ESG

International

Equity

Diversified

BlackRock

Global

Impact

Fund

...............................................

Global

Impact

Non-Diversified

BlackRock

International

Impact

Fund

...........................................

International

Impact

Non-Diversified

BlackRock

Tactical

Opportunities

Fund

..........................................

Tactical

Opportunities

Diversified

BlackRock

U.S.

Impact

Fund

.................................................

U.S.

Impact

Non-Diversified

Share

Class

Initial

Sales

Charge

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)

101

Notes

to

Financial

Statements

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,

2021

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Segregation

and

Collateralization:

In

cases

where a

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

swaps)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, a

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

The

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.  

Organization

and

Offering

Costs:

Upon

commencement

of

operations,

organization

costs

associated

with

the

establishment

of

the

Funds

were

expensed

by

the

Funds

and

reimbursed

by

the

Manager.

The

Manager

reimbursed

the

Funds

the

following

amounts,

which

are

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. 

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund's

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Funds’

net

assets.

Each

business

day,

the

Funds

use

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

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”). 

Fund

Name

Amounts

Reimbursed

Advantage

ESG

Emerging

Markets

Equity

........................................

$

48,361

Advantage

ESG

International

Equity

............................................

10,173

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

102

The

Funds

value

their

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

their

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded. 

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.  

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

103

Notes

to

Financial

Statements

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,

2021,

certain

investments

of

Global

Impact,

International

Impact,

Tactical

Opportunities

and

U.S.

Impact

were

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering. 

Such

agreements

may

obligate a

Fund

to

make

future

cash

payments. 

As

of

April

30,

2021,

Global

Impact

had

outstanding

commitments

of

$135,350.

These

commitments

are

not

included

in

the

net

assets

of

Global

Impact

as

of

April

30,

2021

.

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.

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

104

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned

at

value,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

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.

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

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

As

of

period

end,

the

following

tables

are

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Global

Impact

Barclays

Capital,

Inc.

...............................................

$

757,839‌

$

(757,839‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.........................................

1,714,855‌

(1,714,855‌)

—‌

Goldman

Sachs

&

Co.

..............................................

41,431‌

(41,431‌)

—‌

$

2,514,125‌

$

(2,514,125‌)

$

—‌

International

Impact

Citigroup

Global

Markets,

Inc.

.........................................

555,845‌

(555,845‌)

—‌

Goldman

Sachs

&

Co.

..............................................

132,649‌

(132,649‌)

—‌

$

688,494‌

$

(688,494‌)

$

—‌

Tactical

Opportunities

TD

Prime

Services

LLC

.............................................

32,808‌

(32,808‌)

—‌

U.S.

Impact

Citigroup

Global

Markets,

Inc.

.........................................

770,240‌

(770,240‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.....................................

152,116‌

(152,116‌)

—‌

$

922,356‌

$

(922,356‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

these

tables.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

105

Notes

to

Financial

Statements

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

106

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by the

Funds

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds'

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

With

respect

to Tactical

Opportunities,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

(Singapore)

Limited

(“BRS”)

and

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA")

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BRS

and

BAMNA

for

services

they

provide

for

that

portion

of Tactical

Opportunities

for

which

BRS

and

BAMNA

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by Tactical

Opportunities

to

the

Manager.

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of

the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

service

to

the

Funds.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution

related

services

to

shareholders.

Advantage

ESG

Emerging

Markets

Equity

Advantage

ESG

International

Equity

Global

Impact

International

Impact

U.S.

Impact

Average

Daily

Net

Assets

Investment

Advisory

Fees

Investment

Advisory

Fees

Investment

Advisory

Fees

Investment

Advisory

Fees

Investment

Advisory

Fees

First

$1

Billion

...................................................

0.800‌%

0.450‌%

0.650‌%

0.650‌%

0.650‌%

$1

Billion

-

$3

Billion

...............................................

0.750‌

0.420‌

0.610‌

0.610‌

0.610‌

$3

Billion

-

$5

Billion

..............................................

0.720‌

0.410‌

0.590‌

0.590‌

0.590‌

$5

Billion

-

$10

Billion

..............................................

0.700‌

0.390‌

0.570‌

0.570‌

0.570‌

Greater

than

$10

Billion

............................................

0.680‌

0.380‌

0.550‌

0.550‌

0.550‌

Tactical

Opportunities

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

..........................................................................................................

0.550‌%

$1

Billion

-

$2

Billion

......................................................................................................

0.500‌

$2

Billion

-

$3

Billion

.....................................................................................................

0.475‌

Greater

than

$3

Billion

....................................................................................................

0.450‌

Service

Fees

Distribution

Fees

Service

..................................................................................................

0.25‌%

—‌%

Investor

A

.................................................................................................

0.25‌

—‌

Investor

C

.................................................................................................

0.25‌

0.75‌

Notes

to

Financial

Statements

(continued)

107

Notes

to

Financial

Statements

For

the period

ended

April

30,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity

and

Tactical

Opportunities

,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

of

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity

and

Tactical

Opportunities

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02%

of

the

average

daily

net

assets

of

each

respective

class.

The

Trust,

on

behalf

of

Global

Impact,

International

Impact

and

U.S.

Impact,

entered

into

an

Administration

Agreement

with

the

Manager,

which

has

agreed

to

provide

general

administrative

services

(other

than

investment

advice

and

related

portfolio

activities).

The

Manager

has

agreed

to

bear

all

of

the

Funds'

ordinary

operating

expenses,

excluding,

generally,

investment

advisory

fees,

distribution

fees,

brokerage

and

other

expenses

related

to

the

execution

of

portfolio

transactions,

extraordinary

expenses

and

certain

other

expenses

which

are

borne

by

the

Funds.

