N-CSRS

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund:  BlackRock Funds

^SM

BlackRock Emerging Markets ex-China Fund

BlackRock Global Impact Fund

BlackRock Sustainable Advantage Emerging Markets Equity Fund

BlackRock Sustainable Advantage Global Equity Fund

BlackRock Sustainable Advantage International Equity Fund

BlackRock Tactical Opportunities Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

^SM

, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 04/30/2024

Date of reporting period: 10/31/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

OCTOBER

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

SM

BlackRock

Emerging

Markets

ex-China

Fund

BlackRock

Global

Impact

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

October

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

as

the

annual

increase

in

the

Consumer

Price

Index

declined

to

its

long-term

average

of

approximately

3%

in

October

2023.

Meanwhile,

real

economic

growth

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades

before

rising

slightly.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

solid

during

the

period,

as

the

durability

of

consumer

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

However,

equity

returns

were

uneven,

as

the

performance

of

a

few

notable

technology

companies

supported

gains

among

large-capitalization

U.S.

stocks,

while

small-capitalization

U.S.

stocks

declined

overall.

Meanwhile,

international

developed

market

equities

advanced,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

six

times

during

the

12-month

period,

but

slowed

and

then

paused

its

tightening

later

in

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

several

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

October

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

1.39

%

10.14

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(5.29

)

(8.56

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(7.88

)

14.40

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(4.78

)

10.80

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.63

4.77

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(9.70

)

(3.25

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.13

)

0.36

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.65

)

2.64

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

0.02

6.23

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

16

Disclosure

of

Expenses

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

16

Derivative

Financial

Instruments

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

17

Financial

Statements:

Schedules

of

Investments

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

18

Statements

of

Assets

and

Liabilities

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

66

Statements

of

Operations

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

71

Statements

of

Changes

in

Net

Assets

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

73

Financial

Highlights

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

76

Notes

to

Financial

Statements

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

96

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

113

Disclosure

of

Investment

Advisory

Agreement

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

117

Additional

Information

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

119

Glossary

of

Terms

Used

in

this

Report

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

121

Fund

Summary

as

of

October

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Emerging

Markets

ex-China

Fund

Investment

Objective

BlackRock

Emerging

Markets

ex-China

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

long-term

capital

appreciation

by

investing

in

securities

of

issuers

in

countries

having

developing

capital

markets

(other

than

China).

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2023,

the

Fund

outperformed

its

benchmark,

the

MSCI

Emerging

Markets

ex-China

Index.

What

factors

influenced

performance?

From

a

country

perspective,

stock

selection

in

Taiwan

and

Korea

as

well

as

overweight

exposure

to

Poland

contributed

positively

to

the

Fund’s

relative

performance.

In

sector

terms,

positive

contributions

to

performance

relative

to

the

benchmark

were

led

by

stock

selection

within

information

technology,

communication

services

and

consumer

discretionary.

At

the

individual

stock

level,

the

Fund’s

positions

in

Taiwanese

networking

equipment

manufacturer

Accton

Technology,

Taiwanese

chip

manufacturer

Alchip

Technologies,

and

Brazilian

homebuilder

Cyrela

Brazil

Realty

were

the

top

contributors

to

relative

performance.

In

terms

of

countries,

the

largest

detractors

from

relative

performance

included

stock

selection

in

India

and

Hungary,

followed

by

an

underweight

to

Turkey.

In

sector

terms,

selection

within

consumer

staples,

materials

and

energy

detracted

the

most

from

the

Fund’s

performance

relative

to

the

benchmark.

At

the

individual

stock

level,

the

biggest

detractors

included

Hungarian

low-cost

airline

Wizz

Air,

South

African

miner

AngloGold

Ashanti,

and

South

Korean

conglomerate

Hansol

Chemical.

Describe

recent

portfolio

activity.

The

biggest

increases

in

terms

of

the

Fund’s

country

allocations

were

to

India,

Philippines

and

Qatar,

while

exposure

to

Taiwan,

Korea

and

Poland

was

trimmed.

In

sector

terms,

the

Fund’s

largest

increase

was

with

respect

to

its

healthcare

exposure,

followed

by

additions

to

consumer

staples

and

financials.

Conversely,

the

Fund

trimmed

exposure

to

the

materials,

information

technology

and

communication

services

sectors.

The

Fund’s

cash

position

was

7.7%

at

period

end

and

averaged

approximately

7.2%

over

the

six-month

period.

The

cash

position

did

not

have

a

material

impact

on

performance.

Describe

portfolio

positioning

at

period

end.

At

period

end,

the

Fund’s

largest

sector

overweights

were

to

the

information

technology,

real

estate

and

consumer

staples

sectors.

The

largest

underweight

exposures

were

to

materials,

financials

and

utilities.

On

a

country

basis,

the

Fund’s

largest

overweight

exposures

were

to

Brazil,

Hungary

and

Indonesia,

while

the

largest

underweight

allocations

were

to

Taiwan,

Saudi

Arabia

and

South

Korea.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Performance

Total

Returns

(a)(b)

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Institutional

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

0.19‌%

3

.

70‌

%

N/A‌

Investor

A

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

0.10‌

3

.

50‌

(

1

.

93‌

)%

Class

K

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

0.19‌

3

.

70‌

N/A‌

MSCI

Emerging

Markets

ex-China

Index

(d)

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

(2.11‌)

(0.30‌)

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

net

assets

plus

any

borrowings

for

investment

purposes

in

securities

of

issuers

located

in

countries

with

developing

capital

markets

(other

than

China),

and

derivatives

with

similar

economic

characteristics.

(c)

The

Fund

commenced

operations

on

March

29,

2023.

(d)

An

index

that

captures

large

and

mid

cap

representation

across

23

of

the

24

Emerging

Markets

(EM)

countries

excluding

China.

With

662

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

Fund

Summary

as

of

October

31,

2023

(continued)

5

Fund

Summary

BlackRock

Emerging

Markets

ex-China

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,001.90‌

$

4.33‌

$

1,000.00‌

$

1,020.81‌

$

4.37‌

0.86‌%

Investor

A

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

1,000.00‌

1,001.00‌

5.58‌

1,000.00‌

1,019.56‌

5.63‌

1.11‌

Class

K

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

1,000.00‌

1,001.90‌

4.08‌

1,000.00‌

1,021.06‌

4.12‌

0.81‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

India

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

16.2‌

%

Taiwan

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

15.7‌

South

Korea

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

14.4‌

Brazil

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

10.4‌

Mexico

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

4.4‌

Indonesia

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

4.4‌

United

States

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

3.3‌

Thailand

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

3.0‌

Saudi

Arabia

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

2.2‌

South

Africa

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

2.1‌

Philippines

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

1.9‌

Hungary

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

1.7‌

Greece

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

1.6‌

Malaysia

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

1.5‌

Poland

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

1.4‌

United

Arab

Emirates

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

1.3‌

Kazakhstan

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

1.0‌

Other

(a)

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

6.0‌

Short-Term

Securities

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

7.7‌

Liabilities

in

Excess

of

Other

Assets

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

(0.2‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Global

Impact

Fund

Investment

Objective

BlackRock

Global

Impact

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2023,

the

Fund

underperformed

its

benchmark,

the

MSCI

All

Country

World

Index.

What

factors

influenced

performance?

The

Fund’s

positioning

in

the

information

technology

sector

was

the

primary

detractor

from

performance.

Specifically,

zero

weightings

in

Nvidia

Corp.

and

Amazon.com,

Inc.,

neither

of

which

qualify

for

inclusion

in

the

Fund’s

Impact

Universe,

hurt

relative

performance.

Holdings

in

green

energy

companies

also

detracted,

as

the

broader

sector

was

pressured

by

supply

chain

disruptions,

lackluster

demand,

and

increased

borrowing

costs

in

the

high-rate

environment.

These

factors

contributed

to

weakness

for

the

Fund’s

investments

in

Orsted

A/S,

EDP

Renovaveis

SA,

and

Brookfield

Renewable

Partners

LP.

On

the

other

hand,

positions

in

the

consumer

discretionary

sector

had

a

positive

effect

on

relative

performance.

Most

notably,

the

education

companies

Stride,

Inc.,

Pearson

PLC,

and

Duolingo,

Inc.

were

among

the

top

contributors

after

consistently

reporting

favorable

quarterly

results.

Describe

recent

portfolio

activity.

As

part

of

the

investment

adviser’s

ongoing

effort

to

identify

new

areas

of

impact,

it

decided

to

add

semiconductor

companies

to

the

Fund’s

proprietary

Impact

Universe.

The

decision

was

preceded

by

a

thorough

debate

and

review

process

in

line

with

the

investment

adviser’s

standards.

Technological

breakthroughs

in

the

chip

industry

have

led

to

a

wide

range

of

efficiency

gains

across

a

multitude

of

sectors,

supporting

the

decision

in

favor

of

inclusion.

Following

this

shift,

the

investment

adviser

added

a

new

position

in

ASML

NV.

The

company

is

a

key

manufacturer

of

specialized

lithography

machines

that

are

indispensable

for

harnessing

the

significant

gains

in

resource

efficiency

made

possible

by

advances

in

chip

design.

The

investment

adviser

also

increased

the

Fund’s

existing

positions

in

Pearson

and

Crown

Holdings,

Inc.

On

the

other

hand,

it

exited

its

position

in

the

Danish

wind

turbine

manufacturer

Vestas

Wind

Systems

A/S.

Given

the

broader

decline

in

demand

for

clean

energy

solutions

and

the

uncertain

outlook

for

the

sector,

the

investment

adviser

sold

the

position

in

order

to

manage

downside

risk.

In

addition,

it

trimmed

positions

in

Boston

Scientific

Corp.

and

PT

Bank

Rakyat

Indonesia

Tbk.

Describe

portfolio

positioning

at

period

end.

The

investment

adviser

continued

to

search

for

underappreciated

drivers

of

long-term

returns

globally,

using

deep

engagements

and

partnerships

with

portfolio

companies

to

learn

more

about

their

strategic

directions

and

uncover

business

risks

that

may

arise

due

to

macro

events.

The

investment

adviser

strove

to

identify

strong

links

between

impact

outcomes

and

company

performance

and

use

its

engagements

to

find

new

ways

of

advancing

impact

outcomes.

The

investment

adviser

moved

to

a

more

cautious

stance

in

response

to

shifting

economic

conditions,

elevated

market

valuations,

and

weaker

consumer

sentiment.

The

investment

adviser

expects

companies

are

likely

to

adopt

conservative

approaches

in

hiring

and

spending

due

to

uncertainties

in

customer

behavior

and

confidence.

Higher

interest

rates

are

fundamentally

reshaping

corporate

decision-making,

particularly

in

financing,

investments

and

capital

allocation.

In

this

vein,

the

investment

adviser

retained

an

overweight

to

more

defensive

sectors,

including

healthcare

and

utilities,

while

reducing

the

Fund’s

allocation

to

industrials.

It

continued

to

look

for

opportunities

in

the

information

technology

sector,

particularly

among

companies

with

strong

secular

growth

tailwinds

and

defensive

business

models.

The

investment

adviser’s

strategy

is

focused

on

businesses

that

address

the

world’s

significant

problems

as

defined

by

the

United

Nations’

Sustainable

Development

Goals,

while

remaining

cognizant

that

current

economic

climate

may

pose

challenges

for

these

businesses

in

the

short

term.

The

investment

adviser

maintains

deep

relationships

with

portfolio

companies

in

an

effort

to

understand

their

strategic

directions

and

actively

engage

with

them

to

advance

impact

outcomes.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2023

(continued)

7

Fund

Summary

BlackRock

Global

Impact

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(11.52‌)%

(8.34‌)%

N/A‌

(0.94‌)%

N/A‌

Investor

A

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

(11.62‌)

(8.56‌)

(13.36‌)%

(1.20‌)

(2.74‌)%

Class

K

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

(11.44‌)

(8.25‌)

N/A‌

(0.84‌)

N/A‌

MSCI

All

Country

World

Index

(d)

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

(1.93‌)

10.50‌

N/A‌

8.65‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

invests

in

equity

securities

of

issuers

located

throughout

the

world,

including

non-dollar

denominated

securities

and

securities

of

emerging

market

issuers.

Equity

securities

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

convertible

securities,

depositary

receipts

and

other

financial

instruments

that

have

similar

economic

characteristics

to

such

equity

securities.

The

Fund

may

invest

in

issuers

of

any

market

capitalization,

including

small

to

mid-capitalization

companies.

(c)

The

Fund

commenced

operations

on

May

27,

2020.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

and

emerging

markets.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

884.80‌

$

4.03‌

$

1,000.00‌

$

1,020.86‌

$

4.32‌

0.85‌%

Investor

A

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

1,000.00‌

883.80‌

5.21‌

1,000.00‌

1,019.61‌

5.58‌

1.10‌

Class

K

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

1,000.00‌

885.60‌

3.55‌

1,000.00‌

1,021.37‌

3.81‌

0.75‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

United

States

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

58.0‌

%

United

Kingdom

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

8.7‌

Indonesia

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

4.8‌

Brazil

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

4.1‌

Switzerland

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

3.0‌

Germany

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

2.5‌

Japan

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

2.3‌

Australia

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

2.1‌

Canada

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

2.0‌

Taiwan

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

1.9‌

Kazakhstan

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

1.6‌

Netherlands

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

1.5‌

Spain

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

1.5‌

Denmark

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

1.0‌

Other

(a)

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

1.3‌

Short-Term

Securities

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

4.7‌

Liabilities

in

Excess

of

Other

Assets

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

(1.0‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

8

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Investment

Objective

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation

while

seeking

to

maintain

certain

environmental,

social

and

governance

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2023,

the

Fund

underperformed

its

benchmark,

the

MSCI

Emerging

Markets

Index.

What

factors

influenced

performance?

The

market

environment

was

volatile

as

early

gains

mostly

eroded

over

the

last

few

months

of

the

period.

Initially,

the

focus

was

on

China

amid

weak

economic

data

relative

to

heightened

expectations

post-reopening

alongside

continued

weak

foreign

investor

sentiment.

Brazil

was

a

standout

performer

as

the

country

saw

a

sharp

increase

in

growth

expectations

and

softer

inflation

data

which

fueled

rate

cut

expectations.

Similarly,

India

drove

gains

as

United

States

and

European

investors

continued

to

see

India

as

an

alternative

to

China.

The

country

benefited

from

stable

economic

data

while

headlines

around

Adani

Group

stock

price

manipulation

faded.

Later

in

the

period,

a

strong

rally

in

oil

was

not

enough

to

offset

a

broader

risk-off

sentiment.

Concerns

over

higher-for-longer

policy

rates

became

the

dominant

theme

as

bond

yields

continued

to

rise

over

inflation

concerns

and

hawkish

central

bank

rhetoric.

Although

commodities

performed

well

as

output

cuts

by

the

Organization

of

the

Petroleum

Exporting

Countries

(“OPEC+”)

drove

oil

prices

higher,

policy

themes

ultimately

put

pressure

on

emerging

market

equities

with

materials,

real

estate

and

communication

stocks

the

most

notable

laggards.

Value

stocks

proved

more

resilient

than

growth

during

the

period.

The

Fund’s

underperformance

was

driven

by

macro

thematic

insights,

which

incorrectly

positioned

the

portfolio

around

the

shifting

market

backdrop.

Measures

designed

to

evaluate

geopolitical

risk,

country

reform

potential,

and

country

policy

risk

all

struggled,

as

highlighted

through

unsuccessful

positioning

across

stocks

in

India.

Further

hindering

results,

other

contrarian

macro

thematic

measures

evaluating

consensus

positioning

and

broader

market

exposures

and

trends

drove

losses,

primarily

through

an

unsuccessful

underweight

to

India.

Elsewhere,

China-specific

measures

evaluating

job

and

hiring

trends

motivated

incorrect

positioning

around

onshore

and

offshore

companies.

Lastly,

select

measures

related

to

environmental,

social

and

governance

factors

also

struggled

in

the

period.

Most

notably,

productivity-related

human

capital

measures

designed

to

evaluate

employee

satisfaction

and

employee

turnover

as

well

as

environmentally

focused

efficiency-related

insights

ran

against

the

prevailing

market

style

preference.

The

Fund

held

derivatives

during

the

reporting

period

such

as

future’s

contracts.

The

Fund’s

use

of

derivatives

marginally

detracted

from

performance.

Select

sentiment

and

fundamental

stock

selection

measures

proved

supportive

of

performance.

Consensus

sentiment

insights

tracking

broader

market

exposure

motivated

a

successful

overweight

to

electronic

equipment

component

companies

which

benefited

from

investor

excitement

over

new

developments

in

artificial

intelligence.

Select

sentiment

measures

evaluating

data

from

China

provided

ballast

as

well.

Specifically,

text-based

insights

evaluating

Chinese

broker

sentiment

as

well

as

measures

evaluating

both

broker

and

custodian

flows

helped

correctly

position

the

portfolio

within

the

Chinese

industrials

sector.

Elsewhere,

fundamental

measures

also

contributed

to

performance,

benefiting

from

the

move

higher

in

interest

rates

that

broadly

rewarded

value

stocks.

Traditional

valuation

insights

tracking

company

sales,

cash

flow

and

other

financial

statement

metrics

all

performed

well.

Describe

recent

portfolio

activity.

Over

the

course

of

the

reporting

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

group

of

insights.

The

Fund

developed

a

new

insight

to

identify

firms

that

are

leading

the

market

in

development,

deployment

and

monetization

of

AI

capabilities.

This

included

capturing

hiring

trends

for

skills

associated

with

AI

as

well

as

executive

comments

highlighting

AI

capabilities

over

the

past

several

years.

Additionally,

the

Fund

developed

a

new

insight

capturing

trends

around

GLP-1

weight

loss

drugs

to

better

understand

the

impact

on

firms

across

sectors.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

reporting

period

with

largely

neutral

positioning

from

a

sector

and

country

perspective.

The

Fund

had

slight

overweight

positions

in

the

information

technology

and

health

care

sectors,

and

maintained

slight

underweights

in

financials

and

communication

services.

From

a

geographical

perspective,

the

Fund

had

a

slight

overweight

to

Taiwan

and

maintained

a

slight

underweight

to

Korea.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2023

(continued)

9

Fund

Summary

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(5.20‌)%

11.09‌%

N/A‌

(3.98‌)%

N/A‌

Investor

A

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

(5.40‌)

10.69‌

4.88‌%

(4.25‌)

(5.85‌)%

Class

K

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

(5.18‌)

11.15‌

N/A‌

(3.94‌)

N/A‌

MSCI

Emerging

Markets

Index

(d)

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

(4.78‌)

10.80‌

N/A‌

(3.40‌)

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

equity

securities

issued

by,

or

tied

economically

to,

companies

in

emerging

markets

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

(c)

The

Fund

commenced

operations

on

August

18,

2020.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

emerging

markets

countries.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

948.00‌

$

4.21‌

$

1,000.00‌

$

1,020.81‌

$

4.37‌

0.86‌%

Investor

A

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

1,000.00‌

946.00‌

5.43‌

1,000.00‌

1,019.56‌

5.63‌

1.11‌

Class

K

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

1,000.00‌

948.20‌

3.97‌

1,000.00‌

1,021.06‌

4.12‌

0.81‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

China

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

30.5‌

%

Taiwan

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

17.3‌

India

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

12.9‌

South

Korea

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

9.1‌

Brazil

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

6.8‌

Thailand

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

4.1‌

Malaysia

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

4.0‌

Saudi

Arabia

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

3.0‌

Poland

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

2.4‌

Chile

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

1.8‌

Kuwait

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

1.7‌

Other

(a)

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

4.1‌

Short-Term

Securities

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

3.2‌

Liabilities

in

Excess

of

Other

Assets

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

(0.9‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

10

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Investment

Objective

BlackRock

Sustainable

Advantage

Global

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation

while

seeking

to

maintain

certain

environmental,

social

and

governance

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

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

(06/21/23)

(a)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

950.00‌

$

2.52‌

$

1,000.00‌

$

1,021.57‌

$

3.61‌

0.71‌%

Investor

A

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

1,000.00‌

949.00‌

3.40‌

1,000.00‌

1,020.31‌

4.88‌

0.96‌

Class

K

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

1,000.00‌

950.00‌

2.34‌

1,000.00‌

1,021.82‌

3.35‌

0.66‌

(a)

Commencement

of

operations.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

133/366

for

actual

expenses

and

184/366

for

hypothetical

expenses

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

United

States

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

65.9‌

%

Japan

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

5.6‌

China

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

3.6‌

Germany

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

2.9‌

Canada

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

2.4‌

Switzerland

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

2.1‌

United

Kingdom

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

1.9‌

Australia

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

1.7‌

Netherlands

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

1.4‌

France

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

1.4‌

Italy

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

1.2‌

Denmark

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

1.1‌

Brazil

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

1.0‌

Other

(a)

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

4.7‌

Short-Term

Securities

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

2.2‌

Other

Assets

Less

Liabilities

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

0.9‌

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2023

11

Fund

Summary

BlackRock

Sustainable

Advantage

International

Equity

Fund

Investment

Objective

BlackRock

Sustainable

Advantage

International

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation

while

seeking

to

maintain

certain

environmental,

social

and

governance

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

October

31,

2023,

the

Fund

outperformed

its

benchmark,

the

MSCI

EAFE

Index.

What

factors

influenced

performance?

The

market

environment

was

volatile

as

early

gains

mostly

eroded

over

the

last

few

months

of

the

period.

Initially,

the

market

was

able

to

shrug

off

concerns

around

the

banking

crisis

in

March

and

April

2023

due

to

broader

excitement

around

artificial

intelligence

(“AI”)

and

technology

stocks.

This

ultimately

drove

markets

to

fresh

highs

in

July

2023,

before

correcting

into

period-end.

Persistently

high

inflation,

led

by

wage

growth,

ran

against

the

prevailing

“soft-landing”

narrative

as

the

market

began

to

reevaluate

the

impact

of

“higher-for-longer”

interest

rates

with

policy

makers

reiterating

a

hawkish

stance.

This

led

to

a

rotation

in

market

leadership

in

the

third

quarter

of

2023,

following

a

path

similar

to

that

seen

in

2022

as

both

stocks

and

bonds

declined.

Amid

the

sharp

rise

in

longer-term

rates,

value

stock

performance

proved

more

resilient

relative

to

growth.

Fundamental

measures

drove

positive

contributions

to

the

Fund’s

performance

for

the

period,

with

valuation

insights

benefiting

from

the

move

higher

in

rates.

More

traditional

measures

of

valuation

performed

best,

such

as

comparing

stocks

across

sales,

earnings

yield,

and

research

and

development

expenditures.

These,

alongside

macro

thematic

measures

designed

to

capture

expectations

with

respect

to

the

Bank

of

Japan,

helped

to

motivate

successful

stock

selection

across

domestically

oriented

Japanese

stocks

that

were

most

exposed

to

expected

policy

normalization.

Elsewhere

within

fundamental

stock

selection

insights,

contrarian

quality-related

measures

that

evaluate

the

sustainability

of

earnings

and

financial

stability

performed

well.

This

was

most

observable

through

a

negative

stance

towards

expensive

information

technology

stocks.

As

these

stocks

struggled

during

the

summer

months

with

the

retreat

of

the

AI

trade,

the

Fund

benefited

through

an

underweight

to

select

technology

companies.

Lastly,

sentiment

insights

were

also

broadly

additive

led

by

gains

from

insights

capturing

the

positioning

of

informed

investors.

Other

text-based

measures

designed

to

track

analyst

views

also

contributed,

as

evidenced

through

a

successful

underweight

across

select

consumer

staples

companies.

Conversely,

nontraditional

quality

insights,

such

as

measures

related

to

environmental,

social

and

governance

factors,

detracted

amid

the

prevailing

market

style

preference.

Insights

designed

to

evaluate

company

controversies

proved

overly

conservative

through

an

underweight

to

the

materials

sector.

Environmental

insights

measuring

green

patent

issuance

and

input

efficiency

as

well

as

human

capital

measures

tracking

employee

satisfaction

were

also

challenged.

Performance

from

macro

thematic

insights

was

mixed.

While

insights

evaluating

policy

normalization

did

well,

other

measures

designed

to

evaluate

news

flow

around

the

health

benefits

of

GLP-1

weight

loss

drugs

struggled.

Describe

recent

portfolio

activity.

Over

the

course

of

the

reporting

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

group

of

insights.

The

Fund

developed

a

new

insight

to

identify

firms

that

are

leading

the

market

in

development,

deployment

and

monetization

of

AI

capabilities.

This

included

capturing

hiring

trends

for

skills

associated

with

AI

as

well

as

executive

comments

highlighting

AI

capabilities

over

the

past

several

years.

Additionally,

the

Fund

developed

a

new

insight

capturing

trends

around

GLP-1

weight

loss

drugs

to

better

understand

the

impact

on

firms

across

sectors.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

reporting

period

with

largely

neutral

positioning

from

a

sector

and

country

perspective.

The

Fund

had

slight

overweight

positions

in

the

communication

services

and

industrials

sectors,

and

maintained

slight

underweights

in

materials

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

October

31,

2023

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

12

BlackRock

Sustainable

Advantage

International

Equity

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

(6.17‌)%

17.24‌%

N/A‌

4.59‌%

N/A‌

Investor

A

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

(6.24‌)

16.97‌

10.83‌%

4.35‌

2.61‌%

Class

K

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

(6.16‌)

17.30‌

N/A‌

4.64‌

N/A‌

MSCI

EAFE

Index

(d)

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

(7.88‌)

14.40‌

N/A‌

3.24‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

non-U.S.

equity

securities

and

equity-like

instruments

of

companies

that

are

components

of,

or

have

characteristics

similar

to,

the

companies

included

in

the

MSCI

EAFE

Index

and

derivatives

that

are

tied

economically

to

securities

of

the

MSCI

EAFE

Index.

(c)

The

Fund

commenced

operations

on

August

18,

2020.

(d)

An

equity

index

which

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries

around

the

world,

excluding

the

United

States

and

Canada.

The

index

covers

approximately

85%

of

the

free

float

adjusted

market

capitalization

in

each

country.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

938.30‌

$

2.44‌

$

1,000.00‌

$

1,022.62‌

$

2.54‌

0.50‌%

Investor

A

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

1,000.00‌

937.60‌

3.65‌

1,000.00‌

1,021.37‌

3.81‌

0.75‌

Class

K

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

1,000.00‌

938.40‌

2.19‌

1,000.00‌

1,022.87‌

2.29‌

0.45‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

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

22.6‌

%

United

Kingdom

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

12.0‌

Germany

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

9.1‌

France

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

8.5‌

United

States

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

8.2‌

Australia

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

6.8‌

Switzerland

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

5.7‌

Netherlands

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

5.4‌

Denmark

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

4.1‌

Spain

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

3.6‌

Sweden

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

2.0‌

Italy

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

2.0‌

Hong

Kong

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

1.7‌

Norway

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

1.7‌

Belgium

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

1.0‌

Other

(a)

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

4.6‌

Short-Term

Securities

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

2.2‌

Liabilities

in

Excess

of

Other

Assets

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

(1.2‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

October

31,

2023

13

Fund

Summary

BlackRock

Tactical

Opportunities

Fund

Investment

Objective

BlackRock

Tactical

Opportunities

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

reporting

period

ended

October

31,

2023,

all

of

the

Fund’s

share

classes

outperformed

its

reference

benchmark

(75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

(“ACWI”))

and

its

cash

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

Directional

short

duration

positions

in

the

United

States,

Germany,

and

Japan,

which

were

held

through

the

Fund’s

discretionary

macro

process,

were

strong

positive

contributors.

(Duration

is

a

measure

of

interest

rate

sensitivity;

a

short

position

rises

in

value

when

the

price

of

the

underlying

investment

falls.

A

short

duration

position

therefore

adds

value

as

bond

yields

rise

and

prices

decline).

The

Fund’s

relative

value

equity

strategy

contributed

to

performance

as

well.

A

long

position

in

U.S.

equities

versus

Germany

and

South

Korea

helped

performance

in

the

early

part

of

the

reporting

period.

Later,

long

positions

in

Italy

and

Taiwan

against

South

Korea

made

an

additional

contribution.

The

Fund

held

an

allocation

to

cash

as

collateral

for

derivative

positions

and

as

a

means

of

earning

a

modest

yield.

The

cash

position

was

a

positive

contributor

to

Fund

performance

given

the

increase

in

yields

over

the

period.

The

relative

value

interest

rate

strategy

detracted

from

performance.

Much

of

the

effect

occurred

late

in

the

period

when

the

Fund

was

hurt

by

being

short

in

Europe’s

bond

market

versus

the

rest

of

the

world.

During

this

time,

European

bonds

did

not

decline

to

the

same

extent

as

other

developed

markets,

particularly

the

United

States.

Currency

positioning

detracted

as

the

Fund

was

short

in

the

U.S.

dollar

against

a

basket

of

developed

market

currencies.

The

dollar

rallied

on

the

strength

of

the

higher

yields

in

the

United

States

compared

with

the

rest

of

the

world.

Equity

industry

positioning

also

detracted

as

the

Fund’s

value

tilt

did

not

fully

capture

the

strong

outperformance

for

the

growth

style.

The

investment

adviser

used

derivatives

as

an

efficient

means

to

take

active

views

on

interest

rates,

equity

indices,

and

currencies.

Derivatives

used

included

equity

index

and

sovereign

bond

futures,

total

return

swaps,

interest

rate

swaps,

and

currency

forward

contracts.

These

exposures

made

up

a

significant

portion

of

NAV

given

the

Fund’s

investment

approach

of

trading

interest

rates,

equity

indices,

and

currencies

across

global

markets.

The

use

of

derivatives

instead

of

physical

instruments

marginally

contributed

to

results.

Describe

recent

portfolio

activity.

The

Fund

maintained

a

relatively

muted

directional

equity

positioning

and

a

net

short

duration

stance.

The

Fund

held

a

long

position

in

U.S.

value

stocks

throughout

the

period

on

the

belief

that

companies

in

the

category

would

benefit

from

the

rising-rate

environment.

In

terms

of

relative

value

positions

in

equities,

the

Fund

decreased

its

significant

long

position

in

the

United

States

versus

other

developed

markets.

In

addition,

it

moved

to

a

short

position

in

Japan.

In

Europe,

the

Fund

shifted

to

long

positions

in

Italy

and

Spain

versus

short

positions

in

France,

Germany,

and

Sweden

based

on

divergences

in

the

countries’

respective

growth

outlooks.

The

Fund

maintained

a

large

short

position

in

South

Korea

given

poor

investment

flows

and

the

country’s

muted

growth

prospects.

Within

bonds,

the

Fund

was

positioned

long

in

U.S.

Treasuries

versus

Europe

(primarily

Germany,

Sweden,

and

the

United

Kingdom)

at

the

start

of

the

period.

It

subsequently

shifted

to

favor

the

emerging

markets

versus

the

Eurozone

given

that

the

early

rate-hiking

cycles

in

the

emerging

markets

had

proven

to

be

fairly

successful

in

combating

inflation.

Late

in

the

period,

the

Fund

added

a

short

position

in

long-dated

U.S.

bonds.

The

Fund

maintained

directional

short

duration

positions

in

Germany

and

Japan

at

the

end

of

October

2023.

Describe

portfolio

positioning

at

period

end.

The

Fund

was

positioned

slightly

net

long

equities

and

short

duration.

The

Fund

held

a

directional

long

in

U.S.

value

stocks.

Within

developed

market

equities,

the

Fund

was

long

in

Italy,

Australia,

and

Spain

and

short

in

France,

Switzerland

and

the

United

Kingdom.

The

Fund

also

held

directional

duration

short

positions

in

long

U.S.

Treasuries,

short-

and

intermediate-term

German

bonds,

and

intermediate-term

Japanese

government

bonds.

In

addition,

it

was

long

in

the

United

Kingdom

against

shorts

in

Germany,

Switzerland,

and

Canada

on

the

belief

that

yield

curves

in

the

countries

in

which

it

was

short

would

steepen

(i.e.,

that

long-term

bonds

would

underperform).

The

Fund

was

also

long

emerging

market

bonds.

It

maintained

a

short

position

in

the

U.S.

dollar

versus

a

basket

of

developed

market

currencies

given

overseas

central

banks’

greater

focus

on

fighting

inflation.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

October

31,

2023

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

14

BlackRock

Tactical

Opportunities

Fund

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

4.69‌%

8.95‌%

N/A‌

3.63‌%

N/A‌

3.69‌%

N/A‌

Service

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

4.52‌

8.68‌

N/A‌

3.35‌

N/A‌

3.39‌

N/A‌

Investor

A

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

4.57‌

8.66‌

2.96‌%

3.34‌

2.23‌%

3.38‌

2.82‌%

Investor

C

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

4.12‌

7.84‌

6.84‌

2.58‌

2.58‌

2.80‌

2.80‌

Class

K

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

4.80‌

9.14‌

N/A‌

3.77‌

N/A‌

3.68‌

N/A‌

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

(c)

...........

0.17‌

2.89‌

N/A‌

1.07‌

N/A‌

0.82‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(d)

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

2.63‌

4.77‌

N/A‌

1.78‌

N/A‌

1.16‌

N/A‌

75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

(e)

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

(0.27‌)

4.94‌

N/A‌

2.94‌

N/A‌

2.49‌

N/A‌

MSCI

All

Country

World

Index

(f)

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

(1.93‌)

10.50‌

N/A‌

7.47‌

N/A‌

6.81‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

uses

a

macro

asset

allocation

strategy,

investing

varying

percentages

of

its

portfolio

in

global

stocks,

bonds,

money

market

instruments,

foreign

currencies

and

cash.

The

Fund’s

total

returns

prior

to

January

29,

2016

were

the

returns

of

the

Fund

when

it

followed

a

different

investment

strategy

by

investing

a

significant

portion

of

its

assets

in

other

investment

companies

and

directly

in

securities

under

the

name

BlackRock

Managed

Volatility

Portfolio.

(c)

A

sub-index

of

the

Bloomberg

U.S.

Treasury

Index,

which

measures

U.S.

dollar

denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury

and

includes

a

maturity

constraint

of

at

least

one

year

and

up

to,

but

not

including,

three

years

until

final

maturity.

(d)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

On

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.

(e)

A

customized

weighted

index

comprised

of

75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

and

25%

MSCI

All

Country

World

Index.

(f)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

and

emerging

markets.

Actual

Hypothetical

5%

Return

Expenses

Paid

During

the

Period

Including

Interest

Expense

Excluding

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Including

Interest

Expense

(a)

Excluding

Interest

Expense

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Institutional

....

$

1,000.00‌

$

1,046.90‌

$

4.17‌

$

4.12‌

$

1,000.00‌

$

1,021.06‌

$

4.12‌

$

1,021.11‌

$

4.06‌

0.81‌%

0.80‌%

Service

......

1,000.00‌

1,045.20‌

5.45‌

5.35‌

1,000.00‌

1,019.81‌

5.38‌

1,019.91‌

5.28‌

1.06‌

1.04‌

Investor

A

.....

1,000.00‌

1,045.70‌

5.55‌

5.50‌

1,000.00‌

1,019.71‌

5.48‌

1,019.76‌

5.43‌

1.08‌

1.07‌

Investor

C

.....

1,000.00‌

1,041.20‌

9.18‌

9.13‌

1,000.00‌

1,016.14‌

9.07‌

1,016.19‌

9.02‌

1.79‌

1.78‌

Class

K

......

1,000.00‌

1,048.00‌

3.45‌

3.40‌

1,000.00‌

1,021.77‌

3.40‌

1,021.82‌

3.35‌

0.67‌

0.66‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

Fund

Summary

as

of

October

31,

2023

(continued)

15

Fund

Summary

BlackRock

Tactical

Opportunities

Fund

Portfolio

Information

TEN

LARGEST

HOLDINGS

—

%

Security

(a)

Percent

of

Net

Assets

—

Microsoft

Corp.

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

3.9‌

%

Apple,

Inc.

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

3.2‌

Amazon.com,

Inc.

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

1.7‌

NVIDIA

Corp.

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

1.4‌

Procter

&

Gamble

Co.

(The)

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

1.3‌

Alphabet,

Inc.,

Class

A

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

1.0‌

Eli

Lilly

&

Co.

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

1.0‌

Meta

Platforms,

Inc.,

Class

A

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

0.9‌

Berkshire

Hathaway,

Inc.,

Class

B

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

0.9‌

Alphabet,

Inc.,

Class

C

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

0.9‌

—

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Common

Stocks

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

69.7‌

%

U.S.

Treasury

Obligations

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

17.7‌

Money

Market

Funds

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

1.1‌

Preferred

Securities

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

0.1‌

Warrants

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

0.0‌

(b)

Rights

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

0

.

0‌

(b)

Asset-Backed

Securities

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

—‌

Other

Interests

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

—‌

Other

Assets

Less

Liabilities

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

11.4‌

(a)

Excludes

short-term

investments.

(b)

Represents

less

than

0.1%

of

the

Fund's

net

assets.

About

Fund

Performance

2023

BlackRock

Semi-Annual

Report

to

Shareholders

16

Institutional

and

Class

K Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

For

BlackRock

Tactical

Opportunities

Fund's

Class

K

Shares,

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

August

1,

2016

is

that

of

Investor

A

Shares,

excluding

any

front-end

sales

charges,

which

are

not

applicable

to

Class

K

Shares.

The

performance

of

the

BlackRock

Tactical

Opportunities

Fund's

Class

K

Shares

would

be

substantially

similar

to

Investor

A

Shares

because

Class

K

Shares

and

Investor

A

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Investor

A

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Investor

A

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Investor

A

Shares.

Service

Shares

(available

only

in

BlackRock

Tactical

Opportunities

Fund)

are

not

subject

to

any

sales

charge.

These

shares

are

subject

to

a

service

fee

of 

0.25%

per

year

(but

no

distribution

fee)

and

are

only

available

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

5.25

%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 (available

only

in

BlackRock

Tactical

Opportunities

Fund)

are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75

%

per

year

and

a

service

fee

of 

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

(“NAV”)

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund’s

performance

would

have

been

lower.

With

respect

to

each

Fund’s

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund’s

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees,

administration

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

17

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.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2023

BlackRock

Emerging

Markets

ex-China

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Austria

—

0.6%

Erste

Group

Bank

AG

...........

876

$

31,369

Brazil

—

9.1%

Ambev

SA

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

21,816

55,560

Arezzo

Industria

e

Comercio

SA

....

3,458

40,062

B3

SA

-

Brasil

Bolsa

Balcao

.......

26,447

58,488

CCR

SA

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

7,789

18,585

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

6,198

22,116

Ez

Tec

Empreendimentos

e

Participacoes

S/A

...........

4,844

13,826

Grupo

De

Moda

Soma

SA

........

22,686

23,848

Hapvida

Participacoes

e

Investimentos

SA

(a)(b)(c)

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

56,416

41,290

Localiza

Rent

a

Car

SA

(a)

........

2,567

25,961

Lojas

Renner

SA

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

14,211

34,726

Pagseguro

Digital

Ltd.,

Class

A

(a)

...

3,049

21,526

Petroleo

Brasileiro

SA,

ADR

......

2,770

41,550

Rumo

SA

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

6,126

27,083

Sendas

Distribuidora

SA

.........

17,738

38,349

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

...

7,040

10,975

473,945

Burkina

Faso

—

0.4%

Endeavour

Mining

plc

...........

1,036

21,194

Canada

—

0.3%

Barrick

Gold

Corp.

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

1,026

16,395

Colombia

—

0.6%

Ecopetrol

SA,

ADR

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

2,503

29,560

Czech

Republic

—

0.4%

Komercni

Banka

A/S

...........

738

21,630

Greece

—

1.6%

National

Bank

of

Greece

SA

(a)

.....

