N-CSR 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-05742
 
Name of Fund: 
BlackRock Funds
BlackRock Global Impact Fund
BlackRock International Impact Fund
BlackRock Sustainable Advantage Emerging Markets Equity Fund (Formerly BlackRock
Advantage ESG Emerging Markets Equity Fund)
BlackRock Sustainable Advantage International Equity Fund (Formerly BlackRock
Advantage ESG International Equity Fund)
BlackRock Tactical Opportunities Portfolio
BlackRock U.S. Impact Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds, 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 04/30/2022
 
Date of reporting period: 04/30/2022
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
  
Not Applicable
APRIL
30,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Annual
Report
BlackRock
Funds
SM
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
Dear
Shareholder,
The
12-month
reporting
period
as
of
April
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
which
characterized
2021.
The
U.S.
economy
shrank
in
the
first
quarter
of
2022,
ending
the
run
of
robust
growth
which
followed
reopening
and
the
development
of
the
COVID-19
vaccines.
Rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
invasion
has
presented
challenges
for
both
investors
and
policymakers.
Equity
prices
were
mixed
but
mostly
down,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
particularly
weighing
on
relatively
high
valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
Overall,
small-capitalization
U.S.
stocks
declined,
while
large-capitalization
U.S.
stocks
were
nearly
flat.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
during
the
reporting
period
as
increasing
inflation
drove
investors’
expectations
for
higher
interest
rates.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
in
March
2022,
the
first
increase
of
this
business
cycle.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
raised
the
prospect
of
reversing
the
flow
and
reducing
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
new
tone
led
many
analysts
to
anticipate
that
the
Fed
will
continue
to
raise
interest
rates
multiple
times
throughout
the
year.
Looking
ahead,
however,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metal
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
are
likely
to
drive
already-high
commodity
prices
even
higher.
We
believe
sharp
increases
in
energy
prices
will
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks
amid
the
ebb
and
flow
of
the
pandemic,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
this
environment,
we
favor
an
overweight
to
equities,
as
valuations
have
become
more
attractive
and
inflation-adjusted
interest
rates
remain
low.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-
carbon
world,
such
as
technology
and
healthcare,
are
particularly
attractive
in
the
long
term.
We
favor
U.S.
equities
due
to
strong
earnings
momentum,
while
Japanese
equities
should
benefit
from
supportive
monetary
and
fiscal
policy.
We
are
underweight
credit
overall,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities
for
additional
yield.
We
believe
that
international
diversification
and
a
focus
on
sustainability
and
quality
can
help
provide
portfolio
resilience.
Overall,
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,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(9.65)%
0.21%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(18.38)
(16.87)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(11.80)
(8.15)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(14.15)
(18.33)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.07
0.08
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(10.29)
(8.86)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(9.47)
(8.51)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(7.90)
(7.88)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(7.40)
(5.22)
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
.........................................................................................
65
Statements
of
Operations
................................................................................................
70
Statements
of
Changes
in
Net
Assets
........................................................................................
72
Financial
Highlights
.....................................................................................................
75
Notes
to
Financial
Statements
...............................................................................................
95
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
112
Important
Tax
Information
.................................................................................................
113
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
114
Trustee
and
Officer
Information
..............................................................................................
115
Additional
Information
....................................................................................................
119
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
121
Fund
Summary
as
of
April
30,
2022
2022
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
Global
Impact
Fund
Investment
Objective
BlackRock
Global
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
April
30,
2022,
the
Fund
underperformed
its
benchmark,
the
MSCI
All
Country
World
Index
(“ACWI”).
What
factors
influenced
performance?
The
Fund’s
underperformance
was
largely
attributable
to
its
holdings
in
both
small-cap
stocks
and
large-cap
growth
companies.
This
was
due
to
a
combination
of
idiosyncratic
stock
events,
the
outperformance
of
the
value
style,
and
market
participants’
preference
for
stable,
large-cap
companies
at
a
time
of
persistent
inflation
concerns.
The
enterprise
software
company
Everbridge,
Inc.
was
a
key
detractor,
as
were
the
payments
companies
PayPal
Holdings,
Inc.
and
Block,
Inc.
The
Fund
was
also
hurt
by
its
positions
in
small-cap
healthcare
companies,
particularly
those
related
to
value-based
care.
Additionally,
holdings
in
the
Chinese
education
sector—including
17
Education
&
Technology
Group,
Inc.
and
New
Oriental
Education
&
Technology
Group
Inc.—weighed
on
performance
due
to
existential
regulatory
headwinds.
Both
stocks
were
eliminated
from
the
portfolio.
Positions
in
stocks
that
can
benefit
from
inflation
or
are
less
susceptible
to
inflationary
pressures
contributed
positively.
These
include
financial
stocks
such
as
the
microlender
PT
Bank
Rakyat
Indonesia,
as
well
Jack
Henry
and
Associates,
Inc.,
a
provider
of
mission-critical
software
to
small
and
regional
banks.
Positions
in
the
communication
services
and
utilities
sectors
were
also
additive.
In
the
latter,
the
Fund’s
holdings
benefited
from
a
surge
in
renewables
prices
that
followed
Russia’s
invasion
of
Ukraine
in
February
2022.
Diversification
across
impact
themes
was
also
beneficial.
Royalty
Pharma
PLC
was
a
top
contributor
in
Public
Health,
and
Zoetis
Inc.
helped
performance
within
Sustainable
Food
and
Water.
Mimecast
Ltd.,
which
experienced
substantial
price
appreciation
upon
its
acquisition
by
a
private
equity
firm,
was
the
leading
contributor.
Describe
recent
portfolio
activity.
Despite
elevated
market
volatility
and
rising
inflation
expectations,
the
investment
adviser
remained
confident
in
the
long-term
fundamental
theses
of
its
portfolio
holdings.
Given
the
weak
relative
performance
for
small-cap,
early-stage,
and
higher-growth
companies,
management
increased
the
already
high
hurdle
rate
it
requires
to
invest
in
such
stocks.
This
shift
was
based
on
its
belief
that
a
larger
margin
of
error
is
required
to
capitalize
on
the
risk/reward
profiles
these
companies
offer.
The
investment
adviser
trimmed
or
exited
positions
in
certain
areas
where
stock
prices
exceeded
its
most
bullish
price
targets.
It
also
reduced
the
Fund’s
positions
in
the
renewables
industry
and
migrated
to
less
appreciated
environment-related
companies.
More
broadly,
the
investment
manager
sought
to
create
a
more
diversified
portfolio
that
could
better
navigate
short-
to
medium-term
market
volatility
related
to
geopolitical
tensions
and
interest
rate
increases
by
the
Fed.
This
entailed
increasing
the
Fund’s
weightings
in
areas
that
are
less
vulnerable
to
inflation
or
that
may
benefit
from
an
inflationary
environment,
including
large-cap
stocks
in
the
Public
Health,
Affordable
Housing,
Financial
&
Digital
Inclusion,
and
Efficiency,
Electrification,
&
Digitalization
themes.
Describe
portfolio
positioning
at
period
end.
The
investment
adviser
continued
to
identify
opportunities
driven
by
structural
trends.
In
response
to
the
Russia/Ukraine
crisis,
the
investment
adviser
adjusted
the
portfolio
to
emphasize
companies
that
offer
solutions
to
growing
humanitarian
issues.
This
includes
the
following
areas:
Reliable
and
affordable
access
to
food:
The
global
food
system
needs
to
increase
its
production
substantially
and
develop
less
carbon-intensive
methods
by
2050.
At
a
time
of
food
inflation,
companies
providing
low-cost
groceries
are
a
key
area
of
focus
to
help
tackle
the
rising
cost
of
living.
Build
back
better
and
greener
post
COVID-19
disruption:
Building
efficiencies
in
supply
chains
and
infrastructure
should
help
reduce
carbon
usage
and
increase
energy
and
cost
efficiencies
for
households,
governments,
and
companies.
The
most
notable
additions
occurred
in
the
Efficiency,
Electrification
&
Digitization,
Pollution
&
Remediation,
and
Affordable
Housing
themes.
A
move
towards
greater
domestic
energy
independence:
Many
countries
have
pledged
to
end
their
reliance
on
Russian
energy
over
the
long
term.
This
should
favor
the
transition
to
domestic
green
energy
globally
and
foster
increased
research
and
development
into
new
sources
of
renewable
energy.
Skills
development
and
financial
literacy
for
underserved
populations:
The
world
is
facing
an
exponential
rise
in
displaced
people
due
to
conflict
and
extreme
weather
events.
The
investment
adviser
expected
even
greater
demand
for
services
in
language
training,
skills
development,
job
placement,
and
financial
literacy.
The
impact
themes
aligned
to
this
area
are
Financial
&
Digital
Inclusion
and
Education
&
Skilling.
At
the
close
of
the
period,
the
Fund
was
overweight
in
the
international
markets
and
underweight
in
the
United
States.
At
the
sector
level,
it
was
overweight
in
healthcare,
utilities,
and
real
estate.
It
retained
structural
underweights
in
energy
and
diversified
financials,
and
it
was
underweight
in
information
technology.
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,
2022
(continued)
5
Fund
Summary
BlackRock
Global
Impact
Fund
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
The
Fund
commenced
operations
on
May
27,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
The
Fund
invests
in
equity
securities
of
issuers
located
throughout
the
world,
including
non-dollar
denominated
securities
and
securities
of
emerging
market
issuers.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities,
depositary
receipts
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
equity
securities.
The
Fund
may
invest
in
issuers
of
any
market
capitalization,
including
small
to
mid-capitalization
companies.
(c)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(25.01‌)%
N/A‌
9.40‌%
N/A‌
Investor
A
...........................................................................
(25.15‌)
(29.08‌)%
9.18‌
6.16‌%
Class
K
............................................................................
(24.97‌)
N/A‌
9.50‌
N/A‌
MSCI
All
Country
World
Index
............................................................
(5.44‌)
N/A‌
15.85‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
May
27,
2020.
Fund
Summary
as
of
April
30,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Global
Impact
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
751.40‌
$
3.69‌
$
1,000.00‌
$
1,020.58‌
$
4.26‌
0.85‌%
Investor
A
................................
1,000.00‌
751.00‌
4.78‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Class
K
..................................
1,000.00‌
751.50‌
3.26‌
1,000.00‌
1,021.08‌
3.76‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
States
......................................
53‌
%
Indonesia
.........................................
7‌
Japan
...........................................
6‌
United
Kingdom
.....................................
6‌
Denmark
.........................................
5‌
Spain
............................................
4‌
India
............................................
3‌
Netherlands
.......................................
3‌
Germany
.........................................
3‌
Australia
..........................................
2‌
France
...........................................
2‌
Brazil
............................................
2‌
South
Korea
.......................................
1‌
Kenya
...........................................
1‌
Canada
..........................................
1‌
Colombia
.........................................
1‌
Other
Assets
Less
Liabilities
............................
—‌
(a)
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Summary
as
of
April
30,
2022
7
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?
For
the
12-month
period
ended
April
30,
2022,
the
Fund
underperformed
its
benchmark,
the
MSCI
All
Country
World
Index
ex-U.S.
What
factors
influenced
performance?
The
Fund’s
underperformance
was
largely
attributable
to
its
holdings
in
both
small-cap
stocks
and
large-cap
growth
companies.
This
was
due
to
a
combination
of
idiosyncratic
stock
events,
the
outperformance
of
the
value
style,
and
market
participants’
preference
for
stable,
large-cap
companies
at
a
time
of
persistent
inflation
concerns.
Koninklijke
Philips
NV,
which
price
suffered
on
the
news
of
a
product
recall,
was
a
key
detractor.
Payments
companies
such
as
PayPal
Holdings,
Inc.
and
MercadoLibre,
Inc.,
both
of
which
were
hurt
by
the
broader
underperformance
for
growth
stocks,
also
lagged.
Additionally,
holdings
in
the
Chinese
education
sector—including
17
Education
&
Technology
Group,
Inc.
and
New
Oriental
Education
&
Technology
Group
Inc.—weighed
on
performance
due
to
existential
regulatory
headwinds.
Both
stocks
were
eliminated
from
the
portfolio.
Positions
in
stocks
that
can
benefit
from
inflation
or
are
less
susceptible
to
inflationary
pressures
contributed
positively.
These
include
financial
stocks
such
as
the
microlenders
PT
Bank
Rakyat
and
Bandhan
Bank,
Ltd.
Positions
in
the
communication
services
and
utilities
sectors
were
also
additive.
In
the
latter,
the
Fund’s
holdings
benefited
from
a
surge
in
renewables
prices
that
followed
Russia’s
invasion
of
Ukraine
in
February
2022.
Diversification
across
impact
themes
was
also
beneficial.
Shionogi
&
Company,
Ltd.
was
a
top
contributor
in
Public
Health,
and
Koninklijke
DSM
N.V.
helped
performance
within
Sustainable
Food
and
Water.
Mimecast
Ltd.,
which
experienced
substantial
price
appreciation
upon
its
acquisition
by
a
private
equity
firm,
was
the
leading
contributor.
Describe
recent
portfolio
activity.
Despite
elevated
market
volatility
and
rising
inflation
expectations,
the
investment
adviser
remained
confident
in
the
long-term
fundamental
theses
of
its
portfolio
holdings.
Given
the
weak
relative
performance
for
small-cap,
early-stage,
and
higher-growth
companies,
the
investment
adviser
increased
the
already
high
hurdle
rate
it
requires
to
invest
in
such
stocks.
This
shift
was
based
on
its
belief
that
a
larger
margin
of
error
is
required
to
capitalize
on
the
risk/reward
profiles
these
companies
offer.
The
investment
adviser
trimmed
or
exited
positions
in
certain
areas
where
stock
prices
exceeded
its
most
bullish
price
targets.
It
also
reduced
the
Fund’s
positions
in
the
renewables
industry
and
migrated
to
less
appreciated
environment-related
companies.
More
broadly,
the
investment
adviser
sought
to
create
a
more
diversified
portfolio
that
could
better
navigate
short-
to
medium-term
market
volatility
related
to
geopolitical
tensions
and
interest
rate
increases
by
the
Fed.
This
entailed
increasing
the
Fund’s
weightings
in
areas
that
are
less
vulnerable
to
inflation
or
that
may
benefit
from
an
inflationary
environment,
including
large-cap
stocks
in
the
Public
Health,
Affordable
Housing,
Financial
&
Digital
Inclusion,
and
Efficiency,
Electrification,
&
Digitalization
themes.
Describe
portfolio
positioning
at
period
end.
The
investment
adviser
continued
to
identify
opportunities
driven
by
structural
trends.
In
response
to
the
Russia/Ukraine
crisis,
the
investment
adviser
adjusted
the
portfolio
to
emphasize
companies
that
offer
solutions
to
growing
humanitarian
issues.
This
includes
the
following
areas:
Reliable
and
affordable
access
to
food:
The
global
food
system
needs
to
increase
its
production
substantially
and
develop
less
carbon-intensive
methods
by
2050.
At
a
time
of
food
inflation,
companies
providing
low-cost
groceries
are
a
key
area
of
focus
to
help
tackle
the
rising
cost
of
living.
Build
back
better
and
greener
post
COVID-19
disruption:
Building
efficiencies
in
supply
chains
and
infrastructure
should
help
reduce
carbon
usage
and
increase
energy
and
cost
efficiencies
for
households,
governments,
and
companies.
The
most
notable
additions
occurred
in
the
Efficiency,
Electrification
&
Digitization,
Pollution
&
Remediation,
and
Affordable
Housing
themes.
A
move
towards
greater
domestic
energy
independence:
Many
countries
have
pledged
to
end
their
reliance
on
Russian
energy
over
the
long
term.
This
should
favor
the
transition
to
domestic
green
energy
globally
and
foster
increased
research
and
development
into
new
sources
of
renewable
energy.
Skills
development
and
financial
literacy
for
underserved
populations:
The
world
is
facing
an
exponential
rise
in
displaced
people
due
to
conflict
and
extreme
weather
events.
The
investment
adviser
expected
even
greater
demand
for
services
in
language
training,
skills
development,
job
placement,
and
financial
literacy.
The
impact
themes
aligned
to
this
area
are
Financial
&
Digital
Inclusion
and
Education
&
Skilling.
At
the
close
of
the
period,
the
Fund
was
overweight
in
Europe
and
underweight
in
Asia
and
the
emerging
markets.
At
the
sector
level,
it
was
overweight
in
utilities,
real
estate,
and
communication
services.
It
retained
structural
underweights
in
energy
and
diversified
financials,
and
it
was
underweight
in
consumer
staples
and
consumer
discretionary.
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,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
International
Impact
Fund
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
The
Fund
commenced
operations
on
June
30,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
equity
securities
of
foreign
issuers
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
securities.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities
and
depositary
receipts.
The
Fund
may
invest
in
emerging
market
issuers,
and
may
invest
in
issuers
of
any
market
capitalization,
including
small-
to
mid-capitalization
companies.
(c)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries
(excluding
the
U.S.)
and
certain
emerging
markets
countries.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(25.68‌)%
N/A‌
2.69‌%
N/A‌
Investor
A
...........................................................................
(25.77‌)
(29.67‌)%
2.47‌
(0.50‌)%
Class
K
............................................................................
(25.60‌)
N/A‌
2.77‌
N/A‌
MSCI
All
Country
World
Index
ex-U.S.
......................................................
(10.31‌)
N/A‌
9.85‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
June
30,
2020.
Fund
Summary
as
of
April
30,
2022
(continued)
9
Fund
Summary
BlackRock
International
Impact
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
759.40‌
$
3.71‌
$
1,000.00‌
$
1,020.58‌
$
4.26‌
0.85‌%
Investor
A
................................
1,000.00‌
759.00‌
4.80‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Class
K
..................................
1,000.00‌
759.30‌
3.27‌
1,000.00‌
1,021.08‌
3.76‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
Kingdom
.....................................
12‌
%
United
States
......................................
12‌
Indonesia
.........................................
11‌
Denmark
.........................................
9‌
Japan
...........................................
8‌
Spain
............................................
7‌
Germany
.........................................
7‌
Netherlands
.......................................
6‌
India
............................................
5‌
Brazil
............................................
5‌
Switzerland
........................................
4‌
Australia
..........................................
3‌
Canada
..........................................
2‌
France
...........................................
2‌
South
Korea
.......................................
2‌
Kenya
...........................................
2‌
Colombia
.........................................
1‌
Other
Assets
Less
Liabilities
............................
2‌
Fund
Summary
as
of
April
30,
2022
2022
BlackRock
Annual
Report
to
Shareholders
10
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Investment
Objective
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund’s
(formerly
known
as,
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund)
(the
“Fund”)
seek
to
provide
long-term
capital
appreciation
while
seeking
to
maintain
certain
environmental,
social
and
governance
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Fund’s
benchmark.
On
July
27,
2021,
the
Board
of
Trustees
of
the
Trust
(the
"Board")
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
to
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
and
certain
changes
to
the
Fund's
investment
objective,
investment
strategy
and
investment
process.
These
changes
became
effective
on
December
1,
2021.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
During
the
12-month
period
ended
April
30,
2022,
the
Fund
underperformed
its
benchmark,
the
MSCI
Emerging
Markets
Index.
What
factors
influenced
performance?
Overall,
the
Fund
struggled
against
a
highly
changeable
macroeconomic
and
market
backdrop.
Emerging
market
("EM")
equities
faced
macroeconomic
and
policy
concerns
in
China
in
the
summer
of
2021,
and
electricity
shortages,
a
potential
debt
default
from
Chinese
real
estate
developer
Evergrande,
and
ongoing
regulatory
uncertainty
kept
EM
markets
under
pressure.
The
period
also
saw
considerable
volatility
across
market
style
preferences.
Early
in
the
period,
investors
preferred
value
styles,
continuing
the
strong
reflationary
market
tone
from
earlier
in
2021.
However,
a
surprisingly
hawkish
pivot
from
the
Fed
in
June
2021
prompted
a
market
rotation
back
toward
secular
growth
positions.
This
pro-growth
theme
persisted
until
another
sharp
market
rotation
in
September
2021,
with
a
more
hawkish
Fed
prompting
investors
to
move
back
toward
value
stocks.
The
simultaneous
sharp
rise
in
commodities
prices
caused
further
inflationary
pressure.
Ultimately,
this
rotation
proved
short-lived,
as
the
market
returned
to
a
pro-
growth
stance
in
October
2021.
EM
equities
ultimately
ended
2021
with
negative
returns
amid
the
spread
of
the
COVID-19
omicron
variant.
Despite
positive
performance
from
commodities
that
benefited
many
EM
economies,
flaring
United
States-China
relations
on
issues
including
short-supply
computer
chips
dragged
on
equities.
Value
and
momentum
styles
continued
to
outperform
growth.
In
early
2022,
EM
equities
added
to
losses
amid
the
Russian
invasion
of
Ukraine.
Russian
assets
were
ultimately
priced
at
a
fair
value
of
zero
and
removed
from
the
MSCI
Index.
Additionally,
heightened
geopolitical
tensions
and
sanctions
caused
commodity
prices
to
spike,
led
by
energy
and
with
grains,
precious
metals,
and
ultimately
the
entire
asset
class
following
suit.
This
commodity
spike
spurred
further
inflationary
concerns.
Egypt
declined
the
most
during
this
part
of
the
period
amid
increased
costs
as
a
major
wheat
importer.
China
also
lagged
as
COVID-19
case
counts
spiked
and
the
government
imposed
new
lockdowns.
The
divergence
of
commodity
importers
versus
exporters
drove
performance,
with
Latin
American
markets
benefiting.
For
the
period,
energy
and
utilities
were
the
only
sectors
positively
contributing
to
returns
of
the
MSCI
EM
Index,
whereas
information
technology
("IT"),
financials,
and
materials
led
losses.
From
a
country
perspective,
India,
Saudi
Arabia,
and
the
United
Arab
Emirates
("UAE")
pushed
the
index
higher,
whereas
China,
Korea,
Taiwan,
and
South
Africa
drove
losses.
Macro
thematic
positioning
proved
to
be
the
most
substantial
detractor
from
relative
performance.
The
Fund
was
underweight
to
Indian
stocks
due
to
country-specific
valuations
and
trends,
but
strong
performance
in
the
oil
and
gas
industry
within
energy
and
the
renewable
electricity
industry
within
utilities
detracted
from
performance.
Additionally,
an
underweight
to
Saudi
Arabian
and
UAE
equities
weighed
on
return,
as
these
major
oil-exporting
countries
benefited
from
the
broader
commodities
rally.
Exclusions
from
the
Fund's
universe,
particularly
among
coal
and
defense
stocks,
detracted
from
performance
as
investor
sentiment
favored
energy
producers
and
conflict-
sensitive
businesses
in
2022.
The
strong
shift
in
sentiment
also
overwhelmed
the
Fund's
broader
environmental
transition
ESG
measures.
Identifying
companies
across
"green"
patent
filings
and
carbon
emissions
intensity
detracted
within
the
energy
sector.
Additionally,
following
investor
positioning
across
ESG
stocks
ran
counter
to
broader
market
preferences.
Also
within
stock
selection,
China-specific
insights
unsurprisingly
struggled
in
a
difficult
environment
amid
macroeconomic
and
geopolitical
concerns.
Specifically,
measures
that
evaluate
hiring
trends
drove
losses
in
the
period,
as
the
pro-growth
quality
positioning
struggled
amid
eroding
economic
expectations.
Select
fundamental
insights
also
detracted
from
performance,
as
traditional
value
measures,
such
as
evaluating
earnings
and
cash
flows
across
price,
struggled
amid
broader
factor
style
volatility.
Conversely,
select
sentiment
and
macro-thematic
measures
proved
to
be
key
contributors
to
performance,
providing
some
portfolio
ballast.
Specifically,
insights
designed
to
track
money
supply
flow
was
a
top
contributor,
as
it
helped
motivate
a
favorable
underweight
to
Chinese
equities.
An
insight
that
captured
sentiment
with
faster-moving
alternative
data
measures
that
evaluate
credit
card
trends
helped
to
correctly
capture
positive
corporate
earnings.
Elsewhere,
other
sentiment
measures
that
evaluate
analyst
text
proved
additive
across
consumer
discretionary
stocks.
Describe
recent
portfolio
activity.
Over
the
course
of
the
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
model.
The
Fund
built
upon
its
alternative
data
capabilities
with
enhanced
signal
constructs
to
identify
emerging
trends
such
as
sentiment
around
supply
chain
disruptions,
wage
inflation,
consumer
behavior
changes,
and
business
sensitivity
to
the
invasion
of
Ukraine.
Additionally,
new
macro-thematic
insights
were
added
that
use
historical
observations
of
recession-inflation
and
monetary
policy
normalization
to
motivate
top-down
positioning.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
period
with
largely
neutral
positioning
from
a
sector
and
country
positioning
perspective.
The
Fund
had
slight
overweight
positions
in
the
IT
and
utilities
sectors,
and
maintained
slight
underweights
in
consumer
staples
and
communication
services
stocks.
From
a
geographical
perspective,
the
Fund
had
slight
overweights
to
Thailand
and
maintained
slight
underweights
to
India.
Fund
Summary
as
of
April
30,
2022
(continued)
11
Fund
Summary
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
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.
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
The
Fund
commenced
operations
on
August
18,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
equity
securities
issued
by,
or
tied
economically
to,
companies
in
emerging
markets
and
derivatives
that
have
similar
economic
characteristics
to
such
securities.
(c)
An
index
that
captures
large-
and
mid-cap
representation
across
Emerging
Markets
countries.
The
index
covers
approximately
85%
of
the
free
float-adjusted
market
capitalization
in
each
country.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(19.84‌)%
N/A‌
(0.57‌)%
N/A‌
Investor
A
...........................................................................
(20.04‌)
(24.23‌)%
(0.81‌)
(3.91‌)%
Class
K
............................................................................
(19.80‌)
N/A‌
(0.54‌)
N/A‌
MSCI
Emerging
Markets
Index
............................................................
(18.33‌)
N/A‌
0.33‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
August
18,
2020.
Fund
Summary
as
of
April
30,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
12
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
853.20‌
$
3.91‌
$
1,000.00‌
$
1,020.58‌
$
4.26‌
0.85‌%
Investor
A
................................
1,000.00‌
852.00‌
5.05‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Class
K
..................................
1,000.00‌
852.70‌
3.72‌
1,000.00‌
1,020.78‌
4.06‌
0.81‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown
).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
China
............................................
30‌
%
Taiwan
...........................................
16‌
India
............................................
12‌
South
Korea
.......................................
12‌
South
Africa
.......................................
6‌
Brazil
............................................
4‌
United
States
......................................
4‌
Thailand
..........................................
4‌
Malaysia
.........................................
2‌
Mexico
...........................................
2‌
Indonesia
.........................................
2‌
Other
(a)
...........................................
3‌
Short-Term
Securities
.................................
3‌
Liabilities
in
Excess
of
Other
Assets
.......................
—‌
(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,
2022
13
Fund
Summary
BlackRock
Sustainable
Advantage
International
Equity
Fund
Investment
Objective
BlackRock
Sustainable
Advantage
International
Equity
Fund’s
(formerly
known
as,
BlackRock
Advantage
ESG
International
Equity
Fund)
(the
“Fund”)
investment
objective
is
to
seek
to
provide
long-term
capital
appreciation
while
seeking
to
maintain
certain
environmental,
social
and
governance
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Fund’s
benchmark.
On
July
27,
2021,
the
Board
of
Trustees
of
the
Trust
(the
"Board")
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Advantage
ESG
International
Equity
Fund
to
BlackRock
Sustainable
Advantage
International
Equity
Fund
and
certain
changes
to
the
Fund's
investment
objective,
investment
strategy
and
investment
process.
These
changes
became
effective
on
December
1,
2021.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
During
the
12-month
period
ended
April
30,
2022,
the
Fund
underperformed
its
benchmark,
the
MSCI
EAFE
Index.
What
factors
influenced
performance?
Overall,
the
Fund
struggled
in
a
highly
changeable
macroeconomic
and
market
backdrop.
Markets
went
through
multiple
rotations
in
the
first
half
of
the
period,
as
leadership
shifted
between
valuation
and
secular
growth
preferences
for
much
of
2021.
However,
value
styles
became
the
dominant
market
driver
in
early
2022
amid
inflationary
pressures
and
expected
monetary
policy
normalization.
The
relatively
orderly
market
reaction
to
40-year
highs
in
inflation
turned
disorderly
with
Russia's
invasion
of
Ukraine
in
February
2022,
which
brought
a
fresh
surge
in
commodity
prices
that
further
weighed
on
global
markets
and
already-stretched
supply
chains.
Adding
to
the
economic
challenges,
China's
zero-COVID
policy
resulted
in
rolling
lockdowns
which
adversely
affected
industrial
production.
Simultaneously,
bond
yields
surged
as
central
bankers
began
raising
rates
across
the
globe.
Investors
began
to
price
in
prospects
for
recession-inflation
amid
concerns
that
monetary
policy
error
would
stifle
growth.
Unsurprisingly
given
the
numerous
macroeconomic
events
investors
contended
with,
fundamental
insights
led
declines
for
the
period.
This
was
highlighted
by
losses
across
growth-oriented
quality
insights,
with
notable
weakness
across
ESG
measures.
Having
provided
differentiated
returns
for
the
past
few
years,
these
measures
proved
overly
sensitive
to
rising
commodities
prices,
with
environmental
transition
measures
struggling.
This
included
losses
across
insights
that
capture
more
forward-looking
insights
green
patent
filings,
identifying
company
green
bond
issuance,
and
those
evaluating
companies
benefiting
from
the
EU's
sustainable
focused
fiscal
package.
All
of
these
detracted
from
performance
as
they
motivated
an
unsuccessful
underweight
position
in
financials.
Human
capital
ESG
insights
similarly
struggled
amid
unfavorable
market
sentiment.
These
included
a
measure
capturing
company
policies
focused
on
social
issues,
as
well
as
an
insight
evaluating
companies
with
a
diversity
of
backgrounds
among
their
employees.
Lastly
among
detractors,
a
relative
valuation
measure
that
prefers
companies
that
typically
do
well
in
rising-rate
environments
detracted
from
performance.
Although
the
measure
correctly
anticipated
the
policy
normalization
theme,
the
signal
motivated
an
overweight
position
in
cyclical
stocks,
which
detracted
from
performance
given
the
negative
sentiment
pivot
following
the
invasion
of
Ukraine.
Macro-thematic
insights
delivered
mixed
results
from
top-down
positioning.
Recently
added
signals
seeking
to
identify
themes
related
to
recession-inflation
and
sensitivity
to
escalation
of
tensions
in
Ukraine
were
notably
strong
performers
toward
period-end.
They
correctly
positioned
the
Fund
to
capture
opportunities
as
the
interest
rate
environment
changed
and
the
sentiment
and
economic
impact
of
the
invasion
of
Ukraine
were
becoming
clearer.
In
particular,
an
insight
looking
at
European
firms
likely
to
benefit
from
increased
defense
spending
performed
well.
Among
contributors
to
performance,
the
Fund's
stock
selection
model
within
Europe
was
notably
strong,
with
insights
across
sentiment
performing
well.
Surprisingly,
an
ESG
insight
evaluating
flows
into
ESG
products
was
a
top
contributor
as
it
motivated
a
successful
underweight
position
to
Japan.
Faster-moving
trend-based
measures
were
also
additive
as
they
successful
captured
the
evolving
market
environment,
including
insights
looking
at
mobile
app
usage
as
well
as
those
evaluating
internet
search
levels.
Describe
recent
portfolio
activity.
Over
the
course
of
the
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
group
of
insights.
The
Fund
built
upon
its
alternative
data
capabilities
with
enhanced
signal
constructs
to
identify
emerging
trends
such
as
sentiment
around
supply
chain
disruptions,
wage
inflation,
consumer
behavior
changes,
and
business
sensitivity
to
the
invasion
of
Ukraine.
Additionally,
new
macro-thematic
insights
were
added
that
use
historical
observations
of
recession-inflation
and
monetary
policy
normalization
to
motivate
top-down
positioning.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
period
with
largely
neutral
positioning
from
a
sector
and
country-positioning
perspective.
The
Fund
had
slight
overweight
positions
in
the
industrials
and
information
technology
sectors,
and
maintained
slight
underweights
in
health
care
and
utilities
stocks.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
April
30,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
14
BlackRock
Sustainable
Advantage
International
Equity
Fund
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
The
Fund
commenced
operations
on
August
18,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
non-U.S.
equity
securities
and
equity-like
instruments
of
companies
that
are
components
of,
or
have
characteristics
similar
to,
the
companies
included
in
the
MSCI
EAFE
Index
and
derivatives
that
are
tied
economically
to
securities
of
the
MSCI
EAFE
Index.
(c)
An
equity
index
which
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries
around
the
world,
excluding
the
United
States
and
Canada.
The
index
covers
approximately
85%
of
the
free
float
adjusted
market
capitalization
in
each
country.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(9.13‌)%
N/A‌
6.02‌%
N/A‌
Investor
A
...........................................................................
(9.32‌)
(14.08‌)%
5.78‌
2.47‌%
Class
K
............................................................................
(9.00‌)
N/A‌
6.12‌
N/A‌
MSCI
EAFE
Index
.....................................................................
(8.15‌)
N/A‌
6.26‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
August
18,
2020.
Fund
Summary
as
of
April
30,
2022
(continued)
15
Fund
Summary
BlackRock
Sustainable
Advantage
International
Equity
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
870.30‌
$
2.32‌
$
1,000.00‌
$
1,022.32‌
$
2.51‌
0.50‌%
Investor
A
................................
1,000.00‌
869.80‌
3.43‌
1,000.00‌
1,021.12‌
3.71‌
0.74‌
Class
K
..................................
1,000.00‌
871.40‌
2.09‌
1,000.00‌
1,022.56‌
2.26‌
0.45‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Japan
...........................................
21‌
%
United
Kingdom
.....................................
12‌
Australia
..........................................
9‌
France
...........................................
9‌
Switzerland
........................................
9‌
Germany
.........................................
8‌
Netherlands
.......................................
5‌
Denmark
.........................................
3‌
Sweden
..........................................
3‌
United
States
......................................
2‌
Spain
............................................
2‌
Hong
Kong
........................................
2‌
Italy
.............................................
2‌
Finland
..........................................
2‌
Belgium
..........................................
2‌
Israel
............................................
1‌
Singapore
.........................................
1‌
Other
(a)
...........................................
5‌
Short-Term
Securities
.................................
2‌
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,
2022
2022
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,
2022,
the
Fund
outperformed
its
reference
benchmark
(75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index/25%
MSCI
All
Country
World
Index
(“ACWI”)).
The
Fund’s
Class
K
Shares
outperformed
its
cash
benchmark,
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index,
while
the
Fund’s
Institutional,
Service,
Investor
A
and
Investor
C
Shares
underperformed.
What
factors
influenced
performance?
Relative-value
interest
rate
views
in
the
emerging
markets
made
the
largest
positive
contribution
to
Fund
performance.
Long
positions
in
South
Africa,
India,
and
China
versus
short
positions
in
Brazil,
Mexico,
Poland,
and
Korea
profited
from
divergences
in
these
countries’
central
bank
actions.
These
positions
were
based
on
inflation
and
monetary
policy
signals.
Directional
short
positions
in
U.S.
and
German
bond
futures—which
the
Fund
held
in
anticipation
that
improving
growth,
rising
inflationary
pressures,
and
monetary
policy
normalization
would
lead
to
higher
yields—also
helped
results.
Finally,
directional
longs
in
global
equities
boosted
returns
as
economic
activity
improved.
Directional
long
positions
in
a
basket
of
developed
market
bonds
were
the
primary
detractors
from
performance.
Insights
focused
on
challenges
to
global
growth,
the
relative
attractiveness
of
bonds
versus
high-growth
equities,
and
a
sizable
yield
advantage
for
longer-dated
debt
prompted
the
Fund
to
establish
long
positions
in
longer-term
bonds.
However,
yields
rose
significantly
as
investors
responded
to
rising
inflationary
pressures,
supply-chain
disruptions,
and
shifting
policy
frameworks.
(Prices
and
yields
move
in
opposite
directions.)
Relative
value
long
positions
in
core
European
and
select
Asia-Pacific
equities
versus
short
positions
in
U.S.
and
peripheral
European
equities
also
detracted,
particularly
following
the
outbreak
of
war
in
Ukraine.
A
similar
dynamic
impacted
the
Fund’s
relative-value
bond
strategy
in
the
developed
markets,
with
longs
in
Europe
underperforming
as
war-related
inflationary
challenges
put
upward
pressure
on
German
bond
yields.
A
long
position
in
the
Euro
throughout
much
of
the
period
further
detracted.
The
investment
adviser
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
holdings
make
up
a
significant
portion
of
the
portfolio.
The
use
of
derivatives
instead
of
physical
instruments
had
a
minimal
impact
on
results.
The
Fund
held
an
allocation
to
cash
as
collateral
for
derivative
positions
and
as
a
means
of
earning
a
modest
yield.