The

Manager

is

entitled

to

receive

for

these

administrative

services

an

annual

fee

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

For

the

period

ended

April

30,

2021, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

period ended April

30,

2021,

Tactical

Opportunities

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

Service

Investor

A

Investor

C

Total

Advantage

ESG

Emerging

Markets

Equity

.....................................................

$

—‌

$

212‌

$

—‌

$

212‌

Advantage

ESG

International

Equity

.........................................................

—‌

198‌

—‌

198‌

Global

Impact

........................................................................

—‌

420‌

—‌

420‌

International

Impact

....................................................................

—‌

271‌

—‌

271‌

Tactical

Opportunities

...................................................................

4,271‌

523,135‌

114,185‌

641,591‌

U.S.

Impact

..........................................................................

—‌

291‌

—‌

291‌

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

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Advantage

ESG

Emerging

Markets

Equity

.....................................

$

16‌

$

—‌

$

17‌

$

—‌

$

1,561‌

$

1,594‌

Advantage

ESG

International

Equity

.........................................

19‌

—‌

16‌

—‌

1,500‌

1,535‌

Global

Impact

........................................................

31,688‌

—‌

336‌

—‌

7,305‌

39,329‌

International

Impact

....................................................

208‌

—‌

217‌

—‌

5,822‌

6,247‌

Tactical

Opportunities

...................................................

65,013‌

342‌

41,897‌

2,287‌

123,742‌

233,281‌

U.S.

Impact

..........................................................

216‌

—‌

233‌

—‌

5,185‌

5,634‌

Institutional

Service

Total

Tactical

Opportunities

..........................................................................

$

1

97

,689‌

$

243‌

$

197,932‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

108

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,

2021,

Tactical

Opportunities

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

period ended

April

30,

2021,

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,

2021

,

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,

2021,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

August

31,

2021

for

Global

Impact,

International

Impact,

Tactical

Opportunities

and

U.S.

Impact

and

August

31,

2022

for

Advantage

ESG

Emerging

Markets

Equity

and

Advantage

ESG

International

Equity.

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,

2021,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

each

Fund's

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

August

31,

2021

for

Global

Impact,

International

Impact,

Tactical

Opportunities

and

U.S.

Impact

and

August

31,

2022

for

Advantage

ESG

Emerging

Markets

Equity

and

Advantage

ESG

International

Equity.

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,

2021,

Advantage

ESG

Emerging

Markets

Equity

waived

$1,625

in

investment

advisory

fees

pursuant

to

these

arrangements.

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets are

as

follows:

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Tactical

Opportunities

............................................

$

1,189‌

$

66‌

$

51,728‌

$

1,488‌

$

989‌

$

55,460‌

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Advantage

ESG

Emerging

Markets

Equity

.....................................

$

255‌

$

—‌

$

255‌

$

—‌

$

255‌

$

765‌

Advantage

ESG

International

Equity

.........................................

255‌

—‌

255‌

—‌

255‌

765‌

Tactical

Opportunities

...................................................

456,477‌

2,603‌

367,113‌

19,791‌

1,700‌

847,684‌

Advantage

ESG

Emerging

Markets

Equity

........................................................................................

$

10‌

Advantage

ESG

International

Equity

............................................................................................

41‌

Global

Impact

...........................................................................................................

90‌

International

Impact

.......................................................................................................

48‌

Tactical

Opportunities

......................................................................................................

3,642‌

U.S.

Impact

.............................................................................................................

79‌

Investor

A

Investor

C

Tactical

Opportunities

...........................................................................................

$

29‌

$

536‌

Advantage

ESG

Emerging

Markets

Equity

............................................................................................

$

312‌

Advantage

ESG

International

Equity

................................................................................................

121‌

Global

Impact

...............................................................................................................

404‌

International

Impact

...........................................................................................................

62‌

Tactical

Opportunities

..........................................................................................................

42,286‌

U.S.

Impact

.................................................................................................................

63‌

Institutional

Service

Investor

A

Investor

C

Class

K

Advantage

ESG

Emerging

Markets

Equity

..........................................

0.86‌%

N/A‌

1.11‌%

N/A‌

0.81‌%

Advantage

ESG

International

Equity

..............................................

0.50‌

N/A‌

0.75‌

N/A‌

0.45‌

Tactical

Opportunities

........................................................

0.89‌

1.17‌%

1.37‌

2.14‌%

0.84‌

Notes

to

Financial

Statements

(continued)

109

Notes

to

Financial

Statements

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

August

31,

2021

for

Tactical

Opportunities

and

August

31,

2022

for

Advantage

ESG

Emerging

Markets

Equity

and

Advantage

ESG

International

Equity,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund. For

the

period

ended

April

30,

2021,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

These

amounts

waived

are

included

in

administration

fees

waived,

in

the

Statements

of

Operations.

For

the

period

ended

April

30,

2021,

the

amounts

were

as

follows:

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager

are

included

in

administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

period

ended

April

30,

2021,

class

specific

expense

waivers

and/or

reimbursements

were

as

follows:

With

respect

to

Global

Impact,

International

Impact

and

U.S.

Impact,

the

fees

and

expenses

of

the

Funds'

Independent

Trustees,

counsel

to

the

Independent

Trustees

and

the

Funds'

independent

registered

public

accounting

firm

(together

the

"Independent

Expenses")

are

paid

directly

by

the

Funds.

The

Manager

has

contractually

agreed

to

reimburse

the

Funds

or

provide

an

offsetting

credit

against

the

investment

advisory

fees

paid

by

the

Funds

in

an

amount

equal

to

these

independent

expenses

through

August

31,

2030.