2,772

15,876

OPAP

SA,

Class

R

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

2,282

38,653

Piraeus

Financial

Holdings

SA

(a)

....

9,231

27,362

81,891

Hungary

—

1.7%

MOL

Hungarian

Oil

&

Gas

plc

.....

3,170

25,223

OTP

Bank

Nyrt.

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

722

26,873

Richter

Gedeon

Nyrt.

...........

1,614

37,844

89,940

India

—

16.2%

Axis

Bank

Ltd.,

GDR

(c)

..........

2,081

121,114

Dr

Reddy's

Laboratories

Ltd.,

ADR

..

996

64,869

HDFC

Bank

Ltd.,

ADR

..........

1,521

86,013

ICICI

Bank

Ltd.,

ADR

...........

6,687

148,385

Infosys

Ltd.,

ADR

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

4,959

81,427

Larsen

&

Toubro

Ltd.,

GDR

(c)

......

2,600

91,520

Mahindra

&

Mahindra

Ltd.,

GDR

(c)

...

6,057

107,209

Reliance

Industries

Ltd.,

GDR

(b)

....

2,572

140,529

841,066

Indonesia

—

4.4%

Astra

International

Tbk.

PT

.......

117,500

42,744

Bank

Central

Asia

Tbk.

PT

........

87,100

47,985

Bank

Mandiri

Persero

Tbk.

PT

.....

96,600

34,511

Bank

Negara

Indonesia

Persero

Tbk.

PT

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

63,000

19,012

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

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

136,000

42,525

Security

Shares

Shares

Value

Indonesia

(continued)

Indofood

CBP

Sukses

Makmur

Tbk.

PT

18,200

$

11,858

Telkom

Indonesia

Persero

Tbk.

PT

..

125,400

27,490

226,125

Kazakhstan

—

1.0%

Kaspi.KZ

JSC,

GDR

(c)

...........

597

53,969

Malaysia

—

1.5%

Hartalega

Holdings

Bhd.

(a)

........

32,500

14,121

Malayan

Banking

Bhd.

..........

17,000

32,190

Public

Bank

Bhd.

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

36,900

32,229

78,540

Mexico

—

4.4%

Fibra

Uno

Administracion

SA

de

CV

.

15,210

23,124

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

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

490

55,571

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

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

1,653

12,672

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

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

197

22,937

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

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

5,039

40,820

Vista

Energy

SAB

de

CV,

ADR

(a)

....

586

15,951

Wal-Mart

de

Mexico

SAB

de

CV

....

15,637

56,029

227,104

Panama

—

0.2%

Copa

Holdings

SA,

Class

A

.......

130

10,615

Peru

—

0.7%

Credicorp

Ltd.

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

277

34,614

Philippines

—

1.9%

Ayala

Land,

Inc.

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

60,600

29,818

BDO

Unibank,

Inc.

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

12,660

28,498

Bloomberry

Resorts

Corp.

(a)

.......

55,500

8,911

International

Container

Terminal

Services,

Inc.

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

2,910

10,310

Jollibee

Foods

Corp.

...........

2,550

9,218

Metropolitan

Bank

&

Trust

Co.

.....

10,900

10,047

96,802

Poland

—

1.4%

ORLEN

SA

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

1,684

26,630

Powszechny

Zaklad

Ubezpieczen

SA

4,061

45,954

72,584

Qatar

—

0.8%

Qatar

National

Bank

QPSC

.......

10,539

43,039

Saudi

Arabia

—

2.2%

Abdullah

Al

Othaim

Markets

Co.

....

3,697

12,846

Almarai

Co.

JSC

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

849

12,650

Riyadh

Cables

Group

Co.

........

1,019

19,916

Saudi

Basic

Industries

Corp.

......

1,739

35,735

Saudi

National

Bank

(The)

........

1,401

12,536

Yanbu

National

Petrochemical

Co.

..

2,172

21,953

115,636

Singapore

—

0.4%

Jardine

Cycle

&

Carriage

Ltd.

.....

1,100

22,660

South

Africa

—

2.1%

Absa

Group

Ltd.

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

3,522

32,137

Bid

Corp.

Ltd.

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

1,540

32,671

Foschini

Group

Ltd.

(The)

........

2,809

15,195

Gold

Fields

Ltd.

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

2,216

29,233

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

South

Africa

(continued)

Gold

Fields

Ltd.,

ADR

...........

155

$

2,018

111,254

South

Korea

—

13.4%

Hansol

Chemical

Co.

Ltd.

........

300

33,479

Hyundai

Mobis

Co.

Ltd.

..........

302

46,769

JYP

Entertainment

Corp.

.........

293

22,303

KT

Corp.

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

1,077

26,055

Orion

Corp.

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

271

23,985

Samsung

Electro-Mechanics

Co.

Ltd.

295

27,276

Samsung

Electronics

Co.

Ltd.

.....

6,487

322,890

Samsung

Electronics

Co.

Ltd.,

GDR

(b)(c)

22

27,510

Samsung

SDI

Co.

Ltd.

..........

122

38,629

SK

Hynix,

Inc.

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

1,203

104,471

S-Oil

Corp.

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

478

23,591

696,958

Switzerland

—

0.7%

Wizz

Air

Holdings

plc

(a)(b)(c)

........

1,974

37,212

Taiwan

—

15.7%

Accton

Technology

Corp.

........

5,000

77,471

Delta

Electronics,

Inc.

...........

8,000

72,095

Giant

Manufacturing

Co.

Ltd.

......

2,000

10,113

Hiwin

Technologies

Corp.

........

3,000

18,180

Lite-On

Technology

Corp.

........

3,000

9,341

Lotes

Co.

Ltd.

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

2,000

51,072

President

Chain

Store

Corp.

......

6,000

47,726

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

29,000

473,643

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

292

25,203

Yageo

Corp.

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

2,000

32,607

817,451

Thailand

—

3.0%

Advanced

Info

Service

PCL,

NVDR

..

7,100

43,487

Bangkok

Bank

PCL,

NVDR

.......

5,700

24,978

Bangkok

Dusit

Medical

Services

PCL,

NVDR

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

32,200

23,737

CP

ALL

PCL,

NVDR

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

14,400

22,131

Land

&

Houses

PCL,

NVDR

......

88,300

18,549

Thai

Beverage

PCL

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

51,300

20,262

153,144

Turkey

—

0.4%

Eldorado

Gold

Corp.

(a)

..........

2,067

22,355

United

Arab

Emirates

—

1.3%

Abu

Dhabi

Commercial

Bank

PJSC

.

2,890

6,318

Aldar

Properties

PJSC

..........

390

552

Borouge

plc

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

26,767

18,292

Emaar

Properties

PJSC

.........

22,143

40,340

65,502

United

Kingdom

—

0.5%

Anglogold

Ashanti

plc

...........

644

11,489

Anglogold

Ashanti

plc

...........

874

16,133

27,622

United

States

—

3.3%

Cognizant

Technology

Solutions

Corp.,

Class

A

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

1,685

108,632

EPAM

Systems,

Inc.

(a)

...........

146

31,765

Security

Shares

Shares

Value

United

States

(continued)

Globant

SA

(a)

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

196

$

33,377

173,774

Total

Common

Stocks

—

90.2%

(Cost:

$4,778,860)

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

4,693,950

Preferred

Securities

Preferred

Stocks

—

2.3%

Brazil

—

1.3%

Banco

Bradesco

SA

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

23,511

65,596

South

Korea

—

1.0%

Samsung

Electronics

Co.

Ltd.

(Preference)

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

1,329

53,060

Total

Preferred

Stocks

—

2.3%  

(Cost:

$116,106)

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

118,656

Rights

Brazil

—

0.0%

Localiza

Rent

a

Car

SA(Expires

11/10/23,

Strike

Price

BRL

47.13)

(a)

18

19

Total

Rights

—

0.0%

(Cost:

$0)

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

19

Total

Long-Term

Investments

—

92.5%

(Cost:

$4,894,966)

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

4,812,625

Short-Term

Securities

Money

Market

Funds

—

7.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.24%

(d)(e)

....

398,453

398,453

Total

Short-Term

Securities

—

7.7%

(Cost:

$398,453)

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

398,453

Total

Investments

—

100.2%

(Cost:

$5,293,419)

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

5,211,078

Liabilities

in

Excess

of

Other

Assets

—

(0.2)%

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

(11,499)

Net

Assets

—

100.0%

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

$

5,199,579

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Emerging

Markets

ex-China

Fund

20

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

340,604

$

57,849

(a)

$

—

$

—

$

—

$

398,453

398,453

$

9,806

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

of

Investments

21

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

IFSC

NIFTY

50

Index

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

5

11/30/23

$

192

$

(2,521)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

2,521

$

—

$

—

$

—

$

2,521

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

3,006

$

—

$

—

$

—

$

3,006

Swaps

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

—

—

(5,615)

—

—

—

(5,615)

$

—

$

—

$

(2,609)

$

—

$

—

$

—

$

(2,609)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(5,990)

$

—

$

—

$

—

$

(5,990)

Swaps

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

—

—

598

—

—

—

598

$

—

$

—

$

(5,392)

$

—

$

—

$

—

$

(5,392)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

195,025

Total

return

swaps

Average

notional

value

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

$

11,400

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Emerging

Markets

ex-China

Fund

22

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Austria

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

$

—

$

31,369

$

—

$

31,369

Brazil

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

473,945

—

—

473,945

Burkina

Faso

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

21,194

—

—

21,194

Canada

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

16,395

—

—

16,395

Colombia

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

29,560

—

—

29,560

Czech

Republic

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

—

21,630

—

21,630

Greece

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

—

81,891

—

81,891

Hungary

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

63,067

26,873

—

89,940

India

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

700,537

140,529

—

841,066

Indonesia

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

11,858

214,267

—

226,125

Kazakhstan

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

53,969

—

—

53,969

Malaysia

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

—

78,540

—

78,540

Mexico

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

227,104

—

—

227,104

Panama

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

10,615

—

—

10,615

Peru

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

34,614

—

—

34,614

Philippines

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

18,958

77,844

—

96,802

Poland

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

—

72,584

—

72,584

Qatar

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

43,039

—

—

43,039

Saudi

Arabia

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

12,650

102,986

—

115,636

Singapore

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

—

22,660

—

22,660

South

Africa

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

34,689

76,565

—

111,254

South

Korea

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

—

696,958

—

696,958

Switzerland

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

—

37,212

—

37,212

Taiwan

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

25,203

792,248

—

817,451

Thailand

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

—

153,144

—

153,144

Turkey

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

22,355

—

—

22,355

United

Arab

Emirates

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

25,162

40,340

—

65,502

United

Kingdom

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

11,489

16,133

—

27,622

United

States

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

173,774

—

—

173,774

Preferred

Securities

Brazil

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

65,596

—

—

65,596

South

Korea

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

—

53,060

—

53,060

Rights

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

19

—

—

19

Short-Term

Securities

Money

Market

Funds

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

398,453

—

—

398,453

$

2,474,245

$

2,736,833

$

—

$

5,211,078

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

—

$

(2,521)

$

—

$

(2,521)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

BlackRock

Global

Impact

Fund

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Australia

—

2.1%

APM

Human

Services

International

Ltd.

82,506

$

109,680

Brambles

Ltd.

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

5,868

48,973

158,653

Brazil

—

4.1%

MercadoLibre,

Inc.

(a)

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

139

172,463

Sendas

Distribuidora

SA

.........

65,162

140,877

313,340

Canada

—

2.0%

North

West

Co.,

Inc.

(The)

........

5,974

152,328

Denmark

—

1.0%

Orsted

A/S

(b)

(c)

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

1,583

76,489

Germany

—

2.5%

Infineon

Technologies

AG

........

1,224

35,753

LEG

Immobilien

SE

(a)

...........

1,561

97,581

Vonovia

SE

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

2,515

57,900

191,234

India

—

0.6%

Bandhan

Bank

Ltd.

(b)

(c)

..........

18,457

47,526

Indonesia

—

4.8%

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

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

859,200

268,658

Dayamitra

Telekomunikasi

PT

.....

2,501,800

97,646

366,304

Italy

—

0.4%

Stevanato

Group

SpA

...........

1,148

32,087

Japan

—

2.3%

Daikin

Industries

Ltd.

...........

300

43,254

Nidec

Corp.

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

500

18,340

Recruit

Holdings

Co.

Ltd.

........

3,900

111,824

173,418

Kazakhstan

—

1.6%

Kaspi.KZ

JSC,

GDR

(c)

...........

1,316

118,966

Netherlands

—

1.5%

ASML

Holding

NV

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

193

116,016

South

Korea

—

0.3%

Samsung

SDI

Co.

Ltd.

..........

69

21,848

Spain

—

1.5%

EDP

Renovaveis

SA

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

7,007

112,721

Switzerland

—

3.0%

DSM-Firmenich

AG

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

888

80,502

Landis+Gyr

Group

AG

..........

2,050

152,094

232,596

Taiwan

—

1.9%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

9,000

146,993

United

Kingdom

—

8.7%

Halma

plc

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

5,149

115,793

Pearson

plc

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

17,530

202,923

RELX

plc

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

5,202

181,694

Wise

plc,

Class

A

(a)

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

19,581

159,149

659,559

United

States

—

58.0%

Advanced

Drainage

Systems,

Inc.

..

468

49,996

Aptiv

plc

(a)

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

1,007

87,810

Security

Shares

Shares

Value

United

States

(continued)

Autodesk,

Inc.

(a)

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

786

$

155,337

AZEK

Co.,

Inc.

(The),

Class

A

(a)

....

2,955

77,421

Block,

Inc.,

Class

A

(a)

...........

1,288

51,842

Boston

Scientific

Corp.

(a)

.........

3,145

160,993

Brookfield

Renewable

Corp.,

Class

A

4,739

107,817

Clean

Harbors,

Inc.

(a)

...........

986

151,519

Crown

Holdings,

Inc.

...........

2,637

212,542

Danaher

Corp.

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

687

131,918

Dexcom,

Inc.

(a)

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

459

40,773

Duolingo,

Inc.,

Class

A

(a)

.........

495

72,295

Encompass

Health

Corp.

........

2,016

126,121

Etsy,

Inc.

(a)

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

1,050

65,415

Exact

Sciences

Corp.

(a)

..........

1,390

85,610

Grand

Canyon

Education,

Inc.

(a)

....

1,111

131,465

Grocery

Outlet

Holding

Corp.

(a)

.....

1,758

48,644

Hologic,

Inc.

(a)

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

1,694

112,092

ICF

International,

Inc.

...........

2,098

265,879

Inspire

Medical

Systems,

Inc.

(a)

....

167

24,576

Instructure

Holdings,

Inc.

(a)

.......

6,854

168,814

Intuit,

Inc.

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

106

52,465

Jack

Henry

&

Associates,

Inc.

.....

263

37,080

NextEra

Energy,

Inc.

...........

2,196

128,027

Okta,

Inc.,

Class

A

(a)

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

899

60,602

Pacific

Biosciences

of

California,

Inc.

(a)

10,050

62,109

Palo

Alto

Networks,

Inc.

(a)

(d)

.......

335

81,412

Quanta

Services,

Inc.

...........

541

90,412

Royalty

Pharma

plc,

Class

A

......

7,380

198,301

Schneider

Electric

SE

...........

937

144,164

STERIS

plc

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

790

165,884

Stride,

Inc.

(a)

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

4,276

235,094

Tesla,

Inc.

(a)

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

462

92,788

Trane

Technologies

plc

..........

489

93,062

Trimble,

Inc.

(a)

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

2,692

126,874

Veeva

Systems,

Inc.,

Class

A

(a)

....

1,041

200,611

Veralto

Corp.

(a)

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

229

15,801

Vertex

Pharmaceuticals,

Inc.

(a)

.....

146

52,868

Zoetis,

Inc.,

Class

A

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

841

132,037

Zurn

Elkay

Water

Solutions

Corp.

...

4,677

123,753

4,422,223

Total

Long-Term

Investments

—

96.3%

(Cost:

$

7,617,994

)

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

7,342,301

Short-Term

Securities

Money

Market

Funds

—

4.7%

(e)(f)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.24

%

......

281,298

281,298

SL

Liquidity

Series,

LLC,

Money

Market

Series

,

5.53

%

(g)

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

73,021

73,050

Total

Short-Term

Securities

—

4

.7

%

(Cost:

$

354,348

)

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

354,348

Total

Investments

—

101.0%

(Cost:

$

7,972,342

)

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

7,696,649

Liabilities

in

Excess

of

Other

Assets

—

(

1.0

)

%

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

(

77,611

)

Net

Assets

—

100.0%

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

$

7,619,038

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Impact

Fund

24

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

337,374

$

—

$

(

56,076

)

(a)

$

—

$

—

$

281,298

281,298

$

6,699

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

209,097

—

(

136,108

)

(a)

80

(

19

)

73,050

73,021

80

(b)

—

$

80

$

(

19

)

$

354,348

$

6,779

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Impact

Fund

Schedules

of

Investments

25

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

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

$

—

$

158,653

$

—

$

158,653

Brazil

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

313,340

—

—

313,340

Canada

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

152,328

—

—

152,328

Denmark

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

—

76,489

—

76,489

Germany

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

—

191,234

—

191,234

India

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

—

47,526

—

47,526

Indonesia

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

97,646

268,658

—

366,304

Italy

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

32,087

—

—

32,087

Japan

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

—

173,418

—

173,418

Kazakhstan

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

118,966

—

—

118,966

Netherlands

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

—

116,016

—

116,016

South

Korea

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

—

21,848

—

21,848

Spain

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

—

112,721

—

112,721

Switzerland

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

—

232,596

—

232,596

Taiwan

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

—

146,993

—

146,993

United

Kingdom

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

—

659,559

—

659,559

United

States

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

4,278,059

144,164

—

4,422,223

Short-Term

Securities

Money

Market

Funds

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

281,298

—

—

281,298

$

5,273,724

$

2,349,875

$

—

$

7,623,599

Investments

valued

at

NAV

(a)

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

73,050

$

7,696,649

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2023

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Brazil

—

6.2%

Ambev

SA

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

33,863

$

86,240

B3

SA

-

Brasil

Bolsa

Balcao

.......

37,479

82,886

CCR

SA

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

30,077

71,766

Cielo

SA

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

47,261

33,278

Cogna

Educacao

SA

(a)

..........

43,661

20,784

CPFL

Energia

SA

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

7,521

49,988

EcoRodovias

Infraestrutura

e

Logistica

SA

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

33,985

47,320

Lojas

Renner

SA

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

21,337

52,139

Natura

&

Co.

Holding

SA

(a)

.......

24,323

61,655

Ultrapar

Participacoes

SA

........

1,563

6,321

Ultrapar

Participacoes

SA,

ADR

....

10,221

40,986

XP,

Inc.,

Class

A

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

1,348

26,960

YDUQS

Participacoes

SA

........

2,846

10,025

590,348

Chile

—

1.8%

Empresas

CMPC

SA

...........

28,043

50,133

Empresas

Copec

SA

...........

1,357

8,983

Enel

Americas

SA

(a)

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

692,420

71,189

Falabella

SA

(a)

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

22,636

46,111

176,416

China

—

30.5%

3SBio,

Inc.

(b)(c)

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

86,000

76,509

Alibaba

Group

Holding

Ltd.

(a)

......

27,992

288,180

Baidu,

Inc.,

Class

A

(a)

...........

3,478

45,662

BOE

Technology

Group

Co.

Ltd.,

Class

A

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

142,400

76,073

Bosideng

International

Holdings

Ltd.

.

46,000

18,162

BYD

Co.

Ltd.,

Class

A

...........

2,266

73,694

BYD

Co.

Ltd.,

Class

H

..........

1,500

45,615

China

Construction

Bank

Corp.,

Class

H

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

79,000

44,679

China

Life

Insurance

Co.

Ltd.,

Class

H

15,000

20,316

China

Medical

System

Holdings

Ltd.

.

29,000

46,374

China

Merchants

Bank

Co.

Ltd.,

Class

H

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

13,500

51,210

China

Resources

Gas

Group

Ltd.

...

1,500

4,434

China

Vanke

Co.

Ltd.,

Class

H

.....

24,400

22,828

CMOC

Group

Ltd.,

Class

H

.......

117,000

69,780

ENN

Energy

Holdings

Ltd.

........

6,500

49,238

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

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

390

2,355

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(b)(c)

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

560

2,011

Geely

Automobile

Holdings

Ltd.

....

9,000

10,218

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

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

361

433

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

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

143,600

68,515

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

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

14,553

67,275

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(b)(c)

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

12,300

69,117

JD.com,

Inc.,

Class

A

...........

7,606

96,696

Kingdee

International

Software

Group

Co.

Ltd.

(a)

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

18,000

23,884

Kweichow

Moutai

Co.

Ltd.,

Class

A

..

400

91,817

Lenovo

Group

Ltd.

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

70,000

81,461

Li

Auto,

Inc.,

Class

A

(a)

..........

1,700

28,753

Li

Auto,

Inc.,

ADR

(a)(d)

...........

1,779

60,148

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

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

760

2,500

Meituan,

Class

B

(a)(b)(c)

...........

12,310

174,494

Security

Shares

Shares

Value

China

(continued)

NetEase,

Inc.

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

5,970

$

127,767

NIO,

Inc.,

ADR

(a)

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

1,960

14,308

PDD

Holdings,

Inc.,

ADR

(a)

.......

230

23,327

PetroChina

Co.

Ltd.,

Class

A

......

70,100

68,057

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

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

23,000

116,667

SAIC

Motor

Corp.

Ltd.,

Class

A

....

34,300

67,875

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

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

48,600

70,703

TCL

Technology

Group

Corp.,

Class

A

(a)

121,550

65,142

Tencent

Holdings

Ltd.

...........

10,600

392,293

Tongcheng

Travel

Holdings

Ltd.

(a)(c)

..

38,400

73,361

Trip.com

Group

Ltd.

(a)

...........

853

29,072

Weichai

Power

Co.

Ltd.,

Class

H

...

3,000

4,491

Xinyi

Solar

Holdings

Ltd.

.........

8,000

4,708

Yum

China

Holdings,

Inc.

........

647

34,006

Yum

China

Holdings,

Inc.

........

850

44,542

Yutong

Bus

Co.

Ltd.,

Class

A

......

18,000

33,448

ZTE

Corp.,

Class

A

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

9,100

32,428

2,914,626

Czech

Republic

—

0.1%

Komercni

Banka

A/S

...........

304

8,910

Greece

—

0.8%

OPAP

SA,

Class

R

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

4,528

76,697

Hungary

—

0.2%

MOL

Hungarian

Oil

&

Gas

plc

.....

1,841

14,649

India

—

12.9%

APL

Apollo

Tubes

Ltd.

..........

3,617

68,018

Asian

Paints

Ltd.

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

2,478

89,261

Berger

Paints

India

Ltd.

.........

10,737

72,042

Cummins

India

Ltd.

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

1,401

28,220

Havells

India

Ltd.

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

4,038

60,455

HDFC

Bank

Ltd.

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

4,265

75,680

HDFC

Bank

Ltd.,

ADR

..........

1,163

65,768

ICICI

Bank

Ltd.

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

3,225

35,481

ICICI

Prudential

Life

Insurance

Co.

Ltd.

(b)(c)

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

10,589

66,820

Infosys

Ltd.

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

4,926

81,012

Infosys

Ltd.,

ADR

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

2,452

40,262

Jindal

Saw

Ltd.

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

7,346

39,086

Marico

Ltd.

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

11,592

74,697

Ramkrishna

Forgings

Ltd.

........

4,036

31,054

Reliance

Industries

Ltd.

.........

4,493

123,548

Reliance

Industries

Ltd.,

GDR

(b)

....

1,295

70,756

Siemens

Ltd.

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

1,727

69,099

Supreme

Industries

Ltd.

.........

474

24,646

Tata

Consultancy

Services

Ltd.

....

981

39,714

Tata

Consumer

Products

Ltd.

......

7,371

79,755

1,235,374

Indonesia

—

0.5%

Bank

Central

Asia

Tbk.

PT

........

64,400

35,479

Perusahaan

Gas

Negara

Tbk.

PT

...

158,600

12,540

48,019

Kuwait

—

1.7%

Kuwait

Finance

House

KSCP

......

43,348

95,902

National

Bank

of

Kuwait

SAKP

.....

25,240

71,549

167,451

Malaysia

—

4.0%

Axiata

Group

Bhd.

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

43,500

19,903

CIMB

Group

Holdings

Bhd.

.......

69,200

82,908

Malayan

Banking

Bhd.

..........

44,900

85,021

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Malaysia

(continued)

Nestle

Malaysia

Bhd.

...........

700

$

18,188

Petronas

Dagangan

Bhd.

........

14,900

71,490

Public

Bank

Bhd.

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

104,000

90,834

Sime

Darby

Bhd.

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

24,200

11,631

379,975

Poland

—

2.4%

Allegro.eu

SA

(a)(b)(c)

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

9,666

69,337

Budimex

SA

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

603

67,502

mBank

SA

(a)

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

124

15,329

Santander

Bank

Polska

SA

(a)

......

721

78,306

230,474

Qatar

—

0.5%

Commercial

Bank

PSQC

(The)

.....

2,766

3,889

Industries

Qatar

QSC

...........

2,125

7,128

Masraf

Al

Rayan

QSC

...........

5,545

3,194

Qatar

Islamic

Bank

SAQ

.........

1,752

8,361

Qatar

National

Bank

QPSC

.......

6,851

27,978

50,550

Russia

—

0.0%

(e)

LUKOIL

PJSC

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

2,410

—

Novatek

PJSC

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

1,500

—

PhosAgro

PJSC

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

1,413

—

PhosAgro

PJSC,

GDR

(a)(c)

........

27

1

1

Saudi

Arabia

—

3.0%

Al

Rajhi

Bank

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

587

10,508

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

347

23,307

Saudi

Arabian

Oil

Co.

(b)(c)

.........

11,651

103,512

Saudi

Basic

Industries

Corp.

......

4,774

98,102

Saudi

Telecom

Co.

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

3,730

38,210

Seera

Group

Holding

(a)

..........

2,242

14,104

287,743

South

Africa

—

0.7%

Anglo

American

plc

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

2,573

65,683

South

Korea

—

9.1%

Amorepacific

Group

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

1,252

26,597

CJ

Logistics

Corp.

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

815

45,821

Hanwha

Solutions

Corp.

(a)

........

3,548

75,573

HL

Mando

Co.

Ltd.

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

836

20,359

Hyundai

Wia

Corp.

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

71

2,956

KB

Financial

Group,

Inc.

.........

592

22,566

KB

Financial

Group,

Inc.,

ADR

.....

1,654

63,117

LG

Chem

Ltd.

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

77

25,236

LG

H&H

Co.

Ltd.

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

23

5,392

Mirae

Asset

Securities

Co.

Ltd.

.....

3,214

15,744

NAVER

Corp.

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

714

99,819

NCSoft

Corp.

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

26

4,492

POSCO

Holdings,

Inc.

..........

114

34,898

Samsung

Electronics

Co.

Ltd.

.....

6,678

332,397

Samsung

SDI

Co.

Ltd.

..........

85

26,914

SK

Hynix,

Inc.

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

83

7,208

SK

Innovation

Co.

Ltd.

(a)

.........

213

19,405

SK,

Inc.

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

442

46,601

875,095

Taiwan

—

17.3%

Acer,

Inc.

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

71,000

75,039

ASE

Technology

Holding

Co.

Ltd.

...

24,000

84,024

Cathay

Financial

Holding

Co.

Ltd.

...

65,978

89,535

Chroma

ATE,

Inc.

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

2,000

13,515

Compal

Electronics,

Inc.

.........

82,000

71,326

Security

Shares

Shares

Value

Taiwan

(continued)

CTBC

Financial

Holding

Co.

Ltd.

...

123,000

$

92,632

Delta

Electronics,

Inc.

...........

10,000

90,119

E.Sun

Financial

Holding

Co.

Ltd.

...

117,926

86,893

First

Financial

Holding

Co.

Ltd.

.....

104,771

83,832

Fubon

Financial

Holding

Co.

Ltd.

...

13,000

24,175

Gourmet

Master

Co.

Ltd.

.........

2,000

6,009

MediaTek,

Inc.

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

5,000

130,497

Mega

Financial

Holding

Co.

Ltd.

....

1,424

1,616

Phison

Electronics

Corp.

.........

1,000

14,433

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

36,000

587,971

United

Microelectronics

Corp.

.....

17,000

24,448

United

Microelectronics

Corp.,

ADR

.

6,477

46,116

Wistron

Corp.

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

16,000

44,616

WPG

Holdings

Ltd.

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

38,000

84,087

1,650,883

Thailand

—

4.1%

Bangchak

Corp.

PCL,

NVDR

......

3,900

4,479

Bangkok

Dusit

Medical

Services

PCL,

NVDR

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

108,700

80,129

Delta

Electronics

Thailand

PCL,

NVDR

39,400

86,611

Home

Product

Center

PCL,

NVDR

..

190,200

62,972

PTT

Exploration

&

Production

PCL,

NVDR

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

17,400

79,463

PTT

PCL,

NVDR

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

84,700

78,398

392,052

Turkey

—

0.6%

Arcelik

A/S

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

5,187

24,873

Enerjisa

Enerji

A/S

(b)(c)

...........

19,741

33,894

58,767

United

Arab

Emirates

—

0.5%

First

Abu

Dhabi

Bank

PJSC

.......

13,139

45,359

United

States

—

0.2%

Genpact

Ltd.

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

698

23,411

Total

Common

Stocks

—

97.1%

(Cost:

$10,283,341)

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

9,292,483

Preferred

Securities

Preferred

Stocks

—

0.6%

Brazil

—

0.6%

Banco

Bradesco

SA

(Preference)

...

9,985

27,766

Cia

Energetica

de

Minas

Gerais

(Preference)

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

2,055

4,773

Petroleo

Brasileiro

SA

(Preference)

..

3,543

24,406

56,945

Total

Preferred

Stocks

—

0.6%  

(Cost:

$56,908)

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

56,945

Total

Long-Term

Investments

—

97.7%

(Cost:

$10,340,249)

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

9,349,428

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

3.2%

(f)(g)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.24%

......

243,716

$

243,716

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.53%

(h)

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

61,284

61,309

Total

Short-Term

Securities

—

3.2%

(Cost:

$305,017)

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

305,025

Total

Investments

—

100.9%

(Cost:

$10,645,266)

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

9,654,453

Liabilities

in

Excess

of

Other

Assets

—

(0.9)%

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

(83,933)

Net

Assets

—

100.0%

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

$

9,570,520

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

329,574

$

—

$

(85,858)

(a)

$

—

$

—

$

243,716

243,716

$

7,136

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

3,625

57,690

(a)

—

(12)

6

61,309

61,284

163

(b)

—

$

(12)

$

6

$

305,025

$

7,299

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

of

Investments

29

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

12/15/23

$

230

$

(11,012)

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)

......

$

—

$

—

$

11,012

$

—

$

—

$

—

$

11,012

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(15)

$

—

$

—

$

—

$

(15)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(19,607)

$

—

$

—

$

—

$

(19,607)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

299,403

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

30

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

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

$

590,348

$

—

$

—

$

590,348

Chile

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

59,116

117,300

—

176,416

China

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

131,789

2,782,837

—

2,914,626

Czech

Republic

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

—

8,910

—

8,910

Greece

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

—

76,697

—

76,697

Hungary

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

14,649

—

—

14,649

India

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

106,030

1,129,344

—

1,235,374

Indonesia

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

—

48,019

—

48,019

Kuwait

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

—

167,451

—

167,451

Malaysia

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

89,678

290,297

—

379,975

Poland

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

—

230,474

—

230,474

Qatar

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

43,422

7,128

—

50,550

Russia

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

—

—

1

1

Saudi

Arabia

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

14,104

273,639

—

287,743

South

Africa

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

—

65,683

—

65,683

South

Korea

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

63,117

811,978

—

875,095

Taiwan

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

46,116

1,604,767

—

1,650,883

Thailand

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

—

392,052

—

392,052

Turkey

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

24,873

33,894

—

58,767

United

Arab

Emirates

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

45,359

—

—

45,359

United

States

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

23,411

—

—

23,411

Preferred

Securities

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

56,945

—

—

56,945

Short-Term

Securities

Money

Market

Funds

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

243,716

—

—

243,716

$

1,552,673

$

8,040,470

$

1

$

9,593,144

Investments

valued

at

NAV

(a)

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

61,309

$

9,654,453

Derivative

Financial

Instruments

(b)

Liabilities

Equity

contracts

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

$

(11,012)

$

—

$

—

$

(11,012)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Australia

—

1.7%

Aristocrat

Leisure

Ltd.

...........

1,030

$

25,317

Brambles

Ltd.

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

41

342

Charter

Hall

Group

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

453

2,510

Cochlear

Ltd.

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

28

4,292

Coles

Group

Ltd.

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

524

5,086

Commonwealth

Bank

of

Australia

...

364

22,392

GPT

Group

(The)

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

2,597

5,993

Macquarie

Group

Ltd.

...........

394

40,499

Orica

Ltd.

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

53

495

Rio

Tinto

plc

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

534

34,069

Vicinity

Ltd.

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

8,488

9,194

Woodside

Energy

Group

Ltd.

......

98

2,134

Woolworths

Group

Ltd.

..........

30

672

Worley

Ltd.

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

445

4,652

157,647

Austria

—

0.2%

BAWAG

Group

AG

(a)(b)

..........

299

13,318

Erste

Group

Bank

AG

...........

46

1,647

14,965

Belgium

—

0.3%

Ageas

SA

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

62

2,382

Groupe

Bruxelles

Lambert

NV

.....

123

8,996

KBC

Group

NV

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

4

220

Sofina

SA

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

7

1,330

Solvay

SA

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

189

19,980

32,908

Brazil

—

0.9%

Ambev

SA

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

1,638

4,172

BRF

SA

(c)

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

1,247

2,627

CCR

SA

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

627

1,496

Cia

Siderurgica

Nacional

SA

......

112

262

Cielo

SA

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

316

223

Cogna

Educacao

SA

(c)

..........

7,479

3,560

Cosan

SA

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

301

941

EcoRodovias

Infraestrutura

e

Logistica

SA

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

584

813

Embraer

SA

(c)

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

615

2,143

Lojas

Renner

SA

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

332

811

Marfrig

Global

Foods

SA

.........

573

733

MercadoLibre,

Inc.

(c)

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

4

4,963

Minerva

SA

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

129

194

Natura

&

Co.

Holding

SA

(c)

.......

110

279

NU

Holdings

Ltd.,

Class

A

(c)

.......

106

869

Pagseguro

Digital

Ltd.,

Class

A

(c)

...

57

402

Petroleo

Brasileiro

SA

...........

400

2,999

StoneCo

Ltd.,

Class

A

(c)

.........

111

1,101

Wheaton

Precious

Metals

Corp.

....

1,136

47,979

XP,

Inc.,

Class

A

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

458

9,160

Yara

International

ASA

..........

29

949

YDUQS

Participacoes

SA

........

742

2,614

89,290

Canada

—

2.4%

ARC

Resources

Ltd.

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

36

579

Bank

of

Nova

Scotia

(The)

........

85

3,442

CAE,

Inc.

(c)

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

37

773

Canadian

Imperial

Bank

of

Commerce

772

27,228

Empire

Co.

Ltd.,

Class

A

.........

283

7,755

Enbridge,

Inc.

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

2,626

84,153

Enerplus

Corp.

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

48

812

FirstService

Corp.

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

89

12,594

Fortis,

Inc.

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

6

238

Security

Shares

Shares

Value

Canada

(continued)

Gibson

Energy,

Inc.

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

15

$

228

Keyera

Corp.

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

148

3,442

Manulife

Financial

Corp.

.........

2,621

45,625

Metro,

Inc.

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

162

8,229

Parkland

Corp.

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

250

7,566

Pembina

Pipeline

Corp.

.........

18

554

RioCan

REIT

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

64

778

Stantec,

Inc.

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

338

20,681

West

Fraser

Timber

Co.

Ltd.

......

3

202

224,879

Chile

—

0.1%

Antofagasta

plc

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

645

10,547

China

—

3.6%

Alibaba

Group

Holding

Ltd.

(c)

......

2,900

29,856

A-Living

Smart

City

Services

Co.

Ltd.

(a)

(b)(c)

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

1,250

589

Baidu,

Inc.,

Class

A

(c)

...........

700

9,190

Bilibili,

Inc.,

Class

Z

(c)

...........

80

1,073

BYD

Co.

Ltd.,

Class

A

...........

1,700

55,287

By-health

Co.

Ltd.,

Class

A

.......

200

499

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

5,200

4,066

China

Datang

Corp.

Renewable

Power

Co.

Ltd.,

Class

H

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

1,000

226

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(c)

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

400

238

China

Petroleum

&

Chemical

Corp.,

Class

A

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

9,200

6,846

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

...........

300

212

China

United

Network

Communications

Ltd.,

Class

A

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

300

182

China

Vanke

Co.

Ltd.,

Class

A

.....

1,200

1,850

China

Vanke

Co.

Ltd.,

Class

H

.....

300

281

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

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

1,000

1,332

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

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

2,500

2,542

Country

Garden

Services

Holdings

Co.

Ltd.

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

1,000

874

CRRC

Corp.

Ltd.,

Class

A

........

100

73

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

....

300

1,897

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

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

1,000

942

Geely

Automobile

Holdings

Ltd.

....

6,000

6,812

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

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

7,800

9,348

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

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

1,400

668

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

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

4,100

18,953

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

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

100

239

Industrial

Securities

Co.

Ltd.,

Class

A

600

510

JD.com,

Inc.,

Class

A

...........

1,150

14,620

Jiangsu

King's

Luck

Brewery

JSC

Ltd.,

Class

A

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

100

797

Jiangxi

Copper

Co.

Ltd.,

Class

A

...

200

500

Jinko

Solar

Co.

Ltd.,

Class

A

......

1,401

1,812

Lenovo

Group

Ltd.

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

6,000

6,982

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

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

2,200

7,237

Meituan,

Class

B

(a)(b)(c)

...........

1,600

22,680

Metallurgical

Corp.

of

China

Ltd.,

Class

A

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

4,100

1,849

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Global

Equity

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

China

(continued)

NetEase,

Inc.

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

900

$

19,261

PetroChina

Co.

Ltd.,

Class

A

......

900

874

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(a)(b)

150

358

Poly

Property

Services

Co.

Ltd.,

Class

H

(b)

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

200

785

Risen

Energy

Co.

Ltd.,

Class

A

.....

100

242

SAIC

Motor

Corp.

Ltd.,

Class

A

....

100

198

SDIC

Capital

Co.

Ltd.,

Class

A

.....

1,000

931

Sunny

Optical

Technology

Group

Co.

Ltd.

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

500

4,189

Tencent

Holdings

Ltd.

...........

2,000

74,018

Tongwei

Co.

Ltd.,

Class

A

........

600

2,234

Trina

Solar

Co.

Ltd.,

Class

A

......

206

838

Trip.com

Group

Ltd.

(c)

...........

300

10,224

Western

Mining

Co.

Ltd.,

Class

A

...

500

857

Xiabuxiabu

Catering

Management

China

Holdings

Co.

Ltd.

(a)(b)

.....

5,000

1,859

Yutong

Bus

Co.

Ltd.,

Class

A

......

321

596

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

Class

A

.....

100

593

Zhongji

Innolight

Co.

Ltd.,

Class

A

..

100

1,201

Zhongjin

Gold

Corp.

Ltd.,

Class

A

...

500

741

ZTE

Corp.,

Class

A

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

3,400

12,116

343,177

Denmark

—

1.1%

Genmab

A/S

(c)

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

26

7,350

Novo

Nordisk

A/S,

Class

B

.......