The
cash
position
did
not
have
a
material
effect
on
performance,
and
the
Fund
was
not
in
a
defensive
posture.
Describe
recent
portfolio
activity.
The
Fund
began
the
period
net
long
equities
and
net
short
bonds
on
the
view
that
the
continued
resumption
of
economic
activity
following
the
COVID-19
outbreak
would
be
a
tailwind
for
global
equities.
The
investment
adviser
believed
the
monetary
and
fiscal
stimulus
across
the
world
would
add
further
support
to
stocks,
while
dual
supply
and
demand
shifts
would
ultimately
create
an
inflationary
environment
that
would
prompt
central
banks
to
begin
withdrawing
economic
stimulus.
The
Fund
maintained
its
net
long
in
equities
through
the
end
of
2021
and
increased
the
position
briefly
in
in
early
2022.
In
addition,
it
trimmed
its
short
in
bonds
and
switched
to
a
net
long
in
late
2021.
It
maintained
this
positioning
through
the
end
of
April
2022.
Within
equities,
the
Fund
generally
held
a
preference
for
the
international
markets
over
the
United
States,
but
it
shifted
its
long
positions
as
the
period
progressed.
Initially,
the
Fund
preferred
Japan
given
its
attractive
valuation
and
the
potential
for
a
weakening
Yen
to
boost
the
country’s
heavily
export-driven
economy.
It
later
trimmed
this
long
position
as
valuations
moved
in
line
with
expectations.
The
Fund
also
added
to
Asia
ex-Japan—specifically
Korea,
Taiwan,
and
Australia—due
to
their
compelling
valuations
and
relatively
favorable
growth
outlooks.
The
Fund
began
building
a
long
position
in
European
equities
in
the
fourth
quarter
of
2021
based
on
both
valuations
and
positive
growth
indications,
and
it
held
this
positioning
through
the
end
of
April
2022.
France,
Germany,
Italy,
and
Sweden
were
key
long
positions,
while
notable
short
positions
included
Spain,
South
Korea,
and
the
United
Kingdom.
A
short
position
in
U.S.
equities
was
motivated
by
weakening
investor
sentiment
and
a
deteriorating
balance
of
payments.
Within
bonds,
the
Fund
began
the
period
with
a
long
position
in
Australia
versus
Germany,
the
United
Kingdom,
and
the
United
States.
Australian
growth
and
inflation
appeared
to
be
slowing
at
the
outset
of
the
period,
and
the
central
bank
was
expected
to
remain
dovish.
This
position
weighed
on
returns
in
the
fourth
quarter
of
2021
following
a
higher-than-expected
inflation
report
and
the
Reserve
Bank
of
Australia’s
unexpected
termination
of
its
yield
curve
control
policy.
The
Fund
maintained
the
position
for
several
weeks
after
this
policy
change
on
the
belief
that
price
moves
were
at
odds
with
the
country’s
relatively
weak
growth
and
inflation
outlook.
The
Fund
added
to
Canadian
bonds
over
the
period
and
maintained
the
short
positions
in
the
United
States
and
United
Kingdom.
The
Fund
was
positioned
for
material
performance
dispersion
in
the
emerging
markets,
with
longs
in
South
Africa,
India,
and
China
against
shorts
in
Poland,
Mexico,
Brazil,
and
Korea.
China’s
zero-COVID
policies
posed
a
significant
challenge
to
growth,
and
multi-decade
highs
in
inflation
data
prompted
many
emerging-market
central
banks
to
initiate
sharp
tightening
cycles.
In
currencies,
the
Fund
began
the
period
with
a
short
position
in
the
U.S.
Dollar
against
a
basket
of
developed-market
currencies
primarily
consisting
of
the
Euro.
Given
the
potential
for
U.S.
Dollar
strength
following
the
Fed’s
relatively
hawkish
change
in
tone
at
its
June
2021
meeting,
the
Fund
closed
the
U.S.
Dollar
short
and
rotated
into
a
long
in
the
Euro
versus
the
Canadian
Dollar,
Australian
Dollar,
and
Japanese
Yen.
Near
the
end
of
the
period,
with
Europe
under
strain
from
Russia’s
invasion
of
Ukraine
in
February
2022,
the
Fund
closed
its
currency
positions
on
the
belief
that
the
downside
risks
to
the
Euro
had
increased.
Furthermore,
with
both
the
Canadian
and
Australian
Dollars
poised
to
benefit
from
higher
commodity
prices,
the
investment
adviser
felt
the
currencies
were
no
longer
ideal
short
pairs
for
the
Euro.
The
Fund
did
not
have
any
active
currency
positions
at
the
close
of
April
2022.
Fund
Summary
as
of
April
30,
2022
(continued)
17
Fund
Summary
BlackRock
Tactical
Opportunities
Fund
Describe
portfolio
positioning
at
period
end.
The
Fund
was
positioned
for
a
potentially
complicated
macroeconomic
environment
in
2022.
A
net
long
equity
positioning
reflected
the
investment
adviser’s
view
that
a
continued
post-COVID
reopening
and
increased
spending
in
the
energy
and
defense
sectors
would
be
supportive
for
equities,
notwithstanding
rising
inflationary
pressures
and
tighter
monetary
policy.
Within
equities,
the
Fund
was
long
in
core
Europe
and
Asia.
The
Fund
was
net
long
in
bonds
on
the
belief
that
the
hawkish
thrust
of
monetary
policy
could
tip
economies
into
recession.
It
was
long
in
Germany
and
Canada
versus
the
United
States,
and
long
China,
Thailand,
and
Taiwan
versus
Poland,
Korea,
and
Mexico.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
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
a
macro
asset
allocation
strategy,
investing
varying
percentages
of
its
portfolio
in
global
stocks,
bonds,
money
market
instruments,
foreign
currencies
and
cash.
The
Fund’s
total
returns
from
May
15,
2012
through
January
28,
2016
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
strategy
by
investing
a
significant
portion
of
its
assets
in
other
investment
companies
and
directly
in
securities
under
the
name
BlackRock
Managed
Volatility
Portfolio.
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
measures
returns
of
3-month
Treasury
Bills.
On
3/1/2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(the
"Index").
Historical
index
data
prior
to
3/1/2021
is
for
the
3pm
pricing
variant
of
the
Index.
Index
data
on
and
after
3/1/2021
is
for
the
4pm
pricing
variant
of
the
Index.
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
(e)
A
sub-index
of
the
Bloomberg
U.S.
Treasury
Index,
which
measures
U.S.
dollar-denominated,
fixed-rate,
nominal
debt
issued
by
the
U.S.
Treasury
and
includes
a
maturity
constraint
of
at
least
one
year
and
up
to,
but
not
including,
three
years
until
final
maturity.
(f)
A
customized
weighted
index
comprised
of
75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
and
25%
MSCI
All
Country
World
Index.
Fund
Summary
as
of
April
30,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
18
BlackRock
Tactical
Opportunities
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..................................................
0.00‌%
N/A‌
4.31‌%
N/A‌
3.89‌%
N/A‌
Service
....................................................
(0.21‌)
N/A‌
4.03‌
N/A‌
3.59‌
N/A‌
Investor
A
...................................................
(0.22‌)
(5.45‌)%
4.00‌
2.88‌%
3.58‌
3.02‌%
Investor
C
...................................................
(0.96‌)
(1.95‌)
3.25‌
3.25‌
3.01‌
3.01‌
Class
K
....................................................
0.14‌
N/A‌
4.41‌
N/A‌
3.81‌
N/A‌
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
........................
(3.55‌)
N/A‌
0.92‌
N/A‌
0.77‌
N/A‌
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
...........................
0.08‌
N/A‌
1.12‌
N/A‌
0.63‌
N/A‌
75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index/25%
MSCI
All
Country
World
Index
...................................................
(3.86‌)
N/A‌
3.24‌
N/A‌
3.01‌
N/A‌
MSCI
All
Country
World
Index
....................................
(5.44‌)
N/A‌
9.46‌
N/A‌
9.21‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
The
Fund
uses
a
macro
asset
allocation
strategy,
investing
varying
percentages
of
its
portfolio
in
global
stocks,
bonds,
money
market
instruments,
foreign
currencies
and
cash
.
The
Fund’s
total
returns
from
May
15,
2012
through
January
28,
2016
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
strategy
by
investing
a
significant
portion
of
its
assets
in
other
investment
companies
and
directly
in
securities
under
the
name
BlackRock
Managed
Volatility
Portfolio.
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.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,030.80‌
$
4.03‌
$
1,000.00‌
$
1,020.83‌
$
4.01‌
0.80‌%
Service
..................................
1,000.00‌
1,029.50‌
5.43‌
1,000.00‌
1,019.44‌
5.41‌
1.08‌
Investor
A
................................
1,000.00‌
1,029.60‌
5.54‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Investor
C
................................
1,000.00‌
1,025.90‌
9.24‌
1,000.00‌
1,015.67‌
9.20‌
1.84‌
Class
K
..................................
1,000.00‌
1,031.60‌
3.37‌
1,000.00‌
1,021.47‌
3.36‌
0.67‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
TEN
LARGEST
HOLDINGS
Security
(a)
Percent
of
Net
Assets
Apple,
Inc.
......................................
4‌
%
Microsoft
Corp.
...................................
3‌
U.S.
Treasury
Notes,
0.75%, 11/15/24
....................
3‌
U.S.
Treasury
Notes,
0.13%, 12/15/23
....................
2‌
Tesla,
Inc.
.......................................
1‌
Amazon.com,
Inc.
.................................
1‌
Alphabet,
Inc.,
Class
A
..............................
1‌
Berkshire
Hathaway,
Inc.,
Class
B
......................
1‌
Johnson
&
Johnson
................................
1‌
Alphabet,
Inc.,
Class
C
..............................
1‌
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Common
Stocks
....................................
66‌
%
U.S.
Treasury
Obligations
..............................
5‌
Preferred
Stocks
....................................
—‌
(b)
Warrants
.........................................
—‌
(b)
Other
Interests
.....................................
—‌
(b)
Short-Term
Securities
................................
8‌
Other
Assets
Less
Liabilities
............................
21‌
(a)
Excludes
short-term
investments.
(b)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Summary
as
of
April
30,
2022
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?
For
the
12-month
period
ended
April
30,
2022,
the
Fund
underperformed
its
benchmark,
the
Russell
MidCap
®
Index.
What
factors
influenced
performance?
The
Fund’s
underperformance
was
largely
attributable
to
its
holdings
in
both
small-cap
stocks
and
large-cap
growth
companies.
This
was
due
to
a
combination
of
idiosyncratic
stock
events,
the
outperformance
of
the
value
style,
and
pronounced
weakness
in
small
caps
with
low
current
earnings
but
high
future
growth
expectations.
The
education
technology
company
Chegg,
Inc.
was
a
key
detractor,
as
were
the
payments
companies
PayPal
Holdings,
Inc.
and
Block,
Inc.
The
Fund
was
also
hurt
by
its
positions
in
small-cap
healthcare
companies,
particularly
those
related
to
value-based
care.
Positions
in
stocks
that
can
benefit
from
inflation
or
are
less
susceptible
to
inflationary
pressures
contributed
positively.
These
include
financial
stocks
such
as
Jack
Henry
and
Associates,
Inc.,
a
provider
of
mission-critical
software
to
small
and
regional
banks.
Large-cap
stocks
in
the
healthcare
sector,
such
as
Danaher,
Inc.
and
Royalty
Pharma
PLC,
also
added
value.
Diversification
across
impact
themes
was
also
beneficial.
Stride,
Inc.—a
for-profit
education
company
within
the
Education
&
Skilling
theme—was
a
top
contributor,
as
were
the
Safety
&
Security
holdings
Rapid7,
Inc.
and
Mimecast
Ltd.
The
latter
stock
experienced
substantial
price
appreciation
upon
its
acquisition
by
a
private
equity
firm.
Describe
recent
portfolio
activity.
Despite
elevated
market
volatility
and
rising
inflation
expectations,
the
investment
adviser
remained
confident
in
the
long-term
fundamental
theses
of
its
portfolio
holdings.
Given
the
weak
relative
performance
for
small-cap,
early-stage,
and
higher-growth
companies,
the
investment
adviser
increased
the
already
high
hurdle
rate
it
requires
to
invest
in
such
stocks.
This
shift
was
based
on
its
belief
that
a
larger
margin
of
error
is
required
to
capitalize
on
the
risk/reward
profiles
these
companies
offer.
The
investment
adviser
trimmed
or
exited
positions
in
certain
areas
where
stock
prices
exceeded
its
most
bullish
price
targets.
More
broadly,
it
sought
to
create
a
more
diversified
portfolio
that
could
better
navigate
short-
to
medium-term
market
volatility
related
to
geopolitical
tensions
and
interest
rate
increases
by
the
Fed.
This
entailed
increasing
the
Fund’s
weightings
in
areas
that
are
less
vulnerable
to
inflation
or
that
may
benefit
from
an
inflationary
environment,
including
large-cap
stocks
in
the
Public
Health,
Affordable
Housing,
Financial
&
Digital
Inclusion,
and
Efficiency,
Electrification,
&
Digitalization
themes.
Describe
portfolio
positioning
at
period
end.
The
investment
adviser
continued
to
identify
opportunities
driven
by
structural
trends.
In
response
to
the
Russia/Ukraine
crisis,
the
investment
adviser
adjusted
the
portfolio
to
emphasize
companies
that
offer
solutions
to
growing
humanitarian
issues.
This
includes
the
following
areas:
Reliable
and
affordable
access
to
food:
The
global
food
system
needs
to
increase
its
production
substantially
and
develop
less
carbon-intensive
methods
by
2050.
At
a
time
of
food
inflation,
companies
providing
low-cost
groceries
are
a
key
area
of
focus
to
help
tackle
the
rising
cost
of
living.
Build
back
better
and
greener
post
COVID-19
disruption:
Building
efficiencies
in
supply
chains
and
infrastructure
should
help
reduce
carbon
usage
and
increase
energy
and
cost
efficiencies
for
households,
governments,
and
companies.
The
most
notable
additions
occurred
in
the
Efficiency,
Electrification
&
Digitization,
Pollution
&
Remediation,
and
Affordable
Housing
themes.
A
move
towards
greater
domestic
energy
independence:
Many
countries
have
pledged
to
end
their
reliance
on
Russian
energy
over
the
long
term.
This
should
favor
the
transition
to
domestic
green
energy
globally
and
foster
increased
research
and
development
into
new
sources
of
renewable
energy.
Skills
development
and
financial
literacy
for
underserved
populations:
The
world
is
facing
an
exponential
rise
in
displaced
people
due
to
conflict
and
extreme
weather
events.
The
investment
adviser
expected
even
greater
demand
for
services
in
language
training,
skills
development,
job
placement,
and
financial
literacy.
The
impact
themes
aligned
to
this
area
are
Financial
&
Digital
Inclusion
and
Education
&
Skilling.
At
the
close
of
the
period,
the
Fund
was
overweight
in
the
healthcare,
utilities,
and
consumer
staples
sectors.
It
retained
structural
underweights
in
energy
and
diversified
financials,
and
it
was
underweight
in
information
technology.
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,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
20
BlackRock
U.S.
Impact
Fund
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
The
Fund
commenced
operations
on
June
30,
2020.
Performance
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
U.S.
securities.
The
Fund
will
invest
primarily
in
equity
securities
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
securities.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities
and
depositary
receipts.
The
Fund
may
invest
in
issuers
of
any
market
capitalization,
including
small-
to
mid-capitalization
companies.
(c)
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.
Average
Annual
Total
Returns
(a)
1
Year
Since
Inception
(b)
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................................................................
(22.94‌)%
N/A‌
9.80‌%
N/A‌
Investor
A
...........................................................................
(23.14‌)
(27.18‌)%
9.49‌
6.32‌%
Class
K
............................................................................
(22.86‌)
N/A‌
9.89‌
N/A‌
Russell
Midcap
®
Index
.................................................................
(6.10‌)
N/A‌
18.98‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
commenced
operations
on
June
30,
2020.
Fund
Summary
as
of
April
30,
2022
(continued)
21
Fund
Summary
BlackRock
U.S.
Impact
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/21)
Ending
Account
Value
(04/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
755.50‌
$
3.74‌
$
1,000.00‌
$
1,020.53‌
$
4.31‌
0.86‌%
Investor
A
................................
1,000.00‌
754.40‌
4.78‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Class
K
..................................
1,000.00‌
756.00‌
3.27‌
1,000.00‌
1,021.08‌
3.76‌
0.75‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Health
Care
.....................................
44‌
%
Information
Technology
..............................
14‌
Utilities
.........................................
10‌
Consumer
Discretionary
.............................
10‌
Consumer
Staples
.................................
6‌
Materials
.......................................
6‌
Industrials
.......................................
5‌
Real
Estate
......................................
4‌
Financials
.......................................
—‌
(b)
Short-Term
Securities
...............................
2‌
Liabilities
in
Excess
of
Other
Assets
.....................
(1‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
(b)
Represents
less
than
1%
of
the
Fund's
net
assets.
About
Fund
Performance
2022
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 each
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
("NAV")
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
"Manager”),
each
Fund's
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
each
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
each
Fund's
performance
would
have
been
lower.
With
respect
to
each
Fund's
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time. With
respect
to
each
Fund's
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees,
administration
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses,
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
(or
from
the
commencement
of
operations
if
less
than
6
months)
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
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.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Impact
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Australia
—
2.4%
APM
Human
Services
International
Ltd.
(a)
....................
370,108
$
836,422
Brazil
—
2.1%
MercadoLibre
,
Inc.
(a)
............
482
469,290
YDUQS
Participacoes
SA
........
81,970
269,091
738,381
Canada
—
1.3%
North
West
Co.,
Inc.
(The)
........
16,140
450,158
Colombia
—
1.2%
Millicom
International
Cellular
SA,
SDR
(a)
...................
18,143
409,029
Denmark
—
4.9%
Orsted
A/S
(b)(c)
................
9,652
1,067,806
Vestas
Wind
Systems
A/S
........
25,306
645,328
1,713,134
France
—
2.2%
Nexity
SA
...................
25,245
766,593
Germany
—
2.6%
LEG
Immobilien
SE
............
8,746
896,732
India
—
2.9%
Bandhan
Bank
Ltd.
(b)(c)
..........
238,494
1,034,195
Indonesia
—
6.9%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
4,094,100
1,364,102
Dayamitra
Telekomunikasi
Tbk
.
PT
(a)
.
20,578,200
1,079,452
2,443,554
Japan
—
5.9%
GMO
Payment
Gateway,
Inc.
......
1,800
151,020
Katitas
Co.
Ltd.
...............
28,700
669,481
M3,
Inc.
....................
10,000
319,340
Shionogi
&
Co.
Ltd.
............
14,400
801,013
Sysmex
Corp.
................
2,000
131,195
2,072,049
Kenya
—
1.3%
Safaricom
plc
................
1,571,678
453,362
Netherlands
—
2.8%
Koninklijke
DSM
NV
............
5,951
1,000,420
South
Korea
—
1.5%
Samsung
SDI
Co.
Ltd.
..........
1,080
514,463
Spain
—
3.5%
EDP
Renovaveis
SA
............
52,593
1,244,727
Security
Shares
Shares
Value
United
Kingdom
—
5.9%
Genus
plc
...................
19,667
$
617,915
Halma
plc
...................
40,644
1,247,590
Wise
plc,
Class
A
(a)
.............
41,960
205,623
2,071,128
United
States
—
52.6%
1Life
Healthcare,
Inc.
(a)
..........
21,423
151,032
Agilent
Technologies,
Inc.
........
6,524
778,117
Aptiv
plc
(a)
...................
6,876
731,606
Ball
Corp.
...................
14,721
1,194,756
Boston
Scientific
Corp.
(a)
.........
30,070
1,266,248
Brookfield
Renewable
Corp.
......
39,425
1,415,697
Cano
Health,
Inc.,
Class
A
(a)
.......
52,613
278,849
Danaher
Corp.
...............
5,081
1,275,992
Etsy,
Inc.
(a)
..................
2,334
217,505
Everbridge
,
Inc.
(a)
..............
4,582
197,484
Grocery
Outlet
Holding
Corp.
(a)
.....
26,763
901,110
ICF
International,
Inc.
...........
11,049
1,091,752
IDEXX
Laboratories,
Inc.
(a)
........
1,238
532,934
Jack
Henry
&
Associates,
Inc.
.....
5,744
1,088,948
Royalty
Pharma
plc,
Class
A
......
40,164
1,710,183
Schneider
Electric
SE
...........
6,589
945,318
Square,
Inc.,
Class
A
(a)
..........
2,702
268,957
Stride,
Inc.
(a)
.................
17,992
707,086
Trimble,
Inc.
(a)
................
12,914
861,364
Veeva
Systems,
Inc.,
Class
A
(a)
....
7,033
1,279,654
Zoetis,
Inc.
..................
9,143
1,620,597
18,515,189
Total
Common
Stocks
—
100.0%
(Cost:
$38,653,212)
..............................
35,159,536
Warrants
United
States
—
0.0%
Natural
Order
Acquisition
Corp.
(Issued/
exercisable
02/23/21,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
(a)
..........
48,400
6,190
Total
Warrants
—
0.0%
(Cost:
$0)
....................................
6,190
Total
Long-Term
Investments
—
100.0%
(Cost:
$38,653,212)
..............................
35,165,726
Total
Investments
—
100.0%
(Cost:
$38,653,212)
..............................
35,165,726
Other
Assets
Less
Liabilities
—
0.0%
...................
3,136
Net
Assets
—
100.0%
..............................
$
35,168,862
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
BlackRock
Global
Impact
Fund
Schedules
of
Investments
25
Schedule
of
Investments
(continued)
April
30,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/22
Shares
Held
at
04/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)(b)
$
801,201
$
—
$
(801,201)
$
—
$
—
$
—
—
$
58
$
4
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)(b)
.........
2,573,250
—
(2,573,031)
(219)
—
—
—
71,729
(c)
—
$
(219)
$
—
$
—
$
71,787
$
4
—
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Impact
Fund
26
Schedule
of
Investments
(continued)
April
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
For
the
period
ended
April
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Forward
foreign
currency
exchange
contracts
....
$
—
$
—
$
—
$
(23,958)
$
—
$
—
$
(23,958)
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
....................................................................................
$
171,178
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
836,422
$
—
$
836,422
Brazil
...............................................
738,381
—
—
738,381
Canada
.............................................
450,158
—
—
450,158
Colombia
............................................
—
409,029
—
409,029
Denmark
.............................................
—
1,713,134
—
1,713,134
France
..............................................
—
766,593
—
766,593
Germany
............................................
—
896,732
—
896,732
India
...............................................
—
1,034,195
—
1,034,195
Indonesia
............................................
—
2,443,554
—
2,443,554
Japan
...............................................
—
2,072,049
—
2,072,049
Kenya
..............................................
—
453,362
—
453,362
Netherlands
...........................................
—
1,000,420
—
1,000,420
South
Korea
..........................................
—
514,463
—
514,463
Spain
...............................................
—
1,244,727
—
1,244,727
United
Kingdom
........................................
—
2,071,128
—
2,071,128
United
States
..........................................
17,569,871
945,318
—
18,515,189
Warrants
..............................................
6,190
—
—
6,190
$
18,764,600
$
16,401,126
$
—
$
35,165,726
BlackRock
International
Impact
Fund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Australia
—
2.6%
APM
Human
Services
International
Ltd.
(a)
....................
70,423
$
159,152
Brazil
—
4.8%
MercadoLibre
,
Inc.
(a)
............
101
98,336
MRV
Engenharia
e
Participacoes
SA
.
61,213
128,519
YDUQS
Participacoes
SA
........
20,933
68,719
295,574
Canada
—
2.4%
North
West
Co.,
Inc.
(The)
........
1,234
34,417
Shopify,
Inc.,
Class
A
(a)
..........
86
36,707
TransAlta
Renewables,
Inc.
.......
5,566
77,209
148,333
Colombia
—
1.5%
Millicom
International
Cellular
SA,
SDR
(a)
...................
3,998
90,134
Denmark
—
9.3%
Atlantic
Sapphire
ASA
(a)
.........
7,518
20,928
Chr
Hansen
Holding
A/S
.........
1,160
90,375
Orsted
A/S
(b)(c)
................
2,678
296,269
Vestas
Wind
Systems
A/S
........
6,353
162,008
569,580
France
—
2.4%
Nexity
SA
...................
4,709
142,994
Germany
—
6.7%
LEG
Immobilien
SE
............
2,426
248,739
Vonovia
SE
..................
3,994
159,125
407,864
India
—
4.9%
Bandhan
Bank
Ltd.
(b)(c)
..........
68,608
297,509
Indonesia
—
10.6%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
1,143,300
380,933
Dayamitra
Telekomunikasi
Tbk
.
PT
(a)
.
5,132,100
269,210
650,143
Japan
—
8.4%
GMO
Payment
Gateway,
Inc.
......
900
75,510
Katitas
Co.
Ltd.
...............
4,900
114,302
Security
Shares
Shares
Value
Japan
(continued)
M3,
Inc.
....................
1,600
$
51,094
Shionogi
&
Co.
Ltd.
............
3,900
216,941
Sysmex
Corp.
................
800
52,478
510,325
Kenya
—
1.8%
Safaricom
plc
................
385,266
111,133
Netherlands
—
6.5%
Koninklijke
DSM
NV
............
1,718
288,812
Koninklijke
Philips
NV
...........
4,129
107,896
396,708
South
Korea
—
2.1%
Samsung
SDI
Co.
Ltd.
..........
274
130,521
Spain
—
6.7%
Corp.
ACCIONA
Energias
Renovables
SA
(a)
....................
1,954
72,234
EDP
Renovaveis
SA
............
14,289
338,180
410,414
Switzerland
—
3.9%
Landis+Gyr
Group
AG
(a)
.........
1,380
77,016
SGS
SA
(Registered)
...........
63
161,880
238,896
United
Kingdom
—
12.0%
Genus
plc
...................
5,304
166,645
Halma
plc
...................
12,515
384,155
Pearson
plc
.................
13,368
129,801
Wise
plc,
Class
A
(a)
.............
10,445
51,185
731,786
United
States
—
11.9%
Brookfield
Renewable
Corp.
......
10,883
390,793
Schneider
Electric
SE
...........
2,362
338,874
729,667
Total
Common
Stocks
—
98.5%
(Cost:
$6,877,476)
..............................
6,020,733
Total
Long-Term
Investments
—
98.5%
(Cost:
$6,877,476)
..............................
6,020,733
Total
Investments
—
98.5%
(Cost:
$6,877,476)
..............................
6,020,733
Other
Assets
Less
Liabilities
—
1.5%
...................
92,817
Net
Assets
—
100.0%
..............................
$
6,113,550
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
International
Impact
Fund
28
Schedule
of
Investments
(continued)
April
30,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/22
Shares
Held
at
04/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)(b)
$
141,431
$
—
$
(141,431)
$
—
$
—
$
—
—
$
14
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)(b)
.........
698,919
—
(698,862)
(57)
—
—
—
11,210
(c)
—
$
(57)
$
—
$
—
$
11,224
$
—
—
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
BlackRock
International
Impact
Fund
Schedules
of
Investments
29
Schedule
of
Investments
(continued)
April
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
See
notes
to
financial
statements.
For
the
period
ended
April
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Forward
foreign
currency
exchange
contracts
....
$
—
$
—
$
—
$
(9,333)
$
—
$
—
$
(9,333)
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
....................................................................................
$
58,543
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
159,152
$
—
$
159,152
Brazil
...............................................
295,574
—
—
295,574
Canada
.............................................
148,333
—
—
148,333
Colombia
............................................
—
90,134
—
90,134
Denmark
.............................................
—
569,580
—
569,580
France
..............................................
—
142,994
—
142,994
Germany
............................................
—
407,864
—
407,864
India
...............................................
—
297,509
—
297,509
Indonesia
............................................
—
650,143
—
650,143
Japan
...............................................
—
510,325
—
510,325
Kenya
..............................................
—
111,133
—
111,133
Netherlands
...........................................
—
396,708
—
396,708
South
Korea
..........................................
—
130,521
—
130,521
Spain
...............................................
—
410,414
—
410,414
Switzerland
...........................................
—
238,896
—
238,896
United
Kingdom
........................................
—
731,786
—
731,786
United
States
..........................................
390,793
338,874
—
729,667
$
834,700
$
5,186,033
$
—
$
6,020,733
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Brazil
—
4.1%
Ambev
SA
..................
14,734
$
43,541
Ambev
SA,
ADR
..............
2,731
7,947
Cia
Energetica
de
Minas
Gerais
,
ADR
22,172
67,181
Cia
Paranaense
de
Energia
,
ADR
...
3,611
26,216
Energisa
SA
.................
5,982
58,030
Light
SA
....................
10,000
18,204
Localiza
Rent
a
Car
SA
..........
5,459
58,809
Marfrig
Global
Foods
SA
.........
5,578
21,245
Movida
Participacoes
SA
(a)
.......
7,868
28,757
Natura
&
Co.
Holding
SA
(a)
.......
5,405
20,553
Transmissora
Alianca
de
Energia
Eletrica
SA
................
1,852
16,591
Ultrapar
Participacoes
SA
........
13,182
35,462
402,536
China
—
29.8%
3SBio,
Inc.
(a)(b)(c)
...............
45,500
32,100
51job,
Inc.,
ADR
(a)(d)
............
146
8,884
AAC
Technologies
Holdings,
Inc.
...
3,500
8,175
Agricultural
Bank
of
China
Ltd.,
Class
H
25,000
9,377
Alibaba
Group
Holding
Ltd.
(a)
......
22,692
276,790
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...............
500
19,939
Baidu,
Inc.,
Class
A
(a)
...........
3,728
59,438
Bank
of
China
Ltd.,
Class
A
.......
77,800
37,734
Bank
of
China
Ltd.,
Class
H
.......
119,000
46,694
Bank
of
Ningbo
Co.
Ltd.,
Class
A
...
1,617
8,757
BeiGene
Ltd.,
ADR
(a)
...........
35
5,600
BOE
Technology
Group
Co.
Ltd.,
Class
A
......................
121,400
68,960
Bosideng
International
Holdings
Ltd.
.
32,000
15,961
BYD
Co.
Ltd.,
Class
A
...........
2,766
99,791
BYD
Co.
Ltd.,
Class
H
..........
1,500
43,653
China
Aoyuan
Group
Ltd.
(e)
.......
42,000
5,948
China
Construction
Bank
Corp.,
Class
H
......................
102,000
72,665
China
Lesso
Group
Holdings
Ltd.
...
7,000
8,754
China
Medical
System
Holdings
Ltd.
.
16,000
22,908
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
14,500
87,395
China
Molybdenum
Co.
Ltd.,
Class
A
32,200
22,392
China
Molybdenum
Co.
Ltd.,
Class
H
69,000
34,313
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
38,000
18,600
China
Resources
Gas
Group
Ltd.
...
10,000
37,574
China
Resources
Land
Ltd.
.......
2,000
8,932
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
..................
58,000
32,742
China
Vanke
Co.
Ltd.,
Class
H
.....
7,600
17,921
CIFI
Holdings
Group
Co.
Ltd.
......
40,000
19,241
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
700
42,426
Country
Garden
Holdings
Co.
Ltd.
..
20,000
13,834
ENN
Energy
Holdings
Ltd.
........
3,800
50,901
Fosun
International
Ltd.
.........
89,000
93,796
Ganfeng
Lithium
Co.
Ltd.,
Class
A
..
100
1,644
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(b)(c)
400
4,788
Geely
Automobile
Holdings
Ltd.
....
10,000
15,462
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
A
...............
300
3,997
Huatai
Securities
Co.
Ltd.,
Class
H
(b)(c)
56,800
78,068
Hundsun
Technologies,
Inc.,
Class
A
.
2,036
11,605
Industrial
Bank
Co.
Ltd.,
Class
A
....
1,700
5,198
JD.com,
Inc.,
Class
A
(a)
..........
2,506
78,134
Security
Shares
Shares
Value
China
(continued)
KE
Holdings,
Inc.,
ADR
(a)
.........
406
$
5,757
Kingdee
International
Software
Group
Co.
Ltd.
(a)
.................
26,000
53,056
KWG
Group
Holdings
Ltd.
........
30,500
10,913
Lenovo
Group
Ltd.
.............
78,000
75,738
Li
Auto,
Inc.,
ADR
(a)
............
875
19,626
Logan
Group
Co.
Ltd.
...........
67,000
20,845
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
...............
560
5,631
Lufax
Holding
Ltd.,
ADR
(a)
........
1,344
7,459
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
A
(a)
...........
7,900
5,902
Meituan
Dianping
,
Class
B
(a)(c)
.....
2,700
57,851
MMG
Ltd.
(a)
..................
8,000
3,373
NetEase
,
Inc.
................
3,070
58,807
NIO,
Inc.,
ADR
(a)
..............
1,960
32,732
PetroChina
Co.
Ltd.,
Class
A
......
48,300
38,810
PetroChina
Co.
Ltd.,
Class
H
......
20,000
9,494
Pharmaron
Beijing
Co.
Ltd.,
Class
A
.
600
11,255
Pinduoduo
,
Inc.,
ADR
(a)
..........
399
17,193
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
...............
4,500
28,443
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
..................
22,700
18,348
SF
Holding
Co.
Ltd.,
Class
A
......
1,520
11,655
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
...............
8,200
13,259
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
....
560
9,850
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....
366
17,156
Shimao
Group
Holdings
Ltd.
(e)
.....
16,000
8,488
Sinopharm
Group
Co.
Ltd.,
Class
H
.
4,800
11,046
Sinotruk
Hong
Kong
Ltd.
.........
1,500
1,814
Sunny
Optical
Technology
Group
Co.
Ltd.
.....................
4,200
61,210
Tencent
Holdings
Ltd.
...........
6,800
320,449
Tianneng
Power
International
Ltd.
...
28,000
23,328
Topsports
International
Holdings
Ltd.
(b)(c)
8,000
6,119
Towngas
Smart
Energy
Co.
Ltd.
(a)
...
13,000
6,420
Trip.com
Group
Ltd.,
ADR
(a)
.......
931
22,018
Vipshop
Holdings
Ltd.,
ADR
(a)
......
2,038
15,611
WuXi
AppTec
Co.
Ltd.,
Class
A
.....
4,838
74,559
WuXi
AppTec
Co.
Ltd.,
Class
H
(b)(c)
..
5,480
74,538
Wuxi
Biologics
Cayman,
Inc.
(a)(b)(c)
...
9,000
66,427
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
....
361
606
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
....
23,000
32,691
Xinyi
Solar
Holdings
Ltd.
.........
8,000
11,891
XPeng
,
Inc.,
ADR
(a)
............
550
13,536
Yadea
Group
Holdings
Ltd.
(b)(c)
.....
38,000
57,277
Yum
China
Holdings,
Inc.
........
606
25,331
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
.....
7,800
22,174
ZTE
Corp.,
Class
A
............
10,200
36,721
2,956,498
Colombia
—
0.2%
Bancolombia
SA,
ADR
..........
590
22,874
Czech
Republic
—
0.2%
Moneta
Money
Bank
A/S
(a)(b)(c)
.....
5,301
19,884
Greece
—
0.8%
OPAP
SA
...................
5,587
82,813
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Hungary
—
0.4%
MOL
Hungarian
Oil
&
Gas
plc
.....
4,583
$
38,860
India
—
12.0%
Adani
Green
Energy
Ltd.
(a)
........
1,515
56,694
Adani
Total
Gas
Ltd.
............
659
21,129
Asian
Paints
Ltd.
..............
4,486
189,095
Axis
Bank
Ltd.
(a)
...............
8,560
80,691
Bandhan
Bank
Ltd.
(b)(c)
..........
3,142
13,625
Berger
Paints
India
Ltd.
.........
3,603
33,782
Grasim
Industries
Ltd.
...........
1,676
36,828
HCL
Technologies
Ltd.
..........
1,644
23,027
HDFC
Bank
Ltd.,
ADR
..........
519
28,654
Housing
Development
Finance
Corp.
Ltd.
.....................
1,822
52,568
Infosys
Ltd.
..................
3,967
80,400
Kotak
Mahindra
Bank
Ltd.
........
3,685
85,456
Marico
Ltd.
..................
8,562
58,194
Mphasis
Ltd.
.................
441
16,194
Nestle
India
Ltd.
..............
63
15,021
Piramal
Enterprises
Ltd.
.........
783
21,931
Reliance
Industries
Ltd.
.........
4,327
156,778
Tata
Consultancy
Services
Ltd.
....
3,511
161,816
Tech
Mahindra
Ltd.
............
1,865
30,459
UPL
Ltd.
....................
2,739
29,244
1,191,586
Indonesia
—
1.8%
Bank
Central
Asia
Tbk
.
PT
........
201,300
112,904
Kalbe
Farma
Tbk
.
PT
...........
323,100
36,551
Perusahaan
Gas
Negara
Tbk
.
PT
...
290,100
28,880
178,335
Malaysia
—
2.3%
CIMB
Group
Holdings
Bhd.
.......