Such

contractual

arrangements

may

not

be

terminated

prior

to

September

1,

2030

without

the

consent

of

the

Board.

For

the

period

ended

April

30,

2021,

the

amounts

reimbursed

were

as

follows:

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

SL

Liquidity

Series,

LLC,

Money

Market

Series (the

"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,

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity,

Global

Impact

and

International

Impact

retain

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity,

Global

Impact

and

International

Impact,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

Advantage

ESG

Emerging

Markets

Equity

..........................................................................................

$

198,823‌

Advantage

ESG

International

Equity

..............................................................................................

234,378‌

Advantage

ESG

Emerging

Markets

Equity

..........................................................................................

$

3,387‌

Advantage

ESG

International

Equity

..............................................................................................

3,261‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

Advantage

ESG

Emerging

Markets

Equity

Institutional

....................................................................................

$

16‌

$

215‌

Investor

A

.....................................................................................

17‌

21

3‌

Class

K

......................................................................................

1,561‌

25

4‌

$

1,594‌

$

682‌

Advantage

ESG

International

Equity

Institutional

....................................................................................

19‌

207‌

Investor

A

.....................................................................................

16‌

215‌

Class

K

......................................................................................

1,500‌

255‌

$

1,535‌

$

677‌

Global

Impact

...............................................................................................................

$

35,395‌

International

Impact

...........................................................................................................

35,810‌

U.S.

Impact

.................................................................................................................

35,210‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

110

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,

Tactical

Opportunities

and

U.S.

Impact

retain

77%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Tactical

Opportunities

and

U.S.

Impact,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Prior

to

January

1,

2021,

Tactical

Opportunities

and

U.S.

Impact

retained

75%

of

securities

lending

income

(which

excluded

collateral

investment

expenses)

and

the

amount

retained

could

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

exceeded

a

specified

threshold,

the

Fund

would

retain

for

the

remainder

of

that

calendar

year

80%

of

securities

lending

income

(which

excluded

collateral

investment

expenses),

and

the

amount

retained

could

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,

2021, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

F

und

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Advantage

ESG

Emerging

Markets

Equity,

Advantage

ESG

International

Equity,

Global

Impact,

International

Impact

and

U.S.

Impact

are

currently

permitted

to

borrow

and

lend,

whereas

Tactical

Opportunities

is

currently

permitted

to

borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the

period

ended

April

30,

2021,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

Tactical

Opportunities

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,

2021,

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:

PURCHASES

AND

SALES 

For

the

period

ended

April

30,

2021,

purchases

and

sales

of

investments,

including

paydowns/payups

and

excluding

short-term

investments,

were

as

follows:

RULE

ABOVE

Advantage

ESG

Emerging

Markets

Equity

........................................................................................

$

4‌

Advantage

ESG

International

Equity

............................................................................................

1‌

Global

Impact

...........................................................................................................

561‌

International

Impact

.......................................................................................................

329‌

Tactical

Opportunities

......................................................................................................

445‌

U.S.

Impact

.............................................................................................................

83‌

Purchases 

Sales 

Net

Realized

Gain

(Loss)

Tactical

Opportunities

................................................................

$

2,263,690‌

$

384,832‌

$

77,681‌

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

Advantage

ESG

Emerging

Markets

Equity

.....................................

$

—‌

$

—‌

$

25,221,880‌

$

15,369,205‌

Advantage

ESG

International

Equity

.........................................

—‌

—‌

27,600,708‌

17,872,590‌

Global

Impact

........................................................

—‌

—‌

69,606,801‌

23,840,353‌

International

Impact

....................................................

—‌

—‌

11,802,329‌

6,082,716‌

Tactical

Opportunities

...................................................

522,073,167‌

380,496,783‌

896,167,690‌

832,052,944‌

U.S.

Impact

..........................................................

—‌

—‌

10,640,322‌

6,157,367‌

Notes

to

Financial

Statements

(continued)

111

Notes

to

Financial

Statements

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

April

30,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

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,

the

following

permanent

differences

attributable

to

non-deductible

expenses

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

Fund

Name

Paid-in

Capital

Accumulated

Earnings

(Loss)

Advantage

ESG

Emerging

Markets

Equity

...........................................................................

$

(22,747‌)

$

22,747‌

Advantage

ESG

International

Equity

...............................................................................

(13,107‌)

13,107‌

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

Advantage

ESG

Emerging

Markets

Equity

04/30/21

.............................................................

$

51,000‌

$

—‌

$

—‌

$

51,000‌

Advantage

ESG

International

Equity

04/30/21

.............................................................

68,280‌

—‌

—‌

68,280‌

Global

Impact

04/30/21

.............................................................

794,158‌

—‌

—‌

794,158‌

International

Impact

04/30/21

.............................................................

265,892‌

—‌

—‌

265,892‌

Tactical

Opportunities

04/30/21

.............................................................

31,948,980‌

—‌

201,046‌

32,150,026‌

04/30/20

.............................................................

29

,

500

,

025‌

—‌

—‌

29,500,025‌

09/30/19

.............................................................

40,956,921‌

17,899,710‌

—‌

58,856,631‌

U.S.

Impact

04/30/21

.............................................................

489,324‌

—‌

—‌

489,324‌

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Losses

(c)

Total

Advantage

ESG

Emerging

Markets

Equity

...............

$

965,208‌

$

156,271‌

$

—‌

$

1,203,553‌

$

—‌

$

2,325,032‌

Advantage

ESG

International

Equity

...................

97

9

,

1

48‌

34,809‌

—‌

1,0

88

,

3

20‌

—‌

2,102,277‌

Global

Impact

..................................