876

84,513

Novozymes

A/S,

Class

B

.........

303

13,618

105,481

Finland

—

0.1%

Valmet

OYJ

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

214

4,803

Wartsila

OYJ

Abp

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

628

7,494

12,297

France

—

1.4%

AXA

SA

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

192

5,689

Carrefour

SA

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

406

7,118

Eiffage

SA

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

5

454

Engie

SA

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

2,237

35,579

Gecina

SA

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

6

589

Hermes

International

SCA

........

39

72,767

L'Oreal

SA

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

18

7,566

Worldline

SA

(a)(b)(c)

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

38

483

130,245

Germany

—

2.9%

BASF

SE

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

526

24,305

Bayerische

Motoren

Werke

AG

....

8

744

Deutsche

Telekom

AG

(Registered)

.

903

19,598

E.ON

SE

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

1,471

17,502

GEA

Group

AG

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

189

6,464

Infineon

Technologies

AG

........

93

2,717

Lanxess

AG

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

26

596

Mercedes-Benz

Group

AG

........

1,168

68,718

Nordex

SE

(c)

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

106

1,118

SAP

SE

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

596

79,943

Siemens

AG

(Registered)

........

331

43,923

thyssenkrupp

AG

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

1,332

9,284

274,912

Hong

Kong

—

0.3%

AIA

Group

Ltd.

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

3,800

32,998

Security

Shares

Shares

Value

Israel

—

0.1%

Bank

Hapoalim

BM

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

201

$

1,438

Wix.com

Ltd.

(c)

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

106

8,469

9,907

Italy

—

1.2%

Enel

SpA

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

9,755

61,921

Intesa

Sanpaolo

SpA

...........

11,881

30,959

UniCredit

SpA

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

750

18,802

111,682

Japan

—

5.6%

Aeon

Co.

Ltd.

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

100

2,104

Amada

Co.

Ltd.

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

900

8,730

ANA

Holdings,

Inc.

(c)

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

300

5,890

Astellas

Pharma,

Inc.

...........

2,500

31,625

Daiichi

Sankyo

Co.

Ltd.

..........

500

12,892

Daito

Trust

Construction

Co.

Ltd.

...

100

10,727

ENEOS

Holdings,

Inc.

..........

300

1,112

Kakaku.com,

Inc.

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

400

3,858

Kirin

Holdings

Co.

Ltd.

..........

2,200

30,917

Mitsubishi

Corp.

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

600

27,969

Mitsubishi

Estate

Co.

Ltd.

........

200

2,560

Mitsubishi

UFJ

Financial

Group,

Inc.

.

6,300

52,852

Mitsui

Fudosan

Co.

Ltd.

.........

2,300

49,852

Mizuho

Financial

Group,

Inc.

......

3,000

50,935

Nintendo

Co.

Ltd.

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

1,000

41,314

Nippon

Express

Holdings,

Inc.

.....

100

5,140

Nippon

Telegraph

&

Telephone

Corp.

1,100

1,294

Nissin

Foods

Holdings

Co.

Ltd.

....

100

8,701

Ono

Pharmaceutical

Co.

Ltd.

......

300

5,181

ORIX

Corp.

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

1,200

21,824

Otsuka

Holdings

Co.

Ltd.

........

300

10,094

Panasonic

Holdings

Corp.

........

100

877

Sega

Sammy

Holdings,

Inc.

.......

700

10,948

Sekisui

House

Ltd.

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

1,200

23,499

Shimadzu

Corp.

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

200

4,729

Shionogi

&

Co.

Ltd.

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

700

32,595

SoftBank

Corp.

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

400

4,523

SoftBank

Group

Corp.

..........

100

4,095

Sompo

Holdings,

Inc.

...........

200

8,664

Sumitomo

Chemical

Co.

Ltd.

......

1,600

4,067

Toho

Co.

Ltd.

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

300

10,249

Tokio

Marine

Holdings,

Inc.

.......

300

6,712

Tokyo

Electron

Ltd.

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

200

26,427

ZOZO,

Inc.

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

400

7,606

530,562

Luxembourg

—

0.5%

ArcelorMittal

SA

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

2,149

47,551

Mexico

—

0.2%

Alsea

SAB

de

CV

(c)

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

220

730

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

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

30

649

Southern

Copper

Corp.

..........

228

16,165

Wal-Mart

de

Mexico

SAB

de

CV

....

325

1,165

18,709

Netherlands

—

1.4%

ABN

AMRO

Bank

NV,

CVA

(a)(b)

.....

163

2,195

ASR

Nederland

NV

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

239

8,919

ING

Groep

NV

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

6,089

78,064

NN

Group

NV

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

855

27,422

Wolters

Kluwer

NV

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

139

17,835

134,435

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

New

Zealand

—

0.0%

Xero

Ltd.

(c)

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

66

$

4,512

Norway

—

0.7%

Aker

BP

ASA

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

72

2,075

DNB

Bank

ASA

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

2,699

48,695

Equinor

ASA

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

341

11,432

Kongsberg

Gruppen

ASA

........

42

1,716

Norsk

Hydro

ASA

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

251

1,431

65,349

Portugal

—

0.0%

Galp

Energia

SGPS

SA

.........

123

1,852

Singapore

—

0.3%

DBS

Group

Holdings

Ltd.

........

200

4,805

Singapore

Airlines

Ltd.

..........

6,200

27,684

32,489

South

Africa

—

0.2%

Anglo

American

plc

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

893

22,792

MultiChoice

Group

(c)

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

83

311

23,103

South

Korea

—

0.0%

Coupang,

Inc.,

Class

A

(c)

.........

23

391

Spain

—

0.2%

Banco

Bilbao

Vizcaya

Argentaria

SA

.

928

7,301

Banco

Santander

SA

...........

51

187

Iberdrola

SA

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

908

10,099

Industria

de

Diseno

Textil

SA

......

11

380

Repsol

SA

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

54

791

18,758

Sweden

—

0.6%

Saab

AB,

Class

B

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

101

5,188

Swedbank

AB,

Class

A

..........

2,995

49,188

54,376

Switzerland

—

2.1%

ABB

Ltd.

(Registered)

...........

1,959

65,818

Flughafen

Zurich

AG

(Registered)

...

45

8,409

Kuehne

+

Nagel

International

AG

(Registered)

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

170

45,843

Novartis

AG

(Registered)

........

850

79,576

199,646

Taiwan

—

0.8%

Makalot

Industrial

Co.

Ltd.

........

1,000

11,192

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

4,000

65,330

Wisdom

Marine

Lines

Co.

Ltd.

.....

2,000

2,583

79,105

Thailand

—

0.0%

PTT

Exploration

&

Production

PCL,

NVDR

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

100

457

Turkey

—

0.1%

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

Class

A

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

331

1,167

Arcelik

A/S

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

43

206

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

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

516

753

Coca-Cola

Icecek

A/S

...........

22

286

Enerjisa

Enerji

A/S

(a)(b)

...........

462

793

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(c)

326

437

Migros

Ticaret

A/S

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

198

2,361

Sok

Marketler

Ticaret

A/S

........

110

233

Security

Shares

Shares

Value

Turkey

(continued)

Turkiye

Garanti

Bankasi

A/S

......

214

$

355

6,591

United

Kingdom

—

1.9%

AstraZeneca

plc

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

98

12,270

Auto

Trader

Group

plc

(a)(b)

........

1,165

8,812

BAE

Systems

plc

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

1,397

18,785

Barclays

plc

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

9,872

15,845

Barratt

Developments

plc

........

865

4,362

British

Land

Co.

plc

(The)

........

1,760

6,381

Drax

Group

plc

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

180

925

easyJet

plc

(c)

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

324

1,445

Land

Securities

Group

plc

........

52

360

National

Grid

plc

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

123

1,467

RS

GROUP

plc

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

1,001

8,261

Smiths

Group

plc

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

60

1,177

Spectris

plc

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

384

14,510

Standard

Chartered

plc

..........

94

721

Taylor

Wimpey

plc

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

3,540

4,781

Tesco

plc

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

12,423

40,767

United

Utilities

Group

plc

.........

1,113

14,395

Vodafone

Group

plc

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

26,136

24,059

WPP

plc

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

79

680

180,003

United

States

—

64.4%

3M

Co.

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

338

30,741

AbbVie,

Inc.

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

312

44,048

Accenture

plc,

Class

A

..........

83

24,658

Adobe,

Inc.

(c)

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

205

109,072

AECOM

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

594

45,471

Agilent

Technologies,

Inc.

........

697

72,049

Alaska

Air

Group,

Inc.

(c)

..........

22

696

Align

Technology,

Inc.

(c)

..........

3

554

Alkermes

plc

(c)

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

26

629

Alphabet,

Inc.,

Class

A

(c)

.........

1,125

139,590

Alphabet,

Inc.,

Class

C

(c)

.........

1,019

127,681

Amazon.com,

Inc.

(c)

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

1,769

235,436

American

Express

Co.

..........

494

72,139

Amgen,

Inc.

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

102

26,081

Apple,

Inc.

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

2,914

497,624

Applied

Materials,

Inc.

..........

675

89,336

AptarGroup,

Inc.

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

118

14,428

Autodesk,

Inc.

(c)

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

1

198

Axon

Enterprise,

Inc.

(c)

..........

13

2,658

Bank

of

America

Corp.

..........

3,840

101,146

Berkshire

Hathaway,

Inc.,

Class

B

(c)

.

148

50,517

Best

Buy

Co.,

Inc.

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

888

59,336

Biogen,

Inc.

(c)

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

3

713

BioMarin

Pharmaceutical,

Inc.

(c)

....

70

5,701

Block,

Inc.,

Class

A

(c)

...........

358

14,410

Booking

Holdings,

Inc.

(c)

.........

6

16,737

Boston

Scientific

Corp.

(c)

.........

1,103

56,463

Box,

Inc.,

Class

A

(c)

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

502

12,480

Boyd

Gaming

Corp.

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

139

7,680

Bristol-Myers

Squibb

Co.

.........

844

43,491

Brixmor

Property

Group,

Inc.

......

38

790

CACI

International,

Inc.,

Class

A

(c)

...

1

325

Cadence

Design

Systems,

Inc.

(c)

...

155

37,177

Camden

Property

Trust

..........

56

4,753

Cencora,

Inc.

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

46

8,517

Chevron

Corp.

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

458

66,744

Cisco

Systems,

Inc.

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

136

7,090

Citigroup,

Inc.

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

1,064

42,017

Coca-Cola

Co.

(The)

...........

1,742

98,406

Colgate-Palmolive

Co.

..........

642

48,227

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Global

Equity

Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

ConocoPhillips

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

784

$

93,139

Crowdstrike

Holdings,

Inc.,

Class

A

(c)

.

4

707

Crown

Castle,

Inc.

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

57

5,300

CSL

Ltd.

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

44

6,503

Curtiss-Wright

Corp.

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

79

15,706

CVS

Health

Corp.

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

126

8,695

Dell

Technologies,

Inc.,

Class

C

....

222

14,854

Devon

Energy

Corp.

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

332

15,461

Dexcom,

Inc.

(c)

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

12

1,066

Dropbox,

Inc.,

Class

A

(c)

.........

750

19,725

eBay,

Inc.

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

1,707

66,966

Ecolab,

Inc.

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

80

13,419

Edwards

Lifesciences

Corp.

(c)

.....

33

2,103

Electronic

Arts,

Inc.

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

285

35,280

Elevance

Health,

Inc.

...........

107

48,160

Eli

Lilly

&

Co.

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

127

70,349

EMCOR

Group,

Inc.

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

167

34,511

EOG

Resources,

Inc.

...........

58

7,322

Etsy,

Inc.

(c)

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

36

2,243

ExlService

Holdings,

Inc.

(c)

.......

77

2,010

Experian

plc

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

624

18,931

Exxon

Mobil

Corp.

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

678

71,766

Fair

Isaac

Corp.

(c)

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

8

6,767

Fox

Corp.,

Class

A

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

28

851

Gap,

Inc.

(The)

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

71

909

General

Electric

Co.

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

673

73,108

General

Mills,

Inc.

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

1,222

79,723

General

Motors

Co.

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

2,396

67,567

Gilead

Sciences,

Inc.

...........

137

10,760

Graco,

Inc.

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

365

27,138

Guidewire

Software,

Inc.

(c)

........

3

270

H&R

Block,

Inc.

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

14

575

Hewlett

Packard

Enterprise

Co.

....

128

1,969

Honeywell

International,

Inc.

......

292

53,512

HP,

Inc.

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

2,327

61,270

Humana,

Inc.

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

41

21,471

Incyte

Corp.

(c)

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

115

6,202

Intel

Corp.

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

1,414

51,611

Johnson

&

Johnson

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

610

90,487

JPMorgan

Chase

&

Co.

.........

71

9,873

KBR,

Inc.

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

386

22,446

Keysight

Technologies,

Inc.

(c)

......

312

38,080

Kimberly-Clark

Corp.

...........

10

1,196

KLA

Corp.

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

30

14,091

Lam

Research

Corp.

...........

16

9,412

Lear

Corp.

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

52

6,748

Leggett

&

Platt,

Inc.

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

15

351

Lennar

Corp.,

Class

A

...........

56

5,974

Live

Nation

Entertainment,

Inc.

(c)

...

17

1,360

Lululemon

Athletica,

Inc.

(c)

........

171

67,285

LyondellBasell

Industries

NV,

Class

A

57

5,144

Manhattan

Associates,

Inc.

(c)

......

258

50,305

Marathon

Oil

Corp.

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

164

4,479

Marathon

Petroleum

Corp.

.......

108

16,335

Marsh

&

McLennan

Cos.,

Inc.

.....

72

13,655

Mastercard,

Inc.,

Class

A

.........

319

120,056

McDonald's

Corp.

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

46

12,060

McKesson

Corp.

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

37

16,848

Medtronic

plc

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

663

46,781

Merck

&

Co.,

Inc.

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

143

14,686

Meritage

Homes

Corp.

..........

4

456

Meta

Platforms,

Inc.,

Class

A

(c)

.....

322

97,009

MetLife,

Inc.

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

1,227

73,632

Microsoft

Corp.

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

1,321

446,643

Molson

Coors

Beverage

Co.,

Class

B

87

5,026

Security

Shares

Shares

Value

United

States

(continued)

Moody's

Corp.

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

254

$

78,232

MSCI,

Inc.

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

5

2,358

Nasdaq,

Inc.

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

279

13,838

Nestle

SA

(Registered)

..........

1,065

114,848

Neurocrine

Biosciences,

Inc.

(c)

.....

59

6,545

Newmont

Corp.

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

14

525

NextEra

Energy,

Inc.

...........

71

4,139

NVIDIA

Corp.

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

503

205,123

Oshkosh

Corp.

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

185

16,230

Otis

Worldwide

Corp.

...........

243

18,762

Paramount

Global,

Class

B

.......

130

1,414

Paychex,

Inc.

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

340

37,757

PepsiCo,

Inc.

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

572

93,396

Pfizer,

Inc.

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

604

18,458

Procter

&

Gamble

Co.

(The)

......

5

750

Prudential

Financial,

Inc.

.........

195

17,831

Pure

Storage,

Inc.,

Class

A

(c)

......

199

6,728

QUALCOMM,

Inc.

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

62

6,757

Regeneron

Pharmaceuticals,

Inc.

(c)

..

11

8,579

Reinsurance

Group

of

America,

Inc.

.

2

299

Republic

Services,

Inc.

..........

113

16,779

Robert

Half,

Inc.

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

83

6,206

RPM

International,

Inc.

..........

15

1,369

RTX

Corp.

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

399

32,475

S&P

Global,

Inc.

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

165

57,636

Salesforce,

Inc.

(c)

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

24

4,820

Schneider

Electric

SE

...........

359

55,235

Sherwin-Williams

Co.

(The)

.......

24

5,717

Silicon

Laboratories,

Inc.

(c)

........

11

1,014

Spotify

Technology

SA

(c)

.........

114

18,783

Stryker

Corp.

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

231

62,421

Synchrony

Financial

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

377

10,575

Sysco

Corp.

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

26

1,729

Tapestry,

Inc.

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

932

25,686

Target

Corp.

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

432

47,861

TE

Connectivity

Ltd.

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

103

12,139

Tecnoglass,

Inc.

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

10

327

Teladoc

Health,

Inc.

(c)

...........

721

11,925

Teradata

Corp.

(c)

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

79

3,375

Tesla,

Inc.

(c)

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

384

77,123

Tetra

Tech,

Inc.

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

61

9,206

Textron,

Inc.

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

158

12,008

TJX

Cos.,

Inc.

(The)

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

497

43,771

Trane

Technologies

plc

..........

114

21,695

Travelers

Cos.,

Inc.

(The)

........

81

13,563

Uber

Technologies,

Inc.

(c)

........

622

26,920

UGI

Corp.

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

321

6,677

UnitedHealth

Group,

Inc.

.........

172

92,116

Valero

Energy

Corp.

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

609

77,343

VeriSign,

Inc.

(c)

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

184

36,737

Vertex

Pharmaceuticals,

Inc.

(c)

.....

47

17,019

Visa,

Inc.,

Class

A

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

26

6,113

Visteon

Corp.

(c)

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

60

6,908

Walmart,

Inc.

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

664

108,504

Wells

Fargo

&

Co.

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

18

716

Weyerhaeuser

Co.

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

1,191

34,170

Workday,

Inc.,

Class

A

(c)

.........

1

212

WW

Grainger,

Inc.

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

62

45,249

Yum!

Brands,

Inc.

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

265

32,028

Zillow

Group,

Inc.,

Class

C

(c)

......

510

18,488

6,139,353

Total

Common

Stocks

—

95.3%

(Cost:

$9,581,736)

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

9,088,177

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Investment

Companies

(d)

iShares

MSCI

Brazil

ETF

........

1,813

$

53,973

iShares

MSCI

South

Korea

ETF

....

1,623

89,184

Total

Investment

Companies

—

1.5%

(Cost:

$164,557)

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

143,157

Preferred

Securities

Preferred

Stocks

—

0.1%

Brazil

—

0.1%

Azul

SA

(Preference)

(c)

..........

596

1,521

Braskem

SA

(Preference),

Series

A

(c)

2,091

6,648

Gerdau

SA

(Preference)

.........

431

1,871

10,040

Germany

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

7

505

Total

Preferred

Stocks

—

0.1%  

(Cost:

$12,626)

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

10,545

Total

Long-Term

Investments

—

96.9%

(Cost:

$9,758,919)

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

9,241,879

Short-Term

Securities

Money

Market

Funds

—

2.2%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.24%

(d)(e)

....

210,353

210,353

Total

Short-Term

Securities

—

2.2%

(Cost:

$210,353)

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

210,353

Total

Investments

—

99.1%

(Cost:

$9,969,272)

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

9,452,232

Other

Assets

Less

Liabilities

—

0.9%

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

85,612

Net

Assets

—

100.0%

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

$

9,537,844

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(c)

Non-income

producing

security.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

06/21/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

—

$

210,353

(b)

$

—

$

—

$

—

$

210,353

210,353

$

5,129

$

—

iShares

MSCI

Brazil

ETF

.....

—

61,038

(922)

(39)

(6,104)

53,973

1,813

—

—

iShares

MSCI

South

Korea

ETF

.

—

104,480

—

—

(15,296)

89,184

1,623

—

—

$

(39)

$

(21,400)

$

353,510

$

5,129

$

—

—

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Global

Equity

Fund

36

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

India

Index

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

1

12/15/23

$

98

$

(5,822)

S&P

500

Micro

E-Mini

Index

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

4

12/15/23

84

(4,424)

$

(10,246)

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)

......

$

—

$

—

$

10,246

$

—

$

—

$

—

$

10,246

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

3,425

$

—

$

—

$

—

$

3,425

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(10,246)

$

—

$

—

$

—

$

(10,246)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

176,511

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

of

Investments

37

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

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

$

—

$

157,647

$

—

$

157,647

Austria

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

—

14,965

—

14,965

Belgium

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

—

32,908

—

32,908

Brazil

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

88,341

949

—

89,290

Canada

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

224,879

—

—

224,879

Chile

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

—

10,547

—

10,547

China

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

—

343,177

—

343,177

Denmark

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

—

105,481

—

105,481

Finland

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

—

12,297

—

12,297

France

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

—

130,245

—

130,245

Germany

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

—

274,912

—

274,912

Hong

Kong

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

—

32,998

—

32,998

Israel

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

8,469

1,438

—

9,907

Italy

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

—

111,682

—

111,682

Japan

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

—

530,562

—

530,562

Luxembourg

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

—

47,551

—

47,551

Mexico

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

18,709

—

—

18,709

Netherlands

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

—

134,435

—

134,435

New

Zealand

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

—

4,512

—

4,512

Norway

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

—

65,349

—

65,349

Portugal

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

—

1,852

—

1,852

Singapore

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

—

32,489

—

32,489

South

Africa

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

311

22,792

—

23,103

South

Korea

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

391

—

—

391

Spain

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

—

18,758

—

18,758

Sweden

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

—

54,376

—

54,376

Switzerland

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

—

199,646

—

199,646

Taiwan

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

—

79,105

—

79,105

Thailand

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

—

457

—

457

Turkey

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

4,842

1,749

—

6,591

United

Kingdom

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

925

179,078

—

180,003

United

States

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

5,943,836

195,517

—

6,139,353

Investment

Companies

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

143,157

—

—

143,157

Preferred

Securities

Brazil

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

10,040

—

—

10,040

Germany

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

—

505

—

505

Short-Term

Securities

Money

Market

Funds

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

210,353

—

—

210,353

$

6,654,253

$

2,797,979

$

—

$

9,452,232

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(4,424)

$

(5,822)

$

—

$

(10,246)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Australia

—

6.8%

Allkem

Ltd.

(a)

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

203

$

1,241

Ampol

Ltd.

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

539

10,930

Aristocrat

Leisure

Ltd.

...........

4,568

112,282

Brambles

Ltd.

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

6,300

52,578

Cochlear

Ltd.

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

431

66,061

Commonwealth

Bank

of

Australia

...

1,521

93,566

Evolution

Mining

Ltd.

...........

3,346

7,484

Fortescue

Metals

Group

Ltd.

......

3,237

46,049

GPT

Group

(The)

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

4,412

10,182

IGO

Ltd.

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

1,066

6,455

Macquarie

Group

Ltd.

...........

1,136

116,769

Northern

Star

Resources

Ltd.

......

307

2,248

Orica

Ltd.

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

73

682

QBE

Insurance

Group

Ltd.

.......

285

2,826

REA

Group

Ltd.

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

46

4,223

Rio

Tinto

Ltd.

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

786

58,713

Rio

Tinto

plc

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

858

54,741

Sonic

Healthcare

Ltd.

...........

1,647

30,158

South32

Ltd.

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

10,872

23,259

Telstra

Group

Ltd.

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

6,674

16,184

Transurban

Group

(b)

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

2,465

18,558

Vicinity

Ltd.

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

470

509

Woodside

Energy

Group

Ltd.

......

2,705

58,914

Woolworths

Group

Ltd.

..........

482

10,789

Worley

Ltd.

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

8,487

88,719

894,120

Austria

—

0.5%

BAWAG

Group

AG

(c)

(d)

...........

432

19,241

Erste

Group

Bank

AG

...........

804

28,791

Verbund

AG

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

251

21,809

69,841

Belgium

—

1.0%

Ageas

SA

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

119

4,571

Anheuser-Busch

InBev

SA/NV

.....

32

1,821

Groupe

Bruxelles

Lambert

NV

.....

320

23,405

KBC

Group

NV

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

441

24,270

Sofina

SA

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

23

4,370

Solvay

SA

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

388

41,018

UCB

SA

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

381

27,866

Warehouses

De

Pauw

CVA

.......

116

2,870

130,191

China

—

0.3%

BOC

Hong

Kong

Holdings

Ltd.

.....

14,000

37,023

Budweiser

Brewing

Co.

APAC

Ltd.

(c)

(d)

2,400

4,561

41,584

Denmark

—

4.1%

Genmab

A/S

(a)

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

82

23,180

Novo

Nordisk

A/S,

Class

B

.......

3,988

384,747

Novozymes

A/S,

Class

B

.........

847

38,067

Pandora

A/S

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

382

43,327

Vestas

Wind

Systems

A/S

(a)

.......

2,197

47,619

536,940

Finland

—

0.9%

Kone

OYJ,

Class

B

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

539

23,341

Sampo

OYJ,

Class

A

...........

1,184

46,565

Wartsila

OYJ

Abp

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

4,014

47,901

117,807

France

—

8.5%

Air

Liquide

SA

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

41

7,025

Arkema

SA

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

66

6,184

Security

Shares

Shares

Value

France

(continued)

AXA

SA

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

2,366

$

70,106

BioMerieux

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

6

576

BNP

Paribas

SA

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

810

46,578

Carrefour

SA

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

996

17,461

Cie

Generale

des

Etablissements

Michelin

SCA

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

36

1,069

Credit

Agricole

SA

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

474

5,723

Dassault

Aviation

SA

...........

214

42,541

Dassault

Systemes

SE

..........

1,907

78,556

Eiffage

SA

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

428

38,841

Engie

SA

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

5,164

82,133

Gecina

SA

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

41

4,026

Getlink

SE

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

596

9,625

Hermes

International

SCA

........

80

149,266

La

Francaise

des

Jeux

SAEM

(c)

(d)

...

358

11,548

L'Oreal

SA

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

431

181,163

LVMH

Moet

Hennessy

Louis

Vuitton

SE

153

109,537

Pernod

Ricard

SA

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

688

122,173

Societe

Generale

SA

...........

974

21,888

TotalEnergies

SE

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

921

61,576

Ubisoft

Entertainment

SA

(a)

.......

910

25,948

Valeo

SE

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

1,053

13,913

Worldline

SA

(a)

(c)

(d)

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

219

2,785

1,110,241

Germany

—

8.7%

Allianz

SE

(Registered)

..........

55

12,883

BASF

SE

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

2,598

120,046

Bayer

AG

(Registered)

..........

302

13,049

Bayerische

Motoren

Werke

AG

....

611

56,826

Deutsche

Boerse

AG

...........

206

33,907

Deutsche

Post

AG

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

807

31,508

Deutsche

Telekom

AG

(Registered)

.

3,725

80,846

E.ON

SE

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

6,745

80,253

GEA

Group

AG

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

227

7,764

Henkel

AG

&

Co.

KGaA

.........

249

15,737

Infineon

Technologies

AG

........

3,765

109,976

Mercedes-Benz

Group

AG

........

2,234

131,436

Muenchener

Rueckversicherungs-

Gesellschaft

AG

(Registered)

....

130

52,170

Nordex

SE

(a)

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

163

1,720

SAP

SE

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

1,725

231,378

Scout24

SE

(c)

(d)

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

262

16,118

Siemens

AG

(Registered)

........

1,080

143,315

thyssenkrupp

AG

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

200

1,394

1,140,326

Hong

Kong

—

1.7%

AIA

Group

Ltd.

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

22,600

196,254

New

World

Development

Co.

Ltd.

...

4,000

7,341

Sun

Hung

Kai

Properties

Ltd.

......

2,000

20,538

Swire

Properties

Ltd.

...........

1,000

1,936

226,069

Ireland

—

0.2%

Kerry

Group

plc,

Class

A

.........

136

10,505

Kingspan

Group

plc

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

162

10,902

21,407

Israel

—

0.3%

Bank

Hapoalim

BM

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

2,055

14,699

Israel

Discount

Bank

Ltd.,

Class

A

..

755

3,319

Nice

Ltd.

(a)

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

108

16,556

34,574

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Italy

—

2.0%

Assicurazioni

Generali

SpA

.......

917

$

18,215

Enel

SpA

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

22,665

143,868

Intesa

Sanpaolo

SpA

...........

14,390

37,497

Leonardo

SpA

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

404

6,106

Terna

-

Rete

Elettrica

Nazionale

....

1,753

13,423

UniCredit

SpA

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

1,669

41,841

260,950

Japan

—

22.6%

Asahi

Kasei

Corp.

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

3,400

20,902

Astellas

Pharma,

Inc.

...........

8,000

101,199

Central

Japan

Railway

Co.

.......

1,900

42,766

Credit

Saison

Co.

Ltd.

...........

100

1,499

Dai-ichi

Life

Holdings,

Inc.

........

900

19,013

Daiwa

Securities

Group,

Inc.

......

1,000

5,766

Denso

Corp.

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

1,900

28,056

DMG

Mori

Co.

Ltd.

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

900

14,886

ENEOS

Holdings,

Inc.

..........

1,100

4,076

Fast

Retailing

Co.

Ltd.

..........

500

110,698

FUJIFILM

Holdings

Corp.

........

700

38,288

Hitachi

Ltd.

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

2,300

145,789

Hoya

Corp.

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

100

9,627

Inpex

Corp.

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

200

2,902

ITOCHU

Corp.

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

300

10,806

Japan

Exchange

Group,

Inc.

......

200

3,955

Japan

Post

Bank

Co.

Ltd.

........

1,300

12,050

Japan

Post

Holdings

Co.

Ltd.

......

200

1,770

JFE

Holdings,

Inc.

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

100

1,393

JGC

Holdings

Corp.

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

400

4,927

Kakaku.com,

Inc.

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

800

7,716

Kansai

Paint

Co.

Ltd.

...........

1,200

17,562

KDDI

Corp.

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

2,300

68,804

Kirin

Holdings

Co.

Ltd.

..........

3,600

50,592

Kyowa

Kirin

Co.

Ltd.

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

200

3,137

Lawson,

Inc.

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

1,200

57,809

Marubeni

Corp.

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

2,700

39,479

Marui

Group

Co.

Ltd.

...........

1,100

17,394

Mitsubishi

Corp.

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

3,200

149,170

Mitsubishi

Estate

Co.

Ltd.

........

3,400

43,521

Mitsubishi

HC

Capital,

Inc.

........

100

659

Mitsubishi

UFJ

Financial

Group,

Inc.

.

17,000

142,616

Mitsui

&

Co.

Ltd.

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

3,600

130,839

Mitsui

Fudosan

Co.

Ltd.

.........

2,800

60,690

Mizuho

Financial

Group,

Inc.

......

4,700

79,798

MS&AD

Insurance

Group

Holdings,

Inc.

2,100

76,945

Murata

Manufacturing

Co.

Ltd.

.....

1,100

18,842

Nikon

Corp.

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

1,800

17,090

Nintendo

Co.

Ltd.

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

3,200

132,206

Nippon

Express

Holdings,

Inc.

.....

500

25,698

Nippon

Telegraph

&

Telephone

Corp.

83,900

98,731

Nissan

Motor

Co.

Ltd.

...........

5,800

22,318

Nitto

Denko

Corp.

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

700

45,294

Obayashi

Corp.

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

600

5,139

Omron

Corp.

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

1,100

39,410

Oriental

Land

Co.

Ltd.

..........

1,000

32,345

ORIX

Corp.

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

5,300

96,388

Otsuka

Holdings

Co.

Ltd.

........

1,100

37,011

Panasonic

Holdings

Corp.

........

10,800

94,754

Recruit

Holdings

Co.

Ltd.

........

4,000

114,691

Resona

Holdings,

Inc.

..........

2,000

10,687

Ricoh

Co.

Ltd.

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

1,500

12,158

Sega

Sammy

Holdings,

Inc.

.......

5,500

86,018

Sekisui

House

Ltd.

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

3,500

68,540

Shimadzu

Corp.

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

500

11,823

Shimizu

Corp.

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

900

6,405

Shionogi

&

Co.

Ltd.

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

500

23,282

Security

Shares

Shares

Value

Japan

(continued)

Shiseido

Co.

Ltd.

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

500

$

15,858

SoftBank

Corp.

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

2,600

29,398

SoftBank

Group

Corp.

..........

900

36,859

Sompo

Holdings,

Inc.

...........

300

12,996

Sony

Group

Corp.

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

300

24,942

Sumitomo

Electric

Industries

Ltd.

...

500

5,249

Sumitomo

Metal

Mining

Co.

Ltd.

....

100

2,809

T&D

Holdings,

Inc.

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

1,200

21,407

Terumo

Corp.

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

100

2,736

Toho

Co.

Ltd.

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

500

17,082

Tokio

Marine

Holdings,

Inc.

.......

3,800

85,014

Tokyo

Electron

Ltd.

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

700

92,496

Toyota

Motor

Corp.

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

5,300

92,717

2,965,492

Luxembourg

—

0.8%

ArcelorMittal

SA

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

4,884

108,069

Netherlands

—

5.4%

Adyen

NV

(a)

(c)

(d)

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

10

6,745

Argenx

SE

(a)

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

37

17,404

ASML

Holding

NV

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

355

213,398

ASR

Nederland

NV

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

524

19,555

Euronext

NV

(c)

(d)

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

17

1,186

ING

Groep

NV

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

10,957

140,474

Koninklijke

KPN

NV

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

5,073

17,051

NN

Group

NV

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

1,436

46,056

Shell

plc

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

6,510

209,797

Wolters

Kluwer

NV

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

269

34,514

706,180

New

Zealand

—

0.3%

Meridian

Energy

Ltd.

...........

6,023

16,963

Xero

Ltd.

(a)

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

361

24,680

41,643

Norway

—

1.7%

Aker

BP

ASA

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

400

11,529

DNB

Bank

ASA

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

3,488

62,930

Equinor

ASA

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

3,515

117,834

Gjensidige

Forsikring

ASA

........

260

3,899

Norsk

Hydro

ASA

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

5,075

28,941

225,133

Portugal

—

0.4%

Galp

Energia

SGPS

SA

.........

3,029

45,601

Singapore

—

0.7%

DBS

Group

Holdings

Ltd.

........

1,100

26,426

Oversea-Chinese

Banking

Corp.

Ltd.

100

927

Singapore

Airlines

Ltd.

..........

4,100

18,307

Singapore

Telecommunications

Ltd.

.

400

695

STMicroelectronics

NV

..........

873

33,279

United

Overseas

Bank

Ltd.

.......

800

15,780

95,414

South

Africa

—

0.2%

Anglo

American

plc

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

727

18,524

Spain

—

3.6%

Acciona

SA

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

320

40,344

Amadeus

IT

Group

SA

..........

248

14,154

Banco

Bilbao

Vizcaya

Argentaria

SA

.

16,782

132,028

Banco

de

Sabadell

SA

..........

6,364

7,913

Banco

Santander

SA

...........

38,515

141,656

CaixaBank

SA

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

4,980

20,246

Iberdrola

SA

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

1,312

14,592

Industria

de

Diseno

Textil

SA

......

1,347

46,496

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Spain

(continued)

Repsol

SA

..................

1,175

$

17,204

Telefonica

SA

................

9,377

36,220

470,853

Sweden

—

2.0%

Assa

Abloy

AB,

Class

B

.........

1,124

23,958

Atlas

Copco

AB,

Class

A

.........

325

4,209

Atlas

Copco

AB,

Class

B

.........

512

5,751

Boliden

AB

..................

1,140

29,222

Electrolux

AB,

Class

B

(a)

.........

1,546

13,010

Elekta

AB,

Class

B

.............

2,671

18,194

Industrivarden

AB,

Class

A

.......

129

3,338

Investor

AB,

Class

B

............

422

7,747

Saab

AB,

Class

B

.............

1,172

60,207

SKF

AB,

Class

B

..............

1,147

18,596

Swedbank

AB,

Class

A

..........

3,379

55,494

Trelleborg

AB,

Class

B

..........

981

24,808

264,534

Switzerland

—

5.7%

ABB

Ltd.

(Registered)

...........

4,390

147,494

Flughafen

Zurich

AG

(Registered)

...

203

37,933

Julius

Baer

Group

Ltd.

..........

380

22,519

Kuehne

+

Nagel

International

AG

(Registered)

...............

388

104,630

Logitech

International

SA

(Registered)

1,389

109,330

Novartis

AG

(Registered)

........

2,878

269,437

Sonova

Holding

AG

(Registered)

...

96

22,753

Temenos

AG

(Registered)

........

208

14,985

Zurich

Insurance

Group

AG

.......

37

17,575

746,656

United

Kingdom

—

12.0%

3i

Group

plc

.................

164

3,867

AstraZeneca

plc

..............

1,639

205,209

Auto

Trader

Group

plc

(c)

(d)

........

8,015

60,627

Aviva

plc

...................

1,361

6,592

BAE

Systems

plc

..............

10,710

144,011

Barclays

plc

.................

12,684

20,358

Barratt

Developments

plc

........

1,100

5,548

Bellway

plc

..................

4

102

BP

plc

.....................

17,957

109,646

British

Land

Co.

plc

(The)

........

1,123

4,071

BT

Group

plc

.................

17,600

24,172

Centrica

plc

.................

9,601

18,379

CNH

Industrial

NV

.............

1,435

15,903

Compass

Group

plc

............

1,685

42,481

ConvaTec

Group

plc

(c)

(d)

.........

9,795

24,311

Diageo

plc

..................

3,118

117,910

Drax

Group

plc

...............

2,390

12,276

HSBC

Holdings

plc

............

10,329

74,580

IG

Group

Holdings

plc

..........

84

653

Intertek

Group

plc

.............

609

28,363

J

Sainsbury

plc

...............

8,339

26,091

Johnson

Matthey

plc

...........

954

17,343

Kingfisher

plc

................

4,590

11,721

Lloyds

Banking

Group

plc

........

130,340

63,436

London

Stock

Exchange

Group

plc

..

187

18,867

Man

Group

plc

...............

170

455

Marks

&

Spencer

Group

plc

(a)

......

2,251

5,944

RELX

plc

...................

2,547

88,961

Rightmove

plc

................

2,196

12,664

Segro

plc

...................

661

5,746

Smith

&

Nephew

plc

............

40

448

Smiths

Group

plc

..............

2,330

45,704

Spectris

plc

..................

270

10,202

Security

Shares

Shares

Value

United

Kingdom

(continued)

Standard

Chartered

plc

..........

2,990

$

22,925

Taylor

Wimpey

plc

.............

857

1,158

Tesco

plc

...................

36,053

118,310

Unilever

plc

..................

1,859

88,007

Vodafone

Group

plc

............

90,720

83,511

WPP

plc

....................

3,067

26,411

1,566,963

United

States

—

8.2%

CRH

plc

....................

177

9,499

CSL

Ltd.

....................

397

58,673

Experian

plc

.................

1,888

57,280

GSK

plc

....................

5,675

101,167

Holcim

AG

(a)

.................

176

10,882

James

Hardie

Industries

plc,

CDI

(a)

..

22

549

Nestle

SA

(Registered)

..........

3,321

358,133

Roche

Holding

AG

.............

440

114,014

Sanofi

SA

...................

455

41,317

Schneider

Electric

SE

...........

951

146,318

Signify

NV

(c)

(d)

................

1,917

49,694

Stellantis

NV

.................

1,396

26,080

Swiss

Re

AG

.................

905

98,883

Tenaris

SA

..................

430

6,812

1,079,301

Total

Common

Stocks

—

98.6%

(Cost:

$

12,559,679

)

..............................

12,918,413

Preferred

Securities

Preferred

Stocks

—

0.4%

Germany

—

0.4%

Bayerische

Motoren

Werke

AG

(Preference)

...............

257

21,853

Henkel

AG

&

Co.

KGaA

(Preference)

489

35,274

57,127

Total

Preferred

Stocks

—

0.4%  

(Cost:

$

63,429

)

................................

57,127

Total

Long-Term

Investments

—

99

.0

%

(Cost:

$

12,623,108

)

..............................

12,975,540

Short-Term

Securities

Money

Market

Funds

—

2.2%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.24

%

(e)

(f)

....

286,878

286,878

Total

Short-Term

Securities

—

2

.2

%

(Cost:

$

286,878

)

................................

286,878

Total

Investments

—

101.2%

(Cost:

$

12,909,986

)

..............................