12,400
14,780
Petronas
Dagangan
Bhd.
........
12,200
60,923
Public
Bank
Bhd.
..............
34,400
36,975
RHB
Bank
Bhd.
...............
79,900
114,471
227,149
Mexico
—
2.0%
Arca
Continental
SAB
de
CV
......
7,626
48,458
Cemex
SAB
de
CV
(a)
...........
21,525
9,504
Coca-Cola
Femsa
SAB
de
CV
.....
9,417
51,394
Coca-Cola
Femsa
SAB
de
CV,
ADR
.
639
34,889
Fomento
Economico
Mexicano
SAB
de
CV
.....................
2,795
20,905
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
..................
5,138
33,865
Wal-Mart
de
Mexico
SAB
de
CV
....
926
3,282
202,297
Peru
—
0.3%
Credicorp
Ltd.
(a)
...............
203
28,308
Poland
—
0.1%
Bank
Polska
Kasa
Opieki
SA
......
644
14,152
Qatar
—
0.7%
Commercial
Bank
PSQC
(The)
.....
2,766
5,819
Masraf
Al
Rayan
QSC
...........
5,545
8,177
Qatar
Islamic
Bank
SAQ
.........
1,752
11,739
Qatar
National
Bank
QPSC
.......
6,851
43,580
69,315
Romania
—
0.1%
NEPI
Rockcastle
plc
............
1,838
11,246
Security
Shares
Shares
Value
Russia
—
0.0%
(e)
LUKOIL
PJSC
................
10
$
—
LUKOIL
PJSC,
ADR
............
2,400
24
Novatek
PJSC,
GDR
(c)
..........
150
2
PhosAgro
PJSC,
GDR
..........
4,265
42
68
South
Africa
—
5.5%
Anglo
American
Platinum
Ltd.
.....
56
6,222
Anglo
American
plc
............
1,184
52,819
AVI
Ltd.
....................
4,330
18,855
Bidvest
Group
Ltd.
(The)
.........
6,713
92,026
Foschini
Group
Ltd.
(The)
(a)
.......
3,413
30,023
Gold
Fields
Ltd.
...............
1,270
17,208
Gold
Fields
Ltd.,
ADR
...........
3,697
49,651
Impala
Platinum
Holdings
Ltd.
.....
1,516
19,610
Investec
Ltd.
.................
6,089
37,103
Kumba
Iron
Ore
Ltd.
............
1,467
48,702
Life
Healthcare
Group
Holdings
Ltd.
(a)
10,317
14,059
Mr
Price
Group
Ltd.
............
1,654
22,526
Naspers
Ltd.,
Class
N
...........
197
19,869
Nedbank
Group
Ltd.
............
1,768
24,689
Old
Mutual
Ltd.
...............
37,248
29,882
Sanlam
Ltd.
.................
6,649
27,544
Vodacom
Group
Ltd.
...........
3,692
35,530
546,318
South
Korea
—
11.7%
Amorepacific
Corp.
............
140
19,923
Amorepacific
Group
............
747
29,388
Doosan
Co.
Ltd.
..............
94
6,590
Kakao
Corp.
.................
243
16,974
KB
Financial
Group,
Inc.
.........
570
26,519
KB
Financial
Group,
Inc.,
ADR
.....
2,701
124,030
LG
Chem
Ltd.
................
178
72,903
LG
Display
Co.
Ltd.
(a)
...........
341
4,455
LG
Electronics,
Inc.
............
152
13,766
LG
Household
&
Health
Care
Ltd.
...
36
25,782
NAVER
Corp.
................
473
105,365
POSCO
Holdings,
Inc.
..........
499
113,935
POSCO
Holdings,
Inc.,
ADR
......
1,152
65,330
Samsung
C&T
Corp.
...........
46
4,162
Samsung
Electronics
Co.
Ltd.
.....
7,802
415,796
Samsung
SDI
Co.
Ltd.
..........
13
6,193
Shinhan
Financial
Group
Co.
Ltd.
...
822
27,311
SK
Hynix,
Inc.
................
186
16,299
SK
Innovation
Co.
Ltd.
(a)
.........
256
40,744
SK
Telecom
Co.
Ltd.
............
173
7,804
SK
Telecom
Co.
Ltd.,
ADR
........
621
15,537
1,158,806
Taiwan
—
16.1%
Acer,
Inc.
...................
57,000
52,882
Cathay
Financial
Holding
Co.
Ltd.
...
71,000
149,282
Chailease
Holding
Co.
Ltd.
.......
2,000
15,894
CTBC
Financial
Holding
Co.
Ltd.
...
154,000
151,477
Delta
Electronics,
Inc.
...........
20,000
166,952
E.Sun
Financial
Holding
Co.
Ltd.
...
19,100
21,814
Evergreen
Marine
Corp.
Taiwan
Ltd.
.
3,000
14,421
Fubon
Financial
Holding
Co.
Ltd.
...
12,000
30,131
MediaTek
,
Inc.
................
4,000
110,272
Nanya
Technology
Corp.
.........
3,000
6,565
Realtek
Semiconductor
Corp.
.....
2,000
27,139
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
37,000
669,058
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
..............
1,306
121,367
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Taiwan
(continued)
United
Microelectronics
Corp.
.....
14,000
$
22,240
Voltronic
Power
Technology
Corp.
...
1,000
43,751
1,603,245
Thailand
—
3.6%
Advanced
Info
Service
PCL,
NVDR
..
12,700
79,402
Bangchak
Corp.
PCL,
NVDR
......
48,300
46,958
Energy
Absolute
PCL,
NVDR
......
25,900
66,449
Home
Product
Center
PCL,
NVDR
..
224,300
97,518
PTT
PCL,
NVDR
..............
60,100
65,318
355,645
Turkey
—
0.3%
Yapi
ve
Kredi
Bankasi
A/S
........
102,181
33,440
United
Arab
Emirates
—
0.6%
Abu
Dhabi
Commercial
Bank
PJSC
.
2,410
6,662
Abu
Dhabi
Islamic
Bank
PJSC
.....
2,039
4,856
Aldar
Properties
PJSC
..........
5,454
8,357
Emirates
NBD
Bank
PJSC
........
3,524
14,558
Emirates
Telecommunications
Group
Co.
PJSC
.................
611
5,844
First
Abu
Dhabi
Bank
PJSC
.......
3,197
19,532
59,809
United
States
—
0.1%
Legend
Biotech
Corp.,
ADR
(a)
......
156
6,263
Total
Common
Stocks
—
92.7%
(Cost:
$9,853,049)
..............................
9,209,447
Investment
Companies
iShares
MSCI
Saudi
Arabia
ETF
(f)
...
8,159
413,416
Total
Investment
Companies
—
4.2%
(Cost:
$273,122)
................................
413,416
Security
Shares
Shares
Value
Preferred
Stocks
Brazil
—
0.2%
Banco
Bradesco
SA
(Preference)
...
3,690
$
13,487
Cia
Energetica
de
Minas
Gerais
(Preference)
...............
2,927
8,910
22,397
Total
Preferred
Stocks
—
0.2%  
(Cost:
$19,302)
................................
22,397
Total
Long-Term
Investments
—
97.1%
(Cost:
$10,145,473)
..............................
9,645,260
Short-Term
Securities
(f)(g)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.29%
......
301,820
301,820
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.47%
(h)
.............
8,929
8,928
Total
Short-Term
Securities
—
3.1%
(Cost:
$310,748)
................................
310,748
Total
Investments
—
100.2%
(Cost:
$10,456,221)
..............................
9,956,008
Liabilities
in
Excess
of
Other
Assets
—
(0.2)%
............
(15,663)
Net
Assets
—
100.0%
..............................
$
9,940,345
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
33
Schedule
of
Investments
(continued)
April
30,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/22
Shares
Held
at
04/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
379,782
$
—
$
(77,962)
$
—
$
—
$
301,820
301,820
$
86
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
—
8,928
—
—
—
8,928
8,929
666
(b)
—
iShares
MSCI
Saudi
Arabia
ETF
.
237,410
101,976
(11,685)
3,253
82,462
413,416
8,159
4,089
—
$
3,253
$
82,462
$
724,164
$
4,841
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
34
Schedule
of
Investments
(continued)
April
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
5
06/17/22
$
264
$
(12,253)
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)
.....
$
—
$
—
$
12,253
$
—
$
—
$
—
$
12,253
(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,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(61,459)
$
—
$
—
$
—
$
(61,459)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
(11,087)
—
—
—
(11,087)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
317,340
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Schedules
of
Investments
35
Schedule
of
Investments
(continued)
April
30,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Brazil
...............................................
$
402,536
$
—
$
—
$
402,536
China
...............................................
173,747
2,768,315
14,436
2,956,498
Colombia
............................................
22,874
—
—
22,874
Czech
Republic
........................................
19,884
—
—
19,884
Greece
..............................................
—
82,813
—
82,813
Hungary
.............................................
—
38,860
—
38,860
India
...............................................
49,783
1,141,803
—
1,191,586
Indonesia
............................................
36,551
141,784
—
178,335
Malaysia
.............................................
60,923
166,226
—
227,149
Mexico
..............................................
202,297
—
—
202,297
Peru
................................................
28,308
—
—
28,308
Poland
..............................................
—
14,152
—
14,152
Qatar
...............................................
69,315
—
—
69,315
Romania
.............................................
—
11,246
—
11,246
Russia
..............................................
—
—
68
68
South
Africa
...........................................
213,969
332,349
—
546,318
South
Korea
..........................................
204,897
953,909
—
1,158,806
Taiwan
..............................................
121,367
1,481,878
—
1,603,245
Thailand
.............................................
—
355,645
—
355,645
Turkey
..............................................
—
33,440
—
33,440
United
Arab
Emirates
....................................
19,532
40,277
—
59,809
United
States
..........................................
6,263
—
—
6,263
Investment
Companies
....................................
413,416
—
—
413,416
Preferred
Sto
ck
s
.........................................
22,397
—
—
22,397
Short-Term
Securities
.......................................
301,820
—
—
301,820
$
2,369,879
$
7,562,697
$
14,504
$
9,947,080
Investments
valued
at
NAV
(a)
......................................
8,928
$
—
$
9,956,008
$
—
Derivative
Financial
Instruments
(b)
Liabilities
Equity
contracts
...........................................
$
(12,253)
$
—
$
—
$
(12,253)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Australia
—
9.4%
Ampol
Ltd.
..................
166
$
3,903
Aristocrat
Leisure
Ltd.
...........
3,539
82,113
Aurizon
Holdings
Ltd.
...........
13,576
38,340
Australia
&
New
Zealand
Banking
Group
Ltd.
................
1,504
28,620
BHP
Group
Ltd.
...............
5,706
190,668
Commonwealth
Bank
of
Australia
...
1,093
79,443
CSL
Ltd.
....................
320
61,072
Evolution
Mining
Ltd.
...........
5,712
16,163
Flight
Centre
Travel
Group
Ltd.
(a)
...
61
953
Fortescue
Metals
Group
Ltd.
......
683
10,322
Glencore
plc
(a)
................
11,803
72,726
Goodman
Group
..............
699
11,634
IGO
Ltd.
....................
1,664
15,130
Insignia
Financial
Ltd.
...........
191
459
JB
Hi-Fi
Ltd.
.................
1,289
47,740
Macquarie
Group
Ltd.
...........
578
83,211
Medibank
Pvt
Ltd.
.............
28,430
63,886
Mirvac
Group
................
4,875
8,239
National
Australia
Bank
Ltd.
.......
1,918
43,785
OZ
Minerals
Ltd.
..............
600
10,415
QBE
Insurance
Group
Ltd.
.......
2,104
18,152
REA
Group
Ltd.
...............
382
34,223
Rio
Tinto
plc
.................
364
25,719
Scentre
Group
................
3,670
7,647
South32
Ltd.
.................
7,118
23,705
Stockland
...................
8,143
23,569
WiseTech
Global
Ltd.
...........
435
13,486
Woodside
Petroleum
Ltd.
........
777
16,904
Worley
Ltd.
..................
1,540
14,977
1,047,204
Austria
—
0.6%
ANDRITZ
AG
................
1,108
47,102
Erste
Group
Bank
AG
...........
15
467
Raiffeisen
Bank
International
AG
...
108
1,230
Verbund
AG
.................
145
15,499
64,298
Belgium
—
1.6%
Ackermans
&
van
Haaren
NV
.....
26
4,635
Anheuser-Busch
InBev
SA/NV
.....
992
57,079
Elia
Group
SA/NV
.............
94
14,963
Groupe
Bruxelles
Lambert
SA
.....
368
34,725
KBC
Group
NV
...............
8
544
Telenet
Group
Holding
NV
........
197
5,871
Umicore
SA
.................
63
2,422
Warehouses
De
Pauw
CVA
.......
1,598
61,475
181,714
China
—
0.9%
BOC
Hong
Kong
Holdings
Ltd.
.....
20,500
74,207
Prosus
NV
(a)
.................
443
21,365
95,572
Denmark
—
2.9%
Carlsberg
A/S,
Class
B
..........
72
9,146
Genmab
A/S
(a)
................
64
22,505
Novo
Nordisk
A/S,
Class
B
.......
1,869
213,489
Novozymes
A/S,
Class
B
.........
972
67,758
Tryg
A/S
....................
507
12,055
324,953
Security
Shares
Shares
Value
Finland
—
1.7%
Kesko
OYJ,
Class
B
............
561
$
14,124
Kone
OYJ,
Class
B
............
867
41,683
Neste
OYJ
..................
633
27,161
Nokia
OYJ
(a)
.................
6,249
31,683
Nordea
Bank
Abp
.............
6,120
61,017
Valmet
OYJ
.................
507
13,578
189,246
France
—
9.3%
Air
Liquide
SA
................
229
39,619
ALD
SA
(b)(c)
..................
566
7,697
AXA
SA
....................
1,216
32,169
BNP
Paribas
SA
..............
1,851
95,977
Capgemini
SE
................
9
1,832
Credit
Agricole
SA
.............
1,367
14,761
Dassault
Systemes
SE
..........
1,371
60,632
Electricite
de
France
SA
.........
955
8,682
Engie
SA
...................
1,367
16,131
Hermes
International
...........
47
57,954
Kering
SA
...................
138
73,426
Klepierre
SA
.................
528
12,638
Legrand
SA
.................
191
16,925
L'Oreal
SA
..................
371
134,974
LVMH
Moet
Hennessy
Louis
Vuitton
SE
259
167,608
Orange
SA
..................
922
10,977
Pernod
Ricard
SA
.............
513
105,875
Publicis
Groupe
SA
............
59
3,542
Renault
SA
(a)
.................
112
2,737
Rubis
SCA
..................
608
16,171
Sanofi
.....................
270
28,538
Societe
Generale
SA
...........
1,358
32,638
Sodexo
SA
(a)
.................
63
4,739
Teleperformance
..............
31
11,126
TotalEnergies
SE
..............
1,584
77,779
Vinci
SA
....................
36
3,493
1,038,640
Germany
—
6.6%
Allianz
SE
(Registered)
..........
65
14,666
Aurubis
AG
..................
98
11,137
Bayer
AG
(Registered)
..........
572
37,678
Bayerische
Motoren
Werke
AG
....
813
66,394
Commerzbank
AG
(a)
............
219
1,430
Deutsche
Bank
AG
(Registered)
(a)
...
362
3,620
Deutsche
Boerse
AG
...........
200
34,819
Deutsche
Post
AG
(Registered)
....
2,036
86,983
Deutsche
Telekom
AG
(Registered)
.
576
10,611
E.ON
SE
...................
5,133
53,419
Encavis
AG
..................
126
2,751
Freenet
AG
..................
494
13,668
Hannover
Rueck
SE
............
185
28,755
Henkel
AG
&
Co.
KGaA
.........
16
1,015
Hochtief
AG
.................
180
10,893
Mercedes-Benz
Group
AG
........
462
32,248
Nemetschek
SE
...............
7
556
Rational
AG
.................
10
6,100
SAP
SE
....................
1,461
148,067
Scout24
SE
(b)(c)
...............
330
20,872
Siemens
AG
.................
1,058
130,086
Symrise
AG
.................
140
16,659
Talanx
AG
...................
66
2,744
Verbio
Vereinigte
BioEnergie
AG
...
80
5,669
740,840
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Hong
Kong
—
2.4%
AIA
Group
Ltd.
...............
15,800
$
155,215
Kerry
Properties
Ltd.
...........
2,000
5,408
Sun
Hung
Kai
Properties
Ltd.
......
2,500
28,793
Swire
Properties
Ltd.
...........
8,800
21,090
Techtronic
Industries
Co.
Ltd.
......
4,000
53,393
263,899
Ireland
—
0.4%
Flutter
Entertainment
plc
(a)
........
108
10,853
Kerry
Group
plc,
Class
A
.........
136
15,065
Kingspan
Group
plc
............
162
15,080
40,998
Israel
—
1.2%
Alony
Hetz
Properties
&
Investments
Ltd.
.....................
78
1,277
Bank
Hapoalim
BM
............
5,133
47,589
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(a)
................
11,123
17,633
Israel
Corp.
Ltd.
(The)
(a)
.........
10
5,619
Israel
Discount
Bank
Ltd.,
Class
A
(a)
.
3,021
17,843
Nice
Ltd.
(a)
..................
49
10,188
Paz
Oil
Co.
Ltd.
...............
5
775
Teva
Pharmaceutical
Industries
Ltd.
(a)
3,985
35,108
136,032
Italy
—
1.9%
Assicurazioni
Generali
SpA
.......
806
15,260
Banca
Mediolanum
SpA
.........
2,823
20,493
Davide
Campari-Milano
NV
.......
39
440
Enel
SpA
...................
7,128
46,353
Intesa
Sanpaolo
SpA
...........
10,304
20,997
Italgas
SpA
..................
1,130
7,316
Mediobanca
Banca
di
Credito
Finanziario
SpA
.............
5,409
54,213
Moncler
SpA
.................
317
16,514
PRADA
SpA
.................
600
3,733
Reply
SpA
..................
103
15,163
UniCredit
SpA
................
1,313
12,152
Unipol
Gruppo
SpA
............
514
2,803
215,437
Japan
—
21.4%
Advantest
Corp.
...............
900
61,423
Amada
Co.
Ltd.
...............
6,700
52,025
Anritsu
Corp.
.................
200
2,515
Asahi
Kasei
Corp.
.............
4,200
34,460
Astellas
Pharma,
Inc.
...........
400
6,090
Calbee,
Inc.
.................
400
7,165
Canon
Marketing
Japan,
Inc.
......
100
2,176
Canon,
Inc.
..................
1,200
27,611
Casio
Computer
Co.
Ltd.
.........
2,400
24,888
Chugai
Pharmaceutical
Co.
Ltd.
....
1,200
35,958
COMSYS
Holdings
Corp.
........
800
16,610
Daifuku
Co.
Ltd.
...............
400
24,595
Daiichi
Sankyo
Co.
Ltd.
..........
2,100
52,876
Daikin
Industries
Ltd.
...........
500
76,409
Daito
Trust
Construction
Co.
Ltd.
...
300
28,894
Daiwa
House
Industry
Co.
Ltd.
.....
200
4,808
Dentsu
Group,
Inc.
.............
100
3,604
Disco
Corp.
..................
200
48,950
DMG
Mori
Co.
Ltd.
.............
2,100
26,356
Ebara
Corp.
.................
300
13,778
FANUC
Corp.
................
200
30,646
FP
Corp.
...................
200
4,523
Fuji
Oil
Holdings,
Inc.
...........
700
9,934
FUJIFILM
Holdings
Corp.
........
1,400
76,960
Security
Shares
Shares
Value
Japan
(continued)
Fujitsu
Ltd.
..................
200
$
30,230
Honda
Motor
Co.
Ltd.
...........
3,100
81,541
Hoya
Corp.
..................
200
19,848
Inpex
Corp.
..................
2,300
27,366
ITOCHU
Corp.
...............
600
18,109
Japan
Post
Bank
Co.
Ltd.
........
1,400
10,562
Japan
Post
Holdings
Co.
Ltd.
(a)
.....
4,400
30,852
Kamigumi
Co.
Ltd.
.............
100
1,698
Kaneka
Corp.
................
100
2,676
Kao
Corp.
...................
700
28,055
KDDI
Corp.
..................
800
26,492
Keisei
Electric
Railway
Co.
Ltd.
....
100
2,452
Keyence
Corp.
...............
100
40,200
Koito
Manufacturing
Co.
Ltd.
......
400
14,678
Marubeni
Corp.
...............
800
8,732
Mitsubishi
Corp.
...............
300
10,073
Mitsui
&
Co.
Ltd.
..............
900
21,794
Mitsui
Fudosan
Co.
Ltd.
.........
1,300
27,552
Mitsui
Mining
&
Smelting
Co.
Ltd.
...
600
15,171
MS&AD
Insurance
Group
Holdings,
Inc.
2,000
59,535
NEC
Corp.
..................
200
7,759
NET
One
Systems
Co.
Ltd.
.......
100
2,386
Nidec
Corp.
.................
400
25,860
Nifco,
Inc.
...................
100
2,111
Nippon
Telegraph
&
Telephone
Corp.
700
20,629
Nippon
Yusen
KK
..............
200
14,429
Nissin
Foods
Holdings
Co.
Ltd.
....
200
13,913
Nitto
Denko
Corp.
.............
600
40,273
Nomura
Research
Institute
Ltd.
....
800
22,621
NTT
Data
Corp.
...............
1,000
18,438
Omron
Corp.
.................
1,300
76,640
Recruit
Holdings
Co.
Ltd.
........
1,600
58,051
Santen
Pharmaceutical
Co.
Ltd.
....
900
7,321
SBI
Holdings,
Inc.
.............
1,400
31,314
Sega
Sammy
Holdings,
Inc.
.......
100
1,772
Seiko
Epson
Corp.
.............
100
1,409
Sekisui
House
Ltd.
.............
4,400
76,419
SG
Holdings
Co.
Ltd.
...........
100
1,762
Shimizu
Corp.
................
800
4,195
Shin-Etsu
Chemical
Co.
Ltd.
......
200
27,487
SoftBank
Corp.
...............
2,100
24,439
SoftBank
Group
Corp.
..........
900
37,017
Sony
Group
Corp.
.............
400
34,520
Sumitomo
Chemical
Co.
Ltd.
......
18,000
76,540
Sumitomo
Corp.
..............
800
12,659
Sumitomo
Electric
Industries
Ltd.
...
300
3,225
Sumitomo
Mitsui
Financial
Group,
Inc.
3,100
93,663
Sundrug
Co.
Ltd.
..............
100
2,328
Suntory
Beverage
&
Food
Ltd.
.....
400
15,760
T&D
Holdings,
Inc.
.............
100
1,285
Takeda
Pharmaceutical
Co.
Ltd.
....
2,100
60,935
TBS
Holdings,
Inc.
.............
500
6,561
Teijin
Ltd.
...................
300
3,206
Terumo
Corp.
................
1,500
44,648
Tokio
Marine
Holdings,
Inc.
.......
1,400
75,696
Tokyo
Electron
Ltd.
............
200
84,389
Toshiba
Corp.
................
300
12,458
Toyota
Motor
Corp.
............
3,900
66,821
Tsuruha
Holdings,
Inc.
..........
100
5,111
Unicharm
Corp.
...............
2,300
80,022
Yamada
Holdings
Co.
Ltd.
........
5,900
17,618
Yamaha
Motor
Co.
Ltd.
..........
1,000
20,646
Yaskawa
Electric
Corp.
..........
100
3,396
2,388,602
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Luxembourg
—
0.0%
APERAM
SA
.................
35
$
1,351
Mexico
—
0.1%
Fresnillo
plc
.................
776
7,509
Netherlands
—
4.8%
Argenx
SE
(a)
.................
16
4,610
ASML
Holding
NV
.............
308
174,802
ASR
Nederland
NV
............
251
11,408
IMCD
NV
...................
461
73,401
Koninklijke
Ahold
Delhaize
NV
.....
1,695
49,996
Koninklijke
Vopak
NV
...........
35
941
Shell
plc
....................
4,703
126,256
Wolters
Kluwer
NV
.............
951
96,035
537,449
New
Zealand
—
0.8%
Contact
Energy
Ltd.
............
838
4,403
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
2,398
32,954
Infratil
Ltd.
..................
1,951
10,558
Mercury
NZ
Ltd.
...............
584
2,264
Meridian
Energy
Ltd.
...........
10,932
33,179
Spark
New
Zealand
Ltd.
.........
670
2,119
85,477
Norway
—
1.0%
Aker
ASA,
Class
A
.............
62
5,054
DNB
Bank
ASA
...............
520
10,076
Equinor
ASA
.................
2,159
72,973
Norsk
Hydro
ASA
..............
879
7,381
Orkla
ASA
...................
1,585
12,862
108,346
Portugal
—
0.2%
Jeronimo
Martins
SGPS
SA
.......
1,120
23,315
Singapore
—
1.1%
City
Developments
Ltd.
..........
4,300
26,364
Oversea-Chinese
Banking
Corp.
Ltd.
2,400
21,309
Singapore
Telecommunications
Ltd.
.
29,400
58,676
United
Overseas
Bank
Ltd.
.......
800
17,125
123,474
South
Africa
—
0.1%
Anglo
American
plc
............
126
5,581
Spain
—
2.4%
Acciona
SA
..................
369
72,231
Banco
Bilbao
Vizcaya
Argentaria
SA
.
11,357
59,593
Banco
Santander
SA
...........
25,707
75,125
Fluidra
SA
..................
619
16,753
Industria
de
Diseno
Textil
SA
......
1,664
34,889
Telefonica
SA
................
1,535
7,467
266,058
Sweden
—
2.5%
Atlas
Copco
AB,
Class
A
.........
807
36,587
Atlas
Copco
AB,
Class
B
.........
606
23,984
Boliden
AB
..................
41
1,778
Elekta
AB,
Class
B
.............
1,505
10,137
Epiroc
AB,
Class
A
.............
67
1,358
Essity
AB,
Class
B
.............
82
2,162
Evolution
AB
(b)(c)
...............
101
10,362
Holmen
AB,
Class
B
............
32
1,850
Indutrade
AB
.................
273
6,440
Investor
AB,
Class
B
............
3,010
57,921
Lundin
Energy
AB
.............
904
37,377
Saab
AB,
Class
B
.............
1,051
44,456
Svenska
Handelsbanken
AB,
Class
A
1,729
17,439
Security
Shares
Shares
Value
Sweden
(continued)
Tele2
AB,
Class
B
.............
908
$
12,035
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
2,132
17,007
280,893
Switzerland
—
9.3%
ABB
Ltd.
(Registered)
...........
1,175
35,252
Baloise
Holding
AG
(Registered)
...
263
45,747
Belimo
Holding
AG
(Registered)
....
5
2,471
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................
1
11,215
Flughafen
Zurich
AG
(Registered)
(a)
.
3
507
Givaudan
SA
(Registered)
........
20
79,490
Julius
Baer
Group
Ltd.
..........
78
3,727
Kuehne
+
Nagel
International
AG
(Registered)
...............
13
3,637
Nestle
SA
(Registered)
..........
2,277
293,947
Novartis
AG
(Registered)
........
2,331
205,989
Roche
Holding
AG
.............
413
155,033
Sika
AG
(Registered)
...........
203
62,008
Straumann
Holding
AG
(Registered)
.
140
16,505
Swatch
Group
AG
(The)
.........
162
41,576
Swiss
Life
Holding
AG
(Registered)
..
8
4,678
UBS
Group
AG
(Registered)
......
4,374
74,256
1,036,038
United
Kingdom
—
11.5%
3i
Group
plc
.................
164
2,684
Ashtead
Group
plc
.............
214
11,065
Associated
British
Foods
plc
......
1,453
29,076
AstraZeneca
plc
..............
1,509
201,363
Auto
Trader
Group
plc
(b)(c)
........
221
1,744
Aviva
plc
...................
1,300
6,975
Barratt
Developments
plc
........
948
5,800
Bellway
plc
..................
184
5,588
BP
plc
.....................
14,807
71,485
British
Land
Co.
plc
(The)
........
1,408
9,070
Burberry
Group
plc
.............
1,399
27,610
Compass
Group
plc
(a)
...........
1,470
31,020
Croda
International
plc
..........
17
1,651
Diageo
plc
..................
3,118
155,553
Direct
Line
Insurance
Group
plc
....
576
1,828
Drax
Group
plc
...............
2,626
26,538
Experian
plc
.................
677
23,380
Greggs
plc
..................
972
28,359
HomeServe
plc
...............
4,440
54,882
HSBC
Holdings
plc
............
10,983
68,634
ITV
plc
(a)
....................
46,923
43,331
J
Sainsbury
plc
...............
16,000
46,684
Johnson
Matthey
plc
...........
138
3,796
Kingfisher
plc
................
4,590
14,475
Lloyds
Banking
Group
plc
........
135,237
76,810
NatWest
Group
plc
.............
2,396
6,428
Next
plc
....................
136
10,186
Prudential
plc
................
1,015
12,635
RELX
plc
...................
2,515
74,923
Rightmove
plc
................
1,376
10,577
Segro
plc
...................
661
11,067
Smiths
Group
plc
..............
1,091
19,965
SSE
plc
....................
1,029
23,899
Standard
Chartered
plc
..........
599
4,095
Tritax
Big
Box
REIT
plc
..........
803
2,451
Unilever
plc
..................
2,417
112,275
Vodafone
Group
plc
............
10,203
15,447
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
United
Kingdom
(continued)
Whitbread
plc
(a)
...............
860
$
30,020
1,283,369
United
States
—
2.4%
Ferguson
plc
.................
552
69,248
GlaxoSmithKline
plc
............
1,395
31,447
James
Hardie
Industries
plc,
CDI
...
1,052
30,327
Schneider
Electric
SE
...........
813
116,640
Swiss
Re
AG
.................
274
22,470
270,132
Total
Common
Stocks
—
96.5%
(Cost:
$11,117,822)
..............................
10,756,427
Preferred
Stocks
Germany
—
1.0%
Henkel
AG
&
Co.
KGaA
(Preference)
281
18,043
Sartorius
AG
(Preference)
........
215
80,610
Volkswagen
AG
(Preference)
......
99
15,332
113,985
Total
Preferred
Stocks
—
1.0%  
(Cost:
$145,915)
................................
113,985
Total
Long-Term
Investments
—
97.5%
(Cost:
$11,263,737)
..............................
10,870,412
Security
Shares
Shares
Value
Short-Term
Securities
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.29%
(d)(e)
....
235,086
$
235,086
Total
Short-Term
Securities
—
2.1%
(Cost:
$235,086)
................................
235,086
Total
Investments
—
99.6%
(Cost:
$11,498,823)
..............................
11,105,498
Other
Assets
Less
Liabilities
—
0.4%
...................
43,395
Net
Assets
—
100.0%
..............................
$
11,148,893
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/22
Shares
Held
at
04/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
305,672
$
—
$
(70,586)
$
—
$
—
$
235,086
235,086
$
92
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)(b)
.........
—
26
—
(26)
—
—
—
51
(c)
—
$
(26)
$
—
$
235,086
$
143
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Advantage
International
Equity
Fund
40
Schedule
of
Investments
(continued)
April
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
EAFE
E-Mini
Index
....................................................
2
06/17/22
$
200
$
(4,210)
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)
.....
$
—
$
—
$
4,210
$
—
$
—
$
—
$
4,210
(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,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(4,051)
$
—
$
—
$
—
$
(4,051)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
(10,832)
—
—
—
(10,832)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
251,265
BlackRock
Sustainable
Advantage
International
Equity
Fund
Schedules
of
Investments
41
Schedule
of
Investments
(continued)
April
30,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
1,047,204
$
—
$
1,047,204
Austria
..............................................
—
64,298
—
64,298
Belgium
.............................................
—
181,714
—
181,714
China
...............................................
—
95,572
—
95,572
Denmark
.............................................
—
324,953
—
324,953
Finland
..............................................
—
189,246
—
189,246
France
..............................................
—
1,038,640
—
1,038,640
Germany
............................................
—
740,840
—
740,840
Hong
Kong
...........................................
—
263,899
—
263,899
Ireland
..............................................
15,065
25,933
—
40,998
Israel
...............................................
—
136,032
—
136,032
Italy
................................................
—
215,437
—
215,437
Japan
...............................................
—
2,388,602
—
2,388,602
Luxembourg
..........................................
—
1,351
—
1,351
Mexico
..............................................
—
7,509
—
7,509
Netherlands
...........................................
—
537,449
—
537,449
New
Zealand
..........................................
—
85,477
—
85,477
Norway
..............................................
—
108,346
—
108,346
Portugal
.............................................
—
23,315
—
23,315
Singapore
............................................
—
123,474
—
123,474
South
Africa
...........................................
—
5,581
—
5,581
Spain
...............................................
—
266,058
—
266,058
Sweden
.............................................
—
280,893
—
280,893
Switzerland
...........................................
—
1,036,038
—
1,036,038
United
Kingdom
........................................
54,882
1,228,487
—
1,283,369
United
States
..........................................
—
270,132
—
270,132
Preferred
Stock
s
.........................................
—
113,985
—
113,985
Short-Term
Securities
.......................................
235,086
—
—
235,086
$
305,033
$
10,800,465
$
—
$
11,105,498
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(4,210)
$
—
$
—
$
(4,210)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
Knollwood
CDO
Ltd.,
Series
2004-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.20%),
4.19%,
01/10/39
(a)(b)(c)
....................
USD
189
$
—
Total
Asset-Backed
Securities
—
0.0%
(Cost:
$184,992)
.................................
—
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.1%
Howmet
Aerospace,
Inc.
...............
13,617
464,612
MTU
Aero
Engines
AG
................
1,252
252,486
TransDigm
Group,
Inc.
(d)
...............
1,299
772,658
1,489,756
Air
Freight
&
Logistics
—
0.1%
DSV
A/S
..........................
2,335
382,827
InPost
SA
(d)
........................
32,177
197,273
United
Parcel
Service,
Inc.,
Class
B
.......
2,112
380,118
960,218
Airlines
—
0.2%
(d)
Alaska
Air
Group,
Inc.
.................
2,997
163,007
American
Airlines
Group,
Inc.
............
15,416
289,358
Delta
Air
Lines,
Inc.
..................
16,804
723,076
Southwest
Airlines
Co.
................
22,465
1,049,565
United
Airlines
Holdings,
Inc.
............
7,707
389,204
2,614,210
Auto
Components
—
0.2%
Aptiv
plc
(d)
.........................
6,963
740,863
Bridgestone
Corp.
...................
26,900
985,985
Cie
Generale
des
Etablissements
Michelin
SCA
199
24,648
Denso
Corp.
.......................
18,600
1,133,582
2,885,078
Automobiles
—
2.1%
Bayerische
Motoren
Werke
AG
..........
10,191
832,256
Ferrari
NV
........................
2,205
464,273
Ford
Motor
Co.
.....................
121,474
1,720,072
General
Motors
Co.
(d)
.................
51,764
1,962,373
Honda
Motor
Co.
Ltd.
.................
48,300
1,270,462
Isuzu
Motors
Ltd.
....................
16,900
197,152
Mazda
Motor
Corp.
(d)
.................
18,200
129,234
Mercedes-Benz
Group
AG
..............
19,269
1,344,999
Nissan
Motor
Co.
Ltd.
(d)
................
107,900
431,983
Rivian
Automotive,
Inc.,
Class
A
(d)(e)
........
12,907
390,308
Stellantis
NV
.......................
30,357
407,563
Subaru
Corp.
......................
41,200
625,198
Tesla,
Inc.
(d)
........................
23,546
20,502,915
Toyota
Motor
Corp.
..................
225,700
3,867,078
Volkswagen
AG
.....................
1,184
256,764
34,402,630
Banks
—
2.6%
Australia
&
New
Zealand
Banking
Group
Ltd.
.
56,794
1,080,744
Banco
Bilbao
Vizcaya
Argentaria
SA
.......
89,931
471,890
Banco
Santander
SA
.................
264,525
773,035
Bank
Hapoalim
BM
..................
21,394
198,348
Bank
Leumi
Le-Israel
BM
..............
27,362
287,157
Bank
of
America
Corp.
................
146,055
5,211,242
Barclays
plc
.......................
315,576
580,074
BNP
Paribas
SA
....................
17,444
904,496
BOC
Hong
Kong
Holdings
Ltd.
...........
77,500
280,539
CaixaBank
SA
......................
58,093
187,518
Security
Shares
Shares
Value
Banks
(continued)
Citigroup,
Inc.
......................
38,618
$
1,861,774
Comerica,
Inc.
......................
3,111
254,791
Commonwealth
Bank
of
Australia
.........
31,493
2,289,022
Credit
Agricole
SA
...................
20,510
221,468
Danske
Bank
A/S
....................
20,222
310,182
DBS
Group
Holdings
Ltd.
..............
34,100
827,288
FinecoBank
Banca
Fineco
SpA
..........
11,486
159,671
First
Republic
Bank
..................
1,111
165,783
Hang
Seng
Bank
Ltd.