1,683,455‌

—‌

—‌

3,977,683‌

—‌

5,661,138‌

International

Impact

..............................

885,136‌

—‌

—‌

1,191,366‌

—‌

2,076,502‌

Tactical

Opportunities

.............................

—‌

—‌

(98,97

5

,

161‌

)

166,658,466‌

(71,718,363‌)

(4,035,058‌)

U.S.

Impact

....................................

826,962‌

—‌

—‌

1,340,980‌

—‌

2,167,942‌

(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

gain

on

investment

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.

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

112

As

of

April

30,

2021, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2022

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

period ended

April

30,

2021,

the

Funds

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

Investments

in

the

securities

of

issuers

domiciled

in

countries

with

emerging

capital

markets

involve

certain

additional

risks

that

do

not

generally

apply

to

investments

in

securities

of

issuers

in

more

developed

capital

markets,

such

as

(i)

low

or

nonexistent

trading

volume,

resulting

in

a

lack

of

liquidity

and

increased

volatility

in

prices

for

such

securities;

(ii)

uncertain

national

policies

and

social,

political

and

economic

instability,

increasing

the

potential

for

expropriation

of

assets,

confiscatory

taxation,

high

rates

of

inflation

or

unfavorable

diplomatic

developments;

(iii)

lack

of

publicly

available

or

reliable

information

about

issuers

as

a

result

of

not

being

subject

to

the

same

degree

of

regulatory

requirements

and

accounting,

auditing

and

financial

reporting

standards;

and

(iv)

possible

fluctuations

in

exchange

rates,

differing

legal

systems

and

the

existence

or

possible

imposition

of

exchange

controls,

custodial

restrictions

or

other

foreign

or

U.S.

governmental

laws

or

restrictions

applicable

to

such

investments.

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Advantage

ESG

Emerging

Markets

Equity

.................................

$

11,083,858‌

$

1,462,107‌

$

(258,912‌)

$

1,203,195‌

Advantage

ESG

International

Equity

.....................................

10,894,440‌

1,208,108‌

(120,386‌)

1,087,722‌

Global

Impact

....................................................

51,512,804‌

5,322,096‌

(1,344,422‌)

3,977,674‌

International

Impact

................................................

7,626,661‌

1,405,867‌

(214,554‌)

1,191,313‌

Tactical

Opportunities

..............................................

955,980,181‌

291,774,824‌

(64,966,758‌)

226,808,066‌

U.S.

Impact

.....................................................

6,843,865‌

1,401,044‌

(60,128‌)

1,340,916‌

Notes

to

Financial

Statements

(continued)

113

Notes

to

Financial

Statements

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund's

portfolios

are

disclosed

in

its Schedule

of

Investments.

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

fixed-income

securities

and/or

use

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

Certain

Funds

invest

a

substantial

amount

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

Fund

concentrates its investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedules

of

Investments. 

Certain

Funds

invest a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

In

addition,

the

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

China

or

with

significant

exposure

to

Chinese

issuers

or

countries.

Investments

in

Chinese

securities,

including

certain

Hong

Kong-listed

securities,

involves

risks

specific

to

China.

China

may

be

subject

to

considerable

degrees

of

economic,

political

and

social

instability

and

demonstrates

significantly

higher

volatility

from

time

to

time

in

comparison

to

developed

markets.

Chinese

markets

generally

continue

to

experience

inefficiency,

volatility

and

pricing

anomalies

resulting

from

governmental

influence,

a

lack

of

publicly

available

information

and/or

political

and

social

instability.

Internal

social

unrest

or

confrontations

with

other

neighboring

countries

may

disrupt

economic

development

in

China

and

result

in

a

greater

risk

of

currency

fluctuations,

currency

non-

convertibility,

interest

rate

fluctuations

and

higher

rates

of

inflation.

Incidents

involving

China’s

or

the

region’s

security

may

cause

uncertainty

in

Chinese

markets

and

may

adversely

affect

the

Chinese

economy

and

the

Fund’s

investments.

Reduction

in

spending

on

Chinese

products

and

services,

institution

of

tariffs

or

other

trade

barriers,

or

a

downturn

in

any

of

the

economies

of

China’s

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy.

In

addition,

measures

may

be

taken

to

limit

the

flow

of

capital

and/or

sanctions

may

be

imposed,

which

could

prohibit

or

restrict

the

ability

to

own

or

transfer

fund

assets

and

may

also

include

retaliatory

actions,

such

as

seizure

of

fund

assets.

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

114

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Period

from

08/18/20

to

04/30/21

Shares

Amount

Advantage

ESG

Emerging

Markets

Equity

Institutional

Shares

sold

.............................................................................

10,346‌

$

104,336‌

Shares

redeemed

.........................................................................

(193‌)

(2,363‌)

        Net

increase

...........................................................................

10,153‌

$

101,973‌

Investor

A

Shares

sold

.............................................................................

12,163‌

$

126,170‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1‌

11‌

Shares

redeemed

.........................................................................

(946‌)

(11,617‌)

        Net

increase

...........................................................................

11,218‌

$

114,564‌

Class

K

Shares

sold

.............................................................................

980,000‌

$

9,800,000‌

        Net

increase

...........................................................................

980,000‌

$

9,800,000‌

Total

Net

Increase

..........................................................................

1,001,371‌

$

10,016,537‌

d

Period

from

08/18/20

to

04/30/21

Shares

Amount

Advantage

ESG

International

Equity

Institutional

Shares

sold

.............................................................................

12,887‌

$

129,436‌

Shares

issued

in

reinvestment

of

distributions

........................................................

16‌

172‌

        Net

increase

...........................................................................

12,903‌

$

129,608‌

Investor

A

Shares

sold

.............................................................................