13,262,418

Liabilities

in

Excess

of

Other

Assets

—

(

1.2

)

%

............

(

153,724

)

Net

Assets

—

100.0%

..............................

$

13,108,694

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

41

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Non-income

producing

security.

(b)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

330,572

$

—

$

(

43,694

)

(a)

$

—

$

—

$

286,878

286,878

$

8,011

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

42

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

EAFE

E-Mini

Index

.....................................................

3

12/15/23

$

296

$

(8,502)

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)

......

$

—

$

—

$

8,502

$

—

$

—

$

—

$

8,502

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(16,580)

$

—

$

—

$

—

$

(16,580)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(11,420)

$

—

$

—

$

—

$

(11,420)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

258,348

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

43

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

.............................................

$

—

$

894,120

$

—

$

894,120

Austria

..............................................

—

69,841

—

69,841

Belgium

.............................................

—

130,191

—

130,191

China

...............................................

—

41,584

—

41,584

Denmark

.............................................

—

536,940

—

536,940

Finland

..............................................

—

117,807

—

117,807

France

..............................................

—

1,110,241

—

1,110,241

Germany

............................................

—

1,140,326

—

1,140,326

Hong

Kong

...........................................

—

226,069

—

226,069

Ireland

..............................................

—

21,407

—

21,407

Israel

...............................................

—

34,574

—

34,574

Italy

................................................

—

260,950

—

260,950

Japan

...............................................

57,809

2,907,683

—

2,965,492

Luxembourg

..........................................

—

108,069

—

108,069

Netherlands

...........................................

—

706,180

—

706,180

New

Zealand

..........................................

—

41,643

—

41,643

Norway

..............................................

—

225,133

—

225,133

Portugal

.............................................

—

45,601

—

45,601

Singapore

............................................

—

95,414

—

95,414

South

Africa

...........................................

—

18,524

—

18,524

Spain

...............................................

—

470,853

—

470,853

Sweden

.............................................

—

264,534

—

264,534

Switzerland

...........................................

—

746,656

—

746,656

United

Kingdom

........................................

36,587

1,530,376

—

1,566,963

United

States

..........................................

—

1,079,301

—

1,079,301

Preferred

Securities

.......................................

—

57,127

—

57,127

Short-Term

Securities

Money

Market

Funds

......................................

286,878

—

—

286,878

$

381,274

$

12,881,144

$

—

$

13,262,418

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(8,502)

$

—

$

—

$

(8,502)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

Knollwood

CDO

Ltd.,

Series

2004-1A,

Class

C,

(3-mo.

LIBOR

USD

at

3.20%

Floor

+

3.20%),

8.87%,

01/10/39

(a)(b)

.........

USD

212

$

—

Total

Asset-Backed

Securities

—

0.0%

(Cost:

$207,879)

................................

—

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.7%

Airbus

SE

........................

14,055

1,884,441

BAE

Systems

plc

...................

43,794

588,871

Boeing

Co.

(The)

(c)

..................

8,266

1,544,254

Dassault

Aviation

SA

................

817

162,411

General

Dynamics

Corp.

..............

2,344

565,631

L3Harris

Technologies,

Inc.

............

813

145,860

Lockheed

Martin

Corp.

...............

2,092

951,107

MTU

Aero

Engines

AG

...............

1,585

297,912

Northrop

Grumman

Corp.

.............

1,021

481,330

Rheinmetall

AG

....................

671

192,640

Rolls-Royce

Holdings

plc

(c)

............

66,769

175,751

RTX

Corp.

.......................

12,524

1,019,328

Safran

SA

........................

7,398

1,155,712

Singapore

Technologies

Engineering

Ltd.

...

157,500

432,378

Thales

SA

........................

1,589

234,501

TransDigm

Group,

Inc.

(c)

..............

292

241,802

10,073,929

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

..........

7,041

576,165

Deutsche

Post

AG

..................

11,624

453,842

Expeditors

International

of

Washington,

Inc.

.

4,857

530,627

FedEx

Corp.

......................

6,803

1,633,400

United

Parcel

Service,

Inc.,

Class

B

......

20,594

2,908,903

6,102,937

Automobile

Components

—

0.2%

Bridgestone

Corp.

..................

34,600

1,309,444

Cie

Generale

des

Etablissements

Michelin

SCA

10,704

317,999

Continental

AG

....................

4,666

304,638

Denso

Corp.

......................

16,800

248,075

Koito

Manufacturing

Co.

Ltd.

...........

7,000

104,879

Sumitomo

Electric

Industries

Ltd.

........

11,300

118,630

2,403,665

Automobiles

—

1.2%

Bayerische

Motoren

Werke

AG

.........

4,566

424,658

Ferrari

NV

.......................

1,920

581,192

Ford

Motor

Co.

....................

48,194

469,891

General

Motors

Co.

.................

23,670

667,494

Honda

Motor

Co.

Ltd.

................

47,100

482,717

Lucid

Group,

Inc.

(c)

..................

6,440

26,533

Mercedes-Benz

Group

AG

.............

15,254

897,458

Renault

SA

.......................

6,787

238,117

Stellantis

NV

......................

39,014

728,873

Subaru

Corp.

.....................

5,800

100,400

Tesla,

Inc.

(c)

.......................

49,736

9,988,978

Toyota

Motor

Corp.

.................

175,800

3,075,401

17,681,712

Banks

—

3.0%

ANZ

Group

Holdings

Ltd.

.............

49,794

785,201

Banco

Bilbao

Vizcaya

Argentaria

SA

......

115,610

909,531

Banco

Santander

SA

................

279,580

1,028,277

Bank

of

America

Corp.

...............

162,463

4,279,275

Security

Shares

Shares

Value

Banks

(continued)

Bank

of

Ireland

Group

plc

.............

11,494

$

103,006

Banque

Cantonale

Vaudoise

(Registered)

..

2,110

238,502

Barclays

plc

......................

254,363

408,265

BNP

Paribas

SA

...................

21,210

1,219,660

BOC

Hong

Kong

Holdings

Ltd.

..........

213,000

563,287

CaixaBank

SA

.....................

40,389

164,203

Citigroup,

Inc.

.....................

42,529

1,679,470

Citizens

Financial

Group,

Inc.

..........

4,900

114,807

Comerica,

Inc.

.....................

2,952

116,309

Commerzbank

AG

..................

20,536

221,492

Commonwealth

Bank

of

Australia

........

29,561

1,818,472

Credit

Agricole

SA

..................

18,929

228,566

Danske

Bank

A/S

...................

10,407

244,135

DBS

Group

Holdings

Ltd.

.............

32,700

785,563

Erste

Group

Bank

AG

................

6,509

233,083

Fifth

Third

Bancorp

.................

13,780

326,724

FinecoBank

Banca

Fineco

SpA

.........

23,610

278,519

Hang

Seng

Bank

Ltd.

................

53,400

610,527

HSBC

Holdings

plc

.................

341,386

2,464,952

Huntington

Bancshares,

Inc.

...........

25,416

245,264

ING

Groep

NV

.....................

57,365

735,450

Intesa

Sanpaolo

SpA

................

314,127

818,549

Japan

Post

Bank

Co.

Ltd.

.............

46,100

427,310

JPMorgan

Chase

&

Co.

..............

67,182

9,342,329

KeyCorp

.........................

16,165

165,206

M&T

Bank

Corp.

...................

2,645

298,224

Mitsubishi

UFJ

Financial

Group,

Inc.

......

208,200

1,746,620

Mizuho

Financial

Group,

Inc.

...........

51,250

870,142

National

Australia

Bank

Ltd.

............

48,746

873,248

NatWest

Group

plc

..................

127,353

277,097

Nordea

Bank

Abp

..................

20,327

214,088

Oversea-Chinese

Banking

Corp.

Ltd.

.....

44,300

410,710

PNC

Financial

Services

Group,

Inc.

(The)

..

7,870

900,879

Regions

Financial

Corp.

..............

13,733

199,541

Resona

Holdings,

Inc.

...............

50,100

267,700

Societe

Generale

SA

................

8,844

198,740

Standard

Chartered

plc

...............

43,427

332,970

Sumitomo

Mitsui

Financial

Group,

Inc.

.....

26,000

1,253,408

Sumitomo

Mitsui

Trust

Holdings,

Inc.

......

9,400

352,470

Truist

Financial

Corp.

................

17,310

490,912

UniCredit

SpA

.....................

29,012

727,320

United

Overseas

Bank

Ltd.

............

15,900

313,623

US

Bancorp

......................

15,111

481,739

Wells

Fargo

&

Co.

..................

85,988

3,419,743

Westpac

Banking

Corp.

..............

45,574

598,468

Zions

Bancorp

NA

..................

3,319

102,391

44,885,967

Beverages

—

0.2%

Coca-Cola

HBC

AG

.................

22,502

584,190

Diageo

plc

.......................

34,042

1,287,333

Pernod

Ricard

SA

..................

4,733

840,469

2,711,992

Biotechnology

—

1.5%

AbbVie,

Inc.

......................

44,132

6,230,556

Alnylam

Pharmaceuticals,

Inc.

(c)

.........

1,084

164,551

Amgen,

Inc.

......................

13,777

3,522,779

Argenx

SE

(c)

......................

751

353,257

Biogen,

Inc.

(c)

.....................

4,033

957,999

BioMarin

Pharmaceutical,

Inc.

(c)(d)

........

1,555

126,655

CSL

Ltd.

.........................

7,967

1,177,460

Exact

Sciences

Corp.

(c)

...............

1,563

96,265

Genmab

A/S

(c)

.....................

1,856

524,659

Gilead

Sciences,

Inc.

................

32,554

2,556,791

Incyte

Corp.

(c)

.....................

9,899

533,853

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Moderna,

Inc.

(c)

....................

9,921

$

753,599

Regeneron

Pharmaceuticals,

Inc.

(c)

.......

2,989

2,331,091

Seagen,

Inc.

(c)

.....................

4,368

929,554

Vertex

Pharmaceuticals,

Inc.

(c)

..........

7,107

2,573,516

22,832,585

Broadline

Retail

—

1.7%

(c)

Amazon.com,

Inc.

..................

186,223

24,784,419

Prosus

NV

.......................

19,986

558,920

25,343,339

Building

Products

—

0.6%

A

O

Smith

Corp.

...................

5,227

364,636

Allegion

plc

.......................

9,002

885,437

Assa

Abloy

AB,

Class

B

..............

6,198

132,111

Builders

FirstSource,

Inc.

(c)

............

8,219

891,926

Carrier

Global

Corp.

.................

33,580

1,600,423

Cie

de

Saint-Gobain

SA

..............

7,830

426,219

Daikin

Industries

Ltd.

................

5,400

778,566

Fortune

Brands

Innovations,

Inc.

........

3,131

174,710

Johnson

Controls

International

plc

.......

36,411

1,784,867

Kingspan

Group

plc

.................

1,676

112,793

Lennox

International,

Inc.

.............

1,847

684,387

Rockwool

A/S,

Class

B

...............

647

143,972

TOTO

Ltd.

.......................

9,400

226,649

Trane

Technologies

plc

...............

4,901

932,709

9,139,405

Capital

Markets

—

2.3%

3i

Group

plc

......................

27,177

640,768

Abrdn

plc

........................

31,728

60,572

Ameriprise

Financial,

Inc.

.............

1,178

370,563

Amundi

SA

(b)(e)

.....................

2,815

147,054

Ares

Management

Corp.,

Class

A

........

2,629

259,193

Bank

of

New

York

Mellon

Corp.

(The)

.....

17,698

752,165

Blackstone,

Inc.,

Class

A

..............

18,943

1,749,386

Carlyle

Group,

Inc.

(The)

..............

6,571

180,965

CBOE

Global

Markets,

Inc.

............

2,155

353,183

Charles

Schwab

Corp.

(The)

...........

35,365

1,840,395

CME

Group,

Inc.,

Class

A

.............

8,830

1,884,852

Daiwa

Securities

Group,

Inc.

...........

88,400

509,756

Deutsche

Bank

AG

(Registered)

.........

45,511

500,828

Deutsche

Boerse

AG

................

6,171

1,015,725

EQT

AB

.........................

8,205

149,904

Euronext

NV

(b)(e)

....................

2,891

201,614

FactSet

Research

Systems,

Inc.

.........

1,278

551,955

Franklin

Resources,

Inc.

..............

10,647

242,645

Futu

Holdings

Ltd.,

ADR

(c)(d)

............

2,646

146,721

Goldman

Sachs

Group,

Inc.

(The)

.......

8,220

2,495,674

Hargreaves

Lansdown

plc

.............

17,654

152,044

Hong

Kong

Exchanges

&

Clearing

Ltd.

....

20,300

710,148

Intercontinental

Exchange,

Inc.

.........

9,393

1,009,184

Invesco

Ltd.

......................

10,251

132,955

Japan

Exchange

Group,

Inc.

...........

18,700

369,789

Julius

Baer

Group

Ltd.

...............

7,578

449,085

KKR

&

Co.,

Inc.

....................

37,320

2,067,528

London

Stock

Exchange

Group

plc

.......

10,115

1,020,554

Macquarie

Group

Ltd.

................

6,300

647,577

MarketAxess

Holdings,

Inc.

............

1,009

215,674

Moody's

Corp.

.....................

4,815

1,483,020

Morgan

Stanley

....................

33,472

2,370,487

MSCI,

Inc.

.......................

2,245

1,058,630

Nasdaq,

Inc.

......................

10,859

538,606

Nomura

Holdings,

Inc.

...............

110,900

428,452

Northern

Trust

Corp.

.................

4,415

290,993

Partners

Group

Holding

AG

............

854

904,270

Security

Shares

Shares

Value

Capital

Markets

(continued)

Raymond

James

Financial,

Inc.

.........

4,825

$

460,498

Robinhood

Markets,

Inc.,

Class

A

(c)

.......

11,539

105,466

S&P

Global,

Inc.

...................

7,145

2,495,820

SBI

Holdings,

Inc.

..................

10,000

215,149

Schroders

plc

.....................

67,265

302,898

SEI

Investments

Co.

.................

1,825

97,930

St.

James's

Place

plc

................

19,183

149,547

State

Street

Corp.

..................

9,121

589,490

T.

Rowe

Price

Group,

Inc.

.............

6,464

584,992

UBS

Group

AG

(Registered)

...........

72,931

1,713,619

34,618,323

Chemicals

—

1.4%

Air

Liquide

SA

.....................

7,520

1,288,569

Air

Products

&

Chemicals,

Inc.

..........

8,633

2,438,305

Arkema

SA

.......................

2,623

245,782

BASF

SE

........................

17,845

824,567

CF

Industries

Holdings,

Inc.

............

8,421

671,827

Clariant

AG

(Registered)

..............

25,480

362,018

Corteva,

Inc.

......................

28,956

1,393,942

Covestro

AG

(b)(c)(e)

...................

6,819

345,465

Croda

International

plc

...............

3,304

176,091

Dow,

Inc.

........................

15,919

769,524

FMC

Corp.

.......................

4,625

246,050

Givaudan

SA

(Registered)

.............

148

492,621

Linde

plc

........................

14,457

5,524,887

LyondellBasell

Industries

NV,

Class

A

.....

3,436

310,065

Mosaic

Co.

(The)

...................

70,379

2,285,910

Novozymes

A/S,

Class

B

..............

4,085

183,592

Shin-Etsu

Chemical

Co.

Ltd.

...........

29,100

870,188

Sika

AG

(Registered)

................

2,371

567,403

Symrise

AG

......................

3,861

394,553

Toray

Industries,

Inc.

................

61,200

296,076

Westlake

Corp.

....................

2,682

309,396

19,996,831

Commercial

Services

&

Supplies

—

0.0%

Secom

Co.

Ltd.

....................

3,700

256,983

Veralto

Corp.

(c)

.....................

2,778

191,682

448,665

Communications

Equipment

—

0.4%

Arista

Networks,

Inc.

(c)

...............

5,783

1,158,740

Cisco

Systems,

Inc.

.................

71,881

3,747,156

Nokia

OYJ

.......................

157,488

524,543

Telefonaktiebolaget

LM

Ericsson,

Class

B

..

120,466

539,655

5,970,094

Construction

&

Engineering

—

0.8%

AECOM

.........................

41,348

3,165,189

Bouygues

SA

.....................

5,267

185,288

Eiffage

SA

.......................

3,884

352,475

Ferrovial

SE

......................

33,625

1,011,979

Obayashi

Corp.

....................

11,700

100,220

Quanta

Services,

Inc.

................

31,070

5,192,419

Shimizu

Corp.

.....................

43,900

312,414

Skanska

AB,

Class

B

................

34,202

513,507

Taisei

Corp.

......................

6,300

213,650

Vinci

SA

.........................

8,731

965,425

12,012,566

Construction

Materials

—

0.2%

CRH

plc

.........................

27,216

1,460,598

Heidelberg

Materials

AG

..............

8,323

604,194

Holcim

AG

(c)

......................

5,336

329,913

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

Materials

(continued)

James

Hardie

Industries

plc,

CDI

(c)

.......

13,989

$

349,018

2,743,723

Consumer

Finance

—

0.3%

American

Express

Co.

...............

15,592

2,276,900

Capital

One

Financial

Corp.

............

10,449

1,058,379

Discover

Financial

Services

............

7,256

595,572

Synchrony

Financial

.................

9,732

272,983

4,203,834

Containers

&

Packaging

—

2.4%

Amcor

plc

........................

250,465

2,226,634

Avery

Dennison

Corp.

................

15,454

2,690,078

Ball

Corp.

........................

86,517

4,165,793

Crown

Holdings,

Inc.

................

45,214

3,644,248

International

Paper

Co.

...............

298,546

10,069,956

Packaging

Corp.

of

America

...........

48,815

7,471,136

Sealed

Air

Corp.

...................

43,754

1,347,186

SIG

Group

AG

.....................

6,869

151,439

WestRock

Co.

.....................

99,816

3,586,389

35,352,859

Diversified

REITs

—

0.0%

Daiwa

House

REIT

Investment

Corp.

.....

85

150,429

Land

Securities

Group

plc

.............

16,160

112,016

Nomura

Real

Estate

Master

Fund,

Inc.

....

176

194,209

456,654

Electric

Utilities

—

1.0%

Acciona

SA

.......................

1,051

132,503

BKW

AG

........................

776

130,452

Chubu

Electric

Power

Co.,

Inc.

..........

13,000

157,094

CK

Infrastructure

Holdings

Ltd.

..........

101,000

468,139

CLP

Holdings

Ltd.

..................

110,500

808,726

EDP

-

Energias

de

Portugal

SA

.........

89,700

376,964

Endesa

SA

.......................

17,405

327,469

Enel

SpA

........................

172,486

1,094,869

Fortum

OYJ

......................

12,789

151,849

Iberdrola

SA

......................

143,867

1,600,091

Kansai

Electric

Power

Co.,

Inc.

(The)

.....

7,400

94,748

NextEra

Energy,

Inc.

................

71,543

4,170,957

Origin

Energy

Ltd.

..................

26,933

156,234

Orsted

A/S

(b)(e)

.....................

5,295

255,850

Pinnacle

West

Capital

Corp.

...........

2,538

188,269

Power

Assets

Holdings

Ltd.

............

156,000

745,809

PPL

Corp.

.......................

40,204

987,812

Redeia

Corp.

SA

...................

2,272

35,432

Southern

Co.

(The)

.................

18,655

1,255,482

SSE

plc

.........................

29,172

579,752

Terna

-

Rete

Elettrica

Nazionale

.........

33,640

257,583

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(c)

...

22,500

95,214

14,071,298

Electrical

Equipment

—

0.4%

ABB

Ltd.

(Registered)

................

49,945

1,678,038

Fuji

Electric

Co.

Ltd.

.................

9,500

361,709

Legrand

SA

......................

8,372

724,231

Mitsubishi

Electric

Corp.

..............

43,200

495,353

Nidec

Corp.

......................

9,200

337,466

Schneider

Electric

SE

................

13,229

2,035,378

Vestas

Wind

Systems

A/S

(c)

............

22,852

495,312

6,127,487

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Amphenol

Corp.,

Class

A

.............

3,704

298,357

Azbil

Corp.

.......................

10,100

298,441

Halma

plc

........................

10,687

240,333

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Hirose

Electric

Co.

Ltd.

...............

1,400

$

158,619

Ibiden

Co.

Ltd.

.....................

3,500

149,227

Keyence

Corp.

....................

3,200

1,238,780

Kyocera

Corp.

.....................

4,300

211,953

Murata

Manufacturing

Co.

Ltd.

..........

19,800

339,162

Omron

Corp.

......................

5,100

182,719

Shimadzu

Corp.

....................

10,600

250,651

TDK

Corp.

.......................

14,300

535,038

Yokogawa

Electric

Corp.

..............

15,900

288,668

4,191,948

Entertainment

—

1.4%

Capcom

Co.

Ltd.

...................

3,100

99,787

Electronic

Arts,

Inc.

.................

5,705

706,222

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(c)

......................

14,469

936,000

Live

Nation

Entertainment,

Inc.

(c)

........

18,627

1,490,533

Netflix,

Inc.

(c)

......................

20,414

8,404,240

Nintendo

Co.

Ltd.

...................

18,700

772,580

Roku,

Inc.,

Class

A

(c)

.................

10,192

607,137

Sea

Ltd.,

ADR,

Class

A

(c)

..............

6,557

273,427

Take-Two

Interactive

Software,

Inc.

(c)

......

4,330

579,137

Toho

Co.

Ltd.

.....................

9,400

321,133

Universal

Music

Group

NV

............

10,032

245,672

Walt

Disney

Co.

(The)

(c)

..............

66,315

5,410,641

Warner

Bros

Discovery,

Inc.

(c)(d)

.........

136,453

1,356,343

21,202,852

Financial

Services

—

2.6%

Adyen

NV

(b)(c)(e)

....................

437

294,750

Apollo

Global

Management,

Inc.

.........

3,313

256,559

Berkshire

Hathaway,

Inc.,

Class

B

(c)

......

38,967

13,300,606

Block,

Inc.,

Class

A

(c)

................

3,478

139,990

Edenred

SE

......................

5,256

279,785

EXOR

NV

........................

4,263

365,890

Fidelity

National

Information

Services,

Inc.

..

15,095

741,315

Fiserv,

Inc.

(c)

......................

14,615

1,662,456

FleetCor

Technologies,

Inc.

(c)

...........

2,465

555,044

Global

Payments,

Inc.

...............

7,077

751,719

GMO

Payment

Gateway,

Inc.

...........

2,600

103,842

Groupe

Bruxelles

Lambert

NV

..........

3,635

265,866

Industrivarden

AB,

Class

C

............

7,683

198,139

Investor

AB,

Class

B

.................

33,722

619,038

Jack

Henry

&

Associates,

Inc.

..........

1,554

219,099

L

E

Lundbergforetagen

AB,

Class

B

......

6,808

278,039

M&G

plc

.........................

76,477

184,679

Mastercard,

Inc.,

Class

A

..............

15,954

6,004,288

Mitsubishi

HC

Capital,

Inc.

.............

54,800

361,254

Nexi

SpA

(b)(c)(e)

.....................

31,497

183,023

ORIX

Corp.

.......................

38,200

694,719

PayPal

Holdings,

Inc.

(c)

...............

28,898

1,496,916

Visa,

Inc.,

Class

A

..................

38,529

9,058,168

Worldline

SA

(b)(c)(e)

..................

5,850

74,388

38,089,572

Food

Products

—

0.6%

Archer-Daniels-Midland

Co.

............

12,230

875,301

Chocoladefabriken

Lindt

&

Spruengli

AG

...

16

177,139

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

....................

7

761,831

Danone

SA

.......................

2,899

172,463

General

Mills,

Inc.

..................

4,878

318,241

Hershey

Co.

(The)

..................

1,298

243,180

Kerry

Group

plc,

Class

A

..............

1,829

141,279

Lamb

Weston

Holdings,

Inc.

...........

2,102

188,760

McCormick

&

Co.,

Inc.

(Non-Voting)

......

4,902

313,238

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Mondelez

International,

Inc.,

Class

A

......

5,329

$

352,833

Nestle

SA

(Registered)

...............

45,555

4,912,596

Tyson

Foods,

Inc.,

Class

A

............

4,899

227,069

8,683,930

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

.................

3,022

325,349

Hong

Kong

&

China

Gas

Co.

Ltd.

........

197,222

137,288

Naturgy

Energy

Group

SA

.............

9,837

278,335

Osaka

Gas

Co.

Ltd.

.................

11,200

211,207

Snam

SpA

.......................

47,547

218,029

Tokyo

Gas

Co.

Ltd.

.................

11,800

264,994

1,435,202

Ground

Transportation

—

0.3%

Central

Japan

Railway

Co.

............

19,500

438,914

CSX

Corp.

.......................

28,344

846,068

East

Japan

Railway

Co.

..............

6,500

337,593

Norfolk

Southern

Corp.

...............

2,653

506,166

Old

Dominion

Freight

Line,

Inc.

.........

279

105,088

Union

Pacific

Corp.

.................

10,420

2,163,296

4,397,125

Health

Care

Equipment

&

Supplies

—

1.3%

Abbott

Laboratories

.................

41,197

3,895,176

Alcon,

Inc.

.......................

12,020

860,346

Align

Technology,

Inc.

(c)

...............

838

154,686

Asahi

Intecc

Co.

Ltd.

................

5,900

99,135

Baxter

International,

Inc.

..............

7,342

238,101

Becton

Dickinson

&

Co.

..............

4,550

1,150,149

Boston

Scientific

Corp.

(c)

..............

23,725

1,214,483

Coloplast

A/S,

Class

B

...............

3,707

386,582

Demant

A/S

(c)

.....................

3,833

146,266

Dexcom,

Inc.

(c)

.....................

4,267

379,038

Edwards

Lifesciences

Corp.

(c)

..........

8,019

510,971

EssilorLuxottica

SA

.................

6,569

1,189,538

GE

HealthCare

Technologies,

Inc.

.......

3,494

232,596

Hoya

Corp.

.......................

8,500

818,283

IDEXX

Laboratories,

Inc.

(c)

.............

1,189

474,970

Intuitive

Surgical,

Inc.

(c)

...............

6,233

1,634,417

Koninklijke

Philips

NV

(c)

...............

12,588

239,455

Medtronic

plc

.....................

20,789

1,466,872

Olympus

Corp.

....................

31,600

422,029

Siemens

Healthineers

AG

(b)(e)

...........

5,293

260,398

Sonova

Holding

AG

(Registered)

........

1,036

245,546

STERIS

plc

.......................

948

199,061

Straumann

Holding

AG

(Registered)

......

2,690

317,915

Stryker

Corp.

.....................

5,638

1,523,500

Sysmex

Corp.

.....................

5,200

249,095

Terumo

Corp.

.....................

22,400

612,823

Zimmer

Biomet

Holdings,

Inc.

..........

1,356

141,580

19,063,011

Health

Care

Providers

&

Services

—

0.7%

Cigna

Group

(The)

..................

522

161,402

Elevance

Health,

Inc.

................

2,006

902,881

Fresenius

SE

&

Co.

KGaA

.............

8,371

215,330

Humana,

Inc.

.....................

810

424,189

UnitedHealth

Group,

Inc.

..............

16,302

8,730,699

10,434,501

Health

Care

REITs

—

0.0%

Welltower,

Inc.

.....................

2,128

177,922

Health

Care

Technology

—

0.0%

M3,

Inc.

.........................

10,100

155,552

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

—

0.5%

Accor

SA

........................

7,964

$

254,072

Airbnb,

Inc.,

Class

A

(c)

................

4,060

480,258

Booking

Holdings,

Inc.

(c)

..............

428

1,193,932

Compass

Group

plc

.................

18,927

477,176

Entain

plc

........................

21,709

246,447

Flutter

Entertainment

plc

(c)

.............

1,351

212,185

Galaxy

Entertainment

Group

Ltd.

........

75,000

421,610

InterContinental

Hotels

Group

plc

........

3,585

254,042

Marriott

International,

Inc.,

Class

A

.......

1,868

352,230

McDonald's

Corp.

..................

7,594

1,990,919

McDonald's

Holdings

Co.

Japan

Ltd.

......

4,400

171,194

MGM

Resorts

International

............

3,283

114,642

Norwegian

Cruise

Line

Holdings

Ltd.

(c)

.....

9,530

129,608

Oriental

Land

Co.

Ltd.

...............

24,100

779,523

Sands

China

Ltd.

(c)

..................

31,200

83,992

Starbucks

Corp.

....................

6,134

565,800

Whitbread

plc

.....................

5,049

204,728

7,932,358

Household

Durables

—

0.6%

Barratt

Developments

plc

.............

63,317

319,320

Berkeley

Group

Holdings

plc

...........

7,650

376,049

DR

Horton,

Inc.

....................

14,586

1,522,778

Iida

Group

Holdings

Co.

Ltd.

...........

15,600

242,224

Lennar

Corp.,

Class

A

................

12,895

1,375,639

NVR,

Inc.

(c)

.......................

207

1,120,412

Open

House

Group

Co.

Ltd.

...........

3,500

115,361

Panasonic

Holdings

Corp.

.............

25,500

223,724

Persimmon

plc

....................

7,491

92,769

PulteGroup,

Inc.

...................

12,958

953,579

Sekisui

Chemical

Co.

Ltd.

.............

7,400

101,357

Sekisui

House

Ltd.

..................

21,400

419,071

Sony

Group

Corp.

..................

22,100

1,837,369

Taylor

Wimpey

plc

..................

237,023

320,134

9,019,786

Household

Products

—

2.2%

Church

&

Dwight

Co.,

Inc.

.............

34,896

3,173,442

Clorox

Co.

(The)

...................

20,104

2,366,241

Colgate-Palmolive

Co.

...............

64,598

4,852,602

Henkel

AG

&

Co.

KGaA

..............

4,610

291,354

Kimberly-Clark

Corp.

................

19,992

2,391,843

Procter

&

Gamble

Co.

(The)

...........

124,877

18,735,296

Reckitt

Benckiser

Group

plc

............

14,757

987,346

Unicharm

Corp.

....................

4,400

149,507

32,947,631

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

...................

137,768

2,052,743

RWE

AG

........................

21,420

819,646

Vistra

Corp.

......................

22,243

727,791

3,600,180

Industrial

Conglomerates

—

0.4%

CK

Hutchison

Holdings

Ltd.

............

82,500

417,639

Hikari

Tsushin,

Inc.

..................

2,000

288,546

Hitachi

Ltd.

.......................

18,700

1,185,330

Jardine

Cycle

&

Carriage

Ltd.

..........

21,900

451,135

Jardine

Matheson

Holdings

Ltd.

.........

10,900

441,680

Keppel

Corp.

Ltd.

...................

140,900

639,594

Siemens

AG

(Registered)

.............

17,225

2,285,738

5,709,662

Industrial

REITs

—

0.1%

GLP

J-REIT

......................

150

134,349

Goodman

Group

...................

23,521

311,228

Nippon

Prologis

REIT,

Inc.

.............

14

24,911

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

REITs

(continued)

Prologis,

Inc.

......................

11,919

$

1,200,839

Segro

plc

........................

25,857

224,753

1,896,080

Insurance

—

1.9%

Aflac,

Inc.

........................

62,764

4,902,496

AIA

Group

Ltd.

....................

267,800

2,325,524

Allianz

SE

(Registered)

...............

9,715

2,275,666

American

International

Group,

Inc.

.......

14,322

878,082

Assicurazioni

Generali

SpA

............

9,787

194,406

Assurant,

Inc.

.....................

1,112

165,577

AXA

SA

.........................

32,526

963,759

Baloise

Holding

AG

(Registered)

........

1,145

164,406

Dai-ichi

Life

Holdings,

Inc.

.............

12,000

253,500

Fidelity

National

Financial,

Inc.,

Class

A

....

3,672

143,538

Globe

Life,

Inc.

....................

10,257

1,193,505

Hannover

Rueck

SE

.................

1,897

418,883

Hartford

Financial

Services

Group,

Inc.

(The)

12,019

882,796

Japan

Post

Holdings

Co.

Ltd.

...........

25,800

228,361

Mandatum

OYJ

(c)

...................

13,295

51,374

MetLife,

Inc.

......................

79,020

4,741,990

MS&AD

Insurance

Group

Holdings,

Inc.

...

4,500

164,882

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

.................

3,334

1,337,961

Principal

Financial

Group,

Inc.

..........

25,346

1,715,417

Prudential

Financial,

Inc.

..............

13,246

1,211,214

Prudential

plc

.....................

43,090

450,566

Sampo

OYJ,

Class

A

................

14,786

581,516

Sompo

Holdings,

Inc.

................

2,900

125,628

Swiss

Life

Holding

AG

(Registered)

.......

773

496,483

Swiss

Re

AG

......................

5,042

550,903

T&D

Holdings,

Inc.

..................

7,200

128,442

Talanx

AG

........................

1,640

103,352

Tokio

Marine

Holdings,

Inc.

............

26,700

597,339

Tryg

A/S

.........................

6,870

134,154

Zurich

Insurance

Group

AG

............

3,084

1,464,877

28,846,597

Interactive

Media

&

Services

—

2.8%

Alphabet,

Inc.,

Class

A

(c)

..............

122,736

15,229,083

Alphabet,

Inc.,

Class

C

(c)

..............

103,245

12,936,598

Auto

Trader

Group

plc

(b)(e)

.............

15,459

116,936

Meta

Platforms,

Inc.,

Class

A

(c)

..........

46,112

13,892,162

42,174,779

IT

Services

—

0.6%

Accenture

plc,

Class

A

...............

11,118

3,303,047

Bechtle

AG

.......................

4,418

197,453

Capgemini

SE

.....................

2,296

405,769

Cognizant

Technology

Solutions

Corp.,

Class

A

7,818

504,026

Fujitsu

Ltd.

.......................

5,500

712,512

International

Business

Machines

Corp.

....

14,256

2,061,988

NEC

Corp.

.......................

5,200

250,383

Nomura

Research

Institute

Ltd.

.........

9,700

254,625

Obic

Co.

Ltd.

......................

2,900

428,667

Otsuka

Corp.

.....................

6,900

276,653

SCSK

Corp.

......................

17,500

298,730

TIS,

Inc.

.........................

9,300

199,158

8,893,011

Leisure

Products

—

0.1%

Bandai

Namco

Holdings,

Inc.

...........

17,600

364,646

Hasbro,

Inc.

......................

12,670

572,050

936,696

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

—

0.9%

Agilent

Technologies,

Inc.

.............

7,211

$

745,401

Avantor,

Inc.

(c)

.....................

23,681

412,760

Bio-Rad

Laboratories,

Inc.,

Class

A

(c)

......

350

96,348

Bio-Techne

Corp.

...................

2,730

149,140

Charles

River

Laboratories

International,

Inc.

(c)

666

112,128

Danaher

Corp.

....................

15,547

2,985,335

Eurofins

Scientific

SE

................

3,330

168,950

Illumina,

Inc.

(c)

.....................

3,580

391,724

IQVIA

Holdings,

Inc.

(c)

................

5,664

1,024,221

Lonza

Group

AG

(Registered)

..........

1,558

545,618

Mettler-Toledo

International,

Inc.

(c)

........

568

559,594

QIAGEN

NV

(c)

.....................

8,603

320,617

Repligen

Corp.

(c)

...................

698

93,923

Revvity,

Inc.

......................

3,179

263,380

Sartorius

Stedim

Biotech

..............

989

185,163

Thermo

Fisher

Scientific,

Inc.

...........

9,897

4,401,889

Waters

Corp.

(c)

....................

1,631

389,042

West

Pharmaceutical

Services,

Inc.

......

1,494

475,525

13,320,758

Machinery

—

0.9%

Alstom

SA

.......................

9,354

126,676

Atlas

Copco

AB,

Class

A

..............

16,925

219,162

Daifuku

Co.

Ltd.

....................

21,200

350,285

Daimler

Truck

Holding

AG

.............

15,558

488,836

Deere

&

Co.

......................

1,446

528,310

Dover

Corp.

......................

1,125

146,194

FANUC

Corp.

.....................

19,100

473,994

Fortive

Corp.

......................

11,718

764,951

GEA

Group

AG

....................

7,929

271,175

Hitachi

Construction

Machinery

Co.

Ltd.

...

4,100

105,927

IDEX

Corp.

.......................

695

133,030

Illinois

Tool

Works,

Inc.

...............

2,098

470,204

Ingersoll

Rand,

Inc.

.................

8,109

492,054

Komatsu

Ltd.

.....................

23,600

542,243

Kone

OYJ,

Class

B

.................

18,081

782,968

Kubota

Corp.

.....................

40,700

547,384

Kurita

Water

Industries

Ltd.

............

4,900

148,879

Metso

OYJ

.......................

28,531

251,370

MinebeaMitsumi,

Inc.

................

7,500

117,595

MISUMI

Group,

Inc.

.................

9,300

140,790

Mitsubishi

Heavy

Industries

Ltd.

.........

5,700

293,577

Otis

Worldwide

Corp.

................

4,536

350,225

Parker-Hannifin

Corp.

................

4,080

1,505,153

Pentair

plc

.......................

9,372

544,701

Schindler

Holding

AG

................

2,724

551,127

SMC

Corp.

.......................

1,400

646,468

Snap-on,

Inc.

.....................

716

184,685

Stanley

Black

&

Decker,

Inc.

...........

5,238

445,492

Techtronic

Industries

Co.

Ltd.

...........

30,500

278,450

Toyota

Industries

Corp.

...............

2,500

185,287

VAT

Group

AG

(b)(e)

..................

1,027

364,194

Wartsila

OYJ

Abp

...................

9,373

111,853

Xylem,

Inc.

.......................

7,834

732,792

Yaskawa

Electric

Corp.

...............

3,800

124,386

13,420,417

Marine

Transportation

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

B

.........

94

156,626

Kuehne

+

Nagel

International

AG

(Registered)

2,236

602,968

759,594

Media

—

1.3%

Charter

Communications,

Inc.,

Class

A

(c)

...

7,561

3,045,571

Comcast

Corp.,

Class

A

..............

177,340

7,322,369

Dentsu

Group,

Inc.

..................

7,600

220,750

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Fox

Corp.,

Class

A

..................

16,144

$

490,616

Fox

Corp.,

Class

B

..................

10,801

301,456

Informa

plc

.......................

53,512

463,654

Interpublic

Group

of

Cos.,

Inc.

(The)

......

35,229

1,000,504

Liberty

Broadband

Corp.,

Class

C

(c)

.......

9,895

824,352

Liberty

Media

Corp.-Liberty

SiriusXM

(c)

....

13,990

343,454

News

Corp.,

Class

A

.................

22,979

475,205

News

Corp.,

Class

B

................

2,588

55,487

Omnicom

Group,

Inc.

................

15,870

1,188,822

Paramount

Global,

Class

B

............

65,989

717,960

Publicis

Groupe

SA

.................

3,902

297,111

Sirius

XM

Holdings,

Inc.

(d)

.............

236,799

1,013,500

Trade

Desk,

Inc.

(The),

Class

A

(c)

........

12,198

865,570

Vivendi

SE

.......................

25,669

230,187

WPP

plc

.........................

13,380

115,218

18,971,786

Metals

&

Mining

—

2.5%

Anglo

American

plc

.................

25,948

661,145

Antofagasta

plc

....................

12,120

198,181

BHP

Group

Ltd.

....................

92,799

2,626,906

Cleveland-Cliffs,

Inc.

(c)

...............

92,231

1,547,636

Endeavour

Mining

plc

................

21,627

446,211

Freeport-McMoRan,

Inc.

..............

317,453

10,723,562

Glencore

plc

......................

246,847

1,307,507

IGO

Ltd.

.........................

24,145

146,207

Mineral

Resources

Ltd.

...............