.................
20,900
370,044
HSBC
Holdings
plc
..................
442,541
2,765,495
ING
Groep
NV
......................
90,140
854,005
Intesa
Sanpaolo
SpA
.................
192,618
392,501
Japan
Post
Bank
Co.
Ltd.
..............
26,000
196,152
JPMorgan
Chase
&
Co.
...............
63,315
7,557,278
KBC
Group
NV
.....................
3,537
240,629
M&T
Bank
Corp.
....................
1,247
207,800
Mitsubishi
UFJ
Financial
Group,
Inc.
.......
238,800
1,388,234
Mizuho
Financial
Group,
Inc.
............
49,450
600,457
National
Australia
Bank
Ltd.
.............
61,307
1,399,559
NatWest
Group
plc
...................
197,949
531,055
Nordea
Bank
Abp
...................
48,316
481,715
Oversea-Chinese
Banking
Corp.
Ltd.
......
63,700
565,566
Skandinaviska
Enskilda
Banken
AB,
Class
A
.
16,383
183,721
Societe
Generale
SA
.................
9,583
230,318
Standard
Chartered
plc
................
47,053
321,669
Sumitomo
Mitsui
Financial
Group,
Inc.
......
31,000
936,632
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.......
5,600
173,810
SVB
Financial
Group
(d)
................
351
171,162
Swedbank
AB,
Class
A
................
8,804
139,273
Truist
Financial
Corp.
.................
25,682
1,241,725
UniCredit
SpA
......................
33,385
308,981
United
Overseas
Bank
Ltd.
.............
22,200
475,219
US
Bancorp
.......................
25,227
1,225,023
Wells
Fargo
&
Co.
...................
70,324
3,068,236
Westpac
Banking
Corp.
...............
68,998
1,155,026
Zions
Bancorp
NA
...................
3,609
203,945
43,450,252
Beverages
—
0.7%
Anheuser-Busch
InBev
SA/NV
...........
16,221
933,349
Carlsberg
A/S,
Class
B
................
1,990
252,796
Coca-Cola
Co.
(The)
.................
32,236
2,082,768
Coca-Cola
Europacific
Partners
plc
........
4,102
204,895
Coca-Cola
HBC
AG
(d)
.................
15,266
309,501
Diageo
plc
........................
51,394
2,563,987
Heineken
Holding
NV
.................
7,559
590,072
Heineken
NV
......................
10,635
1,038,093
PepsiCo,
Inc.
......................
14,938
2,565,004
Pernod
Ricard
SA
...................
5,994
1,237,067
11,777,532
Biotechnology
—
1.7%
AbbVie,
Inc.
.......................
53,128
7,803,441
Alnylam
Pharmaceuticals,
Inc.
(d)
..........
2,708
361,329
Amgen,
Inc.
.......................
18,364
4,282,301
Argenx
SE
(d)
.......................
647
186,406
Biogen,
Inc.
(d)
......................
6,344
1,315,999
BioMarin
Pharmaceutical,
Inc.
(d)
..........
5,532
450,028
CSL
Ltd.
..........................
9,223
1,760,212
Exact
Sciences
Corp.
(d)
................
4,377
240,954
Genmab
A/S
(d)
......................
1,104
388,212
Gilead
Sciences,
Inc.
.................
44,456
2,638,019
Horizon
Therapeutics
plc
(d)
.............
7,658
754,773
Incyte
Corp.
(d)
......................
8,593
644,131
Moderna
,
Inc.
(d)
.....................
12,914
1,735,771
Neurocrine
Biosciences,
Inc.
(d)
...........
2,980
268,289
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Biotechnology
(continued)
Novavax
,
Inc.
(d)
.....................
2,402
$
108,258
Regeneron
Pharmaceuticals,
Inc.
(d)
........
3,680
2,425,525
Seagen
,
Inc.
(d)
......................
4,210
551,552
Vertex
Pharmaceuticals,
Inc.
(d)
...........
8,771
2,396,413
28,311,613
Building
Products
—
0.8%
Allegion
plc
........................
3,733
426,458
Assa
Abloy
AB,
Class
B
...............
27,441
693,493
Carrier
Global
Corp.
..................
33,490
1,281,662
Cie
de
Saint-Gobain
..................
10,402
606,834
Daikin
Industries
Ltd.
.................
5,800
886,343
Fortune
Brands
Home
&
Security,
Inc.
......
11,625
828,281
Geberit
AG
(Registered)
...............
1,923
1,096,637
Johnson
Controls
International
plc
........
26,431
1,582,424
Kingspan
Group
plc
..................
2,752
256,176
Lennox
International,
Inc.
..............
2,403
512,295
Lixil
Corp.
.........................
10,900
191,713
Masco
Corp.
.......................
32,231
1,698,251
Nibe
Industrie
r
AB,
Class
B
.............
42,912
420,727
Owens
Corning
.....................
7,136
648,876
Rockwool
A/S,
Class
B
................
1,119
312,962
Trane
Technologies
plc
................
9,931
1,389,248
12,832,380
Capital
Markets
—
1.4%
3i
Group
plc
.......................
11,669
190,966
Abrdn
plc
.........................
34,377
80,722
Ameriprise
Financial,
Inc.
..............
2,276
604,255
Amundi
SA
(c)(f)
......................
3,050
183,397
ASX
Ltd.
.........................
3,254
196,736
Bank
of
New
York
Mellon
Corp.
(The)
......
13,492
567,474
Charles
Schwab
Corp.
(The)
............
30,004
1,990,165
CME
Group,
Inc.
....................
6,954
1,525,290
Credit
Suisse
Group
AG
(Registered)
......
33,106
224,701
Daiwa
Securities
Group,
Inc.
............
41,100
201,436
Deutsche
Bank
AG
(Registered)
(d)
.........
36,135
361,326
Deutsche
Boerse
AG
.................
4,415
768,627
EQT
AB
..........................
6,706
189,792
Euronext
NV
(c)(f)
.....................
1,099
88,054
Goldman
Sachs
Group,
Inc.
(The)
........
7,254
2,216,024
Hargreaves
Lansdown
plc
..............
7,413
84,867
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....
14,300
606,591
Intercontinental
Exchange,
Inc.
..........
11,924
1,380,918
Japan
Exchange
Group,
Inc.
............
12,200
181,663
London
Stock
Exchange
Group
plc
........
7,285
718,241
Macquarie
Group
Ltd.
.................
7,259
1,045,028
Moody's
Corp.
......................
3,055
966,846
Morgan
Stanley
.....................
29,790
2,400,776
MSCI,
Inc.
........................
1,507
634,824
Nasdaq,
Inc.
.......................
786
123,693
Nomura
Holdings,
Inc.
................
80,400
309,577
Northern
Trust
Corp.
..................
1,841
189,715
Partners
Group
Holding
AG
.............
356
377,181
Raymond
James
Financial,
Inc.
..........
1,413
137,711
S&P
Global,
Inc.
....................
6,946
2,615,169
Schroders
plc
......................
5,183
182,961
Singapore
Exchange
Ltd.
..............
15,100
106,249
St.
James's
Place
plc
.................
17,154
275,658
State
Street
Corp.
...................
5,254
351,860
T.
Rowe
Price
Group,
Inc.
..............
2,194
269,950
UBS
Group
AG
(Registered)
............
60,593
1,028,666
23,377,109
Security
Shares
Shares
Value
Chemicals
—
1.2%
Air
Liquide
SA
......................
6,863
$
1,187,357
Albemarle
Corp.
....................
4,623
891,453
Asahi
Kasei
Corp.
...................
35,000
287,164
BASF
SE
.........................
18,239
960,520
Corteva
,
Inc.
.......................
2,822
162,801
Croda
International
plc
................
3,517
341,594
DuPont
de
Nemours,
Inc.
..............
17,729
1,168,873
Ecolab,
Inc.
.......................
13,682
2,316,910
EMS-
Chemie
Holding
AG
(Registered)
.....
122
108,839
Evonik
Industries
AG
.................
7,113
186,051
International
Flavors
&
Fragrances,
Inc.
.....
13,554
1,644,100
Koninklijke
DSM
NV
..................
4,244
713,457
Linde
plc
.........................
6,918
2,158,139
Novozymes
A/S,
Class
B
...............
3,563
248,375
PPG
Industries,
Inc.
..................
14,485
1,853,935
RPM
International,
Inc.
................
9,227
764,919
Sherwin-Williams
Co.
(The)
.............
9,148
2,515,334
Shin-Etsu
Chemical
Co.
Ltd.
............
7,100
975,785
Sika
AG
(Registered)
.................
1,563
477,431
Symrise
AG
.......................
3,350
398,631
19,361,668
Commercial
Services
&
Supplies
—
0.2%
Cintas
Corp.
.......................
1,740
691,232
Rentokil
Initial
plc
....................
63,865
438,642
Republic
Services,
Inc.
................
3,717
499,082
Secom
Co.
Ltd.
.....................
9,900
696,510
Waste
Management,
Inc.
...............
9,107
1,497,555
3,823,021
Communications
Equipment
—
0.3%
Cisco
Systems,
Inc.
..................
52,822
2,587,221
Motorola
Solutions,
Inc.
...............
9,481
2,025,995
Nokia
OYJ
(d)
.......................
43,011
218,069
Telefonaktiebolaget
LM
Ericsson,
Class
B
...
21,007
167,578
4,998,863
Construction
&
Engineering
—
0.3%
ACS
Actividades
de
Construccion
y
Servicios
SA
...........................
7,237
185,305
Bouygues
SA
......................
11,456
393,895
Eiffage
SA
........................
8,919
880,740
Ferrovial
SA
.......................
28,822
739,122
Kajima
Corp.
.......................
21,600
240,721
Obayashi
Corp.
.....................
56,200
386,495
Quanta
Services,
Inc.
.................
3,392
393,404
Shimizu
Corp.
......................
61,000
319,862
Taisei
Corp.
.......................
18,600
503,837
Vinci
SA
..........................
17,372
1,685,672
5,729,053
Construction
Materials
—
0.3%
CRH
plc
..........................
11,410
450,979
Martin
Marietta
Materials,
Inc.
...........
5,164
1,829,192
Vulcan
Materials
Co.
.................
11,356
1,956,525
4,236,696
Consumer
Finance
—
0.2%
American
Express
Co.
................
11,991
2,094,948
Capital
One
Financial
Corp.
.............
7,521
937,267
Discover
Financial
Services
.............
4,139
465,472
Synchrony
Financial
..................
2,378
87,534
3,585,221
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Containers
&
Packaging
—
0.0%
Ball
Corp.
.........................
5,528
$
448,652
Smurfit
Kappa
Group
plc
...............
4,121
174,136
622,788
Diversified
Financial
Services
—
1.1%
Berkshire
Hathaway,
Inc.,
Class
B
(d)
.......
47,561
15,354,118
Groupe
Bruxelles
Lambert
SA
...........
7,369
695,342
Industrivarden
AB,
Class
C
.............
7,771
195,670
Investor
AB,
Class
A
..................
9,240
192,991
Investor
AB,
Class
B
..................
40,524
779,800
L
E
Lundbergforetagen
AB,
Class
B
.......
2,535
118,553
M&G
plc
..........................
82,864
219,999
Mitsubishi
HC
Capital,
Inc.
..............
9,900
44,545
ORIX
Corp.
........................
26,700
486,980
Wendel
SE
........................
408
40,651
18,128,649
Diversified
Telecommunication
Services
—
0.8%
AT&T,
Inc.
.........................
244,623
4,613,590
BT
Group
plc
(d)
.....................
100,078
221,932
Cellnex
Telecom
SA
(c)(f)
................
5,674
264,467
Deutsche
Telekom
AG
(Registered)
.......
54,924
1,011,764
Liberty
Global
plc,
Class
C
(d)
............
4,554
107,930
Lumen
Technologies,
Inc.
..............
36,843
370,640
Nippon
Telegraph
&
Telephone
Corp.
......
14,700
433,199
Orange
SA
........................
19,608
233,441
Telefonica
SA
......................
40,900
198,964
Verizon
Communications,
Inc.
...........
124,402
5,759,812
13,215,739
Electric
Utilities
—
2.3%
Chubu
Electric
Power
Co.,
Inc.
...........
72,200
728,864
CK
Infrastructure
Holdings
Ltd.
...........
193,000
1,297,619
Constellation
Energy
Corp.
(d)
............
29,174
1,727,393
Edison
International
..................
44,456
3,058,128
Electricite
de
France
SA
...............
42,130
383,006
Elia
Group
SA/NV
...................
7,489
1,192,087
Endesa
SA
........................
50,789
1,064,408
Enel
SpA
.........................
295,936
1,924,440
Entergy
Corp.
......................
23,820
2,831,007
Eversource
Energy
..................
38,561
3,370,231
Exelon
Corp.
.......................
86,339
4,038,938
Fortum
OYJ
.......................
38,459
639,414
Iberdrola
SA
.......................
222,107
2,552,187
Mercury
NZ
Ltd.
.....................
44,829
173,805
NextEra
Energy,
Inc.
.................
115,434
8,198,123
Orsted
A/S
(c)(f)
......................
6,877
760,806
Red
Electrica
Corp.
SA
................
2,461
49,550
SSE
plc
..........................
73,650
1,710,582
Terna
-
Rete
Elettrica
Nazionale
..........
126,026
1,027,878
Verbund
AG
.......................
4,631
495,004
37,223,470
Electrical
Equipment
—
0.5%
ABB
Ltd.
(Registered)
.................
22,931
687,975
Eaton
Corp.
plc
.....................
8,293
1,202,651
Emerson
Electric
Co.
.................
14,799
1,334,574
Fuji
Electric
Co.
Ltd.
..................
1,200
52,621
Legrand
SA
.......................
9,219
816,934
Mitsubishi
Electric
Corp.
...............
41,000
429,446
Nidec
Corp.
.......................
6,200
400,824
Rockwell
Automation,
Inc.
..............
1,902
480,578
Schneider
Electric
SE
.................
11,068
1,587,916
Siemens
Energy
AG
(d)
.................
18,766
361,476
Vestas
Wind
Systems
A/S
..............
24,610
627,580
7,982,575
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
—
0.6%
Azbil
Corp.
........................
12,900
$
391,671
CDW
Corp.
........................
10,506
1,714,369
Cognex
Corp.
......................
2,332
157,713
Corning,
Inc.
.......................
18,806
661,783
Halma
plc
.........................
10,020
307,569
Hamamatsu
Photonics
KK
..............
2,300
102,909
Hexagon
AB,
Class
B
.................
30,876
398,391
Keyence
Corp.
.....................
4,500
1,809,019
Keysight
Technologies,
Inc.
(d)
............
934
131,012
Kyocera
Corp.
......................
9,200
483,064
Murata
Manufacturing
Co.
Ltd.
...........
9,000
536,467
TE
Connectivity
Ltd.
..................
6,092
760,160
Teledyne
Technologies,
Inc.
(d)
............
1,790
772,475
Trimble,
Inc.
(d)
......................
16,891
1,126,630
Zebra
Technologies
Corp.,
Class
A
(d)
.......
3,115
1,151,491
10,504,723
Energy
Equipment
&
Services
—
0.3%
Baker
Hughes
Co.
...................
40,048
1,242,289
Halliburton
Co.
.....................
48,901
1,741,854
Schlumberger
NV
...................
51,302
2,001,291
Tenaris
SA
........................
13,658
208,724
5,194,158
Entertainment
—
1.3%
Activision
Blizzard,
Inc.
................
22,334
1,688,450
AMC
Entertainment
Holdings,
Inc.,
Class
A
(d)
.
37,429
572,664
Bollore
SE
........................
54,780
255,627
Electronic
Arts,
Inc.
..................
9,084
1,072,366
Konami
Holdings
Corp.
................
1,100
67,643
Liberty
Media
Corp.
-Liberty
Formula
One,
Class
C
(d)
.......................
13,308
829,488
Live
Nation
Entertainment,
Inc.
(d)
.........
13,244
1,389,031
Netflix,
Inc.
(d)
.......................
18,664
3,552,879
Nexon
Co.
Ltd.
.....................
7,300
166,229
Nintendo
Co.
Ltd.
....................
2,100
958,420
Roku,
Inc.
(d)
........................
4,675
434,307
Sea
Ltd.,
ADR
(d)
.....................
5,444
450,545
Take-Two
Interactive
Software,
Inc.
(d)
.......
3,726
445,294
Ubisoft
Entertainment
SA
(d)
.............
1,790
80,931
Universal
Music
Group
NV
.............
16,112
373,902
Walt
Disney
Co.
(The)
(d)
...............
64,203
7,166,981
Warner
Bros
Discovery,
Inc.
(d)
...........
119,057
2,160,885
21,665,642
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.7%
Alexandria
Real
Estate
Equities,
Inc.
.......
3,875
705,870
American
Tower
Corp.
................
11,479
2,766,669
AvalonBay
Communities,
Inc.
...........
3,549
807,326
Boston
Properties,
Inc.
................
3,281
385,846
British
Land
Co.
plc
(The)
..............
14,215
91,565
Camden
Property
Trust
................
965
151,399
Covivio
..........................
827
58,897
Crown
Castle
International
Corp.
.........
10,998
2,036,940
Daiwa
House
REIT
Investment
Corp.
......
92
223,928
Dexus
...........................
21,705
169,702
Digital
Realty
Trust,
Inc.
...............
8,306
1,213,673
Duke
Realty
Corp.
...................
9,465
518,209
Equinix
,
Inc.
.......................
2,217
1,594,200
Equity
Residential
...................
9,920
808,480
Essex
Property
Trust,
Inc.
..............
1,530
503,783
Extra
Space
Storage,
Inc.
..............
2,643
502,170
Federal
Realty
Investment
Trust
..........
1,684
197,129
Gecina
SA
........................
1,795
202,203
GLP
J-
Reit
........................
162
218,599
Goodman
Group
....................
30,447
506,757
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
GPT
Group
(The)
....................
36,075
$
128,242
Healthpeak
Properties,
Inc.
.............
14,099
462,588
Host
Hotels
&
Resorts,
Inc.
(d)
............
13,816
281,156
Iron
Mountain,
Inc.
...................
6,087
327,054
Japan
Metropolitan
Fund
Investment
.......
117
92,995
Japan
Real
Estate
Investment
Corp.
.......
44
212,954
Kimco
Realty
Corp.
..................
14,582
369,362
Land
Securities
Group
plc
..............
17,509
164,209
Link
REIT
.........................
76,100
657,335
Mid-America
Apartment
Communities,
Inc.
...
2,208
434,269
Mirvac
Group
......................
56,549
95,573
Nippon
Building
Fund,
Inc.
..............
59
306,287
Nippon
Prologis
REIT,
Inc.
..............
15
41,517
Nomura
Real
Estate
Master
Fund,
Inc.
.....
97
121,787
Orix
JREIT,
Inc.
.....................
37
50,014
Prologis,
Inc.
.......................
18,152
2,909,584
Public
Storage
......................
3,628
1,347,802
Realty
Income
Corp.
..................
17,586
1,219,765
Regency
Centers
Corp.
...............
2,218
152,665
SBA
Communications
Corp.
............
2,933
1,018,074
Scentre
Group
......................
99,745
207,820
Segro
plc
.........................
35,827
599,819
Simon
Property
Group,
Inc.
.............
7,747
914,146
UDR,
Inc.
.........................
5,448
289,888
Unibail
-
Rodamco
-Westfield
(d)
............
4,581
323,304
Ventas,
Inc.
.......................
8,794
488,507
Welltower
,
Inc.
......................
11,001
999,001
Weyerhaeuser
Co.
...................
16,395
675,802
28,554,864
Food
Products
—
0.5%
Barry
Callebaut
AG
(Registered)
..........
67
154,204
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
.....................
2
237,265
Danone
SA
........................
6,801
411,265
JDE
Peet's
NV
(d)
....................
5,578
164,100
Kerry
Group
plc,
Class
A
...............
1,982
219,546
Lamb
Weston
Holdings,
Inc.
............
3,456
228,442
Nestle
SA
(Registered)
................
49,318
6,366,662
7,781,484
Gas
Utilities
—
0.3%
APA
Group
(g)
.......................
130,403
1,047,804
Atmos
Energy
Corp.
..................
3,104
351,994
Hong
Kong
&
China
Gas
Co.
Ltd.
.........
176,222
194,359
Naturgy
Energy
Group
SA
..............
32,027
963,446
Osaka
Gas
Co.
Ltd.
..................
44,500
802,042
Snam
SpA
........................
240,705
1,320,171
Tokyo
Gas
Co.
Ltd.
..................
34,900
668,491
UGI
Corp.
.........................
9,755
334,596
5,682,903
Health
Care
Equipment
&
Supplies
—
1.7%
Abbott
Laboratories
..................
51,653
5,862,615
ABIOMED,
Inc.
(d)
....................
793
227,258
Alcon,
Inc.
........................
7,191
513,444
Align
Technology,
Inc.
(d)
................
1,914
554,888
Baxter
International,
Inc.
...............
19,058
1,354,261
Becton
Dickinson
and
Co.
..............
7,105
1,756,285
Boston
Scientific
Corp.
(d)
...............
35,317
1,487,199
Coloplast
A/S,
Class
B
................
1,627
219,204
Cooper
Cos.,
Inc.
(The)
...............
620
223,845
Dentsply
Sirona,
Inc.
.................
2,597
103,854
Dexcom
,
Inc.
(d)
.....................
2,487
1,016,138
Edwards
Lifesciences
Corp.
(d)
...........
15,584
1,648,475
Hologic
,
Inc.
(d)
......................
3,094
222,737
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Hoya
Corp.
........................
6,000
$
595,453
IDEXX
Laboratories,
Inc.
(d)
..............
1,915
824,369
Intuitive
Surgical,
Inc.
(d)
................
9,136
2,186,245
Koninklijke
Philips
NV
.................
18,395
480,682
Medtronic
plc
......................
35,519
3,706,763
Olympus
Corp.
.....................
16,800
295,699
ResMed
,
Inc.
......................
3,333
666,500
Siemens
Healthineers
AG
(c)(f)
............
9,208
492,351
Smith
&
Nephew
plc
..................
10,553
171,049
Stryker
Corp.
......................
8,774
2,116,815
Sysmex
Corp.
......................
2,000
131,195
Teleflex,
Inc.
.......................
572
163,375
Terumo
Corp.
......................
11,300
336,346
Zimmer
Biomet
Holdings,
Inc.
...........
4,605
556,054
27,913,099
Health
Care
Providers
&
Services
—
1.0%
Anthem,
Inc.
.......................
3,760
1,887,257
Centene
Corp.
(d)
....................
10,444
841,264
Cigna
Corp.
.......................
7,686
1,896,751
Fresenius
Medical
Care
AG
&
Co.
KGaA
....
4,483
278,784
Fresenius
SE
&
Co.
KGaA
..............
8,600
303,992
Humana,
Inc.
......................
2,132
947,802
UnitedHealth
Group,
Inc.
...............
21,373
10,869,239
17,025,089
Health
Care
Technology
—
0.0%
Cerner
Corp.
.......................
3,708
347,217
M3,
Inc.
..........................
6,300
201,184
Teladoc
Health,
Inc.
(d)
.................
1,807
61,005
Veeva
Systems,
Inc.,
Class
A
(d)
..........
615
111,899
721,305
Hotels,
Restaurants
&
Leisure
—
0.8%
Booking
Holdings,
Inc.
(d)
...............
422
932,751
Caesars
Entertainment,
Inc.
(d)
...........
1,901
125,998
Carnival
Corp.
(d)
.....................
13,518
233,861
Chipotle
Mexican
Grill,
Inc.
(d)
............
520
756,917
Compass
Group
plc
(d)
.................
50,782
1,071,594
Entain
plc
(d)
........................
6,368
119,657
Evolution
AB
(c)(f)
.....................
2,530
259,574
Expedia
Group,
Inc.
(d)
.................
947
165,488
Flutter
Entertainment
plc
(d)
..............
3,129
314,432
Galaxy
Entertainment
Group
Ltd.
(d)
........
41,000
233,953
Hilton
Worldwide
Holdings,
Inc.
(d)
.........
3,210
498,481
InterContinental
Hotels
Group
plc
(d)
........
3,911
249,677
Marriott
International,
Inc.,
Class
A
(d)
.......
4,019
713,453
McDonald's
Corp.
...................
15,778
3,931,246
Norwegian
Cruise
Line
Holdings
Ltd.
(d)
......
9,922
198,738
Oriental
Land
Co.
Ltd.
................
4,400
665,589
Penn
National
Gaming,
Inc.
(d)
............
3,954
144,598
Royal
Caribbean
Cruises
Ltd.
(d)
..........
2,759
214,457
Sodexo
SA
(d)
.......................
2,423
182,271
Starbucks
Corp.
.....................
20,979
1,565,873
Yum!
Brands,
Inc.
...................
1,821
213,075
12,791,683
Household
Durables
—
0.6%
DR
Horton,
Inc.
.....................
39,313
2,735,792
Lennar
Corp.,
Class
A
.................
33,188
2,538,550
NVR,
Inc.
(d)
........................
400
1,750,484
PulteGroup,
Inc.
....................
36,925
1,541,988
Sony
Group
Corp.
...................
19,800
1,708,761
10,275,575
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Household
Products
—
0.4%
Kimberly-Clark
Corp.
.................
4,104
$
569,758
Procter
&
Gamble
Co.
(The)
............
29,216
4,690,629
Reckitt
Benckiser
Group
plc
.............
13,269
1,034,791
6,295,178
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
EDP
Renovaveis
SA
..................
38,373
908,180
Uniper
SE
.........................
7,893
202,887
1,111,067
Industrial
Conglomerates
—
0.3%
CK
Hutchison
Holdings
Ltd.
.............
118,500
831,624
DCC
plc
..........................
8,113
614,714
Hitachi
Ltd.
........................
19,300
915,331
Investment
AB
Latour
,
Class
B
...........
2,299
60,906
Keppel
Corp.
Ltd.
....................
69,800
344,240
Lifco
AB,
Class
B
....................
9,457
198,367
Siemens
AG
.......................
15,696
1,929,901
Smiths
Group
plc
....................
5,619
102,824
Toshiba
Corp.
......................
9,100
377,908
5,375,815
Insurance
—
1.9%
Admiral
Group
plc
...................
8,070
254,022
Aegon
NV
.........................
50,124
259,877
AIA
Group
Ltd.
.....................
245,000
2,406,821
Alleghany
Corp.
(d)
....................
326
272,699
Allianz
SE
(Registered)
................
8,964
2,022,584
Allstate
Corp.
(The)
..................
9,985
1,263,502
American
Financial
Group,
Inc.
..........
1,584
219,352
Aon
plc,
Class
A
....................
7,063
2,034,073
Arch
Capital
Group
Ltd.
(d)
(e)
.............
7,573
345,859
Arthur
J
Gallagher
&
Co.
...............
7,746
1,305,124
Assicurazioni
Generali
SpA
.............
11,196
211,975
Aviva
plc
.........................
118,940
638,128
AXA
SA
..........................
46,740
1,236,508
Brown
&
Brown,
Inc.
..................
9,806
607,776
Cincinnati
Financial
Corp.
..............
4,227
518,484
CNP
Assurances
....................
4,629
101,720
Dai-ichi
Life
Holdings,
Inc.
..............
18,200
364,437
Erie
Indemnity
Co.,
Class
A
.............
2,109
338,031
Everest
Re
Group
Ltd.
................
1,730
475,248
Hannover
Rueck
SE
..................
2,792
433,962
Hartford
Financial
Services
Group,
Inc.
(The)
.
2,448
171,189
Japan
Post
Holdings
Co.
Ltd.
(d)
...........
74,100
519,579
Legal
&
General
Group
plc
.............
133,075
414,808
Loews
Corp.
.......................
11,414
717,256
Markel
Corp.
(d)
......................
154
208,405
Marsh
&
McLennan
Cos.,
Inc.
...........
14,597
2,360,335
MS&AD
Insurance
Group
Holdings,
Inc.
....
10,500
312,556
Muenchener
Rueckversicherungs-Gesellschaft
AG
(Registered)
..................
2,863
681,797
NN
Group
NV
......................
11,561
566,276
Phoenix
Group
Holdings
plc
............
32,704
247,713
Principal
Financial
Group,
Inc.
...........
5,782
393,985
Progressive
Corp.
(The)
...............
20,432
2,193,580
Prudential
plc
......................
52,985
659,581
Sampo
OYJ,
Class
A
.................
15,578
756,428
Sompo
Holdings,
Inc.
.................
7,200
293,112
Suncorp
Group
Ltd.
..................
28,583
229,493
Swiss
Life
Holding
AG
(Registered)
........
296
173,076
Swiss
Re
AG
.......................
4,075
334,178
Tokio
Marine
Holdings,
Inc.
.............
13,600
735,334
Travelers
Cos.,
Inc.
(The)
..............
8,515
1,456,576
Tryg
A/S
..........................
20,760
493,613
Willis
Towers
Watson
plc
...............
4,445
955,053
Security
Shares
Shares
Value
Insurance
(continued)
WR
Berkley
Corp.
...................
9,901
$
658,318
Zurich
Insurance
Group
AG
.............
2,654
1,208,286
32,050,709
Interactive
Media
&
Services
—
2.5%
Alphabet,
Inc.,
Class
A
(d)
...............
6,817
15,557,689
Alphabet,
Inc.,
Class
C
(d)
...............
6,291
14,465,085
Match
Group,
Inc.
(d)
..................
5,125
405,644
Meta
Platforms,
Inc.,
Class
A
(d)(e)
..........
52,479
10,520,465
Twitter,
Inc.
(d)
.......................
15,078
739,124
Z
Holdings
Corp.
....................
43,000
168,811
41,856,818
Internet
&
Direct
Marketing
Retail
—
1.1%
(d)
Amazon.com,
Inc.
...................
7,226
17,961,163
Prosus
NV
........................
3,592
173,237
18,134,400
IT
Services
—
2.3%
Accenture
plc,
Class
A
................
12,575
3,777,027
Adyen
NV
(c)(d)(f)
......................
494
828,583
Amadeus
IT
Group
SA
(d)
...............
5,363
336,061
Automatic
Data
Processing,
Inc.
..........
8,877
1,936,784
Broadridge
Financial
Solutions,
Inc.
.......
3,148
453,721
Capgemini
SE
......................
2,860
582,236
Cognizant
Technology
Solutions
Corp.,
Class
A
9,038
731,174
DXC
Technology
Co.
(d)
................
5,819
167,005
EPAM
Systems,
Inc.
(d)
.................
1,034
274,000
Fidelity
National
Information
Services,
Inc.
...
13,882
1,376,400
Fiserv,
Inc.
(d)
.......................
13,573
1,329,068
FleetCor
Technologies,
Inc.
(d)
............
637
158,944
Fujitsu
Ltd.
........................
4,800
725,516
Gartner,
Inc.
(d)
......................
918
266,725
Global
Payments,
Inc.
................
6,587
902,287
GMO
Payment
Gateway,
Inc.
............
1,700
142,630
International
Business
Machines
Corp.
.....
20,657
2,731,062
Itochu
Techno-Solutions
Corp.
...........
2,400
56,198
Jack
Henry
&
Associates,
Inc.
...........
898
170,243
Mastercard
,
Inc.,
Class
A
...............
18,381
6,679,288
MongoDB,
Inc.
(d)
....................
336
119,256
NEC
Corp.
........................
5,100
197,859
Nomura
Research
Institute
Ltd.
..........
13,000
367,594
NTT
Data
Corp.
.....................
25,600
472,011
Obic
Co.
Ltd.
.......................
4,200
620,505
Otsuka
Corp.
......................
6,000
196,633
Paychex,
Inc.
......................
7,067
895,601
PayPal
Holdings,
Inc.
(d)
................
25,548
2,246,436
SCSK
Corp.
.......................
12,900
205,088
TIS,
Inc.
..........................
7,900
177,429
Visa,
Inc.,
Class
A
...................
37,394
7,969,783
Wix.com
Ltd.
(d)
......................
1,600
120,736
37,213,883
Life
Sciences
Tools
&
Services
—
1.4%
10X
Genomics,
Inc.,
Class
A
(d)
...........
1,652
78,900
Agilent
Technologies,
Inc.
..............
10,562
1,259,730
Avantor
,
Inc.
(d)
......................
8,346
266,070
Bio-Rad
Laboratories,
Inc.,
Class
A
(d)
.......
1,125
576,067
Bio-
Techne
Corp.
....................
1,433
544,096
Charles
River
Laboratories
International,
Inc.
(d)
1,766
426,507
Danaher
Corp.
.....................
19,651
4,934,956
Eurofins
Scientific
SE
.................
2,655
246,750
Illumina,
Inc.
(d)
......................
5,959
1,767,737
IQVIA
Holdings,
Inc.
(d)
.................
7,184
1,566,040
Lonza
Group
AG
(Registered)
...........
1,230
725,250
Mettler
-Toledo
International,
Inc.
(d)
........
815
1,041,187
PerkinElmer,
Inc.
....................
5,338
782,604
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
QIAGEN
NV
(d)
......................
8,464
$
390,335
Sartorius
Stedim
Biotech
...............
554
181,285
Thermo
Fisher
Scientific,
Inc.
............
12,215
6,753,918
Waters
Corp.
(d)
.....................
2,165
656,038
West
Pharmaceutical
Services,
Inc.
.......
2,072
652,804
22,850,274
Machinery
—
1.7%
Alstom
SA
........................
7,481
164,435
Atlas
Copco
AB,
Class
B
...............
11,385
450,593
Caterpillar,
Inc.
.....................
16,711
3,518,334
Cummins,
Inc.
......................
6,332
1,197,951
Daimler
Truck
Holding
AG
(d)
.............
10,206
274,488
Deere
&
Co.
.......................
11,721
4,425,264
Dover
Corp.
.......................
5,554
740,348
Epiroc
AB,
Class
A
...................
29,840
604,948
Epiroc
AB,
Class
B
...................
7,888
137,613
Fortive
Corp.
.......................
9,537
548,378
Hoshizaki
Corp.
.....................
3,400
215,364
IDEX
Corp.
........................
1,561
296,309
Illinois
Tool
Works,
Inc.
................
10,688
2,106,712
Ingersoll
Rand,
Inc.
..................
11,777
517,717
Komatsu
Ltd.
......................
19,400
436,626
Kone
OYJ,
Class
B
..................
9,981
479,863
Kubota
Corp.
......................
13,400
227,648
Makita
Corp.
.......................
9,900
292,613
Otis
Worldwide
Corp.
.................
6,198
451,462
PACCAR,
Inc.
......................
23,637
1,963,053
Parker-Hannifin
Corp.
.................
4,372
1,184,025
Pentair
plc
........................
11,101
563,376
Rational
AG
.......................
74
45,143
Sandvik
AB
........................
27,802
526,245
Schindler
Holding
AG
(Registered)
........
1,230
236,128
SMC
Corp.
........................
500
242,110
Snap-on,
Inc.
......................
2,219
471,515
Spirax-Sarco
Engineering
plc
............
1,360
205,218
Stanley
Black
&
Decker,
Inc.
............
7,543
906,291
Techtronic
Industries
Co.
Ltd.
............
53,000
707,450
Toyota
Industries
Corp.
................
5,600
335,870
Volvo
AB,
Class
A
...................
5,793
95,241
Volvo
AB,
Class
B
...................
24,394
389,168
Westinghouse
Air
Brake
Technologies
Corp.
..
17,669
1,588,620
Xylem,
Inc.
........................
7,145
575,172
Yaskawa
Electric
Corp.
................
2,300
78,098
27,199,389
Marine
—
0.0%
AP
Moller
-
Maersk
A/S,
Class
A
..........
82
232,113
AP
Moller
-
Maersk
A/S,
Class
B
..........
41
118,663
350,776
Media
—
1.3%
Cable
One,
Inc.
.....................
415
483,973
Charter
Communications,
Inc.,
Class
A
(d)
....
6,845
2,933,014
Comcast
Corp.,
Class
A
...............
180,210
7,165,150
Dentsu
Group,
Inc.
...................
1,700
61,271
DISH
Network
Corp.,
Class
A
(d)
..........
22,033
628,161
Fox
Corp.,
Class
A
...................
21,365
765,722
Fox
Corp.,
Class
B
...................
17,697
588,248
Informa
plc
(d)
.......................
30,060
213,243
Interpublic
Group
of
Cos.,
Inc.
(The)
.......
26,986
880,283
Liberty
Broadband
Corp.,
Class
A
(d)
........
1,947
209,614
Liberty
Broadband
Corp.,
Class
C
(d)
.......
7,058
789,226
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(d)
9,448
395,210
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
C
(d)
16,228
679,628
News
Corp.,
Class
A
..................
19,666
390,567
Security
Shares
Shares
Value
Media
(continued)
News
Corp.,
Class
B
.................
2,882
$
57,380
Omnicom
Group,
Inc.
.................
13,889
1,057,369
Paramount
Global,
Class
B
.............
42,999
1,252,131
Pearson
plc
.......................
9,416
91,427
Publicis
Groupe
SA
..................