11,606‌

$

118,737‌

        Net

increase

...........................................................................

11,606‌

$

118,737‌

Class

K

Shares

sold

.............................................................................

980,000‌

$

9,800,000‌

        Net

increase

...........................................................................

980,000‌

$

9,800,000‌

Total

Net

Increase

..........................................................................

1,004,509‌

$

10,048,345‌

d

Period

from

05/27/20

to

04/30/21

Shares

Amount

Global

Impact

Institutional

Shares

sold

.............................................................................

2,805,083‌

$

40,410,905‌

Shares

issued

in

reinvestment

of

distributions

........................................................

33,432‌

464,697‌

Shares

redeemed

.........................................................................

(23,507‌)

(369,888‌)

        Net

increase

...........................................................................

2,815,008‌

$

40,505,714‌

Investor

A

Shares

sold

.............................................................................

21,923‌

$

271,546‌

Shares

issued

in

reinvestment

of

distributions

........................................................

112‌

1,562‌

Shares

redeemed

.........................................................................

(4,222‌)

(64,076‌)

        Net

increase

...........................................................................

17,813‌

$

209,032‌

Notes

to

Financial

Statements

(continued)

115

Notes

to

Financial

Statements

d

Period

from

05/27/20

to

04/30/21

Shares

Amount

Class

K

Shares

sold

.............................................................................

597,117‌

$

6,028,575‌

Shares

issued

in

reinvestment

of

distributions

........................................................

4,460‌

61,999‌

Shares

redeemed

.........................................................................

(629‌)

(9,567‌)

        Net

increase

...........................................................................

600,948‌

$

6,081,007‌

Total

Net

Increase

..........................................................................

3,433,769‌

$

46,795,753‌

d

Period

from

06/30/20

to

04/30/21

Shares

Amount

International

Impact

Institutional

Shares

sold

.............................................................................

10,045‌

$

100,602‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1‌

7‌

Shares

redeemed

.........................................................................

(31‌)

(431‌)

        Net

increase

...........................................................................

10,015‌

$

100,178‌

Investor

A

Shares

sold

.............................................................................

13,432‌

$

146,894‌

Shares

redeemed

.........................................................................

(1,003‌)

(14,121‌)

        Net

increase

...........................................................................

12,429‌

$

132,773‌

Class

K

Shares

sold

.............................................................................

572,845‌

$

5,820,000‌

Shares

issued

in

reinvestment

of

distributions

........................................................

3,277‌

41,682‌

        Net

increase

...........................................................................

576,122‌

$

5,861,682‌

Total

Net

Increase

..........................................................................

598,566‌

$

6,094,633‌

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Shares

Amount

Shares

Amount

Shares

Amount

Tactical

Opportunities

Institutional

Shares

sold

............................

19,159

,5

5

2‌

$

267,673

,

7

98‌

2,118,223‌

$

28,703,077‌

11,584,617‌

$

161,248,704‌

Shares

issued

in

reinvestment

of

distributions

.......

5

5

1

,3

14‌

7,729

,

427‌

666,864‌

8,955,978‌

1,138,641‌

15,531,064‌

Shares

redeemed

........................

(7,895,711‌

)

(110,223,366‌

)

(2,793,595‌)

(37,201,742‌

)

(5,738,860‌)

(81,695,623‌)

Net

increase

(decrease)

.....................

11,815,155‌

$

165,179,8

59‌

(8,508‌)

$

457,313‌

6,984,398‌

$

95,084,145‌

Service

Shares

sold

............................

133,042‌

$

1,855,600‌

34,906‌

$

465,256‌

131,668‌

$

1,830,439‌

Shares

issued

in

reinvestment

of

distributions

.......

3,935‌

54,939‌

1,481‌

19,846‌

6,087‌

82,536‌

Shares

redeemed

........................

(57,600‌

)

(806,611‌

)

(31,204‌)

(416,251‌)

(135,471‌)

(1,847,485‌)

Net

increase

.............................

79,377‌

$

1,103,928‌

5,183‌

$

68,851‌

2,284‌

$

65,490‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

.....

9

5

3

,3

24‌

$

13,225

,

907‌

483,810‌

$

6,472,186‌

2,006,465‌

$

29,118,373‌

Shares

issued

in

reinvestment

of

distributions

.......

354,372‌

4,932

,

853‌

468,271‌

6,246,735‌

1,562,094‌

21,150,762‌

Shares

redeemed

........................

(2,223,072‌

)

(30,766,044‌

)

(1,616,959‌

)

(21,821,154‌

)

(2,933,904‌)

(40,843,389‌)

Net

increase

(decrease)

.....................

(915,376‌

)

$

(12,607,284‌

)

(664,878‌

)

$

(9,102,233‌

)

634,655‌

$

9,425,746‌

Investor

C

Shares

sold

............................

148,93

1‌

$

2,008

,

992‌

62,357‌

$

821,554‌

411,456‌

$

5,601,290‌

Shares

issued

in

reinvestment

of

distributions

.......

10,02

7‌

136,6

65‌

27,333‌

355,882‌

121,717‌

1,607,882‌

Shares

redeemed

and

automatic

conversion

of

shares

.

(526,110‌

)

(7,144,097‌

)

(392,226‌)

(5,115,380‌)

(1,321,269‌)

(18,654,269‌)

Net

decrease

............................

(367,152‌

)

$

(4,998,440‌

)

(302,536‌

)

$

(3,937,944‌

)

(788,096‌)

$

(11,445,097‌)

Class

K

Shares

sold

............................

36,285,961‌

$

505,473,976‌

2,075,133‌

$

28,379,008‌

13,208,060‌

$

182,904,459‌

Shares

issued

in

reinvestment

of

distributions

.......