4,684

172,639

Newcrest

Mining

Ltd.

(f)

...............

54,413

834,066

Newmont

Corp.

....................

184,287

6,905,234

Northern

Star

Resources

Ltd.

...........

91,948

673,315

Nucor

Corp.

......................

28,221

4,170,782

Pilbara

Minerals

Ltd.

.................

50,965

119,717

Reliance

Steel

&

Aluminum

Co.

.........

8,028

2,042,163

Rio

Tinto

Ltd.

.....................

4,629

345,777

Rio

Tinto

plc

......................

22,825

1,456,247

Steel

Dynamics,

Inc.

.................

24,147

2,571,897

Sumitomo

Metal

Mining

Co.

Ltd.

.........

8,400

235,972

37,185,164

Multi-Utilities

—

1.4%

Ameren

Corp.

.....................

15,344

1,161,694

CenterPoint

Energy,

Inc.

..............

50,384

1,354,322

Centrica

plc

......................

95,180

182,203

CMS

Energy

Corp.

..................

19,519

1,060,662

Consolidated

Edison,

Inc.

.............

18,061

1,585,575

Dominion

Energy,

Inc.

................

43,009

1,734,123

DTE

Energy

Co.

...................

12,246

1,180,269

E.ON

SE

........................

71,344

848,860

Engie

SA

........................

34,039

541,387

National

Grid

plc

...................

76,158

908,030

NiSource,

Inc.

.....................

46,701

1,174,997

Public

Service

Enterprise

Group,

Inc.

.....

64,400

3,970,260

Sempra

.........................

35,230

2,467,157

Veolia

Environnement

SA

.............

22,574

618,537

WEC

Energy

Group,

Inc.

..............

33,079

2,692,300

21,480,376

Office

REITs

—

0.1%

Gecina

SA

.......................

1,657

162,702

Japan

Real

Estate

Investment

Corp.

......

77

286,003

Keppel

REIT

......................

28,180

16,363

Nippon

Building

Fund,

Inc.

.............

54

216,969

682,037

Oil,

Gas

&

Consumable

Fuels

—

2.4%

BP

plc

..........................

300,200

1,833,027

Chevron

Corp.

.....................

32,300

4,707,079

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

ConocoPhillips

....................

21,360

$

2,537,568

Coterra

Energy,

Inc.

.................

4,667

128,342

Devon

Energy

Corp.

.................

5,631

262,236

Diamondback

Energy,

Inc.

.............

2,197

352,223

ENEOS

Holdings,

Inc.

...............

79,800

295,692

Eni

SpA

.........................

44,859

733,340

EOG

Resources,

Inc.

................

9,014

1,138,018

Exxon

Mobil

Corp.

..................

82,346

8,716,324

Galp

Energia

SGPS

SA

..............

11,060

166,506

Hess

Corp.

.......................

4,028

581,643

Inpex

Corp.

.......................

28,900

419,364

Marathon

Petroleum

Corp.

............

5,337

807,221

Matador

Resources

Co.

..............

939

57,927

Neste

OYJ

.......................

10,743

361,050

Occidental

Petroleum

Corp.

............

9,255

572,052

ONEOK,

Inc.

......................

6,517

424,908

Phillips

66

........................

5,665

646,207

Pioneer

Natural

Resources

Co.

.........

3,199

764,561

Repsol

SA

.......................

16,670

244,085

Santos

Ltd.

.......................

57,851

282,282

Shell

plc

.........................

121,155

3,904,444

Targa

Resources

Corp.

...............

2,002

167,387

Texas

Pacific

Land

Corp.

..............

360

664,542

TotalEnergies

SE

...................

40,667

2,718,893

Valero

Energy

Corp.

.................

4,682

594,614

Williams

Cos.,

Inc.

(The)

..............

21,880

752,672

Woodside

Energy

Group

Ltd.

...........

34,362

748,398

35,582,605

Paper

&

Forest

Products

—

0.0%

Oji

Holdings

Corp.

..................

50,100

214,272

Passenger

Airlines

—

0.1%

Alaska

Air

Group,

Inc.

(c)

...............

2,850

90,146

American

Airlines

Group,

Inc.

(c)

..........

14,635

163,180

ANA

Holdings,

Inc.

(c)

.................

18,900

371,042

Delta

Air

Lines,

Inc.

.................

10,567

330,219

Deutsche

Lufthansa

AG

(Registered)

(c)

....

19,040

133,508

Japan

Airlines

Co.

Ltd.

...............

7,700

141,555

Southwest

Airlines

Co.

...............

8,838

196,469

United

Airlines

Holdings,

Inc.

(c)

..........

7,347

257,218

1,683,337

Personal

Care

Products

—

0.8%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

28,491

3,671,635

Haleon

plc

.......................

83,811

335,922

Kao

Corp.

........................

6,300

229,849

Kenvue,

Inc.

......................

147,897

2,750,884

L'Oreal

SA

.......................

6,145

2,582,932

Unilever

plc

.......................

44,033

2,085,433

11,656,655

Pharmaceuticals

—

5.1%

Astellas

Pharma,

Inc.

................

46,300

585,689

AstraZeneca

plc

...................

26,966

3,376,244

Bayer

AG

(Registered)

...............

18,284

790,025

Bristol-Myers

Squibb

Co.

..............

85,241

4,392,469

Catalent,

Inc.

(c)

....................

17,930

616,613

Chugai

Pharmaceutical

Co.

Ltd.

.........

19,100

566,440

Daiichi

Sankyo

Co.

Ltd.

...............

35,800

923,074

Eisai

Co.

Ltd.

.....................

5,400

286,083

Eli

Lilly

&

Co.

.....................

27,125

15,025,351

GSK

plc

.........................

67,995

1,212,131

Ipsen

SA

........................

1,672

197,618

Jazz

Pharmaceuticals

plc

(c)

............

4,034

512,399

Johnson

&

Johnson

.................

65,202

9,672,065

Kyowa

Kirin

Co.

Ltd.

.................

6,500

101,948

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Merck

&

Co.,

Inc.

...................

87,211

$

8,956,570

Merck

KGaA

......................

2,815

425,173

Novartis

AG

(Registered)

.............

37,153

3,478,248

Novo

Nordisk

A/S,

Class

B

............

60,087

5,796,968

Ono

Pharmaceutical

Co.

Ltd.

...........

10,200

176,149

Organon

&

Co.

....................

5,725

84,673

Otsuka

Holdings

Co.

Ltd.

.............

11,100

373,470

Pfizer,

Inc.

.......................

211,115

6,451,674

Roche

Holding

AG

..................

13,180

3,407,685

Royalty

Pharma

plc,

Class

A

...........

11,402

306,372

Sandoz

Group

AG

(c)

.................

7,430

193,173

Sanofi

SA

........................

21,718

1,972,129

Shionogi

&

Co.

Ltd.

.................

10,600

493,585

Takeda

Pharmaceutical

Co.

Ltd.

.........

37,100

1,007,070

Viatris,

Inc.

.......................

68,883

613,059

Zoetis,

Inc.,

Class

A

.................

22,640

3,554,480

75,548,627

Professional

Services

—

0.4%

Automatic

Data

Processing,

Inc.

.........

2,006

437,749

Bureau

Veritas

SA

..................

10,722

244,223

Experian

plc

......................

43,644

1,324,108

Intertek

Group

plc

..................

2,939

136,880

Jacobs

Solutions,

Inc.

................

3,373

449,621

Paychex,

Inc.

.....................

1,246

138,368

Paycom

Software,

Inc.

...............

853

208,960

Recruit

Holdings

Co.

Ltd.

.............

31,800

911,792

RELX

plc

........................

24,252

847,067

Wolters

Kluwer

NV

..................

4,683

600,857

5,299,625

Real

Estate

Management

&

Development

—

0.4%

CBRE

Group,

Inc.,

Class

A

(c)

...........

1,478

102,485

CK

Asset

Holdings

Ltd.

...............

128,500

642,285

CoStar

Group,

Inc.

(c)

.................

2,079

152,619

Daito

Trust

Construction

Co.

Ltd.

........

2,800

300,346

Daiwa

House

Industry

Co.

Ltd.

..........

15,300

420,837

Henderson

Land

Development

Co.

Ltd.

....

76,000

198,851

Hongkong

Land

Holdings

Ltd.

..........

58,900

186,814

Hulic

Co.

Ltd.

.....................

33,100

303,465

LEG

Immobilien

SE

(c)

................

1,953

122,085

Mitsubishi

Estate

Co.

Ltd.

.............

32,300

413,450

Mitsui

Fudosan

Co.

Ltd.

..............

20,500

444,335

Sino

Land

Co.

Ltd.

..................

76,000

75,873

Sumitomo

Realty

&

Development

Co.

Ltd.

..

5,900

148,054

Sun

Hung

Kai

Properties

Ltd.

...........

72,000

739,347

Swire

Pacific

Ltd.,

Class

A

.............

33,000

210,799

Swire

Properties

Ltd.

................

90,400

175,033

Swiss

Prime

Site

AG

(Registered)

........

6,988

649,520

Vonovia

SE

.......................

15,219

350,373

Wharf

Real

Estate

Investment

Co.

Ltd.

....

48,000

167,906

5,804,477

Retail

REITs

—

0.0%

Federal

Realty

Investment

Trust

.........

1,644

149,916

Japan

Metropolitan

Fund

Investment

Corp.

.

182

117,453

Link

REIT

........................

87,240

400,357

667,726

Semiconductors

&

Semiconductor

Equipment

—

3.9%

Advanced

Micro

Devices,

Inc.

(c)

.........

28,291

2,786,664

Advantest

Corp.

....................

14,800

381,228

Analog

Devices,

Inc.

.................

5,813

914,559

Applied

Materials,

Inc.

...............

23,200

3,070,520

ASM

International

NV

................

784

323,541

ASML

Holding

NV

..................

6,925

4,162,759

BE

Semiconductor

Industries

NV

........

9,925

1,025,249

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Broadcom,

Inc.

....................

7,416

$

6,239,600

Disco

Corp.

.......................

1,400

247,239

Enphase

Energy,

Inc.

(c)

...............

2,714

215,980

Entegris,

Inc.

......................

2,007

176,696

First

Solar,

Inc.

(c)

...................

772

109,971

Infineon

Technologies

AG

.............

21,234

620,250

Intel

Corp.

.......................

78,001

2,847,037

KLA

Corp.

........................

3,009

1,413,327

Lam

Research

Corp.

................

3,812

2,242,295

Lasertec

Corp.

....................

3,200

528,577

Micron

Technology,

Inc.

...............

16,229

1,085,233

Monolithic

Power

Systems,

Inc.

.........

756

333,955

NVIDIA

Corp.

.....................

50,916

20,763,545

NXP

Semiconductors

NV

.............

2,112

364,172

Qorvo,

Inc.

(c)

......................

1,494

130,606

QUALCOMM,

Inc.

..................

22,852

2,490,639

Renesas

Electronics

Corp.

(c)

...........

21,300

279,789

Rohm

Co.

Ltd.

.....................

6,600

105,745

Skyworks

Solutions,

Inc.

..............

5,046

437,690

STMicroelectronics

NV

...............

40,167

1,531,170

Teradyne,

Inc.

.....................

6,257

521,020

Texas

Instruments,

Inc.

...............

12,991

1,844,852

Tokyo

Electron

Ltd.

.................

10,100

1,334,591

58,528,499

Software

—

6.5%

Adobe,

Inc.

(c)

......................

11,176

5,946,303

ANSYS,

Inc.

(c)

.....................

1,568

436,312

Autodesk,

Inc.

(c)

....................

2,264

447,434

BILL

Holdings,

Inc.

(c)

.................

1,573

143,599

Cadence

Design

Systems,

Inc.

(c)

........

6,953

1,667,677

Crowdstrike

Holdings,

Inc.,

Class

A

(c)

......

1,046

184,901

Dassault

Systemes

SE

...............

22,658

933,359

Datadog,

Inc.,

Class

A

(c)

..............

2,199

179,152

Fair

Isaac

Corp.

(c)

...................

813

687,692

Fortinet,

Inc.

(c)

.....................

15,653

894,882

HubSpot,

Inc.

(c)

....................

284

120,351

Intuit,

Inc.

........................

7,865

3,892,782

Manhattan

Associates,

Inc.

(c)

...........

1,184

230,856

Microsoft

Corp.

....................

169,226

57,217,003

Nemetschek

SE

....................

1,545

115,448

Oracle

Corp.

......................

37,999

3,929,097

Oracle

Corp.

Japan

.................

3,100

219,913

Palantir

Technologies,

Inc.,

Class

A

(c)

......

12,382

183,254

Palo

Alto

Networks,

Inc.

(c)(d)

............

8,342

2,027,273

Roper

Technologies,

Inc.

..............

3,410

1,666,024

Sage

Group

plc

(The)

................

24,631

290,986

Salesforce,

Inc.

(c)

...................

23,942

4,808,272

SAP

SE

.........................

27,374

3,671,738

ServiceNow,

Inc.

(c)

..................

5,194

3,022,129

Splunk,

Inc.

(c)

.....................

1,562

229,864

Synopsys,

Inc.

(c)

...................

3,047

1,430,384

Temenos

AG

(Registered)

.............

3,880

279,537

Tyler

Technologies,

Inc.

(c)

.............

1,556

580,232

VMware,

Inc.,

Class

A

(c)

..............

848

123,511

Workday,

Inc.,

Class

A

(c)

..............

1,346

284,962

Zoom

Video

Communications,

Inc.,

Class

A

(c)

2,682

160,866

Zscaler,

Inc.

(c)

.....................

840

133,300

96,139,093

Specialized

REITs

—

0.1%

American

Tower

Corp.

...............

4,853

864,756

Digital

Realty

Trust,

Inc.

..............

2,110

262,400

Equinix,

Inc.

......................

1,121

817,926

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialized

REITs

(continued)

Public

Storage

.....................

606

$

144,658

2,089,740

Specialty

Retail

—

1.8%

AutoZone,

Inc.

(c)

...................

602

1,491,232

Best

Buy

Co.,

Inc.

..................

5,060

338,109

Burlington

Stores,

Inc.

(c)

..............

8,285

1,002,734

CarMax,

Inc.

(c)

.....................

9,928

606,501

Dufry

AG

(Registered)

(c)

..............

7,380

258,701

Fast

Retailing

Co.

Ltd.

...............

1,600

354,234

Home

Depot,

Inc.

(The)

..............

29,068

8,275,369

Lowe's

Cos.,

Inc.

...................

18,907

3,603,107

O'Reilly

Automotive,

Inc.

(c)

.............

1,811

1,685,027

Ross

Stores,

Inc.

...................

29,801

3,456,022

TJX

Cos.,

Inc.

(The)

.................

56,133

4,943,633

Zalando

SE

(b)(c)(e)

...................

7,180

167,944

26,182,613

Technology

Hardware,

Storage

&

Peripherals

—

3.2%

Apple,

Inc.

.......................

277,424

47,375,697

FUJIFILM

Holdings

Corp.

.............

7,100

388,354

Logitech

International

SA

(Registered)

.....

5,577

438,973

48,203,024

Textiles,

Apparel

&

Luxury

Goods

—

1.0%

adidas

AG

.......................

3,569

634,596

Cie

Financiere

Richemont

SA

(Registered)

..

8,902

1,050,218

Deckers

Outdoor

Corp.

(c)

..............

1,475

880,663

Hermes

International

SCA

.............

259

483,249

Kering

SA

........................

918

373,352

Lululemon

Athletica,

Inc.

(c)(d)

............

2,403

945,532

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

4,390

3,142,935

Moncler

SpA

......................

5,180

269,035

NIKE,

Inc.,

Class

B

.................

47,874

4,920,011

Pandora

A/S

......................

4,583

519,806

Puma

SE

........................

3,402

192,785

Ralph

Lauren

Corp.,

Class

A

...........

905

101,840

Tapestry,

Inc.

......................

5,192

143,092

VF

Corp.

........................

27,098

399,154

14,056,268

Tobacco

—

0.0%

British

American

Tobacco

plc

...........

12,156

363,130

Trading

Companies

&

Distributors

—

1.0%

Ashtead

Group

plc

..................

15,281

876,404

Brenntag

SE

......................

4,993

371,287

Bunzl

plc

........................

4,065

145,024

Fastenal

Co.

......................

49,371

2,880,304

Ferguson

plc

......................

10,160

1,526,032

IMCD

NV

........................

2,455

295,571

ITOCHU

Corp.

....................

25,700

925,740

Marubeni

Corp.

....................

49,900

729,627

Mitsubishi

Corp.

....................

23,500

1,095,466

Mitsui

&

Co.

Ltd.

...................

27,200

988,562

Toyota

Tsusho

Corp.

.................

2,000

106,472

United

Rentals,

Inc.

.................

5,592

2,271,862

Watsco,

Inc.

......................

2,371

827,218

WW

Grainger,

Inc.

..................

2,818

2,056,661

15,096,230

Transportation

Infrastructure

—

0.0%

Transurban

Group

(g)

.................

87,207

656,537

Water

Utilities

—

0.4%

American

Water

Works

Co.,

Inc.

.........

28,318

3,331,613

Essential

Utilities,

Inc.

................

37,365

1,250,233

Severn

Trent

plc

...................

10,850

350,263

Security

Shares

Shares

Value

Water

Utilities

(continued)

United

Utilities

Group

plc

..............

26,318

$

340,386

5,272,495

Total

Common

Stocks

—

69.7%

(Cost:

$869,482,028)

.............................

1,035,831,345

Beneficial

Interest

(000)

Other

Interests

(h)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(c)(f)(i)

......

USD

300

—

Total

Other

Interests

—

0.0%

(Cost:

$—)

....................................

—

Shares

Shares

Preferred

Securities

Preferred

Stocks

—

0.1%

Automobiles

—

0.0%

Porsche

Automobil

Holding

SE

(Preference)

.

4,422

197,920

Volkswagen

AG

(Preference)

...........

3,234

342,968

540,888

Household

Products

—

0.1%

Henkel

AG

&

Co.

KGaA

(Preference)

......

5,226

376,978

Life

Sciences

Tools

&

Services

—

0.0%

Sartorius

AG

(Preference)

.............

619

155,146

Total

Preferred

Securities

—

0.1%

(Cost:

$1,279,080)

..............................

1,073,012

Rights

Health

Care

Equipment

&

Supplies

—

0.0%

ABIOMED,

Inc.,

CVR

(c)(f)

..............

843

2,293

Total

Rights

—

0.0%

(Cost:

$860)

...................................

2,293

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Occidental

Petroleum

Corp.

(Issued/

Exercisable

07/06/20,

1

Share

for

1

Warrant,

Expires

08/03/27,

Strike

Price

USD

22.00)

(c)

1,587

63,258

Total

Warrants

—

0.0%

(Cost:

$7,856)

.................................

63,258

Total

Long-Term

Investments

—

69.8%

(Cost:

$870,977,703)

.............................

1,036,969,908

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.1%

(j)(k)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.24%

...................

13,482,852

$

13,482,852

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.53%

(l)

.......................

2,605,178

2,606,220

Total

Money

Market

Funds

—

1.1%

(Cost:

$16,088,961)

..............................

16,089,072

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

17.7%

U.S.

Treasury

Bills

(m)(n)

5.37%, 01/11/24

.................

USD

48,588

48,080,360

5.39%, 01/18/24

.................

50,890

50,304,235

5.43%, 01/23/24

.................

85,290

84,244,213

5.43%, 02/27/24

.................

82,138

80,700,984

Total

U.S.

Treasury

Obligations

—

17.7%

(Cost:

$263,339,870)

.............................

263,329,792

Total

Short-Term

Securities

—

18.8%

(Cost:

$279,428,831)

.............................

279,418,864

Total

Investments

—

88.6%

(Cost:

$1,150,406,534

)

...........................

1,316,388,772

Other

Assets

Less

Liabilities

—

11.4%

..................

169,656,013

Net

Assets

—

100.0%

..............................

$

1,486,044,785

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(i)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

Affiliate

of

the

Fund.

(k)

Annualized

7-day

yield

as

of

period

end.

(l)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(m)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(n)

All

or

a

portion

of

the

security

has

been

pledged

in

connection

with

outstanding

futures

contracts.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

53

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

102,641,987

$

—

$

(89,159,135)

(a)

$

—

$

—

$

13,482,852

13,482,852

$

1,635,140

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

38,627

2,567,209

(a)

—

278

106

2,606,220

2,605,178

12,714

(b)

—

$

278

$

106

$

16,089,072

$

1,647,854

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

54

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

IBEX

35

Index

............................................................

1,773

11/17/23

$

169,640

$

(2,949,172)

MSCI

Singapore

Index

......................................................

620

11/29/23

12,321

(55,251)

Euro-Bund

..............................................................

97

12/07/23

13,239

21,277

S&P/TSX

60

Index

.........................................................

104

12/14/23

17,024

(1,189,836)

Australia

10-Year

Bond

......................................................

85

12/15/23

5,837

(118,057)

DAX

Index

..............................................................

154

12/15/23

60,704

(1,639,490)

FTSE/MIB

Index

...........................................................

1,036

12/15/23

152,015

(1,696,348)

MSCI

EAFE

E-Mini

Index

.....................................................

168

12/15/23

16,582

(767,355)

S&P

500

E-Mini

Index

.......................................................

143

12/15/23

30,118

(1,685,179)

WIG20

Index

.............................................................

101

12/15/23

1,042

98,305

U.S.

Treasury

Long

Bond

.....................................................

458

12/19/23

49,893

(3,866,521)

FTSE/JSE

Top

40

Index

.....................................................

1,766

12/21/23

61,005

(3,344,895)

SPI

200

Index

............................................................

933

12/21/23

100,775

(1,264,143)

Long

Gilt

................................................................

3,184

12/27/23

360,529

(3,870,142)

(22,326,807)

Short

Contracts

CAC

40

Index

............................................................

1,653

11/17/23

120,886

1,126,188

OMX

Stockholm

30

Index

....................................................

8,461

11/17/23

157,892

5,210,965

IFSC

NIFTY

50

Index

.......................................................

1,336

11/30/23

51,204

(251)

Euro-Bobl

...............................................................

1,440

12/07/23

177,187

1,332,290

Euro-Bund

..............................................................

1,051

12/07/23

143,445

1,455,358

TOPIX

Index

.............................................................

255

12/07/23

38,418

(556,937)

Japan

10-Year

Bond

........................................................

314

12/13/23

297,790

4,691,267

Australia

10-Year

Bond

......................................................

161

12/15/23

11,055

482,383

FTSE

100

Index

...........................................................

477

12/15/23

42,575

1,106,817

Mini-DAX

Index

...........................................................

184

12/15/23

14,506

743,387

MSCI

EAFE

E-Mini

Index

.....................................................

2,658

12/15/23

262,358

14,947,367

S&P

500

E-Mini

Index

.......................................................

2,197

12/15/23

462,716

24,247,575

Canada

10-Year

Bond

.......................................................

2,693

12/18/23

223,188

2,165,640

U.S.

Treasury

10-Year

Note

...................................................

1,401

12/19/23

148,550

136,071

U.S.

Treasury

Long

Bond

.....................................................

666

12/19/23

72,552

6,806,746

U.S.

Treasury

Ultra

Bond

.....................................................

294

12/19/23

32,809

4,061,446

SET50

Index

.............................................................

14,738

12/28/23

70,458

5,154,398

73,110,710

$

50,783,903

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

5,011,370

AUD

7,827,000

Goldman

Sachs

International

12/20/23

$

38,064

USD

2,051,628

AUD

3,223,000

HSBC

Bank

plc

12/20/23

3,722

USD

6,512,670

CAD

9,008,000

Goldman

Sachs

International

12/20/23

11,333

USD

2,501,764

CAD

3,411,000

Morgan

Stanley

&

Co.

International

plc

12/20/23

39,946

USD

6,170,082

CHF

5,447,000

HSBC

Bank

plc

12/20/23

148,141

USD

13,840,055

CLP

12,390,309,000

Citibank

NA

12/20/23

37,114

USD

793,004

CLP

708,153,000

Morgan

Stanley

&

Co.

International

plc

12/20/23

4,114

USD

9,162,029

EUR

8,606,000

HSBC

Bank

plc

12/20/23

34,962

USD

13,467,656

EUR

12,507,000

JPMorgan

Chase

Bank

NA

12/20/23

203,395

USD

6,090,922

GBP

4,989,000

HSBC

Bank

plc

12/20/23

24,648

USD

7,495,285

GBP

5,995,000

Standard

Chartered

Bank

12/20/23

205,786

USD

5,907,582

JPY

858,013,000

Bank

of

America

NA

12/20/23

199,282

USD

3,168,716

JPY

474,161,000

BNP

Paribas

SA

12/20/23

14,157

USD

1,815,795

JPY

263,728,000

Goldman

Sachs

International

12/20/23

61,232

USD

719,387

KRW

955,130,000

Bank

of

America

NA

12/20/23

11,479

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

55

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

466,554

KRW

627,908,000

BNP

Paribas

SA

12/20/23

$

1,171

USD

937,691

PLN

3,919,000

Morgan

Stanley

&

Co.

International

plc

12/20/23

8,733

USD

84,482

SEK

938,000

Bank

of

America

NA

12/20/23

243

USD

1,430,861

SEK

15,844,000

Morgan

Stanley

&

Co.

International

plc

12/20/23

7,970

USD

1,659,871

SGD

2,253,000

JPMorgan

Chase

Bank

NA

12/20/23

10,733

USD

6,428,272

THB

226,981,000

Citibank

NA

12/20/23

85,111

ZAR

4,940,000

USD

262,120

Bank

of

America

NA

12/20/23

1,802

1,153,138

AUD

59,385,024

USD

38,022,271

Goldman

Sachs

International

12/20/23

(288,802)

BRL

6,744,000

USD

1,331,454

HSBC

Bank

plc

12/20/23

(1,383)

BRL

10,017,000

USD

1,986,396

Morgan

Stanley

&

Co.

International

plc

12/20/23

(10,815)

CAD

45,633,869

USD

33,464,660

State

Street

Bank

and

Trust

Co.

12/20/23

(529,364)

CHF

1,993,000

USD

2,225,126

JPMorgan

Chase

Bank

NA

12/20/23

(21,761)

CLP

46,930,054,000

USD

53,235,839

Morgan

Stanley

&

Co.

International

plc

12/20/23

(955,243)

EUR

5,097,000

USD

5,417,041

Bank

of

New

York

Mellon

12/20/23

(11,433)

EUR

59,353,759

USD

63,904,115

Barclays

Bank

plc

12/20/23

(956,664)

EUR

7,089,000

USD

7,635,207

JPMorgan

Chase

Bank

NA

12/20/23

(116,989)

GBP

6,869,000

USD

8,402,609

HSBC

Bank

plc

12/20/23

(50,387)

GBP

5,514,000

USD

6,784,291

JPMorgan

Chase

Bank

NA

12/20/23

(79,654)

INR

68,463,000

USD

821,077

UBS

AG

12/20/23

(168)

JPY

315,526,000

USD

2,172,279

Morgan

Stanley

&

Co.

International

plc

12/20/23

(73,107)

MXN

4,165,000

USD

232,555

Citibank

NA

12/20/23

(3,396)

MXN

32,008,000

USD

1,766,811

Goldman

Sachs

International

12/20/23

(5,729)

MXN

23,080,000

USD

1,289,013

JPMorgan

Chase

Bank

NA

12/20/23

(19,150)

NOK

9,622,000

USD

898,384

HSBC

Bank

plc

12/20/23

(35,779)

NZD

811,000

USD

476,483

Goldman

Sachs

International

12/20/23

(3,917)

SEK

34,158,000

USD

3,084,065

HSBC

Bank

plc

12/20/23

(16,461)

SEK

25,287,000

USD

2,285,064

Morgan

Stanley

&

Co.

International

plc

12/20/23

(14,132)

SGD

921,000

USD

678,477

UBS

AG

12/20/23

(4,329)

USD

9,113,610

CLP

8,640,374,000

BNP

Paribas

SA

12/20/23

(511,862)

USD

683,398

CLP

646,905,000

JPMorgan

Chase

Bank

NA

12/20/23

(37,261)

USD

86,959

INR

7,270,000

BNP

Paribas

SA

12/20/23

(211)

USD

5,499,197

KRW

7,448,992,000

Bank

of

America

NA

12/20/23

(21,728)

USD

5,556,434

KRW

7,498,686,000

Morgan

Stanley

&

Co.

International

plc

12/20/23

(1,322)

USD

1,314,400

PLN

5,634,000

HSBC

Bank

plc

12/20/23

(21,081)

USD

5,692,285

THB

209,755,000

Goldman

Sachs

International

12/20/23

(169,482)

USD

1,891,331

THB

67,735,000

UBS

AG

12/20/23

(1,576)

USD

1,174,043

ZAR

22,766,000

BNP

Paribas

SA

12/20/23

(42,240)

(4,005,426)

$

(2,852,288)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

...........

5.00

%

Quarterly

12/20/28

B+

USD

31,213

$

(11,323)

$

221,707

$

(233,030)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

56

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)

9.49%

Monthly

28-day

MXIBTIIE

Monthly

03/20/24

(a)

03/14/29

MXN

84,000

$

—

$

—

$

—

9.52%

Monthly

28-day

MXIBTIIE

Monthly

03/20/24

(a)

03/14/29

MXN

581,000

10,695

—

10,695

3-mo.

TWCPBA

Quarterly

1.54%

Quarterly

03/20/24

(a)

03/20/29

TWD

3,124,800

(838,254)

—

(838,254)

3-mo.

TWCPBA

Quarterly

1.73%

Quarterly

03/20/24

(a)

03/20/29

TWD

335,000

—

—

—

3-mo.

TWCPBA

Quarterly

1.79%

Quarterly

03/20/24

(a)

03/20/29

TWD

507,000

57,810

—

57,810

3-mo.

CD_KSDA

Quarterly

3.77%

Quarterly

03/20/24

(a)

03/20/29

KRW

7,592,000

(85,175)

—

(85,175)

3-mo.

CD_KSDA

Quarterly

3.93%

Quarterly

03/20/24

(a)

03/20/29

KRW

25,833,000

(151,572)

—

(151,572)

3-mo.

CD_KSDA

Quarterly

3.93%

Quarterly

03/20/24

(a)

03/20/29

KRW

31,492,000

(186,882)

—

(186,882)

3-mo.

CD_KSDA

Quarterly

3.94%

Quarterly

03/20/24

(a)

03/20/29

KRW

16,846,000

(90,108)

—

(90,108)

3-mo.

CD_KSDA

Quarterly

3.95%

Quarterly

03/20/24

(a)

03/20/29

KRW

81,842,000

(410,392)

—

(410,392)

3-mo.

CD_KSDA

Quarterly

3.98%

Quarterly

03/20/24

(a)

03/20/29

KRW

97,430,000

(401,220)

—

(401,220)

1-day

REPO_CORRA

Semi-Annual

4.00%

Semi-Annual

03/20/24

(a)

03/20/29

CAD

2,000

(1,447)

(1,447)

—

3-mo.

CD_KSDA

Quarterly

4.03%

Quarterly

03/20/24

(a)

03/20/29

KRW

26,086,000

(61,441)

—

(61,441)

6-mo.

PRIBOR

Semi-Annual

4.09%

Annual

03/20/24

(a)

03/20/29

CZK

758,000

(187,757)

—

(187,757)

3-mo.

CD_KSDA

Quarterly

4.12%

Quarterly

03/20/24

(a)

03/20/29

KRW

60,353,000

—

—

—

6-mo.

WIBOR

Semi-Annual

4.19%

Annual

03/20/24

(a)

03/20/29

PLN

139,000

(604,697)

—

(604,697)

1-day

SOFR

Annual

4.21%

Annual

03/20/24

(a)

03/20/29

USD

21,000

(211,022)

4,338

(215,360)

6-mo.

PRIBOR

Semi-Annual

4.22%

Annual

03/20/24

(a)

03/20/29

CZK

718,000

(8,942)

—

(8,942)

6-mo.

WIBOR

Semi-Annual

4.23%

Annual

03/20/24

(a)

03/20/29

PLN

67,000

(264,159)

—

(264,159)

1-day

SOFR

Annual

4.24%

Annual

03/20/24

(a)

03/20/29

USD

15,000

(129,862)

(58,382)

(71,480)

6-mo.

PRIBOR

Semi-Annual

4.24%

Annual

03/20/24

(a)

03/20/29

CZK

262,000

—

—

—

1-day

SOFR

Annual

4.24%

Annual

03/20/24

(a)

03/20/29

USD

51,000

(448,181)

17,866

(466,047)

6-mo.

WIBOR

Semi-Annual

4.25%

Annual

03/20/24

(a)

03/20/29

PLN

290,000

(1,081,382)

—

(1,081,382)

6-mo.

WIBOR

Semi-Annual

4.28%

Annual

03/20/24

(a)

03/20/29

PLN

62,000

(212,698)

—

(212,698)

1-day

SOFR

Annual

4.28%

Annual

03/20/24

(a)

03/20/29

USD

39,000

(276,599)

(195,954)

(80,645)

6-mo.

WIBOR

Semi-Annual

4.31%

Annual

03/20/24

(a)

03/20/29

PLN

68,000

(214,689)

—

(214,689)

1-day

SOFR

Annual

4.32%

Annual

03/20/24

(a)

03/20/29

USD

16,000

(84,956)

(2,746)

(82,210)

6-mo.

WIBOR

Semi-Annual

4.33%

Annual

03/20/24

(a)

03/20/29

PLN

65,000

(192,291)

—

(192,291)

6-mo.

PRIBOR

Semi-Annual

4.33%

Annual

03/20/24

(a)

03/20/29

CZK

361,000

74,859

—

74,859

1-day

SOFR

Annual

4.34%

Annual

03/20/24

(a)

03/20/29

USD

47,000

(208,693)

76,147

(284,840)

6-mo.

WIBOR

Semi-Annual

4.37%

Annual

03/20/24

(a)

03/20/29

PLN

65,000

(165,794)

—

(165,794)

1-day

SOFR

Annual

4.39%

Annual

03/20/24

(a)

03/20/29

USD

57,000

(124,228)

258,657

(382,885)

1-day

SOFR

Annual

4.39%

Annual

03/20/24

(a)

03/20/29

USD

47,000

(104,477)

389,692

(494,169)

1-day

SOFR

Annual

4.40%

Annual

03/20/24

(a)

03/20/29

USD

35,000

21,518

21,518

—

6-mo.

WIBOR

Semi-Annual

4.43%

Annual

03/20/24

(a)

03/20/29

PLN

108,000

(212,653)

—

(212,653)

6-mo.

WIBOR

Semi-Annual

4.44%

Annual

03/20/24

(a)

03/20/29

PLN

86,000

(159,502)

—

(159,502)

6-mo.

BBR

Semi-Annual

4.49%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

5,000

(67,395)

—

(67,395)

6-mo.

BBR

Semi-Annual

4.52%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

27,000

(343,781)

—

(343,781)

1-day

SONIA

Annual

4.53%

Annual

03/20/24

(a)

03/20/29

GBP

10,000

70,773

30,335

40,438

6-mo.

BBR

Semi-Annual

4.58%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

66,000

(730,882)

—

(730,882)

6-mo.

BBR

Semi-Annual

4.59%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

67,000

(716,026)

—

(716,026)

6-mo.

BBR

Semi-Annual

4.60%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

39,000

(415,713)

—

(415,713)

6-mo.

WIBOR

Semi-Annual

4.60%

Annual

03/20/24

(a)

03/20/29

PLN

62,000

—

—

—

1-day

SONIA

Annual

4.60%

Annual

03/20/24

(a)

03/20/29

GBP

29,000

314,356

165,440

148,916

1-day

SONIA

Annual

4.66%

Annual

03/20/24

(a)

03/20/29

GBP

9,000

122,958

(2,012)

124,970

6-mo.

BBR

Semi-Annual

4.71%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

45,501

(342,873)

—

(342,873)

6-mo.

BBR

Semi-Annual

4.71%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

41,499

(315,011)

—

(315,011)

6-mo.

BBR

Semi-Annual

4.72%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

29,000

(208,910)

—

(208,910)

6-mo.

WIBOR

Semi-Annual

4.73%

Annual

03/20/24

(a)

03/20/29

PLN

53,000

53,998

—

53,998

6-mo.

BBR

Semi-Annual

4.75%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

15,000

(96,446)

—

(96,446)

6-mo.

BBR

Semi-Annual

4.77%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

15,000

(88,568)

—

(88,568)

6-mo.

WIBOR

Semi-Annual

4.77%

Annual

03/20/24

(a)

03/20/29

PLN

84,000

118,990

—

118,990

6-mo.

WIBOR

Semi-Annual

4.85%

Annual

03/20/24

(a)

03/20/29

PLN

138,000

298,392

—

298,392

6-mo.

BBR

Semi-Annual

4.88%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

32,500

(90,373)

—

(90,373)

6-mo.

BBR

Semi-Annual

4.91%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

32,500

(65,666)

—

(65,666)

6-mo.

BBR

Semi-Annual

4.96%

Semi-Annual

03/20/24

(a)

03/20/29

AUD

39,000

—

—

—

1-day

MIBOR

Semi-Annual

6.70%

Semi-Annual

03/20/24

(a)

03/20/29

INR

3,939,000

46,364

—

46,364

1-day

MIBOR

Semi-Annual

6.71%

Semi-Annual

03/20/24

(a)

03/20/29

INR

771,000

—

—

—

1-day

MIBOR

Semi-Annual

6.77%

Semi-Annual

03/20/24

(a)

03/20/29

INR

1,516,000

70,756

—

70,756

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

57

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

MIBOR

Semi-Annual

6.79%

Semi-Annual

03/20/24

(a)

03/20/29

INR

2,260,000

$

130,678

$

—

$

130,678

1-day

MIBOR

Semi-Annual

6.80%

Semi-Annual

03/20/24

(a)

03/20/29

INR

924,000

58,579

—

58,579

1-day

MIBOR

Semi-Annual

6.82%

Semi-Annual

03/20/24

(a)

03/20/29

INR

818,000

56,815

—

56,815

1-day

MIBOR

Semi-Annual

6.85%

Semi-Annual

03/20/24

(a)

03/20/29

INR

4,367,000

377,408

—

377,408

3-mo.

JIBAR

Quarterly

8.88%

Quarterly

03/20/24

(a)

03/20/29

ZAR

86,000

11,936

11,936

—

3-mo.

JIBAR

Quarterly

8.88%

Quarterly

03/20/24

(a)

03/20/29

ZAR

202,000

38,832

—

38,832

3-mo.

JIBAR

Quarterly

8.89%

Quarterly

03/20/24

(a)

03/20/29

ZAR

291,000

59,605

—

59,605

3-mo.