4,403
264,342
Sirius
XM
Holdings,
Inc.
(e)
..............
186,936
1,121,616
Vivendi
SE
........................
25,959
298,154
WPP
plc
..........................
24,884
310,176
20,635,905
Metals
&
Mining
—
0.8%
Anglo
American
plc
..................
27,653
1,224,779
Antofagasta
plc
.....................
25,884
495,521
ArcelorMittal
SA
.....................
24,591
717,017
BlueScope
Steel
Ltd.
.................
31,142
442,702
Boliden
AB
........................
21,873
948,439
Evolution
Mining
Ltd.
.................
80,709
228,374
Glencore
plc
(d)
......................
343,176
2,114,536
Hitachi
Metals
Ltd.
(d)
..................
15,300
238,752
JFE
Holdings,
Inc.
...................
17,000
207,889
Mineral
Resources
Ltd.
................
7,775
315,923
Newcrest
Mining
Ltd.
.................
36,964
694,160
Nippon
Steel
Corp.
...................
11,700
185,780
Northern
Star
Resources
Ltd.
............
44,320
304,646
Nucor
Corp.
.......................
8,062
1,247,836
Rio
Tinto
Ltd.
......................
6,652
526,199
Rio
Tinto
plc
.......................
20,374
1,439,549
South32
Ltd.
.......................
293,060
975,989
Steel
Dynamics,
Inc.
..................
2,363
202,627
Sumitomo
Metal
Mining
Co.
Ltd.
..........
16,800
736,794
13,247,512
Multi-Utilities
—
1.2%
Consolidated
Edison,
Inc.
..............
43,005
3,988,284
E.ON
SE
.........................
126,838
1,319,998
Engie
SA
.........................
83,347
983,534
National
Grid
plc
....................
196,251
2,915,697
Public
Service
Enterprise
Group,
Inc.
......
78,275
5,452,637
Sempra
Energy
.....................
25,812
4,165,024
Veolia
Environnement
SA
..............
27,425
800,167
19,625,341
Oil,
Gas
&
Consumable
Fuels
—
2.8%
Ampol
Ltd.
........................
17,154
403,312
APA
Corp.
........................
8,646
353,881
BP
plc
...........................
506,479
2,445,177
Chevron
Corp.
......................
51,519
8,071,482
ConocoPhillips
.....................
34,107
3,257,901
Coterra
Energy,
Inc.
..................
16,964
488,393
Devon
Energy
Corp.
..................
14,428
839,277
Diamondback
Energy,
Inc.
..............
3,565
450,010
ENEOS
Holdings,
Inc.
................
192,500
677,333
Eni
SpA
..........................
72,903
1,019,096
EOG
Resources,
Inc.
.................
13,408
1,565,518
Exxon
Mobil
Corp.
...................
100,757
8,589,534
Galp
Energia
SGPS
SA
...............
69,436
845,151
Hess
Corp.
........................
8,580
884,341
Idemitsu
Kosan
Co.
Ltd.
...............
12,600
332,074
Inpex
Corp.
........................
20,800
247,482
Kinder
Morgan,
Inc.
..................
44,686
811,051
Lundin
Energy
AB
...................
5,080
210,037
Marathon
Oil
Corp.
...................
18,529
461,743
Marathon
Petroleum
Corp.
.............
13,268
1,157,766
Matador
Resources
Co.
...............
939
45,842
Neste
OYJ
........................
18,278
784,287
Occidental
Petroleum
Corp.
.............
23,358
1,286,792
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
OMV
AG
.........................
7,000
$
357,823
ONEOK,
Inc.
.......................
10,219
647,169
Phillips
66
.........................
10,149
880,527
Pioneer
Natural
Resources
Co.
..........
5,802
1,348,791
Repsol
SA
........................
66,320
989,354
Santos
Ltd.
........................
96,912
541,551
TotalEnergies
SE
....................
67,348
3,306,987
Valero
Energy
Corp.
..................
9,730
1,084,700
Williams
Cos.,
Inc.
(The)
...............
58,263
1,997,838
Woodside
Petroleum
Ltd.
..............
21,448
466,625
46,848,845
Personal
Products
—
0.3%
L'Oreal
SA
........................
5,568
2,025,694
Unilever
plc
........................
60,939
2,833,061
4,858,755
Pharmaceuticals
—
5.1%
Astellas
Pharma,
Inc.
.................
43,200
657,751
AstraZeneca
plc
....................
30,103
4,016,982
Bristol-Myers
Squibb
Co.
...............
87,204
6,563,845
Catalent
,
Inc.
(d)
.....................
13,040
1,180,902
Chugai
Pharmaceutical
Co.
Ltd.
..........
16,400
491,429
Daiichi
Sankyo
Co.
Ltd.
................
36,700
924,066
Eisai
Co.
Ltd.
......................
5,800
252,595
Elanco
Animal
Health,
Inc.
(d)
.............
33,378
844,797
Eli
Lilly
&
Co.
......................
31,162
9,103,355
GlaxoSmithKline
plc
..................
118,957
2,681,597
Hikma
Pharmaceuticals
plc
.............
1,840
43,222
Jazz
Pharmaceuticals
plc
(d)
.............
4,319
691,990
Johnson
&
Johnson
..................
81,059
14,627,907
Kyowa
Kirin
Co.
Ltd.
..................
7,000
147,537
Merck
&
Co.,
Inc.
....................
94,752
8,403,555
Merck
KGaA
.......................
3,226
598,511
Novartis
AG
(Registered)
..............
38,983
3,444,901
Novo
Nordisk
A/S,
Class
B
.............
29,260
3,342,261
Ono
Pharmaceutical
Co.
Ltd.
............
11,000
282,596
Organon
&
Co.
.....................
6,035
195,112
Otsuka
Holdings
Co.
Ltd.
..............
11,300
379,708
Pfizer,
Inc.
........................
202,883
9,955,469
Roche
Holding
AG
...................
13,488
5,031,018
Royalty
Pharma
plc,
Class
A
............
9,456
402,637
Sanofi
...........................
22,614
2,390,185
Shionogi
&
Co.
Ltd.
..................
4,800
267,005
Takeda
Pharmaceutical
Co.
Ltd.
..........
39,100
1,134,547
UCB
SA
..........................
1,466
166,644
Viatris
,
Inc.
........................
110,543
1,141,909
Zoetis,
Inc.
........................
22,384
3,967,564
83,331,597
Professional
Services
—
0.4%
Equifax,
Inc.
.......................
2,258
459,548
Experian
plc
.......................
13,732
474,226
Nielsen
Holdings
plc
..................
8,540
228,958
Nihon
M&A
Center
Holdings,
Inc.
.........
12,200
150,229
Persol
Holdings
Co.
Ltd.
...............
15,700
311,482
Randstad
NV
......................
3,059
161,757
Recruit
Holdings
Co.
Ltd.
..............
27,500
997,744
RELX
plc
.........................
49,332
1,469,624
Teleperformance
....................
1,189
426,745
Verisk
Analytics,
Inc.
..................
1,281
261,388
Wolters
Kluwer
NV
...................
9,468
956,105
5,897,806
Real
Estate
Management
&
Development
—
0.4%
Aroundtown
SA
.....................
34,289
172,423
CBRE
Group,
Inc.,
Class
A
(d)
............
8,207
681,509
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
CK
Asset
Holdings
Ltd.
................
61,500
$
416,917
Daiwa
House
Industry
Co.
Ltd.
...........
12,500
300,503
ESR
Cayman
Ltd.
(c)(d)(f)
................
66,800
202,779
Hang
Lung
Properties
Ltd.
..............
24,000
45,902
Henderson
Land
Development
Co.
Ltd.
.....
84,000
339,697
Hongkong
Land
Holdings
Ltd.
...........
58,300
271,967
Hulic
Co.
Ltd.
......................
4,300
36,307
LEG
Immobilien
SE
..................
2,206
226,182
Mitsubishi
Estate
Co.
Ltd.
..............
35,300
514,200
Mitsui
Fudosan
Co.
Ltd.
...............
19,600
415,398
New
World
Development
Co.
Ltd.
.........
90,000
344,231
Sumitomo
Realty
&
Development
Co.
Ltd.
...
7,500
198,964
Sun
Hung
Kai
Properties
Ltd.
............
45,500
524,028
Swire
Pacific
Ltd.,
Class
A
..............
8,500
48,415
Swire
Properties
Ltd.
.................
51,000
122,224
Swiss
Prime
Site
AG
(Registered)
.........
2,650
259,023
UOL
Group
Ltd.
.....................
31,700
166,569
Vonovia
SE
........................
19,120
761,760
Wharf
Real
Estate
Investment
Co.
Ltd.
.....
33,000
155,515
6,204,513
Road
&
Rail
—
0.6%
Central
Japan
Railway
Co.
.............
4,400
553,895
CSX
Corp.
........................
51,923
1,783,036
East
Japan
Railway
Co.
...............
8,100
422,389
JB
Hunt
Transport
Services,
Inc.
.........
1,665
284,465
MTR
Corp.
Ltd.
.....................
77,500
411,766
Norfolk
Southern
Corp.
................
5,667
1,461,406
Old
Dominion
Freight
Line,
Inc.
..........
2,264
634,191
Uber
Technologies,
Inc.
(d)
..............
6,516
205,124
Union
Pacific
Corp.
..................
15,179
3,556,288
West
Japan
Railway
Co.
...............
3,100
115,069
9,427,629
Semiconductors
&
Semiconductor
Equipment
—
3.7%
Advanced
Micro
Devices,
Inc.
(d)
..........
43,843
3,749,453
Analog
Devices,
Inc.
..................
17,194
2,654,410
Applied
Materials,
Inc.
................
27,645
3,050,626
ASM
International
NV
.................
824
247,605
ASML
Holding
NV
...................
8,721
4,949,503
Broadcom,
Inc.
.....................
10,730
5,948,605
Enphase
Energy,
Inc.
(d)
................
6,557
1,058,300
Entegris
,
Inc.
.......................
12,782
1,423,787
Infineon
Technologies
AG
..............
22,389
635,472
Intel
Corp.
........................
104,397
4,550,665
KLA
Corp.
.........................
3,792
1,210,634
Lam
Research
Corp.
.................
4,274
1,990,658
Lasertec
Corp.
.....................
2,000
267,203
Microchip
Technology,
Inc.
..............
21,013
1,370,048
Micron
Technology,
Inc.
................
29,690
2,024,561
NVIDIA
Corp.
......................
62,284
11,551,813
NXP
Semiconductors
NV
..............
19,338
3,304,864
QUALCOMM,
Inc.
...................
22,208
3,102,236
Renesas
Electronics
Corp.
(d)
............
29,900
319,271
Rohm
Co.
Ltd.
......................
2,400
167,666
Skyworks
Solutions,
Inc.
...............
7,136
808,509
SolarEdge
Technologies,
Inc.
(d)
...........
3,289
823,598
STMicroelectronics
NV
................
10,148
374,940
Teradyne,
Inc.
......................
6,300
664,398
Texas
Instruments,
Inc.
................
19,152
3,260,628
Tokyo
Electron
Ltd.
..................
2,500
1,054,867
60,564,320
Software
—
5.4%
Adobe,
Inc.
(d)
.......................
12,863
5,093,105
ANSYS,
Inc.
(d)
......................
3,039
837,822
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Software
(continued)
Autodesk,
Inc.
(d)
.....................
7,276
$
1,377,201
Avalara,
Inc.
(d)
......................
1,705
129,699
Bill.com
Holdings,
Inc.
(d)
...............
1,251
213,558
Black
Knight,
Inc.
(d)
...................
2,336
153,685
Cadence
Design
Systems,
Inc.
(d)
.........
6,992
1,054,743
Ceridian
HCM
Holding,
Inc.
(d)
............
10,125
568,316
Citrix
Systems,
Inc.
..................
2,079
208,108
Crowdstrike
Holdings,
Inc.,
Class
A
(d)
.......
1,734
344,650
Dassault
Systemes
SE
................
15,587
689,325
Datadog
,
Inc.,
Class
A
(d)
...............
1,670
201,703
DocuSign,
Inc.
(d)
....................
1,561
126,441
Dynatrace
,
Inc.
(d)
....................
15,027
576,436
Fortinet,
Inc.
(d)
......................
3,705
1,070,782
Guidewire
Software,
Inc.
(d)
..............
1,450
126,063
HubSpot
,
Inc.
(d)
.....................
657
249,285
Intuit,
Inc.
.........................
8,553
3,581,569
Microsoft
Corp.
.....................
183,230
50,849,990
Nice
Ltd.
(d)
........................
2,338
486,139
NortonLifeLock
,
Inc.
..................
20,521
513,846
Oracle
Corp.
.......................
44,579
3,272,099
Oracle
Corp.
Japan
..................
1,300
83,540
Palantir
Technologies,
Inc.,
Class
A
(d)
......
20,421
212,378
Palo
Alto
Networks,
Inc.
(d)
..............
537
301,407
Paycom
Software,
Inc.
(d)
...............
2,123
597,561
PTC,
Inc.
(d)
........................
3,665
418,580
RingCentral,
Inc.,
Class
A
(d)
.............
1,107
93,929
Sage
Group
plc
(The)
.................
43,855
402,440
Salesforce,
Inc.
(d)
....................
27,836
4,897,466
SAP
SE
..........................
27,017
2,738,065
ServiceNow
,
Inc.
(d)
...................
7,952
3,801,851
Sinch
AB
(c)(d)(f)
......................
7,919
34,997
SS&C
Technologies
Holdings,
Inc.
........
3,789
244,997
Synopsys,
Inc.
(d)
....................
2,614
749,669
Temenos
AG
(Registered)
..............
1,536
155,053
Trade
Desk,
Inc.
(The),
Class
A
(d)
.........
3,147
185,421
Tyler
Technologies,
Inc.
(d)
..............
1,638
646,535
Unity
Software,
Inc.
(d)
.................
2,080
138,133
VMware,
Inc.,
Class
A
.................
3,063
330,927
Workday,
Inc.,
Class
A
(d)
...............
1,675
346,222
Xero
Ltd.
(d)
........................
4,144
273,264
Zoom
Video
Communications,
Inc.,
Class
A
(d)
.
2,144
213,478
Zscaler
,
Inc.
(d)
......................
903
183,074
88,773,552
Specialty
Retail
—
0.1%
Home
Depot,
Inc.
(The)
...............
4,116
1,236,446
Technology
Hardware,
Storage
&
Peripherals
—
4.3%
Apple,
Inc.
........................
404,682
63,798,117
Brother
Industries
Ltd.
................
8,400
145,989
Canon,
Inc.
........................
27,400
630,451
Dell
Technologies,
Inc.,
Class
C
(d)
.........
6,214
292,120
FUJIFILM
Holdings
Corp.
..............
29,300
1,610,658
Hewlett
Packard
Enterprise
Co.
..........
43,188
665,527
HP,
Inc.
..........................
45,615
1,670,877
Logitech
International
SA
(Registered)
......
6,354
413,510
NetApp,
Inc.
.......................
9,637
705,910
Ricoh
Co.
Ltd.
......................
31,200
227,820
Seagate
Technology
Holdings
plc
.........
11,741
963,232
Seiko
Epson
Corp.
...................
8,000
112,700
Western
Digital
Corp.
(d)
................
5,813
308,496
71,545,407
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
adidas
AG
........................
2,372
478,336
EssilorLuxottica
SA
..................
4,812
819,232
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Hermes
International
.................
256
$
315,663
Kering
SA
.........................
836
444,813
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.....
4,465
2,889,459
Pandora
A/S
.......................
2,265
198,882
PVH
Corp.
........................
1,666
121,251
Ralph
Lauren
Corp.
..................
1,102
114,983
Tapestry,
Inc.
.......................
6,283
206,836
Under
Armour
,
Inc.,
Class
A
(d)
............
4,490
68,966
Under
Armour
,
Inc.,
Class
C
(d)
...........
5,119
72,639
5,731,060
Trading
Companies
&
Distributors
—
0.6%
AerCap
Holdings
NV
(d)
................
2,340
109,301
Ashtead
Group
plc
...................
6,083
314,535
Brenntag
SE
.......................
6,589
508,430
Bunzl
plc
.........................
9,464
365,127
Fastenal
Co.
.......................
29,581
1,636,125
Ferguson
plc
.......................
2,786
349,501
IMCD
NV
.........................
1,231
196,003
ITOCHU
Corp.
.....................
40,400
1,219,312
Marubeni
Corp.
.....................
18,800
205,214
Mitsubishi
Corp.
.....................
27,300
916,612
Mitsui
&
Co.
Ltd.
....................
40,100
971,054
MonotaRO
Co.
Ltd.
..................
8,200
140,860
Reece
Ltd.
........................
9,333
113,392
Sumitomo
Corp.
....................
37,000
585,475
United
Rentals,
Inc.
(d)
.................
3,111
984,694
WW
Grainger,
Inc.
...................
2,408
1,204,072
9,819,707
Transportation
Infrastructure
—
0.0%
Transurban
Group
(g)
..................
73,474
737,798
Water
Utilities
—
0.5%
American
Water
Works
Co.,
Inc.
..........
25,571
3,939,980
Essential
Utilities,
Inc.
.................
39,515
1,768,691
Severn
Trent
plc
....................
41,729
1,640,014
United
Utilities
Group
plc
...............
99,916
1,435,834
8,784,519
Wireless
Telecommunication
Services
—
0.4%
KDDI
Corp.
........................
22,200
735,146
SoftBank
Corp.
.....................
41,500
482,972
SoftBank
Group
Corp.
................
20,500
843,170
T-Mobile
US,
Inc.
(d)
...................
28,836
3,550,865
Vodafone
Group
plc
..................
497,948
753,873
6,366,026
Total
Common
Stocks
—
65.9%
(Cost:
$948,445,911)
..............................
1,085,194,093
Beneficial
Interest
(000)
Other
Interests
(h)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(a)(d)(
i
)
.......
USD
300
—
(j)
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
—
Shares
Shares
Preferred
Stocks
Automobiles
—
0.1%
Bayerische
Motoren
Werke
AG
(Preference)
..
2,202
162,218
Porsche
Automobil
Holding
SE
(Preference)
..
5,057
417,101
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2022
Security
Shares
Shares
Value
Automobiles
(continued)
Volkswagen
AG
(Preference)
............
4,030
$
624,112
1,203,431
Chemicals
—
0.0%
Fuchs
Petrolub
SE
(Preference)
..........
11,310
356,732
Health
Care
Equipment
&
Supplies
—
0.0%
Sartorius
AG
(Preference)
..............
568
212,960
Total
Preferred
Stocks
—
0.1%
(Cost:
$2,264,604)
...............................
1,773,123
Par
(000)
Par
(000)
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
(k)
0.13%, 12/15/23
..................
USD
32,000
30,752,500
0.75%, 11/15/24
..................
50,000
47,421,875
Total
U.S.
Treasury
Obligations
—
4.8%
(Cost:
$78,855,404)
...............................
78,174,375
Security
Shares
Shares
Value
Warrants
Oil,
Gas
&
Consumable
Fuels
—
0.0%
Occidental
Petroleum
Corp.
(Issued/exercisable
07/06/20,
1
share
for
1
warrant,
Expires
08/03/27,
Strike
Price
USD
22.00)
(d)
.....
1,719
$
57,999
Total
Warrants
—
0.0%
(Cost:
$8,509)
..................................
57,999
Total
Long-Term
Investments
—
70.8%
(Cost:
$1,029,759,420)
............................
1,165,199,590
Short-Term
Securities
(l)(m)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.29%
....................
127,278,609
127,278,609
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.47%
(n)
........................
10,573,634
10,572,576
Total
Short-Term
Securities
—
8.4%
(Cost:
$137,850,717)
..............................
137,851,185
Total
Investments
—
79.2%
(Cost:
$1,167,610,137
)
............................
1,303,050,775
Other
Assets
Less
Liabilities
—
20.8%
...................
342,943,310
Net
Assets
—
100.0%
...............................
$
1,645,994,085
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Non-income
producing
security.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(g)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(h)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(i)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(j)
Amount
rounds
to
less
than
500.
(k)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
OTC
derivatives.
(l)
Affiliate
of
the
Fund.
(m)
Annualized
7-day
yield
as
of
period
end.
(n)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/22
Shares
Held
at
04/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
35,759,937
$
91,518,672
$
—
$
—
$
—
$
127,278,609
127,278,609
$
29,269
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
34,743
10,537,772
—
(407)
468
10,572,576
10,573,634
7,719
(b)
—
$
(407)
$
468
$
137,851,185
$
36,988
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
51
Schedule
of
Investments
(continued)
April
30,
2022
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
52
Schedule
of
Investments
(continued)
April
30,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Amsterdam
Exchange
Index
..................................................
28
05/20/22
$
4,121
$
(152,350)
CAC
40
10
Euro
Index
......................................................
2,062
05/20/22
139,241
(9,427)
IBEX
35
Index
............................................................
198
05/20/22
17,695
(105,672)
SGX
NIFTY
50
Index
.......................................................
1,123
05/26/22
38,089
(167,588)
MSCI
Singapore
Index
......................................................
3,911
05/30/22
88,018
1,305,507
Euro-Bund
..............................................................
2,584
06/08/22
418,685
(16,897,590)
TOPIX
Index
.............................................................
771
06/09/22
112,582
7,822,142
FTSE/JSE
Top
40
Index
.....................................................
158
06/15/22
6,539
60,164
SPI
200
Index
............................................................
1,313
06/16/22
169,802
2,303,328
DAX
Index
..............................................................
504
06/17/22
185,270
(381,919)
FTSE
100
Index
..........................................................
389
06/17/22
36,322
1,532,573
FTSE/MIB
Index
..........................................................
925
06/17/22
115,327
(2,377,311)
Mini-DAX
Index
...........................................................
4
06/17/22
294
1,222
S&P
500
E-Mini
Index
......................................................
103
06/17/22
21,257
(746,553)
WIG20
Index
............................................................
1,140
06/17/22
9,607
(770,079)
Canada
10
Year
Bond
......................................................
530
06/21/22
52,132
(202,882)
Long
Gilt
...............................................................
3,222
06/28/22
479,860
(4,103,609)
(12,890,044)
Short
Contracts
IBEX
35
Index
............................................................
2,290
05/20/22
204,654
1,205,732
OMX
Stockholm
30
Index
....................................................
188
05/20/22
3,891
14,694
Euro-
Buxl
...............................................................
632
06/08/22
113,997
21,929,633
TOPIX
Index
.............................................................
707
06/09/22
103,237
(2,904,803)
Japan
10
Year
Bond
........................................................
98
06/13/22
112,986
(209,452)
Australia
10
Year
Bonds
.....................................................
1,786
06/15/22
156,652
475,107
S&P/TSX
60
Index
.........................................................
131
06/16/22
25,534
95,066
FTSE
100
Index
..........................................................
1,666
06/17/22
155,559
741,957
MSCI
EAFE
E-Mini
Index
....................................................
2,810
06/17/22
280,522
4,092,606
S&P
500
E-Mini
Index
......................................................
4,554
06/17/22
939,832
40,519,927
U.S.
Treasury
10
Year
Note
...................................................
713
06/21/22
84,880
(27,770)
U.S.
Treasury
Ultra
Bond
....................................................
414
06/21/22
66,111
9,401,424
SET50
Index
.............................................................
13,072
06/29/22
74,195
2,781,250
U.S.
Treasury
5
Year
Note
....................................................
2,693
06/30/22
303,131
14,924,995
93,040,366
$
80,150,322
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
7,663,000
USD
8,087,362
UBS
AG
06/15/22
$
13,475
MXN
480,969,000
USD
22,857,092
Bank
of
America
NA
06/15/22
510,844
USD
9,601,051
AUD
12,745,000
BNP
Paribas
SA
06/15/22
588,815
USD
12,199,729
AUD
16,734,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/15/22
366,794
USD
43,172,390
AUD
59,215,480
State
Street
Bank
and
Trust
Co.
06/15/22
1,299,977
USD
41,907,249
CAD
53,072,975
Bank
of
New
York
Mellon
06/15/22
598,361
USD
10,980,159
CAD
13,906,000
Canadian
Imperial
Bank
of
Commerce
06/15/22
156,545
USD
696,402
CAD
882,000
Goldman
Sachs
International
06/15/22
9,905
USD
6,383,274
CAD
7,984,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
168,997
USD
200,404
CHF
184,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/15/22
10,819
USD
5,187,500
EUR
4,700,000
Bank
of
New
York
Mellon
06/15/22
218,959
USD
14,805,199
EUR
13,487,000
BNP
Paribas
SA
06/15/22
547,599
USD
8,625,405
EUR
7,701,000
Citibank
NA
06/15/22
484,397
USD
36,855,998
EUR
33,108,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/15/22
1,856,324
USD
121,603,516
EUR
111,569,000
Goldman
Sachs
International
06/15/22
3,659,858
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
53
Schedule
of
Investments
(continued)
April
30,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
6,743,660
EUR
6,106,000
HSBC
Bank
plc
06/15/22
$
288,786
USD
6,455,612
EUR
5,972,000
JPMorgan
Chase
Bank
NA
06/15/22
142,394
USD
8,109,416
EUR
7,321,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
370,120
USD
5,145,827
EUR
4,708,000
State
Street
Bank
and
Trust
Co.
06/15/22
168,829
USD
29,169,374
GBP
21,854,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
1,687,518
USD
53,854,096
JPY
6,212,011,580
Goldman
Sachs
International
06/15/22
5,910,896
USD
5,194,053
JPY
641,009,000
UBS
AG
06/15/22
246,860
USD
18,683,542
KRW
22,546,527,000
BNP
Paribas
SA
06/15/22
834,358
USD
8,711,807
MXN
176,389,000
JPMorgan
Chase
Bank
NA
06/15/22
141,925
USD
3,371,007
NOK
29,968,000
Bank
of
New
York
Mellon
06/15/22
175,493
USD
6,818,742
PLN
29,425,000
BNP
Paribas
SA
06/15/22
218,398
USD
7,007,941
PLN
30,148,000
HSBC
Bank
plc
06/15/22
245,420
USD
13,190,896
SEK
127,659,000
HSBC
Bank
plc
06/15/22
174,145
USD
6,322,929
SGD
8,573,000
HSBC
Bank
plc
06/15/22
124,223
USD
5,733,549
THB
186,283,000
Bank
of
America
NA
06/15/22
290,921
USD
6,012,320
ZAR
93,373,000
Northern
Trust
Co.
06/15/22
128,899
21,640,854
AUD
68,855,000
USD
50,602,849
Goldman
Sachs
International
06/15/22
(1,914,146)
AUD
4,519,000
USD
3,375,282
JPMorgan
Chase
Bank
NA
06/15/22
(179,810)
AUD
3,404,000
USD
2,481,822
Morgan
Stanley
&
Co.
International
plc
06/15/22
(74,788)
AUD
18,334,000
USD
13,762,949
Westpac
Banking
Corp.
06/15/22
(798,623)
BRL
31,477,000
USD
6,339,395
Citibank
NA
06/15/22
(60,751)
CAD
53,073,000
USD
41,481,429
Goldman
Sachs
International
06/15/22
(172,521)
CAD
17,725,000
USD
14,048,735
HSBC
Bank
plc
06/15/22
(252,635)
CHF
4,848,000
USD
5,279,816
Morgan
Stanley
&
Co.
International
plc
06/15/22
(284,671)
CLP
2,556,853,000
USD
3,121,921
Bank
of
America
NA
06/15/22
(150,405)
CLP
7,232,926,000
USD
8,759,220
BNP
Paribas
SA
06/15/22
(353,280)
CLP
9,681,460,000
USD
11,893,723
Morgan
Stanley
&
Co.
International
plc
06/15/22
(642,153)
EUR
139,028,054
USD
154,716,997
HSBC
Bank
plc
06/15/22
(7,745,371)
EUR
19,043,000
USD
21,000,403
Morgan
Stanley
&
Co.
International
plc
06/15/22
(869,353)
EUR
3,464,000
USD
3,781,645
State
Street
Bank
and
Trust
Co.
06/15/22
(119,724)
GBP
5,886,000
USD
7,748,354
Standard
Chartered
Bank
06/15/22
(346,588)
GBP
5,266,000
USD
6,892,114
UBS
AG
06/15/22
(270,010)
INR
3,123,000
USD
40,781
Bank
of
America
NA
06/15/22
(192)
JPY
454,943,000
USD
3,952,606
Bank
of
New
York
Mellon
06/15/22
(441,437)
JPY
4,806,190,000
USD
41,785,508
Goldman
Sachs
International
06/15/22
(4,692,189)
JPY
331,395,000
USD
2,873,041
State
Street
Bank
and
Trust
Co.
06/15/22
(315,393)
KRW
7,504,708,000
USD
6,076,116
BNP
Paribas
SA
06/15/22
(134,939)
KRW
7,861,823,000
USD
6,353,416
UBS
AG
06/15/22
(129,525)
NOK
29,726,000
USD
3,420,164
JPMorgan
Chase
Bank
NA
06/15/22
(250,455)
NZD
555,000
USD
375,773
Morgan
Stanley
&
Co.
International
plc
06/15/22
(17,503)
PLN
35,703,000
USD
8,201,078
HSBC
Bank
plc
06/15/22
(192,510)
SEK
58,766,000
USD
6,231,959
BNP
Paribas
SA
06/15/22
(239,883)
SEK
68,465,000
USD
7,104,613
Citibank
NA
06/15/22
(123,579)
SEK
27,515,000
USD
2,920,526
Morgan
Stanley
&
Co.
International
plc
06/15/22
(114,959)
SGD
802,000
USD
591,345
BNP
Paribas
SA
06/15/22
(11,459)
THB
215,624,000
USD
6,426,945
Citibank
NA
06/15/22
(127,061)
USD
4,425,069
BRL
23,371,000
Bank
of
America
NA
06/15/22
(236,690)
USD
6,493,634
BRL
33,125,000
HSBC
Bank
plc
06/15/22
(113,733)
USD
15,461,051
MXN
337,559,000
BNP
Paribas
SA
06/15/22
(939,296)
USD
7,488,537
MXN
157,587,000
Goldman
Sachs
International
06/15/22
(167,848)
(22,483,480)
$
(842,626)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
54
Schedule
of
Investments
(continued)
April
30,
2022
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
8.18%
Monthly
4
week
MXIBTIIE
Monthly
09/21/22
(a)
09/15/27
MXN
4,458,000
$
8,647,766
$
—
$
8,647,766
9.09%
Monthly
4
week
MXIBTIIE
Monthly
09/21/22
(a)
09/15/27
MXN
1,052,000
202,934
—
202,934
8.67%
Monthly
4
week
MXIBTIIE
Monthly
09/21/22
(a)
09/15/27
MXN
845,000
844,988
—
844,988
6
month
EURIBOR
Semi-Annual
0.55%
Annual
09/21/22
(a)
09/21/27
EUR
509,000
(27,130,807)
280,840
(27,411,647)
1.85%
Annual
1
day
SOFR
Annual
09/21/22
(a)
09/21/27
USD
90,000
4,180,220
—
4,180,220
1.69%
Annual
1
day
SOFR
Annual
09/21/22
(a)
09/21/27
USD
651,000
35,172,002
(144,880)
35,316,882
2.67%
Annual
1
day
SOFR
Annual
09/21/22
(a)
09/21/27
USD
124,000
1,053,611
(89,467)
1,143,078
2.07%
Annual
1
day
SOFR
Annual
09/21/22
(a)
09/21/27
USD
121,000
4,386,790
—
4,386,790
2.06%
Annual
1
day
SONIA
Annual
09/21/22
(a)
09/21/27
GBP
55,000
273,917
57,518
216,399
1.57%
Annual
1
day
SONIA
Annual
09/21/22
(a)
09/21/27
GBP
421,000
14,176,711
(106,646)
14,283,357
2.38%
Semi-Annual
1
day
SORA
Semi-Annual
09/21/22
(a)
09/21/27
SGD
37,000
38,835
—
38,835
6
month
EURIBOR
Semi-Annual
1.10%
Annual
09/21/22
(a)
09/21/27
EUR
178,000
(4,493,511)
(129,140)
(4,364,371)
3
month
STIBOR
Quarterly
1.21%
Annual
09/21/22
(a)
09/21/27
SEK
1,049,000
(5,850,116)
(9,683)
(5,840,433)
6
month
EURIBOR
Semi-Annual
1.40%
Annual
09/21/22
(a)
09/21/27
EUR
33,000
(328,027)
(22,295)
(305,732)
6
month
EURIBOR
Semi-Annual
1.45%
Annual
09/21/22
(a)
09/21/27
EUR
63,000
(465,540)
(74,919)
(390,621)
6
month
EURIBOR
Semi-Annual
1.49%
Annual
09/21/22
(a)
09/21/27
EUR
102,000
(545,594)
79,509
(625,103)
3
month
STIBOR
Quarterly
1.64%
Annual
09/21/22
(a)
09/21/27
SEK
609,000
(2,139,160)
(50,610)
(2,088,550)
3
month
BA
Semi-Annual
2.08%
Semi-Annual
09/21/22
(a)
09/21/27
CAD
1,036,000
(44,551,589)
(297,477)
(44,254,112)
3
month
STIBOR
Quarterly
2.25%
Annual
09/21/22
(a)
09/21/27
SEK
233,000
(138,354)
34,012
(172,366)
3
month
BA
Semi-Annual
2.37%
Semi-Annual
09/21/22
(a)
09/21/27
CAD
86,000
(2,802,023)
—
(2,802,023)
3
month
BA
Semi-Annual
2.54%
Semi-Annual
09/21/22
(a)
09/21/27
CAD
83,000
(2,206,601)
98,873
(2,305,474)
6
month
Australian
BBR
Semi-Annual
2.61%
Semi-Annual
09/21/22
(a)
09/21/27
AUD
146,905
(4,855,328)
—
(4,855,328)
3
month
BA
Semi-Annual
2.61%
Semi-Annual
09/21/22
(a)
09/21/27
CAD
91,000
(2,191,933)
—
(2,191,933)
3
month
HIBOR
Quarterly
2.76%
Quarterly
09/21/22
(a)
09/21/27
HKD
105,000
(196,436)
—
(196,436)
3.10%
Quarterly
3
month
CD
KSDA
Quarterly
06/05/22
(a)
09/21/27
KRW
28,524,000
—
—
—
3
month
HIBOR
Quarterly
3.08%
Quarterly
09/21/22
(a)
09/21/27
HKD
135,000
3,831
—
3,831
3
month
BA
Semi-Annual
3.13%
Semi-Annual
09/21/22
(a)
09/21/27
CAD
51,000
(287,378)
—
(287,378)
3
month
BA
Semi-Annual
3.17%
Semi-Annual
09/21/22
(a)
09/21/27
CAD
70,000
(294,506)
176,713
(471,219)
3
month
BA
Semi-Annual
3.21%
Semi-Annual
09/21/22
(a)
09/21/27
CAD
58,000
(155,005)
71,143
(226,148)
6
month
Australian
BBR
Semi-Annual
3.39%
Semi-Annual
09/21/22
(a)
09/21/27
AUD
70,000
(544,987)
—
(544,987)
5.87%
Annual
6
month
WIBOR
Semi-Annual
09/21/22
(a)
09/21/27
PLN
252,000
1,265,695
—
1,265,695
5.01%
Annual
6
month
WIBOR
Semi-Annual
09/21/22
(a)
09/21/27
PLN
313,000
4,044,107
—
4,044,107
5.52%
Annual
6
month
WIBOR
Semi-Annual
09/21/22
(a)
09/21/27
PLN
246,000
2,029,703
—
2,029,703
4.35%
Annual
6
month
WIBOR
Semi-Annual
09/21/22
(a)
09/21/27
PLN
64,000
1,215,955
—
1,215,955
4.39%
Annual
6
month
WIBOR
Semi-Annual
09/21/22
(a)
09/21/27
PLN
1,452,000
27,118,909
—
27,118,909
4.88%
Annual
6
month
WIBOR
Semi-Annual
09/21/22
(a)
09/21/27
PLN
218,000
3,077,683
—
3,077,683
1
day
MIBOR
Semi-Annual
6.85
Semi-Annual
06/05/22
(a)
09/21/27
INR
2,417,070
—
—
—
1
day
MIBOR
Semi-Annual
6.86
Semi-Annual
06/05/22
(a)
09/21/27
INR
1,085,930
—
—
—
3
month
JIBAR
Quarterly
7.53%
Quarterly
09/21/22
(a)
09/21/27
ZAR
901,000
(722,606)
—
(722,606)
3
month
JIBAR
Quarterly
7.56%
Quarterly
09/21/22
(a)
09/21/27
ZAR
241,000
(171,527)
—
(171,527)
3
month
JIBAR
Quarterly
7.63%
Quarterly
09/21/22
(a)
09/21/27
ZAR
332,000
(180,636)
—
(180,636)
$
7,481,993
$
(126,509)
$
7,608,502
(a)
Forward
swap.