1,181,757‌

16,532,783‌

973,739‌

13,048,106‌

1,316,988‌

17,911,034‌

Shares

redeemed

........................

(8,636,301‌

)

(119,624,746‌

)

(3,116,270‌

)

(41,172,793‌

)

(526,840‌)

(7,590,312‌)

Net

increase

(decrease)

.....................

28,831,417‌

$

402,382,013‌

(67,398‌

)

$

254,321‌

13,998,208‌

$

193,225,181‌

Total

Net

Increase

(Decrease)

39,443,421‌

$

551,060,076‌

(1,038,137‌

)

$

(12,259,692‌

)

20,831,449‌

$

286,355,465‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

116

As

of

April

30,

2021,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Period

from

06/30/20

to

04/30/21

Shares

Amount

U.S.

Impact

Institutional

Shares

sold

.............................................................................

10,038‌

$

100,500‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1‌

15‌

Shares

redeemed

.........................................................................

(31‌)

(442‌)

        Net

increase

...........................................................................

10,008‌

$

100,073‌

Investor

A

Shares

sold

.............................................................................

13,446‌

$

148,367‌

        Net

increase

...........................................................................

13,446‌

$

148,367‌

Class

K

Shares

sold

.............................................................................

480,023‌

$

4,800,300‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2‌

23‌

        Net

increase

...........................................................................

480,025‌

$

4,800,323‌

Total

Net

Increase

..........................................................................

503,479‌

$

5,048,763‌

Institutional

Investor

A

Class

K

Advantage

ESG

Emerging

Markets

Equity

.................................................................

10,000‌

10,000‌

980,000‌

Advantage

ESG

International

Equity

.....................................................................

10,000‌

10,000‌

980,000‌

Global

Impact

....................................................................................

10,000‌

10,000‌

480,000‌

International

Impact

................................................................................

10,000‌

10,000‌

480,000‌

U.S.

Impact

......................................................................................

10,000‌

10,000‌

480,000‌

Report

of

Independent

Registered

Public

Accounting

Firm

117

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund,

BlackRock

Advantage

ESG

International

Equity

Fund,

BlackRock

Global

Impact

Fund,

BlackRock

International

Impact

Fund,

BlackRock

Tactical

Opportunities

Fund,

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

Advantage

ESG

Emerging

Markets

Equity

Fund,

BlackRock

Advantage

ESG

International

Equity

Fund,

BlackRock

Global

Impact

Fund,

BlackRock

International

Impact

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,

2021,

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,

2021,

and

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2021,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

June

22,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Fund

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

and

BlackRock

Advantage

ESG

International

Equity

Fund

For

the

period

from

August

18,

2020

(commencement

of

operations)

through

April

30,

2021

For

the

period

from

August

18,

2020

(commencement

of

operations)

through

April

30,

2021

For

the

period

from

August

18,

2020

(commencement

of

operations)

through

April

30,

2021

BlackRock

Global

Impact

Fund

For

the

period

from

May

27,

2020

(commencement

of

operations)

through

April

30,

2021

For

the

period

from

May

27,

2020

(commencement

of

operations)

through

April

30,

2021

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

period

from

June

30,

2020

(commencement

of

operations)

through

April

30,

2021

For

the

period

from

June

30,

2020

(commencement

of

operations)

through

April

30,

2021

For

the

period

from

June

30,

2020

(commencement

of

operations)

through

April

30,

2021

BlackRock

Tactical

Opportunities

Fund

For

the

year

ended

April

30,

2021

For

the

year

ended

April

30,

2021,

the

period

from

October

1,

2019

through

April

30,

2020,

and

the

year

ended

September

30,

2019

For

the

year

ended

April

30,

2021,

the

period

from

October

1,

2019

through

April

30,

2020,

and

for

each

of

the

four

years

in

the

period

ended

September

30,

2019

Important

Tax

Information

(unaudited)

2021

BlackRock

Annual

Report

to

Shareholders

118

For

corporate

shareholders,

the

percentage

of

ordinary

income

distributions

paid

during

the

fiscal

period

ended

April

30,

2021

that

qualified

for

the

dividends-received

deduction

were

as

follows:

The

following

maximum

amounts

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

period

ended

April

30,

2021:

For

the

fiscal

period

ended

April

30,

2021,

the

Funds

intend

to

pass

through

to

their

shareholders

the

following

amounts

of

foreign

source

income

and

foreign

taxes

paid:

For

the

fiscal

period

ended

April

30,

2021,

the

Fund

hereby

designates

the

following

maximum

amounts

allowable

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend:

For

the

fiscal

period

ended

April

30,

2021,

the

Funds

hereby

designate

the

following

maximum

amounts

allowable

as

interest-related

dividends

and qualified

short-term

capital gains eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations:

The

Fund

hereby

designates

the

following

amount

of

distributions

from

direct

federal

obligation

interest

for

the

fiscal

period

ended

April

30,

2021:

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.

Fund

Dividends-Received

Deduction

BlackRock

Global

Impact

Fund

...........................................................................................

1.71‌

%

BlackRock

Tactical

Opportunities

Fund

......................................................................................

7.20‌

BlackRock

U.S.

Impact

Fund

.............................................................................................

1.82‌

Fund

Qualified

Dividend

Income

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

......................................................................

$

85,378‌

BlackRock

Advantage

ESG

International

Equity

Fund

..........................................................................

157,166‌

BlackRock

Global

Impact

Fund

.........................................................................................

129,435‌

BlackRock

International

Impact

Fund

.....................................................................................

46,934‌

BlackRock

Tactical

Opportunities

Fund

....................................................................................

4,781,495‌

BlackRock

U.S.