JIBAR

Quarterly

9.19%

Quarterly

03/20/24

(a)

03/20/29

ZAR

159,000

133,978

—

133,978

4.01%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

03/20/24

(a)

03/20/29

CAD

17,000

33,377

36,092

(2,715)

1.45%

Annual

1-day

SARON

Annual

03/20/24

(a)

03/20/29

CHF

6,000

(17,627)

(17,627)

—

1.71%

Annual

1-day

SARON

Annual

03/20/24

(a)

03/20/29

CHF

12,000

(197,601)

(3,941)

(193,660)

1.71%

Annual

1-day

SARON

Annual

03/20/24

(a)

03/20/29

CHF

14,000

(228,548)

5,962

(234,510)

1.75%

Annual

1-day

SARON

Annual

03/20/24

(a)

03/20/29

CHF

12,000

(225,880)

19,844

(245,724)

4.43%

Annual

1-day

SONIA

Annual

03/20/24

(a)

03/20/29

GBP

9,000

(18,528)

(18,528)

—

3.34%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

27,000

34,843

—

34,843

3.35%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

35,000

33,077

—

33,077

3.34%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

26,000

28,848

—

28,848

3.45%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

18,000

(45,462)

—

(45,462)

3.51%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

21,000

(91,726)

—

(91,726)

3.33%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

3,000

4,858

—

4,858

3.37%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

21,000

6,029

—

6,029

3.37%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

21,000

4,993

—

4,993

3.51%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

19,000

(83,615)

—

(83,615)

3.49%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

24,000

(91,802)

—

(91,802)

3.46%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/29

SGD

18,000

—

—

—

2.94%

Quarterly

1-day

THOR

Quarterly

03/20/24

(a)

03/20/29

THB

325,000

—

—

—

3.13%

Quarterly

1-day

THOR

Quarterly

03/20/24

(a)

03/20/29

THB

942,000

(280,988)

—

(280,988)

3.03%

Quarterly

1-day

THOR

Quarterly

03/20/24

(a)

03/20/29

THB

313,000

(54,417)

—

(54,417)

2.99%

Quarterly

1-day

THOR

Quarterly

03/20/24

(a)

03/20/29

THB

447,000

(54,708)

—

(54,708)

3.00%

Quarterly

1-day

THOR

Quarterly

03/20/24

(a)

03/20/29

THB

1,000

(129)

—

(129)

3.02%

Quarterly

1-day

THOR

Quarterly

03/20/24

(a)

03/20/29

THB

313,000

(49,523)

—

(49,523)

2.93%

Quarterly

1-day

THOR

Quarterly

03/20/24

(a)

03/20/29

THB

765,000

(26,346)

—

(26,346)

2.56%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

03/20/24

(a)

03/20/29

CNY

221,000

(139,560)

—

(139,560)

2.55%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

03/20/24

(a)

03/20/29

CNY

103,000

(55,685)

—

(55,685)

2.50%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

03/20/24

(a)

03/20/29

CNY

483,000

(124,920)

—

(124,920)

2.46%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

03/20/24

(a)

03/20/29

CNY

104,000

—

—

—

2.55%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

03/20/24

(a)

03/20/29

CNY

174,000

(91,344)

—

(91,344)

4.48%

Quarterly

3-mo.

HIBOR

Quarterly

03/20/24

(a)

03/20/29

HKD

14,000

(6,108)

—

(6,108)

4.46%

Quarterly

3-mo.

HIBOR

Quarterly

03/20/24

(a)

03/20/29

HKD

20,000

—

—

—

4.48%

Quarterly

3-mo.

HIBOR

Quarterly

03/20/24

(a)

03/20/29

HKD

128,000

(53,049)

—

(53,049)

3.36%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

179,000

(32,310)

31,960

(64,270)

3.30%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

174,000

9,834

42,605

(32,771)

3.47%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

176,000

(109,543)

(87,751)

(21,792)

3.32%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

175,000

(2,764)

42,908

(45,672)

3.42%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

222,000

(92,690)

1,578

(94,268)

3.49%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

293,000

(210,613)

18,940

(229,553)

3.48%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

166,000

(114,655)

23,553

(138,208)

3.50%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

168,000

(126,835)

(2,855)

(123,980)

3.40%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

557,000

(124,480)

(124,480)

—

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

58

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.36%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

167,000

$

(34,169)

$

(8,791)

$

(25,378)

3.49%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

155,000

(110,171)

(24,561)

(85,610)

3.25%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

3,492,000

912,803

610,482

302,321

3.32%

Annual

3-mo.

STIBOR

Quarterly

03/20/24

(a)

03/20/29

SEK

497,000

(10,225)

17,720

(27,945)

3.11%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

14,000

47,980

55,962

(7,982)

3.19%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

59,000

(29,924)

33,119

(63,043)

3.26%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

22,000

(84,132)

10,826

(94,958)

3.38%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

36,000

(347,195)

(3,195)

(344,000)

3.32%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

21,000

(140,417)

(38,039)

(102,378)

3.18%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

22,000

(5,942)

7,070

(13,012)

3.38%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

11,000

(107,137)

(22,503)

(84,634)

3.32%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

16,000

(110,801)

(78,137)

(32,664)

3.18%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

43,000

(10,239)

37,767

(48,006)

3.31%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

34,000

(207,878)

(90,524)

(117,354)

3.00%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

200,000

1,715,875

812,171

903,704

3.28%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

14,000

(67,564)

40,191

(107,755)

3.24%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

26,000

(70,901)

62,525

(133,426)

3.28%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

15,000

(71,675)

(6,946)

(64,729)

3.21%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

56,000

(99,098)

(99,098)

—

3.21%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

30,000

(46,029)

16,297

(62,326)

3.39%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

25,000

(254,227)

(7,868)

(246,359)

3.08%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

32,000

146,306

(95,610)

241,916

3.20%

Annual

6-mo.

EURIBOR

Semi-Annual

03/20/24

(a)

03/20/29

EUR

37,000

(40,883)

26,855

(67,738)

$

(10,092,657)

$

1,939,361

$

(12,032,018)

(a)

Forward

swap.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

69,000

$

(486,379)

$

—

$

(486,379)

1-day

BZDIOVER

At

Termination

10.32%

At

Termination

Barclays

Bank

plc

01/04/27

BRL

75,000

(467,778)

—

(467,778)

1-day

BZDIOVER

At

Termination

10.38%

At

Termination

HSBC

Bank

plc

01/04/27

BRL

148,000

(822,594)

—

(822,594)

1-day

BZDIOVER

At

Termination

10.57%

At

Termination

HSBC

Bank

plc

01/04/27

BRL

76,000

(316,518)

—

(316,518)

1-day

BZDIOVER

At

Termination

10.65%

At

Termination

HSBC

Bank

plc

01/04/27

BRL

77,000

(256,970)

—

(256,970)

1-day

BZDIOVER

At

Termination

10.75%

At

Termination

Bank

of

America

NA

01/04/27

BRL

165,000

(485,354)

—

(485,354)

1-day

BZDIOVER

At

Termination

10.82%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

78,000

(204,091)

—

(204,091)

1-day

BZDIOVER

At

Termination

10.86%

At

Termination

Bank

of

America

NA

01/04/27

BRL

24,000

(54,442)

—

(54,442)

1-day

BZDIOVER

At

Termination

10.92%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/04/27

BRL

76,000

(155,730)

—

(155,730)

1-day

BZDIOVER

At

Termination

11.02%

At

Termination

JPMorgan

Chase

Bank

NA

01/04/27

BRL

70,000

(95,500)

—

(95,500)

1-day

BZDIOVER

At

Termination

11.04%

At

Termination

HSBC

Bank

plc

01/04/27

BRL

131,000

(147,275)

—

(147,275)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

59

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

11.18%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/04/27

BRL

55,000

$

—

$

—

$

–

$

(3,492,631)

$

—

$

(3,492,631)

OTC

Total

Return

Swap

s

-

Future

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2023

........

TWD

153,790,140

Merrill

Lynch

International

&

Co.

11/15/23

TWD

153,790

$

—

$

—

$

—

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2023

........

TWD

3,142,031,509

Merrill

Lynch

International

&

Co.

11/15/23

TWD

3,142,032

(3,853,779)

—

(3,853,779)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2023

........

TWD

263,308,171

Merrill

Lynch

International

&

Co.

11/15/23

TWD

263,308

(226,797)

—

(226,797)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2023

........

TWD

253,110,165

Merrill

Lynch

International

&

Co.

11/15/23

TWD

253,110

(109,664)

—

(109,664)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2023

........

TWD

324,543,109

Merrill

Lynch

International

&

Co.

11/15/23

TWD

324,543

(240,558)

—

(240,558)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

November

2023

........

TWD

317,429,097

Merrill

Lynch

International

&

Co.

11/15/23

TWD

317,429

(119,867)

—

(119,867)

BOVESPA

Index

Futures

December

2023

........

BRL

(16,114,418)

Merrill

Lynch

International

&

Co.

12/13/23

BRL

16,114

108,395

—

108,395

BOVESPA

Index

Futures

December

2023

........

BRL

(27,235,494)

Merrill

Lynch

International

&

Co.

12/13/23

BRL

27,235

—

—

—

KOSPI

200

Index

Futures

December

2023

........

KRW

8,980,109,775

Merrill

Lynch

International

&

Co.

12/14/23

KRW

8,980,110

—

—

—

KOSPI

200

Index

Futures

December

2023

........

KRW

(4,428,670,125)

Merrill

Lynch

International

&

Co.

12/14/23

KRW

4,428,670

152,564

—

152,564

KOSPI

200

Index

Futures

December

2023

........

KRW

(12,888,319,675)

Merrill

Lynch

International

&

Co.

12/14/23

KRW

12,888,320

390,615

—

390,615

KOSPI

200

Index

Futures

December

2023

........

KRW

(13,248,073,800)

Merrill

Lynch

International

&

Co.

12/14/23

KRW

13,248,074

941,227

—

941,227

KOSPI

200

Index

Futures

December

2023

........

KRW

(82,360,557,300)

Merrill

Lynch

International

&

Co.

12/14/23

KRW

82,360,557

7,091,820

—

7,091,820

KOSPI

200

Index

Futures

December

2023

........

KRW

(13,762,978,350)

Merrill

Lynch

International

&

Co.

12/14/23

KRW

13,762,978

924,552

—

924,552

KOSPI

200

Index

Futures

December

2023

........

KRW

(130,198,967,050)

Merrill

Lynch

International

&

Co.

12/14/23

KRW

130,198,967

8,973,394

—

8,973,394

KOSPI

200

Index

Futures

December

2023

........

KRW

(11,685,976,825)

Merrill

Lynch

International

&

Co.

12/14/23

KRW

11,685,977

68,825

—

68,825

Mexican

Bolsa

Index

Futures

December

2023

........

MXN

391,212,869

Merrill

Lynch

International

&

Co.

12/15/23

MXN

391,213

(1,270,047)

—

(1,270,047)

Mexican

Bolsa

Index

Futures

December

2023

........

MXN

(104,152,593)

Merrill

Lynch

International

&

Co.

12/15/23

MXN

104,153

369,260

—

369,260

Mexican

Bolsa

Index

Futures

December

2023

........

MXN

18,221,327

Merrill

Lynch

International

&

Co.

12/15/23

MXN

18,221

45,830

—

45,830

Swiss

Market

Index

Futures

December

2023

........

CHF

(6,245,934)

HSBC

Bank

plc

12/15/23

CHF

6,246

12,460

—

12,460

Swiss

Market

Index

Futures

December

2023

........

CHF

(1,873,285)

HSBC

Bank

plc

12/15/23

CHF

1,873

—

—

—

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

60

OTC

Total

Return

Swaps

-

Future

(continued)

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Swiss

Market

Index

Futures

December

2023

........

CHF

(42,000,714)

HSBC

Bank

plc

12/15/23

CHF

42,001

$

2,536,243

$

—

$

2,536,243

$

15,794,473

$

—

$

15,794,473

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

plus

0.27%

Quarterly

Russel

1000

Value

Index

Total

Return

Quarterly

JPMorgan

Chase

Bank

NA

11/10/23

USD

63,535

$

(5,917,782)

$

—

$

(5,917,782)

1-day

SOFR

plus

0.29%

Quarterly

Russel

1000

Value

Index

Total

Return

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/11/24

USD

1,503

(111,128)

—

(111,128)

1-day

SOFR

plus

0.40%

Quarterly

Russel

1000

Value

Index

Total

Return

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/11/24

USD

6,087

(318,395)

—

(318,395)

MSCI

Chile

Net

Return

Index

..........

Quarterly

1-day

SOFR

minus

0.45%

Quarterly

Merrill

Lynch

International

&

Co.

05/16/24

USD

8,879

1,528,209

—

1,528,209

MSCI

Chile

Net

Return

Index

..........

Quarterly

1-day

SOFR

minus

0.45%

Quarterly

Merrill

Lynch

International

&

Co.

05/16/24

USD

7,562

1,569,091

—

1,569,091

S&P

500

Total

Return

Index

..........

Quarterly

1-day

SOFR

plus

0.33%

Quarterly

UBS

AG

05/24/24

USD

422,723

20,816,647

—

20,816,647

MSCI

Chile

Net

Return

Index

..........

Quarterly

1-day

SOFR

minus

0.45%

Quarterly

Merrill

Lynch

International

&

Co.

09/05/24

USD

12,989

1,706,363

—

1,706,363

MSCI

Chile

Net

Return

Index

..........

Quarterly

1-day

SOFR

minus

0.30%

Quarterly

Merrill

Lynch

International

&

Co.

10/31/24

USD

1,153

—

—

—

$

19,273,005

$

—

$

19,273,005

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.05

%

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

6.84

1-day

REPO_CORRA

...................................

Canadian

Overnight

Repo

Rate

5.05

1-day

SARON

........................................

Swiss

Average

Rate

Overnight

1.70

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.32

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

5.19

1-day

SORA

.........................................

Singapore

Overnight

Rate

Average

3.69

1-day

THOR

.........................................

Thailand

Overnight

Repo

Rate

ON

2.48

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

2.50

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11.50

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3.82

3-mo.

HIBOR

........................................

Hong

Kong

Interbank

Offered

Rate

5.24

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8.36

3-mo.

STIBOR

.......................................

Stockholm

Interbank

Offered

Rate

4.09

3-mo.

TWCPBA

.......................................

Taiwan

Secondary

Markets

Bills

Rate

1.49

6-mo.

BBR

..........................................

Australian

Bank

Bill

Rate

4.74

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

4.09

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

6.88

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

5.46

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

61

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

3,152,063

$

(990,995)

$

3,462,672

$

(15,727,720)

OTC

Swaps

...................................................................

—

—

47,235,495

(15,660,648)

(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)

......

$

—

$

—

$

52,635,002

$

—

$

21,152,478

$

—

$

73,787,480

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

1,153,138

—

—

1,153,138

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

3,462,672

—

3,462,672

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

47,235,495

—

—

—

47,235,495

$

—

$

—

$

99,870,497

$

1,153,138

$

24,615,150

$

—

$

125,638,785

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

15,148,857

$

—

$

7,854,720

$

—

$

23,003,577

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

4,005,426

—

—

4,005,426

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

233,030

—

—

15,494,690

—

15,727,720

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

12,168,017

—

3,492,631

—

15,660,648

$

—

$

233,030

$

27,316,874

$

4,005,426

$

26,842,041

$

—

$

58,397,371

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(50,306,345)

$

—

$

36,686,177

$

—

$

(13,620,168)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(5,344,354)

—

—

(5,344,354)

Swaps

..............................

—

779,555

(20,278,838)

—

(12,238,991)

—

(31,738,274)

$

—

$

779,555

$

(70,585,183)

$

(5,344,354)

$

24,447,186

$

—

$

(50,702,796)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

86,547,874

$

—

$

18,492,935

$

—

$

105,040,809

Forward

foreign

currency

exchange

contracts

....

—

—

—

(4,421,648)

—

—

(4,421,648)

Swaps

..............................

—

(233,030)

48,144,365

—

(15,770,287)

—

32,141,048

$

—

$

(233,030)

$

134,692,239

$

(4,421,648)

$

2,722,648

$

—

$

132,760,209

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

62

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,193,069,003

Average

notional

value

of

contracts

—

short

.................................................................................

$

2,382,995,547

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

113,189,670

Average

amounts

sold

—

in

USD

........................................................................................

$

234,043,913

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

$

26,954,500

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

1,759,086,734

Average

notional

value

—

receives

fixed

rate

................................................................................

$

1,778,946,575

Total

return

swaps

Average

notional

value

...............................................................................................

$

916,975,897

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

13,234,753

$

—

Forward

foreign

currency

exchange

contracts

.................................................................

1,153,138

4,005,426

Swaps

—

centrally

cleared

..............................................................................

—

4,451,180

Swaps

—

OTC

(a)

.....................................................................................

47,235,495

15,660,648

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

61,623,386

$

24,117,254

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(13,234,753)

(4,451,180)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

48,388,633

$

19,666,074

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

212,806

$

(212,806)

$

—

$

—

$

—

BNP

Paribas

SA

.................................

15,328

(15,328)

—

—

—

Citibank

NA

....................................

122,225

(3,396)

—

(118,829)

—

Goldman

Sachs

International

........................

110,629

(110,629)

—

—

—

HSBC

Bank

plc

..................................

2,760,176

(1,668,448)

—

(1,091,728)

—

JPMorgan

Chase

Bank

NA

..........................

214,128

(214,128)

—

—

—

Merrill

Lynch

International

&

Co.

......................

23,870,145

(5,820,712)

—

(17,520,000)

529,433

Morgan

Stanley

&

Co.

International

plc

..................

60,763

(60,763)

—

—

—

Standard

Chartered

Bank

...........................

205,786

—

—

—

205,786

UBS

AG

......................................

20,816,647

(6,073)

—

(20,810,574)

—

$

48,388,633

$

(8,112,283)

$

—

$

(39,541,131)

$

735,219

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

63

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.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

..............................

$

561,524

$

(212,806)

$

—

$

—

$

348,718

Bank

of

New

York

Mellon

...........................

11,433

—

—

—

11,433

Barclays

Bank

plc

................................

1,424,442

—

—

(420,000)

1,004,442

BNP

Paribas

SA

.................................

1,244,783

(15,328)

—

(770,000)

459,455

Citibank

NA

....................................

3,396

(3,396)

—

—

—

Goldman

Sachs

International

........................

467,930

(110,629)

—

—

357,301

HSBC

Bank

plc

..................................

1,668,448

(1,668,448)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

6,288,097

(214,128)

—

(6,073,969)

—

Merrill

Lynch

International

&

Co.

......................

5,820,712

(5,820,712)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

1,639,872

(60,763)

—

(1,579,109)

—

State

Street

Bank

and

Trust

Co.

......................

529,364

—

—

—

529,364

UBS

AG

......................................

6,073

(6,073)

—

—

—

$

19,666,074

$

(8,112,283)

$

—

$

(8,843,078)

$

2,710,713

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

—

$

—

$

—

Common

Stocks

Aerospace

&

Defense

....................................

4,949,312

5,124,617

—

10,073,929

Air

Freight

&

Logistics

....................................

5,649,095

453,842

—

6,102,937

Automobile

Components

..................................

—

2,403,665

—

2,403,665

Automobiles

..........................................

11,152,896

6,528,816

—

17,681,712

Banks

...............................................

22,162,813

22,723,154

—

44,885,967

Beverages

...........................................

—

2,711,992

—

2,711,992

Biotechnology

.........................................

20,777,209

2,055,376

—

22,832,585

Broadline

Retail

........................................

25,343,339

—

—

25,343,339

Building

Products

.......................................

7,319,095

1,820,310

—

9,139,405

Capital

Markets

........................................

24,328,970

10,289,353

—

34,618,323

Chemicals

............................................

13,949,906

6,046,925

—

19,996,831

Commercial

Services

&

Supplies

.............................

191,682

256,983

—

448,665

Communications

Equipment

................................

4,905,896

1,064,198

—

5,970,094

Construction

&

Engineering

................................

8,357,608

3,654,958

—

12,012,566

Construction

Materials

....................................

—

2,743,723

—

2,743,723

Consumer

Finance

......................................

4,203,834

—

—

4,203,834

Containers

&

Packaging

..................................

35,201,420

151,439

—

35,352,859

Diversified

REITs

.......................................

—

456,654

—

456,654

Electric

Utilities

........................................

6,602,520

7,468,778

—

14,071,298

Electrical

Equipment

.....................................

—

6,127,487

—

6,127,487

Electronic

Equipment,

Instruments

&

Components

.................

298,357

3,893,591

—

4,191,948

Entertainment

.........................................

19,763,680

1,439,172

—

21,202,852

Financial

Services

......................................

34,186,160

3,903,412

—

38,089,572

Food

Products

.........................................

3,280,453

5,403,477

—

8,683,930

Gas

Utilities

...........................................

325,349

1,109,853

—

1,435,202

Ground

Transportation

...................................

3,620,618

776,507

—

4,397,125

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

64

Level

1

Level

2

Level

3

Total

Health

Care

Equipment

&

Supplies

...........................

$

13,215,600

$

5,847,411

$

—

$

19,063,011

Health

Care

Providers

&

Services

............................

10,219,171

215,330

—

10,434,501

Health

Care

REITs

......................................

177,922

—

—

177,922

Health

Care

Technology

..................................

—

155,552

—

155,552

Hotels,

Restaurants

&

Leisure

..............................

4,827,389

3,104,969

—

7,932,358

Household

Durables

.....................................

4,972,408

4,047,378

—

9,019,786

Household

Products

.....................................

31,519,424

1,428,207

—

32,947,631

Independent

Power

and

Renewable

Electricity

Producers

............

2,780,534

819,646

—

3,600,180

Industrial

Conglomerates

..................................

—

5,709,662

—

5,709,662

Industrial

REITs

........................................

1,200,839

695,241

—

1,896,080

Insurance

............................................

15,885,989

12,960,608

—

28,846,597

Interactive

Media

&

Services

...............................

42,057,843

116,936

—

42,174,779

IT

Services

...........................................

5,869,061

3,023,950

—

8,893,011

Leisure

Products

.......................................

572,050

364,646

—

936,696

Life

Sciences

Tools

&

Services

..............................

12,100,410

1,220,348

—

13,320,758

Machinery

............................................

6,297,791

7,122,626

—

13,420,417

Marine

Transportation

....................................

—

759,594

—

759,594

Media

...............................................

17,644,866

1,326,920

—

18,971,786

Metals

&

Mining

........................................

27,961,274

8,389,824

834,066

37,185,164

Multi-Utilities

..........................................

18,381,359

3,099,017

—

21,480,376

Office

REITs

..........................................

—

682,037

—

682,037

Oil,

Gas

&

Consumable

Fuels

...............................

23,875,524

11,707,081

—

35,582,605

Paper

&

Forest

Products

..................................

—

214,272

—

214,272

Passenger

Airlines

......................................

1,037,232

646,105

—

1,683,337

Personal

Care

Products

..................................

6,422,519

5,234,136

—

11,656,655

Pharmaceuticals

.......................................

50,378,898

25,169,729

—

75,548,627

Professional

Services

....................................

1,234,698

4,064,927

—

5,299,625

Real

Estate

Management

&

Development

.......................

255,104

5,549,373

—

5,804,477

Retail

REITs

..........................................

149,916

517,810

—

667,726

Semiconductors

&

Semiconductor

Equipment

....................

47,988,361

10,540,138

—

58,528,499

Software

.............................................

90,628,112

5,510,981

—

96,139,093

Specialized

REITs

......................................

2,089,740

—

—

2,089,740

Specialty

Retail

........................................

25,401,734

780,879

—

26,182,613

Technology

Hardware,

Storage

&

Peripherals

....................

47,375,697

827,327

—

48,203,024

Textiles,

Apparel

&

Luxury

Goods

............................

7,390,292

6,665,976

—

14,056,268

Tobacco

.............................................

—

363,130

—

363,130

Trading

Companies

&

Distributors

............................

9,562,077

5,534,153

—

15,096,230

Transportation

Infrastructure

...............................

—

656,537

—

656,537

Water

Utilities

.........................................

4,932,109

340,386

—

5,272,495

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

.......................................

—

1,073,012

—

1,073,012

Rights

................................................

—

—

2,293

2,293

Warrants

..............................................

63,258

—

—

63,258

Short-Term

Securities

Money

Market

Funds

......................................

13,482,852

—

—

13,482,852

U.S.

Treasury

Obligations

...................................

—

263,329,792

—

263,329,792

$

804,522,265

$

508,423,928

$

836,359

$

1,313,782,552

Investments

valued

at

NAV

(a)

......................................

2,606,220

$

1,316,388,772

Derivative

Financial

Instruments

(b)

Assets

Equity

contracts

...........................................

$

39,194,942

$

60,675,555

$

—

$

99,870,497

Foreign

currency

exchange

contracts

............................

—

1,153,138

—

1,153,138

Interest

rate

contracts

.......................................

21,152,478

3,462,672

—

24,615,150

Liabilities

Credit

contracts

...........................................

—

(233,030)

—

(233,030)

Equity

contracts

...........................................

(3,642,370)

(23,674,504)

—

(27,316,874)

Foreign

currency

exchange

contracts

............................

—

(4,005,426)

—

(4,005,426)

Interest

rate

contracts

.......................................

(7,854,720)

(18,987,321)

—

(26,842,041)

$

48,850,330

$

18,391,084

$

—

$

67,241,414

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

65

See

notes

to

financial

statements.

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

66

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Global

Impact

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

4,812,625‌

$

7,342,301‌

$

9,349,428‌

$

9,098,722‌

Investments,

at

value

—

affiliated

(c)

............................................

398,453‌

354,348‌

305,025‌

353,510‌

Cash  

...............................................................

—‌

340‌

—‌

—‌

Cash

pledged:

Futures

contracts

......................................................

11,000‌

—‌

8,000‌

13,000‌

Foreign

currency,

at

value

(d)

.................................................

—‌

861‌

17,960‌

10,929‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

61,453‌

—‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................

—‌

27‌

443‌

—‌

Capital

shares

sold

.....................................................

—‌

1,000‌

737‌

—‌

Dividends

—

unaffiliated

.................................................

6,930‌

6,877‌

17,263‌

10,183‌

Dividends

—

affiliated

...................................................

1,762‌

1,390‌

1,202‌

745‌

From

the

Manager

.....................................................

27,707‌

2,863‌

24,617‌

31,078‌

Variation

margin

on

futures

contracts

.........................................

—‌

—‌

—‌

530‌

Deferred

offering

costs

....................................................

38,925‌

—‌

—‌

43,263‌

Prepaid

expenses

.......................................................

13,349‌

6,887‌

38,280‌

67,463‌

Total

assets

...........................................................

5,372,204‌

7,716,894‌

9,762,955‌

9,629,423‌

LIABILITIES

Foreign

bank

overdraft

(e)

...................................................

258‌

—‌

—‌

—‌

Collateral

on

securities

loaned

...............................................

—‌

73,383‌

61,204‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

—‌

—‌

425‌

—‌

Swaps  

............................................................

5,821‌

—‌

—‌

—‌

Accounting

services

fees

.................................................

20,029‌

—‌

16,382‌

12,311‌

Offering

costs

........................................................

64,289‌

—‌

—‌

46,885‌

Administration

fees

.....................................................

—‌

850‌

—‌

—‌

Custodian

fees

........................................................

39,433‌

—‌

23,267‌

15,322‌

Deferred

foreign

capital

gain

tax

............................................

—‌

—‌

1,967‌

—‌

Investment

advisory

fees

.................................................

—‌

4,263‌

—‌

—‌

Trustees'

and

Officer's

fees

...............................................

1,018‌

—‌

719‌

1,078‌

Printing

and

postage

fees

................................................

932‌

—‌

37,370‌

—‌

Professional

fees

......................................................

39,566‌

19,313‌

44,359‌

15,010‌

Registration

fees

......................................................

—‌

—‌

671‌

—‌

Service

fees

.........................................................

24‌

47‌

38‌

28‌

Transfer

agent

fees

....................................................

565‌

—‌

468‌

346‌

Other

accrued

expenses

.................................................

—‌

—‌

3,760‌

—‌

Variation

margin

on

futures

contracts

.........................................

690‌

—‌

1,805‌

599‌

Total

liabilities

..........................................................

172,625‌

97,856‌

192,435‌

91,579‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

5,199,579‌

$

7,619,038‌

$

9,570,520‌

$

9,537,844‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

5,014,989‌

$

22,071,644‌

$

12,352,345‌

$

10,039,515‌

Accumulated

earnings

(loss)

................................................

184,590‌

(14,452,606‌)

(2,781,825‌)

(501,671‌)

NET

ASSETS

..........................................................

$

5,199,579‌

$

7,619,038‌

$

9,570,520‌

$

9,537,844‌

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

4,894,966‌

$

7,617,994‌

$

10,340,249‌

$

9,594,362‌

(b)

  Securities

loaned,

at

value

............................................

$

—‌

$

72,906‌

$

57,477‌

$

—‌

(c)

  Investments,

at

cost

—

affiliated

.........................................

$

398,453‌

$

354,348‌

$

305,017‌

$

374,910‌

(d)

  Foreign

currency,

at

cost

.............................................

$

—‌

$

876‌

$

17,997‌

$

10,981‌

(e)

  Foreign

bank

overdraft,

at

cost

.........................................

$

(258‌)

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2023

67

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Global

Impact

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................

$

103,668‌

$

1,981,110‌

$

91,762‌

$

94,982‌

Shares

outstanding

..................................................

10,000‌

228,121‌

12,032‌

10,000‌

Net

asset

value

.....................................................

$

10.37‌

$

8.68‌

$

7.63‌

$

9.50‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.........................................................

$

118,304‌

$

229,898‌

$

182,919‌

$

132,963‌

Shares

outstanding

..................................................

11,429‌

26,502‌

23,998‌

14,012‌

Net

asset

value

.....................................................

$

10.35‌

$

8.67‌

$

7.62‌

$

9.49‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Class

K

Net

assets

.........................................................

$

4,977,607‌

$

5,408,030‌

$

9,295,839‌

$

9,309,899‌

Shares

outstanding

..................................................

480,000‌

623,638‌

1,218,653‌

980,000‌

Net

asset

value

.....................................................

$

10.37‌

$

8.67‌

$

7.63‌

$

9.50‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

$

0.001‌

$

0.001‌

$

0.001‌

$

0.001‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

68

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

12,975,540‌

$

1,300,299,700‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

286,878‌

16,089,072‌

Cash  

..............................................................................................

—‌

164,201‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

—‌

11,300,000‌

Futures

contracts

.....................................................................................

11,000‌

28,450,000‌

Centrally

cleared

swaps

.................................................................................

—‌

41,392,000‌

Foreign

currency,

at

value

(d)

................................................................................

4,330‌

24,044,639‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

—‌

70,073,070‌

Securities

lending

income

—

affiliated

.......................................................................

—‌

7,019‌

Swaps  

...........................................................................................

—‌

264,434‌

Capital

shares

sold

....................................................................................

—‌

5,284,161‌

Dividends

—

unaffiliated

................................................................................

54,730‌

1,872,764‌

Dividends

—

affiliated

..................................................................................

1,260‌

267,625‌

Interest

—

unaffiliated

..................................................................................

—‌

1,146‌

From

the

Manager

....................................................................................

26,146‌

—‌

Due

from

broker

......................................................................................

—‌

530,000‌

Variation

margin

on

futures

contracts

........................................................................

661‌

13,234,753‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

1,153,138‌

OTC

swaps

.........................................................................................

—‌

47,235,495‌

Prepaid

expenses

......................................................................................

38,410‌

94,720‌

Total

assets

..........................................................................................

13,398,955‌

1,561,757,937‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

—‌

42,431,000‌

Collateral

on

securities

loaned

..............................................................................

—‌

2,605,443‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

—‌

11,027‌

Swaps  

...........................................................................................

—‌

58,400‌

Accounting

services

fees

................................................................................

16,424‌

90,576‌

Administration

fees

....................................................................................

—‌

77,987‌

Capital

shares

redeemed

................................................................................

147,502‌

4,487,488‌

Custodian

fees

.......................................................................................

37,105‌

116,456‌

Investment

advisory

fees

................................................................................

—‌

689,352‌

Trustees'

and

Officer's

fees

..............................................................................

714‌

1,163‌

Other

affiliate

fees

....................................................................................

—‌

74,537‌

Printing

and

postage

fees

...............................................................................

57,021‌

64,694‌

Professional

fees

.....................................................................................

26,690‌

71,903‌

Registration

fees

.....................................................................................

726‌

202,017‌

Service

and

distribution

fees

..............................................................................

52‌

48,388‌

Transfer

agent

fees

...................................................................................

462‌

565,467‌

Other

accrued

expenses

................................................................................

3,565‌

—‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

—‌

4,451,180‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

4,005,426‌

OTC

swaps

.........................................................................................

—‌

15,660,648‌

Total

liabilities

.........................................................................................

290,261‌

75,713,152‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

13,108,694‌

$

1,486,044,785‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2023

69

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

13,787,736‌

$

1,448,822,965‌

Accumulated

earnings

(loss)

...............................................................................

(679,042‌)

37,221,820‌

NET

ASSETS

.........................................................................................

$

13,108,694‌

$

1,486,044,785‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

12,623,108‌

$

1,134,317,573‌

(b)

  Securities

loaned,

at

value

........................................................................

$

—‌

$

2,533,095‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

286,878‌

$

16,088,961‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

4,347‌

$

24,147,358‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

70

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

$

179,093‌

$

983,776,051‌

Shares

outstanding

..................................................................................

18,593‌

68,402,320‌

Net

asset

value

.....................................................................................

$

9.63‌

$

14.38‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Service

Net

assets

.........................................................................................

$

—‌

$

1,450,043‌

Shares

outstanding

..................................................................................

—‌

101,945‌

Net

asset

value

.....................................................................................

$

—‌

$

14.22‌

Shares

authorized

...................................................................................

—

Unlimited

Par

value

.........................................................................................

$

—‌

$

0.001‌

Investor

A

Net

assets

.........................................................................................

$

250,609‌

$

187,832,802‌

Shares

outstanding

..................................................................................

26,031‌

13,238,012‌

Net

asset

value

.....................................................................................

$

9.63‌

$

14.19‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

.........................................................................................

$

—‌

$

8,580,892‌

Shares

outstanding

..................................................................................

—‌

628,484‌

Net

asset

value

.....................................................................................

$

—‌

$

13.65‌

Shares

authorized

...................................................................................

—

Unlimited

Par

value

.........................................................................................

$

—‌

$

0.001‌

Class

K

Net

assets

.........................................................................................

$

12,678,992‌

$

304,404,997‌

Shares

outstanding

..................................................................................

1,316,232‌

21,158,792‌

Net

asset

value

.....................................................................................

$

9.63‌

$

14.39‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2023

71

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Global

Impact

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

(a)

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

105,558‌

$

53,887‌

$

180,619‌

$

54,992‌

Dividends

—

affiliated

...................................................

9,806‌

6,699‌

7,136‌

5,129‌

Securities

lending

income

—

affiliated

—

net

...................................

—‌

80‌

163‌

—‌

Non-cash

dividends

—

unaffiliated

..........................................

—‌

5,445‌

—‌

—‌

Foreign

taxes

withheld

..................................................

(13,064‌)

(3,954‌)

(20,407‌)

(3,127‌)

Total

investment

income

...................................................

102,300‌

62,157‌

167,511‌

56,994‌

EXPENSES

Offering

............................................................

105,166‌

—‌

—‌

—‌

Professional

.........................................................

39,351‌

15,666‌

46,489‌

22,421‌

Custodian

...........................................................

37,709‌

—‌

29,844‌

15,322‌

Investment

advisory

....................................................

22,294‌

29,292‌

41,351‌

23,791‌

Accounting

services

....................................................

18,232‌

—‌

24,184‌

12,311‌

Registration

.........................................................

5,639‌

—‌

22,670‌

28‌

Trustees

and

Officer

....................................................

3,018‌

2,894‌

2,537‌

2,344‌

Printing

and

postage

...................................................

1,508‌

—‌

22,472‌

5,410‌

Administration

.......................................................

1,170‌

—‌

2,197‌

1,531‌

Transfer

agent

—

class

specific

............................................

551‌

8‌

256‌

396‌

Administration

—

class

specific

............................................

551‌

6,013‌

1,035‌

721‌

Service

and

distribution

—

class

specific

......................................

145‌

282‌

259‌

101‌

O

rganization

and

o

ffering

................................................

—‌

—‌

—‌

95,575‌

Miscellaneous

........................................................

2,784‌

58‌

5,483‌

1,802‌

Total

expenses

.........................................................

238,118‌

54,213‌

198,777‌

181,753‌

Less:

–‌

–‌

–‌

–‌

Administration

fees

waived

...............................................

(1,170‌)

—‌

(2,197‌)

(1,531‌)

Administration

fees

waived

by

the

Manager

—

class

specific

.........................

(551‌)

—‌

(1,034‌)

(721‌)

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(213,379‌)

(18,656‌)

(153,104‌)

(155,215‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

............

(495‌)

(8‌)

(179‌)

(358‌)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

22,523‌

35,549‌

42,263‌

23,928‌

Net

investment

income

....................................................

79,777‌

26,608‌

125,248‌

33,066‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(68,914‌)

$

(979,190‌)

$

(655,192‌)

$

(534,737‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(b)

............................................

$

162,497‌

$

(310,725‌)

$

(100,750‌)

$

(17,931‌)

Investments

—

affiliated

...............................................

—‌

80‌

(12‌)

(39‌)

Foreign

currency

transactions

...........................................

(1,270‌)

(434‌)

(861‌)

7,237‌

Futures

contracts

....................................................

3,006‌

—‌

(15‌)

3,425‌

Swaps  

..........................................................

(5,615‌)

—‌

—‌

—‌

158,618‌

(311,079‌)

(101,638‌)

(7,308‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

(222,219‌)

(667,860‌)

(532,175‌)

(495,640‌)

Investments

—

affiliated

...............................................

—‌

(19‌)

6‌

(21,400‌)

Foreign

currency

translations

............................................

79‌

(232‌)

(1,778‌)

(143‌)

Futures

contracts

....................................................

(5,990‌)

—‌

(19,607‌)

(10,246‌)

Swaps  

..........................................................

598‌

—‌

—‌

—‌

(227,532‌)

(668,111‌)

(553,554‌)

(527,429‌)

Net

realized

and

unrealized

loss

..............................................

(68,914‌)

(979,190‌)

(655,192‌)

(534,737‌)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........

$

10,863‌

$

(952,582‌)

$

(529,944‌)

$

(501,671‌)

(a)

Pe

riod

from

06/21/23

(commencement

of

operations)

to

10/31/23.

(b)

Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

.................

$

—

$

—

$

(3,069

)

$

—

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

72

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

220,350‌

$

10,763,523‌

Dividends

—

affiliated

..................................................................................

8,011‌

1,635,140‌

Interest

—

unaffiliated

..................................................................................

—‌

7,957,472‌

Securities

lending

income

—

affiliated

—

net

..................................................................

—‌

12,714‌

Foreign

taxes

withheld

.................................................................................

(24,272‌)

(406,024‌)

Total

investment

income

..................................................................................

204,089‌

19,962,825‌

EXPENSES

Custodian

..........................................................................................

47,877‌

14,154‌

Professional

........................................................................................

41,033‌

65,202‌

Investment

advisory

...................................................................................

30,382‌

4,047,965‌

Accounting

services

...................................................................................

24,252‌

143,146‌

Registration

........................................................................................

22,720‌

64,390‌

Printing

and

postage

..................................................................................

22,001‌

44,077‌

Administration

......................................................................................

2,869‌

303,598‌

Trustees

and

Officer

...................................................................................

2,548‌

7,817‌

Administration

—

class

specific

...........................................................................

1,350‌

151,864‌

Transfer

agent

—

class

specific

...........................................................................

370‌

941,005‌

Service

and

distribution

—

class

specific

.....................................................................

329‌

288,090‌

Miscellaneous

.......................................................................................

7,550‌

78,613‌

Total

expenses

excluding

interest

expense

......................................................................

203,281‌

6,149,921‌

Interest

expense

.....................................................................................

101‌

80,925‌

Total

expenses

........................................................................................

203,382‌

6,230,846‌

Less:

–‌

–‌

Administration

fees

waived

..............................................................................

(2,869‌)

—‌

Administration

fees

waived

by

the

Manager

—

class

specific

........................................................

(1,350‌)

—‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(167,923‌)

(23,425‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

...........................................

(256‌)

—‌

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

30,984‌

6,207,421‌

Net

investment

income

...................................................................................

173,105‌

13,755,404‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(1,031,032‌)

$

55,056,216‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

$

(41,027‌)

$

19,302,110‌

Investments

—

affiliated

..............................................................................