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
55
Schedule
of
Investments
(continued)
April
30,
2022
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)
12.58%
At
Termination
1
day
BZDIOVER
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
94,000
$
(532,592)
$
—
$
(532,592)
11.40%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
262,000
751,816
—
751,816
6
month
THBFIX
Semi-Annual
1.96%
Semi-Annual
Bank
of
America
NA
06/15/22
(a)
06/15/27
THB
681,000
(293,513)
—
(293,513)
6
month
THBFIX
Semi-Annual
2.11%
Semi-Annual
Bank
of
America
NA
06/15/22
(a)
06/15/27
THB
1,097,000
(239,917)
—
(239,917)
6
month
THBFIX
Semi-Annual
1.93%
Semi-Annual
BNP
Paribas
SA
06/15/22
(a)
06/15/27
THB
280,540
(134,811)
—
(134,811)
6
month
THBFIX
Semi-Annual
2.14%
Semi-Annual
BNP
Paribas
SA
06/15/22
(a)
06/15/27
THB
711,810
(125,451)
—
(125,451)
6
month
THBFIX
Semi-Annual
2.17%
Semi-Annual
BNP
Paribas
SA
06/15/22
(a)
06/15/27
THB
567,500
(79,937)
—
(79,937)
6
month
THBFIX
Semi-Annual
2.18%
Semi-Annual
BNP
Paribas
SA
06/15/22
(a)
06/15/27
THB
567,500
(71,905)
—
(71,905)
6
month
THBFIX
Semi-Annual
1.72%
Semi-Annual
Citibank
NA
06/15/22
(a)
06/15/27
THB
1,010,599
(778,854)
—
(778,854)
6
month
THBFIX
Semi-Annual
2.15%
Semi-Annual
Citibank
NA
06/15/22
(a)
06/15/27
THB
733,380
(118,873)
—
(118,873)
6
month
THBFIX
Semi-Annual
1.84%
Semi-Annual
Goldman
Sachs
International
06/15/22
(a)
06/15/27
THB
996,500
(605,793)
—
(605,793)
6
month
THBFIX
Semi-Annual
1.68%
Semi-Annual
HSBC
Bank
plc
06/15/22
(a)
06/15/27
THB
646,121
(539,107)
—
(539,107)
6
month
THBFIX
Semi-Annual
1.95%
Semi-Annual
HSBC
Bank
plc
06/15/22
(a)
06/15/27
THB
798,460
(361,091)
—
(361,091)
6
month
THBFIX
Semi-Annual
2.09%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
06/15/22
(a)
06/15/27
THB
2,065,000
(524,688)
—
(524,688)
6
month
THBFIX
Semi-Annual
1.75%
Semi-Annual
Nomura
International
plc
06/15/22
(a)
06/15/27
THB
1,151,280
(838,391)
—
(838,391)
6
month
THBFIX
Semi-Annual
1.82%
Semi-Annual
Nomura
International
plc
06/15/22
(a)
06/15/27
THB
996,500
(626,949)
—
(626,949)
6
month
THBFIX
Semi-Annual
1.95%
Semi-Annual
Nomura
International
plc
06/15/22
(a)
06/15/27
THB
681,000
(303,152)
—
(303,152)
6
month
THBFIX
Semi-Annual
2.11%
Semi-Annual
Nomura
International
plc
06/15/22
(a)
06/15/27
THB
711,810
(155,675)
—
(155,675)
1
day
MIBOR
Semi-Annual
6.83%
Semi-Annual
Bank
of
America
NA
09/21/22
(a)
09/21/27
INR
3,408,000
(139,568)
—
(139,568)
1
week
CNREPOFI
Quarterly
2.54%
Quarterly
Bank
of
America
NA
09/21/22
(a)
09/21/27
CNY
1,200,980
(105,128)
—
(105,128)
2.45%
Quarterly
3
month
CD
KSDA
Quarterly
Bank
of
America
NA
09/21/22
(a)
09/21/27
KRW
69,224,510
1,719,956
—
1,719,956
3
month
TWCPBA
Quarterly
0.97%
Quarterly
Bank
of
America
NA
09/21/22
(a)
09/21/27
TWD
2,459,560
(3,164,023)
—
(3,164,023)
3
month
TWCPBA
Quarterly
1.02%
Quarterly
Bank
of
America
NA
09/21/22
(a)
09/21/27
TWD
733,500
(878,776)
—
(878,776)
3
month
TWCPBA
Quarterly
1.13%
Quarterly
Bank
of
America
NA
09/21/22
(a)
09/21/27
TWD
599,500
(608,294)
—
(608,294)
3.20%
Quarterly
3
month
CD
KSDA
Quarterly
Bank
of
America
NA
09/21/22
(a)
09/21/27
KRW
52,385,000
(168,922)
—
(168,922)
1
week
CNREPOFI
Quarterly
2.52%
Quarterly
BNP
Paribas
SA
09/21/22
(a)
09/21/27
CNY
99,000
(22,492)
—
(22,492)
1
week
CNREPOFI
Quarterly
2.56%
Quarterly
BNP
Paribas
SA
09/21/22
(a)
09/21/27
CNY
305,000
7,783
—
7,783
3.04%
Quarterly
3
month
CD
KSDA
Quarterly
BNP
Paribas
SA
09/21/22
(a)
09/21/27
KRW
37,803,600
104,783
—
104,783
3.08%
Quarterly
3
month
CD
KSDA
Quarterly
Citibank
NA
09/21/22
(a)
09/21/27
KRW
25,202,400
35,853
—
35,853
1
week
CNREPOFI
Quarterly
2.55%
Quarterly
HSBC
Bank
plc
09/21/22
(a)
09/21/27
CNY
267,000
(14,494)
—
(14,494)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
56
Schedule
of
Investments
(continued)
April
30,
2022
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)
3
month
TWCPBA
Quarterly
1.02%
Quarterly
HSBC
Bank
plc
09/21/22
(a)
09/21/27
TWD
733,500
$
(875,718)
$
—
$
(875,718)
3
month
TWCPBA
Quarterly
1.15%
Quarterly
HSBC
Bank
plc
09/21/22
(a)
09/21/27
TWD
599,500
(588,304)
—
(588,304)
2.45%
Quarterly
3
month
CD
KSDA
Quarterly
JPMorgan
Chase
Bank
NA
09/21/22
(a)
09/21/27
KRW
142,200,490
3,533,121
—
3,533,121
3
month
TWCPBA
Quarterly
1.72%
Quarterly
JPMorgan
Chase
Bank
NA
09/21/22
(a)
09/21/27
TWD
738,000
(29,054)
—
(29,054)
3
month
TWCPBA
Quarterly
1.72%
Quarterly
JPMorgan
Chase
Bank
NA
09/21/22
(a)
09/21/27
TWD
738,000
(22,902)
—
(22,902)
3.06%
Quarterly
3
month
CD
KSDA
Quarterly
JPMorgan
Chase
Bank
NA
09/21/22
(a)
09/21/27
KRW
36,341,000
70,085
—
70,085
1
week
CNREPOFI
Quarterly
2.54%
Quarterly
Nomura
International
plc
09/21/22
(a)
09/21/27
CNY
910,040
(61,504)
—
(61,504)
$
(6,786,481)
$
—
$
(6,786,481)
(a)
Forward
swap.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.00%
...........
At
Termination
TAIEX
Index
Futures
May
2022
At
Termination
Merrill
Lynch
International
&
Co.
05/18/22
TWD
484,868
$
313,669
$
—
$
313,669
0.00%
...........
At
Termination
TAIEX
Index
Futures
May
2022
At
Termination
Merrill
Lynch
International
&
Co.
05/18/22
TWD
487,452
(336,523)
—
(336,523)
0.00%
...........
At
Termination
TAIEX
Index
Futures
May
2022
At
Termination
Merrill
Lynch
International
&
Co.
05/18/22
TWD
1,948,968
(1,542,610)
—
(1,542,610)
KOSPI
200
Index
Futures
June
2022
.
At
Termination
0.00%
At
Termination
Merrill
Lynch
International
&
Co.
06/09/22
KRW
12,156,155
193,913
—
193,913
KOSPI
200
Index
Futures
June
2022
.
At
Termination
0.00%
At
Termination
Merrill
Lynch
International
&
Co.
06/09/22
KRW
108,256,342
(797,578)
—
(797,578)
KOSPI
200
Index
Futures
June
2022
.
At
Termination
0.00%
At
Termination
Merrill
Lynch
International
&
Co.
06/09/22
KRW
20,154,439
(162,151)
—
(162,151)
MSCI
Chile
Net
Return
Index
..........
At
Termination
1
day
SOFR
plus
0.09%
At
Termination
Citibank
NA
06/10/22
USD
7,731
779,677
—
779,677
MSCI
Chile
Net
Return
Index
..........
At
Termination
1
day
SOFR
plus
0.14%
At
Termination
Citibank
NA
06/10/22
USD
4,156
95,800
—
95,800
MSCI
Chile
Net
Return
Index
..........
Quarterly
1
day
SOFR
plus
0.17%
Quarterly
Citibank
NA
06/10/22
USD
3,400
140,037
—
140,037
BOVESPA
Index
Futures
June
2022
.
At
Termination
0.00%
At
Termination
Merrill
Lynch
International
&
Co.
06/15/22
BRL
236,293
4,737,592
—
4,737,592
Swiss
Market
Index
Futures
June
2022
.
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
06/17/22
CHF
8,802
(23,893)
—
(23,893)
Swiss
Market
Index
Futures
June
2022
.
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
06/17/22
CHF
2,049
(131,272)
—
(131,272)
Swiss
Market
Index
Futures
June
2022
.
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
06/17/22
CHF
14,389
250,701
—
250,701
1
day
SOFR
plus
0.25%
Quarterly
MSCI
Mexico
Net
Return
Index
Quarterly
Merrill
Lynch
International
&
Co.
04/19/23
USD
5,098
(393,987)
—
(393,987)
MSCI
Chile
Net
Return
Index
..........
Quarterly
1
day
SOFR
minus
1.00%
Quarterly
Merrill
Lynch
International
&
Co.
04/19/23
USD
8,740
712,185
—
712,185
$
3,835,560
$
—
$
3,835,560
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
57
Schedule
of
Investments
(continued)
April
30,
2022
i
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
0.29
%
1
day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
3.93
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.29
1
day
SONIA
.........................................
Sterling
Overnight
Index
Average
0.05
1
day
SORA
.........................................
Singapore
Overnight
Rate
Average
0.22
1
week
CNREPOFI
....................................
China
Fixing
Repo
Rates
0.29
3
month
BA
..........................................
Canadian
Bankers
Acceptances
1.81
3
month
CD
KSDA
.....................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
0.29
3
month
HIBOR
.......................................
Hong
Kong
Interbank
Offered
Rate
0.15
3
month
JIBAR
.......................................
Johannesburg
Interbank
Average
Rate
3.68
3
month
STIBOR
......................................
Stockholm
Interbank
Offered
Rate
(0.10)
3
month
TWCPBA
.....................................
Taiwan
Secondary
Markets
Bills
Rate
0.29
4
week
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
6.75
6
month
Australian
BBR
.................................
Australian
Bank
Bill
Rate
0.20
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
0.29
6
month
THBFIX
......................................
Thai
Baht
Interest
Rate
Fixing
0.29
6
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
6.05
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
798,608
$
(925,117)
$
108,017,132
$
(100,408,630)
$
—
OTC
Swaps
.....................................................
—
—
13,446,971
(16,397,892)
—
(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)
.....
$
—
$
—
$
62,476,168
$
—
$
46,731,159
$
—
$
109,207,327
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
21,640,854
—
—
21,640,854
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
108,017,132
—
108,017,132
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
7,223,574
—
6,223,397
—
13,446,971
$
—
$
—
$
69,699,742
$
21,640,854
$
160,971,688
$
—
$
252,312,284
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
7,615,702
—
21,441,303
—
29,057,005
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
22,483,480
—
—
22,483,480
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
100,408,630
—
100,408,630
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
3,388,014
—
13,009,878
—
16,397,892
$
—
$
—
$
11,003,716
$
22,483,480
$
134,859,811
$
—
$
168,347,007
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
58
Schedule
of
Investments
(continued)
April
30,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
(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,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(59,132,403)
$
—
$
(38,270,260)
$
—
$
(97,402,663)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(3,450,573)
—
—
(3,450,573)
Swaps
..............................
—
—
(6,875,623)
—
67,585,120
1,819,944
62,529,441
$
—
$
—
$
(66,008,026)
$
(3,450,573)
$
29,314,860
$
1,819,944
$
(38,323,795)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
91,663,672
—
18,825,319
—
110,488,991
Forward
foreign
currency
exchange
contracts
....
—
—
—
342,288
—
—
342,288
Swaps
..............................
—
—
6,422,531
—
(12,393,845)
—
(5,971,314)
$
—
$
—
$
98,086,203
$
342,288
$
6,431,474
$
—
$
104,859,965
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,940,402,888
Average
notional
value
of
contracts
—
short
.................................................................................
$
2,672,740,530
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
387,082,413
Average
amounts
sold
—
in
USD
........................................................................................
$
318,934,353
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
6,147,590,793
Average
notional
value
—
receives
fixed
rate
................................................................................
$
3,249,456,251
Total
return
swaps
Average
notional
value
...............................................................................................
$
818,915,007
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
55,932,424
$
10,639,458
Forward
foreign
currency
exchange
contracts
.................................................................
21,640,854
22,483,480
Swaps
—
centrally
cleared
..............................................................................
848,262
—
Swaps
—
OTC
(a)
....................................................................................
13,446,971
16,397,892
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
91,868,511
$
49,520,830
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(56,780,686)
(10,639,458)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
35,087,825
$
38,881,372
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
59
Schedule
of
Investments
(continued)
April
30,
2022
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
2,521,721
$
(2,521,721)
$
—
$
—
$
—
Bank
of
New
York
Mellon
...........................
992,813
(441,437)
—
—
551,376
BNP
Paribas
SA
.................................
3,053,552
(2,113,453)
—
(820,000)
120,099
Canadian
Imperial
Bank
of
Commerce
..................
156,545
—
—
—
156,545
Citibank
NA
....................................
1,535,764
(1,209,118)
—
—
326,646
Credit
Agricole
Corporate
and
Investment
Bank
SA
..........
2,233,937
—
—
—
2,233,937
Goldman
Sachs
International
........................
9,580,659
(7,552,497)
—
—
2,028,162
HSBC
Bank
plc
..................................
1,083,275
(1,083,275)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
3,887,525
(482,221)
—
(3,340,000)
65,304
Merrill
Lynch
International
&
Co.
......................
5,957,359
(3,232,849)
—
(2,470,000
)
254,510
Morgan
Stanley
&
Co.
International
plc
..................
2,226,635
(2,226,635)
—
—
—
Northern
Trust
Co.
...............................
128,899
—
—
—
128,899
State
Street
Bank
and
Trust
Co.
......................
1,468,806
(435,117)
—
—
1,033,689
UBS
AG
......................................
260,335
(260,335)
—
—
—
$
35,087,825
$
(21,558,658)
$
—
$
(6,630,000
)
$
6,899
,
167
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(d)
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
6,518,020
$
(2,521,721)
$
(3,996,299)
$
—
$
—
Bank
of
New
York
Mellon
...........................
441,437
(441,437)
—
—
—
BNP
Paribas
SA
.................................
2,113,453
(2,113,453)
—
—
—
Citibank
NA
....................................
1,209,118
(1,209,118)
—
—
—
Goldman
Sachs
International
........................
7,552,497
(7,552,497)
—
—
—
HSBC
Bank
plc
..................................
10,838,128
(1,083,275)
(777,738)
(1,040,000)
7,937,115
JPMorgan
Chase
Bank
NA
..........................
482,221
(482,221)
—
—
—
Merrill
Lynch
International
&
Co.
......................
3,232,849
(3,232,849)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
2,528,115
(2,226,635)
(301,480)
—
—
Nomura
International
plc
...........................
1,985,671
—
—
(1,780,000)
205,671
Standard
Chartered
Bank
...........................
346,588
—
—
—
346,588
State
Street
Bank
and
Trust
Co.
......................
435,117
(435,117)
—
—
—
UBS
AG
......................................
399,535
(260,335)
—
—
139,200
Westpac
Banking
Corp.
............................
798,623
—
—
—
798,623
$
38,881,372
$
(21,558,658)
$
(5,075,517)
$
(2,820,
000)
$
9,427,197
(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)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
60
Schedule
of
Investments
(continued)
April
30,
2022
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
—
$
—
$
—
Common
Stocks
Aerospace
&
Defense
....................................
1,237,270
252,486
—
1,489,756
Air
Freight
&
Logistics
....................................
380,118
580,100
—
960,218
Airlines
..............................................
2,614,210
—
—
2,614,210
Auto
Components
......................................
740,863
2,144,215
—
2,885,078
Automobiles
..........................................
24,575,668
9,826,962
—
34,402,630
Banks
...............................................
21,168,759
22,281,493
—
43,450,252
Beverages
...........................................
4,852,667
6,924,865
—
11,777,532
Biotechnology
.........................................
25,976,783
2,334,830
—
28,311,613
Building
Products
.......................................
8,367,495
4,464,885
—
12,832,380
Capital
Markets
........................................
15,974,670
7,402,439
—
23,377,109
Chemicals
............................................
13,476,464
5,885,204
—
19,361,668
Commercial
Services
&
Supplies
.............................
2,687,869
1,135,152
—
3,823,021
Communications
Equipment
................................
4,613,216
385,647
—
4,998,863
Construction
&
Engineering
................................
393,404
5,335,649
—
5,729,053
Construction
Materials
....................................
3,785,717
450,979
—
4,236,696
Consumer
Finance
......................................
3,585,221
—
—
3,585,221
Containers
&
Packaging
..................................
448,652
174,136
—
622,788
Diversified
Financial
Services
...............................
15,354,118
2,774,531
—
18,128,649
Diversified
Telecommunication
Services
........................
10,851,972
2,363,767
—
13,215,739
Electric
Utilities
........................................
23,223,820
13,999,650
—
37,223,470
Electrical
Equipment
.....................................
3,017,803
4,964,772
—
7,982,575
Electronic
Equipment,
Instruments
&
Components
.................
6,475,633
4,029,090
—
10,504,723
Energy
Equipment
&
Services
..............................
4,985,434
208,724
—
5,194,158
Entertainment
.........................................
19,762,890
1,902,752
—
21,665,642
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
24,081,357
4,473,507
—
28,554,864
Food
Products
.........................................
685,253
7,096,231
—
7,781,484
Gas
Utilities
...........................................
686,590
4,996,313
—
5,682,903
Health
Care
Equipment
&
Supplies
...........................
24,677,676
3,235,423
—
27,913,099
Health
Care
Providers
&
Services
............................
16,442,313
582,776
—
17,025,089
Health
Care
Technology
..................................
520,121
201,184
—
721,305
Hotels,
Restaurants
&
Leisure
..............................
9,694,936
3,096,747
—
12,791,683
Household
Durables
.....................................
8,566,814
1,708,761
—
10,275,575
Household
Products
.....................................
5,260,387
1,034,791
—
6,295,178
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,111,067
—
1,111,067
Industrial
Conglomerates
..................................
—
5,375,815
—
5,375,815
Insurance
............................................
16,494,845
15,555,864
—
32,050,709
Interactive
Media
&
Services
...............................
41,688,007
168,811
—
41,856,818
Internet
&
Direct
Marketing
Retail
............................
17,961,163
173,237
—
18,134,400
IT
Services
...........................................
32,305,540
4,908,343
—
37,213,883
Life
Sciences
Tools
&
Services
..............................
21,306,654
1,543,620
—
22,850,274
Machinery
............................................
21,054,527
6,144,862
—
27,199,389
Marine
..............................................
—
350,776
—
350,776
Media
...............................................
19,397,292
1,238,613
—
20,635,905
Metals
&
Mining
........................................
1,450,463
11,797,049
—
13,247,512
Multi-Utilities
..........................................
13,605,945
6,019,396
—
19,625,341
Oil,
Gas
&
Consumable
Fuels
...............................
34,222,556
12,626,289
—
46,848,845
Personal
Products
......................................
—
4,858,755
—
4,858,755
Pharmaceuticals
.......................................
57,079,042
26,252,555
—
83,331,597
Professional
Services
....................................
949,894
4,947,912
—
5,897,806
Real
Estate
Management
&
Development
.......................
681,509
5,523,004
—
6,204,513
Road
&
Rail
...........................................
7,924,510
1,503,119
—
9,427,629
Semiconductors
&
Semiconductor
Equipment
....................
52,547,793
8,016,527
—
60,564,320
Software
.............................................
83,910,729
4,862,823
—
88,773,552
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
61
Schedule
of
Investments
(continued)
April
30,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Specialty
Retail
........................................
$
1,236,446
$
—
$
—
$
1,236,446
Technology
Hardware,
Storage
&
Peripherals
....................
68,404,279
3,141,128
—
71,545,407
Textiles,
Apparel
&
Luxury
Goods
............................
584,675
5,146,385
—
5,731,060
Trading
Companies
&
Distributors
............................
3,934,192
5,885,515
—
9,819,707
Transportation
Infrastructure
...............................
—
737,798
—
737,798
Water
Utilities
.........................................
5,708,671
3,075,848
—
8,784,519
Wireless
Telecommunication
Services
.........................
3,550,865
2,815,161
—
6,366,026
Other
Interests
..........................................
—
—
—
—
Preferred
Stocks
.........................................
—
1,773,123
—
1,773,123
U.S.
Treasury
Obligations
...................................
—
78,174,375
—
78,174,375
Warrants
..............................................
57,999
—
—
57,999
Short-Term
Securities
.......................................
127,278,609
—
—
127,278,609
$
942,502,368
$
349,975,831
$
—
$
1,292,478,199
Investments
valued
at
NAV
(a)
......................................
10,572,576
$
—
$
1,303,050,775
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
44,707,599
$
24,992,143
$
—
$
69,699,742
Foreign
currency
exchange
contracts
............................
—
21,640,854
—
21,640,854
Interest
rate
contracts
.......................................
46,731,159
114,240,529
—
160,971,688
Liabilities
Equity
contracts
...........................................
(746,553)
(10,257,163)
—
(11,003,716)
Foreign
currency
exchange
contracts
............................
—
(22,483,480)
—
(22,483,480)
Interest
rate
contracts
.......................................
(21,441,303)
(113,418,508)
—
(134,859,811)
$
69,250,902
$
14,714,375
$
—
$
83,965,277
(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.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Impact
Fund
62
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Auto
Components
—
3.7%
Aptiv
plc
(a)
.........................
1,960
$
208,544
Containers
&
Packaging
—
5.9%
Ball
Corp.
.........................
4,164
337,950
Diversified
Consumer
Services
—
5.1%
(a)
Chegg
,
Inc.
........................
1,744
43,146
Duolingo
,
Inc.,
Class
A
................
459
39,690
Stride,
Inc.
........................
5,236
205,775
288,611
Electric
Utilities
—
3.3%
Avangrid
,
Inc.
......................
4,316
191,414
Electronic
Equipment,
Instruments
&
Components
—
5.0%
(a)
Itron
,
Inc.
.........................
944
45,104
Trimble,
Inc.
.......................
3,592
239,587
284,691
Equity
Real
Estate
Investment
Trusts
(REITs)
—
4.0%
Boston
Properties,
Inc.
................
974
114,543
Sun
Communities,
Inc.
................
648
113,769
228,312
Food
&
Staples
Retailing
—
5.0%
Grocery
Outlet
Holding
Corp.
(a)
...........
7,625
256,734
North
West
Co.,
Inc.
(The)
..............
1,054
29,397
286,131
Food
Products
—
1.0%
Darling
Ingredients,
Inc.
(a)
..............
817
59,960
Health
Care
Equipment
&
Supplies
—
9.7%
(a)
Boston
Scientific
Corp.
................
8,128
342,270
IDEXX
Laboratories,
Inc.
...............
485
208,783
551,053
Health
Care
Providers
&
Services
—
1.2%
(a)
1Life
Healthcare,
Inc.
.................
3,607
25,429
Cano
Health,
Inc.,
Class
A
..............
8,715
46,190
71,619
Health
Care
Technology
—
6.2%
Veeva
Systems,
Inc.,
Class
A
(a)
..........
1,947
354,257
Independent
Power
and
Renewable
Electricity
Producers
—
6.5%
Brookfield
Renewable
Corp.
............
10,386
372,857
Internet
&
Direct
Marketing
Retail
—
1.0%
Etsy,
Inc.
(a)
........................
590
54,982
IT
Services
—
7.5%
Jack
Henry
&
Associates,
Inc.
...........
1,439
272,805
PayPal
Holdings,
Inc.
(a)
................
732
64,365
Shopify,
Inc.,
Class
A
(a)
................
78
33,292
Security
Shares
Shares
Value
IT
Services
(continued)
Square,
Inc.,
Class
A
(a)
................
578
$
57,534
427,996
Life
Sciences
Tools
&
Services
—
10.4%
Agilent
Technologies,
Inc.
..............
1,995
237,944
Danaher
Corp.
.....................
1,427
358,362
596,306
Machinery
—
1.5%
Xylem,
Inc.
........................
1,032
83,076
Pharmaceuticals
—
16.1%
Royalty
Pharma
plc,
Class
A
............
10,794
459,608
Zoetis,
Inc.
........................
2,591
459,255
918,863
Professional
Services
—
4.4%
ICF
International,
Inc.
.................
2,523
249,298
Semiconductors
&
Semiconductor
Equipment
—
1.2%
(a)
Allegro
MicroSystems
,
Inc.
.............
1,485
36,100
First
Solar,
Inc.
.....................
415
30,308
66,408
Software
—
0.7%
Everbridge
,
Inc.
(a)
....................
870
37,497
Total
Common
Stocks
—
99.4%
(Cost:
$6,140,968)
...............................
5,669,825
Warrants
Capital
Markets
—
0.0%
Natural
Order
Acquisition
Corp.
(Issued/
exercisable
02/23/21,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
(a)
13,145
1,681
Total
Warrants
—
0.0%
(Cost:
$0)
.....................................
1,681
Total
Long-Term
Investments
—
99.4%
(Cost:
$6,140,968)
...............................
5,671,506
Short-Term
Securities
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.29%
(b)(c)
..................
111,926
111,926
Total
Short-Term
Securities
—
2.0%
(Cost:
$111,926)
.................................
111,926
Total
Investments
—
101.4%
(Cost:
$6,252,894
)
...............................
5,783,432
Liabilities
in
Excess
of
Other
Assets
—
(1.4)%
.............
(80,381)
Net
Assets
—
100.0%
...............................
$
5,703,051
(a)
Non-income
producing
security.
(b)
Annualized
7-day
yield
as
of
period
end.
(c)
Affiliate
of
the
Fund.
BlackRock
U.S.
Impact
Fund
Schedules
of
Investments
63
Schedule
of
Investments
(continued)
April
30,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/22
Shares
Held
at
04/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
128,840
$
—
$
(16,914)
$
—
$
—
$
111,926
111,926
$
21
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)(b)
.........
939,405
—
(939,363)
(42)
—
—
—
5,531
(c)
—
$
(42)
$
—
$
111,926
$
5,552
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Impact
Fund
64
Schedule
of
Investments
(continued)
April
30,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
......................................
$
5,671,506
$
—
$
—
$
5,671,506
Short-Term
Securities
.......................................
111,926
—
—
111,926
$
5,783,432
$
—
$
—
$
5,783,432
Statements
of
Assets
and
Liabilities

April
30,
2022
65
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
35,165,726‌
$
6,020,733‌
$
9,231,844‌
$
10,870,412‌
Investments,
at
value
—
affiliated
(c)
...........................................
—‌
—‌
724,164‌
235,086‌
Cash  
...............................................................
—‌
—‌
—‌
1,977‌
Cash
pledged:
Futures
contracts
......................................................
—‌
—‌
18,000‌
12,000‌
Foreign
currency,
at
value
(d)
................................................
8,132‌
2,945‌
11,371‌
26,297‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
237,008‌
150,995‌
359‌
197,267‌
Securities
lending
income
—
affiliated
........................................
29‌
—‌
150‌
—‌
Capital
shares
sold
.....................................................
1,500‌
—‌
—‌
—‌
Dividends
—
affiliated
...................................................
29‌
5‌
55‌
55‌
Dividends
—
unaffiliated
.................................................
28,104‌
7,457‌
27,093‌
54,690‌
From
the
Manager
.....................................................
616‌
260‌
80,888‌
75,560‌
Variation
margin
on
futures
contracts
.........................................
—‌
—‌
1,091‌
—‌
Prepaid
expenses
.......................................................
3,038‌
3,015‌
34,221‌
34,227‌
Total
assets
...........................................................
35,444,182‌
6,185,410‌
10,129,236‌
11,507,571‌
LIABILITIES
Bank
overdraft
..........................................................
124,284‌
10,787‌
—‌
—‌
Collateral
on
securities
loaned
...............................................
—‌
—‌
8,932‌
—‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
85,437‌
18,409‌
25,119‌
219,436‌
Accounting
services
fees
.................................................
—‌
—‌
27,832‌
27,853‌
Administration
fees
.....................................................
5,843‌
562‌
—‌
—‌
Capital
shares
redeemed
.................................................
1,500‌
—‌
—‌
—‌
Custodian
fees
........................................................
—‌
—‌
41,420‌
45,737‌
Deferred
foreign
capital
gain
tax
............................................
—‌
1,695‌
3,996‌
—‌
Investment
advisory
fees
.................................................
20,893‌
3,498‌
8‌
—‌
Trustees'
and
Officer's
fees
...............................................
313‌
379‌
692‌
688‌
Pricing
fees
..........................................................
—‌
—‌
13,616‌
13,122‌
Printing
and
postage
fees
................................................
—‌
—‌
16,269‌
16,263‌
Professional
fees
......................................................
36,789‌
36,437‌
44,258‌
26,446‌
Registration
fees
......................................................
—‌
—‌
475‌
494‌
Service
fees
.........................................................
42‌
37‌
31‌
43‌
Transfer
agent
fees
....................................................
—‌
—‌
458‌
406‌
Other
accrued
expenses
.................................................
219‌
56‌
5,785‌
5,551‌
Variation
margin
on
futures
contracts
.........................................
—‌
—‌
—‌
2,639‌
Total
liabilities
..........................................................
275,320‌
71,860‌
188,891‌
358,678‌
NET
ASSETS
..........................................................
$
35,168,862‌
$
6,113,550‌
$
9,940,345‌
$
11,148,893‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................
$
45,892,457‌
$
7,384,774‌
$
11,268
,
470‌
$
11,728
,
252‌
Accumulated
loss
.......................................................
(10,723,595‌)
(1,271,224‌)
(1,328,125‌
)
(579,359‌
)
NET
ASSETS
..........................................................
$
35,168,862‌
$
6,113,550‌
$
9,940,345‌
$
11,148,893‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................
$
38,653,212‌
$
6,877,476‌
$
9,872,351‌
$
11,263,737‌
(b)
  Securities
loaned,
at
value
................................................
$
—‌
$
—‌
$
8,762‌
$
—‌
(c)
  Investments,
at
cost
—
affiliated
............................................
$
—‌
$
—‌
$
583,870‌
$
235,086‌
(d)
  Foreign
currency,
at
cost
.................................................
$
8,163‌
$
2,980‌
$
11,571‌
$
26,705‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2022
2022
BlackRock
Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
NET
ASSET
VALUE
Institutional
Net
assets
...........................................................
$
28,252,484‌
$
101,625‌
$
118,934‌
$
174,468‌
Shares
outstanding
....................................................
2,624,530‌
11,786‌
13,359‌
18,089‌
Net
asset
value
.......................................................
$
10.76‌
$
8.62‌
$
8.90‌
$
9.64‌
Shares
authorized
.....................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
...........................................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Investor
A
Net
assets
...........................................................
$
198,208‌
$
158,074‌
$
149,169‌
$
203,944‌
Shares
outstanding
....................................................
18,429‌
18,369‌
16,775‌
21,174‌
Net
asset
value
.......................................................
$
10.76‌
$
8.61‌
$
8.89‌
$
9.63‌
Shares
authorized
.....................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
...........................................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Class
K
Net
assets
...........................................................
$
6,718,170‌
$
5,853,851‌
$
9,672,242‌
$
10,770,481‌
Shares
outstanding
....................................................
623,552‌
678,736‌
1,086,167‌
1,116,348‌
Net
asset
value
.......................................................
$
10.77‌
$
8.62‌
$
8.90‌
$
9.65‌
Shares
authorized
.....................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
...........................................................
$
0.001‌
$
0.001‌
$
0.001‌
$
0.001‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2022
67
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
1,165,199,590‌
$
5,671,506‌
Investments,
at
value
—
affiliated
(c)
..........................................................................
137,851,185‌
111,926‌
Cash
pledged:
Collateral
—
OTC
derivatives
.............................................................................
2,820,000‌
—‌
Futures
contracts
.....................................................................................
221,053,373‌
—‌
Centrally
cleared
swaps
.................................................................................
69,891,000‌
—‌
Foreign
currency,
at
value
(d)
...............................................................................
57,772,355‌
326‌
Receivables:
–‌
–‌
Investments
sold
.....................................................................................
47,857‌
52,502‌
Securities
lending
income
—
affiliated
.......................................................................
8,957,683‌
—‌
Swaps  
...........................................................................................
860,577‌
—‌
Capital
shares
sold
....................................................................................
1,776,765‌
109‌
Dividends
—
affiliated
..................................................................................
22,048‌
11‌
Dividends
—
unaffiliated
................................................................................
2,138,565‌
802‌
Interest
—
unaffiliated
..................................................................................
188,557‌
—‌
From
the
Manager
....................................................................................
—‌
259‌
Variation
margin
on
futures
contracts
........................................................................
55,932,424‌
—‌
Variation
margin
on
centrally
cleared
swaps
...................................................................
848,262‌
—‌
Unrealized
appreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
21,640,854‌
—‌
OTC
swaps
.........................................................................................
13,446,971‌
—‌
Prepaid
expenses
......................................................................................
84,651‌
—‌
Total
assets
..........................................................................................
1,760,532,717‌
5,837,441‌
LIABILITIES
Bank
overdraft
.........................................................................................
2,702,962‌
—‌
Cash
received:
Collateral
—
OTC
derivatives
.............................................................................
6,630,000‌
—‌
Collateral
on
securities
loaned
..............................................................................
10,572,911‌
—‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
8,973,664‌
95,412‌
Swaps  
...........................................................................................
2,799,695‌
—‌
Accounting
services
fees
................................................................................
150,095‌
—‌
Administration
fees
....................................................................................
82,295‌
540‌
Capital
shares
redeemed
................................................................................
31,589,883‌
—‌
Custodian
fees
.......................................................................................
92,284‌
—‌
Investment
advisory
fees
................................................................................
728,074‌
3,266‌
Trustees'
and
Officer's
fees
..............................................................................
533‌
380‌
Other
affiliate
fees
....................................................................................
83,280‌
—‌
Printing
and
postage
fees
...............................................................................
3,074‌
—‌
Professional
fees
.....................................................................................
107,276‌
34,725‌
Registration
fees
.....................................................................................
135,412‌
—‌
Service
and
distribution
fees
..............................................................................
47,038‌
67‌
Transfer
agent
fees
...................................................................................
316,127‌
—‌
Other
accrued
expenses
................................................................................
3,199‌
—‌
Variation
margin
on
futures
contracts
........................................................................
10,639,458‌
—‌
Unrealized
depreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
22,483,480‌
—‌
OTC
swaps
.........................................................................................
16,397,892‌
—‌
Total
liabilities
.........................................................................................
114,538,632‌
134,390‌
NET
ASSETS
.........................................................................................
$
1,645,994,085‌
$
5,703,051‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2022
2022
BlackRock
Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
NET
ASSETS
CONSIST
OF
Paid-in
capital
.........................................................................................
$
1,648,559,971‌
$
6,858,633‌
Accumulated
loss
......................................................................................
(2,565,886‌)
(1,155,582‌)
NET
ASSETS
.........................................................................................
$
1,645,994,085‌
$
5,703,051‌
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
1,029,759,420‌
$
6,140,968‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
9,954
,
361‌
$
—‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
137,850,717‌
$
111,926‌
(d)
  Foreign
currency,
at
cost
................................................................................
$
58,182,903‌
$
328‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2022
69
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................
$
672,822,424‌
$
112,680‌
Shares
outstanding
...................................................................................
47,878,386‌
12,985‌
Net
asset
value
......................................................................................
$
14.05‌
$
8.68‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.00
1‌
$
0.00
1‌
Service
Net
assets
..........................................................................................
$
952,977‌
$
—
Shares
outstanding
...................................................................................
68,367‌
—
Net
asset
value
......................................................................................
$
13.94‌
$
—
Shares
authorized
....................................................................................
Unlimited
—
Par
value
..........................................................................................
$
0.00
1‌
$
—
Investor
A
Net
assets
..........................................................................................
$
187,460,981‌
$
282,457‌
Shares
outstanding
...................................................................................
13,489,170‌
32,640‌
Net
asset
value
......................................................................................