Impact

Fund

...........................................................................................

23,375‌

Fund

Foreign

Source

Income

Earned

Foreign

Taxes

Paid

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

...................................................

$

70,303‌

$

14,550‌

BlackRock

Advantage

ESG

International

Equity

Fund

.......................................................

147,689‌

14,019‌

BlackRock

International

Impact

Fund

..................................................................

45,734‌

8,534‌

Fund

Interest

Dividends

BlackRock

Tactical

Opportunities

Fund

......................................................................................

$

905,700‌

Fund

Interest-Related

Dividends

and

Qualified

Short-Term

Capital

Gains

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

......................................................................

$

892,512‌

BlackRock

Advantage

ESG

International

Equity

Fund

..........................................................................

8

60,153‌

BlackRock

Global

Impact

Fund

.........................................................................................

2,400,142‌

BlackRock

International

Impact

Fund

.....................................................................................

1,096,304‌

BlackRock

Tactical

Opportunities

Fund

....................................................................................

923,331‌

BlackRock

U.S.

Impact

Fund

...........................................................................................

1,311,739‌

Fund

Federal

Obligation

Interest

BlackRock

Tactical

Opportunities

Fund

....................................................................................

$

914,881‌

Statement

Regarding

Liquidity

Risk

Management

Program

119

Statement

Regarding

Liquidity

Risk

Management

Program

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

Advantage

ESG

Emerging

Markets

Equity

Fund,

BlackRock

Advantage

ESG

International

Equity

Fund,

BlackRock

Global

Impact

Fund,

BlackRock

International

Impact

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

10-11,

2020

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

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,

2019

through

September

30,

2020

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

a

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

a

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

impact

of

the

coronavirus

outbreak

on

the

Funds

and

the

overall

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

a

Fund’s

liquidity

risk,

as

follows:

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

and

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

Fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

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

net

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

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.

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Funds,

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).

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.

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

2021

BlackRock

Annual

Report

to

Shareholders

120

Independent

Trustees

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

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

Five

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.

30

RICs

consisting

of

152

Portfolios

None

Bruce

R.

Bond

1946

Trustee

(Since

2019)

Board

Member,

Amsphere

Limited

(software)

since

2018;

Trustee

and

Member

of

the

Governance

Committee,

State

Street

Research

Mutual

Funds

from

1997

to

2005;

Board

Member

of

Governance,

Audit

and

Finance

Committee,

Avaya

Inc.

(computer

equipment)

from

2003

to

2007.

30

RICs

consisting

of

152

Portfolios

None

Susan

J.

Carter

1956

Trustee

(Since

2016)

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

since

1997;

Senior

Advisor,

Common

fund

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

since

2018;

Advisory

Board

Member,

Bridges

Fund

Management

since

2016;

Trustee,

Financial

Accounting

Foundation

since

2017;

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.

30

RICs

consisting

of

152

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.

30

RICs

consisting

of

152

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.

30

RICs

consisting

of

152

Portfolios

None

Lena

G.

Goldberg

1949

Trustee

(Since

2019)

Senior

Lecturer,

Harvard

Business

School,

since

2008;

Director,

Charles

Stark

Draper

Laboratory,

Inc.

since

2013;

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.

30

RICs

consisting

of

152

Portfolios

None

Henry

R.

Keizer

1956

Trustee

(Since

2019)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

since

2010;

Director,

MUFG

Americas

Holdings

Corporation

and

MUFG

Union

Bank,

N.A.

(financial

and

bank

holding

company)

from

2014

to

2016;

Director,

American

Institute

of

Certified

Public

Accountants

from

2009

to

2011;

Director,

KPMG

LLP

(audit,

tax

and

advisory

services)

from

2004

to

2005

and

2010

to

2012;

Director,

KPMG

International

in

2012,

Deputy

Chairman

and

Chief

Operating

Officer

thereof

from

2010

to

2012

and

U.S.

Vice

Chairman

of

Audit

thereof

from

2005

to

2010;

Global

Head

of

Audit,

KPMGI

(consortium

of

KPMG

firms)

from

2006

to

2010;

Director,

YMCA

of

Greater

New

York

from

2006

to

2010.

30

RICs

consisting

of

152

Portfolios

Hertz

Global

Holdings

(car

rental);

WABCO

(commercial

vehicle

safety

systems)

from

2015

to

2020;

Montpelier

Re

Holdings,

Ltd.

(publicly

held

property

and

casualty

reinsurance)

from

2013

until

2015;

Sealed

Air

Corp.

(packaging)

Cynthia

A.

Montgomery

1952

Trustee

(Since

2007)

Professor,

Harvard

Business

School

since

1989.

30

RICs

consisting

of

152

Portfolios

Newell

Rubbermaid,

Inc.

(manufacturing)

from

1995

to

2016.

Trustee

and

Officer

Information

(continued)

121

Trustee

and

Officer

Information

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

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

Five

Years

Donald

C.

Opatrny

1952

Trustee

(Since

2019)

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

from

2004

to

2019;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Member

of

the

Board

and

Investment

Committee,

University

School

from

2007

to

2018;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

President

and

Trustee,

the

Center

for

the

Arts,

Jackson

Hole

from

2011

to

2018;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

since

2013;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

since

2017;

Member,

Investment

Funds

Committee,

State

of

Wyoming

since

2017;

Trustee,

Phoenix

Art

Museum

since

2018;

Trustee,

Arizona

Community

Foundation

and

Member

of

Investment

Committee

since

2020.

30

RICs

consisting

of

152

Portfolios

None

Joseph

P.