—‌

278‌

Forward

foreign

currency

exchange

contracts

................................................................

—‌

(5,344,354‌)

Foreign

currency

transactions

..........................................................................

(3,882‌)

(1,312,899‌)

Futures

contracts

...................................................................................

(16,580‌)

(13,620,168‌)

Swaps  

.........................................................................................

—‌

(31,738,274‌)

(61,489‌)

(32,713,307‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

(958,166‌)

(44,880,824‌)

Investments

—

affiliated

..............................................................................

—‌

106‌

Forward

foreign

currency

exchange

contracts

................................................................

—‌

(4,421,648‌)

Foreign

currency

translations

...........................................................................

43‌

(109,968‌)

Futures

contracts

...................................................................................

(11,420‌)

105,040,809‌

Swaps  

.........................................................................................

—‌

32,141,048‌

(969,543‌)

87,769,523‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(1,031,032‌)

55,056,216‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.........................................

$

(857,927‌)

$

68,811,620‌

Statements

of

Changes

in

Net

Assets

73

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

ex-China

Fund

BlackRock

Global

Impact

Fund

Six

Months

Ended

10/31/23

(unaudited)

Period

from

03/29/23

(a)

to

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

79,777‌

$

14,622‌

$

26,608‌

$

116,479‌

Net

realized

gain

(loss)

............................................

158,618‌

15,564‌

(311,079‌)

(6,541,729‌)

Net

change

in

unrealized

appreciation

(depreciation)

........................

(227,532‌)

142,660‌

(668,111‌)

3,881,982‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

10,863‌

172,846‌

(952,582‌)

(2,543,268‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

  Institutional

...................................................

—‌

—‌

—‌

(152,700‌)

  Investor

A

....................................................

—‌

—‌

—‌

(1,027‌)

  Class

K

......................................................

—‌

—‌

—‌

(79,434‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

—‌

—‌

—‌

(233,161‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

15,870‌

5,000,000‌

(2,180,687‌)

(21,640,126‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

26,733‌

5,172,846‌

(3,133,269‌)

(24,416,555‌)

Beginning

of

period

................................................

5,172,846‌

—‌

10,752,307‌

35,168,862‌

End

of

period

....................................................

$

5,199,579‌

$

5,172,846‌

$

7,619,038‌

$

10,752,307‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

74

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Period

from

06/21/23

(a)

to

10/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.............................................................

$

125,248‌

$

231,820‌

$

33,066‌

Net

realized

loss

.................................................................

(101,638‌)

(882,423‌)

(7,308‌)

Net

change

in

unrealized

appreciation

(depreciation)

.........................................

(553,554‌)

66,625‌

(527,429‌)

Net

decrease

in

net

assets

resulting

from

operations

...........................................

(529,944‌)

(583,978‌)

(501,671‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

  Institutional

....................................................................

(823‌)

(2,862‌)

—‌

  Investor

A

.....................................................................

(1,486‌)

(4,449‌)

—‌

  Class

K

.......................................................................

(80,986‌)

(249,172‌)

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..................................

(83,295‌)

(256,483‌)

—‌

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

..................................

25,906‌

1,057,969‌

10,039,515‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

....................................................

(587,333‌)

217,508‌

9,537,844‌

Beginning

of

period

.................................................................

10,157,853‌

9,940,345‌

—‌

End

of

period

.....................................................................

$

9,570,520‌

$

10,157,853‌

$

9,537,844‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

75

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

173,105‌

$

293,215‌

$

13,755,404‌

$

15,725,423‌

Net

realized

gain

(loss)

............................................

(61,489‌)

(707,937‌)

(32,713,307‌)

143,742,453‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

(969,543‌)

1,713,325‌

87,769,523‌

(72,143,886‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

(857,927‌)

1,298,603‌

68,811,620‌

87,323,990‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...................................................

(2,391‌)

(5,559‌)

(45,955,371‌)

(26,945,935‌)

  Service

......................................................

—‌

—‌

(50,135‌)

(37,621‌)

  Investor

A

....................................................

(3,101‌)

(5,756‌)

(8,975,287‌)

(6,306,615‌)

  Investor

C

....................................................

—‌

—‌

(424,717‌)

(275,919‌)

  Class

K

......................................................

(167,576‌)

(355,976‌)

(15,694,421‌)

(11,681,883‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(173,068‌)

(367,291‌)

(71,099,931‌)

(45,247,973‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

1,217,732‌

841,752‌

(7,010,182‌)

(192,726,824‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

186,737‌

1,773,064‌

(9,298,493‌)

(150,650,807‌)

Beginning

of

period

................................................

12,921,957‌

11,148,893‌

1,495,343,278‌

1,645,994,085‌

End

of

period

....................................................

$

13,108,694‌

$

12,921,957‌

$

1,486,044,785‌

$

1,495,343,278‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

76

BlackRock

Emerging

Markets

ex-China

Fund

Institutional

Six

Months

Ended

10/31/23

(unaudited)

Period

from

03/29/23

(a)

to

04/30/23

Net

asset

value,

beginning

of

period

.....................................................................

$

10.35

‌

$

10.00

‌

Net

investment

income

(b)

.............................................................................

0.16

‌

0.03

‌

Net

realized

and

unrealized

gain

(loss)

....................................................................

(0.14

)

0.32

‌

Net

increase

from

investment

operations

....................................................................

0.02

‌

0.35

‌

Net

asset

value,

end

of

period

..........................................................................

$

10.37

‌

$

10.35

‌

Total

Return

(c)

—

—

Based

on

net

asset

value

..............................................................................

0.19

%

(d)

3.50

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.....................................................................................

7.06

%

(f)(g)(h)

5.43

%

(f)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................

0.86

%

(f)(g)(h)

0.86

%

(f)(i)

Net

investment

income

...............................................................................

2.86

%

(f)

3.22

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................

$

104

‌

$

103

‌

Portfolio

turnover

rate

.................................................................................

26

%

3

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

8.96%

and

0.86%,

respectively.

(h)

Includes

non-recurring

expenses

of

offering

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.14%

and

0.86%,

respectively.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.49%

and

0.86%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

77

Financial

Highlights

BlackRock

Emerging

Markets

ex-China

Fund

Investor

A

Six

Months

Ended

10/31/23

(unaudited)

Period

from

03/29/23

(a)

to

04/30/23

Net

asset

value,

beginning

of

period

.....................................................................

$

10.34

‌

$

10.00

‌

Net

investment

income

(b)

.............................................................................

0.14

‌

0.03

‌

Net

realized

and

unrealized

gain

(loss)

....................................................................

(0.13

)

0.31

‌

Net

increase

from

investment

operations

....................................................................

0.01

‌

0.34

‌

Net

asset

value,

end

of

period

..........................................................................

$

10.35

‌

$

10.34

‌

Total

Return

(c)

—

—

Based

on

net

asset

value

..............................................................................

0.10

%

(d)

3.40

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.....................................................................................

7.26

%

(f)(g)(h)

5.68

%

(f)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................

1.11

%

(f)(g)(h)

1.11

%

(f)(i)

Net

investment

income

...............................................................................

2.59

%

(f)

2.97

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................

$

118

‌

$

103

‌

Portfolio

turnover

rate

.................................................................................

26

%

3

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

9.16%

and

1.11%,

respectively.

(h)

Includes

non-recurring

expenses

of

offering

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.34%

and

1.11%,

respectively.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.74%

and

1.11%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

78

BlackRock

Emerging

Markets

ex-China

Fund

Class

K

Six

Months

Ended

10/31/23

(unaudited)

Period

from

03/29/23

(a)

to

04/30/23

Net

asset

value,

beginning

of

period

.....................................................................

$

10.35

‌

$

10.00

‌

Net

investment

income

(b)

.............................................................................

0.16

‌

0.03

‌

Net

realized

and

unrealized

gain

(loss)

....................................................................

(0.14

)

0.32

‌

Net

increase

from

investment

operations

....................................................................

0.02

‌

0.35

‌

Net

asset

value,

end

of

period

..........................................................................

$

10.37

‌

$

10.35

‌

Total

Return

(c)

—

—

Based

on

net

asset

value

..............................................................................

0.19

%

(d)

3.50

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.....................................................................................

6.73

%

(f)(g)(h)

5.08

%

(f)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................

0.81

%

(f)(g)(h)

0.81

%

(f)(i)

Net

investment

income

...............................................................................

2.90

%

(f)

3.27

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................

$

4,978

‌

$

4,966

‌

Portfolio

turnover

rate

.................................................................................

26

%

3

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

8.63%

and

0.81%,

respectively.

(h)

Includes

non-recurring

expenses

of

offering

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

4.81%

and

0.81%,

respectively.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.14%

and

0.81%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

79

Financial

Highlights

BlackRock

Global

Impact

Fund

Institutional

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

......................................

$

9.81

‌

$

10.76

‌

$

15.27

‌

$

10.00

‌

Net

investment

income

(loss)

(b)

..........................................

0.03

‌

0.06

‌

0.03

‌

(0.02

)

Net

realized

and

unrealized

gain

(loss)

.....................................

(1.16

)

(0.92

)

(3.66

)

5.82

‌

Net

increase

(decrease)

from

investment

operations

.............................

(1.13

)

(0.86

)

(3.63

)

5.80

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

...........................................

—

‌

(0.09

)

(0.10

)

(0.07

)

From

net

realized

gain

................................................

—

‌

—

‌

(0.78

)

(0.46

)

Total

distributions

....................................................

—

‌

(0.09

)

(0.88

)

(0.53

)

Net

asset

value,

end

of

period

...........................................

$

8.68

‌

$

9.81

‌

$

10.76

‌

$

15.27

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

...............................................

(11.52

)%

(e)

(7.97

)%

(25.01

)%

58.53

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

......................................................

1.28

%

(g)

0.94

%

0.92

%

0.98

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.............................

0.85

%

(g)

0.85

%

0.85

%

0.84

%

(g)

Net

investment

income

(loss)

............................................

0.66

%

(g)

0.56

%

0.20

%

(0.14

)%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

1,981

‌

$

4,424

‌

$

28,252

‌

$

42,999

‌

Portfolio

turnover

rate

..................................................

46

%

65

%

114

%

100

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.98%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

80

BlackRock

Global

Impact

Fund

Investor

A

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

......................................

$

9.81

‌

$

10.76

‌

$

15.26

‌

$

10.00

‌

Net

investment

income

(loss)

(b)

..........................................

0.01

‌

0.02

‌

(0.01

)

(0.02

)

Net

realized

and

unrealized

gain

(loss)

.....................................

(1.15

)

(0.92

)

(3.65

)

5.79

‌

Net

increase

(decrease)

from

investment

operations

.............................

(1.14

)

(0.90

)

(3.66

)

5.77

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

...........................................

—

‌

(0.05

)

(0.07

)

(0.05

)

From

net

realized

gain

................................................

—

‌

—

‌

(0.77

)

(0.46

)

Total

distributions

....................................................

—

‌

(0.05

)

(0.84

)

(0.51

)

Net

asset

value,

end

of

period

...........................................

$

8.67

‌

$

9.81

‌

$

10.76

‌

$

15.26

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

...............................................

(11.62

)%

(e)

(8.32

)%

(25.15

)%

58.22

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

......................................................

1.51

%

(g)

1.26

%

1.17

%

1.27

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.............................

1.10

%

(g)

1.10

%

1.10

%

1.10

%

(g)

Net

investment

income

(loss)

............................................

0.20

%

(g)

0.25

%

(0.06

)%

(0.18

)%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

230

‌

$

218

‌

$

198

‌

$

272

‌

Portfolio

turnover

rate

..................................................

46

%

65

%

114

%

100

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

1.28%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

81

Financial

Highlights

BlackRock

Global

Impact

Fund

Class

K

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

05/27/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

......................................

$

9.79

‌

$

10.77

‌

$

15.29

‌

$

10.00

‌

Net

investment

income

(b)

..............................................

0.03

‌

0.06

‌

0.04

‌

0.04

‌

Net

realized

and

unrealized

gain

(loss)

.....................................

(1.15

)

(0.91

)

(3.67

)

5.78

‌

Net

increase

(decrease)

from

investment

operations

.............................

(1.12

)

(0.85

)

(3.63

)

5.82

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

...........................................

—

‌

(0.13

)

(0.11

)

(0.07

)

From

net

realized

gain

................................................

—

‌

—

‌

(0.78

)

(0.46

)

Total

distributions

....................................................

—

‌

(0.13

)

(0.89

)

(0.53

)

Net

asset

value,

end

of

period

...........................................

$

8.67

‌

$

9.79

‌

$

10.77

‌

$

15.29

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

...............................................

(11.44

)%

(e)

(7.90

)%

(24.97

)%

58.75

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

......................................................

1.16

%

(g)

0.90

%

0.82

%

0.93

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.............................

0.75

%

(g)

0.75

%

0.75

%

0.75

%

(g)

Net

investment

income

................................................

0.57

%

(g)

0.60

%

0.32

%

0.34

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

5,408

‌

$

6,110

‌

$

6,718

‌

$

9,186

‌

Portfolio

turnover

rate

..................................................

46

%

65

%

114

%

100

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit

fees

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

0.94%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

82

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Institutional

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

......................................

$

8.11

‌

$

8.90

‌

$

12.30

‌

$

10.00

‌

Net

investment

income

(b)

..............................................

0.10

‌

0.20

‌

0.16

‌

0.04

‌

Net

realized

and

unrealized

gain

(loss)

.....................................

(0.52

)

(0.78

)

(2.37

)

2.31

‌

Net

increase

(decrease)

from

investment

operations

.............................

(0.42

)

(0.58

)

(2.21

)

2.35

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

...........................................

(0.06

)

(0.21

)

(0.14

)

(0.05

)

From

net

realized

gain

................................................

—

‌

—

‌

(1.05

)

—

‌

Total

distributions

....................................................

(0.06

)

(0.21

)

(1.19

)

(0.05

)

Net

asset

value,

end

of

period

...........................................

$

7.63

‌

$

8.11

‌

$

8.90

‌

$

12.30

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

...............................................

(5.20

)%

(e)

(6.47

)%

(19.84

)%

23.53

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

......................................................

3.95

%

(g)

5.40

%

4.37

%

3.70

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.............................

0.86

%

(g)

0.86

%

0.86

%

0.86

%

(g)

Net

investment

income

................................................

2.38

%

(g)

2.44

%

1.51

%

0.47

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

92

‌

$

102

‌

$

119

‌

$

125

‌

Portfolio

turnover

rate

..................................................

76

%

139

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.30%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

83

Financial

Highlights

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Investor

A

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

......................................

$

8.11

‌

$

8.89

‌

$

12.29

‌

$

10.00

‌

Net

investment

income

(b)

..............................................

0.09

‌

0.17

‌

0.13

‌

0.02

‌

Net

realized

and

unrealized

gain

(loss)

.....................................

(0.52

)

(0.77

)

(2.36

)

2.31

‌

Net

increase

(decrease)

from

investment

operations

.............................

(0.43

)

(0.60

)

(2.23

)

2.33

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

...........................................

(0.06

)

(0.18

)

(0.12

)

(0.04

)

From

net

realized

gain

................................................

—

‌

—

‌

(1.05

)

—

‌

Total

distributions

....................................................

(0.06

)

(0.18

)

(1.17

)

(0.04

)

Net

asset

value,

end

of

period

...........................................

$

7.62

‌

$

8.11

‌

$

8.89

‌

$

12.29

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

...............................................

(5.40

)%

(e)

(6.72

)%

(20.04

)%

23.33

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

......................................................

4.22

%

(g)

5.57

%

4.71

%

3.92

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.............................

1.11

%

(g)

1.11

%

1.11

%

1.11

%

(g)

Net

investment

income

................................................

2.16

%

(g)

2.07

%

1.21

%

0.31

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

183

‌

$

208

‌

$

149

‌

$

138

‌

Portfolio

turnover

rate

..................................................

76

%

139

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.52%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

84

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Class

K

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

......................................

$

8.11

‌

$

8.90

‌

$

12.30

‌

$

10.00

‌

Net

investment

income

(b)

..............................................

0.10

‌

0.20

‌

0.17

‌

0.04

‌

Net

realized

and

unrealized

gain

(loss)

.....................................

(0.51

)

(0.77

)

(2.37

)

2.31

‌

Net

increase

(decrease)

from

investment

operations

.............................

(0.41

)

(0.57

)

(2.20

)

2.35

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

...........................................

(0.07

)

(0.22

)

(0.15

)

(0.05

)

From

net

realized

gain

................................................

—

‌

—

‌

(1.05

)

—

‌

Total

distributions

....................................................

(0.07

)

(0.22

)

(1.20

)

(0.05

)

Net

asset

value,

end

of

period

...........................................

$

7.63

‌

$

8.11

‌

$

8.90

‌

$

12.30

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

...............................................

(5.18

)%

(e)

(6.41

)%

(19.80

)%

23.55

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

......................................................

3.84

%

(g)

5.18

%

4.24

%

3.39

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.............................

0.81

%

(g)

0.81

%

0.81

%

0.81

%

(g)

Net

investment

income

................................................

2.43

%

(g)

2.42

%

1.56

%

0.52

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

9,296

‌

$

9,847

‌

$

9,672

‌

$

12,056

‌

Portfolio

turnover

rate

..................................................

76

%

139

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.00%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

the

period)

85

Financial

Highlights

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Institutional

Period

from

06/21/23

(a)

to

10/31/23

(unaudited)

Net

asset

value,

beginning

of

period

.....................................................................................

$

10.00

‌

Net

investment

income

(b)

.............................................................................................

0.03

‌

Net

realized

and

unrealized

(loss)

.......................................................................................

(0.53

)

Net

(decrease)

from

investment

operations

..................................................................................

(0.50

)

Net

asset

value,

end

of

period

..........................................................................................

$

9.50

‌

Total

Return

(c)

—

Based

on

net

asset

value

..............................................................................................

(5.00

)%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.....................................................................................................

3.44

%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................................

0.71

%

(f)(g)(h)

Net

investment

income

...............................................................................................

0.87

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

95

‌

Portfolio

turnover

rate

.................................................................................................

33

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.39%

and

0.71%,

respectively.

(h)

Includes

non-recurring

expenses

of

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

2.74%

and

0.71%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

86

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Investor

A

Period

from

06/21/23

(a)

to

10/31/23

(unaudited)

Net

asset

value,

beginning

of

period

.....................................................................................

$

10.00

‌

Net

investment

income

(b)

.............................................................................................

0.02

‌

Net

realized

and

unrealized

(loss)

.......................................................................................

(0.53

)

Net

(decrease)

from

investment

operations

..................................................................................

(0.51

)

Net

asset

value,

end

of

period

..........................................................................................

$

9.49

‌

Total

Return

(c)

—

Based

on

net

asset

value

..............................................................................................

(5.10

)%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.....................................................................................................

3.68

%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................................

0.96

%

(f)(g)(h)

Net

investment

income

...............................................................................................

0.58

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

133

‌

Portfolio

turnover

rate

.................................................................................................

33

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.59%

and

0.96%,

respectively.

(h)

Includes

non-recurring

expenses

of

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.01%

and

0.96%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

87

Financial

Highlights

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Class

K

Period

from

06/21/23

(a)

to

10/31/23

(unaudited)

Net

asset

value,

beginning

of

period

.....................................................................................

$

10.00

‌

Net

investment

income

(b)

.............................................................................................

0.03

‌

Net

realized

and

unrealized

(loss)

.......................................................................................

(0.53

)

Net

(decrease)

from

investment

operations

..................................................................................

(0.50

)

Net

asset

value,

end

of

period

..........................................................................................

$

9.50

‌

Total

Return

(c)

—

Based

on

net

asset

value

..............................................................................................

(5.00

)%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.....................................................................................................

3.08

%

(f)(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................................

0.66

%

(f)(g)(h)

Net

investment

income

...............................................................................................

0.92

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

9,310

‌

Portfolio

turnover

rate

.................................................................................................

33

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.03%

and

0.66%,

respectively.

(h)

Includes

non-recurring

expenses

of

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

2.38%

and

0.66%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

88

BlackRock

Sustainable

Advantage

International

Equity

Fund

Institutional

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.......................................

$

10.39

‌

$

9.64

‌

$

12.08

‌

$

10.00

‌

Net

investment

income

(b)

...............................................

0.13

‌

0.24

‌

0.23

‌

0.13

‌

Net

realized

and

unrealized

gain

(loss)

......................................

(0.76

)

0.82

‌

(1.16

)

2.01

‌

Net

increase

(decrease)

from

investment

operations

..............................

(0.63

)

1.06

‌

(0.93

)

2.14

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

............................................

(0.13

)

(0.31

)

(0.27

)

(0.06

)

From

net

realized

gain

.................................................

—

‌

—

‌

(1.24

)

(0.00

)

(d)

Total

distributions

.....................................................

(0.13

)

(0.31

)

(1.51

)

(0.06

)

Net

asset

value,

end

of

period

............................................

$

9.63

‌

$

10.39

‌

$

9.64

‌

$

12.08

‌

Total

Return

(e)

—

—

—

—

Based

on

net

asset

value

................................................

(6.17

)%

(f)

11.43

%

(9.13

)%

21.53

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.......................................................

3.09

%

(h)

4.29

%

3.72

%

3.40

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................

0.50

%

(h)

0.50

%

0.50

%

0.50

%

(h)

Net

investment

income

.................................................

2.56

%

(h)

2.60

%

2.04

%

1.69

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................

$

179

‌

$

192

‌

$

174

‌

$

156

‌

Portfolio

turnover

rate

...................................................

42

%

118

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.94%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

89

Financial

Highlights

BlackRock

Sustainable

Advantage

International

Equity

Fund

Investor

A

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.......................................

$

10.39

‌

$

9.63

‌

$

12.07

‌

$

10.00

‌

Net

investment

income

(b)

...............................................

0.12

‌

0.22

‌

0.21

‌

0.11

‌

Net

realized

and

unrealized

gain

(loss)

......................................

(0.76

)

0.81

‌

(1.16

)

2.01

‌

Net

increase

(decrease)

from

investment

operations

..............................

(0.64

)

1.03

‌

(0.95

)

2.12

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

............................................

(0.12

)

(0.27

)

(0.25

)

(0.05

)

From

net

realized

gain

.................................................

—

‌

—

‌

(1.24

)

(0.00

)

(d)

Total

distributions

.....................................................

(0.12

)

(0.27

)

(1.49

)

(0.05

)

Net

asset

value,

end

of

period

............................................

$

9.63

‌

$

10.39

‌

$

9.63

‌

$

12.07

‌

Total

Return

(e)

—

—

—

—

Based

on

net

asset

value

................................................

(6.24

)%

(f)

11.12

%

(9.32

)%

21.33

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.......................................................

3.42

%

(h)

4.56

%

4.02

%

3.76

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................

0.75

%

(h)

0.75

%

0.74

%

0.75

%

(h)

Net

investment

income

.................................................

2.31

%

(h)

2.36

%

1.85

%

1.45

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................

$

251

‌

$

265

‌

$

204

‌

$

140

‌

Portfolio

turnover

rate

...................................................

42

%

118

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.31%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

90

BlackRock

Sustainable

Advantage

International

Equity

Fund

Class

K

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.......................................

$

10.39

‌

$

9.65

‌

$

12.08

‌

$

10.00

‌

Net

investment

income

(b)

...............................................

0.13

‌

0.25

‌

0.24

‌

0.13

‌

Net

realized

and

unrealized

gain

(loss)

......................................

(0.76

)

0.80

‌

(1.16

)

2.01

‌

Net

increase

(decrease)

from

investment

operations

..............................

(0.63

)

1.05

‌

(0.92

)

2.14

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

............................................

(0.13

)

(0.31

)

(0.27

)

(0.06

)

From

net

realized

gain

.................................................

—

‌

—

‌

(1.24

)

(0.00

)

(d)

Total

distributions

.....................................................

(0.13

)

(0.31

)

(1.51

)

(0.06

)

Net

asset

value,

end

of

period

............................................

$

9.63

‌

$

10.39

‌

$

9.65

‌

$

12.08

‌

Total

Return

(e)

—

—

—

—

Based

on

net

asset

value

................................................

(6.16

)%

(f)

11.42

%

(9.00

)%

21.55

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.......................................................

3.00

%

(h)

4.05

%

3.64

%

3.15

%

(h)(i)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................

0.45

%

(h)

0.45

%

0.45

%

0.45

%

(h)

Net

investment

income

.................................................

2.57

%

(h)

2.65

%

2.10

%

1.72

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................

$

12,679

‌

$

12,466

‌

$

10,770

‌

$

11,842

‌

Portfolio

turnover

rate

...................................................

42

%

118

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.70%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

91

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)

Not

annualized.

(f)

Amount

is

less

than

0.005%.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(i)

Annualized.

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

Institutional

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Net

asset

value,

beginning

of

period

.

$

14.41

‌

$

14.05

‌

$

14.05

‌

$

13.59

‌

$

13.67

‌

$

15.44

‌

$

14.11

‌

Net

investment

income

(a)

.........

0.13

‌

0.15

‌

0.05

‌

0.05

‌

0.06

‌

0.19

‌

0.14

‌

Net

realized

and

unrealized

gain

(loss)

0.53

‌

0.72

‌

(0.05

)

0.79

‌

0.32

‌

(0.57

)

1.31

‌

Net

increase

(decrease)

from

investment

operations

................

0.66

‌

0.87

‌

0.00

‌

0.84

‌

0.38

‌

(0.38

)

1.45

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

......

(0.69

)

—

‌

—

‌

(0.38

)

(0.46

)

(0.55

)

(0.12

)

From

net

realized

gain

...........

—

‌

(0.51

)

—

‌

—

‌

—

‌

(0.84

)

—

‌

Return

of

capital

...............

—

‌

—

‌

—

‌

(0.00

)

(c)

—

‌

—

‌

—

‌

Total

distributions

...............

(0.69

)

(0.51

)

—

‌

(0.38

)

(0.46

)

(1.39

)

(0.12

)

Net

asset

value,

end

of

period

......

$

14.38

‌

$

14.41

‌

$

14.05

‌

$

14.05

‌

$

13.59

‌

$

13.67

‌

$

15.44

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

4.69

%

(e)

6.22

%

0.00

%

(f)

6.18

%

2.79

%

(e)

(2.43

)%

10.36

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

(h)

................

0.81

%

(i)

0.84

%

0.79

%

0.81

%

0.86

%

(i)

0.80

%

0.93

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.81

%

(i)

0.83

%

0.79

%

0.80

%

0.85

%

(i)

0.79

%

0.89

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

....................

0.80

%

(i)

0.83

%

0.79

%

0.80

%

0.85

%

(i)

0.79

%

0.89

%

Net

investment

income

...........

1.82

%

(i)

1.08

%

0.33

%

0.38

%

0.77

%

(i)

1.36

%

0.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

983,776

‌

$

954,744

‌

$

672,822

‌

$

464,694

‌

$

289,127

‌

$

290,851

‌

$

220,711

‌

Portfolio

turnover

rate

.............

66

%

172

%

110

%

136

%

167

%

288

%

265

%

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Expense

ratios

............................

N/A  

‌

N/A  

‌

N/A  

‌

N/A  

‌

N/A  

‌

0.79

%

N/A  

‌

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

92

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(i)

Annualized.

(j)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

Service

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Net

asset

value,

beginning

of

period

.

$

14.27

‌

$

13.94

‌

$

13.97

‌

$

13.54

‌

$

13.56

‌

$

15.33

‌

$

14.02

‌

Net

investment

income

(a)

.........

0.11

‌

0.12

‌

0.00

(b)

0.01

‌

0.04

‌

0.16

‌

0.10

‌

Net

realized

and

unrealized

gain

(loss)

0.52

‌

0.70

‌

(0.03

)

0.78

‌

0.31

‌

(0.58

)

1.32

‌

Net

increase

(decrease)

from

investment

operations

................

0.63

‌

0.82

‌

(0.03

)

0.79

‌

0.35

‌

(0.42

)

1.42

‌

Distributions

(c)

–

–

–

–

–

–

–

From

net

investment

income

......

(0.68

)

—

‌

—

‌

(0.36

)

(0.37

)

(0.51

)

(0.11

)

From

net

realized

gain

...........

—

‌

(0.49

)

—

‌

—

‌

—

‌

(0.84

)

—

‌

Return

of

capital

...............

—

‌

—

‌

—

‌

(0.00

)

(d)

—

‌

—

‌

—

‌

Total

distributions

...............

(0.68

)

(0.49

)

—

‌

(0.36

)

(0.37

)

(1.35

)

(0.11

)

Net

asset

value,

end

of

period

......

$

14.22

‌

$

14.27

‌

$

13.94

‌

$

13.97

‌

$

13.54

‌

$

13.56

‌

$

15.33

‌

Total

Return

(e)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

4.52

%

(f)

5.93

%

(0.21

)%

5.86

%

2.63

%

(f)

(2.74

)%

10.21

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

(h)

................

1.06

%

(i)

1.11

%

1.06

%

1.07

%

1.16

%

(i)

1.06

%

1.22

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.06

%

(i)

1.10

%

1.06

%

1.06

%

1.14

%

(i)

1.06

%

1.16

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

....................

1.04

%

(i)

1.10

%

1.06

%

1.06

%

1.14

%

(i)

1.06

%

1.16

%

Net

investment

income

...........

1.57

%

(i)

0.82

%

0.00

%

(j)

0.08

%

0.53

%

(i)

1.14

%

0.65

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

1,450

‌

$

1,053

‌

$

953

‌

$

1,972

‌

$

836

‌

$

767

‌

$

832

‌

Portfolio

turnover

rate

.............

66

%

172

%

110

%

136

%

167

%

288

%

265

%

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Expense

ratios

............................

N/A  

‌

N/A  

‌

N/A  

‌

N/A  

‌

N/A  

‌

1.04

%

N/A  

‌

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

93

Financial

Highlights

BlackRock

Tactical

Opportunities

Fund

Investor

A

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Net

asset

value,

beginning

of

period

..

$

14.23

‌

$

13.90

‌

$

13.93

‌

$

13.49

‌

$

13.54

‌

$

15.31

‌

$

14.02

‌

Net

investment

income

(a)

..........

0.11

‌

0.10

‌

0.00

(b)

0.01

‌

0.04

‌

0.14

‌

0.09

‌

Net

realized

and

unrealized

gain

(loss)

.

0.53

‌

0.71

‌

(0.03

)

0.77

‌

0.32

‌

(0.56

)

1.31

‌

Net

increase

(decrease)

from

investment

operations

.................

0.64

‌

0.81

‌

(0.03

)

0.78

‌

0.36

‌

(0.42

)

1.40

‌

Distributions

(c)

–

–

–

–

–

–

–

From

net

investment

income

.......

(0.68

)

—

‌

—

‌

(0.34

)

(0.41

)

(0.51

)

(0.11

)

From

net

realized

gain

............

—

‌

(0.48

)

—

‌

—

‌

—

‌

(0.84

)

—

‌

Return

of

capital

................

—

‌

—

‌

—

‌

(0.00

)

(d)

—

‌

—

‌

—

‌

Total

distributions

................

(0.68

)

(0.48

)

—

‌

(0.34

)

(0.41

)

(1.35

)

(0.11

)

Net

asset

value,

end

of

period

.......

$

14.19

‌

$

14.23

‌

$

13.90

‌

$

13.93

‌

$

13.49

‌

$

13.54

‌

$

15.31

‌

Total

Return

(e)

—

—

—

—

—

—

—

Based

on

net

asset

value

...........

4.57

%

(f)

5.86

%

(0.22

)%

5.77

%

2.70

%

(f)

(2.77

)%

10.06

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

..................

1.08

%

(h)

1.13

%

1.08

%

1.09

%

1.15

%

(h)

1.10

%

(i)

1.21

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

1.08

%

(h)

1.13

%

1.08

%

1.09

%

1.14

%

(h)

1.09

%

1.20

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

.....................

1.07

%

(h)

1.13

%

1.08

%

1.09

%

1.14

%

(h)

1.09

%

1.20

%

Net

investment

income

............

1.55

%

(h)

0.75

%

0.03

%

0.09

%

0.48

%

(h)

1.01

%

0.61

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......

$

187,833

‌

$

192,584

‌

$

187,461

‌

$

202,884

‌

$

208,746

‌

$

218,634

‌

$

237,442

‌

Portfolio

turnover

rate

..............

66

%

172

%

110

%

136

%

167

%

288

%

265

%

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

94

BlackRock

Tactical

Opportunities

Fund

Investor

C

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Net

asset

value,

beginning

of

period

.

$

13.74

‌

$

13.47

‌

$

13.60

‌

$

13.13

‌

$

13.14

‌

$

14.81

‌

$

13.64

‌

Net

investment

income

(loss)

(a)

.....

0.06

‌

0.01

‌

(0.10

)

(0.09

)

(0.02

)

0.04

‌

(0.01

)

Net

realized

and

unrealized

gain

(loss)

0.50

‌

0.68

‌

(0.03

)

0.75

‌

0.31

‌

(0.54

)

1.27

‌

Net

increase

(decrease)

from

investment

operations

................

0.56

‌

0.69

‌

(0.13

)

0.66

‌

0.29

‌

(0.50

)

1.26

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

......

(0.65

)

—

‌

—

‌

(0.19

)

(0.30

)

(0.33

)

(0.09

)

From

net

realized

gain

...........

—

‌

(0.42

)

—

‌

—

‌

—

‌

(0.84

)

—

‌

Return

of

capital

...............

—

‌

—

‌

—

‌

(0.00

)

(c)

—

‌

—

‌

—

‌

Total

distributions

...............

(0.65

)

(0.42

)

—

‌

(0.19

)

(0.30

)

(1.17

)

(0.09

)

Net

asset

value,

end

of

period

......

$

13.65

‌

$

13.74

‌

$

13.47

‌

$

13.60

‌

$

13.13

‌

$

13.14

‌

$

14.81

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

4.12

%

(e)

5.19

%

(0.96

)%

5.02

%

2.21

%

(e)

(3.45

)%

9.27

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................

1.79

%

(g)

1.83

%

1.83

%

1.84

%

1.86

%

(g)

1.82

%

(h)

1.89

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.79

%

(g)

1.83

%

1.83

%

1.84

%

1.85

%

(g)

1.81

%

1.88

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

....................

1.78

%

(g)

1.83

%

1.83

%

1.84

%

1.85

%

(g)

1.81

%

1.88

%

Net

investment

income

(loss)

.......

0.84

%

(g)

0.07

%

(0.72

)%

(0.65

)%

(0.24

)%

(g)

0.26

%

(0.08

)%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

8,581

‌

$

9,665

‌

$

7,478

‌

$

8,665

‌

$

13,187

‌

$

17,171

‌

$

31,022

‌

Portfolio

turnover

rate

.............

66

%

172

%

110

%

136

%

167

%

288

%

265

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

95

Financial

Highlights

BlackRock

Tactical

Opportunities

Fund

Class

K

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Year

Ended

09/30/18

Net

asset

value,

beginning

of

period

..

$

14.41

‌

$

14.04

‌

$

14.02

‌

$

13.57

‌

$

13.65

‌

$

15.43

‌

$

14.08

‌

Net

investment

income

(a)

..........

0.14

‌

0.15

‌

0.06

‌

0.07

‌

0.07

‌

0.21

‌

0.16

‌

Net

realized

and

unrealized

gain

(loss)

.

0.54

‌

0.74

‌

(0.04

)

0.78

‌

0.32

‌

(0.57

)

1.32

‌

Net

increase

(decrease)

from

investment

operations

.................

0.68

‌

0.89

‌

0.02

‌

0.85

‌

0.39

‌

(0.36

)

1.48

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

.......

(0.70

)

—

‌

—

‌

(0.40

)

(0.47

)

(0.58

)

(0.13

)

From

net

realized

gain

............

—

‌

(0.52

)

—

‌

—

‌

—

‌

(0.84

)

—

‌

Return

of

capital

................

—

‌

—

‌

—

‌

(0.00

)

(c)

—

‌

—

‌

—

‌

Total

distributions

................

(0.70

)

(0.52

)

—

‌

(0.40

)

(0.47

)

(1.42

)

(0.13

)

Net

asset

value,

end

of

period

.......

$

14.39

‌

$

14.41

‌

$

14.04

‌

$

14.02

‌

$

13.57

‌

$

13.65

‌

$

15.43

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

...........

4.80

%

(e)

6.36

%

0.14

%

6.25

%

2.93

%

(e)

(2.34

)%

10.57

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..................

0.67

%

(g)

0.69

%

0.66

%

0.67

%

0.72

%

(g)

0.67

%

(h)

0.76

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.67

%

(g)

0.68

%

0.66

%

0.66

%

0.72

%

(g)

0.67

%

0.75

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

.....................

0.66

%

(g)

0.68

%

0.66

%

0.66

%

0.72

%

(g)

0.67

%

0.75

%

Net

investment

income

............

1.97

%

(g)

1.05

%

0.44

%

0.49

%

0.91

%

(g)

1.51

%

1.09

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......

$

304,405

‌

$

337,297

‌

$

777,280

‌

$

779,750

‌

$

363,505

‌

$

366,664

‌

$

198,487

‌

Portfolio

turnover

rate

..............

66

%

172

%

110

%

136

%

167

%

288

%

265

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

96

1.

ORGANIZATION 

BlackRock

Funds

SM

 (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business

 trust.

The

following

,

each

of

which

is

a

series

of

the

Trust,

 are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional,

Service

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Service,

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Emerging

Markets

ex-China

Fund

......................................

Emerging

Markets

ex-China

Non-Diversified

BlackRock

Global

Impact

Fund

...............................................

Global

Impact

Diversified

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

........................

Sustainable

Advantage

Emerging

Markets

Equity

Diversified

BlackRock

Sustainable

Advantage

Global

Equity

Fund

................................

Sustainable

Advantage

Global

Equity

Diversified

BlackRock

Sustainable

Advantage

International

Equity

Fund

............................

Sustainable

Advantage

International

Equity

Diversified

BlackRock

Tactical

Opportunities

Fund

..........................................

Tactical

Opportunities

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charges

(“CDSC”)

Conversion

Privilege

Institutional,

Service

and

Class

K

Shares

.............................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

97

Notes

to

Financial

Statements

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

October

31,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft

:

 Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian during

the

reporting

period

and/or

as

of

the

report

date.

The

Funds are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.   

Organization

and

Offering

Costs:

Upon

commencement

of

operations,

organization

costs

associated

with

the

establishment

of

the

Sustainable

Advantage

Global

Equity

was

expensed

by

the

Fund

and

reimbursed

by

the

Manager

.

The

Manager

reimbursed

the

Fund

following

amounts,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

Offering

costs

are

amortized

over

a

12-month

period

beginning

with

the

commencement

of

operations

of

a

class

of

shares.  

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

(the

“Board”)

has

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds 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.

ETFs

and

closed-end

funds

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.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

The

Funds

value

their

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

their

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Fund

Name

Amounts

Reimbursed

Sustainable

Advantage

Global

Equity

.....................................................................................

$

25,000‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

98

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

99

Notes

to

Financial

Statements

As

of

October

31,

2023,

certain

investments

of

Global

Impact,

Sustainable

Advantage

Emerging

Markets

Equity

and

Tactical

Opportunities were

fair

valued

using

NAV as

a

practical

expedient as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy. 

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Securities

Lending:

 Certain

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,  are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

100

As

of

period

end,

the

following

tables

are

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Fund

Name/Counterparty 

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

Global

Impact

Toronto-Dominion

Bank

........................

$

72,906‌

$

(72,906‌)

$

—‌

$

—‌

Sustainable

Advantage

Emerging

Markets

Equity

Toronto-Dominion

Bank

........................

$

57,477‌

$

(57,477‌)

$

—‌

$

—‌

Tactical

Opportunities

Citigroup

Global

Markets,

Inc.