$
13.90‌
$
8.65‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.00
1‌
$
0.00
1‌
Investor
C
Net
assets
..........................................................................................
$
7,477,769‌
$
—
Shares
outstanding
...................................................................................
555,140‌
—
Net
asset
value
......................................................................................
$
13.47‌
$
—
Shares
authorized
....................................................................................
Unlimited
—
Par
value
..........................................................................................
$
0.00
1‌
$
—
Class
K
Net
assets
..........................................................................................
$
777,279,934‌
$
5,307,914‌
Shares
outstanding
...................................................................................
55,355,233‌
611,440‌
Net
asset
value
......................................................................................
$
14.04‌
$
8.68‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.00
1‌
$
0.00
1‌
Statements
of
Operations

Year
Ended
April
30,
2022
2022
BlackRock
Annual
Report
to
Shareholders
70
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
58‌
$
14‌
$
4,175‌
$
92‌
Dividends
—
unaffiliated
.................................................
518,807‌
123,029‌
305,730‌
344,557‌
Securities
lending
income
—
affiliated
—
net
...................................
71,729‌
11,210‌
666‌
51‌
Non-cash
dividends
—
unaffiliated
..........................................
—‌
—‌
—‌
17,806‌
Foreign
taxes
withheld
..................................................
(50,161‌)
(14,153‌)
(36,191‌)
(45,180‌)
Total
investment
income
...................................................
540,433‌
120,100‌
274,380‌
317,326‌
EXPENSES
Investment
advisory
....................................................
333,756‌
49,468‌
92,743‌
55,972‌
Administration
—
class
specific
............................................
94,249‌
7,928‌
2,319‌
2,488‌
Professional
.........................................................
28,650‌
28,633‌
135,646‌
89,894‌
Trustees
and
Officer
....................................................
8,238‌
7,824‌
6,993‌
6,992‌
Service
and
distribution
—
class
specific
......................................
650‌
478‌
375‌
434‌
Accounting
services
....................................................
—‌
—‌
56,294‌
56,322‌
Administration
.......................................................
—‌
—‌
4,927‌
5,285‌
Custodian
...........................................................
—‌
—‌
88,322‌
113,409‌
Offering
............................................................
—‌
—‌
21,777‌
40,721‌
Registration
.........................................................
—‌
—‌
23,688‌
23,707‌
Transfer
agent
—
class
specific
............................................
—‌
—‌
561‌
626‌
Printing
and
postage
...................................................
—‌
—‌
30,263‌
30,271‌
Miscellaneous
........................................................
57‌
57‌
28,032‌
26,989‌
Total
expenses
.........................................................
465,600‌
94,388‌
491,940‌
453,110‌
Less:
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................
(37,012‌)
(36,476‌)
(389,856‌)
(388,297‌)
Administration
fees
waived
.............................................
—‌
—‌
(4,927‌)
(5,285‌)
Administration
fees
waived
—
class
specific
..................................
—‌
—‌
(2,306‌)
(2,463‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........
—‌
—‌
(446‌)
(488‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
428,588‌
57,912‌
94,405‌
56,577‌
Net
investment
income
....................................................
111,845‌
62,188‌
179,975‌
260,749‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(13,120,749‌)
$
(2,169,343‌)
$
(2,626,903‌)
$
(1,371,162‌)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................
$
(219‌)
$
(57‌)
$
3,253‌
$
(26‌)
Investments
—
unaffiliated
(a)
............................................
(5,390,218‌)
(84,045‌)
(748,601‌)
194,118‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
........................
4‌
—‌
—‌
—‌
Forward
foreign
currency
exchange
contracts
.................................
(23,958‌)
(9,333‌)
—‌
—‌
Foreign
currency
transactions
...........................................
(3,820‌)
(695‌)
(5,767‌)
(1,880‌)
Futures
contracts
....................................................
—‌
—‌
(61,459‌)
(4,051‌)
(5,418,211‌)
(94,130‌)
(812,574‌)
188,161‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................
—‌
—‌
82,462‌
—‌
Investments
—
unaffiliated
(b)
............................................
(7,708,413‌)
(2,077,204‌)
(1,885,238‌)
(1,544,983‌)
Forward
foreign
currency
exchange
contracts
.................................
7,975‌
2,501‌
—‌
—‌
Foreign
currency
translations
............................................
(2,100‌)
(510‌)
(466‌)
(3,508‌)
Futures
contracts
....................................................
—‌
—‌
(11,087‌)
(10,832‌)
(7,702,538‌)
(2,075,213‌)
(1,814,329‌)
(1,559,323‌)
Net
realized
and
unrealized
loss
..............................................
(13,120,749‌)
(2,169,343‌)
(2,626,903‌)
(1,371,162‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................
$
(13,008,904‌)
$
(2,107,155‌)
$
(2,446,928‌)
$
(1,110,413‌)
(a)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
.................
$
—
$
—
$
(16,032
)
$
—
(b)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
..............................
$
—
$
(1,695
)
$
(3,996
)
$
—
Statements
of
Operations
(continued)
Year
Ended
April
30,
2022
71
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
INVESTMENT
INCOME
–
–
Dividends
—
affiliated
..................................................................................
$
29,269‌
$
21‌
Dividends
—
unaffiliated
................................................................................
17,759,826‌
39,310‌
Interest
—
unaffiliated
..................................................................................
693,553‌
—‌
Securities
lending
income
—
affiliated
—
net
..................................................................
7,719‌
5,531‌
Foreign
taxes
withheld
.................................................................................
(736,009‌)
(1,506‌)
Total
investment
income
..................................................................................
17,754,358‌
43,356‌
EXPENSES
Investment
advisory
...................................................................................
8,494,045‌
44,894‌
Transfer
agent
—
class
specific
...........................................................................
1,174,149‌
—‌
Administration
......................................................................................
637,058‌
—‌
Service
and
distribution
—
class
specific
.....................................................................
574,017‌
751‌
Administration
—
class
specific
...........................................................................
319,741‌
7,344‌
Accounting
services
...................................................................................
255,806‌
—‌
Registration
........................................................................................
217,905‌
—‌
Custodian
..........................................................................................
158,775‌
—‌
Professional
........................................................................................
157,984‌
27,521‌
Printing
and
postage
..................................................................................
63,663‌
—‌
Trustees
and
Officer
...................................................................................
12,044‌
7,821‌
Miscellaneous
.......................................................................................
150,418‌
57‌
Total
expenses
........................................................................................
12,215,605‌
88,388‌
Less:
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
..............................................................
(18,671‌)
(35,370‌)
Administration
fees
waived
—
class
specific
.................................................................
(190‌)
—‌
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
.........................................
(11‌)
—‌
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
12,196,733‌
53,018‌
Net
investment
income
(loss)
...............................................................................
5,557,625‌
(9,662‌)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(4,088,453‌)
$
(1,699,797‌)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
..............................................................................
$
(407‌)
$
(42‌)
Investments
—
unaffiliated
............................................................................
43,554,308‌
153,504‌
Forward
foreign
currency
exchange
contracts
................................................................
(3,450,573‌)
—‌
Foreign
currency
transactions
..........................................................................
(8,210,543‌)
(391‌)
Futures
contracts
...................................................................................
(97,402,663‌)
—‌
Swaps  
.........................................................................................
62,529,441‌
—‌
(2,980,437‌)
153,071‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
..............................................................................
468‌
—‌
Investments
—
unaffiliated
............................................................................
(103,338,797‌)
(1,852,861‌)
Forward
foreign
currency
exchange
contracts
................................................................
342,288‌
—‌
Foreign
currency
translations
...........................................................................
(2,629,652‌)
(7‌)
Futures
contracts
...................................................................................
110,488,991‌
—‌
Swaps  
.........................................................................................
(5,971,314‌)
—‌
(1,108,016‌)
(1,852,868‌)
Net
realized
and
unrealized
loss
.............................................................................
(4,088,453‌)
(1,699,797‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.........................................
$
1,469,172‌
$
(1,709,459‌)
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Annual
Report
to
Shareholders
72
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
111,845‌
$
3,016‌
$
62,188‌
$
32,193‌
Net
realized
gain
(loss)
....................................................
(5,418,211‌)
2,239,581‌
(94,130‌)
1,093,998‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(7,702,538‌)
4,212,699‌
(2,075,213‌)
1,216,203‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(13,008,904‌)
6,455,296‌
(2,107,155‌)
2,342,394‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
  Institutional
...........................................................
(2,817,685‌)
(470,005‌)
(20,559‌)
(4,436‌)
  Investor
A
............................................................
(16,079‌)
(6,678‌)
(29,376‌)
(4,284‌)
  Class
K
..............................................................
(542,065‌)
(317,475‌)
(1,190,636‌)
(257,172‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(3,375,829‌)
(794,158‌)
(1,240,571‌)
(265,892‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(903,296‌)
46,795,753‌
1,290,141‌
6,094,633‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(17,288,029‌)
52,456,891‌
(2,057,585‌)
8,171,135‌
Beginning
of
period
........................................................
52,456,891‌
—‌
8,171,135‌
—‌
End
of
period
............................................................
$
35,168,862‌
$
52,456,891‌
$
6,113,550‌
$
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)
73
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
BlackRock
Sustainable
Advantage
International
Equity
Fund
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
179,975‌
$
41,472‌
$
260,749‌
$
132,206‌
Net
realized
gain
(loss)
....................................................
(812,574‌)
1,014,062‌
188,161‌
866,371‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(1,814,329‌)
1,297,751‌
(1,559,323‌)
1,158,873‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(2,446,928‌)
2,353,285‌
(1,110,413‌)
2,157,450‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
  Institutional
...........................................................
(13,987‌)
(493‌)
(24,721‌)
(836‌)
  Investor
A
............................................................
(13,504‌)
(408‌)
(20,157‌)
(569‌)
  Class
K
..............................................................
(1,183,989‌)
(50,099‌)
(1,532,269‌)
(66,875‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(1,211,480‌)
(51,000‌)
(1,577,147‌)
(68,280‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.........................
1,279,931‌
10,016,537‌
1,698,938‌
10,048,345‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(2,378,477‌)
12,318,822‌
(988,622‌)
12,137,515‌
Beginning
of
period
........................................................
12,318,822‌
—‌
12,137,515‌
—‌
End
of
period
............................................................
$
9,940,345‌
$
12,318,822‌
$
11,148,893‌
$
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)
2022
BlackRock
Annual
Report
to
Shareholders
74
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
Year
Ended
April
30,
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
2022
2021
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
5,557,625‌
$
4,394,969‌
$
(9,662‌)
$
(10,097‌)
Net
realized
gain
(loss)
....................................................
(2,980,437‌)
(143,840,740‌)
153,071‌
1,283,959‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(1,108,016‌)
203,100,134‌
(1,852,868‌)
1,383,404‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
1,469,172‌
63,654,363‌
(1,709,459‌)
2,657,266‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
From
net
investment
income
and
net
realized
gain:
  Institutional
...........................................................
—‌
(8,252,526‌)
(31,728‌)
(9,744‌)
  Service
..............................................................
—‌
(54,595‌)
—‌
—‌
  Investor
A
............................................................
—‌
(5,029,093‌)
(71,225‌)
(9,665‌)
  Investor
C
............................................................
—‌
(136,513‌)
—‌
—‌
  Class
K
..............................................................
—‌
(18,476,253‌)
(1,511,112‌)
(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)
(1,614,065‌)
(489,324‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.........................
186,560,420‌
551,060,076‌
1,809,870‌
5,048,763‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
188,029,592‌
582,564,413‌
(1,513,654‌)
7,216,705‌
Beginning
of
period
........................................................
1,457,964,493‌
875,400,080‌
7,216,705‌
—‌
End
of
period
............................................................
$
1,645,994,085‌
$
1,457,964,493‌
$
5,703,051‌
$
7,216,705‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
BlackRock
Global
Impact
Fund
Institutional
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
15.27
‌
$
10.00
‌
Net
investment
income
(loss)
(b)
.......................................................................
0.03
‌
(0.02
)
Net
realized
and
unrealized
gain
(loss)
..................................................................
(3.66
)
5.82
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(3.63
)
5.80
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.10
)
(0.07
)
From
net
realized
gain
.............................................................................
(0.78
)
(0.46
)
Total
distributions
.................................................................................
(0.88
)
(0.53
)
Net
asset
value,
end
of
period
........................................................................
$
10.76
‌
$
15.27
‌
Total
Return
(d)
(25.01)%
—
Based
on
net
asset
value
............................................................................
(25.01
)%
58.53
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
0.92
%
0.98
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.85
%
0.84
%
(g)
Net
investment
income
(loss)
.........................................................................
0.20
%
(0.14
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
28,252
‌
$
42,999
‌
Portfolio
turnover
rate
..............................................................................
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.98%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
76
BlackRock
Global
Impact
Fund
Investor
A
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
15.26
‌
$
10.00
‌
Net
investment
loss
(b)
.............................................................................
(0.01
)
(0.02
)
Net
realized
and
unrealized
gain
(loss)
..................................................................
(3.65
)
5.79
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(3.66
)
5.77
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.07
)
(0.05
)
From
net
realized
gain
.............................................................................
(0.77
)
(0.46
)
Total
distributions
.................................................................................
(0.84
)
(0.51
)
Net
asset
value,
end
of
period
........................................................................
$
10.76
‌
$
15.26
‌
Total
Return
(d)
(25.15)%
—
Based
on
net
asset
value
............................................................................
(25.15
)%
58.22
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
1.17
%
1.27
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
1.10
%
1.10
%
(g)
Net
investment
loss
................................................................................
(0.06
)%
(0.18
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
198
‌
$
272
‌
Portfolio
turnover
rate
..............................................................................
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.28%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
BlackRock
Global
Impact
Fund
Class
K
Year
Ended
04/30/22
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
15.29
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.04
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(3.67
)
5.78
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(3.63
)
5.82
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.11
)
(0.07
)
From
net
realized
gain
.............................................................................
(0.78
)
(0.46
)
Total
distributions
.................................................................................
(0.89
)
(0.53
)
Net
asset
value,
end
of
period
........................................................................
$
10.77
‌
$
15.29
‌
Total
Return
(d)
(24.97)%
—
Based
on
net
asset
value
............................................................................
(24.97
)%
58.75
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
0.82
%
0.93
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.75
%
0.75
%
(g)
Net
investment
income
.............................................................................
0.32
%
0.34
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
6,718
‌
$
9,186
‌
Portfolio
turnover
rate
..............................................................................
114
%
100
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.94%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
78
BlackRock
International
Impact
Fund
Institutional
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
13.65
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.08
‌
0.05
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(3.12
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(3.04
)
4.09
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.17
)
(0.08
)
From
net
realized
gain
.............................................................................
(1.82
)
(0.36
)
Total
distributions
.................................................................................
(1.99
)
(0.44
)
Net
asset
value,
end
of
period
........................................................................
$
8.62
‌
$
13.65
‌
Total
Return
(d)
(25.68)%
41.25%
Based
on
net
asset
value
............................................................................
(25.68
)%
41.25
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
1.33
%
1.37
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.85
%
0.85
%
(g)
Net
investment
income
.............................................................................
0.74
%
0.50
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
102
‌
$
137
‌
Portfolio
turnover
rate
..............................................................................
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.44%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
BlackRock
International
Impact
Fund
Investor
A
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
13.63
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.02
‌
0.02
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(3.07
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(3.05
)
4.06
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.16
)
(0.07
)
From
net
realized
gain
.............................................................................
(1.81
)
(0.36
)
Total
distributions
.................................................................................
(1.97
)
(0.43
)
Net
asset
value,
end
of
period
........................................................................
$
8.61
‌
$
13.63
‌
Total
Return
(d)
(25.77)%
40.89%
Based
on
net
asset
value
............................................................................
(25.77
)%
40.89
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
1.54
%
1.63
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
1.10
%
1.10
%
(g)
Net
investment
income
.............................................................................
0.20
%
0.23
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
158
‌
$
169
‌
Portfolio
turnover
rate
..............................................................................
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.71%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
80
BlackRock
International
Impact
Fund
Class
K
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
13.65
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.09
‌
0.06
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(3.12
)
4.04
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(3.03
)
4.10
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.18
)
(0.09
)
From
net
realized
gain
.............................................................................
(1.82
)
(0.36
)
Total
distributions
.................................................................................
(2.00
)
(0.45
)
Net
asset
value,
end
of
period
........................................................................
$
8.62
‌
$
13.65
‌
Total
Return
(d)
(25.60)%
41.32%
Based
on
net
asset
value
............................................................................
(25.60
)%
41.32
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
1.23
%
1.26
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.75
%
0.75
%
(g)
Net
investment
income
.............................................................................
0.84
%
0.54
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
5,854
‌
$
7,865
‌
Portfolio
turnover
rate
..............................................................................
85
%
87
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.34%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Institutional
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
12.30
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.16
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(2.37
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(2.21
)
2.35
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.14
)
(0.05
)
From
net
realized
gain
.............................................................................
(1.05
)
—
‌
Total
distributions
.................................................................................
(1.19
)
(0.05
)
Net
asset
value,
end
of
period
........................................................................
$
8.90
‌
$
12.30
‌
Total
Return
(d)
(19.84)%
—
Based
on
net
asset
value
............................................................................
(19.84
)%
23.53
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
4.37
%
3.70
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.86
%
0.86
%
(g)
Net
investment
income
.............................................................................
1.51
%
0.47
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
119
‌
$
125
‌
Portfolio
turnover
rate
..............................................................................
173
%
147
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.30%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
82
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Investor
A
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
12.29
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.13
‌
0.02
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(2.36
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(2.23
)
2.33
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.12
)
(0.04
)
From
net
realized
gain
.............................................................................
(1.05
)
—
‌
Total
distributions
.................................................................................
(1.17
)
(0.04
)
Net
asset
value,
end
of
period
........................................................................
$
8.89
‌
$
12.29
‌
Total
Return
(d)
(20.04)%
—
Based
on
net
asset
value
............................................................................
(20.04
)%
23.33
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
4.71
%
3.92
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
1.11
%
1.11
%
(g)
Net
investment
income
.............................................................................
1.21
%
0.31
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
149
‌
$
138
‌
Portfolio
turnover
rate
..............................................................................
173
%
147
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.52%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
Class
K
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
12.30
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.17
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(2.37
)
2.31
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(2.20
)
2.35
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.15
)
(0.05
)
From
net
realized
gain
.............................................................................
(1.05
)
—
‌
Total
distributions
.................................................................................
(1.20
)
(0.05
)
Net
asset
value,
end
of
period
........................................................................
$
8.90
‌
$
12.30
‌
Total
Return
(d)
(19.80)%
—
Based
on
net
asset
value
............................................................................
(19.80
)%
23.55
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
4.24
%
3.39
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.81
%
0.81
%
(g)
Net
investment
income
.............................................................................
1.56
%
0.52
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
9,672
‌
$
12,056
‌
Portfolio
turnover
rate
..............................................................................
173
%
147
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.00%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
84
BlackRock
Sustainable
Advantage
International
Equity
Fund
Institutional
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
12.08
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.23
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(0.93
)
2.14
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.27
)
(0.06
)
From
net
realized
gain
.............................................................................
(1.24
)
(0.00
)
(d)
Total
distributions
.................................................................................
(1.51
)
(0.06
)
Net
asset
value,
end
of
period
........................................................................
$
9.64
‌
$
12.08
‌
Total
Return
(e)
(9.13)%
—
Based
on
net
asset
value
............................................................................
(9.13
)%
21.53
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...................................................................................
3.72
%
3.40
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.50
%
0.50
%
(h)
Net
investment
income
.............................................................................
2.04
%
1.69
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
174
‌
$
156
‌
Portfolio
turnover
rate
..............................................................................
116
%
172
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.94%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
BlackRock
Sustainable
Advantage
International
Equity
Fund
Investor
A
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
12.07
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.21
‌
0.11
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(0.95
)
2.12
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.25
)
(0.05
)
From
net
realized
gain
.............................................................................
(1.24
)
(0.00
)
(d)
Total
distributions
.................................................................................
(1.49
)
(0.05
)
Net
asset
value,
end
of
period
........................................................................
$
9.63
‌
$
12.07
‌
Total
Return
(e)
(9.32)%
—
Based
on
net
asset
value
............................................................................
(9.32
)%
21.33
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...................................................................................
4.02
%
3.76
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.74
%
0.75
%
(h)
Net
investment
income
.............................................................................
1.85
%
1.45
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
204
‌
$
140
‌
Portfolio
turnover
rate
..............................................................................
116
%
172
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.31%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
86
BlackRock
Sustainable
Advantage
International
Equity
Fund
Class
K
Year
Ended
04/30/22
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
12.08
‌
$
10.00
‌
Net
investment
income
(b)
...........................................................................
0.24
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
..................................................................
(1.16
)
2.01
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(0.92
)
2.14
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
(0.27
)
(0.06
)
From
net
realized
gain
.............................................................................
(1.24
)
(0.00
)
(d)
Total
distributions
.................................................................................
(1.51
)
(0.06
)
Net
asset
value,
end
of
period
........................................................................
$
9.65
‌
$
12.08
‌
Total
Return
(e)
(9.00)%
—
Based
on
net
asset
value
............................................................................
(9.00
)%
21.55
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...................................................................................
3.64
%
3.15
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.45
%
0.45
%
(h)
Net
investment
income
.............................................................................
2.10
%
1.72
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
10,770
‌
$
11,842
‌
Portfolio
turnover
rate
..............................................................................
116
%
172
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.70%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
87
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)
Amount
is
less
than
0.005%.
(f)
Aggregate
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(i)
Annualized.
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
Institutional
Year
Ended
April
30,
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2022
2021
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
14.05
‌
$
13.59
‌
$
13.67
‌
$
15.44
‌
$
14.11
‌
$
13.41
‌
Net
investment
income
(a)
.........
0.05
‌
0.05
‌
0.06
‌
0.19
‌
0.14
‌
0.09
‌
Net
realized
and
unrealized
gain
(loss)
(0.05
)
0.79
‌
0.32
‌
(0.57
)
1.31
‌
0.82
‌
Net
increase
(decrease)
from
investment
operations
................
0.00
‌
0.84
‌
0.38
‌
(0.38
)
1.45
‌
0.91
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
—
‌
(0.38
)
(0.46
)
(0.55
)
(0.12
)
(0.23
)
From
net
realized
gain
...........
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
...............
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
—
‌
Total
distributions
...............
—
‌
(0.38
)
(0.46
)
(1.39
)
(0.12
)
(0.23
)
Capital
Contribution
.............
—
‌
—
‌
—
‌
—
‌
—
‌
0.02
‌
Net
asset
value,
end
of
period
......
$
14.05
‌
$
14.05
‌
$
13.59
‌
$
13.67
‌
$
15.44
‌
$
14.11
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........
0.00
%
(e)
6.18
%
2.79
%
(f)
(2.43
)%
10.36
%
7.05
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
................
0.79
%
0.81
%
0.86
%
(i)
0.80
%
0.93
%
0.92
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.79
%
0.80
%
0.85
%
(i)
0.79
%
0.89
%
0.89
%
Net
investment
income
...........
0.33
%
0.38
%
0.77
%
(i)
1.36
%
0.94
%
0.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
672,822
‌
$
464,694
‌
$
289,127
‌
$
290,851
‌
$
220,711
‌
$
189,242
‌
Portfolio
turnover
rate
............
110
%
136
%
167
%
288
%
265
%
257
%
Year
Ended
April
30,
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2022
2021
2019
2018
2017
Expense
ratios
..............................
N/A
N/A
N/A
0.79
%
N/A
N/A
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
88
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(i)
Annualized.
(j)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
Service
Year
Ended
April
30,
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2022
2021
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
13.97
‌
$
13.54
‌
$
13.56
‌
$
15.33
‌
$
14.02
‌
$
13.34
‌
Net
investment
income
(a)
.........
0.00
(b)
0.01
‌
0.04
‌
0.16
‌
0.10
‌
0.05
‌
Net
realized
and
unrealized
gain
(loss)
(0.03
)
0.78
‌
0.31
‌
(0.58
)
1.32
‌
0.81
‌
Net
increase
(decrease)
from
investment
operations
................
(0.03
)
0.79
‌
0.35
‌
(0.42
)
1.42
‌
0.86
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......
—
‌
(0.36
)
(0.37
)
(0.51
)
(0.11
)
(0.20
)
From
net
realized
gain
...........
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
...............
—
‌
(0.00
)
(d)
—
‌
—
‌
—
‌
—
‌
Total
distributions
...............
—
‌
(0.36
)
(0.37
)
(1.35
)
(0.11
)
(0.20
)
Capital
Contribution
.............
—
‌
—
‌
—
‌
—
‌
—
‌
0.02
‌
Net
asset
value,
end
of
period
......
$
13.94
‌
$
13.97
‌
$
13.54
‌
$
13.56
‌
$
15.33
‌
$
14.02
‌
Total
Return
(e)
(0.21)%
—
—
—
—
—
Based
on
net
asset
value
..........
(0.21
)%
5.86
%
2.63
%
(f)
(2.74
)%
10.21
%
6.66
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
................
1.06
%
1.07
%
1.16
%
(i)
1.06
%
1.22
%
1.23
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.06
%
1.06
%
1.14
%
(i)
1.06
%
1.16
%
1.17
%
Net
investment
income
...........
0.00
%
(j)
0.08
%
0.53
%
(i)
1.14
%
0.65
%
0.38
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
953
‌
$
1,972
‌
$
836
‌
$
767
‌
$
832
‌
$
828
‌
Portfolio
turnover
rate
............
110
%
136
%
167
%
288
%
265
%
257
%
Year
Ended
April
30,
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2022
2021
2019
2018
2017
Expense
ratios
..........................
N/A  
‌
N/A  
‌
N/A  
‌
1.04
%
N/A  
‌
N/A  
‌
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
BlackRock
Tactical
Opportunities
Fund
Investor
A
Year
Ended
April
30,
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2022
2021
2019
2018
2017
Net
asset
value,
beginning
of
period
..
$
13.93
‌
$
13.49
‌
$
13.54
‌
$
15.31
‌
$
14.02
‌
$
13.33
‌
Net
investment
income
(a)
..........
0.00
(b)
0.01
‌
0.04
‌
0.14
‌
0.09
‌
0.05
‌
Net
realized
and
unrealized
gain
(loss)
.
(0.03
)
0.77
‌
0.32
‌
(0.56
)
1.31
‌
0.81
‌
Net
increase
(decrease)
from
investment
operations
.................
(0.03
)
0.78
‌
0.36
‌
(0.42
)
1.40
‌
0.86
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.......
—
‌
(0.34
)
(0.41
)
(0.51
)
(0.11
)
(0.19
)
From
net
realized
gain
............
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
................
—
‌
(0.00
)
(d)
—
‌
—
‌
—
‌
—
‌
Total
distributions
................
—
‌
(0.34
)
(0.41
)
(1.35
)
(0.11
)
(0.19
)
Capital
Contribution
..............
—
‌
—
‌
—
‌
—
‌
—
‌
0.02
‌
Net
asset
value,
end
of
period
.......
$
13.90
‌
$
13.93
‌
$
13.49
‌
$
13.54
‌
$
15.31
‌
$
14.02
‌
Total
Return
(e)
(0.22)%
—
—
—
—
—
Based
on
net
asset
value
...........
(0.22
)%
5.77
%
2.70
%
(f)
(2.77
)%
10.06
%
6.66
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
..................
1.08
%
1.09
%
1.15
%
(h)
1.10
%
(i)
1.21
%
1.20
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.08
%
1.09
%
1.14
%
(h)
1.09
%
1.20
%
1.20
%
Net
investment
income
............
0.03
%
0.09
%
0.48
%
(h)
1.01
%
0.61
%
0.37
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
187,461
‌
$
202,884
‌
$
208,746
‌
$
218,634
‌
$
237,442
‌
$
244,101
‌
Portfolio
turnover
rate
.............
110
%
136
%
167
%
288
%
265
%
257
%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
90
BlackRock
Tactical
Opportunities
Fund
Investor
C
Year
Ended
April
30,
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2022
2021
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
13.60
‌
$
13.13
‌
$
13.14
‌
$
14.81
‌
$
13.64
‌
$
12.95
‌
Net
investment
income
(loss)
(a)
.....
(0.10
)
(0.09
)
(0.02
)
0.04
‌
(0.01
)
(0.05
)
Net
realized
and
unrealized
gain
(loss)
(0.03
)
0.75
‌
0.31
‌
(0.54
)
1.27
‌
0.80
‌
Net
increase
(decrease)
from
investment
operations
................
(0.13
)
0.66
‌
0.29
‌
(0.50
)
1.26
‌
0.75
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
—
‌
(0.19
)
(0.30
)
(0.33
)
(0.09
)
(0.08
)
From
net
realized
gain
...........
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
...............
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
—
‌
Total
distributions
...............
—
‌
(0.19
)
(0.30
)
(1.17
)
(0.09
)
(0.08
)
Capital
Contribution
.............
—
‌
—
‌
—
‌
—
‌
—
‌
0.02
‌
Net
asset
value,
end
of
period
......
$
13.47
‌
$
13.60
‌
$
13.13
‌
$
13.14
‌
$
14.81
‌
$
13.64
‌
Total
Return
(d)
(0.96)%
—
—
—
—
—
Based
on
net
asset
value
..........
(0.96
)%
5.02
%
2.21
%
(e)
(3.45
)%
9.27
%
5.99
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................
1.83
%
1.84
%
1.86
%
(g)
1.82
%
(h)
1.89
%
1.89
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.83
%
1.84
%
1.85
%
(g)
1.81
%
1.88
%
1.89
%
Net
investment
income
(loss)
.......
(0.72
)%
(0.65
)%
(0.24
)%
(g)
0.26
%
(0.08
)%
(0.34
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
7,478
‌
$
8,665
‌
$
13,187
‌
$
17,171
‌
$
31,022
‌
$
35,343
‌
Portfolio
turnover
rate
............
110
%
136
%
167
%
288
%
265
%
257
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
BlackRock
Tactical
Opportunities
Fund
Class
K
Year
Ended
April
30,
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2022
2021
2019
2018
2017
Net
asset
value,
beginning
of
period
..
$
14.02
‌
$
13.57
‌
$
13.65
‌
$
15.43
‌
$
14.08
‌
$
13.42
‌
Net
investment
income
(a)
..........
0.06
‌
0.07
‌
0.07
‌
0.21
‌
0.16
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
.
(0.04
)
0.78
‌
0.32
‌
(0.57
)
1.32
‌
0.79
‌
Net
increase
(decrease)
from
investment
operations
.................
0.02
‌
0.85
‌
0.39
‌
(0.36
)
1.48
‌
0.92
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.......
—
‌
(0.40
)
(0.47
)
(0.58
)
(0.13
)
(0.26
)
From
net
realized
gain
............
—
‌
—
‌
—
‌
(0.84
)
—
‌
—
‌
Return
of
capital
................
—
‌
(0.00
)
(c)
—
‌
—
‌
—
‌
—
‌
Total
distributions
................
—
‌
(0.40
)
(0.47
)
(1.42
)
(0.13
)
(0.26
)
Net
asset
value,
end
of
period
.......
$
14.04
‌
$
14.02
‌
$
13.57
‌
$
13.65
‌
$
15.43
‌
$
14.08
‌
Total
Return
(d)
0.14%
—
—
—
—
—
Based
on
net
asset
value
...........
0.14
%
6.25
%
2.93
%
(e)
(2.34
)%
10.57
%
6.93
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..................
0.66
%
0.67
%
0.72
%
(g)
0.67
%
(h)
0.76
%
0.77
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.66
%
0.66
%
0.72
%
(g)
0.67
%
0.75
%
0.77
%
Net
investment
income
............
0.44
%
0.49
%
0.91
%
(g)
1.51
%
1.09
%
0.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.......
$
777,280
‌
$
779,750
‌
$
363,505
‌
$
366,664
‌
$
198,487
‌
$
138,018
‌
Portfolio
turnover
rate
.............
110
%
136
%
167
%
288
%
265
%
257
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
92
BlackRock
U.S.
Impact
Fund
Institutional
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
14.33
‌
$
10.00
‌
Net
investment
loss
(b)
.............................................................................
(0.03
)
(0.03
)
Net
realized
and
unrealized
gain
(loss)
..................................................................
(2.65
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(2.68
)
5.30
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
—
‌
(0.00
)
(d)
From
net
realized
gain
.............................................................................
(2.97
)
(0.97
)
Total
distributions
.................................................................................
(2.97
)
(0.97
)
Net
asset
value,
end
of
period
........................................................................
$
8.68
‌
$
14.33
‌
Total
Return
(e)
(22.94)%
—
Based
on
net
asset
value
............................................................................
(22.94
)%
54.03
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...................................................................................
1.37
%
1.42
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.86
%
0.85
%
(h)
Net
investment
loss
................................................................................
(0.22
)%
(0.28
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
113
‌
$
143
‌
Portfolio
turnover
rate
..............................................................................
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.50%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
BlackRock
U.S.
Impact
Fund
Investor
A
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
14.31
‌
$
10.00
‌
Net
investment
loss
(b)
.............................................................................
(0.08
)
(0.06
)
Net
realized
and
unrealized
gain
(loss)
..................................................................
(2.63
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(2.71
)
5.27
‌
Distributions
from
net
realized
gain
(c)
..................................................................
(2.95
)
(0.96
)
Net
asset
value,
end
of
period
........................................................................
$
8.65
‌
$
14.31
‌
Total
Return
(d)
(23.14)%
—
Based
on
net
asset
value
............................................................................
(23.14
)%
53.64
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
1.51
%
1.68
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
1.10
%
1.10
%
(g)
Net
investment
loss
................................................................................
(0.76
)%
(0.58
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
282
‌
$
192
‌
Portfolio
turnover
rate
..............................................................................
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.77%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
94
BlackRock
U.S.
Impact
Fund
Class
K
Year
Ended
04/30/22
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
...................................................................
$
14.33
‌
$
10.00
‌
Net
investment
loss
(b)
.............................................................................
(0.01
)
(0.02
)
Net
realized
and
unrealized
gain
(loss)
..................................................................
(2.66
)
5.33
‌
Net
increase
(decrease)
from
investment
operations
..........................................................
(2.67
)
5.31
‌
Distributions
(c)
–
–
From
net
investment
income
........................................................................
—
‌
(0.01
)
From
net
realized
gain
.............................................................................
(2.98
)
(0.97
)
Total
distributions
.................................................................................
(2.98
)
(0.98
)
Net
asset
value,
end
of
period
........................................................................
$
8.68
‌
$
14.33
‌
Total
Return
(d)
(22.86)%
—
Based
on
net
asset
value
............................................................................
(22.86
)%
54.09
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...................................................................................
1.27
%
1.32
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..........................................................
0.75
%
0.75
%
(g)
Net
investment
loss
................................................................................
(0.11
)%
(0.18
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
........................................................................
$
5,308
‌
$
6,881
‌
Portfolio
turnover
rate
..............................................................................
112
%
98
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.40%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
95
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
SM
 (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Massachusetts
business
 trust.
The
following,
each
of
which
is
a
series
of
the
Trust,
 are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
On
July
27,
2021,
the
Board
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
to
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
and
certain
changes
to
the
Fund's
investment
objective,
investment
strategy
and
investment
process.
These
changes
became
effective
on
December
1,
2021.
On
July
27,
2021,
the
Board
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Advantage
ESG
International
Equity
Fund
to
BlackRock
Sustainable
Advantage
International
Equity
Fund
and
certain
changes
to
the
Fund's
investment
objective,
investment
strategy
and
investment
process.
These
changes
became
effective
on
December
1,
2021.
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional,
Service
and
Class K
Shares
are
sold
only
to
certain
eligible
investors.
Service,
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
are
included
in
a
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”)
.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Global
Impact
Fund
...............................................
Global
Impact
Non-Diversified
BlackRock
International
Impact
Fund
...........................................
International
Impact
Non-Diversified
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
........................
Sustainable
Advantage
Emerging
Markets
Equity
Diversified
BlackRock
Sustainable
Advantage
International
Equity
Fund
............................
Sustainable
Advantage
International
Equity
Diversified
BlackRock
Tactical
Opportunities
Fund
..........................................
Tactical
Opportunities
Diversified
BlackRock
U.S.
Impact
Fund
.................................................
U.S.
Impact
Non-Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charges
("CDSC")
Conversion
Privilege
Institutional,
Service
and
Class
K
Shares
.............................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
96
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
April
30,
2022
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Segregation
and
Collateralization:
In
cases
where a
Fund
enters
into
certain
investments
(e.g.,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
swaps)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, a
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investments
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions:
Distribu
tions
paid
by the
Funds
are
recorded
on
the
ex-dividend
dates.
The
portion
of
distributions,
if
any,
that
exceeds
a
fund’s
current
and
accumulated
earnings
and
profits,
as
measured
on
a
tax
basis,
constitute
a
non-taxable
return
of
capital.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Offering
Costs:
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”)
.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published net
asset
value
(“NAV”). 