Platt

1947

Trustee

(Since

2007)

General

Partner,

Thorn

Partners,

LP

(private

investments)

since

1998;

Director,

WQED

Multi-Media

(public

broadcasting

not-for-

profit)

since

2001;

Chair,

Basic

Health

International

(non-profit)

since

2015.

30

RICs

consisting

of

152

Portfolios

Greenlight

Capital

Re,

Ltd.

(reinsurance

company);

Consol

Energy

Inc.

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

founding

in

2001;

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.

30

RICs

consisting

of

152

Portfolios

None

Claire

A.

Walton

1957

Trustee

(Since

2016)

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

since

2003;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Woodstock

Ski

Runners

since

2013;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015.

30

RICs

consisting

of

152

Portfolios

None

Independent

Trustees

(a)

(continued)

Trustee

and

Officer

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

122

Interested

Trustees

(a)(d)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(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:

Bruce

R.

Bond,

2005;

Cynthia

A.

Montgomery,

1994;

Joseph

P.

Platt,

1999;

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

Five

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

Five

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.

103

RICs

consisting

of

250

Portfolios

None

John

M.

Perlowski

(e)

1964

Trustee

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

105

RICs

consisting

of

252

Portfolios

None

Trustee

and

Officer

Information

(continued)

123

Trustee

and

Officer

Information

Officers

Who

Are

Not

Trustees

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(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

Five

Years

Thomas

Callahan

1968

Vice

President

(Since

2016)

Managing

Director

of

BlackRock,

Inc.

since

2013;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

(principal

underwriter)

since

2019

and

Managing

Director

thereof

since

2017;

Head

of

BlackRock’s

Global

Cash

Management

Business

since

2016;

Co-Head

of

the

Global

Cash

Management

Business

from

2014

to

2016;

Deputy

Head

of

the

Global

Cash

Management

Business

from

2013

to

2014;

Member

of

the

Cash

Management

Group

Executive

Committee

since

2013;

Chief

Executive

Officer

of

NYSE

Liffe

U.S.

from

2008

to

2013.

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.

Neal

J.

Andrews

retired

as

the

Chief

Financial

Officer

effective

December

31,

2020,

and

Trent

Walker

was

elected

as

the

Chief

Financial

Officer

effective

January

1,

2021.

Additional

Information

2021

BlackRock

Annual

Report

to

Shareholders

124

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Funds

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

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)

125

Additional

Information

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

(a)

BlackRock

Asset

Management

North

Asia

Limited

Hong

Kong

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Tactical

Opportunities

Fund.

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Annual

Report

to

Shareholders

126

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

RUB

New

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

BBR

Australian

Bank

Bill

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDI

Crest

Depository

Interests

CDO

Collateralized

Debt

Obligation

CNREPOFI

Day

China

Fixing

Repo

Rates

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SDR

Swedish

Depositary

Receipts

SOR

Singapore

Interbank

Offered

Rate

STIBOR

Stockholm

Interbank

Offered

Rate

THBFIX

Thai

Baht

Interest

Rate

Fixing

TWCPBA

Taiwan

Secondary

Markets

Bills

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

ESGIMPTO-4/21-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 Advantage ESG Emerging Markets Equity Fund	$26,765	N/A	$0	N/A	$13,700	N/A	$0	N/A
BlackRock Advantage ESG International Equity Fund	$26,765	N/A	$0	N/A	$13,700	N/A	$0	N/A
BlackRock Global Impact Fund	$19,594	N/A	$0	N/A	$13,700	N/A	$0	N/A
BlackRock International Impact Fund	$19,594	N/A	$0	N/A	$13,700	N/A	$0	N/A
BlackRock Tactical Opportunities Portfolio	$54,439	$63,2403	$0	$03	$24,200	$20,0003	$0	$03
BlackRock U.S. Impact Fund	$19,594	N/A	$0	N/A	$12,700	N/A	$0	N/A

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 3
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees4	$2,032,000	$1,984,000

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

BlackRock Tactical Opportunities Portfolio changed its fiscal year end from September 30 to April 30 effective April 30, 2020 whereby this fiscal year consists of the seven months ended April 30, 2020.

4

Non-audit fees of $2,032,000 and $1,984,000 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 Advantage ESG Emerging Markets Equity Fund	$13,700	N/A
BlackRock Advantage ESG International Equity Fund	$13,700	N/A
BlackRock Global Impact Fund	$13,700	N/A
BlackRock International Impact Fund	$13,700	N/A
BlackRock Tactical Opportunities Portfolio	$24,200	$20,0001
BlackRock U.S. Impact Fund	$12,700	N/A

                                        1

BlackRock Tactical Opportunities Portfolio changed its fiscal year end from September 30 to April 30 effective April 30, 2020 whereby this

                           fiscal year consists of the seven months ended April 30, 2020.

              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 1
$2,032,000	$1,984,000

 1

BlackRocl Tactical Opportunities Portfolio changed its fiscal year end from September 30 to April 30  effective April 30, 2020 whereby this fiscal year consists of the seven months ended April 30, 2020.

              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.

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 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) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

Date: July 6, 2021

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: July 6, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

Date: July 6, 2021

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds, certify that:

1.I have reviewed this report on Form N-CSR of BlackRock Funds;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 6, 2021

/s/ John M. Perlowski______

John M. Perlowski

Chief Executive Officer (principal executive officer) of
BlackRock Funds

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds, certify that:

1.I have reviewed this report on Form N-CSR of BlackRock Funds;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 6, 2021

/s/ Trent Walker________

Trent Walker

Chief Financial Officer (principal financial officer) of
BlackRock Funds

EX-99.906 CERT

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended April 30, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: July 6, 2021

/s/ John M. Perlowski________

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended April 30, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: July 6, 2021

/s/ Trent Walker_________

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.