....................

181,308‌

(181,308‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

144,170‌

(144,170‌)

—‌

—‌

Jefferies

LLC

...............................

36,008‌

(36,008‌)

—‌

—‌

Morgan

Stanley

..............................

2,025,797‌

(2,025,797‌)

—‌

—‌

Toronto-Dominion

Bank

........................

145,812‌

(145,812‌)

—‌

—‌

$

2,533,095‌

$

(2,533,095‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

101

Notes

to

Financial

Statements

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

102

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

With

respect

to

Emerging

Markets

ex-China

and

Tactical

Opportunities,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”),

BlackRock

(Singapore)

Limited

(“BSL”)

and

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA")

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager,

as

applicable.

The

Manager

pays

BIL

and

BAMNA

for

services

they

provide

for

that

portion

of

Emerging

Markets

ex-China

for

which

BIL

and

BAMNA,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Emerging

Markets

ex-China

to

the

Manager.

The

Manager

pays

BSL

and

BAMNA

for

services

they

provide

for

that

portion

of

Tactical

Opportunities

for

which

BSL

and

BAMNA,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Tactical

Opportunities

to

the

Manager.

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:

Investment

Advisory

Fees

Average

Daily

Net

Assets

Emerging

Markets

ex-China

Global

Impact

Sustainable

Advantage

Emerging

Markets

Equity

Sustainable

Advantage

Global

Equity

Sustainable

Advantage

International

Equity

First

$1

billion

................................................

0.810%

0.650%

0.800%

0.660%

0.450%

$1

billion

-

$3

billion

............................................

0.760

0.610

0.750

0.620

0.420

$3

billion

-

$5

billion

............................................

0.730

0.590

0.720

0.590

0.410

$5

billion

-

$10

billion

...........................................

0.700

0.570

0.700

0.570

0.390

Greater

than

$10

billion

..........................................

0.690

0.550

0.680

0.560

0.380

Investment

Advisory

Fees

Average

Daily

Net

Assets

Tactical

Opportunities

First

$1

billion

.........................................................................................................

0.550%

$1

billion

-

$2

billion

.....................................................................................................

0.500

$2

billion

-

$3

billion

.....................................................................................................

0.475

Greater

than

$3

billion

...................................................................................................

0.450

Share

Class

Service

Fees

Distribution

Fees

Service

..................................................................................................

0.25‌

%

—‌

Investor

A

.................................................................................................

0.25‌

—‌

Investor

C

.................................................................................................

0.25‌

0.75‌

%

Notes

to

Financial

Statements

(unaudited)

(continued)

103

Notes

to

Financial

Statements

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Funds.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the period

ended

October

31,

2023,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity,

Sustainable

Advantage

International

Equity

and

Tactical

Opportunities entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

of

Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity,

Sustainable

Advantage

International

Equity

and

Tactical

Opportunities an

administration

fee,

which

is

shown

as

administration

—

class

specific

in

the Statements

of

Operations,

at

an

annual

rate

of 0.02%

of

the

average

daily

net

assets

of

each

respective

class.

The

Trust,

on

behalf

of

Global

Impact

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

Fund’s

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

Fund.

The

Manager

is

entitled

to

receive

for

these

administrative

services

an

annual

fee

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

October

31,

2023, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

period ended October

31,

2023, Tactical

Opportunities

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the period

ended

October

31,

2023,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

Fund

Name

Service

Investor

A

Investor

C

Total

Emerging

Markets

ex-China

..............................................................

$

—‌

$

145‌

$

—‌

$

145‌

Global

Impact

........................................................................

—‌

282‌

—‌

282‌

Sustainable

Advantage

Emerging

Markets

Equity

................................................

—‌

259‌

—‌

259‌

Sustainable

Advantage

Global

Equity

........................................................

—‌

101‌

—‌

101‌

Sustainable

Advantage

International

Equity

....................................................

—‌

329‌

—‌

329‌

Tactical

Opportunities

...................................................................

1,551‌

240,578‌

45,961‌

288,090‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

......................................................................................................

0.0425%

$500

million

-

$1

billion

..................................................................................................

0.0400

$1

billion

-

$2

billion

....................................................................................................

0.0375

$2

billion

-

$4

billion

....................................................................................................

0.0350

$4

billion

-

$13

billion

...................................................................................................

0.0325

Greater

than

$13

billion

..................................................................................................

0.0300

Institutional

.............................................................................................................

0.20‌%

Investor

A

..............................................................................................................

0.20‌

Class

K

...............................................................................................................

0.10‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Emerging

Markets

ex-China

..............................................

$

11‌

$

—‌

$

12‌

$

—‌

$

528‌

$

551‌

Global

Impact

........................................................

2,788‌

—‌

225‌

—‌

3,000‌

6,013‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

11‌

—‌

21‌

—‌

1,003‌

1,035‌

Sustainable

Advantage

Global

Equity

........................................

7‌

—‌

8‌

—‌

706‌

721‌

Sustainable

Advantage

International

Equity

....................................

19‌

—‌

26‌

—‌

1,305‌

1,350‌

Tactical

Opportunities

...................................................

98,264‌

124‌

19,246‌

919‌

33,311‌

151,864‌

Fund

Name

Institutional

Tactical

Opportunities

.......................................................................................................

$

119,393‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Global

Impact

........................................................

$

2‌

$

—‌

$

2‌

$

—‌

$

4‌

$

8‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

12‌

—‌

11‌

—‌

18‌

41‌

Sustainable

Advantage

International

Equity

....................................

24‌

—‌

29‌

—‌

11‌

64‌

Tactical

Opportunities

...................................................

1,653‌

56‌

35,648‌

961‌

440‌

38,758‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

104

For

the

period ended

October

31,

2023,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the 

period

ended 

October

31,

2023

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of each

Fund’s Investor

A

Shares as

follows:

For

the period

ended

October

31,

2023,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupment:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the period

ended

October

31,

2023,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of each

Fund’s

assets

invested

in

affiliated

equity

and

fixed-

income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

period

ended

October

31,

2023,

the

Manager

waived

$364

in

investment

advisory

fees

with

respect

to

Sustainable

Advantage

Global

Equity

pursuant

to

these

arrangements.

With

respect

to

Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity,

Sustainable

Advantage

International

Equity

and

Tactical

Opportunities,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Emerging

Markets

ex-China

..............................................

$

184‌

$

—‌

$

184‌

$

—‌

$

183‌

$

551‌

Global

Impact

........................................................

2‌

—‌

2‌

—‌

4‌

8‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

60‌

—‌

148‌

—‌

48‌

256‌

Sustainable

Advantage

Global

Equity

........................................

132‌

—‌

132‌

—‌

132‌

396‌

Sustainable

Advantage

International

Equity

....................................

89‌

—‌

225‌

—‌

56‌

370‌

Tactical

Opportunities

...................................................

744,904‌

923‌

168,199‌

6,142‌

20,837‌

941,005‌

Fund

Name

Other

Fees

Global

Impact

...........................................................................................................

$

32‌

Sustainable

Advantage

Global

Equity

...........................................................................................

57‌

Tactical

Opportunities

......................................................................................................

2,627‌

Fund

Name

Investor

A

Investor

C

Tactical

Opportunities

...........................................................................................

$

241‌

$

540‌

Fund

Name

Amounts

Waived

Emerging

Markets

ex-China

.............................................................................................

$

144‌

Global

Impact

.......................................................................................................

96‌

Sustainable

Advantage

Emerging

Markets

Equity

...............................................................................

106‌

Sustainable

Advantage

Global

Equity

.......................................................................................

72‌

Sustainable

Advantage

International

Equity

...................................................................................

119‌

Tactical

Opportunities

..................................................................................................

23,425‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Emerging

Markets

ex-China

...................................................

0.86‌%

N/A‌

1.11‌%

N/A‌

0.81‌%

Sustainable

Advantage

Emerging

Markets

Equity

.....................................

0.86‌

N/A‌

1.11‌

N/A‌

0.81‌

Sustainable

Advantage

Global

Equity

.............................................

0.71‌

N/A‌

0.96‌

N/A‌

0.

66‌

Sustainable

Advantage

International

Equity

.........................................

0.50‌

N/A‌

0.75‌

N/A‌

0.45‌

Tactical

Opportunities

........................................................

0.89‌

1.17‌%

1.37‌

2.14‌%

0.84‌

Notes

to

Financial

Statements

(unaudited)

(continued)

105

Notes

to

Financial

Statements

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2025

for Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity, unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the

period ended October

31,

2023,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

The

following

Funds

also

had

a

waiver

of

administration

fees,

which

are

included

in

Administration

fees

waived

in

the

Statements

of

Operations.

For

the period ended

October

31,

2023,

the

amounts

were as

follows:  

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

by

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

period

ended

October

31,

2023,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

With

respect

to

the

contractual

expense

limitation,

if

during

a

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

each

Fund,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and  

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

a

Fund’s

investment

adviser

or

administrator.

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

March

30,

2030,

the

repayment

arrangement

between

Emerging

Markets

ex-China

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

Emerging

Markets

ex-China's

contractual

caps

on

net

expenses

will

be

terminated.

Fund

Name

Fees

waived

and/or

Reimbursed

by

the

Manager

Emerging

Markets

ex-China

...................................................................................................

$

213

,

235‌

Sustainable

Advantage

Emerging

Markets

Equity

.....................................................................................

15

2

,

99

8‌

Sustainable

Advantage

Global

Equity

.............................................................................................

1

29,779‌

Sustainable

Advantage

International

Equity

.........................................................................................

1

67

,

804‌

Emerging

Markets

ex-China

...................................................................................................

$

1,170‌

Sustainable

Advantage

Emerging

Markets

Equity

.....................................................................................

2,197‌

Sustainable

Advantage

Global

Equity

.............................................................................................

1,53

1‌

Sustainable

Advantage

International

Equity

.........................................................................................

2,869‌

Fund

Name/Share

Class

Administration

Fees

Waived

by

the

Manager

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Emerging

Markets

ex-China

Institutional

....................................................................................

$

11‌

$

157‌

Investor

A

.....................................................................................

12‌

155‌

Class

K

......................................................................................

528‌

183‌

$

551‌

$

495‌

Global

Impact

Institutional

....................................................................................

—‌

2‌

Investor

A

.....................................................................................

—‌

2‌

Class

K

......................................................................................

—‌

4‌

$

—‌

$

8‌

Sustainable

Advantage

Emerging

Markets

Equity

Institutional

....................................................................................

10‌

35‌

Investor

A

.....................................................................................

21‌

96‌

Class

K

......................................................................................

1,003‌

48‌

$

1,034‌

$

179‌

Sustainable

Advantage

Global

Equity

Institutional

....................................................................................

7‌

114‌

Investor

A

.....................................................................................

8‌

112‌

Class

K

......................................................................................

706‌

132‌

$

721‌

$

358‌

Sustainable

Advantage

International

Equity

Institutional

....................................................................................

19‌

41‌

Investor

A

.....................................................................................

26‌

159‌

Class

K

......................................................................................

1,305‌

56‌

$

1,350‌

$

256‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

106

Effective

June

22,

2030,

the

repayment

arrangement

between

Sustainable

Advantage

Global

Equity

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

Sustainable

Advantage

Global

Equity's

contractual

caps

on

net

expenses

will

be

terminated.

As

of October

31,

2023,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement were

as

follows:  

With

respect

to

Global

Impact,

the

fees

and

expenses

of

the

Fund's

Independent

Trustees,

counsel

to

the

Independent

Trustees

and

the

Fund's

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

Fund

in

an

amount

equal

to

these

independent

expenses

through

June

30,

2034.

Such

contractual

arrangements

may

not

be

terminated

prior

to

July

1,

2034

without

the

consent

of

the

Board.

For the period ended October

31,

2023,

the

amounts

reimbursed

were

as

follows:

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

Money

Market

Series,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the

Money

Market

Series

will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Funds.

The

Money

Market

Series

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

of

the

value

withdrawn,

if

such

fee

is

determined

to

be

in

the

best

interests

of

the

Money

Market

Series.

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 retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Tactical

Opportunities,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Pursuant

to

the

current

securities

lending

agreement,

Emerging

Markets

ex-China,

Global

Impact,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity retain

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Emerging

Markets

ex-China,

Global

Impact,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the period

ended

October

31,

2023, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Expiring

April

30,

Emerging

Markets

ex-China

2025

2026

Fund

Level

......................................................................................

$

76,494‌

$

214,405‌

Institutional

......................................................................................

30‌

168‌

Investor

A

.......................................................................................

29‌

167‌

Class

K

.........................................................................................

118‌

711‌

Expiring

April

30,

Sustainable

Advantage

Global

Equity

2026

Fund

Level

.......................................................................................................

$

131,310‌

Institutional

.......................................................................................................

121‌

Investor

A

........................................................................................................

120‌

Class

K

..........................................................................................................

838‌

Global

Impact

...............................................................................................................

$

18,560‌

Fund

Name

Amounts

Global

Impact

...........................................................................................................

$

13‌

Sustainable

Advantage

Emerging

Markets

Equity

...................................................................................

29‌

Tactical

Opportunities

......................................................................................................

2,908‌

Notes

to

Financial

Statements

(unaudited)

(continued)

107

Notes

to

Financial

Statements

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to

borrow

and

lend

and

Emerging

Markets

ex-China

is

currently

permitted

to

borrow

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the period

ended

October

31,

2023,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common trustees.

For

the

period

ended

October

31,

2023,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the period ended

October

31,

2023,

purchases

and

sales

of

investments,

including

paydowns, and

excluding

short-term

securities,

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

October

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

April

30,

2023, the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows: 

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Tactical

Opportunities

...................................................................

$

6,317,655‌

$

30,614,567‌

$

1,717,126‌

Other

Securities

Fund

Name

Purchases

Sales

Emerging

Markets

ex-China

..............................................................................

$

1,423,951‌

$

1,331,396‌

Global

Impact

........................................................................................

4,017,527‌

6,122,147‌

Sustainable

Advantage

Emerging

Markets

Equity

................................................................

7,706,945‌

7,519,224‌

Sustainable

Advantage

Global

Equity

........................................................................

13,028,489‌

3,251,558‌

Sustainable

Advantage

International

Equity

....................................................................

6,903,815‌

5,518,812‌

Tactical

Opportunities

...................................................................................

687,913,324‌

700,724,490‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

Qualified

Late-Year

Capital

Losses

Qualified

Late-Year

Ordinary

Losses

Global

Impact

........................................................................

$

13,713,737

$

—

$

90,190

Sustainable

Advantage

Emerging

Markets

Equity

................................................

1,510,749

—

—

Sustainable

Advantage

International

Equity

....................................................

1,049,538

—

—

Tactical

Opportunities

...................................................................

—

103,274,846

—

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

108

As

of

October

31,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2024

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

period ended

October

31,

2023,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.  

Market

Risk:

Investments

in

the

securities

of

issuers

domiciled

in

countries

with

emerging

capital

markets

involve

certain

additional

risks

that

do

not

generally

apply

to

investments

in

securities

of

issuers

in

more

developed

capital

markets,

such

as

(i)

low

or

nonexistent

trading

volume,

resulting

in

a

lack

of

liquidity

and

increased

volatility

in

prices

for

such

securities;

(ii)

uncertain

national

policies

and

social,

political

and

economic

instability,

increasing

the

potential

for

expropriation

of

assets,

confiscatory

taxation,

high

rates

of

inflation

or

unfavorable

diplomatic

developments;

(iii)

lack

of

publicly

available

or

reliable

information

about

issuers

as

a

result

of

not

being

subject

to

the

same

degree

of

regulatory

requirements

and

accounting,

auditing

and

financial

reporting

standards;

and

(iv)

possible

fluctuations

in

exchange

rates,

differing

legal

systems

and

the

existence

or

possible

imposition

of

exchange

controls,

custodial

restrictions

or

other

foreign

or

U.S.

governmental

laws

or

restrictions

applicable

to

such

investments.

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Markets

ex-China

..........................................

$

5,293,419‌

$

265,076‌

$

(349,938‌)

$

(84,862‌)

Global

Impact

....................................................

8,061,455‌

639,991‌

(1,004,797‌)

(364,806‌)

Sustainable

Advantage

Emerging

Markets

Equity

............................

10,923,556‌

116,348‌

(1,396,463‌)

(1,280,115‌)

Sustainable

Advantage

Global

Equity

....................................

9,969,272‌

173,600‌

(700,886‌)

(527,286‌)

Sustainable

Advantage

International

Equity

................................

12,991,705‌

1,078,912‌

(816,701‌)

262,211‌

Tactical

Opportunities

..............................................

1,171,163,611‌

312,942,843‌

(100,476,268‌)

212,466,575‌

Notes

to

Financial

Statements

(unaudited)

(continued)

109

Notes

to

Financial

Statements

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Certain Funds invest

a

substantial

amount

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

fund

concentrates its investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedules

of

Investments. 

The

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

Certain

Funds

invest a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

in

the

future

adversely

affect,

the

value

and

exchange

rate

of

the

Euro

and

may

continue

to

significantly

affect

the

economies

of

every

country

in

Europe,

including

countries

that

do

not

use

the

Euro

and

non-European

Union

member

states.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

have

been,

and

may

continue

to

be,

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

110

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

China

or

with

significant

exposure

to

Chinese

issuers. Investments

in

Chinese

securities,

including

certain

Hong

Kong-listed

securities,

involve

risks

specific

to

China.

China

may

be

subject

to

considerable

degrees

of

economic,

political

and

social

instability

and

demonstrates

significantly

higher

volatility

from

time

to

time

in

comparison

to

developed

markets.

Chinese

markets

generally

continue

to

experience

inefficiency,

volatility

and

pricing

anomalies

resulting

from

governmental

influence,

a

lack

of

publicly

available

information

and/or

political

and

social

instability.

Internal

social

unrest

or

confrontations

with

other

neighboring

countries

may

disrupt

economic

development

in

China

and

result

in

a

greater

risk

of

currency

fluctuations,

currency

non-convertibility,

interest

rate

fluctuations

and

higher

rates

of

inflation.

Incidents

involving

China’s

or

the

region’s

security

may

cause

uncertainty

in

Chinese

markets

and

may

adversely

affect

the

Chinese

economy

and

the

Fund’s

investments.

Reduction

in

spending

on

Chinese

products

and

services,

institution

of

tariffs

or

other

trade

barriers,

or

a

downturn

in

any

of

the

economies

of

China’s

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy. In

addition,

measures

may

be

taken

to

limit

the

flow

of

capital

and/or

sanctions

may

be

imposed,

which

could

prohibit

or

restrict

the

ability

to

own

or

transfer

fund

assets

and

may

also

include

retaliatory

actions,

such

as

seizure

of

fund

assets.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

10/31/23

Period

from

03/29/23

(a)

to

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Emerging

Markets

ex-China

Institutional

Shares

sold

..........................................

—‌

$

—‌

10,001‌

$

100,010‌

Shares

redeemed

......................................

—‌

—‌

(1‌)

(10‌)

—‌

$

—‌

10,000‌

$

100,000‌

Investor

A

Shares

sold

..........................................

1,429‌

$

15,870‌

10,001‌

$

100,010‌

Shares

redeemed

......................................

—‌

—‌

(1‌)

(10‌)

1,429‌

$

15,870‌

10,000‌

$

100,000‌

Class

K

Shares

sold

..........................................

—‌

$

—‌

480,001‌

$

4,800,010‌

Shares

redeemed

......................................

—‌

—‌

(1‌)

(10‌)

—‌

$

—‌

480,000‌

$

4,800,000‌

1,429‌

$

15,870‌

500,000‌

$

5,000,000‌

d

Six

Months

Ended

10/31/23

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Global

Impact

Institutional

Shares

sold

..........................................

4,343‌

$

38,998‌

29,838‌

$

295,002‌

Shares

issued

in

reinvestment

of

distributions

.....................

—‌

—‌

14,055‌

137,152‌

Shares

redeemed

......................................

(227,297‌)

(2,254,668‌)

(2,217,348‌)

(22,114,890‌)

(222,954‌)

$

(2,215,670‌)

(2,173,455‌)

$

(21,682,736‌)

Investor

A

Shares

sold

..........................................

4,277‌

$

40,545‌

3,779‌

$

36,999‌

Shares

issued

in

reinvestment

of

distributions

.....................

—‌

—‌

48‌

463‌

Shares

redeemed

......................................

(11‌)

(118‌)

(20‌)

(193‌)

4,266‌

$

40,427‌

3,807‌

$

37,269‌

Class

K

Shares

sold

..........................................

47‌

$

472‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

.....................

—‌

—‌

1,679‌

$

16,345‌

Shares

redeemed

......................................

(582‌)

(5,916‌)

(1,058‌)

(11,004‌)

(535‌)

$

(5,444‌)

621‌

$

5,341‌

(219,223‌)

$

(2,180,687‌)

(2,169,027‌)

$

(21,640,126‌)

Sustainable

Advantage

Emerging

Markets

Equity

Institutional

Shares

sold

..........................................

151‌

$

1,246‌

803‌

$

6,485‌

Shares

issued

in

reinvestment

of

distributions

.....................

13‌

105‌

65‌

523‌

Shares

redeemed

......................................

(759‌)

(5,979‌)

(1,600‌)

(12,520‌)

(595‌)

$

(4,628‌)

(732‌)

$

(5,512‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

111

Notes

to

Financial

Statements

d

Six

Months

Ended

10/31/23

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Investor

A

Shares

sold

..........................................

—‌

$

—‌

9,306‌

$

77,173‌

Shares

issued

in

reinvestment

of

distributions

.....................

100‌

846‌

307‌

2,459‌

Shares

redeemed

......................................

(1,763‌)

(14,409‌)

(727‌)

(6,043‌)

(1,663‌)

$

(13,563‌)

8,886‌

$

73,589‌

Class

K

Shares

sold

..........................................

32,332‌

$

264,346‌

143,621‌

$

1,123,622‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,097‌

9,261‌

1,776‌

14,227‌

Shares

redeemed

......................................

(28,304‌)

(229,510‌)

(18,036‌)

(147,957‌)

5,125‌

$

44,097‌

127,361‌

$

989,892‌

2,867‌

$

25,906‌

135,515‌

$

1,057,969‌

d

Period

from

06/21/23

(a)

to

10/31/23

Fund

Name/Share

Class

Shares

Amount

Sustainable

Advantage

Global

Equity

Institutional

Shares

sold

...........................................................................

10,001‌

$

100,010‌

Shares

redeemed

.......................................................................

(1‌)

(10‌)

10,000‌

$

100,000‌

Investor

A

Shares

sold

...........................................................................

14,069‌

$

140,081‌

Shares

redeemed

.......................................................................

(57‌)

(566‌)

14,012‌

$

139,515‌

Class

K

Shares

sold

...........................................................................

980,001‌

$

9,800,010‌

Shares

redeemed

.......................................................................

(1‌)

(10‌)

980,000‌

$

9,800,000‌

1,004,012‌

$

10,039,515‌

d

Six

Months

Ended

10/31/23

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Sustainable

Advantage

International

Equity

Institutional

Shares

sold

..........................................

58‌

$

601‌

130‌

$

1,200‌

Shares

issued

in

reinvestment

of

distributions

.....................

87‌

917‌

229‌

2,082‌

145‌

$

1,518‌

359‌

$

3,282‌

Investor

A

Shares

sold

..........................................

385‌

$

3,805‌

4,505‌

$

43,740‌

Shares

issued

in

reinvestment

of

distributions

.....................

163‌

1,718‌

294‌

2,676‌

Shares

redeemed

......................................

—‌

—‌

(490‌)

(4,451‌)

548‌

$

5,523‌

4,309‌

$

41,965‌

Class

K

Shares

sold

..........................................

146,286‌

$

1,511,156‌

153,885‌

$

1,477,858‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,026‌

21,311‌

688‌

6,428‌

Shares

redeemed

......................................

(32,286‌)

(321,776‌)

(70,715‌)

(687,781‌)

116,026‌

$

1,210,691‌

83,858‌

$

796,505‌

116,719‌

$

1,217,732‌

88,526‌

$

841,752‌

Tactical

Opportunities

Institutional

Shares

sold

..........................................

17,441,974‌

$

251,426,842‌

40,236,146‌

$

568,757,943‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,782,040‌

39,393,690‌

1,683,135‌

23,967,839‌

Shares

redeemed

......................................

(18,062,258‌)

(260,049,338‌)

(23,557,103‌)

(333,506,609‌)

2,161,756‌

$

30,771,194‌

18,362,178‌

$

259,219,173‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

112

(a)

Commencement

of

operations.

As

of

October

31,

2023,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

10/31/23

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Service

Shares

sold

..........................................

30,320‌

$

428,839‌

49,972‌

$

707,676‌

Shares

issued

in

reinvestment

of

distributions

.....................

3,578‌

50,135‌

2,666‌

37,621‌

Shares

redeemed

......................................

(5,744‌)

(81,667‌)

(47,214‌)

(656,407‌)

28,154‌

$

397,307‌

5,424‌

$

88,890‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

396,865‌

$

5,642,571‌

1,462,693‌

$

20,513,292‌

Shares

issued

in

reinvestment

of

distributions

.....................

624,226‌

8,726,680‌

435,362‌

6,129,901‌

Shares

redeemed

......................................

(1,313,743‌)

(18,685,643‌)

(1,856,561‌)

(25,990,685‌)

(292,652‌)

$

(4,316,392‌)

41,494‌

$

652,508‌

Investor

C

Shares

sold

..........................................

43,253‌

$

592,066‌

239,082‌

$

3,230,962‌

Shares

issued

in

reinvestment

of

distributions

.....................

31,195‌

420,504‌

20,187‌

274,938‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(149,532‌)

(2,058,619‌)

(110,841‌)

(1,499,100‌)

(75,084‌)

$

(1,046,049‌)

148,428‌

$

2,006,800‌

Class

K

Shares

sold

..........................................

1,737,815‌

$

24,955,545‌

7,189,864‌

$

102,210,770‌

Shares

issued

in

reinvestment

of

distributions

.....................

485,800‌

6,878,927‌

420,847‌

5,988,651‌

Shares

redeemed

......................................

(4,466,407‌)

(64,650,714‌)

(39,564,360‌)

(562,893,616‌)

(2,242,792‌)

$

(32,816,242‌)

(31,953,649‌)

$

(454,694,195‌)

(420,618‌)

$

(7,010,182‌)

(13,396,125‌)

$

(192,726,824‌)

Institutional

Investor

A

Class

K

Emerging

Markets

ex-China

..........................................................................

10,000‌

10,000‌

480,000‌

Global

Impact

....................................................................................

10,305‌

10,296‌

494,726‌

Sustainable

Advantage

Emerging

Markets

Equity

............................................................

11,079‌

11,055‌

1,086,167‌

Sustainable

Advantage

Global

Equity

....................................................................

10,000‌

10,000‌

980,000‌

Sustainable

Advantage

International

Equity

................................................................

11,387‌

11,365‌

1,116,348‌

Tactical

Opportunities

...............................................................................

—‌

—‌

211,736‌

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

113

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

(the

“Trust”)

met

on

April

18,

2023

(the

“April

Meeting”)

and

May

23-24,

2023

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Global

Impact

Fund

(“Global

Impact

Fund”),

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

(“Sustainable

Advantage

Emerging

Markets

Equity

Fund”),

BlackRock

Sustainable

Advantage

International

Equity

Fund

(“Sustainable

Advantage

International

Equity

Fund”)

and

BlackRock

Tactical

Opportunities

Fund

(“Tactical

Opportunities

Fund”)

(each

a

“Fund”

and

collectively,

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

Asset

Management

North

Asia

Limited

(“BAMNA”)

with

respect

to

Tactical

Opportunities

Fund

(the

“BAMNA

Sub-Advisory

Agreement”)

and

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

(Singapore)

Limited

(“BRS”

and,

together

with

BAMNA,

the

“Sub-Advisors”)

with

respect

to

Tactical

Opportunities

Fund

(the

“BRS

Sub-Advisory

Agreement,”

and

together

with

the

BAMNA

Sub-Advisory

Agreement,

the

“Sub-Advisory

Agreements”).

The

Manager

and

the

Sub-Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

of

which

extended

over

a

two-day

period,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

regarding

the

renewal

of

the

Agreements.

In

considering

the

renewal

of

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

an

applicable

benchmark,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

are

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Funds;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Funds’

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

114

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

of

the

Sub-Advisors

with

respect

to

Tactical

Opportunities

Fund

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

the

Fund

and

its

shareholders.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2022,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and,

with

respect

to

Tactical

Opportunities

Fund,

in

light

of

the

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”)

and,

with

respect

to

Global

Impact

Fund,

Sustainable

Advantage

International

Equity

Fund

and

Sustainable

Advantage

Emerging

Markets

Equity

Fund,

the

respective

Morningstar

open-end

fund

category

(“Morningstar

Open-End

Category”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

each

of

the

one-year

and

since-inception

periods

reported,

Sustainable

Advantage

International

Equity

Fund

ranked

in

the

first

quartile

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

each

of

the

one-year

and

since-inception

periods

reported,

Sustainable

Advantage

Emerging

Markets

Equity

Fund

ranked

in

the

third

quartile

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Category

during

the

applicable

periods.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

115

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

noted

that

for

the

one-year

and

since-inception

periods

reported,

Global

Impact

Fund

ranked

in

the

third

and

fourth

quartiles,

respectively,

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Category

during

the

applicable

periods.

The

Board

reviewed

and

considered

Tactical

Opportunities

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

a

total

return

target.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

the

Fund

underperformed

its

total

return

target.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

total

return

target

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

that

the

fee

and

expense

information

in

the

Broadridge

report

for

the

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

period

of

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2022

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time

and

resources,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

Sustainable

Advantage

International

Equity

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

The

Board

noted

that

Sustainable

Advantage

Emerging

Markets

Equity

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

The

Board

noted

that

Global

Impact

Fund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

fourth

and

second

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

its

affiliates

have

contractually

agreed

to

reimburse

or

otherwise

compensate

the

Fund

for

certain

other

fees

and

expenses.

The

Board

noted

that

Tactical

Opportunities

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

The

Board

also

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

pertinent

Fund

decreases

below

certain

contractually

specified

levels.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Funds

benefit

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

116

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

At

the

May

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

(i)

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2024;

and

(ii)

the

Sub-Advisory

Agreements

between

the

Manager

and

the

pertinent

Sub-Advisor

with

respect

to

Tactical

Opportunities

Fund,

for

a

one-year

term

ending

June

30,

2024.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and,

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Disclosure

of

Investment

Advisory

Agreement

117

Disclosure

of

Investment

Advisory

Agreement

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

(the

“Trust”)

met

on

May

22-24,

2023

(the

“Organizational

Meeting”)

to

consider

the

approval

of

the

proposed

investment

advisory

agreement

(the

“Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Sustainable

Advantage

Global

Equity

Fund

(the

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”

or

“BlackRock”),

the

Fund’s

investment

advisor.

The

Agreement

was

the

same

agreement

that

had

been

previously

approved

by

the

Board

with

respect

to

certain

series

of

the

Trust.

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust

is

required

to

consider

the

initial

approval

of

the

Agreement.

The

Board

members

whom

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

In

connection

with

this

deliberative

process,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

At

the

Organizational

Meeting,

the

Board

received

and

reviewed

materials

relating

to

its

consideration

of

the

proposed

Agreement.

The

Board

considered

all

factors

it

believed

relevant

with

respect

to

the

Fund,

including,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

BlackRock;

(b)

the

investment

performance

of

BlackRock

portfolio

management;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

to

be

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Fund;

(d)

the

existence

and

sharing

of

potential

economies

of

scale;

(e)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Fund;

(f)

possible

alternatives

to

the

proposed

Agreement;

(g)

the

policies

and

practices

of

BlackRock

with

respect

to

portfolio

transactions

for

the

Fund;

(h)

BlackRock’s

portfolio

compliance

systems

and

capabilities;

and

(i)

other

factors

deemed

relevant

by

the

Board

Members.

In

considering

approval

of

the

Agreement,

the

Board

met

with

the

relevant

investment

advisory

personnel

from

BlackRock

and

considered

all

information

it

deemed

reasonably

necessary

to

evaluate

the

terms

of

the

Agreement.

The

Board

received

materials

in

advance

of

the

Organizational

Meeting

relating

to

its

consideration

of

the

Agreement,

including

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”)

regarding

the

Fund’s

fees

and

estimated

expense

ratio

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”);

(b)

information

regarding

BlackRock’s

economic

outlook

for

the

Fund

and

its

general

investment

outlook

for

the

markets;

(c)

information

regarding

fees

paid

to

service

providers

that

are

affiliates

of

BlackRock;

and

(d)

information

outlining

the

legal

duties

of

the

Board

under

the

1940

Act

with

respect

to

the

consideration

and

approval

of

the

Agreement.

The

Board

also

noted

information

received

at

prior

Board

meetings

concerning

compliance

records

and

regulatory

matters

relating

to

BlackRock.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

the

portfolio

holdings

of

the

Fund.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

to

be

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

to

be

provided

by

BlackRock,

including

the

investment

advisory

services

to

be

provided

to

the

Fund.

The

Board

received

information

concerning

the

investment

philosophy

and

investment

process

to

be

used

by

BlackRock

in

managing

the

Fund,

as

well

as

a

description

of

the

capabilities,

personnel

and

services

of

BlackRock.

The

Board

considered

the

scope

of

the

services

provided

by

BlackRock

to

the

Fund

under

the

Agreement

relative

to

services

typically

provided

by

third

parties

to

other

funds.

The

Board

noted

that

the

standard

of

care

applicable

under

the

Agreement

was

comparable

to

that

found

generally

in

investment

company

advisory

agreements.

The

Board

concluded

that

the

scope

of

BlackRock’s

services

to

be

provided

to

the

Fund

was

consistent

with

the

Fund’s

operational

requirements,

including,

in

addition

to

seeking

to

meet

the

Fund’s

investment

objective(s),

compliance

with

investment

restrictions,

tax

and

reporting

requirements

and

related

shareholder

services.

The

Board,

including

the

Independent

Board

Members,

also

considered

the

quality

of

the

administrative

and

other

non-investment

advisory

services

to

be

provided

by

BlackRock

and

its

affiliates

to

the

Fund.

The

Board

evaluated

the

procedures

of

BlackRock

designed

to

fulfill

its

fiduciary

duty

to

the

Fund

with

respect

to

possible

conflicts

of

interest,

including

BlackRock’s

code

of

ethics

(regulating

the

personal

trading

of

BlackRock’s

officers

and

employees),

the

procedures

by

which

BlackRock

allocates

trades

among

its

various

investment

advisory

clients,

the

integrity

of

the

systems

in

place

to

ensure

compliance

with

the

foregoing

and

the

record

of

BlackRock

in

these

matters.

The

Board

also

noted

information

received

at

prior

Board

meetings

concerning

standards

of

BlackRock

with

respect

to

the

execution

of

portfolio

transactions.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

experience

of

investment

personnel

generally

and

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

the

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

The

Board

also

considered

the

business

reputation

of

BlackRock

and

its

financial

resources

and

concluded

that

BlackRock

would

be

able

to

meet

any

reasonably

foreseeable

obligation

under

the

Agreement.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

to

be

provided

to

the

Fund.

The

Board

considered

that

BlackRock

and

its

affiliates

will

provide

the

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Fund.

In

particular,

BlackRock

and

its

affiliates

will

provide

the

Fund

with

administrative

services,

including,

among

others:

(i) responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

the

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

Disclosure

of

Investment

Advisory

Agreement

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

118

overseeing

the

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

B.

The

Investment

Performance

of

the

Fund

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

previously

received

and

considered

information

about

BlackRock’s

investment

performance

for

other

funds.

The

Board,

however,

did

not

consider

the

performance

history

of

the

Fund

because

the

Fund

was

newly

organized

and

had

not

yet

commenced

operations

as

of

the

date

of

the

Organizational

Meeting.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

to

be

Provided

and

Estimated

Profits

to

be

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Fund

In

connection

with

the

initial

approval

of

the

Agreement,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

the

Fund’s

estimated

total

expense

ratio,

as

well

as

its

estimated

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers

that

benefit

a

fund,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers

that

benefit

a

fund.

Additionally,

the

Board

noted

information

received

at

prior

Board

meetings

concerning

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

noted

that

the

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

estimated

actual

management

fee

rate

and

estimated

total

expense

ratio

would

each

rank

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Following

consideration

of

this

information,

the

Board,

including

the

independent

Board

Members,

concluded

that

the

fees

to

be

paid

pursuant

to

the

Agreement

were

fair

and

reasonable

in

light

of

the

services

provided.

As

the

Fund

had

not

commenced

operations

as

of

the

date

of

the

Organizational

Meeting,

BlackRock

was

not

able

to

provide

the

Board

with

specific

information

concerning

the

expected

profits

to

be

realized

by

BlackRock

and

its

affiliates

from

their

relationships

with

the

Fund.

BlackRock,

however,

will

provide

the

Board

with

such

information

at

future

meetings.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

expense

caps

had

been

approved

by

the

Board.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Fund,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreement,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

The

Board

Members

present

at

the

Organizational

Meeting,

including

the

Independent

Board

Members,

unanimously

approved

the

Agreement

between

the

Manager

and

the

Trust,

with

respect

to

the

Fund,

for

a

two-year

term

beginning

on

the

effective

date

of

the

Agreement.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreement

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreement,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

119

Additional

Information

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2023

BlackRock

Semi-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

BlackRock

Asset

Management

North

Asia

Limited

(a)(b)

Hong

Kong

BlackRock

(Singapore)

Limited

(a)

079912

Singapore

BlackRock

International

Limited

(b)

Edinburgh,

EH3

8JB,

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Tactical

Opportunities

Fund.

(b)

For

BlackRock

Emerging

Markets

ex-China

Fund.

Glossary

of

Terms

Used

in

this

Report

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

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

BBR

Australian

Bank

Bill

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDO

Collateralized

Debt

Obligation

CDI

Crest

Depository

Interests

CNREPOFIX_CFXS

China

Fixing

Repo

Rates

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

CVR

Contingent

Value

Rights

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

HIBOR

Hong

Kong

Interbank

Offered

Rate

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NVDR

Non-Voting

Depository

Receipts

OMX

Stockholm

Nordic

Exchange

OTC

Over-the-counter

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

PRIBOR

Prague

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REPO_CORRA

Canadian

Overnight

Repo

Rate

SARON

Swiss

Average

Rate

Overnight

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SORA

Singapore

Overnight

Rate

Average

STIBOR

Stockholm

Interbank

Offered

Rate

THOR

Thailand

Overnight

Repo

Rate

ON

TWCPBA

Taiwan

Secondary

Markets

Bills

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

ESGIMPTO-10/23-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

      Companies

– Not Applicable

Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

<<section302>>

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –

Not Applicable

(a)(4) Change in Registrant’s independent public accountant –

Not Applicable

(b) Section 906 Certifications are attached

<<section906>>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

^SM

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

^SM

Date: December 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

^SM

Date: December 21, 2023

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

^SM

Date: December 21, 2023

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds^SM, certify that:

1.I have reviewed this report on Form N-CSR of BlackRock Funds^SM;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 21, 2023

/s/ John M. Perlowski________

John M. Perlowski

Chief Executive Officer (principal executive officer) of
BlackRock Funds^SM

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds^SM, certify that:

1.I have reviewed this report on Form N-CSR of BlackRock Funds^SM;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 21, 2023

/s/ Trent Walker_________

Trent Walker

Chief Financial Officer (principal financial officer) of
BlackRock Funds^SM

EX-99.906 CERT

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds^SM  (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2023 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 21, 2023

/s/ John M. Perlowski_______

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds^SM

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds^SM  (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2023 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 21, 2023

/s/ Trent Walker__________

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds^SM

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.