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Notes
to
Financial
Statements
(continued)
97
Notes
to
Financial
Statements
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
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
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)
2022
BlackRock
Annual
Report
to
Shareholders
98
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
April
30,
2022,
certain
investments
of
Sustainable
Advantage
Emerging
Markets
Equity
and
Tactical
Opportunities
were
fair
valued
using
NAV
per
share as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Securities
Lending:
Certain
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
collateral returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
Notes
to
Financial
Statements
(continued)
99
Notes
to
Financial
Statements
As
of
period
end,
the
following
table
is
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty 
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Sustainable
Advantage
Emerging
Markets
Equity
Jefferies
LLC
...............................
$
8,762‌
$
(8,762‌)
$
—‌
$
—‌
Tactical
Opportunities
Jefferies
LLC
...............................
$
9,954,361‌
$
(9,954,361‌)
$
—‌
$
—‌
(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.
and
the
value
of
any
related
collateral
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Funds
benefit
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Funds.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
(“OTC”).
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk). 
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
100
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
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
Notes
to
Financial
Statements
(continued)
101
Notes
to
Financial
Statements
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds'
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”)
,
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
With
respect
to
Tactical
Opportunities,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
(Singapore)
Limited
(“BRS”)
and
BlackRock
Asset
Management
North
Asia
Limited
("BAMNA")
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BRS
and
BAMNA
for
services
they
provide
for
that
portion
of
Tactical
Opportunities
for
which
BRS
and
BAMNA,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Tactical
Opportunities
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of
the
Funds,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
each
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Funds.
The
ongoing
service
and/or
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the year
ended
April
30,
2022,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Global
Impact
International
Impact
Sustainable
Advantage
Emerging
Markets
Equity
Sustainable
Advantage
International
Equity
U.S.
Impact
Average
Daily
Net
Assets
Investment
Advisory
Fees
Investment
Advisory
Fees
Investment
Advisory
Fees
Investment
Advisory
Fees
Investment
Advisory
Fees
First
$1
b
illion
...................................................
0.650‌%
0.650‌%
0.800‌%
0.450‌%
0.650‌%
$1
b
illion
-
$3
b
illion
...............................................
0.610‌
0.610‌
0.750‌
0.420‌
0.610‌
$3
b
illion
-
$5
b
illion
...............................................
0.590‌
0.590‌
0.720‌
0.410‌
0.590‌
$5
b
illion
-
$10
b
illion
..............................................
0.570‌
0.570‌
0.700‌
0.390‌
0.570‌
Greater
than
$10
b
illion
.............................................
0.550‌
0.550‌
0.680‌
0.380‌
0.550‌
Tactical
Opportunities
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
..........................................................................................................
0.550‌%
$1
billion
-
$2
billion
......................................................................................................
0.500‌
$2
billion
-
$3
billion
......................................................................................................
0.475‌
Greater
than
$3
billion
....................................................................................................
0.450‌
Share
Class
Service
Fees
Distribution
Fees
Service
..................................................................................................
0.25‌%
—‌%
Investor
A
.................................................................................................
0.25‌
—‌
Investor
C
.................................................................................................
0.25‌
0.75‌
Fund
Name
Service
Investor
A
Investor
C
Total
Global
Impact
........................................................................
$
—‌
$
650‌
$
—‌
$
650‌
International
Impact
....................................................................
—‌
478‌
—‌
478‌
Sustainable
Advantage
Emerging
Markets
Equity
................................................
—‌
375‌
—‌
375‌
Sustainable
Advantage
International
Equity
....................................................
—‌
434‌
—‌
434‌
Tactical
Opportunities
...................................................................
4,207‌
486,173‌
83,637‌
574,017‌
U.S.
Impact
..........................................................................
—‌
751‌
—‌
751‌
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
102
Administration:
The
Trust,
on
behalf
of
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
of
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
Fund
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
year
ended
April
30,
2022, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
year ended April
30,
2022,
Tactical
Opportunities
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Funds.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the year
ended
April
30,
2022,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
For
the
year ended
April
30,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
0.0425
%
$500
million
-
$1
billion
0.0400
$1
billion
-
$2
billion
0.0375
$2
billion
-
$4
billion
0.0350
$4
billion
-
$13
billion
0.0325
Greater
than
$13
billion
0.0300
Institutional
.............................................................................................................
0.20‌%
Investor
A
..............................................................................................................
0.20‌
Class
K
...............................................................................................................
0.10‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Global
Impact
........................................................
$
85,283‌
$
—‌
$
520‌
$
—‌
$
8,446‌
$
94,249‌
International
Impact
....................................................
253‌
—‌
382‌
—‌
7,293‌
7,928‌
Sustainable
Advantage
Emerging
Markets
Equity
................................
27‌
—‌
30‌
—‌
2,262‌
2,319‌
Sustainable
Advantage
International
Equity
....................................
39‌
—‌
35‌
—‌
2,414‌
2,488‌
Tactical
Opportunities
...................................................
110,715‌
336‌
38,891‌
1,673‌
168,126‌
319,741‌
U.S.
Impact
..........................................................
273‌
—‌
600‌
—‌
6,471‌
7,344‌
Fund
Name
Institutional
Tactical
Opportunities
.......................................................................................................
$
191,803‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Sustainable
Advantage
Emerging
Markets
Equity
.........................
$
23‌
$
—‌
$
27‌
$
—‌
$
44‌
$
94‌
Sustainable
Advantage
International
Equity
.............................
39‌
—‌
27‌
—‌
44‌
110‌
Tactical
Opportunities
............................................
890‌
74‌
40,336‌
1,103‌
1,189‌
43,592‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Sustainable
Advantage
Emerging
Markets
Equity
................................
$
168‌
$
—‌
$
232‌
$
—‌
$
161‌
$
561‌
Sustainable
Advantage
International
Equity
....................................
244‌
—‌
222‌
—‌
160‌
626‌
Tactical
Opportunities
...................................................
762,619‌
2,703‌
334,885‌
14,574‌
59,368‌
1,174,149‌
Notes
to
Financial
Statements
(continued)
103
Notes
to
Financial
Statements
Other
Fees:
For
the year
ended April
30,
2022,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of each
Fund’s Investor
A
Shares as
follows:
For
the year
ended
April
30,
2022,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to each
Fund,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2023.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitations
described
below
will
be
reduced
by
the
amount
of
the
affili
ated
money
market
fund
waiver. 
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
April
30,
2022,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2023.
 The
contractual
agreement
may
be terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees, or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
April
30,
2022,
the
Manager
waived
$2,188
in
investment
advisory
fees
with
respect
to
Sustainable
Advantage
Emerging
Markets
Equity
pursuant
to
these
arrangements.
With
respect
to
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023
for
Sustainable
Advantage
Emerging
Markets
Equity,
Sustainable
Advantage
International
Equity
and
Tactical
Opportunities,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the
year
ended
April
30,
2022,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
The
following
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
in
the
Statements
of
Operations.
For
the year
ended
April
30,
2022,
the
amounts
were as
follows:  
Global
Impact
...........................................................................................................
$
7‌
International
Impact
.......................................................................................................
13‌
Tactical
Opportunities
......................................................................................................
2,933‌
U.S.
Impact
.............................................................................................................
234‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Tactical
Opportunities
........................................................
$
–‌
$
–‌
$
90‌
$
221‌
$
–‌
Fund
Name
Amounts
Waived
Global
Impact
.......................................................................................................
$
124‌
International
Impact
...................................................................................................
18‌
Sustainable
Advantage
Emerging
Markets
Equity
...............................................................................
74‌
Sustainable
Advantage
International
Equity
...................................................................................
76‌
Tactical
Opportunities
..................................................................................................
18,671‌
U.S.
Impact
.........................................................................................................
29‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Sustainable
Advantage
Emerging
Markets
Equity
.....................................
0.86‌%
N/A‌
1.11‌%
N/A‌
0.81‌%
Sustainable
Advantage
International
Equity
.........................................
0.50‌
N/A‌
0.75‌
N/A‌
0.45‌
Tactical
Opportunities
........................................................
0.89‌
1.17‌%
1.37‌
2.14‌%
0.84‌
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................................................
$
387,594‌
Sustainable
Advantage
International
Equity
.........................................................................................
388,221‌
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................................................
$
4,927‌
Sustainable
Advantage
International
Equity
.........................................................................................
5,28
5‌
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
104
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
year ended
April
30,
2022,
class
specific
expense
waivers
and/or
reimbursements were
as
follows:
With
respect
to
Global
Impact,
International
Impact
and
U.S.
Impact,
the
fees
and
expenses
of
the
Funds'
Independent
Trustees,
counsel
to
the
Independent
Trustees
and
the
Funds'
independent
registered
public
accounting
firm
(together
the
"Independent
Expenses")
are
paid
directly
by
the
Funds.
The
Manager
has
contractually
agreed
to
reimburse
the
Funds
or
provide
an
offsetting
credit
against
the
investment
advisory
fees
paid
by
the
Funds
in
an
amount
equal
to
these
independent
expenses
through
June
30,
2032.
Such
contractual
arrangements
may
not
be
terminated
prior
to
July
1,
2032
without
the
consent
of
the
Board.
For
the
year
ended
April
30,
2022,
the
amounts
reimbursed
were
as
follows:
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
Tactical
Opportunities
and
U.S.
Impact
retain
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Tactical
Opportunities
and
U.S.
Impact,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Prior
to
January
1,
2022,
Tactical
Opportunities
and
U.S.
Impact
retained
77%
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
81%
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.
Pursuant
to
the
current
securities
lending
agreement,
Global
Impact,
International
Impact,
Sustainable
Advantage
Emerging
Markets
Equity
and
Sustainable
Advantage
International
Equity
retain
82%
of
securities
lending
income
(which
excludes
collateral
investment
expense),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Fund
Name/Share
Class
Administration
Fees
Waived
Transfer
Agent
Fees
Waived
and/or
Reimbursed
Sustainable
Advantage
Emerging
Markets
Equity
Institutional
....................................................................................
$
21‌
$
113‌
Investor
A
.....................................................................................
23‌
172‌
Class
K
......................................................................................
2,262‌
161‌
$
2,306‌
$
446‌
Sustainable
Advantage
International
Equity
Institutional
....................................................................................
23‌
174‌
Investor
A
.....................................................................................
27‌
155‌
Class
K
......................................................................................
2,413‌
159‌
$
2,463‌
$
488‌
Tactical
Opportunities
Institutional
....................................................................................
188‌
—‌
Service
......................................................................................
2‌
11‌
$
190‌
$
11‌
Global
Impact
...............................................................................................................
$
36,888‌
International
Impact
...........................................................................................................
36,458‌
U.S.
Impact
.................................................................................................................
35,34
1‌
Notes
to
Financial
Statements
(continued)
105
Notes
to
Financial
Statements
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Global
Impact,
International
Impact,
Sustainable
Advantage
Emerging
Markets
Equity
and
Sustainable
Advantage
International
Equity,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
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
year
ended
April
30,
2022,
each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to
borrow
and
lend
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During
the
year
ended
April
30,
2022,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
7.
PURCHASES
AND
SALES 
For
the year
ended
April
30,
2022,
purchases
and
sales
of
investments,
including
paydowns/payups
and
excluding
short-term
investments, were
as
follows:
8.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
April
30,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Global
Impact
...........................................................................................................
$
13,944‌
International
Impact
.......................................................................................................
2,132‌
Sustainable
Advantage
Emerging
Markets
Equity
...................................................................................
138‌
Sustainable
Advantage
International
Equity
.......................................................................................
11‌
Tactical
Opportunities
......................................................................................................
1,811‌
U.S.
Impact
.............................................................................................................
1,586‌
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Global
Impact
........................................................
$
—‌
$
—‌
$
56,932,516‌
$
60,756,089‌
International
Impact
....................................................
—‌
—‌
6,621,181‌
6,413,539‌
Sustainable
Advantage
Emerging
Markets
Equity
................................
—‌
—‌
19,710,963‌
19,424,536‌
Sustainable
Advantage
International
Equity
....................................
—‌
—‌
14,473,991‌
13,929,531‌
Tactical
Opportunities
...................................................
161,037,191‌
359,887,515‌
1,273,514,936‌
981,207,961‌
U.S.
Impact
..........................................................
—‌
—‌
7,913,862‌
7,651,238‌
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
106
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
April
30,
2022,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
During
the
year
ended April
30,
2022,
Tactical
Opportunities
utilized
$98,975,161
of
its
respective
capital
loss
carryforwards. 
Fund
Name
Paid-in
Capital
Accumulated
Earnings
(Loss)
Sustainable
Advantage
Emerging
Markets
Equity
.....................................................
$
(5,251‌)
$
5,251‌
Sustainable
Advantage
International
Equity
.........................................................
(5,924‌)
5,924‌
—‌
Fund
Name
Year
Ended
04/30/22
Year
Ended
04/30/21
Global
Impact
Ordinary
income
...........................................................................................
$
2,626,144‌
$
794,158‌
Long-term
capital
gains
......................................................................................
749,685‌
—‌
$
3,375,829‌
$
794,158‌
International
Impact
Ordinary
income
...........................................................................................
$
1,141,105‌
$
265,892‌
Long-term
capital
gains
......................................................................................
99,466‌
—‌
$
1,240,571‌
$
265,892‌
Sustainable
Advantage
Emerging
Markets
Equity
Ordinary
income
...........................................................................................
$
1,055,209‌
$
51,000‌
Long-term
capital
gains
......................................................................................
156,271‌
—‌
$
1,211,480‌
$
51,000‌
Sustainable
Advantage
International
Equity
Ordinary
income
...........................................................................................
$
1,499,888‌
$
68,280‌
Long-term
capital
gains
......................................................................................
77,259‌
—‌
$
1,577,147‌
$
68,280‌
Tactical
Opportunities
Ordinary
income
...........................................................................................
$
—‌
$
31,948,980‌
R
eturn
of
capital
...........................................................................................
—‌
201,046‌
$
—‌
$
32,150,026‌
U.S.
Impact
Ordinary
income
...........................................................................................
$
1,171,293‌
$
489,324‌
Long-term
capital
gains
......................................................................................
442,772‌
—‌
$
1,614,065‌
$
489,324‌
Fund
Name
Undistributed
Ordinary
Income
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-year
Losses
(c)
Total
Global
Impact
................................................
$
98,221‌
$
—‌
$
(4,037,992‌)
$
(6,783,824‌)
$
(10,723,595‌)
International
Impact
............................................
10,344‌
—‌
(871,392‌)
(410,176‌)
(1,271,224‌)
Sustainable
Advantage
Emerging
Markets
Equity
........................
45,335‌
(683,452‌)
(690,008‌)
—‌
(1,328,125‌)
Sustainable
Advantage
International
Equity
............................
117,289‌
—‌
(432,490‌)
(264,158‌)
(579,359‌)
Tactical
Opportunities
...........................................
—‌
—‌
11,207,120‌
(13,773,006‌)
(2,565,886‌)
U.S.
Impact
..................................................
19,590‌
—‌
(531,609‌)
(643,563‌)
(1,155,582‌)
(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)
107
Notes
to
Financial
Statements
As
of
April
30,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Funds,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
("OBFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
("SOFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum.
The
agreement
expires
in
April
2023
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
year ended
April
30,
2022,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
Investments
in
the
securities
of
issuers
domiciled
in
countries
with
emerging
capital
markets
involve
certain
additional
risks
that
do
not
generally
apply
to
investments
in
securities
of
issuers
in
more
developed
capital
markets,
such
as
(i)
low
or
nonexistent
trading
volume,
resulting
in
a
lack
of
liquidity
and
increased
volatility
in
prices
for
such
securities;
(ii)
uncertain
national
policies
and
social,
political
and
economic
instability,
increasing
the
potential
for
expropriation
of
assets,
confiscatory
taxation,
high
rates
of
inflation
or
unfavorable
diplomatic
developments;
(iii)
lack
of
publicly
available
or
reliable
information
about
issuers
as
a
result
of
not
being
subject
to
the
same
degree
of
regulatory
requirements
and
accounting,
auditing
and
financial
reporting
standards;
and
(iv)
possible
fluctuations
in
exchange
rates,
differing
legal
systems
and
the
existence
or
possible
imposition
of
exchange
controls,
custodial
restrictions
or
other
foreign
or
U.S.
governmental
laws
or
restrictions
applicable
to
such
investments.
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Global
Impact
....................................................
$
39,201,365‌
$
1,332,343‌
$
(5,367,982‌)
$
(4,035,639‌)
International
Impact
................................................
6,893,446‌
248,667‌
(1,121,380‌)
(872,713‌)
Sustainable
Advantage
Emerging
Markets
Equity
............................
10,641,614‌
538,345‌
(1,223,951‌)
(685,606‌)
Sustainable
Advantage
International
Equity
................................
11,535,323‌
675,874‌
(1,105,699‌)
(429,825‌)
Tactical
Opportunities
..............................................
1,197,773,254‌
337,716,349‌
(218,595,267‌)
119,121,082‌
U.S.
Impact
.....................................................
6,315,230‌
351,951‌
(883,749‌)
(531,798‌)
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
108
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
Certain
Funds
invest
a
substantial
amount
of
their
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When a
Fund
concentrates its investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
those
countries
may
have
a
significant
impact
on
their
investment
performance
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Investment
percentages
in
specific
countries
are
presented
in
the
Schedules
of
Investments. 
Certain
Funds
invest a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments. 
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
could
be
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors. 
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
The
Asian
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
in
several
Asian
countries
regarding
monetary
policy,
government
intervention
in
the
markets,
rising
government
debt
levels
or
economic
downturns.
These
events
may
spread
to
other
countries
in
Asia
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments. 
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
China
or
with
significant
exposure
to
Chinese
issuers
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
Notes
to
Financial
Statements
(continued)
109
Notes
to
Financial
Statements
adversely
affect
the
Chinese
economy
and
the
Fund’s
investments.
Reduction
in
spending
on
Chinese
products
and
services,
institution
of
tariffs
or
other
trade
barriers,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy.
In
addition,
measures
may
be
taken
to
limit
the
flow
of
capital
and/or
sanctions
may
be
imposed,
which
could
prohibit
or
restrict
the
ability
to
own
or
transfer
fund
assets
and
may
also
include
retaliatory
actions,
such
as
seizure
of
fund
assets.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
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
cease
to
be
published
or
no
longer
will
be
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Year
Ended
04/30/22
Period
from
05/27/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Global
Impact
Institutional
Shares
sold
.............................................
1,241,785‌
$
16,146,124‌
2,805,083‌
$
40,410,905‌
Shares
issued
in
reinvestment
of
distributions
........................
193,332‌
2,672,730‌
33,432‌
464,697‌
Shares
redeemed
.........................................
(1,625,595‌)
(20,063,396‌)
(23,507‌)
(369,888‌)
(190,478‌)
$
(1,244,542‌)
2,815,008‌
$
40,505,714‌
Investor
A
Shares
sold
.............................................
2,218‌
$
32,292‌
21,923‌
$
271,546‌
Shares
issued
in
reinvestment
of
distributions
........................
844‌
11,948‌
112‌
1,562‌
Shares
redeemed
.........................................
(2,446‌)
(30,311‌)
(4,222‌)
(64,076‌)
616‌
$
13,929‌
17,813‌
$
209,032‌
Class
K
Shares
sold
.............................................
—‌
$
—‌
597,117‌
$
6,028,575‌
Shares
issued
in
reinvestment
of
distributions
........................
22,605‌
327,332‌
4,460‌
61,999‌
Shares
redeemed
.........................................
(1‌)
(15‌)
(629‌)
(9,567‌)
22,604‌
$
327,317‌
600,948‌
$
6,081,007‌
(167,258‌)
$
(903,296‌)
3,433,769‌
$
46,795,753‌
d
Year
Ended
04/30/22
Period
from
06/30/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
International
Impact
Institutional
Shares
sold
.............................................
6,125‌
$
72,999‌
10,045‌
$
100,602‌
Shares
issued
in
reinvestment
of
distributions
........................
1,771‌
20,559‌
1‌
7‌
Shares
redeemed
.........................................
(6,125‌)
(73,000‌)
(31‌)
(431‌)
1,771‌
$
20,558‌
10,015‌
$
100,178‌
Investor
A
Shares
sold
.............................................
7,105‌
$
84,098‌
13,432‌
$
146,894‌
Shares
issued
in
reinvestment
of
distributions
........................
2,560‌
29,376‌
—‌
—‌
Shares
redeemed
.........................................
(3,725‌)
(34,505‌)
(1,003‌)
(14,121‌)
5,940‌
$
78,969‌
12,429‌
$
132,773‌
Class
K
Shares
sold
.............................................
—‌
$
—‌
572,845‌
$
5,820,000‌
Shares
issued
in
reinvestment
of
distributions
........................
102,614‌
1,190,614‌
3,277‌
41,682‌
102,614‌
$
1,190,614‌
576,122‌
$
5,861,682‌
110,325‌
$
1,290,141‌
598,566‌
$
6,094,633‌
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
110
d
Year
Ended
04/30/22
Period
from
08/18/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
Advantage
Emerging
Markets
Equity
Institutional
Shares
sold
.............................................
1,974‌
$
23,233‌
10,346‌
$
104,336‌
Shares
issued
in
reinvestment
of
distributions
........................
1,254‌
13,987‌
—‌
—‌
Shares
redeemed
.........................................
(22‌)
(241‌)
(193‌)
(2,363‌)
3,206‌
$
36,979‌
10,153‌
$
101,973‌
Investor
A
Shares
sold
.............................................
4,677‌
$
49,140‌
12,163‌
$
126,170‌
Shares
issued
in
reinvestment
of
distributions
........................
1,212‌
13,504‌
1‌
11‌
Shares
redeemed
.........................................
(332‌)
(3,561‌)
(946‌)
(11,617‌)
5,557‌
$
59,083‌
11,218‌
$
114,564‌
Class
K
Shares
sold
.............................................
1,969‌
$
20,553‌
980,000‌
$
9,800,000‌
Shares
issued
in
reinvestment
of
distributions
........................
106,167‌
1,183,989‌
—‌
—‌
Shares
redeemed
.........................................
(1,969‌)
(20,673‌)
—‌
—‌
106,167‌
$
1,183,869‌
980,000‌
$
9,800,000‌
114,930‌
$
1,279,931‌
1,001,371‌
$
10,016,537‌
d
Year
Ended
04/30/22
Period
from
08/18/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
Advantage
International
Equity
Institutional
Shares
sold
.............................................
3,031‌
$
36,699‌
12,887‌
$
129,436‌
Shares
issued
in
reinvestment
of
distributions
........................
2,200‌
24,721‌
16‌
172‌
Shares
redeemed
.........................................
(45‌)
(478‌)
—‌
—‌
5,186‌
$
60,942‌
12,903‌
$
129,608‌
Investor
A
Shares
sold
.............................................
7,797‌
$
85,901‌
11,606‌
$
118,737‌
Shares
issued
in
reinvestment
of
distributions
........................
1,800‌
20,157‌
—‌
—‌
Shares
redeemed
.........................................
(29‌)
(320‌)
—‌
—‌
9,568‌
$
105,738‌
11,606‌
$
118,737‌
Class
K
Shares
sold
.............................................
—‌
$
—‌
980,000‌
$
9,800,000‌
Shares
issued
in
reinvestment
of
distributions
........................
136,348‌
1,532,258‌
—‌
—‌
136,348‌
$
1,532,258‌
980,000‌
$
9,800,000‌
151,102‌
$
1,698,938‌
1,004,509‌
$
10,048,345‌
d
Year
Ended
04/30/22
Year
Ended
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Tactical
Opportunities
Institutional
Shares
sold
.............................................
30,252,481‌
$
423,172,681‌
19,159,552‌
$
267,673,798‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
551,314‌
7,729,427‌
Shares
redeemed
.........................................
(15,458,607‌)
(215,869,878‌)
(7,895,711‌)
(110,223,366‌)
14,793,874‌
$
207,302,803‌
11,815,155‌
$
165,179,859‌
Service
Shares
sold
.............................................
18,849‌
$
262,355‌
133,042‌
$
1,855,600‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
3,935‌
54,939‌
Shares
redeemed
.........................................
(91,577‌)
(1,276,661‌)
(57,600‌)
(806,611‌)
(72,728‌)
$
(1,014,306‌)
79,377‌
$
1,103,928‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
670,082‌
$
9,277,789‌
953,324‌
$
13,225,907‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
354,372‌
4,932,853‌
Shares
redeemed
.........................................
(1,744,623‌)
(24,165,827‌)
(2,223,072‌)
(30,766,044‌)
(1,074,541‌)
$
(14,888,038‌)
(915,376‌)
$
(12,607,284‌)
Notes
to
Financial
Statements
(continued)
111
Notes
to
Financial
Statements
As
of
April
30,
2022,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
were
as
follows:
12.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Year
Ended
04/30/22
Year
Ended
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Investor
C
Shares
sold
.............................................
63,731‌
$
862,927‌
148,931‌
$
2,008,992‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
10,027‌
136,665‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(145,553‌)
(1,963,817‌)
(526,110‌)
(7,144,097‌)
(81,822‌)
$
(1,100,890‌)
(367,152‌)
$
(4,998,440‌)
Class
K
Shares
sold
.............................................
15,341,154‌
$
214,130,089‌
36,285,961‌
$
505,473,976‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
1,181,757‌
16,532,783‌
Shares
redeemed
.........................................
(15,612,283‌)
(217,869,238‌)
(8,636,301‌)
(119,624,746‌)
(271,129‌)
$
(3,739,149‌)
28,831,417‌
$
402,382,013‌
13,293,654‌
$
186,560,420‌
39,443,421‌
$
551,060,076‌
d
Year
Ended
04/30/22
Period
from
06/30/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
U.S.
Impact
Institutional
Shares
sold
.............................................
17,527‌
$
227,071‌
10,038‌
$
100,500‌
Shares
issued
in
reinvestment
of
distributions
........................
2,759‌
31,728‌
1‌
15‌
Shares
redeemed
.........................................
(17,309‌)
(224,146‌)
(31‌)
(442‌)
2,977‌
$
34,653‌
10,008‌
$
100,073‌
Investor
A
Shares
sold
.............................................
27,537‌
$
331,513‌
13,446‌
$
148,367‌
Shares
issued
in
reinvestment
of
distributions
........................
6,437‌
71,225‌
—‌
—‌
Shares
redeemed
.........................................
(14,780‌)
(139,873‌)
—‌
—‌
19,194‌
$
262,865‌
13,446‌
$
148,367‌
Class
K
Shares
sold
.............................................
125‌
$
1,240‌
480,023‌
$
4,800,300‌
Shares
issued
in
reinvestment
of
distributions
........................
131,290‌
1,511,112‌
2‌
23‌
131,415‌
$
1,512,352‌
480,025‌
$
4,800,323‌
153,586‌
$
1,809,870‌
503,479‌
$
5,048,763‌
Institutional
Investor
A
Class
K
Global
Impact
....................................................................................
10,305‌
10,296‌
494,726‌
International
Impact
................................................................................
11,769‌
11,751‌
565,493‌
Sustainable
Advantage
Emerging
Markets
Equity
............................................................
11,079‌
11,055‌
1,086,167‌
Sustainable
Advantage
International
Equity
................................................................
11,387‌
11,365‌
1,116,348‌
U.S.
Impact
......................................................................................
12,722‌
12,714‌
611,277‌
Report
of
Independent
Registered
Public
Accounting
Firm
2022
BlackRock
Annual
Report
to
Shareholders
112
To
the
Shareholders
of
BlackRock
Global
Impact
Fund,
BlackRock
International
Impact
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund,
BlackRock
Sustainable
Advantage
International
Equity
Fund,
BlackRock
Tactical
Opportunities
Fund,
and
BlackRock
U.S.
Impact
Fund
and
the
Board
of
Trustees
of
BlackRock
Funds
SM
:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
Global
Impact
Fund,
BlackRock
International
Impact
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
(formerly,
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund),
BlackRock
Sustainable
Advantage
International
Equity
Fund
(formerly,
BlackRock
Advantage
ESG
International
Equity
Fund),
BlackRock
Tactical
Opportunities
Fund,
and
BlackRock
U.S.
Impact
Fund
of
BlackRock
Funds
SM
(the
“Funds”),
including
the
schedules
of
investments,
as
of
April
30,
2022,
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,
2022,
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,
2022,
by
correspondence
with
the
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
June
28,
2022
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
Global
Impact
Fund
For
the
year
ended
April
30,
2022
For
the
year
ended
April
30,
2022
and
for
the
period
from
May
27,
2020
(commencement
of
operations)
through
April
30,
2021
For
the
year
ended
April
30,
2022
and
for
the
period
from
May
27,
2020
(commencement
of
operations)
through
April
30,
2021
BlackRock
International
Impact
Fund
and
BlackRock
U.S.
Impact
Fund
For
the
year
ended
April
30,
2022
For
the
year
ended
April
30,
2022
and
for
the
period
from
June
30,
2020
(commencement
of
operations)
through
April
30,
2021
For
the
year
ended
April
30,
2022
and
for
the
period
from
June
30,
2020
(commencement
of
operations)
through
April
30,
2021
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
and
BlackRock
Sustainable
Advantage
International
Equity
Fund
For
the
year
ended
April
30,
2022
For
the
year
ended
April
30,
2022
and
for
the
period
from
August
18,
2020
(commencement
of
operations)
through
April
30,
2021
For
the
year
ended
April
30,
2022
and
for
the
period
from
August
18,
2020
(commencement
of
operations)
through
April
30,
2021
BlackRock
Tactical
Opportunities
Fund
For
the
year
ended
April
30,
2022
For
each
of
the
two
years
in
the
period
ended
April
30,
2022
For
each
of
the
two
years
in
the
period
ended
April
30,
2022,
for
the
period
from
October
1,
2019
through
April
30,
2020,
and
for
each
of
the
three
years
in
the
period
ended
September
30,
2019
Important
Tax
Information
(unaudited)
113
Important
Tax
Information
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2022:
The
following
amounts,
or
maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2022:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
capital
gain
dividends,
subject
to
a
long-term
capital
gains
tax
rate
as
noted
below,
for
the
fiscal
year
ended
April
30,
2022:
The
Funds
intend
to
pass
through
to
their
shareholders
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
foreign
source
income
earned
and
foreign
taxes
paid for
the
fiscal
year
ended
April
30,
2022:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
April
30,
2022
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
qualified
short-term
capital
gains eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
April
30,
2022:
Fund
Name
Qualified
Dividend
Income
BlackRock
Global
Impact
Fund
.........................................................................................
$
450,463‌
BlackRock
International
Impact
Fund
.....................................................................................
107,239‌
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
..................................................................
179,069‌
BlackRock
Sustainable
Advantage
International
Equity
Fund
......................................................................
308,683‌
BlackRock
U.S.
Impact
Fund
...........................................................................................
29,224‌
Fund
Name
Qualified
Business
Income
BlackRock
U.S.
Impact
Fund
...........................................................................................
$
2,002‌
Fund
Name
20%
Rate
Long-Term
Capital
Gain
Dividends
BlackRock
Global
Impact
Fund
.........................................................................................
$
749,685‌
BlackRock
International
Impact
Fund
.....................................................................................
99,466‌
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
..................................................................
156,271‌
BlackRock
Sustainable
Advantage
International
Equity
Fund
......................................................................
77,259‌
BlackRock
U.S.
Impact
Fund
...........................................................................................
442,772‌
Fund
Name
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
BlackRock
Global
Impact
Fund
......................................................................
$
266,302‌
$
48,855‌
BlackRock
International
Impact
Fund
..................................................................
82,474‌
14,209‌
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
...............................................
171,647‌
48,087‌
BlackRock
Sustainable
Advantage
International
Equity
Fund
...................................................
276,014‌
39,634‌
Fund
Name
Dividends-Received
Deduction
BlackRock
Global
Impact
Fund
...........................................................................................
2.48‌
%
BlackRock
U.S.
Impact
Fund
.............................................................................................
1.51‌
Fund
Name
Qualified
Short-Term
Capital
Gains
BlackRock
Global
Impact
Fund
.........................................................................................
$
550,880‌
BlackRock
International
Impact
Fund
.....................................................................................
133,906‌
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
..................................................................
82,641‌
BlackRock
Sustainable
Advantage
International
Equity
Fund
......................................................................
354,814‌
BlackRock
U.S.
Impact
Fund
...........................................................................................
344,331‌
Statement
Regarding
Liquidity
Risk
Management
Program
2022
BlackRock
Annual
Report
to
Shareholders
114
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
Global
Impact
Fund,
BlackRock
International
Impact
Fund,
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund,
BlackRock
Sustainable
Advantage
International
Equity
Fund,
BlackRock
Tactical
Opportunities
Fund
and
BlackRock
U.S.
Impact
Fund
(the
“Funds”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
November
9-10,
2021
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
each
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2020
through
September
30,
2021
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
Derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
Fund’s
reasonably
anticipated
trading
size
(“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.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
each
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
Funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Trustee
and
Officer
Information
115
Trustee
and
Officer
Information
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.
29
RICs
consisting
of
163
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2016)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
since
2018;
Advisory
Board
Member,
Bridges
Fund
Management
since
2016;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020;
Investment
Committee
Member,
Tostan
since
2021.
29
RICs
consisting
of
163
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.
29
RICs
consisting
of
163
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.
29
RICs
consisting
of
163
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2019)
Director,
Charles
Stark
Draper
Laboratory,
Inc.
since
2013;
Senior
Lecturer,
Harvard
Business
School
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
29
RICs
consisting
of
163
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.
29
RICs
consisting
of
163
Portfolios
Hertz
Global
Holdings
(car
rental);
GrafTech
International
Ltd.
(materials
manufacturing);
Montpelier
Re
Holdings,
Ltd.
(publicly
held
property
and
casualty
reinsurance)
from
2013
to
2015;
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020;
Sealed
Air
Corp.
(packaging)
from
2015
to
2021
Cynthia
A.
Montgomery
1952
Trustee
(Since
2007)
Professor,
Harvard
Business
School
since
1989.
29
RICs
consisting
of
163
Portfolios
Newell
Rubbermaid,
Inc.
(manufacturing)
from
1995
to
2016.
Trustee
and
Officer
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
116
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)
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014;
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.
29
RICs
consisting
of
163
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.
29
RICs
consisting
of
163
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.
29
RICs
consisting
of
163
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.
29
RICs
consisting
of
163
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
117
Trustee
and
Officer
Information
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:
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.
98
RICs
consisting
of
262
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
(Since
2018)
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
100
RICs
consisting
of
264
Portfolios
None
Trustee
and
Officer
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
118
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
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
December
31,
2021,
Bruce
R.
Bond
retired
as
a
Trustee
of
the
Trust.
Effective
March
31,
2022,
Thomas
Callahan
resigned
as
a
Vice
President
of
the
Trust
and
effective
May
10,
2022,
Roland
Villacorta
was
appointed
as
a
Vice
President
of
the
Trust.
Additional
Information
119
Additional
Information
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted 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
an
d
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/
fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
120
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
121
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BA
Canadian
Bankers
Acceptances
BBR
Australian
Bank
Bill
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CDO
Collateralized
Debt
Obligation
CDI
Crest
Depository
Interests
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
HIBOR
Hong
Kong
Interbank
Offered
Rate
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
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
SOFR
Secured
Overnight
Financing
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-4/22-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 Global Impact Fund
$22,032
$19,594
$0
$0
$15,700
$13,700
$0
$0
BlackRock International Impact Fund
$22,032
$19,594
$0
$0
$16,000
$13,700
$0
$0
BlackRock Sustainable Advantage Emerging Markets Equity Fund (Formerly BlackRock Advantage ESG Emerging Markets Equity Fund)
$29,988
$26,765
$0
$0
$15,700
$13,700
$213
$0
BlackRock Sustainable Advantage International Equity Fund  (Formerly BlackRock Advantage ESG International Equity Fund)
$29,988
$26,765
$0
$0
$15,700
$13,700
$213
$0
BlackRock Tactical Opportunities Portfolio
$54,978
$54,439
$0
$0
$24,000
$24,200
$423
$0
BlackRock U.S. Impact Fund
$22,032
$19,594
$0
$0
$15,000
$12,700
$0
$0
 
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees
3
$2,098,000
$2,032,000
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,098,000 and $2,032,000 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 Global Impact Fund
$15,700
$13,700
BlackRock International Impact Fund
$16,000
$13,700
BlackRock Sustainable Advantage Emerging Markets Equity Fund (Formerly BlackRock Advantage ESG Emerging Markets Equity Fund)
$15,913
$13,700
BlackRock Sustainable Advantage International Equity Fund (Formerly BlackRock Advantage ESG International Equity Fund)
$15,913
$13,700
BlackRock Tactical Opportunities Portfolio
$24,423
$24,200
BlackRock U.S. Impact Fund
$15,000
$12,700
 
              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End
Previous Fiscal Year End
$2,098,000
$2,032,000
 
 
              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
               (i) – Not Applicable
 
               (j) – Not Applicable
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
 
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
 
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the period covered by this report
that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – See Item 2
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
 
Date: June 28, 2022 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
 
Date: June 28, 2022 
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
 
Date: June 28, 2022